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2001 05 09 IABAGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 May 9, 2001 - 5:30 P.M. Board Member Felice will be attending via telecommunications. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT -(This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR A. Approval of Minutes of Meeting on April 11, 2001 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for March 2001 B. Consideration of Fiscal Year 2001 /02 Investment Policies VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report and other selected Financial Data - April 2001 B. Pooled Money Investment Board Reports - February 2001 VII BOARD MEMBER ITEMS Vill ADJOURNMENT INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: May 9, 2001 ITEM TITLE: Transmittal of Treasury Report for March 2001 BACKGROUND: Attached please find the Treasury Report March 2001 RECOMMENDATION: Review, Receive and File the Treasury Report for March 2001 John M. Falconer, Finance Director 4.� QuhtrA MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for March 31, 2001 DATE: April 25, 2001 Attached is the Treasurer's Report for the month ending March 31, 2001. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept. The following table summarizes the changes in investment types for the month: ;Casl LAIF US 1 US ( ;Com Mutt ;Tots ;tment _ Beginning Purchased Notes Sold/Matured Other Ending Change__ _ $1,450,825 (1) ($613,424) $837,401 ' ($613,424) $8,746,551 0 8,746,551 I 0 reasuries (2) $31,371,801 4,980,000 21,719 36,373,520 5,001,719 )ov't Agencies (2) 1 $17,870,769 5,000,000 (10,000,000) 10,586 12,881,355 i (4,989,414) mercial Paper (2) $4,948,666 3,000,000 (2,970,000) 7,553 4,986,219 37,553 al Funds $4,924,958 1 1,968,265 2,956,693 (1,968,265 _ $69 313 570 $12 980 000 $15 551 689 $39 858 $66 781 739 $2 531 831�i I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and ins in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. the City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. Falconer�— Director/Treasurer =ootnote (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury, Commercial Paper and Agency investments. 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O�� a. co W �to W Z to O) C � C l7) � c C u U O Z 0 Z m N r c c > cx 0) ix W oa CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET 03/31/01 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS. POOLED CASH (3,628,321.03) 12.195.126,46 (19,240 52) 8,537,564 91 LORP INVESTMENT IN POOLED CASH 805,000.00 805,000 00 INVESTMENT T-BILL/NOTES R OTHER 46,990,000.00 46,980,000 00 AUTO MALL CASH 2O5.835.25 205,835 25 LORE CASH 22,147 79 22.147 79 BOND REDEMPTION CASH 74,751.97 1 423 21 16, 171,18 BOND RESERVE CASH BOND PROJECT CASH 9,726,470.89 619,610 19 10.346,081 08 BOND ESCROW CASH PETTY CASH 1,000.00 1,00000 CASH 3 INVESTMENT TOTAL 43, 14.22 22,813,49 .11 601.792 88 66.973,804 21 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 41,624.24 60,900.00 8,010,000.00 8,112,524 24 PREMIUM/DISCOUNT ON INVESTMENT (192,181.90) 103.84 1251 (192.065 55) LQRP-ACCOUNTS RECEIVABLE 81,060.71 81,060 71 INTEREST RECEIVABLE 76,442.31 76,442 31 LOANINOTES RECEIVABLE 2,681,806.20 2,681,806 20 DUE FROM OTHER AGENCIES 15,000.00 15,000 00 DUE FROM OTHER AGENCIES - CVAG 2,299,096.69 2.299,096 69 CVAG ALLOWANCE (2,299,096.69) (2,299,096 69) DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 882,189.50 551,038.04 1 433,227 54 DUE FROM RDA 8,497,550.20 8,497,550 20 INTEREST ADVANCE -DUE FROM RDA 2,627,266.62 2,627.266 62 ADVANCES TO OTHER FUNDS NSF CHECKS RECEIVABLE 2,659.86 2.65986 ACCRUED REVENUE 833.40 83340 TRAVEL ADVANCES 3,103.50 3,10350 EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 11,953,654.33 3.375.742.19 8,010,012.51 23,339.409 03 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 7500 MISC DEPOSITS 2,100.00 2. 100 00 DEPOSITS TOTAL 2,175.00 _ _ 2 175 00 GENERAL FIXED ASSETS 1,386,331,67 15,590,699.00 9,988,279.05 26 965.309 72 ACCUMULATED DEPRECIATION (812,743,27) (812.743 27) AMOUNT AVAILABLE TO RETIRE VT DEBT 3,395,117 03 3,395.117 03 AMOUNT TO BE PROVIDED FOR L/T DEBT 1,645,647.34 95,307,027.84 8,010,000 00 10_4,962,675 18 TOTAL OTHER ASSETS 573,588.40 15,590,699,00 1,645.647 34 9,988,279 05 98.702.144 87 _ 8.010 000 00 134.510,358 66 TOTAL ASSETS 56 087 931.95 15 590 699.00 1,645,647 34 26,189,239.30 9,988,279.05 98,702 144 87 8,611,805 39 8,010,000 00 224,825.746 90_ LIABILITIES: ACCOUNTS PAYABLE 7,660.84 7,66084 DUE TO OTHER AGENCIES 920,287.86 920,287 86 DUE TO OTHER FUNDS 115,019.57 1,318,207.97 1.433,227 54 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 6,029.10 6.029 10 PAYROLL LIABILITIES 45.670.57 45 670 57 STRONG MOTION INSTRUMENTS 6,076.58 6 076 58 FRINGE TOED LIZARD FEES 74,661.50 74,661 50 SUSPENSE 4,302.63 4 302 63 DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 1,179,708.65 1,318,207.97 2.497.916 62 ENGINEERING TRUST DEPOSITS SO COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 444,000.04 444,566 54 LORP DEPOSITS 15,303.00 15.303 00 DEVELOPER DEPOSITS 1,052,957.82 1,052.957 82 MISC DEPOSITS 448,993.41 448,993 41 AGENCY FUND DEPOSITS 1,658,259.46 1658.25946 TOTAL DEPOSITS 3,604,777,23 15,303.00 _ _ _ _ _ 3.620 080 23 DEFERRED REVENUE 8,270.67 8,010,000 00 8.018.270 67 OTHER LIABILITIES TOTAL 8,270.67 8,010,000 00 _ _ _ _ 8,018.270 67 COMPENSATED ABSENCES PAYABLE 321,991.94 321 991 94 DUE TO THE CITY OF LA QUINTA 1,323,655.40 11,124,820.62 12.448,476 02 DUE TO COUNTY OF RIVERSIDE 12,249,102.00 12,249.102 00 DUE TO C.V UNIFIED SCHOOL DIST. 9,418,222.25 9.418.222 25 DUE TO DESERT SANDS SCHOOL DIST BONDS PAYABLE 65,910,000.00 8.010,000 00 73,920.000 00 TOTAL LONG TERM DEBT 1,645,647.34 98,702,144.87 8,010.000 00 108.357.792 21 TOTAL LIABILITIES 4,792,756.55 1,645,647.34 1.333,510,97 98,702.144,87 8.010.000 00 8.010 000 00 122.494,059 73 EQUITY -FUND BALANCE 51,295,175.40 15,590,699.00 24.855,728,33 9.988,279 05 601.805 39 102 331.687 17 TOTAL LIABILITY 3 EQUITY 56,087,931.95 15,590,699.00 1,645,647.34 26,189 239 30 9,988,279.05 98,702,144.87 8.611 805 39' 8.0 00,000 00 224-825,746 90 CASH 3 INVESTMENT TOTAL 66,973,804.21 PREMIUM/DISCOUNT ON INVESTMENT 1192,065.551 TOTAL 66,791,738.66 0049 PLEASE BRING A COPY OF YOUR INVESTMENT POLICY FROM THE LAST AGENDA TO THE MEETING INVESTMENT ADVISORY BOARD Business Session No. B Meeting Date: May 9, 2001 TITLE: Consideration of Fiscal Year 2001 /02 Investment Policies BACKGROUND: Pursuant to State ,Legislation the City investment policies must be approved on an annual basis by the City Council. This approval is done in June of each year. At the previous IAB Meeting in April, Board Members were asked to discuss the following: Percentage and Dollar Limitations of Government Sponsored Enterprises (GSE's) Percentage of U.S. Treasury Issues Type of Money Market Sweep Account Attached to the Staff report are the changes discussed at the prior meeting in strike out form and the Sweep information from Wells Fargo for the two Treasury Money Market Funds. RECOMMENDATION: Continued review of the Investment policies for approval by City Council in June 2001. John JIM. Falconer; Fir, ance Director of the annual audit of the City of La Quinta's financial statements the independent auditor reviews the adequacy of those controls and comments if weaknesses are found. Investment responsibilities carry added duties of insuring that investments are made without improper influence or the appearance to a reasonable person of questionable or improper influence. The City of La Quinta Investment Policy maintains a listing of financial institutions which are approved for investment purposes. All Broker/Dealers and financial institutions selected by the Treasurer to provide investment services will be approved by the City Manager subject to City Council approval. The Treasurer will be permitted to invest only in City approved investments up to the maximum allowable percentages or dollar limitations and, where applicable, through the bid process requirements. Authorized investment vehicles and related maximum portfolio positions are listed in Appendix A - Summary of Authorized Investments and Limitations. At least two bids will be required of investments in the authorized investment vehicles. Collateral ization will be required for Certificates of Deposits in excess of $100,000. Collateral will always be held by an independent third party from the institution that sells the Certificates of Deposit to the City. Evidence of compliance with State Collateral ization policies must be supplied to the City and retained by the City Treasurer. The City of La Quinta Investment Policy shall require that each individual investment have a maximum maturity of two years unless specific approval is authorized by the City Council. In addition, the City's investment in the State Local Agency Investment Fund (LAIF) is allowable as long as the average maturity does not exceed two years, unless specific approval is authorized by the City Council. The City's investment in Money Market Mutual funds is allowable as long as the average maturity does not exceed 60 days. The City of La Quinta Investment Policy will use the six month U.S. Treasury Bill as a benchmark when measuring the performance of the investment portfolio. The Investment Policies shall be adopted by resolution of the La Quinta City Council on an annual basis, The Investment Policies will be adopted before the end of June of each year. This Executive Summary is an overall review of the City of La Quinta Investment Policies. Reading this summary does not constitute a complete review which can only be accomplished by reviewing all the pages. 3 IX AUTHORIZED INVESTMENTS AND LIMITATIONS The City Treasurer will be permitted to invest in the investments summarized in the Appendix A. I. STATE OF CALIFORNIA AND CITY OF LA QUINTA LIMITATIONS As provided in Sections 16429.1, 53601, 53601.1, and 53649 of the Government Code, the State of California limits the investment vehicles available to local agencies as summarized in the following paragraphs. Section 53601, as now amended, provides that unless Section 53601 specifies a limitation on an investment's maturity, no investments with maturities exceeding five years shall be made. The City of La Quinta Investment Policy has specified that no investment may exceed two years. State Treasurer's Local Agency Investment Fund (LAIF) - As authorized in Government Code Section 16429.1 and by LAIF procedures, local government agencies are each authorized to invest a maximum of $30 million per account in this investment program administered by the California State Treasurer. The City's investment in the State Local Agency Investment Fund (LAIF) is allowable as long as the average maturity of its investment portfolio does not exceed two years, unless specific approval is authorized by the City Council. The City of La Quinta has two accounts with LAIF. The City of La Quinta Investment Policy has a limitation of 15% of the portfolio. U.S. Government and Related Issues - As authorized in Government Code Sections 53601 (a) through (n) as they pertain to surplus funds, this category includes a wide variety of government securities which include the following: • Local government bonds or other indebtedness and State bonds or other indebtedness. The City of La Quinta Investment Policy does not allow investments in local and state indebtedness • U.S. Treasury bills, notes and bonds and Government National Mortgage Association (GNMA) securities directly issued and backed by the full faith and credit of the U.S. Government. The City of La Quinta Investment Policy limits investments in U.S. Treasury issue to 100% 75% of the portfolio. 2 .. .I I ELI! . . um Wj E Is LIMMI I Or. I W. I a. • IWAI • 0 • U.S. Government instrumentalities and agencies issuing securities not backed as to principal and interest by the full faith and credit of the U.S. Government. The Federal Home Loan Bank (FHLB), Federal Farm Credit Bank (FFCB), Federal Land Bank (FLB) and Federal Intermediate Credit Bank (FICB) are such issuers. The City of La Quinta Investment Policy has a limitation of $ 3 million per issuer. 75% of the portfolio with a single issuer larnit of 25% of the portfoflo-. • Federal government sponsored enterprises (GSEs) issuing securities not backed as to principal and interest by the full faith and credit of the U.S. Government. These GSEs include Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHM and Student Loan Marketing Association (SLMA) which are publicly owi ied. The City of La Quinta Investment Policy has a limitation of $5 milli n for FNMA, $5 million for FHMC , and $3 million for SLMA. Bankers' Acceptances - As authorized in Government Code Section 53601 (f), 40% of the portfolio may be invested in Bankers' Acceptances, although no more than 30% of the portfolio may be invested in Bankers' Acceptances with any one commercial bank. Additionally, the maturity period cannot exceed 2% 180 days, however, Bankers' . The City of La Quinta Investment Policy does not allow investment in Bankers' Acceptances. Commercial Paper - As authorized in Government Code Section 53601(g), 15% of the portfolio may be invested in commercial paper of the highest rating (A-1 or P-1) as rated by Moody's or Standard and Poor's, with maturities not to exceed +80 270 days. This percentage may be increased to 30% if the dollar weighted average maturity does not exceed 31 days. There are a number of other qualifications regarding investments in commercial paper based on the financial strength of the corporation and the size of the investment. The City of La Quinta's Investment Policy follows The Government Code with the following additional limitations: (1) maximum maturity per issue of 90 days and a (2) maximum of $2 million per issuer. Negotiable Certificates of Deposit - As authorized in Government Code Section 53601(h), 30% of the portfolio may be invested in negotiable certificates of deposit issued by commercial banks and savings and loan associations. The City of La Quinta Investment Policy does not allow investment in Negotiable Certificates of Deposit. 10 The investment portfolio shall be designed with the objective of obtaining a rate of return throughout budgetary and economic cycles commensurate with the investment risk constraints and the cash flow needs of the City. Return on investment is of least importance compared to safety and liquidity objectives. The City of La Quinta Investment Policy will use the six month U.S. Treasury Bill as a benchmark when measuring the performance of the investment portfolio. XV REPORTING STANDARDS SB564 section 3 requires a quarterly report to the Legislative Body of Investment activities. The City of La Quinta Investment Advisory Board has elected to report the investment activities to the City Council on a monthly basis through the Treasurers Report. AB 943 requires that the December 311 and June 30" Treasurers Reports be sent to the California Debt and Advisory Commission within sixty days of the end of the quarter. The City Treasurer shall submit a monthly Treasurers Report to the City Council and the Investment Advisory Board that includes all cash and investments under the authority of the Treasurer. The Treasurers Report shall summarize cash and investment activity and changes in balances and include the following: ► A certification by City Treasurer; ► A listing of Purchases and sales/maturities of investments; ► Cash and Investments categorized by authorized investments, except for LAIF which will be provided quarterly and show yield and maturity; ► Comparison of month end actual holdings to Investment Policy limitations; ► Current year and prior year monthly history of cash and investments for trend analysis; ► Balance Sheet; ► Distribution of cash and investment balances by fund; ► A comparison of actual and surplus funds; ► A year to date historical cash flow analysis and projection for the next six months. XVI INVESTMENT OF BOND PROCEEDS The City's Investment Policy shall govern bond proceeds and bond reserve fund investments. California Code Section 5922 (d) governs the investment of bond proceeds and reserve funds in accordance with bond indenture provisions which shall be structured in accordance with the City's Investment Policy. 16 Arbitrage Requirement The US Tax Reform Act of 1986 requires the City to perform arbitrage calculations as required and return excess earnings to the US Treasury from investments of proceeds of bond issues sold after the effective date of this law. This arbitrage calculations may be contracted with an outside source to provide the necessary technical assistance to comply with this regulation. Investable funds subject to the 1986 Tax Reform Act will be kept segregated from other funds and records will be kept in a fashion to facilitate the calculations. The City's investment position relative to the new arbitrage restrictions is to continue pursuing the maximum yield on applicable investments while ensuring the safety of capital and liquidity. It is the City's position to continue maximization of yield and to rebate excess earnings, if necessary. XVII INVESTMENT ADVISORY BOARD - CITY OF LA QUINTA The Investment Advisory Board (IAB) consists of seven members of the community that have been appointed by and report to the City Council. The IAB usually meets on a monthly basis, but at least quarterly to (1) review at least annually the City's Investment Policy and recommend appropriate changes; (2) review monthly Treasury Report and note compliance with the Investment Policy and adequacy of cash and investments for anticipated obligations; (3) receive and consider other reports provided by the City Treasurer; (4) meet with the independent auditor after completion of the annual audit of the City's financial statements, and receive and consider the auditor's comments on auditing procedures, internal controls and findings for cash and investment activities, and; (5) serve as a resource for the City Treasurer on matters such as proposed investments, internal controls, use or change of financial institutions, custodians, brokers and dealers. The appendices include City of La Quinta Ordinance 2.70 entitled Investment Advisory Board Provisions. XVIII INVESTMENT POLICY ADOPTION On an annual basis, the Investment policies will be initially reviewed by the Investment Advisory Board and the City Treasurer. The Investment Advisory Board will forward the Investment policies, with any revisions, to the City Manager and City Attorney for their review and comment. A joint meeting will be held with the Investment Advisory Board, City Manager, City Attorney, and City Treasurer to review the Investment policies and comments, prior to submission to the City Council for their consideration. The Investment Policies shall be adopted by 'resolution of the City of La Quinta City Council on an annual basis. The Investment Policies will be adopted before the end of June of each year. AB 943 requires that the Investment Policies be sent to the California Debt and 17 Investment Advisory Commission within sixty days of a change to the Investment Policy. 18 Dreyfus Cash Management Funds Dreyfus Cash Management Dreyfus Cash Management Plus Dreyfus Government Cash Management Dreyfus Government Prime Cash Management Dreyfus Municipal Cash Management Plus Dreyfus New York Municipal Cash Management Dreyfus Tax Exempt Cash Management s Dreyfus Treasury Cash Management Dreyfus Treasury Prime Cash Management In%- still" iii IIitih ytialit\-. short-tcr»> 'sccLlritic" for Currcnt 111Coilic. sAM— of principal mid liyulditV PROSPECTUS Junel,2000 Institutional Shares ]Dreyfus As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. Dreyfus Cash Management 2 Dreyfus Cash Management Plus 4 Dreyfus Government Cash Management 6 Dreyfus Government Prime Cash Management 8 Dreyfus Treasury Cash Management 10 Dreyfus Treasury Prime Cash Management 12 Dreyfus Tax Exempt Cash Management 14 Dreyfus Municipal Cash Management Plus 16 Dreyfus New York Municipal Cash Management 18 Management 20 Financial Highlights 21 Account Information Account Policies 26 Distributions and Taxes 28 Services for Fund Investors 28 Instructions for Account Transactions 29 For More Information More information on each fund can be found in the funds a4ment annual/semiannual report. See back cover. The Funds Introduction Each fund is a money market mutual fund with a separate investment portfolio. The operations and results of a fund are unrelated to those of each other fund. This combined prospectus has been prepared for your convenience so that you can consider nine investment choices in one document. As a money market fund, each fund is subject to maturity, quality and diversification requirements designed to help it maintain a stable share price. Generally, each fund is required to invest at least 95% of its assets in the securities of issuers with the high- est credit rating or the unrated equivalent as deter- mined by Dreyfus, with the remainder invested in securities with the second -highest credit rating. Dreyfus Cash Management and Dreyfus Cash Management Plus purchase securities with the high- est credit rating only, or the unrated equivalent. Dreyfus Government Prime Cash Management and Dreyfus Treasury Prime Cash Management invest only in U.S. government securities. Dreyfus Government Cash Management and Dreyfus Treasury Cash Management invest only in U.S. gov- ernment securities and in repurchase agreements. An investment in a fund is not insured or guaran- teed by the Federal Deposit Insurance Corporation or any other government agency. Although each fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a fund. Concepts to understand Money market fund: a specific type of fund that seeks to maintain a $1.00 price per share. Money market funds are subject to strict federal requirements and must: o maintain an average dollar -weighted portfolio maturity of 90 days or less o buy individual securities that have remaining maturities of 13 months or less o invest only in high quality, dollar -denominated obligations Credit rating: a measure of the issuer's expected ability to make all required interest and principal payments in a timely manner. An issuer with the highest credit rating has a very strong degree of certainty (or safety) with respect to making all payments. An issuer with the second -highest credit rating has a strong capacity to make all payments, but the degree of safety is somewhat less. The Funds 1 Dreyfus Cash Management GOAL/APPROACH The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue this goal, the fund invests in a diversified portfolio of high quality, short-term debt securities, including: o securities issued or guaranteed by the U.S. gov- ernment or its agencies or instrumentalities o certificates of deposit, time deposits, bankers' acceptances, and other short-term securities issued by domestic banks or foreign banks, or their subsidiaries or branches o repurchase agreements, including tri-parry repur- chase agreements o asset -backed securities o high grade commercial paper, and other short- term corporate obligations, including those with floating or variable rates of interest Normally, the fund invests at least 25% of its net assets in bank obligations. MAIN RISKS The fund's yield will fluctuate, as market conditions and interest rates change, and as the short-term secu- rities in the portfolio mature and the proceeds are reinvested in securities with different interest rates. While the fund has maintained a constant share price since inception, and will continue to try to do so, the following factors could reduce the fund's income level and/or share price: o interest rates could rise sharply, causing the fund's share price to drop o any of the fund's holdings could have its credit rating downgraded or could default o the risks generally associated with concentrating investments in the banking industry, such as inter- est rate risk, credit risk and regulatory develop- ments relating to the banking industry 2 PAST PERFORMANCE 11114W The bar chart and table below show some of the risks of investing in the fund. The bar chart shows the changes in the performance of the fund's Institutional shares from year to year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12131 each year (%) 8.38 6.22 6.01 5.42 5.56 5.51 5.12 3.80 3.16 4.08 90 91 92 93 94 95 96 97 98 99 Best Quarter. 