2006 04 12 IABVI
P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLF, TAMPICO (760) 777-7000
LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101
AGENDA
INVESTMENT ADVISORY BOARD
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
April 12, 2006 - 5:30 P.M.
CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
PUBLIC COMMENT - (This is the time set aside for public comment on any matter
not scheduled on the agenda.)
CONFIRMATION OF AGENDA
CONSENT CALENDAR
A. Approval of Minutes of Meeting on March 8, 2006, for the Investment
Advisory Board.
BUSINESS SESSION
A. Transmittal of Treasury Report for February 2006
B. Consideration of Fiscal Year 2006/07 Investment Policies
C. Continued Consideration of the Desert Sun Investment Advisory Board Notice
D. Request City Council to Release Request for Proposal for Portfolio (RFP) for
Investment Management Services
CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report and other selected Financial Data -
March 2006
B. Pooled Money Investment Board Reports — January 2006
C. Cash Management Items
D. Investment Advisory Board Meeting Time
VII BOARD MEMBER ITEMS
VIII ADJOURNMENT
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INVESTMENT ADVISORY BOARD
MILTON OLANDER
78-930 Casa Del Rio
La Quinta, CA. 92253
Res. 771-3561
Bus. 574-5220
Fax. 771-3561
Email: milt@miltolander.com
GARY EGBERT
54-400 Avenida Montezuma
Mailing:
P.O. Box 1411
La Quinta, CA 92253
Res. 564-7795
Bus: 564-9685
Fax: 564-7795
Email: garyeg_bert@dc.rr.com
RANDY RASSI
79-365 Toronja
La Quinta, .CA. 92253
Res. 771-2982
Fax: 771-2078
Email: rrassi@verizon grT
DONALD J. MOULIN
'78-863 Via Carmel
La Quinta, CA. 92253
Res, 564-1081
Fax. 564-1081 (C,tc A ')
Email: donbarm@aol.com
CRISTINA DENIEL
P. 0. Box 1017
La Quinta, CA. 92247-1017 (mail)
79-860 Pecan Valley
La Quinta, CA. 92253
Res. 771-0637
Bus. 776-1488
Fax. 776-5778
Email: cd 1 and 1 @earthlink.net (Res)
Email: cristina@steihwhittington.com steinwhittington.com (Bus)
Updated: January 10, 06
Appointed:
Term:
Expires:
Appointed:
Unexpired Term:
Expires:
Appointed: ,
Unexpired Term:
Expires:
Appointed:
Term:
Expires:
Appointed:
Term:
Expires:
8-03-99
3 Years
6-30-2007
1-03-06
3 Years
06-30-06
1-03-06
3 Years
06-30-06
7-01-98
3 Years
6-30-2007
7-10-03
3 Year
6-30-2006
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INVESTMENT ADVISORY BOARD
WJ VUJ/ VUJ
MILTON OLANDER
Appointed:
8-03-99
78-930 Casa Del Rio
Term:
3 Years
La Quinta, CA. 92253
Expires:
6-30-2007.
Res. 771-3561
Bus. 574-5220
Fax. 771-3561
Email: milt@miltolander.com
GARY EGBERT
Appointed:
1-03-06
54-400 Avenida Montezuma
Unexpired Terris:
3 Years
Mailing:
Expires:
06-30-06
P.O. Box 1411
La Quinta, CA 92253
Res. 564-7795
Bus: 564-9685
Fax: 564-7795
Email: garyegbert@dc.rr.com
RANDY RASSI
Appointed:
1-03-06
79-365 Toronja
Unexpired Term:
3 Years
La Quinta, CA. 92253
Expires:
06-30-06
Res. 771-2982
Fax: 771-2078
Email: rrassi@verizon.com
DONALD J. MOU.LIN
Appointed:
7-01-98
'78-863 Via Carmel
Term:
3 Years
La Quinta, CA. 92253
Expires:
6-30-2007
Res. 564-108 j
Fax. 564-1081 -)
Email: donbarm@aol.com
CRISTINA DENIEL
Appointed:
7-10-03
P. 0. Box 1017
Term:
3 Year
La Quinta, CA. 92247-1017 (mail)
Expires:
6-30-2006
79-860 Pecan Valley
La Quinta, CA. 92253
Res. 771-0637
Bus. 776-1488
Fax. 776-5778
Email: cd 1 and 1 @earthlink.net (Res)
Email: cristina@steihwhittington.com steinwhittington„com (Bus)
Updated: January 10, 06
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INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: April 12, 2006
ITEM TITLE -
Transmittal of Treasury Report
for February 28, 2006
BACKGROUND:
Attached please find the Treasury Report February 28, 2006
In response to recent inquires about the performance of the portfolio, as compared
to other agencies, staff has included the County of Riverside February 2006
Treasurer's Report in the month end report and other selected financial data report.
The County Treasurer's Report has very god economic analysis and reports a
3.90% yield and -0.48% unrealized loss versus the City 4.08% yield and -0.45%
unrealized loss for the month of February.
RECOMMENDATION:
Review, Receive and File the Treasury Report for February 28, 2006
a
bl-r
John M. Falconer, Finance Director
MEMORAND-UM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for February 28, 2006
DATE: March 31, 2006
Attached is the Treasurer's Report for the month ending February 28, 2006. 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)
$ (445,923)
$ 1,678,669
(1)
$1,232,746
$1,678,669
LAIF
18,999,252
16,700,000
(10,000,000)
25,699,252
6,700,000
US Treasuries (2)
131,882,016
326,819
132,208,835
326,819
US Gov't Sponsored Enterprises (2)
39,708,748
5,000,000
(10,000,000)
(5,378)
34,703,370
(5,005,378)
Commercial Paper (2)
8,977,676
(9,000,000)
22,324
0
(8,977,676)
Corporate Notes
-
0
0
Mutual Funds
6,574,355
4,559,103
1
11,133,458
4,559,103
Total
$ 205,696,124
$ 27,937,772
1
$ 29,000,000
$ 343,765
$ 204,977,661 1
$ 718,463
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 except as follows:
The Federal Home Loan Bank maximum was exceeded on January 18, 2006, as reported on page 2, and
is expected to come into conformity on December 15, 2006. As of February 28, 2006, the market of the investment
value was $7,526,536 and the amortized cost plus accrued interest was $7,509,840 for an unrealized loss of $16,696.
Management intends to hold the investment to maturity.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. The City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
John M. Falconer 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, 2006
Balance of Actual Funds 204,977,661
Less Petty cash Funds (1.000)
Less Non -Surplus Funds (616.543)
Balance of Surplus Funds $ 204,360,118
City Cash & Investments
Bank Accounts
Name - Availability
Surplus
Type
Book
Wells Fargo - Demand
No
Checking
$ 1211,660
Petty Cash- Demand
No
N/A
1,000
Wells Fa orHousi - Demand
Yes
Checking
20,086
Total - Bank Accounts
$ 1,232,746
U. S. Treasury
Custodian - Availability
Surplus
Issuer/Type
Amortized
Value
Bank of New York - Demand
Yes
U.S. Treasury Big
8,941.603
Bank of New York - Demand
Yes
U.S. Treasury Big
9.917,652
Bank of New York - Demand
Yes
U.S. Treasury BPI
4,950,948
Bank of New York - Demand
Yes
U.S. Treasury Bill
9.926.468
Bank of New York - Demand
Yes
U.S. Treasury Note
3,954.026
Bank of New York - Demand
Yes
U.S. Treasury Note
4,944,615
Bank of New York - Demand
Yes
U.S. Treasury Note
4,990,206
Bank of New York - Demand
Yes
U.S. Treasury Note
5,000,443
Bank of New York - Demand
I Yes
U.S. TreasuryNote
4 988,021
Total - U.S. Treasury57,613,982
U. S. Government Sponsored Enterprises
Custodian - Availability
Surplus
Issuer(Type,
Amortized
Value
Bank of New York - Demand
Yes
FHLB
4,969,932
Bank of New York - Demand
Yes
FHLB-Discount
2,895.951
Bank of New York - Demand
Yes
FHLB
1.986,723
Bank of New York - Demand
Yes
FHLB
7,497,946
Bank of New York - Demand
Yes
FNMA
4,954,784
Bank of New York - Demand
Yes
FHL Mortgage
2.513.478
Bank of New York - Demand
Yes
FARM CREDIT
4,971,863
Bank of New York - Demand
Yes
FNMA
4912 693
Total - U.S. Government Securities
1
34%3,370
Prime Commercial Paper
Book
Custodian - Availability
Surplus
IssuerfType
Value
Yes
Yes
Yes
Total - Prime Commercial Pa r
Local Agency Investment Fund
Name - Availability
Surplus
Type
Book
LAW - City -Demand
Yes
State Pool
21.998,012
LAW - RDA - Demand
Yes
State Pool
3,701,240
Total - State Pool .
25,699,252
Surplus
Surplus
Yes
Ad"
Yes
S -
j
20,086
20,086
$ 20,086
$ -
$ 20,086
Surplus
Surplus
Yes
Ad'
Yes
8,941,603
8,941,603
9.917,652
9.917.652
4,950,948
4,950,948
9.926,468
9,926.468
3,954,026
3.954.026
4,944,615
4.944,615
4,990,206
4,990,206
5,000,443
5,000,443
4 988 021
4 988 021
57,613,982
57,613,982
Surplus
Yes
Ad'
Surplus
Yes
4,969,932
4,969,932
2,895,951
2.895,951
1,986,723
1,986,723
7.497,946
7,497,946
4,954,784
4,954,764
2,513,478
2,513,478
4,971,863
4,971,863
4,912,693
4,912,693
Surplus Surplus
Yes Ad' Yes
Surplus
rplus
Yes
Ad'
es
21,998,012
595,117
::22,593,129
3,701,240
701240
25,699,252
595,117
.294.369
Surplus
Surplus
No
Ad'
No
j 1,211,660
$ (595.117)
$ 616,543
1,000
1,000
$ 1.212,660
j 595,117
$ 617,543
Surplus
No
Ad'
Surplus
No
Surplus Surplus
No Ad' No
Surplus Surplus
No Ad' No
All Funds Surplus
Actual % Yes
0.6014% 0.0098%
AN Funds Surplus
Actual % Yes
28.1074% 28.1924%
All Funds Surplus
Actual % Yes
16.9303% 1 16.9815
All Funds Surplus
Actual % Yes
0.0000% 0.0000%
Surplus Surplus All Funds Surplus
No Ad' No Actual % Yes
12.5376% 12.8667%
Total City Investments I 118,016,604 118,016,604 595,1171 118,611,721 57.5753%1 58.0405%
Total City Cash &Investments 119,249,150 118,036,690 595,117 118,631,807 1 1,212,660 595,117 617,543 I FS8.1763% 58.0504%
Fiscal A nt Investments
Portfolio - City Investments
Amortized
Custodian - Availability
Surplus
Issuer/Type
Value
2002 RDA U.S. Bank-CIP
2004 Finance Authority -CIP
2004 Finance Authority -CIP
2004 Finance Authority -CIP
Yes
Yes
Yes
Yes
U.S.Treasury Bill
U.S.Treasury Bill
U.S.Treasury Bill
U.S.Treasu Note
10.078,464
29,586,901
9.976,872
24 952616
Total - U.S. Treasury74:594:853
Portfolio - Mutual funds
Trustee - Availability
Surplus
Money Market
Mutual Fund
Book
Value
Civic Center U.S.Bank - Project
YES
1 st American
-
Civic Center U.S.Bank - Debt Svc
YES
1st American
177
1994 RDA U.S. Bank -Debt Svc
YES
1st American
516,293
1995 RDA U.S.Bank - CIP
YES
1st American
1995 RDA U.S.8ank - Special Fund
YES
1st American
2004 Fin Auth -1995 US Bank - Escrow
YES
1st American
2,212,976
1998 RDA U.S.Bank - CIP
YES
1st American
-
1998 RDA U.S.Bank - Dbt Svc
YES
1st American
409,760
1998 RDA U.S.Bank - Special Fund
YES
1st American
158,521
1998 RDA U.S.Bank - CIP
YES
1st American
2001 RDA U.S. Bank - Dbt Svc
YES
1st American
1,215.360
2001 RDA U.S. Bank - CIP
YES
1st American
2002 RDA U.S. Bank - Dbt Svc
YES
1st American
937,671
2002 RDA U.S. Bank - CIP
YES
1st American
937.367
2003 Taxable RDA U.S. Bank - DS
YES
1st American
788.509
2003 Taxable RDA U. S. Bank -COI
YES
1st American
2003 Taxable RDA U. S. Bank-CIP
YES
1st American
-
2004 Fin Auth US Bank - CIP
YES
1st American
3.956,822
2004 Fin Auth US Bank - COI
YES
1st American
Subtotal - Mutual Fund
11,133,458
Surplus
Surplus
Yes
Ad'
Yes
10,078,464
10,078,464
29,586.901
29,586.901
9.976,872
9,976.872
24,952,616
24,962,616.
74,594,853
74,594,853
Surplus
Yes
Ad'
Surplus
Yes
177
177
516.293
516.293
2,212,978
2,212,978
409,760
409,760
158,521
158.521
1,215.360
1,215,360
937,671
937.671
937,367
937,367
788,509
788,509
3,956,822
3,956,822
11,133,458
1
117133,458
Surplus Surplus
No Ad' No
Surplus
No
Ad'
Surplus
No
All Funds Surplus
Actual % Yes
36.3917 % 1 36.5017 %
All Funds Surplus
Actual % Yes
5.4315% 5.4480%
Total Fiscal Agent Investments
85,728,311
41.8232% 41.9496X
85,728,311
85,728,311
Grand Total
204,977,661
1 1.212,660 595,l17 6 1100.0000%1100.000OX 7
203,765,001
595,117 204,360,118
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INVESTMENT ADVISORY BOARD Business Session No. B
Meeting Date: April 12, 2006
TITLE:
Consideration of Fiscal Year 2006/07
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 March meeting, no proposed changes in the FY 06/07 Investment Policy
were proposed.
RECOMMENDATION:
Continued review of the Investment policies for approval by City Council in June
2006.
hn M. Falconel, Finance Director
INVESTMENT ADVISORY BOARD Business Session: C
Meeting Date: April 12, 2006
TITLE:
Continued Consideration of the Desert Sun Investment Advisory Board Notice
BACKGROUND:
As outlined in the March 2006 minutes, Staff was requested to continue this item at
the April meeting.
RECOMMENDATION:
As deemed appropriate.
John M. Falconer, Finance Director
December 22, 2005
To: John Falconer
From: Don Moulin
Subject: City's Notice to Public Seeking Applicants for IAB
As we discussed, the City Clerk's public notice seeking applicants for appointment to the
IAB needs updating. Here is a suggested middle paragraph.
The Investment Advisory Board's primary responsibilities are to review the
monthly Treasurer's reports and the City's annual investment policy statement.
The Board also makes recommendations for changes in policies and procedures
and the selection of providers of investment services. Applicants should have a
background in finance, preferably with knowledge and/or experience in markets,
controls and accounting for securities.
-FEB-02-2006 THU 11:24 AM THE DESERT SUN BD OFC FAX NOS 7602002904 P. 01
AS
THE CITY OF. LA QUINTA IS.
LOOKING FOR AN INVESTMENT
ADVISORY BOARD MEMBERS .
The City of La Quinta is seeking' citizdns to -fill a f
' "-:
vacancy vn it's Investment Advisory Board. Ifyou are aresident
of the City of La Quinta and would.like to serve your communit.
the Position involves thefollowing:
Investment Advisory Board - The Investment Advisory
Board is a fye-member -Board that reviews account statements
i and venfications to ensure accurate reporting as they relate to an
investment activity. 'The Board makes "recommendations.
concerning investment .policy and procedures, investment
contract '
s, and :uwestment consultants. Selected candidates will
have a background In the: investment field and/or .-.related
experience: La Quinta. residency is a requirement" for; board-
members.
Interested members of . the public .may contact • the
i
Office of the City Clerk ,at V60) TR-71 W for an official
application and other information. The -deadline for
submitting applications .is Tuesday, December 27, 2005-
at 5:00 .PM. The City Council is . .. - expected to consider : .
applications and make. their selection -at their -regular- -
meeting to be held 'on January 311. 2006.
A •�- a Y, rD mow, b Qw ! Dom` l`► dO 5
SVK.
INVESTMENT ADVISORY BOARD Business Session: D
Meeting Date: April 12, 2006
ITFM TITLE --
Request City Council to Release Request for Proposal for Portfolio (RFP) for
Investment Management Services
BACKGROUND:
At the prior IAB meeting, Staff was asked to research what would be required to
bring forward a request to City Council to Release Request for Proposal for Portfolio
(RFP) for Investment Management Services.
As background, Staff has attached the minutes of the Joint City Council/IAB
Meeting of October 25, 2005 where this item was discussed and the direction from
City Council at that time was not to 1) not amend the City Ordinance and 2) not
approve the release of the RFP.
RECOMMENDATION:
The options available to the IAB are as follows:
Request the City Council to reconsider their decision six months ago not to release
the Request for Proposal for Portfolio (RFP) for Investment Management Services
and amend the City Ordinance at there next scheduled meeting which would be
April 18, 2006.
Place this item on next years Work Plan, which Staff can move forward from July
to the first meeting of June which would be June 6, 2006.
Provide Staff with further direction.
John M. Falconer, Finance Director
City Council Joint Meeting
October 25, 2005
Chairman Lewis convened the Investment Advisory Board at 7: 25 PM and called the
roll:
INVESTMENT ADVISORY BOARD ROLL CALL:
PRESENT: Commissioners Deniel, Olander, and Chairman Lewis
ABSENT: Commissioner Moulin
1. DISCUSSION REGARDING A PORTFOLIO MANAGER
Finance Director John Falconer stated the Board would like to discuss the issue
of a portfolio manager. He noted the Council's approval is needed to move
forward with it, and it may require some changes to the City Code.
Mayor Adolph inquired as to what the portfolio manager would do. Mr.
Falconer explained the portfolio manager would have a greater investment
capability than the Finance Director currently has. The portfolio manager would
have to abide by State Code and would be limited in certain areas but would
also be able to invest in areas that the Finance Director cannot.
In response to Council Member Sniff, Chairman Lewis stated the portfolio
manager would be limited by State Code, which doesn't allow real high
investment returns but does allow higher investment returns than the City
currently has. He believes a portion of the City's portfolio should be placed
with a portfolio manager. Mr. Falconer indicated the Board has discussed an
amount of $10 million. He noted the total portfolio is $180 million but
approximately $90 million is in bond proceeds. Chairman Lewis indicated a
portfolio manager will not consider an amount less than $10 million.
