ACCEPTANCE OF THE STANISLAUS COUNTY ... OF THE STANISLAUS COUNTY TREASURY POOL'S JANUARY 2004 MONTHLY INVESTMENT REPORT. STAFF RECOMMEN- 1

ARD OF SUPERVISORS OF THE COUNTY OF STANISLAUS ACTION AGENDA SUMMARY

DEPT: TREASURER-TAX COLLECTOR BOARD AGENDA# *B-7

Urgent Routine XX AGENDA DATE March 9, 2004

CEO Concurs with Recommendation 415 Vote Required YES

SUBJECT: ACCEPTANCE OF THE STANISLAUS COUNTY TREASURY POOL'S JANUARY 2004 MONTHLY INVESTMENT REPORT.

STAFF RECOMMEN-

1 ACCEPT THE STANISLAUS COUNTY TREASURY POOL'S JANUARY 2004

DATIONS: MONTHLY INVESTMENT REPORT (ATTACHED). I T I S PREPARED BY THE STANISLAUS COUNTY TREASURER-TAX COLLECTOR'S OFFICE, AND REVIEWED FOR CONFORMIW WITH STATE LAW AND LOCAL INVESTMENT POLICY, BY THE STANISLAUS COUNTY TREASURY POOL OVERSIGHT COMMITTEE.

2. AUTHORIZE THE CHAIRMAN OF THE BOARD OF SUPERVISORS TO SIGN ON BEHALF OF THE BOARD THAT THE REPORT HAS BEEN REVIEWED AND ACCEPTED.

FISCAL IMPACT:

California State law and the local investment policy mandate preparation, review, and acceptance of the investment report. As part of the administration of the Pool, costs associated with the report (estimated a t approximately $800 per month) are deducted from interest earnings before distribution is made to the participating agencies' funds. The estimated impact to the General Fund is approximately $175 per month.

............................................................................................................ BOARD ACTION AS FOLLOWS:

NO. 2004-1 66

On motion of Supervisor ----- Si~_o_n - - - - - - - - - - - - - - - - - - - - _ n , Seconded by Supervisor ----- P,auI --------- - --------- and approved by the following vote, Ayes: S u p e w i s o r s : ~ F l a ~ ~ ~ ~ ~ i e ~ d ~ ~ ~ ~ v _ e r , ~ ~ i m ~ - n ~ m d ~ b a i ~ ~ ~ a n _ ~ a ~ ~ s _ ~ ................................. --------- Noes: S u ~ e w i s o r s : - N - o _ n - e ~ ~ - ~ ~ ~ ~ ~ - ~ ~ ~ ~ ~ - ~ ~ ~ ~ ~ ~ ................................................................ Excused or Absent: Supewisors:No~e --,--------------------------------------------------------------------- Abstaining: Supewisor:Nona ................................................................................ 1) X Approved as recommended 2) Denied 3) Approved as amended 4) Other: MOTION:

101 0-08

ATTEST: CHRISTINE FERRARO TALLMAN, Clerk File No.

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Acceptance of the Stanislaus County Treasury Pool's January 2004 Monthly Investment Report Page 2

DISCUSSION: On April 16, 1996, the Board of Supervisors passed Ordinance sections 2.30.01 to 2.30.04. These provided for a comprehensive policy of investment delegation and oversight, including delegation of day-to-day investment to the County Treasurer; qualifications for the Office of County Treasurer-Tax Collector; continuing education for the County Treasurer-Tax Collector, and the establishment of a Treasury Pool Oversight Committee. Effective August 20, 2003, the Board of Supervisors reviewed and adopted revisions to the Investment Policy. This Policy was prepared by the Treasurer-Tax Collector and reviewed for conformity with California state law by the Treasury Oversight Committee members (comprised of the County Auditor-Controller, the County Superintendent of Schools' designee, and a member of the public familiar with investments).

The Investment Policy includes language that mandates the preparation of the monthly report and provides guidelines on its contents. Each monthly report contains a summary along with sufficient detail to show investment activity and compliance with legal and policy directives. The report has been prepared by the Treasurer-Tax Collector's Office and reviewed for conformity with the Investment Policy by the Treasury Pool Oversight Committee members.

Upon acceptance and signature of the Chairman, the report summary can be distributed to the various agencies that participate in the Treasury Pool (i.e., county, schools and special districts), as well as other interested parties.

POLICY ISSUES:

STAFFING IMPACT:

Government Code Section 27133 (e) mandates the County Treasurer prepare an investment report for the Oversight Committee. Regular reporting of investment activities Aids the Board's priority of promoting efficient government operations.

None.

OFFICE OF TREASURER / TAX COLLECTOR

Striving to be the Best

Tom Watson Treasurer/ Tax Collector

PO Box 859, Modesto, CA 95353-0859 Phone: 209.525.6388 Fax: 209.525.7868

County of Stanislaus Treasury Pool Monthly Investment Report

January 2004

The Stanislaus County Treasury Pool yield to maturity for January was 1.696%. The Average-Days-to- Maturity at the end of January was 246 days. The imputed yield for a 246-day Treasury on ~anuary30t~ was 1.09%.

With our current cashflow and investment maturity schedule, we will have sufficient cash to meet our historical cash needs for the next six months, through the end of July 2004.

The portfolio has been reviewed by both the Treasurer and the Assistant Treasurer for compliance with the investment policy. The Union Bank of California custodial statement has been reviewed by both the Assistant Treasurer and the Treasurer for accuracy and completeness. The custodial statement is the source of market valuation for securities held by our custodial agent. All other securities are valued at cost.