02190 +2.07% Worst Quarter. 02 '93 +0.77% The firnd's year-to-date total return as of 3 13 1 /00 uvas 1.44%. Average annual total return as of 12131199 1 Year 5 Years 10 Years 5.12% 5.52% 5.32% The 7-day yield for Institutional shares on 12/31/99 was 5.66%. Institutions may call toll -free 1-800 346-3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. x=' EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paid out of fund assets, so their effect is included in the share price. Fee table Annual fund operating expenses % of average daily net assets Management fees 0.20% Other expenses none Total 0.20% Expense example 1 Year 3 Years 5 Years 10 Years $20 $64 $113 $255 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses: $10.000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus Cash Management 3 Dreyfus Cash Management Plus GOAL/APPROACH The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue this goal, the fund invests in a diversified portfolio of high quality, short-term debt securities, including: o securities issued or guaranteed by the U.S. gov- ernment or its agencies or instrumentalities o certificates of deposit, time deposits, bankers' acceptances and other short-term securities issued by domestic banks or foreign banks (or thrifts) or their subsidiaries or branches o repurchase agreements, including tri-party repur- chase agreements o asset -backed securities o domestic and dollar -denominated foreign com- mercial paper, and other short-term corporate obligations, including those with floating or vari- able rates of interest o dollar -denominated obligations issued or guar- anteed by one or more foreign governments or any of their political subdivisions or agencies Normally, the fund invests at least 25% of its net assets in bank obligations. 7,'-*A'*MAIN RISKS N The fund's yield will fluctuate, as market conditions and interest rates change, and as the short-term secu- rities in the portfolio inature and the proceeds are reinvested in securities with different interest rates. While the fund has maintained a constant share price since inception, and will continue to try to do so, the following factors could reduce the fund's income level and/or share price: o interest rates could rise sharply, causing the fund's share price to drop o any of the fund's holdings could have its credit rating downgraded or could default o the risks generally associated with concentrating investments in the banking industry, such as inter- est rate risk, credit risk and regulatory develop- ments relating to the banking industry o the risks generally associated with dollar -denom- inated foreign investments, such as economic and political developments, seizure or nationalization of deposits, imposition of taxes or other restric- tions on the payment of principal and interest 4 ;�►� PAST PERFORMANCE 1114W The bar chart and table below show some of the risks of investing in the fund. The bar chart shows the changes in the performance of the fund's Institutional shares from year to year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12131 each year (%) 8.43 6.30 6.06 5.47 5.62 5.55 g,15 3.84 4J6 3.16 90 91 92 93 94 95 96 97 98 99 Best Quarter. 02190 +2.07% Wont Quarter. 02193 +0.77% 17te fund's year-to-date total return as of 3131 /00 was 1.43%. Average annual total return as of 12131199 1 Year 5 years 10 Years 5.15% 5.57% 5.37% The 7-day yield for Institutional shares on 12/31/99 was 5.53%. Institutions may call toll -free 1-800-346-3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paid out of fund assets, so their effect is included in the share price. Fee table Annual fund operating expenses % of average daily net assets Management fees 0.20% Other expenses none Total 0.20% Expense example 1Year 3 Years 5 Years 10 Years $20 $64 $113 $255 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses: $10,000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus Cash Management Plus 5 Dreyfus. Government Cash Management GOAL/APPROACH The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue this goal, the fund invests in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumen- talities, and repurchase agreements (including tri- party repurchase agreements) in respect of these securities. MAIN RISKS The fund's yield will fluctuate, as market conditions and interest rates change, and as the short-term secu- rities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. A security backed by the U.S.Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securi- ties are not guaranteed and will fluctuate.The fund is subject to the risk that interest rates could rise sharply, causing the fund's share price to drop. Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury, or are supported only by the credit of the issuer or instrumentality. While the U.S. government provides financial support to U.S. government -spon- sored agencies or instrumentalities, no assurance can be given that it will always do so. 6 PAST PERFORMANCE 1WThe bar chart and table below show some of the risks of investing in the fund. The bar chart shows the changes in the performance of the fund's Institutional shares from year to year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12131 each year (%) 8.24 6.19 6.01 5.41 5.53 5.41 4.96 3.as 3.13 4.00 - I M 90 91 92 93 94 95 96 97 98 99 Best Quarter: 03 '90 +2.02% Worst Ouarter: 02 '93 +0.77% The hind's year-to-date total return as o(3/31 /00 was 1.36%. Average annual total return as of 12131199 1 Year 5 Years 10 Years 4.96% 5.46% 5.27% The 7-day yield for Institutional shares on 12/31/99 was 5.08%. Institutions may call toll -free 1-800-346-3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paid out of fund assets, so their effect is included in the share price. Fee table Annual fund operating expenses % of average daily net assets Management fees 0.20% Other expenses none Total 0.20% Expense example IYear 3 Years 5 Years 10 Years $20 $64 $113 $255 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses: $10,000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus Government Cash Management 7 Dreyfus Government Prime Cash Management GOAL/APPROACH The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue this goal, the fund only invests in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities. MAIN RISKS qq J �«The fund's yield will fluctuate, as market and interest rate conditions change, and as the short-term securi- ties in its portfolio mature and the proceeds are rein- vested in securities with different interest rates. A security backed by the U.S.Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securi- ties are not guaranteed and will fluctuate. The fund is subject to the risk that interest rates could rise sharply, causing the fund's share price to drop. Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury, or are supported only by the credit of the issuer or instrumentality. While the U.S. government provides financial support to U.S. government -spon- sored agencies or instrumentalities, no assurance can be given that it will always do so. s PAST PERFORMANCE The bar chart and table below show some of the risks of investing in the fund. The bar chart shows the performance of the fund's Institutional shares for its first full calendar year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12131 each year (%) 5.00 1 90 91 92 93 94 95 96 97 98 99 Best Quarter: 04199 +1.32% Worst Quarter. 02199 +1.17% The fund s year-to-date total return as of 3131 /00 was 1.38%. Average annual total return as of 12131199 1 Year 5.00% Since inception (2/27/98) SAS% The 7-day yield for Institutional shares on 12/31/99 was 511%. Institutions may call toll -free 1-800-346 3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paid out of fund assets, so their effect is included in the share price. Fee table Annual fund operating expenses % of average daily net assets Management fees 0.20% Other expenses none Total 0.20% Expense example 1 Year 3 Years 5 Years 10 Years $20 $64 $113 $255 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses. $10,000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus Government Prime Cash Manaoement 9 Dreyfus Treasury Cash Management GOAL/APPROACH The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue this goal, the fund only invests in securities issued or guaranteed as to principal and interest by the U.S. government, and repurchase agreements (including tri-party repurchase agree- ments) in respect of these securities. MAIN RISKS �Thefund's yield will fluctuate, as market and interest rate conditions change, and as the short-term securi- ties in its portfolio mature and the proceeds are reiii- vested in securities with different interest rates. A security backed by the U.S.Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securi- ties are not guaranteed and will fluctuate.The fund is subject to the risk that interest rates could rise sharply, causing the fund's share price to drop. 10 PAST PERFORMANCE The bar chart and table below show some of the risks of investing in the fund. The bar chart shows the changes in the performance of the fund's Institutional shares from year to year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12131 each year (%) 8.19 J_j 5.84 5,29 5.41 5.28 4.84 _03.71 3.03 3.94 90 91 92 93 94 95 96 97 98 99 Best Quarter: 03190 +2.01% Worst Quarter: 04193 +0.74% The fivid's year-to-date total return as of 3/31 /00 was 1.32%. Average annual total return as of 12131199 1 Year 5 Years 10 Years 4.84% 5.33% 5.15% The 7-day yield for Institutional shares on 12/31/99 was 4.88%. Institutions may call toll -free 1-800-346-3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paid out of fund assets, so their effect is included in the share price. Fee table Annual fund operating expenses % of average daily net assets Management fees 0.20% Other expenses none Total 0.20% Expense example 1 Year 3 Years 5 Years 10 Years $20 $64 $113 $255 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses: $10,000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus Treasury C?sh Management 11 Dreyfus Treasury Prime Cash Management GOAL/APPROACH ' The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue this goal, the fund only invests in securities issued or guaranteed as to principal and interest by the U.S. government. MAIN RISKS The fund's yield will fluctuate, as market and interest rate conditions change, and as .the short-term securi- ties in its portfolio mature and the proceeds are rein- vested in securities with different interest rates. A security backed by the U.S.Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securi- ties are not guaranteed and will fluctuate.The fund is subject to the risk that interest rates could rise sharply, causing the fund's share price to drop. 12 PAST PERFORMANCE NwThe bar chart and table below show some of the risks of investing in the fund. The bar chart shows the changes in the performance of the fund's Institutional shares from year to year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12/31 each year (%) 7.97 tti4" 5.20 5.28 5.14 4.67 90 91 92 93 94 95 96 97 98 99 Best Quarter: 02190 +1.97% Worst Quarter: 02 '93 +0.74% The fimd's year-to-date total return as of 3/31 /00 was 1.32%. Average annual total return as of 12131199 1 Year 5 Years 10 Years 4.67% 5.20% 5.08% The 7-day yield for Institutional shares on 12/31/99 was 5.03%. Institutions may call toll -free 1-800-346 3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paidout of fund assets, so their effect is included in the share price. Fee table Annual fund operating expenses % of average daily net assets Management fees 0.20% Other expenses none Total . 0.20% Expense example 1Year 3 Years 5 Years 10 Years $20 $64 $113 $233 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses: $10,000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a _period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus Treasury Prime Cash Managem?nt 13 Dreyfus Tax Exempt Cash Management `GOAL`/APPROACH The fund seeks as high a level of current income exempt from federal personal income tax as is con- sistent with the preservation of capital and the maintenance of liquidity. To pursue this goal, the fund normally invests sub- stantially all of its net assets in short-term municipal obligations that provide income exempt from feder- al personal income tax. When the portfolio manager believes that acceptable municipal obligations are unavailable for investment, the fund may invest tem- porarily in high quality, taxable money market instruments. Municipal obligations are typically of two types: o general obligation bonds, which are secured by the full faith and credit of the issuer and its taxing power o revenue bonds, which are payable from the revenues derived from a specific revenue source, such as charges for water and sewer service or highway tolls While the fund is permitted to invest up to 20% of its assets in municipal obligations that provide income that may be subject to the federal alternative minimum tax, the fund currently is managed so that income paid by the fund will not be subject to' the federal alternative minimum tax. MAIN RISKS The f ind's yield will fluctuate, as market conditions and interest rates change, and as the short-term secu- rities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. While the fund has maintained a constant share price since inception, and will continue to try to do so, the following factors could reduce the funds income level and/or share price: o interest rates could rise sharply, causing the fund's share price to drop o any of the fund's holdings could have its credit rating downgraded or could default 14 PAST PERFORMANCE NWThe bar chart and table below show some of the risks of investing in the fund. The bar chart shows the changes in the performance of the fund's Institutional shares from year to year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12131 each year (%) 5.90 4.43 3,72 2.89 2.30 2.73 3.31 3.49 3.29 3.09 90 91 92 93 94 95 96 97 98 99 Best Ouarter. 04190 +1.48% Worst Ouarter: 01 194 +0.54% 71ie fimd's year-to-date total return as of 3/31 /00 was 0.84%. Average annual total return as of 12131199 1 Year 5 Years 10 Years 3.09% 3.38% 3.51% The 7-day yield for Institutional shares on 12/31/99 was 432%. Institutions may call toll -free 1-800 346-3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paid out of fund assets, so their effect is included in the share price. Fee table Annual fund operating expenses % of average daily net assets Management fees 0.2046 Other expenses none Total 0.20% Expense example 1 Year 3 Years 5 Years 10 Years $20 $64 $113 $255 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses: $10,000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus Tax E x e m p t rash M a n a n o m o n t 15 Dreyfus Municipal Cash Management Plus GOAL/APPROACH The fund seeks as high a level of current income exempt from federal personal income tax as is con- sistent with the preservation of capital and the maintenance of liquidity. To pursue this goal, the fund normally invests sub- stantially all of its net assets in short-term municipal obligations that provide income exempt from feder- al personal income tax. When the portfolio manager believes that acceptable municipal obligations are unavailable for investment, the fund may invest tem- porarily in high quality, taxable money market instruments. Municipal obligations are typically of two types: o general obligation bonds, which are secured by the full faith and credit of the issuer and its taxing power o revenue bonds, which are payable from the revenues derived from a specific revenue source, such as charges for water and sewer service or highway tolls MAIN RISKS u The fund's yield will fluctuate, as market conditions and interest rates change, and as the short-term secu- rities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. While the fund has maintained a constant share price since inception, and will continue to try to do so, the following factors could reduce the fund's income level and/or share price: o interest rates could rise sharply, causing the fund's share price to drop o any of the fund's holdings could have its credit rating downgraded or could default Although the fund's objective is to generate income exempt from federal income tax, income from some of its holdings may be subject to the federal alterna- tive minimum tax. 16 PAST PERFORMANCE V4WThe bar chart and table below show some of the risks of investing in the fund. The bar chart shows the changes in the performance of the fund's Institutional shares from year to year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12131 each year (%) 4.75 3.85 IMMEW3.16 .2.44 2.76 3.44 3.58 3.41 3.15 ■ ■ ■ ■ 90 91 92 93 94 95 96 97 98 99 Best Ouarter: 01,91 +1.27% Worst Ouarter. 01194 +0.56% The fund's year-to-date total return as of 3 /31 /00 was 0. 86%. Average annual total return as of 12131199 Since inception 1 Year 5 Years (10/15/90) 3.15% 3.49% 3.45% The 7-day yield for Institutional shares on 12/31/99 was 4.16%. Institutions may call toll -free 1-800-3"-3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paid out of fund assets, so their effect is included in the share price. Fee table Annual fund operatinq expenses % of average daily net assets Management fees 0.20% Other expenses none Total 0.20% Expense example 1Year 3 Years 5 Years 10 Years $20 $64 $113 $255 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses: $10,000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus Municipal Cash Management Plus 17 PAST PERFORMANCE VfAW The bar chart and table below show some of the risks of investing in the fund. The bar chart shows the changes in the performance of the fund's Institutional shares from year to year. The table shows the fund's average annual total return for its Institutional shares over time. Of course, past per- formance is no guarantee of future results. Year -by -year total return as of 12/31 each year (%) 2.73 2.10 2.62 3,74 3.24 3.45 3.23 3.00 90 91 92 93 94 95 96 97 98 99 Best Quarter: 02 '95 +0.99% Worst Ouarter: 01 '93 +0.49% Thefilfn 1's )scar-to-datc total return as (if 3/ 31 /00 was 0.834,('). Average annual total return as of 12131199 Since inception 1 Year 5 Years (11/4/91) 3.00% 3.33% 3.03% The 7-day yield for Institutional shares on 12/31/99 was 3.89%. Institutions may call toll -free 1-800-346-3621 for the current yield for Institutional shares. Individuals or entities for whom institutions may purchase or redeem shares should call the institution directly. What this fund is — and isn't This fund is a mutual fund: a pooled investment that is professionally managed and gives you the opportunity to participate in financial markets. It strives to reach its stated goal, although as with all mutual funds, it cannot offer guaranteed results. An investment in this fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. You could lose money in this fund, but you also have the potential to make money. EXPENSES As an investor, you pay certain fees and expenses in connection with the fund, which are described for Institutional shares in the table below. Annual fund operating expenses are paid out of fund assets, so their effect is included in the share price. Fee table Annual fund operating expenses % of avergge daily net assets Management fees 0.20% Other expenses none Total 0.20% Expense example 1Year 3 Years 5 Years 10 Years $20 $64 $113 $255 This example shows what you could pay in expenses over time. It uses the same hypothetical conditions other funds use in their prospectuses: $10,000 initial investment, 5% total return each year and no changes in expenses. The figures shown would be the same whether you sold your shares at the end of a period or kept them. Because actual return and expenses will be different, the example is for comparison only. Concepts to understand Management fee: the fee paid to Dreyfus for managing the fund's portfolio and assisting in all aspects of the fund's operations. Other expenses: as to the fund's Institutional shares, i under an agreement with Dreyfus, the fund only pays the management fee. Dreyfus pays all other fund expenses directly. Dreyfus may terminate this agreement upon at least 90 days' prior notice to investors, but has committed not to do so at least through May 31, 2001. Dreyfus New York Municipal Cash Management 19 MANAGEMENT The investment adviser for each fund is The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Founded in 1947, Dreyfus man- ages more than $129 billion in over 160 mutual fund portfolios. For the past fiscal year, each fund paid Dreyfus a management fee at the annual rate of 0.20 a of the hind's average daily net assets. Dreyfus is the primary mutual fiend business of Mellon Financial Corporation, a global financial services company with approximately $2.5 trillion of assets under management, administration or custody, including approximately $485 billion under man- agement. Mellon provides wealth management, global investment services and a comprehensive array of banking services for individuals, businesses and institutions. Mellon is headquartered in Pittsburgh, Pennsvlvania. The Dreyfus asset nianageme nt philosophy is based on the belief that discipline and consistency are important to investment success. For each bind, Dreyfus seeks to establish clear guidelines for port- folio management and to be systematic in inaking decisions.This approach is designed to provide each fund with a distinct, stable identity. Each fund, Dreyfus and Dreyfus Service Corporation (each fund's distributor) have adopted a code of ethics that permits its personnel, subject to such code, to invest in securities, including securities that may be purchased or held by each fund.The Dreyfus code of ethics restricts the personal securities trans- actions of its employees, and requires portfolio mafl- agers and other. investment personnel to comply with the code's preclearance and disclosure prOc e- dures. Its primary purpose is to ensure that personal trading by Dreyftis employees does not disadvantage any Dreyfus -managed fund. 20 FINANCIAL HIGHLIGHTS ` 4W The following tables describe the performance of each fund's Institutional shares for the fiscal periods indicated. "Total return" shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These fig- ures have been independently audited by Ernst Young LLP, whose report, along with the fund's financial statements, is included in the annual report, which is available to investors.upon request. Year Ended January 31, Dreyfus Cash Management 2000 1999 1998 1997 1996 Pet -Share Data ($) , Net asset value, beginning of period Investment operations: Investment income - net Distributions: Dividends from investment income - net Net asset value, end of period ` Total return (%) Ratios/Supplemental Data Ratio of expenses to average net assets (%) Ratio of net investment income to average net assets (%) Net assets, end of period ($ in millions) 1.00 1.00 1.00 1.00 1.00 .051 .053 .054 .053 .059 (.051) (.053) (.054) (.053) (.059) 1.00 1.00 1.00 1.00 1.00 5.19 5.45 5.58 5.39 6.03 .20 .20 .20 .20 .20 5.12 5.32 5.45 5.27 5.86 9,015 6,273 4,103 2,758 2,443 Period Ended Year Ended Year Ended January 31, January 31, September 30, Dreyfus Cash Management Plus 2000 1999 1998 19971 1996 1995 Per -Share Data M Net asset value, beginning of period Investment operations: Investment income - net Distributions: Dividends from investment income - net Net asset value, end of period Total return ft Ratios/Supplemental Data Ratio of expenses to average net assets (gib) Ratio of net Investment income to average net assets ft Net assets, end of period ($ in millions) The.f rnd changed its_rscal year end from September 30 to January 31. Annualized. 