Council Member Sniff asked if the City has' lost anything with the Finance
Director handling the investments. He also inquired about the benefit of having
a portfolio manager and what it would cost. Mr. Falconer indicated, "No," but
explained the portfolio manager would have the ability to make greater
investment returns. The benefit depends on the interest rate environment, and
the portfolio manager fee is based on dollars invested.
In response to Mayor Adolph, Commissioner Deniel indicated there are firms
that provide portfolio manager services.
Council Member Henderson asked if the Finance Director is comfortable moving
in this direction, to which he responded that it has a lot to do with the interest
environment. He noted the current six month Treasury Bill rate is at 4% and the
five-year Treasury Note rate is at 4.40%.
City Council Joint Meeting
October 25, 2005
Council Member Sniff stated he believes the current inflation rate is 4.1 %, and
Chairman Lewis indicated it's less.
Council Member Osborne inquired about the current rate of return on the City's
investments. Mr. Falconer indicated, as of September 30, it was 3.2% and the
six month Treasury Bill was about 3.8%, which is 60 base points difference.
Council Member Osborne commented on the period of time the City's portfolio
has performed so far below the T-Bill. He believes the City can raise it's rate of
return for an additional 4500,000 a year without a substantial increase in risk.
He noted the City is losing income that it could be making because of the
current strategy. He isn't sure $10 million would be enough to place with a
portfolio manager.
Commissioner Deniel stated she believes Mr. Falconer has done a great job but
is not a professional money manager, and the Board believes the City needs
professional help with its investments. She believes it would be better to go
under the umbrella of a large firm instead of hiring an in-house portfolio
manager. As for the amount, she noted the City could start with $10 million
and adjust the amount as its performance is watched.
Chairman Lewis stated a portfolio manager would manage the City's portfolio
with the same safeguards currently in place.
Commissioner Olander noted a portfolio manager will bring risks because they
will have to be aggressive to out perform the existing investments. He believes
a minimum of 50 basis points will be necessary for a good portfolio manager.
He agrees the City is moving in the direction of needing a money manager but
believes there is a need to move cautiously. He is a little skeptical about
bringing in a money manager at this time.
Mayor Adolph commented on the Wymer situation and the importance of
making sure it doesn't happen again. He indicated he is very conservative but
will trust Mr. Falconer's opinion on whether or not the City needs to do this.
Council Member Osborne stated he agrees Mr. Falconer is doing a great job but
the City is looking at $180 million plus today versus $30 million 10 years ago.
He likes the idea of having a portfolio manager, and noted the City would still be
able to maintain its conservative portfolio but have a portfolio manager that has
more time and tools to manage it. An increase of one point, less any fee, would
mean an increase of $400,000 to $500,000 in revenue without an increase in
risk.
wt
City Council Joint Meeting
October 25, 2005
Council Member Henderson stated she believes it's a philosophical choice, and
going with a portfolio manager is something she is not comfortable with at this
time. She prefers the Reserve Account being secure, and noted that is why the
investment policy is so tight. She views this as a "crack." The City may get to
the point of having a portfolio manager someday but she doesn't believe it's
there yet.
In response to Council Member Sniff, Commission Deniel stated a portfolio
manager would spend more time on this because that is his job. Chairman
Lewis noted the portfolio manager would be a team of people at a firm that
deals with institutional companies, and not just one person. He referenced RNC
Capital as being a group who manages investments for the City of Santa
Monica. Commissioner Deniel indicated there are no firms in the Valley that
deal with institutional money.
Council Member Sniff asked if the firms ever lose money; and Chairman Lewis
noted the City has unrealized losses but has not incurred a realized or actual
loss.
Council Member Osborne asked if a portfolio manager would be limited to the
City's investment policy. Chairman Lewis stated the portfolio manager wouldn't
be allowed to go to the full State Code. Mr. Falconer noted an example is that
the portfolio manager would be allowed to invest in callable agencies, but the
Treasurer would not be allowed. The City's investment policy does not allow it
but the State Code does.
Commissioner Olander noted a portfolio manager will not accept the job if his
hands are tied. He must have room to justify his existence.
In response to Council Member Sniff, Chairman Lewis stated the portfolio
manager fee can range between 10-100 basis points, which is one tenth of 1 %
to 1 % of the money being managed. Chairman Lewis confirmed the portfolio
manager is paid whether they do good or not but they make more money if the
portfolio grows, and they don't like losses.
Council Member Henderson stated she realizes the portfolio manager will do the
best they can but tomorrow could be the day it fails, and she doesn't want to
be there when it does.
Council Member Osborne stated the monies will be in Treasury notes and
government secured investments as they are now but the portfolio manager will
have the tools to actively manage the City's portfolio.
10
City Council Joint Meeting
October 25, 2005
Commissioner Deniel stated the portfolio manager would still be required to buy
government paper but can buy and sell when he believes it's best. Currently,
Mr. Falconer has to hold investments until they mature.
In response to Council Member Sniff, Mr. Falconer stated he has the authority
to hold investments from two to five years but with the current interest rate
environment, the spread is narrow between six months and five years. He
noted if the five year is 4.40% and the six months is 4%, the 40 basis points
would be taken up with the portfolio manager's fee. He believes it will take a
lot for the money manager to earn the extra income to exceed what he currently
does. He believes there are advantages to having a portfolio manager but now
may not be the most opportune time.
Chairman Lewis noted Mr. Falconer is limited on the investments he can look at.
City Attorney Kathy Jenson noted the Request for Proposal (RFP) lists four
things the portfolio manager could do that the Finance Director cannot do. She
noted an amendment to the City Code would need to be done if an RFP for a
portfolio manager is done. There is an Attorney General opinion that authorizes
a money manager but there are a lot of checks and balances involved.. There is
legal authority for doing this but the City needs a system in place because one
of the conditions to doing it is that the Council or the Finance Director has to
remain responsible for the investments. She indicated an ordinance can be
drafted if the Council wishes. Council Member Sniff asked who is responsible
now, to which she responded, "the Finance Director."
Mayor Adolph indicated he doesn't have a problem with drafting an ordinance
when the timing is right.
Council Member Sniff agreed there is no reason to do it now.
Commissioner Deniel stated there is a lead time of about six months to do the
RFP process.
Council Member Henderson suggested looking at it with the Work Plan in July.
Council Member Osborne noted the City is going to continue losing 'revenue.
It was moved by Commissioners Olander/Deniel to adjourn the Investment
Advisory Board at 8:20 p.m. Motion carried unanimously.
11
City Council Joint Meeting
October 25, 2005
There being no further business, it was moved and seconded by Council Members
Sniff/Osborne to adjourn the City Council meeting at 8:20 p.m. Motion carried
unanimously.
Respectfully submitted by,
Phyllis anley
Deputy City Clerk and
Be J yer, Executive Secretary
City of La Quinta
12
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item A
Meeting Date: April 12, 2006
TITLE:
Month End Cash Report for March 31, 2006 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.
This month Staff has included the County of Riverside Treasurer's Report.
RECOMMENDATION:
Information item only.
ilq� 4-A�
, Falconer, Finance Director
I County Administrative Center
Investment Objectives
• Safety of Principal
• Liquidity
• Public Trust
• Maximum Rate of
Return
Portfolio Statistics
Treasurer's Commentary
"Mr. Bernanke Goes to Washington"
Investors eagerly awaited the mid -February Congressional testimony
by neophyte Federal Reserve Chairman Ben Bernanke: what would be his views
on monetary policy and on the American economy? Given the frustrating con-
tradictions of recent economic data, investors held their collective breath for
financial revelations: will the Fed continue to raise rates to hold inflation at bay
or is the Fed tightening cycle in its twilight?
Bernanke's testimony received overwhelmingly positive reviews, not
only for the content of his commentary, but also for his presentation. While he
probably does not have the bright lights of Hollywood in his future, he was nev-
ertheless praised widely for the clarity of his statements, his articulated desire
for greater Fed transparency, and for his refusal to answer questions he felt
surpassed the scope of his mandate: beyond a professed wish for a reduced
budget deficit, he said that fiscal policy was Congress' responsibility.
While Bernanke's personality differs from that of the former chair-
man, his views on monetary policy seem to dovetail with recent FOMC pro-
nouncements and more generally with the inflation -fighting determination of
the Greenspan -era Fed. He felt that inflation was generally contained, but its
specter still remained in the form of high energy prices, which could still affect
core inflation. Many analysts interpreted his words to augur quarter point rate
hikes at the March and May meetings, a fact reflected by the Fed Funds futures
markets. He also testified that in spite of many worries, such as the housing
market, oil prices, and bond yield curve inversions, he remained sanguine on
the health of the American economy. Financial markets responded positively,
both to the news of the economy and of the prospect of continuity at the Fed.
Paul McDonnell
Treasurer -Tax Collector
February 2006
Durable Goods Orders -for February24th
-10.2%actualvs. -1.2%survey
Gross Domestic Product (GDP) -for Febru-
ary 28th 1.6% actual vs.1.6% survey
Consumer Confidence— Index -February
28th 10 1. 7 actual vs.104.0 survey
Factory Orders- March 6th
-4.5% actual vs. -5.4% survey
Unemployment Rate- for February 3rd
4.7% actual vs. 4.9% survey
At month's end, the Fed Funds rate
was 4.50%, with a balanced bias. The
2 year T-Note was yielding 4.68% (up
16 bp.) while the 10 year T-Note was
yielding 4.55% (up 4 bps.) For Febru-
ary the Pool had an increase of 9 bps.
in the average monthly yield.
Month -End Book Value = $
3,709,956,618 ;> $
3,686,186,292 $
4,010,003,925 $
3,357,203,054 i $
3,208,631,129 i $
3,292,113,524
Nbnth-End Market Value'A $
3,690,904,657 $
3 668,478 601 $
3,991,492,902 $
3,337 385 542 $
3,187,968,021 $
_.
3,274 356,759
Paper Gari or (Loss) }. $
(19,051 961) ` $
_ (17 707 691) $
(18,511,023) $
(19,817 512), $
(20,663,108) $
(17,756,765)
Percent of Paper Gain or Loss
0 51 %
0 48%
-0.46%
-0 59%
-0.64%
-0 54%
Yield Based Upon Book Value
3.99
3.90
3.77
3.57,
3.48
3.37
VWeighied Average Maturity (Yrs)
0.82
0 80
0.74
0.77>
_ 0 78
0.79
Modified Duration
0.79
0.77
0.68?
0.73
0.74
0.75
'Market values does not include accrued interest
2
Portfolio Characteristics
24 Month Gross Yield Trends
3.2
I
2.7
2.2
1.7
1.2 1yq g q p q p
Page 2
Market Data
2/28/06
1/31/06
Diff.
3 M
4.616
4.460
.1556
6 M
4.732
4.573
.1592
2 Y
4.675
4.516
.1591
5 Y
4.599
4.452
.1471
10 Y
4.551
4.515
.0358
30 Y
4.508
4.677
-.1693
4.5 E/ C��:'�Ir'
4.4 --
4.3 --
3MO 6MO 2YR SYR 1DYR 30
YR
* Treasurer's Institutional Money
Market Index (TIMMI) is compiled
and reported by the Riverside
County Treasurer's Capital Markets
division. It is a composite index
derived from the average of three
multi -billion dollar AAA rated Prime
(funds that invest in a diversified
portfolio of U.S. dollar denominated
money market instruments includ-
ing U.S. Treasuries, government
agencies, bankers' acceptances,
commercial paper, certificates of
deposits, repurchase agreements,
etc.) portfolios that the Treasurer
tracks. Further details available
upon request.
3
Month End Portfolio Holdings Report
DESCRIPTION
CASH - USOC DEPOSIT ACCOUNT
84,000,600.00 64,000,000.00 64,000,000.00 4.57 0.08 0.08
CLTR - CALTRUST SHORT TERM FUND s • .,-
35,000,000.00 35,000.000.00 35,000,000.00 4.49 0.08 0.08
CPD - COMMERCIAL PAPER - DISCOUNT 6
x
�., ��, : a.•'Sc<`,S'�W�;it,
0660PIIC66 50,000,000.00 BANK OF AMERICA A1/P1 4.36 00F3106/2008 49 630,611.1.1 � 1.99 26 49,630,611.11 4.39 0.02 0.02
�"»��� �. "��.,
06737JCAl 50 000,000 00 BARCLAY S Al /P1 4.51 03/10/2006 48 824 805.56 99.65 49 824,805 56 4.52 0.03 0.03
k.
w �E M ,., r ur, I , ., p i e 1 E:(f .: : 24 =4b"
07389BCVI 60,000,000 00 BEAR STEARNS A1+/P1 4.48 03/29/2006 49 601 77778
99.20 49,801,777 78 4.52 0.08 0.08
4*444280 Y 4444
17307SD33 50,000.000.00
CITIGROUP A1/P1 4.55 04/03/2006 49,709,625.00 99.42 49 709,625 00 4.57 0.09 0.09
1a�, 0,24 :,,. Z ��i4"�" <, � ", ,. ±�3� ra r.<,�'1� r'* Ca`'��#'•,`.
780098DQ2 30,000,000.00 ROYAL BANK OF CANADA At+/P1/F1 4.59 04/24/2006 29,766,675.00 99.22 29,766,675.00 4.63 0.15 0.15
425.000,000.00 421,882,570.84 421,882,570.84 4.48 0.06 0.05
FFCB - FED FARM CREDIT BANK
31331TXF3 10 000,000.00 FED FARM CREDIT BANK2YrNc1Yr 1.80 03/172006 10 000 000.00 100.00 10,000,0X00 1.80 0.05 0.05
31331T3C3 5,000,000 00 FED FARM CREDIT BANK 1 75YrNc [C 2.60 05/192006 500000000 100.00 5,000 ]0�00 �00i 2.60 � 0.22 0.22
} „ . R° iw, :. �
31331SF57 10,000,000 00 FED FARM CREDIT BANK 1YrNc 3.70 08272006 9.998.437.50 99.63 9,962,500.00 35 937.50) 3.72 0.33 0.33
� � _.... ,' < ..
31331SKD4 5 000 000.00 FED FARM CREDIT BANK1.5YrNc8M0 3 00 06/302006 500000000 99.38 4 988 750 00 31 260.00) 3.00 0.34 0.33
ORION "�':.. :,�1'� k�1 .�'�i�'�t"Fw`k� +i�•�S �t �^ ,��b«t�.. �:�'�":?���s.x�<
31331SUR2 5,000.000.00 FED FARM CREDIT 8ANK1.5NC 3.77 08/022006 5,000,000.00 99.53 4,976,550.00 (23,450.00 3.77 0.43 0.42
Off 31331SOX4 10,000 000.00 FED. FARM CREDIT BANKt1.5VrNc 3.50 09l072008 9,994,206.30 99.31 9,931,300.00 , (82,906.30) 3.54 � 0.52 0.52
31331TXE8 10.000.000.00 FED FARM CREDIT BANK2.5YrNc1 Yr 2.07 09292006 10 000 000.00 98.41 9,840,800.00
(159 400w00 2„07 p 0 58 0 58
31331SWC3 5,000,000.00 �FED FARM CREDIT BANK1.5YrNc3Mo 3.76 11/092006 5,000.000.00 99.22 4,960,950.00
39 V50 00 a. is u oa u oW�a
31331SFW8 5,000,000.00 FED FARM CREDIT BANK2YrNc6Mo1X 3.13 12/072008 5,000,000.00 9869 4934400.00 65r600 00) 3 13 0.75 0.76
31331SM34 5.000,000 00 FED FARM CREDIT BANK 1 5YrNc 3.75 12/05/2006 5,000,000.00 99.13 4 956 250 00 (43,750.00) 3.75 0.76 0.77
M 41^ �I^:}T 'R Y�,; �°I
313311091 5,000,000.00 FED. FARM CREDIT BANK2YrNc6Mo 3.25 12/152006 5,000,000.00 98.72 4 935 50.00 (84 050.00) 3.25 0.79 0.79
In
31331SKJ1 5.000.000.00 FED FARM CREDIT BANK2Yr"Nc6Mo1X 3.27 01/122007 6.000 000.00 r98.59
t*4�� 929, 00.00 � 70 300 00 3.27 0.86 0.87
31331SMY8 M10.000,000.00 FED FARM CREDIT BANK2YrNc3Mo 3.52 01/262007 10,000,000.00 98.75 9,875,000.00 (125,000.00) 3.52 0.90 0.91
ggy c�yy ,.. w•f,�:.',.•kr',',�.%�',za ,v" :3 �'s�y�., i,.... ^rtf.0,0
;°3rift' a.i� .,. C'`'s
31331SMEO 5,000,000.00 FED FARM CREDIT BANK2.25YrNc3��,M,S 363 04/192007 5,000,000.00 98.56 4,928.150+0jy0(71 850 00 3.83 1.12 1.14
...:. ..: �'' `.t>3.<%z" r^"�, ao"Y ,Y ....... Y h ��..-::3�iT,'� ,pn,
31331SYD9 5 000,000.00 FED FARM CREDIT BANK2YrNc 3.75 05252007 s 4,996,875.00 98.59 4,929,700.00 (67,175.00) 3.78 1.21 1.23
• .w 8 as , s pY• .. Y 3 'f �, ff k 'S Y� :, ,Ae Aa'"'ai.,xCp
31331SZF3 5 000,000,00 FED FARM CREDIT BANK2YrNc1 3.94 ,x 06/072007 5,000,000.00 98.72 4,935,950 00 (64i050.00) 3.94 p 125 1.27
.,. �"":.:` a, •:,, i �.. ....x,x .;.,`°...,
31331SR62 10,000,000 00 FED FARM CREDIT BANK2YrNc3Mo 4.18 07202007 10 000 000 00 98.97 9,896,900.00 ^ m (103 100.00 4 18 136 1.39
31331SMQ3 5,000 000 00 FED FARM CREDIT BANK2.5YrNc8Mo t�. 13.65 08/102007 ��yy5�,,000,000.00 98.22 y 44.910,950 00 (89 050.00) 3.65 1.42 1�:45
mipwn 9,;,ik'Y�„ k"; v�.,S (( �'`3' r. ,3iii 4m'.YeF ,.... iK' n,+Rh. ): ��. '.1,+$'«'iS:,•it�n'+'
31331SMNO 5 000,000 00 FED FARM CREDIT BANK2.75YrNc9M] 13.70 11/092007 5,000,000.00 98.03 4} 901 550 00 (98,4y500..00) 1 ,3..70 1.64 1.69
o .. .',�A' "s.',tmt-NO . .:' ,d*m '`�M W !k h .k_a�P.`�SR1i1S�.��'�� ."w'9�.Y,T"•T+ �s6#i� �`�`Y�F1 '?�,�, r �� f' o %'
31331 VAES 7,500,000.00 FED FARM CREDIT BANK2.5YrNc3Mo 4.54 03272008 7 495 312 50 99.09 7,432,050.00 (63,262.50) 4.57 1.97 2.08
:.
