July 24, 2003 THROUGH: ROGER SNOBLE J~~-~ CHIEF...

Metropolitan

Transportation

Authority

One Gateway Plaza

Los Angeles, CA

90012-2952

TO:

THROUGH:

FROM:

SUBJECT:

July 24, 2003__

MTA BOARD OF DIRECTORS

ROGER SNOBLE J~~-~CHIEF EXECUTIVE O~E,~

~NE 30, 2003

ISSUE

The purpose of this quarterly report on investments is to certify that MTA’s cash andinvestment portfolios are in compliance with the current MTA Investment Policyapproved January 23, 2003.

DISCUSSION

1. On a consolidated portfolio basis, the securities held directly by the MTA were incompliance for the quarter ending June 30, 2003 except for the following:

The issuer limit on commercial paper set at 10% of the portfolio, wasexceeded by 1.1% or approximately $1.9 million. The portfolio was broughtback into compliance subsequent to June 30th, 2003 and as of this report date.

2. L.A. County Pool

Non-Compliance with L.A. County Investment Policy

See Attachment VI- County of Los Angeles Treasurer and Tax CollectorReport of Investments for April, May, and June 2003.

Investment Returns

Treasury staff cominues to emphasize enhancing returns by adjusting the portfoliomaturities as cash flows permit and based upon changes in the market environment.The externally managed portfolio strategies are designed to enhance total return bytargeting the benchmark Merrill Lynch 1-3 year GovemmenVCorporate Index.Investment returns and the weighted average duration for the internal portfolio and theexternally managed portfolios are summarized below in Table I, and are shown inAttachment I, pages four, five and six.

For the quarter ending June 30, 2003, the externally managed portfolios had a combinedreturn of 0.99% compared to a return of 1.10% for the benchmark. For the period, thecombined weighted average duration of the external portfolios was 1.8 years comparedto a weighted average duration of 1.7 years for the benchmark.

Table IInvestment Returns

Quarter Ending June 30, 2003

Investment Manager / Benchmark

! Internal Manager Portfolio91 day T-Bill Index

Bank of AmericaL.M. CapitalPIMCOExternal Manager CompositeMerrill Lynch 1-3 yr Govt/Corp Index

Return

0.30%0.33%

0.92%1.02%1.07%

WeightedAverageDuration(years)

0.10.2

1.72.21.8

0.99% 1.81.10% 1.7

Treasury staff monitors the performance of the extemal managers relative to therespective Benchmark over a market cycle (3 to 5 years), and meets quarterly with theextemal managers to review performance and to discuss managers’ strategies.

NEXT STEPS

The next update will report compliance and performance for the quarter endedSeptember 30, 2003.

Attachment I:Attachment 11:Attachment IlkAttachment IV:Attachment V:

Attachment VI:

June 2003 Quarterly Report on Cash & InvestmentsSchedule of Proposed FinancingsQuarterly Certification of LiquidityJune 2003 Transactions ReportBank of New York Western Trust Company, and Local AgencyInvestment Fund Asset StatementsL.A. County Treasurer’s and Tax Collector Report ofInvestments for April, May and June 2003 - Attachment 1I

Prepared by: Marshall M. Liu, Senior Financial AnalystDonna R. Mills, Assistant Treasurer

ATTACHMENT I

LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY

QUARTERLY REPORT ON CASH & INVESTMENTS

June 30,2003

Los Angeles County Metropolitan Transportation Authority

CASH AND INVESTMENT REPORT OVERVIEWJune 30, 2003

(In Dollars)

The MTA’s Treasury Department is responsible for various funds in five major categories:

June 30, 2003 March 31, 2003

Operating Funds $ 858,115,272 $ 928,007,807

Change Note

(69,892,535) a

Debt Funds:Bond Principal and Interest

Debt Service Reserves and Other DebtRefunding EscrowsBond Construction Funds

187,303,596 132,663,507 54,640,089 b131,748,642 135,123,625 (3,374,983) c

278,391,723 170,555,000 107,836,723 d115,455,592 69,679,173 45,776,419 e

Pension Assets ( f 550,892,261 499,133,558 51,758,703

HOV, STA, TDA and SAFE FundsOther ( i

180,562,639 190,540,962 (9,978,323)9,275,062 9,254,368 20,694

TOTAL $ 2,311,744,787 $ 2,134,958,000 $ 176,786,787

a - Net decrease attributable to payment of accounts payable expenses and payroll in excess of revenue funding.b - Normal trustee debt service set asides and funding of July Debt Service for Workers Comp.c - Reclass of DSRF requirements of refunded A93A and C93B bonds to A2003 - A, A2003 - B and C2003 - A Refundings Escrows.d - Outstanding escrow balance as a result of C2003 - A refunding.e - Recaptured Bond proceeds as it relates to 2001 Eastside project.f- Pension assets are reported at market value.g - Net increase attributable to favorable market changes for the quarter.h - Delay in STA funding received by MTA to cover other municipality drawdowns of TDA funds in current quarter.i - Transit Guarantee Bond, Construction Enhancement Loan, Tunnel Monitor Fund, and Security for Workers Compensation LOC programs.


SUMMARY and COMPARISONDISCRETIONARY / OPERATING FUNDS

June 30, 2003

Description June 30,2003 March 31,2003

Yield to Maturity (at market)Bank DepositsLA County Investment Pool (**)Local Agency Investment FundCertificate of Deposit ProgramManaged InvestmentsTotal Wtd Avg Yield (at market)

0.88%

1.77%1.75%3.62%3.38%

0.97%1.85%1.98%2.90%3.72%3.39%

Wtd Avg. Maturity (days) 537 439

BalancesBank DepositsLA County Investment Pool (**)Local Agency Investment Fund (*)Certificate of Deposit ProgramManaged InvestmentsTotal Book Value

$ 22,972,230 $

80,000,00099,000

755,044,042$ 858,115,272 $

65,809,855676,753

70,000,00099,000

791,422,199928,007,807

Total Market Value $ 867,486,331 $ 938,809,690

Total Par Value $ 840,652,811 $ 903,549,334

Quarterly Interest - EarnedQuarterly Interest - Received

$ 7,922,835 $$ 8,104,162 $

7,135,1417,916,828

(*) - Includes $ 40 million held in a PTSC account.(**) o As of 06/30/03, this fund was reclassified to "HOV, STA, TDA and SAFE funds" category


CASH and INVESTMENT SUMMARYDISCRETIONARY / OPERATING FUNDS

June 30, 2003

Description Balance at costWeighted AvgYield at market

Weighted AvgMaturit}, in da~/s

Bank Deposits $ 22,972,230 1 0.88%

Local Agency Investment Fund (*)

Percentage

Certificate of Deposit Program

2.7%

Managed Investments:Money Market FundsBankers AcceptanceCommercial PaperCertificates of DepositU.S. TreasuriesFederal AgenciesReposCorporate Notes

80,000,000 1.77% 214 9.3%

Subtotal - Managed Investments

99,000 1.75% 303 0.0%

Total Cash & Investments

49,179,033 0.83% 1 5.7%12,993,292 1.16% 40 1.5%43,980,019 1.06% 16 5.1%

0.0%117,250,706 4.20% 757 13.7%363,565,188 3.58% 531 42.4%

0.0%168,075,803 4.99% 953 19.6%

755,044,042 3.62% 587 88.0%

$ 858,115,272 3.38%

1 - Earnings on bank deposits include earnings credits net of service fees.(*) - Includes $ 40 million held in a PTSC account.

537 100.0%

Los Angeles County Metropolitan Transpo~ation Authority

INVESTMENT MANAGER PERFORMANCEDISCRETIONARY/OPERATING FUNDS

June 30, 2003

Investment ManagerBalance at Balance at Yield tomarket in coat in dollars Maturity Average Duration

dollara at market In days In years

Short Duration

Internal ***

Benchmark - 91 day T-Bill plus 20basis points through 12/31197

Benchmark - 91 day T-Bill from01/01/98 forward

Intermediate Duration

Bank of America

LM Capital

PiMCO

External Managers Composite

Morrill Lynch 1-3 Yr. Govt/CraditIndex ****

140,569,172 140,564,560

321,734,867 317,983,130

68,051,655 66,323,488

234,059,408 230,172,864

1.04% 15 0.04

1.45% 752 1.71

1.53% 834 2.22

1.70% 629 1,80

1.55% 715 t.80

Performance (in percentages, gross of fees)Quarter Ending

06/30/03 03/31/03 12/31/02 09/30102BenchmarkFiscal Returns since

0.30 0,29 0.40 6.45 1.45

0.33 0.30 0.43 0.45 1,52

4.57

0.92 0.92 1.09 2.59 5.63 6.50

1.02 0.79 1.03 2.63 5.57 7.28

1.07 0.92 1.28 2,61 6.00 6.35

0.99 0,91 1.15 2,60 5.76 7.34

1.60% 629 1.71 1.10 0.87 1.19 2.36 5.63 5.87

4.58

4.45

6.74

4.43

5,87

Cost balance includes accrued income"* Inception dates; Internal 9/30/93; TradeStreet 1/31/97; LM Capital 2/28/90; PIMCO 1/31/97. Benchmark returns are

a composite of the Merrill Lynch 1-3 yr GovtJCorp Index and the Lehman Brothers 1-3 yr GovtJCorp Index.***Capra 2. FTA Enterprise, and FTA N. Hollywood accounts are included in the thtemal performance return calculation..... For the quarters ended pdor to 06130101, the effective benchmark is the Lehman Brothers 1-3 year Govt/Corp Index.

1.10%

Los Angeles County Metropolitan Transportation AuthorityIntermediate Duration Managers vs, Merrill Lynch 1-3 Yr. Govt./Credit Index

For the quarter ended June 30, 2003

Merrill Lynch 1-3 Yr. GovtJCredlt Index 1.10%

1.05%

1.00%

0.95%

0.90%

0.85%

0.80%

0.75%

0.70%

0.92%

Bank of America

1.02%

1.07%

LM Capital

5

PIMCO

6.10%

6.00%

5.90%

5.80%

5.70%

5.60%

5.50%

5.40%

5.30%

5.20%

5.10%

5.00%

Los Angeles County Metropolitan Transportation AuthorityIntermediate Duration Managers vs. Merrill Lynch 1-3 Yr. Govt./Credit Index

Fiscal Year To Date June 30, 2003

6.00%

5.63% Merrill Lynch 1-3 Yr. Govt./Credit Index 5.63%

5.57%

Bank of America LM Capital

6

PIMCO


LIQUIDITY SCHEDULEDISCRETIONARY / OPERATING FUNDS

June 30, 2003

Balance atAvailability cost

WtdAvgYieldat market

CumulativeAvailability

Bank Deposits ImmediateMoney Market Funds ImmediateLocal Agency Investment Fund (*) Immediate

Certificate of Deposit Program see attached schedule

Investments Maturing :less than 31 days31 days to 60 days61 days to 90 days91 days to 365 days1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsmore than 5 years

Total Cash & Investments

22,972,230 0.88%49,179,033 0.83%80,000,000 1.77%

99,000 1.75%

112,014,859 1.10%3,825,919 2.39%3,999,400 1.26%

65,017,552 3.97%234,410,864 4.20%222,408,029 4.60%26,255,561 4.23%37,932,825 4.78%

0.00%

858,115,272 3.38%

22,972,23072,151,263

152,151,263

152,250,263

264,265,~22268,091,041272,090,441337,107,993571,518,857793,926,886820,182,447858,115,272858,115,272

(*) - Includes $ 40 million held in a PTSC account.