1.00 1.00 1.00 1.00 1.00 1.00 .051 .054 .055 .018 .055 .057 (.051) (.054) (.055) (.018) (.055) (.057) 1.00 1.00 1.00 1.00 1.00 1.00 5.22 5.50 5.64 5.342 5.59 5.86 .20 .20 .20 .202 .20 .20 5.08 5.36 5.50 5.322 5.46 5.81 6,524 7,448 5.793 5,516 4,766 4,405 F i n a n c i a l H i g h l i g h t s 21 FINANCIAL HIGHLIGHTS (continued) Dreyfus Government Cash Management 2000 Year Ended January 31, 1999 1998 1997 1996 Per -Share Data ($) Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00 Investment operations: Investment income - net .049 .052 :054 .053 .059 Distributions: Dividends from investment income - net (.049) (.052) (.054) (.053) (.059) Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 Total return (%) 5.00 5.35 5.55 5.38 6.01 Ratios/Supplemental Data Ratio of expenses to average net assets (%) .20 .20 .20 .20 .20 Ratio of net investment income to average net assets (%) 4.88 5.22 5.41 5.25 5.83 Net assets, end of period ($ in millions) 3,573 4,019 4,137 4,565 4,778 Year Ended January 31, Dreyfus Government Prime Cash Management 2000 1999, Per -Share Data ($) Net asset value, beginning of period Investment operations: Investment income - net Distributions: Dividends from investment income - net Net asset value, end of period Total return (%) Ratios/Supplemental Data Ratio of expenses to average net assets (%) Ratio of net investment income to average net assets ft Net assets, end of period ($ in millions) t From Fcbmary 27, 1998 (commencement o%initial offering) to January 31, 1999. 2 Annualized. 1.00 1.00 .049 .048 (.049) (.048) 1.00 1.00 5.04 5.332 .20 .202 4.98 5.202 397 194 22 Period Ended Year Ended Year. Ended January 31, January 31, July 31, Dreyfus Treasury Cash Management 2000 1999 1998 1997' 1996 1995 Per -Share Data ($) Net asset value, beginning of period Investment operations: Investment income - net Distributions: Dividends from investment income - net Net asset value, end of period Total return ft Ratios/Supplemental Data Ratio of expenses to average net assets (%) Ratio of net investment income to average net assets (%) Net assets, end of period ($ in millions) ' T he, f end charmed its fiscal year end from July 31 to January 31. z Annualized. 1.00 1.00 1.00 1.00 1.00 1.00 .048 .051 .053 .026 .054 .052 (.048) (.051) (.053) (.026) (.054) (.052) 1.00 1.00 1.00 1.00 1.00 1.00 4.88 5.21 5.42 5.202 5.51 5.34 .20 .20 20 202 20 20 4.76 5.09 5.30 5.14 2 5.35 5.22 1,879 2,865 2,921 2,649 2,420 1,951 Period Ended Year Ended Year Ended January 31, January 31, February 28129, Dreyfus Treasury Prime Cash Management 2000 1999 1998 1997, 1996 1995 Per -Share Data (S) Net asset value, beginning of period Investment operations: Investment income - net Distributions: Dividends from investment income - net Net asset value, end of period Total return (%) Ratios/Supplemental Data Ratio of expenses to average net assets (%) Ratio of net investment income to average net assets (%) Net assets, end of period ($ in millions) ' The -fund changed its.Fscal year end from Febmary 28129 to January 31. 2 Annualized. 1.00 1.00 1.00 1.00 1.00 1.00 .046 .050 .052 .047 .055 .043 (.046) (.050) (.052) (.047) (.055) (.043) 1.00 1.00 1.00 1.00 1.00 1.00 4.72 5.07 5.30 5.16 2 5.65 4.39 .20 .20 .20 .202 .20 .20 4.61 4.96 5.17 5.052 5.53 4.26 2,227 2,784 2,907 3,047 2,904 3;342 Financial Highlights 23 FINANCIAL HIGHLIGHTS (continued) Year Ended January 31, 199 Dreyfus Tax Exempt Cash Management 2000 9 1998 1997 1996 Per -Share Data (S) Net asset value, beginning of period Investment operations: Investment Income - net Distributions: Dividends from investment income - net Net asset value, end of period Total return (%) Ratios/Supplemental Data Ratio of expenses to average net assets (46) Ratio of net investment income to average net assets (%) Net assets, end of period ($ in millions) 1.00 1.00 1.00 1.00 1.00 .031 .032 .034 .033 .037 (.031) (.032) (.034) (.033) (.037) 1.00 1.00 1.00 1.00 1.00 331 3.26 3.50 3.31 3.72 .20 .20 .20 .20 .20 3.05 3.20 3.44 3.25 3.64 1,059 1,286 1,319 1,646 1,366 Period Ended Year Ended Year Ended January 31, January 31, December 31, Dreyfus Municipal Cash Management Plus 2000 1999 1998 19971 1996 1995 Per -Share Data (S) Net asset value, beginning of period 1.00 Investment operations: Investment income - net .031 Distributions: Dividends from investment income - net (.031) Net asset value, end of period 1.00 Total return (%) 3.18 Ratios/Supplemental Data Ratio of expenses to average net assets (96) .20 Ratio of net investment income to average net assets (96) 3.12 Net assets, end of period ($ in millions) 129 r The fund changed its fiscal year end from December 31 to January 31. 2 Annualized. 1.00 1.00 1.00 1.00 1.00 .033 .035 .003 .034 .038 (.033) (.035) (.003) (.034) (.038) 1.00 1.00 1.00 1.00 . 1.00 3.37 3.59 3.412 3.43 3.85 .20 .20 .202 20 20 3.31 3.53 3.382 3.38 3.78 208 134 159 156 194 24 Period Ended Year Ended Year Ended January 31, January 31, December 31, Dreyfus New York Municipal Cash,Management 2000 1999 1998 19971 1996 1995 Per -Share Data ($) Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00 1.00 Investment operations: Investment income - net .030 .031 .034 .017 .034 .034 Distributions: Dividends from investment Income - net (.030) (.031) (.034) (.017) (.034) (.034) Net asset value, end of period .1.00 1.00 1.00 1.00 1.00 1.00 Total return (96) 3.03 3.19 3.46 3.292 3.44 3.46 Ratios/Supplemental Data Ratio of expenses to average net assets (%) .20 .20 .20 .202 .20 .20 Ratio of net investment income to average net assets (%) 2.98 3.12 3.40 3.282 3.33 3.42 Net assets, end of period ($ in millions) 265 268 ' 196 133 132 101 I The fund changed its fiscal year end.Hom July 31 to January 31. 2 Annualized. Financial HighIiahts 25 Account Information ACCOUNT POLICIES Each fund is designed for institutional investors, particularly banks, acting for themselves or in a fiduciary, advisory, agency, custodial or similar capacity. Fund shares may not be purchased direct- ly by individuals, although institutions may pur- chase shares for accounts maintained by individuals. Generally, each investor will be required to open a single master account with the fund for all purpos- es. In certain cases, the fund may request investors to maintain separate master accounts for shares held by the investor (1) for its own account, for the account of other institutions and for accounts for which the institution acts as a fiduciary, and (ii) for accounts for which the investor acts in some other capacity. An institution may arrange with the fund's transfer agent for sub -accounting services and will be charged directly for the cost of such services. Institutions purchasing Institutional shares for the benefit of their clients may impose policies, limita- tions and fees which are different from those described in this prospectus. Buying shares The price for fund shares is the fund's net asset value (NAV), which is generally calculated twice a day, at 5:00 p.m. and 8:00 p.m. for the taxable money market funds, and 12:00 noon and 8:00 p.m. for the municipal money market fiends, every day the New York Stock Exchange, or the transfer agent (as on Good Friday) as to Dreyfus Cash Management and Dreyfus Cash Management Plus only, is open. An order will be priced at the next NAV calculated after the order is accepted by the finld's transfer agent or other authorized entity. Each fund's investments are valued based on amor- tized cost. As a result, portfolio securities are val- ued at their acquisition cost, adjusted for discounts or premiums reflected in their purchase price.This method of valuation is designed for the fund to be able to price its shares at $1.00 per share. ApplicaNt, to Drcy%r►s Clislr .1 L1►rq,,c►rrc►►t. Dr�� /i►� Cash Alanqtenicnt Plrrs, Drrl,111S (;o►v ol/l/cut G1.41 r1I'll l qelllcrrt, Drcplirs Gol'crlrl►lc►rt I'rir►rc Cash Mana��cmc►tt, Drrytirs Tic�rsr►ry C�lslr .lhrrrqocnrc►rt, anil Drcy%ics Trcasrrry Prirrrc Cash .l l,r►raQcmcw )III),: As to Dreyfus Crash Management, Dreyfus Cash Management Plus, Dreyfus Gove rnnlent Cash Man- agement and Dreyfus Treasury Cash Management. orders in proper term placed prior to ia►1► p.m., and payments for \vhich are received in or c on\,erted into Federal Funds by the field's custodian by 0:00 p.nl., will become effective at the price determined at �:� ►� ► p.m. oil that day In this case, shares purchased will receive the dividend declared on that day. As to Dreyfus Govermnent Prinle Cash Ma nage- nlent and Dreyfus Treasury Prinle Cash Manage- ment only, orders in proper forne placed prior to 3:00 p.m., and payments for which are received in or converted into Federal Funds by the field's cus- todian by 6:00 p.ni., \\,ill become effective at [lie price determined at 50A) p.nl. on that day. In this case, shares purchased \\,ill receive the dividend declared on that day. Orders for shares placed between 3:00 p.m and 5:00 p.rll. \\,ill not be accept- ed and executed, and notice of the purchase order being rejected will be given to the institution plac- ing the order, and any fiends received \\,ill be returned promptly to the sending institution. Orders effected through compatible computer facil- ities after 5:00 p.m., but prior to 8:00 p.m., \\,ill become effective at the price determined at 8:00 p.m. oil that day, if Federal Funds are received b\- the fund's custodian by 1 1:00 a.11l. oil• rile folio\\-lll1r business day. In this case, shares purchased \\,ill start earning dividends on the business day following the date the order became effective. Orders in proper forth effected between 5:00 p.ln. and 8:00 p.m., by a means other than a compatible computer facility will become effective on flee following business day. 26 Applicable to Dreyfus Tax Exempt Cash Alanggement, Dreyfus Ahmicipal Cash Abnagcment Phis, and Dreytl►s N'civ li)ri..1hinicipal Cash ALviq�oncw only: Investors whose orders in proper form are placed and pad menu for which are received in or con- verted into Federal Funds by the hind's custodian, prior to 1 ?:00 noon, will be effective at the price determined at 12:00 noon on that clay. In this case, shares purchased will receive the dividend declared on *that day. Orders effected through a compatible computer facility after 12:00 noon, but prior to 8:00 p.m., will beconic effective at the price determined at 8:00 p.ni. on that day, if Federal Funds are received by the Hold's custodian by 1 H)o a.ni. on the following business day. In this case, shares purchased will start earning dividends on the business day following the date the order hecanie effective. Orders effected in proper form between 1 ?:00 noon and 8:00 p.ni., by a means other than a compatible computer facility, will become effective on the following business day. For all funds, all times are Eastern time. Minimum investments Initial Additional Institutional shares $10,000,000 * none *The minimum initial investment in Institutional shares is $10,000,000, unless: (a) the investor has invested at least $10,000,000 in the aggregate among any Dreyfus Cash Management fund and Dreyfus Institutional Short Term Treasury Fund (including in any class of a fund); or (b) the investor has, in the opinion of Dreyfus Institutional Services Division, adequate intent and availability of assets to reach a future level of investment of $10,000,000 among the funds named above. Concepts to understand Amortized cost: the value of a fund's portfolio securities, which does not take into account unrealized gains or losses. As a result, portfolio securities are valued at their acquisition cost, adjusted over time based on the discounts or premiums reflected in their purchase price. This method of valuation is designed for a fund to be able to price its shares at $1.00 per share. I Selling shares Investors may sell (redeem) shares at any time, by wire, telephone or compatible computer facility. Shares will be sold at the next NAV calculated after an investor's order is accepted by the fund's transfer went or other authorized entity. Any certificates representing fund shares being sold must be returned with the redemption request. Orders will be processed promptly and investors generally will receive the proceeds within a week. Before selling recently purchased shares, please note that if the fund has not yet collected payment for the shares you are selling, it niav delay sending the proceeds for up to eight business days or until it has collected paynient. General policies Unless the investor declines telephone privileges on the application, the investor niav be responsible for any fraudulent telephone order as long as Dreyfus takes reasonable measures to veriR,, the order. Each fund reserves the right to: o refuse any purchase or exchange request that could adversely atfcct the fund or its operations o change or discontinue its exchange privilege, or temporarily suspend this privilege during unusu- a] market conditions O change its nilnimulll investment amounts o delay sending out redemption proceeds for tip to seven clays (generally applies only in cases of very large redemptions, excessive trading or during unusual market conditions) Each fiend also reserves the right to make a "redemption in kind" — payment in portfolio securities rather than cash — if the amount being redeemed is deemed by the nianager to be large enough to affect bind operations. Concepts to understand Net asset value (NAV): a mutual fund's share price on a given day. A fund's NAV is calculated by dividing the value of its net assets by the number of existing shares. Account Information 27 DISTRIBUTIONS AND TAXES Each fund usually pays its shareholders divi- dends from its net investment income once a month, and distributes any net realized securities gains once a year. Dividends and distributions will be reinvested in the fund unless the investor instructs the fund otherwise. There are no fees or sales charges on reinvestments. Dividends and distributions paid by the taxable money market funds are taxable to U.S. sharehold- ers as ordinary income (unless the investment is in a tax -deferred account for which taxes may be due at a later date). Each municipal money market fund anticipates that, under normal market conditions, virtually all of its income dividends will be exempt from feder- al and, as to Dreyfus New York Municipal Cash Management, New York state and New York city, personal income taxes. However, any dividends and distributions from taxable investments are taxable as ordinary income. The tax status of any distribution is the same regardless of how long the investor has been in the fund and whether the investor reinvests distribu- tions or take them in cash. Because each investor's tax situation is unique, the investor should consult a professional about federal, state and local tax consequences. Concepts to understand Dividends: income or interest paid by the investments in a fund's portfolio. Distributions: income, net of expenses, passed on to fund shareholders. These are calculated on a per-share basis: each share earns the same rate of return, so the more fund shares you own, the higher your distribution. SERVICES FOR FUND INVESTORS Exchange privilege An investor may purchase, In exchange for Institutional shares of anv Dreyfus Cash Manae- ment fund, Institutional shares of any other Dreyfus Cash Management hind, or of Dreyfus Institutional Short Term Treasury Fund. Be sure to read the cur- rent prospectus for Dreyfus Institutional Short Term Treasury Fund before exchanging into it. An exchange may be requested in writing or by tele- phone. Any new account established through all exchange will have the same privileges as the orig- inal account (as long as they are available).There is currently no fee for exchanges. Dreyfus Auto -Exchange privilege Dreyfus Auto -Exchange privilege enables all investor to invest regularly (on a monthly, semi- monthly, quarterly or annual basis), in exchange for Institutional Shares of any Dreyfus Cash Management fund, in Institutional Shares of any other Dreyfus Cash Management fiend or in Dreyfus Institutional Short Term Treasury Fund, if the investor is a share- holder in such fund.There is currently no fee for this privilege. Account statements Every fund investor automatically receives regu- lar account statements. Each investor also will be sent a yearly statement detailing the tax characteris- tics of any dividends and distributions the investor has received. 28 INSTRUCTIONS FOR ACCOUNT TRANSACTIONS TO OPEN AN ACCOUNT By Telephone Before wiring funds, call a Dreyfus Institutional Services Division representative with information about your transaction. Wire Transmit your investment to The Bank of New York, with these instructions: • ABA# 021000018 • fund name and DDA# • Dreyfus Cash Management DDA# 8900052015 • Dreyfus Cash Management Plus DDA# 8900052252 • Dreyfus Government Cash Management DDA# 8900052023 • Dreyfus Government Prime Cash Management DDA# 8900337273 • Dreyfus Treasury Cash Management DDA# 8900052112 • Dreyfus Treasury Prime Cash Management DDA# 8900052317 • Dreyfus Tax Exempt Cash Management DDA# 8900051965 • Dreyfus Municipal Cash Management Plus DDA# 8900119136 • Dreyfus New York Municipal Cash Management DDA# 8900208805 • the share class • your Social Security or tax ID number • account registration • dealer number, if applicable • account number Call us to obtain an account number. Return your application with the account number on the application. TO ADD TO AN ACCOUNT Before wiring funds, call a Dreyfus Institutional Services Division representative with information about your transaction. Wire Have your bank send your investment to The Bank of New York, with these instructions: • ABA# 021000018 • fund name and DDA# • Dreyfus Cash Management DDA# 8900052015 • Dreyfus Cash Management Plus DDA# 8900052252 • Dreyfus Government Cash Management DDA# 8900052023 • Dreyfus Government Prime Cash Management DDA# 8900337273 • Dreyfus Treasury Cash Management DDA# 8900052112 • Dreyfus Treasury Prime Cash Management DDA# 8900052317 • Dreyfus Tax Exempt Cash Management DDA# 8900051965 • Dreyfus Municipal Cash Management Plus DDA# 8900119136 • Dreyfus New York Municipal Cash Management DDA# 8900208805 • the share class • account number • account registration • dealer number, if applicable To open an account, make subsequent investments, or to sell shares, please contact your Dreyfus Institutional Services Division Representative or call 1-800-346-3621. In New York, call 1-718-895-1650. TO SELL SHARES Before redeeming shares, call a Dreyfus Institutional Services Division representative with information about your transaction. Wire Be sure the fund has your bank account information on file. Proceeds will be wired to your bank. n r r r it r F I n t- .l h r ., 27 INSTRUCTIONS FOR ACCOUNT TRANSACTIONS (continued) TO OPEN AN ACCOUNT (9- Via Computer Facilities — Access Lion Remote System, input new account data and retrieve account number for your records. TO ADD TO AN ACCOUNT TO SELL SHARES Access Lion Remote System. Enter: • account number • fund number: [share class: #] • amount to buy Print a report of transactions for your records. The Dreyfus Lion Remote System provides institutional investment managers with the ability to monitor, control and service their Dreyfus mutual fund accounts through their personal computer. Investment managers use their modem with a local -access dial -up network or use their Internet access with a digital certificate for 128-bit encryption secu- rity. Please call Dreyfus Institutional Services Division about the availability of other compatible computerized trading systems. For information about Dreyfus, access our Internet site at www.LIONSALES.com. Access Lion Remote System, confirm bank account information or select from multiple wire instructions. Enter: • account number • fund number: [share class: #] • amount to sell Print a report of transactions for your records. 30 For More Information Dreyfus Cash Management SEC file number: 811-4175 Dreyfus Cash Management Plus SEC file number: 811-5295 Dreyfus Government Cash Management A series of Dreyfus Government Cash Management Funds SEC file number: 811-3964 Dreyfus Government Prime Cash Management A series_ of Dreyfus Government Cash Management Funds SEC file number: 811-3964 Dreyfus Treasury Cash Management SEC file number: 811-4723 Dreyfus Treasury Prime Cash Management SEC file number: 811-5718 Dreyfus Tax Exempt Cash Management SEC file number: 811-3954 Dreyfus Municipal Cash Management Plus SEC file number: 811-6172 Dreyfus New York Municipal Cash Management SEC file number: 811-6395 To obtain information: By telephone Call your Dreyfus Institutional Services Division representative or 1-800-346-3621 By E-mail Access Dreyfus Institutional Services Division at www.LIONSALES.com. You can obtain product information and E-mail requests for information or literature. By mail Write to: Dreyfus Institutional Services Division 144 Glenn Curtiss Boulevard Uniondale, NY 11556-0144 On the Internet Text -only versions of certain fund documents can be viewed online or downloaded from: http://www.sec.gov You can also obtain copies by visiting the SEC's Public Reference Room in Washington, DC (for information, call 1-202-942-8090) or, after paying a duplicating fee, by E-mail request to public info@sec.gov, or by writing to the SEC's Public Reference Section, Washington, DC 20549-0102. More inforniation on each fund IN av ail,iblC tlVC Upon request, including the hollo\vinLr: Annual/Semiannual Reports I)escribes each tinnd's performance, Mid lists its purt- folio holdings. Statement of Additional Information (SAI) Provides more details about Cash fund and its poli- cies. A current SAI IS o» flIC with the SCcin-itiCS and Exchange C:onuniission (SEQ and 'IS inc orpuratcd by reference (is lc -ally considered part of thi: prospectuS). © 2000 Dreyfus Service Corporation CMGT P06001ST V rF,LLS FARGO -- ,r. ....