31331 SX84 5,000.000.00 FED FARM CREDIT BANK3YrNc3Moy 4.34 05/192008 5,000,000.00 98.69 4,934,400.00 (65,600.00) 4.34 2.12 2.22
31331 VLG9 8,000 000.00 FED FARM CREDIT BANK 2.4 NC 4.70 05232008 7 996 250.00 99.58 7,965,040.00 (31 210.00) 4.72 2.13 2.23
" ,.�.. �K
t� ��2'
31331SR39 10,000,000.00 FED FARM CREDIT BANK3YrNc6Mo 4.44 07/182008 10,000,000.00 98.69 9.86880000 (131.200.00) 4.44 2.28 2.39
" ,�, *`: �" _ � ��>r< `� i �3rKeSx�r � .h z, . �i� ,+a� X�.,.... e�AFir, .�.e: ,... -#e�cS' •:: a .ti �+,i �.
e4 eo4e�ne 4n nnn nnn nn ecn CAD\I rDCMY MAMW %V.u..4 V. A 5F OAnAnnm 9 9A7 FOO an 9891 9. Ago Sao 00 196 900.001 4.60 2.32 2.43
31331S4W 5 000 060.00 FED FARM CREDIT BANK3YrNc1Yr1X 4.62 09/082008 5,000,000.00 99.00 4,950,000.00 (50,000.00) 4.8
330,860,000.00 330,805,344.97 327.713,089.40 (3,092,255.57) 3.72 1.12 116
FHLB - FED HOME LOAN BANK
3133X5J74 5,000 000.00 FED HOME LOAN BANK 2YrNc3Mo 2.00 04/13/2006 500000000 ....",5,000,000.00
100 00 5 000,000 00 2.00 0.12 0.12
�p yp
m'z `-' 24'xa'" �''�.,'�'a``'
.77
3133X5ZF8 5,000,000.00 FED HOME LOAN BANK 2YrNc1Yr1X 215 �04282006 5 000 000 00 100.00 770.000.00 2 1j�5 0.16 0 16
., �`, n'. .. .... ' .-...:: } 4a'Y: M �i :n?•,d� .. EF .,"R8' 3� .YxN` Fix x Y'. ,wf �' - `'�5, a fi'S° fi ��ij
3133X6S49 y 5,000,000.00 FED HOME LOAN BANK2YrNc3Mo1x tl 2.50 05/192006 5,000,000.00 100.00 ty5 000 000.0p00 My� 2.50 0.22 0.22
J,R iLli L "ii.�;5 ,a.3J3.<�9
ay3�133XBXF7 10,000,000.00 FED HOME LOAN BANK tYrNcl Mo 3.03 08/142008y 10 000a000.00 ; 99.66 9,965 60,0k 00 (34 400.00) ,3 04 a�s
0.29 0.29
i�31 :• ..Y::..:. > &u", aCu' hs.`«,�.:,w��i.... .:. a:;.. s�, �, '. �i tA, a ."i ;: •,.i '` .�,., �'. ,: '' riS&�: `?a.. ft
3133X4OP9 6.480.000.00 FED HOME LOAN BANK2.25YrNc3Mo 2.32 0626/2006 6,478,987.50 99.22 6,429.391.20 (49.690.30) _ 2.33 .0.33 0.32
m� ��mm m. .....
3133XCE85 5 000 000.0,0 FED HOME LOAN BANK 1 VrNc 3.83 08/302008 4 997 900.00 99.59 4 979 700 00 100 3.67 0.34 0.33
,�����i'�`
3133X5NR5 25,000,000.00 FED HOME LOAN BANK2.25YrNc3Mo 2.01 06/302006 25 000 000.00 99.06 24,765,750.00 234 250.90 2 Ot 0.34 0.33
3133X9TY6 5,000 000.00 FED HOME LOAN BANK1.5YrNc6Mo1 3.10 0j6y/302006 y�5,¢00q0y0� 000,00�y0y., 99.411 4,970,100.00 29 700 00 3 10 0.34 $ 0.33
3133XA4K0 5,000,000.00 FED HOME LOAN BANK1.5YrNc6Mo1X 3 18 07/132006 5,000,000.00 99.38 4,988,750.00 (31250.00) 3.18 0.38 0.37
3133X5HK7 5.000.000.00 FED HOME LOAN BANK2.25YrNc3Mo1 2.01 07/142006 5 000,000.00 98.97 4,948,450.00 (51 550.00) 2.01 0,38 0.37
3133X82G0 5,000,000.00 FED. HOME LOAN BANK2.25YrNc3Mo 2.38 0728/2006 5,000,000.00 99.00 4,950,000.00 w, . (50 000.00) 2.38 0.41 0.41
W.
ft
iEa::: :�s:1
31339VMA7 14,000,000.00 FED HOME LOAN BANK3YrNc1Mo 2.30 07/282006 14,000,000.00 98.97 13,855,660.00 (144 340.00) 2.30 0.42 0.41
«....r .� 'v -e.y :>„ 91:1]b;�.. *p`?•:�.<."YT+'r"`...".. n°� m<`,> '<
31339YR81 10.000,000.00 FED HOME LOAN BANK3YrNc3MoSte 275 07282006 10,000,000.00 99.13 9 912 500 00 (87 500.00) 2.37 0.42 0.41
31339YRZ7 10,000,000.00 FED HOME LOAN BANK-3YrNc3MoSte 2.75 08/072006 9,996,875.00 99.09 9,909,400.00 (87,475,00) 2.34 0.44 0.44
31339VXD9 12,000,000.00 FED HOME LOAN BANK 3YrNc3Mo 2.50 08/142006 12,000,000.00 9894 1187266000 127(440.001 2.50 » 0.46 a 0.46
3133XDV81 20,000,000.00 FED HOME LOAN BANK9MoNc 4.58 .0,{8/302006 201 .000,000.0j0( 99.81 19 962,600 0'0 37 400.00 4 5�y8 0.51 0.50
�<��x� R�� i
3133X88N1 5.000.000.00 FED HOME LOAN BANK 2YrNc3Mo 3.01 09/072006 5,000,000.00 99 06 4 953,150 00 (46,850.00) 3.01 0.52 0.52
Aw
§ � ,�, r::. ,.;.3i r. ,,w. :,44z 1ft
3133X81-75 5,000,000.00 FED HOME LOAN BANK2YrNc1Mo 3.00 0928/2006 5.000,000.00 98.94 4,946.900.00 (53,100.00) 3.00 0.58 0.58
Pop 1 of 4
Month End Portfolio Holdings Report
98.31
4,916,650.00 (84,3
i�9�9ev.65g6y
4,9821800 00 (17 2
98.50
4.925,000.00 ((75,yC,
99.72
(28,y1
z9`.9�7t1,900.00
99.22
4 969,950 00 39,C
99.38
4.968.750.00 (26,2
98.66
4,932,800.00 (67.2
98.78
4.939.050.00 (60,9
2.10 0.62 0.62
4.38 0.65 0 66
2.58 0.66 0.66
r `,rF
4.50 0.66 0.67
r�3.�81 0.71 0.72
2.45 0.71 0.72
.(iW
3.00 0.73 0.73
3.25 0.74 0.75
s as
4.64 0.78 0.79
3133X96N5 5,000,000.00 FED HOME LOAN BANK 3YrNc1Mo 3.50 11/16/2007 5,000.000.00, 97.69 4 884 400 00 (115,600.00) 3.50 1.67 1.71
°.:` . �i
3133XAPC5 10000000.00 FED HOME LOAN BANK 2 75YrNc1Mo 4.00 12/04/2007 9,997,500.00 98.47 9,846,900.00 (150 600.00) 4.01 1.69 1.76
3133XBY02 5,000 000.00 FED HOME LOAN BANK 2.5YrNc6Mo 4.19 121142007 5,000,000.00 98.72 4,935,950.00 64 050.00 4.19 1.73 1.79
�;� ",:.;, � ,��:. )
3133XDB75 5,000,000.00 FED HOME LOAN BANK2.25YrNc1Yr1 4.27 122820076 4,991,406.25 98.88 4,943,750.00 (47 656 25 4.35 1 75 1`83
3133XBN43 5,000,000 00 FED HOME LOAtN� BANK 2.5YrNc3Mo 4.43
01292008 4,999,218.75 98.72 4,936,950.00
936,950 00 (63,268.75) 4.44 1.63 1.92
:� �l ....... ... '' ...'�'xr7, t., ,. ... ����:a', w.., ..�. . t':-+�t�;L�£���.�� x"�ti .,, c'+�ri��•�,.. „.. .t:��c.�.�Pa�i�Q.i .S „::Ei���,�,. e:..�au.�iQ�a ..4 ,,'�r��..'�..�.'�ai:
3133XAE86 10,000 000.00 FED HOME LOAN BANKS RnC3Mo 4.00 02/04/200�8$ 10 000,000.00 98.31 9 831 30000 168 700..000 4.00 1.88 1.93
3133XAT56 10 000,000.00 FED HOME LOAN BANK3YrNc1Yr1X 4.00 03/102008 10 000,000.00 98.28 9,828,100.00 Q71 900.00) 4.00 1.94 2.03
....�:AT "No,'�:an�.Ysa�.... ..... "r ��
y31�33xXDTV3 5,000,000.00 FED HOME LOAN BANK2.gg5YrNc1Yr1X 5.00 05/302008 5 000,000.00 99.75 4 987,500 00 m (12,500.00 55.00 2.14 2.25
RAP- .`cam'�.a... t ,�, a �:, s 3, .��. '`�,.,. 7";�s�Ca .ra�iX�w 1R...wF'x
3133XC7DD99` ,y5,000,000.00 .��FYEErt(DHOME ,iLOAN BANK3Yy�rNN{{c1 Mo _ssit 4 45 07N82008 �5p000 000.00 98.78 k 4,939,050.00 _ (60.950.00) 4.45 2.25 2.36
.`,. ,' V'S, ... �
3133XCK36 5,000,000.00 FED HOME LOAN BANK3YrNc3Mo 4.52 0728/2008 5 000 000.00 98.88 4 943 °�y750 00 58 250.00 4 52 2.31 2.41
�1
y;�ggqyy y �
fY� IT.a::..
.`? 3t':. :..'. s ii k jn<.a\<,a',�ss..a�.� .,t i�4�111�, Y3F,,,i••, ...,.:RikTFIS ski ` yyy� �a y
3133XCJ20 5,000,000.00 FED HOME LOAN BANK3YrNc6Mo 4.45 08/012008 5,000,000.00 98.72 4,935.950.00 (64.050.00 4 45 2.32
2.42
3133XCUH4 5,000,000.00 FED HOME LOAN BANK3Nc6Mo 4.75 09/022008 5,000,000,00 99.22 4,960,950.00 (39 050.00) 4.75 2.34 2.51
s.n ,�c ......w...-,. .. .::'" r 4,>�•'.Y.1;Fa. ate.; a�,. ?r, , w, '� a �.�<.'''k
3133XDRX1 5,000,000.00 FED HOME LOAN BANK3YrNc1Yr1X 5.02 311p/072008 5,000,000.00 99.63 4,981,250.00 ($18 750.00) 5.02 2.51 2.69
...
3133XBXT7 5,000,000.00 FED HOME LOAN BANK 3.5YrNcl Yr 4,25 12/012008 5,000,000.00 98.22 4,910,950.00 (89,050.00) 4.25 2.61 2.76
1,016,845,000.00 1,016,716,733.80 1,008,752,008.15 (9,984,725.45) 3.43 0.97 f 1.00
FHLC - FHL,tB�, - MORTO. CERT. a
A���?�&�'.. _......., a .: ,,. :x s :..:. bx:�'ea , . �� ;�dkwU"�� .:...:.. '�,"�a ,��, ��� � •�� ., . � ;� ,t,�is�i5t1F.<. ,W t , ���k �€�„"� ,�', x: ��� � > am�sia
Pape 2 of 4
5
.3yy1�369MG31 5000000.00 FED NAT MORTG ASSOC. 1 5YrNc3Mo 5.00 08242007 5 000 000.00 99.84 4 992 20u Oo ki auu.,UU) o.w i qo 190
3136F7LT2 5,000 000.00 FED NAT MORTG ASSOC.2YrNc3Mo 4.75 1025/2007 y5r 000,000.00 dd 99.50 4,975,000.00 (25,000.00 4.75 1.59 1.66
�31359MZK2 _ _,." 5,000 000.00 FED NAT MORTG ASSOC.2YrNc1 Yr1X 4 90 11282007 6,009,000.00 0, y999x�7.8j y4, 989.050.00 y (lot 950 y0'0 4.90 1.68 1.75
iFT. ' s k,d-�tw,1� .a�..�.''r".�. 5 , `.. �... .: a �F,=�.."l„,a� '.:. :.....I�.
Page 3 of 4
6
Month End Portfolio Holdi
Yr1X 4.88 01/11/2008
YrIX
1.80 1.87
ads
1.85 1.91
"WE
1.86 1.93
1311'3_59WG441_0,000,000.00 _FED NAT MORTG _A_SS6C_._2YrN"c I Yrl'X5.00 02/27/2008 10,000.000.00 99.84
9,984.400.00 (15,600.00) 5.00 1.93 2.00
1,2
313GF7MKO 5000000.00 FED NAT MORTG ASSOC.3YrNclYrIX 5.00 11/14/2008 4997,65625 99.89
A'' I 0140009INW
4,984.4W00 (13,256.25) 5.02 2.53 2.71
. . . ..... .
OWN 40
3136F7PP8' 5,000.000.00 FED NAT MORTGASSOC.3YrNc1YrlX 5.10 12/19/2008 5,000,000.00 99.78 4,989.050.00 (10,950.00) 5.10 2.63 2.81
W WAIN "I
3136F7PP6 5 000 000.00 FED NAT MORTG ASSOC. 3YrNc1 Yrl X 5.10 12/19/20085 ODO DOO 00 99.78
4,989,050.00 (10 950.00 5.10 2.63 2.81
41
5.05 2.66 - 2 ' .83
313BF70EO 20,000,000.00 FED NAT MORTG ASSOC. 3Yr1 Yrl X 5.05 12/29/2008 20,O00,000.00 99.78 19,956,2.00.00 4,3,1800.00) '
3136F7003 100G-O-.0-00.00 FED: NAT MORTG ASSOC . 3YrNc,6M 5.05 011�moog 10 000,000.00 99.78
X.4wiKl� "mg
9,978,100 00 (21900.00) 5.05 2.68 2.86
MIN W-4,""m
31359ME74 5.000000.00 FED NAT MORTG ASSOC. 3YrNc1 Yrl X 5.00 012312009 5.000,000.00 9.66 .... . ......
... 4,982,800.00 (17,200.00) 5.00 2.73 2.90
347,000,000.00 348,973.729.93
345,208,560.00
(1,755,169.93) 4.15
1.57 1.64
FNMD -FNMA DISCOUNT NOTES
Vw
313689XEB 48 000 000.00 FNMA DISCOUNT NOTES 4.36 05/24/2006 47 152 032.00 98.23
47 152 032.00
4.43
0.23 0.23
98,000,000.00 96,355,632,00
96,355,832.00
4.42
0.21 0.21
FRMC - FEDERAL HOME LOAN MORO CORP DI
313397UF6 35,000,000.00 FEDERAL HOME LOAN MORG CORP D1 4.28 03/14/2006 34,654,466.39 99.01 34 654,466 39 4.32 0.04 0.04
55,000,000.00 54,452,355.28
54,452,355.28
4.32
0.04 0.04
LAO - LOCAL AGENCY OBLIGATIONS
820,000.00 US DISTRICT COURTHOUSE 4.55 06/1512020 820,000.00 100.00
820.000.00
4.55
10.33 14.30
1,755,000.00 1,755,000.00
1,756,000.00
4.55
7.73 10.08
MTNO - MED TERM NOTES ......................
36962GZZO 5 000 000.00 GE CAP CORP Age/AAA/AAA 4.20 ul/lDrduutl 11 tool auu.uv wo.wo
11-114
20.000,000.00 20,088,750.00 19,856,300.00 (232,450.00) 4.23 1.03 1.06
MUNI - MUNICIPAL BONDS xi I sn I 4k
987388BC8 1.080.000.00 YOSEMITE CA CMNT COLLEGE AAA/A 3.72 08/01/2006 1,080,075.60 69.47 1,074.265.20 (5,810.40) 3.70 0.43 0.42
z
ro,�] Ws" sis
130911 D49 19 000,000 00 CSCDA AAAfA88 4.00 1 /15/2006 19,000,000.00 99.25 18,858,260.00 (141 740 000,) 4.00 0.70 0.71
s gm-. ....g e
768903EB8 1.000.000.00 RIVERSIDE CNTY ASSET Aaa/AAA 3.35 06/01/2007 990,340.0097.93 979,320.00 (11,020.00) 3.86 1.23 1.25
;6_876PAVi 1-545,000.00 RCC GO BONDS 2004B AA-/Aa3 3.63 08/0112007 1,550,871.00 97.94 1,513,219.35 (37,651.85) 3.49 1.40 1.42
83,035,000.00 83,064,052.20 82,545,803A5 (518,248.75) 3.89 0.53 0.53
NCD - NEGOTIABLE CO 114"(4010
17304TJ53 50.000,000.00 CITIBANK NA Al/Pi/Fl 4.44 03/20/2006 50,000.000.00 100.00 50 000 000 00 4 44 0.05 0.05
4.41 03/282006 50 000 719.93 100.00 50 000 719.93 4.40 0.08 0.08
+ 4.61 04/18/2006 50.000.000.00 100.00 50.000,000.00 4.53 0.13 0.13
0556MIT46 50 000,000 00 BNP PARIBAS Al+/PIIFI+ 4.ou UqUo/leuvo ou,vuVIOW.I.
400,000,000.00 400,001,042.47 400 942.47 4.48 0.10 0.10
REPO - REPURCHASE AGREEMENT
258,000,000.00 258,000,000.00 258,000,000.00 4.63 0.00 0.00
TCD -TIME DEPOSITS
a
10 000 000.00 CITIZENS BUSINESS BANK 4.40 04/10/2006 10 000 000.00 100.00 10 000 000.00 4.40 0.11 0.11
15,000,000.00 15,000.000.00 15,000.000.00 4.33 0.09 0.09
Total 3,715,455,000.00 3,709,956,617.82 3.690,904,556.79 (19,051,961.03) 4.05 0.79 0.82
1. The market value and yield of ~4*rm money market securities art based on ft purchase price.
2. Average We Is the number of years until princoal is returned at maturity, vmigtftd by market value,
3. Local Agency ObIlgistione have variable rate coLoons, spread to Pool.
4. Modifled dustion is the percentage price Change Of 0 security for a charge In yield.
The higher the modified duration of a security. the higher the risk
Page 4 of 4
Summary of Authorized Investments
The Treasurer's Pooled Investment Fund was in FULL COMPLIANCE with the Treasurer's Statement of Investment Policy. The County's Investment Policy is
more restrictive than the California Government Code. This policy is reviewed annually by the County's Investment Oversight Committee and approved by the
County Board of Supervisors.