'3 _Re-/ -* Donna Riley, Assist

Tom Watson, Treasurer -

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County of Stanislaus Treasury Pool Monthly Investment Report January 2004 Page 2

The following individuals sign that they have reviewed the January 2004 Treasury Monthly Investment Report and find, to the best of their knowledge that it complies with the Stanislaus County Treasurer's Investment Policy.

Don Gatti, Stanislaus County Office of Education, Oversight Committee

reviewed and accepted the January 2004 Treasurer's

~hairh-mn&oard of supervisorsi - -

CASHFLOW:

COUNTY OF STANISLAUS

SHORT-TERM INVESTMENT POOL SUMMARY

JANUARY 04 YTD FY 04 JANUARY 03 YTD FY 03

- - - -

ENDING CASH BALANCE 1 650,650,826.19 1 650.650826.19 1 578,015.371.64 1 578,015,371.64 1

BEG. CASH BALANCE

RECEIPTS

DOLLAR MARKET MAX INVEST. INVESTMENTS MAX DAYS AVG DAYS YTM

BALANCE - 01/30/04: COST VALUE AS % OF TOTAL AS % OF TOTAL TO MATURE TO MATURE 360 EQUIV.

647,590,315.28

155,277,634.79

INTEREST INCOME: JANUARY 04 YTD FY 04 JANUARY 03 YTD FY 03

INTEREST RECEIVED

TREASURYEXPENSE

NET DISTRIBUTION

656,737,048.55

1,150,811,479.04

746,179.66

(40,690.81)

705,488.85

CERT. OF DEPOSIT

NEG. CERT. OF DEP.

COMMERCIAL PAPER

BANKERS ACCEPTANCES

MANAGED FUNDS

AGENCIES - COUPON

AGENCIES - DISCOUNT

TREASURIES - COUPON

TREASURIES - DISCOUNT

REPURCHASE AGREEMNTS

MEDIUM TERM NOTES

TOTAL INVESTMENTS

CASH/BANK BALANCES

TOTAL

590,764,566.67

131,218,286.62

28,300,000.00

35,000,000.00

55,342,580.00

14,972,700.00

88,219,250.74

64,186,058.78

49,798,500.00

111,111,221.47

19,962,150.00

89,444,496.54

82,309,691 . I4

638,646,648.67

14,664,372.83

653,311,021.50

28,300,000.00

35,002,256.86

55,307,554.60

14,950,341.67

88,201,506.37

63,259,362.76

49,588,025.55

110,993,448.93

19,900,026.40

89,444,496.54

81,039,433.68

635,986,453.36

14,664,372.83

650,650,826.1 9

632,688,349.94

1,008,878,667.95

7,529,094.13

(289,152.58)

7,239,941.55

1,358,971.68

(39,336.89)

1,319,634.79

30.00%

30.00%

30.00%

40.00%

30.00%

9,424,165.43

(288,531.40)

9,135,634.03

4.45%

5.50%

8.70%

2.35%

1 3.87%

9.95%

7.80%

17.45%

3.13%

14.06%

12.74%

100.00%

365

365

180

180

I ,825

1,825

1,825

1,825

365

1,825

183

143

38

65

1

567

136

269

73

1

851

246

1.41%

1.07%

1.03%

1.01%

1.14%

3.34%

1.16%

1.29%

0.99%

0.97%

3.83%

1.70%

- 2 -. 0 X I (D

3 8 $

0.06 0.3@

0 . q D

0.01 0.W-

INTEREST ON INVESTMENTS

901 15 COMMERCIAL

PAPER

90130131 AGEN -

COUP.IDISC.

31,500.00

MONTH: I

DATE

1

2

3

4

5

901 35 REP0

AGREEMENTS

4,822.94

7,385.48

90132f33 TREAS -

COUP.IDISC.

Jan-04

901 1011 1 CERTIFICATE OF DEPOSIT

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

2 1

22

23

24

25

26

27

28

29

30

3 1

TOTAL

11,666.67

22,541.67

4,500.00

7,837.50

4,622.22

5,152.78

4,375.00

60,695.84

90120 BANKERS

ACCEPTANCE

55,000.00

(58,341.37)

28,158.63

3,961 .I 1

7,582.62

3,168.87

2,555.55

1,722.22

1,401.37

(416.60)

19,975.14

7,815.71

2,851.38

3,042.91

2,851.54

7,678.86

3,013.03

2,981.05

2,949.07

3,109.43

12,709.38

3,244.58

3,177.77

3,125.07

7,085.58

2,201.73

2,248.14

3,360.27

2,705.1 1

88,359.03

90125 MANAGED

FUNDS

40,608.34

(77,300.59)

(77,300.59)

90140 MED. TERM

NOTES

0.00

125,988.88

166,597.22

(39,836.1 1)

539,246.88

50,300.00

(4,125.00)

(85,891.38)

459,694.39

TOTAL

0.00

36,322.94

0.00

0.00

47,993.82

23,443.49

32,975.67

(36,793.20)

10,520.41

0.00

0.00

18,071.91

7,635.25

2,981.05

597,195.95

181,120.53

0.00

0.00

0.00

17.862.1 6

7,619.58

3,177.77

4,526.44

0.00

0.00

2,960.58

2,201.73

2,248.14

3,360.27

(219,244.83)

0.00

746,179.66

DEPOSITS

36,322.94

47,993.82

VAR.