Institution

Western States Bank

TOTAL PROGRAM


CERTIFICATE OF DEPOSIT PROGRAMJune 30, 2003

Amount RateMaturity Days to

Date Maturity

99,000 1.75% 4/28/2004 303

$ 99,000 1.75% 303

8


LA COUNTY TREASURER’S INVESTMENT POOLJune 30, 2003

As of June 30, 2003 the MTA had $180.6 million held in accounts with the Los Angeles County Treasurer’s Investment Pool.The earnings rate for June was 1.57%.

The MTA is the administrator of various funds that are invested with the Los Angeles County Treasurer.

High Occupancy Vehicle Project FundsState Transit Assistance Bus FundsState Transit Assistant Rail FundsService Authority Freeway Emergency FundsTransportation Development Act Local Transportation Account

Total Administered Funds

in thousands$ 94.8

29,226.511,684.7

681.9138,874.7

$ 180,562.6

9

Book Value :

Duration :

Market Value :

Par or Face Value :

Yield to Maturity :


GLOSSARYJune 30, 2003

The original cost of the investment, plus accrued interest and amortization of any discount or premium.

The approximate percentage change in the price of a bond or portfolio for a 100 basis point shift in theyield curve.

The current market price of the investment including accrued interest.

The principal amount paid at maturity.

The single rate of return earned on an investment considering all cash flows and timing factors.

10

ATTACHMENT IISchedule of Proposed and Recent Financings - as of June 30, 2003

(Amounts in Millions)

Prop C 2003-A Refunding Bonds Prop C $94.8 4TH Qtr FY 2003

Prop A 2003-A Refunding Bonds Prop A $273.5 4TH Qtr FY 2003

Prop C 2003-B Refunding Bonds Prop C $165.0 1 ST Qtr FY 2004

General Revenue 2003-A Refunding Bonds Gen. Rev. $90.0 1ST Qtr FY 2004

ATTACHMENT/ElQuarterly Certification of Liquidity

As of June 2003

In accordance with section 53646 (b)(3) of the California Government Code, I certifythat there is sufficient liquidity to meet MTA’s budgeted expenditure requirements forthe next six months.

Sett~oCUSIP

Date

06/04/2003 31359MQZ9

ATTACHMENT IV

LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITYPURCHASE DETAIL REPORT

06101103 TO 06130103

Description

FEDERAL NATL MTG ASSN

Face MaturityPar Cost Interest

Rate Date

2.13 04/1512006 3,400,000.00 3,450,070.31 9,834.03

Yield Broker

1.60 GOLDMAN, SACHS & CO

0611012003 06422TTW306111/2003 313396HW606/11/2903 313384HX006/11/2003 02582JAU406/11/2003 59018YRF00611312003 06422TUB706/13/2003 313396JF106/16/2003 31359MSE406/26/2003 06422TUX90612612003 06422TWF606/2612003 313384JM20612612003 313588JE60612612003 313396JL80612712003 69372BU320612712003 17307KU980612712003 17307KUE706/2712003 17307KUJ606127/2003 17307KUQ006/27/2003 3200M5TVV70613012003 313588HX606/30/2003 313396JS306/30/2003 313396JK006/30/2003 69372BUB4

BANK OF AMER N A DISC B/A 0.00 0613012003FEDERAL HOME LN MTG CORP DISC NTS 0.00 07/08/2003

FEDERAL HOME LOAN BANK DISCOUNT 0.00 07/09/2003AMERICAN EXPRESS CRACCOUNT 7.20 09/17/2007

MERRILL LYNCH & CO INC M/TIN 2.07 06/12/2006

BANK OF AMER N A DISC B/A 0.00 07/11/2003

FEDERAL HOME LN MTG CORPDISCNTS 0.00 0711712003

FEDERAL NATL MTG ASSN 1.75 06/16/2006

BANK OF AMER N A DISC B/A 0.00 07/31/2003

BKAMERICA BA 1.26 09/15/2003

FEDERAL HOME LOAN BANK DISCOUNT 0.00 0712312003FEDERAL NATL MTGE ASSN DISCOUNT NT 0.00 07/16/2003

FEDERAL HOME LN MTG CORP DISC NTS 0.00 07/22/2003PACCAR FIN CORP DISC C/P CPDS 0.00 07/03/2003

CITIGROUP GLOBAL MKTS HLDGS INC DISC CIP 0.00 07/09/2003

CtTIGROUP GLOBAL MKTSHLDGS INC DISC C/P 0.00 07/14/2003

CITIGROUP GLOBAL MKTS HLDGS INC DISC C/P 0.00 07/18/2003

CITIGROUP GLOBAL MKTS HLDGS INC DISC C/P 0.00 07/24/2003

FIRST DATA CORP DISC C/P CPDS 0.00 06/30/2003

FEDERAL NATL MTGE ASSN DISCOUNT NT 0.00 0710912003

FEDERAL HOME LN MTG CORP DISC NTS 0.00 07128/2003

FEDERAL HOME LN MTG CORP DISC NTS 0.00 07/21/2003

PACCAR FIN CORP DISC C/P CPDS 0.00 07/11/2003

4,000,000.00 3,997,444.44 0.00

15,000,000.00 14,987,737.50 0.0020,000,000.00 19,982,888.89 0.00

5,000,000.00 5,482,226.56 26,000.005,000,000.00 5,000,000.00 0.004,000,000.00 3,996,515.56 0,005,000,000.00 4,995,136.11 0.004,700,000.00 4,690,036.00 0.003,000,000.00 2,997,054.17 0.004,000,000.00 3,991,000.00 0.005,000,000.00 4,996,400.00 0.00

5,000,000.00 4,997,333.33 0.006,000,000.00 5,995,840.00 0.00

4,000,000.00 3,999,326.67 0.004,000,000.00 3,998,640.00 0,004,000,000.00 3,998,073.33 0.004,000,000.00 3,997,620.00 0.008,000,000.00 7,993,880.00 0.00

21,989,000.00 21,987,039.31 0.00

5,000,000.00 4,998,850.00 0.007,000,000.00 6,994,773.33 0.00

8,000,000.00 7,995,706.67 0.0010,000,000.00 9,996,913.89 0.00

1.15 BANKERS TRUST COMPANY1.09 SMITH BARNEY HARRIS UPHAMD1.13 CREDIT SUISSE FIRST BOSTON1.39 WACHOVIA SECS CAPITAL MARKET2.07 MERRILL LYNCH FIXED INCOME OPS1.12 BANKERS TRUST COMPANY1.03 MERRILL LYNCH FIXED INCOME OPS1.82 BEAR STEARNS (AGENCIES+STRIPS)1.01 BANKERS TRUST COMPANY1.00 BANKERS TRUST COMPAr~Y0.96 MERRILL LYNCH FIXED IN~OME OPS0.96 MERRILL LYNCH GOVT SE~3S/M.MKTS0.96 MERRILL LYNCH FIXED INCOME OPS1.01 CITIGROUP GLOBAL MARKETS INC1.02 CITIGROUP GLOBAL MARKETS INC1.02 CITIGROUP GLOBAL MARKETS INC1.02 CITIGROUP GLOBAL MARKETS INC1.02 CITIGROUP GLOBAL MARKETS INC1.07 CITIGROUP GLOBAL MARKETS INC0.92 MERRILL LYNCH GOVT SECS/M.MKTS0.96 MERRILL LYNCH GOVT SECS/M.MKTS0.92 MERRILL LYNCH GOV~ SECS/M.MKTS1.01 CITIGROUP GLOBAL MARKETS INC

$ 165,089,000.00 $ 165,520,506.07 $ 35,834.03

page 1 of 1

SettleDate CUSIP Description

ATTACHMENT IVLOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY

SALES DETAIL REPORT06101103 TO 06/30103

Face MaturityRate Date PAR Cost Interest

06/16/2003 31359MHJ5 FEDERAL NATL MTG ASSN06/05/2003 742718BK4 PROCTER & GAMBLE CO06/17/2003 01F050460 FNMA TBA 15YR SFM 05.00% JUN06/11/2003 89232WAC6TOYOTAAUTO RECEIVABLES2002-B06/11/2003 59018YKB6 MERRILL LYNCH & CO INC M/TIN

Gain I (Loss)4.75 03/15/2004 4,600,000.00 4,727,558.00 55,231.94 94,538.515.25 09/15/2003 2,000,000.00 2,021,500.00 23,333.33 23,140.000.00 0610112018 2,000,000.00 2,078,515.63 0.00 46,0115.633.76 06/15/2006 5,000,000.00 5,111,914.06 13,577.78 58,203.125.35 06/15/2004 5,000,000.00 5,210,750.00 130,777.78 45,300.00

$18,600,000.00 $19,150,237.69 $ 222,920.83 $ 267,237.26

page 1 of 1

INVESTMENT HOLDINGS

B RN

UNREALIZED EST ANN~AL INC/ Y~D AT [GAIN/(LOSS) ACCRUED INCOME BE/MKT [

1.2600% DLrE 09/19/03CUSIP # 06422TWF6 ISSUED 05/82/03

4,000,000.000

4,000,000.000

4,000,000.000

SHORT TERM INVESTMENTSPOOLED FUNDS & ~u~u~L FUNDS

13,607,753.490 AIM SHORT TERM INVESTMENT TRSY PRIVATECUSIP # $99990220

COMMERCIAL EAPER4,000,000.000 CITIGROUP GLOBAL MKTS HLDGS INC DISC C/P

DUE 07/14/03CUSIP ~ 17307KUE7 ISSUED 05/14/03

4,000,000.000 CITIGROUP GLOBAL MKTS HLDGS INC DISC C/PDUE 07/09/03

CUSXP ~ 17307KU98 ISSUED 05/12/03

4,000,000.000 CITIGROUP GLOBAL MKTS HLDGS INC DISC C/PDUE 07/15/0I

CUSIP # 17307KUJ6 ISSUED 04/11/03

99.775 3,991,000.00i00.000 4,000,000.00

3,991,000.004,000,000.00

3,991,000.004,000,000,00

3,991,000.004,000,000.00

1.000 13,607,753.451.000 13,607,753.45

13,607,753.49

99.952 3,998,073.3399.950 3,997,546.27

99.966 3,998,640.0099.963 3,998,079.87

99.941 3,997,620.0099.939 3,997,119.87

9,000.00 50,400.00 1.268,400.00 1.26

9,000.00 50,400.00 1.268,400.00 1.26

9,000.00 50,400.00 1.268,400.00 1.26

9,000.00 50,400.00 1.268,400.00 1.26

0.00 112,944.35 0.836,226.36 0.83

0.00 112,944.36 10.836,226.36

t0.83(527.06) 40,799.88 1.02

453.33 1.02

(560.13) 40,799.88 1.02453.33 1.02

(500.13) 40,799.88 I.Q2453.33 1.02

PAGE 7

INVESTMENT HOLDINGS

B RN

ONITE DESCRIPTIONEST ~AL INC/ YLD ATACCR~TED INCOME BK/)[KT

8,000,000.000 CITIGROUP GLOBAL MKTS HLDGS INC DISC C/PD~TE 07/24/03

CUSIP # 17307KUQ0 ISSUED 04/28/03

5,000,000.000 GREAT WEST LIFE & ANNUITY C/P CPDSDUE 08/05/03

CUSIP # 39136SV59 ISSUED 05/08/03

5,000,000.000 HBOS TREAS SVCS PLC CPDS CPDS

DUE 07/10/03CUSIP # 40410~"JA2 ISSUED 04/10/03

i0,000,000.000 PACCAR FIN CORP DISC C/P CPDSDUE 07/11/03

4,000,000.000 PACCAR FIN CORP DISC C/P CPDS

DUE 07/03/03CUSIP # 69372BU32 ISSUED 06/27/03

44,000,000.000 TOTAL CO~CTA%L PAPER

B~KERS ACCEPTANCE3,000,000.000 BANK OF AMER N A DISC B/A

DUE 07/31/03CUSIP # 06422Tt~9 ISSUED 03/17/03

3,000,000.000 WACHOVIA BK N A DISC B/ADUE 07/23/03

CUSIP # 9297MIUP9 ISSUED 01/23/03

3,000,000.000 WACHOVIA BK N A DISC B/ADUE 07/16/03

CUSIP # 9297MIUG9 ISSLTED 01/17/03

9,000,000.000 TOTAL B~RS ACCEPTANCE

99.92499.923

99.74299.886

99.83399.963

99.96999.961

99.98399.982

99.90299.910

99.42299.923

99.43099.944

7,993,880.007,992,959.74

4,987,122.224,987,359.80

4,991,666.674,991,333.69

9,996,913.899,995,786.44

3,999,326.673,998,830.72

43,963,242.7843,959,016.40

2,997,054.172,996,869.87

2,982,654.172,982,465.15

2,982,890.002,982,670.05

8,962,898.348,962,005.07

(920.26)

