HomeMy WebLinkAbout05 NOVEMBER 1996 AGENDA
INVESTMENT & FINANCE COMMITTEE
TIIESDAY,NOVEMBER 12, 1996 — 9:OOA.M.
NORTH WING CONFERENCE ROOM
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I. CALL TO ORDER
II. ROLL CALL
III. APPROVAL OF MINUTES
Rec: Approve the Minutes of October 8, 1996, as Submitted.
Action:
IV. ORAL COMMUNICATIONS
A. Any person wishing to discuss any item not otherwise on the agenda may
address the Investment& Finance Committee at this point by giving his or
her name and address for the record. Remazks shall be limited to a
maximum of five minutes unless additional time is authorized by the
Chairman.
B. This is the time and place for any person who wishes to comment on non-
hearing agenda items. It should be noted that at the Investment & Finance
Committee's discretion,these comments may be deferred until such time
on the agenda, as the item is discussed. Remarks shall be limited to a
maximum of five minutes unless additional time is authorized by the
Chairman.
V. OLD BUSINESS
A. Status of Public and Private Partnershi su Background Checks for
Section 4
Rec: Report by Cazlos Ortega
B. Status of Wymer/ITM Case
Rec: Report by Dave Erwin on case proceedings (request from
August 14, 1996 meeting).
C. Palm Desert Water& Services District Receivership Update
Rec: Status report by Paul Gibson.
AGENDA - INVESTMENT & FINANCE COMMITTEE NOVEMBER 12, 1996
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VI. NEW BUSINESS
A. Ci�y and Redevelooment Agencv Investment Schede�a
Rec: Review and submit to the next City Council agenda. Review the
presentation on the investment graphs. Review the investment
activity during the month of October. Review status of capital
projects and cash flow projections.
Action:
B. �eview Short Term Investments Maturing in November 1996
Rec: Review investments in 1) collateralized deposits; 2)treasury bonds
and notes; and, 3) Agencies discount notes.
Action:
C. State of California Local Agency Investment Fund Mont�Jy ke�ort
Rec: Informational item for the Committee to review. No action
required.
D. M in r oun i
Rec: Report and submit to City Council.
Action:
E. Parkview Professional Office Buildings 9/30/96 Financial Renorts
Rec: Review of financial statements.
Action:
F. Califomia Municipal Treacurers Association Tre urer's Handbook
Rec: Review of handbook available for Mayor, Council and Committee
Members.
Action:
AGENDA- INVESTMENT & FINANCE COMMITTEE NOVEMBER 12, 1996
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VIL REPORTS AND REMARKS
A. Reuorts and Remarks lty anKCommittee Member
B, itPms to be olaced on the Next Agenda
VIII. NEXT MEETING DATE
Next regularly scheduled meeting is 1�c�c��m�l�c�it Il� �i��(� �1� �°�� �1 ffnl
IX. ADJOURNMENT
�-T--� •
� � Minutes
' Finance Committee
CONVENE On October 8, 1996, the Investment & Finance Committee was
called to order at 9:05 a.m. by Mr. Gibson.
ROLL CALL Walter Snyder, Dick Kelly, Carlos Ortega, Murray Magloff, Bill
Veazie, Paul Gibson, Jean Ruth, Rachelle Klassen
Absent: Dave Erwin, excused; Ray Diaz
APPROVAL OF MINUTES Upon motion by Mr. Magloff, seconded by Mr.�Snyder, the
Minutes of the September 11, 1996 meeting were
APPROVED as submitted. Motion carried unanimously.
ORAL COMMUNICATIONS None
OLD BUSINESS A. Status of Public and Private Partnerships Background
Checks for Section 4
Mr. Ortega stated that he did not yet have a report for the
Committee at this time.
B. Uodate on the Issuance of New Bonds for
Redevelopment Housing Fund Desert Rose
�a "' '`'' Mr. Ortega introduced Mr. Dennis Coleman, Redevelopment
��� Analyst, who provided committee members with a handout
and an oral report.
Bonds closed Thursday morning, October 2, 1996 in San
Francisco. Series A (Refunding Issue) totaled $10,880,000.
Series 8 (Working Capital) totaled $8,170,000.
Mr. Coleman did disclose to the Committee that the original
bond issue had provision requiring permission from the bank
in order to redeem them. No defeasance clause was set up
in the original issue. Staff negotiated with the bank so that
we could pay the letter of credit (UC), approximately
$211,000 on a pro-rated basis and only'pay a partial. The
bank wanted about $40,000 in legal fees they had incurred
when we went into the hold assumption agreement from
Pacific Center Bario Housing Corporation. We negotiated
Minutes
Finance Committee
paying one-quarter of the UC and $40,000 legal fees. Net
effect of this is Agency ahead $108,000 due to total savings
of$158,000.
Approximate present value savings due to these bond
issues, between 6 - 8%. Actual total debt service savings
$1,139,638.
Reca�z of Investments of Bond Proceeds
Series A...Since in the short-term will be refunding the old
bonds, proceeds placed in the Sweep Account as earnings
there almost equivalent to market. Ms. Ruth stated that the
Series A reserve fund was invested in a one=year Treasury
Bill, and will continue investing to meet the needs of the
reserve fund.
Series B...Reserve fund invested out five years due to its
structure of interest only in this period. The capital needed
to maintain the project has been laddered out in a manner to
meet the requirements for the Desert Rose subsidies and
housing subsidies, trying to match the maturities with those
payments. Went out as far as possible with the $7M, going
to mid-April 1997.
Mr. Ortega stated that this issue was different than the norm
for CPD/RDA, requiring various legal and IRS opinions, due
to the working capital issue (IRS prefers issues for tangible
assets, [i.e. capital improvements]).
. Mr. Snyder commented that the new marketing program
seems to be very effective, as he is signing escrow papers
nearly every day. There are approximately 50 units closed
or in process; now deeply into Phase II of the project.
C. Status of WymedlTM Case
Due to Dave'Erwin's absence today, report deferred until
November 12, 1996 regular meeting.
D. Palm Desert Water & Services District Audit Uodate
Since dissolution of the District on 7/1/96 by LAFCO, our
2
,
Minu_�s
Finance Committee
auditors have been conducting an audit of the financial
• records. At this point, our auditors have informed us that
they will only be able to provide a Qualified Opinion on the
financial records due to non-standardized recording of all the
assets and liabilities for the past five years. Staff
determined cost involved in auditors doing a full evaluation
and proper record of all, without the help of any former
managerial staff, would be prohibitive.
Cases in point:
1) Purchase agreement for land in the amount of
$55,000 without proper documentation or recorda4ion
of its acquisition in June 1995. Now landowner
demanding payment for the parcel from City of Palm
Desert, and there is not sufficient cash from the
PDW&SD funds to make payment. Will be up to
CVWD. Council closed session has been requested
on this matter.
2) Interest payment on note due 11/1/96; however, bank
wants the payment by 10/15/96. To date only
$20,000 cash available, payment due is $25,000. Mr.
Gibson informed CVWD and inquired whether they
would be willing to put up the $5,000 balance. Tom
Levy indicated that until CVWD takes over, they were
not interested. Council closed session has been
requested on this matter.
. Mr. Snyder asked that Mr. Gibson bring any additional
information he could acquire on either of these items to the
Closed Session.
NEW BUSINESS A. C� and Redevelopment Agency Investment Schedule
Ms. Ruth stated that she had adjusted the format of the
statements sfightly, to make the charts easier to interpret--
the scale of the graph was increased. She noted that both
portfolios reflect total dollar amounts decreased somewhat,
due to expenditures being greater than revenues at this
time. However, gains are on the increase.
3
Minu:�s
I'inance Committee
Mr. Gibson noted to the committee that since the last
meeting, Mr. Coleman has provided Ms. Ruth with a recap of
expenditures' due dates for Desert Willow, all�wing her to
invest and plan the cash flow.
B. Review Short Term Investments Maturing in October
1996
Ms. Ruth reported that there is only one maturity, a Federal
Home Loan Bank Discount Note (formerly a CD), and it
matures on 10/21/96. Its yield to maturity is 5.467%
She reported that maturities realized in September were
used to provide necessary cash flow for obli�ations; they
were not reinvested.
The Committee recommended foTCowing past practice,
investing in the vehicle which would provide optimum
return.
C. State of California Local Agency Investment Fund
Monthly Re o�rt
Mr. Gibson brought to the attention of the Committee that
the RDA-LAIF $4M shown as bond proceeds is being shifted
over to the regular LAIF account, making one, RDA-LAIF
account.
Receive and file report.
� D. Monthly Financial Re�ort for Citv Council
Mr. Gibson stated that since the September books have not
yet been closed due to the on-going audit, the Monthly
Financial Report is not available at this time. He will provide
it to City Council as soon as it is processed.
E. Parkview Professional Office Buildings - 7/31/96 and
8131196 Financial Reports
Receive and file report; submit to City Council for their
review and information.
4
- Minu`��s
F�nance Committee
REPORTS AND REMARKS A. Any Committee Members' Reuorts and Remarks
BrokedDea/er Questionnaire - Jean Ruth
Ms. Ruth wanted committee input for preparation of the new
Broker/Dealer Questionnaire which she would like to mail on
or about 11/1/96.
- Does the Committee want the current approved dealers: 1)
Smith Barney; 2) Dean Witter; and, 3) First Interstate/Wells
Fargo to totally reapply, or can we continue to work with
them based upon past performance and a verbal request for
disclosure of any material changes since last questionnaire
was submitted (since SEC forms remain unchanged in this
short time period and current financial statements are
already required to be submitted for the duration of the
relationship).
- Providing questionnaires to new dealers who request-- any
restrictions or qualifications to place on them? Previously
staff had preferred to work with those dealers with offices in
the Coachella Valley.
- Sending questionnaires to dealers who were sent a
questionnaire and responded but did not qualify last time;
those who were sent a questionnaire but did not respond;
and, now have new brokers requesting the questionnaire--
should they all be considered the same?
. Mr. Veazie questioned the reasoning behind informally
requiring a broker/dealer to maintain an office in the
Coachella Valley. Staff responded that it was an informal
policy of the City to benefit the overall economy of the
Coachella Valley by dealing with resident dealers. However,
as the City grows and its needs change, staff is prepared to
recommend those institutional brokers who can best meet
our individual needs, preferably by first looking to Coachella
Valley dealers, then expanding the range of solicitation to
broker/dealers within the State of California, providing they
abide by the California laws and regulations governing such
relationships. �
Committee unanimously approved the following:
5
Minu��s
Finance Committee
1) For current approved brokers/dealers Smith Barn�,.
Dean Witter and First Interstate/Welis Farpo.
rec{uesting they provide full disclosure of any material
changes in their position since date of[ast approval.
2) For new broker/dealers who rec�uest the opportunity to
participate in the approval process, by way of the
committee-approved Ruestionnaire, all are encouraged
to apply
Municipal Treasurers Association of the United States
and Canada Press Re/ease
As noted at the 9/11/96 meeting, City of Palm Desert/Palm
Desert Redevelopment Agency's Investment Policy received
the Certification of Excellence Award, which was recognized
at the September 12, 1996 City Council Meeting. Since that
time, a formal press release was received noting the
prestige of the accomplishment-- only 38 have received this
honor in the State of California, and a total of only 150 within
the U.S. and Canada have ever received.
Committee was extremely pleased to learn that it was an
even Targer accompTishment than they originally thought
and recommended that the information be provided to
Sheila R. Gilligan, Director of Community Affairs/City
Clerk,for public release.
Mr. Gibson reported to committee the--
Current Audits being pertormed at or on behalf of City of
Palm Desert:
1) Palm Desert Water & Services District;
2) City/RDA's Annual Year-End Audit;
3) Municipal Resource Consultants-- agency City
purchased GRIP Software for business license
tracking is conducting audits of: A) Business License
Taxes; B) Documentary Transfer Tax from Riverside
County; C) Franchise Fees; and D) Transient
Occupancy Tax. `
6
' -
Minu�,es
I'�nance Committee
Desert Willow(a.k.a. Section 4J
Mr. Magloff inquired about the disposition and present status
of the Desert Willow project. Staff offered and
recommended that for the citizen members of the
Committee, Mr. Magloff and Mr. Veazie, who do not deal
with the information on a day-to-day basis as does staff, that
a meeting could be arranged, at citizen members'
convenience, to meet with the management staff to explain
the process and current status.
McCal/um Theater
Mr. Veazie commented that he heard reports of"record
ticket sales" for the new theater season. He inquired as to
whether the City was keeping track of this in light of the loan
to the theater and any past or future audit of its records.
Mr. Gibson replied that an audit was perFormed prior to the
loan of$350,000 and since that time the City of Indian Wells
has written a check for $50,000 to the City of Palm Desert to
mitigate the loan's impact on our City. Staff also stated that
a contingency of our loan to them was that Councilwoman
Jean Benson be named to the Board of Directors for the
McCallum. Mr. Gibson stated that any future action on this
issue by Council will be reported to this Committee.
B. Items to be Placed on Next Agenda
� Wymer/ITM Report by Mr. Erwin
NEXT MEETING DATE The next Investment & Finance Committee will be held
Tuesday, November 12, 1996 at 9:00 a.m.
ADJOURNMENT The Investment & Finance Committee adjourned at 10:10 a.m.
on a motion by Mr. Gibson and seconded by Mr. Veazie.
Respectfully submitted,
.�
RAC LLE D. KLASSE , RECORDING SECRETARY
7
1]/Qi8/1996 City of P�L Dr�rt � pM - y
. PORTFOP,IO MA8T8A 6Ulf1i1RY CITY
� OClOHffit 31� 1996 u�pqy
AVBMf� _'_YISLD 1D M7ITURITY___
YffitCBNf OP AV&AAO& DAYB 10 360 365
INVE87T16Mf8 HOWC VALVS PORfYOLIO TSFN MAIVRITY SQUNAL8M1' HQUIVALSIPf
_'_""""""""_'____'_"'__""_'__"""""__'__'__"____'_'___"'_'_"'_"_"____"__'_'_'_""""'_'_""'_"____""_'_"
FSdallty Trsaeuzy Pao1.......................5 2,760,611.00 3.66 1 1 5.051 5.122
Menagad Pool Accounta........................; 17,396.00 0.02 1 1 6.738 6.804
Lxal Aga�y Invaatmant Punde................; 16�092�198.62 20.23 1 1 5.530 5.587
C�zclel Paper - DSecounL..................5 2,669,163.20 3.10 B3 73 5.617 5.493
PaCeiel Agancy Iecuea - Coupoa...............i 9,182,197.57 11.5d 967 780 5.772 5.852
FaAeral Agency Isauae - Dlecount.............5 933,776.26 1.17 1�097 166 S.B70 5.901
Treeeury eecuritlw - Coupon.................= 28�906�718.36 36.33 756 565 5.987 6.070
Treeaury B�curitisa - Dieeount...............t 222,059.23 0.28 1,771 671 6.162 6.268
Clty Loan to ADA.............................; 19�000�000.00 23.88 2�192 1,703 5.662 5.538
""'__"____"""""""'_""""'_____"_""""""""""__'_"_""'
TOTAL INVSBaffi1T8 and AVSNAGSS.............f 79,561,918.06 100.009 928 708 5.689t 5.768\
CA&H ...e.'�."�""e."""'e".."
PaeaEook/Chxking - Bo Ylelfl ToYa1a..........; 457,757.81 0.937 0.950
(noi SncludW in yi�ld calculetiom)
Accsuad Intermt at Purchasa.................5 200�81'/.60
"'_"""""""""""""'__'_'____"_""""""_"'_""""'__"_"
TOTAL CA86 and PUACBA88 INT�t88T.............; 658.575.71
......o.'e"".....'a""
TOTAL CABB md INVBBTAffiPfB.................5 80�230r493.25
MONTII &NDIIiC PIB�e*.
TOfAL fiAPPIN08 OCS0B8A 31 YEAA 10 DATS
Cux�sent Yeu S 600�{85.66 ; 1�621�233.33
AVSRA66 DAILY HALAxCe ; 82�012,773.16 ; 85�354�962.07 �
fiFT'$�TIVB AAl"B OF 1i81'VAIP 5.75� 5.66i
Tha invwtment portfolio of tRe Clty of Palm Desait c�pliae witt� it� InveaT�ant
Paul 8. Olbeon Palicy aad tha Californie Owarn�nt Code sectiona partalning to tha Snw�tm�nt
Tzeaourar of loeal egancy fmds. Pantling any futura actions by tha Clty Council or eny
unformean caGetropt�y the City hae an adaqmta cash ilow to mat Sb
expanQltura requframante for tha next eix montha. TRe month-end mezket veluse �
�� � �w�ra�obtaSn�d fmm Piret Truat and IDC Dataf�aC pricinq �uvice.
_.__._._ __. .. .._. . . .... .
..... .. . _. ...._. _ . . . .. . .. _.____... ... ..
. . . . ...._..._ ..
11/OB/1996 City of Palm Wrrt �� PM - 7
IlIV881f�Af P01t'LPW,IO DSfAILB - IIIVde9�ffiITB CZT1f
OCfOH�i 31� 1996 ACCRUAL
It7VE8TDffiNT AVBill��cffi PUACHA98 9TAT&D _'_ yyq '_' 1MTURITY DAYB
NUlIDBR I88U8A HALANC6 DA1B BOOR VALUB FACB VALUS Mi1Al�T VALVS MT8 360 365 DATB TO MAT
"__'____"'_'__"""""_____'_'_'_'__"_""__"___"____'_"_""'_"_"'_""'_"_____""_""""_""""'_'_'__'__"__'_'
PIDBLITY T1�11BVRY POOL
12006 PSdallty Znatltutloml Geh 51.00 51.00 51.00 5.170 5.099 5.170 1
12005 Pidallty Inetitutional Caeh 69.00 69.00 69.00 5.170 5.099 5.170 1
12006 R PSAality Inatltutional Cae� 9�584.00 9,586.00 9,586.00 5.120 5.050 5.120 1
12007 PSdality Inetitutlanal Geh 75.00 75.00 75.00 5.120 5.050 5.120 1
12009 I PStlality Inetltutioml Caeh 33,712.00 33,712.00 33,712.00 5.140 5.070 5.160 1
12010 A PSQe11iy Zactitutioml Caah 16,612.00 1�,672.00 16,672.00 5.160 5.070 5.110 1
12011 Pidellty Inetltutlonal Caeh 18.00 18.00 18.00 5.140 5.070 5.160 1
12012 I P1Esllty In�tltutlonal Caeh 385,427.00 385,627.00 385,627.D0 5.120 5.050 5.120 1
12013 A Pitlelity In�tltutloaal Caah 126�973.00 126�9'/2.00 126�972.00 5.120 5.050 5.120 1
12015 PSdellty Iaetltutloml Ceeh 562.00 562.00 562.00 5.120 5.050 5.120 1
12016 I Piflelity Inetltutloml Caeh � 738,556.00 738,556.00 738,586.00 5.120 5.050 5.120 1
12018 A PStlality Inetltutlonal Ceah 63�901.00 63�901.00 63�901.00 5.120 5.050 5.120 1
12019 FSEelity Inetitutioml Cash 98.00 98.00 98.00 5.120 5.050 5.120 1
12020 I Pitlelity InetltutSoaal Caen 6,918.00 6,918.00 6,918.00 5.120 5.050 5.120 1
12021 Pidallty Inetitutloml Caeh Y61.00 761.00 261.00 5.160 5.089 5.160 1
12022 R P17e11ty Snetltutional Caeh 59�323.00 59�323.00 59�323.00 5.120 5.050 5.120 1
12023 P1Aelity Inetitutlonel Cach 21,613.00 21,613.00 21,613.00 5.120 5.050 5.120 1
12026 Fldelity Inetitutional Cae� 1,390.00 1,390.00 1,390.00 5.120 5.050 5.120 1
14025 R Pidelity In�titutioml caeh B6�C68.00 86�668.00 86�668.00 5.120 5.050 5.120 1
12027 R Fidelity Inetitutional Caeh 65,1Y7.00 65,127.00 65,127.00 5.160 5.070 5.140 3
12028 A Pidality Inetitutloml Ceeh 165,726.00 165,726.00 165,726.00 5.120 5.050 5.120 1
12031 Fidelity Inetitutioml Caeh 12,009.00 12,009.00 12,009.00 5.170 5.099 5.170 1
12032 Pidelity Inetitutioml CeeR 32.00 33.00 33.00 5.16� 5.070 5.140 1
12033 Fidallty Inetitutioml Caeh 80.00 80.00 80.00 5.160 5.070 5.1d0 1
12036 PSdellty Inetltutioml Caeh 192.00 192.00 192.00 5.160 5.070 5.160 1
12035 Pldellty Inetitutionel Caeh 790.00 790.00 � 790.00 5.120 5.050 5.120 1
12036 Pidelity Institutioml Cae� 339.00 339.00 339.00 5.120 5.050 5.120 1
12037 Fltlellty Inetitutloml Cnah �9.00 19.00 19.00 5.120 5.050 5.120 1
12039 Pidellty Inetitutioml Cae� 118.00 118.00 118.00 5.120 5.050 5.120 3
120C2 I FSdallty Inetitutiaml Gah 700�881.00 700�881.00 700�881.00 5.120 5.050 5.120 1
12063 Fidelity Institutioml G�h 50,366.00 50�346.00 50�366.00 5.120 5.050 5.120 1
12043 a aiaelity Inatltutloml Caeh 166,786.00 166,786.00 166,786.00 5.120 5.050 5.120 1
12064 Pidality Inetitutional Caoh 0.00 0.00 0.00 5.120 5.050 5.120 1
12045 Pidality In�titutioml Cash 180.00 180.00 180.00 5.120 5.050 5.120 1
12066 P1Oelity Inatltutioml Caeh 30,578.00 30,578.00 30,578.00 3.160 3.089 5.160 1
______"""""' """"""" "'"""""" """""'"" """ """ """
SUBTOTAL9 Md AVSNA6SS 3�912�729.71 7,7C0,611.00 2,760,611.00
2,760,411.00 5.051 5.122 1
Mi�tUG6D POOL ACCdR7f8
12060 Pecific Horizon Treeeury Fu 656.00 656.00 fi56.00 6.900 6.833 6.900 1
12041 Pecific 9orison Trsasury Pu 16,738.00 16,738.00 16,738.00 4.800 6.736 6.800 1
"""'__'___'_" ""_""""' '_"_"'__"" '_"""""" """ ___'_' """
BUBTOT11L8 and AV�UOSB 17,396.00 17,394.00 17,396.00
17�394.00 6.738 6.B06 1
Z
__ _ __. .
__ _ _ _ _
11/OB/1996 ���� CSty oL P�lm W��rt - PM - 3
IAV88TIffiIPP POR740LZ0 DST112L9 - INVBB'd.ffiITB CI1Y
� OCfOHffit 31� 1996 7�p{�W,
IIN88TDffi7f AVSIil1� PUAC8A8S 8TAT8D --' Y7N -" Mi11VRITY MY8
NUlIDSR I86Uffit BALANCB 071TE BOO1C VALU& PAC& VALUS MAAI�P VALU& PATS 360 365 ➢71T8 TO MAT
__'________.___"__"_"_"_'________'__"__'__________'____'____'_'____"___"'_____'_'__"_'________'______'__'_'__'_'_""'_'__
LOCAL AOSNCY IPVE9'd�ffiiT PUlIDB
12000 Lmal Agancy Inveetment Pun 16,092,198.12 16,092,198.62 16,092,198.62 5.587 5.510 5.587 1
AVSflA6Be 15�976�513.29
N!f@IiCIAL PAPBR - OIBCOUNT
20001 Ootham Pundinq Co�ercisl Y 10/22/96 2,669,163.20 2,500,000.00 2,672,500.00 5.350 5.617 5.692 01/13/97 73
AVffiIA088 796�506.26
F&DHAAL AfiSt11CP I88U88 - COUP�
14003 I Fadeial 9ome Loan 8Mk 12/11/95 1�OOOr050.16 1�000�000.00 1�000�000.00 5.620 5.397 5.472 O1/02/97 62
16005 I PeAerel H�e Loen eenk 12/12/95 1,021,981.73 1,000,000.00 1,002,812.50 6.285 5.608 5.686 07/2B/00 1,365
14007 PeQeral Homa Loan emk SO/26/96 3�985�166.23 6�000�000.00 3,993�120.00 5.820 6.019 6.102 11/02/98 731
14001 I PaGaral flatioml Mortgaga A 12/12/95 1,002,366.72 1,000,000.00 1,000,312.50 5.650 5.386 5.661 10/YO/97 353
14002 I Federal Natlonal MorCgage A 12/12/95 1,069,272.19 1,000,000.00 1,060,000.00 8.450 5.877 5.958 07/12/99 983
16004 I Fadsrel Netional Mortgaga A 1Y/12/95 1,103,382.SC 1,000,000.00 1,089,375.00 9.050 5.6Y0 5.699 O6/10/00 1,256
_"'__'_"_'_'_" "_""'_""' "'"""'_"_' """__"'_" """ """ '_""
eU81VfAL8 and AVBIiA0B8 6,227,971.33 9,182,197.57 9�145,630.00
9�000�000.00 5.772 S.B52 780
PSDSW\L A(iffi1CY I88I1S8 - DIBCOUAT
15006 R Pa9orel Mortgaga Di�count N 09/13/96 396,610.78 600,000.00 397,520.02 5.33D 5.603 5.178 13/13/96 62
15000 A Reeolution PDO Coxp Pad Bk 07/07/92 539,165.68 733�000.00 706�BB6.B8 5.191 6.125 6.310 07/15/97 256
_"___________'__ ""'______'__ '_"____"'___ __'____"__"_ '__"_ '___" """
eUBTfYfALB end AVIIinOBB 2�525,227.87 933,776.26 I,lOd�606.90
1,133�000.00 5.820 5.901 166
TRBASUAY 88CUAITI88 - COUPQI
16001 United etatee Traasury 10/27/96 1�999�565.06 2�000�000.00 2�009�375.00 6.750 6.726 6.818 02/2B/97 119
16004 United etet.e Tx'eapuiy 12/12/95 386�870.26 385�000.00 386�915.00 6.875 5.235 5.308 02/2B/97 119
16005 Unitad 9tatae Tzaaaury 12/12/95 292�535.66 291,000.00 292,091.25 6.000 5.266 5.319 OB/31/97 303
16006 R Un1TeA Stetee Treaeury 12/12/95 688�661.21 486�000.00 685�048.75 5.875 5.261 5.316 OB/15/98 652
16007 I United 8tatee Traacuxy 12/12/95 S,OZ7,268.98 1,000,000.00 1,012,500.00 6.375 5.338 5.613 O1/15/00 1,170
16008 R United 8tetee Treeaury 12/12/95 674,602.39 665,000.00 668,501.56 8.000 5.279 5.352 OB/15/99 1,017
16009 I Un1Utl etatu Traacury 12/12/95 1�036�868.6Y 1�000�000.00 1,030�312.50 7.875 5.212 5.386 06/15/98 530
16010 I Un1tW 9tatae Treaeury 12/12/95 1,031,769.03 1,000,000.00 1,026,687.50 7.125 5.272 5.365 10/1S/9B 713
16030 A UnitaA Btet�c Trracury 05/03/96 SB8,532.93 190,000.00 19],196.BB 6.375 6.690 6.580 03/31/OS 1,611
16031 A UniteE Btatee Tzsaeury OS/03/96 696,139.29 500,000.00 505,781.25 6.375 6.690 6.580 03/31/O1 1,611
16032 A UnitaC Statx Tr�asusy OS/03/96 396�911.03 600�000.00 606�625.00 6.375 6.690 6.580 03/31/O1 1�611
16033 A United Stetra Tzeseury 05/03/96 268,069.66 750,000.00 252,890.63 6.375 6.690 6.580 03/31/01 1,611
16036 Unitad 8tata Tree�ury OS/31/96 1,998,532.38 7,000,000.00 2�010,000.00 6.000 5.967 6.050 05/31/98 576 •
16035 United etetes Traaeury 05/31/96 1�973�537.93 2,000,000.00 1,985,000.00 5.125 6.061 6.125 03/31/9B 515
16036 United etetme Trae�ury O6/26/96 2,976,882.21 3,�00,000.00 3,006,56Y.50 5.875 6.Y52 6.338 OB/15/98 651
16037 United etetea xraaaury 06/26/96 2,927,199.22 3,000,000.00 2,962,500.00 5.125 6.316 6.602 11/30/98 759
16038 unitad etetae Trwauxy O6/26/96 1,986,637.67 2�000�000.00 1�994�625.00 5.375 6.052 6.136 11/30/97 394
✓
_"___. ._... . . . . . . . ... . ._ _____ ... .... .._.. . . . . . .. ... . . _... ... . . . .... .