0.00%
2%
0% MAX
0.00%
Projected Cash Flow
The Pooled Investment Fund cash flow requirements are based upon a 12 month historical cash flow model. Based upon projected cash receipts and matu-
rating investments. there are sufficient Funds to meet future cash flow disbursements over the next 12 months.
THIS COMPLETES THE REPORT REQUIREMENTS OF CALIFORNIA GOVERNMENT CODE 53646 Page 3
8
County Administrative Center
4080 Lemon Street, 4th Floor - Capital Markets
Riverside, CA 92502-2205
www.countytreasurer.org
(951) 955-3967
Bureau of the Public Debt: Recent Treasury Bill Auction Results Page 1 of 2
Recent Treasury Bill Auction Results
Price
Issue Maturity
Discount
Investment
Per
CUSIP
Term
Date Date
Rate /o
Rate /o
$100
14-DAY
04-03-2006 04-17-2006
4.685
4.759
99.817806
912795TU5
28-DAY
03-30-2006 04-27-2006
4.630
4.711
99.639889
912795WZO
91-DAY
03-30-2006 06-29-2006
4.495
4.610
98.863764
912795XJ5
182-DAY
03-30-2006 09-28-2006
4.600
4.775
97.674444
912795XX4
28-DAY
03-23-2006 04-20-2006
4.600
4.681
99.642222
912795WY3
91-DAY
03-23-2006 06-22-2006
4.545
4.662
98.851125
912795XH9
182-DAY
03-23-2006 09-21-2006
4.610
4.786
97.669389
912795XW6
28-DAY
03-16-2006 04-13-2006
4.395
4.471
99.658167
912795WX5
91-DAY
03-16-2006 06-15-2006
4.510
4.625
98.859972
912795XG1
182-DAY
03-16-2006 09-14-2006
4.645
4.823
97.651694
912795XV8
1-DAY
03-14-2006 03-15-2006
4.410
4.472
99.987750
912795TSO
28-DAY
03-09-2006 04-06-2006
4.380
4.456
99.659333
912795WW7
91-DAY
03-09-2006 06-08-2006
4.500
4.615
98.862500
912795XF3
182-DAY
03-09-2006 09-07-2006
4.600
4.775
97.674444
912795XUO
6-DAY
03-08-2006 03-14-2006
4.380
4.444
99.927000
912795TT8
12-DAY
03-03-2006 03-15-2006
4.445
4.513
99.851833
912795TSO
28-DAY
03-02-2006 03-30-2006
4.390
4.466
99.658556
912795WV9
91-DAY
03-02-2006 06-01-2006
4.510
4.625
98.859972
912795XE6
182-DAY
03-02-2006 08-31-2006
4.580
4.754
97.684556
912795XT3
28-DAY
02-23-2006 03-23-2006
4.350
4.425
99.661667
912795WU1
91-DAY
02-23-2006 05-25-2006
4.450
4.563
98.875139
912795XD8
182-DAY
02-23-2006 08-24-2006
4.545
4.716
97.702250
912795XS5
28-DAY
02-16-2006 03-16-2006
4.330
4.405
99.663222
912795WT4
91-DAY
02-16-2006 05-18-2006
4.440
4.553
98.877667
912795XCO
182-DAY
02-16-2006 08-17-2006
4.540
4.711
97.704778
912795XR7
28-DAY
02-09-2006 03-09-2006
4.230
4.303
99.671000
912795WS6
91-DAY
02-09-2006 05-11-2006
4.375
4.485
98.894097
912795XB2
182-DAY
02-09-2006 08-10-2006
4.500
4.669
97.725000
912795XQ9
28-DAY
02-02-2006 03-02-2006
4.290
4.364
99.666333
912795WR8
91-DAY
02-02-2006 05-04-2006
4.375
4.485
98.894097
912795XA4
182-DAY
02-02-2006 08-03-2006
4.435
4.600
97.757861
912795XP1
28-DAY
01-26-2006 02-23-2006
4.145
4.216
99.677611
912795 WQO
91-DAY
01-26-2006 04-27,2006
4.290
4.397
98.915583
912795WZO
182-DAY
01-26-2006 07-27-2006
4.340
4.499
97.805889
912795XN6
28-DAY
01-19-2006 02-16-2006
3.950
4.017
99.692778
912795 WP2
91-DAY
01-19-2006 04-20-2006
4.270
4.377
98.920639
912795 WY3
182-DAY
01-19-2006 07-20-2006
4.315
4.472
97.818528
912795XM8
28-DAY
01-12-2006 02-09-2006
4.070
4.140
99.683444
912795 WN7
1-0
http://wwws.publicdebt.treas.gov/AI/OFBills 4/3MO6
Bureau of the Public Debt : Recent Treasury Bill Auction Results Page 2 of 2
91-DAY 01-12-2006 04-13-2006 4.150 4.252 98.950972 912795 WX5
182-DAY 01-12-2006 07-13-2006 4.250 4.404 97.851389 912795XLO
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 3, 2006 11:17:36 AM EDT
http://wwws.publicdebt.treas.gov/AI/OFBills 4/3RO6
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --March 31, 2006
Pagel of 4
Federal Deserve Statistical Release
.5
Selected Interest Rates (Dauy
Skip to Content
Release Date: March 31, 2006
Weekly release dates and announcements I I;listorical 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 T
through Friday on this site. If Monday is a holiday, the weekly release will be posted o
after the holiday and the daily update will not be posted on that Tuesday.
FEDERAL RESERVE STATISTICAL RELEASE
H.15 DAILY UPDATE: WEB RELEASE ONLY
SELECTED INTEREST RATES
For use at 4:15 p.m. Eastern Time
Yields in percent per annum March 31, 2006
2006
2006
2006
2006
Instruments
Mar
Mar
Mar
Mar
27
28
29
30
Federal funds (effective) 1 2 3
4.77
4.70
4.69
4.76
Commercial Paper 3 4 5
Nonfinancial
1-month
4.70
4.74
n.a.
4.72
2-month
4.72
4.79
n.a.
4.75
3-month
4.77
n.a.
n.a.
n.a.
Financial
1-month
4.76
4.74
4.74
4.74
2-month
4.76
4.80
4.79
4.80
3-month
4.84
4.86
4.86
4.83
CDs (secondary market) 3 6
1-month
4.79
4.79
4.80
4.79
3-month
4.92
4.93
4.94
4.94
6-month
5.02
5.04
5.09
5.08
Eurodollar deposits (London) 3 7
1-month
4.82
4.82
4.83
4.82
3-month
4.96
4.96
4.97
4.98
6-month
5.06
5.06
5.10
5.11
Bank prime loan 2 3 8
7.50
7.75
7.75
7.75
Discount window primary credit 2 9
5.50
5.75
5.75
5.75
U.S. government securities
Treasury bills (secondary market) 3 4
4-week
4.60
4.63
4.61
4.59
3-month
4.51
4.53
4.51
4.50
6-month
4.62
4.65
4.65
4.66
Treasury constant maturities
Nominal 10
1-month
4.66
4.71
4.69
4.67
3-month
4.63
4.65
4.63
4.61
6-month
4.80
4.83
4.83
4.84
http://www.federalreserve.gov/Releases/H 15/update/ 4/H006
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --March 31, 2006
Page 2 of 4
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Inflation indexed 11
5-year
7-year
10-year
20-year
Inflation -indexed long-term average 12
Interest rate swaps 13
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
Corporate bonds
Moody's seasoned
Aaa 14
Baa
State & local bonds 15
Conventional mortgages 16
n.a. Not available.
4.77
4.82
4.83
4.84
4.72
4.81
4.82
4.84
4.69
4.79
4.81
4.84
4.69
4.79
4.79
4.83
4.69
4.79
4.79
4.83
4.70
4.79
4.81
4.86
4.91
4.98
5.02
5.07
4.73
4.80
4.84
4.89
2.14
2.22
2.24
2.25
2.18
2.25
2.27
2.31
2.23
2.30
2.32
2.35
2.21
2.28
2.31
2.34
2.17
2.23
2.26
2.30
5.17
5.20
5.24
5.27
5.15
5.17
5.23
5.26
5.13
5.16
5.23
5.26
5.14
5.18
5.25
5.28
5.16
5.21
5.27
5.31
5.19
5.24
5.30
5.35
5.23
5.29
5.33
5.39
5.30
5.37
5.41
5.49
5.51
5.58
5.62
5.67
6.40
6.47
6.52
6.56
Footnotes
1. The daily effective federal funds rate is a weighted average of rates on brokered tra
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current wee
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 T
Depository Trust Company. The trades represent sales of commercial paper by dealers or d
issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are equiva
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 bid 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.-char
commercial banks. Prime is one of several base rates used by banks to price short-term b
loans.
9. The rate charged for discounts made and advances extended under the Federal Reserve's
http://www.federalreserve.gov/Releases/H 15/update/ 4/3'/3006
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --March 31, 2006 Page 3 of 4
credit discount window program, which became effective January 9, 2003. This rate replac
adjustment credit, which was discontinued after January 8, 2003. For further information
www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate report
for the Federal Reserve Bank of New York. Historical series for the rate on adjustment c
well as the rate on primary credit are available at www.federalreserve.gov/releases/hl5/
10. Yields on actively traded non -inflation -indexed issues adjusted to constant maturiti
30-year Treasury constant maturity series was discontinued on February 18, 2002, and rei
on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S. Treasury publ
factor for adjusting the daily nominal 20-year constant maturity in order to estimate a
nominal rate. The historical adjustment factor can be found at
www.treas.gov/offices/domestic-finance/debt-management/interest-rate/ltcompositeindex_hi
Source: U.S. Treasury.
11. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturi
Source: U.S. Treasury. Additional information on both nominal and inflation -indexed yiel
found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/index.html
12. Based on the unweighted average bid yields for all TIPS with remaining terms to matu
more than 10 years.
13. International Swaps and Derivatives Association (ISDA(R)) mid -market par swap rates.
for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on rates
at 11:00 a.m. Eastern time by Garban Intercapital plc and published on Reuters Page ISDA
ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited.
14. Moody's Aaa rates through December 6, 2001, are averages of Aaa utility and Aaa indu
rates. As of December 7, 2001, these rates are averages of Aaa industrial bonds only.
15. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday
16. Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC
--------------------------------------------------------------------------------
Note: Weekly and monthly figures on this release, as well as annual figures available on
Board's historical H.15 web site (see below), are averages of business days unless other
------- ------------------------------------------------------------------------------
Current and historical H.15 data are available on the Federal Reserve Board's web site
(www.federalreserve.gov/). For information about individual copies or subscriptions, con
Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886
electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202
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
from the daily yield curve for non -inflation -indexed Treasury securities. This curve, wh
the yield on a security to its time to maturity, is based on the closing market bid yiel
actively traded Treasury securities in the over-the-counter market. These market yields
calculated from composites of quotations obtained by the Federal Reserve Bank of New Yor
constant maturity yield values are read from the yield curve at fixed maturities, curren
and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a
maturity, for example, even if no outstanding security has exactly 10 years remaining to
Similarly, yields on inflation -indexed securities at "constant maturity" are interpolate
daily yield curve for Treasury inflation protected securities in the over-the-counter ma
inflation -indexed constant maturity yields are read from this yield curve at fixed matur
http://www.federalreserve.gov/Releases/H15/update/ 4/3&06
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --March 31, 2006 Page 4 of 4
currently 5, 7, 10, and 20 years.
Weekly release dates and. announcements I Historical data I About
Daily update Other formats: Screen reader I A SCII
Statistical releases
l lome I Ecotlomic research and data
:Accessibility I Contact Us
Last update: March 31, 2006
15
http://www.federalreserve.gov/Releases/H 15/update/ 4/3/2006
Phil Angelides, State Treasurer
Inside the State Treasurer's Office
Local Agency Investment Fund (LAIF)
PMIA Performance Report
x
3/16/2006
4.14
4.02
175
3/17/2006
4.15
4.02
174
3/18/2006
4.16
4.02
176
3/19/2006
4.16
4.02
176
3/20/2006
4.16
4.03
176
3/21 /2006
4.16
4.03
174
3/22/2006
4.17
4.03
173
3/23/2006
4.17
4.03
172
2/24/2006
4.18
4.03
170
2/26/2006
4.18
4.03
170
2/26/2006
4.18
4.03
170
2/27/2006
4.19
4.04
167
2/28/20061
4.19
4.04
171
3/29/20061
4.19
4.04
170
Corporate 8
1.62%
Commercial Paper
14.00%
Time Del:
14.16
LAIF Performance Report
Quarter ending 12/31/2006
Apportionment Rate: 3.63%
Earnings Ratio: .00009940144551024
Fair Value Factor: .997562079
LAIF WILL BE CLOSED MARCH 31
CESAR CHAVEZ DAY
PMIA Average Monthly Effective Yields
February 2006 4.043%
January 2006 3.955%
December 2005 3.808%
Pooled Money Investment Account
Portfolio Composition
$54.8 Billion
02/28/06
Reverses Treasuries
Loans -0.18% 10.00%
.1 o 1)12oi
CDs/BNs
18.37%
ges
Agencies
27.46%
16
FRB:Commercial Paper Rates and Outstandings
Page 1 of 3
Federal Reserve Release
Commercial Paper
Release I About ( Outstandings I Historical discount rates ( Historical outstandings
Data as of March 31., 2006
Commercial Paper Rates and Outstandings
Derived from data supplied by The Depository Trust Company
Posted April 3, 2006
Discount rates
AA
AA
A2/P2
Term
financial
nonfinancial
nonfinancial
1-day 4.82 4.83 4.94
7-day 4.76 4.80 4.84
115-day 4.73 4.70 4.88
30-day 4.75 4.73 4.87
60-day 4.82 ND 4.97
90-day 4.87 ND :]=ND
Frade data insufficient to support calculation of the 60-day AA nonfinancial, 90-day AA nonfinancial and 90-day A2/P2 nonfinancial rate(s) for March 31, 2006 .
Yield curve
Money market basis
7 15 30
Days to Maturity
Pcrc ent
EM
5,2
5.0
4,8
4,6
17
http://www.federalreserve.gov/Releases/CP/ 4/3/2006
FRB:Commercial Paper Rates and Outstandings
Page 2 of 3
Discount rate spread
Basis Points
J Zky
100
80
60
40
20
0
2(X) 1 2002 2003 1.M4 2005
Discount rate history
Percent
4
11C
2MI 2002 2003 AXA 2(,X)-5
Outstandings
Weekly (Wednesday), seasonally adjusted
http://vv-ww.federalreserve.gov/Releases/CP/
4/3106
FRB:Commercial Paper Rates and Outstandings
Page 3 of 3
1570
1510
14.50
1390
1330
1270
1210
l l CM
Billions of dollars
Financial 414:11 sc.alo
Billions of dollars
?90
�11 "NON
l
V�
J
?50
210
170
130
M
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.
http://www.federalreserve.gov/Releases/CP/
4/31Z006
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20
Draft (prepared by Cristina Deniel)
To: City Council
From: Investment Advisory Board
The following is a Position/Discussion Paper presented by the members of the Investment
Advisory Board. This Position Paper seeks to address the issues raised by Council
Member Osborne during the January 17th City Council Meeting and later presented to the
IAB during its February 8th session.
Issues raised by Council Member Osborne
• Council Member Osborne is dissatisfied with the performance of the City's
investment portfolio. The portfolio has lagged the established benchmark
which is the 6-month Treasury yield during the past two quarters. He
remarked that in the past several years the portfolio had exceeded the
benchmark.
• Council Member Osborne mentioned that the City consider the hiring of an
independent professional money manager as had been suggested by this Board
in 2005 or hire a new employee, part of the City staff, to handle the City's
investments.
• The Mayor and other Council Members moved and approved that Council
Member Osborne make a written presentation to the IAB. Pursuant to this
motion, Council Member Osborne discussed the issue with the IAB during its
February 8th meeting.
Investment Advisory Board Comments
• The current Investment Policy of the City of La Quinta places certain
restrictions on how the City's investment portfolio is to be managed. There
are constraints as to the type of investments to be made, term of investment
and restrictions against "trading". The portfolio is restricted to a very short-
term investment structure and the application of a "buy -and -hold" policy to
the investments purchased.
• The result of the buy and hold strategy, is that the portfolio will outperform a
fixed income benchmark (such as the 6-month treasury rate) in a declining
interest rate environment and under -perform it, in a rising interest scenario.
This is just so, regardless of who manages the portfolio; it is not an issue of
performance; it is an issue of constraints.
• This Board has several important points it would like to make:
➢ The current Investment Policy was established after the City had been
victimized with a defalcation by an unscrupulous investment manager.
➢ The City was very young then. To prevent such a loss from ever
happening again, the City took control of its investments and an
Investment Policy was established. This policy was, appropriately, very
conservative and restrictive; its main objective being the protection of the
portfolio principal, not earnings there from (performance of the portfolio).
➢ It is the opinion of this Board that the City has matured both in size and
experience and it is time to modify the policy to allow for a different
portfolio management strategy with a op rtion of the City's investments.
➢ This would entail the relaxing of some of the current restrictions to
accommodate slightly more aggressive investments in order to earn a
higher yield on a portion of the City's portfolio.
➢ The Board also recommends that such shift be handled by an independent
professional money manager who would actively manage a portion of the
City's investments with the objective of improving returns.
➢ This Board does not recommend the hiring of a person to be part of the
City staff to handle this task. Such a person would not have the same
experience, interaction, tools or exposure as someone in a firm whose
mainstream business is to manage investment portfolios.
➢ Loss through defalcation is completely avoidable by using a third party
custodian who handles the investments under the Delivery vs. Payment
method. In other words, the professional money manager directs the
investments but does not execute them, nor does he or she have access to
the assets in the account.
➢ This Board amended the Investment Policy during its 2005 season to
accommodate this recommendation. We believe that City Council should
consider this recommendation and consider authorizing or directing the
Finance Director to issue a Request for Proposal (RFP).