23,443.49

32,975.67

(36,793.20)

10,520.41

18,071.91

7,635.25

2,981.05

597,195.95

181 ,I 20.53

17,862.16

7,619.58

3.1 77.77

4,526.44

2,960.58

2,201.73

2,248.14

3,360.27

(219,244.83)

746,179.66

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

STANISLAUS COUNTY TREASURY POOL ASSET DISTRIBUTION

CERT. OF DEPOSIT r 4.45%

MEDIUM TERM NOTES 4 9 7 A O L NEG. CERT. OF DEP. I L . f - r l U

COMMERCIAL PAPER 8.70%

REPURCHASE BANKERS ACCEPTP AGREEMENTS 2.35%

MANAGED FUNDS 13.87%

January 30,2004

STANISLAUS COUNTY TREASURY POOL MATURITY DISTRIBUTION

3 Q

< 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 180 DAYS 181 - 360 1 - 2 YEARS 2 - 3 YEARS 3 - 4 YEARS 4 - 5 YEARS DAYS

MATURITY

January 30,2004

Stanislaus County Stanislaus County Pool Portfolio Management

Portfolio Summary January 30,2004

Par Market Book % of Days to YTM YTM Investments Value Value Value Portfolio Term Maturity 360 Equiv. 365 Equiv.

Certificates of Deposit - Bank 28,300,000.00 28,300,000.00 28,300,000.00 4.45 350 183 1.411 1.431

Negotiable CDs 35,000,000.00 35,000,000.00 35,002,256.86 5.50 230 143 1.067 1.082

Commercial Paper Disc. -Amortizing 55.400,OOO.OO 55,342,580.00 55,339,538.34 8.70 58 38 1.030 1.045

Bankers Acceptances -Amortizing 15,000,000.00 14,972,700.00 14,972,525.01 2.35 118 65 1.013 1.027

Managed Pool Accounts 88,201,506.37 88,219,250.74 88,201,506.37 13.86 1 1 1.135 1.151

Federal Agency Coupon Securities 62,975,000.00 64.1 86,058.78 63,259.362.76 9.94 1,068 567 3.341 3.388

Federal Agency Disc. -Amortizing 50,000,000.00 49,798,500.00 49,772.014.28 7.82 249 136 1.163 1.179

Treasury Coupon Securities 11 0,500,000.00 111,111,221.47 110,993.448.93 17.44 452 269 1.293 1.311

Treasury Discounts -Amortizing 20.000,000.00 19,962,150.00 19,960,095.14 3.14 182 73 0.994 1.008

Rolling Repurchase Agreements 89,444,496.54 89.444.496.54 89,444,496.54 14.06 1 1 0.970 0.983

Medium Term Notes 78,849,000.00 82,309,691.14 81,039,433.68 12.74 1,330 851 3.831 3.884

l nvestments

Total Earnings January 30 Month Ending Fiscal Year To Date

Current Year 881,166.85 6,865,542.1 3

Average Daily Balance 622,631 , I 19.78 590,341,564.1 5

Effective Rate of Return 1.72% 1.98%

Market Values have been reconciled to Union Bank of California Custody Statement and differ only by the amount of Accrued Interest at Purchase which has not been received. This figure can be found on the Investment Status Report.

Donna Riley, Assistant Treasurer

Run Date: 02/06/2004 - 15:15

Portfolio POOL AC

PM (PRF-PM1) SymRept V6.21 Report Ver. 5.00

Stanislaus County Pool Portfolio Management Page 2

Portfolio Details - Investments January 30,2004

Average Purchase Stated YTM YTM Days to Maturity CUSlP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 360 365 Maturity Date

Certificates of Deposit - Bank P

SYSI 875 1875 Bank of Aariculture & Commerce 02/19/2003 1.000.000.00 1.000.000.00 1.000.000.00 1.650 1.627 1.650 20 02/20/2004

-- Negotiable CDs

0727M5R46 1979 0727M5578 2044

0727N5777 2061

- Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West County Bank County Bank Delta National Bank Delta National Bank Delta National Bank Delta National Bank Delta National Bank Delta National Bank Delta National Bank Farmers & Merchants Guaranty Federal Bank Guaranty Federal Bank Guaranty Federal Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank Union Safe Deposit Bank

Subtotal and Average 766,666.67

Bayerische Landesbank Bayerische Landesbank Bayerische Landesbank

Run Date: 02/06/2004 - 15: 15

Portfolio POOL AC

PM (PRF-PMZ) SymRept V6.21

Report Ver. 5.00

Stanislaus County Pool Porffolio Management


Average Purchase Stated YTM YTM Daysto Mat;;' [ CUSlP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 360 365 Maturity

Negotiable CDs s P m

0727M5T85 2062 Bayerische Landesbank 01/23/2004 5,000.000.00 5,000,000.00 5,000,480.89 1.020 1.000 1.014 174 07/23/2004

90261GQF9 1961 UBS AG Stamford CT 90261GRG6 1992 UBS AG Stamford CT 90261GRL5 1998 UBS AG Stamford CT

Subtotal and Average 2,666,906.30

Commercial Paper Disc. -Amortizing

00737EBL8 2058 AIG Funding American General Finance American General Finance Bank of America Dexia Delaware LLC General Electric Capital Corp General Electtic Capital Corp P B Finance P B Finance UBS AG Stamford CT Westpac Capital


Bankers Acceptances -Amortizing

06422RD79 2055 Bank of America 01/09/2004 5,000,000.00 4,990,600.00 4,990.508.34 1.020 1.023 1.037 67 04/07/2004

06422RDM6 2063 Bank of America 01/23/2004 5,000.000.00 4,988,700.00 4,988.750.00 1.000 1.002 1.016 81 04/21/2004