237.58

(332.98)

(1,127.45)

(495.95)

(4,226.38)

(184.30)

(189.02)

(219.95)

(993.27}

81,599.76 1.02906.66 1.02

60,999.84 1.226,947.20 1.22

59,999.76 1.206,833.31 1.20

100,999.80 1.01280.56 1.01

40,399.56 1.01448.88

466,398.36 1.0616,776.60 1.06

30,299.76 1.01420.83 1.01

34,499.88 1.1615,237.45 1.16

35,399.88 1.1915,634.95 1.19

100,199.52 1.1231,293.23 1.12

PAGE 8

INVESTMENT HOLDINGS

UNITS DESCRIPTION

U S AGENCIRS6,000,000.000 FEDERAL HOME LN MTG CORP DISC NTS

DUE 07/22/03CUSIP # 313396JL8 ISSUED 07/22/02

7,000.000.000 FEDERAL HOME LN MTG CORP DISC NTSDUE 07/28/03

CUSIP # 313396JS3

8,000,000.000 FEDERAL

CUSIP #

HOME LN MTG CORP DISC NTSDUE 07/21/03

313396JE0 ISSUED 07/22/02

15,000,000.000 FEDERAL

CUSIP #

5,000,000.000 FEDERAL

CUSIP #

HOME LN MTG CORP DISC NTSDUE 07/08/03

318896m~6 ZSSUED 07108102

HOME LOAN BANK DISCOUNTDUE 07123/03

313384JM2 ISSUED 07/28/02

5,000,000.000 FEDERAL

CUSIP #

NATL MTGE ASSN DISCOUNT NTDUE 07/09/03

313588~/46 ISSUED 07/09/02

4,000,000.000 FEDERAL

CUSIP #

NATL MTGE ASSN DISCOUNT NT

DUE 07/07/03313588HV0 ISSUED 07/07/02

5,000,000.000 FEDERAL

CUSIP #


313588RP3 ISSUED 07/06/02

5,000,000.000 FEDERAL

CUSIP #


313588JE6 ISSUED 07/16/02

I0,000,000.000 FEDERAL

CUSIP #


313588HQI ISSUED 01/10/03

99.931 5,995,840.0099.940 5,995,600.00

99.925 6,994,773.3399.930 6,994,913.33

99.946 7,996,706.6799.950 7,995,795.56

99.918 14,987,737.5099.980 14,987,916.68

99.928 4,996,400.0099.940 4,996,333.33

99.977 4,998,850.0099.980 4,998,872.22

99.885 3,995,411.1199.980 3,995,397.78

99.871 4,993,555.56100.000 4,993,555.56

99.947 4,997,333.3399.960 4,997,333.33

99.885 9,988,450.00i00.000 9,988,770.84

(240.00)

140.00

88.89

179.18

(66.67)

22.22

(13.33)

0.00

0.00

320.84

57,600.00 0.96800.00 0.96

67,199.76 0.96186.67 0.96

73,599.84 0.92204.44 =0.92

163,499.76 1.099,083.32 1.09

47,999.88 0.98666.67 0.96

45,999.72 0.92127.78 0.92

47,199.96 1.183,802.22 1.18

57,999.96 1.166,444.44 1.16

47,999.88 0.96666.67 0.96

115,499.88 1.1611,229.16 1.16

PAGE

i 9

JUNE 01, 2003 . JUNE 30, 2003

INVESTMENT HOLDINGS

YLD AT~NITS DESCRIPTION

BOOK/MARKET EOOK MARKET GAIN/(LOSS)

70,000,000.000 TOTAL U E AGENCIES

136,607,783.450 TOTAL SHORT TERM INVESTMENTS

MISCELLANEOUS OTR~R ASSETS1.000 SEALED BOX - BID CONTRACT NO. C2327 -

DUE 04/30/01CUSIP # $86687380

PAYABLES

69,944,488.63

136,477,652.07 (4,388.52)

0.000 0.00 1.00

140,468,652.07 4,612.48

140,473,264.55

0.000.00

0.000.00

0.000.00

95,907.5698,907.56

140,564,553.63 4,612.48

140,589,172.11

724,598.64 1.0433,211.37 1.04

1,404,140.87 1.0387,507.56 1.03

0.000.00 0.00

0.00 0.000.00 0.00

1,454,540.87 1.0495,907.56 1.04

1,454,540.8795,907.56

PAGE i0

LOS ANGELES METROPOLITAN TRANSPORTATIONLACMTA-L MCJA PITAL MANAGEMENTACCOUNT NOMBER 000220081MONTHLY REPORT / TRADE DATE RASISJUNE 01, 2003 - JUNE 30, 2003

INVESTMENT HOLDINGS

EST ANNUAL INC/ YLD AT

ACCRUED INCOME~K/M~T

U~ITS DESCRIPTIONBOOK/MARKET BOOK MARKET GAIN/(LOSS)

FIXED INCOME INVESTMENTSCORPORATE BONDSASSET RACKED SECURITIESAUTOMOBILE LOAN RECEIVABLES

1,453,523.200 UACSC AUTO TR5.8700% DUE 09/08/06

ORIGINAL FACE 2,000,000.000

CUSIP # 902533CJ5 ISSUED 02/19/99

1,453,523.200 TOTAL AUTOMOBILE LOAN RECEIVABLES

1,453,923.200 TOTAL ASSET BACKED SECERITIES

FINANCE & INSCR CORPORATE BONDS2,000,000.000 AMERICA~ INTL GROUP INC

2.8750% DUE 05/15/08CUSIP # 026874AQ0 ISSUED 05/15/03

2,000,000.000 CHEVRONTEXACO CAP CO3.5000% DUE 09/17/07

CUSIP # 166760AA6 ISSUED 09/10/02

2,000,000.000

1,400,000.000

CITIGROUP INC5.7500% DUE 05/10/06

CUSIP # 172967BF7 ISSUED 05/10/01

MERRILL LYNCH &CO INC M/T/N4.5400% DUE 03/08/05

CUSIP # 59018YMG3 ISSUED 03/08/02

7,400,000.000 TOTAL FINANCE &IN SUR CORPORATE BONDS

INDUSTRIAL CORPORATE BONDS1,900,000.000 BRISTOL MYERS SQUIBB CO

4.7500% DUE 10/01/06CUSIP # II0122AF5 ISSUED 09/28/01

96.780 1,406,718.7258100.823 1,465,486.86

99.44799.564

101.321103.922

99.807110.397

100.00O104.454

102.476107.633

1,465,486.86

1,406,718.72581,465,486.86

1,988,940.001,991,280.00

2,026,420.00522,078,437.50

2,207,940.00

1,400,000.00621,462,356.00

7,411,900.007,740,013.50

1,947,039.00972,045~027.00

,768.14

,768.14

2,340.00

,017.50

211,800.00

,356.00

328,513.50

,988.00

85,322.005,451.08

85,322.005,451.08

57,500.007,347.22

70,000.0020,222.22

119,000.0016,291.66

63,560.0019,950.77

306,060.0063,811.87

90,250.0022,562.50

6.075.82

6.075.82

2.892.89

3 .453.37

5.765.21

4.54

3.95

4.644.41

PAGE 7

LOS ANGELES M~TROPOLITAN TP~SPORTATIONLACMTA-L MCA PITAL MANAGE~ INC

MOBFI~LY REPORT / TRADE DATE BASIS

INVESTMENT HOLDINGS

~/NITS DESCRZPTION

1,500,000.000 CIT GROUP INC NEW4.0000% DUE 05/08/08

CUSIP # 125581AE8 ISSUED 05/05/03

2,000,000.000 S~.A LEE CORP2.7500% DUE 06/15/08

CUSIP # 803111AP8 ISSUED 06/06/03

5,400,000.000 TOTAL INDUSTRIAL CORPOP, ATE BONDS

TELEPHONE CORPORATE BONDS2,000,000.000 BELLSOtV~ CORP

5.0000% DUE 10/15/06CUSIP # 079860AC6 ISSUED 10/25/01

2,000,000o000 TOTAL TELEPHONE CORPORATE BONDS

16,253,523.200 TOTAL CORPORATE BONDS

GOVERNMENT BONDSUS TREASURIES

4,000,000.000

2,800,000.000

2,500,000.000

2,300,000.000

US TREASURY NOTES3.0000% DUE 02/29/04

CUSIP # 9128277M8 ISSUED 02/28/02

US TREASURY NOTES2.7500% DUE 09/30/03

CUS~P # 9128277D8 ISSUED 10/01/01

UNITED STATES TEEAS h~TS3.5000% DUE 11/15/06

CUSIE # 9128277F3 ISSUED 11/15/01

UNITED STATES TREAS NTS3.6250% DUE 03/31/04

CUSIP ~ 912828AA8 ISSUED 04/01/02

99.525 1,492,875.0034101.837 1,527,555.00

99.655 1,993,100.0099.094 1,981,875.00

5,433,014.005,554,457.00

100.197 2,003,940.00i09.291 2,185,820.00

2,003,940.002,185,820.00

16,255,172.7215,945,777.36

100.668 4,026,718.7527101.344 4,053,750.00

99.902 2,797,265.6315100.469 2,813,125.00

102.266 2,556,640.6378105.406 2,635,156.25

100.438 2,310,062.5035101.969 2,345,281.25

,680.00

121,443.00

181,880.00

181,880.00

690,604.64

,031.25

,859.37

,218.75

60,000.00 4.028,833.32 3.93

55,000.00 2.763,819.44 2.78

205,250.00 3.7835,215.26 3.70

i00,000.00 4.9921,iii. I0 4.57

i08,000.00 4.9921,111.10 4.57

696,632.00 4.29125,589.31 4.11

120,000.00 2.9840,108.68 2.96

77,000.00 , 2.7519,355.17 2.74

87,500.00 3.4211,175.25 3.32

83,375.00 3.6120,957.65 3.56

PAGE 8

LOS ANGELES METROPOLITAN TRANSPORTATIONLACMTA-L MCA PITALMANAGEMENT INOACCOUNT NUMBER 000220081MONTHLY REPORT / TRADE DATE BASISJUNE 01, 2003 - JUNE 30, 2003

