Min Ute S of the Board of Pension Commissioners

, ,. • \ \ t, • I ,

MIN UTE S

OF THE

BOARD OF PENSION COMMISSIONERS MEETING OF DECEMBER 15, 1983

The Board of Pension Commissioners of the City of Los Angeles met in Room 155, City Hall South, on Thursday, December 15, 1983.

COMMISSIONERS: Garo V. Minassian, President Karl L. Moody, Vice President Arthur Burdorf Bert Cohen Sam Diannitto Olga Marcus David Bow Woo

DEPARTMENT OF PENSIONS: Gary Mattingly, General Manager James J. McGuigan, Assistant General Manager Wm. S. Hutchison, Assistant General Manager Allan Moore, Investment Officer Steve Ballweber, Investment Officer

President Minassian called the meeting to order at 9:30 a.m. and referred to Item No. 1 on the Agenda.

PRESENTATION OF MINUTES OF THE MEETING OF NOVEMBER 22, 1983

Approved. Motion made by Commissioner Moody, seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Burdorf, Diannitto, Marcus, Moody, Woo and President Minassian - 6; noes, none.

INVESTMENTS

The General Manager informed the Board that Wright Investors' Service sent a letter transmitting their stocks purchased and sold for the period through December 15, 1983. He told the Board that SPIM sent a letter transmitting their stocks purchased and sold for the period ending December 9, 1983 and that a motion would be required for the Board to approve their lists of money market instruments.

RESOLUTION NO. 84036 2525 NEW SYSTEM GENERAL PENSION FUND

After discussion by the Board, it was moved by Commissioner Woo that the Manager-Secretary be authorized to invest and reinvest in money market instruments from the following issuers from time to time as is necessary in the maximum amounts and with the maximum maturities indicated, at the current market, provided that the yield is not less than 6.0%.

LAFP COMMERCIAL PAPER

i i Eaton Credit Corp., Holmes (D.H.) Credit Corp. Eckerd (Jack) Corp. Honeywell Finance, Inc. Edison Brothers Stores, Inc. Hospital Corp. of America Eksportfinans A/S Hotel Waldorf Astoria Corp. Electricite de France Household Finance Corp. Elf Aquitaine Finance USA, Inc. Houston Lighting & Power Co. Eli Lilly & Co. Houston Natural Gas Corp. Emerson Electric Co. Hughes Tool Company Emhart Corp. Hutton (E.F.) Credit Corp. Hutton (E.F.) Group, Inc. Empire District Electric Co. Hydro-Quebec Engelhard Corp. IBM Credit Corp. Enserch Corp. ICI Americas, Inc. Entenmann's, Inc. ICI Fianance Ltd. Equitable Gas Co. ITT Financial Corp. Equitable Life Assurance Soc. of the U.S. Illinois Bell Telephone Co. Equitable Life Leasing Corp. Illinois Power Co. Equitable of Iowa Cos. Illinois Power Fuel Co. European American Bancorp Indiana Bell Telephone Co., Inc. Ex-Cell-O Corp. Indiana Gas Co. Explorer Pipeline Co. Indianapolis Power & Light Co. Export Development Corp. Intersoll-Rand Financial Corp. Exxon Credit Corp. InterNorth, Inc. FMC Corp. Interco, Inc. FMC Finance Corp. Interfirst Corp. Federal-Mogul Corp. International Bus. Machines Corp. Federated Dept. Stores, Inc. International Min. & Chern. Corp. Finnish Export Credit Ltd. International Paper Co. First Bank System, Inc. Interstate Power Co. First Chicago Corp. Investors in Industry Group First Chicago Financial Corp. Investors In Industry PLC First City Bancorp. of Texas, Inc. Iowa Public Service Co. F·irst Interstate Funding Co. Iowa Southern Utilities Co. First National Credit Corp. Iowa-Illinois Gas & Elec. Co. Florida Power & Light Co. Jewel Cos., Inc. Florida Power Corp. John Hancock Fin. Svcs., Inc. Florida Progress Corp. John Hancock Mutual Life Ins. Co. Fluor Corp. Jostens, Inc. Gannett Co., Inc. Joy Mfg. Co. Gaz de France K-Mart Corp. General Dynamics Corp. Kaiser Foundation Hospitals General Dynamics Credit Corp. Kansas Power & Light Company General Electric Co. Kentucky Utilities Co. General Electric Credit Corp. Kiewit (Peter) Sons, Inc. Kerr-McGee Credit Corp. General Foods Corp. Kiewit U.S. Co. General Instrument Corp. Kimberly-Clark Corp. General Mills, Inc. Knight-Ridder Newspapers, Inc. General Motors Acceptance Corp. Kroger Co. General Re Corp. Kuparuk Trans. Capital Corp. General Signal Corp. Laclede Gas Co. General Telephone Co. of Florida Levi Strauss & Co. General Telephone Co. of Ill. Lilly (Eli) & Co. General Telephone Co. of Ind. , The Lincoln National Corp. General Telephone Co. of Ohio Lipton, Inc. (Thomas J.) General Telephone Co. of Wisconsin Litton Financial Services, Inc. Litton Industries, Inc. General Telephone Co. of the Northwest Lloyds Bank Int'l. Ltd. General Telephone Co. of the Southeast Louisville Gas & Elec. Co. General Telephone Co. of the Southwest Lubrizol Corp. (The) Gerber Products Co. MAGEC Finance Co. Series B Getty Capital Corp. MAGEC Finance Co. Series C Getty Oil Company MB Canada Funding, Inc. Gothenburg, Sweden (City of) Macy (R.H.) & Co. Grainger (W.W.), Inc. Macy Credit Corp. Great Northern Nekoosa Corp. Mafina B.V. Gulf Oil Corp. Manufacturers Hanover Corp. Gulf Oil Financial Corp. Marsh & McLennan Companies, Inc. Halliburton Co. Maryland National Corp. Harris Bankcorp, Inc. MassMutual Mtge. & Real. Investors Harris Corp. Massachusetts Electric Co. Harsco Corp. Mass. Mutual Life Ins. Co. Hawaiian Electric Co. May Department Stores Co. Hawaiian Telephone Company McDonald's Corp. Heinz (H.J.) Company McGraw-Hill, Inc. Henkel of America, Inc. Hershey Foods Corp. Hoechst Capital Corp. , I Mellon Financial Co. Pacific Northwest Bell Tel. Co. Melville Corp. Pacific Tel. & Tel. Co. Merck & Co., Inc. Paribas Finance, Inc. Merrill Lynch & Co., Inc. Parker-Hannifin Corp. Metropolitan Life Insurance Co. Penn Mutual Life Ins, Co. Michigan Bell Telephone Co. Penny Financial Corp. (J.C.) Michigan Wisconsin Pipe Line Co. Peoples Gas Light & Coke Co. Midland Bank Canada PepsiCo, Inc. Midland Bank PLC Perkin-Elmer Corp. Minnegasco, Inc. Pfizer, Inc. Minnesota Mining & Mfg. Co. Philbro-Salomon, Inc. Minnesota Power & Light Co. Philadelphia Nat'l. Corp. Mississippi River Transmission Phillips Petroleum Co. Mitsubishi Int'l. Corp. Phillips Petroleum Credit Corp. Mobil Fairfax, Inc. Phoenix Mutual Life Ins. Co. Mobil Oil Corp. Pillsbury Co. Mobil Oil Credit Corp. Pioneer Hi-Bred Int'l., Inc. Mobil Oil Exp. & Prod. Southeast, Inc. Pitney Bowes Credit Corp. Monongahela Power Co. Plessey, Inc. Monsanto Company Polaroid Corp. Montana-Dakota utilities Co. Ponderosa Homes Monticello Capital Corp. Post-Och Kreditbanken (PK Banken) Moore Business Forms, Inc. Potomac Edison Co. Moore Financial Group, Inc. Potomac Electric Power Co. Morgan (J.P.) & Co., Inc. Private Export Funding Corp. Morton-Thiokol, Inc. Procter & Gamble Co. Motorola Credit Corp. Provident Nat'l. Financial Corp. Motorola, Inc. PruLease, Inc. Mountain States Tel. & Tel. Co. Prudential Funding Corp. Mutual Benefit Life Ins. Co. Public Service Co. of Colorado Mutual Life Insurance Co. of N.Y. Public Service Co. of New Mexico NBD Bancorp, Inc. Public Service Electric & Gas Co. NCR Corp. Quaker Oats Co. (The) NL Industries, Inc. Rabobank Nederland (Cooperative Nabisco Brands, Inc. Centrale Raiffeisen National Car Rental Systems, Inc. Boerenleenbank BA) National City Credit Corp. Rainier Bancorp National Gypsum Co. Ralston Purina Co. National Rural util. Coop. Fin. Corp. Red River Pipeline Corp. National Union Electric Corp. Reliance Insurance Co. National Westminster Bank PLC Renault Acceptance B.V. National Westminster Bank of Canada Republic New York Corp. Nationale-Nederlanden U.S. Corp. Republic of Texas Corp. Nationwide Life Insurance Co. Revco D.S., Inc. Natural Gas Pipeline Co. of America Revlon, Inc. Neste Oy Richardson-Vicks, Inc. Nestle Capital Corp. Robert Bosch Ind., Inc. New England Mutual Life Ins. Co. Rochester Telephone Corp. New England Power Co. Rockwell Int'l. Corp. New England Tel. & Tel. Co. Rohm & Haas Finance Co. New Jersey Bell Telephone Co. Rolls-Royce Capital, Inc. New York Life Insurance Co. Royal Bank of Canada New York Telephone Co. Ryder Truck Rental, Inc. Nissan Motor Acceptance Corp. SAFECO Credit Co., Inc. Norddeutsche Landesbank SN-I Fuel, Inc. Nordic Investment Bank Safeway Stores, Inc. North American Philips Corp. Saint Michael Finance Ltd. North Shore Gas Co. Saint Paul Cos., Inc. Northern Illinois Gas Co. Santa Fe Industries, Inc. Northern States Power Co. Schering-Plough Corp. Northern Telecom, Inc. Seagram (Joseph E.) & Sons, Inc. Northwest Airlines, Inc. Searle & Co., (G.D.) Northwestern Bell Telephone Co. Sears, Roebuck Acceptance Corp. Norton Co. Selective Funding Corp. Norwest Financial, Inc. Shearson/American Exp. Mtge. Corp. ONEOK, Inc. Shearson/American Express, Inc. Oglebay Norton Co. Shell Credit, Inc. Ohio Bell Telephone Co. Shell Oil Co. Ontario Hydro Siemens Capital Corp. Orange and Rockland Utilities Sierra Trust PHH Group, Inc. Skandinaviska Enskilda Banken PNC Funding Corp. Skidmore, Owings & Merrill PPG Industries, Inc. Smith Int'l., Inc. Pacific Gas & Electric Co. SmithKline Beckman Corp. Pacific Lighting Corp. Societe Generale No. America, Inc. Societe Generale de Banque Societe Nationale des Chemins de Fer Francais (SNCF) Sohio Finance Co. Travelers Insurance Co., The Sony Corporation of America Tucson Electric Power Co. South Carolina National Corp. U.B. (Holdings) U.S., Ltd. South Central Bell Tel. Co. UCAR Capital Corp. Southern Bell Tel. & Tel. Co. USF&G Corp. Southern California Edison Co. USLIFE Southern Natural Gas Co. Unilever United States, Inc. Southern New England Telephone Co. Union Bank of Switzerland Southwest Bancshares, Inc. Union Camp Corp. Southwestern Bell Tel. Co. Union Carbide Corp. Southwestern Public Service Corp. Union Mutual Life Insurance Co. Square D Co. Union Oil Credit Corp. Squibb Corporation Union Pacific Corp. Standard Oil Co. (Indiana) United States Bancorp Standard Oil Co. of California United States Central Credit union Standard Oil Company, The (Ohio) United States Gypsum Co. Stanley Works (The) State Mutual Life Assurance Co. of America United States JVC Corp. Statoil (Kingdom of Norway) United States Shore Corp., The Stauffer Chemical Co. United Technologies Corp. Sterling Drug, Inc. United Telephone Co. of Florida Sumitomo Corp. of America United Telephone Co. of Ohio Sun Company, Inc. Upjohn Company Sundstrand Corp. Urban Investment & Dev. Corp. Sunoco Credit Corp. Utah Power & Light Co. Superior Oil Company, The Valley National Corp. Svenska Handelsbanken, Inc. Volvo AB Svenska Varv, A.B. Volvo of America Corp. Swedish Export Credit Corp. Vulcan Materials Co. Swiss Bank Corp. Wachovia Corp. (The) Swiss Bank Corp. Overseas Finance Wal-Mart Stores, Inc. Syntex (USA), Inc. Walgreen Co. TDK USA Corp. Walt Disney Productions TRW, Inc. Warner-Lambert Company Tampa Electric Co. Washington Gas Light Co. Tektronix Washington Post Co. Texaco Financial Services, Inc. Wells Fargo & Co. Texaco, Inc. West Penn Power Company Texas Commerce Bancshares, Inc. Westdeutsche Landesbank Texas Eastern Transmission Corp. Girozentrale Texas Gas Transmission Corp. Western Electric Company, Inc. Texas Instruments, Inc. Westinghouse Credit Corp. Texas Oil & Gas Corp. Westinghouse Electric Corp. Texas Utilities Company Westpac Banking Corp. Textron Financial Corp. Westvaco Corp. Textron, Inc. Weyerhaeuser Company Thorn EMI (USA), Inc. Weyerhaeuser Mortgage Co. Time, Incorporated Weyerhaeuser Real Estate Co. Times Mirror Company Whirlpool Corp. Toronto Dominion Bank (The) Wisconsin Electric Fuel Trust Total International Ltd. Wisconsin Electric Power Co. Trans-Services Capital Corp. Wisconsin Power & Light Co. Transamerica Corporation Wisconsin Public Svc. Corp. Transamerica Financial Corp. Wisconsin Telephone Co. Travelers Corp. (The) Wyman-Bordon Co. Xerox Corp. Xerox Credit Corp.