9297MOCK2 1984 Wachovia Bank 09/25/2003 5,000,000.00 4,993,400.00 4,993,266.67 1.010 1.015 1.029 48 03/19/2004 --- Subtotal and Average 0.00 15,000,000.00 14,972,700.00 14,972,525.01 1.013 1.027 65

Managed Pool Accounts

SYS1416 1416 AIM lnstituional Fund 23,000,000.00 23,000.000.00 23,000,000.00 0.948 0.935 0.948 1

SYS1664 1684 California Asset Management Pr 10,201,506.37 10,201.506.37 10,201,506.37 0.930 0.917 0.930 1

SYS61 61 Local Agency Investment Fund 30,000,000.00 30,017.744.37 30.000,000.00 1.560 1.539 1.560 1

SYS1415 1415 Brinson LIR Fund 25,000,000.00 25,000,000.00 25,000,000.00 0.937 0.924 0.937 1 --- Subtotal and Average 30,000,000.00 88,201,506.37 88,219,250.74 88,201,506.37 1.135 1.151 I

Federal Agency Coupon Securities

31331 LFS2 1047 Federal Farm Credit Bank 04/26/2001 2,000,000.00 2,018,760.00 2,000,000.00 5.100 5.030 5.100 86 04/26/2004

Run Date: 02/06/2004 - 1515

Portfolio POOL AC

PM (PRF-PM2) SymRept V6.21




Federal Agency Coupon Securities P

1761 31331L4U9 Federal Farm Credit Bank 07/22/2002 2,000,000.00 2,013.120.00 1,999,816.09 2.750 2.737 2.775 143 06/22/2004 Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Mortgage Co Federal Home Loan Mortgage Co Federal Home Loan Mortgage Co Federal Home Loan Mortgage Co Federal Home Loan Mortgage Co Federal Home Loan Mortgage Co Federal Home Loan Mortgage Co Federal National Mortgage Asso Federal National Mortgage Asso Federal National Mortgage Asso


Federal Agency Disc. -Amortizing

313396877 1963 Federal Home Loan Mortgage Co 313588US2 1985 Federal National Mortgage Asso 31 3588UK9 1994 Federal National Mortgage Asso 31 3568G33 2003 Federal National Mortgage Asso 31 3588033 2022 Federal National Mortgage Asso

31 3396UT8 1894 Freddie Mac

Run Date: 02/06/2004 - 1 5 1 5

Portfolio POOL AC

PM (PRF-PM2) SyrnRept V6.21

Stanislaus County Pool Portfolio Management


Page 5

Average Purchase Stated YTM YTM Days to Maturity CUSlP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 360 365 Maturitv Date

Federal Agency Disc. Amor t iz ing

31 3396N33 2015 Freddie Mac 11/05/2003 5,000.000.00 4,955,000.00 4,947,875.00 1.350 1.387 1.406 278 11/04/2004

31 3396WL3 2059 Freddie Mac 01/22/2004 5,000,000.00 4,987,000.00 4,986.805.56 1.000 1.003 1.017 95 05/05/2004 31 3396x87 2060 Freddie Mac 01 /22/2004 5,000.000.00 4,982,500.00 4,982,465.28 1.010 1.014 1.028 125 06/04/2004 ---

Subtotal and Average 2,990,446.25 50,000,000.00 49,798,500.00 49,772,014.28 1.163 1.179 136

Treasury Coupon Securities

91 2828AR1 1848 91 2828AK6 1861 91 28277K2 1862 912828AS9 1867 91 2828AS9 1869 91 28277K2 1877 91 2828AEO 1946 91 2828AM2 1990 91 2828AQ3 1991 91 2828AM2 2009 91 2828AM2 2010 91 2828BN9 2017 91 2828BS8 2030 91 2828AL4 2045 91 2828BU3 2046

U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities U S Treasury Securities


Treasury Discounts Amort iz ing

91 2795PJ4 1962 U S Treasucy Securities 08/07/2003 5,000.000.00 91 2795PR6 1986 U S Treasury Securities 09/25/2003 10,000,000.00

91 2795QV6 2068 U S Treasury Securities 01 /29/2004 5,000,000.00

Subtotal and Average 331,695.46 20,000,000.00

Roll ing Repurchase Agreements

SYS1766 1766 Paine Webber Tri-Party Repo 07/26/2002 89,444,496.54

Subtotal and Average 105,002,419.49 89,444,496.54

Repurchase Agreements - Term


Run Date: 0210612004 - 15:15

Portfolio POOL AC

PM (PRF-PMZ) SyrnRept V6.21




Medium Term Notes P

046003KA6 165 Associates C o r ~ NA 0511 911 999 2,000.000.00 2,019,740.00 1.998.353.53 5.800 6.155 6.240 80 04/2012004 Bank One Corp Bank One Corp Bear Steams Co Bank of America Bank of America Bank of America Boeing Capital Corp Citicorp Citicorp COMERICA Fifth Third Bank General Electric Capital Corp Household Finance Corp John Deere J P Morgan & Co J P Morgan & Co J P Morgan & Co Toyota Mtr Credit U S Bank Wal Mart Stores Wal Mart Stores Wells Fargo Bank Wells Fargo Bank Wells Fargo Bank Wells Fargo Bank Wells Fargo Bank


Total and Average 166,863,102.15

Run Date: 02/06/2004 - 1515

Portfolio POOL

AC PM (PRF-PM2) SymRepl V6.21

Stanislaus County Pool Portfolio Management Portfolio Details - Cash

January 30,2004

Average Purchase Stated YTM YTM Days to CUSlP Investment # Issuer Balance Date Par Value Market Value Book Value Rate 360 365 Maturitv