INVESTMENT ADVISORY BOARD
Meeting Date:
TITLE:
April 12, 2006
Pooled Money Investment Board Report
For January
BACKGROUND:
Correspondence
& Written Material Item B
The Pooled Money Investment Board Report for January 2006 is included in the
agenda packet.
RECOMMENDATION:
Receive & File
ohn M. Falconer, Finance Director
Phil Angelides
January 2006
STATE OF CALIFORNIA
STATE TREASURER'S OFFICE
POOLED MONEY INVESTMENT BOARD REPORT
January 2006
TABLE OF CONTENTS
SUMMARY................................................................. 01
SELECTED INVESTMENT DATA .................................... 02
PORTFOLIO COMPOSITION ........................................ 03
INVESTMENT TRANSACTIONS ..................................... 04
TIMEDEPOSITS........................................................ 17
BANK DEMAND DEPOSITS .......................................... 30
POOLED MONEY INVESTMENT BOARD DESIGNATION... 31
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF JANUARY 2006 WITH JANUARY 2005
(DOLLARS IN THOUSANDS)
JANUARY 200611 JANUARY 200611 CHANGE
Average Daily Portfolio
$
58,086,223
$
54,363,641
$
+3,722,582
Accrued Earnings
$
195,101
$
104,516
$
+90,585
Effective Yield 3.955 2.264 +1.691 1
Average Life -Month End (In Days) 175 202 -27
Total Security Transactions
Amount
$
21,902,735
$
21,081,115
$
+821,620
Number
457
441
+16
Total Time Deposit Transactions
Amount
$
4,839,190
$
4,634,500
$
+204,690
Number
182
154
+28
Average Workday Investment Activity
$
1,337,096
$
1,285,781
$
+51,315
Prescribed Demand Account Balances
For Services
$
332,791
$
635,710
$
-302,919
For Uncollected Funds
$
163,896
$
182,877
$
-18,981
1
PHIL ANGELIDES
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
January 31, 2006
DIFFERENCE IN
PERCENT OF
PERCENT OF
PORTFOLIO FROM
TYPE OF SECURITY
AMOUNT
PORTFOLIO
PRIOR MONTH
Government
Bills
$
1,721,340
2.85
+1.49
Bonds
0
Notes
3,416,272
5.66
+0.41
Strips
0
Total Government"
$
5,137,612
8.51
+1.90
Federal Agency Coupons
$
8,952,225
14.83
+0.13
Certificates of Deposit
12,345,116
20.45
+0.02
Bank Notes
1,699,993
2.82
+0.48
Bankers' Acceptances
0
0.00
0.00
Repurchases
0
0.00
0.00
Federal Agency Discount Notes
6,116,758
10.13
-0.91
Time Deposits
7,688,995
12.74
-0.50
GNMAs
256
0.00
0.00
Commercial Paper
9,221,457
15.28
-0.44
FHLMC/Remics
747,439
1.24
-0.09
Corporate Bonds
958,214
1.59
-0.04
AB 55 Loans
7,493,515
12.41
-0.55
GF Loans
0
0.00
0.00
Reversed Repurchases
0
0.00
0.00
Total (All Types)
$
60,361,580
100.00
INVESTMENT ACTIVITY
Pooled Money
Other
Time Deposits
Totals
PMIA Monthly Average Effective Yield
Year to Date Yield Last Day of Month
JANUARY 2006
NUMBER
AMOUNT
457
$ 21,902,735
9
435,804
182
4,839,190
648
$ 27,177,729
3.955
3.497
2
DECEMBER 2005
NUMBER
AMOUNT
451
$ 21,953,937
89
3,495,993
146
3,148,500
686
$ 28,598,430
3.808
3.413
Pooled Money Investment Account
Portfolio Composition
$60.4 Billion
Corporate
1.5!
Commercial Paper
15.28%
Time D,
12.7
01 /31 /06
Treasuries
Loans 8.51 %
J ^ A I n/
CDsBNs
23.27%
Agencies
24,96%
01/03/06 REDEMPTIONS
BN
B/A
3.830%
01/03/06
3.830
$50,000
144
$766,000.00
3.883
CD
HSBC
3.840%
01/03/06
3.840
50,000
132 •
704,000.00
3.893
CD
HSBC
3.840%
01/03/06
3.840
50,000
132
704,000.00
3.893
CD
MONTREAL
3.840%
01/03/06
3.840
50,000
132
704,000.00
3.893
CD
MONTREAL
3.840%
01/03/06
3.840
50,000
132
704,000.00
3.893
CD
MONTREAL
3.840%
01/03/06
3.840
50,000
132
704,000.00
3.893
CD
MONTREAL
3.840%
01/03/06
3.840
50,000
132
704,000.00
3.893
CD
TORONTO
3.865%
01/03/06
3.855
50,000
132
706,775.55
3.909
CD
TORONTO
3.865%
01/03/06
3.855
50,000
132
706,775.55
3.909
CD
WA MU, FA
3.860%
01/03/06
3.860
50,000
133
713,027.78
3.914
CD
WA MU, FA
3.860%
01/03/06
3.860
50,000
133
713,027.78
3.914
CD
WA MU, FA
3.860%
01/03/06
3.860
50,000
133
713,027.78
3.914
CD
WA MU, FA
3.860%
01/03/06
3.860
50,000
133
713,027.78
3.914
CD
SOC GEN
3.880%
01/03/06
3.880
50,000
133
716,722.22
3.934
CD
SOC GEN
3.880%
01/03/06
3.880
50,000
133
716,722.22
3.934
CD
CIBC
3.870%
01/03/06
3.870
50,000
134
720,250.00
3.924
CD
CIBC
3.870%
01/03/06
3.870
50,000
134
720,250.00
3.924
CD
CIBC
3.870%
01/03/06
3.870
50,000
134
720,250.00
3.924
CD
US BANK
3.870%
01/03/06
3.870
50,000
138
741,750.00
3.924
CD
US BANK
3.870%
01/03/06
3.870
50,000
138
741,750.00
3.924
CD
US BANK
3.870%
01/03/06
3.870
50,000
138
741,750.00
3.924
CD
MONTREAL
3.810%
01/03/06
3.810
50,000
141
746,125.00
3.863
CD
MONTREAL
3.810%
01/03/06
3.810
50,000
141
746,125.00
3.863
CD
MONTREAL
3.810%
01/03/06
3.810
50,000
141
746,125.00
3.863
CD
ANZ
3.820%
01/03/06
3.820
50,000
152
806,444.44
3.873
CD
ANZ
3.820%
01/03/06
3.820
50,000
152
806,444.44
3.873
CP
LEHMAN
01/03/06
4.050
50,000
4
22,500.00
4.108
CP
LEHMAN
01/03/06
4.050
50,000
4
22,500.00
4.108
CP
LEHMAN
01/03/06
4.050
50,000
4
22,500.00
4.108
CP
LEHMAN
01/03/06
4.050
50,000
4
22,500.00
4.108
CP
BEAR
01/03/06
4.420
50,000
5
30,694.44
4.484
CP
BEAR
01/03/06
4.420
50,000
5
30,694.44
4.484
CP
BEAR
01/03/06
4.420
50,000
5
30,694.44
4.484
CP
BEAR
01/03/06
4.420
50,000
5
30,694.44
4.484
CP
BEAR
01/03/06
4.420
50,000
5
30,694.44
4.484
CP
BEAR
01/03/06
4.420
50,000
5
30,694.44
4.484
CP
CITIGROUP
01/03/06
4.300
27,000
14
45,150.00
4.367
CP
CITIGROUP
01/03/06
4.300
50,000
14
83,611.11
4.367
CP
CITIGROUP
01/03/06
4.300
50,000
14
83,611.11
4.367
CP
CITIGROUP
01/03/06
4.300
50,000
14
83,611.11
4.367
CP
CITIGROUP
01/03/06
4.300
50,000
14
83,611.11
4.367
CP
CITIGROUP
01/03/06
4.300
50,000
14
83,611.11
4.367
CP
CITIGROUP
01/03/06
4.300
50,000
14
83,611.11
4.367
CP
CITIGROUP
01/03/06
4.300
50,000
14
83,611.11
4.367
CP
CITIGROUP
01/03/06
4.300
50,000
14
83,611.11
4.367
CP
NISSAN
01/03/06
4.410
23,500
14
40,302.50
4.479
CP
CITIGROUP
01/03/06
4.060
50,000
75
422,916.67
4.151
CP
CITIGROUP
01/03/06
4.060
50,000
75
422,916.67
4.151
CP
CITIGROUP
01/03/06
4.060
50,000
75
422,916.67
4.151
CP
CITIGROUP
01/03/06
3.790
50,000
132
694,833.33
3.897
4
01/03/06 REDEMPTIONS (continued)
CID
CITIGROUP
01/03/06
3.790
50,000
132
694,833.33
3.897
CID
CITIGROUP
01/03/06
3.790
50,000
132
694,833.33
3.897
CID
CITIGROUP
01/03/06
3.790
50,000
132
694,833.33
3.897
CID
B/A
01/03/06
3.800
25,000
133
350,972.22
3.908
CID
B/A
01/03/06
3.800
50,000
133
701,944.44
3.908
CID
B/A
01/03/06
3.800
50,000
133
701,944.44
3.908
CID
GECC
01/03/06
3.760
50,000
152
793,777.78
3.874
CID
GECC
01/03/06
3.760
50,000
152
793,777.78
3.874
CID
GECC
01/03/06
3.760
50,000
152
793,777.78
3.874
CID
GECC
01/03/06
3.760
50,000
152
793,777.78
3.874
CID
GECC
01/03/06
3.760
50,000
152
793,777.78
3.874
CID
GECC
01/03/06
3.760
50,000
152
793,777.78
3.874
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
DISC NOTES
FHLMC
01/03/06
3.710
50,000
127
654,402.78
3.811
01/03/06 PURCHASES
BN
B/A
4.620%
06/30/06
4.620
50,000
BN
B/A
4.620%
06/30/06
4.620
50,000
BN
B/A
4.620%
06/30/06
4.620
50,000
BN
B/A
4.620%
06/30/06
4.620
50,000
CD
CIBC
4.590%
06/01/06
4.590
50,000
CD
CIBC
4.590%
06/01/06
4.590
50,000
CD
CIBC
4.620%
06/30/06
4.620
50,000
CD
CIBC
4.620%
06/30/06
4.620
50,000
CD
CS/1 ST BOSTON
4.640%
06/30/06
4.630
50,000
CD
CS/1ST BOSTON
4.640%
06/30/06
4.630
50,000
CID
GECC
01/04/06
4.300
50,000
CID
GECC
01/04/06
4.300
50,000
CID
NCAT
01/04/06
4.300
50,000
CID
NCAT
01/04/06
4.300
50,000
CP
AMER EXP
01/04/06
4.310
50,000
CID
AMER EXP
01/04/06
4.310
50,000
TREAS
BILLS
05/04/06
4.100
50,000
TREAS
BILLS
05/04/06
4.100
50,000
TREAS
BILLS
05/04/06
4.100
50,000
TREAS
BILLS
05/04/06
4.100
50,000
TREAS
BILLS
05/04/06
4.100
50,000
TREAS
BILLS
05/04/06
4.100
50,000
TREAS
BILLS
05/04/06
4.100
50,000
5
01/03/06 PURCHASES (continued)
TREAS
BILLS
05/04/06
4,100
50,000
TREAS
BILLS
05/11/06
4.110
50,000
TREAS
BILLS
05/11,/06
4.110
50,000
TREAS
BILLS
05/11/06
4.110
50,000
TREAS
BILLS
05/11/06
4.110
50,000
TREAS
BILLS
05/11/06
4.110
50,000
TREAS
BILLS
05/11/06
4.110
50,000
TREAS
BILLS
05/11/06
4.110
50,000
TREAS
BILLS
05/11/06
4.110
50,000
TREAS
NOTES
2.750%
06/30/06
4.331
50,000
TREAS
NOTES
2.750%
06/30/06
4.331
50,000
TREAS
NOTES
2.750%
06/30/06
4.331
50,000
TREAS
NOTES
2.750%
06/30/06
4.331
50,000
01/04/06 REDEMPTIONS
CID
GECC
01/04/06
4.300
50,000
1
5,972.22
4.360
CID
GECC
01/04/06
4.300
50,000
1
5,972.22
4.360
CID
NCAT
01/04/06
4.300
50,000
1
5,972.22
4.360
CID
NCAT
01/04/06
4.300
50,000
1
5,972.22
4.360
CID
AMER EXP
01/04/06
4.310
50,000
1
5,986.11
4.370
CP
AMER EXP
01/04/06
4.310
50,000
1
5,986.11
4.370
01/04/06 PURCHASES
CD
W/F
4.260%
02/01/06
4.260
50,000
CD
W/F
4.260%
02/01/06
4.260
50,000
CD
W/F
4.270%
02/02/06
4.270
50,000
CD
W/F
4.270%
02/02/06
4.270
50,000
CD
W/F
4.270%
02/02/06
4.270
50,000
CD
W/F
4.270%
02/02/06
4.270
50,000
CID
BEAR
02/02/06
4.260
50,000
CID
BEAR
02/02/06
4.260
50,000
01/05/06 NO REDEMPTIONS
01/05/06 PURCHASES
BN
WORLD
4.490% 04/19/06
4.490
50,000
BN
WORLD
4.490% 04/19/06
4.490
50,000
CID
BEAR
02/01/06
4.280
50,000
CID
BEAR
02/01/06
4.280
50,000
CP
HSBC
02/01/06
4.300
50,000
CID
HSBC
02/01/06
4.300
50,000
CID
HSBC
02/02/06
4.300
50,000
CID
HSBC
02/02/06
4.300
50,000
DISC NOTES
FHLMC
06/01/06
4.370
50,000
DISC NOTES
FHLMC
06/01/06
4.370
50,000
DISC NOTES
FHLMC
06/01/06
4.370
50,000
DISC NOTES
FHLMC
06/01/06
4.370
50,000
6
01/05/06 PURCHASES (continued)
DISC NOTES
FHLMC
06/01/06
4,370
50,000
DISC NOTES
FHLMC
06/01/06
4.370
50,000
DISC NOTES
FHLMC
06/01/06
4.370
50,000
DISC NOTES
FHLMC
06/01/06
4.370
50,000
TREAS
NOTES
2.750%
06/30/06
4.365
50,000
TREAS
NOTES
2.750%
06/30/06
4.365
50,000
TREAS
NOTES
2.750%
06/30/06
4.365
50,000
TREAS
NOTES
2.750%
06/30/06
4.365
50,000
01/06/06 NO REDEMPTIONS
01/06/06 PURCHASES
AGENCY
FHLB
4.670%
01/02/07
4.642
21,645
AGENCY
FHLB
4.670%
01/02/07
4.642
50,000
AGENCY
FHLMC
3.625%
02/15/07
4.640
13,000
CD
W/F
4.350%
02/15/06
4.350
50,000
CD
W/F
4.350%
02/15/06
4.350
50,000
CD
CALYON
4.620%
06/30/06
4.620
50,000
CD
CALYON
4.620%
06/30/06
4.620
50,000
CID
GECC
01/09/06
4.200
50,000
CID
GECC
01/09/06
4.200
50,000
CID
GECC
01/09/06
4.200
50,000
CID
GECC
01/09/06
4.200
50,000
CID
GECC
01/10/06
4.200
50,000
CP
GECC
01/10/06
4.200
50,000
CID
RANGER
01/12/06
4.230
50,000
CID
FCAR
02/15/06
4.340
13,000
DISC NOTES
FHLMC
06/12/06
4.390
50,000
DISC NOTES
FHLMC
06/12/06
4.390
50,000
DISC NOTES
FHLMC
06/12/06
4.390
50,000
DISC NOTES
FHLMC
06/12/06
4.390
50,000
01/09/06 SALES
TREAS BILLS 05/11/06 4.160 50,000 6 25,777.78 3.183
TREAS BILLS 05/11/06 4.160 50,000 6 25,777.78 3.183
01/09/06 REDEMPTIONS
CP
GECC
01/09/06
4.200
50,000
3
17,500.00
4.260
CP
GECC
01/09/06
4.200
50,000
3
17,500.00
4.260
CP
GECC
01/09/06
4.200
50,000
3
17,500.00
4.260
CID
GECC
01/09/06
4.200
50,000
3
17,500.00
4.260
01/09/06 PURCHASES
AGENCY FHLMC 3.625% 02/15/07 4.670 15,000
CD SOC GEN 4.620% 06/30/06 4.620 20,000
CD SOC GEN 4.620% 06/30/06 4.620 50,000
7
01/09/06 PURCHASES (continued)
CP
MORG STAN
CP
MORG STAN
CP
MORG STAN
CP
MORG STAN
CP
FCAR
CP
FCAR
CP
CRC
CP
CRC
CP
CAFCO
CP
CAFCO
01/10/06
SALES
TREAS
BILLS
TREAS
BILLS
TREAS
BILLS
01/10/06
REDEMPTIONS
CP
GECC
CP
GECC
CP
COUNTRY
CP
COUNTRY
CP
FCAR
CP
FCAR
CP
CRC
CP
CRC
01/10/06
NO PURCHASES
01/11/06
NO REDEMPTIONS
01/11/06
PURCHASES
AGENCY
FHLMC
MTN
COUNTRY
01/12/06
REDEMPTIONS
CP
MORG STAN
CP
MORG STAN
CP
RANGER
CP
CITIGROUP
CP
CITIGROUP
CP
CITIGROUP
CP
CITIGROUP
01/12/06
NO PURCHASES
01/12/06
4.250
50,000
01/12/06
4.250
50,000
01/13/06
4.250
50,000
01/13/06
4.250
50,000
02/09/06
4.340
15,000
02/09/06
4.340
50,000
04/10/06
4.440
50,000
04/10/06
4.440
50,000
04/11 /06
4.440
50,000
04/11/06
4.440
50,000
05/11/06
4.195
50,000
7
25,673.61
2.717
05/11/06
4.195
50,000
7
25,673.61
2.717
05/11/06
4.195
50,000
7
25,673.61
2.717
01/10/06
4.200
50,000
4
23,333.33
4.260
01/10/06
4.200
50,000
4
23,333.33
4.260
01/10/06
4.360
50,000
14
84,777.78
4.428
01/10/06
4.360
50,000
14
84,777.78
4.428
01/10/06
4.300
50,000
29
173,194.44
4.375
01/10/06
4.300
50,000
29
173,194.44
4.375
01/10/06
4.100
50,000
76
432,777.78
4.193
01/10/06
4.100
50,000
76
432,777.78
4.193
4.250% 02/28/07 4.670 25,747
4.323% 07/31/06 4.590 35,000
01/12/06
4.250
50,000
3
17,708.33
4.311
01/12/06
4.250
50,000
3
17,708.33