INVESTMENT HOLDINGS

UNITS DKSCRIPTZON UNZT VALUE TOTAL VALUE U~REALIZED

BOOK/MARKET ROOK MARKET GAIN/(LOSS)EST ANNUAL INC/ YLD ATACCRUED INCOME BK/MKT

4,200,000.000

15,800,000.000

US AGENCIES2,700,000.000

3,400,000.000

4,700,000.000

3,000,000.000

3,000,000.000

3,000,000.000

2,000,000.000

2,300,000.000


CUSIP # 912828AT7 ISSUED 02/15/03

TOTAL U S TREASURIES

FEDERAL HOME LN MTG CORP3.0000% DUE 07/15/04

CUSIP # 3134A4PX6 ISSUED 07/15/02

FEDERAL NATL MTGASSN2.1250% DUE 04/15/06

CUSIP # 31359MQZ9 ISSUED 02/28/03

FEDERAL NATL MTG ASSN1.7500% DUE 06/16/06

CUSIP # 31359MSE4 ISSUED 06/16/03

FEDERAI~ HOME LN MTG CORP5.2500% DUE 01/15/06

CUSIP # 3134A4CX0 ISSUED 01/16/01

FEDERAL HOME LN MTG CORP3.2500% DUE 11/15/04

CUSIP # 3134A4LX0 ISSUED 11/15/01

FEDEP3%L HOME LN BKS DEB4.7500% DUE 06/28/04

CUSIP # 3133MFVA3 ISSUED 06/28/01

FEDERAL HOME LN BKS3.3750% DUE 06/15/04

CUSIP # 3133MP4B9 ISSUED 06/03/02

INTERNATIONAL BK FOR RECON &4.0000% DUE 01/10/05

CUS~P # 459056QM2 ISSUED 01/10/02

101.911 4,280,242.1941102.906 4,322,062.50

15,970,929.7016,168,375.00

101.472 2,739,744.0012101.938 2,752,312.50

101.473 3,450,070.31101.063 3,436,125.00

99.788 4,690,036.00(699.656 4,683,843.75

99.446 2,983,371.56108.844 3,265,312.50

98.422 ),952,656.25102.750 3,082,500.00

99.917 2,997,510.00103.594 3,107,812.50

101.238 2,024,765.6317102.125 2,042,500.00

99.725 2,293,675.00104.125 2,394,875.00

,820.31

198,445.30

,568.50

(13,945.31)

,192.25)

281,940.94

129,843.75

110,302.50

,734.37

101,200.00

126,000.0047,336~98

493,878.00138,933.73

81,000.0037,349.99

72,250.0015,252.77

82,250.003,427~05

157,500.0072,624.99

97,500.0012,458.31

142,500.001,187.49

67,500.003,000.00

92,000.0043,700.00

2.942.92

3.093°05

2.962.94

2.092.10

1.751.76

5.284.82

3 .303.16

4.754 .59

3 .333 .30

4.013.84

PAGE 9

LOS ANGELES METROPOLITAN TRANSPORTATIONLACMTA-L MCA PITAL MANAGEMENT INCACCOUNT N~MBER 000220081MONTHLY REPORT / TRADE DATE BASISJUNE 01, 2003 . O-¢NE 90, 2003

INVESTMENT HOLDINGS

UNITS DESCRIPTIONBOOK/MARKET BOOK MARKET GAIN/(LOSS)

2~000,000.000

2,000,000.000

3,300,000.000

TENNESSEE VALLEY AUTH4.7500% DUE 07/15/04

CUSIP # 880591DR0 ISSUED 08/01/01

FEDER9%L HOME LN BKS3.6250% DUE 10/15/04

CUSIP # 3133MJ2A7 ISSUED 10/04/01

FEDEP,~L HOME LN BKS2.1250% DUE 12/15/04

CUSIP # 3133MUJS5 ISSUED 12/10/02

31,400,000.000 TOTAL U S AGENCIES

47,200,000.000 TOTAL G~ BONDS

OTHER BONDSPRIVATE PLACEMENTS

1,000,000.000 KIMBERLY CLARK CORP *PP*4.5000% DUE 07/30/05

CUSIP # 494368AV5 ISSUED 03/19/02

1,000,000.000 TOTAL PRIVATE PLACEMENTS

1,000,000.000 TOTAL OTHER BONDS

64,453,523.200 TOTAL FIXED INCOME INVESTMENTS

SHORT TERM INVESTMENTSpOOLED FUNDS &

I, 102,172.290 AIM SHORT TERM INVESTMENT TRSY PRIVATECUSIP # $99990220

99.978 1,999,560.0073103.670 2,073,400.00

100.898 2,017,968.7543103.094 2,061,875.00

100.102 3,303,351.5537101.250 3,341,250.00

31,452,709.0632,241,806.25

47,423,638.7648,411,181.25

100.692 1,006,920.0050105.694 1,056,940.00

1,006,920.00501,056,940.00

1,006,920.00501,056,940.00

64,605,731.48

1.000 1,102,172.29

,840.00

,906.25

,898.44

987,542.49

,020.00

,020.00

,020,00

0.00

95,000.00 4.7543,805.54 4.58

72,500.00 3.59

15,305.54 3.52

70,125.00 2.123,116.65 2.10

1,030,125.00 3.29251,228.33 3.19

1,524,000.00 3.21390,162.06 3.15

45,000.00 4.4718,875.00 4.26

45,000.00 4.4718,875.00 4.26

45,000.00 4.4718,075.00 4.26

2,265,632.00 3.50534,626.37 3.41

9,148.03 0.83957.87 0.83

PAGE i0

LOS ANGELES M~TROPOLITAN TRANSPORTATIONLACMTA-L MCA PITALMANAGEM~NTACCOWNT NUMBER 000220081

MONthLY REPORT / TRADE DATE BASISJUNE 01, 2003 o JUNE 30, 2003

INVESTMENT HOLDINGS

UNITS DESCRIPTIONEST ANNUAL INC/ YLD AT

ACCRUED INCOM~ BK/MXT

1,102,172.290

1,102,172o290

65,555,695.490

1,102,172.291,102,172.29

1,102,172.29

65,787,903.7767,516,070.90

0.000.00

0,000.00

0.000.00

535,584.24535,584.24

66,323,488.0168,051,655.14

0.00

0.00

1,720,167.13

1,720,167.13

9,148.03 0.83957.87 0.83

9,148.03 0.83

957.87 0.83

2,274,780.03 3.46

535,584.24 3.37

2,274,780.03535,584.24

PAGE ii

LOS ANGELES METROPOLITAN TRANSPORTATIONLACMTA-PACIFIC INVeSTMeNT MANAGEMENT CO

INVESTMENT HOLDINGS

YLD AT

BI/MKT

GAIN/(LOSS)

F~XED ENCOM~ INVESTMENTSCORPORAT~ BONDSBANK CORPORATE BONDS

2,000,000.000 BANK AMER CORP5.2500% DUE 02/01/07

CUSI9 # 060505AL8 ISSUED 01/31/02

1,400,000.000 SANK ONE CORP6.5000% DUE 02/01/06

CUSIP # 06423AAM5 ISSUED 01/30/01

2,000,000.000 J p MORGAN CHASE & CO

5.2500% DUE 05/30/07CUSIP # 46625HAP5 ISSUED 05/30/02

5,400,000.000 TOTAL BANK CORPORATE BONDS

FINANCE & INSUE CORPORATE BONDS2,000,000.000 ASSOCIATES CORP N A

6.2000% DUE 05/16/05CUSIP # 046003JM2 ISSUED 05/26/98

1,000,000.000 CIT GROUP INC M/T/N5.9100% DUE 11/10/03

CUSIP # 12560PAZ4 ISSUED 11/09/98

1,800,000.000 CIT GROUP INC M/T/N5.6250% DUE 05/17/04

CUSIP # 12560PCC3 ISSUED 05/16/01

1,500,000.000 COUNTRYWIDE HOME LNS INC6.8500% DUE 06/15/04

CUSIP # 22237UAB8 ISSUED 06/24/99

1,000,000.000 FORD MTR CR CO7.5080% DUE 03/15/05

CUSIP # 3453975Q7 ISSUED 03/16/00

105.707 2,114,140.00109.879 2,197,580.00

102.602 1,436,428.00iii.010 1,554,140.00

105.865 2,117,300.00109.692 2,193,840.09

5,667,868.005,945,560.00

105.321 2,106,420.00108.274 2,165,480.00

96.696 -966,960.00101.508 1,015,080.00

100.234 1,804,212.00103.298 1,859,364.00

99.936 1,499,040.00105.182 1,577,730.00

99.656 996,560.00106.267 1,062,670.00

83,440.00

117,712.00

76,540.00

277,892.00

59,060.00

48,120.00

55,152.00

78,690.00

105,000.00 4.9743,750.00 4.78

91,000.00 6.3437,916.66 5.86

105,000.00 4.969,041.66 4.79

301,000.00 5.3190,708.32 5.06

124,000.00 5.8915,500.00 5.73

59,100.00 6.118,372.50 5.82

101,250.00 5 6112,375.00 5145

102,750.00 6.854,566.66 6.51

75,000.00 7.5322,083.33 7,06

PAGE I 8

LOS ANGELES METROPOLITAN TRANSPORTATIONLACMTA-PACIFIC INVEETMENTMANAGEMENT COACCOUNT NI~ER 000220082MONTHLY ltEPORT / TRADE DAT~ BASISJ~ME 01, 2003 - JUNE 30, 2003

B RN

INVESTMENT HOLDINGS

1,000,000.000 FORD MTR CR CO6.7000% DUE 07/16/04

CUSIP # 3453975J3 ISSUED 07/16/99

1,800,000.000 GENERAL MTRS ACCEP CORP

7.6300% DUE 06/15/04CUSIP # 370425RR3 ISSUED 06/16/00

500,000.000 HOUSEHOLD FINANCE CORP 7.27.2000% DUE 07/15/06

CUSIP # 441812GHI ISSUED 07/15/99

1,000,000.000 MARSH + MCLENNAN COS INC6.6250% DUE 06/15/04

CUSIP # 571748AB8 ISSUED 06/14/99

2,000,000.000 NATIONAL RURAL UTILE COOP FIN6.5000% DUE 03/01/07

CUSIP # 637432CS2 ISSUED 03/07/02

1,000,000.000 PACIFICORP SECD M/T/N7.3000% DUE 10/22/04

CUSIP # 69512ERU5 ISSUED 10/22/92

1,000,000.000 UNILEVER CAP CORP6.7500% DUE 11/01/03

CUSIP # 904764AE7 ISSUED 10/24/00

99.836 998,360.00 39,970.00 87,000.00 6.71

103.833 1,038,330.00 30,708.33 6.45

99.938 1,798,884.00 89,226.00 137,250.00 7.63

104.895 1,888,110.00 6,104.00 7.27

107.108 935,540.00 35,235.00 36,000.00 6.72

114.155 570,775.00 16,600.00 6.31

99.614 996,140.00 52,830.00 66,250.00 6.65

104.897 1,048,970.00 2,944.44 6.32

105.090 2,101,000.00 164,760.00 130,000.00 6.19

113.288 2,265,760.00 43,333.32 i5~74

58.351 87,220.00 73,000.00 7.42

107.073 24,333.33 6.82

(4,460.00)