-.•.. r. .,... +-.,.••.�..,.. .:.. ... :.. .. ... `. .�.,... ..<. .. .. - .. ... .. - .. t. .n ., •[r [.. r_>.._.e-xT .. .... r. . `, _V � >n ; tY_. � .. .:J. .. .. _ _. _ .. - T,� _..- .. 1 _ a ♦.»... T _ _ - � -. .. - .. • YR w.,M.L�iAA't U- SF �w - Please read this.Prospectus.and keep it for future Cash Investment Money Markerfund reference. It is designed tomvide you with important r _�... information and to help you decide:if_a Funds goals y _ ' „_- 1�Iatronal Tax Free Institutions Money- match ydur.own, - u Market• F nd Tbese ecuziiies #iaye at,been approved or dIsapprc,ved�y the U s'Securities and Exchange. 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' y � .r.•-.♦-�« y,'�,` "L S. a�iM"' ...�.+ti.-.w_..�s•��rw•w. .. ... _ . l' � 1. �"!}♦+,• _ v,�,- ix ��•�"-t _. __ .. ; _.r.,...,t,,' ....,..y,..uer•...w,w,.,,aww �,.._ ~./• .r..++•`- - -_ •.. ♦_ _ „> i _, . i. _ ! •• . �aa+•r.. '. X.. iw-.wyso[r,R. •a•m d+,• ram•. ,+a.... _ � /TT^ - t+x"^ ,.,. ,r•,y�•.,. ••...V.^- w>+ "'• 7,,.s x• •a " �_ s ~'�..�....•�.».+.-'s"`"w'_'�'�"'- �a,.�., ,', •t'wui -C. y�eraio, r T� "„"t" �"� rw �w.-. ' +A-,... ,_,R,,,..���.,.+.•,..,,,, ' . _ • _ _ _ Paz .y.>w,� wi•",VTk 1Vr: � _ ,f Table of Contents Monev Market Funds Overview Objectives and Principal Strategies 4 This section contains important Summary of Important Risks 6 summary information about Performance History 7 th# Funds. Summary of Expenses 10 Key Information 12 The Funds Cash Investment Money Market Fund 14 This section contains important National Tax -Free Institutional information about the individual' Money Market Fund 16 Funds. Treasury Plus Institutional Money Market Fund 18 General Investment Risks 20 Organization and Management of the Funds 24 Your Investment Your Account 26 Turn to this section for How to Buy Shares 27 information on how to open an How to Sell Shares 28 account and how to buy, sell and How to Exchange Shares 29 exchange Fund shares. Reference Other Information 30 Look here for additional Table of Predecessors 31 information and term Glossary 32 definitions. Money Market Funds Overview See the individual Fund descriptions in this Prospectus for further details. Words appearing in italicized print and highlighted in color are defined in the Glossary. Cash Investment Money 4X Market Fund National Tax -Free Institutional Money Market Fund Seeks`current income, while preserving' capital and liquidity. Seeks current income exempt from federal income taxes, while preserving capital and liquidity. Treasury Plus Institutional' Money Market Fund Seeks current income, while preserving capital and liquidity. { 4 Money Market Funds Prospectus PRINCIPAL s`r We invest primarily in high -quality money market instruments. We invest primarily in high -quality, short-term municipal securities. We invest primarily in obligations issued or guaranteed by the U.S.Treasury, including repurchase agreements. Money Market Funds Prospectus s Performance History The information on the following pages shows you how each Fund has performed and illustrates the variability of a Fund's returns over time. Each Fund's average annual returns for one-, five- and ten-year periods are compared to the performance of an appropriate broad -based index (or indexes). Please remember that past performance is no guarantee of future results. Treasury Plus Institutional Money Market Fund Institutional Class Calendar Year Returns (%)* .75 5.65 5.49 513 5.35 5.23 190 191 '92 '93 194 195 1% '97 '98 '99 Best Qtr.: Q2 '90 - 1.92% Worst Qtr.: Q2 '93 - 0.69% * The Fund's year-to-date performance through March 31, 2000 was 1.32%. To obtain a current 7-day yield for the Fund call toll -free 1-800-222-8222. Average annual total return (%) for the period ended 12/31 /99 1 year 5 years 10 years Institutional Class (incept. 8/1 1/95)' 4.78 5.22 4.94 MFR Taxable Institutional Money Market Funds Average 4.81 5.23 5.08 ' Performance shown for periods prior to the inception of the Institutional Class shares reflects the performance of the predecessor portfolio's Class A shares, which incepted October 1,1985. Money Market Funds Prospectus 7 Performance History Cash Investment Money Market Fund Institutional Class Calendar Year Returns 190 191 '92 '93 '94 195 '96 '97 198 199 Best Qtr.: Q2 '90 - 2.01 % Worst Qtr.: Q1 '94 • 0.74% " The Institutional Class has been in operation for less than one calendar year, therefore performance shown reflects the performance of the Service Class shares.The Institutional Class shares'year-to-date performance through March 31, 2000 was 1.46%. To obtain a current 7-day yield for the Fund call toll -free 1-800-222-8222. Average annual total return (%) for the period ended 12/31 /99 1 year 5 years 10 years Institutional Mass (incept.11 /8/99)' 4.92 5.31 5.15 MFR Taxable Institutional Money Market Funds Average 4.81 5.23 5.08 The Institutional Class has been in operation for less than one calendar year, therefore performance shown for this class reflects the performance of the Service Class shares.The Service Class shares are subject to fees and expenses that do not apply to the Institutional Class shares. If these expense adjustments were reflected in the performance calculations, performance shown would be greater. 8 Money Market Funds Prospectus National Tax -Free Institutional Money Market Fund Institutional Class Calendar Year Returns (%)* 6 S 4 3 2 0 190 191 '92 '93 '94 195 '96 '97 198 199. Best Qtr.: Q4 '90 - 1.38% Worst Qtr.: Q1 '93 - 0.47% * Performance shown reflects the performance of the Service Class shares.The Institutional Class shares' year-to-date performance through March 31, 2000 was 0.84%. To obtain a current 7-day yield for the Fund, call toll free 1-800-222-8222. Average annual total return (%) for the period ended 12/31 /99 1 year 5 years 10 years Institutional Class (incept.11 /8/99)' 2.91 3.30 3.33 MFR Tax -Free Institutional Money Market Funds Average 2.91 3.22 3.36 Performance shown for this class reflects the performance of the Service Class shares.The Service Class shares are subject to fees and expenses that do not apply to the Institutional Class shares. If these expense adjustments were reflected in the performance calculations, performance shown would be greater. Money Market Funds Prospectus 9 Money Market Funds These tables are intended to help you understand the various costs and expenses you will pay as a shareholder in a Fund.These tables do not reflect charges that may be imposed in connection with an account through which you hold Fund shares. All Funds Maximum sales charge (load) imposed on purchases None (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of the lower of None the NAV at purchase or the NAV at redemption) National Tax -Free Treasury Plus Cash Investment Institutional Money Institutional Money Money Market Fund Market Fund Market Fund 0.10% 0.10% 0.10% Management Fees Distribution 0 2b-1) Fees 0.00% 0.00% 0.00% Other Expenses' 0.20% 0.21 % 0.21 % TOTAL ANNUAL FUND OPERATING EXPENSES 0.30% 0.31% 0.31% Fee Waivers 0.05% 0.01% 0.06% NET EXPENSES' 0.25% 0.30% 0.25% ' Other expenses are based on estimated amounts for the current fiscal year as a result of various contract changes that became effective on November 8,1999. ' The Advisor has committed through July 31, 2001 to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund's net operating expense ratio shown. 10 Money Market Funds Prospectus Summary of Expenses This example is intended to help you compare the cost of investing in a Fund with the cost of investing in other mutual funds.The examples assume a fixed rate of return and that fund operating expenses remain the same. Your actual costs may be higher or lower than those shown. ' You would pay the following expenses on a $10,000 investment assuming a 5% annual return and that you redeem your shares at the end of each period: Cash Investment Money Market Fund National Tax -Free Institutional Money Market Fund Treasury Plus Institutional Money Market Fund 1 YEAR $ 26 $ 31 $ 26 3 YEARS $ 91 $ 99 $ 94 5 YFARS $164 ' $173 Y$168 10 YEARS $376 $392 $387 Money Market Funds Prospectus 11 Key Information Important information you should look for as you decide to invest in a Fund: The summary information on the previous pages is designed to provide you with an overview of each Fund.The sections that follow provide more detailed information about the investments and management of each Fund. Investment Objective and Investment Strategies The investment objective of each Fund in this Prospectus is non -fundamental, that is, it can be changed by a vote of the Board of Trustees alone.The objectives and strategies descriptions for each Fund tell you: • what the Fund is trying to achieve; • how we intend to invest your money; and • what makes a Fund different from the other Funds offered in this Prospectus. Permitted Investments A summary of the Fund's key permitted investments and practices. Important Risk Factors Describes the key risk factors for the Fund, and includes risks described in the "Summary of Important Risks" and "General Investment Risks" sections. Words appearing in italicized print and highlighted in color are defined in the Glossary. 12 Money Market Funds Prospectus This page intentionally left blank Cash Investment Money Market Fund Investment Objective The Cash Investment Money Market Fund seeks high current income, preservation of capital and liquidity. Investment Strategies We invest in a broad spectrum of high -quality money market instruments. These include commercial paper, negotiable certificates of deposit, bank notes, bankers' acceptances and time deposits of U.S. banks (including savings banks and savings associations), foreign branches of U.S. banks, foreign banks and their non-U.S. branches, U.S. branches and agencies of foreign banks, and wholly owned banking -related subsidiaries of foreign banks. We limit our investments in obligations of financial institutions to institutions that at the time of investment have total assets in excess of $1 billion, or the equivalent in other currencies. Permitted Investments Under normal market conditions, we invest: at least 80% of total assets in high -quality, short-term instruments of domestic and foreign issuers;. more than 25% of total assets in the obligations of banks, broker dealers, insurance companies and other financial entities, their holding companies and their subsidiaries; and • up to 25% of total assets in foreign investments. Important Risk Factors Although we seek to,maintain a $1.00 per share NAV, there is no guarantee that we will be able to do so. Generally, short-term funds do not earn as high a level of income as funds that invest in longer -term instruments. Securities of U.S. branches of foreign banks and foreign branches of U.S. banks are subject to additional risks, such as political turmoil, the imposition of foreign withholding taxes, and the establishment of exchange controls or the adoption of other foreign governmental restrictions that may affect the payment of principal and/or interest on these securities. You should consider the "Summary of Important Risks" section on page 6; the "General Investment Risks" section beginning on page 20; and the specific risks listed here. They are all important to your investment choice. 14 Money Market Funds Prospectus Financial Highlights This table is intended to help you understand the Fund's financial performance for the past 5 years (or since inception, if shorter).Total returns represent the rate that you would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). KPMG LLP audited this information which, along with their report and the Fund's financial statements, is available upon request in the Fund's annual report. • For the period ended: Net asset value, beginning of period Income from investment operations: Net investment income (loss) Net realized and unrealized gain (loss) on investments Total from investment operations Less distributions: Dividends from net investment income Distributions from net realized gain Total from distributions Net asset value, end of period Total return (not annualized) Ratios/supplemental data: Net assets, end of period (OOOs) Ratios to average net assets (annualized): Ratio of expenses to average net assets Ratio of net investment income (loss) to average net assets Ratio of expenses to average net assets prior to waived fees and reimbursed expenses (annualized)' ' This class of shares commenced operations on November 8,1999. ' During each period, various fees were waived and reimbursed. March 31, 2000' $1.00 0.02 0.00 0.02 (0.02) 0.00 (0.02) $1.00 2.29% $2,116,276 0.25% 5.77% 0.30% Money Market Funds Prospectus is National Tax -Free Institutional Monev Market Fund Investment Objective The National Tax -Free Institutional Money Market Fund seeks high current income exempt from federal income taxes, while preserving capital and liquidity. Investment Policies We invest 100% of our assets in short-term municipal obligations, including Ieases.These investments may have fixed, variable, or floating rates of interest and may be zero coupon securities. We invest at least 80% of net assets in instruments with interest exempt from federal income tax and the federal AMT. We may invest up to 20% of net assets in securities that pay interest income subject to federal income tax and the federal AMT. Permitted Investments Under normal market conditions, we invest: • at least 80% of net assets in instruments with interest exempt from federal income tax and the federal AMT; • up to 20% of net assets in instruments whose income may be subject to federal income tax and the federal AMT, and • up to 35% of total assets in issuers located in a single state. We may invest more than 25% of total assets in industrial development bonds and in participation interests in these securities. Important Risk Factors Although we seek to maintain a $1.00 per share NAV, there is no guarantee that we will be able to do so. Generally, short-term funds do not earn as high a level of income as funds that invest in longer -term instruments. Increased investment in the securities of issuers in a single state increases the Fund's exposure to risks associated with economic downturns or legislative or regulatory changes in the state. Municipal obligations rely on the creditworthiness or revenue production of their issuers.Municipal obligations may be difficult to obtain because of limited supply, which may increase the cost of such securities and effectively reduce the portfolio's yield. Typically, less information is available about a municipal issuer than is available for other types of securities issuers. Please remember that some securities in the portfolio may be subject to federal taxes. You should consider the "Summary of Important Risks" section on page 6; the "General Investment Risks"section beginning on page 20; and the specific risks listed here.They are all important to your investment choice. 16 Money Market Funds Prospectus Financial Highlights This table is intended to help you understand the Fund's financial performance for the past 5 years (or since inception, if shorter).Total returns represent the rate that you would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). KPMG LLP audited this information which, along with their report and the Fund's financial statements, is available upon request in the Fund's annual report. March 31, For the period ended: 1 2000' Net asset value, beginning of period $1.00 Income from investment operations: Net investment income (loss)' 0.01 Net realized and unrealized gain (loss) on investments 0.00 Total from investment operations 0.01 Less distributions: Dividends from net investment income (0.01) Distributions from net realized gain 0.00 Total from distributions (0.01) Net asset value, end of period $1.00 Total return (not annualized) 136% Ratios/supplemental data: Net assets, end of period (000s) $23,141 Ratios to average net assets (annualized): Ratio of expenses to average net assets 0.30% Ratio of net investment income (loss) to average net assets 3.43% Ratio of expenses to average net assets prior to waived fees and reimbursed expenses (annualized)' 0.31% ' This class of shares commenced operations on November 8,1999. ' During each period, various fees were waived and reimbursed. Money Market Funds Prospectus 17 Treasury Plus Institutional Money Market Fund Investment Objective The Treasury Plus Institutional Money Market Fund seeks current income and stability of principal. Investment Policies We invest in obligations issued or guaranteed by the U.S. Treasury, and in repurchase agreements and other instruments collateralized or secured by U.S.Treasury obligations. Permitted Investments Under normal market conditions, we invest substantially all of our assets: • in U.S. Treasury obligations; and • in repurchase agreements collateralized by U.S.Treasury obligations. Important Risk Factors Although we seek to maintain a $1.00 per share NAV, there is no guarantee that we will be able to do so. Generally, short-term funds do not earn as high a level of income as funds that invest in longer -term instruments.The U.S.Treasury does not directly or indirectly insure or guarantee the performance of the Fund. Investing in shares of other money market funds with substantially similar objectives and investment policies will subject the Fund to the fees charged by the other Funds, which will reduce returns from these investments. You should consider the "Summary of Important Risks" section on page 6; the "General Investment Risks" section beginning on page 20; and the specific risks listed here. They are all important to your investment choice. is Money Market Funds Prospectus Financial Highlights This table is intended to help you understand the Fund's financial performance for the past 5 years (or since inception, if shorter).Total returns represent the rate that you would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). KPMG LLP audited this information which, along with their report and the Fund's financial statements, is available upon request in the Fund's annual report. -For the period ended: Net asset value, beginning of period March 31, 2000 March 31, 1999 March 31, 1998 March 31, 1997' Sept.30, 1996 Sept.30, 19952 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations: Net investment income (loss) 0.05 Net realized and unrealized gain (loss) on investments 0.00 Total from investment operations 0.05 Less distributions: Dividends from net investment income (0.05) Distributions from net realized gain 0.00 Total from distributions (0.05) Net asset value, end of period $1.00 Total return (not annualized) 4.98% Ratios/supplemental data: 0.05 0.05 0.03 0.05 0.01 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.03 0.05 0.01 (0.05) (0.05) (0.03) (0.05) (0.01) 0.00 0.00 0.00 0.00 0.00 (0.05) (0.05) (0.03) (0.05) (0.01) $1.00 $1.00 $1.00 $1.00 $1.00 5.04% 5.41 OM 2.58% 5.26% S.51 % Net assets, end of period (000s) $390,592 $493,987 1 $501,494 1 $449,647 1 $540,689 1 $36,443 Ratios to average net assets (annualized): Ratio of expenses to average net assets 0.25% Ratio of net investment income (loss) to average net assets 4.81% Ratio of expenses to average net assets prior to waived fees and reimbursed expenses (annualized)' 0.40% The Fund changed its fiscal year-end from September 30 to March 31. ' This class of shares commenced operations on August 11,1995. ' During each period, various fees were waived and reimbursed. 0.25% 0.25% 0.25% 0.25% 0.26% 4.92% 5.28% S.11 % S.21 % 5.42% 0.41%1 0.40%1 0.39%1 0.59%1 0.69% Money Market Funds Prospectus 19 General Investment Risks Understanding the risks involved in mutual fund investing will help you make an informed decision that takes into account your risk tolerance and preferences. You should carefully consider the risks common to investing in all mutual funds, including the Wells Fargo Funds. Certain common risks are identified in the "Summary of Important Risks" section on page 6.Other risks of mutual fund investing include the following: • Unlike bank deposits, such as CDs or savings accounts, mutual funds are not insured by the FDIC. • We cannot guarantee that we will meet our investment objectives. In particular, we cannot guarantee that we will be able to maintain a $1.00 per share NAV. • We do not guarantee the performance of a Fund, nor can we assure you that the market value of your investment will not decline. We will not "make good" any investment loss you may suffer, nor can anyone we contract with to provide certain services, such as selling agents or investment advisors, offer or promise to make good any such losses. • Investing in any mutual fund, including those deemed conservative, involves risk, including the possible loss of any money you invest. • An investment in a single Fund, by itself, does not constitute a complete investment plan. • The Funds may invest a portion of their assets in U.S. Government obligations, such as securities issued or guaranteed by the Government National Mortgage Association ("GNMAs"), the Federal National Mortgage Association ("FNMAs") and the Federal Home Loan Mortgage Corporation ("FHLMCs"). Each are mortgage -backed securities representing partial ownership of a pool of residential mortgage loans. A "pool" or group of such mortgages is assembled and, after being approved by the issuing or guaranteeing entity, is offered to investors through securities dealers. Mortgage -backed securities are subject to prepayment and extension risk, which can alter the maturity of the securities and also reduce the rate of return on the portfolio. • The Funds may also use certain derivative instruments, such as options or futures contracts.The term "derivatives" covers a wide number of investments, but in general it refers to any financial instrument whose value is derived, at least in part, from the price of another security or a specified index, asset or rate. Some derivatives may be more sensitive to interest rate changes or market moves, and some may be susceptible to changes in yields or values due to their structure or contract terms. What follows is a general list of the types of risks (some of which are described previously) that may apply to a given Fund and a table showing some of the additional investment practices that each Fund may use and the risks associated with them. Additional information about these practices is available in the Statement of Additional Information. Counter -Party Risk —The risk that the other party in a repurchase agreement or other transaction will not fulfill its contract obligation. Credit Risk —The risk that the issuer of a debt security will be unable to make interest payments or repay principal on schedule. If an issuer does default, the affected security could lose all of its value, or be renegotiated at a lower interest rate or principal amount. Affected securities might also lose liquidity. Credit risk also includes the risk that a party in a transaction may not be able to complete the transaction as agreed. 