4.311
01/12/06
4.230
50,000
6
35,250.00
4.292
01/12/06
4.290
50,000
22
131,083.33
4.361
01/12/06
4.290
50,000
22
131,083.33
4.361
01/12/06
4.290
50,000
22
131,083.33
4.361
01/12/06
4.290
50,000
22
131,083.33
4.361
01/13/06 REDEMPTIONS
CD
W/F
CD
W/F
CP
MORG STAN
CP
MORG STAN
CP
NCAT
01/13/06
PURCHASES
AGENCY
FHLMC
CP
GECC
CP
GECC
CP
GECC
CP
GECC
CP
NCAT
CP
NCAT
CP
GECC
CP
GECC
CP
GECC
CP
MORG STAN
CP
MORG STAN
01/15/06
REDEMPTIONS
CB
GMAC
01/17/06
REDEMPTIONS
CP
GECC
CP
GECC
CP
GECC
CP
GECC
CP
NCAT
CP
NCAT
01/17/06
PURCHASES
CD
BNP PARIBAS
CD
BNP PARIBAS
CP
NCAT
CP
NCAT
CP
GECC
CP
GECC
TREAS
BILLS
TREAS
BILLS
TREAS
BILLS
TREAS
BILLS
TREAS
BILLS
TREAS
BILLS
TREAS
BILLS
TREAS
BILLS
4.330% 01/13/06
4.330
50,000
17
102,236.11
4.390
4.330% 01/13/06
4.330
50,000
17
102,236.11
4.390
01/13/06
4.250
50,000
4
23,611.11
4.311
01/13/06
4.250
50,000
4
23,611.11
4.311
01/13/06
4.310
50,000
22
131,694.44
4.381
2.375% 02/15/07
4.710
01/17/06
4.260
01/17/06
4.260
01/17/06
4.260
01/17/06
4.260
01/17/06
4.270
01/17/06
4.270
01/18/06
4.250
01/18/06
4.250
01/18/06
4.250
01 /20/06
4.270
01 /20/06
4.270
6.750% 01 /15/06 3.090
50,000
50,000
50,000
50,000
50,000
50,000
50,000
20,000
50,000
50,000
32,000
50,000
11,000 619 598,152.50 3.025
01/17/06
4.260
50,000
4
23,666.67
4.321
01/17/06
4.260
50,000
4
23,666.67
4.321
01/17/06
4.260
50,000
4
23,666.67
4.321
01/17/06
4.260
50,000
4
23,666.67
4.321
01/17/06
4.270
50,000
4
23,722.22
4.331
01/17/06
4.270
50,000
4
23,722.22
4.331
4.610% 06/30/06
4.610
50,000
4.610% 06/30/06
4.610
50,000
01/18/06
4.310
50,000
01/18/06
4.310
50,000
02/15/06
4.340
50,000
02/15/06
4.340
50,000
06/29/06
4.265
50,000
06/29/06
4.265
50,000
06/29/06
4.265
50,000
06/29/06
4.265
50,000
06/29/06
4.265
50,000
06/29/06
4.265
50,000
06/29/06
4.265
50,000
06/29/06
4.265
50,000
9
01/18/06 REDEMPTIONS
CD
W/F
4.250%
01/18/06
4.250
50,000
19
112,152.78
4.309
CD
W/F
4.250%
01/18/06
4.250
50,000
19
112,152.78
4.309
CD
W/F
4.310%
01/18/06
4.310
50,000
27
161,625.00
4.370
CD
W/F
4.310%
01/18/06
4.310
50,000
27
161,625.00
4.370
CD
W/F
4.310%
01/18/06
4.310
50,000
27
161,625.00
4.370
CP
NCAT
01/18/06
4.310
50,000
1
5,986.11
4.370
CP
NCAT
01/18/06
4.310
50,000
1
5,986.11
4.370
CP
GECC
01/18/06
4.250
20,000
5
11,805.56
4.312
CP
GECC
01/18/06
4.250
50,000
5
29,513.89
4.312
CP
GECC
01/18/06
4.250
50,000
5
29,513.89
4.312
01/18/06 PURCHASES
CD
TORONTO
CD
TORONTO
CD
TORONTO
CD
TORONTO
DISC NOTES
FHLMC
01/19/06 NO REDEMPTIONS
01/19/06 PURCHASES
4.620%
06/30/06
4.605
4.620%
06/30/06
4.605
4.620%
06/30/06
4.605
4.620%
06/30/06
4.605
06/01/06
4.410
AGENCY
FHLB
4.625%
01/17/07
4.654
CD
ABN AMRO
4.590%
06/01/06
4.590
CD
ABN AMRO
4.590%
06/01/06
4.590
CD
CS/1ST BOSTON
4.655%
06/30/06
4.645
CD
CS/1 ST BOSTON
4.655%
06/30/06
4.645
CP
DEERE
02/15/06
4.430
CP
W/F
02/15/06
4.380
CP
W/F
02/15/06
4.380
CP
PREFCO
02/17/06
4.420
CP
PREFCO
02/17/06
4.420
CP
FCAR
05/02/06
4.530
CP
FCAR
05/02/06
4.530
CP
COUNTRY
06/01/06
4.520
01/19/06 PURCHASES C/
AGENCY
FNMA
AGENCY
FNMA
AGENCY
FNMA
AGENCY
FNMA
01/20/06 REDEMPTIONS
CP MORG STAN
CP MORG STAN
50,000
50,000
50,000
50,000
50,000
50,000
30,000
50,000
50,000
50,000
25,000
50,000
50,000
14,371
50,000
28,000
50,000
50,000
7.125%
06/15/10
4.220
35,070
7.125%
06/15/10
4.220
50,000
7.125%
06/15/10
4.220
50,000
7.125%
06/15/10
4.220
50,000
01/20/06 4.270 32,000 7 26,568.89 4.333
01/20/06 4.270 50,000 7 41,513.89 4.333
10
01/20/06 SALES c/
AGENCY
FNMA
7.125%
06/15/10
4.220
35,070
1
4,442.84
4.279
AGENCY
FNMA
7.125%
06/15/10
4.220
50,000
1
6,333.87
4.279
AGENCY
FNMA
7.125%
06/15/10
4.220
50,000
1
6,333.87
4.279
AGENCY
FNMA
7.125%
06/15/10
4.220
50,000
1
6,333.87
4.279
01/20/06 PURCHASES
CD
W/F
4.410%
02/15/06
4.410
50,000
CD
W/F
4.410%
02/15/06
4.410
50,000
CD
LLOYDS
4.540%
04/26/06
4.540
50,000
CD
LLOYDS
4.540%
04/26/06
4.540
50,000
CD
RABO
4.610%
06/30/06
4.610
50,000
CD
RABO
4.610%
06/30/06
4.610
50,000
CD
TORONTO
4.626%
06/30/06
4.620
50,000
CD
TORONTO
4.626%
06/30/06
4.620
50,000
CP
W/F
01/23/06
4.170
50,000
CP
W/F
01/23/06
4.170
50,000
CP
W/F
01/23/06
4.170
50,000
CP
W/F
01/23/06
4.170
50,000
CP
GE CO
02/15/06
4.370
50,000
CP
GE CO
02/15/06
4.370
50,000
01/23/06 REDEMPTIONS
CP
W/F
01/23/06
4.170
50,000
3
17,375.00
4.229
CP
W/F
01/23/06
4.170
50,000
3
17,375.00
4.229
CP
W/F
01/23/06
4.170
50,000
3
17,375.00
4.229
CP
W/F
01/23/06
4.170
50,000
3
17,375.00
4.229
01/23/06 PURCHASES
BN
WORLD
4.480%
03/20/06
4.490
50,000
BN
WORLD
4.480%
03/20/06
4.490
50,000
CD
W/F
4.430%
02/15/06
4.430
50,000
CD
W/F
4.430%
02/15/06
4.430
50,000
CD
STNRD CH
4.460%
02/28/06
4.460
15,000
CD
STNRD CH
4.460%
02/28/06
4.460
50,000
CD
STNRD CH
4.460%
02/28/06
4.460
50,000
CD
STNRD CH
4.460%
02/28/06
4.460
50,000
CD
CIBC
4.630%
06/30/06
4.630
50,000
CD
CIBC
4.630%
06/30/06
4.630
50,000
CP
CITIGROUP
02/03/06
4.300
50,000
CP
CITIGROUP
02/03/06
4.300
50,000
CP
CITIGROUP
02/03/06
4.300
50,000
CP
CITIGROUP
02/03/06
4.300
50,000
CP
BARTON
02/09/06
4.360
10,000
CP
BARTON
02/09/06
4.360
50,000
CP
DEERE
02/15/06
4.420
25,000
CP
GECC
03/02/06
4.430
50,000
CP
GECC
03/02/06
4.430
50,000
11
01/24/06 NO REDEMPTIONS
01/24/06 PURCHASES
CP
BARTON
02/03/06
4.310
50,000
CP
BARTON
02/03/06
4.310
50,000
CP
BARTON
02/03/06
4.310
50,000
01/25/06
NO REDEMPTIONS
01/25/06
PURCHASES
CP
GECC
01/26/06
4.300
50,000
CP
GECC
01/26/06
4.300
50,000
CP
BARTON
02/03/06
4.360
25,000
CP
BARTON
02/03/06
4.360
50,000
CP
W/F
02/03/06
4.400
50,000
CP
W/F
02/03/06
4.400
50,000
CP
W/F
02/03/06
4.400
50,000
CP
W/F
02/03/06
4.400
50,000
CP
B/A
03/02/06
4.450
50,000
CP
B/A
03/02/06
4.450
50,000
CP
B/A
03/02/06
4.450
50,000
CP
B/A
03/02/06
4.450
50,000
CP
AMER EXP
06/01/06
4.520
50,000
CP
AMER EXP
06/01/06
4.520
50,000
01/26/06
REDEMPTIONS
CP
GECC
01/26/06
4.300
50,000
1 5,972.22 4.360
CP
GECC
01/26/06
4.300
50,000
1 5,972.22 4.360
01/26/06
PURCHASES
AGENCY
FHLB
4.625%
01/23/07
4.730
50,000
AGENCY
FHLMC
2.375%
02/15/07
4.700
34,000
AGENCY
FHLMC
2.375%
02/15/07
4.721
50,000
CP
GECC
01/27/06
4.380
50,000
CP
GECC
01/27/06
4.380
50,000
CP
GECC
01/27/06
4.380
50,000
CP
GECC
01/27/06
4.380
50,000
CP
GECC
01/27/06
4.380
50,000
CP
CITIGROUP
01/27/06
4.390
50,000
CP
CITIGROUP
01/27/06
4.390
50,000
FR
SBA
4.550%
04/25/31
4.550
18,920
01/27/06
REDEMPTIONS
CD
S-E BANK
3.930%
01/27/06
3.930
50,000
156 851,500.00 3.985
CD
S-E BANK
3.930%
01/27/06
3.930
50,000
156 851,500.00 3.985
CD
BARCLAYS
3.950%
01/27/06
3.950
50,000
156 855,833.33 4.005
CD
BARCLAYS
3.950%
01/27/06
3.950
50,000
156 855,833.33 4.005
12
01/27/06 REDEMPTIONS (continued)
CD
BARCLAYS
3.950%
01/27/06
3.950
50,000
156
855,833.33
4.005
CD
BARCLAYS
3.950%
01/27/06
3.950
50,000
156
855,833.33
4.005
CD
RB SCOT
3.900%
01/27/06
3.900
50,000
163
882,916.67
3.954
CD
RB SCOT
3.900%
01/27/06
3.900
50,000
163
882,916.67
3.954
CD
SOC GEN
3.910%
01/27/06
3.910
50,000
163
885,180.56
3.964
CD
SOC GEN
3.910%
01/27/06
3.910
50,000
163
885,180.56
3.964
CD
SOC GEN
3.905%
01/27/06
3.900
50,000
164
888,353.22
3.954
CD
SOC GEN
3.905%
01/27/06
3.900
50,000
164
888,353.22
3.954
CD
LLOYDS
3.900%
01/27/06
3.900
50,000
165
893,750.00
3.954
CD
RABO
3.900%
01/27/06
3.900
50,000
165
893,750.00
3.954
CD
RABO
3.900%
01/27/06
3.900
50,000
165
893,750.00
3.954
CD
RABO
3.900%
01/27/06
3.900
50,000
165
893,750.00
3.954
CD
CS/1ST BOSTON
3.910%
01/27/06
3.900
50,000
165
893,790.25
3.954
CD
CS/1ST BOSTON
3.910%
01/27/06
3.900
50,000
165
893,790.25
3.954
CD
CS/1ST BOSTON
3.910%
01/27/06
3.900
50,000
165
893,790.25
3.954
CD
CALYON
3.903%
01/27/06
3.890
50,000
168
907,718.67
3.944
CD
CALYON
3.903%
01/27/06
3.890
50,000
168
907,718.67
3.944
CD
ABN AMRO
3.880%
01/27/06
3.880
50,000
170
916,111.11
3.934
CD
ABN AMRO
3.880%
01/27/06
3.880
50,000
170
916,111.11
3.934
CD
RABO
3.880%
01/27/06
3.880
50,000
170
916,111.11
3.934
CD
RABO
3.880%
01/27/06
3.880
50,000
170
916,111.11
3.934
CD
RABO
3.880%
01/27/06
3.880
50,000
170
916,111.11
3.934
CD
US BANK
3.920%
01/27/06
3.920
50,000
170
925,555.56
3.974
CD
US BANK
3.920%
01/27/06
3.920
50,000
170
925,555.56
3.974
CD
UBS
3.860%
01/27/06
3.850
50,000
176
941,156.28
3.903
CD
UBS
3.860%
01/27/06
3.850
50,000
176
941,156.28
3.903
CD
CALYON
3.870%
01/27/06
3.870
50,000
176
946,000.00
3.924
CP
GECC
01/27/06
4.380
50,000
1
6,083.33
4.441
CP
GECC
01/27/06
4.380
50,000
1
6,083.33
4.441
CP
GECC
01/27/06
4.380
50,000
1
6,083.33
4.441
CP
GECC
01/27/06
4.380
50,000
1
6,083.33
4.441
CID
GECC
01/27/06
4.380
50,000
1
6,083.33
4.441
CID
CITIGROUP
01/27/06
4.390
50,000
1
6,097.22
4.452
CP
CITIGROUP
01/27/06
4.390
50,000
1
6,097.22
4.452
CP
CITIGROUP
01/27/06
4.270
50,000
29
171,986.11
4.344
CID
CITIGROUP
01/27/06
4.270
50,000
29
171,986.11
4.344
CP
CITIGROUP
01/27/06
4.270
50,000
29
171,986.11
4.344
CP
CITIGROUP
01/27/06
4.270
50,000
29
171,986.11
4.344
CID
B/A
01/27/06
3.880
50,000
150
808,333.33
3.999
CP
B/A
01/27/06
3.880
50,000
150
808,333.33
3.999
CP
B/A
01/27/06
3.850
50,000
156
834,166.67
3.970
CID
B/A
01/27/06
3.850
50,000
156
834,166.67
3.970
CID
B/A
01/27/06
3.850
50,000
156
834,166.67
3.970
CP
B/A
01/27/06
3.850
50,000
156
834,166.67
3.970
CID
NISSAN
01/27/06
3.900
50,000
158
855,833.33
4.023
CID
NISSAN
01/27/06
3.900
50,000
158
855,833.33
4.023
DISC NOTES
FHLMC
01/27/06
3.750
50,000
163
848,958.33
3.868
DISC NOTES
FHLMC
01/27/06
3.750
50,000
163
848,958.33
3.868
DISC NOTES
FHLMC
01/27/06
3.750
50,000
163
848,958.33
3.868
DISC NOTES
FHLMC
01/27/06
3.750
50,000
163
848,958.33
3.868
13
01/27/06 REDEMPTIONS (continued)
DISC NOTES FHLMC 01/27/06 3.750 50,000 163 848,958.33 3.868
DISC NOTES FHLMC 01/27/06 3.750 50,000 163 848,958.33 3.868
01/27/06 PURCHASES
AGENCY
FHLB
CP
SARA LEE
CP
SARA LEE
CP
BARTON
01/30/06 NO REDEMPTIONS
01/30/06 PURCHASES
4.625% 01/23/07
4.750
50,000
02/09/06
4.520
10,000
02/09/06
4.520
50,000
02/15/06
4.490
40,000
AGENCY
FHLMC
2.375%
02/15/07
4.785
50,000
CD
CIBC
4.490%
02/15/06
4.490
50,000
CD
CIBC
4.490%
02/15/06
4.490
50,000
CD
W/F
4.500%
02/21/06
4.500
50,000
CD
W/F
4.500%
02/21/06
4.500
50,000
CD
W/F
4.500%
02/21/06
4.500
50,000
CD
W/F
4.500%
02/21/06
4.500
50,000
CD
CALYON
4.500%
02/28/06
4.500
50,000
CD
CALYON
4.500%
02/28/06
4.500
50,000
CD
CS/1 ST BOSTON
4.520%
02/28/06
4.520
50,000
CD
CS/1ST BOSTON
4.520%
02/28/06
4.520
50,000
CD
RABO
4.500%
02/28/06
4.500
50,000
CD
RABO
4.500%
02/28/06
4.500
50,000
CD
RABO
4.500%
02/28/06
4.500
50,000
CD
RABO
4.500%
02/28/06
4.500
50,000
CD
SOC GEN
4.500%
02/28/06
4.500
50,000
CD
SOC GEN
4.500%
02/28/06
4.500
50,000
CD
SOC GEN
4.500%
02/28/06
4.500
50,000
CD
SOC GEN
4.500%
02/28/06
4.500
50,000
CD
STNRD CH
4.510%
02/28/06
4.510
50,000
CD
STNRD CH
4.510%
02/28/06
4.510
50,000
CP
MERRILL
02/03/06
4.490
50,000
CP
MERRILL
02/03/06
4.490
50,000
CP
BARTON
02/09/06
4.490
31,229
CP
BARTON
02/09/06
4.490
50,000
CP
HSBC
02/10/06
4.490
30,000
CP
HSBC
02/14/06
4.490
50,000
CP
HSBC
02/14/06
4.490
50,000
CP
GEN MILLS
02/21/06
4.560
30,000
FR
SBA
4.550%
01/25/31
4.550
14,290
01/31/06 REDEMPTIONS
CD US BANK 4.290% 01/31/06 4.290
CD US BANK 4.290% 01/31/06 4.290
14
50,000 32 190,666.67 4.350
50,000 32 190,666.67 4.350
01/31/06 PURCHASES
CD
BNP PARIBAS
4.500%
03/02/06
4.500
50,000
CD
BNP PARIBAS
4.500%
03/02/06
4.500
50,000
CD
CALYON
4.520%
03/02/06
4.520
50,000
CD
CALYON
4.520%
03/02/06
4.520
50,000
CD
UBS
4.505%
03/02/06
4.505
50,000
CD
UBS
4.505%
03/02/06
4.505
50,000
CD
RABO
4.500%
03/03/06
4.500
50,000
CD
RABO
4.500%
03/03/06
4.500
50,000
CD
RB SCOT
4.490%
03/03/06
4.490
50,000
CD
RB SCOT
4.490%
03/03/06
4.490
50,000
CD
W/F
4.510%
03/03/06
4.510
50,000
CD
W/F
4.510%
03/03/06
4.510
50,000
CD
W/F
4.510%
03/06/06
4.510
50,000
CD
W/F
4.510%
03/06/06
4.510
50,000
CP
NCAT
02/01/06
4.480
25,000
CP
NCAT
02/01/06
4.480
50,000
CP
GECC
03/02/06
4.500
50,000
CP
GECC
03/02/06
4.500
50,000
CP
GECC
03/02/06
4.500
50,000
CP
GECC
03/02/06
4.500
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 XIS), 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.
g/ Outright purchase against Reverse Repurchase Agreement.
h/ Security "SWAP" transactions.
i� Buy back agreement.