17,500,000.000 TOTAL FIHANCE & EHSUR CORPORATE BONDS

TELEPHONE CORPORATE EONDS2,000,000.000 GTE NORTH INC DEB

6.0000% DUE 01/15/04CUSIP # 362337AD9 ISSUED 01/15/94

,983,510.001,070,730.00

102.283 1,022,830.00 67,500.00 6.60

101.837 1,018,370.00 11,250.00 6.63

17,702,160.00 818,862.00 1,148,350.00 6.4918,521,022.00 237,015.35 6.20

102.125 2,042,500.00 8,100.00 120,000.00 5.88

102.530 2,050,600.00 55,333.32 5.85

PAGE 9

INVESTMENT HOLDINGS

DESCRIPTIONBOOR/MARKET BOOR MARKET GAIN/(LOSS)

2,000,000.000

24,900,000.000

49,300,000.000

54,520,810.000

AGENCIES2,376,784.872

10,000,000.000

28,000,000.000

837,165.261

U S TREAS INFL IDX NOTE3.3750% DUE 01/15/07

ORIGINAL FACE 4,500,000.000CUSIP # 9128272M3 ISST/ED 01/15/97

UNITED STATES TREAS NTS5.75008 DUE 11/15/05

CUSIP # 9128276N7 ISSUED 11/15/00

FEDERAL HOME LN MTG CORP MULTICLASS6.2500% DUE 08/25/22

ORIGINAL PACE 3,300,000.000CUSIP # 3133TIXP2 ISSUED 10/01/93


CUSIP # 31359MJX2 ISSUED 06/22/01


CUSIP # 31359MHB2 ISSUED 02/23/01

FEDERAL NATL MTG ASSN GTD

6.5000% DUE 07/18/12ORIGINAL FACE 3,100,000.000CUSIP # 31359PF92 ISSUED 00/01/97

2,042,500.002,050,600.00

25,412,520.0026,517,182.00

109.504 5,717,020.40109.813 5,733,101.98

110.200 54,328,722.66110,063 54,260,812.50

60,045,743.0659,993,914.48

104.125 2,474,827.24102.469 2,435,475.77

101.509 10,150,900.00109.813 10,981,250.00

103.332 28,932,968.76109.781 30,738,750.00

103.531 866,727.67105.662 884~565.39

1,104,654.00

16,081.58

(51,828.50)

(39,351.47)

830,350.00

1,805,781.24

17,837.72

120,000.00 5.8855,333.32 5.65

1,569,350.00 6.18383,056.99 5.92

176,202.34 3.0881,286.71 3.07

2,834,750.00 5.22362,046.88 5.22

3,010,952.34 5.01443,333.59 9.02

148,549.50 6.0012,379.06 6.18

525,000.00 5.1723,333.30 4.78

1,540,000.00 5.32581,777.56 5.01

54,414.30 6.284,534.82 6.15

PAGE 18

LOS ANGELES M~TROPOLITAN TRANSPORTATIONLACMTA-PACIFIC INVESTMENT MANAGEMENT CO

INVESTMENT HOLDINGS

DESCRIPTION

7~400,000.000

6,000,000.000

13,700,000.000

63~697.939

31,374.331

478,167.147

922,919.489

594,844.609

19,629.813

FEDERAL HOME LN BKS DEB6.3750% DUE 11/14/03

CUSIP ~ 3133MABA6 ISSUED 11/05/99

FEDEEAL HOME LN BKS DEB7.1250% DUE 02/15/05

CUSIP # 3133MAUN7 ISSirED 02/08/00

FEDEP~L NATL MTG ASSN7.1250% DUE 02/15/05

CUSIP # 31359MFHI ISSUED 02/14/00

GOV’T NAT’L MTGE ASSN POOL # 565489

6.5000% DUE 07/15/32ORIGINAL FACE 92,681.000CUSIP # 36213VF60 ISSUED 07/01/02


6.5000% DUE 06/15/32ORIGINAL FACE 44,769.000CUSIP # 36201HWB5 ISSUED 06/01/02


6.5000% DUE 07/15/29ORIGINAL FACE 1,233,795.000CUSIP # 36210FTB6 ISSUED 07/01/99


6.5000% DUE 03/15/33ORIGINAL FACE 1,045,531.000CUSIP # 36200MEF6 ISSUED 03/01/03


6.5000% DUE 01/15/33ORIGINAL FACE 765,501.000CUSIP # 36201TJ81 ISSUED 03/01/03


6.5000% DUE 05/15/29ORIGINAL FACE 45,588.000CUSIP # 36210QAC6 ISSUED 05/01/99

103.811 7,682,014.00

101.969 7,545,687.50

i07.219 6,433,136.58109.313 6,558,750.00

108.636 14,883,167.13109.375 14,984,375.00

104.750 66,723.58I05.083 66,884.75

104.750 32,864.62105.003 32,943.99

104.750 500,880.09105.133 502,711.47

104.750 966,758.14i05.000 969,065.46

104.750 623,099.73i05~000 624,586.84

104.750 20,562.34105.133 20,637.52

(136,326.50)

125,613.42

101,207.87

161.17

79.37

1,831.38

2,307.32

75.18

471,750.00 6.14

60,275.14 6.25

427,500.00 6.65161,499.96 6.52

976,125.00 6.56368,758.24 6.51

4,140.33 6.21345.03 6.19

2,039.31 6.21169.94 6.19

31,080.52 6.212~590.07 6 18

59,989.43 6.214,899.14 6.19

38,664.69 6.213,222.07 6.19

1,275.96 6.21106.33 6.18

PAGE 11

INVESTMENT HOLDINGS

BOOK/MARKET BOOKMARKET GAEN/(LOEE)

109,417.200

102,811.459

61,024.945

18,572.414

110,265.580

GOV’T NAT’ L MTGE ~SN POOL # 502536

6.5000% DUE 04/15/28ORIGINAL FACE 462,847.000CUSIP # 36210UHM8 ISSUED 04/01/99


6.5000% DUE 11/15/31ORIGINAL FACE 210,872.000CUSIF # 36213DGB8 ISSUED ii/01/01


6.5000% DUE 09/15/32ORIGINAL FACE 1,192,748.000CUSIP # 362195U64 ISSUED 09/01/02


6.5000% DUE 11/15/31ORIGINAL FACE 194,547.000CUSIP # 36200WS85 ISSUED ii/01/01

GOV’T NAT’ L MTGE ASSN POOL # 572381

6.5000% DUE 11/15/31ORIGINAL FACE 227,714.000CUSIP # 36200T2N7 ISSUED 11/01/01


8.5000% DUE 03/15/30ORIGINAL FACE 496,879.000CUSIP # 36207KF96 ISSUED 03/01/00


8.5000% DUE 03/15/30ORIGINAL FACE 333,531.000CUSIP % 36211TTB5 ISSUED 03/01/00


6.5000% DUE 11/15/31ORIGINAL FACE 214,485.000CUSIP # 36208RPT3 ISSUED 11/01/01

104.375 129,972.88105.133 130,916.78

104.750 114,614.52

105.009 114,897.91

104.750 887,330.36105.003 889,473.49

104.375 107,309.45105.009 107,961.29

104.375 110,233.30105.009 110,902.88

103.656 63,256.18107.754 65,756.82

103.656 19,251.48107.754 20,012.52

104.375 115,089.70105.009 115,788.78

943.90

283.39

2,143.13

651.84

669.58

2,500.64

761.04

699.08 "

8,094.26 6.23674.51 6.18

7,112.07 6.21592.67 6.19

55,060.82 6.214,588.42 6.19

6,682.68 6.23556.89 6.19

6,864.89 6.23572.07 6.19

5,186.91 8.20432.26 7.88

1,578.60 8.20131.55 7.89

7,167.23 6.23597.27 6.19

PAGE 12

LOS A~GELEE METROPOLITA~ T~SEORTATIONLAC~4TA-PACIFIC IN~STM~NT~GE~ COACCO~Y~T N~BR 000220082

INVESTMENT HOLDINGS

EST A~AL INC/

~D AT I

ACCRUED INCOM~ /M~TUNIT VALUE TOTAL VALUN ~REALIZED

BOOK/MARKET BOOK MKRKET GAIN/(LOS9)

81,431.024

431,070.728

33,193.718

1,864.208

20,166.693

119,150.619

149,792.461

106,788.091


6.5000% D~/E 05/15/31ORIGINAL FACE 97,708.000CUSIP # 36213AK~6 ISSUED 05/01/01

GOV*T NAT’L MTGE ASSN POOL # 568875

6.5000% DUE 08/15/31ORIGINAL FACE 676,462.000CUSIP # 36213Y6LI ISSU~ 08/01/01

GOV’T NAT’ L MTGE A~SN POOL # 562555

6.5000% Dt rE 01/15/32ORIGINAL FACE 66,950.000CUSIP # 36213R5Q6 ISSUED 01/01/02


8.5000% DUE 12/15/27ORIGINAL FACE 800,285.000CUSIP # 36208K~62 1SStTED 12/01/97

GOV’T NAT’5 MTGE ASSN POOL # 571296

6.50008 DUE 11/15/31ORIGINA~ FACE 36,185.000CUSIP # 362009UV0 ISSUED 11/01/01


8.5000% DUE 03/15/30ORIGINAL FACE 613,020.000CUSIP # 36205MN20 ISSITED 03/01/00


8.5000% DUE 04/15/30ORIGINAL FACE 685,340.000CUSIP # 362128LJ0 ISSUED 04/01/00


6.5000% DUE 12/15/31ORIGINAL FACE 213,454.000CUSIP # 36200XW70 ISSUED 12/01/01

104.375 84,993.63I09.009 85,509.90

104.750 451,546.58105.009 452,663.06

104.750 34,770.42105.003 34,854.40

103.656 1,932.37i08.209 2,017.24

104.750 21,124.60105.009 21,176.84

103.656 123,507.05107.794 128,389.56

103.656 155,269.24107.754 161,407.37

104.375 111,460.08105.009 112,137.11

516.27

1,116.48

83.98

84.87

52.24

4,882.51

6,138.13

677.03

5,293.03 6.23441.08 6.19

28,019.73 6.212,334.96 6.19

2,157.59 6.21179.80 6.19

158.45 8.2013.20 7.85

1,310.83 6.21109.24 6.19

I0,127.70 8.20843.96 ~7.89

12,732.24 8.201,061.03 7.89

6,941.31 6.23578.43 6.19

PAGE 13

LOS ANGELES METROPOLITAN TRANSPORTATIONLAC~TAoEACIFIC INW’EBTM~NT MANAGEMENT COACCOUNT NDT~BER 000220062

INVESTMENT HOLDINGS

UNREALIZEDGAIN/(LOSE)

