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               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-K
(Mark One)
[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934 (fee required)

      For the fiscal year ended December 31, 2000

[_]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934 (no fee required)

      For the Transition Period From ________ To ________

                       Commission file Number 333-44155

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
            (Exact name of registrant as specified in its charter)

        DELAWARE                                    13-7140975
   (State of Incorporation)             (I.R.S. Employer Identification No.)

E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road,
Wilmington, Delaware                                           19805-1266
                   (Address of principal executive offices)

      Registrant's telephone number, including area code: (302) 636-3300

          Securities registered pursuant to Section 12(b) of the Act:

                                     None

          Securities registered pursuant to Section 12(g) of the Act:

                    Contingent Payment Rights Certificates
                               (Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days. Yes  X    No

At March 6, 2001, the aggregate market value of registrant's securities
(consisting solely of the Contingent Payment Rights Certificates (the "CPR
Certificates")) held by nonaffiliates of the registrant, based on the average
bid and asking price of the CPR Certificates on that date of $.92 per
Certificate, was approximately $18.7 million.

At March 6, 2001, there were 20,703,817 CPR Certificates, no par value,
outstanding.

Documents incorporated by reference:

                                     None
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to the
Form 10-K. [X]

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               Table of Contents
--------------------------------------------------------------------------------

PART I

Item 1.    Business........................................................    4

Item 2.    Properties......................................................    4

Item 3.    Legal Proceedings...............................................    4

Item 4.    Submission of Matters to a Vote of Security Holders.............    4

PART II

Item 5.    Market for Registrant's Common Equity and
           Related Stockholder Matters.....................................    4

Item 6.    Selected Financial Data.........................................    5

Item 7.    Management's Discussion and Analysis of
           Financial Condition and Results of Operations...................    5

Item 7A.   Quantitative and Qualitative Disclosures about Market Risk......   15

Item 8.    Financial Statements and Supplementary Data.....................   15

Item 9.    Changes in and Disagreements with Accountants on
           Accounting and Financial Disclosure.............................   25

PART III

Item 10.   Directors and Executive Officers of the Registrant..............   25

Item 11.   Executive Compensation..........................................   25

Item 12.   Security Ownership of Certain Beneficial
           Owners and Management...........................................   25

Item 13.   Certain Relationships and Related Transactions..................   26

PART IV

Item 14.   Exhibits, Financial Statement Schedules and
           Reports on Form 8-K.............................................   26

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PART I

ITEM 1.   BUSINESS

The information required by this Item is set forth under Part II, Item 7,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations - General."

ITEM 2.   PROPERTIES

The Coast Federal Litigation Contingent Payment Rights Trust (the "CPR Trust")
leases an office at 136 South Oak Knoll Avenue, Suite 320, Pasadena, California
91101. See Note (H) to the Consolidated Financial Statements included in Part
II, Item 8 hereof.

ITEM 3.   LEGAL PROCEEDINGS

The CPR Trust is not a party to any legal proceedings. For a discussion of Coast
Federal Bank, FSB v. The United States, which is the Litigation to which the
Registrant's CPR Certificates relate, see Part II, Item 7. "Management's D
iscussion and Analysis of Financial Condition and Results of Operations - The
Litigation."

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

PART II

ITEM 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND
          RELATED STOCKHOLDER MATTERS

The CPR Certificates trade on the NASDAQ Stock Market under the symbol CCPRZ.
The following table indicates certain quarterly information with respect to the
CPR Certificates' trading prices.

                     2000          1999
                  ------------  ------------
                  High   Low    High   Low
                  -----  -----  -----  -----
First Quarter     $2.13  $1.28  $8.25  $5.38
Second Quarter     1.78   1.25   7.25   0.88
Third Quarter      1.94   1.25   1.81   0.94
Fourth Quarter     2.03   1.34   1.69   0.69

As of February 16, 2001, there were approximately 2,972 beneficial owners of the
CPR Certificates. No dividends were declared or paid on the CPR Certificates in
2000. For a description of the CPR Certificates, see Part II, Item 7,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations - General."

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ITEM 6.   SELECTED FINANCIAL DATA

See Part II, Item 7, "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Summary Financial Information."

ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the Registration
Statement on Form S-1 with respect to the CPR Certificates referred to herein
filed by Coast Savings Financial, Inc. ("Coast") with, and declared effective
by, the Securities and Exchange Commission (the "SEC") on January 13, 1998 (SEC
File Number 333-44155).

GENERAL

The Coast Federal Litigation Contingent Payment Rights Trust (the "CPR Trust")
is a statutory business trust created under Delaware law on January 8, 1998. The
CPR Trust was created by Coast in connection with its merger, effected on
February 13, 1998 (the "Merger"), with and into H. F. Ahmanson & Co.
("Ahmanson"), for the purpose of holding the Commitment Agreement entered into
by Ahmanson and the CPR Trust, dated as of February 13, 1998 (the Commitment").
The Commitment represents Ahmanson's obligation to pay to the CPR Trust an
amount equal to any net after-tax proceeds, as more particularly defined in the
CPR Trust Agreement referred to below (the "Commitment Amount"), that may be
received by Coast's wholly-owned subsidiary, Coast Federal Bank, FSB ("Coast
Federal") (or its successor), from Coast Federal's regulatory capital litigation
claims against the United States government in the case entitled Coast Federal
Bank, FSB v. United States, No. 92-466C (Cl. Ct. filed July 9, 1992) (the
"Litigation"). Subsequent to the merger, Ahmanson merged Coast Federal with and
into Ahmanson's wholly-owned subsidiary, Home Savings of America, FSB ("Home
Savings"), with Home Savings being the successor institution. Ahmanson merged
into Washington Mutual, Inc. ("WAMU") on October 3, 1998, and Home Savings was
thereafter merged into WAMU's wholly-owned subsidiary, Washington Mutual Bank,
F.A. ("Washington Mutual").