11/08/1996 ��- City of Pelm Wwrt � FM - •
INVS67}�IIP POR1Rr07,I0 DPPAII9 - IIIVSB'111�iT8 CITY
' OCf�ffit 31� 1996 ACCRIAIL
INVEBTl�Ml AVSWIGB PURCHA86 9TA1BD "' y'dA '_' 14ATUHIIY D71Y8
NUlIDHR ISBU6R HALRNCB DBTE BOO1C VALUB PACS VALUB MAAIQ�T VALUB MT8 360 365 D71TF TO MAT
__'_______'__'__"""'___"_"_'____"_'_"'_'___'__"""""_"_"__""""'_"_""""_"_"'_"'_"'_"_'_'_"_""_"__"'
TRSABURY BSCURTTI88 - COUPOl1
16039 United 8tetae Tzeasury O6/26/96 1,999,360.92 2,000,000.00 2,007,500.00 6.000 5.950 6.033 08/31/97 303
160d2 United 8tetae Treesury 09/13/96 1,976�17fi.83 3,000,000.00 1,986,250.00 5.125 6.068 6.132 02/2B/98 <86
16063 UniUd Stetee Treuury 09/13/96 2,007�860.26 2,000,000.00 2,010�625.00 6.500 5.593 5.670 Od/30/97 180
16066 I , Un1Ud BtetN Tiwuiy 09/13/96 1�005�299.94 1�000,000.00 1�006�730.00 6.875 5.668 5.563 03/31/97 150
16065 UnStsd etatw Traasury 09/OS/96 1�992�081.90 Z,000,000.00 2,013,125.00 6.125 6.270 6.358 OB/31/98 668
__'___"""_"" """'_'_"" """"'_"'_ _____________' '_"_' "'_" ""__
SUBTOTALB and AVffiU088 31�871�207.10 28�906�718.36 29,068,382.82
28,968,000.00 5.987 6.070 565
TRBABUAY 88CVRTTI88 - DIBCOUNP
17009 R UniLd Statea Txeaaury 08/26/94 223,059.23 275,000.00 256,179.69 5.453 6.162 6.268 02/15/98 471
AVSfiAC68 222,059.23
CITY L011N 70 ADA
12001 Aadwalopmaat 1lgancy-Loan 07/O1/95 19,000,000.00 19,000,000.00 19,000,000.00 5.538 5.662 5.538 07/O1/O1 1,703
AVBNAG89 19�000�000.00
""_"""'_"_"""_""""_'_'__""____'_"____'_"""_"____'_________'_"_"__""'__'__'__'
TUfAt invSea�Ta and Avc. ; 79,561,918.06 79,877,092.83
80,569�606.79 79�703,003.4� 5.689� 5.768{ 708
y
_ . _
. ___ .
11/OB/19% �� C1ty of Palm D�wrt �� PM - 5
Il1VSB7TI�IT PORI'FOLIO D8TAI7.6 -'G� CITY
' OC1G��i 31, 1996 71CCN�A�L
IqVS87TffiMl AV6A1�� PUACHl198 8TAT8D "' yyl "' MATURITY OI1Y8
NIMBSR I88USA BAL71NC8 MTS BOOR VALUS P11CB VALUF MARR4P VALUB AAT& 360 365 DATB TD !pT
_'_"""_"""'__"'_"'_"'_"'_"""""_'_""""'_"_'_'_"""""""""_"""""'_"_"___"_"""__'____""'_""_
PA88BOOx/CHBQCIPG ACCOUAI9
13000 Bmk of Amarica - Checking 260,2Y6.93 0.000 0.000 0.000
13002 Bank of lfmrice - 8evinge Y17,516.30 2.000 1.973 2.000
"'_"__"_"_ """"""" """ """
BUeTOPALB aaC AV�iA088 1�663�166.36 C57�757.81 0.937 0.950
Aecruad Intereet at Purche�a 300,817.60
"""__"__""""""""""""'_'_'_""'_""""""'_""""__""__"
1�7A'qT. CA89 ; 658�575.21
T02AL CABH and INV68T!ffiNT8 S 82,013,773.16 80,720�d93.25
�
______'. ... _.._ .._. . . . .._... . ..... .._.. _ ..__ .. __. . __._ ..._ . ..... ..
13/OB/18% Clty of Palm Mwrt � PM - fi
P(ritTPOLIO Mi18T8R IIIVB9TiffiIT ACTIVITIC HY TYPh CITY
' OCfOBffi2 1� 1996 - OClOHBA 31� 1996 ACCAUAL
BTAT� TA11N8ACfI0l1 PURCBA888 81V.89/IMTU1tITI88
TYPB IHV681M6NP Y IB8L8A AATE 17AT8 OA DSP08IT8 OR MIT�R71WAL8 HRL711PC8
'______'______'_"__'__"_""""_"__"'___"____'__________"""'_'_"_"_'____'___"'___'__'_"'__'__"'__'___"_""'____"_
PIDSLI7Y TRBABURY PWL (Nontsly 8u�aiy)
12006 PSdellty Iaetltutional Caah 5.170 31.00 �
12005 PiQelity Inetitutioml Gah 5.170 30.00
12006 R Pldellty Inetltutioasl Ga� 5.120
12007 Pldality Inetitutlonal Geh 5.120
12009 I Fidelity Inetltutloml Geh 5.160 135.00
12010 R Fidellty Inetltutloml Cae� 5.160 61.00
12011 Fidality Inetitutlonal Cse� 5.360
x2012 T FSAelity Inetitutioml Cn�h 5.1Y0 49�130.00
12013 A Fidelity Inetitutio`ul Cea� 5.120 532.00
12015 Fldality InetitutloNl Ceah 5.120 655,316.00
12016 I Fidelity Inttitutlonal CaM 5.120 267,660.00
12018 R Fidelity Institutional Cash 5.120 1,013.00
72019 FSCality Inetitutloml Ceeh 5.120
12020 I Pidelity Inetltutionel Caah 5.120 27.00
12021 PSEallty Inetitutional Caah 5.160 166.00
SY032 R PSAelity Inetitutioml Cash 5.170 199.00
12023 Pidelity Inetitutioml Caah 5.120 86.00
12024 Fldality Inmtitutioml Caeh 5.120 6.00
1Y025 R PSdellty Inetltutioml Caeh 5.120 319.00
1Y02'/ A PSdallty Instltutioml Ceeh 5.160 265.00
12028 R Fidelity Inetitutionel Cneh 5.120 655.00
12031 FSdelity Inetltutional Cneh 5.170 30.00
12032 Fldelity Inatltutioml Caeh 5.160
12033 Fidality In�titutioml Ce�h 5.160 68.00
12036 Pitlality Inetitutional Caeh 5.140 83.00
12035 Pidality Inetitutioml Ceeh 5.120 361.00
12036 FSdellty InatStutional Gsh 5.120 166.00
13037 Fidallty Inetitutionel Cae� 5.120
12039 FSdallty Inetitutlonel Cach 5.120 6.00
120d2 I Fidelity Inatitutioml Caeh S.lIO 152,5C2.00
1206d PSdellty Institutioml Ca�h 5.120 616�762.00
12013 R PSCellty Inttltutlonal Caeh 5.120 669.�0
12046 Fldrlity Inctitutloml Ce�h 5.120
120d5 Pidality Inetitutioml Caeh 5.120 1.00
12066 Pidallty Inetitutioml Cesh 5.160 303.00
BUBTOTALB md IIiDIBO HALI�NCH 157�a32.00 1,368,828.00 2�760,611.00
MRNAOSD POOL ACCOURT9 (Monthly 8n�ary)
12060 Pecific 8orizon Traeeuxy Pund 4.900
12061 Paclfic Horlxon Treeeury Pund 6.800
eUeTOPAYe Md BBDIPG BAL1UiC6 0.00 0.00 17,396.00
�
11/08/1996 ��� City oL Palm Mwrt � PM - 7
vo�oi,xo �usTsa nrvse�r �rvrrx s�r m�cpa cixr
' � OGTOBIDi 1� 1996 - OCIOHBA 31, 1996 11CCRVAL
BTAT� TRi1N81\CTIqi PUAC9A888 871L88/lA11R1ITI8B
TYPS I9V881NBFP R I88USA AATS DATB OA DHP08IT8 OA MIT�PIIWALB HPLAFCB
'__'___"_____'_'_'__"__"____'__'__"_""_'_______'_'____'_""'_"'_"___"'_'______'______'__"____'_""_"""'_""""""
LOCAL A08NCY I[rvBBDffiiT PUl�B (MonthlY 8u�ary7
12000 Lxal Ageney Invaetment PunE 5.587 6,077,588.50 6,000�000.00 16,09T,198.63
PABBBOOR/CI�CRI6o ACCOLNTB (Monthly 8u�ery7
13000 Benk of Amarlca - Checkinq 0.000 26,009.52
13002 eank of Americs - 8avingc 2.000 6,596,976.76 B,B50,000.00
BUHTOTALB mmQ 8NDI8G 9AL11NC6 6,59C�976.74 8�876�609.52 ' 0.00
CABH WITH TAUBTBS -FIA9T TAUBT (Monthly 8��nry)
24001 Caeh with Trvetao 0.000
2E002 Caah with Truetae 0.000
26003 Caeh with Trustae 0.000
26004 Caeh with Trustee 0.000
Y6004 Caeh with Trustee 0.000
2{006 CeaR With TxuBtae 0.000
26007 Caeh with Truatw 0.000
26008 Caeh with Truetee 0.000
26009 Cech with Truaiae 0.001
24010 Caeh with Trustw 0.000
SUBTOTALS anE &VDIPG 8AL1LLVC8 0.00 0.00 0.00
WIR�ffiItCIAL PAPSR - DIBCOUNT
20001 aotMm Funding Co�arciel Pepr 5.350 10/22/1996 Z,669,163.20 2,669,163.20
PHUBAAL A08NCY I88US8 - COUPON
16007 PeQarel 8oma Loan Bmk 5.820 10/26/1996 3�985�000.00 9,182,197.57
P8D8PAL A(iffiiCY 288US8 - DIBCOUNf
15003 Padaral 8oma Loan Bartk 5.320 10/21/1996 2,466�730.00 933�776.26
TR8i18UAY BEZUAITI&8 - COUPOS7 •
16000 UnitaA etetae Tzseauxy 6.500 SO/26/1996 3,999,216.05 78,906,718.36
!
..__.. . . _ .... . . . . . . . . . . . . . .. . .. . _.._ _.. . .. . .. _... ._. . . ..
11/08/1996 � � Clty of P�lm Wwrt � PM - 8
p0Al7TOQ.IO !M8'ffit INV8811RRP 11CTMTY BY TSPD CITY
� OCPOBBR 1, 1996 - OLROHER 31, 1996 ACCAUAL
BTATED TMNBACTS09 PUACH11889 8AL88/lATUAITI88
TYPS INVB8ITffiIPf � I88U6R AAT6 DAT& OR DBY08IT8 OR WI7"�77AAWALB H7ILAPCB
_"_"""'_"""_""'_'_'_"__"""""____'__'_"'_'_"'__'_"_""___""'_'___"""'__"""_'_"'__"""__"_'_"'_"__"
TRSABUAY 88CURITI88 - DIBCWNf
222�059.23
CITY LOhP 10 RDA
19,000,000.00
""""_""""""""""'_"""'_"__""""""""'_""_"""
10TAI,9 15,786�158.66 20�709�201.57 79�561�918.06
�
11/OB/1996 -� PM - 9
City o1 Pelm Wrrt ' CITY
' 2tN88'DffiIT ACTMTY BWRMRY ACCRUN.
OC10H6A 1995 L21LwgL OC10H8R 1996
YIBLD TO MATURITY MANI10@D NUMB6R OF NUt�IDBEt OP AVSR710S
MQi19 NUlIDBR OF TOTAL 360 365 POOL 68CURITI68 88CUA2TIEB AVBBAI� DAYB TO
HqD YSAR 88Cf1RITI86 INVSSTSD BQUIV SQUN AATB PUR�718EU M7�TORSD/8�D TSNN MATURITY
'__"""""""'_""'____'___""'_"_"""""""'__""""""""_'___'_""_"'___"_"""""""""_'
Octobrr 95 56 65,711,591.57 5.750 5.829 5.636 8 8 825 695
Bwm6ar 95 54 62�020�526.15 5.737 5.817 5.700 1 3 865 713
Dec�ber 95 68 71,636,895.19 5.689 5.768 5.602 18 6 905 752
Janunxy 96 66 86�486�412.75 5.662 5.720 5.162 2 6 766 618
Fabruary 96 67 75�923�193.33 5.626 5.702 5.135 4 11 B26 669
March 96 69 75�963�211.51 5.598 5.676 3.076 1 3 837 656
Aprll 96 le 75,277,B00.06 5.553 5.630 5.171 1 2 835 662
Mey 96 83 78,569,7Y9.59 5.571 5.668 5.175 7 3 853 663
June 96 87 86,019,131.72 5.665 5.766 5.177 S 1 858 670
July 96 87 B6,7B9,752.15 5.688 5.767 5.138 1 1 870 658
Auguet 96 79 81�992�276.25 5.665 5.726 5.096 0 6 871 657
8eptember 96 83 80�804�935.19 5.709 5.789 5.160 5 3 916 683
Octobar 96 83 79,561,918.06 5.689 5.768 5.122 2 2 918 708
"_'__""_"""'_"_"""""___""__'_""""""'_""'__"""_'_'__'_""_"'_"""__""
AV6PA(�8 76 S 77,133,613.31 5.B63i 5.7376 5.2566 6 6 857 676
I
_.____ . ..__ .. . . .. . . . . ....._ .. ...... ... ._____ ... .. _ . ..
11/OB/1996 � � PM - 10
C1ty of Ye]a MNrt " CITY
� DIBTRIHPPIOP OP IPV88'd�ffiIT8 HY 1YPB 11CCAVAL
OCIOBSR 1995 iEreugh OCTOHER 1996
Mp�g "_""_"""""__"""_"_______'_""'_'_" TYP89 tlP INV86'A18NTB """'__""_"_'_"__"""""""_'_"_""'
BIiD YSAR HCD 8m LA1 LT�2 Li15 PA1 PA2 M1N Hi1C CPI COM PAC P11D TAC TAO !IDl MCl
'__'__________'______'_""'_________'__'__'___'_'_"'_""'__'_"_"'_"____'___'__""""_"'_"""""_"""""'_""____"'_
October 95 17.5 6.9 0.0 10.8 0.8 29.0 6.1 28.9
Bwambar 95 18.5 7.0 0.0 8.2 0.9 30.7 4.1 30.6
DecemDar 95 16.1 5.9 0.0 5.7 7.3 0.8 33.3 3.5 0.9 26.5
Janmry 96 13.6 4.9 0.0 20.1 6.2 0.6 28.2 3.0 O.B 22.5
FeDruary 96 13.2 6.0 0.0 26.3 6.9 0.7 18.9 2.0 0.9 25.0
Macc� 96 13.2 7.6 0.0 25.1 6.9 0.7 18.9 2.0 0.5 75.0 �
April 96 13.3 7.2 0.0 24.9 7.0 0.7 19.1 3.0 0.5 25.2
May 96 9.6 5.2 0.0 25.3 6.7 3.B 2Z.7 2.0 0.5 2f.2
June 96 2.9 6.6 0.0 20.8 6.1 9.2 32.2 1.8 0.5 22.1
July 96 6.6 0.0 19.6 6.2 12.3 32.7 1.B 0.5 Y2.6
Augwt 96 7.9 0.0 20.5 6.6 9.7 31.6 0.3 0.5 23.2
eeptobar 96 S.0 0.0 19.8 6.6 6.2 60.7 0.3 23.5
October 96 3.6 0.0 20.2 3.1 11.5 1.2 36.3 0.3 23.9
_'__'___________'___'______'_"_"_'_"__""""_'_"""""""""""_"_""""""_"__"_"___"__"__"""_
AVSAAG&8 9.1i 5.8t O.Ot 19.01 0.29 6.Oi 3.5\ 2B.ei 2.2t 0.68 26.91
BCD - CertiLicetee of Depoait - Hank 8CD - Certificetw of Oepoelt - 8 6 L
LAS - PSAelity Treaeury Pool LA2 - Memgad Paol Accounte
LA5 - Local Agancy Imaet�ant Punds PA1 - Paaabook/CMcking Accounts
PA2 - Cash wlth TruaGa -Firet Truat t� - Medium T�rm Not�e �
HAC - Hankere Acceptanroe CPI - Co�arciel Papar - Int�r��t Bsezing
COM11 - Co�siCiel Papei - DSeCount FAC ^ Patlaiel AqanCy Iuuae - Coupon
PI�D - Padarel l�gency Iesuae - Diecount TAC - Trwsuiy eacuiitioe - Coupon •
TAD - Traeaury ewurltiss - Diwount �lID1 - Tr�seury�ereurltios - T-BS1L
MC1 - Clty Lonn to RDA
/�
... __.. .. __. .. . .. . .. ... .. . . . . .. . . .. . . ._. ._... . .... ._._ __.. .. .
11/OB/1996 � PM - 11
CSty oL Palm D�wrt � �ITy
� IFfBRBBT 6111QIIP08 BIDRAi1NY ��p�py
OCPO�ffit 31, 1996
M041TH BNDING FIBCAL
OCP�BR 31, 1996 YSAR 10 D11T6
CD/Coupon/Dlccrount Invsstmnte:
Iatarut CollrcteA = 153,922.37 S 791,197.83
PLUB Acciued Intezect at HnA of PerioQ 2,733,693.62 2,233,693.6]
L889 AccruW Inierest at Baginning oi Parlod ( 2,OB2�588.39) ( 1,781,128.00)
_""_"""__"" "'_'_"""""'_
Inteiest &arned during Periad S 305,027.60 1,263,763.25
ADJUBTBD by Prwmlume and Discounta -3�)01.80 6O iY12�697.99
ADJUBTBD by Capitel Oaine oz Loesee 6,223.65 6,223.65
""""""""" "'_""'__'_"_"
8arnings during Pariod 305�569.05 �; 1�235�688.71
Mostgag� BackaA eecurltiae:
Intereat CollactaC ; 0.00 ; 0.00
PLUB Accrued Intazaet at SnE of Pez1o0 0.00 0.00
L888 ACCivad Interaat et BegiMSnq of Pariatl ( 0.00J ( 0.00J
"___"'___"""" '_""_"_"'"""
Iatara�t Earnatl Euring P�riod ; 0.00 0.00
11WU8T8D by Premiume md Diecounts 0.00 0.00
ADJU8T8D by Capitel oeins or Loseae 0.00 0.00
""_""'_"""' """""""'_"
Barninga auriag Par1oQ 0.00 S 0.00
Cseh/Chacking Accwntr. .
Intareet Colloetad ; 232,563.Y4 ; 5{3,787.87
PLIIe AccrueE Intereet et BnC of Perlod 382�770.66 382�770.66
� LB98 Tecrued Intezest et Beginning of Pec1oE ( 520,397.29) ( 560,313.89)
""""""_'_"' ""__"'_"'_"_'
InLazoat 8arned du[Sng Pariod S 96,936.59 ; 385,706.6Y
TOf11L Interat 8ernad Cur3aq Periatl y 399,963.99 ; 1,629,507.87
TORHL Ajuatment� fram Pramivma end Mecounta S -3,701.80 = -12,697.99
TOTAL Capitel asine or Loseee = 4,223.�5 i <,223.{5 '
. _""""'_"'_"'_ "_"'_"_""""
10TAL 8arninge CurSng P�r1oC ; 600,d85.6{ : 1,6]1,733.33
�/
11/OB/1996 --� 11��ro�nt DS�iriet 83-1 p�,� _ _
IIIVSBTlQPT POA1T07�I0 DSTAILB - IIIVB9'dffi7TB CI1Y
OCTOHBR 31, 1996 upy�,
INVBBTl�NT AVSAAf� PUACBABB 9TAT6D ___ � __' MAITINIIY OAYB
NWIDffii I88USR H.1L7J7CE DATB BOOR VALUS PACB VALUS MARRHT VALUE MTE 360 365 DATE Tp MpT
"""_'_""'__"""""'_"""_"""""""""'_"___""""_""_"'_""""""'__"""_"""""_""'_"_"""'_"'
PIDBLITY TIiS118UAY PODL
13027 A Fidelity Iaetltutloml Ceah 65,127.00 65,127.00 65,127.00 5.160 5.070 5.160 1
12036 PSdellty Inetltutloml Cae6 192.00 192.00 192.00 5.160 5.070 S.1d0 1
__"_"""""" """"""" """"""" ""'_"""" "'_" __"'_ ""'_
BUBTdfALB and AV8RAG88 66�982.23 65�319.00 65�319.00
65�319.00 5.070 5.160 1
_"_"_"'__'_"""""""""""""_""""_"""'_"'_"""""__'_'__"""'_'__'_"""""
TOTAL INVEB�ffi7T8 aM AVG. j 65,319.00 65�319.00
66,982.73 65,319.00 � 5.070t 5.160! 1
� �
11/OB/19% . ��� 1Wr�Mnt DS�tslot 83-1 � p�,� _ 3
I11VB8�ffi7T BOATlOLIO D8171ILB -�G89 CIT1[
�CP0H8R 31� 1996 M.��
INV887T16NT AVBIIA� PUACBAeE
BTATSD __' y�y{.� "' MATURITY OAYB
Al1I�IDt I88USR HALANCB DATB BOOIc VAL[IE FACS VALVB MARimT VALVS AATB 360 365 W1T8 TO 7471T
""""'_'_"_"'____"'_'_""__""'__'__"_"'_""_"'_'_____"'____""__'_"'_'_"___"'_'___'____'___'_"'_'___"'_"_'_'
CABH WITH TRU8TB8 -PIABT TAUeT
26002 Caeh with Truatae 0.77 0.000 0.000 0.000
AV8FA088 0.77
_"'_""'_""_"""_""""""""""""_"""_""__""'__""'__""""'_""__""___""'_
TOTAL CAeH and INVBBTl�ATe S 66,983.00 65�319.77
_ ___ __ _ _
( 3
11/08/1996 �- 1995 A�funding HotW� e{-1'R � . pp� - 2
INVE9TlRNT PORTPOLIO DYTAII,S - IIIVRBDffiIT8 �=1y
OCP�BR 31, 1996 ���y
INVE8ITffilPl AVSIURB PUAC�86 e�ygp "_ yqq _'_ IM11fRI17 D71Y8
NIIMBBR I88U8[t BALM7C8 DA78 B001C VALUB PACS VALUS lAAIBT VALUB RATB 360 365 DATS TO IMT
"__"""_"__'_""__""____"'_"__""""__"""_'_""""'___"""""""'__""'_"'_""_"""""_"_""_"__""'
PIDBLITY TASMUAY pOOL
12025 R PSdelity Inetitutloml Ceeh 86,668.00 86,668.00 86,668.00 5.120 5.050 5.120 1
12035 Pidality Inetitutioml Caeh 790.00 790.00 790.00 5.120 5.050 5.120 1
""__'_"""'_' _""'__'__"' """_"'__" """"__"" '_"" "_'_' "'_"
9UBTOT.ILe antl AVSPA088 86�619.29 87�258.00 87,258.00
87�258.00 5.050 5.120 1
77i8AeUAY 88CUAIT;Ha - COPppN
16032 A United 8tatae Treaeury 05/03/96 396,911.63 600,000.00 d06�625.00 6.375 6.690 6.580 03/31/O1 1�611
AV8RAq88 396�882.67
"_'_"_""""_""__"""'__"_"""""""'_""'"""__"___"_""_""""'_"_""""_'_'
TaTu I���'�TB end aVG• S 686�169.43 691�883.00
4B3,501.96 dB7,258.00 6.231t 6.3178 1,321
/ I
_. . ..____ . . . . . . ... . .. . _.__. . ..