ESTANNUAL XNC/ YLD ATACCRI~ED INCOME BK/MET

56,386.083 103.656 58,447.69107.771 60,767.85

854,796.024 GOV’T NAT’L MTGE ASSN POOL # 564821 104.750 895,398.83

6.5000% DUE 09/15/31 105.009 897,612.76

ORIGINAL FACE 1,518,572.000CU$1P # 36213UFE4 ISSUED 09/01/01

GOV’T NAT’L MTGE ASSN pOOL # 781205

8.5000% DUE 07/15/30ORIGINAL FACE 439,672.000CUSIP # 36225BKS6 1SSUED 08/01/00


6.5000% DUE 11/15/31 105.009 114,026.85

ORIGINAL FACE 179,644~000CUSIP # 36213XGM0 ISSUED 11/01/01


6.5000% DUE 03/15/29ORIGINAL FACE 214,992.000CUSIP # 36210BBQ7 ISSI/ED 03/01/99


8.5000% DUE 12/15/27ORIGINAL FACE 337,350.000CUSIP # 36206QtTH9 ~SSUED 12/01/97


8.5000% DUE 07/15/27ORIGINAL FACE 1,592,531.000CUSIP # 36206V6H5 ISSUED 07/01/97


8.5000% DUE 11/15/29ORIGINAL FACE 389,472.000CUSIE # 36207TSR5 ISSUED 11/01/99


8.5000% DUE 10/15/27ORIGINAL FACE 659,909.000CUSIP # 36288KQQ5 ISSUED 10/01/97

117,265.897 104.375 122,396.28105.133 123,285.15

12,328.439 103.656 12,779.19108.209 13,340.48

169,867.829 103.656 176,078.60108.209 183,812.28

36,337.262 103.656 37,665.84187.777 39,163.21

37,828.109 103.656 39,211.21108.209 40,933.42

2,320.16

688.43

888.87

561.29

7,733.68

1,497.37

1,722.21

55,561.51 6.214,630.14 6.19

4,792.86 8.20399.40 7.89

7,058.21 6.23588.18 6.19

7,622.32 6.23635.19 6.18

14,439.47 8.201,203.22 7.86

3,088.51 8.20257.39 7.89

3,215.07 8.20267.94 7,85

PAGE 14

INVESTMENT HOLDINGS

80,920.625

GAIN/(LOS5)

3,684.12GOV’T NAT’L FFfGE ASSN POOL # 459635 103.656 89,875.28

8.5000% DUE 12/15/27ORIGINAL FACE 1,266,918.000

CUSIP # 36208SSY9 1SSUED 12/01/97

108.209 87,563.40


8.5000% DUE 10/15/28 107.851 I08,614.51

ORIGINAL FACE 2,383,830.000CUSIP # 36208XVI~I ISS~TED 10/01/98

¢5,487.355 GOV’T NAT’L MTGE ASSN POOL # 485226 103.656 47,150.48

8.5000% DUE 04/15/30 107.754 49,014.44

ORIGINAL FACE 352,365.000

CUSIP # 36209YA32 ISSUED 04/01/00

38,312.172 C-OV’T NATAL MTGE A~SN POOL # 486153 103.656 39,712.96

8.5000% DUE 04/15/30 107.754 41,282.50


CUSIP # 36210ABW6 ISSUED 04/01/00


8.5000% DUE 03/15/30 107.754 54,918.14


CUSIP # 36211E4K1 ISSUED 03/01/00


8.5000% DUE 04/15/30 107.754 22,712.82

ORIG~N/~L FACE 345,040.000

CUSIF # 36212EUWI ISSUED 04/01/00

130,002.755 GOV’T NAT’L MTGE ASSN POOL # 578191 i0~.375

6.5000% DLrE 01/15/32 105.003

ORIGINAL FACE 151,828,000CUSIP # 36201BKC9 ISSLr~ 02/01/02

135,690.38136,506.79

78,638.095 OOV’T NAT’L MTGE ASSN PO05 # 552031 104.375 73,728.51

6.5000% Dire 11/15/31 105.009 74,176.36

ORIGINAL FACE 117,083.800CUSIP # 36213EHG4 ISSUED Ii/01/81

4,224.45

1,863.95

1,569.94

2,088.46

863.72

816.41

447.85 "

8,560.33 8.20713.34 7.88

3,866.50 8.20322.20 7.85

3,256.45 8.20271.37 7.89

4,331.85 8.20361.01 7.89

1,791.79 8.20149.30 7.89

8,450.13 6.23704.18 6.19

4,591.45 6.23382.62 6.19

PAGE 15

INVESTMENT HOLDINGS

25,666.343 GOV’T NAT’L MTGE ASSN POOL % 559841 104.750 26,885.49

6.5000% DUE 11/15/31 105.009 26,951.97


CUSIP # 36213N5A0 ISSUED 11/01/01


6.5000% DUE 02/15/29 105.133 277,843.48

ORIGINAL FACE 1,000,008.000

CUSIP # 36206RTT3 ISSUED 02/01/99


6.5000% DUE 03/15/29 105.133 39,236.56

ORIGINAL FACE 151,615.000CUSIP # 36210ETW9 ISSUED 03/01/99

4,000,000.000

5,000,000.000

214,506.700

738.702

103,307.351

90,869.359

GNMA I TBA 30YR SFM 06.00% AUGDUE 08/01/33

CUSIP # 01N060684 ISSUED 08/01/03

DUE 07/01/18CUSIP # 01F050478 ISSUED 07/01/03

FEDERAL NAT’L MTGE ASSN POOL # 3237816.5000% DUE 05/01/05

ORIGINAL FACE 2,000,000.000CUSIP # 31374TUE7 ISSUED 05/01/99

FEDERAL NAT’L MTGE ASSN POOL # 313017

7.0000% DUE 07/01/03ORIGINAL FACE 500,000.000

CUSIP # 31374FVJ5 ISSUED 06/01/96

FEDERAL ~AT’L MTGE ASSN POOLS 5287897.5000% DUE 01/01/30

ORIGINAL FACE 600,649.000CUSIP # 31384NNE6 ISSUED 01/01/00



CUSIP # 31376JSZ3 ISSUED 08/01/99

104.141 4,165,625.00104.625 4,185,000.00

102.755 5,137,734.38103.281 5,164,062.50

103.594 222,630.16101.995 "219,194.09

104.962 775.36

100.154 739.84

103.156 106,567.99106.247 109,760.96

103.156 93,737.41106.294 96,588.68

66.48

1,012.18

142.94

19,375.00

26,328.12

(3,436.07)

(35.52)

3,192.97

2,851.27

1,668.25 6.21139.03 6.19

17,178.00 6.211,431.50 6.18

2,425.84 6.21202.16 6.18

240,000.00 5.765.73

0.00 0.000.00

13,968.00 6.27

1,164.06 6.37

51.30 6.624.30 6.93

7,747.77 7.27645.67 7.06

6,815.27 7.27567.93 7.06

PAGE 16

LOS ANGELES M~TROPOLITAN T~SPORTATIONDAC~4TA-PACIFIC INVEST~ ~(ANAGEM~ COACCOU~ N~ER 000220082

INVESTMENT HOLDINGS

UNITS DESCRIPTION EST ANNUAL INC/ YLD ATACCRUED INCOME BK/MKT

18,742.083

4,495.884

120,933.008

243,830.554

35,384.574

27,342.998

FEDERAL NAT" L MTGE ~SN POOL # 5603257.5000% DUE 11/01/30

ORIGINAL FACE 300,000.000CUSIP # 31386DPJ3 ISSUED 11/01/00

FEDERAL NAT’ L MTGE ASSN POOL # 670372

6.0000% DUE 09/01/17ORIGINAL FACE 16,783,602.000CUSIP # 31391LW92 ISSUED 10/01/02

FEDERAL NAT’L MTGE ASSN POOL# 253584

7.5000% DUE 01/01/31ORIGINAL FACE 1,174,385.000CUSIP # 31371Jl/H5 ISSUED 12/01/00

FEDEP~AL NAT’L MTGE ASSN POOL # 5494757.5000% DUE 09/01/30

ORIGINAL FACE 96,590.000CUSIP # 31385QM~5 ISSUED 08/01/00

FEDERAL NAT’ L MTGE ASSN POOL # 5573177.5000% DUE 01/01/31

ORIGINAL FACE 870,809.000CUSIP # 31386ADW3 ISSUED 01/01/01

FEDEP~%L NAT’L MTGE ASSN POOL # 6023927.5000% DUE 08/01/31

ORIGINAL FACE 750,774.000CUSIP # 31388EF92 ISSUED 08/01/01

FEDER~ NAT’ L MTGE ASSN POOL # 5424047.5000% DUE 01/01/31

ORIGINAL FACE 126,537.000CUSIP # 31385ERZ4 ISSUED 01/01/01


ORIGINAL FACE 320,750.000CUSIP # 31386CR38 ISSUED 11/01/00

103.156 19,333.61106.247 19,912.90

104.406 10,294,648.61104.375 10,291,567.30

103.156 201,335.70106.247 207,368.08

103.156 4,637.79106.247 4,776.74

103.156 124,749.97106.247 128,487.69

103.156 251,526.47106.250 259,069.96

103.156 36,501.39106.247 37,595.05

106.247 29,051.11

579.29

6,032.38

138.95

3,737.72

7,543.49

1,093.66

845.10

1,405.80 7.27117.14 7.06

591,605.18 5.7549,300.82 5.75

14,638.70 7.271,219.85 7.06

337.19 7.2728.10 7.06

9,070.34 7.27755.83 7.06

18,287.35 7.271,523.94 7.06

2,653.86 7.27221.15 7.06

2,050.87 7.27170.89 7.06

PAGE 17

LOS ANGELES M~TROPOLITAN TRANSPORTATIONLAC~TA-PACIFIC INVESTMENT MANAGEM~NT COACCOUNT N~M~ER 000220082

INVESTMENT HOLDINGS

95,022,051.268

149,542,861.269

174,442,861.269

DUE 07/09/03

20,000,000.000

52,676,020.360

98,211,698.90 2,832,829.41 5,513,473.49 5.56

102,044,488.31 1,308,740.18 5.40

159,257.401.96 2,781,000.83 8,524,425.82 5.35

162,038,402.78 1,750,073.77 5.26

184,669,929.96 3,885,654.03 10,093,775.82 5.47

188,555,584.79 2,133,130.76 5.35

1.000 32,676,020.36 0.00

1.000 32,678,020.36

32,676,020.36 0.00

32,676,020.36

59.914 15,982~888.89 888.89

99.980 19,983,777.78

19;982,888.8918,983,777.78

52,658,905.2552,659,798.14

237,328,839.21241,225,382.93

888.89

888.89

3,886,543.72

271,210.96 0.832,030.98 0.83

271,210.96 0.832,030.98 0.83

219,999.96 i. I012,222.22 i.i0

219,999.96 1.1012,222.22 i.i0

491,210.92 0.9314,253.20 0.93

10,584,986.74 4.462,147,383.96 4.39

PAGE 18

INVESTMENT HOLDINGS

(LOSS)

6.7500% DUE 06/23/04

3,500,000.000 BANK ONE CORP7.6250% DUE 08/01/05

CUSIP # 06423A~0 ISSUED 08/02/00

2,000,000.000 NORTHERN TH CO M/T/N6.6500% Dire 11/09/04

CUSIP # 66586GBX4 ISSUED 11/09/99

ASSET BACKED SECURITIESMORTGAGE PASE-TRROD~ CERTZFI~ATH

3,900,000.000 HONDA AUTO RECEIVABLES 2002-24.4900% DUE 09/17/07

CUSIP # 43811MAD2 ISSUED 05/22/02

3,900,000.000 TOTAL MORTGAGE PASS-T~O~GE CERTIFICATE

4,000,000.000 VOLKSWAGEN AUTO LEASE TR2.3600% DUE 12/20/09

CUSIP # 928665AC2 ISSUED 11/14/02

8,500,000.000 TOT~.L AUTOMOBILE LOAN R~CEIVABLES

106.098 4,243,920.00105.402 4,216,080.00

112.489 3,937,130.00112.051 3,921,785.00

108.271 2,165,420.00106.957 2,139,140.00

10,346,470.0010,277,005.00

I05.141 4,100,484.38i05.521 4,115,326.41

99.98299.962

99.994101.155

4,100,484.384,115,326.41

4,499,187.254,498,268.85

3,999,751.604,046,205.20

8,498,938.858,544,474.05

(27,840.00)