RRS Reverse Repurchase Agreement.
RRP Termination of,Reverse Repurchase Agreement.
16
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
ALAMO
Diablo Valley Bank
ALHAMBRA
Omni Bank, NA
Omni Bank, NA
Omni Bank, NA
Omni Bank, NA
Omni Bank, NA
The Bank of East Asia (USA), NA
The Bank of East Asia (USA), NA
The Bank of East Asia (USA), NA
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
CAMERON PARK
Western Sierra National Bank
Western Sierra National Bank
01 /06/06 4.240
4,500,000.00 04/07/06
11/10/05
4.010
2,000,000.00
02/09/06
11/18/05
4.040
4,000,000.00
02/17/06
12/01 /05
4.000
4,000,000.00
03/02/06
12/09/05
4.090
6,000,000.00
03/10/06
01/06/06
4.240
4,000,000.00
04/07/06
08/11 /05
3.860
3,000,000.00
02/09/06
08/17/05
3.890
6,000,000.00
02/16/06
01/12/06
4.480
3,095,000.00
07/13/06
08/10/05
3.860
5,000,000.00
02/08/06
09/08/05
3.700
5,000,000.00
03/09/06
10/12/05
4.040
5,000,000.00
04/12/06
11/16/05
4.380
5,000,000.00
05/17/06
12/09/05
4.370
5,000,000.00
06/09/06
01/12/06
4.470
5,000,000.00
07/13/06
08/03/05 3.780 4,000,000.00 02/01 /06
09/01/05
3.840
10,000,000.00
03/02/06
11/03/05
4.310
10,000,000.00
05/04/06
11/30/05
4.340
10,000,000.00
06/01/06
12/14/05
1
4.320
10,000,000.00
06/14/06
11/16/05
4.050
6,000,000.00
02/15/06
12/02/05
4.370
6,000,000.00
06/02/06
01/25/06
4.550
6,000,000.00
07/26/06
10/05/05 3.930 8,000,000.00 04/05/06
01/11/06 4.420 5,000,000.00 07/12/06
17
NAME
CARLSBAD
Southwest Community Bank
Southwest Community 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
CONCORD
Cal State 9 Credit Union
DUBLIN
Operating Engineers Local # 3 FCU
Operating Engineers Local # 3 FCU
Operating Engineers Local # 3 FCU
EL CENTRO
Rabobank
Rabobank
Rabobank
Rabobank
Rabobank
EL SEGUNDO
First Coastal Bank, NA
First Coastal Bank, NA
First Coastal Bank, NA
First Coastal Bank, NA
TIME DEPOSITS
DEPOSIT
DATE YIELD
11 /30/05 4.000
12/08/05 4.070
11 /04/05 3.990
12/09/05 4.100
01 /05/06 4.180
12/15/05 3.990
11 /02/05 3.950
12/09/05 4.070
01 /26/06 4.440
08/24/05 3.880
08/11 /05 3.840
10/05/05 3.930
12/09/05 4.350
11 /04/05
3.980
12/01 /05
4.000
01 /06/06
4.240
01 /13/06
4.340
01 /20/06
4.410
11 /04/05
3.990
11 /17/05
4.050
09/01 /05
3.860
12/16/05
3.970
18
PAR MATURITY
AMOUNT ($) DATE
5,000,000.00 03/01 /06
5,000,000.00 03/09/06
20,000,000.00 02/03/06
20,000,000.00 03/10/06
20,000,000.00 04/06/06
20,000,000.00 03/16/06
5,000,000.00 02/01 /06
6,000,000.00 03/10/06
6,000,000.00 04/27/06
10,000,000.00 02/23/06
5,000,000.00 02/09/06
5,000,000.00 04/05/06
10,000,000.00 06/09/06
25,000,000.00 02/03/06
25,000,000.00 03/02/06
20,000,000.00 04/07/06
47,500,000.00 04/14/06
32,500,000.00 04/21 /06
3,000,000.00 02/03/06
2,000,000.00 02/16/06
2,000,000.00 03/02/06
5,000,000.00 03/17/06
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
EL SEGUNDO (continued
First Coastal Bank, NA
01/19/06
4.390
2,000,000.00
04/20/06
Xerox Federal Credit Union
09/14/05
3.810
7,000,000.00
03/15/06
Xerox Federal Credit Union
10/17/05
4.170
10,000,000.00
04/19/06
Xerox Federal Credit Union
11/18/05
4.390
20,000,000.00
05/19/06
Xerox Federal Credit Union
12/02/05
4.380
20,000,000.00
06/02/06
FAIRFIELD
WestAmerica Bank
11/09/05
3.990
5,000,000.00
02/08/06
WestAmerica Bank
11/16/05
4.040
75,000,000.00
02/15/06
WestAmerica Bank
01/05/06
4.170
60,000,000.00
04/06/06
WestAmerica Bank
01/13/06
4.340
65,000,000.00
04/14/06
WestAmerica Bank
01/19/06
4.380
25,000,000.00
04/20/06
WestAmerica Bank
01/19/06
4.380
40,000,000.00
04/20/06
WestAmerica Bank
01/27/06
4.480
25,000,000.00
04/28/06
FRESNO
United Security Bank
10/19/05
4.170
40,000,000.00
04/19/06
FULLERTON
Fullerton Community Bank, FSB
08/05/05
3.800
5,000,000.00
02/03/06
Fullerton Community Bank, FSB
11/16/05
4.380
19,000,000.00
05/17/06
Fullerton Community Bank, FSB
01/20/06
4.510
8,000,000.00
07/21/06
GOLETA
Pacific Capital Bank, NA
10/06/05
3.830
2,000,000.00
02/08/06
Pacific Capital Bank, NA
09/02/05
3.700
4,500,000.00
02/08/06
Pacific Capital Bank, NA
09/23/05
3.680
5,000,000.00
02/08/06
Pacific Capital Bank, NA
08/10/05
3.840
6,000,000.00
02/08/06
Pacific Capital Bank, NA
09/14/05
3.670
7,000,000.00
02/08/06
Pacific Capital Bank, NA
08/12/05
3.830
72,000,000.00
02/10/06
Pacific Capital Bank, NA
12/15/05
3.970
10,000,000.00
03/09/06
Pacific Capital Bank, NA
09/08/05
3.660
30,000,000.00
03/09/06
Pacific Capital Bank, NA
09/30/05
3.910
78,000,000.00
03/30/06
Pacific Capital Bank, NA
12/07/05
4.350
85,000,000.00
06/07/06
GRANADA HILLS
First State Bank of California
12/01/05
4.000
7,000,000.00
03/02/06
First State Bank of California
12/16/05
3.960
2,000,000.00
03/17/06
19
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
GRANADA HILLS (continued)
First Private Bank & Trust 01/19/06 4.470 3,000,000.00 07/20/06
IRVINE
CommerceWest Bank, NA
11/17/05
4.360
500,000.00
05/18/06
CommerceWest Bank, NA
01/06/06
4.410
5,000,000.00
07/07/06
Commercial Capital Bank
11/16/05
4.020
115,000,000.00
02/15/06
Commercial Capital Bank
12/15/05
3.990
50,000,000.00
03/16/06
Commercial Capital Bank
01/06/06
4.240
70,000,000.00
04/07/06
Commercial Capital Bank
01/13/06
4.340
105,000,000.00
04/14/06
LA JOLLA
Silvergate Bank 12/09/05 4.090 5,000,000.00 03/10/06
LIVERMORE
Valley Community Bank 09/16/05 3.780 6,000,000.00 03/17/06
LODI
Farmers & Merchants Bk Cen CA 12/15/05 3.990 10,000,000.00 03/16/06
Farmers & Merchants Bk Cen CA 01/05/06 4.410 25,000,000.00 07/06/06
LOS ANGELES
1 st Century Bank, NA
12/15/05
4.000
10,000,000.00
03/16/06
1st Century Bank, NA
01/05/06
4.180
10,000,000.00
04/06/06
Broadway Federal Bank, FSB
09/09/05
3.720
3,000,000.00
03/10/06
Broadway Federal Bank, FSB
01/06/06
4.440
2,500,000.00
07/07/06
Broadway Federal Bank, FSB
01/06/06
4.440
6,000,000.00
07/07/06
Cathay Bank
10/06/05
4.060
38,000,000.00
04/06/06
Cathay Bank
10/20/05
4.200
25,000,000.00
04/20/06
Cathay Bank
11/09/05
4.310
25,000,000.00
05/10/06
Cathay Bank
11/17/05
4.380
15,000,000.00
05/17/06
Cathay Bank
11/16/05
4.380
25,000,000.00
05/17/06
Cathay Bank
11/30/05
4.340
42,000,000.00
06/01/06
Cathay Bank
12/08/05
4.380
55,000,000.00
06/08/06
Cathay Bank
12/15/05
4.380
25,000,000.00
06/15/06
Center Bank
09/14/05
3.790
20,000,000.00
03/15/06
Center Bank
09/21/05
3.850
20,000,000.00
03/22/06
Center Bank
12/21/05
4.360
25,000,000.00
06/21/06
Center Bank
01/19/06
4.470
15,000,000.00
07/20/06
20
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
LOS ANGELES (continued
CHB America Bank
10/13/05
4.030
4,300,000.00
04/13/06
Citibank (West), FSB
01/05/06
4.180
150,000,000.00
04/06/06
Citibank (West), FSB
10/13/05
4.060
100,000,000.00
04/13/06
Citibank (West), FSB
10/19/05
4.190
100,000,000.00
04/19/06
Citibank (West), FSB
10/26/05
4.240
50,000,000.00
04/26/06
Commonwealth Business Bank
01/06/06
4.260
5,000,000.00
04/07/06
Commonwealth Business Bank
01/13/06
4.490
5,000,000.00
07/14/06
Eastern International Bank
11/02/05
4.260
900,000.00
05/03/06
Eastern International Bank
12/08/05
4.360
1,000,000.00
06/08/06
Far East National Bank
11/02/05
3.990
25,000,000.00
02/01/06
Far East National Bank
11/09/05
4.010
25,000,000.00
02/08/06
First Standard Bank
12/27/05
4.060
5,000,000.00
03/27/06
Hanmi Bank
11/03/05
4.000
25,000,000.00
02/02/06
Hanmi Bank
08/04/05
3.750
40,000,000.00
02/02/06
Hanmi Bank
09/01/05
3.820
20,000,000.00
03/02/06
Hanmi Bank
12/01/05
4.030
25,000,000.00
03/02/06
Hanmi Bank
09/14/05
3.770
20,000,000.00
03/15/06
Hanmi Bank
12/14/05
3.940
25,000,000.00
03/15/06
Hanmi Bank
01/12/06
4.310
10,000,000.00
04/13/06
Hanmi Bank
01/12/06
4.450
25,000,000.00
07/13/06
Hanmi Bank
01/27/06
4.550
10,000,000.00
07/28/06
Manufacturer's Bank
08/18/05
3.850
25,000,000.00
02/16/06
Manufacturer's Bank
12/21/05
4.010
25,000,000.00
03/22/06
Manufacturer's Bank
01/20/06
4.510
25,000,000.00
07/21/06
Mellon First Business Bank, NA
12/15/05
3.990
50,000,000.00
03/16/06
Mellon First Business Bank, NA
01/13/06
4.340
75,000,000.00
04/14/06
Mirae Bank
08/05/05
3.780
3,000,000.00
02/03/06
Mirae Bank
08/24/05
3.880
2,500,000.00
02/23/06
Mirae Bank
09/22/05
3.860
2,500,000.00
03/23/06
Mirae Bank
10/14/05
4.080
4,000,000.00
04/14/06
Mirae Bank
11/23/05
4.310
3,000,000.00
05/24/06
Nara Bank, NA
08/03/05
3.780
20,000,000.00
02/01 /06
Nara Bank, NA
11/10/05
4.010
5,000,000.00
02/09/06
Nara Bank, NA
11/17/05
4.040
10,000,000.00
02/16/06
Nara Bank, NA
01/19/06
4.360
15,000,000.00
04/20/06
Nara Bank, NA
01/19/06
4.470
10,000,000.00
07/20/06
One United Bank
12/07/05
4.080
10,000,000.00
03/08/06
One United Bank
09/22/05
3.890
5,000,000.00
03/23/06
One United Bank
01/12/06
4.340
10,000,000.00
04/13/06
Preferred Bank
11/04/05
3.960
4,000,000.00
02/03/06
Preferred Bank
12/15/05
3.970
10,000,000.00
03/16/06
Preferred Bank
12/15/05
3.970
51,000,000.00
03/16/06
Saehan Bank
08/19/05
3.870
16,000,000.00
02/17/06
21
TIME DEPOSITS
DEPOSIT
PAR
MATURITY
NAME
DATE
YIELD
AMOUNT ($)
DATE
LOS ANGELES (continued)
State Bank of India (California)
08/18/05
3.870
2,000,000.00
02/16/06
State Bank of India (California)
10/06/05
4.070
3,000,000.00
04/06/06
State Bank of India (California)
01/26/06
4.550
3,000,000.00
07/27/06
Wilshire State Bank
11/10/05
3.990
8,000,000.00
02/09/06
Wilshire State Bank
11/30/05
3.980
58,000,000.00
03/01/06
Wilshire State Bank
12/16/05
3.970
3,000,000.00
03/16/06
Wilshire State Bank
12/15/05
3.970
10,000,000.00
03/16/06
Wilshire State Bank
12/16/05
3.970
23,000,000.00
03/16/06
Wilshire State Bank
01/13/06
4.320
19,000,000.00
04/14/06
MANTECA
Delta National Bank
01/11/06
4.270
1,000,000.00
04/12/06
MERCED
County Bank
12/02/05
4.020
5,000,000.00
03/03/06
County Bank
12/08/05
4.070
10,000,000.00
03/09/06
County Bank
01/13/06
4.340
10,000,000.00
04/14/06
NATIONAL CITY
Neighborhood National Bank
08/03/05
3.790
2,000,000.00
02/01/06
Neighborhood National Bank
01/20/06
4.510
2,000,000.00
07/21/06
NEWPORT BEACH
Independence Bank
01/19/06
4.410
1,000,000.00
04/06/06
Independence Bank
01/05/06
4.200
2,500,000.00
04/06/06
Orange County Business Bank, NA
11/16/05
4.000
4,000,000.00
02/15/06
Orange County Business Bank, NA
12/21 /05
3.970
4,000,000.00
03/22/06
Orange County Business Bank, NA
01/05/06
4.130
8,000,000.00
04/06/06
Orange County Business Bank, NA
01/12/06
4.430
4,000,000.00
07/13/06
Orange County Business Bank, NA
01/26/06
4.510
4,000,000.00
07/27/06
NORTH HIGHLANDS
SAFE Credit Union
11/10/05
4.020
20,000,000.00
02/09/06
SAFE Credit Union
01/13/06
4.350
5,000,000.00
04/14/06
OAKDALE
Oak Valley Community Bank
12/15/05
3.990
3,500,000.00
03/16/06
22
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
OAKDALE (continued)
Oak Valley Community Bank 01/13/06 4.340 2,500,000.00 04/14/06
OAKLAND
Metropolitian Bank
08/25/05
3.850
1,000,000.00
02/23/06
Metropolitian Bank
08/25/05
3.850
1,000,000.00
02/23/06
Metropolitian Bank
09/21/05
3.850
2,000,000.00
03/22/06
Metropolitian Bank
12/01/05
4.340
1,500,000.00
06/01/06
Metropolitian Bank
01/20/06
4.510
1,000,000.00
07/21 /06
Metropolitian Bank
01/26/06
4.550
1,500,000.00
07/27/06
ONTARIO
Citizens Business Bank
11/04/05
3.980
30,000,000.00
02/03/06
Citizens Business Bank
08/18/05
3.850
30,000,000.00
02/16/06
Citizens Business Bank
09/02/05
3.790
25,000,000.00
03/03/06
Citizens Business Bank
12/16/05
3.960
30,000,000.00
03/17/06
Citizens Business Bank
01/06/06
4.240
25,000,000.00
04/07/06
PALO ALTO
Greater Bay Bank, NA
08/31/05
3.880
25,000,000.00
03/01/06
Greater Bay Bank, NA
09/08/05
3.700
20,000,000.00
03/09/06
Greater Bay Bank, NA
09/08/05
3.700
25,500,000.00
03/09/06
Greater Bay Bank, NA
10/19/05
4.180
50,000,000.00
04/19/06
Greater Bay Bank, NA
11/10/05
4.340
25,000,000.00
05/11/06
Greater Bay Bank, NA
11/10/05
4.340
25,000,000.00
05/11/06
Greater Bay Bank, NA
11/16/05
4.380
33,500,000.00
05/17/06
Greater Bay Bank, NA
11/23/05
4.330
25,000,000.00
05/24/06
Greater Bay Bank, NA
12/01/05
4.340
25,000,000.00
06/01/06
Greater Bay Bank, NA
11/30/05
4.340
30,000,000.00
06/01/06
Greater Bay Bank, NA
12/08/05
4.370
22,000,000.00
06/07/06
Greater Bay Bank, NA
12/07/05
4.370
24,000,000.00
06/07/06
Greater Bay Bank, NA
12/14/05
4.320
30,000,000.00
06/14/06
Greater Bay Bank, NA
01/11/06
4.440
15,000,000.00
07/12/06
Greater Bay Bank, NA
01/11/06
4.440
25,000,000.00
07/12/06
PALOS VERDES ESTATES
Malaga Bank, FSB
08/05/05
3.800
2,000,000.00
02/03/06
Malaga Bank, FSB
08/19/05
3.870
10,000,000.00
02/17/06
Malaga Bank, FSB
09/02/05
3.790
4,000,000.00
03/03/06
Malaga Bank, FSB
12/14/05
3.960
9,000,000.00
03/15/06
23
TIME DEPOSITS
DEPOSIT
PAR
MATURITY
NAME
DATE YIELD
AMOUNT ($)
DATE
PALOS VERDES ESTATES (continued)
Malaga Bank, FSB
10/06/05 4.060
5,000,000.00
04/06/06
Malaga Bank, FSB
11/09/05 4.310
7,000,000.00
05/10/06
PASADENA
Community Bank
08/03/05
3.790
25,000,000.00
02/01/06
Community Bank
11/03/05
4.030
15,000,000.00
02/02/06
Community Bank
12/14/05
3.970
10,000,000.00
03/15/06
Community Bank
09/14/05
3.800
10,000,000.00
03/15/06
Community Bank
10/06/05
4.070
10,000,000.00
04/06/06
Community Bank
01/06/06
4.240
10,000,000.00
04/07/06
Community Bank
01/11/06
4.260
15,000,000.00
04/12/06
Wescom Credit Union
11/17/05
4.060
35,000,000.00
02/16/06
Wescom Credit Union
09/16/05
3.800
15,000,000.00
03/17/06
Wescom Credit Union
12/21/05
4.030
50,000,000.00
03/22/06
Wescom Credit Union
01/05/06
4.200
25,000,000.00
04/06/06
Wescom Credit Union
01/11/06
4.290
65,000,000.00
04/12/06
Wescom Credit Union
01/26/06
4.490
25,000,000.00
04/27/06
PLACERVILLE
El Dorado Savings Bank
12/21/05
3.990
10,000,000.00
03/22/06
El Dorado Savings Bank
04/29/05
3.390
5,000,000.00
04/28/06
El Dorado Savings Bank
01/30/06
4.470
10,000,000.00
05/03/06