SUPPORTED BY COMMERCIAL PAPER ISSUERS, LETTERS OF CREDIT OR IRREVOCABLE REVOLVING CREDIT AGREEMENTS

ISSUER BANK

Acco Babcock, Inc. Bankers Trust Ajinomoto U.S.A., Inc. Dai-Ichi Kangyo Bank, New York Branch; Mitsubishi Bank, New York Branch Akzona Commercial Paper, Inc. Algemene Bank Nederland N.V., NY Branch Allegheny Int'l. Accept. Corp. Crocker National Bank Altex Equipment Corp. Chemical Bank Arnold Fuel, Inc. FNB Chicago Arvida Mortgage Co. Citibank, N.A. BBC Brown Boveri Funding, Inc. Union Bank of Switzerland, N.Y. Branch BECO Fuel Co., Inc. FNB Chicago; FNB Boston Bath County Hydroelectric, Inc. Societe Generale; Union Bk. of Switzerland Ii ISSUER BANK

Baynor Energy, Inc. First Nat'l. Bank of Boston Blue Bell, Inc. Credit Suisse Bowater Finance Co., Ltd. Bank of Montreal Bridgestone Tire Co. of Amer., Inc. Sumitomo Bank, Ltd.; Bank of Tokyo, Ltd., Los Angeles Agency Budd Financial Corp. Barclays Bank International COFI Credit Corp. Barclays Bank International CSX Commercial Paper, Inc. Dresdner Bank, AB, New York Branch Califia Co. Societe Generale California Mortgage Service Crocker National Bank Castle & Cooke, Inc. First Interstate Bank of CA Certified Grocers of Calif., Ltd. Crocker National Bank Champion Realty Corp. Texas Commerce Bank Cimarron Capital Corp. Bankers Trust Co. Clipper Oil Corp. Bank of America Coastal Finance Corp. Cont'l. Ill. Nat'l. Bk. & Trust Co. Coca-Cola Export Corp. Bankers Trust Co. Coldwell Banker Res. Mtg. Co. Crocker National Bank Colstrip Energy Co., Inc. First Interstate Bank of California; Barclays Bank Int'l. Columbia Fuels, Inc. Credit Suisse Comm. Indust. Trade Receivables Citibank, N.A. Investment Co. Commonwealth Fuel Co. Bank of America Conte 1 Credit Corp. Swiss Bank Corp., Atlanta Agency Crowley Maritime Corp. Crocker National Bank Daewoo Int'l. (America) Corp. Chemical Bank Dai'ei (USA) Long-Term Credit Bk. of Japan, Ltd., Los Angeles Agency Delta Fuel Services Corp. First Interstate Bank of CA Dillard Investment Co., Inc. Chemical Bank Dunavant Comm. Paper Swiss Bank Corp. Equilease Corp. Crocker Nat'l. Bk.; Bankers Trust; Manufacturers Hanover Trust Co. Fiat Credit Europe PLC Credit Suisse, New York Branch Figgie Acceptance Corp. Crocker National Bank First City Center Associates Bank of Nova Scotia, Atlantic Agency Freeport McMoRan, Inc. First Interstate Bank of CA; Chemical Bk. GKN North America, Inc. Nat'l. Westminister Bk. PLC, N.Y. Branch Gateway Fuel Company Manufacturers Hanover; Bankers Trust; FNB Chicago; Cont'l. Ill. Genstar Mortgage Corp., Bank of America Govern. Develop. Bk. for Puerto Rico Manufacturers Hanover Trust Government Employees Fin. Corp. Cont'l: Ill. Nat'l. Bank & Trust Co. Haddam Fuel Supply Trust Bankers Trust Co. Heron Holdings, Inc. Barclays Bank International Heron Int'l. Finance, Inc. Barclays Bank Int'l., N. Y. Branch Hitachi Metals Int'l., Ltd. Fuji Bank Ltd., N. Y. Agency Hoffman-LaRoche, Inc. Swiss Bank Corp. Huffington (Roy M.l, Inc. Morgan Guaranty Trust Co. Hundred East Credit Corp. Irving Trust Co. IC Commercial Paper, Inc. First Nat'l. Bank of Chicago; Crocker National Bank ICG Railroad Comm. Paper Corp. Westdeutsche Landesbank Gironzentrale IMI Commercial Paper, Inc. Bankers Trust Co. ITT Rayonier, Inc. Bankers Trust Co. Idemitsu Comm. Paper Corp. Bank of America James Talcott Factors, Inc. Lloyds Bank International Ltd. Japan Leasing (U.S.A.), Inc. Long-Term Credit Bank of Japan, Ltd., N. Y. Branch Jim Walter Corp. Credit Suisse, N. Y. Branch Kanematsu-Gosho (U.S.A.), Inc. Bank of Tokyo, Ltd., N. Y. Agency Kansas City Pwr. Comm. Paler, Inc. Manufacturers Hanover Trust Co. Kansas Gas & Electric Co. Credit Suisse Kashima Oil (Bermuda) Co., Ltd. The Industrial Bank of Japan Kendavis Finance Co. First City Nat'l. Bank of Houston Kendavis Industries Int'l., Inc. Cont'l. Ill. Bank & Trust Co.; Barclays Bank Int'l., Ltd. ISSUER BANK

Koehring Finance Corp. Bank of Montreal, N. Y. Branch Kumam Corp. Long-Term Credit Bk. of Japan, Ltd. Lake Erie Fuel Corp. Manufacturers Hanover; First Nat'l. Bk. of Boston; FNB Chicago; First Interstate Bank of California Longview Fibre Comm. Paper, Inc. Ranier National Bank MBC Financial Services Corp. Credit Suisse, N. Y. Branch MYA Fuel Co. Manufacturers Hanover Trust MacMillan Bloedel, Inc. Bank of Nova Scotia, Atlanta Agency Mannesmann Capital Corp. Deutsche Bank AG Marmon Industrial Corp. Cont'l. Illinois National Bk., & Trust Co. of Chicago Matson Navigation Company Crocker National Bank Matsushita Comm. Paper, Inc. Sumitomo Bank, Ltd., N. Y. Branch Maumee Valley Fuel Corp. Manufacturers Hanover; First Interstate Bank of CA Metal Box America, Inc. Barclays Bank International Mid-Atlantic Fuel Co. Bank of America; Barclays Bank Int'l.; Chemical Bank; FNB Chicago Mid-Peninsular Energy Co. Bank of America; FNB Chicago Miles Finance Co., Inc. Wells Fargo Bank, N.A. Millstone Construction Trust Manufacturers Hanover; Bankers Trust; Barclays Bank Int'l., N. Y. Branch Minerals Capital Corp. Bankers Trust Co. Mitsui Fudosan (U.S.A.), Inc. Mitsui Bank Ltd., N. Y. Branch Mt. Isa Mines (Coal Fin.) Ltd. Chemical Bank National Development Co. Mellon Bank; Wells Fargo Bank New England Collier Co. Bank of America Nichimen America, Inc. Sanwa Bank, Ltd., N. Y. Branch Nissho Iwai American Corp. Sanwa Bank, Ltd., N. Y. Branch Nixdorf Computer Corp. Deutsche Bank Ag, N. Y. Branch Northland Mortgage Co. Chemical Bank Nuclear Heat Supply Trust SN-2 First National Bank of Chicago Ogden Commercial Paper Union Bk. of Switzerland; Bank of Amer.; Bankers Trust Co. Ohio Edison Fuel Corp. Manufacturers Hanover; First Interstate Bank of CA Ohio Edison Trust Toronto-Dominion Bank, Atlanta Agency Old National Bancorporation Credit Suisse Olivetti International S.A. Bk. of America; Union Bk. of Switzerland Oswego Facilities Trust Chemical Bank Outboard Marine Corp. Bank of America Ozark Fuel Corp. Swiss Bank Corp., N. Y. Branch PIN Energy Trust Union Bank of Switzerland Pacific Energy Trust Bankers Trust Co.; Manufacturers Hanover; FNB Chicago Pacific Funding Corp. Union Bank Peabody International Corp. Credit Suisse, New York Branch Pearl Fuel Corp. Chemical Bank Penn Fuel Corp. First National Bank of Boston Penn. P. & L. Energy Trust Cont'l. Illinois; Chemical Bk.; B. of A.; Morgan Guaranty Trust Co. Pennsylvania Power Fuel Corp. Manufacturers Hanover Trust Co. Philadelphia Salem Fuel Corp. Bankers Trust Co. Pogo Producing Co. Chemical Bank; Mellon Bank Port Gibson Energy, Inc. Union Bank of Switzerland Portland Gen. Elec. Comm. Paper, Inc. Westdeutsche Landesbank Girozentrale Puget Sound Energy Co. Societe Generale Renaissance Energy Company Barclays Bank Int'l., Ltd.; Union Bank Research-Cottrell, Inc. Manufacturers Hanover Trust Co. Rockefeller Center Servo Corp. Bankers Trust Co.; Bank of America ISSUER BANK

Rouse Real Estate Finance, Inc. Citibank, N.A. Russell Energy, Inc. Bank of America Sabins Mining Company Bankers Trust Co. Samsung America, Inc. Chemical Bank Sandoz united States, Inc. Irving Trust Co. Seiko Corp. of America Dai-Ichi Kangyo Bank, Ltd., N. Y. Branch; Fuji Bank, Ltd., N. Y. Branch Sequoia Ventures, Inc. Bank of America Shearson/Amer. Express Mtg. Corp. Crocker Bank Somerset Railroad Corp. Chemical Bank Songs Fuel Company Continental Illinois Nat. Bk. & Trust Co.; Bank of America Southern Michigan Energy Corp. Westdeutsche Landesbank Girozentrale Southern Union Refining Co. Bank of America Spiegel Funding Corp. Dresdner Bank AG Springerville Corp. Bankers Trust Co.; Cont'l. Ill. Bk. & Trust Co.; Wells Fargo Ssangyong (USA), Inc. Bankers Trust Co. Steinberg Comm. Paper, Inc. Bank of Nova Scotia, Atlanta Agency Suntory International Corp. Bank of America System Fuels, Inc. Crocker National Corp. Tarleton Assoc. Ltd. Partnership Bankers Trust Co. Thyssen Holding Corp. Dresdner Bank Thyssen-Bornemisza No. America, Ltd. Amsterdam-Rotterdam Bk. N.V., N. Y. Branch Trans Union Leasing Corp. Continental Illinois Bank & Trust Co. Transway Capital Corp. Mellon Bank Unigate, Inc. Barclays Bank International Ltd. United Cable Television Corp. Mellon Bank United Nations Develop. Corp. Chemical Bank United Telecom Capital Corp. Bankers Trust Co.; Chemical Bank Univar Corp. Chemical Bank VEBA Funding, Inc. Dresdner Bank Ag, N. Y. Branch Vernon Energy Trust Bankers Trust Co. Warnaco, Inc. Mellon Bank Washington Energy Co. Barclays Bank Int'l. Ltd., N. Y. Branch Waterfield Mortgage Co. Chase Manhattan Bank, N. A. Western Co. of North Amer. Chemical Bank zayre Commercial Paper Corp. Bank of America; Chemical Bank; Mellon Bk. Zen-Noh Unico America Corp. Bank of Tokyo, Ltd., N. Y. Agency