(15,345.00)

(26,280.00)

(69,465.00)

14,842.03

14,642.03

{918.40)

46,453.60

45,538.20

270,000.00 6.366,000.00 6.40

266,875.00 6.78ii1,197.91 6.80

133,000.00 6.1419,211.10 6.22

668,875.00 6.47136,409.01 6.52

175,110.00t4.27

7,782.65 4.26

175,110.00 4.277,762.65 4.26

68,400.00 1.526,269.94 1.52

94,400.00 2.362,884.40 2.33

162,800.00 1.92

PAGE 7

INVESTMENT HOLDINGS

5,000,000.000

5,000,000.000 DISCOVER C~ MASTER TR I6.8500% DUE 07/17/07

CUSIP # 25466KCN7 ISS~-ED 12/14/89

4,000,000.0003.8600% DUE 03/15/07

CUSIP # 33901HBA0 ISSUED i0/23/01

4,999,999.950 AMERICAI~ EXPRESS CR ACCOUNT7.2000% DUE 09/17/07

ORIGINAL FACE 5,000,000.000CUSIP # 02582JAU4 ISS~/ED 02/16/00

36,399,999.950 TOTAL ASSET BACKED SECURITIES

FIN~NCE & INSUE CORI~ORATE BONDS4,500,000.000 ASSOCIATES CORP NA

6.0000% DUE 07/15/05CUSIP # 046003JQ3 1SSUED 07/30/98

5,000,000.000 COLGATE-PAI240LIVE CO M/T/N5.3400% DUE 03/27/06

CUSIP # 19416QCW8 ISSUED 03/26/01

4,000,000.000 FIRST UN CORP7.5500% DUE 08/18/05

CUSIP # 337358DQ5 ISSUED 08/18/00

104.383 5,219,140.63104.882 5,244,097.50

111.488 5,574,414.06111.250 5,562,523.00

108.473 5,423,632.81

108.253 5,412,663.00

99.813 3,992,500.00103.042 4,121,682.00

109.645 5,482,226.56109.239 5,461,951.95

108.416108.490

109.433109.154

110.434112.167

4,417,360.004,486,680.00

24,955.87

(11,891.06)

(20,274.61)

111,083.38

171,380.62

3,330.00

(13,950.00)

69,320.00

208,000.00 3.999,244.40 3.97

345,000.00 6.1972,033.05 6.20

342,500.00 6.31157,929.90 6.33

154,400.00

1.87

6,862.20 ,75

360,000.00 6.57

15,999.95 6.59

1,409,900.00 5.49262,869.50 5.46

1,747,810.00 4.56275,806.49 4.54

270,000.00 5.53

124,499.97 5.53

267,000.00 4.8869,710.65 4.89

302,000.00 6.84111,572.20 6.73

PAGE i 8

J~NE 01, 2003 - JUNE 30, 2003

INVESTMENT HOLDINGS

DESCRIPTION ESTANNUAL INC/

YLDBK/MKTATACCRU~ED INCOME

5,000,000.000

5,000,000.000

2,000,000.000

4,000,000.000

3,077,000.000

1,500,000.000

2,000,000.000

GENERAL ELEC CAP COR9 M/T/N2.8500% DUE 01/30/06

CUSIP # 36962GA46 ISSUED 02/03/03

MERRILL LYNCH & CO INC M/T/N2.0700% DUE 06/12/06

CUSIP # 59018YRF0 ISSUED 06/11/03

MINNESOTA MNG & MFG CO M/T/N4.1500% DUE 06/30/05

CUSIP # 60406CAUI ISSUED 03/12/02

U S BANCORP MEDIUM TEPJ4 NTS-2.6250% DUE 03/15/06

CUSIP # 91159HGFI ISSUED 02/14/03

WELLS FARGO FINL INC7.0000% DUE 11/01/05

CUSIP ~ 94975CAB3 ISSUED 11/01/00

4.8000% DUE 07/29/05CUSIP # 94974BAQ3 ISSUED 04/03/02

GOLDMAN SACHS GROUP INC7.6250% DUE 08/17/05

CUSIP # 38141GAQ7 ISSUED 07/17/00

36,077,000.000 TOTAL FINANCE & INSUR CORPORATE BONDS

INDUSTRIAL CORPORATE BONDS5,000,000.000 ABEOTT LABS

5.6250% DUE 07/01/06CUSIP # 002824AM2 ISSUED 07/05/01

4,000,000.000 AMERICAN GENL CORP NT7.7500% DUE 04/01/05

CUSIP # 026351AQ9 ISSUED 03/29/95

101.118 5,055,900.00102.299 5,114,550.00

I00.000 5,000,000.0095.519 4,975,950.00

103.698 2,073,960.00105.261 2,105,220.00

100.237 4,009,480.00101.763 4,070,520.00

111.686 3,436,578.22111.750 3,438,547.50

99.879 1,498,185.00106.484 1,597,265.63

111.760 2;235,200.00112.689 2,253,780.00

109.971110.723

109.836110.284

38,077,033.2238,382,563.13

5,495,550.005,536,150.00

4,303,440.004,411,360.00

59,050.00

(24,050.00)

31,260.00

61,040.00

1,969.28

99,080.63

18,580.00

305,629.91

37,600.00

17,920.00

142,500.00 2.8258,583.30 2.79

i03,500.00 2.075,750.00 2.08

83,000.00230.54 .94

105,000.00 2.6239,558.32 2.58

215,390.00 6.2735,858.31 6.26

72,000.00 4.8130,399.99 4.51

152,500.00 16.8256,763.88 16.77

1,712,850.00 4.50533,373.16 4.46

281,250.00 5.11140,625.00 5.08

31o,ooo.oo77,500.00

PAGE 9

INVE STPIENT HOLDINGS

UNITS DESCRIPTION

4,250,000.000 COCA COLA CO4.0000% DUE 06/01/05

CUSIP # 181216AJ9 ISSUED 03/08/02

3,500,000.000 GILLETTE CO4.0000% DUE 06/30/05

CUSIP # 375766~q5 ISSUED 06/30/02

4,325,000.000 HOME DEPOT INC

6.5000% DLrE 09/15/04CUSIP # 437076AG7 ISSLrED 09/27/55

3,820,000.000 PEPSICO ~NC4.5000% DUE 09/15/04

CUSIP # 713448BE7 ISSL~ED 09/13/01

3,575,000.000 PROCTER & G~24BLE CO6.6000% DUE 12/15/04

CUSIP # 742718RR9 ISSUED12/15/99

5,000,000.000 WAL MART STORES INC NTS5.8750% ~ 10/15/05

CUSIP # 931142AT0 ISSUED 10/14/93

33,470,000.000 TOTAL INDUSTRIAL CORPORATE BONDS

OZL & COAL CORPORATE BONDS1,000,000.000 CHEVRON CORP

6.6250% DUE 10/01/04CUSIP # 166751/%24 ISSLrED 10/13/99

i, 000,000.000 TOTAL OIL & COAL CORPORATE BONDS

85.873 4,244,602.56104.652 4,447,710.00

100.868 3,530,370.00104.927 3,672,445,00

108.258 4,682,168.50105.959 4,582,726.75

103.252 3,944,210.00103.931 3,970,164.20

108.421 3.911,756.25107.329 3,837,011.75

109.771 5,488,550.00109.521 5,476,050.00

39,693,687.2535,933,617.70

106.041 1,060,410.00105.875 1,058,750.00

1,060,410.001,058,790.00

123,468,937.76

203,107.50

142,075.00

(99,441.75)

25,954.20

(74,704.50)

(12,500.00)

239,930.45

(1,660.00)

(1,660.00)

645,815.98

170,000.00

14.01

14,166.65 3.82

140,000.00 3.97388.89 3.81

281,125.00 6.0082,775.66 6.13

171,900.00 4.3650,615.00 4.33

235,950.00 6.0310,486.65 6.16

293,750.00 5.3562,013.85 5.36

1,883,975.00 5.28438,571.70 5.24

66,250.00 16.2516,562.50 !6.26

66,250.00 6.2516,562.50 6.26

6,080,800.00 4.921,404,722.66 4.90

PAGE 10

INVESTMENT HOLDINGS

UNITS DESCRIPTION

GOVERNMENT BONDSU S TREASURIES

i0,000,000.000

5,500,000.000

6,000,000.000

3,500,000.000

I0,000,000.000

4,000~000.000

39,000,000.000

U S AGENCIES9,185,000.000

823,670.620

U S TREASURY NOTES6.00008 DUE 08/15/04

CUSIP # 5128275M0 ISSLrED 08/15/99

~NITED STATES TREAS NTS5.7500% DUE 11/15/05

CUSIP # 9128276N7 ISSDED 11/15/00

U S TREASURY NOTES2.25008 DLTE 07/31/04

CUSIP # 912828AG5 ISSUED 07/31/02


CUSIP # 912828AM2 ISSUED 10/31/02


CUSIP # 912828ARI ISSUED 12/31/02


CUSIP # 912828AY6 ISSUED 05/15/03

FEDERAL HOME LN MTG COEP4.2000% DUE 10/01/04

CUSIP # 312924JH7 ISSUED i0/01/01

FEDERAL HOME LOAN MTG CORP REMIC TR6.2500% DUE 04/01/03

ORIGINAL FACE 2,000,000.000CUSIP # 312915BV2 ISSUED 04/01/93

107.555 10,755,468.75105.500 10,550,000.00

108.988 5,994,355.47110.063 6,053,437.50

99.906 5,994,375.00101.281 6,076,875.00

100.742 3,525,976.56101.344 3,547,031.25

99.906 9,990,625.00100.875 10,087,500.00

101.141 4,045,628.00101.063 4,042,500.00

40,306,425.7860,3S7,343.75

100.169 9,170,490.55103.713 9,494,925.15

98.414 810,607.72101.748 838,066.82

(205~469.75)

59,082.03

82,500.00

21,054.69

96,875.00

(3,125.00)

50,917.97

324,434.60

27,459.10

600,000.00 5.58225,414.30 5.69

316,250.00 5.2840,390.63 5.22

135,000.00 2.2556,312.10 2.22

74,375.00 2.1112,530.56 2.10

175.000.00 1.78475.50

80,000.00 ~.9810,217.36 1.98

1,380,625.00 .63345,360.65 .62

384,510.00 4.1996,127.50 4.05

51,480.00 6.354,289.95 6.14

PAGE ii

INVESTMENT HOLDINGS

(LOSS)