Page 7

Average Balance 0.00 0

Total Cash and lnvestmentss 622,631,119.78 633,670,002.91 638,646,648.67 636,284,677.91 1.696 1.720 246

Run Date: 02/ffi/2004 - 15: 15

Portfolio POOL AC

PM (PRF-PM2) SymRept V6.21

CUSlP Investment # Issuer

Certificates o f Deposit - Bank

1875 1945 1956 1977 1980 1981 1988 1989 2039 2040 2041 2056 1889 1983 1916 1982 1987 2019 2020 2026 2029 1915 1917 1918 1944 1871 1895 1955 2042 2002

Certificates of Deposit

BAC BKWEST BKWEST BKWEST BKWEST BKWEST BKWEST B M S T BKWEST BKWEST BKWEST BKWEST COUNTY COUNTY DELTA DELTA DELTA DELTA DELTA DELTA DELTA FBM GUARAN GUARAN GUARAN OAKVAL OAKVAL OAKVAL OAKVAL UNIONS

Bank Totals -

Negotiable CDs

0727M5R46 1979 BAYER 0727M5S78 2044 BAYER


Investment Status Report - Investments January 30,2004

Stated Maturity Purchase M M YTM Payment Accrued Interest Current Par Value Rate Date Date 360 365 Dates At Purchase Principal

1,000,000.00 1.650 02/20/2004 02/19/2003 1.627 1.650 03/20 - Monthly 1,000,000.00 1,000,000.00 09/26 - Quarterly 10107 - Quarterly 11/30 - Quarterly 12/11 - Quarterly 12/15 - Quarterly 12/01 - Quarterly 12/21 - Quarterly 03/19 - Quarterly 03/17 - Quarterly 03/22 - Quarterly 04/08 - Quarterly 03/12 - Quarterly 12/16 - Quarterly 07/09 - Quarterly 12/17 - Quarterly 12/23 - Quarterly 02/07 - Quarterly 02/09 - Quarterly 02/29 - Quarterly 02/29 - Quarterly 07/01 - Quarterly 06/30 - Quarterly 06/30 - Quarterly 06/30 - Quarterly 0311 6 - Monthly

07/01 - Quarterly 08/03 - Monthly

03/27 - Quarterly 12/31 - Quarterly

0.00

03/24 -A t Maturity 06/21 -A t Maturity

Run Date: 02/06/2004 - 15:15

Portfolio POOL AC

PM (PRF-PMS) SymRept V6.21 ReDOrt Vet. 5.00

0727M5T85 2062 BAYER 90261GQF9 1961 UBS 90261GRG6 1992 UBS 90261GRL5 1998 UBS

Negotiable CDs Totals

Commercial Paper Disc. -Amortizing

001 37EBL8 2058 AIG 02635RB57 2049 AMERGE 02635RBC2 2057 AMERGE 0660POFQ1 2071 BOA 2521 EOCC9 2064 DEXlA 36959HB63 2051 GE 36959HBB2 2054 GE 6931MOC52 2034 PBFINA 6931MODC6 2048 PBFINA

90262CB63 2050 UBS 96121JD56 2065 WESTPA

Commercial Paper Disc. -Amortizing Totals


Investment Status Report - Investments Page!

January 30,2004

Stated Maturity Purchase YTM YTM Payment Accrued Interest Current CUSlP Investment # Issuer Par Value Rate Date Date 360 365 Dates At Purchase Principal Book Valu . Negotiable CDs

0727N 5T77 2061 BAYER 5,000.000.00 1.000 06/23/2004 01/23/2004 0.980 0.994 06/23 -At Maturity 5,000,420.50 5,000,398.3'- 1.020 07/23/2004 01/23/2004 1.000 1.014 07/23 -At Maturity 5,000,503.00 5,000,480.89 1.085 02/02/2004 08/05/2003 1.060 1.075 02/02 -At Maturity 5,000,625.1 5 5,000.006.91 1.170 09/28/2004 09/29/2003 1.150 1.166 09/28 - At Maturity 5,001,002.20 5,000,661.73 1.205 10/05/2004 10/07/2003 1.200 1.217 10105 - At Maturity 5,000,249.75 5,000,170.16 --

1.067 1.082 0.00 35,003,814.70 35,002,256.86

- 2 -. 0 X

I (D

3 B

$ s 7 s 0" D

! ca (D

s P P

02/20 -At Maturity 02/05 -At Maturity 02/12 -At Maturity 06/24 -At Maturity 03/12 -At Maturity 02/06 -At Maturity 0211 1 -At Maturity 03/05 -At Maturity 04/12 -At Maturity 02/06 -At Maturity 04/05 -At Maturitv


06422RD79 2055 BOA 06422RDM6 2063 BOA 9297MOCK2 1984 WACHOV

Bankers Acceptances Amortizing Totals

Managed Pool Accounts

SYS1416 1416 AIM SYS1684 1684 CAMP

SYS61 61 IAlF SYS1415 1415 LI R

Managed Pool Accounts Totals

1.020 04/07/2004 01/09/2004 1.023 1.037 04/07 -At Maturity 4.987.391.67 4,990.508.34 1.000 04/21/2004 01/23/2004 1.002 1.016 04/21 -At Maturity 4,987,638.89 4,988,750.00 1.010 0311 912004 09/25/2003 1 .015 1.029 03/19 -At Maturity 4.975.31 1 .I 1 4,993,266.87 --

1.013 1.027 0.00 14,950,347.67 14,972,525.01

0.935 0.948 08/01 -Monthly 23,000,000.00 23,000,000.00 0.917 0.930 07/01 - Quarterly 10,201,506.37 10,201,506.37 1.539 1.560 07/15 - Quarterly 30,000,000.00 30,000,000.00 0.924 0.937 08/01 -Monthly 25,000,000.00 25,000,000.00 -- 1.135 1.157 0.00 88,201,506.37 88,201,506.37