20 Money Market Funds Prospectus Diplomatic Risk —The risk that an adverse change in the diplomatic relations between the United States and another country might reduce the value of liquidity of investments in either country. Information Risk —The risk that information about a security is either unavailable, incomplete or is inaccurate. Interest Rate Risk —The risk that changes in interest rates can reduce the value of an existing security. Generally, when interest rates increase, the value of a debt security decreases.The effect is usually more pronounced for securities with longer dates to maturity. Leverage Risk —The risk that an investment practice, such as lending portfolio securities or engaging in forward commitment or when -issued securities transactions, may increase a Fund's exposure to market risk, interest rate risk or other risks by, in effect, increasing assets available for investment. Liquidity Risk —The risk that a security cannot be sold at the time desired, or cannot be sold without adversely affecting the price. Market Risk —The risk that the value of a stock, bond or other security will be reduced by market activity.This is a basic risk associated with all securities. Political Risk —The risk that political actions, events or instability may be unfavorable for investments made in a particular nation's or region's industry, government or markets. Regulatory Risk —The risk that changes in government regulations will adversely affect the value of a security. Also the risk that an insufficiently regulated market might permit inappropriate trading practices. In addition to the general risks discussed above, you should carefully consider and evaluate any special risks that may apply to investing in a particular Fund. See the "Important Risk Factors" section in the summary for each Fund. You should also see the Statement of Additional Information for additional information about the investment practices and risks particular to each Fund. Money Market Funds Prospectus 21 General Investment Risks Investment Practice/Risk The following table lists some of the additional investment practices of the Funds, including some not disclosed in the Investment Objective and Investment Strategies sections of the Prospectus.The risks indicated after the description of the practice are NOT the only potential risks associated with that practice, but are among the more prominent. Market risk is assumed for each. See the Investment Objective and Investment Strategies for each Fund or the Statement of Additional Information for more information on these practices. Investment practices and risk levels are carefully monitored. We attempt to ensure that the risk exposure for each Fund remains within the parameters of its objective. Remember, each Fund is designed to meet different investment needs and objectives. z yi 9 D N Cy C9 3 O �n ZO -o 2 � ZC r� f-N PRACTICEINVESTMENT Borrowing Policies The ability to borrow from banks for temporary purposes to meet Leverage Risk • • • shareholder redemptions. Floating and Variable Rate Debt Instruments with interest rates that are adjusted either on a schedule or Interest Rate and • • • when an index or benchmark changes. Credit Risk Foreign Securities Dollar -denominated debt obligations.of foreign branches of U.S. banks Information, Liquidity, Political, • or U.S. branches of foreign banks. Regulatory and Diplomatic Risk Illiquid Securities A security that cannot be readily sold, or cannot be readily sold without Liquidity Risk • • • negatively affecting its fair price. Illiquid securities are limited to 10% of assets. Loans of Portfolio Securities The practice of loaning securities to brokers, dealers and financial Credit, Counter -Party and institutions to increase return on those securities. Loans may be made Leverage Risk • • • in accordance with existing investment strategies. Other Mutual Funds A pro rata portion of the other fund's expenses, in addition to the Market Risk • • • expenses paid by the Funds, will be borne by Fund shareholders. Repurchase Agreements A transaction in which the seller of a security agrees to buy Credit and • back a security at an agreed upon time and price, usually Counter -Party Risk • with interest. 22 Money Market Funds Prospectus This page intentionally left blank Organization and Management of the Funds A number of different entities provide services to the Funds.This section shows how the Funds are organized, lists the entities that perform different services, and explains how these service providers are compensated. Further information is available in the Statement of Additional Information for the Funds. About Wells Fargo Funds Trust Wells Fargo Funds Trust (the "Trust") was organized as a Delaware business trust on March 10,1999.The Board of Trustees of the Trust supervises each Fund's activities, monitors its contractual arrangements with various service providers and decides upon matters of general policy. The Trust was created to succeed to the assets and operations of the various mutual funds in the Stagecoach Family of Funds and the Norwest Advantage Family of Funds.The holding company of Wells Fargo Bank, the investment advisor to the Stagecoach Family of Funds, and the holding company of Norwest Investment Management, Inc., the investment advisor to the Norwest Advantage Family of Funds, merged in November 1998. Each of the Funds described in this Prospectus has succeeded to the assets and operations of one or more corresponding Funds of Stagecoach or Norwest Advantage Funds.The performance and financial statement history of each Fund's designated predecessor Fund has been assumed by the Wells Fargo Funds Trust Fund. The succession transactions were approved by the shareholders of the Stagecoach and Norwest Advantage Funds.The Table 'on page 31 identifies the Stagecoach or Norwest Advantage Fund predecessors to the Funds. The Board of Trustees of Wells Fargo Funds Trust supervises the Funds' activities and approves the selection of various companies hired to manage the Funds'operation.The major service providers are described in the diagram below. Except for the advisors, which require shareholder vote to change, if the Board believes that it is in the best interests of the shareholders it may make a change in one of these companies. s the Funds' activities Wells Fargo Bank, N.A. Wells Fargo Bank Minnesota, N.A. 525 Market St., San Francisco, CA 6th & Marquette, Minneapolis, MN Manages the Funds' investment activities Provides safekeeping for the Funds' assets Wells Capital Management, Incorporated 525 Market St. San Francisco, CA Manages the Funds' investment activities Stephens Inc. Wells Fargo Bank, N.A. 111 Center St. 525 Market St. Little Rock, AR San Francisco, CA Markets the Funds Manages the and distributes Funds' business Fund shares activities Boston Financial Data Various Agents Services, Inc. . Two Heritage Dr. Quincy, MA Maintains records Provide of shares and supervises services to the payment of dividends customers Advise current and prospective shareholders on their Fund investments 24 Money Market Funds Prospectus In the following sections, the percentages shown are the percentages of the average daily net assets of each Fund class paid on an annual basis for the services described. The Investment Advisor Wells Fargo Bank provides portfolio management and fundamental security analysis services as the advisor for each of the Funds. Wells Fargo Bank, founded in 1852, is the oldest bank in the western United States and is one of the largest banks in the United States. Wells Fargo Bank is a wholly owned subsidiary of Wells Fargo & Company, a national bank holding company. As of March 31, 2000, Wells Fargo Bank and its affiliates managed over $168 billion in assets. For providing these services, Wells Fargo Bank is entitled to receive 0.10% of each Fund's average net assets. The Sub -Advisor Wells Capital Management Incorporated ("WCM"), a wholly owned subsidiary of Wells Fargo Bank, is the sub -advisor for each of the Funds. As of March 31, 2000, WCM provided investment advice for assets aggregating in excess of $80 billion. The Administrator Wells Fargo Bank provides the Funds with administration services, including general supervision of each Fund's operation, coordination of the other services provided to each Fund, compilation of information for reports to the SEC and the state securities commissions, preparation of proxy statements and shareholder reports, and general supervision of data compilation in connection with preparing periodic reports to the Trustees and officers. Wells Fargo Bank also furnishes office space and certain facilities to conduct each Fund's business. For providing these services, Wells Fargo Bank is entitled to receive a fee of 0.15% of the average annual net assets of each Fund. The Transfer Agent Boston Financial Data Services, Inc. ("BFDS") provides transfer agency and dividend disbursing services to the Funds. For providing these services, BFDS receives an annual fee, certain transaction -related fees, and is reimbursed for out-of-pocket expenses incurred on behalf of the Funds. Money Market Funds Prospectus 25 Your Account This section tells you how Fund shares are priced, how to open an account and how to buy, sell or exchange Fund shares once your account is open. Pricing Fund Shares • As with all mutual fund investments, the price you pay to purchase shares or the price you receive when you redeem shares is not determined until after a request has been received in proper form. • We process requests to buy or sell shares of the funds each business day. Requests we receive in proper form for the Cash Investment Money Market and Treasury Plus Institutional Money Market Funds before 3:00 p.m. (ET) generally are processed on the same day. Requests we receive in proper form for the National Tax -Free Institutional Money Market Fund before 12:00 noon (ET) generally are processed on the same day. For certain institutions with automated arrangements in place, requests we receive in proper form for the Cash Investment Money Market and Treasury Plus Institutional Money Market Funds before 5:00 p.m. (ET) and for the National Tax -Free Institutional Money Market Fund before 12:30 p.m. (ET), generally are processed on the same day. Earlier purchase and redemption cutoff times may be established by your institution. If the markets close early, the Funds may close early and may value their shares at earlier times under these circumstances. Any request we receive in proper form before these times is processed the same day. Requests we receive after the cutoff times or via the automated voice response system by 4:00 p.m. (ET) are processed the next business day. • We determine the NAV of each Fund's shares each business day.The Funds are open Monday through Friday, and generally are closed on federal bank holidays. We determine the NAV by subtracting the Fund class's liabilities from its total assets, and then dividing the results by the total number of outstanding shares of that class. We determine the NAV of the Cash Investment Money Market and Treasury Plus Institutional Money Market Funds at 5:00 p.m. (ET), and of the National Tax -Free Institutional Money Market Fund at 12:00 noon (ET). Each Fund's assets are valued using the amortized cost method, in accordance with Rule 2a-7 of the Investment Company Act of 1940. See the Statement of Additional Information for further disclosure. Minimum Investments Institutions are required to make a minimum initial investment of $5,000,000 per Fund.There are no minimum subsequent investment requirements so long as your Institution maintains account balances at or above the minimum initial investment amount. 26 Money Market Funds Prospectus How to Buy Shares You can open a Fund account and buy Fund shares through an Institution through which you have established a Customer Account. Investors interested in purchasing Institutional shares of the Funds should contact an account representative at their Institution and should understand the following: • Share purchases are made through a Customer Account at an Institution in accordance with the terms of the Customer Account involved; • Institutions are usually the holders of record of Institutional shares held through Customer Accounts and maintain records reflecting their customers' beneficial ownership of the shares; • Institutions are responsible for transmitting their customers' purchase and redemption orders to the Funds and for delivering required payment on a timely basis; • The exercise of voting rights and the delivery of shareholder communications from the Fund is governed by the terms of the Customer Account involved; and • Institutions may charge their customers account fees and may receive fees from us with respect to investments their customers have made with the Funds. Money Market Funds Prospectus 27 Your Account How to Sell Shares Institutional shares must be redeemed in accordance with the account agreement governing your Customer Account at the Institution. Please read the Customer Account agreement with your Institution for rules governing selling shares. GENERAL NOTES FOR SELLING SHARES • We will process requests to sell shares at the first NAV calculated after a request in proper form is received. Requests received before the cutoff times listed in the "Pricing Fund Shares" section are processed on the same business day. Redemption proceeds are usually wired to the redeeming Institution the following business day. • Redemption proceeds are usually wired to the redeeming Institution the following business day. • If you purchased shares through a packaged investment product or retirement plan, read the directions for selling shares provided by the product or plan.There may be special requirements that supersede the directions in this Prospectus. • We reserve the right to delay payment of a redemption so that we may be reasonably certain that investments made by check or through ACH have been collected. Payments of redemptions also may be delayed under extraordinary circumstances or as permitted by the SEC in order to protect remaining shareholders. • Generally, we pay redemption requests in cash, unless the redemption request is for more than $250,000 or 1 % of the net assets of the Fund by a single shareholder over any ninety -day period. If a request for a redemption is over these limits, it may be to the detriment of existing shareholders to pay such redemption in cash.Therefore, we may pay all or part of the redemption in securities of equal value. 28 Money Market Funds Prospectus How to Exchange Shares Exchanges between Wells Fargo Funds are two transactions: a sale of one Fund and the purchase of another. In general, the same rules and procedures that apply to sales and purchases apply to exchanges.There are, however, additional factors you should keep in mind while making or considering an exchange: • You should carefully read the Prospectus for the Fund into which you wish to exchange. • If you are making an initial investment into a new Fund through an exchange, you must exchange at least the minimum first purchase amount of the Fund you are redeeming, unless your balance has fallen below that amount due to market conditions. • Any exchange between Funds you already own must meet the minimum redemption and subsequent purchase amounts for the Funds involved. • In order to discourage excessive Fund transaction expenses that must be borne by other shareholders, we reserve the right to limit or reject exchange orders. • Institutional Class shares may be exchanged for other Institutional Class shares, or for Class A shares in certain qualified accounts. Contact your account representative for further details. Generally, we will notify you up to 60 days in advance of any changes in your exchange privileges. Money Market Funds Prospectus 29 Other Information Dividend and Capital Gain Distributions The Funds in this Prospectus declare dividends daily, pay dividends monthly, and make any capital gain distributions at least annually. Taxes The following discussion regarding federal income taxes is based on laws that were in effect as of the date of this Prospectus and summarizes only some of the material federal income tax considerations affecting the Funds and their shareholders. It is not intended as a substitute for careful tax planning. You should consult your tax advisor with respect to your specific tax situation, including the federal, state, local and foreign tax consequences to you of an investment in a Fund. Please see the Statement of Additional Information for a further discussion of federal personal income tax considerations. We will pass on to you substantially all of a Fund's net investment income and capital gains. Distributions of the National Tax -Free Institutional Money Market Fund's net interest income from tax-exempt securities will not be subject to federal income tax, although a portion of net investment income such distributions could be subject to the federal alternative minimum tax. Distributions of the National Tax -Free Institutional Money Market Fund attributable to other sources, net investment income from the other Funds attributable to all sources and net short-term capital gain of all the Funds generally will be taxable to you as ordinary income. Distributions of the Funds' net long-term capital gain generally will be taxable to you as net capital gain. Corporate shareholders will not be able to deduct any distributions when determining their taxable income. Any taxable distributions from a Fund normally will be taxable to you when paid, whether you take the distributions in cash or automatically reinvest them in additional Fund shares. However, distributions declared in October, November and December of one year and paid in January of the following year will be taxable to you as if they were paid on December 31 of the first year. At the end of every year, we will notify you of the status of your distributions for the year. Foreign shareholders may be subject to different tax treatment, including withholding taxes. In certain circumstances, U.S. residents will be subject to back-up withholding taxes. As long as each Fund continually maintains a $1.00 NAV, you ordinarily will not recognize taxable gain or loss on the redemption or exchange of your Fund shares. 30 Money Market Funds Prospectus Table of Predecessors The Funds described in this Prospectus were created as part of the reorganization of the Stagecoach Family of Funds, advised by Wells Fargo Bank, N.A., and the Norwest Advantage Family of Funds, advised by Norwest Investment Management, Inc., into a single mutual fund complex.The reorganization followed the merger of the advisors' parent companies. Each Fund is an accounting survivor of a former Stagecoach Funds, Inc. or Norwest Advantage Funds fund, as indicated in the Table of Predecessors below.The performance histories and financial highlights of each Fund are the performance histories and financial highlights of the predecessor fund. Wells Fargo Funds Trust Cash Investment Money Market Fund National Tax -Free Institutional Money Market Fund Treasury Plus Institutional Money Market Fund Predecessor Funds Norwest Advantage Cash Investment Fund Norwest Advantage Municipal Money Market Fund Stagecoach Treasury Plus Money Market Fund Money Market Funds Prospectus 31 Glossary We provide the ACH following definitions Refers to the "Automated Clearing House" system maintained by the Federal to assist you in Reserve Bank which allows banks to process checks, transfer funds and perform reading this other tasks. Prospectus. For a Asset -Backed Securities more complete understanding of Securities consisting of an undivided fractional interest in pools of consumer these terms you loans, such as car loans or credit card debt, or receivables held in trust. should consult your Business Day financial advisor. Generally, Monday through Friday with the exception of any federal bank holiday. Current Income Earnings in the form of dividends or interest as opposed to capital growth. Debt Securities Generally, a promise to pay interest and repay principal by an individual or group of individuals sold as a security.The owner of the security is entitled to receive any such payments. Examples include bonds and mortgage- and other asset - backed securities and can include securities in which the right to receive interest and principal repayment have been sold separately. Derivatives Securities whose values are derived in part from the value of another security or index. An example is a mortgage -backed security. Distributions Dividends and/or capital gains paid by a Fund on its shares. Dollar -Denominated Securities issued by foreign banks, companies or governments in U.S. dollars. FDIC The Federal Deposit Insurance Corporation. This is the company that provides federally sponsored insurance covering bank deposits such as savings accounts and CDs. Mutual funds are not FDIC insured. FHLMC FHLMC securities are commonly known as "Freddie Mac" and are issued by the Federal Home Loan Mortgage Corporation. FNMA FNMA securities are known as "Fannie Maes" and are issued by the Federal National Mortgage Association. GNMA GNMA securities are commonly known as "Ginnie Maes" and are issued by the Government National Mortgage Association. Illiquid Security A security which cannot be readily sold, or cannot be readily sold without negatively affecting its fair price. Institution An affiliate, franchise or correspondent bank of Wells Fargo & Company and other institutions. 