CERTIFICATES OF DEPOSIT AND BANKERS ACCEPTANCES DOMESTIC BANK AND U.S. DOLLAR DENOMINATED CERTIFICATES OF THEIR FOREIGN BRANCHES

BANK HOLDING COMPANY

AmeriTrust Co., Cleveland AmeriTrust Corp. BancOhio National Bank, Columbus BancOhio Corp. Bank of America NT & SA, San Francisco BankAmerica Corp. Bank of New York Bank of New York Bank of Tokyo Trust Co., New York Bank of Tokyo, Ltd. Bankers Trust Co., New York Bankers Trust New York Chase Manhattan Bank NA, New York Chase Manhattan Chemical Bank, New York Chemical New York Citibank NA, New York Citicorp Citizens & Southern National Bank, Atlanta Citizens & Southern Georgia Comerica Bank, Detroit Comerica, Inc. Connecticut Bank & Trust Co. NA, Hartford CBT Corp. Continental Illinois NB & T Co., Chicago Continental Illinois Crocker National Bank, San Francisco Crocker National European American Bank & Trust Co., N. Y. Deutsche Bank, Frankfort Societe General, Paris Societe General, Brussels Midland Bank, London Amsterdam-Rotterdam Bank, Amsterdam First City National Bank, Houston First City Bancorp, Texas First Interstate Bank of AZ. NA, Phoenix First Interstate Bancorp First Interstate Bank of Calif., L. A. First Interstate Bancorp First Interstate Bank of OR. NA, Portland First Interstate Bancorp BANK HOLDING COMPANY

First National Bank, Boston Bank of Boston First National Bank, Chicago First Chicago First Union National Bank, Charlotte First Union Corp. Harris Trust & Savings Bank, Chicago Harris Bankcorp InterFirst Bank Dallas NA InterFirst Corp. Irving Trust Co., N. Y. Irving Bank Manufacturers Hanover Trust Co., N. Y. Manufacturers Hanover Manufacturers National Bank, Detroit Manufacturers National Corp. Marine Midland Bank NA, Buffalo N.Y. Marine Midland Banks Mellon Bank NA, Pittsburgh Mellon National Morgan Guaranty Trust Co., N. Y. Morgan (J.P.) & Co. National Bank of Detroit NBD Bancorp National Bank of North America, N. Y. National Westminster Bank PLC, London North Carolina National Bank, Charlotte NCNB Corp. Northern Trust Co., Chicago Northern Trust Philadelphia National Bank CoreStates Financial Corp. Pittsburgh National Bank PNC Financial Rainier National Bank, Seattle Rainier Bancorp RepublicBank Dallas NA RepublicBank Corp. Republic National Bank, N. Y. Republic New York Southeast Bank NA, Miami Southeast Banking Texas Commerce Bank NA, Houston Texas Commerce Bankshares Union Bank, Los Angeles Standard Chartered Bank, London United States National Bank, Portland, OR. U.S. Bancorp United Virginia Bank, Richmond united Virginia Bankshares Valley National Bank, Phoenix Valley National Corp. Wachovia B&T Co. NA, Winston-Salem, N. C. Wachovia Corp. Wells Fargo Bank NA, San Francisco Wells Fargo

CERTIFICATES OF DEPOSIT AND BANKERS ACCEPTANCES FOREIGN BANKS (U.S. DOLLAR DENOMINATED CERTIFICATES)

Algemene Bank Nederland, Amsterdam Amsterdam-Rotterdam Bank, Amsterdam Australia & New Zealand Banking Group, Ltd., Melbourne Bank fuer Gemeinwirtschaft, Frankfurt Bank of Montreal Bank of Nova Scotia, Toronto Bank of Tokyo, Ltd. Bank of Yokohama, Ltd. Banque Bruxelles Lambert, Brussels Banque Nationale de Paris Banque Indosuez, Paris Barclays Bank International Ltd., London Barclays Bank PLC, London Bayerische Hypotheken-und Weschsal-Bank, Munich Bayerische Landeshank Girozentrale, Munich Bayerische Vereinsbank, Munich Canadian Imperial Bank of Commerce, Toronto Commerzbank, Dusseldorf Commonwealth Banking Corp., Sydney Credit Agricole Mutual, Paris Credit Lyonnais, Paris Credit Suisse, zurich Creditanstalt-Bankverein, Vienna Dai-ichi Kangyo Bank Ltd., Tokyo Daiwa Bank, Ltd., Osaka Deutsche Bank, Frankfurt Deutsche Genossenschaftsbank, Frankfurt Dresdner Bank, Frankfurt Fuji Bank, Ltd., Tokyo Groupe Des Banques Populaires, Paris Hessische Landesbank-Girozentrale, Frankfurt Hokkaido Takushoku Bank, Ltd., Sapporo Hongkong and Shanghai Banking Corp., Hong Kong Industrial Bank of Japan, Ltd., Tokyo International Westminster Bank PLC, London Kredietbank International Group, Brussels Kyowa Bank, Ltd., Tokyo Lloyds Bank International Ltd., London Lloyds Bank PLC, London Long-Term Credit Bank of Japan Ltd., Tokyo Midland Bank PLC, London Mitsubishi Bank Ltd., Tokyo Misubishi Trust & Banking Corp., Tokyo Mitsui Bank Ltd., Tokyo Mitsui Trust & Banking Co., Ltd., Tokyo National Westminister Bank PLC, London Nederlandsche Middenstandsbank, Amsterdam Nippon Credit Bank, Ltd., Tokyo Norddeutsche Landesbank Girozentrale, Hannover Norinchukin Bank, Tokyo Rabobank Nederland; Utrecht Royal Bank of Canada, Montreal Saitama Bank Ltd., Urawa Sanwa Bank Ltd., Osaka Shoko Chukin Bank, Tokyo Skandinaviska Enskilda Banken, Stockholm Societe Generale de Banque, Brussels Societe Generale, Paris Standard Chartered Bank PLC, London Sumitomo Bank Ltd., Osaka Sumitomo Trust & Banking Co., Ltd., Osaka Swiss Bank Corp., Basle Taiyo Kobe Bank, Ltd., Kobe Tokai Bank Ltd., Nagoya Toronto Dominion Bank TOyO Trust & Banking Co. Ltd., Tokyo Union Bank of Switzerland, zurich Westdeutsche Landesbank Girozentrale, Dusseldorf Westpac Banking Corp., Sydney Yasuda Trust & Banking Co . Ltd., Tokyo and to sell money market instruments owned by the Board as monies shall be needed for payment of pensions or for investments already authorized by the Board, which motion was seconded by Commissioner Burdorf and adopted by the following vote: ayes, Commissioners Burdorf, Diannitto, Marcus, Moody, Woo and President

Minassian - 6; noes, none.

RESOLUTION NO. 84037 2515 FIRE AND POLICE GENERAL PENSION FUND

After discussion by the Board, it was moved by Commissioner Woo that the

Manager-Secretary be authorized to invest and reinvest in money market

instruments from the following issuers from time to time as is necessary in the maximum amounts and with the maximum maturities indicated, at the current market, provided that the yield is not less than 6.0%.