Run Date: 02/06/2004 - 15.1 5

Portfolio POOL AC

PM (PRF-PMS) SymRept V6.21

CUSlP Investment # Issuer

Federal Agency Coupon Securities

31 331 LFS2 1047 FFCB 31 331 L4U9 1761 FFCB 31 331 QFH5 1806 FFCB 31 331QC62 191 1 FFCB 31 331TMT5 2036 FFCB 31 331 H5A1 819 FFCB 31 33MLRK3 1534 FHLB 31 33MEWX5 1584 FHLB 31 33MD7D9 1590 FHLB 31 33MNPQ8 1657 FHLB 31 33MNS69 1660 FHLB 31 33MNPS4 1685 FHLB 31 33MBH42 1686 FHLB 31 33MP4B9 1705 FHLB 31 339XAZ7 1924 FHLB 31 33MYZ34 1936 FHLB 31 339XKZ6 1941 FHLB 31 33MHS96 202 1 FHLB 31 34AOVB5 1502 FHLMC 31 34A4GK4 1568 FHLMC 31 315PBN8 1646 FHLMC 31 34A4GW8 1759 FHLMC 31 28XOM71 1882 FHLMC 3134A4UH5 2004 FHLMC 3128XlQJ9 2043 FHLMC 31 359MES8 1099 FNMA 31 36F3TY2 1923 FNMA 31 36F3TZ9 1935 FNMA

Federal Agency Coupon Securities Totals


31 3396877 1963 FHLMC 313588US2 1985 FNMA 31 3588UK9 1994 FNMA 31 3588633 2003 FNMA

Par Value


Investment Status Report - Investments January 30,2004

Stated Maturity Purchase YTM YTM Payment Accrued Interest Current Rate Date Date 360 365 Dates At Purchase Principal

s P m

5.1 00 04/26/2004 04/26/2001 5.030 5.1 00 10126 - 04/26 2,000,000.00 2,000,000.00

Received Received Received

Received Received Received Received

6,492.78 Received Received Received Received Received

Received Received

1.250 08/12/2004 08/13/2003 1.283 1.301 08/12 -At Maturity 1.070 03/24/2004 09/25/2003 1.076 1.091 03124 -A t Maturity 1.040 03/17/2004 09/30/2003 1.045 1.060 03/17 -A t Maturity 1.300 09/17/2004 10/17/2003 1.334 1.353 09/17 -At Maturity

Run Date: 0210612004 - 1 5 1 5

Portfolio POOL AC


31 3396UT8 1894 FRED 5,000,000.00 1.140 03/25/2004 04/04/2003 1.169 1.185 03/25 -A t Maturity


Investment Status Report - Investments Page I'

January 30,2004

Stated Maturity Purchase YTM YTM Payment Accrued Interest Current CUSlP Investment # Issuer Par Value Rate Date Date 360 365 Dates At Purchase Principal Bookvalue

Federal Agency Disc. Amortizing

31 3588033 2022 FNMA 5.000,000.00 1.220 09/17/2004 11/17/2003 1.249 1.267 09/17 -At Maturity 4,948,314.44 4 . 9 6 1 . 0 2 4 . 0 L

31 3396N33 2015 FRED 5,000,000.00 1.350 11/04/2004 11/05/2003 1.387 1.406 11/04 -At Maturity 4,931,562.50 4,947,875.00

31 3396WL3 2059 FRED 5,000,000.00 1.000 05/05/2004 01/22/2004 1.003 1.017 05/05 -A t Maturity 4,985.555.56 4,986,805.56

31 3396x37 2060 FRED 5,000.000.00 1.010 06/04/2004 01/22/2004 1.014 1.028 06/04 -A t Maturity 4,981,202.78 4,982,465.28 -- Federal Agency Disc. Amortizing Totals 50,000,000.00 1.163 1.179 0.00 49,588,025.55 49,772,014.28

- 2 -. 0 X

I (D

3 8

c $ 7 s 8 D ca (D s P m


91 2828AR1 1848 USTREA 5,000.000.00 1.750 12/31/2004 01/03/2003 1.754 1.778 06/30 - 12/31 Received 4,997,265.50 4,998,741.68 91 2828AK6 1861 USTREA 5,000,000.00 2.125 08/31/2004 02/04/2003 1.444 1.464 02/28 - 08/31 Received 5,050.976.56 5.018.916.39

91 28277K2 1862 USTREA 5,000,000.00 3.000 01/31/2004 02/05/2003 1.224 1.241 07/31 - 01/31 Received 5,085,937.50 5,000,000.00

91 2828AS9 1867 USTREA 5,000,000.00 1.625 01/31/2005 02/11/2003 1.595 1.617 07/31 - 01/31 Received 5,000,781.25 5,000,397.14

91 2828AS9 1869 USTREA 5,000,000.00 1.625 01/31/2005 02/19/2003 1.635 1.658 07/31 - 01/31 Received 4.996.875.00 4,998.393.61 1877 USTREA

1946 USTREA

1990 USTREA

1991 USTREA 2009 USTREA

201 0 USTREA 2017 USTREA

2030 USTREA

2045 USTREA

2046 USTREA

Treasury Coupon Securities Totals

Received

Received

Received

Received

Received

Received

892.86

102.46

47.131.15

Treasury Discounts Amortizing

91 2795PJ4 1962 USTREA 5.000,000.00 1 ,015 02/05/2004 08/07/2003 1.020 1.034 02/05 - At Maturity 4,974.343.06 4,999,295.14