EST ANNUAL INC/ YLD AT

ACCRD~D INCOM~ BK/MKT

7,000,000.000 FEDERAL HOME LOAN MTGE CORP BD 109.584

5.9500% DUE 01/19/06 110.625

CUSIP # 3134AOTG7 ISSUED 01/19/96

8,000,000.000 FEDERAL NATL MTG ASSN 100.205

3.8750% DUE 03/15/05 104,406

CUSIP # 31359MMG5 ISSUED 02/25/02

15,000,000.000 FEDERAL NATL MTG ASSN 101.479

2.2500% DUE 05/15/06 101.344CUSIP # 31359MP, L8 ISSUED 04/25/03

4,000,000.000 FEDERAL FARM CR BKS CONS 100.012

3.8750% DUE 02/01/05 104.031

CUSIP # 31331LB56 ISSLTED 02/04/02

i0,000,000.000 FEDERAL FARM CR BKS CONS 100.0931.8700% DUE 01/24/05 100.875

CUSIP # 31331QQX8 ISSUED 01/24/03

12,000,000.000 FEDERAL FARM CR BKS CONS 99.356

3.8750% DUE 12/15/04 103.750

CUSIP # 31331LXW3 ISSUED 12/18/01

5,000,000.000 FEDERAL HOME LN BKS DEB 99.966

4.0000% DUE 02/15/05 104.313

CUSIP # 3133MLRK3 ISS~/ED 02/15/02

12,000,000.000 FEDERAL HOME LN BKS DEB 100.416

4.3750% DUE 02/15/05 104.906CUSIP # 3133~LK7 ISSUED 03/01/02

I0,000,000.000 FEDERAL HOME LN BKS DEB 100.896

2.5000% DUE 11/15/05 102.156CUSIP # 3133MTL89 ISSUED 11/15/02

12,000,000.000 FEDERAL HOME LN MTG CORP 100.246

1.7500% DUE 05/15/05 100.781CUSIP ~ 3134A4TR6 ISSUED 04/17/03

7,670,880.00

7,743,750.00

8,016,400.00

8,352,500.00

15,221,850.00

15,201,562.50

4,000,480.00

4,161,250.00

10,008,300.00

10,087,500.00

12,450,000.00

4;998,300.00

5,215,625.00

12,049,920.00

12,585,750.00

10,089,600.00

10,215,626.00

12,029,520.00

12,093,750.00

72,870.00

336,100.00

(20,287.50)

160,770.00

78,200.00

527,280.00

217,325.00

538,830.00

126,025.00

64,230.00

616,500.00 5.43

187,425.00 5.38

310,000.00 3.87

91,277.76 3.71

337,500.00 2.22

61,875.00 2.22

155,000.00 3.87

¯ 64,583.32 3.72

187,000.00 1.87

81,552.70 1.85

465,000.00

1.90

20,666.64 .73

200,000.00 4.00

75,555.55 3.83

525,000.00 4.36

198,333.24 4.17

250,000.00 2.48

31,944.40 2.45

210,000.00 1.75

26,833.32 i~74

PAGE 12

LOS J~GELES M~TROPOLITAN TRANSPORTATIONLACMTA-BANK OF AMERICAACCOUNT NUMBER 000220083

INVESTMENT HOLDINGS

DESCRIPTION

4,000,000.000

I0,000,000.000

15,000,000.000

8,000,000.000

5,000,000.000

90,745.477

STUDENT LN MARKETING ASSN3.3750% DUE 07/15/04

CUSIP # 86387UBFI ISSUED 06/14/02

STUDENT LN MARKETING ASSN M/T/N5.0000% DUE 06/30/04

CUSIP # 86387UAX3 ISSUED 07/05/01

4.7500% DUE 07/15/04CUSIP # 880591DR0 ISSUED 08/01/01

FEDERAL HOME LN BKS4.1250% DUE 05/13/05

CUSIP # 3133MNS69 ISSUED 05/15/02

3.6250% DUE 10/15/04CUSIP # 3i33MJ2A7 ISSUED 10/04/01

147,069,416.097

186,069,416.097

302,516,416.047

SHORT TERM INVESTMenTS

101.594 4,063,760.00102.344 4,093,750.00

103.833 i0,383,260.00104.094 10,409,375.00

102.817 15,422,550.00103.670 15,550,500.00

101.742 8,139,360.00104.938 8,395,000.00

99.847 4,992,350.00103.094 5,154,687.50

101.971 92,533.70101.678 92,268.19

149,063,831.97

192,496,226.91

312,859,245.51316,610,982.65

1.000 1,782,833.731.000 1,782,833.73

29,990.00

26,115.00

127,950.00

255,640.00

162,337.50

(265.51)

3,055,003.19

3,105,921.16

0.00

135,000.00 3.3262,250.00 3.30

500,000.00 4,821,388.80 4.80

712,500.00 4.62328,541.55 4.58

330,000.00 4.0542,166.64

[.93181,250.00 3.63

38,263.85 3.52

5,444.26 5.88453.72 5.90

S,356,184.26 3.591,413,528.94 3.52

6,736,809.26 3.561,758,869.39 3.50

12,817,609.26 4.103,163,592.28 4.08

558.35 0.83

PAGE 13

INVESTMENT HOLDINGS

BOOK/)~%RKET BOOK M~/%KET GAIN/(LOSS)

1,782,833.730

1,782,833.730

304,233,243.777

1,702,833o731,782,033.73

314,642,073.24318,333,816o38

(8,146,280.00}(0,146,280°00)

8,322,700.008,322,700.00

480.00480.00

321,734,866.38

0.00

0.00

3,751,737.14

3,751,737.14

14,797.51 0.83550.35 0.83

14,737.51 0.83358.35 0.83

3,164,150.60

12,032,406o773,164,150.60

PAGE 14

STATE Ol~ CALIFORNIA PHILIP ANGELIDES, Treasurer

OFFICE OF THE TREASURERSACRAMENTO

PUBLIC TRANSFOETATION SERVICES

COPJ~ORATION

FINANCIAL ANALYST SUPERVISOR

ONE GATEWAy PLAZA

LOS ANGELES

Local Agency Investment FundPO Box 942809

Sacramento, CA 94209-0001(916) 653-3001

June, 2003 Statement

CA 90012-2952

Account Number : 80-19-013

Account Summar~

Total Deposit :

Total Withdrawal :

0.00

0.00

Beginning Balance :

Ending Balance :

40,000,000.00

40,000,000.00

Page : 1 of 1

STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer

OFFICE OF THE TREASURERSACRAMENTO

LOS ANGELES COUNTY METROPOLITANTRANSPORTATION AUTHORITY

Attn: SENIOR INVESTMENT MANAGER

ONE GATEWAY PLAZA

LOS ANGELES

Local Agency Investment F~nd __PO Box 942809

Sacramento, CA 94209-0001(916) 653-3001

June, 2003 Statement

CA 90012

Account Number : 80-19-011

Account Summar~

Total Deposit :

Total Withdrawal :

0.00

0.00

Beginning Balance :

Ending Balance :

40,000,000.00

40,000,000.00

Page : 1 of 1

ATTACHMENT VI

ATTACHMENTII --

TREASURER AND TAX COLLECTORREPORT OF INVESTMENT TRANSACTIONS FOR APRIL 2003

COMPLIANCE REPORT

Portfolio Securities Not in Accordance with Treasurer PolicvFor the Month of April 2003

Investments Exceeding Repo Broker Limit:

Investment Broker No. ofBroker Holdinqs Limit ..Days

Merrill Lynch & Co. $335,000,000 $250,000,000 3Merrill Lynch & Co. has a maximum broker limit of $250MMfor repumhaseagreements. The limit was exceed due to error by $85MM for 3 days, as settlementwas on a weekend.

Permitted Investments on Repurchase Agreements:

InvestmentIssuer

Merrill Lynch & Co

Banc of Amedca Securities

Collateral No. ofCollateral Limit pays

101.95% 102% 3

101.74% 102% 1101.98% 102% 2101.97% 102% 1101.94% 102% 1

Collateral limit for investments on Repurchase Agreements is 102%. Merrill Lynch &Co. had 101.95% for 3 days, as settlement was on a weekend. Banc of AmericaSecurities had 101.74% for 1 day, 101.98% for 2 days, 101.97% for 1 day, and101.94% for 1 day. Due to the timing of the purchase of Repurchase Agreements,collateral requirements may be met at purchase but fall below the required 102% limitwhen closing prices are applied.

Disbursements made in the settlement of the Flying Tdangle and Abalone CovelandsBde litigations are authorized under Government Code Section 53501.

ATTACHMENTII

TREASURER AND TAX COLLECTORREPORT OF INVESTMENT TRANSACTIONS FOR MAY 2003

COMPLIANCE REPORT

Portfolio Securities Not in Accordance with Treasurer PolicyFor the Month of May 2003

Permitted Investments on Repumhase Agreements:

Investment Collateral No. ofIssuer Collateral Limit Days

Merrill Lynch & Co 101.98% 102% 1101.96% 102% 4101.95% 102% 2101.97% 102% 2101.85% 102% 4101.99% 102% 1

Collateral limit for investments on Repurchase Agreements is 102%. Merrill Lynch &Co. had 101.99% and 101.98 for 1 day each; 101.96% and 101.85 for 4 days each,as one seffiement was on a weekend; 101.95% and 101.97 for 2 days each; Due tothe timing of the purchase of Repurchase Agreements, collateral requirements maybe met at purchase but fall below the required 102% limit when closing prices areapplied.

The investment indicated below was not an exception at the time of purchase. Anew issuer limit was established after the pumhase date. The Investment Policydoes not require the sale of securities when subsequent new issuers limits areestablished.

Issuer

Deutsche Bank Fin.Services Inc.

Investment Limit Limit No. ofHoldinqs at Purchase at Review Days

$ 30,000,000 $150,000,000 -0- 11

The investment limit for Deutsche Bank Fin. Services Inc. is zero. At the time ofpurchase, the limit was $150MM. The decrease in limit resulted from the company’schange in structure to LLC. The limit was exceeded by $30MM for 11 days.

Disbursements made in the settlement of the Flying Triangle and Abalone Covelandslide litigations are authorized under Govemment Code Section 53501.

ATTACHMENTII

TREASURER AND TAX COLLECTORREPORT OF INVESTMENT TRANSACTIONS FOR JUNE 2003

COMPLIANCE REPORT

Portfolio Securities Not in Accordance with Treasurer PolicyFor the Month of June 2003

Permitted Investments on Repurchase Agreements:

Investment Collateral No. ofIssuer Collateral Limit Days

Merrill Lynch & Co 101.99% 102% 1101.94% 102% 1101.85% 102% 1

Banc of America 101.99% 102% 3

Collateral limit for investments on Repurchase Agreements is 102%. Merrill Lynch &Co. had 101.99% for I day; 101.94% for 1 day, 101.85% for another 1 day. Banc ofAmerica had 101.99% for 3 days, as settlement was on a weekend. Due to thetiming of the purchase of Repurchase Agreements, collateral requirements may bemet at purchase but fall below the required 102% limit when closing pdces areapplied.

The investment indicated below was not an exception at the time of purchase.However, it exceeded new issuer limit established after purchase. The InvestmentPolicy does not require the sale of securities when subsequent new issuers limits areestablished.

Issuer

Deutsche Bank Fin.Services Inc.

Investment Limit Limit No. ofHoldings at Purchase at Review Days

$ 30,000,000 $150,000,000 -0- 30

The investment limit for Deutsche Bank Fin. Services Inc. is zero. At the time ofpurchase, the limit was $150MM. The decrease in limit resulted from the company’schange in structure to LLC. The limit was exceeded by $30MM for 30 days.

Disbursements made in the settlement of the Flying Tdangle and Abalone Covelandslide litigations are authorized under Government Code Section 53501.

July 24, 2003 THROUGH: ROGER SNOBLE J~~-~ CHIEF...

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