LAFP COMMERCIAL PAPER

A. I. Credit Corp. American Express Credit Corp. AIG Capital Funding Corp. American Express Export Credit AMP, Inc. American Honda Motor Co., Inc. ARCO Credit Corp. American Hospital Supply Corp. Abbott Laboratories American National Insurance Co. Aetna Casualty & Surety Co. American Security Corp. Aetna Life & Casualty Co. American Standard, Inc. Aetna Life Insurance Co. American Stores Co. Afco Credit Corp. Amer. Veh. InterGroup Svcs., Ltd. Air Products Capital Corp. Amgro, Inc. Air Products and Chemicals, Inc . Amoco Credit Corp. Algemene Bank Nederland N.V. Amsterdam-Rotterdam Bank, N.V. Allegheny Power System, Inc. Anheuser-Busch Cos., Inc. Allied Stores Credit corp. Appliance Buyers Credit Corp. Aluminum Co. of America Archer-Daniels-Midland Co. Aluminum Co. of Canada, Ltd. Arco Credit Corp. Ambassador Capital Corp. Arkla, Inc. Amcon Group, Inc. Associated Dry Goods Credit American Airlines Finance Corp. Associates Corp. of North America American Brands, Inc. Atlantic City Electric Company American Cyanamid Co. Atlantic Richfield Co. Australia & New Zealand Banking Group Ltd. Caterpillar Tractor Co. Australian Industry Development Corp. Centel Corporation Australian Resources Development Bank Ltd. Centex Corporation Avco Financial Services, Inc. Central & Southwest Corp. Avnet, Inc. Central Illinois Light Co. Avon Capital Corp. Central IllinoiS Public Svc. Co. Avon Products, Inc. Central Telephone BEC Finance N.V. Champion Spark Plug Co. BFCE U.S. Finance Corp. Chase Manhattan Corp. BICC PLC. Chatsworth Funding, Inc. BMW of North Amer~ca, Inc. Chemical New York Corp. BNP U.S. Finance Corp. Chesapeake & Potomac Tel. Co. DC BP Capital Ltd. Chesapeake & Potomac Tel. Co. MD BP Pipeline, Inc. Chesapeake & Potomac Tel. Co. VA Badger Pipe Line Co. Chesapeake & Pot. Tel. Co. W.V. Baker International Corp. Chesebrough-Pond's Finance Corp. Baltimore Gas and Electric Co. Chesebrough-Pond's, Inc. Bank of Boston Corp. Cincinnati Bell, Inc. Bank of Montreal Citicorp Bank of New York Company, Inc. Citicorp Funding, Inc. Bank of Nova Scotia Citizens Utilities Co. BankAmerica Corp. Cleveland Elec. Illuminating Co. Bankers Life Company Clorox Co. Bankers Trust N.Y, Corp. Coca-Cola Company Banque Nationale de Paris Colgate-Palmolive Co. Banque Nationale de Paris (Canada) Colonial Pipeline Co. Barclays Bank International Columbia Gas System Barclays Bank of Canada Combined International Corp. Barclays American Corp. Combustion Engineering, Inc. Baxter Travenol Laboratories, Inc. Comerica Corp. Bayerische Hypotheken-und-Wechsel Bank Communication Satellite Corp. Bayerische Landesbank Connecticut Gen. Life Ins. Co. Beatrice Foods Co. Connecticut Mutual Life Ins. Co. Becton, Dickinson & Company Conoco Credit Corporation Beecham Finance Ltd. Consolidated Foods Corp. Bell Telephone Co. of Pa. Consolidated Foods Credit Corp. Big Three Industries Consolidated Freightways, Inc. Boeing Co. Consolidated Natural Gas Co. Boots Company, PLC Cooper Industries, Inc. Borden, Inc. Coop. Assn. of Tractor Dlrs., Inc. Borg-Warner Acceptance Corp. Corning Glass Works Borg-Warner Corp. Cortez Capital Corp. Boston Gas Co. Cox Communications, Inc. Bristol-Myers Company Credit Lyonnais North America BritOil, Inc. Credit National British Gas Corp. Credit Suisse British Telecom Crocker National Corp. Brooklyn Union Gas Co. Crown Cork & Seal Co., Inc. Brown Group, Inc. Crown Financial Corp. Buckeye Power, Inc. DCS Capital Corp. Burroughs Corp. DFC New Zealand, Inc. C.I.T. Financial Corp. Dana Corp. CBI Industries, Inc. Dansk Olie & Naturgas AIS CBS Incorporated Dart & Craft Financial Corp. CIBA-GEIGY Capital Corp. Dart & Kraft, Inc. CIGNA Corp. Dayton-Hudson Corp. CPC International, Inc. Delmarva Power & Light Co. Cabot Corp. Deutsche Bank A.G. Cadbury Schweppes USA, Inc. Deutsche Credit Corp. Caisse National de Credit Agricole Dexter Corp. Diamond State Telephone Co., The Caisse Nationale des Telecommunications Digital Equipment Corp. California & Hawaiian Sugar Dixie Pipeline Co. California Almond Growers Exchange Donnelley (R.R.) & Sons Co. Cameron Iron Works, Inc. Dow Chemical Co. (The) Campbell Finance Corp. Dow Corning Corp. Campbell Soup Co. Dow Jones & Co., Inc. Canal Electric Co. Dresdner Bank A.G. Capital Cities Communications Dresser Finance Corp. Capital Funding Corp. Dresser Industries, Inc. Cargill, Inc. Du Pont De Nemours, E.I. & Co. Carolina Power & Light Duke Energy Trust Carolina Power Fuel Trust Duke Fuel Trust Carolina Telephone & Telegraph Co. Duke Power Co. Carpenter Technology Corp. Eaton Corp. Carrier Distribution Credit Corp. Eaton Credit Corp., Holmes (D.H.) Credit Corp. Eckerd (Jack) Corp. Honeywell Finance, Inc. Edison Brothers Stores, Inc. Hospital Corp. of America Eksportfinans A/S Hotel Waldorf Astoria Corp. Electricite de France Household Finance Corp. Elf Aquitaine Finance USA, Inc. Houston Lighting & Power Co. Eli Lilly & Co. Houston Natural Gas Corp. Emerson Electric Co. Hughes Tool Company Emhart Corp. Hutton (E.F.) Credit Corp. Hutton (E.F.) Group, Inc. Empire District Electric Co. Hydro-Quebec Engelhard Corp. IBM Credit Corp. Enserch Corp. ICI Americas, Inc. Entenmann's, Inc . ICI Fianance Ltd. Equitable Gas Co. ITT Financial Corp. Equitable Life Assurance Soc. of the U.S. Illinois Bell Telephone Co. Equitable Life Leasing Corp. Illinois Power Co. Equitable of Iowa Cos. Illinois Power Fuel Co. European American Bancorp Indiana Bell Telephone Co., Inc. Ex-Cell-O Corp. Indiana Gas Co. Explorer Pipeline Co. Indianapolis Power & Light Co. Export Development Corp. Intersoll-Rand Financial Corp. Exxon Credit Corp. InterNorth, Inc. FMC Corp. Interco, Inc. FMC Finance Corp. Interfirst Corp. Federal-Mogul Corp. International Bus. Machines Corp. Federated Dept.- Stores, Inc. International Min. & Chern. Corp. Finnish Expor~Credit Ltd. International Paper Co. First Bank System, Inc. Interstate Power Co. First Chicago Corp. Investors in Industry Group First Chicago Financial Corp. Investors In Industry PLC First City Bancorp. of Texas, Inc. Iowa Public Service Co. First Interstate Funding Co. Iowa Southern utilities Co. First National Credit Corp. Iowa-Illinois Gas & Elec. Co. Florida Power & Light Co. Jewel Cos., Inc. Florida Power Corp. John Hancock Fin. Svcs., Inc. Florida Progress Corp. John Hancock Mutual Life Ins. Co. Fluor Corp. Jostens, Inc. Gannett Co., Inc. Joy Mfg. Co. Gaz de France K-Mart Corp. General Dynamics Corp. Kaiser Foundation Hospitals General Dynamics Credit Corp. Kansas Power & Light Company General Electric Co. Kentucky Utilities Co. General Electric Credit Corp. Kiewit (Peter) Sons, Inc. Kerr-McGee Credit Corp. General Foods Corp. Kiewit u.S. Co. General Instrument Corp. Kimberly-Clark Corp. General Mills, Inc. Knight-Ridder Newspapers, Inc. General Motors Acceptance Corp. Kroger Co. General Re Corp. Kuparuk Trans. Capital Corp. General Signal Corp. Laclede Gas Co. General Telephone Co. of Florida Levi Strauss & Co. General Telephone Co. of Ill. Lilly (Eli) & Co. General Telephone Co. of Ind. , The Lincoln National Corp. General Telephone Co. of Ohio Lipton, Inc. (Thomas J.) General Telephone Co. of Wisconsin Litton Financial Services, Inc. Litton Industries, Inc. General Telephone Co. of the Northwest Lloyds Bank Int'l. Ltd. General Telephone Co. of the Southeast Louisville Gas & Elec. Co. General Telephone Co. of the Southwest Lubrizol Corp. (The) Gerber Products Co. MAGEC Finance Co. Series B Getty Capital Corp. MAGEC Finance Co. Series C Getty Oil Company MB Canada Funding, Inc. Gothenburg, Sweden (City of) Macy ( R. H .) & Co. Grainger (W.W.), Inc. Macy Credit Corp. Great Northern Nekoosa Corp. Mafina B.V. Gulf Oil Corp. Manufacturers Hanover Corp. Gulf Oil Financial Corp. Marsh & McLennan Companies, Inc. Halliburton Co. Maryland National Corp. Harris Bankcorp, Inc. MassMutual Mtge. & Real. Investors Harris Corp. Massachusetts Electric Co. Harsco Corp. Mass. Mutual Life Ins. Co. Hawaiian Electric Co. May Department Stores Co. Hawaiian Telephone Company McDonald's Corp. Heinz (H.J.) Company McGraw-Hill, Inc. Henkel of America, Inc. Hershey Foods Corp. Hoechst Capital Corp. Mellon Financial Co. Pacific Northwest Bell Tel. Co. Melville Corp. Pacific Tel. & Tel. Co. Merck & Co., Inc. Paribas Finance, Inc. Merrill Lynch & Co., Inc. Parker-Hannifin Corp. Metropolitan Life Insurance Co. Penn Mutual Life Ins, Co. Michigan Bell Telephone Co. Penny Financial Corp. (J.C.) Michigan Wisconsin Pipe Line Co. Peoples Gas Light & Coke Co. Midland Bank Canada PepsiCo, Inc. Midland Bank PLC Perkin-Elmer Corp. Minnegasco, Inc. Pfizer, Inc. Minnesota Mining & Mfg. Co. Philbro-Salomon, Inc. Minnesota Power & Light Co. Philadelphia Nat'l. Corp. Mississippi River Transmission Phillips Petroleum Co. Mitsubishi Int'l. Corp. Phillips Petroleum Credit Corp. Mobil Fairfax, Inc. Phoenix Mutual Life Ins. Co. Mobil Oil Corp. Pillsbury Co. Mobil Oil Credit Corp. Pioneer Hi-Bred Int'l., Inc. Mobil Oil Exp. & Prod. Southeast, Inc. Pitney Bowes Credit Corp. Monongahela Power Co. Plessey, Inc. Monsanto Company Polaroid Corp. Montana-Dakota Utilities Co. Ponderosa Homes Monticello Capital Corp. Post-Och Kreditbanken (PK Banken) Moore Business Forms, Inc. Potomac Edison Co. Moore Financial Group, Inc. Potomac Electric Power Co. Morgan (J.P.) & Co., Inc. Private Export Funding Corp. Morton-Thiokol, Inc. Procter & Gamble Co. Motorola Credit Corp. Provident Nat'l. Financial Corp. Motorola, Inc. PruLease, Inc. Mountain States Tel. & Tel. Co. Prudential Funding Corp. Mutual Benefit Life Ins. Co. Public Service Co. of Colorado Mutual Life Insurance Co. of N.Y. Public Service Co. of New Mexico NBD Bancorp, Inc. Public Service Electric & Gas Co. NCR Corp. Quaker Oats Co. (The) NL Industries, Inc. Rabobank Nederland (Cooperative Nabisco Brands, Inc. Centrale Raiffeisen National Car Rental Systems, Inc. Boerenleenbank BA) National City Credit Corp. Rainier Bancorp National Gypsum Co. Ralston Purina Co. National Rural Util. Coop. Fin. Corp. Red River Pipeline Corp. National Union Electric Corp. Reliance Insurance Co. National Westminster Bank PLC Renault Acceptance B.V. National Westminster Bank of Canada Republic New York Corp. Nationale-Nederlanden U.S. Corp. Republic of Texas Corp. Nationwide Life Insurance Co. Revco D.S., Inc. Natural Gas Pipeline Co. of America Revlon, Inc. Neste Oy Richardson-Vicks, Inc. Nestle Capital Corp. Robert Bosch Ind., Inc. New England Mutual Life Ins. Co. Rochester Telephone Corp. New England Power Co. Rockwell Int'l. Corp. New England Tel. & Tel. Co. Rohm & Haas Finance Co. New Jersey Bell Telephone Co. Rolls-Royce Capital, Inc. New York Life Insurance Co. Royal Bank of Canada New York Telephone Co. Ryder Truck Rental, Inc. Nissan Motor Acceptance Corp. SAFECO Credit Co., Inc. Norddeutsche Landesbank SN-I Fuel, Inc. Nordic Investment Bank Safeway Stores, Inc. North American Philips Corp. Saint Michael Finance Ltd. North Shore Gas Co. Saint Paul Cos., Inc. Northern Illinois Gas Co. Santa Fe Industries, Inc. Northern States Power Co. Schering-Plough Corp. Northern Telecom, Inc. Seagram (Joseph E.) & Sons, Inc. Northwest Airlines, Inc. Searle & Co., (G.D.) Northwestern Bell Telephone Co. Sears, Roebuck Acceptance Corp. Norton Co. Selective Funding Corp. Norwest Financial, Inc. Shearson/American Exp. Mtge. Corp. ONEOK, Inc. Shearson/American Express, Inc. Oglebay Norton Co. Shell Credit, Inc. Ohio Bell Telephone Co. Shell Oil Co. Ontario Hydro Siemens Capital Corp. Orange and Rockland Utilities Sierra Trust PHH Group, Inc. Skandinaviska Enskilda Banken PNC Funding Corp. Skidmore, Owings & Merrill PPG Industries, Inc. Smith Int'l., Inc. Pacific Gas & Electric Co. SmithKline Beckman Corp. Pacific Lighting Corp. Societe Generale No. America, Inc. Societe Generale de Banque Societe Nationale des Chemins de Fer Francais (SNCF) Sohio Finance Co. Travelers Insurance Co., The Sony Corporation of America Tucson Electric Power Co. South Carolina National Corp. U.B. (Holdings) U.S., Ltd. South Central Bell Tel. Co. UCAR Capital Corp. Southern Bell Tel. & Tel. Co. USF&G Corp. Southern California Edison Co. USLIFE Southern Natural Gas Co. Unilever united States, Inc. Southern New England Telephone Co. Union Bank of Switzerland Southwest Bancshares, Inc. union Camp Corp. Southwestern Bell Tel. Co. Union Carbide Corp. Southwestern Public Service Corp. Union Mutual Life Insurance Co. Square D Co. Union Oil Credit Corp. Squibb Corporation Union Pacific Corp. Standard Oil Co. (Indiana) United States Bancorp Standard Oil Co. of California United States Central Credit Union Standard Oil Company, The (Ohio) United States Gypsum Co. Stanley Works (The) State Mutual Life Assurance Co. of America United States JVC Corp. Statoil (Kingdom of Norway) United States Shore Corp., The Stauffer Chemical Co. United Technologies Corp. Sterling Drug, Inc. United Telephone Co. of Florida Sumitomo Corp. of America United Telephone Co. of Ohio Sun Company, Inc. Upjohn Company Sundstrand Corp. Urban Investment & Dev. Corp. Sunoco Credit Corp. Utah Power & Light Co. Superior Oil Company, The Valley National Corp. Svenska Handelsbanken, Inc. . Volvo AB Svenska Varv, A.B. Volvo of America Corp. Swedish Export Credit Corp. Vulcan Materials Co. Swiss Bank Corp. Wachovia Corp. (The) Swiss Bank Corp. Overseas Finance Wal-Mart Stores, Inc. Syntex (USA), Inc. Walgreen Co. TDK USA Corp. Walt Disney Productions TRW, Inc. Warner-Lambert Company Tampa Electric Co. Washington Gas Light Co. Tektronix Washington Post Co. Texaco Financial Services, Inc. Wells Fargo & Co. Texaco, Inc. West Penn Power Company Texas Commerce Bancshares, Inc. Westdeutsche Landesbank Texas Eastern Transmission Corp. Girozentrale Texas Gas Transmission Corp. Western Electric Company, Inc. Texas Instruments, Inc. Westinghouse Credit Corp. Texas Oil & Gas Corp. Westinghouse Electric Corp. Texas Utilities Company westpac Banking Corp. Textron Financial Corp. Westvaco Corp. Textron, Inc. Weyerhaeuser Company Thorn EMI (USA), Inc. Weyerhaeuser Mortgage Co. Time, Incorporated Weyerhaeuser Real Estate Co. Times Mirror Company Whirlpool Corp. Toronto Dominion Bank (The) Wisconsin Electric Fuel Trust Total International Ltd. Wisconsin Electric Power Co. Trans-Services Capital Corp. Wisconsin Power & Light Co. Transamerica Corporation Wisconsin Public Svc. Corp. Transamerica Financial Corp. Wisconsin Telephone Co. Travelers Corp. (The) Wyman-Bordon Co. Xerox Corp. Xerox Credit Corp.