91 2795PR6 1986 USTREA 10,000,000.00 0.980 03/25/2004 09/25/2003 0.985 0.999 03/25 -A t Maturity 9,950.455.56 9,985,300.00

91 2795QV6 2068 USTREA 5,000.000.00 0.980 07/29/2004 01/29/2004 0.985 0.999 07/29 -A t Maturity 4,975,227.78 -- 4,975,500.00

Treasu y Discounts -Amortizing Totals 20,000,000.00 0.994 1.008 0.00 19,900,026.40 19,960,095.14

Rolling Repurchase Agreements

SYS1766 1766 PREP0 89,444,49654 0.970 07/26/2002 0.970 0.983 07/29 - Weekdays 89,444,496.54 -- 89,444,496.54

Rolling Repurchase Agreements Totals 89,444,496.54 0.970 0.983 0.00 89,444,496.54 89,444,496.54

Run Date: 02/06/2004 - 1535

Portfolio POOL AC

PM (PRF-PMS) SyrnRept V6.21


lnvestment Status Report - Investments January 30,2004

Stated Maturity Purchase 'fiM 'fiM Payment Accrued Interest Current CUSIP Investment # Issuer Par Value Rate Date Date 360 365 Dates At Purchase Principal Book Valu

3 Medium Term Notes P m

165 ASSOCl 1560 BANKON 1973 BANKON 163 BEARST 1745 BOA 1953 BOA 1964 BOA 1225 BOEING 1247 ClTlCO 1974 ClTlCO 2052 CMA 2067 FIFTH

1799 GE

166 HOUSEH 1752 JDEERE 164 JPMORG 1960 JPMORG 2053 JPMORG 1179 TOYOTA 1972 USBANK 1546 WALMAR 1744 WALMAR 1577 WELLS 1695 WELLS 1696 WELLS 1954 WELLS 2001 WELLS

Medium Term Notes Totals

Received

Received Received 4,152.78

Received 701.64

12,127.78 4.1 25.00

Received Received Received Received

27,708.33

Received

Received Received Received Received Received 14,888.89

89,537.75

Investment Totals 633,670,002.91 1.696 1.720 144,157.00 637,671,683.20 636,284,677.91

Run Date: 02/06/2004 - 1515

Portfolio POOL AC


Stanislaus County Pool PortFolio Management

Activity By Type January 1,2004 through January 30,2004

Page

SYSI 854 1854 Bank of the West SYS2056 2056 Bank of the West

Subtotal

0 5' X i (D

3 @

Stated Transaction Purchases Redemptions CUSlP Investment # Issuer Rate Date or Deposits or Withdrawals Balance

Certificates of Deposit - Bank

Negotiable CDs

a b

(C2

3 Q

0727N5l-77 2061 Bayerische Landesbank 0727M5T85 2062 Bayerische Landesbank

Subtotal

Commercial Paper Disc. Amortizing

00137EBL8 2058 AIG Funding 02635RA66 2031 American General Finance 02635RAD1 2035 American General Finance 02635RAM1 2038 American General Finance 02635RB57 2049 American General Finance 02635RBC2 2057 American General Finance 0660POFQl 2071 Bank of America 23626JA69 2023 Danske Corporation 2521 EOCC9 2064 Dexia Delaware LLC 36959HA72 2032 General Electric Capital Corp

36959HA98 2033 General Electric Capital Corp 36959HB63 2051 General Electric Capital Corp 36959HBB2 2054 General Electric Capital Corp 61 745AAL3 2037 Morgan Stanley Dean Witter 6931 MODC6 2048 P B Finance 90262CA72 2008 UBS AG Stamford CT 90262CAC 1 2024 UBS AG Stamford CT 90262CA72 2028 UBS AG Stamford CT 90262CB63 2050 UBS AG Stamford CT 96121JD56 2065 Westpac Capital

Subtotal


06422RD79 2055 Bank of America 06422RDM6 2063 Bank of America

Run Date: 02/06/2004 - 15:15

Portfolio POOL AC



Activity By Type January 4,2004 through January 30,2004

Page

Stated Transaction Purchases Redemptions CUSlP Investment # Issuer Rate Date or Deposits or Withdrawals Balance

Subtotal 9,975,030.56 0.00 14,972,525.01

Managed Pool Accounts (Monthly Summary)

1684 California Asset Management Pr 0.930

Subtotal - -

Federal Agency Coupon Securit ies

Subtotal 63,259,362.76


31 3396WL3 2059 Freddie Mac 31 3396XS7 2060 Freddie Mac

Subtotal


Subtotal 110,993,448.93

Treasury Discounts Amor t i z i ng

91 2795QV6 2068 U S Treasury Securities

Subtotal -

Rol l ing Repurchase Agreements

SYS1766 1766 Paine Webber Tri-Party Repo 0.960 103,082,532.36 108,000,000.00

Subtotal 103,082,532.36 108,000,000.00 89,444,496.54

Repurchase Agreements - Term

SYS2047 2047 UBS AG Stamford CT

Subtotal

Medium Term Notes

20034DHAO 2052 COMERICA 31677QAC3 2067 Fifth Third Bank 46625HAP5 2053 J P Morgan & Co