11/08/1996 � 1995 A�tundinp eo�� 86-1-R g,� _ 3
. I11VE9'D�iT ppIIC!'pyIO DETAILB ' 'G8H CITY
OCTWSR 31. 1996 �p��y
IPV881T16NT AV81U08 PUAC97188 BTATSD "' y'd4 "' W1ISIRIIY D11YB
PUlIDffit I88USR BALANC6 DAT& HOOA VALUS PACS VALUB MAAREL VALVB MT8 360 365 071T8 TO W�T
""""__"_""__"""""""""""_""_""""__""_'__"'______""""'_____"'_"_'_""_""_"""""""_"'_""
G8H NSTH TRUB'�6 -PIABT TRUBT
26001 Cu� wlth Trvstr 1.12 0.000 0.000 0.000
A�� 1.12
_"_""'_"""_"'_"""'_""""____"""""""""""'_'_""__""_"'_"_""'_'__"""_"'
TOEAL CA89 end INV881Tffi9T8 S dB3�503.08 dB6,170.55
C�
/ J
__.._ . . __. . .. .. . . . . . . .... ... _ ._._ __. .. _ -__ ___... ... ._._ ... .... . .
.. . _.._____._.. .
21/OB/19Q6 11D 87-1 -
PM - 2
� IIIVB8IMIIT MKi1T07,S0 DHT11f79 - INVEB'DmIT9 CITf!
OC1OHIDt 31, 1996 �pppy
IPV881TffiNT AVSIUf� PUAC�� e'ATBD _" y'IIA '_' lf11TURIIY DAYB
PUlIDBR I880SR HALILLPCB OA1B 8004C VffiUB FACS VALUB IMAl�T VALUS MT8 360 365 D11TB TO 14PT
_"""__""__"____""_"'__"_'_"'__'_'_____'____'_""_"__""""'_"__"""__"__""""""__"""_"_""""_'_"'_
PIDBYITY TAYneVRY IIOOL
12028 A PSA�llty Inetitutional Cash 165,7Y6.00 165,726.00 165,736.00 5.120 5.050 5.120 1
12036 Pidality Iaatltutlonel Ceah 339.00 339.00 339.00 5.120 5.040 5.120 1
"""_"_"""_ '_"""""_' ""_'_"""' '_""_"""_ "_"' '_"" ""__
8U81Cri'ALB md AVffiiAOEe 16S,2B9.86 166,065.00 166,065.00
166�065.00 5.050 5.120 1
MANA� POOL ACCOUIPfB
12040 Paclflc 6orizon Txaa�ury Pu 656.00 656.00 656.00 6.900 6.833 4.900 1
12061 PecSfic 6ozlzon Treacury Pu 16,738.00 16,738.00 16,738.00 C.800 6.736 4.800 � 1
"""'_"'_"_" _""""""""' "_"""""' "'_"""""' "_"_ """ '_"'"_
8UB'fOTIILS anG AVffiUG88 17,396.00 17,396.00 17,396.00
17�396.00 6.738 6.806 3
__'_"__"__"""'_""""""'_"""_"_""""'""""""__"_""'_'_'_"_'"'""""_'"""'"'
TOR'AL INV88'dffiiT8 eM AV6. s 183,�59.00 SB3,159.00
182�683.86 183�659.00 5.0201 5.090E 1
��
31/08/1996 ���- Ap 8�_I � PM _ 3
INVB99ffiIT PORPPOLIO DHT11IL8 -�GBH CSTY
� OCf�IIt 31� 1996 ��q�,
INVS87T16NT AV8RA08 PUACHABS BTATHD "' y'A1 "' MATURITY UAYB
NUlIDffii ISBUSR BLLAPC6 DATB gpp1C VALUS PACB VALUB MAAIQ�T VALU6 MTS 360 365 DATS Tp M71T
""""""_"__"""'_"_"__""_""""""_""""_'_"__""""""_""""""___""""'_'_""_""""""""'_"
CA9H WITH TAU8TE8 -FIABT 11tU8T
26009 Cesh wlth Trv�tM 0.57 0.001 0.001 0.001
AVBItA088 0.57
""""_"""""_"_"_""""""""""""""'_"""'_"'_"'_""""""_"""_""""'_"
TdPAL CABH end INV&BTl�NTB S 182�68C.61 183,659.57
� /
il/08/1996 ��- Indian A1Aq� 91-1 e�rir 71 pM _ q
INVB9TlRIIL PORTPCII1I0 D3TAIL8 - IIIV88'D�ITB �=Ty
OCP�ffit 31, 1996 ���y
IPV881Ti69f AVSMG6 PUAC�1� eTATBD '_' y1H _" NAIVRITY DAYB
��� ZID�� HAL7ft7CB D71T8 80C#C VaILUE YACS VALUg Npp1C8T VALUS AAT& 360 365 DAT6 Tp W�T
""""""'__"""___'__""""""_"""'_""'_"""""""""""""""""""""""__"""""'___'_"'_""""
PIDELITY TAEABURY IIOOL
12015 Fidel�ty Inatitutioml Ce�h 562.00 562.00 562.00 5.120 5.050 5.120 1
12016 I PSdellty InatStutioml Gch 738,556.00 738,556.00 738,556.00 5.120 S.OSO 5.120 1
12022 A Pidallty Inetltutioml Cnah 59�323.00 59�323.00 59�333.00 5.120 5.050 5.120 1
"'_""""""_ """"""" _"_""""" _"""""'__ ' """ "'_" _"'_'
eUBTOfALB and AVBRAOB9 1,672,OS6.B1 798,621.00 798�621.00
, 79B�621.00 5.050 5.120 1
FSDSAAL AO&7CY I88US8 - D28CWRf
15000 A ArolutSon FDO Cbrp Fd ek 07/07/92 539�165.68 733�000.00 706�BB6.88 5.191 6.125 6.210 07/15/97 256
A7SMCIFS 539,165.68
TRBABUAY 88CUAITI86 - COUPON
16031 A Unitad Btetae Treaeury 05/03/96 696,139.79 500,000.00 505,781.25 6.375 6.690 6.580 03/31/01 1,611
AVffitA06S 696,103.34 .
"__"_"""""""""""_""""_"_"_""""""'_"_"_"_'_'_"'_"""_"""""""""
7'OfAL INV884fffiiT8 and AV6. : 1,833,775.77 2,011,089.13
2,707�325.63 Z�031�621.00 5.756t 5.8361 512
! �
___._.. .__._.....__.. . . .
. .. _.. . . .. . . ... . _ . .... .. ...__. . ..... .
11/OB/19% - � InAiea RSAgs 91-1 Nrir A p�y _ y
. IAVS89�1'P pORTpOLIO D8T11ILB -'GDH CITY
OCfOHBR 31, 1996 p���y
INVE8IT�IPf AVSHA08 PURC9118B BTA7'6D "' yyM "_ IQ79RiI17 DAYB
NUlIDIDt Z88UER BALANCB OAT6 HOO1C VALUE PACB VALUS M71RRSl VALUS MT8 360 365 DATE 1U 1MT
""'_"""""'_'_'_"'__"'_"""__'_""_"""'_""""""'_""""""""""""""""""'_"_"""""_'_""""'
CABH WITH TRU8T8H -PIABT TAUeT
2C006 Cuh with Tzuetse 1.37 0.000 0.000 0.000
AV8M68B 1.37
""""_"""""""""""'_""'_""""'_"_"""'_"""""""""""_"""'__"""_"'__
To'PAL CA89 anC IAV881TIDNT8 : 2�707�327.00 1�833,727.16
l �
il/08/1996 Indlen R1Aq� gl-1 6rrlr e pM _ Z
. INYE61T�N1' PmiTPOP.SO DBTIIILB - I11VB9'➢mITB CITY
. OCfOB�i 31� 1996 ��µ�p7,
INVSS1T�Nf AVHAAaS PUPCBA88 gTAq'gp "_ yaq "' lU�1vRITY D71YB
NUlID�t I88IBR HAL71NC8 DATB gOm( VffiU8 PACB VALUS MMICST VALUS PATg 360 365 DATB 10 MpT
""""'_""""""""'__"_""'_"""'_"_""""""""""""'_"__"_'__"'_'__"""'_""""""'""""_""_"__
PID6LITY TRBABURY POOL
12062 I Pitlelity Inetitutional Cas� 700,881.00 700,881.00 700,881.00 5.120 5.040 5.1Y0 1
12063 Yidelity Inetitutioml Ceah 50,366.00 50,364.00 50,366.00 5.120 5.050 5.120 1
12043 A Fidality Inetitutlonal CeM 166,786.00 166,986.00 166,786.00 5.120 5.050 S.lYO 1
1206C PlOellty Snetltutlonal Caah 0.00 0.00 0.00 5.120 5.050 5.120 1
'_""'__"""" "'__"'_"'__ ""_""""' """'_""" """ _'____ ""'_
BUBTOTI�LB antl AVffiiA(iS8 1�173�079.71 918�011.00 918�011.00
918�011.00 5.050 5.120 1
PSDSPAL AOSNCY IBBVEB - COUpOP�
16003 I PmCeral H�r Loan Hank 12/12/95 1,000,050.16 1�000�000.00 1�000�000.00 5.620 5.397 5.672 O1/07/97 62
14005 I Padaral H�e Loan Hank 12/12/95 1�021�981.73 1�OOO,D00.00 1�002�812.50 6.Y85 S.60B 5.686 07/28/00 1,365
16001 I PaCecal Bational lbrtgage A 12/12/95 1,002,366.72 3�000�000.00 1,000,313.50 5.650 5.386 5.661 10/20/97 353
14002 I Fadarel Batioml lbrtgaqa A 12/14/95 1,069,27T.19 1,000,000.00 1,060,000.00 8.650 5.87'/ 5.958 07/12/99 983
16006 I PeCazel astio�ul Mortgaga A 12/12/95 1,303,382.56 1�000,000.00 1,089,375.00 9.050 5.62� 5.699 0{/10/00 1,256
"_'_"_""""' "__"_"__"' '_"""__"" """"""" '_"'_ "_"_ __"_'
BUB1rilALs enC AV�GSB 5,199�560.97 5,197,053.36 5,152,500.00
5�000�000.00 5.582 5.660 B17
TN6�eURY SBCURITIBB - COVPON
16000 Uniiad etatac Traeeucy 12/12/95 386,870.26 385,000.00 386,925.00 6.875 5.235 5.308 02/28/97 119
16004 Vnited etatu Tteaeuzy 12/12/95 292�535.66 291�000.00 292�091.25 6.000 5.266 5.319 OB/31/97 303
16006 R UnitaE 8tatp Traaaucy 12/12/95 688,�01.21 686,OD0.00 6B5,058.75 5.875 5.261 5.316 OB/15/98 653
16007 I United 8tates Trasoury 12/12/95 1,027,E6B.98 1,000,000.00 1,012,500.00 6.375 5.338 5.613 O1/15/00 1,170
16008 R Unitad 8tatea Txaesury 12/12/95 676,602.39 I65,000.00 168,501.56 8.000 5.279 5.352 OB/15/99 1,017
16009 I UniteA etetee Treasury 12/12/95 1,036,Bfie.62 1,000,000.00 1�030�312.50 7.875 5.212 5.286 04/15/9B S30
16010 I unitad etatae Txaeaury 12/12/95 1,031,769.03 1,000,000.00 1,026,687.50 7.125 5.174 5.365 SO/15/9B 713
16066 I Unibd Stataa Traetury 09/13/96 1�005�299.96 1�000�000.00 1�006�250.00 6.875 5.468 5.863 03/31/97 150
"_'_"""'_"" ""_""""' """"_"'_' '_"""___"' ""_' """ ""'_
BUBTOTALH mmd AVIDNG88 5,746,838.29 5,761,655.89 5,706,326.56
5�605�000.00 5.301 5.375 63I
_""'_"""_""""""""""'_"'_""_"_"""""'_____"_""""""_"""__"_"__"__'_
TOTIU. IPVSeaffiPf8 and AV6. f 11,856�530.23 11,776,837.56
12,117,678.97 11,523,011.00 5.�OSt 5.6BM 660
Z�
_ _
_ _
�1/OB/19% .... Indi�n Aitlq� 91-1 B�riM H pµ _ 3
I11Vi8'�ffiI'P POIa'FOLIO D8T11IL8 ' CJ19B CITY
OCl�ffil 31� 1996 �Qy�qy
I11VS8Tt�9T AV8AA68 PUACHABB BTATSD "_ yg1 _" Mi11VAI7Y D11Y8
NUAIDffii I88USR BAL71PC8 D.1Tg gpmC W1It,(�g PACB VALUB M71AICe�f VALUB RA1B 360 365 DATS 1p M�1T
"""_""__"_"""""'__""""_"'_"""""""__"""""_"""'_"_"_""____"""""_"'__'_"_""""""'_""
GBH NITH TAUBT88 -FIRBT TRI78T
26010 Cuh wltl� Truet�s l.bt 0.000 0.000 0.000
. AVSPAG88 1.62
_"""""__""'_""'_""""_""'_""""""'__"'_"""""""_"__""""""__""'_'_"_"
7'OTN. CABH anE IAV8BITIDIIT9 S 12�117�bB0.39 11�856�5Y1.65
zl
__ ___ _. _ _ _
11/OB/1996 � Bi�na Awa 93-1 � pM _ _
� II17801fBRl PGRTlOP.IO DETAILB - IKVYBII�ID118 �Iyy
OCPOHBR 31� 1996 ���p�y
INV68TM6Nf AVSP11� PUAC9A5ffi . eTATBD __' yqq '_' WINRITY DAYB
NUDIDSR I88USR BAL11PC6 MT& HOmC W1LUE PACB VALUB MAA1(SP VALVS PATS 360 365 DAT6 1V !AT
_"'__'__""_"_""""_'___""___"__'_'__"__'_""_"'____"_""__'___"_"_"_______"'____""'_'__'_"'__"_"_"_"""
PIDSLITY TAE118URY POOL
1200C pidallty Ia�titutioml CaM 51.00 51.00 31.00 5.170 5.099 5.170 1
12005 Pidality Inetltutioml GM 69.00 69.00 69.00 5.170 5.099 5.170 1
13006 R FSA�lity INtltutlonal G�h 9,586.00 9,586.00 9�SBC.00 5.120 5.050 5.120 1
12007 Pid�lity Inetitutlo�l GW 75.00 75.00 75.00 5.120 5.050 5.120 1
120a5 PSQolity Iactliutloml GM 180.00 180.00 180.00 5.120 5.050 5.120 1
""'__""'_"'_ ""_""_'_" "'_'_"_""' ""_"_"'_" '__"' """ "_"'
9UBTOfALB end AVffiUOBB 9�879.00 9�939.00 9�939.00
9�939.00 5.050 5.121 1
TASABUAY BHCVATTIEB - NVPdI
16033 A Un1tW 8tatae Treseusy OS/03/96 248,069.66 250,000.00 Y52,B90.63 6.375 6.690 6.SB0 03/31/O1 1,611
A�4� 268�051.67
""""""""""""""'_......""""__"'_"""_"""""""""_"_""'__'_'__""'__"'_"
70TAL INV68Dffi7T6 anE AW. S 258,008.66 262,829.63
257,930.67 259,939.00 6.{35t 6.52N 1�SI9
Z Z-
� il/08/3996 � 91�a� iwa 43-1
PM - 3
, IAV89'dffiCT POIG'PDLIO DST11IL6 ' CA9H CI77
� OCTO�ffii 31� 1996 ]�Q�ipU,
INV89T!ffiNP AVBAA� PURCeABS BTIITSD _" y7M "' NA711RI1Y 071Y8
MR�HR I88U8A BAL71NC8 D71Tg gppE yAi,Og PACB VALUB Mi1Wt8T VALU6 AATS 360 365 DATB TO M�T
"""_"'_""""__'_"""""_"_"__"""'_""""_"___"'__""""_"""'_"___"""_""""'__""__'_""""_""'
CABH NITH 1RU8'1'38 -FIRBT TRUBT
26008 Cuh vitR Tru�t.�a 2.8{ 0.000 0.000 0.000
AV8IiA68B 2.86
Accxvod Intarast at Purcha�a 1,001.56
_"""'_"""""'__"""""'_"""_'_"_"_""""'__""__""""""'_
T�u �e ; 1,00{.38
TOfAL G8H and I11V887TffiNTB ; 257�933.51 Y59�013.02
�
11/OB/19% � eip Born 9{-1 pM _ _
I11V89D�IT POR7ROLI0 DETASLB ' INVE89ffiP1B CITY
OCNHffit 31, 1996 �QZ�pU,
IAVS8IT�Y'P AVffiUf� PURC9A88 BTATSD "' y'd4 '_' M1�TUAITY MYB
NUMBBR IeBUSIt H71L7LLPCB DATB BOOR VALUB PACB VALUB Mi1ARSf VALU6 AATB 360 365 DHTS 10 MpT
__"'_"_""""""""""""_"_"_'__"'__""""_'__'__""___""""""'_"'___'_""""_"""""'_"_""""'_""
FIDSLITY TRS718UltY IIOOP.
12018 R PiAelity Inatltutloml G�� 63,901.00 63,901.00 63�901.00 5.120 S.OSO 5.120 1
17019 lidality In�titutionel G�h 98.00 98.00 98.00 5.120 5.050 5.120 1
12020 I FSdality Inetitutioml Cseh 6,918.00 6,918.00 6,918.00 5.120 5.050 5.120 1
12031 Fidelity InatiCutloml Cas� YC1.00 361.00 261.00 5.160 5.OB9 5.160 1
"_"""""__" '__"'__""" _"""_""" "'_""""" '__"' '_"__ _"'_'
BUeTOfALe aad AVSpAG88 70�010.26 71�158.00 71�158.00
71�158.00 S.O50 5.120 1
PSDBPAL AGHIaCY I88U$B - DIBCWNT
15006 R Pedaral Mortgaga Dlacwnt N 09/13/96 396,610.78 600,000.00 397�520.02 5.330 3.603 5.678 12/13/96 62
AV�tAeSe 39A�610.78
TAB118UAY BHCUAITIEe - DIBCqRPf
17009 R UnitW etetu Trwury OB/26/94 222,059.23 275,000.00 256,179.69 S.C43 6.162 6.268 02/15/98 C71
AVSR71668 272,059.23
'__"__""""""""""""'_"""'""""'""'_'_"__""""_"""___"_'__"__"_"""""""
TOfAL INVSSD�iTB end AVG. S fi87,828.01 736,857.71
686,680.27 7�6,158.00 4.612f 5.6B9i 176
s
Z�'
.._. ..... .. . . . . . .. ... . . .. .. . _. . . . .. .
11/OB/19% -.. Hlq Born 9h1 � pp _ 3
� IIN78'➢mIT p01lCPpLIO D3T112L8 ' G8H CI1T
OC1V�ffii 31, 1996 u�p{�N,
INVSBRR�@IPf AVsal�oB YUttCeA� gTAPgp "_ y'IIq "' 1M111AIT7[ DAYB
ll[IlIDSR 298U8R H.U,ANCe 011TB BOOIC VALUB YACS VALUB NAPRSf VALUB AAT6 360 365 DAT6 1�p MpT
""_"_""""'_'_""'__"_""_"_"'__"_"_""'__"""""""'_"""""'_""'_'_"_"'_'___"_"_"_'_""""""'_"
CABB WPl9 TRU81B8 -PIABT TAUBT
26007 CeoA vlth Tru�tw 1.10 . 0.000 0.000 0.000
AVBN80S8 1.30
'_"'__"""""'___"""""""__"""""""'_"__"'__"'_""""'__""_""""""'__"""'
TOTAL CA89 and IPV88T!ffiVT8 : 686�681.37 687�8Y9.11
__ .__ _ __ __
Zti
_. __
}7/OB/1996 DmL�rru� 9�-7
PM - 2
� IN7E91}@IPP POA1ROf,IO DST11IL8 - TAVBBd�ffi!TB CITY
OCPO�Eit 31� 1996 �Qy�py
INVBBTMENP AVSMOB PURC�BB 8171'l8D '_' y7T1 "' lATIiAITY MY8
NUPIDBR I88USR � HN�ANCH OAT6 BOOIC VALUB FACB VALUB M71AR8T VALUB RATB 360 365 DA18 Tp !pT
"_""'_""""'_"___"""__'_"'__"'__"_"'_"'_"'_""""'_""_""""_"""""""""""_"""'__"""""""'
PIDBLITY 1RiB11BUAY POW.
12009 I PSAelity In�tStutioml Gah 33,712.00 33,712.00 33,712.00 5.160 5.070 5.160 1
12010 A Yidollty In�tltuiional Ca�� 16,672.00 16,672.00 16,672.00 5.1C0 5.O10 5.160 1
12032 PSC�lity Inetitutional CeaE 3Y.00 3Y.00 32.00 5.160 5.070 5.160 1
12033 pidaliiy In�titntlonal Cs�h 80.00 80.00 80.00 5.1�0 5.070 5.160 1
"'_""'_'__"__ """"""" """""'_" ""_"_'_"_' "'_" """ """
8V81VfAL9 md AVEHA088 68�079.23 68�296.00 {8�296.00
68�296.00 5.0�0 5.140 1
TAFJfBURY BBCURTTI88 - COUPpqi
16030 A Unitad 8tet�s Tzoe�ury OS/03/96 1B8,532.93 190�000.00 192�196.88 6.375 6.690 6.580 03/31/O1 1�611
AVSqA088 188�519.27
"_"'_""'"""'_"'_"'"""__"'_'"'""""'""""""""""""""""'"""'""'"'"""""_""'_""'
TOL71L INVSeIIffiIT8 enC AVfi. i �36,828.93 Y�0,692.88
336,598.50 238,7%.00 6.200i 6.787i 1,Y83
Z�
11/oe/1Bs6 �� 9uns.rz.c. ss-a _.
PM - 3
� IIIVB99ffiIT PORROLIO DBTAIL9 - CABH CITY
OCYO��i 31� 1996 �p��y
INVE8ITffiNT AVffi1i1f� PUAC�186 9TAT6p "' y!Qd "' Mi1NAITY OAYB
NUMBBR I88USR eALANCB DATB 8008 VALUS FAC& VALUS MpAl�'f VALUS PATS 360 365 DATS 7p !pT
""___""_'__"'__""'__"_""_"'_"_"""'__"""""'_"""""'_""""_""""""""_"'_"""__"""__"""_"
CL89 WITH TAUeTSB -PIRBT TAl/9T
24006 Ceeh witR Tsustas 1.77 0.000 0.000 0.000
AVffitAe89 1.77
Accrued Intare�t at Puschaea Y61.17
'____""""'_"___"_"""__"""""'__"_"'_'__""'____'_'_"_""'___"
1VfAL CA88 ; 762.94
TdPAL CABH and INV88Tl�Mfe S Y36�600.27 237�591.87
Z�
11/OB/199b � . . . M�t�no 9{-7 -.
PM - 3
. • IIIVB8IT�FT PC11�07�I0 DETAILB - IPVB9DffiITB �yy
OClOB&t 31, 1996 u�g�py
INV8�1'flfEkT AVEMOS PUAC6R88 BTATaD '"' y7M _" M117[IRITY uAYB
��� 1�� HAL11NC6 DATS HOOA VALUB PACH VALUH AIqRRET VALVB AAT6 360 365 OAT6 TO IMT
""""_"'_"'_""""_'__""""_"""""""'_"_""""__"'__""""'_'__"""_"'_"'_"""_"__"_'__"""__""'
YIDffi.I1Y TASMURY POOL
12011 Pidality Inatiiutioml Geh 18.00 SB.00 18.00 5.160 5.070 5.160 1
12012 I Fidality Inetitutioml Gah 385,677.00 385,677.00 385,627.00 5.120 5.050 5.120 1
12013 A Fidelity Inetitutioml Caeh 126,972.00 1T6,97].00 126,972.00 5.120 5.050 5.120 1
12031 Fidallty Inetltutionel Ceeh 12,009.00 12,009.00 12,009.00 5.170 5.099 5.170 1
12037 Pidallty inetitutlonel Caeh 19.00 19.00 19.00 5.120 5.050 5.120 1
""'__""__"'_ """__""" ""_""""' "__'_"""" '__"' "__" """
BVBTOTALB utd AVIIiA088 569��Zfi.96 S7Z�465.00 522�645.00
522,665.00 5.051 5.121 1
__"'_"___"'_"'_"""__"'_"""""_""_"'_""_'___'__""'_'_""__""'_'_"_""_""""
TOTni. I11v88v�iTe pnd AVO. = 522�665.00 522�665.00
569�626.96 537�6<5.00 S.OSli 5.121t 1
Z�
_ . ..__'__.__ _ _ ... . . . .. ....... . ._ .. .___. .__ __._. ._.____ _. . .