SUPPORTED BY COMMERCIAL PAPER ISSUES, LETTERS OF CREDIT OR IRREVOCABLE REVOLVING CREDIT AGREEMENTS

ISSUER BANK

Acco Babcock, Inc. Bankers Trust Ajinomoto U.S.A., Inc. Dai-Ichi Kangyo Bank, New York Branch; Mitsubishi Bank, New York Branch Akzona Commercial Paper, Inc. Algemene Bank Nederland N.V., NY Branch Allegheny Int'l. Accept. Corp. Crocker National Bank Altex Equipment Corp. Chemical Bank Arnold Fuel, Inc. FNB Chicago Arvida Mortgage Co. Citibank, N.A. BBC Brown Boveri Funding, Inc. Union Bank of Switzerland, N.Y. Branch BE CO Fuel Co., Inc. FNB Chicago; FNB Boston Bath County Hydroelectric, Inc. Societe Generale; Union Bk. of Switzerland ISSUER BANK

Baynor Energy, Inc. First Nat'l. Bank of Boston Blue Bell, Inc. Credit Suisse Bowater Finance Co., Ltd. Bank of Montreal Bridgestone Tire Co. of Amer., Inc. Sumitomo Bank, Ltd.; Bank of Tokyo, Ltd., Los Angeles Agency Budd Financial Corp. Barclays Bank International COFI Credit Corp. Barclays Bank International CSX Commercial Paper, Inc. Dresdner Bank, AB, New York Branch Califia Co. Societe Generale California Mortgage Service Crocker National Bank Castle & Cooke, Inc. First Interstate Bank of CA Certified Grocers of Calif., Ltd. Crocker National Bank Champion Realty Corp. Texas Commerce Bank Cimarron Capital Corp. Bankers Trust Co. Clipper Oil Corp. Bank of America Coastal Finance Corp. Cont'l. Ill. Nat'l. Bk. & Trust Co. Coca-Cola Export Corp. Bankers Trust Co. Coldwell Banker Res. Mtg. Co. Crocker National Bank Colstrip Energy Co., Inc. First Interstate Bank of California; Barclays Bank Int'l. Columbia Fuels, Inc. Credit Suisse Comm. Indust. Trade Receivables Citibank, N.A. Investment Co. Commonwealth Fuel Co. Bank of America Contel Credit Corp. Swiss Bank Corp., Atlanta Agency Crowley Maritime Corp. Crocker National Bank Daewoo Int'l. (America) Corp. Chemical Bank Dai'ei (USA) Long-Term Credit Bk. of Japan, Ltd., Los Angeles Agency Delta Fuel Services Corp. First Interstate Bank of CA Dillard Investment Co., Inc. Chemical Bank Dunavant Comm. Paper Swiss Bank Corp. Equilease Corp. Crocker Nat'l. Bk.; Bankers Trust; Manufacturers Hanover Trust Co. Fiat Credit Europe PLC Credit Suisse, New York Branch Figgie Acceptance Corp. Crocker National Bank First City Center Associates Bank of Nova Scotia, Atlantic Agency Freeport McMoRan, Inc. First Interstate Bank of CA; Chemical Bk. GKN North America, Inc. Nat'l. Westminister Bk. PLC, N.Y. Branch Gateway Fuel Company Manufacturers Hanover; Bankers Trust; FNB Chicago; Cont'l. Ill. Genstar Mortgage Corp., Bank of America Govern. Develop. Bk. for Puerto Rico Manufacturers Hanover Trust Government Employees Fin. Corp. Cont'l. Ill. Nat'l. Bank & Trust Co. Haddam Fuel Supply Trust Bankers Trust Co. Heron Holdings, Inc. Barclays Bank International Heron Int'l. Finance, Inc. Barclays Bank Int'l., N. Y. Branch Hitachi Metals Int'l., Ltd. Fuji Bank Ltd., N. Y. Agency Hoffman-LaRoche, Inc. Swiss Bank Corp. Huffington (Roy M. ), Inc. Morgan Guaranty Trust Co. Hundred East Credit Corp. Irving Trust Co. IC Commercial Paper, Inc. First Nat'l. Bank of Chicago; Crocker National Bank ICG Railroad Comm. Paper Corp. Westdeutsche Landesbank Gironzentrale IMI Commercial Paper, Inc. Bankers Trust Co. ITT Rayonier, Inc. Bankers Trust Co. Idemitsu Comm. Paper Corp. Bank of America James Talcott Factors, Inc. Lloyds Bank International Ltd. Japan Leasing (U.S.A.), Inc . Long-Term Credit Bank of Japan, Ltd., N. Y. Branch Jim Walter Corp. Credit Suisse, N. Y. Branch Kanematsu-Gosho (U.S.A.), Inc. Bank of Tokyo, Ltd., N. Y. Agency Kansas City Pwr. Comm. Paler, Inc. Manufacturers Hanover Trust Co. Kansas Gas & Electric Co. Credit Suisse Kashima Oil (Bermuda) Co., Ltd. The Industrial Bank of Japan Kendavis Finance Co. First City Nat'l. Bank of Houston Kendavis Industries Int'l., Inc. Cont'l. Ill. Bank & Trust Co.; Barclays Bank Int'l., Ltd. ISSUER BANK

Koehring Finance Corp. Bank of Montreal, N. Y. Branch Kumam Corp. Long-Term Credit Bk. of Japan, Ltd. Lake Erie Fuel Corp. Manufacturers Hanover; First Nat'l. Bk. of Boston; FNB Chicago; First Interstate Bank of California Longview Fibre Comm. Paper, Inc. Ranier National Bank MBC Financial Services Corp. Credit Suisse, N. Y. Branch MYA Fuel Co. Manufacturers Hanover Trust MacMillan Bloedel, Inc. Bank of Nova Scotia, Atlanta Agency Mannesmann Capital Corp. Deutsche Bank AG Marmon Industrial Corp. Cont'l. Illinois National Bk., & Trust Co. of Chicago Matson Navigation Company Crocker National Bank Matsushita Comm. Paper, Inc. Sumitomo Bank, Ltd., N. Y. Branch Maumee Valley Fuel Corp. Manufacturers Hanover; First Interstate Bank of CA Metal Box America, Inc. Barclays Bank International Mid-Atlantic Fuel Co. Bank of America; Barclays Bank Int'l.; Chemical Bank; FNB Chicago Mid-Peninsular Energy Co. Bank of America; FNB Chicago Miles Finance Co., Inc. Wells Fargo Bank, N.A. Millstone Construction Trust Manufacturers Hanover; Bankers Trust; Barclays Bank Int'l., N. Y. Branch Minerals Capital Corp. Bankers Trust Co. Mitsui Fudosan (U.S.A.), Inc. Mitsui Bank Ltd., N. Y. Branch Mt. Isa Mines (Coal Fin.) Ltd. Chemical Bank National Development Co. Mellon Bank; Wells Fargo Bank New England Collier Co. Bank of America Nichimen America, Inc. Sanwa Bank, Ltd., N. Y. Branch Nissho Iwai American Corp. Sanwa Bank, Ltd., N. Y. Branch Nixdorf Computer Corp. Deutsche Bank Ag, N. Y. Branch Northland Mortgage Co. Chemical Bank Nuclear Heat Supply Trust SN-2 First National Bank of Chicago Ogden Commercial Paper Union Bk. of Switzerland; Bank of Amer.; Bankers Trust Co. Ohio Edison Fuel Corp. Manufacturers Hanover; First Interstate Bank of CA Ohio Edison Trust Toronto-Dominion Bank, Atlanta Agency Old National Bancorporation Credit Suisse Olivetti International S.A. Bk. of America; Union Bk. of Switzerland Oswego Facilities Trust Chemical Bank Outboard Marine Corp. Bank of America Ozark Fuel Corp. Swiss Bank Corp., N. Y. Branch PIN Energy Trust Union Bank of Switzerland Pacific Energy Trust Bankers Trust Co.; Manufacturers Hanover; FNB Chicago Pacific Funding Corp. Union Bank Peabody International Corp. Credit Suisse, New York Branch Pearl Fuel Corp. Chemical Bank Penn Fuel Corp. First National Bank of Boston Penn. P. & L. Energy Trust Cont'l. Illinois; Chemical Bk.; B. of A.; Morgan Guaranty Trust Co . Pennsylvania Power Fuel Corp. Manufacturers Hanover Trust Co. Philadelphia Salem Fuel Corp. Bankers Trust Co. Pogo Producing Co. Chemical Bank; Mellon Bank Port Gibson Energy, Inc. Union Bank of Switzerland Portland Gen. Elec. Comm. Paper, Inc. Westdeutsche Landesbank Girozentrale Puget Sound Energy Co. Societe Generale Renaissance Energy Company Barclays Bank Int'l., Ltd.; Union Bank Research-Cottrell, Inc. Manufacturers Hanover Trust Co. Rockefeller Center Servo corp. Bankers Trust Co.; Bank of America ISSUER BANK

Rouse Real Estate Finance, Inc. Citibank, N.A. Russell Energy, Inc. Bank of America Sabins Mining Company Bankers Trust Co. Samsung America, Inc. Chemical Bank Sandoz United States, Inc. Irving Trust Co. Seiko Corp. of America Dai-Ichi Kangyo Bank, Ltd., N. Y. Branch; Fuji Bank, Ltd., N. Y. Branch Sequoia Ventures, Inc. Bank of America Shearson/Amer. Express Mtg. Corp. Crocker Bank Somerset Railroad Corp. Chemical Bank Songs Fuel Company Continental Illinois Nat. Bk. & Trust Co.; Bank of America Southern Michigan Energy Corp. Westdeutsche Landesbank Girozentrale Southern Union Refining Co. Bank of America Spiegel Funding Corp. Dresdner Bank AG Springerville Corp. Bankers Trust Co.; Cont'l. Ill. Bk. & Trust Co.: Wells Fargo Ssangyong (USA), Inc. Bankers Trust Co. Steinberg Comm. Paper, Inc. Bank of Nova Scotia, Atlanta Agency Suntory International Corp. Bank of America System Fuels, Inc. Crocker National Corp. Tarleton Assoc. Ltd. Partnership Bankers Trust Co. Thyssen Holding Corp. Dresdner Bank Thyssen-Bornemisza No. America, Ltd. Amsterdam-Rotterdam Bk. N.V., N. Y. Branch Trans Union Leasing Corp. Continental Illinois Bank & Trust Co. Transway Capital Corp. Mellon Bank Unigate, Inc. Barclays Bank International Ltd. United Cable Television Corp. Mellon Bank United Nations Develop. Corp. Chemical Bank United Telecom Capital Corp. Bankers Trust Co.: Chemical Bank Univar Corp. Chemical Bank VEBA Funding, Inc. Dresdner Bank Ag, N. Y. Branch Vernon Energy Trust Bankers Trust Co. Warnaco, Inc. Mellon Bank Washington Energy Co. Barclays Bank Int'l. Ltd., N. Y. Branch Waterfield Mortgage Co. Chase Manhattan Bank, N. A. Western Co. of North Amer. Chemical Bank zayre Commercial Paper Corp. Bank of America: Chemical Bank: Mellon Bk. Zen-Noh Unico America Corp. Bank of Tokyo, Ltd., N. Y. Agency

CERTIFICATES OF DEPOSIT AND BANKERS ACCEPTANCES DOMESTIC BANK AND U.S. DOLLAR DENOMINATION CERTIFICATES OF THEIR FOREIGN BRANCHES