Subtotal

Total 201,684,137.21 197,000,000.00 636,284,677.91

Run Date: 02/06/2004 - 1515

Portfolio POOL AC

PM (PRF-PM3) SyrnRept V6.21

February 2003 145 612,533,308.54 2.257 2.289 1.653 16 16 41 7 228

March 2003 139 620,591,304.12 2.130 2.159 1.453 18 24 403 227

April 2003 139 667,334,931.49 1.979 2.006 7.483 24 24 369 217

May 2003 140 677,565,363.78 1.941 1.968 1.463 16 15 364 205

June 2003 138 626,675.191.51 1.951 1.978 1.376 10 12 400 21 7

July 2003 126 595,652,520.43 1.826 1.851 1.346 12 24 353 176

August 2003 123 597,622,047.14 1.745 1.769 1.237 12 15 346 175

September 2003 127 589,672,844.01 1.805 1.830 1.179 24 20 403 230

October 2003 129 563,150.187.77 1.812 1.837 1.158 16 14 439 261

November 2003 126 560,691,343.81 1.748 1.772 1.159 14 17 423 255

December 2003 129 631,716,425.15 1.657 1.680 1.155 20 17 389 233

January 2004 138 636,284,677.91 1.696 1.720 1.151 21 12 41 6 246

Average 134 61 1,878,950.42 1.923% 1.949% 1.348 16 18 398 224

Stanislaus County Pool Portfolio Management Page

Activity Summary January 2003 through January 2004

Yield to Maturity Managed Number Number Month Number of Total 360 365 Pool of Investments of Investments Average Average End Year Securities Invested Equivalent Equivalent Rate Purchased Redeemed Term Days to Maturity

Januarv 2003 145 574.936.209.78 2.449 2.483 1.706 10 21 452 236

Run Date: 02/06/2004 - 15: 15

- 2 -. 0 X I (D

i3 6

$ r: 7 s 8 D % 2 * -

Portfolio POOL AC


Run Dale: 02/06/2004 - 15:15

Stanislaus County Pool PortFolio Management Page I

Distribution of Investments By Type January 2003 through January 2004

January February March April May June July August September October November December January Average Security Type 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2004 by Period

Certificates of Deposit - Bank 5.1 4.8 4.7 4.4 4.3 4.5 4.8 4.7 4.8 5.0 5.1 4.5 4.5 4.71'0

Portfolio POOL AC


- G -. 0 X

3 3

5 g ? rC s 7 s 0" ca

& Negotiable CDs 9.6 9.0 7.3 7.5 6.6 4.8 2.5 2.5 4.2 4.4 4.5 4.0 5.5 5 . 6 c Commercial Paper Disc. -Amortizing 6.1 5.7 4.8 6.7 8.8 9.6 5.9 6.7 6.8 8.9 8.9 8.7 8.7 7.4% Bankers Acceptances -Amortizing 1.7 1.6 1.6 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.8 2.4 1.1% Managed Pool Accounts 11.3 10.6 14.5 13.5 13.3 14.4 15.1 15.1 15.3 16.0 16.1 14.0 13.9 14.1%

Federal Agency Coupon Securities 12.9 11.8 11.6 10.8 10.8 12.3 12.5 10.7 10.5 11.3 10.4 10.0 9.9 11.2% Federal Agency Disc. Amortizing 9.5 11.4 5.6 5.2 6.6 9.5 9.2 10.0 7.6 8.0 7.1 6.3 7.8 8.0% Treasury Coupon Securities 5.9 8.5 10.9 10.1 9.9 10.7 9.0 8.2 10.0 17.3 17.7 17.6 17.4 11.8% Treasury Discounts -Amortizing 3.6 5.1 13.8 16.6 13.2 11.1 10.9 10.9 9.3 2.7 2.7 2.4 3.1 8.1% Rolling Repurchase Agreements 19.7 19.7 14.6 16.3 17.1 11.5 20.0 20.4 18.0 11.8 14.0 14.9 14.1 16.3% Repurchase Agreements - Term 1.6 6.0 0.6% Medium Term Notes 14.5 11.9 10.6 9.0 8.5 9.2 9.2 10.0 12.7 13.9 12.8 10.9 12.7 11.2%


lnterest Earnings Summary January 30,2004

Less Accrued Interest at Beginning of Period ( 2,375,481.41) Less Accrued Interest at Purchase During Period ( 43,961.1 1)

January 30 Month Ending Fiscal Year To Date

CDlCouponlDiscount Investments:

Interest Collected 702,265.29 6,109,998.15

lnterest Earned during Period

0" D

(D s P P

Adjusted by Premiums and Discounts Adjusted by Capital Gains or Losses

Plus Accrued Interest at End of Period 2,516,001.01 2,516,001 .O1 -

Earnings during Periods 71 5,200.88 5,710,434.82

Pass Through Securities:

Interest Collected 0.00 0.00 Plus Accrued Interest at End of Period 0.00 0.00 Less Accrued Interest at Beginning of Period ( 0.00) ( 0.00) Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00)

Interest Earned during Period 0.00 0.00

Adjusted by Premiums and Discounts Adjusted by Capital Gains or Losses

Earnings during Periods

CashIChecking Accounts:

lnterest Collected Plus Accrued lnterest at End of Period Less Accrued lnterest at Beginning of Period

lnterest Earned during Period

Total lnterest Earned during Period

Total Adjustments from Premiums and Discounts

Total Capital Gains or Losses

Total Earnings during Period 881,166.85 6,865,542.13

Run Date: 02/06/2004 - 15:15

Portfolio POOL AC

PM (PRF-PM6) SyrnRept V6.21 Report Ver. 5.00

Documents

ACCEPTANCE OF THE STANISLAUS COUNTY ... OF THE STANISLAUS COUNTY TREASURY POOL'S JANUARY 2004 MONTHLY INVESTMENT REPORT. STAFF RECOMMEN- 1