11/08/19% ... INr�no 91_] � pN - 3
xxvasa�x eo�roLxo uarAue -'cue cirx
OCTOHSR 31� 1996 uCR�p{,
INV88TMBPT AVBAA� PURCH1198 8TAT8D "_ y7M "' MAIVRITY 071Y8
PUPIDBR I88IlSR HALANCB MT6 BOOR VALUB PACS VALUB MpPRGT VALVS AATS 360 365 DAT6 1b IMT
"'__""""""_"""'_"'__'_"_"""""_""__"_"""""""'__""__""_""""_""""""""""""_'_""_"'_'
G89 WITB T(IU8T66 -FIReT TAUBT
26005 Cu� wlth Truttw 2.77 0.000 0.000 0.000
AVffitAOBB 3.72
'__'__"""'__""'___""""""__""""'_"'_""'_""""""""""""_"'_"""""""'__'
TOTAL CA9H and INV881T�IT8 S 569.129.66 522.667.�Y
21
11/OB/19% -� 9S A8V BBDx 83-1, 81-1-A, 87-1 pM _ �
, IIN881l�IPP POQt1ROL20 DSl11IL9 - IINS99�T8 CITY
OCTOBOt 31. 1996 u�pWy
INVSBT!ffiMP AVBPA� PUACBA86 BTATBu '_' y� _"' MAIVRITY DAYe
PUlID&t I89U61t BALAtlC6 pATg HOmC V11LU8 FACB VALIB M71P1C8'f W1LU8 AATB 7(W 365 071T8 TO tMT
____"""'__"_"'_""_'_""__"_""'_"'_"'_"""""""'_""_"""______"""""""""'_"""""'_'_""""_""
FIbBLITY T1�I�8UAY PooL
12023 Fidelity Inmtitutional Cesh 21,613.00 21,613.00 21,413.00 5.120 5.050 5.130 1
1202C FiQellty Inetltutloml Caah 1,390.00 1,390.00 1,390.00 5.120 5.050 5.120 1
12039 Pidallty Inetitutio'ul Geh 118.00 118.00 11B.00 5.170 5.050 5.120 1
1Y046 Fid�lity Inetitutional GM 30,578.00 30,578.00 30,578.00 5.160 5.089 5.160 1
""""'_"""' """_""'_' """"""" '__"'_'_""_ "__'_ ""_' _""_
BUBTtlT7.L8 and AVIDUGBe 53,306.62 53�699.00 53�699.00
53�699.00 5.072 5.163 1
'_""""""'__"_"""""'_"'_""""'_"'_"""""_"'_""'_"""""__"_'_"_""'__'_"
TOfAL ItNBBT!ffiiT8 anA AVa. = 53.�99.00 53.C99.00
53,306.62 53�699.00 5.07I� 5.143t 1
��
}3/OB/1996 ��� 95 AZV BlDx 83-1, 81-1-A� 87-1 � pp _ 3
� INVE89ffiIT POIQP�DLIO DHTAILB -�GBH CITY
OC1oHffit 31, 1996 1�Cp�pU,
IAV681TBNf AVSF7�OS PURCH718S 9TATED "' ydA] "' MA111RITY DAYB
NUlIDSR Ze6U8R HALNiC6 DAT@ gpp3C VALUE PAC& VALUB MAAI�T V1U.U8 A11TB 360 365 DA78 TO MAT
""_""__'__""""""_"__"__""'_"_"'_'__"'_""'_""'_""""'_"_"_"""_"_"""""""__""""_'___'__"_'_
CA6H WTTB TlIU6T88 -PSPBT TRUBT
t6003 Caeh with Trustae 2.90 0.000 0.000 0.000
At�1A0Se 2.90
"'_"'_"'___""""""""_"""'_"""""'_"'_"""""'_""""""'_"""""__"__"_""
TOPAL CABH enE II1V887T�Nfe { 53,309.32 53,501.90
/ (
11/OB,�1996 �-� Ciiy a��r�i lunA pM _ q
� IIIV889�IIL PCWTP07�I0 OSlAILB - IIIVE8T1mITe CITY
OCIOBSR 31� 1996 M,.pt�,
II7VS81M6RL AVEAA� PUAC9A8E 8TA1SD "' y'II,4 "' tMTUHIIY 071Y8
�/AIDIBN ISBUSA HALANC6 DAT& 8001C V71LV8 PACB VALUB AAFAET VAtUS A11TS 360 365 DHT6 TO p1ifT
"'_'_"'____""______""__""""_"'__"__"""'_"""""""""""__"""""__"""__'_""""'_"""""""""'
IAC�1L AO�iCY INV88'DffiiT PIJNDB
12000 Lxal Aqancy Inwetment Pun 16,097,198.62 16,092,198.42 16,092,198.62 S.SB7 5.510 S.SB7 � 1
AVBPAOBe 15�976�513.29
CG!@ffi2CI71L PAPSR - DI80DONT
20001 6ottum PunEing Co�arclal P 10/23/96 2,669,163.�0 2,500,000.00 2�672,900.00 5.350 5.617 5.693 O1/13/97 73
AV6PA088 796�506.26
PSDBML AOffiICY IBeUBB - COUP09
16007 Faderal 9�e Loan Bank 10/26/96 3,985,116.23 6,000,000.00 3,993,120.00 S.B20 6.019 6.SOY 11/02/98 731
AVIDtA689 1,028�610.36
PSU87NL AOffiiCY I88U88 - DIBCOUAT
AVSRA�e 1,591,651.61
TAS!\fiUAY BBCUATTIEB - �ppppl
16001 Unitad etetea Traaouxy 10/27/96 1,999,565.06 2,000,000.00 2,009,375.00 6.750 6.726 6.818 02/28/97 119
16034 Ua1tW Btatee Tremury 05/31/96 1,998,532.38 4,000,000.00 2,010,000.00 6.000 5.967 6.050 05/31/98 576
16035 Unibd 8tatp Txaasury 05/31/96 1�973�53].93 2�000�000.00 1�985�000.00 5.125 6.061 6.1P5 03/31/98 S15
16036 United etetea Trea�ury O6/26/96 a,976,882.21 3,000,000.00 3,006,562.50 5.875 6.252 6.338 OB/15/98 652
16037 Unitad 8tntea Tzeaeury O6/26/96 Y�927�199.22 3,000�000.00 Y�962�500.00 5.135 6.316 6.602 11/30/98 759
16038 UniceE Hiatec Treacuxy O6/26/96 1,986,632.67 2,000,000.00 1,995,625.00 5.375 6.052 6.13fi il/30/97 39<
16039 Unitad etetra Treseury O6/26/96 1,999,360.92 3�000�000.00 2,007,500.00 fi.000 5.95D 6.033 OB/31/97 303
160E2 United eYatea Traaaury 09/13/96 1,976,176.83 2,000,000.00 1,986,250.00 5.125 6.O6B 6.152 02/28/98 68{
16043 United 8tatb Traacusy 09/13/96 2,007,B60.Y6 2,000,000.00 2�010�625.00 6.500 5.593 5.670 06/30/97 180
16065 Unitad 8tetee Txasoury 09/05/96 1,992,081.90 2,000,000.00 2,013,175.00 6.125 6.Y70 fi.358 OB/31/9B 66B
"_"__"_"""' "'__"'__"" _""""""' "_"""""_ ""'_ """ """
BUBTOTALB and AV0U688 26,796,811.86 21�833,609.18 21�986�562.50
22�000�000.00 6.137 6.322 686
_"__""""'_"__"'_""""""'_"""_'_""_"""""""""'_"'_"_"""_"__"__"""__
T�'u IlN88�TB wxW 7�Vp• S 66�380,115.03 66,566,380.92
64,189�691.39 t6,592,198.62 5.859i 5.9601 309
3z
_ _
iiioeiisee asy a.o.rn rma � _ j
. - ZFVSB'�IT EO]6'pt7LI0 DEAILe ' Ci189 CITY
OC10HIIt 31� 1996 �,.��p1L
IPVE81T0lPf AV6Ai18S P[!AC&l� BTATED "_ y'pt "_ M111VRI17 MY8
I7f11�ID8R I88UEA HALpNCg ppTg ppp1C VALUS FACB VALUB MA�@1' VALUS R7�Tg 360 365 DA78 TO W1T
__'__"`_'__'_""""""""_"'_"""_'___"__"_'__'_'__'___""'_'__'_"'_'__"__"'_""'___"_'_'_""'_"_""""_"""
P1188B001C/C�QCI60 ACCOUNTB
13000 Hank of Amarica - Checking 260,226.93 0.000 0.000 0.000
1300] Benk of Amsrlca - eavinga 217,516.30 2.000 1.973 7.000
___'"""_'_" "'__"_"'""' """"' """'
6UBTOTALB end AVIDU0B8 . 1,�63�1�9A6 �57,741.Y3 0.937 0.950
AccruW Int�re�t at Purchuo 199,056.69
"_""""'_"'__""""""'_"""_'_"""""'__"'_'_"""""""_""'
T017�L GeH ; 656.795.92 -
10TAL G8H end IAVfiBflIDNTe = �5�652�8�1.15 {5�036�910.95
33
11/0�/.19% �-� CITY 7,OM TO AW1 � pM - 2
- II1V8817�IT P011TPOLIO DSTAILB - I11V89�IT8 CITY
oC1�8R 31, 1996 ACCRipL
INVS81MBlPf AVSA71� PUACBABE 8TAT8D "' y7T1 '__ MA711RITY L1AYB
NUlIDffit I88UBR H71L�11C8 DATB HOOII VALUS FACS VALUS Mi�lilmT V.1LU6 MTB 360 3fi5 DpTS TO IMT
'_"""_""'_"__"__""'_"_"_"_"'_"""_"__""_'__"_"_""""""""""""""""_"""""""'__"_""'__"'
CITY LCHN 10 PDA
12001 Atl�valopmnt Agancy-Loan 07/01/95 19,000,000.00 19,000,000.00 19,000,000.00 5.538 5.�62 5.S3B 07/O1/O1 1�703
AVffiiAGBe 19�000�000.00
_"'__'__"__""_"'_'_"""___""'_""'_""""""""""""""_"_"'_"'_"_"""""'_'
TOTAL IIIV88II�ffiVTB anA 11VG. S 19,000,000.00 19�000�000.00
19�000�000.00 19�000�000.00 5.66Yi 5.538t 1�703
3y
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U w y m rn oi U O im � � w� 'o� ..
p mF- m ` QQ Z' Z' 2' m N o > cn .
' o � v m m o 0 0 � > � �
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a° � c� � b3u $ $ � � � � Sc� � �
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11%00/193r� - PD A�d�wlopm�nC Aq�nay __ p,� _ 1
P(AtTPOQ.20 MABT�1 eUlM�1RY' I�A
. • OCPOBffii 31� 1996 M.�Wy
11VSIi116B _'_YISLD 10 MATURITY_"
PBRCBAT OF AVBAAf� DAYe 10 360 365
ixvasaffiaTs soo�c vwus roxraor,xo x�n nwxutuxr aQurvnu�m aQu:vntsem
----------------------------------------------------------------------------------------------------------------------------------
PSAelity Traeeuxy Poo1.......................5 27,409,205.00 26.68 1 1 5.053 5.133
Locel Agency Inveetment PunCa................5 9,536,136.85 9.21 1 1 5.510 5.587
C�am1a1 Papar - Di�couat..................j 3,352,787.66 3.26 94 65 5,369 5.443
Faderal Agancy Iacuae - Coupon...............; 4�408�396.35 6.26 1�029 772 6.080 6.165
Padual Aqancy Iasup - Diacount.............i 7�078,866.19 6.86 315 98 5.332 5.606
Tr�aeury eecurltiee - Cwpon.................i 50�976,058.06 C9.25 B83 655 5.848 5.929
Treacury 8ocuritiae - Diacomt...............; 653�005.68 0.44 1,314 166 6.106 6.189
Treaaury Bacurltise - T-eill.................; 288,686.12 0.28 213 133 5.389 5.666
""'_""_"""'_"""""_""""_""_"'"""""""""""""_""'
TOT11L INVBBaffiiTB and AVSRAOS6.............5 103,501�135.69 100.009 697 267 S.S65i S.6d31
CABH .. ."..""..................................s.a......."".s.""......��...
Paesbmk/Chxking - No Y1alA lbtale..........i 666,16{.86 0.178 0.180
(not Sncludsd in yleltl calculationa)
AccruW Interect at Pucchaee.................= 67,730.55 �
__"_""_'__"""_""'_""'_.__"_""""""""_'_"""""'_"""'
TOTAL G89 mmd PUACHABS INTH[ifi6T.............i 513.895.39
.......���....��......�.....��.�"'�..��..����..�.�.����'�..��.��a�.�'��.�
'OTAL CABH and INV68TlfENTB.................3 306.015.031.08
lIONT6 ENDINO FIBCAL
T(IPAL SAANIH68 OCTOBSR 31 YBAR TO DATB
Currant Yasr s 65C,860.08 S 1,765,065.03
AV8IL108 DAILY eAI,ANCB = 93�176,697.63 f 91,663,808.69
sPFBCTIVE AATE oP gETUNN 5.75i 5.71t
The Snveatmant portfollo of tl�a P.D. Aedavalepmant Ageacy ewplies with ise
Peul S. Oibeon Invaetmmnt Poli
cy end t6e Celifornla Oovernmant CaAe eactioae pertelning to the
Traesurer inveetmant oC lxal egency funda. pentling any futuza ectiona 6y the oovarning
Board ot tha Agency or any unforaawn cauatrophy, U� Aedwalopmant Agancy �ee
edequeU ceeh flw to meat Ste axpenditura requlr�ante for Lhe nmct elx mnthe.
�� Mnrket vnluoe err from /ir�t Truet 6 IDC Datefaed pricinq sarvica. •
Si/OB/199�6 � pD P�d�v�lope�t Aq�a�y ��'
PM - 2
INVE9II�MP P�OLIO DETAIL6 - IINEB'DffiiTB pp�
, , ._ OCIOBYR 31, 1996 ���
INV88TI�Mf AVBRl.CS PUACB7188 eTATBD "' y7lf "_ M7ITUAIT1f D71Y8
MIlIDHR I88VBA HN.7�BC6 DATB B001C VALUS FACB VALUB MAA1�`P VALUS AATB 360 365 DATS To W�T
___'___'___""""____'_'_"_"'__"""""__'__""'__"""___'_'_""___""___'___"__'__"'_"_""'_"__"_'____'__"_""
FIDELITY TA8M8URY IIOOL
13002 I Pitlellty Inetitutioml CaeR 1,600,177.00 3,600,17Y.00 1,600,172.00 5.120 S.O50 5.120 1
11003 A Fidality Inetitutional Cesh 59,653.00 59,655.00 59,655.00 5.SY0 4.050 5.120 y
11004 E PSCelity xnetitutloml Caeh 635,20C.00 635�204.00 635,206.00 5.120 5.050 5.120 �
11005 I FSdality Ineiitutional Ceab 157,909.00 157,909.00 157,909.00 5.120 5.050 5.120 1
11006 A Fidallty Inetitutloml Cauh 12,176.00 12�176.00 12�1'l6.00 5.120 S.OSO S,lYO 1
11008 R Fldality Institutioml CaeR 975�716.00 975,716.00 975�716.00 5.160 5.070 5.160 1
11009 I Fidellty InetStutlonal Caah 3�673�035.00 3�673�035.00 3�673�035.00 5.120 5.050 5.120 1
11030 I Pldality Inetitutlonal Caeh 936,d51.00 936,651.00 936,651.00 5.120 5.050 5.120 1
11011 R Pidellty Inatitutional Cae� 1,6x9�062.00 1�419,062.00 1,619�062.00 5.160 5.089 5.160 y
11012 & pidelity Inatitutioml caeh 299,316.00 299,316.00 299,316.00 5.120 5.050 5.170 1
71018 piGallty Inetitutlonal Cneh 681�092.00 681�092.00 681,092.00 5.120 5.050 5.120 1
11019 Fidality Inrtitutioml Caeh 41,006.00 61,006.00 61,006.00 5.120 5.050 5.120 1
1102o Y1Aality Inetitutloml Ca�h 1.00 1.00 1.00 5.160 5.089 5.160 1
11021 FSAelity Inatltutioml Cach 43,529.00 63,529.00 63,529.00 5.120 5.050 5.120 1
11022 PStlellty Iaetitutlonal Caa4 329.00 329.00 329.00 5.120 5.050 5.120 1
11023 Fitlality Inetitutioml Caeh 0.00 0.00 0.00 5.160 5.070 5.1C0 1
11025 PSCellty InBtltutloml Ceeh 27,801.00 27,801.00 27,801.00 5.120 4.050 5.130 1
13026 PSCality Inatltutioml CaM D.00 0.00 0.00 5.160 5.070 5.160 1
11027 8 Pidellty InetitutSonal Caeh 161�292.00 151�292.00 151�792.00 5.120 5.050 5.120 1
11028 PiEality Inetltutioml Ge� 100.00 100.00 100.00 5.160 5.070 5.160 1
13029 Pidelity Institutioml Ceeh 561.00 S61.D0 561.00 5.120 5.050 5.120 1
11030 A FSdwllty Inatitutioml Caeh 68,953.00 48,953.00 C8,953.00 5.120 5.050 5.120 1
11031 PSdellty Inetitutlonel Caeh 20�7d7.00 20,767.00 20�747.00 5.120 5.050 5.120 1
11032 PSdelity Inetltutloml Caeh 1.00 I.00 1.00 5.120 5.050 5.120 1
13034 8 FSdellty Inetltutioml Caeh 2�169.00 2�149.00 2�169.00 6.690 6.626 4.690 1
13035 PSdellty InetitutSonel Caeh 8.00 8.00 8.00 6.900 6.833 6.900 1
11036 Pitlelity Inetltutlonel Caeh 3,962.00 3,962.00 3,964.00 6.690 6.626 6.690 1
11037 Pidelity SnctStutlonal Ceeh 0.00 0.00 0.00 5.160 5.089 5.160 1
11038 Pidelity Inetltutionel Cash 87.00 87.00 87.00 5.130 5.060 5.130 1
11039 A Fidelity Inatitutioml Cne� 36�20Z•00 36,202.00 36�202.00 5.130 S.O60 9.130 1
11040 Fidelity Institutioml Geh 638.00 638.00 438.00 5.180 5.109 4.180 1
11061 I PSdallty Inatltutionel Caoh 1�870�931.00 1�870,961.00 1,870,961.00 5.130 5.060 5.130 1
13062 FSQellty Inetltutlonal Caeh 16,026.00 16,026.00 1C,026.00 5.130 5.060 5.130 1
11043 PSEelity Inatitutlonal Ceah 180.00 180.00 180.00 5.160 4.089 5.160 1
11066 PSAelity Inetitutlonel Cseh 2,385.00 2,385.00 2,385.00 5.160 5.089 5.160 1
11045 FiGellty Inatltutional Ge� 12,661,536.00 12,dd1,536.00 12,661,536.00 5.120 5.050 5.120 1
11066 FSAellty Inatitutioml CaeR 3,687.00 3,687.00 3,687.00 5.120 5.050 5.130 1
11067 Pidelity InetStutioml Caeh 92,670.00 92,670.00 92,670.00 5.120 5.050 5.120 1
11068 PiEellty inetitutioml Cneh 62�730.00 67,730.00 62�730.00 5.120 5.050 5.120 1 •
13049 Fidelity Inetitutioul Cach 2,367.00 2�367.00 2,367.00 5.120 5.050 5.130 1
11050 FSCelity Inetitutional CasR 12,756.00 12,756.00 12,756.00 5.120 5.050 5.120 1
11051 PSdallty I¢et3tutlonal Caeh Y9,709.00 29,709.00 29,709.00 5.120 5.050 5.140 1
11052 Pidelity inetitutiaml Caeh 2,d73,690.00 2,471�690.00 2�471,690.00 5.120 5.050 5.120 1
"""""'_"'_' '_"'_'__""_ """"""" "_""__""' """ _""' ""_'
BUBTOT11L8 and AVffiiA0B8 16,587�697.90 27�609�205.00 37�609�205.00
27,609,205.00 5.053 5.133 1
C�
11/OB/1996 � pD A�E�v�lopmu�t Ip�ncy ���' pM _ 3
31R'YBIT�RP P011TlOLIO DET11II8 - II1VBeAffi7T6 �
, � OCPOBSR 31, 1996 ��y�
IFVfi9Tq6NT AVBAA� PUACBA88 8TA7BD "_ yyH "' M711SRtITY DAYB
NUlIDSR I98USR HALANC6 MT8 H001C VALUB PACB VALUS MAPESf VALUS PATB 360 365 DATS TO !AT
"""_""'_"_"_'_'_"""""""'_"'__'__"""""""'___""""'_""""""_""""""""""_"""'_"_"""'__"
7�f7C1�L A6SNCY ItN88�ffi7T PUtIpB
21000 Lmel Agency Iaveatment Pun 9,536,136.85 9,536,136.85 9,536,136.85 5.587 5.510 5.587 7,
21001 Local Agency Inv�stmant Fun 0.00 0.00 0.00 5.587 5.530 5.589 y
. __"_""'_"_'_' """'_""_' """_"""' ""'_"____" """ _""' """
3VeT07'AL9 and AV&HAa88 9�592,886.33 9�536,136.85 9,536�136.85
9,536,136.85 5.530 5.587 1
COlAffitCIAL PAPffit - DIBCOUML
24001 I American Hrmd Co�arcial P 10/03/96 1,476,953.75 1,500,000.00 1,677,500.00 5.370 5.056 5.530 01/id/9'7 76
26000 I Dupont Co�ercial Papar 10/03/96 1�683�760.00 1,500�000.00 1,489�718.65 5.203 5.260 5.333 12/17/% {6
26002 I Omarel Slectric Cradlt Cor 10/03/96 392,093.89 600,000.00 393,860.00 5.350 5.658 5.536 02/13/97 106
"""_""""__ """"'__"' "_"""_'_" """"""" ""..' '_"" """
SUB'fOTALB mQ AVSHAGgB 3,136�678.76 3�352�787.66 3,361,058.65
3,600,000.00 5.369 5.443 65
PBDSRAL ACSRCY I88U88 - COUPIXi
15008 R Padazal Paxm Cradit 09/13/96 698�679.63 500,000.00 502,500.00 6.135 6.313 6.600 07/09/98 615
15005 & Pede[�al Hama IAM Hank 06/16/95 2�120,230.87 2,115�000.00 2�123,592.19 6.105 S.B55 5.937 12/O1/97 395
15009 R Pederal H�e Lom Be¢k 30/03/96 798,136.22 800,000.00 803,750.00 6.625 6.680 6.570 OB/20/O1 1,753
15010 A Pada[al Hcme Loan Mortgega 10/22/96 991,509.83 1,000,000.00 996,375.00 5.800 6.123 6.208 03/19/99 B68
_""'_""""" _""_"""" '___"""'___ """__""__ """ '_"" "__"
BUHTOTAL9 end AVffiiA0II8 3,685�25'7.83 6�608�396.35 6�4Y6�317.19
6,415,000.00 6.080 6.165 772
PSDBAAL AGgIVCy IB8U88 - DIBCWAf
16006 I PeCaral Perm Czedit 09/17/96 982,7'50.�0 1,000,000.00 989,700.01 5.600 5.695 5.571 OS/10/97 70
16007 I PeCaial Home Lom Hank SO/03/96 389,792.00 600,000.00 391�520.02 5.280 5.618 5.{94 03/26/97 305
16008 I PaGaral 9�e I.oan Mortqaga 10/03/96 397,279.22 600,000.00 398,880.00 5.210 5.246 5.319 li/19/96 1B
16009 I FaGarel H�a Loan Mortgege 30/03/96 388,660.22 600�000.00 390�359.99 5.270 5.406 5.461 06/15/97 165
16010 I Paderal lPetioml 17ortgaqe A 10/23/96 6,920,602.75 5,000,000.00 6,936,000.21 5.230 5.296 5.368 0Y/SO/97 101
"""'_"_""" _"""""_" "'__"'_""' '_'_"'_'___" _""' _'__" __""
sUBTOTALB anC AVSAAG88 3�511,113.11 7,078,864.19 7,096,660.26
7�200,000.00 5.332 5.606 9B
TR5A8UAY 88CURITI88 - COUPIXi
17007 I Unitae 8tatae Treaeury 07/O1/96 999,950.67 1,000,000.00 1,006,375.00 6.000 4.9Y1 6.003 11/30/97 394
17010 A Un1Ue etetae Traaaucy 07/O1/96 699,538.81 692�000.00 706,272.50 6.750 6.165 6.251 OS/31/99 9�1
17011 B Unitae 9tatae Trauury 07/OS/94 16,306�229.51 14,362,000.00 16,337,818.13 5.625 5.780 5.860 O1/31/98 656
17012 I UnitAe BtatYY TTwury 07/O1/95 1�303�889.63 1�300,000.00 1,308�125.00 6.375 5.807 5.887 O6/30/97 2{1
17013 R Unitse etatac Trwa�uxy 07/01/95 108,325.62 100,000.00 109,200.00 7.750 6.098 6.SB3 11/30/99 1,12� •
17015 E Unii�e 8kako Traesury 07/O1/95 231�628.11 231�000.00 232,010.63 6.000 5.6�5 5.72< 11/30/97 396
17030 R Unitoe etatp Traaeury 03/02/95 2C9,660.60 350�000.00 251,562.50 6.375 6.636 6.728 06/30/97 761
17033 A Unitee 8tstu Truaury 03/02/95 269,7g9.37 250,000.00 349,863.75 6.375 6.533 6.623 11/15/96 16
17065 E Unitae 8tatea Tzeuury 07/OS/95 5,398�000.85 5,390,000.00 S,CY3,687.50 6.875 6.390 6.678 03/31/97 150
_ __ .