32 Money Market Funds Prospectus Liquidity The ability to readily sell a security at a fair price. Money Market Instruments High -quality short-term instruments meeting the requirements of Rule 2a-7 of the Investment Company Act of 1940, such as bankers' acceptances, commercial paper, repurchase agreements and government obligations. In a money market fund, average portfolio maturity does not exceed ' 90 days, and all investments have maturities of 397 days or less at the time of purchase. Municipal Obligations Debt obligations of a state or local government entity.The funds may support general governmental needs or special projects. Virtually all municipal obligations are exempt from federal income taxes and most are exempt from state and local income taxes, at least in the state of issue. Nationally Recognized Rating Organization ("NRRO") A company that examines the ability of a bond issuer to meet its obligations and which rates the bonds accordingly. Net Asset Value ("NAV") The value of a single fund share. It is determined by adding together all of a Fund's assets, subtracting accrued expenses and other liabilities, then dividing by the total number of shares. Repurchase Agreement An agreement between a buyer and seller of a security in which the seller agrees to repurchase the security at an agreed upon price and time. Selling Agent A person who has an agreement with the Funds' distributors that allows them to sell a Fund's shares. Stability of Principal The degree to which share prices for a fund remain steady. Money market funds attempt to achieve the highest degree of principal stability by maintaining a $1.00 per share net asset value. Statement of Additional Information A document that supplements the disclosure made in the Prospectus. U.S. Government Obligations Obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Weighted Average Maturity The average maturity for the debt securities in a portfolio on a dollar -for -dollar basis. Zero Coupon Securities Bonds that make no periodic interest payments and which are usually sold at a discount of their face value. Zero coupon bonds are subject to interest rate and credit risk. Money Market Funds Prospectus 33 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: May 9, 2001 TITLE: Month End Cash Report - April 2001 and Other selected Financial Data BACKGROUND: This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances, but would report in a timely fashion selected cash balances. At the California Municipal Treasurers Association meeting held in Riverside, California and attended by Board Member Moulin and staff, a presentation was made by the G.S.E.'s. The G.S.E.'s passed out collateral materials which are to voluminous to include in the agenda and are available in the Finance Department. The G.D.E.'s making presentations were as follows: FNMA Freddie Mac Sallie Ma FHLB Farm Credit RECOMMENDATION: Information item only. John M. Falcon6r, Finance Director O a a) w N C 0U0 O C N J w O O � Op °N° c~o p MM M ��Lvn 0o Mf�f��r- (D0 O Mp $$Q$� N p Lo �OOI�h�f 0I��00O�(00 co ►-LO �00�0� CN �N Ui-CQ N� OD Ln - O a)L�I�OCt ODOM00 wr-- D1�(DL6r,: 0 N(V NNN(DL-N� v`� Ln 4 Ln N ^ Ln Ln _ ON O 0 0 N M M O Mr) I- L 00D t� M�PO-�(�0 O M EV- N e- w^OOOft,-OONN 0 NM cn M 0) OODD.Gw0MM(D OOM MNNNNC,4w '-�00 C Ln Ln Ln Ln O 0 co O w 0 V c M M ao co N .MN- u N p LL O j UgM f� f� (~ fC M M� a) � 3 co N N N N u- M M M M N a 0 00 LuD 0 ' O Ln to LO In Q M M 0 Cl O 0 00 O O O 'O O 0 Q U") LLO U-) Lpn C � p L` � ti LL 00 0 In LC)Ln O N ~ CY) a) N CY) N N N O N LL yN N� 3 N0coM .- v v M ICI) C f` 0 p^Q ^ N p OD 8 O 0 ti (D O (D ('? co M LL Um �0$CMOLn >UN d NN N`�NN_ O O N �- N N o0D OHO m 0 46 Lr z Y Ln V) U «t ~ D O 4) 0 •� U U N N o �� (Oj C N a) 0 a) Q to a) 9 O f- C N 4 a a.0 co a) c c N O N .N.m M -' V Lv co 'a c N LL Z` CID O ` vi 0 E O 0 Ni Ew c'v C m v ! _L O N 0-0 E E g N L c>10)"E0 >'D c� N a) om (D La > M CO o �itzE-w c v a Q a `a Q N � (D U o d y w wQ(n0z0-,U- Q M 0 0 M p ti O Ln (M O NCN cn co r- N Ln .e tp en co t: a) CL .r > a) New O M O a) �w M � w E� mx E M— d CO ... C L N O E 0" a) L eo L L d U N M DD �- 0 M- U to N >. H O a a N O 0M) ,� L Op O N 'Q U a) E a O (D V C m 0 +- C U O N C 0 O v �O N LA C Q >> +O+ C = ENE `o w `m C m (D > Q C d C � . 0. 0 O U �E t C W a) w C Q d M N N M w C U))a)a Oc ~ U, (D 7 .L-. a) N O a) •� LT C W N O C O• Li• "a .0 G- C N N O O U O a) a1 M M L Q v E- c >. a co (`a o~� C O Q a A �. a a) N> a) U LQ U O L N 0 tea) L.L. 0 IL. M E 0 L N O O C C M rnn, O CD C L U >+ C 'Lp M L _y L :0: N a) (n > C' O N (a d ocQ E'c a Cac) .r N a) `C N C- C O C O w. N (0 O .0 U L r C ._ U O O 0 aO. --mE - O a) E44) t c a)VQ N tM O (D C N � O D O r- M /C U Lu rUEOc m LU d) (o mOL co w O N C 5 'o VCC U N a X tEt aU O N M E C 4" W` O O O N w 7 O V Q(n O O a) N L U O U N rr 0 0 O a) U p) O O a1 U a) M O ca Q HM, 2- U FL- aX) cn O U M 002 City of La Quinta Spread between 30 Day Al P1 Commercial Paper and 30 Day T-Note Date T-Bill T-Bill C/P Variance 11 /13/00 12/14/00 6.03% 6.47% 0.44% 11 /20/00 12/21 /00 6.43% 6.49% 0.06% 11 /27/00 12/28/00 6.28% 6.49% 0.21 % 12/04/00 01 /04/01 6.13% 6.50% 0.37% 12/11 /00 01 /11 /01 5.92% 6.40% 0.48% 12/18/00 01 /18/01 5.86% 6.54% 0.68% 1 /02/01 02/01 /01 5.76% 6.36% 0.60% 1 /08/01 02/08/01 5.13% 5.77% 0.64% 1 /16/01 02/15/01 5.23% 5.78% 0.55% 1 /23/01 02/22/01 5.11 % 5.67% 0.56% 1 /29/01 3/01 /01 5.06% 5.54% 0.48% 2/05/01 3/08/01 4.95% 5.45% 0.50% 2/12/01 3/15/01 4.99% 5.42% 0.43% 2/20/01 3/22/01 4.76% 5.47% 0.71 % 2/27/01 3/29/01 4.84% 5.44% 0.60% 3/05/01 4/05/01 4.96% 5.24% 0.28% 3/12/01 4/12/01 4.79% 5.13% 0.34% 3/19/01 4/19/01 4.86% 4.88% 0.02% 3/26/01 4/26/01 4.63% 4.94% 0.31 % 4/02/01 5/03/01 4.50% 5.01 % 0.51 % 4/09/01 5/10/01 3.79% 4.94% 1.15% 4/16/01 5/17/01 3.87% 4.94% 1.07% 4/23/01 5/24/01 3.42% 4.46% 1.04% 4/30/01 5/31 /01 3.74% 4.42% 0.68% T-Bill Rate appeared unusually high T-Bill Rate appeared unusually high 003 FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.gov/Releases,!Cl Federal Reserve Release Commercial Paper Release I About I Outstandings I Historical discount rates I Historical outstandings Data as of April 27, 2001 Commercial Paper Rates and Outstandings Derived from data supplied by The Depository Trust Company Posted April 30, 2001 Discount rates AA AA A2/P2 Term financial nonfinancial nonfinancial 1-day 4.54 4.54 4.86 7-day 4.53 4.48 4.86 15-day 4.50 4.44 4.74 30-day 4.42 4.33 4.76 60-day 4.25 4.24 4.74 90-day 4.19 4.17 4.63 Yield curve rlf�_...._ Volume statistics 2001:01 Percent 4.e 4.11 4.7 4.8 4.5 4.4 4.3 4.2 1 7 15 30 60 &t7 04>>a Maturtv Flrareal---Merther,W1 ••-• AE/P2 Discount rate spread Thirty-dav A2/P2 less AA nonfinancial commercial paper (daily) Basis points �I t j I� II0 ! I �l lot Op 1 5D 140 130 120 110 100 90 80 70 IDD 50 40 30 20 10 01AN9p 01 JUL:D 8 01 JAN99 01JUL99 01 JANDD 01JUL00 01 JAN01 01 JUL01 — -- A2/F? apre3d, 5—dQf rrnoving arera 1 of 3 04/30/2001 7:50 AN FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.gov/ReIcasesICp Discount rate history Thirtv-dav commercial paper (dailv) A I;.)LAN 98 01 JUL98 01 JAN99 01 JUL99 01 JAN(,-,Q 01 JULLID 41 JANQl _ Financial — — — Nonfinancial ••••• A2/P32 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars Z IrJI^I M I I r ,K, Percent 7 6 4 01JUL01 Billions of dollars 34ID .330 7 r) Id .310 700 r �9 u 1 `) V C) 270 260 `l yr-.J0 240 230 r)'? o 21 ID .p CII-*1 01,.l,HN98 01 JUL98 01 JAN99 0-1 JUL99 01 AN ID 01 JULOO 01 d-M01 01 JUL01 Financial --- r4crrfinancial The daily commercial paper release will usually be available before 11:00am EST. However, the Federal Reserve makes no guarantee regarding the timing of the daily commercial paper release. When the Federal Reserve is closed on a business day, yields for the previous business day will appear in the historical discount rates table. This policy is subject to change at any time without notice. 00.5 2 of 3 04/30/2001 7:50 AID' FRB:Commercial Paper Rates and Outstandings http://www.federaireserve.gov/Releases/C1, Commercial 12aper outstanding Commercial paper outstanding, miscellaneous categories Release j About I.Outstandings I Historical discount rates I Historical outstandings Home I Statistical releases To comment on this site, please fill out our feedback form. Last update: April 30, 2001 3 of 3 04/30/2001 7:50 AN FRB: H.15--Selected Interested Rate... -Only Daily Update-- April 27, 2001 http://www.federalreserve.gov/Releases/H 15%updat� I Federal Reserve Statistical Release H.1.5 Selected Interest Rates Release Date: April 27, 2001 H.15: Release I Release dates I About I ASCII I Historical data I Daily update H.15 Daily Update The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday through Friday on this site. H.15 DAILY UPDATE: WEB RELEASE ONLY SELECTED INTEREST RATES Yields in percent per annum Instruments SELECTED INTEREST RATES Federal funds (effective) 1 2 3 Commercial paper 3 4 5 6 Nonfinancial 1-month 2-month 3-month Financial. 1-month 2-month 3-month CDs (secondary market) 3 7 1-month 3-month 6-month Eurodollar deposits (London) 3 8 1-month 3-month 6-month Bank prime loan .2 3 9 Discount window borrowing 2 10 U.S. Government securities Treasury bills (secondary market) 3 4 3-month 6-month 1-year Treasury constant maturities 11 3-month For immediate release April 27, 2001 Mon Tue Wed Thu Apr 23 Apr 24 Apr 25 Apr 26 4.40 4.41 4.54 4.57 4.39 4.36 4.35 4.38 4.28 4.25 4.21 4.26 4.20 4.20 4.18 4.18 4.44 4.37 4.39 4.43 4.33 4.29 4.25 4.27 4.25 4.21 4.20 4.21 4.47 4.44 4.43 4.40 4.29 4.27 4.25 4.25 4.21 4.18 4.18 4.21 4.45 4.43 4.40 4.40 4.28 4.27 4.24 4.25 4.21 4.18 4.16 4.17 7.50 7.50 7.50 7.50 4.00 4.00 4.00 4.00 3.66 3.71 3.75 3.74 3.66 3.66 3.74 3.71 3.60 3.60 3.68 3.64 3.75 3.80 3.84 3.83 007 I 0 > 04/30/2001 7:50 AV. FRB: H.15--Selected Interested Rate... -Only Daily Update-- April 27, 2001 http://www.federalreserve.gov/Releases/H 15iupdat. 6-month 3.78 3.78 3.87 3.83 1-year 3.77 3.76 3.85 3.83 2-year 4.15 4.16 4.20 4.14 3-year 4.38 4.39 4.45 4.40 5-year 4.78 4.78 4.88 4.79 7-year 5.06 5.07 5.14 5.06 10-year 5.20 5.22 5.28 5.20 20-year 5.84 5.87 5.91 5.82 30-year 5.73 5.75 5.78 5.71 Interest rate swaps 12 1-year 4.34 4.35 4.34 4.37 2-year 4.73 4.74 4.73 4.77 3-year 5.07 5.09 5.07 5.11 4-year 5.30 5.33 5.31 5.35 5-year 5.48 5.51 5.49 5.52 7-year 5.76 5.79 5.78 5.80 10-year 6.03 6.07 6.05 6.06 30-year 6.49 6.52 6.49 6.47 Corporate bonds Moody's seasoned Aaa 7.25 7.24 7.30 7.21 Baa 8.10 8.07 8.13 8.03 State & local bonds 13 5.34 Conventional mortgages 14 FOOTNOTES 1. The daily effective federal funds rate is a weighted average of rates on trades through N.Y. brokers. 2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. On a discount basis. 5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See Board's Commercial Paper Web pages (http://www.federalreserve.gov/releases/cp) for more information. 6. The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. 9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans. 10. Rate for the Federal Reserve Bank of New York. 11. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury. 12. International Swaps and Derivatives Association (ISDA) mid -market par swap rates. Rates are for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on rates collected at 11:00 a.m. by Garban Intercapital plc and published on Reuters Page ISDAFIXI. Source: Reuters Limited. 13. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations. 0 O 14. Contract interest rates on commitments for fixed-rate first mortgages. �/ 2 of 3 04/30/2001 7:50 AN FRB: H.15--Selected Interested Rate... -Only Daily Update-- April 27, 2001 http://www.federaireserve.gov/Releascs/H 15iupdLttL Source: FHLMC. DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES Yields on Treasury securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed maturities, -currently 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. In estimating the 20-year constant maturity, the Treasury incorporates the prevailing market yield on an outstanding Treasury bond with approximately 20 years remaining to maturity. H.15: Release I Release dates I About I ASCII Historical data I Daily update Home I Statistical releases To comment on this site, please fill out our feedback form. Last update: April 27, 2001 U09 3 of 3 04/30/2001 7:50 AV LAIF Performance Report http://www.treasurer.ca.gov/laif/perfomance.liti-, Philip Angelides, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund LAW Performance Report Reporting Date: Effective Date: QiJarter Yield: Daily.- Year - Life: Quarter Ending 3/31/01 Apportionment Rate: Earnings Ratio - Fair Value Factor: Monthly Average For March: 04/25/01 04/251/01 5.82% 1 5.550/U 6.34% 174 6.16% .00016888357102193 1.003713806 5.976% oio 1 of 2 04/30/2001 7:51 AM LAIF Perfomiance Report http://www.treasurer.ca.cyov/laif/performance.liti; orporate Bon LI I 2 1_:� �rnn-�ercial F':iI per Pooled Money Investment Account Portfolio Composition* $42.7 Billion 03/31/01 Loans 6.22% Treasuries 14.83% ULI's.11blI 'S .49% irrie Deposits 10.9 8 % Mortgages 0.02% les 4 % 'The- PA41,", pc irtfolio does not hold any securities of PG&E or SoLAhern .alifornia Edison. ■ Treasuri es ❑ Time Deposits ■ Mortgages ❑ Agencies ■ CD'SrBN's ❑ ' '��n��erS ?kcceptanc.es ■Repo ■ Commercial Paper ❑ Corporate Bonds ❑ Loans ■ Reverse's Please click here for an Adobe PDF version o: tnis information. youhave and questions about Adobe Acrobat r. ; are having trouble downloading please here. Nome Back 2 of 2 04/30/2001 7:51 AV -onmvnn-nG) cOcOO�zm w K F E K-< D z r- K g O K, z m OCzmcr-nM ? O z m m ;go u �Cl) � 0 0 D < �<m X m m --I < z O m m z m z N _ O'W CAN-4 O N K)O N O 14 O 0- 0 0 000000 --- 0 A1000000�0 _Iv x z 5 -o O CD rn m :3m � o_ ....: . (CD 1 CD CD M m z c n co � CD o- ru a � Cr w CL A m .*. -a m 1 3 0 M .. 7' m 0mw 5m 0)X � 0 w -4 T D r. r. ? Q 72 a -� �..-a��,o < N n M. > > con C fD M z -8 O N c �rn m< NmxOm x? `� • c c M00.m' M m m 3 - N aN c N a y Tc co CD n cn c —I rn c N n. N 0 � _ x m a :3 :3 c %< n m c x 3 N m N N O c I o� w -All worn w w-4�.�� N W 00�0 0 N 0 0 0 NC1t�WCp ..a N OC W a O�(Dw0) CO W -4 V fV"'NK) � 7" (� _ co O co 4 N co W v K)(O A Ln W BCD •+ -� CW71wvOA w W-D MN CA ..., co 0 �W�0C~J1 IWn O � N�OWO w 0) 0) v� I� O to CJ� OD CO W w co co N 4 -, ONO)Cn w �W ONE N O '• W -� -I 0) N � O OD O W m - O O Cn CO N W� ����w p - SON ` O W CA W 0 N A CO -� O c~O cn CO CA 0 m > c z _0, m -•,�'m a ° d z co m w M o � cnD .0 m m c _' o aID c N _ Cr N a rnM cD O N M �. a m K n N 0 c = m _ a� a w woonn c a co � 0 -0 o D 0 0 c c � N INVESTMENT ADVISORY BOARD Correspondence & Written Material Item B Meeting Date: May 9, 2001 TITLE: Pooled Money Investment Board Report for February BACKGROUND: The Pooled Money Investment Board Report for February 2001 is included in the agenda packet. RECOMMENDATION: Receive & File Jobn M. Faldoneir, Finance Director STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT FEBRUARY 2001 TABLE OF CONTENTS SUMMARY............................ ...............................................1 SELECTED INVESTMENT DATA.............................................2 PORTFOLIO COMPOSITION...................................................3 INVESTMENT TRANSACTIONS...............................................4 TIMEDEPOSITS..................................................................18 BANK DEMAND DEPOSITS...................................................33 POOLED MONEY INVESTMENT BOARD DESIGNATION .......... 34 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF FEBRUARY 2001 WITH FEBRUARY 2000 (DOLLARS IN THOUSANDS) FEBRUARY 2001 FEBRUARY 2000 CHANGE Average Daily Portfolio $ 48,030,117 $ 36,715,896 +11,314,221 Accrued Earnings $ 227,302 $ 169,432 +57,870 Effective Yield 6.169 5.824 +.345 I Average Life -Month End (In Days) 194 201 7 I Total Security Transactions Amount $ 22,066,969 $ 28,657,191 -6,590,222 Number 470 626 -156 Total Time Deposit Transactions Amount $ 1,726,500 $ 1,375,700 +350,800 Number 123 78 +45 Average Workday Investment Activity $ 1,321,859 ' $ 1,501,645 -179,786 Prescribed Demand Account Balances For Services $ 208,955 190,368 +18,587 For Uncollected Funds $ 268,634 $ 205,523 +63,111 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) FEBRUARY 28, 2001 PERCENTAGE CHANGE FROM TYPE OF SECURITY Government AMOUNT PERCENT PRIOR MONTH Bills $ 396149538 7.89 +1.00 Bonds 0 0.00 0.00 Notes 392019182 6.98 +1.28 Strips 0 0.00 0.00 Total Government 6,815,720 14.87 +2.28 Federal Agency Coupons 3,4679610 7.57 -.21 Certificates of Deposit 491889997 9.14 _.12 Bank Notes 1,1209018 2.44 -.61 Bankers' Acceptances 0 0.00 0.00 Repurchases 0 0.00 0.00 Federal Agency Discount Notes 9,871,598 21.54 +.11 Time Deposits 4,631,345 10.11 +.92 GNMAs 19114 0.00 0.00 Commercial Paper 10,772,995 23.51 -2.00 FHLMC 10,967 0.02 0.00 Corporate Bonds 2,568,087 5.60 +.14 Pooled Loans 2,822,051 6.16 -.06 GF Loans 0 0.00 0.00 Reversed Repurchases (4409141) (0.96) +.45 Total (All Types) $ 459830,361 100.00 Pooled Money Other Time Deposits Totals PMIA Monthly Average Effective Yield Year to Date Yield Last Day of Month FEBRUARY 2001 NUMBER AMOUNT 470 $ 22,066,969 18 43,033 123 1,726,500 611 $ 23,836,502 6.169 6.444 2 JANUARY 2001 NUMBER AMOUNT 601 $ 27,984,863 2 3,708 164 1,587,290 767 $ 29,5759861 6.372 6.485 Commercial Paper 23.51 % Pooled Money Investment Account Portfolio Composition $45.8 Billion Loans Reverses Corporate 6.16% -0.96 /o Bonds 5.60% CD's/BN's 11.58% Treasuries 14.87% Time Deposits 1 10.11% Agencies 29.11% Mortgages 0.02% 02/28/01 8 Treasuries 19 Time Deposits ■ Mortgages © Agencies ■ CD's/BN's 0 Bankers Acceptances ■ Repo 0 Commercial Paper ® Corporate Bonds 13 Loans 13 Reverses 3 i x- ��' ",�'w'i•Y-".s'q.�"" +�:?sos.•�. ew�Y r., w� xr'"+�+q""'Ak � "gtes^i'�+��x 'wads^! POOLED MONEY lNVESTMENEACCOUNfi4t, ° ++e « �-:, .� �_.:a �� '•�" �d-.' 3 a'K.. •pM:.,. �'� ��'G x, x .P. u�� +� p',��w,�i �A .m. +t'*ddfi�i. .e' n"� #A`*:� � ,xr axy': 4Af,l4,A�k��#t �'�N C'��� w° y.9i%��;•.w A�r+_"�..F�3.' �a,. MATURQTY ".TRANS��r PA �gj� TYPE j�ESCRIPTION-lot M 02/01101 REDEMPTIONS Hr� • _� . EARNED r���vv�� • ..r �......... r .+�+ . r EFFECTIVE CD UBS 6.530% 02/01/01 6.520 $40,000 56 $405,695.14 6.610 CD UBS 6.530% 02/01/01 6.520 50,000 56 507,118.92 6.610 CP Household 02/01/01 5.760 50,000 1 8,000.00 5.840 CP Household 02/01/01 5.760 50,000 1 8,000.00 5.840 CP Household 02/01/01 5.760 50,000 1 8,000.00 5.840 CP Household 02/01/01 5.760 50,000 1 8,000.00 5.840 CP FMCC 02/01/01 5.830 50,000 6 48,583.33 5.916 CP FMCC 02/01/01 5.830 50,000 6 48,583.33 5.916 CP FMCC 02/01/01 5.830 50,000 6 48,583.33 5.916 CP FMCC 02/01/01 5.830 50,000 6 48,583.33 5.916 Disc Notes FHLMC 02/01/01 6.070 25,000 352 1,483,777.78 6.542 Disc Notes FHLMC 02/01/01 6.070 50,000 352 2,967,555.56 6.542 Disc Notes FHLMC 02/01/01 6.070 50,000 352 2,967,555.56 6.542 Disc Notes FHLMC 02/01/01 6.070 30,000 353 1,785,591.67 6.543 Disc Notes FNMA 02/01/01 6.060 50,000 356 2,996,333.33 6.535 Disc Notes FNMA 02/01/01 6.060 50,000 356 2,996,333.33 6.535 PURCHASES CD Cr Suisse 5.480% 03/02/01 5.460 50,000 CD Cr Suisse 5.480% 03/02/01 5.460 50,000 CD Cr Suisse 5.480% 03/02/01 5.460 50,000 CD Cr Suisse 5.480% 03/02/01 5.460 50,000 CP Household 02/14/01 5.430 50,000 CP Amer Exp 02/14/01 5.460 50,000 CP Amer Exp 02/14/01 5.460 50,000 CP Country 02/14/01 5.480 50,000 CP Amer Exp 02/21 /01 5.430 50,000 CP Amer Exp 02/21 /01 5.430 50,600 CP Household 02/21/01 5.440 50,000 CP Country 02/21 /01 5.480 50,000 CP Assoc 03/02/01 5.450 50,000 CP Assoc 03/02/01 5.450 50,000 CP W/F 03/09/01 5.400 35,000 02/02/01 REDEMPTIONS CP Amer Exp 02/02/01 5.750 50,000 3 23,958.33 5.832 CP Amer Exp 02/02/01 5.750 50,000 3 23,958.33 5.832 CP Amer Exp 02/02/01 5.750 500000 3 23,958.33 5.832 CP Amer Exp 02/02/01 5.750 50,000 3 23,958.33 5.832 CP Heller 02/02/01 7.250 50,000 59 594,097.22 7.364 Disc Notes FNMA 02/02/01 6.060 50,000 354 2,979,500.00 6.533 Disc Notes FNMA 02/02/01 6.060 50,000 354 2,979,500.00 6.533 NO PURCHASES 4 POOLED MON1.�EY-INVESTAIIENTACCOi!�= �k y .. .. .: ..... -i ..yy� f7 zA,. ... :� Y ,. M PS•"':z Z_ _... ". ■� ", ,' yb°., ':i'eD1,u�r"1;. ' w .Y i x. h.�.��� t%'+d,. Y' 'x s.a+$. .,MI.►5^"+illz4\Mr1+WW.1!:. s?f'7�L '>s`x ';rye?'' f s,s � 'e ': t' �'fi.... .,. E"ECTME. gg*+.2.srS-: .Z` ,��L.` �PTm�.;Y. eHjp •' .`S` «>....:: 02/05/01 REDEMPTIONS Disc Notes FHLB 02/05/01 6.060 49,000 360 2,969,400.00 6.540 Disc Notes FHLB 02/05/01 6.060 50,000 360 3,030,000.00 6.540 Disc Notes FHLB 02/05/01 6.060 50,000 360 3,030,000.00 6.540 Disc Notes FHLB 02/05/01 6.060 50,000 360 3,030,000.00 6.540 MTN IBM Cr Corp 5.180% 02/05/01 5.180 50,000 731 5,180,000.00 5.281 PURCHASES CP Amer Exp 02/20/01 5.450 50,000 CP Amer Exp 02/20/01 5.450 50,000 CP FMCC 02/20/01 5.450 50,000 CP FMCC 02/20/01 5.450 50,000 CP FMCC 02/20/01 5.450 50,000 CP FMCC 02/20/01 5.450 50,000 CP Citicorp 02/20/01 5.470 50,000 CP Citicorp 02/20/01 5.470 50,000 CP Citicorp 02/20/01 5.470 50,000 CP Citicorp 02/20/01 5.470 50,000 02/06/01 REDEMPTIONS CP Amer Exp 02/06/01 5.680 50,000 8 63,111.11 5.766 CP Amer Exp 02/06/01 5.680 50,000 8 63,111.11 5.766 CP ConAgra 02/06/01 6.270 10,000 19 33,091.67 6.378 CP ConAgra 02/06/01 6.270 50,000 19 165,458.33 6.378 PURCHASES CD Austria 5.500% 03/08/01 5.495 50,000 CD Austria 5.500% 03/08/01 5.495 50,000 CD Stnrd Ch 5.510% 03/09/01 5.510 50,000 CD Stnrd Ch 5.510% 03/09/01 5.510 50,000 CP JP Morgan 02/07/01 5.450 25,000 CP Country 02/07/01 5.540 25,000 CP JP Morgan 02/07/01 5.450 50,000 CP JP Morgan 02/07/01 5.450 50,000 CP Country 02/07/01 5.540 50,000 02/07/01 REDEMPTIONS CP JP Morgan 02/07/01 5.450 25,000 1 3,784.72 5.526 CP Country 02/07/01 .5.540 25,000 1 3,847.22 5.617 CP JP Morgan 02/07/01 5.450 50,000 1 7,569.44 5.526 CP JP Morgan 02/07/01 5.450 50,000 1 7,569.44 5.526 CP Country 02/07/01 5.540 50,000 1 7,694.44 5.617 5 02/07/01 REDEMPTIONS (continued) FR FNMA 5.153% 02/07/01 5.153 FR FNMA 5.153% 02/07/01 5.153 PURCHASES CD World 5.490% 02/28/01 5.510 CD World 5.490% 02/28/01 5.510 CD World 5.490% 02/28/01 5.510 CD World 5.490% 02/28/01 5.510 Treas Bills 11/29/01 4.530 Treas Bills 11/29/01 4.530 Treas Bills 11/29/01 4.530 Treas Bills 11/29/01 4.530 Treas Notes 4.750% 01 /31 /03 4.674 Treas Notes 4.750% 01/31/03 4.674 02/08/01 SALES Treas Bills 03/01/01 4.890 Treas Bills 03/01/01 4.890 Treas Bills 03/01/01 4.890 Treas Bills 03/01/01 4.890 REDEMPTIONS CD BNParis 6.690% 02/08/01 6.685 CD BNParis 6.690% 02/08/01 6.685 FHLMC 6.400% 02/08/01 6.900 NO PURCHASES 02/09/01 RRS Treas Bills 11/29/01 5.050 Treas Bills 11/29/01 5.050 SALES Treas Notes 4.875% 03131 /01 5.325 Treas Notes 4.875% 03/31 /01 5.325 Treas Notes 4.875% 03/31 /01 5.325 Treas Notes 4.875% 03/31 /01 5.325 REDEMPTIONS CID S RAC 02/09/01 6.670 6 'EFFECTIVE FL 50,000 , 1,827 14,151,970.22 5.654 50,000 1,827 14,151,970.22 5.654 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 288 2,350,833.33 6.271 50,000 288 2,350,833.33 6.271 50,000 288 2,351,906.25 6.274 50,000 288 2,351,906.25 6.274 15,000 168 467,900.59 6.777 50,000 168 1,559,868.63 6.777 50,000 237 2,222,722.22 6.908 50,000 50,000 50,000 661 4,790,631.41 5.442 50,000 661 4,790,631.41 5.442 50,000 661 4,798,443.91 5.462 50,000 661 4,798,443.91 5.462 50,000 177 1,639,708.33 6.991 `f EFFECTIVE 02/09/01 REDEMPTIONS (continued) Disc Notes FHLB 02/09/01 6.060 5,000 358 301,316.67 6.538 Disc Notes FHLB 02/09/01 6.060 50,000 358 3,013,166.67 6.538 Disc Notes FHLB 02/09/01 6.060 50,000 358 3,013,166.67 6.538 Disc Notes FHLB 02/09/01 6.060 50,000 358 3,013,166.67 6.538 Disc Notes FHLMC 02/09/01 6.060 50,000 361 3,038,416.67 6.541 Disc Notes FHLMC 02/09/01 6.060 50,000 361 ' 3,038,416.67 6.541 PURCHASES y/ CP GECC 03/01 /01 5.440 50,000 CP Salomon 03/01 /01 5.450 50,000 PURCHASES FHLB 5.000% 02/14/03 5.142 25,000 02/12/01 REDEMPTIONS MTN IBM NO PURCHASES 02/13/01 REDEMPTIONS 5.125% 02/12/01 5.380 6,750 719 712,203.75 5.468 CD Stnrd Ch 6.640% 02/13/01 6.640 50,000 106 977,555.56 6.732 CD Stnrd Ch 6.640% 02/13/01 6.640 50,000 106 977,555.56 6.732 CP GMAC 02/13/01 5.570 50,000 15 116,041.67 5.660 CP GMAC 02/13/01 5.570 50,000 15 116,041.67 5.660 CP Hertz 02/13/01 5.580 40,000 15 93,000.00 5.670 CP Heller 02/13/01 5.580 40,000 15 98,333.33 5.996 CP Amer Exp 02/13/01 5.580 50,000 15 116,250.00 5.670 CP Amer Exp 02/13/01 5.580 50,000 15 116,250.00 5.670 CP Bear 02/13/01 5.590 50,000 15 116,458.33 5.680 CP Bear 02/13/01 5.590 50,000 15 116,458.33 5.680 CP ConAgra 02/13/01 6.500 10,000 19 34,305.56 6.612 CP ConAgra 02/13/01 6.500 50,000 19 171,527.77 6.612 CP Merrill 02/13/01 5.720 12,500 20 39,722.22 5.817 CP Merrill 02/13/01 5.720 50,000 20 158,888.89 5.817 CP Household 02/13/01 5.650 50,000 20 156,944.44 5.746 CP ASCC 02/13/01 5.670 50,000 20 157,500.00 5.766 CP ASCC 02/13/01 5.670 50,000 20 157,500.00 5.766 CP Heller 02/13/01 6.250 25,000 22 95,486.11 6.361 CP ConAgra 02/13/01 6.350 25,000 22 97,013.89 6.463 CP ConAgra 02/13/01 6.350 50,000 22 194,027.78 6.463 CP ConAgra 02/13/01 6.250 25,000 25 108,506.94 6.36.4 CP ConAgra 02/13/01 6.250 50,000 25 217,013.89 6.364 7 ors gym+.,+..