BANK HOLDING COMPANY

AmeriTrust Co., Cleveland AmeriTrust Corp. BancOhio National Bank, Columbus BancOhio Corp. Bank of America NT & SA, San Francisco BankAmerica Corp. Bank of New York Bank of New York Bank of Tokyo Trust Co., New York Bank of Tokyo, Ltd. Bankers Trust Co., New York Bankers Trust New York Chase Manhattan Bank NA, New York Chase Manhattan Chemical Bank, New York Chemical New York Citibank NA, New York Citicorp Citizens & Southern National Bank, Atlanta Citizens & Southern Georgia Comerica Bank, Detroit Comerica, Inc. Connecticut Bank & Trust Co. NA, Hartford CBT Corp. Continental Illinois NB & T Co., Chicago Continental Illinois Crocker National Bank, San Francisco Crocker National European American Bank & Trust Co., N. Y. Deutsche Bank, Frankfort Societe General, Paris Societe General, Brussels Midland Bank, London Amsterdam-Rotterdam Bank, Amsterdam First City National Bank, Houston First City Bancorp, Texas First Interstate Bank of AZ. NA, phoenix First Interstate Bancorp First Interstate Bank of Calif., L. A. First Interstate Bancorp First Interstate Bank of OR. NA, Portland First Interstate Bancorp BANK HOLDING COMPANY

First National Bank, Boston Bank of Boston First National Bank, Chicago First Chicago First Union National Bank, Charlotte First Union Corp. Harris Trust & Savings Bank, Chicago Harris Bankcorp InterFirst Bank Dallas NA InterFirst Corp. Irving Trust Co., N. Y. Irving Bank Manufacturers Hanover Trust Co., N. Y. Manufacturers Hanover Manufacturers National Bank, Detroit Manufacturers National Corp. Marine Midland Bank NA, Buffalo N.Y. Marine Midland Banks Mellon Bank NA, Pittsburgh Mellon National Morgan Guaranty Trust Co., N. Y. Morgan (J.P.) & Co. National Bank of Detroit NBD Bancorp National Bank of North America, N. Y. National Westminster Bank PLC, London North Carolina National Bank, Charlotte NCNB Corp. Northern Trust Co., Chicago Northern Trust Philadelphia National Bank CoreStates Financial Corp. Pittsburgh National Bank PNC Financial Rainier National Bank, Seattle Rainier Bancorp RepublicBank Dallas NA RepublicBank Corp. Republic National Bank, N. Y. Republic New York Southeast Bank NA, Miami Southeast Banking Texas Commerce Bank NA, Houston Texas Commerce Bankshares Union Bank, Los Angeles Standard Chartered Bank, London United States National Bank, Portland, OR. U.S. Bancorp United Virginia Bank, Richmond United virginia Bankshares Valley National Bank, Phoenix Valley National Corp. Wachovia B&T Co. NA, Winston-Salem, N. C. Wachovia Corp. Wells Fargo Bank NA, San Francisco Wells Fargo

CERTIFICATES OF DEPOSIT AND BANKERS ACCEPTANCES FOREIGN BANKS (U.S. DOLLAR DENOMINATED CERTIFICATES)

Algemene Bank Nederland, Amsterdam Amsterdam-Rotterdam Bank, Amsterdam Australia & New Zealand Banking Group, Ltd., Melbourne Bank fuer Gemeinwirtschaft, Frankfurt Bank of Montreal Bank of Nova Scotia, Toronto Bank of Tokyo, Ltd. Bank of Yokohama, Ltd. Banque Bruxelles Lambert, Brussels Banque Nationale de Paris Banque Indosuez, Paris Barclays Bank International Ltd., London Barclays Bank PLC, London Bayerische Hypotheken-und Weschsal-Bank, Munich Bayerische Landeshank Girozentrale, Munich Bayerische Vereinsbank, Munich Canadian Imperial Bank of Commerce, Toronto Commerzbank, Dusseldorf Commonwealth Banking Corp., Sydney Credit Agricole Mutual, Paris Credit Lyonnais, Paris Credit Suisse, zurich Creditanstalt-Bankverein, Vienna Dai-ichi Kangyo Bank Ltd., Tokyo Daiwa Bank, Ltd., Osaka Deutsche Bank, Frankfurt Deutsche Genossenschaftsbank, Frankfurt Dresdner Bank, Frankfurt Fuji Bank, Ltd., Tokyo Groupe Des Banques Populaires, Paris Hessische Landesbank-Girozentrale, Frankfurt Hokkaido Takushoku Bank, Ltd., Sapporo Hongkong and Shanghai Banking Corp., Hong Kong Industrial Bank of Japan, Ltd., Tokyo International Westminster Bank PLC, London Kredietbank International Group, Brussels Kyowa Bank, Ltd., Tokyo Lloyds Bank International Ltd., London Lloyds Bank PLC, London Long-Term Credit Bank of Japan Ltd., Tokyo Midland Bank PLC, London Mitsubishi Bank Ltd., Tokyo Misubishi Trust & Banking Corp., Tokyo Mitsui Bank Ltd., Tokyo Mitsui Trust & Banking Co., Ltd., Tokyo National Westminister Bank PLC, London Nederlandsche Middenstandsbank, Amsterdam Nippon Credit Bank, Ltd., Tokyo Norddeutsche Landesbank Girozentrale, Hannover Norinchukin Bank, Tokyo Rabobank Nederland, Utrecht Royal Bank of Canada, Montreal Saitama Bank Ltd., Urawa Sanwa Bank Ltd., Osaka Shoko Chukin Bank, Tokyo Skandinaviska Enskilda Banken, Stockholm Societe Generale de Banque, Brussels Societe Generale, Paris Standard Chartered Bank PLC, London Sumitomo Bank Ltd., Osaka Sumitomo Trust & Banking Co., Ltd., Osaka Swiss Bank Corp., Basle Taiyo Kobe Bank, Ltd., Kobe Tokai Bank Ltd., Nagoya Toronto Dominion Bank TOyo Trust & Banking Co. Ltd., Tokyo Unio n Bank of Switzerland, Zurich Westdeutsche Landesbank Girozentrale, Dusseldorf Westpac Banking Corp., Sydney Yasuda Trust & Banking Co. Ltd., Tokyo and to sell money market instruments owned by the Board as monies shall be needed for payment of pensions or for investments already authorized by the Board, which motion was seconded by Commissioner Burdorf and adopted by the following vote: ayes, Commissioners Burdorf, Diannitto, Marcus, Moody, Woo and President Minassian - 6; noes, none.

RESOLUTION NO. 84038 2535 SAFETY MEMBERS GENERAL PENSION FUND

LAFP COMMERCIAL PAPER

SUPPORTED BY COMMERCIAL PAPER ISSUES, LETTERS OF CREDIT OR IRREVOCABLE REVOLVING CREDIT AGREEMENTS

ISSUER BANK

Baynor Energy, Inc. First Nat'l. Bank of Boston Blue Bell, Inc. Credit Suisse Bowater Finance Co., Ltd. Bank of Montreal Bridgestone Tire Co. of Amer., Inc. Sumitomo Bank, Ltd.; Bank of Tokyo, Ltd., Los Angeles Agency Budd Financial Corp. Barclays Bank International COFI Credit Corp. Barclays Bank International CSX Commercial Paper, Inc. Dresdner Bank, AB, New York Branch Califia Co. Societe Generale California Mortgage Service Crocker National Bank Castle & Cooke, Inc. First Interstate Bank of CA Certified Grocers of Calif., Ltd. Crocker National Bank Champion Realty Corp. Texas Commerce Bank Cimarron Capital Corp. Bankers Trust Co. Clipper Oil Corp. Bank of America Coastal Finance Corp. Cont'l. Ill. Nat'l. Bk. & Trust Co. Coca-Cola Export Corp. Bankers Trust Co. Coldwell Banker Res. Mtg. Co. Crocker National Bank Colstrip Energy Co., Inc. First Interstate Bank of California; Barclays Bank Int'l. Columbia Fuels, Inc. Credit Suisse Comm. Indust. Trade Receivables Citibank, N.A. Investment Co. Commonwealth Fuel Co. Bank of America Conte 1 Credit Corp. Swiss Bank Corp., Atlanta Agency Crowley Maritime Corp. Crocker National Bank Daewoo Int'l. (America) Corp. Chemical Bank Dai'ei (USA) Long-Term Credit Bk. of Japan, Ltd., Los Angeles Agency Delta Fuel Services Corp. First Interstate Bank of CA Dillard Investment Co., Inc. Chemical Bank Dunavant Comm. Paper Swiss Bank Corp. Equilease Corp. Crocker Nat'l. Bk.; Bankers Trust; Manufacturers Hanover Trust Co. Fiat Credit Europe PLC Credit Suisse, New York Branch Figgie Acceptance Corp. Crocker National Bank First City Center Associates Bank of Nova Scotia, Atlantic Agency Freeport McMoRan, Inc. First Interstate Bank of CA; Chemical Bk. GKN North America, Inc. Nat'l. Westminister Bk. PLC, N.Y. Branch Gateway Fuel Company Manufacturers Hanover; Bankers Trust; FNB Chicago; Cont'l. Ill. Genstar Mortgage Corp., Bank of America Govern. Develop. Bk. for Puerto Rico Manufacturers Hanover Trust Government Employees Fin. Corp. Cont'l. Ill. Nat'l. Bank & Trust Co. Haddam Fuel Supply Trust Bankers Trust Co. Heron Holdings, Inc. Barclays Bank International Heron Int'l. Finance, Inc. Barclays Bank Int'l., N. Y. Branch Hitachi Metals Int'l., Ltd. Fuji Bank Ltd., N. Y. Agency Hoffman-LaRoche, Inc. Swiss Bank Corp. Huffington (Roy M.), Inc. Morgan Guaranty Trust Co. Hundred East Credit Corp. Irving Trust Co. IC Commercial Paper, Inc. First Nat'l. Bank of Chicago; Crocker National Bank ICG Railroad Comm. Paper Corp. Westdeutsche Landesbank Gironzentrale IMI Commercial Paper, Inc. Bankers Trust Co. ITT Rayonier, Inc. Bankers Trust Co. Idemitsu Comm. Paper Corp. Bank of America James Talcott Factors, Inc. Lloyds Bank International Ltd. Japan Leasing (U.S.A.), Inc. Long-Term Credit Bank of Japan, Ltd., N. Y. Branch Jim Walter Corp. Credit Suisse, N. Y. Branch Kanematsu-Gosho (U.S.A.), Inc. Bank of Tokyo, Ltd., N. Y. Agency Kansas City Pwr. Comm. Paler, Inc. Manufacturers Hanover Trust Co. Kansas Gas & Electric Co. Credit Suisse Kashima Oil (Bermuda) Co., Ltd. The Industrial Bank of Japan Kendavis Finance Co. First City Nat'l. Bank of Houston Kendavis Industries Int'l., Inc. Cont'l. Ill. Bank & Trust Co.; Barclays Bank Int'l., Ltd. ISSUER BANK