3
__
il/OB/195{6 ... PD AYd�vrlopm�nt Ag�ncy .. pM _ �
iaysen�xm nmraotio nam�xra - xtaysearm�a�s �,
. • OCTOBBR 31, 1996 �Qy�
I6V887MERP AVBIUC6 PURCHABH aTATBD "_ y� '__ M7ITUAITY OAYa
��� I881!ffit H717J�MC6 DATE BWA VALUg PACS VALUS MARREf VALUS AATS 360 365 D71T6 1b Py�T
_""'__""""""'_'_"'_"""'__""_'_""'_"""""""_""""""""""_"""__""""""""""""'_"""""
TASABUAY 88CUATTI88 - COUPQ7
17062 A Unitea etetee Traasury OS/03/96 160,687.35 170,000.00 171,963.63 6.375 6.490 6.SB0 03/31/OS 1�611
17063 R Unitee 8tetoe Treasury OS/03/96 595,367.16 600,000.00 606,937.50 6.375 6.690 6.580 03/31/OS 1,611
17064 R . Unitee Btatee Tiamury OS/06/96 3,973,000.00 6,000,000.00 4,OC6,250.00 6.375 6.664 fi.556 03/31/O1 1�611
17065 A Unitoe Stetes Traaeuzy OS/17/96 992,6B7.82 1,000�000.00 1,006�875.00 6.250 6.359 6.467 06/30/O1 1,661
17066 R Vnitae eiatw Tresaury OS/17/96 396�995.13 600�000.00 402�750.00 6.250 6.359 6.447 06/30/O1 1�661
17067 I UnStee etetee Tramury OS/20/96 4�998�151.62 5�000�000.00 6�996�875.00 C.375 5.295 5.369 11/15/96 16
17068 I Unitae etetae Treaeury 05/20/96 6�996�985.63 5�000,000.00 5�007�812.50 5.625 5.636 5.716 O6/30/97 2�1
17069 Unitee 8tatae Truaury OS/2d/96 2,003,571.10 2,000�000.00 2,013,125.00 6.125 5.905 5.987 03/31/98 515
17070 Unitee etetae Traseury 05/24/96 2�008�139.07 3�000�000.00 2�010,625.00 6.6Y5 5.510 5.586 03/31/97 150
17071 Unitee etatee Tresaury 05/26/96 1,000,687.07 1,000,000.00 1,003,125.00 S.B75 5.691 5.770 07/31/97 272
17072 Uniue etata Traeausy OS/]4/96 999�262.'77 1�000,000.00 1,002,500.00 5.750 5.769 5.828 09/30/97 333
17073 UniLe 8taiu Trsaeury OS/34/96 1�006�767.80 1,000�000.00 1�005,625.00 7.500 S.C22 5.697 O1/31/97 91
17075 S Unitee 8tetee Tresaury OS/30/96 1,501,237.�7 1,500,000.00 1,500,937.50 6.500 5.366 5.160 11/30/96 Z9
17076 Ualtee etatae Traeeury 05/30/96 BOS,B01.57 800,000.00 802,750.00 6.125 5.660 5.718 OS/31/97 211
17077 Unitee etetae Treeeury OS/30/96 988,655.40 1,000,000.00 992,500.00 5.000 5.900 5.982 O1/31/98 656
17078 R UniLee 8tetee Treaeury 10/03/96 999,638.20 1,000,000.00 1,000,625.00 5.625 5.SB0 5.658 10/31/97 366
"__"""'_"_" "'_"'_""" """'_"_"' '_"'______"' ""'_ __"" """
SUeTdf11L8 antl AVIDUG89 55�695�372.28 50�97f�058.06 51�193,873.16
51�029,000.00 5.848 5.929 655
TABASUAY 88CUAITIBs - DIeCWRP
18014 A llnitae etatee Traecusy 09/10/93 306,780.23 359,000.00 369,127.50 6.0{8 6.63B 6.500 OS/15/97 195
18016 6 Unitee 8tstee Traesuzy 09/10/93 1C8,225.25 205,000.00 Y02�053.13 7.951 9.530 9.663 02/15/97 106
""'_"'_"'__" ____"'_"____ ""____"'__' __"""'_"_' "'__' ""_' """
BUBTf7PALe and AV&tAG83 453�005.48 653,005.68 551,180.63
564�000.00 6.106 6.189 166
TAEABURY 98CUAITS88 - T-BILL
� 18020 Unitae etetee Traaeury OB/13/96 218,520.71 226,000.00 221,157.61 5.180 5.310 5.386 01/30/97 90
18021 Unitae etatea Traa�ury OB/13/96 70,163.61 7{�000.00 71�195.39 5.610 5.637 5.715 07/2C/97 265
""_'_"""'_" ""'""_""' """""'_""' ""'"""""_ _""' _""' """
BUBT�T11Ls entl AV�p88 288�684.12 288,686.12 292,352.80
298�000.00 5.389 5.666 133
__""_'___"_""_""""""""""""'"'�"'__"""_"""""""""""""""""_""""
TO1'AL INVSB��Mfe anA AVO. f 103,501,135.69 103,866,686.30
92�750,695.83 103,851,301.85 5.565t 5.603F 267
y
_ _ _
il/OB/199�6 � PD AWw�lo}ent 11q�pry pM - S
IAV881TRIiT PORfPOLIO DHTAILB - G89 �
. � �ClbHffit 31� 1996 ��p�py
INVSSTliBNT AVSR11f�' PUAC9118B 8TAT6D "' y�] "_ lA1VRITY N1Y8
PUlID&R IBBIJFN BALANCB DATB HWA V11LU8 FAC8 VALVS MAARBT VALUS AATB 360 365 DATS TO l01T
""_"__'__'_"_"'___'______"__'_'_'___"'__"__'__"____'_"'__"__'_"_"_"'_"_"""'____""__"'_""_'____'__'_"'_'___
PAeSB008/CLBCRIqO
35000 Bank of Amarica-Chacking 615,170.96 0.000 0.000 0.000
25001 emk of Amezica-8evinge 23,862.75 ].000 1.973 2.000
25003 PIpgT INTgqgTATE g7�iK 0.00 3.290 3.2{5 3.290
25005 PIABT IMPS[iBTATE HANIC 9�067.12 C.025 3.970 6.025
25006 pIReT IATAt8T11TS HA111C -6.00 0.000 0.000 0.000
25002 B of A - 8elf 9elp Chxking 18,092.33 0.000 0.000 0.000
'_""__""" "__"""_"'
BUBTOTALB entl 11V�iA086 425�996.80 666�166.86 0.178 0.180
Accrvod Intarect at Purchaca 67,730.55
"""""""_""""""""""""""""""""""""""'..""_'___"__
T�Tu �H S 513,895.39
TOTl.L CAeH mtl INV881TT�iPfB = 93�176�492.63 101�015�031.08
__ ____
b�
11/08/19A6 ��- PD PWMlo}tint Agwry � p� _ 6
P01iTFOLIO MpBTSA IAV8B9BAT 11CPNITY BY TYPS �
. � OCRoBffit 1, 1996 - OC1bBHR 31, 1996 ���,
BTAT� TAAPBACTION PUACBA868 8111E8/MATURITI88
TYPB INVB8ITT�NT tl Z98UBR RATS D11T8 OA DSP08ITB OR WI79DP71MAL8 BAI.i1NC8
. _""__"__""""_'_'_'___"'___'__""_""__""""'_""_'__""""'_""""""'_"""""_""'_"""""""'_"""'
PIDSLITY TAHASOHY POOL (Montt'ly Bu�ezy)
11002 I PStlality Inetitutioml Cach 5.120 750,033.00
11003 A Fidality Inetitutlonel Gsh 5.120 231.00
11004 8 Pldellty Inetltutional CeeR 5.120 1,693.00
13005 Z FSdallty Inatitutio�l Caah 5.130 616.00
11006 R Fitlelity Inetitutioml Ca�h 5.120 68.00
11008 A Pidellty Inetitutiaml Caeh 5.160 1{�97$.00
11009 I FSdelity Institutloml Caeh 5.120 16,283.00
11010 I FSdolSty Inatitutioml Caah 5.120 1,201,6C8.00 '
11011 A Pitlellty Inetitutional Caeh 5.160 67,976.00
11012 8 Pidallty InatStutloml Caah 5.120 466.00
13018 PSCe11ty Inetltutionel Ce�L 5.120 5�142.00 .
11019 FSCelity Inatitutionel Caeh 5.120 159.00
11020 Fidelity Inatitutlonel Geh 5.160
11021 FSdallty InatStutioml Ceeh 5.120 170.00
11044 PSdality InetStuilo�ul Cath 5.120 2.00
11023 PiAelity Inetitutional Caeh S.1d0
11025 - FSdelity Inatitutlo=ul Ce�h 5.120 108.00
11026 PSdelity Inatitutioml Cee6 5.140
11027 S PSEelity Inatitutionel Caeh 5.170 588.00
11028 Pidelity Inatitutloml Caeh 5.160
11029 Fidality InetStutlonsl Gah 5.120 701,365.00
11030 R Pidelity Inetltutlonnl Gsh 5.120 149.00
11031 PStlalSty Iaetltutioml Caah 5.1Z0 81.00
13032 PSEeliiy Inetitutloml Caeh 5.120
1303C 8 FiAelity Inetitutioml Ceoh 6.690 655�336.00
11035 piGelity inetitutioml Ceeh 6.900
13036 Fidality Inmtitutioml Gch d.690 1�190rZ57.00
11037 Pltlellty Inetltutloml Cne� 5.160
11038 PitlalZty Inetitutional Gah 5.130
11039 A PiAality Insiitutioml CaM 5.130
13040 F1Aelity Inetitutioml Caeh 5.180 789.00
11061 I Fidality Institutional Cach 5.130 1,002,775.00
11042 Fidallty Inatltutlonal Caeh 5.130 3,282.tl0
11063 PStlallty Znstltutloml Ceah 5.160
11066 Pidality InetiC�tioml Ceeh 5.160 1,176.00
11045 Pidality Inet3tutSonal Caeh 5.120 12�661�536.00
11066 Pidelity Inetitutlonal CaM 5.120 3,687.00
11067 Pidellty Inetitutioml Caah 5.120 92,670.00 •
1304B Fidality Inetituilonal Geh S.lYO 42�130.00
13069 PSdel3ty In�tStutioml Ca�h S.lYO 2�367.00
11050 Pidallty Ia�tltutioml Caeh 5.120 12,756.00
11051 pidrlity In�tltutioml Ce�6 5.130 29,709.00
4�
Yl/OB/19Fb � PD PW�v�lope�oL Ag�nry pp� _ �
PO�ITP'OLIO IMBTBA IIIV897MRT ACTN74Y 8Y TYPB p�
. � . OCfOeER 1� 1996 - OCTO88A 31, 19% �Q��p�7,
8T11T&D TAMBACTIOIV PURCB71888 81U.88/M7ITURITIBB
TYPS INV&eT!ffipL p I88USA PAT& DAT& OA DBPOeITB OA YRTHDA71VAye H7ILAACB
""'_""'_"__""_"""""_"""__"""____"'_'_"'____"""'_""'_"""_'_""_""'_"'_""__""_""""""'_""
11053 plCelity Inetitutioml Cae6 5.1Y0 2,671,690.00 .
BUBTOTN'8 ma &7D=pa BALANCS 15�960�807.00 6,767�583.00 27�609,205.00
tocnt. rw�cr xevssa�ax mmne ��cniy a„�.:'r)
21000 Local Agancy Invectment Pund 5.587 6,305,076.66 7,250,000.00
21001 Lxal Agancy Inwetmant Pund 5.587 58,{61.19 4�229�33Y.82
6UBTOTN,B and ffiiDIBo HALANCe 6,163,537.65 6,679,332.82 9,536,136.85
PAB9Boox/C�CAIPo (MonthlY 8�Y)
25000 Henk a! Amsrlca-Chacking 0.000 58,527.53 23,002.79
25001 Bank oC Amerlce-eavinge 2.000 6�806.83 1�674.79
25003 FIABT IPTEA8TAT8 BANR 3.290
25005 PIPBf INTIDi8TAT8 HAl1R 4.025
• 25006 PIABT INTIIi8TAT8 811tiR 0.000
25002 8 of A - ealf 9alp Chackinq 0.000 850.19
SUBTOlALB and BADINO H11I,ANCB 66�186.55 2��677.58 0.00
CASH WI1E TRUBTBB -PSAST TRUST (Monthly 8u�e2y)
26000 Carh wlth Truatw 0.000
26001 Cash wit4 Truetee 0.000
26002 Cesh with Trvetae 0.000
26003 Cer� qlth Truetee 0.000
26004 Cae� wlth Truetw 0.000
26005 Cae� wlth Truatae 0.000
26006 Caeh with Txuatae 0.000
46007 Caah with Tzutt�a 0.000
SUBTOPALB anC IIPDIPO B11L1WC8 0.00 0.00 0.00
COMdBRCIAL PAPSN - OIBCOUNT
24001 S Amrrican Brantl Comarclel Papr 5.370 10/03/1996 1,{76,953.75
]4000 I Dupont Co�arcial Papar 5.203 10/03/1996 1,483,740.00
26002 I Baneral 8leeiric Cradit Cozp. 5.350 .10/03/1996 392�093.89 '
9UB10TAL9 md SROIqO B1ILANCH 3�352�787.66 0.00 3�352�787.66
�
_. ..._ _....__. _ .
. . .. . . _.._...._... . . _. .. . .. . _ ... _ ......
Yl/08/199b ... pD TWw�lopm�nt Aqmey - pJ,� _ 8
PORTFOLSO M718T6It INVE87fBlIP ACTNITY BY TYPE � .
. aCPOBBIt 1, 1996 - OC1O88A 31� 1996 �,.�p�p�,
BTAT� TAAl18ACTI� PUACeA8B8 BPL88/IM111RITI88
TYPE IlNB87t�NL N I88V8R IUTB DATS OR DSPbB2TB OR WIT�AAWALB n�r.acr¢
"_"'_"__'_____"'_'_______""'__'__'__""_____'__'_""___"__"'_"'_"""__"__'________""_'__"_'__"""_'___""""'
FSDSAAL A08[iCY I88U88 - COUPOl1
15009 R Ptlarel 8�a Loan Henk 6.625 SO/03/1996 798,106.00
15010 A Pedaral H�e Loan Mortgags Coz S.B00 30/22/1996 990�937.50
SUH1VfALS anC ffi7DIB0 BALANCE 1,789�061.50 0.00 4�608�39q,35
FEDEN�i. AOSHCY ISSUSB - DIBCOUNP
16007 I Faderal eame Loan Hnnk S.YBO 30/03/1996 389�792.00
16008 I Padrsal H�e 7au� Mortgaga Cor 5.210 30/03/1996 397,279.22
16009 2 Pederel Hame Loan Moitqaqe Cos 5.270 30/03/1996 388�660.22
16010 I Pedarel Netioml Mortpega A��c 5.210 SO/73/1996 6,920,60Z.75
8VB7CITALB end ffiiDINO HN.ANCB 6,096,116.19 0.00 7,078�866.19
TR&RBURY BSCURTTI88 - COUPON
17009 I Un1taB 8teta� Traaaury 7.450 10/23/1996 5,507,123.85
17027 A Unitae ekatee Ttaseury 6.500 10/22/1996 269�97B.73
17039 A Unitae Btei�a Treaeury 6.500 10/22/1996 269,J03.96
17060 A Untt�s 8teta xrusuxy 6.S7S 10/2Y/1996 269,806.43
17061 A UnSUt 8tataa Tru�ury 6.750 10/27/1996 269�761.97
17078 A Unites 8iatee Trasaury 5.625 10/03/1996 999�609.38
BUeTOTALB antl ffi7DING HALAPCB 999�609.38 6�506�375.96 50�97l�OSB.06
TRSABURY BHCUAITI88 - DIBCdJNT
653�005.68
TASABUAY SSCURTTIBB - T-BILL
2BB�686.12
""""""__"""'_"""""""'_"'_".'..'..�"""""""""""'
�TNiB 36,�12,081.91 17�77Y,969.36 103,501,135.69
__._ _
S
_ _ _
11�J08/19%. -- -
M - 9
PD NMv�lO[.o�11t Aqmcy ' �
. � . ItNB87Tffi7'P ACfIVITY Btll4�U1AY ACCRUP.L
�C1bBSR 1995 through OCPOBffi1 1996
YSBLD 1U MATUAITY tMNA06D Pl7l�BR OF NUI�HR OP AVSPA08
M� MI�SR OF 10TAL 360 365 POOy BSCUAITIBB �CUAITI88 AVBMQB DAYB TO
HND YEAA 88CURITSBB ZPV&8Tffil 8{j11IV BqIIN MT8 PUA�7�8� MATUliB�/80LD T6RM M711VAITY
'_'_""_"__"__"__"_______'________'_"'_'_"__'_"'___""'__"_"'__'___""""""_'__'_""__'___"_"__'_
OctoDei 95 91 96,781,6Z9.36 5.866 5.967 5.633 0 1 664 268
PwamEer 95 89 97,723,695.62 5.780 5.860 5.713 3 7 601 263
Dec�ber 95 B7 96�669�896.71 5.762 5.862 5.615 0 2 606 228
,Tenuary 96 85 95�92B,939.'/6 5.655 5.733 5.166 0 2 605 I11
FeEruary 96 80 93�156�182.09 S.SB1 5.638 5.096 0 il 389 206
March 96 79 92�861�108.88 5.526 5.603 5.095 0 3 3B0 190
Apr11 96 83 9a,208�295.71 5.520 5.597 5.159 � { 3B9 183
May 96 94 100�720,776.03 5.669 5.728 5.158 16 7 545 336
Juna 96 97 89,105,637.01 5.665 5.766 S.O66 1 3 590 356
July 96 90 89,578,673.60 5.653 5.731 S.OBS 0 3 582 331
Auguet 96 88 91,628,986.58 5.636 5.713 5.079 2 7 55B 303
saptambsr 96 87 86,163,856.09 5.669 5.767 5.081 2 5 595 306
Octo6ar 96 100 103�501,135.69 5.565 5.6�3 5.123 10 5 097 267
'_"'____""_'___"__"'___""""""""""""_""""""'_"""""""""""""'_""
AVBAA088 88 S 96�167�569.88 5.656\ 5.736i 5.234! 3 5 675 262
I
11/08/1996 -� -�
PM - 10
PD AWev�lopmant Ag�oY � ADA
, DIBTRIHOTZOP OP IAVBB'II.]�yT9 HY TYPB ��p�,
OC1088R 1995 through OCPOBBIt 1996
MpNTy _"_""""""""""__""""'_'_""'_"" TYP88 OP INV881?t�VTe """""'__'_""_"""""""""""'_""
8ND YBAR HCD 8CD LA1 LA2 LA5 YA1 PA2 PA3 MPN gAC CpI CW PAC PAD TRC �'pp pml
,.""""""�""'....'__'_""_""""__""_"_""'__"""""__"""__'___'_'_"""___"'_"_"'_""'__""""""""""'
Octobat 95 13.0 0.0 36.7 6.5 13.7 39.3 6.8
Hw�bar 95 17.3 aa.a 2.2 15.1 38.� 2.6
Dwember 95 17.1 0.0 24.7 2.2 15.3 38.1 2.7
January 96 19.5 22.5 2.2 15.6 37.7 2.7
FeDtuary 96 33.5 20.2 2.3 5.3 37.9 0.9
March 96 62.1 17.0 2.3 37.3 0.9
Apr11 96 41.0 18.0 2.6 37.8 0.9
Ney 96 10.1 23.7 2.1 l8.6 0.8 4.9
Juna 96 11.6 13.7 2.0 0.6 65.5 0.9 5.5
July 96 14.8 11.7 2.6 0.6 66.3 0.9 5.5
Auguet 96 22.0 12.1 2.3 0.5 62.3 0.5 0.3
september 96 18.0 11.4 3.0 1.1 65.6 0.5 0.3
Octobez 96 26.5 9.2 3.2 4.3 6.8 69.3 0.4 0.3
"'_"_"""""'_"_""_""""'_""_"'__""""_""__"'____""_____"""____""""__""""'_""""'_
A���B 2Y.Oi 0.0! 18.Ot 0.3t 0.2t 3.6t 4.7! 68.6\ 1.5t 1.3#
BCD - CertiflCatw DI Dapo6lt - Hank 8CD - CartiLlcatea o1 Depoait - 8 6 L
LA1 - Fldclity Traaoury pool LA2 - lLnegW pool Accoun[a
LA5 - I,ocel Agoncy Iavaetment Puntle PA1 - Pneebook/Chscking
PA2 - CeM with Trwtee -Fiset Txvet PA3 - Chaeking/eeli eelp Houolny Loam
PII'N - MaClum Tarm Notee HAC - 8ankare Acceptancos
CPI - Co�ecclal Pap�r - 2niar��i Baarinq COM - Co�ercial Papax - Dlacount
FAC - PaEatal Aqsncy Iosuas - Coupon FAD - Federel 1lganey Iuues - DLcount .
TAc - Tran�ury exurltisa - Coupon TAD - Ttae�uzy 8xur1tlYe -�D��Count
!ID1 - Trmsuxy eecuriiiee - T-elll
{ �
. ___ . . . . . .. . . . . . _. ._ . ..
11/OB/1996 � _
FM - 11
PD AWw�yp[,y�pt Ay�pcy .
IIGA
IATntB9T 871MAIqg-eUApNpy ���
�C10B8it 31, 1996 '
MOM19 BMDIWO PI9CAL
OCTOBSR 31� 1996 ygAg qp p�y�g
CD/Coupon/Dlecrount Invaetment�:
Iatarwt CollxteA S 179�701.06 S 1,265,923.31
PLUB ACCrueA Intaiast at Snd of Pariod 926,697.66 926,697.{4
LB88 Accrwd Intara�t et eaglnnSpg of PerSoE ( 771,187.65) ( 897,765.10)
"_"_""'_""'_
__""_""'_""'
InUzret HarnaG tluring ParioE = 335,210.85 1,Y96,B55.65
.."'.�"'..�...�. "'o""e"..�"
APT�8T8D by Pramlume and Diacounte -2,137.00 -16�826.91
71U7UBTSU by Cepitel �ain� or Locaes 6,639.69 C,639.69
""""'_"""'_ ""_"""_"""
Barninge duzing Pariad 337,713.54 ; 1�28{�668.63
Mort9+9e eeched gecurltlae:
Intareet Co1l�etaA ; 0.00 S 0.00
PL08 1lccruad InteraBt at 8nd of Period 0.00 0.00 �
LEeB 1lccruW Iatereet at Baglnnlnq oL PerSod ( 0.00j ( 0.00)
'_"""_'__""_' "_"""'"'"'_"'
� Iniersst $ern�d duxing Pailod f 0.00 0.00
....�.��.""""' '�'.�""�."""'
AWU8T8D Dy Pzemlume and DSsewnts 0.00 0.00 .
Nx1UST8D by Capital 6aSne or Loe�w 0.00
0.00
""""_"'_""' """""_"""'
sarninge duriag PerioE 0.00 S 0.00
Cae�/Checking Accountr.
Sntua�t CollsctaA S 163,879.06 ; 589�900.9B
PLUe Accrued Intereat et 8nd of Pariod -178,013.39 -178�013.39
LS88 AccrueE intaroet et Baginninq o! Period ( -131�380.87) ( -68,689.01j
"'_""'_"""" "'__""""""'
Sntaseet 8erned tlurinq Pariod S 117,166.56 S 680,376.60
� �� �x � �I1AN��N��Y�
TOTAL Intaisei BarnaA durinp PatSotl S 452,357.39 S 1,775,232.T5
TOP.1L Ajuetmente frcm Px�qmiyme md Oiecounte 3 -2,137.00 S -16,926.91
TO'PAL Cepitel Oaine or Loscas ; 4,639.69 S C,639.69
. ____'_"'_"""" '_""_""'_""' �
7bRS1L Serninge during Paziod S 656,860.OB S 1,765,065.03
EI
xi/oe/is9a � sioo niiva� soaa � _ 2
I(IVBB11BRf POSI'fP07�I0 DHTAILB - IlIV88'D�PPB �
, . OCPOBmt 31. 1996 ��ppN,
INVEBTl16Nf PUAC6A68 8TA'�D "' yA1 "' lANAITY DAYB
NULIDOt I98USA MT8 HOmC VALUB PACB VALUE 1A7R8T VALUB A71T8 360 365 MTS TO MAT
_'__"_"____'_""'__'__'_______"__"'_'_"__""__'_"____""__""""""'_"____'_________"__"'_"__'_""""__"'_""_
PIDBLITY 1'ABlfBUAY IIOOL
11030 I Pidallty In�tltutlonal Ceeh 936,�51.00 936,{51.00 936,651.00 5.120 5.050 5.120 1
11011 A PSdcllty IastltutSonal Ceeh 1,619,062.00 1,619,062.00 1,619,062.00 5.160 5.089 5.160 1
13012 8 Pldality Inctltutional Gth 299�314.00 299,316.00 Y99,31C.00 5.120 S.OSO 5.120 1
11018 Fitl�lity In�titutioml Cac� bB1�09Z.00 681�092.00 681�09Y.00 5.120 5.OS0 5.120 1
11037 Pidality Inatitutioml Caeh 0.00 0.00 0.00 5.160 S.OB9 5.160 1
"""'_"'__' """"_____'_ """"""" "'_" _"'_' ""_'
BUBTOTALB MC AVIDi71088 3�133�919.00 3�133�919.OD
3,133,919.00 5.068 5.138 1
FBDBRAL r0ffi7CY IBBU88 - COUPON .
15010 A Pederal 9�a Loan Mortgage 10/27/96 991,569.83 1,000,000.00 996,375.00 S.B00 6.173 6.208 03/19/99 868
TABABUAY 68CUR2TI88 - COUPOA
17030 R UniUs 8tatas Txeseury 03/02/95 269,160.60 250,000.00 251,562.50 6.375 6.636 6.728 O6/30/97 261
17033 R Unika� etat�a Traecury 03/02/95 269,799.37 240,000.00 ]69�863.75 6.375 6.533 6.623 11/15/96 1!
17065 8 Unitae etatae Trweury 07/OS/95 5,398,000.85 5,390,000.00 5,623,687.50 6.875 6.390 6.<78 03/31/97 150
17066 R Unitss Btete� Ttsuury OS/O6/96 3�973�000.00 6�000�000.00 6�066�250.00 6.375 6.666 6.556 03/31/O1 1�611
17065 A linitea etates Treaeury 05/17/96 992,687.82 1,000,000.00 1,006,875.00 6.a50 6.359 6.66� 0�/30/O1 1,661
17067 I Unlba etatea Traaeury 05/20/96 6,998,151.62 5,000,000.00 6,996,875.00 6.375 5.295 5.369 11/15/96 1{
17068 2 Unitae Stataa Treacury 05/20/96 6,996,985.63 3,000,000.00 5,007,B1Z.50 5.625 5.636 5.716 O6/30/97 361
17075 8 Iinitee etates Trsasury OS/30/96 1,501,237.67 1,500,000.00 1,500,937.50 6.500 5.366 5.660 11/30/96 49
"'_""""_' '__""__""' '_'_"_"""' """ ""_' """
BUBTdfALB and AVffiiA088 22,359,123.36 22,683�863.75
22,390,000.00 5.926 6.006 6S7
TA6if8UAY 88CURITISB - DISCOUNT
18016 A Unitea Btetra Treaeury 09/SO/93 306,780.23 359,000.00 369,127.50 6.OdB 6.638 4.500 05/15/97 195
18016 8 Unitae Btetae Treasury 09/10/93 148,223.i5 205r000.00 20Z,053.13 7.951 9.530 9.663 Oi/15/97 106
_""_"'_'_" """""'_" ____"""_"' _"__' __"" '_'__"
eUBTOT11L6 enQ AV�UaHB 653,005.48 551,1B0.63
564,0OO.OD 6.106 6.189 166
""_"""'_""""""""""""'__"""""_"""_"'_'_'_"_"'__'_"_'
TdPN. INVS87TffiPfB enE AVC. S 26�937�597.67 27�163�318.3B
77,OB7,919.00 5.835i 5.916t �16
�Z-
S1/08/199b ��� RDA =100 Million Bmd pM - 7
IHVBB'DffiTP POId'POL20 DH'L'lILB -'G8H 11DA
OCR'OBffil 31, 1996 . 1�Q�
INVSs1TffiNT Mlltt.'9118B BTIITSD __' y7M "' Mi1TUNITY DAYe
NU1IDIDt I88V8A MT8 B001C VALUB P710E VALUB l91RImT VALUB P71TS 360 36S M1B TO !AT
"""""_"""_'_'_'_'_""'____""""_"""'_"__"""__""""'_'__"'_'_"_'_""'_"__"_'_""""'_'_'_'_"""""'
G8H WITH TAU8T8B -PIF6T TAU9f
26000 Cae� with Ttuetae 1.80 0.000 0.000 0.000
Acesued Intara�t at Purcha�a 11,166.67
""_""""_""'_""_"'____"""""""'_"_'_"""""'_'_""_'_"""
TOPAL CPBH S 11�168.67
TOTAL CAeH and S11V88fMBNT9 f 26,968,7E6.11 �
� �
31/OB/1996 �� ImA =17.5 Million HooG �� ph - a
IIIVY�I7�RP MIICPl02,20 D@T71SL8 - IIIVBe'DffiITB ApA
� OCfOB�t 31� 1996 ��y{p�7,
INVBSAffilT PUACBASa STATBD "' yII4 "' MATUAI77 WY8
NOI�ffit I88USR DAT6 HOOE VALUB FACB VALU& lAARBT VALUS AAT& 360 365 DATS TO !pT
"""_'__'_""""""_"'_"_"""""""""""_""_""'__""'_"""""_""""'_"_"_'_'__"__"_""""_'_'_'_"'
PIDBLITY TA8118UAY POpi.