-•«�.- �� ..-i,..�ti x .. _. ':i..�r.r,' )AYS -� w' AMOUNT EFFECTNE IiELQ _ E.ARNAD 02/13/01 REDEMPTIONS (continued) CP Salomon 02/13/01 5.740 50,000 25 199,305.56 5.843 CP Salomon 02/13/01 5.740 50,000 25 199,305.56 5.843 CP Salomon 02/13/01 5.740 50,000 25 199,305.56 5.843 CP Salomon 02/13/01 5.740 50,000 25 199,305.56 5.843 CP Bear 02/13/01 5.750 50,000 25 199,652.78 5.853 CP Bear 02/13/01 5.750 50,000 25 199,652.78 5.853 CP SRAC 02/13/01 6.850 50,000 109 1,037,013.89 7.092 MTN FNMA 5.410% 02/13/01 5.307 50,000 1,826 13,294,829.86 5.370 PURCHASES CP Amer Exp 02/20/01 5.420 50,000 CP Amer Exp 02/20/01 5.420 50,000 CP GECC 02/21/01 5.460 40,000 CP GMAC 02/21/01 5.400 50,000 CP G MAC 02/21/01 5.400 50,000 CP GECC 02/21/01 5.460 50,000 CP GECC 02/22/01 5.460 50,000 CP GECC 02/22/01 5.460 50,000 CP GECC 02/22/01 5.460 50,000 CP GECC 02/22/01 5.460 50,000 CP Household 02/22/01 5.460 50,000 CP Household 02/22/01 5.460 50,000 CP SRAC 02/22/01 6.000 50,000 CP SRAC 02/22/01 6.000 50,000 CP Heller 02/23/01 5.800 50,000 CP Heller 02/23/01 5.800 50,000 MTN W/F 7.200% 05/01 /03 5.535 11,155 Treas Bills 11 /29/01 4.555 50,000 Treas Bills 11 /29/01 4.550 50,000 Treas Notes 5.750% 08/15/03 4.743 50,000 Treas Notes 5.750% 08/15/03 4.743 50,000 02/14/01 REDEMPTIONS CD Bayer Ver 6.725% 02/14/01 6.700 5,000 183 170,343.36 6.794 CD Bayer Ver 6.725% 02/14/01 6.700 50,000 183 1,703,433.58 6.794 CP Amer Exp 02/14/01 5.460 50,000 13 98,583.33 5.546 CP Amer Exp 02/14/01 5.460 50,000 13 98,583.33 5.546 CP Country 02/14/01 5.480 50,000 13 98,944.44 5.567 CP Country 02/14/01 5.480 50,000 13 98,944.44 5.567 CP Merrill 02/14/01 5.540 50,000 15 115,416.67 5.629 CP Merrill 02/14/01 5.540 50,000 15 115,416.67 5.629 CP Merrill 02/14/01 5.720 12,500 21 41,708.33 5.818 CP ASCC 02/14/01 5.670 25,000 21 82,687.50 5.767 CP Household 02/14/01 5.650 50,000 21 164,791.67 5.747 8 POOLED. _MONE1l;,114 ESWENTxACCOUNT��`" °, I, two» ,�, •�, 1 .. � 14 ter /y -*.- M•- �/y�{� �,�,y :� �. t�.s� .q•f �� r �""q �ft r'ki � mil •1l .e� me A V; MATURrrY� TR/ Qg >sa ;Lcsr�.....1P_TfON w. n All 02/14/01 REDEMPTIONS (continued) CID Merrill CID ConAgra CID Bear CID Bear CID SRAC PURCHASES CID NCAT CID SRAC 02/15/01 REDEMPTIONS YS d AMOUNT EFFECTIVE i i[a�rr."�'dYsili�._..,,'�` .✓...vxra.-y+:�w.�.w..» «..e... 02/14/01 5.720 50,000 21 166,833.33 5.818 02/14/01 6.500 50,000 21 189,583.33 6.615 02/14/01 5.750 50,000 26 207,638.89 5.854 02/14/01 5.750 50,000 26 207,638.89 5.854 02/14/01 7.150 50,000 70 695,138.89 7.351 02/15/01 5.480 50,000 02/21 /01 6.000 50,000 CP NCAT 02/15/01 CID Bear 02/15/01 CID Bear 02/15/01 CID SRAC 02/15/01 MTN B/A 5.600% 02/15/01 FHLMC 5.000% 02/15/01 FHLMC 5.000% 02/15/01 PURCHASES CD Bayer Lnds 5.460% 03/28/01 CD Bayer Lnds 5.460% 03/28/01 CD Bayer Lnds 5.460% 03/30/01 CD Bayer Lnds 5.460% 03/30/01 CD Bayer Ver 5.470% 03/30/01 CD Bayer Ver 5.470% 03/30/01 CID Country 02/28/01 CID Amer Exp 02/28/01 CID Amer Exp 02/28/01 CID Amer Exp 02/28/01 CID Amer Exp 02/28/01 CID U/B Calif 03/01 /01 CID SRAC 03/01 /01 CID ConAgra 03/07/01 CID ConAgra 03/12/01 02116101 RRS Treas Bills Treas Bills 5.480 50,000 1 7,611.11 5.556 5.590 50,000 17 131,986.11 5.682 5.590 50,000 17 131,986.11 5.682 6.000 50,000 17 141,666.67 6.100 5.600 50,000 1,827 14,000,000.00 5.693 5.056 50,000 730 5,046,055.55 5.079 5.056 50,000 730 5,046,055.55 5.079 5.460 5.460 5.460 5.460 5.460 5.460 5.530 5.420 5.420 5.420 5.420 5.490 6.120 5.950 5.970 50,000 50,000 50,000 50,000 50,000 50,000 37,984 50,000 50,000 50,000 50,000 40,000 50,000 48,000 50,000 03/01 /01 4.730 50,000 03/01 /01 4.730 50,000 9 -77 POOLED MONEY`INVESTMENT ACCC? NTs—'-------�--- .------.- ., "9Caswiv. 6 y .,. • .: �� i�..," x�*�. +t"ix " Y,."c .. :a«.e�' ,`"�°°u`'xa�,r` ��s +,c'"�.4s"re,. `,`+� .�.� .�..a `cam +k's.�'. ,^, .. s ,. � <i„S �:,i ,.. .:ram ii" .'j • '":,4'a k!r • .�f!e, ... " � ' ^'` � «."'�,t;. zk ;tz'fr� . y ,� '.x^.,a` T'� "^c ark,• M1, �..#�.,�a .,����:c s s.._, . , # 'y•s: }.y to kL+y t • 4�$,,..N`'���`;s?w...t'�' TRA. .,,:'"- ,.,�t^..•^s. NS' AR» �' az �/��• .;._ w , r r P DAYS AMOUNT EFFECTIVE emu. -.=.a.._» ;I f'' f r_ys xc,:.^Cz �...."........_., ,:, .x•# ,,.. ..._ r,.ssu ..,,,_....a..+,.. ..y..«.DESCRIM2,11"' ELD,<�.36..a:.a4s'..u....x«.......r,a•...n+v.'a. "�����M�raas...•.c!Y���i��y� L.. ._..ti........ �..sws«..euw :,� 02/16/01 REDEMPTIONS BN Banc One 6.590% 02/16/01 6.590 50,000 120 1,098,333.33 6.681 CP Heller 02/16/01 5.900 50,000 42 344,166.67 6.023 CP Heller 02/16/01 5.900 50,000 42 344,166.67 6.023 CP GMAC 02/16/01 6.400 50,000 60 533,333.33 6.558 CP GMAC 02/16/01 6.400 50,000 60 533,333.33 6.558 CP GMAC 02/16/01 6.400 50,000 60 533,333.33 6.558 CP GMAC 02/16/01 6.400 50,000 60 533,333.33 6.558 CP Heller 02/16/01 6.600 39,500 114 825,550.00 6.834 CP FMCC 02/16/01 6.420 50,000 114 1,016,500.00 6.644 CP FMCC 02/16/01 6.420 50,000 114 1,016,500.00 6.644 CP SRAC 02/16/01 6.820 50,000 114 1,079,833.33 7.067 MTN FNMA 5.360% 02/16/01 5.550 10,000 1,795 2,754,586.81 5.662 MTN FNMA 5.360% 02/16/01 5.771 15,000 1,808 4,237,833.33 5.805 PURCHASES U/ CD Soc Gen 5.480% 03/01/01 5.470 49,829 CD Soc Gen 5.480% 03/01/01 5.470 50,000 PURCHASES CP Citicorp 02/22/01 5.410 50,000 CP Citicorp 02/22/01 5.410 50,000 CP Citicorp 02/22/01 5.410 50,000 CP Citicorp 02/22/01 5.410 50,000 CP Amer Exp 02/22/01 5.420 50,000 CP Amer Exp 02/22/01 5.420 50,000 CP Salomon 02/28/01 5.470 50,000 CP Salomon 02/28/01 5.470 50,000 CP Amer Exp 03/01/01 5.380 50,000 CP Amer Exp 03/01/01 5.380 50,000 CP SRAC 03/05/01 6.120 50,000 CP GMAC 03/23/01 5.460 50,000 CP GMAC 03/23/01 5.460 50,000 CP GMAC 03/23/01 5.460 .50,000 CP GMAC 03/23/01 5.460 50,000 CP Heller 03/30/01 5.830 50,000 CP Heller 03/30/01 5.830 50,000 Treas Bills 11 /29/01 4.590 50,000 Treas Bills 11 /29/01 4.590 50,000 Treas Notes 4.750% 01 /31 /03 4.732 25,000 Treas Notes 4.750% 01 /31 /03 4.732 25,000 Treas Notes 4.750% 01 /31 /03 4.732 50,000 Treas Notes 4.750% 01 /31 /03 4.732 50,000 10 w� - � Viir :.: ,�' '�."'o 1 � m: '� 1t' ,�k, z - �:.,��, arc^ „�,.,�. �. � � _. a� r --r—• '�'--r . _.,.. . DOOLED M CCOUI�iTe•-K � �� _ , ,. t . , , �, • �' " `" ' �.� "�,E` d.t j�� �'wj •t 'j � .tAtK+.r _ v_.'�S� `t '�'s'.eX. Mh+N�:�:,�[ �« "S .,� 4 EFFECTIVE "' -' i....,Ct < . �. ..�w. is i • .. t �.. . , ; _ f t '.. �. c ,Y -, -�%� °'�,�.�° , w ,a .. _ .. ,�1ATC ors « �..� ...+ fl r :ii�.ii ^`id �• r7 "`« +. r V YIELD 02/20/01 REDEMPTIONS CP Amer Exp 02/20/01 5.420 50,000 7 52,694.44 5.501 CP Amer Exp 02/20/01 5.420 50,000 7 52,694.44 5.501 CP Household 02/20/01 5.460 50,000 7 53,083.33 5.541 CP Household 02/20/01 5.460 50,000 7 53,083.33 5.541 CP Amer Exp 02/20/01 5.450 50,000 15 113,541.67 5.538 CP Amer Exp 02/20/01 5.450 50,000 15 113,541.67 5.538 CP FMCC 02/20/01 5.450 50,000 15 113,541.67 5.538 CP FMCC 02/20/01 5.450 50,000 15 113,541.67 5.538 CP FMCC 02/20/01 5.450 50,000 15 113,541.67 5.538 CP FMCC 02/20/01 5.450 50,000 15 113,541.67 5.538 CP Citicorp 02/20/01 5.470 50,000 15 113,958.33 5.558 CP Citicorp 02/20/01 5.470 50,000 15 113,958.33 5.558 CP Citicorp 02/20/01 5.470 50,000 15 113,958.33 5.558 CP Citicorp 02/20/01 5.470 50,000 15 113,958.33 5.558 CP GECC 02/20/01 6.330 50,000 67 589,041.67 6.494 CP GECC 02/20/01 6.330 50,000 67 589,041.67 6.494 CP GECC 02/20/01 6.330 50,000 67 589,041.67 6.494 CP GECC 02/20/01 6.330 50,000 67 589,041.67 6.494 CP Assoc 02/20/01 6.485 50,000 111 999,770.83 6.709 CP Assoc 02/20/01 6.485 50,000 111 999,770.83 6.709 PURCHASES CD U/B Calif 5.500% 03/05/01 5.500 40,000 CP NCAT 02/21/01 5.530 20,000 CP NCAT 02/21 /01 5.530 50,000 CP Citicorp 02/21 /01 5.530 50,000 CP Citicorp 02/21 /01 5.530 50,000 CP Citicorp 02/21 /01 5.530 50,000 CP Citicorp 02/21 /01 5.530 50,000 CP Citicorp 02/21 /01 5.530 50,000 CP Citicorp 02/21 /01 5.530 50,000 CP Hertz 03/01 /01 5.410 25,000 CP Amer Exp 03/01/01 5.450 50,000 CP Amer Exp 03/01 /01 5.450 .50,000 CP FMCC 03/05/01 5.490 50,000 CP FMCC 03/05/01 5.490 50,000 CP GMAC 03/08/01 5.480 50,000 CP GMAC 03/08/01 5.480 50,000 CP GMAC 03/09/01 5.480 50,000 CP GMAC 03/09/01 5.480 50,000 Treas Bills 11 /29/01 4.603 50,000 Treas Bills 11 /29/01 4.603 50,000 Treas Notes 4.750% 01 /31 /03 4.732 50,000 Treas Notes 4.750% 01 /31 /03 4.732 50,000 Treas Notes 4.750% 01 /31 /03 4.732 50,000 11 POMP.W t � 02/20/01 PURCHASES (continued) Treas Notes Treas Notes Treas Notes 02/21/01 REDEMPTIONS CID NCAT CID NCAT CID . Citicorp CID Citicorp CID Citicorp CID Citicorp CID Citicorp CID Citicorp CID SRAC CID GECC CID GMAC CID GMAC CID GECC CID Country CID Amer Exp CID Amer Exp CID Household CID Amer Exp CID Amer Exp CID Amer Exp CID Amer Exp PURCHASES �..r:'mow �. rt ^a.• .«vna-..-�..rw.r{n... .. MATURITY TRANS< PAR.,.� DAYS AMOUNT EFFECTIVE 4.750% 01 /31 /03 4.732 50,000 4.750% 01 /31 /03 4.732 50,000 4.750% 01 /31 /03 4.732 50,000 02/21/01 5.530 20,000 1 3,072.22 5.607 02/21/01 5.530 50,000 1 7,680.56 5.607 02/21/01 5.530 50,000 1 7,680.56 5.607 02/21/01 5.530 50,000 1 7,680.56 5.607 02/21/01 5.530 50,000 1 7,680.56 5.607 02/21/01 5.530 50,000 1 7,680.56 5.607 02/21/01 5.530 50,000 1 7,680.56 5.607 02/21/01 5.530 50,000 1 7,680.56 5.607 02/21/01 6.000 50,000 7 58,333.33 6.090 02/21/01 5.460 40,000 8 48,533.33 5.542 02/21/01 5.400 50,000 8 60,000.00 5.481 02/21/01 5.400 50,000 8 60,000.00 5.481 02/21/01 5.460 50,000 8 60,666.67 5.542 02/21/01 5.480 41,941 20 127,687.04 5.573 02/21/01 5.430 50,000 20 150,833.33 5.522 02/21/01 5.430 50,000 20 150,833.33 5.522 02/21/01 5.440 50,000 20 151,111.11 5.532 02/21/01 5.430 50,000 21 158,375.00 5.522 02/21/01 5.430 50,000 21 158,375.00 5.522 02/21/01 5.430 50,000 21 158,375.00 5.522 02/21/01 5.430 50,000 21 158,375.00 5.522 CID Household 03/05/01 5.470 10,000 CID Amer Exp 03/05/01 5.460 50,000 CID Household 03/05/01 5.470 50,000 CID GECC 03/05/01 5.480 50,000 CID GECC 03/05/01 5.480 . 50,000 CID GECC 03/05/01 5.480 50,000 CID GECC 03/05/01 5.480 50,000 CID Salomon 03/05/01 5.490 50,000 CID Salomon 03/05/01 5.490 50,000 CID Salomon 03/05/01 5.490 50,000 CID Salomon 03/05/01 5.490 50,000 CID Heller 03/05/01 5.800 50,000 CID Amer Exp 03/06/01 5.460 50,000 CID SRAC 03/06/01 6.100 50,000 CP Amer Exp 03/08/01 5.460 50,000 CID. ConAgra 03/12/01 5.970 40,000 12 P 02/21/01 PURCHASES (continued) MTN B/A MTN Citicorp 02/22/01 REDEMPTIONS 6.850% 03/01 /03 7.125% 06/01 /03 5.800 19,870 5.770 6,965 EFFECTM YIF.LD CP Citicorp 02/22/01 5.410 50,000 6 45,083.33 5.490 CP Citicorp 02/22/01 5.410 50,000 6 45,083.33 5.490 CP Citicorp 02/22/01 5.410 50,000 6 45,083.33 5.490 CP Citicorp 02/22/01 5.410 50,000 6 45,083.33 5.490 CP Amer Exp 02/22/01 5.420 50,000 6 45,166.67 5.500 CP Amer Exp 02/22/01 5.420 50,000 6 45,166.67 5.500 CP GECC 02/22/01 5.460 50,000 9 68,250.00 5.543 CP GECC 02/22/01 5.460 50,000 9 68,250.00 5.543 CP GECC 02/22/01 5.460 50,000 9 68,250.00 5.543 CP GECC 02/22/01 5.460 50,000 9 68,250.00 5.543 CP SRAC 02/22/01 6.000 50,000 9 75,000.00 6.092 CP SRAC 02/22/01 6.000 50,000 9 75,000.00 6.092 PURCHASES CD U/B Calif 5.480% 03/09/01 5.480 50,000 CD U/B Calif 5.480% 03/09/01 5.480 50,000 CD U/B Calif 5.480% 03/09/01 5.480 50,000 CP Hertz 03/05/01 5.490 25,000 CP ConAgra 03/05/01 5.960 35,355 CP FMCC 03/05/01 5.470 50,000 CP FMCC 03/05/01 5.470 50,000 CP FMCC 03/05/01 5.470 50,000 CP FMCC 03/05/01 5.470 50,000 CP Amer Home 03/06/01 5.560 50,000 CP GECC 03/08/01 5.460 50,000 CP GECC 03/08/01 5.460 50,000 CP GECC 03/08/01 5.460 50,000 CP GECC 03/08/01 5.460 50,000 CP SRAC 03/08/01 6.080 50,000 CP SRAC 03/09/01 6.080 50,000 CP Salomon 03/12/01 5.470 40,000 CP Salomon 03/12/01 5.470 50,000 CP Salomon 03/12/01 5.470 50,000 02/23/01 REDEMPTIONS CP Heller 02/23/01 5.800 50,000 10 80,555.56 5.890 CP Heller 02/23/01 5.800 50,000 10 80,555.56 5.F 13 POOLED MONEY lNVESTMENiACCOUNT � r Fr4 �,y�a� RIM4 . _ .DESCRIPTION+ 02/23/01 PURCHASES CID Amer Exp 03/02/01 5.440 50,000 CID Amer Exp 03/05/01 5.440 50,000 CID Salomon 03/05/01 5.480 50,000 CID Salomon 03/05/01 5.480 50,000 CID Household 03/06/01 .5.450 20,000 CID GECC 03/06/01 5.440 50,000 CID GECC 03/06/01 5.440 50,000 CID Household 03/06/01 5.450 50,000 CID Salomon 03/06/01 5.480 50,000 CID Salomon 03/06/01 5.480 50,000 CID Heller 03/27/01 5.820 50,000 CID Heller 03/28/01 5.820 50,000 MTN GECC 6.810% 11/03/03 5.440 50,000 FNMA 5.750% 04/15/03 5.048 30,975 02/26/01 REDEMPTIONS r .. AMOUNT;' EFFECTIVE EARNED YIELD BN B/A 6.730% 02/26/01 6.730 50,000 200 1,869,444.44 6.823 BN B/A 6.730% 02/26/01 6.730 50,000 200 1,869,444.44 6.823 CD U/13 Calif 6.730% 02/26/01 6.730 50,000 193 1,804,013.89 6.823 CD U/B Calif 6.730% 02/26/01 6.730 50,000 193 1,804,013.89 6.823 CD Cr Agric 6.710% 02/26/01 6.710 10,000 194 361,594.44 6.803 CD Cr Agric 6.710% 02/26/01 6.710 50,000 194 1,807,972.22 6.803 CD Deutsche 6.710% 02/26/01 6.710 50,000 194 1,807,972.22 6.803 CD Bayer Ver 6.730% 02/26/01 6.725 50,000 194 1,812,061.00 6.818 MTN GMAC 5.400% 02/26/01 5.420 16,700 683 1,686,366.00 5.510 MTN GMAC 5.400% 02/26/01 5.750 36,300 725 4,107,708.00 5.794 PURCHASES CID GECC 02/27/01 5.470 25,000 CID GECC 02/27/01 5.470 50,000 CID CRC 03/02/01 5.450 25,000 CID CRC 03/02/01 5.450 50,000 CID ConAgra 03/05/01 5.860 50,000 CID Household 03/06/01 5.420 50,000 CID Household 03/06/01 5.420 50,000 CP Household 03/08/01 5.420 50,000 CID Salomon 03/08/01 5.490 50,000 CID Salomon 03/08/01 5.490 50,000 CID Amer Exp 03/09/01 5.420 50,000 CID Salomon 03/09/01 5.490 50,000 CID Salomon 03/09/01 5.490 50,000 CID Amer Exp 03/12/01 5.420 50,000 Disc Notes FHLMC 09/17/01 4.670 50,000 Disc Notes FHLMC 09/17/01 4.670 50,000 14 )OLED MONEY rtYF MOUNT- � EFFECTIVE rin owplum 12/26/01 PURCHASES (continued) Disc Notes FNMA 10/19/01 4.600 50,000 Disc Notes FNMA 10/19/01 4.600 50,000 Disc Notes FNMA 10/19/01 4.600 50,000 Disc Notes FNMA 10/19/01 4.600 50,000 2/27/01 REDEMPTIONS CP GECC 02/27/01 5.470 25,000 1 3,798.61 5.546 CP .GECC 02/27/01 5.470 50,000 1 7,597.22 5.546 NO PURCHASES 2/28/01 REDEMPTIONS BN B/A 6.620% 02/28/01 6.620 50,000 121 1,112,527.78 6.711 BN B/A 6.620% 02/28/01 6.620 50,000 121 1,112,527.78 6.711 BN B/A 6.620% 02/28/01 6.620 50,000 121 1,112,527.78 6.711 BN B/A 6.620% 02/28/01 6.620 50,000 121 1,112,527.78 6.711 CD World 5.490% 02/28/01 5.510 50,000 21 160,706.46 5.586 CD World 5.490% 02/28/01 5.510 50,000 21 160,706.46 5.586 CD World 5.490% 02/28/01 5.510 50,000 21 160,706.46 5.586 CD World 5.490% 02/28/01 5.510 50,000 21 160,706.46 5.586 CD Deutsche 6.550% 02/28/01 6.550 50,000 90 818,750.00 6.640 CD Deutsche 6.550% 02/28/01 6.550 50,000 90 818,750.00 6.640 CD Austria 6.630% 02/28/01 6.630 50,000 92 847,166.67 6.722 CD Austria 6.630% 02/28/01 6.630 50,000 92 847,166.67 6.722 CD Cr Agric 6.600% 02/28/01 6.600 50,000 135 1,237,500.00 6.691 CD Cr Agric 6.600% 02/28/01 6.600 50,000- 135 1,237,500.00 6.691 CD ANZ 6.610% 02/28/01 6.610 50,000 161 1,478,069.44 6.701 CD ANZ 6.610% 02/28/01 6.610 50,000 161 1,478,069.44 6.701 CD Bayer Lnds 6.610% 02/28/01 6.610 50,000 161 1,478,069.44 6.701 CD Bayer Lnds 6.610% 02/28/01 6.610 50,000 161 1,478,069.44 6.701 CD BNParis 6.610% 02/28/01 6.610 50,000 161 1,478,069.44 6.701 CD BNParis 6.610% 02/28/01 6.610 50,000 161 1,478,069.44 6.701 CD CIBC 6.700% 02/28/01 6.690 50,000 188 1,746,921.47 6.782 CD CIBC 6.700% 02/28/01 6.690 50,000 188 1,746,921.47 6.782 CP Salomon 02/28/01 5.470 50,000 12 91,166.67 5.556 CP Salomon 02/28/01 5.470 50,000 12 91,166.67 5.556 CP Country 02/28/01 5.530 37,984 13 75,851.94 5.618 CP Amer Exp 02/28/01 5.420 50,000 13 97,861.11 5.506 CP Amer Exp 02/28/01 5.420 50,000 13 97,861.11 5.506 CP Amer Exp 02/28/01 5.420 50,000 13 97,861.11 5.506 CP Amer Exp 02/28/01 5.420 50,000 13 97,861.11 5.506 CP Bear 02/28/01 5.520 41,000 28 176,026.67 5.620 CP Bear 02/28/01 5.520 50,000 28 214,666.67 5.620 CP Salomon 02/28/01 5.540 50,000 30 230,833.33 5.642 15 POOLED AAONEY !N1/S?'MENT ACCOUNT =' F "K °� " `; fi_ _: p �� :<, y' 'f' `K't. .xCi yo... ","':. S +.: gab.. rr,iA•m �L .1>9:s. ,s31.. x`.�,.�.f-:; .,x »*:;. x �r<„ . a ' u> •w�p.,�...,�`L t � ;� ,� "•°+"`�' �, ` r s"� �i�, K � � �� �s'� -, ��� ` x s �* MiY :, .��#fwa�1°' :,yt " ..:i. .�."" e•s� 3e �"i'a"3iV ,.. �S a �$.,.: ��x �a' , a� "'�"nbsw,�. q�• n°r x S.r ��& � a��.,t^� ��?w .�.c :-.�; � .�-� ,y «w 4. `' x� t _ MATURITY TRANS ` P -Yr DAYS- AMOUNT 'EFFECTIVE . } v�'a::rX;.a«va ._�'i 's a w .:e 3kes - n • ive s ns� i�.i � >'.IiP� s'�" ., ri�iiiii�� •s+x �"sR ;?•�k�> x .«.<.��i•5•"'� �'+.�.wy� w�ro•c«� �,y�L,IC� f1...�„�,w.s .,�� :� 02/28/01 REDEMPTIONS (continued) CID Salomon 02/28/01 5.540 50,000 30 230,833.33 5.642 CID Salomon 02/28/01 5.540 50,000 30 230,833.33 5.642 CID Salomon 02/28/01 5.600 40,000 34 211,555.56 5.707 CID Country 02/28/01 5.730 50,000 50 397.,916.67 5.856 CID Household 02/28/01 6.320 50,000 71 623,222.22 6.488 CID Household 02/28/01 6.320 50,000 71 623,222.22 6.488 CID FMCC 02/28/01 6.380 50,000 72 638,000.00 6.552 CID FMCC 02/28/01 6.380 50,000 72 638,000.00 6.552 CID FMCC 02/28/01 6.380 50,000 72 638,000.00 6.552 CID FMCC 02/28/01 6.380 50,000 72 638,000.00 6.552 CID Morg Stan 02/28/01 6.400 50,000 75 666,666.67 6.576 CID Morg Stan 02/28/01 6.400 50,000 75 666,666.67 6.576 CID Morg Stan 02/28/01 6.400 50,000 75 666,666.67 6.576 CID Morg Stan 02/28/01 6.400 50,000 75 666,666.67 6.576 CID GECC 02/28/01 6.330 30,000 76 400,900.00 6.504 CID GECC 02/28/01 6.330 50,000 76 668,166.67 6.504 CID GECC 02/28/01 6.330 50,000 76 668,166.67 6.504 CID Salomon 02/28/01 6.360 50,000 83 733,166.67 6.544 CID Salomon 02/28/01 6.360 50,000 83 733,166.67 6.544 CID SRAC 02/28/01 7.100 50,000 85 838,194.44 7.321 CID GECC 02/28/01 6.440 50,000 121 1,082,277.78 6.673 CID GECC 02/28/01 6.440 50,000 121 1,082,277.78 6.673 CID FMCC 02/28/01 6.400 50,000 126 1,120,000.00 6.637 CID FMCC 02/28/01 6.400 50,000 126 1,120,000.00 6.637 CID GECC 02/28/01 6.400 50,000 126 1,120,000.00 6.637 CID GECC 02/28/01 6.400 50,000 126 1,120,000.00 6.637 CID Assoc 02/28/01 6.400 50,000 128 1,137,777.78 6.639 CID Assoc 02/28/01 6.400 50,000 128 1,137,777.78 6.639 CID W/F 02/28/01 6.420 50,000 132 1,177,000.00 6.666 CID W/F 02/28/01 6.4.20 50,000 132 1,177,000.00 6.666 CID Assoc 02/28/01 6.430 50,000 132 1,178,833.33 6.676 CID Assoc 02/28/01 6.430 50,000 132 1,178,833.33 6.676 CID GMAC 02/28/01 6.430 50,000 135 1,205,625.00 6.680 CP GMAC 02/28/01 6.430 50,000 135 1,205,625.00 6.680 CID GMAC 02/28/01 6.430 50,000 135 1,205,625.00 6.680 CID GMAC 02/28/01 6.430 50,000 135 1,205,625.00 6.680 NO PURCHASES f 16 al The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes, and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export Import Notes (EXIM), Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan. Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), P ederal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (MTN). b-/ Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. _q/ Repurchase Agreement. _d/ Par amount of securites purchased, sold, or redeemed. _e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. _i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 17 NAME AGOURA HILLS Pacific Crest Bank Pacific Crest Bank ALHAMBRA Grand National Bank Grand National Bank Grand National Bank Grand National Bank Grand National Bank Omni Bank Omni Bank Omni Bank Mid -State Bank Mid -State Bank Mid -State Bank Mid -State Bank Mid -State Bank BEVERLY HILLS City National Bank City National Bank City National Bank City National Bank City National Bank CAMARILLO Camarillo Community Bank CHICO North State National Bank North State National Bank North State National Bank North State National Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT SATE 10/04/00 6.330 8,000,000.00 04/02/01 12/01 /00 6.240 5,000,000.00 06/01 /01 02/16/01 5.110 3,000,000.00 05/17/01 09/06/00 6.300 3,000,000.00 05/31 /01 06/23/00 6.170 1,000,000.00 06/25/01 07/14/00 6.120 2,000,000.00 07/13/01 01 /16/01 5.240 3,095,000.00 07/13/01 12/04/00 6.260 6,000,000.00 03/05/01 01 /29/01 5.150 1,300,000.00 07/27/01 02/26/01 4.830 2,000,000.00 08/24/01 09/19/00 6.230 5,000,000.00 03/19/01 10/16/00 6.220 5,000,000.00 04/16/01 01 /10/01 5.210 5,000,000.00 05/24/01 01 /10/01 5.150 5,000,000.00 06/21 /01 01 /12/01 5.110 5,000,000.00 07/13/01 09/15/00 6.200 20,000,000.00 03/16/01 10/16/00 6.250 25,000,000.00 04/16/01 09/29/00 6.220 50,000,000.00 06/05/01 02/08/01 4.960 25,000,000.00 08/20/01 02/28/01 4.740 20,000,000.00 09/05/01 02/21 /01 5.040 3,000,000.00 05/22/01 09/01 /00 6.410 1,500,000.00 03/02/01 04/06/00 6.170 1,000,000.00 04/06/01 04/07/00 6.170 1,000,000.00 04/06/01 01 /05/01 5.390 3,000,000.00 04/06/01 18 DEPOSIT PAR MATURITY NAME DATE YIELD MOUNT, DATE CHICO (continued) North State National Bank 02/23/01 4.890 1,000,000.00 10,000,000.00 09/07/01 03/06/01 Tri Counties Bank 12/05/00 12/12/00 6.190 6.080 10,000,000.00 03/14/01 Tri Counties Bank 12119l00 5.950 10,000,000.00 03/21 /01 Tri Counties Bank 01 /08/01 5.180 10,000,000.00 04/10/01 Tri Counties Bank CH Ut-A VISTA North Island Federal Credit Union 09/15/00 6.240 20,000,000.00 20, 000,000.00 03/14/01 /01 North Island Federal Credit Union 02/26/01 4.970 6.030 20,000,000.00 06/13/01 North Island Federal Credit Union 12/15/00 CITY OF INDUSTRY EverTrust Bank 10/16/00 6.210 3,000,000.00 2,000,000.00 04/27/01 06/15l01 EverTrust Bank 12/21 /00 12/11 /00 5.930 6.040 4,000,000.00 06/15/01 EverTrust Bank 07/18l00 6.110 3,000,000.00 07/18/01 EverTrust Bank CONCORD CA State 9 Credit Union 02/20/01 5.090 10,000,000.00 05/23/01 DUARTE Western State Bank 02/15/01 5.040 1,000,000.00 08/14/01 08/27/01 Western State Bank 02/22/01 4.970 2,000,000.00 DUBLIN Operating Engineers FCU 01 /19/01 5.310 5,000,000.00 04/19/01 05/29/01 Operating Engineers FCU 02/20/01 5.050 5,000,000.00 05/29/01 Operating Engineers FCU 11 /30/00 6.310 5,000,000.00 FL CENTRO Valley Independent Bank 01 /29/01 5.200 5,000,000.00 Valley Independent Bank 10/31 /00 6.410 15,000,000.00 04/30/01 1 /01 Valley Independent Bank 05/15/00 6.410 3,750,000 000 Valley Independent Bank 02/15/01 5.080 3,750,000 0 05/15/01 /01 19 !.TAME EL SEGUNDO Xerox Federal Credit Union Xerox Federal Credit Union Xerox Federal Credit Union FRE.SNO United Security Bank United Security Bank FULLERTON Fullerton Community Bank Fullerton Community Bank G ENDA E California Credit Union Verdugo Banking Company First Bank and Trust Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank South Western FCU TIME DEPOSITS DEPOSIT PAR DATE YIELD AMOUNT (�) 11 /14/00 6.390 5,000,000.00 02/13/01 5.090 15,000,000.00 12/05/00 6.180 7,000,000.00 11 /15/00 6.390 10,000,000.00 01 /30/01 5.050 15,000,000.00 11 /21 /00 6.390 9,000,000.00 01 /19/01. 