Koehring Finance Corp. Bank of Montreal, N. Y. Branch Kumam Corp. Long-Term Credit Bk. of Japan, Ltd. Lake Erie Fuel Corp. Manufacturers Hanover; First Nat'l. Bk. of Boston; FNB Chicago; First Interstate Bank of California Longview Fibre Comm. Paper, Inc. Ranier National Bank MBC Financial Services Corp. Credit Suisse, N. Y. Branch MYA Fuel Co. Manufacturers Hanover Trust MacMillan Bloedel, Inc. Bank of Nova Scotia, Atlanta Agency Mannesmann Capital Corp. Deutsche Bank AG Marmon Industrial Corp. Cont'l. Illinois National Bk., & Trust Co. of Chicago Matson Navigation Company Crocker National Bank Matsushita Comm. Paper, Inc. Sumitomo Bank, Ltd., N. Y. Branch Maumee Valley Fuel Corp. Manufacturers Hanover; First Interstate Bank of CA Metal Box America, Inc. Barclays Bank International Mid-Atlantic Fuel Co. Bank of America; Barclays Bank Int'l.; Chemical Bank; FNB Chicago Mid-Peninsular Energy Co. Bank of America; FNB Chicago Miles Finance Co., Inc. Wells Fargo Bank, N.A. Millstone Construction Trust Manufacturers Hanover; Bankers Trust; Barclays Bank Int'l., N. Y. Branch Minerals Capital Corp. Bankers Trust Co. Mitsui Fudosan (U.S.A.), Inc. Mitsui Bank Ltd., N. Y. Branch Mt. Isa Mines (Coal Fin.) Ltd. Chemical Bank National Development Co. Mellon Bank; Wells Fargo Bank New England Collier Co. Bank of America Nichimen America, Inc. Sanwa Bank, Ltd., N. Y. Branch Nissho Iwai American corp. Sanwa Bank, Ltd., N. Y. Branch Nixdorf Computer Corp. Deutsche Bank Ag, N. Y. Branch Northland Mortgage Co. Chemical Bank Nuclear Heat Supply Trust SN-2 First National Bank of Chicago Ogden Commercial Paper Union Bk. of Switzerland; Bank of Amer.; Bankers Trust Co. Ohio Edison Fuel Corp. Manufacturers Hanover; First Interstate Bank of CA Ohio Edison Trust Toronto-Dominion Bank, Atlanta Agency Old National Bancorporation Credit Suisse Olivetti International S.A. Bk. of America; Union Bk. of Switzerland Oswego Facilities Trust Chemical Bank Outboard Marine Corp. Bank of America Ozark Fuel Corp. Swiss Bank Corp., N. Y. Branch PIN Energy Trust Union Bank of Switzerland Pacific Energy Trust Bankers Trust Co.; Manufacturers Hanover; FNB Chicago Pacific Funding Corp. Union Bank Peabody International Corp. Credit Suisse, New York Branch Pearl Fuel Corp. Chemical Bank Penn Fuel Corp. First National Bank of Boston Penn. P. & L. Energy Trust Cont'l. Illinois; Chemical Bk.; B. of A.; Morgan Guaranty Trust Co. Pennsylvania Power Fuel Corp. Manufacturers Hanover Trust Co. Philadelphia Salem Fuel Corp. Bankers Trust Co. Pogo Producing Co. Chemical Bank; Mellon Bank Port Gibson Energy, Inc. Union Bank of Switzerland Portland Gen. Elec. Comm. Paper, Inc. Westdeutsche Landesbank Girozentrale Puget Sound Energy Co. Societe Generale Renaissance Energy Company Barclays Bank Int'l., Ltd.; Union Bank Research-Cottrell, Inc. Manufacturers Hanover Trust Co. Rockefeller Center Servo Corp. Bankers Trust Co.; Bank of America ISSUER BANK

Rouse Real Estate Finance, Inc. Citibank, N.A. Russell Energy, Inc. Bank of America Sabins Mining Company Bankers Trust Co. Samsung America, Inc. Chemical Bank Sandoz United States, Inc. Irving Trust Co. Seiko Corp. of America Dai-Ichi Kangyo Bank, Ltd., N. Y. Branch; Fuji Bank, Ltd., N. Y. Branch Sequoia Ventures, Inc. Bank of America Shearson/Amer. Express Mtg. Corp. Crocker Bank Somerset Railroad Corp. Chemical Bank Songs Fuel Company Continental Illinois Nat. Bk. & Trust Co.; Bank of America Southern Michigan Energy Corp. Westdeutsche Landesbank Girozentrale Southern Union Refining Co. Bank of Amer ica Spiegel Funding Corp. Dresdner Bank AG Springerville Corp. Bankers Trust Co.; Cont'l. Ill. Bk. & Trust Co.; Wells Fargo Ssangyong (USA), Inc. Bankers Trust Co. Steinberg Comm. Paper, Inc. Bank of Nova Scotia, Atlanta Agency Suntory International Corp. Bank of America System Fuels, Inc. Crocker National Corp. Tarleton Assoc. Ltd. Partnership Bankers Trust Co. Thyssen Holding Corp. Dresdner Bank Thyssen-Bornemisza No. America, Ltd. Amsterdam-Rotterdam Bk. N.V., N. Y. Branch Trans Union Leasing Corp. Continental Illinois Bank & Trust Co. Transway Capital Corp. Mellon Bank Unigate, Inc. Barclays Bank International Ltd. United Cable Television Corp. Mellon Bank United Nations Develop. Corp. Chemical Bank United Telecom Capital Corp. Bankers Trust Co.; Chemical Bank Univar Corp. Chemical Bank VEBA Funding, Inc. Dresdner Bank Ag, N. Y. Branch Vernon Energy Trust Bankers Trust Co. War naco , Inc. Mellon Bank Washington Energy Co. Barclays Bank Int'l. Ltd., N. Y. Branch Waterfield Mortgage Co. Chase Manhattan Bank, N. A. Western Co. of North Amer. Chemical Bank Zayre Commercial Paper Corp. Bank of America; Chemical Bank; Mellon Bk. Zen-Noh Unico America Corp. Bank of Tokyo, Ltd., N. Y. Agency

CERTIFICATES OF DEPOSIT AND BANKERS ACCEPTANCES, DOMESTIC BANKS AND U.S. DOLLAR DENOMINATION CERTIFICATES OF THEIR FOREIGN BRANCHES

BANK HOLDING COMPANY

AmeriTrust Co., Cleveland AmeriTrust Corp. BancOhio National Bank, Columbus BancOhio Corp. Bank of America NT & SA, San Francisco BankAmerica Corp. Bank of New York Bank of New York Bank of Tokyo Trust Co., New York Bank of Tokyo, Ltd. Bankers Trust Co., New York Bankers Trust New York Chase Manhattan Bank NA, New York Chase Manhattan Chemical Bank, New York Chemical New York Citibank NA, New York Citicorp Citizens & Southern National Bank, Atlanta Citizens & Southern Georgia Comerica Bank, Detroit Comer ica, Inc. Connecticut Bank & Trust Co. NA, Hartford CBT Corp. Continental Illinois NB & T Co., Chicago Continental Illinois Crocker National Bank, San Francisco Crocker National European American Bank & Trust Co., N. Y. Deutsche Bank, Frankfort Societe General, Paris Societe General, Brussels Midland Bank, London Amsterdam-Rotterdam Bank, Amsterdam First City National Bank, Houston First City Bancorp, Texas First Interstate Bank of AZ. NA, Phoenix First Interstate Bancorp First Interstate Bank of Calif., L. A. First Interstate Bancorp First Interstate Bank of OR. NA, Portland First Interstate Bancorp BANK HOLDING COMPANY

CERTIFICATES OF DEPOSIT AND BANKERS ACCEPTANCES FOREIGN BANKS (U.S. DOLLAR DENOMINATED CERTIFICATES)

Algemene Bank Nederland, Amsterdam Amsterdam-Rotterdam Bank, Amsterdam Australia & New Zealand Banking Group, Ltd., Melbourne Bank fuer Gemeinwirtschaft, Frankfurt Bank of Montreal Bank of Nova Scotia, Toronto Bank of Tokyo, Ltd. Bank of Yokohama, Ltd. Banque Bruxelles Lambert, Brussels Banque Nationale de Paris Banque Indosuez, Paris Barclays Bank International Ltd., London Barclays Bank PLC, London Bayerische Hypotheken-und Weschsal-Bank, Munich Bayerische Landeshank Girozentrale, Munich Bayerische Vereinsbank, Munich Canadian Imperial Bank of Commerce, Toronto Commerzbank, Dusseldorf Commonwealth Banking Corp., Sydney Credit Agricole Mutual, Paris Credit Lyonnais, Paris Credit Suisse, Zurich Creditanstalt-Bankverein, Vienna Dai-ichi Kangyo Bank Ltd., Tokyo Daiwa Bank, Ltd., Osaka Deutsche Bank, Frankfurt Deutsche Genossenschaftsbank, Frankfurt Dresdner Bank, Frankfurt Fuji Bank, Ltd., Tokyo Groupe Des Banques Populaires, Paris Hessische Landesbank-Girozentrale, Frankfurt Hokkaido Takushoku Bank, Ltd., Sapporo Hongkong and Shanghai Banking Corp., Hong Kong Industrial Bank of Japan, Ltd., Tokyo International Westminster Bank PLC, London Kredietbank International Group, Brussels Kyowa Bank, Ltd., Tokyo Lloyds Bank International Ltd., London Lloyds Bank PLC, London Long-Term Credit Bank of Japan Ltd., Tokyo Midland Bank PLC, London Mitsubishi Bank Ltd., Tokyo Misubishi Trust & Banking Corp., Tokyo Mitsui Bank Ltd., Tokyo Mitsui Trust & Banking Co., Ltd., Tokyo National Westminister Bank PLC, London Nederlandsche Middenstandsbank, Amsterdam Nippon Credit Bank, Ltd., Tokyo Norddeutsche Landesbank Girozentrale, Hannover Norinchukin Bank, Tokyo Rabobank Nederland, Utrecht Royal Bank of Canada, Montreal Saitama Bank Ltd., Urawa Sanwa Bank Ltd., Osaka Shoko Chukin Bank, Tokyo Skandinaviska Enskilda Banken, Stockholm Societe Generale de Banque, Brussels Societe Generale, Paris Standard Chartered Bank PLC, London Sumitomo Bank Ltd., Osaka Sumitomo Trust & Banking Co., Ltd., Osaka Swiss Bank Corp., Basle Taiyo Kobe Bank, Ltd., Kobe Tokai Bank Ltd., Nagoya Toronto Dominion Bank Toyo Trust & Banking Co. Ltd., Tokyo Union Bank of Switzerland, zurich Westdeutsche Landesbank Girozentrale, Dusseldorf Westpac Banking Corp., Sydney Yasuda Trust & Banking Co. Ltd., Tokyo

and to sell money market instruments owned by the Board as monies shall be needed for payment of pensions or for investments already authorized by the Board, which motion was seconded by Commissioner Burdorf and adopted by the following vote: ayes, Commissioners Burdorf, Diannitto, Marcus, Moody, Woo and President Minassian - 6; noes, none.

OLD BUSINESS

The General Manager, Mr. Gary Mattingly, asked President Minassian if the Board could meet with Mr. Bill Budd of Favia, Hill & Associates regarding input from the new simulation analysis he is preparing. President Minassian told staff to arrange such a meeting for December 20, 1983 at 9:30 a.m.

NEW BUSINESS

The General Manager referred to the letter from Towers, Perrin, Forster & Crosby informing the Board that the City Administrative Officer has requested they do certain cost determinations relative to changes to the City Charter that would affect the Fire and Police Pension Systems. Commissioner Diannitto asked staff to schedule this matter as an agenda item and that reports from staff and Jon King of Towers, Perrin, Forster & Crosby be given to the Board.

Commissioner Cohen entered the Board room during the above discussion.

Commissioner Diannitto made reference to an Investors Review and Real Estate Seminar to be held in Los Angeles in January 1984 and asked staff to prepare a cost workup for this seminar.

Commissioner Diananitto mentioned that the Sixth Annual Government Cash Managers Conference will be held in Arlington, Virginia in February 1984 and asked staff to do a cost workup for this conference.

The Investment Committee of the Board and the investment advisors met for breakfast prior to the start of this Board meeting, and President Minassian said it was very beneficial and suggested they meet quarterly before each Investment Only Meeting. TRAVEL EXPENSE

Approval is requested of travel expenses for Commissioners Arthur Burdorf, Sam Diannitto and David Bow Woo in attending the Real Estate Investment Strategies for Public Pension Funds held in Washington, D.C., November 6-8, 1983, in the amounts of $1,138.55, $1,102.00 and $1,044.90, respectively. Refunds of $104.45, $141.00 and $198.10, respectively, have been submitted.

Approved. Motion made by Commissioner Marcus, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Burdorf, Cohen, Diannitto, Marcus, Moody, Woo and President Minassian - 7; noes, none.

DISCONTINUE PENSIONS - ARTICLE XVII - 5

Elwyn M. Geyer Fire Service Retired 09-26-54 Died 11-12-83 William M. Stonesifer Police Service Retired 05-20-46 Died 10-04-83 A. Bazar Police Service Retired 03-01-44 Died 10-31-83 Daphne L. Blake Fire Widow Retired 02-18-71 Died 12-01-82 Mrs. M. Fitzpatrick Police Widow Retired 12-20-65 Died 09-10-83

Approved. Motion made by Commissioner Moody, seconded by Commissioner Cohen and adopted by the following vote: ayes, Commissioners Burdorf, Cohen, Diannitto, Marcus, Moody, Woo and President Minassian - 7; noes, none.

DISCONTINUE PENSIONS - ARTICLE XVIII - 1

Robert H. Ramsey Fire Disab. Retired 08-16-72 Died 11-01-83

Approved. Motion made by Commissioner Cohen, seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Burdorf, Cohen, Diannitto, Marcus, Moody, Woo and President Minassian - 7; noes, none.