11008 A P1Aality Inatitutioml Ca�h 975,716.00 975,716.00 975,716.00 5.160 5.070 5.160 1
11009 I PSAelSty Inetitutioml Ca�h 3,673,035.00 3,673,035.00 3,673,035.00 5.1T0 5.050 5.120 1
11021 PSAs11ty Iaetltutioml Cath 63,529.00 d3,529.00 63,539.00 5.130 5.050 5.120 1
11022 PSCollty Inetitutloml Ceah 329.00 329.00 329.00 5.120 5.050 5.120 1
11023 PSAallty Ia�titukloml Geh 0.00 0.00 0.00 5.160 5.070 5.160 1
"'____"_'___ "_"'___""' ""_""_"" """ '_'__' '___"
BUBTOTALB and AVIDiAfiBB 4�692�609.00 4�693�609.00 �
6,692,609.00 5.056 5.12C 1
TRSAeUAY eSCURITSSB - COUPOl1
17062 A Unitoo Btat�� Traecury 05/03/96 168,687.35 170,000.00 171,965.63 6.375 6.190 6.580 03/31/O1 1,611
17066 A Unitae etatee Treaeuzy OS/17/96 396,995.13 600,000.00 602,750.00 6.250 6.359 6.447 06/30/O1 1,661
"_"_"""" "'_""__"" """"""" """ """ ""__
BUeTaPALB and AVSIiAGY9 565�68Y.68 576,715.63
570�000.00 6.398 6.687 1�63]
_""_""'_""'_"'_"""_'___""'_""""_"""""_""""""_""""
1V'fAL INVBB'dffiiTB and 11VG. S 5�258r291.{8 3�267�3]6.63
5�262�609.00 5.199t 5.271t 176
� �
_.. .____-__. . .. .. . . . .. . .. ..
11/08/1996 ��� Im11 117.5 Mllllon HoM �-� PM - 3
I1NEB9�7T YO1CfFOLIO DETAILB -'G89 RpA
, . _ OCi'0�ffit 31� 1996 IiCC{IU71y
SNV881TffiaT PURC97188 8'ATSD "_ y'dd "' MA111HITY D71Y9
NU79ggR IggOBR DATS BOOE VALUS P71C@ VALUS MARABT VALUH IU1T8 360 365 D11TH 10 lY1T
"""_'_"'_"""_"_""_'_""""'_""__"__"""""__""""_""'_"""""__"'__""""_"""__"_"'_"""'__'_'
CA89 WPf9 TRUSTBS -PZABT TAU9T
26005 Cee� wltt Txuetae 3.36 0.000 0.000 0.000 �
Acerued Intareat at PurChesa 1,156.89
__"""""'__'_'____'__"'_'_"""""""__"__"__""_"""""""_""__'
TOTAL G8H S 1�158.23
TOTAL C7f9H anA I11V8874�NT8 i 5�259�649.71
/
( 5
_ _ _ _
11/oe�1996 "�- ao11 s2a �ullton eana -� nw - ]
INVPeTlSll'P pOaCPP07,I0 DSTAI78 - ZlN68Dffi7'fe Im71
. OCfOHffit 31, 1996 ACCRIAL
INV881TffiPT PURC91198 8TA1BD --' Y'dA "' M7�111AI'PP �AYB
NUlIDSR I8808R DAT6 BOD1C VALUB FACB VALUS Mi1AR8T VALUB MT8 360 365 DA1B TO !pT
"""_""___"'_""_'_"""""_""___""'_'_"""""""""_""""""""""""""'__"_"_'_"_""""""___"'
PIDBLITY TAH718I1AY POOi.
11002 I FSGr11ty Inetltutfoml CasA 1,600�172.00 1�600�172.00 1�600�172.00 5.170 5.030 5.120 1
11003 R Pidallty Inttltutloml Geh 59,655.00 59�455.00 59,655.00 5.120 5.050 5.120 1
11006 H FSdellty Institui�oml CaM C3S�206.00 635�206.00 635�Y06.00 5.130 5.050 5.120 1
11019 Fida�ity In�titutional Geh 61�006.00 61�006.00 61�006.00 5.120 5.050 5.120 1
11020 Pidality In�titutioml CaeR 1.Oa 1.00 1.00 5.160 5.089 5.160 1
11029 Pidelity Inetitutioml Cneh 561.00 561.00 561.00 5.120 5.050 5.120 1
"""_"""' '_'__"""_" __""'_"__" ""'_ __"'_ """
SUBTOTALB and AVIDiluiHe Y,136,397.00 2,136,397.00 -
2�136�397.00 5.050 5.120 1
PSD&AAL A6817CY Z88U86 - DIBCWXT
16006 I Fadaral Farm CreGlt 09/17/96 987,750.00 1,000,000.00 989,700.01 5.600 5.695 5.571 O1/10/97 70
16010 I Pdaral Nakioml Nortgaga A SO/23/96 6�920,604.75 5,000,000.00 6,926,000.22 5.210 5.49d 5.368 02/10/97 101
'_""_'_'_'__ """"""" """_"""_ """' _"'_' """
BUBIOTI�LB and 11V�U1088 5,903,152.75 5,915,700.23
6,000�000.00 5.328 5.602 96
1NSA8URY BSCUAITI89 - NUPON
17007 I Unitae 8tatee Traacury 07/O1/96 999,950.67 1,000,000.00 1,006,375.00 6.000 5.971 6.003 11/30/97 396
17010 A Unitae Btetee Traseury 07/01/96 699�538.81 692�000.00 706�272.50 6.740 6.165 6.251 OS/31/99 961
17011 E Unitae 9tates Tzaacury 07/O1/96 16,306,YY9.51 16,34i,000.00 16,337,518.13 5.625 5.780 5.860 O1/31/98 656
17076 Un1Trs etatae Trsseury 05/30/96 801,801.57 800,000.00 802,750.00 6.SY5 5.640 5.718 OS/31/97 211
"""_'_"_" '_"""""" """'_""" _"__' __"__ """
BUBTOTALB and AV�i1108B 16�805�520.56 16�850�915.63
16�836�000.00 5.798 S.B78 �61
""""""""""'_"'__""'_""___""""___'__"_"'_"""'__"_"___'_
TdfAL INVB8ITffiITe and AVC. S 76�865�070.31 24�903,012.86
26,970,397.00 5.622! 5.700� 335
�tlM����Mt���tl������A������O��YA��A����l���O��O��Y��Y��OMPO����Y���
� b
__ __
ai/oe/isss � sas �uiuon sana sM - a
INVi9'D�IT POATBOLIO DPAILB -�C1189 ADA
, OClOH&t 31. 1996 ACCRWL
INVS8TM6Nf PUAC9A8& 8TA13D '__ y�p� ___ 77A111HI1Y D71Y8
NUlIDBR I88U8A DATS HWE VALU& FACfi VALU& M71Al�T VALUS AATB 360 365 ➢ATB TO Mi1T
____'_"'_____"'__'_'___'_______'__'___"_____'_'__""_""""""""""_"""_"_____'____'_""__'___"_"___""""'__'_
G89 MITH 2RiU8T68 -FIABf TAUBT
26002 Cesh with Trustaa 3.72 0.000 0.000 0.000
"'_"'_"""_"_""_"""_"""_'_'_""'_""_'_'___'__"__'___'_"_""'__"
TOTAL CABH end ZPV891TffiI1T8 ; 26,865,076.03
( �
uioeiisea . �a ss �uuton aom rM - a
INVE81?RIPf POIlII�OQ,IO DSTAIL6 - I11V899ffiITB IW1
, , . OCP�BR 31� 1996 I�CCAWL
INV88T!l6ItP PUACH718S BTA18D '_' y9,� __' Mi11SIRITY DAYB
NUlIDIIt S981JSIt OLTB BOO1C VALUS PACB VALUB MA311�T VALVS MT8 360 365 OAT6 TD lY�T
""'__""""'__"___"""'__'__"__"___""""""""_'____'_'_"_""""""""""_'_""'_"'_"'__"__"""_""___'
FIDHLITY TA8118VRY YOOL
11005 I PSQality In�tltutioml G�h 157,909.00 157,909.00 157,909.00 S.lYO 5.050 5.120 1
13006 R PSAellty Iastltutloml Cseh 12�176.00 12�176.00 12�176.00 5.120 5.050 5.120 1
11025 PSQoliiy Inatiiutioml G�h 37,801.00 27,801.00 27,801.00 5.120 5.050 5.120 1
11026 PSCellty Snetltutloml Ceeh 0.00 0.00 0.00 5.160 5.070 5.160 1
13027 8 P1Qa11ty Iastltutlonel CeeD 151,Y92.00 151,292.00 151,291.00 5.120 5.050 5.170 1
11028 PiQelity Inetitutioml Ca�h 100.00 100.00 100.00 5.160 5.070 S.lIO 1
. "'_"""__" "_""'_""_ "_'_"'_""' __"_' """ "__"
BUBTOPALB end AVffiIA088 349,278.00 369,278.00
349,778.00 5.050 5.1Y0 1
F&DSIUL AOSIVCY I8BUS8 - COUPON
15005 6 FaGarel Hame Loan eenk 06/16/95 3,120,230.87 Y,115,000.00 2,123,592.19 6.105 5.855 5.937 12/01/97 395
TRSABUAY BBCUATTI88 - COUPON
17012 I Unitea etetae Txaeevxy 07/OS/95 1,303,889.d3 1,300,000.00 1,308,125.00 6.375 5.807 5.BB7 06/30/97 261
17013 a UniLe etatp Trsa�ury 07/O1/95 lOB,325.6Y SO6,000.00 109,200.00 7.750 6.098 6.SB2 11/30/99 1,126
17015 8 uniUe etetea Trsesury 07/OS/95 231,628.11 231,000.00 Y32,010.63 6.000 5.6�5 5.726 11/30/97 396
_"'__"""_' '_"""__"" "___'__""" """ """ """
9UeTOT11L8 and AV6P11Q68 1�643�8{3.16 1�619�335.63
1�635�000.00 S.B03 5.886 3Y1
""_"""'_"'_'_"""""""""'_"____"'__"""""""__"__'_"_"'__
TOTAL IIN88Y7�ffiIT8 and AVG. f 6,113,352.03 6�122,205.82
{,099,278.00 5.766H 5.8�6A 332
/ "
s1/oe�lssB - Ao11 ta �ullfon 9om - Pfl - a
ZFVie'D�1T POIaTOLIO DHTAILB -'G89 16U
OCfOHIIt 31� 1996 11CCR[GL
IlNB81T�BNT PUAC9A� BTATBD _'_ yq,� ___ MATUHITY D11Y8
NUlIDBR I88U8A DATB HOOE VALVB PACS VALUB IMARBT W1LU8 M1B 360 365 D711B 'PD !AT
""_'_"""""""'_"_"'_"'__"'_"""""'_"""""""""___""'_""""""""_""_""_""""""""_"'_""
CABH NITH TRU8T86 -1IA8T TAUBT
26003 Cec� wiU Truatw 3.07 0.000 0.000 0.000
""""'_""_'__""'_"_""""""'_'__"'_'___""""_'_'_'_'__""""___'_
10TAL CA86 anA INVBBTI�B[lf8 f 6�113�355.10
I�
=1/OB/19% � Lar MaE B�t-�sSN fufunAi¢q .. PM - Y
Il1V6B1f�IT P01C�OLIO OSTAILB - IIIVB89�IT8 MA
OC1tl8mi 31� 1996 ACCRIAL
INV881TffiI'f PVACHAeS . . . - BTAIED _'_ .�q ___ IMTU1lITY D71YB
NUI�gX Igg{IgA DATS HOOR VALUS PACS VALUS l7�A1C8T VALVS RATB 360 365 D11T6 TO M71T
___""______"'__"__""__"'_'_"_______'___"_"___'__""""'__'______"_""'_"""'_'_"'_'_"'__"_'_'_'__"_'_"___"_'_
FIDHLIIY TASABUAY POOL
11030 R Fidality In�tiiutioml Gch dB,953.00 68,953.00 68,953.00 S.SYO 5.040 5.120 1
13031 Pldality Inatitutioml Csah 30,767.00 20,767.00 20,7<7.00 5.120 5.050 5.120 1
13032 PSQa11ty Inetitutioml Csoh 1.00 1.00 1.00 5.1]0 5.050 5.1Y0 1
11060 PSAelity Inetltutlonal Geh 638.00 13B.00 638.00 5.180 5.109 5.180 1
"_'_""""' """"'_"" '_"""""_' """ "_"' """
SU81VfAL8 MA AVffiiMiSB 70�139.00 70�139.00
70�139.00 5.050 5.120 1
TA&ABURY SBCURITI88 - COUPON
17063 R Un3U� 8tatat Tzwrury OS/03/96 594,367.1d 600,000.00 606�937.50 6.375 6.690 6.580 03/31/O1 1�611
""'""'_",..."'_'_"'_"_""'___"""'_"_"__"""""'_""_"__"'__""
TOTIU, IN788�NT8 entl AV6. S 665,506.16 677,076.50
670,139.00 6.338\ 6.646� 1,611
�
11/OB/19% � Lw MaE 6�t-adM R�fundlag �-� PM - 7
IIIV88DffiIT PORPlOLIO DETAILB -�G8H ImA
. OCP�HR 31� 1996 _ ACCRWL
. . IPVS8ITffiPf PUAC91188 8T11TED '_' y'M "' Mi11VRITY OAYB
NW�BA I88USR DATS HOOQC VALUB PACB VALUS M11H1�T VALUB PATB 360 365 MT& TO M\T
"__"""___"'_""""'___"""""""'_""_""""""'_'_"'_"_""""'_"__"""""_'_""'__'__"'__"__'___'_'___'
CA88 NITH TRUB'� -TIABT TAUBT
26006 ceah v1tR Truatae 1.65 0.000 0.000 0.000
"__"""""'_"'_'_'__"'_"'_""""_"""____"__""""""'_""_""""
TOPAL CABH end IIN88TI�MlB f 665�309.79 �
I
_.__ ..... .. . . . . . . .. . _ . _._. . . . . . . ...
ai/oe/19gs - elyce. ceuesy court Aemin ttr �� � eM - 2
IIIViBTl�1T PORT107�I0 DSTAILB - IPVBB'DmITB ImA
OLTO�IIi 31, 1996 ACCRIGL
S11V887T�NT PUAC9A98 8TAT6D "' y'M _'_ l7i17VAITY MY8
p0t�ID8R I880SR D71TE HOOIt VALUS PACB VALU8 MAIUCET VALVB AATB 360 365 MT8 TO MAT
_____"__'__"_'_"'____'___'__"'__"'_'__"______"""""'_"_______'__""'_'__"___"_'__"'___'_'_""_'__'_"""""_____
PIOSLITY TAHABVAY POOL
11038 Fidality Inetitutioml Cesh 87.00 � 87.00 87.00 5.130 5.060 5.130 1
11039 R Fidolity Inetitutlonel Ceah 36,202.00 36�203.00 36,202.00 5.130 5.060 5.130 1
11061 I Fidelity Inatitutioml G�h 1,870,961.00 1�870,961.00 1,870�961.00 5.130 5.060 5.130 1
11062 Fid�lity Inetitutioml Cas� 16,OY6.00 16,026.00 1C,026.00 5.130 5.060 5.130 1
11044 FSdality Inetitutioml GeR 2�385.00 2,385.00 2,385.00 5.160 5.089 5.160 1
"_""""_" ""_'_"""' """"'__"_ _""' ""'_ '_""
BUBTo'lALa md AVIDiA088 1,923,661.00 1,923,661.00
1�923�661.00 5.060 5.130 1
PBDBPAL ACffiiCY I98US9 - COUPQ7
15008 R Pad�ral Farm Cre61t 09/13/96 496,479.43 500,000.00 502,500.00 6.125 6.313 6.600 07/09/98 615
TAEABURY BECUAITI88 - T-HILL
18020 Vnitoe etair Traaauxy OB/13/96 218�520.71 22I�000.00 221�157.61 5.180 5.310 5.386 O1/30/97 90
18021 Un1Ue 8tat�c Traa�ury OB/13/96 70,163.61 76,000.00 71�195.39 5.610 5.637 5.715 07/26/97 265
""""'""""' "'_'______"' "'""""'_'_"' """' """" '_'_"
BUBTOfALe enQ AVffiU688 Y88,6B�.1Z 292,352.80
298,000.00 5.389 5.666 133
""""""""'_'_"'_'_"_"'_""_"'__'_"__""'_"""_"'_"_""""_"
TOLAL INV86�ffi1T8 anQ AVG. S 2�710�806.35 3�718��93.80
1�7Y1�661.00 5.3251 5.399� 138
Z L�
___._._ ._. . . . . . . .. . . ...._ ... . . .. ...... .. _ ... . ._. _._....
11/08/19% �� Blyth� Cwaiy Cour! AGntn Ctr ��� FM - ]
I1Ni89ffiIT IIORTFOLIO DETAILB -'CII6H PM
. oCfoBBR 31, 1996 7�CCRUAL
IPV881f�1aT PUACBA88 8TA79D "' y94 _" M117VR2T1t DAYB
�7�ggR I�� p7�Tg gppE yp,Ug pACg ypy0g M711i1BT VALU6 PATB 360 365 Di1T8 TO lfAT
""""""'_'_""___"_""'__'_"_""""_""'_""_""""""""'__"'__'_'_""'___""'_"'_"""'_""""""'_"'_
G� WITH TRU8T86 -PIAeT TAUST
26007 Cash w1tG TzuatN 2.06 0.000 0.000 0.000
AccruaQ Intarrct at Purcha�a 5,�66.64
'__"""_""__'_"""""__""_'_'__"""""'_""""_"""'_""_"""
y�pTpL CAgg ; 5,466.68
2C7fAL G8H end INVS811�iT8 S 2,716�251.03
2�
_ ____._ _
_
11/08/19% ... 1mA Wrrt Ro�� HonA Ixw ... PM - 3
IIIV88'ARIPP p0R1POQ�iO DETHIL9 ' IMVH89�ITB � 1mA
. OC!'O�BR 31� 1996 u'��n•.
INV8B1T76N1' � PUAC6l188 BTATgp '_' y'�7 "' Mi11VRITY �11Y8
NUlIDgp =ggUgp ppTg HOfll( VALUS PACE VALU6 MAAIQ�.T VALUB MTS 360 365 DAT6 TO !AT
'_"'__""""""'___'_'_"'__"_""_"""_"""'___""""_""_"""_"""""""""""'_""'__"'_"'_""""""'
PIDBLITY T1i6A8URY POOL
11036 E PidelSty Inetitutlonal Caeh 2,169.00 3,169.00 2,169.00 6.690 b.fi26 6.690 1
11035 Yidelity Inetitutional Geh 8.00 8.00 8.00 6.900 6.833 6.900 1
13036 Pidulity Inatitutioml Ga� 3,962.00 3,962.00 3,962.00 6.690 6.626 6.690 1
11063 PSdallty Inetltutioml Ca�h 180.00 180.00 180.00 5.160 5.089 5.�60 1
__"'_"""'_ ""___"_"" """""_"' _'__" "'_" "__"
BUBTOP7S8 end AVffiU16S8 6.279.00 6�279.00
6�779.00 6.639 6.706 1
_""_"_"_""""'_"'_"'_'_'_""___"'_""""_"__""_"__"'__"_""'
TOPAL INVSBT!ffiaT9 satl AVG. { 6,T79.00 . fi,279.00
6�279.00 6.639! 4.704� 1
L 7
Yl/08/19% ADA Dwrt Aw� eond I��w � PM - 3
INVS9D�IT POlaPOLIO DETAILe -'G!9 11DR
. . . OC1DHIIt 31� 1996 �Q�
IPV86'fA�MP PUACB7�9S 8TAT8D "_ p'M '_' Mi11VRITY OAYB
ppt�gg Ig9Uffit DATg H001C VALU& PACB VALUS W1A1�T VAL06 PATS 360 365 OATS TO !NT
""'_""'__"""'_"___"'__"_"_""_""__""'_"_"""""""_"""""'____"'_""'_'_"_"'_""'__"_"""""""
PA88H001C/C�CRINO
25003 FIRST IFTIDt6TAT8 HIUaC 0.00 3.290 3.765 3.290
25005 FIFBT IIITSPBTIITB HAPR 9�OI7.12 {.025 3.970 6.0Y5
75006 FIRBT SPTIIieTATH BAMlt -6.00 0.000 0.000 0.000
"__""""" _"_'_ "'_"
SUBTOTffi8 end AVSR71CS8 9�063.17 3.972 4.027
_""'___""""'__'__""""__"""""""""'__""_'_""""_"'_'""_"'_
TOTAL CABH and ZPVB9IT�N'fe = 15�332.17
�
.___ _..._ . . . . .. . ._. . . . . . . ... .. . . . .
Yl/OB/1996 P�L Dw�tt OLfld Capls[ - PM - 3
IINE89�ffiIT PORIROLIO DSTAILB -'G� �
. OCPOBIIi 31, 1996 1�CCRILU.
I11VSs1TffiNP PUAC9A88 eTATSD "" y'➢7 "" NATURITY DAYB
AUPID&R IeSiJ�t DAT6 B:lO4C VALUB FACE VALUS M71Al�T VALUS RA1B 360 365 D711B TO tMT
""_"""__"""""'_'___""_"""'_""'_'_""""""""""""'__"'_"'_""__'___"""""'_""""__""__"""_
PA88HOO1C/C�QCIPO
7500� Hank ol 1lmarice-CMeklnq 615�170.96 0.000 0.000 0.000
25001 Benk of 11m�rlce-eaving� 73�862.75 T.000 1.973 2.000
"_"""""' '_'__' """
eUB70f7Se md AV&iACBB 639,013.71 0.107 0.109
""""____"""""'_"""""__""""'_""_"""""'__""""__""""'
1VfAL CABH and IAV8BIT�NTB S 639�013.71
/
. . ... _.... __.. . . . . . ... . .. .
21/08/1996 -�� A�d�nlop�ot Aqwcy - Om�r�l �� PM - 4
II1VEe17RNT PmCPP07�I0 DSTAILB - I11V889�ITB 1mA
. OCPO�SR 31� 19% . ACCR1017.
ZNVSBTl�NP PIqlCH1198 STATBD '_' y� __' M11711RITY OAYB
PUlIDgB IggUSR pATg HOO1C VALUB FACS VALUS MAPR6T VALUB RATS 360 365 ➢71TS TD !WT
"""""'__"""""""_'_""'_"_"_""""""""""""_""""'_""'_""_"'_'_"_"""_'_'_"_""""'_'___""_
� LOGL 110&7CY IAV88�ffiiT YUADB
21000 Locel 11g�ncy Invs�tm�nt Pun 9,536�136.B5 9�536,136.85 9,576,136.85 5.587 5.510 5.587 1
21001 Lxel liqency Invaetmant Yun 0.00 0.00 0.00 5.587 5.510 5.587 1
"_____"""_ '__""""_" "_"""""_ ""'_ ""'_ """
BUBTOTALB md AVIDiA088 9,536,136.85 9,536,136.85
9�536�136.85 5.510 5.SB7 3
TAEHBURY 9ECURITIBB - COVPON
17069 Unitae Statse Trea�ury OS/26/96 2,003,571.10 2,000,000.00 2,013,125.00 6.125 5.905 5.987 03/31/9B 515
17070 Unibe etetrc Traesury 05/26/96 2,OOB,139.07 2,000�000.00 Y,010,625.00 6.625 5.510 S.SB6 03/31/97 150
17071 Unitec Statu Tzessury OS/26/96 1�000,687.07 1�000�000.0� 1�003�125.00 5.875 5.691 5.770 07/31/97 272
17072 Unitae BtAtN Tieasuiy OS/36/96 999�26Z•72� 1�000�000.00 1�002�500.00 5.'/50 5.769 5.BY8 09/30/97 333
17073 Unitea 8tatee Trea�vey OS/Y6/96 1,006,767.80 1,000�000.00 1,005,625.00 7.500 5.622 5.C97 O1/31/97 91
17077 Unite� 8tatae Tnaeury OS/30/96 988,655.40 1,000,000.00 992,500.00 5.000 5.900 5.982 O1/31/98 656
__"_""""' ""'_""__" """"'_"" """ ""__ ""'_
eUBTOTALB and AVIDiAOSe 8,004,883.16 8�027�500.00
8�000�000.00 5.698 5.777 330
_"""'____'_"__""_"'_"___"""_'��_""""""""""""""""""'
TOTAL INVSSa�NTs ana AVa. S 17,Sd1,070.01 17,563,636.85
17�536�136.85 5.596� 5.67�i 1{2
L-�
__...... . .. . . . .. .. . .._ _._. .. _ . . . . . . . _... .. . . .
11/08�19% "- A�Gwlop�mt Aq�ay - Wn�r�l �� Pp - 3
ItlViOaffiIT PO1GlOLIO DSAILB -'U186 3mA
� OCR�O�ffii 31, 1996 ACCRiA1L
INV88TI�IPf PURC9A8& 9TX�D -•_ yp� ___ lP7VRI77 DAYB
PUlIDBR I98USIt W1TE HOOIC VALUS FACS VALUS MMRT VALVH A71T8 360 364 M1B TD !pT
__"'_"""""'_"_'___'_________"""'_"_'___"'_"_""'_________________"_"'_"""""'_'______"_"'__"""""'_""_
CA86 NITB TAUBT88 -YIABT TAU9f
26006 Cash wiU Truatar 0.01 0.000 0.000 0.000
_"""_'_""""_"_""_"__""""__"""_"""__"__""__"__'_"'_'_"'_'
TOTAL CABH end SPV891T@NT8 f 17,561,0Y0.02
Z D
. .....__. ____.. . .. . ..