5.160 8,000,000.00 02/27/01 4.930 20,000,000.00 01 /05/01 5.240 5,000,000.00 02/26/01 4.830 1,000,000.00 06/22/00 6.010 20,000,000.00 08/10/00 6.210 18,000,000.00 08/17/00 6.240 25,000,000.00 11 /16/00 6.360 25,000,000.00 12/07/00 6.130 26,000,000.00 01 /18/01 5.380 20,000,000.00 02/01 /01 5.010 58,000,000.00 02/22/01 5.050 125,000,000.00 10/10/00 6.370 3,000,000.00 MATURITY DAIS 05/14/01 05/14/01 06/04/01 05/14/01 07/31 /01 05/21 /01 07/18/01 05/31 /01 07/05/01 08/27/01 03/01 /01 03/08/01 03/08/01 04/05/01 04/05/01 04/19/01 05/02/01 05/02/01 04/10/01 20 DEPOSIT PAR MATURITY - NAME DATE YIELD AMOUNT CIE LA MESA Borrego Springs Bank 12/12/00 6.110 1,000,000.00 03/14/01 Borrego Springs Bank 01 /29/01 5.330 1,000,000.00 04/30/01 Silvergate Bank 02/09/01 5.130 5,000,000.00 05/10/01 NA HILLS LAGUNA Antelope Valley Bank 12/08/00 6.140 3,000,000.00 03/08/01 Antelope Valley Bank 02/22/01 5.040 2,000,000.00 05/23/01 Eldorado Bank 12/14/00 6.110 25,000,000.00 03/14/01 Eldorado Bank 01 /22/01 5.280 20,000,000.00 04/25/01 Eldorado Bank 02/20/01 5.080 20,000,000.00 05/23/01 Lake Community Bank 12/28/00 5.830 2,000,000.00 03/28/01 Farmers & Merchant Bk Cen CA 01 /04/01 5.960 10,000,000.00 04/06/01 Broadway Federal Bank 10/02/00 6.310 2,500,000.00 04/09/01 Broadway Federal Bank 01/08/01 5.060 2,500,000.00 07/09/01 California Center Bank 01 /04/01 5.660 10,000,000.00 07/03/01 California Chohung Bank 01/05/01 5.210 1,500,000.00 07/03/01 California Chohung Bank 01 /17/01 5.240 1,000,000.00 07/18/01 Cathay Bank 12/05/00 6.190 30,000,000.00 03/05/01 Cathay Bank 12/18/00 6.070 9,000,000.00 03/21 /01 Cathay Bank 12/27/00 5.690 10,000,000.00 03/30/01 Cathay Bank 10/13/00 6.280 19,1000,000.00 04/13/01 Eastern International Bank 11/06/00 6.420 900,000.00 05/07/01 Eastern International Bank 12/14/00 6.080 1,000,000.00 06/12/01 General Bank 12/08/00 6.150 25,000,000.00 03/08/01 General Bank 02/06/01 5.100 15,000,000.00 05/09/01 General Bank 02/27/01 4.890 10,000,000.00 05/30/01 General Bank 01/19/01 5.140 7,000,000.00 07/20/01 General Bank 01 /25/01 5.170 8,000,000.00 07/20/01 General Bank 01 /25/01 5.170 20,000,000.00 07/30/01 General Bank 02/06/01 4.940 15,000,000.00 08/07/01 21 DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE LOS ANES (continued) Hanmi Bank 01 /02/01 5.790 25,000,000.00 04/02/01 Hanmi Bank 10/13/00 6.260 25,000,000.00 04/16/01 Hanmi Bank 02/27/01 4.880 25,000,000.00 05/31 /01 Manufacturers Bank 12/04/00 6.260 10,000,000.00 03/05/01 Manufacturers Bank 09/11 /00 6.290 10,000,000.00 03/12/01 Manufacturers Bank 12/21 /00 5.910 10,000,000.00 03/21 /01 Manufacturers Bank 12/21 /00 5.910 10,000,000.00 03/21 /01 Manufacturers Bank 02/05/01 5.070 10,000,000.00 05/07/01 Marathon National Bank 02/05/01 4.930 2,000,000.00 08/06/01 Mellon First Business Bank 12/27/00 5.760 25,000,000.00 03/27/01 Mellon First Business Bank 01 /19/01 5.130 25,000,000.00 07/18/01 Mercantile National Bank 02/13/01 5.080 2,000,000.00 05/14/01 Preferred Bank 12/18/00 6.050 9,000,000.00 03/19/01 Preferred Bank 12/11 /00 6.050 9,000,000.00 06/11 /01 Preferred Bank 01/16/01 5.250 6,000,000.00 07/16/01 Preferred Bank 02/13/01 4.950 4,000,000.00 08/13/01 Preferred Bank 02/26/01 4.810 7,000,000.00 08/27/01 Sae Han Bank 10/17/00 6.260 3,000,000.00 04/16/01 State Bank of India (Calif) 12/14/00 6.060 1,500,000.00 06/12/01 State Bank of India (Calif) 11/07/00 6.330 2,000,000.00 06/12/01 State Bank of India (Calif) 06/12/00 6.230 2,000,000.00 06/12/01 State Bank of India (Calif) 01/19/01 5.130 2,000,000.00 07/18/01 State Bank of India (Calif) 11 /30/00 6.150 2,000,000.00 08/27/01 Western Federal Credit Union 10/24/00 6.340 25,000,000.00 04/24/01 Wilshire State Bank 03/17/00 6.230 4,000,000.00 03/19/01 Wilshire State Bank 04/18/00 6.090 5,000,000.00 04/18/01 Wilshire State Bank 05/17/00 6.370 2,000,000.00 05/17/01 Wilshire State Bank 06/07/00 6.290 2,000,000.00 06/07/01 Wilshire State Bank 01/12/01 5.130 4,000,000.00 07/13/01 Wilshire State Bank MANTECA 08/31/00 6.290 4:000,000.00 08/31/01 Delta National Bank MERCED 02/22/01 5.080 29000,000.00 05/23/01 County Bank 12/11 /00 6.100 5,000,000.00 03/09/01 County Bank 03/09/00 6.200 5,000,000.00 03/09/01 County Bank 10/17/00 6.280 5,000,000.00 04/20/01 22 NAME MERDFD (continued) County Bank MONTEREY PARK Trust Bank FSB Trust Bank FSB Safe Credit Union Safe Credit Union NORWALK Cerritos Valley Bank OAKDALE Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank ONTARHO Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank TIME DEPOSITS DEPOSIT DATE YIELD PAR MATURITY AMOUNT DATE 01 /18/01 5.280 5,000,000.00 07/20/01 10/02/00 6.330 4,000,000.00 04/02/01 01 /02/01 5.770 2,000,000.00 07/02/01 01 /17/01 5.250 5,000,000.00 07/16/01 02/02/01 4.810 20,000,000.00 08/01 /01 10/05/00 6.340 1,000,000.00 04/03/01 08/21 /00 6.360 500,000.00 03/23/01 03/24/00 6.230 1,000,000.00 03/23/01 09/29/00 6.240 1,500,000.00 06/05/01 10/31 /00 6.390 2,500,000.00 07/09/01 02/05/01 4.930 500,000.00 09/05/01 03/08/00 6.240 5,000,000.00 03/08/01 12/07/00 6.110 20,000,000.00 03/08/01 12/15/00 6.090 10,000,000.00 03/26/01 09/20/00 6.240 10,000,000.00 03/26/01 09/18/00 6.230 10,OOU,000.00 03/26/01 01 /12/01 5.340 5,000,000.00 04/05/01 10/05/00 6.330 20,000,000.00 04/05/01 11 /06/00 6.410 10,000,000.00 05/07/01 02/09/01 5.020 10,000,000.00 08/22/01 02/15/01 5.000 20,000,000.00 08/22/01 Bank of Petaluma 02/07/01 4.990 23 1,000,000.00 08/06/01 11 9 DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE PALO ALTO (continued) Bank of Santa Clara 03/17/00 6.230 2,000,000.00 03/19/01 Bank of Santa Clara 12/06/00 6.170 20,000,000.00 06/04/01 Bay Area Bank 11/02/00 6.390 5,000,000.00 05/02/01 Bay Area Bank 01 /22/01 5.240 5,000,000.00 07/25/01 Bay Bank of Commerce 11/02/00 6.390 5,000,000.00 05/02/01 Coast Commercial Bank 10/18/00 6.310 5,000,000.00 04/16/01 Coast Commercial Bank 12/11/00 6.070 20,000,000.00 06/11/01 Cupertino National Bank 10/26/00 6.380 10,000,000.00 04/24/01 Cupertino National Bank 11/02/06 6.390 10,000,000.00 05/02/01 Cupertino National Bank 11/02/00 6.390 25,000,000.00 05/02/01 Cupertino National Bank 12/01/00 6.250 20,000,000.00 06/01/01 Cupertino National Bank 12/18/00 6.030 10,000,000.00 06/19/01 Golden Gate Bank 12/01/00 6.250 9,000,000.00 06/01/01 Mid -Peninsula Bank 09/20/00 6.230 10,000,000.00 03/19/01 Mid -Peninsula Bank 11/02/00 6.390 15,000,000.00 05/02/01 Mid -Peninsula Bank 11/02/00 6.390 20,000,000.00 05/02/01 Mid -Peninsula Bank 12/01/00 6.250 5,000,000.00 06/01/01 Peninsula Bank of Commerce 12/11/00 6.070 15,000,000.00 06/11/01 Malaga Bank 09/26/00 6.270 2,000,000.00 06/04/01 Malaga Bank PASADENA 01 /19/01 5.160 2,000,000.00 07/25/01 Community Bank 10/27/00 6.350 5,000,000.00 04/25/01 Community Bank 12/08/00 6.080 5,000,000.00 06/22/01 Community Bank 06/22/00 6.110 5,000,000.00 06/22/01 Community Bank 12/15/00 6.000 10,000,000.00 06/22/01 Community Bank 01 /12/01 5.160 20,000,000.00 07/11 /01 Community Bank 08/11/00 6.190 15,000,000.00 08/13/01 Courts and Records FCU 12/13/00 6.120 2,000,000.00 03/13/01 Wescom Credit Union 11/16/00 6.410 10,000,000.00 05/15/01 Wescom Credit Union PETALUMA 01 /29/01 5.170 15,000,000.00 07/30/01 Bank of Petaluma 02/07/00 6.050 2,500,000.00 06/05/01 24 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE PICO RIVERA Pacific Western National Bank 11 /30/00 6.320 1,000,000.00 05/29/01 PiLACERVILLE El Dorado Savings 15ank 03/22/00 6.250 5,000,000.00 El Dorado Savings Bank 04/13/00 6.150 5,000,000.00 03/23/01 El Dorado Savings Bank 05/02/00 6.180 5,000,000.00 2/01 El Dorado Savings Bank 06/16/00 6.150 5,000,000.00 05/ 01 El Dorado Savings Bank 02/08/01- 4.770 5,000,000.00 02/08/02 POMQm PFF Bank and Trust 03/10/00 6.450 10,000,000.00 03/09/01 PFF Bank and Trust 12/01/00 6.350 8,000,000.00 08/28/01 PORTERVILLE Bank of the Sierra 01 /24/01 5.100 10,000,000.00 07/25/01 QUINCY Plumas Bank 12/12/00 6.080 2,000,000.00 03/13/01 Plumas Bank 12/12/00 6.060 2,000,000.00 06/12/01 RANCHO SANTA FE La Jolla Bank, FSB 09/26/00 6.310 10,000,000.00 03/26/01 La Jolla Bank, FSB 11 /28/00 6.380 15,000,000.00 05/25/01 La Jolla Bank, FSB 02/07/01 4.990 15,000,000.00 08/06/01 RED BLUFF Tehama Bank 09/08/00 6.300 4,000,000.00 06/01 /01 Tehama Bank 01 /05/01 5.210 5,000,000.00 07/03/01 North Valley Bank 09/18/00 6.230 3,000,000.00 03/19/01 25 DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT (S) DATE Provident Central Credit Union 11/03/00 6.390 20,000,000.00 05/04/01 Mechanics Bank 03/07/00 6.230 10,000,000.00 03/07/01 Mechanics Bank 04/04/00 6.260 10,000,000.00 04/06/01 Mechanics Bank 04/25/00 6.080 10,000,000.00 04/25/01 Mechanics Bank 05/05/00 6.190 10,000,000.00 05/07/01 Mechanics Bank 06/12/00 6.230 10,000,000.00 06/12/01 Mechanics Bank 08/11/00 6.190 10,000,000.00 08/13/01 Mechanics Bank 10/13/00 5.980 10,000,000.00 10/12/01 American River Bank 09/26/00 6.300 3,000,000.00 03/26/01 American River Bank 12/27/00 5.680 1,000,000.00 04/06/01 American River Bank 10/02/00 6.310 1,000,000.00 04/17/01 American River Bank 06/26/00 6.180 1,000,000.00 06/26/01 American River Bank 01 /11 /01 5.190 1,500,000.00 07/10/01 American River Bank 01 /11 /01 5.100 1,500,000.00 10/12/01 Bank of Sacramento 03/03/00 6.290 500,000.00 03/05/01 Bank of Sacramento 02/16/01 5.140 1,000,000.00 05/17/01 Bank of Sacramento 12/28/00 5.770 1,000,000.00 06/26/01 Golden One Credit Union 03/24/00 6.180 20,000,000.00 03/23/01 Golden One Credit Union 10/27/00 6.360 10,000,000.00 04/25/01 Golden One Credit Union 06/08/00 6.230 20,000,000.00 06/08/01 Merchants National Bank 10/24/00 6.330 2,000,000.00 04/23/01 Merchants National Bank 01 /22/01 5.100 2,000,000.00 07/23/01 River City Bank 10/27/00 6.380 3,000,000.00 04/25/01 River City Bank 02/26/01 4.960 2,000,000.00 05/29/01 River City Bank 01/04/01 5.510 2,000,000.00 07/03/01 Sanwa Bank of California 07/26/00 6.290 5,000,000.00 07/26/01 Sanwa Bank of California 02/09/01 5.010 7,000,000.00 07/26/01 Sanwa Bank of California 01/10/01 5.120 10,000,000.00 07/26/01 Sanwa Bank of California 02/23/01 4.890 60,000,000.00 09/07/01 U.S. Bank 02/07/01 4.990 25,000,000.00 08/07/01 Union Bank of California 09/25/00 6.240 100,000,000.00 03/26/01 Union Bank of California 10/24/00 6.330 50,000,000.00 04/23/01 Union Bank of California 10/31/00 6.390 100,000,000.00 04/30/01 Union Bank of California 11 /14/00 6.360 50,000,000.00 05/15/01 26 DEPOSIT PAR MATURITY NAME DATE YIELD AM(S) DATE SACRA_MENTO (continued) Union Bank of California 11 /21 /00 6.360 100,000,000.00 05/21 /01 SAN BERNARDINO Business Bank of California 01 /11 /01 5.180 8,000,000.00 07/10/01 Business Bank of California 02/05/01 4.940 12,000,000.00 08/06/01 SAN DIEGO First United Bank 12/01 /00 6.200 1,500,000.00 06/01 /01 First United Bank 06/21 /00 6.110 1,500,000.00 06/21 /01 First United Bank 02/16/01 4.950 1,000,000.00 02/15/02 Mission Federal Credit Union 01 /11 /01 5.330 10,000,000.00 04/30/01 Mission Federal Credit Union 11/30/33 6.330 10,000,000.00 05/25/01 Neighborhood National Bank 11 /21 /00 6.380 1,000,000.00 05/22/01 Neighborhood National Bank 02/09/01 5.020 1,000,000.00 08/24/01 Santel Federal Credit Union 12/05/00 6.170 5,000,000.00 03/05/01 Santel Federal Credit Union 12/05/00 6.150 5,000,000.00 06/04/01 Santel Federal Credit Union 12/21 /00 5.860 3,000,000.00 06/22/01 Scripps Bank 12/12/00 6.090 25,000,000.00 03/14/01 SAN FRANCISCO Bank of Canton California 09/13/00 6.220 5,000,000.00 05/22/01 Bank of Canton California 05/22/00 6.230 10,000,000.00 05/22/01 Bank of Canton California 11/03/00 6.360 5,000,000.00 06/15/01 Bank of Canton California 11 /02/00 6.360 5,000,000.00 06/15/01 Bank of Canton California 11/09/00 6.380 10,000,000.00 06/15/01 Bank of Canton California 01 /12/01 5.190 10,000,000.00 07/16/01 Bank of Canton California 01 /12/01 5.190 15,000,000.00 07/16/01 Bank of Canton California 09/01 /00 6.260 20,000,000.00 08/31 /01 Bank of Canton California 02/09/01 4.960 10,000,000.00 09/10/01 Bank of Canton California 02/05/01 4.910 10,000,000.00 09/10/01 Bank of the West 04/14/00 6.170 50,000,000.00 04/16/01 Bank of the West 05/01 /00 6.140 25,000,000.00 04/27/01 Bank of the West 04/28/00 6.140 51,500,000.00 04/27/01 Bank of the West 05/05/00 6.190 25,000,000.00 05/04/01 Bank of the West 05/16/00 6.400 25,000,000.00 05/18/01 Bank of the West 05/25/00 6.230 142,000,000.00 05/25/01 Bank of the West 07/03/00 6.080 34,000,000.00 07/06/01 27 DEPOSIT PAR MATURITY NAME DAIS YIELD AMOUNT DATE SAN FRANCISCO (continued) Bank of the West 01 /08/01 5.040 50,000,000.00 07/09/01 Bank of the West 02/23/01 4.890 50,000,000.00 08/24/01 California Federal Bank 01 /17/01 5.360 100,000,000.00 04/19/01 California Federal Bank 02/21/01 5.080 50,000,000.00 05/24/01 California Federal Bank 01 /05/01 5.210 8,000,000.00 07/06/01 California Pacific Bank 09/20/00 6.220 1,000,000.00 03/19/01 California Pacific Bank 12/19/00 5.920 1,000,000.00 06/18/01 California Pacific Bank 02/20/01 4.980 2,000,000.00 08/20/01 Millennium Bank 01/29/01 5.230 1,000,000.00 04/30/01 Millennium Bank 11 /28/00 6.400 1,000,000.00 05/30/01 Millennium Bank 10/31/00 6.410 2,000,000.00 07/02/01 Oceanic Bank 03/07/00 6.230 2,000,000.00 03/15/01 Oceanic Bank 03/15/00 6.210 2,000,000.00 03/15/01 Trans Pacific National Bank 03/17/00 6.250 800,000.00 03/19/01 United Commercial Bank 03/20/00 6.240 25,000,000.00 03/20/01 United Commercial Bank 10/06/00 6.320 30,000,000.00 04/04/01 United Commercial Bank 12/07/00 6.050 10,000,000.00 06/05/01 United Commercial Bank 02/06/01 4.940 20,000,000.00 07/31 /01 United Commercial Bank 01/22/01 5.140 20,000,000.00 07/31/01 United Commercial Bank 01/12/01 5.090 10,000,000.00 08/31/01 United Commercial Bank 09/01/00 6.320 20,000,000.00 08/31/01 Heritage Bank of Commerce 02/16/01 5.060 2,000,000.00 08/17/01 Meriwest Credit Union 10/10/00 6.380 8,000,000.00 04/09/01 Meriwest Credit Union 01/22/01 5.270 14,000,000.00 04/23/01 Meriwest Credit Union 02/07/01 4.980 8,000,000.00 08/10/01 Santa Clara Co. Fed. C.U. 02/06/01 4.950 15,000,000.00 08/07/01 First Bank of San Luis Obispo 12/18/00 6.070 5,000,000.00 03/19/01 First Bank of San Luis Obispo 10/23/00 6.330 1,000,000.00 04/20/01 First Bank of San Luis Obispo 02/09/01 5.120 2,000,000.00 05/10/01 First Bank of San Luis Obispo 01/08/01 5.050 1,000,000.00 07/09/01 First Bank of San Luis Obispo 01 /30/01 5.050 3,600,000.00 07/30/01 First Bank of San Luis Obispo 02/20/01 5.000 2,500,000.00 08/24/01 Mission Community Bank 09/12/00 6.280 1,000,000.00 03/12/01 Mission Community Bank 01 /12/01 5.280 500,000.00 04/12/01 28 DEPOSIT PAR MATURITY DATE YIELD AMOUNT DATE SAN LUIS OBISPO (continued) Mission Community Bank 01 /10/01 5.280 1,000,000.00 04/12/01 Mission Community Bank 12/11 /00 6.070 1,000,000.00 06/12/01 San Luis Trust Bank 01 /08/01 5.180 350,000.00 04/09/01 San Luis Trust Bank 02/15/01 5.070 1,000,000.00 04/09/01 San Luis Trust Bank 01 /31 /01 5.060 1,000,000.00 05/01 /01 SAN MARINO East West Federal Bank 01/05/OT 5.390 12,000,000.00 04/05/01 East West Federal Bank 05/04/00 6.200 35,000,000.00 05/04/01 East West Federal Bank 11 /13/00 6.390 38,000,000.00 05/18/01 East West Federal Bank 02/01 /01 4.960 35,000,000.00 05/30/01 East West Federal Bank 02/28/01 4.810 30,000,000.00 06/04/01 SAN RAFAEL Westamerica Bank 09/19/00 6.220 25,000,000.00 03/22/01 Westamerica Bank 04/18/00 6.080 25,000,000.00 04/18/01 Westamerica Bank 01 /30/01 5.160 50,000,000.00 04/30/01 Westamerica Bank 05/15/00 6.400 50,000,000.00 05/15/01 Westamerica Bank 10/25/00 6.330 25,000,000.00 07/13/01 Westamerica Bank 07/14/00 6.080 25,000,000.00 07/13/01 SAN RAMON EBTEL Federal Credit Union 10/06/00 6.340 1,750,000.00 04/04/01 EBTEL Federal Credit Union 01 /05/01 5.280 1,000,000.00 05/18/01 EBTEL Federal Credit Union 01 /05/01 5.230 750,000.00 06/22/01 SANTA 13ARBARA FNB of Central California 09/07/00 6.310 10,000,000.00 03/06/01 FNB of Central California 10/18/00 6.270 10,000,000.00 04/17/01 FNB of Central California 08/07/00 6.350 10,000,000.00 05/01/01 FNB of Central California 01 /08/01 5.040 10,000,000.00 07/09/01 FNB of Central California 01 /18/01 5.270 5,000,000.00 07/23/01 Los Robles Bank 01 /31 /01 4.990 6,000,000.00 07/27/01 Santa Barbara Bank & Trust 08/11 /00 6.210 10,000,000.00 03/09/01 Santa Barbara Bank & Trust 09/08/00 6.330 10,000,000.00 04/06/01 Santa Barbara Bank & Trust 10/10/00 6.340 10,000,000.00 05/03/01 29 DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE SANTA BARBARA (continued) Santa Barbara Bank & Trust 06/09/00 6.260 10,000,000.00 06/08/01 Santa Barbara Bank & Trust 01 /10/01 5.110 10,000,000.00 07/06/01 Santa Barbara Bank & Trust 01 /10/01 5.110 .10,000,000.00 07/06/01 Santa Barbara Bank & Trust 07/07/00 6.080 10,000,000.00 07/06/01 Santa Barbara Bank & Trust SANTA CLARITA 01 /22/01 5.120 10,000,000.00 07/27/01 Valencia Bank & Trust 09/22/00 6.230 1,000,000.00 03/21/01 Valencia Bank & Trust 09/22/00 6.230 3,000,000.00 03/21/01 Community First Credit Union 01/04/01 5.990 2,000,000.00 04/04/01 National Bank of the Redwoods 10/30/00 6.390 10,000,000.00 04/30/01 National Bank of the Redwoods 02/01/01 4.900 5,000,000.00 07/31/01 Redwood Credit Union 09/06/00 6.350 17,000,000.00 03/05/01 Pacific State Bank 10/16/00 6.270 1,000,000.00 04/16/01 Pacific State Bank 01 /12/01 5.190 1,000,000.00 07/11 /01 Union Safe Deposit Bank 03/15/00 6.260 10,000,000.00 03/15/01 Union Safe Deposit Bank 04/13/00 6.200 10,000,000.00 04/13/01 Union Safe Deposit Bank 11/09/00 6.430 10,000,000.00 05/08/01 Union Safe Deposit Bank 01 /16/01 5.290 5,000,000.00 07/16/Oi Union Safe Deposit Bank 01/19/01 5.180 10,000,000.00 07/26/01 Union Safe Deposit Bank 02/05/01 4.850 10,000,000.00 08/07/01 Union Safe Deposit Bank 02/21/01 5.010 10,000,000.00 08/22/01 Washington Mutual Bank 09/15/00 6.180 30,000,000.00 03/14/01 Washington Mutual Bank 10/27/00 6.360 30,000,000.00 05/01/01 Washington Mutual Bank 11/13/00 6.380 30,000,000.00 06/01/01 Washington Mutual Bank 12/28/00 5.690 15,000,000.00 06/26/01 Washington Mutual Bank 01/23/01 5.200 30,0000000.00 07/24/01 Washington Mutual Bank 02/22/01 4.940 30,000,000.00 08/23/01 Asiana Bank 01 /04/01 5.890 1,500,000.00 04/06/01 30 DEPOSIT PAR MATURITY NAME DATE YIELD AM(S) DATE TORRANCE China Trust Bank (USA) 12/04/00 6.260 20,000,000.00 03/05/01 China Trust Bank (USA) 12/13/00 6.100 5,000,000.00 03/13/01 China Trust Bank (USA) 01 /04/01 5.950 10,000,000.00 04/23/01 China Trust Bank (USA) 10/23/00 6.330 15,000,000.00 04/23/01 China Trust Bank (USA) 02/16/01 5.090 10,000,000.00 05/18/01 China Trust Bank (USA) 02/13/01 5.080 10,000,000.00 05118/01 South Bay Bank 08/28/00 6.390 3,000,000.00 03/02/01 South Bay Bank 12/12/00 6.090 2,000,000.00 03/12/01 South Bay Bank 10/31 /00 6.410 2,000,000.00 05/04/01 South Bay Bank 12/21 /00 5.890 2,000,000.00 05/04/01 South Bay Bank 01 /16/01 5.260 2,000,000.00 05/25/01 South Bay Bank 01 /29/01 5.150 1,000,000.00 07/27/01 TUSTIN First Fidelity Investment & Loan 03/01 /01 6.210 15,000,000.00 03/01 /01 First Fidelity Investment & Loan 10/17/00 6.270 10,000,000.00 04/20/01 First Fidelity Investment & Loan 01 /25/01 5.300 4,000,000.00 04/30/01 First Fidelity Investment & Loan 02/02/01 5.040 5,000,000.00 04/30/01 First Fidelity Investment & Loan 02/06/01 5.100 6,000,000.00 05/07/01 Sunwest Bank 09/08/00 6.300 1,000,000.00 03/09/01 Sunwest Bank 10/12/00 6.320 3,500,000.00 04/10/01 Sunwest Bank 10/20/00 6.310 2,500,000.00 04/20/01 Sunwest Bank 02/07/01 5.110 2,000,000.00 05/09/01 Sunwest Bank 01 /25/01 5.090 5,800,000.00 07/26/01 VACAVILLE Travis Credit Union 09/06/00 6.350 40,000,000.00 03/05/01 VISALIA Bank of Visalia 01 /30/01 5.160 3,000,000.00 04/30/01 WATSONVILLE Monterey Bay Bank 12/18/00 6.070 6,000,000.00 03/22/01 Monterey Bay Bank 01 /05/01 5.210 8,000,000.00 07/02/01 31 • DEPOSIT PAR MATURITY DATE Y� AMOUNTcs)DATE Quaker City Bank 10/02/00 6.300 8,000,000.00 04/06/01 Quaker City Bank 04/18/00 6.090 8,000,000.00 04/18/01 Quaker City Bank 09/08/00 6.300 25,000,000.00 05/31/01 Quaker City Bank -Bank 12/27/00 5.670 10,000,000.00 06/27/01 Quaker City 01/08/01 5.050 14,000,000.00 07/12/01 TOTAL TIME DEPOSITS FEBRUARY 2001 4,631,345,000.00 32 BANK DEMAND DEPOSITS FEBRUARY 2001 ($ in thousands) DAILY BALANCES DAY OF MONTH BALANCES PER BANKS WARRANTS OUTSTANDING 1 $ 55,533 $ 541,912 2 455,426 323,219 3 455,426 323,219. 4 455,426 323,219 5 626,937 2151,124 6 394,143 294,111 7 353,423 607,897 8 729998 3619520 9 181,703 510,197 10 181,703 510,197 11 181,703 3,030,143 12 3399369 390309143 13 98,569 2,676,630 14 425,025 45,509 15 639,466 55,198 16 323,067 372,608 17 323,067 3729608 18 323,067 372,608 19 323,067 3729608 20 511,736 2429842 21 329,188 236,079 22 313,384 246,382 23 289,552 717,145 24 289,552 717,145 25 289,552 717,145 26 424,361 586,162 27 5769448 558,222 28 413,289 479,640 AVERAGE DOLLAR DAYS $ 344,507 SL AL The prescribed bank balance for February was $477,589. This consisted of $208,955 in compensating balances for services, balances for uncollected funds of $268,696 and a deduction of $62 for January delayed deposit credit. 33 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1620 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on February 21, 2001, has determined and designated the amount of money available for deposit and investment under said sections. In accordance with sections 16480.1 and 16480.2 of the Government Code, it is the intent that the money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management, and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loar. associ- actions, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services $ 161,287,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in,anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From To ( 1) 02/19/2001 02/23/2001 (2) 02/26/2001 03/02/2001 (3) 03/05/2001 03/09/2001 (4) 03/12/2001 03/16/2001 (5) 03/19/2001 03/23/2001 (6) 03/26/2001 03/30/2001 (7) 04/02/2001 04/06/2001 (8) 04/09/2001 04/13/2001 (9) 04/16/2001 04/20/2001 Transactions $ 181,800,000 $ (3,754,400,000) $ 253,500,000 $ 1,362,900,000 $ 97,700,000 $ (1,593,000,000) $ (470,900,000) $ 796,800,000 $ 3,557,100,000 Time Deposits in Various Financial Institutions In Securities (sections 16503a Estimated (section 16430)' and 16602)' Total $ 42,883,455,000 $ 4,539,345,000 $ 47,422,800,000 $ 39,129,055,000 $ 4,539,345,000 $ 43,668,400,000 $ 39,382,555,000 $ 4,539,345,000 $ 43,921,900,000 $ 40,745,455,000 $ 4,539,345,000 $ 45,284,800,000 $ 40,843,155,000 $ 4,539,345,000 $ 45,382,500,000 $ 39,250,155,000 $ 4,539,345,000 $ 43,789,500,000 $ 38,779,255,000 $ 4,539,345,000 $ 43,318,600,000 $ 39,576,055,000 $ 4,539,345,000 $ 44,115,400,000 $ 43,133,155,000 $ 4,539,345,000 $ 47,672,500,000 From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under section 16430(e), Government Code. Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amounts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance of $ 161,287,000. POOLED MONEY INVESTMENT BOARD: �T Chairperson Member Dated: February 21, 2001 Government Code aL4�- %WAON "Kt Member