PARTIAL PAYMENT OF PENSION - ARTICLE XVII - 1

In accordance with the City Attorney's advice, $76.50 each month until further notice, plus $76.50 each month for arrearages until $873.49 has been paid of the pension payable to Charles F. Gilbertson, Police Service Pensioner, to be paid directly to the County of Los Angeles District Attorney's Office for child support, effective December 1, 1983.

Approved. Motion made by Commissioner Burdorf, seconded by Commissioner Marcus and adopted by the following vote: ayes, Commissioners Burdorf, Cohen, Diannitto, Marcus, Moody, Woo and President Minassian - 7; noes, none.

CONSERVATORSHIP - ARTICLE XVII - 1

A certified copy of the Letters of Conservatorship, issued in the Circuit Court of the State of Oregon, County of Jackson, Case Number G-118-83, appointing Dwayne S. Morehouse Conservator of the estate of Florence Emily Cox, on November 22, 1983, has been filed in this office. Pension payments in the amount of $1,549.47 to be paid to Dwayne S. Morehouse.

WIDOW'S OR WIDOWER'S PENSION - ARTICLE XVII - 1 Member's Monthly Rate Effective Monthly Name Class Salary % Date Amount

Pauline A. Ayers Fire $ 838.50 48% 10-31-83 $ 402.48 (Clifford W. Ayers) Service Member's CIL 743.38 Total $1,145.86

Member's Normal Rate Effective Monthly Name Class Pen. Base % Date Amount

Norma D. Hansen Police $ 992.00 55% 10-10-83 $ 545.60 (Harry L. Hansen) Service Member's CIL 932.43 Total $1,478.03

Barbara J. Moeller Fire $2,574.13 55% 10-27-83 $1,415.77 (William F. Moeller) Service Member's CIL 137.33 Total $1,553.10

APPLICATION OF IRENE M. BARRETT FOR WIDOW'S PENSION BENEFITS PURSUANT TO THE GOINS CASE DECISION

The General Manager told the Board that Irene M. Barrett, widow of Article XVII service-connected disability pensioner Edward R. Barrett, has applied for widow's pension benefits pursuant to the provisions of the court decision in the Goins case. Mr. George W. Liskow, Mrs. Barrett's legal counsel, came forward and recommended that the Board determine Edward R. Barrett's death was not service-connected; that Irene Barrett, his widow, is eligible for a widow's pension pursuant to the provisions of the Court decision in the Goins case, and that the Board grant Irene Barrett's claim for a widow's pension effective the date of her application. Mr. George W. Liskow, Mrs. Barrett's legal counsel, came forward and thanked the Board for their consideration in this matter. He highly complimented Assistant City Attorney Siegfried O. Hillmer and Mr. Wm. S. Hutchison, Assistant Manager-Benefits, in this matter.

After discussion, Commissioner Moody made a motion that inasmuch as Irene M. Barrett was married to deceased Article XVII service-connected disability pensioner Edward R. Barrett on July 8, 1972, and remained married to Mr. Barrett until his death on December 10, 1982, which occurred over 10 years after their marriage and inasmuch as according to medical opinion Mr. Barrett died of causes other than those which resulted in his being awarded a service-connected disability pension, he moved that it be the finding of the Board that Irene M. Barrett be granted a widow's pension, and, further moved that the effective date of the pension be March 21, 1983, the date of Mrs. Barrett's application, without prejudice, pending the ultimate resolution of the Goins Case litigation, which motion was seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Burdorf, Cohen, Diannitto, Marcus, Moody, Woo and President Minassian - 7; noes, none.

FINDINGS OF FACT - ARTICLE XVIII - 9

POLICE

A. Michael J. Butcher B. Michael D. O'Lear C. John A. Mazotta

D. Gordon D. Mandley E. Joseph M. Claridge F. Wendy M. Soo Hoo

G. Linda L. Evans H. James Vasquez, Jr. I. Nickolas S. Brussa

Approved. Motion made by Commissioner Diannitto, seconded by Commissioner Woo and adopted by the following vote: ayes, Commissioners Burdorf, Cohen, Diannitto, Marcus, Moody, Woo and President Minassian - 7; noes, none.

LETTERS ABOUT SEI CORPORATION ACQUIRING THE FUNDS EVALUATION DIVISION OF A. G. BECKER PARIBAS, INC.

The General Manager referred to a letter from A. G. Becker Paribas, Inc. wherein they announced the sale of their Funds Evaluation Division to SEI corporation and introduced their new Paribas Becker Asset Management activities and told the Board that Phil Fox is present to answer any questions the Board may have. Mr. Phil Fox came forward and explained this new relationship to the Board members.

At this point in the proceedings, Gary Mattingly informed the Board that a motion would be required for Favia, Hill & Associates to add MEl Corp. and North American Phillips Corp. to their Common Stock Universe and UAL, Inc. to their Prudent Man Universe. STOCK PURCHASE RESOLUTION NO. 84039 2525 NEW SYSTEM GENERAL PENSION FUND

After discussion by the Board it was moved by Commissioner Diannitto that the Board amend Resolution No. 84021 by adding:

MEl Corp. North American Phillips Corp. to the Common Stock Universe; and

UAL, Inc. to the Prudent Man Universe. This authorization is to remain in effect until December 31, 1983, which motion was seconded by Commissioner Cohen and adopted by the following vote: ayes, Commissioners Burdorf, Cohen, Diannitto, Marcus, Moody, Woo and President Minassian - 7; noes, none.

At this pOint in the meeting, Commissioners Diananitto and Woo left the Board room. They asked that Agenda Items 11, 12 and 13 be postponed until they returned.

INVESTMENT PERFORMANCE EVALUATION FOR THE QUARTER ENDING SEPTEMBER 30, 1983, PRESENTED BY SEI CORPORATION (A. G. BECKER)

Mr. Phil Fox came forward for his presentation. He reported on the investment performance evaluation for the quarter ending September 30, 1983. He stated that this past year had the greatest stock rise since 1932. Mr. Fox said the stock market for this quarter was a two-tiered market, with Dow up 2%, but smaller stocks represented by MX were down 7%. He reported that it was not a very good quarter for the Los Angeles Fire & Police Pension Fund but that the yearly figure is good; up 28.8% for the year, and down -5% for the quarter. Phil Fox reported that Chemical Bank and SPIM were hit hard in the stock market this last quarter, and that except for Chemical the other two equity managers are above the S&P 500. Commissioner Burdorf asked about the equity combination. Mr. Fox said the equities last year were up 49.5 and equities in cash were 40.9. Mr. Fox indicated that the bond managers have done very well and both bond managers were substantially above the Lehman Bond Index. He reported on the assets allocated to the managers, saying that Wright, SPIM and Chemical have about $250 to $300 million and the two bond managers have about $260 to $270 million. In the Public Fund universe of 300 funds, over the last ten years, the Fund ranks 82 versus the other public funds, because there were some bad years, especially 1974, but for the last year ending September 1983, the Fund ranks 16, up 28.8 in last year's percentile. Discussion evolved around the hiring of another money manager and Phil Fox said that of 53 funds that have over two billion in assets, 13 of these funds (27.2%) have only one manager. Some funds have in-house managers. President Minassian asked Phil Fox for some indication of how many managers this Fund should have. Mr. Fox said he will look into it. Commissioner Cohen asked Phil Fox who gets the credit on the report for the money created from the securities lending. Phil Fox told him the house account does, and Mr. Allan Moore, Investment Officer, explained to him how it is figured in the report stating that the amount is included in the total fund number as income to the total fund, but not as a separate line.

Discussion evolved around diversification in the Fund and the risk factor involved. The Board asked if adding more managers would add to the diversification in the Fund. Mr. Fox stated that by being diversified you spread the risk. The Board referred to the presentation by Mr. Bill Budd where Mr. Budd had demonstrated in his analysis that the Board can create with a diversified portfolio, from a historical standpoint, a greater return and can cut into the unfunded liability at a faster compounded rate if the Board maintains their diversification and will increase the BETA (risk). Mr. Fox informed the Board that the Fund at this point is very well diversified and has a low risk factor. Commissioners Diannitto and Woo returned to the Board room at this time.

After Phil Fox was excused, President Minassian recessed the meeting. INVESTMENT ADVISORS' PRESENTATIONS a. Wright Investors' Service

Messrs. Jatin Mehta and Don Krysynski came forward for their economic overview. Mr. Mehta gave his comments on the investment performance which is measured by A. G. Becker and said he believes there are distortions in their measurement of investment performance (equities only). He commented on Wright Investors' Service investment management style versus Becker's various categories of styles. Mr. Mehta said that to accurately determine investment performance of an actively managed portfolio, it is necessary to establish the market value of the account for every day when a deposit into and/or withdrawal from the account was made. Mr. Mehta said that consultants, like A. G. Becker, are not provided with daily valuations and are generally provided with data on a quarterly or a monthly basis. He recommended that in the future, monthly data be furnished to A. G. Becker and that the past record be corrected promptly. Mr. Allan Moore, Investment Officer, told the Board that staff is working on this matter. b. Boston Company

Mr. Desmond Heathwood came forward and presented his economic outlook. c. Favia, Hill and Associates

Messrs. Bill Greve and Vince Castelli came forward. Mr. Greve gave a presentation of their economic outlook and explained how it effects the market. He believes that the economic recovery experienced last year will continue into 1984, but at a slower rate than in the past. d. Security Pacific Investment Managers

Messrs. Jack Ellis and William Hibschman came forward for their presentation.

ASSET ALLOCATION

Mr. Mattingly drew the Board's attention to Item No. lIon the Agenda. He stated that the Safety Members Pension Plan established in Article XXXV of the City Charter in 1980 is governed by the same limits and guidelines for investments as are applied to the Article XVII and XVIII pension plans. Until now, no Article XXXV funds have been allocated to long-term investments. The funds have been placed in money market instruments and Treasury Bills. Mr. Mattingly recommended that the Board include Article XXXV funds in its asset allocation considerations, and said no formal action was required to give him this authority, but just the general consensus of the Board.

AUTHORIZATION TO INVEST MEMBER'S CONTRIBUTION FUNDS IN MONEY MARKET INSTRUMENTS

RESOLUTION NO. 831050

WHEREAS the General Manager informed the Board that members' contributions to the three service pension funds have historically been invested solely in Treasury Bills;

WHEREAS changed conditions now warrant expanding the range of authorized income-producing instruments to increase the potential return; WHEREAS by staying within the category of short-term investments, members' contributions would still be essentially risk-free; and

WHEREAS the recommended change is within the Board's existing authority under the City Charter, Commissioner Burdorf made a motion:

BE IT RESOLVED, That the Board:

1. Authorize the investment of Funds No. 2510, Fund No. 2520, and Fund No. 2530 in short-term money market instruments recommended for prudent investment by one of the Board's fixed-income advisors. 2. Request Security Pacific Investment Managers to provide a recommended list of money market instruments for said Funds, which motion was seconded by Commissioner Woo and adopted by the following vote: ayes, Commissioners Burdorf, Diananitto, Marcus, Moody, Woo and President Minassian - 6; noes, none. Mr. Gary Mattingly mentioned that an issue was discussed at the meeting with the Board's Investment Committee and the money managers which was held today before the Board meeting.

RESOLUTION NO. 831051

WHEREAS the General Manager informed the Board that it has been the practice of the Board to withdraw interest income from the bond portfolios, bringing it back into the Fund to pay pension rolls and to be reallocated to the stock advisers; and

WHEREAS the General Manager informed the Board that its Investment Committee suggested discontinuing this practice effective January 1, 1984, because the Board had approximately reached its goal of allocating sixty (60) percent of assets to equities. Commissioner Marcus made a motion:

BE IT RESOLVED, That effective January I, 1984, interest income within the portfolios of the fixed income advisers be retained in those portfolios, which motion was seconded by Commissioner Burdorf and adopted by the following vote: ayes, Commissioners Burdorf, Cohen, Diannitto, Marcus, Moody, Woo and President Minassian - 7; noes, none.

STATUS OF RESPONSES TO ADDITIONAL EQUITY MANAGERS AD

Mr. James J. McGuigan, Assistant Manager-Fiscal, reported to the Board on the status of the responses to the additional equity managers ad which appeared in the Wall Street Journal.

At this point in the proceedings, President Minassian called for adjournment. The meeting adjourned at 1:30 P.M.

~ l . ~ Man~cretary