21/08/3906 D��f 9�1p Ch�eklnq PM - 3
IIIVB9Yf�IT P'OR1707�I0 DBTAILB -�GBB ImA
- . OCfOBffii 31, 1996 ACCROAi.
IIN88T!ffiRP PUACHASS 8TAT80 --' Y'd1 --' RO�TUHITIC GAYB
�70yggR Igg{Igft 071T6 BOOA VALUS F71C8 VALUS lAAReT VffiUS AATB 360 365 MT8 TO !pT
""_'___"__"""""__"_""_""_"""""""""'__"""'_""""""""_"""___"""""""'_"__""""""_""
P7188HWQC/C�QCII10 �
25002 B of A - e�lf 9alp Chackinq 18,094.33 0.000 0.000 0.000
"""'_'___""'_'_"""'_"'_'_""""'_""'__""""""""'__"'_""""'
TOfAL G8H end INVSB'DffiPlB S 18,092.33
2q
I1/09y1946 � 1996 Dw�it lbw B�rlo A PM - 2
IlIVB91}RIPP POATPdQ�IO DSTAIIB - INV6B'D�19 1DA
' OClOBSR 31� 1996 ]1CCRUAL
IPv68Tl�laT PUACeAea 8'1AT80 '__ y'IId "' ewxuAITY UAYB
PIlI�BR I9811BR DA1B BOO1C VALUS FACB VALUS Mi1A1�'f V11LU8 MTS 360 365 WT8 'N MAT
_'__'____"""'_"___'__"__'___'_'___"____'_'_"""""""""'______"'__""_______"_'____"___"_'___"""""""_"___
FID6LIIY 11iSA8UAY POOL
11066 PSdality In�tltutioml Gah 3,687.00 3,687.00 3,687.00 5.120 5.050 5.120 1
110l7 Pldallty Zactltutioml Gah 9Y�670.00 92�670.00 92�670.00 5.120 5.050 5.120 1
11068 Pidrllty Inetitutioml Gth 67,730.00 67,730.00 42,730.00 5.120 5.050 5.1Y0 1
""_""""' _""_"__"" """"""_' ""'_ """ '_'_"
BUHTOTALB and AV�UOBB 139�OB7.00 139�087.00
139�087.00 5.050 5.170 1
TRSABUAY 88CURIT288 - COUPON
17078 A Ualtsa Btetas Ttwtuxy 10/03/96 999�638.70 1�000�000.00 1�0OO�6Y5.00 5.625 5.580 5.658 10/31/97 361
""_"""_"""'_"""_""'_""_""""""_"'_'_"______"""""_""
1VfAL INV88a�ffiiT6 anE AVO. ; 1,13B�7Y5.20 1,139,912.00 .
1,139�OB7.00 5.516i 5.592t 330
3a
_ _ _ _
__
u�ne�ivsl6 �� issa n...rs ao.. 9.r�.. 9 � rM - s
IPViBflRRP PORTPOP.IO D8T11IL9 - IIN88'DmIT9 1mA
- Oqy'O�SR 31� 1996 ACCRI0�7.
INVS877�Y'P PUACB71B8 BTATED _" ya,� ___ IAi�SUAITY Oi1Ye
}n7lIDgR IggUSIy DATB BOWC VALUB FACB VALUS /MARB'P VALVB MT6 360 365 DA78 TO MAT
'_""'__"_"___'___"_'_'_____"""__'___""""'___""_"'__'_'__"__""___""__"""""_____""""__"__"__'_'_'_"_
PIDBLITY TI�718URY POOL
11069 Fid�lity In�titutioml Cesh 2,367.00 2,367.00 2,367.00 5.120 6.050 5.120 1
11050 Pldmlity Inetitutional Cash 12,756.00 12�756.00 14�756.00 5.120 5.050 5.120 1
11051 FSEality Inctitutioml Caa6 79,709.00 29,709.00 29,709.00 4.120 5.030 5.170 1
11052 FSdallty Inatitutloml Ce�h 2,671�690.00 3�671�690.00 2�671,690.00 5.120 5.060 5.120 1
"'_"""'___ """_"'_"' """_"'_'_' ""_' __"_' '_""
SUBTOlALe end AVffiiA(J88 2,516�327.00 2,516,322.00
� 2�516�372.00 5.050 5.120 3
�CIAL PAPSR - DIeCOUNT
26001 I 1lmaricen HtanA Co�cclel P 10/03/96 1,476,953.75 1,500,000.00 1,677,500.00 5.370 5.051 5.530 O3/16/97 7{
Y6000 I DupOnt Com�rcial Papai 10/03/96 1�483�7{0.00 1�500�000.00 1�689�718.65 5.203 5.260 5.333 13/17/96 {6
26002 1 Oensral Electzic CzaCit Cor 10/03/96 392,093.89 600,000.00 393,860.00 5.350 5.�58 5.536 02/13/97 10�
""""___"' __"""""" "_""'_"_" __'_'_ """ """
BUBTOPALB md AVSP1f08B 3,352�787.66 3,361,058.45
3�600�000.00 5.369 5.6{3 65
F8D8AAL AGBNCY IBeU88 - COUPBi
15009 R Padecel e�e Loan Bank 10/03/96 798�131.2Y 800,000.00 803,750.00 6.{25 6.�80 6.570 OB/30/O1 1,753
F8DHR71L 110ffi7CY I88US8 - DZBCOIIRf
16007 I Pdaral 6ams Lwn 8�nk 10/03/96 389,792.00 400,000.00 391�5�0.02 5.780 5.618 5.196 03/26/97 165
1fi008 I FWozal H�a Lom Mortgega 30/03/96 397�279.42 600�000.00 398�880.00 5.710 5.246 5.319 11/19/96 1B
16009 I PaAetel Hame Loan Mortgege 10/03/96 388,660.2Y 600,000.00 390,359.99 5.270 5.606 S.{B1 06/15/97 165
""""__'_'"' ____"""""' "_'_'_"""_' '"'"'_ "__"' _'""""
eUB1Y7L11L8 anC AV8N11G88 1�175�711.61 1,180,760.01
� 1�200�000.00 5.356 5.{30 109
"____""""""""_'__"""""""_'_"""""_"'_""""'_""__"""
10TAL I11VSBaffilTe enC AVG. ; 7,8{2,955.30 7,861,890.66
7�916�322.00 7.3781 5.{SY1 2T3
! I
__. ._. . ... . . . . . ... ....._ . .. ... .
lt/Of3/19A5 1996 W/�[t AON S�azow llcot. � - �
IIIVB8PIRS'P �IO DSPAIL9 - INVi6ll�ITB �A
, aGTC�ffit 31, 1996 11CCRUAL
IqVBB'a�el'P PUAC9A88 BTAT� "' yy9 "' IMIUAIIY MY8
NUl�ffit IBg��gp pl�Tg gO�C VALUB FACS VALUS MAAIBT VALU6 AATB 360 365 DATB TO Mi�T
"""'_'__"""___""'_'_""'____""'__'_"'_"_""'__'_'__"_"___""_"""""'__"'_""'_"__""'_'_'_"_'_'__'___"_
FIDBLITY TI�i�BUAY YOOL
13005 Fidelity Inetltutlonel Ga� 12�6d1,536.00 12,661�536.00 12,�61,530.00 S.3Y0 5.050 5.120 1
'_'____"_"'__"""'__'___'___'__'_"'_"'_""'_"""""___"'__""""_"
TOfAL INVa81TffiPP8 an6 AVfi. S 12,661,336.00 12,661,536.00
12�661�536.00 5.050� 5.120D 1
y�2
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STATE OF UIIFORNIA
MAT7 FONG, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO
_A
LOCAL AGENCY INVESTMENT FUND
P.O. BOX 942809
Date: 09/30/96 SACRAMENTp, CA 94209-0001
Page: O1 SEPTEMBER, 1996 STATEMENT
ACCOUNT NUMBER: 98-33-621
CITX OF PALM DESERT
ATTN: CITY TREASURER
73510 FRED WARING DRIVE
PALM DESERT CA 92260
EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION
__DATE ___DATE____ TYPE NO CALLER AMOUNT BALANCE
----- ----
------ ------ ---------------
BEGINNING BALANCE - REG $16,829,609.92
09/04/96 09/04/96 RD 708 JER $1 ,385,000.00 $18,214,609. 92
09/05/96 09/05/96 RW 709 JER -$2,000,000. 00 $16,214,609. 92
09/13/96 09/13/96 RW 710 ATT -$4,000,000 . 00 $12,214,609 . 92
09/24/96 09/24/96 RW 711 JER -$1 ,200,000 .00 $11 ,014,609 . 92
09/26/96 09/26/96 RD 712 JER $5,000,000 .00 $16,014,609 .92
ENDING BALANCE - REG $16,014, 609. 92
GRaND TOTAL $16,014,609. 92
SUMMARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
---------- ------
REG 5 $6,385,000. 00
-$7 ,200,000. 00
CC: BARSARA WRIGHT
INVESTMENT & FINANCE COMMITTEE
SZ Z Wd t� 1�0 96.
1N3W121Vd]4 3�NVN1:1
ill7:>7� WIVd !0 ,lll:)
PO(,._,ED MONEY INVESTMENT ACCG�NT
ITY eF PALM �E;;kRT SUMMARYOFINVESTMENTDATA
It�AfICE DEPARThi[N7
6 OCT 31 PI� 2 28A COMPARISON OF SEPTEMBER 1996 WITH SEPTEMBER 1995
(Dollars in Thousands)
SEPTEMBER 1996 SEPTEMSER 1995 ' CHANGE
Average Daily Portfolio $27,761,544 $24,840,612 +$2,920,932
Accrued Eamings $127,801 $118,745 +$9,056
Effective Yield 5.601 9.g3y _ 231
Average Lifc--Month End(in days) 233 299 -66
Total Security Transactions
Amount $14,906,]15 $15,229,160
Number 345 -$323,045
364 _ �9
Total Time Deposit Transactions
Amount $94,900 $59,600 +$35,300
Number 17 13 +4
Average Workday Investrnent Activity $750,051 $764,438 -$14,387
Prescribed Demand Account Balances
For Services , $123,681 $146,808 _$Z3,�27
For Uncollected Funds $173,446 $133,015 +$40,431
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF ACTIVITY
SEPTEMBER 1996
BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$10,197,551,607.09 $883,281,000.00 $1,142,475,263.34 $9,938,357,343.75
'L.ocal Agency Investment Fund Invested Tluough Pooled Money Investrnent Account
State of California
Pooled Money Investment Account
Market Valuation
9/30/96
���pt' �: ,s
r���'4 � , _� ����. : .
� . , ,: �s.
� iNc�,...Y3F �5 f� .� }
� � ��+�rued Interest
United States Treasury:
Bills $ 2,401,069,042.99 $ 2,469,334,800.00 NA
Strips $ 309,526,280.00 $ 357,828,820.00 NA
Notes $ 5,242,956,461.21 $ 5,177,147,280.00 $ 57,852,989.00
Federal Agency:
Bonds $ 802,740,692.75 $ 796,891,868.80 $ 9,623,093.28
Floaters $ 454,928,512.73 $ 455,502,400.00 $ 3,665,175.00
MBS $ 163,087,158.63 $ 158,377,712.69 $ 968,371.24
NA $ 12,146,720.74 $ 12,182,548.50 $ 154,220.73
GNMA $ 3,967,246.11 $ 4,414,643.53 $ 37,772.13
SBA $ 134,934,186.28 $ 136,241,982.99 $ 1,367,530.75
FHLMC PC $ 33,246,596.25 $ 35,458,646.84 $ 533,960.90
Discount Notes $ 374,004,701.39 $ 377,249,950.00 NA
Bankers Acceptances $ 382,024,423.08 $ 382,967,749.52 NA
Corporate:
Bonds $ 1,497,339,604.32 $ 1,491,362,905.92 $ 24,805,935.09
Floaters $ 554,510,942.27 $ 554,979,045.00 $ 4,527,698.41
CDs $ 5,189,839,175.42 $ 5,237,599,881.25 $ 11,335,466.93
Bank Notes $ 860,106,971.27 $ 873,956,122.34 $ 3,716,147.22
Repurchase Agreements $ 194,456,000.00 $ 194,456,000.00 NA
Time Deposits $ 342,295,000.00 $ 342,295,000.00 NA
AB 55 & GF Loans $ 1,787;951,t70.00 $ 1,787,951,170.00 NA
Commerciai Paper $ 7,800,844,602.16 $ 7,812,079,344.94 NA
Reverse Repurchase $ (404,875,000.00) $ (404,875,000.00) $ (2,084,195.31)
TOTAL $ 26,137,100,489.60 $ 28,253,402,872.32 $ 116,504,165.37
Estimated Market Value Including Accrued Interest $ 28,36s,s07,037.sa
NOTE: Repurchase Agreements, Time Deposits,AB 55 8 General F'und loans, and
Reverse Repurchase agreements are carried at portfolio book value(carrying cost).
Certificates of Deposit(CDs), Bank Notes(BNs), and Commercial Paper(CPs) less
than 90 days are carried at portfolio book value (carrying cost). Interest accrued
from the date of purchase on CDs and BNs under 90 days is not included. BZ Z Wd IE 1�0 96�
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SiATE OF CALIFORNIA � MATT FONG Treasuier
OFFIGE OF THE TREASURER
SACRAMENTO
RECEIVED "
LOCAL AGENCY INVESTMENT FUND NOU 41gg6
P.O. BOx 942809
Date: 09/30/96 SACRAMENTO, CA 94209-0001 pALM DESERT
PdgB: O1 SEPTEMBER, 1996 STATEMENT REDEVELOPMENTAGENCY
ACCOUNT NUMBER: 65-33-015
PALM DE;;ERT REDEVELOPMENT AGENCY
ATTN: P� UL GIBSON, TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 92260
EFFECTIVE TRANSAC'. ION TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT BALANCE
--------- -------- --- ---- ------ ------ --------------- ---------------
BEGINNING BALANCE - REG $6,866,060. 39
09/04/96 09/04/96 RD 707 JER $615,000. 00 $7 ,481 ,060. 39
09/17/96 09/16; 36 RW 708 JER � -$1 ,800,000. 00 $5,681 ,060. 39
---------------
ENDING BALANCE - I�:EG $5,681 ,060. 39
GRAND TOTAL $5,681 ,060. 39
SUMMARY
TRAN COi �IT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
------— __ ----------------- --------------------
REG 2 $615,000.00 -$1 ,800,000.00
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INVESTMENT & FINANCE COMMITTEE 3 � m
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PG�LED MONEY INVESTMENT ACC�.JNT
CITY !F PRIM t�E;�FRT SUMMARYOFINVESTMENTDATA
FINANCE DE°ARTtdEt1T
� P� 3 ��MPARISON OF SEPTEMBER 1996 WITH SEPTEMBER 1995
'96 NOU (Dollars in Thousands)
SEPTEMBfiR 1996 SEPTEMSER 199i CHANGE r
Average Daily Portfolio $27,761,544 $24,840,612 +$2,920,932
Accrued Eamings $127,801 $118,745 +$9,056
Effective Yield 5.601 S,g32 � 23�
AVerage Life--Month End(in days) 233 299 -66
Total Securiry Transactions ...
Amount $14,906,115
Number $15,229,160 -$323,045
345 364 _ 19
Total Time Deposit Transactions
Amount $94,900 $59,600 +
Number $35,300
17 13 +4
Average Workday Investrnent Ac6vity $750,051 $764,438 -$14,387
Prescribed Demand Accoun�Balances
For Services $123,681 $146,808 -$23,127
For Uncollected Funds $173,446 $133,015 +$40,431
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF ACTIVITY
SEPTEMBF.R 1996
BEGINNING BALANCE DEPOSYTS WITHDRAWALS MONTH END BALANCE
$10,197,551,607.09 $883,281,000.00 $1,142,475,263.34 $9,938,357,343.75
•Local Agency Investment Fund Invested Through Pooled Money Investrnent Account
State of California
Pooled Money Investment Account
Market Valuation
9/30/96
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� � , .. _� � ,,,,,, `'A�crued int9rest
United States Treasury: �
Bills $ 2,401,069,042.99 $ 2,469,334,800.00 NA
Strips $ 309,526,280.00 $ 357,828,820.00 NA
Notes $ 5,242,956,461.21 $ 5,177,147,280.00 $ 57,852,989.00
Federal Agency:
Bonds $ 602,740,692.75 $ 796,891,868.80 $ 9,623,093.28
Floaters $ 454,928,512.73 $ 455,502,400.00 $ 3,665,175.00
MBS $ 163,087,158.63 $ 158,377,712.69 $ 968,371.24
TVA $ 12,146,720.74 $ 12,182,548.50 $ 154,220.73
GNMA $ 3,967,246.11 $ 4,414,643.53 $ 37,772.13
SBA $ 134,934,186.28 $ 136,241,982.99 $ 1,367,530.75
FHLMC PC $ 33,246,598.25 $ 35,458,646.84 $ 533,960.90
Discount Notes $ 374,004,701.39 $ 377,249,950.00 NA
Bankers Acceptances $ 362,024,423.08 $ 382,967,749.52 NA
Corporate:
Bonds $ 1,497,339,604.32 $ 1,491,362,905.92 $ 24,805,935.09
Floaters $ 554,510,942.27 $ 554,979,045.00 $ 4,527,698.41
CDs $ 5,189,839,175.42 $ 5,237,599,881.25 $ 11,335,466.93
Bank Notes $ 860,106,971.27 $ 873,956,122.34 $ 3,716,147.22
Repurchase Agreements $ 194,456,000.00 $ 194,456,000.00 NA
Time Deposits $ 342,295,000.00 $ 342,295,000.00 NA
AB 55 & GF Loans $ 1,787,951,170.00 $ 1,787,951,170.00 NA
Commercial Paper $ 7,800,844,602.16 $ 7,812,079,344.94 NA
ReverseRepurchase $ (404,875,000.00) $ (404,875,000.00) $ (2,084,195.31)
TOTAL $ 28,137,100,489.60 $ 28,253,402,872.32 $ 116,504,165.37
Estimated Market Value Including Accrued Interest $ 28,369,907,037.68
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• �_
STATE OF CALIfORNIA
MATT FONG. Treasurer
OFFICE OF THE TREASURER
SACRAMENTO
_�;
LOCAL AGENCY INVESTMENT FUND
P.O. BOX 942809
Date: 09/30/96 SACRAMENTO, CA 94209-0001
Page: O1 SEPTEMBER, 1996 STATEMENT
ACCOUNT NUMBER: 11-33-002
AB3107 PALM DESERT REDEVELOPMENT AGENCY
ATTN; PAUL GIBSON, TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 92260
EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT BALANCE
-------- ----------- ---- ------ ---—-
--------------- ---------------
BEGINNING SALANCE - INT $170,871 . 63
ENDING BALANCE - INT $170,871 .63
CC: BARBARA WRIGHT
INVESTMENT & FINANCE COMNIITTEE
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STATE OF CALIFONNIA
MATT FONG, ireasurer
OFFICE OF THE TREASURER
SACRAMENTO
w
LOCAL AGENCY INVESTMENT FUND
P.O. BOX 942809
Date: 09/30/96 SACRAMENTO, CA 94209-0001
Page: 02 SEPTEMBER, 1996 STATEMENT
BOND-PROCEEDS ACCOUNT NUMBER: 11-33-002
EFFECTIVE TRP,NSACTION TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT BALANCE
-- ----------- ---- ------ ------
--------------- ----------
BEGINNING BALANCE - B/P $4,000,000. 00
B/P ID: 8902071 MATURITY DATE: 10/04/96 BEG BAL: $4,000,000. 00
END HAL: $4,000,000. 00
ENDING BALANCE - B/P $4,000 ,000 . 00
--------
ENDING BALANCE - INT $170, 871 . 63
GRAND TOTAL $4� 170�871 . 63
SUMMARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
---------- ----------------- --------------------
INT 0 $0.00 $0 .00
B�P � $0.00 $0 .00
---------- ----------------- --------------------
TOTAL 0 $0. 00 $0. 00
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� PALM DESERT OFFICE COMPLEX
� FINANCfAL STA7'EMENTS
' SEPTEMBER 30. 1996
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, OSCAR G. AR � 'O _
� OG'A Certlfied Public Mcoununt
74-133 EL PASEO, SUITE 8 � PALM DESERT, CALIPORNIA 92260 • (619)773-4078.• F,VC(619)773-4079
October 8, 1996
Palm Desert pffice Complex
Palm Desert, California
I have compiled the accompanying balance sheet of Palm Desert Ot�ice Complex, as of September 30,
1996, and the related income statement and statement of cash flows for the nine moaths then ended, in
accordance with statemenu on standazds for accounting and review services issued by the American
Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements information that is the
representation of managemeM. I have not audited or reviewed the accompanying finaacial statements
and, accordingly, do not express an opinion or any other form of assurance on them,
Management has elected to omit substantially all of the disclosures required by geaerally acc�ted
accounting principles. If the omitted disclosures were included in the financial statements, they might
influence the user's conclusions about the organization's fiaancial position,results of operations and cash
flows. Accordingly, these financial statements aze not designed for those who aze not informed about
such matters.
