| Client Name: | Penn Manor School District Operating Account | ||
| Portfolio: | General Fund | ||
| Liberty Capital Advisors | Month: | May 2000 | |
| A Summary of Your Portfolio on April 30, 2000 | |||
| Purchase | Market | ||||||
| Cusip | Par Value | Description | Coupon | Maturity | Yield | Cost | Value |
| 9,410 | Money Market (per bank) | 9,409.88 | 9,410 | ||||
| 313396WH2 | 425,000 | FHLMC Discount Note | 05/02/00 | 6.061 | 423,033.19 | 424,702 | |
| 313588WJ0 | 925,000 | FNMA Discount Note | 05/03/00 | 5.826 | 899,095.63 | 924,260 | |
| 313588WK7 | 1,000,000 | FNMA Discount Note | 05/04/00 | 5.931 | 985,625.00 | 999,000 | |
| 313588WS0 | 1,025,000 | FNMA Discount Note | 05/11/00 | 5.745 | 997,595.49 | 1,022,847 | |
| 313588WS0 | 300,000 | FNMA Discount Note | 05/11/00 | 5.991 | 298,530.00 | 299,370 | |
| 313396WT6 | 760,000 | FHLMC Discount Note | 05/12/00 | 6.031 | 753,772.22 | 758,252 | |
| 313588WX9 | 1,055,000 | FNMA Discount Note | 05/16/00 | 6.075 | 1,047,676.54 | 1,051,835 | |
| 313384WY1 | 1,335,000 | FHLB Discount Note | 05/17/00 | 5.975 | 1,318,381.48 | 1,330,862 | |
| 313588WZ4 | 860,000 | FNMA Discount Note | 05/18/00 | 5.986 | 855,092.03 | 857,162 | |
| 313396XE8 | 250,000 | FHLMC Discount Note | 05/23/00 | 6.114 | 247,717.88 | 248,975 | |
| 313396XE8 | 1,015,000 | FHLMC Discount Note | 05/23/00 | 6.005 | 1,009,353.78 | 1,010,838 | |
| 313396XE8 | 940,000 | FHLMC Discount Note | 05/23/00 | 6.004 | 934,924.78 | 936,146 | |
| 313396XE8 | 275,000 | FHLMC Discount Note | 05/23/00 | 5.987 | 273,832.17 | 273,872 | |
| 313588XG5 | 900,000 | FNMA Discount Note | 05/25/00 | 5.969 | 884,421.00 | 896,040 | |
| 313312XM7 | 1,205,000 | FFCB Discount Note | 05/30/00 | 5.972 | 1,198,723.29 | 1,198,614 | |
| 313588XP5 | 470,000 | FNMA DISC NOTE | 06/01/00 | 5.886 | 456,634.38 | 467,321 | |
| 313588XP5 | 1,260,000 | FNMA DISC NOTE | 06/01/00 | 6.014 | 1,242,596.25 | 1,252,818 | |
| Totals | 14,009,410 | 5.966 | 13,836,414.99 | 13,962,324 | |||
| Client Name: | Penn Manor School District Operating Account | |||
| Portfolio: | General Fund | |||
| Liberty Capital Advisors | Month: | May 2000 | ||
Cash Transactions Diary | | |||
| Date | Description | Deposits | Withdrawals | ||||
| 05/05/00 | Wire Out Funds | 250,000.00 | |||||
| 05/10/00 | Wire Out Funds | 500,000.00 | |||||
| 05/11/00 | Wire Out Funds | 250,000.00 | |||||
| 05/18/00 | Wire Out Funds | 100,000.00 | |||||
| 05/24/00 | Wire Out Funds | 1,100,000.00 | |||||
| 05/31/00 | Wire Out Funds | 5,500,000.00 | |||||
| 05/31/00 | Month End Custodian Balance Adjustment | 631.66 | |||||
| A Summary of Your Portfolio on May 31, 2000 | |||
| Purchase | Market | ||||||
| Cusip | Par Value | Description | Coupon | Maturity | Yield | Cost | Value |
| 4,524 | Money Market (per bank) | 4,524.32 | 4,524 | ||||
| 313588XP5 | 470,000 | FNMA DISC NOTE | 06/01/00 | 5.886 | 456,634.38 | 469,906 | |
| 313588XP5 | 1,260,000 | FNMA DISC NOTE | 06/01/00 | 6.014 | 1,242,596.25 | 1,259,748 | |
| 313384XU8 | 1,000,000 | FHLB Discount Note | 06/06/00 | 6.362 | 997,565.56 | 998,900 | |
| 313384YJ2 | 605,000 | FHLB Discount Note | 06/20/00 | 6.451 | 602,869.06 | 602,822 | |
| 313396YJ6 | 1,250,000 | FHLMC Discount Note | 06/20/00 | 6.450 | 1,243,845.83 | 1,245,500 | |
| 313384YQ6 | 950,000 | FHLB Discount Note | 06/26/00 | 6.423 | 944,680.00 | 945,630 | |
| 313384YS2 | 810,000 | FHLB Discount Note | 06/28/00 | 6.484 | 804,285.00 | 805,950 | |
| Totals | 6,349,524 | 6.308 | 6,297,000.40 | 6,332,980 | |||