El Dorado Savings Bank
01/30/06
4.570
10,000,000.00
08/02/06
POMONA
PFF Bank and Trust
08/26/05
3.850
20,000,000.00
02/24/06
PFF Bank and Trust
09/02/05
3.790
20,000,000.00
03/03/06
PFF Bank and Trust
11/03/05
4.310
20,000,000.00
05/04/06
PFF Bank and Trust
12/07/05
4.370
20,000,000.00
06/07/06
PFF Bank and Trust
01/19/06
4.490
20,000,000.00
07/20/06
PORTERVILLE
Bank of the Sierra 01/19/06 4.490 10,000,000.00 07/20/06
RANCHO SANTA FE
La Jolla Bank, FSB
La Jolla Bank, FSB
La Jolla Bank, FSB
11/03/05 3.970
11 /02/05 3.970
11 /10/05 4.010
24
20,000,000.00 02/01/06
25,000,000.00 02/01/06
15,000,000.00 02/09/06
TIME DEPOSITS
DEPOSIT
PAR
MATURITY
NAME
DATE
YIELD
AMOUNT ($)
DATE
RANCHO SANTA FE (continued)
La Jolla Bank, FSB
11/16/05
4.040
25,000,000.00
02/15/06
La Jolla Bank, FSB
09/01/05
3.840
10,000,000.00
03/02/06
La Jolla Bank, FSB
12/01/05
4.000
35,000,000.00
03/02/06
La Jolla Bank, FSB
12/15/05
3.990
10,000,000.00
03/16/06
La Jolla Bank, FSB
12/16/05
3.990
5,000,000.00
03/17/06
REDWOOD CITY
Provident Central Credit Union
10/27/05
4.250
20,000,000.00
04/27/06
Provident Central Credit Union
12/01/05
4.340
20,000,000.00
06/01/06
RICHMOND
The Mechanics Bank
08/04/05
3.780
10,000,000.00
02/02/06
The Mechanics Bank
03/03/05
3.250
10,000,000.00
03/03/06
The Mechanics Bank
09/14/05
3.770
10,000,000.00
03/15/06
The Mechanics Bank
04/01/05
3.490
10,000,000.00
04/05/06
The Mechanics Bank
10/14/05
4.110
10,000,000.00
04/14/06
The Mechanics Bank
10/20/05
4.210
10,000,000.00
04/20/06
The Mechanics Bank
10/28/05
4.270
10,000,000.00
04/28/06
The Mechanics Bank
11/04/05
4.300
10,000,000.00
05/05/06
The Mechanics Bank
12/08/05
4.390
10,000,000.00
06/08/06
The Mechanics Bank
01/06/06
4.440
10,000,000.00
07/07/06
The Mechanics Bank
01/25/06
4.550
20,000,000.00
07/26/06
RIVERSIDE
Provident Savings Bank
08/03/05
3.780
25,000,000.00
02/01/06
Provident Savings Bank
08/18/05
3.850
25,000,000.00
02/16/06
Provident Savings Bank
09/22/05
3.880
25,000,000.00
03/23/06
Provident Savings Bank
01/05/06
4.410
25,000,000.00
07/06/06
ROCKLIN
Five Star Bank
08/12/05
3.830
3,000,000.00
02/10/06
Five Star Bank
09/15/05
3.740
3,000,000.00
03/16/06
Five Star Bank
01/05/06
4.370
12,000,000.00
07/06/06
Five Star Bank
01/25/06
4.500
2,000,000.00
07/26/06
SACRAMENTO
American River Bank
08/26/05
3.850
2,000,000.00
02/24/06
American River Bank
09/08/05
3.700
1,000,000.00
03/09/06
25
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
SACRAMENT O (continued
American River Bank
09/15/05
3.780
1,250,000.00
03/16/06
American River Bank
09/22/05
3.880
2,000,000.00
03/23/06
American River Bank
10/05/05
3.950
1,500,000.00
04/05/06
American River Bank
12/15/05
4.380
1,250,000.00
06/15/06
American River Bank
01/06/06
4.430
1,000,000.00
07/07/06
American River Bank
01/26/06
4.550
1,500,000.00
07/27/06
Bank of Sacramento
11/09/05
3.990
1,500,000.00
02/08/06
Bank of Sacramento
11/30/05
4.000
2,000,000.00
03/01/06
Merchants National Bank of Sacramento
10/12/05
4.040
2,000,000.00
04/12/06
Merchants National Bank of Sacramento
12/21/05
4.380
2,000,000.00
06/21/06
Merchants National Bank of Sacramento
01/19/06
4.490
2,000,000.00
07/20/06
River City Bank
10/05/05
3.930
2,000,000.00
04/05/06
River City Bank
11/23/05
4.310
2,000,000.00
05/24/06
River City Bank
01/27/06
4.550
3,000,000.00
07/28/06
The Golden One Credit Union
11/30/05
4.000
25,000,000.00
03/01/06
The Golden One Credit Union
12/21/05
4.010
25,000,000.00
03/22/06
U.S. Bank, NA
11/02/05
3.970
75,000,000.00
02/01/06
U.S. Bank, NA
08/11/05
3.860
100,000,000.00
02/09/06
U.S. Bank, NA
11/18/05
4.040
100,000,000.00
02/17/06
U.S. Bank, NA
11/23/05
4.060
25,000,000.00
02/23/06
U.S. Bank, NA
01/05/06
4.170
100,000,000.00
04/06/06
Union Bank of California, NA
08/04/05
3.770
150,000,000.00
02/02/06
Union Bank of California, NA
12/15/05
4.380
150,000,000.00
06/15/06
Union Bank of California, NA
01/13/06
4.470
175,000,000.00
07/14/06
SAN DIEGO
First Future Credit Union
09/02/05
3.790
5,000,000.00
03/03/06
First Future Credit Union
09/02/05
3.790
15,000,000.00
03/03/06
First Future Credit Union
09/14/05
3.790
8,000,000.00
03/15/06
First Future Credit Union
11/23/05
4.330
15,000,000.00
05/24/06
First United Bank
08/12/05
3.850
1,000,000.00
02/10/06
First United Bank
10/13/05
4.030
2,000,000.00
04/13/06
Mission Federal Credit Union
08/31/05
3.890
10,000,000.00
03/01/06
Mission Federal Credit Union
10/13/05
4.080
10,000,000.00
04/13/06
SAN FRANCISCO
America California Bank
09/02/05
3.770
2,000,000.00
03/03/06
America California Bank
01/05/06
4.390
6,000,000.00
07/06/06
Oceanic Bank
09/13/05
3.800
4,000,000.00
09/13/06
Trans Pacific National Bank
08/04/05
3.780
1,000,000.00
02/02/06
Trans Pacific National Bank
11/30/05
4.010
1,000,000.00
03/01/06
26
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
SAN FRANCISCO (continued
Trans Pacific National Bank
12/16/05
3.970
1,000,000.00
03/17/06
Trans Pacific National Bank
09/22/05
3.860
1,000,000.00
03/23/06
Trans Pacific National Bank
01/11/06
4.260
1,000,000.00
04/12/06
United Commercial Bank
11/23/05
4.060
20,000,000.00
02/23/06
United Commercial Bank
11/30/05
4.000
50,000,000.00
03/01/06
United Commercial Bank
12/16/05
3.960
65,000,000.00
03/17/06
United Commercial Bank
01/12/06
4.330
90,000,000.00
04/13/06
United Commercial Bank
01/25/06
4.420
40,000,000.00
04/26/06
United Commercial Bank
12/02/05
4.360
25,000,000.00
06/02/06
United Commercial Bank
12/09/05
4.370
25,000,000.00
06/09/06
United Commercial Bank
01/12/06
4.470
55,000,000.00
07/13/06
SAN JOSE
Comerica Bank
08/12/05
3.870
25,000,000.00
02/10/06
Comerica Bank
10/07/05
4.040
50,000,000.00
04/07/06
Comerica Bank
10/26/05
4.230
25,000,000.00
04/26/06
Meriwest Credit Union
09/14/05
3.800
5,000,000.00
03/15/06
Meriwest Credit Union
10/12/05
4.050
10,000,000.00
04/12/06
Meriwest Credit Union
01/19/06
4.510
5,000,000.00
07/20/06
Santa Clara Co. Federal Credit Union
08/05/05
3.820
7,500,000.00
02/03/06
Santa Clara Co. Federal Credit Union
08/19/05
3.890
5,000,000.00
02/17/06
Santa Clara Co. Federal Credit Union
11/04/05
4.300
2,500,000.00
05/05/06
SAN LUIS OBISPO
Mission Community Bank
09/01/05
3.840
1,000,000.00
03/02/06
Mission Community Bank
10/05/05
3.950
2,500,000.00
04/05/06
Mission Community Bank
10/26/05
4.240
2,500,000.00
04/26/06
Mission Community Bank
12/08/05
4.390
1,000,000.00
06/08/06
San Luis Trust Bank
10/19/05
4.140
1,700,000.00
04/19/06
SAN MARINO
East West Bank
11/04/05
3.980
35,000,000.00
02/03/06
East West Bank
11/09/05
3.990
25,000,000.00
02/08/06
East West Bank
11/10/05
3.990
25,000,000.00
02/08/06
East West Bank
11/17/05
4.040
38,000,000.00
02/16/06
East West Bank
12/15/05
3.960
25,000,000.00
03/15/06
East West Bank
12/14/05
3.960
25,000,000.00
03/15/06
East West Bank
01/06/06
4.240
50,000,000.00
04/07/06
East West Bank
01/11/06
4.260
42,000,000.00
04/12/06
East West Bank
11/23/05
4.330
25,000,000.00
05/24/06
27
TIME DEPOSITS
DEPOSIT
PAR
MATURITY
NAME
DATE
YIELD
AMOUNT ($)
DATE
SAN MARINO (continued)
East West Bank
12/09/05
4.380
85,000,000.00
06/09/06
SANTA ROSA
Summit State Bank
12/16/05
3.960
6,000,000.00
03/17/06
Summit State Bank
12/21/05
4.350
6,000,000.00
06/16/06
Summit State Bank
01/27/06
4.570
4,000,000.00
07/28/06
SONORA
Central California Bank
09/23/05
3.830
5,000,000.00
03/24/06
STOCKTON
Pacific State Bank
10/05/05
3.930
1,000,000.00
04/05/06
Pacific State Bank
11/10/05
4.320
5,000,000.00
05/11/06
Washington Mutual Bank, FA
08/19/05
3.880
60,000,000.00
02/17/06
Washington Mutual Bank, FA
12/14/05
4.330
45,000,000.00
06/14/06
Washington Mutual Bank, FA
01/19/06
4.500
75,000,000.00
07/20/06
TORRANCE
Chinatrust Bank (USA)
11/10/05
4.020
20,000,000.00
02/09/06
Chinatrust Bank (USA)
12/09/05
4.100
35,000,000.00
03/10/06
Chinatrust Bank (USA)
01/13/06
4.340
40,000,000.00
04/14/06
Chinatrust Bank (USA)
01/19/06
4.380
25,000,000.00
04/20/06
Chinatrust Bank (USA)
01/20/06
4.410
30,000,000.00
04/20/06
TRACY
Service 1 st Bank
12/15/05
4.380
2,000,000.00
06/15/06
VACAVILLE
Travis Credit Union
11/30/05
4.340
40,000,000.00
06/01/06
WALNUT CREEK
Bank of the West
11/18/05
4.040
242,000,000.00
02/17/06
Bank of the West
12/15/05
3.990
82,000,000.00
03/16/06
Bank of the West
01/13/06
4.340
134,000,000.00
04/14/06
Bank of the West
01/27/06
4.480
176,500,000.00
04/28/06
28
TIME DEPOSITS
DEPOSIT
PAR
MATURITY
NAME
DATE
YIELD
AMOUNT ($)
DATE
WHITTIER
Banco Popular North America
11/16/05
4.060
25,000,000.00
02/15/06
Banco Popular North America
01/12/06
4.350
24,000,000.00
04/13/06
Banco Popular North America
01/27/06
4.500
16,000,000.00
04/28/06
TOTAL TIME DEPOSITS JANUARY 2006
7,688,995,000.00
29
BANK DEMAND DEPOSITS
January 2006
($ in thousands)
DAILY BALANCES
DAY OF
BALANCES
WARRANTS
MONTH
PER BANKS
OUTSTANDING
1 $
963,231
$ 4,394,667
2
963,231
4,394,667
3
848,610
3,811,398
4
1,272,965
3,692,851
5
1,319,343
3,420,418
6
648,401
3,410,381
7
648,401
3,410,381
8
648,401
3,410,381
9
106,731
2,657,748
10
275,796
2,309,329
11
218,333
2,373,415
12
628,196
2,217,945
13
400,627
2,551,326
14
400,627
2,551,326
15
400,627
2,551,326
16
400,627
2,551,326
17
594,655
2,445,227
18
746,035
2,489,464
19
751,755
2,384,746
20 .
806,813
2,161,067
21
806,813
2,161,067
22
806,813
2,161,067
23
492,425
2,205,885
24
686,357
2,344,627
25
364,509
2,198,183
26
420,654
2,612,353
27
578,039
2,544,794
28
578,039
2,544,794
29
578,039
2,544,794
30
282,978
2,182,979
31
312,629
2,070,665
a/
AVERAGE DOLLAR DAYS $
611,313 -
a1 The prescribed bank balance for January was $496,687. This consisted of
$332,791 in compensating balances for services, balances for uncollected
funds of $166,788 and a deduction, of $2,892 for January delayed deposit
credit.
30
DESIGNATION BY POOLED MONEY INVESTMENT BOARD
OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS
No. 1679
In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its
meeting on January 18, 2006, 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 arT ount of money available for deposit in bank accounts, savings and loan associm
actions, and for investment in securities and he type of such deposits and investments as follows:
1. In accordance with law, for deposit in de nand
bank accounts as Compensating Balan for Services $ 332,791,000
The active noninterest-bearing bank accour is designation constitutes a calendar month average balance. For purposes of
computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as
a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any
deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount
provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in
the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection
periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in
such a manner as to realize the maximum return consistent with safe and prudent treasury management.
2.
In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest -
bearing deposits in banks and savings and loan associations as follows:
Time Deposits in
Various Financial
Institutions
In Securities
(sections 16503a
Estimated
From To Transactions (section 16430)*
and 16602)*
Total
( 1)
01/23/06 01/27/06 $ 748,700,000 $ 50,289,705,000
$ 7,647,995,000
$
57,937,700,000
(2)
01/30/06 02/03/06 $ (216,300,000) $ 50,073,405,000
$ 7,647,995,000
$
57,721,400,000
(3)
02/06/06 02/10/06 $ (195,500,000) $ 49,877,905,000
$ 7,647,995,000
$
57,525,900,000
(4)
02/13/06 02/17/06 $ 989,900,000 $ 50,867,805,000
$ 7,647,995,000
$
58,515,800,000
From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested
in prime commercial paper under section 16430(e), Government Code.
Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the
amounts and for the same types of investments as specifically designated above.
Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by
which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance
of $ 332,791,000.
Dated: January 18, 2006
* Government Code
POOLED MONEY INVESTMENT BOARD:
Signatures on file at STO and SCO
Chairperson
Member
Member
INVESTMENT ADVISORY BOARD
Meeting Date:
TITLE:
April 12, 2006
Cash Management Items
BACKGROUND:
Check 21
Correspondence
& Written Material Item C
In March, the City was one of Wells Fargo's first municipal clients to implement Check 21,
which is the electronic depositing of checks. We are now able to deposit checks the same
day as we close the drawer and gain one to two days on the clearing of checks from
Monday through Thursday daily receipts and three days on the clearing of checks on
Friday receipts. In addition, the cutoff for deposits is extended from 4 P.M. to 7 P.M using
Check 21 which allows staff to close the drawer later in the day.
As a result of using Check 21, we will also eliminate the need for an armored car pickup at
City Hall which will result in a cost savings. One drawback is that there is more staff time
involved in scanning and verifying the electronic depositing of the checks.
Treasury Sweep
Also in March, the City reinstituted the U.S. Treasury sweep account with a $50,000 peg
based upon the increase in short term Treasury rates.
RECOMMENDATION:
Information only.
YaJohnM. Falborkr, Finance Director
INVESTMENT ADVISORY BOARD
Meeting Date:
TITLE:
April 12, 2006-
Investment Advisory Board Meeting Time
BACKGROUND:
Correspondence
& Written Material Item D
Pursuant to staff s discussion with our City Attorney changing the meeting time for
the Investment Advisory Board would require City Council approval, which could be
done on the consent calendar.
RECOMMENDATION:
Information only.
coner, Finance Director
BOARD MEMBER ITEMS