Sincerely,
� �-�'Z�
oscar G. .�nnijo
Certified Public Accountant
MEAffiER
CalJjornla Soclery oj � ���
Certijled Public ActountasUs Amer�u+n insnr�+g o,/
CerNjleJ Py61tc ActounhtnRs
Palm Desert Office Complex
Balance Sheet
September 30, 1996
Assets
Current Assets
Caeh in Bank-Reserve Account $ 21,441.98
Cash in Bank 348,756.77
Cash in Bank -Security Deposit 18,710.71
Total Current Assets $ 388,909.46
Fixed Assets
Buildinq 444 2,585, 000. 00
Accumulated Depreciation (55,235.00)
Building 555 1,085,000. 00
Accumulated Depreciation (23, 183 .00)
Buildinq Improvements-Bldg 444 82,420.02
Accumulated Depreciation (1,373 . 67)
Total Fixed Assets 3, 672,628.35
i
Total Assets $ 4, 061,537.81 i
i
i
�
see Accountants' Compilation Report
Palm Desert Office Complex
Balance Sheet
September 30, 1996
Liabilities and Equity
Currant Liabilities
Security Deposit Payable $ 18,600. 00
Deferred Revenue 2, 100. 00
Total Current Liabilities $ 20,700.00
Long Term Liabilities
Equity
Equity 3,670,000. 00
Retained Earnings 19,968.83
Current Income (Loss) 350,868.98
Total Equity 4,040,837.81
Total Liabilities & Equity $ 4, 061,537.81
See Accountants' Compilation Report
Palm Desert Office Complex
Income Statement
For the Period Ended September 30, 1996
1 Month Ended 9 Months Ended
Sep. 30, 1996 Pct Sep. 30, 1996 Pct
Revenue
Rent Receipts $ 65,288.99 99.54 $ 641,441.45 99.72
Other Income 0. 00 0.00 263 .49 0.04
Interest Income-Security 21.76 0.03 323.73 0.05
Interest Income-General 281.17 0.43 1,227.94 0. 19
Total Revenue 65,591.92 100. 00 643,256. 61 100.00
Operating Expenses
Insurance 0.00 0.00 6, 052 . 08 0.94
Office Expense 0.00 0.00 354.38 0.06
Office Maintenance 0. 00 0.00 1, 099. 00 0. 17
Repairs & Maintenance-Di 834.87 1.27 4,813.57 0.75
Repairs & Maintenance-Bu 9, 329.52 14.22 18,217. 95 2.83
Repairs & Maintenance-Ja 3,310.00 5. 05 28,799,55 4.48
Landscaping 1,728.50 2.64 9,274.29 1.44
Professional Services 12, 000. 00 18.29 69,387.22 10.79
Repairs and Maintenance 354.59 0.54 1,706.43 0.27
Property Taxes 0. 00 0.00 39,568.11 6.15
Telephone 133.48 0.20 2, 169.01 0.34
Security 0. 00 0.00 990. 00 0.15
Utilities 6,507.87 9.92 38, 006. 17 5.91
Total Expenses 34,198.83 52. 14 220,437.76 34.28
Operating Income 31,393. 09 47.86 422, 818.85 65.73
Depreciation Expense 8,299.69 12. 65 71, 949.87 11.19
Total Other Income (8,299. 69) ( 12.65) (71, 949. 87) ( 11. 19)
Net Income (Loss) $ 23,093 .40 35.21 $ 350, 868. 98 54.55
See Accountants' Compilation Report
�
Palm Desert Office Complex
� Statement of Cash Flows
For the Period Ended September 30, 1996
Increase (Decrease) in Cash or Cash Equivalents
�
1 Month Ended 9 Months Ended
� Sep. 30, 1996 Sep. 30, 1996
Cash Flow from Operatinq Activitie�
Net Income (Loss) $ 23,093.40 $ 350,868.98
� Adjustments to Reconcile Cash Flow
Depreciation 8,299. 69 71,949.87
Decrease (Increase) in Current Assets
� Receivable From Escrow 0.00 34,862. 05
Increase (Decrease) in Current Liabilities
Escrow Reserve 0.00 (154,130.55)
Security Deposit Payable (7,000. 00) 18,600.00 �
� Deferred Revenue 1, 600.00 0.00
Total Adjustments _ 2,899.69 (28,718.63)
� Cash Provided (Used) by Operations 25,993. 09 322, 150.35
Cash Flow From Investing Activities
� Sales (Purchases) of Assets
Accumulated Depreciation 0. 00 (82,4zo.o2)
� Cash Provided (Used) by Investing 0.00 (82,420.02)
Cash F1ow From Financinq Activities
Cash (Used) or provided by:
� Retained Earnings 0.00 ( 4,951.42)
Cash Provided (Used) by Financing o.00 ( 4,951.42)
� Net Increase (Decrease) in Cash 25,993.09 234,778.91
Cash at Beginning of Period 362,916.37 154, 130.55
� Cash at End of Period
$ _ 388,909.46 $ _388,909.46
�
�
�
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�
See Accountants' Compilation Report
,
10/8/96 Palm Desert Office Complex Company: : PDB
06:59 Reqular Trial Balance Paqe: i
1 Month Ended 9 Months Ended
Account # Type Description Sep. 30, 1996 Sep. 30, 1996
-------- ---- ------------------------------ --------------- --------;------
302 A Cash in Bank-Reserve Account -3,344.45 21 441.98
110 A Cash in Bank 36,315.78 348,756.77
112 A Cash in Bank -Security Deposit -6,978.24 18,710.71
151 A Building 444 0.00 2,585,000.00
152 A Accumulated Depreciation -5,523 .50 -55,235.00
153 A Building 555 0.00 1,085,000.00
154 A Accumulated Depreciation -2,318.30 -23,183.00
157 A Building Improvements-Bldg 444 0.00 82,420.02
158 A Accumulated Depreciation -457.89 -1,373.67
203 L Security Deposit Payable 7, 000.00 -18,600.00
211 L Deferred Revenue -1, 600. 00 -2,100.00
280 L Equity 0.00 -3�670� 000.00
281 L Retained Earnings 0.00 -19,968.83
301 R Rent Receipts -65,288.99 -641,441.45
302 R Other Income 0. 00 -263.49
303 R Interest Income-Security Dpsts -21.76 -323.73
304 R Interest Income-General Chckng -281. 17 -1,227.94
650 E Depreciation 0.00 7,841.80
680 E Insurance 0.00 6,052.08
710 E Office Expense 0.00 354.38
711 E Office Maintenance 0.00 1,099.00
712 E Repairs & Maintenance-Disposal 834.87 4,813.57
713 E Repairs & Maintenance-Building 9, 329.52 18,217.95
714 E Repairs & Maintenance-Janitor 3,310.00 28,799.55
715 E Landscaping 1,728.50 9,274.29
723 E Professional Services 12, 000.00 69,387.22
730 E Repairs and Maintenance 354.59 1,706.43
756 E Property Taxes 0. 00 39,568. 11
760 E Telephone 133.48 2,169.01
765 E Security 0. 00 990.00
775 E Utilities 6,507.87 38,006.17
812 E Depreciation Expense 8,299. 69 64,108.07
--------------- ---------------
Account Balances 0. 00 0.00
—_�����
Current Profit 23,093.40 Y-T-D Profit 350,868.98
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10/8/96 Palm Desert Office Complex Company: PD
06:59 General Ledqer - Period Ending 9/30/96 Page:
Date Mt ReP # Account Description Current Year-To-Date
-------- -- ------ --------- -------------------- ------------� ______�------
Beginninq Balance 102 Cash in Bank-Reserve Account 24,786.43*
9/30/96 9 JE3 102 Cash -3,344.45
Ending Balances = -3,344.45* 21,441.98*
Beginning Balance 110 Cash in Sank 312,440.99*
9/30/96 9 JE2 110 Cash in Bank 66,888.99
9/30/96 9 JE3 110 Rent Reserv�s 3, 344.45
9/30/96 9 JE4 110 Cash in Bank 281.17
9/30/96 9 CD9 110 Cash Disbursements -34, 198.83
Endinq Balances = 36,315.78* 348,756.77*
Beginning Balance 112 Cash in Bank -Security Deposit 25,688.95*
9/30/96 9 JE2 112 Security Deposit- -7, 000.00
Cash
9/30/96 9 JE4 112 Cash-Security 21.76
Deposits
Ending Balances = -6,978.24* 18,710.71*
Seginninq Balance 151 Building 444 2,585,000.00*
Ending Balances = 0.00* 2,585,000.00*
Beginning Balance 152 Accumulated Depreciation -49,711.50*
9/30/96 9 JEl 152 Accumulated Dep. -5,523.50
Ending Balances = -5, 523 .50* -55,235.00*
Beginninq Balance 153 Building 555 1, 085,000.00*
Ending Balances = 0. 00* 1,085,000.00*
Beginning Balance 154 Accumulated Depreciation -20,864.70*
9/30/96 9 JE1 154 Accumulated Dep. -2,318.30
Ending Balances = -2,318.30* -23, 183.00*�
Beginning Balance 157 Buildinq Improvements-Bldg 444 82,420.02*
Ending Balances = 0.00* 82,420.02*•
Beginning Balance 158 Accumulated Depreciation -915.78*
9/30/96 9 JE1 158 Accumulated Dep. -457.89
Ending Balances = -457.89* -1,373.6�*�
Beginning Balance 203 Security Deposit Payable -25, 600.00*
9/30/96 9 JE2 203 Security Deposit 7,000.00
Payable
Ending Balances = 7,000.00* -18,600.00*+
Beginning Balance 211 Deferred Revenue -500.00*
9/30/96 9 JE2 211 Deferred Rent 500.00
9/30/96 9 JE2 211 Deferred Revenue -2,100.00
Ending Balances = -1,600.00* -2, 100.00*+
10/8/96 Palm Desert Office Complex Company: PDI
06:59 General Ledqer - Period Ending 9/30/96 paqB; ,
Date Mt Ref # Account Description Current Year-To-Date
----_�__ __ ______ _________ ___�--------------_- ------------- -------------*,
Beginning Balance 280 Equity -3,670,000.00*
Ending Balances 0.00* -3,670,000.00
Beginning Balance 281 Retained Earnings -19,968.83*
Ending Balances = 0.00* -19,968.83*�
Beginning Balance 301 Rent Receipts -576,152.46*
9/30/96 9 JE2 301 Rent Revehue -65,288.99
Ending Balances = -65,288.99* -641,441.45*�
Beginning Balance 302 Other Income -263.49*
Ending Balances = 0.00* -263.49*�
Beginning Balance 303 Interest Incoma-Security Dpsts -301.97*
9/30/96 9 JE4 303 Interest-Security -21.76
Dpsts
En3ing Balances = -21.76* -323.73*+
Beginning Balance 304 Interest Income-General Chckng -946.77*
9/30/96 9 JE4 304 Interest Income-Gen. -281.17
Chckng
En3ing Salances = -281.17* -1,227.94*+
Beginning Balance 650 Depreciation 7,841.80*
Endinq Balances = 0. 00* 7,841.80*i
Beqinning Balance 680 Insurance 6,052.08*
Ending Balances = 0.00* 6,052.08*i
Beqinning Balance 710 Office Expense 354.38*
Ending Salances = 0.00* 354.38*+�
Beginning Balance 711 Office Maintenance 1,099.00*
Endinq Balances = 0. 00* 1,099.00*�
Beginning Balance 712 Repairs & Maintenance-D3sposal 3,978,70*
9/4/96 9 1132 712 Waste Manaqement of 376.96
the Desert
9/23/96 9 1142 712 Waste Management of 381.02
the Desert
9/23/96 9 1148 712 Waste Management of 76.89
the Desert
Endinq Balances � 834.87* 4,813.57*+
Beginning Balance 713 Repairs & Maintenance-Building 8,888.43*
9/4/96 9 1131 713 Hugh Hoard, Inc. 397.72
9/4/96 9 1136 713 Aztech Electric 191.25
9/4/96 9 1137 713 Paragon Siqns 48.49
9/23/96 9 1140 713 Bradley Electric 8,578.92
inc.
10/8/96 Palm Desert Office Complex
06:59 General Ledqer - Period Endinq 9/30/96 Company: pDF
Paqe: _
Date Mt Ref � Account Description
�------- -- ------ --------- Current Year-To-Date
------------�-----
9/23/96 9 1150 -- -------------
713 Aztech Electric ----""'
Ending Balances = 113.14
9, 329.52* 18,217.95*+
Beginninq Balance 714 Repairs & Maintenance-Janitor
9/23/96 9 1143 714 Desert Building 3 310. 00 25'489•55*
Service '
Ending Balances = 3,310. 00* 28,799,55*�
Beqinning Balance 715 Landscaping� ,545.79*
9/4/96 9 1135 715 Sir Michael s �
Enterprises 1.z40.50
9/23/96 9 1146 715 Sir Michael's 488.00
Enterprises
Ending Balances = 1, 728.50* 9,274.29**
Beginning Balance 723 Professional Services
9/4/96 9 1134 723 Mason & Mason 57,387.22*
9/23/96 9 1145 723 Mason & Mason 6�000.00
Ending Balances = 12 �000. 00*
� 69,387.22**
Beginninq Balance 730 Repairs and Maintenance
9/23/96 9 1139 730 The Lock Shop 278.59 1,351.84*
9/23/96 9 1147 730 Dewey Pest Control 76.00
Ending Balances = 354.59* 1,706.43**
Beqinning Balance 756 Property Taxes
Ending Balances = * 39,568.11*
0.00 39,568.11**
Beginning Balance 76o Telephone
9/4/96 9 1133 760 AT&T 51. 01 Z.035.53*
9/23/96 9 1141 760 GTE CA 6�.2�
9/23/96 9 1144 760 AT&T
Ending Balances = 15.20
133.48* 2, 169.01**
Beqinninq Balance 765 Security
Ending Balances = 990.00*
0.00* 990.00**
Beginninq Balance 775 utilities
9/17/96 9 1138 775 Southern CA Edison 31,498.30*
9/23/96 9 1149 775 CV Water District 330.03
9/23/96 9 1151 775 Southern CA Edison 97• 19
Ending Balances = 6, 080. 65
6,507.87* 38,006.17**
Beginninq Balance 812 Depreciation Expense
9/30/96 9 JE1 812 Depreciation Exp. 8 299. 69 55,808.38*
Ending Balances = 8,299. 69* 64,108.07**
10/8/96 Palm Desert Office Complex Company: PD;
06:59 General Ledger - Period Ending 9/30/96 Paqe: �
Date Mt Ref f Account Description Current Year-To-Date
-------- -- ------ --------- -------------------- ------------- -------------
General Ledqer is in balance 0.00*
38 Transactions
Current Profit 23, 093.40 Y-T-D Profit 350,868.98
��. - -
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Y���
Palm Deeert Office Complex
Bank ReconciliaHon for Account 1496-3-01947
ForMonth Endiag September 1996
Begianing Balance 25,688.95
Add:
Geh Receiple _
Inteaet 21.76
Leea:
Cash Diebnxeementa 7,000.00
Setvice C6atge _
Ending Balaace 18,710.71
BalancePerBank 18,710.71
Deposita in Traneit _
Leee:
Outetanding Checks -
Ending Salance 18,710.71 (
Prepared by Oscar G. Armijo, CPA 10/B/96 Page 1
�
0����14j
�
Palm Deeert Office Complex
Bank ReconciliaHon for Acconnt 1496-1-01948
Far Mont}►Ending Septeraber 1996
Beginning Balance 337,227.42
Add: � , ;
Ca�h Receipb 66,888.99 �
Inbe:est 281.17
� � j ; �iul - i7!; .
/JYci i I �7�1 � r � .
Leee: �� / U � 1 :�.; • , L_ r
Geh DLbnesemenfs 34,198.83 �
Sexvice Charge -
finding Balance 370,198.75
Balance Per Bank 379,646.22
Depoeib in Traneit -
Lese:
Ontatanding Checica 9,447.47
Ending Balance 370,198.75 �
Ontetanding C4eck List
Check Namber Payee Amount
1099 Get Alarmed Security 55.00
1141 GI'E Califomia 67.2'7
1143 Dcreert Bvilding Services 3,310.00
1144 ATdsT 15.20
1145 Mason dc Meson 6,000.00
TotalOutstanding 9,447.47
Prepared by Oscar G.Artnijo, CPA 10/8/98 Page 1
�� _ _
R, -- ALDEN
� 949 South Hope Strect•Suite 110• Los Mgcics,CA 90015 •213•488-0624.FAIC 213-488-5137
� RECEIVED
� Nov s �sss
November 5, 1996
REDEVELOPMENTAGENCY ''
�
Mr. Carlos L. Ortega
� Executive Director
Redevelopment Agency
CITY OF PALM DESERT
+ 73-510 Fred Waring Drive
� Palm Desert, California 92260
� Re: $78,000,000
Palm Desert Financing Authority
Tax Allocation Refunding Revenue Bonds
� (Project Area No. 1 as amended)
Series 1996
� Dear Carlos:
� In March/April of this year the Palm Desert Redevelopment Agency decided not to
proceed with a refunding bond issue of approximately $72,210,000. For the past six
months Alden Capital Markets, Inc., and Merrill Lynch have collaborated to analyze the
' proposed issue.
We embarked Dn this analysis because we believed there might be an opportunity at year
' end for the Agency to take advantage of a favorable interest rate market. Additionally, we
believed there were certain costs associated with the issue that could be renegotiated, or
adjusted downward, in order to increase net savings and achieve a present value savings of
� .'�%.
We are pleased to report to you that twice in the past two weeks tax exempt bond rates
� have dipped to levels that would allow us to refund the existing bonds and achieve a 3%
savings. Market experts also generally agree that rates will remain stable, and may drop
slightly, through mid-January. Althou�h the outcome of today's election will aft�ect the
' bond market, particulazly if Democrats are successful in retaking the House of
Representatives (see attached article), the general consensus is that the Federal Reserve
' will not increase rates in 1996.
Given all the above stated facts we believe the Agency should consider updating the
� documents prepared earlier this year and putting itself in a position to wait for the market
to reach levels that make this refunding economic.
'
� r., �
r./
� November i, 1996 �
City ol'Palnt Desert
Page 2...
1
� We have prepared this report to outline and address the factors we believe wiil affect your
decision as to whether or not to proceed to complete the deal this year. It is our goal to
� provide you with the highest level of service and we are available to meet with you at any
time.
� Sincerely,
` Lauro Garcia lII
�
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� 1VIARKET CONDITIONS AS OF 1�OV�MBER 5, 1996
I ��
It is generally agreed among market experts that the bond market will remain stable
� through the end of 1996. An article in the November 4, 1996 issue of the Wall Street
Journal states that "The Fed.almost certainly will leave interest rates unchanged when its
policy makers meet November 13 and may do so through the end of the year..". (See ��
I attached Wall Street Journal article). This stability, coupled with the recent market rally
which pushed municipal interest rates downward, may create an opportunity to sell bonds
at rates which will achieve a 3% present value savings.
IIn makin� its decision as to whether to proceed the Agency must look forward and
determine whether interest rates are likely to fall to, or remain at, current levels in the next
I few years. Although economists and money managers are split on the issue, the majority
believe that higher interest rates are somewhere on the horizon. Assuming rates begin to
rise in 1997, and the refunding is not completed, what is the probability of them falling to
( current levels, or lower, in the next 2-3 years? The Agency should look forward and place
a value on the $2,150,000 (approximately) generated by this refunding so as to determine
whether the"cash in hand" is more valuable, and a better bet, than waiting for lower rates
Iin the future. The bottom line is that the Agency may not have this opportunity in the
future.
( CURRENT ISSUE COMPARED TO UN-EXECUTED APRIL 1996 ISSUE
IHad the Agency proceeded with the refunding issue in April of this year, interest rates
based on the final pricing wire would have yielded a present value savings of '
Iapproximately $SSQ000 (.758% of refunded par). A Merrill Lynch survey of interest �
, rates for the same day concluded that the savings should have been approximately
$1,250,000 (1.735% ofrefunded par).
� Merrill Lynch$nd Alden have studied the economics of this refunding and believe rates as
of November 4 would create an opportunity to achieve savin�s of approximately
I $1,829,000 (2.526% of refunded bonds). These cash flows are set out in SECTION 2
"Malysis #1". A"10 basis poinY' drop in interest rates (from November 4 levels) would
I yield approximately $2,275,000, an amount in excess of 3% (3.143"/0 of refunded par).
These results exceed the 3% level we have discussed and can be found in SEGTION 3
"Malysis#2", The 3% savings level generates approximately $2,175,000 in cash.
IWe believe market conditions between now and the end of the year will work our favor so
as to allow .you to.achieve.the 3% savings level.- .We further believe the Investment
( Committee may wish to consider some latitude in "strike price" so as to preserve today's
savings level as a "worst case" alternative. As you can see, the difference between the
November 4 levels and the 3% savings level is only $346,000.
IPV Savin s $ PV Savin s % ���
Current Market 11/4l96 $1,829,000 2.526%
i Market Less 10 b s $2 275,000 3.143%
3% Tar et to Refund $2,175,000 3.0%
, "'PV Savings as a percentage of refunded par.
-- -- _ ---- ._---
� '
FACTORS FFECTING PRESENT VALUE SAVI S TARGET
�
In analyzing the factors surrounding this bond issue it became clear that we Could not rely
� solely on lower interest rates to achieve the 3%target. The following modifications to the
previous structure have all contributed to creating a more economic deal.
� MBIA INSu�tnNCE
� The MBIA bond insurance premium for on the April issue was 58 basis points. We
contacted MBIA and discussed the feasibility of their lowering the fee. The initial MBIA
� response to our inquiry would have required that the Agency pursue a rating from either
Standard & Poor's or Moody's for the underlying bond issue in order for MBIA to lower
their fee quote. This request was subsequently dropped and the new premium was quoted
� at 45 basis points, a savings of approximately $200,000!. Not having to pursue a rating
not only saved the deal $40,000 - $50,000, but we also avoid ho(ding off the bond issue's
pricing while we make presentations in New York and waiting for the rating.
1
MERRILL LYNCH DISTRIBUTION CAPABILITIES
'
In order to achieve the most efficient pricing on this deal it is important to work with a
� firm that has a distribution system that can access both the retail and institutional investor
market. The ability to effectively access all segments of the market will go a long way in
lowering the final interest rates a needed 5-10 basis points. We firmly believe that the
' strength of the Merrill Lynch trading desk and our ability to react quickly to positive
market trends will ensure optimum pricing and sales to all segments of the market.
, • UNDERWRITING FEE
' Merrill Lynch and Alden aze pleased to propose an underwriting fee of $9.00 per
$1,000/bonds. It is our understanding that this quote is lower than the fee on the previous
' deal and believe it augments our other efforts to cut costs and increase the savings level to
the 3% level.
' ADDITIONAL FACTORS TO CONSIDER .
' A positive result the Agency will derive from this refunding is that the new bonds will have
semi-annual payments as opposed to the current 35 day pay on the Dutch Auction bonds.
' This should lessen the burden on Agency staff and allows the Agency to access cash for
longer periods of time.
' A second positive effect is that the existing remarketing agent fee of 1/4% per annum on
the Dutch Auction bonds will expire. Although the fee is ostensibly paid in the Dutch
� Auction bonds by increasing rate it still represents an annual fee of almost $200,000.
_ _ �
'
CONCLUSION
We hope the analysis set out above and the attached number runs fulfills the Agency's
goal of achieving the maximum possible savings in the proposed refunding. It was our aim i
to restructure the issue so as to create cost savings that would augment any positive bond
market trends.
Merrill Lynch and Alden Capital Markets, Inc., respectfully request that we be engaged to
update all existing bond and disclosure documents and to secure the MBIA bond
insurance policy.
It would be our hope to meet with Mr. Bill Strausz of Richards, Watson & Gershon, bond
counsel, and Mr. Don Hunt of Fulbright & Jaworski, disclosure counsel, as quickly as
possible in order to prepare this bond issue for the market.
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� PALM DESERT FINANCING AUTHORITY
� TAX ALLOCATION REVENUE BONDS
RESERVE FUNDS
� Alden Capital Markets, in conjunction with the law firm of Fulbright & Jaworski and the
investment firms of Chambers Dunhill & Rubin and Langhoff& Brooks, has analyzed the
� reserve funds and bond documents applicable to the following bond issues:
• $6.305,000 1995 Taz Aliocation Bonds (Project Area No. 1 as Amended,
� Added Territory Only)
• $24,025,000 1995 Taz Allocation Bonds (Project Area No. 1 as Amended)
� • $4,090,000 1995 Taz Allocation Bonds (Project Area No. 2)
• 5100,000,000 1992 Taz Allocation Bonds (Project Area No.l as Amended)
• $17,255,000 1992 Taz Allocation Bonds (Project Area No. 2)
� The purpose of the analysis was to determine: (1) the potential costs and benefits from
utilization of a Reserve Fund Forward Agreement (2) the potential costs and benefits from
� utilization of a Synthetic Surety Agreement; (3) the potential costs and benefits from
utilization of a Surety Agreement with the current bond insurer, MBIA.
� In addition, we have requested an advisory opinion from Fulbright & Jaworski regarding
the use of funds made available through implementation of a surety or synthetic surety
agreement.
� i�se ofFunds
� Based on review of the bond documents, Fulbright and 7aworski is has concluded an
opinion that funds released due to a replacement of required reserved with a surety or
� synthetic surety may be used for"any lawful purpose" of the agency and are not restricted
as to use. The language in the documents is straightforward. We have no reason to
believe that a similar opinion will not be available from any number of bond counsel firms
� including Bill Strausz of Richards, Watson & Gershon.
Amount of Funds Available
� The estimated amount of funds available from the various transactions is outlined in the ,
accompanying table. The amount represents a gross amount based on current market
� conditions. Each of the transactions, with the exception of the surety, will require
approval of bond counsel, the trustee and MBIA. The surety will require additionat
approval only of bond counsel and the trustee, since MBIA will provide the surety.
�
�
A
EXECUTiVE SUMMARY
RESERVE FUND PRODUCTS
IlVTRODUCCiON
Reserve funds are required in order to receive investment grade ratings for most revenue
bond issues. A reserve fund serves two important purposes:
• Provides a source for payment of debt service in the event that the revenue
stream is disrupted.
• Provides for payment of debt service while an asset is liquidated.
Since 1986, the earnings on reserve £unds have been restricted to a rate no greater than �'.
the azbitrage yield on the bonds. Many reserve funds are invested at a rate less than that 4�
required to make debt service payments on the portion of the bonds represented by the f�
reserve. Reserve funds are invested in short term instruments in order to protect against
loss of value if the fund is called upon. The combination of a large reserve invested for a I
short term results in both a loss of use of capital and negative arbitrage.
Reserve fund products have been developed to mitigate the potential negative impact of
reserve funds. Four products have received widespread acceptance:
• Reserve Fund Investment Agreements (Agreements which provide a
guaranteed rate of retum with semi-annuai liquidity)
• Reserve Fund Forward Agreements (Agreements which pay an issuer the net
present value of reserve fund earnings at a guaranteed rate) See Attachment 1
• Synthetic Sureties (Agreements which allow an issuer to replace the reserve
fund with U.S. Government Securities and utilize the proceeds of the reserve)
See Attachment 2
• Reserve Fund Sureties• (Bond Insurance policies or letters of credit which
substitute for the reserve fund) See Attachment 3
The 6rst two products, Investment Agreements and Forward Agreements, create a more �
efficient use of the interest eamings on the reserve fund. The last two, Sureties and
Synthetic Sureties, release the full amount of the reserve for use by the issuer.
As a general rule, the use of funds derived from Investment Agreements and Forward
Agreements is unrestricted. The use of funds resulting from entering into Sureties or
Synlhetic Sureties may or may not be restricted, depending upon the provisions of the
bonds ordinance or trust indenture.
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$151,675,000
TOTAL OF ALL ISSUES
Forwazd Synthetic Surety MBIA Surety
A eement
Reserve Funds $12,050,044 $12,050,044 $12,050,044
Gross Available $8,335,000 $12,050.044 $12,050,044
Transaction Costs* $325,000 $2,257,145 $662,761
Le al and Trustee* $27,500 $65,000 $32,500 ;
Net Available $7,982,500 $9,727,855 $11,354,783 '
" Estimated
The total of all issues may, in some categories, be less than the sum of each individual
transaction. This is because of economies of scale present with a larger transaction. All i
costs are estimates based on current market conditions. Changes in the market may result
in either increased or decreased earnings. The analysis does not take into consideration
accrued interest available in each account.
Estimates for the synthetic surety ara based on indications provided by one provider. I
Costs may be improved if the product is bid among several suppliers. �,
A
Timin¢ '
. �
All three transactions may be completed prior to the end of the year. Completion of the I
MBIA surety will require agency counsel review as well as approval of the trustee and the
trustees counsel. Review of the documents indicates that this should be easily
accomplished.
Both the forward agreement and the synthetic surety options may require additionaf
review by both bond counsel and issuer's counsel. The synthetic surety entails a loan of
the reserve fund to the issuer. Fulbright & Jaowrski have given preliminary approval to
the concept, however implementation of the complete pro�ram will require more extensive
review.
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ESTIMATED AVAILABILITY OF FUNDS
SURETY, SYNTHETIC SURETY AND FORWARD PURCHASE AGREEMENT
�6.'�05.000
1995 Series A
Forward A reement S thetic Suret MBIA Sure
Reserve Fund $630,500 $630,500 $630,500
Gross Available $200,000 $630,500 $630,500
Transaction Costs $15,000 $132,405 $34,677
Le al and Trustee $5,000 $10,000 $7,500 i
;
Net Available $I80,000 $488,095 $588,323 i
$4.090.000
1995 Series �
Forward A reement S nthetic Suret MBIA Suret
Reserve Funds $344,592 $344,592 $344,592
Gross Available $250,000 $344,592 $344,592
Transaction Costs $10,000 568,918 $18,952 '�
Le al and Trustee $5,000 $10,000 $7,500 II
NetAvailable $235,000 $265,674 $318,140 I
$24.025.000 �
1995 Series �
Forward A reement S nthetic Suret MBIA Suret j
i
ReserveFunds $1,955,525 $1,955,525 $1,955,525 �
Gross Available $1,395,000 $1,955,525 $1,955,525
Transaction Costs $60,000 5410,660 $107,553
Le al and Trustee $5,000 $10,000 $7,500
Net Available $1,330,000 51,534,592 $1,840,472
�
s
�ioo.000.000
1992 Reries
Forward A reement S nthetic Suret MBIA Suret
Reserve Fund $7,841,271 $7,841,271 $7,841,271
Gross Available $5,575,000 $7,841,271 $7,841,271
Transaction Costs $200,000 $1,646,666 $431,269
Le al and Trustee $7,500 $25,000 $10,000
Net Available 55,367,500 $6,169,605 $7,400,002
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�17.545_004 ',
1992 Series A '
�
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Forward A reement S nthetic Sure MBIA Suret i
� ReserveFund $1,278,556 $1,278,556 $1,278,556
� Gross Available $915,000 $1,278,556 $1,278,SS6
Transaction Costs $40,000 $268,496 $70,320
ILe al and Trustee $5,000 $10,000 $7,500 I
Net Available $870,000 $1,000,060 $1,200,736 ?
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