| Client Name: | Penn Manor School District Operating Account | ||
| Portfolio: | General Fund | ||
| Liberty Capital Advisors | Month: | May 2000 | |
All Transactions for the month of May 2000 | |||
| Date | Type | Par | Description | Coupon | Maturity | Debits | Credits |
| 05/02/00 | Maturity | 425,000 | FHLMC Discount Note | 05/02/00 | 425,000.00 | ||
| 05/02/00 | Buy Trade | 435,000 | FHLMC Discount Note | 05/30/00 | 432,926.02 | ||
| 05/03/00 | Maturity | 925,000 | FNMA Discount Note | 05/03/00 | 925,000.00 | ||
| 05/03/00 | Buy Trade | 750,000 | FHLMC Discount Note | 05/09/00 | 749,260.00 | ||
| 05/04/00 | Maturity | 1,000,000 | FNMA Discount Note | 05/04/00 | 1,000,000.00 | ||
| 05/04/00 | Buy Trade | 925,000 | FHLMC Discount Note | 05/23/00 | 922,109.89 | ||
| 05/09/00 | Maturity | 750,000 | FHLMC Discount Note | 05/09/00 | 750,000.00 | ||
| 05/11/00 | Maturity | 1,025,000 | FNMA Discount Note | 05/11/00 | 1,025,000.00 | ||
| 05/11/00 | Maturity | 300,000 | FNMA Discount Note | 05/11/00 | 300,000.00 | ||
| 05/11/00 | Buy Trade | 1,585,000 | FHLMC Discount Note | 05/30/00 | 1,579,846.99 | ||
| 05/11/00 | Sell Trade | 300,000 | FFCB Discount Note | 05/30/00 | 299,018.33 | ||
| 05/12/00 | Maturity | 760,000 | FHLMC Discount Note | 05/12/00 | 760,000.00 | ||
| 05/12/00 | Buy Trade | 760,000 | FHLMC Discount Note | 05/30/00 | 757,659.20 | ||
| 05/16/00 | Maturity | 1,055,000 | FNMA Discount Note | 05/16/00 | 1,055,000.00 | ||
| 05/17/00 | Maturity | 1,335,000 | FHLB Discount Note | 05/17/00 | 1,335,000.00 | ||
| 05/17/00 | Buy Trade | 2,400,000 | FFCB Discount Note | 05/30/00 | 2,394,488.00 | ||
| 05/18/00 | Maturity | 860,000 | FNMA Discount Note | 05/18/00 | 860,000.00 | ||
| 05/19/00 | Buy Trade | 810,000 | FHLB Discount Note | 06/28/00 | 804,285.00 | ||
| 05/23/00 | Maturity | 250,000 | FHLMC Discount Note | 05/23/00 | 250,000.00 | ||
| 05/23/00 | Maturity | 1,015,000 | FHLMC Discount Note | 05/23/00 | 1,015,000.00 | ||
| 05/23/00 | Maturity | 940,000 | FHLMC Discount Note | 05/23/00 | 940,000.00 | ||
| 05/23/00 | Maturity | 275,000 | FHLMC Discount Note | 05/23/00 | 275,000.00 | ||
| 05/23/00 | Maturity | 925,000 | FHLMC Discount Note | 05/23/00 | 925,000.00 | ||
| 05/23/00 | Buy Trade | 1,000,000 | FHLB Discount Note | 06/06/00 | 997,565.56 | ||
| 05/23/00 | Buy Trade | 1,250,000 | FHLMC Discount Note | 06/20/00 | 1,243,845.83 | ||
| 05/25/00 | Maturity | 900,000 | FNMA Discount Note | 05/25/00 | 900,000.00 | ||
| 05/25/00 | Buy Trade | 950,000 | FHLB Discount Note | 06/26/00 | 944,680.00 | ||
| Client Name: | Penn Manor School District Operating Account | ||
| Portfolio: | General Fund | ||
| Liberty Capital Advisors | Month: | May 2000 | |
All Transactions for the month of May 2000 | |||
| Date | Type | Par | Description | Coupon | Maturity | Debits | Credits |
| 05/30/00 | Maturity | 905,000 | FFCB Discount Note | 05/30/00 | 905,000.00 | ||
| 05/30/00 | Maturity | 435,000 | FHLMC Discount Note | 05/30/00 | 435,000.00 | ||
| 05/30/00 | Maturity | 1,585,000 | FHLMC Discount Note | 05/30/00 | 1,585,000.00 | ||
| 05/30/00 | Maturity | 760,000 | FHLMC Discount Note | 05/30/00 | 760,000.00 | ||
| 05/30/00 | Maturity | 2,400,000 | FFCB Discount Note | 05/30/00 | 2,400,000.00 | ||
| 05/31/00 | Buy Trade | 605,000 | FHLB Discount Note | 06/20/00 | 602,869.06 | ||
| Totals | 11,429,535.55 | 19,124,018.33 | |||||
| Earnings: | ||||
| May 2000 Income | 63,879.21 | |||
| Fiscal Year To Date Income | 529,037.38 | |||