The governing instrument of the CPR Trust is the Amended and Restated
Declaration of Trust, dated as of February 13, 1998 (the "CPR Trust Agreement"),
entered into among Coast, the Litigation Trustees, Bankers Trust Company (the
"Institutional Trustee") and Bankers Trust (Delaware) (the "Delaware Trustee").
Pursuant to the CPR Trust Agreement, the four senior executives of Coast with
knowledge of the facts underlying the Litigation were appointed as "Litigation
Trustees" of the CPR Trust, and were given full authority to make all decisions
on behalf of Coast Federal (and its successors) with respect to the prosecution
and resolution of the Litigation.

The assets of the CPR Trust consist solely of the Commitment and the right to
draw on amounts in the Expense Fund for purposes of funding expenses of the CPR
Trust, including expenses of the Litigation, fees and expenses of the Litigation
Trustees and all administrative expenses. Under the CPR Trust Agreement,
Ahmanson agreed to provide the sum of $19,884,294 (which is equal to $20 million
less expenses related to the Litigation incurred by Coast Federal between
September 1, 1997 and February 13, 1998) (the "Expense Fund") to fund the
Litigation and other expenses of the CPR Trust, which amount is to be reimbursed
to Ahmanson from any proceeds of the Litigation, including any amounts received
in settlement of the Litigation, prior to the payment of any amounts to holders
of the Contingent Payment Rights Certificates (the "CPR Certificates"). The

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Expense Fund is on deposit in a non-interest bearing demand deposit account in
the name of the CPR Trust at Washington Mutual.

Within 60 days of the receipt of any Commitment Amount, the CPR Trust is
required under the CPR Trust Agreement to pay such amounts (other than $10
million or such greater amount as the Litigation Trustees reasonably determine
may be reasonably likely to be required to pay additional expenses or to satisfy
the CPR Trust's indemnification obligations (the "Retained Amount")) less the
amount of any accrued but unpaid expenses payable by the CPR Trust but not
covered by the Expense Fund, to the holders of the CPR Certificates as of a
record date to be set by the Litigation Trustees. The Retained Amount will be
retained for a period of two years, or such longer period as the Litigation
Trustees reasonably determine may be required.

THE LITIGATION

The following description of the Litigation does not purport to be a complete
description of the legal and factual issues presented, the court opinions
rendered or the relevant law, and the description is in all respects qualified
by reference to the documents filed in the Litigation, such opinions and the
relevant law.

On July 9, 1992, Coast Federal commenced litigation entitled Coast Federal Bank,
Federal Savings Bank v. United States, Civil Action Number 92-466C, against the
United States in the U.S. Claims Court (now the U.S. Court of Federal Claims,
hereinafter, the "Claims Court") alleging that the United States is in breach of
a contract with Coast Federal and has unlawfully taken Coast Federal's property
without just compensation or due process of law in violation of the U.S.
Constitution.

As further described below, Coast Federal's claims arose from changes with
respect to the rules for computing Coast Federal's regulatory capital that were
mandated by the Financial Institutions Reform, Recovery and Enforcement Act of
1989 ("FIRREA") and certain regulations promulgated thereunder.

On April 10, 1987, Coast Federal acquired substantially all of the assets and
liabilities of Central Savings and Loan Association ("Central") from the Federal
Savings and Loan Insurance Corporation (the "FSLIC") in a supervisory
transaction (the "Acquisition") that Coast Federal alleges was induced and
arranged by the FSLIC and the Federal Home Loan Bank Board ("FHLBB"). As part of
the Acquisition, Coast Federal entered into a contract with the FSLIC (the
"Assistance Agreement") under which the FSLIC made a cash contribution to Coast
Federal in the amount of $298.3 million (the "Capital Credit"). In the
Litigation, Coast Federal alleges that the Assistance Agreement and certain
resolutions and a forbearance letter issued by the FHLBB in connection with the
Assistance Agreement each expressly provided that the Capital Credit was to be
treated as a permanent addition to Coast Federal's regulatory capital. Coast
Federal further alleges that such treatment of the Capital Credit for regulatory
capital purposes was essential to inducing Coast Federal to consummate the
Acquisition.

Pursuant to FIRREA, which became effective on August 9, 1989, the FSLIC and the
FHLBB were eliminated and were replaced as the regulators of federally insured
savings institutions by the Office of Thrift Supervision (the "OTS"). In
regulations implementing FIRREA (the "Capital Regulations") and subsequent
actions, the OTS took the position that the Capital Credit should be classified
as supervisory goodwill, as defined in the Capital Regulations, which action

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resulted in an immediate exclusion of the Capital Credit from one of the three
measures of Coast Federal's regulatory capital, and effected a five-year phase-
out of the Capital Credit from such inclusion in the other two measures. Coast
Federal alleges that FIRREA and the Capital Regulations constituted a breach by
the United States of its contractual commitment regarding the regulatory capital
treatment of the Capital Credit and an unlawful taking of Coast Federal's
property rights in the Capital Credit. Coast Federal seeks damages for this
breach of the contract by the United States.

SIMILAR LITIGATION

The Litigation is one of a number of cases filed against the federal government
in the Claims Court involving acquisitions of failed or distressed_savings
institutions and alleging that the changes in regulatory capital calculations
brought about by FIRREA and the Capital Regulations constitute a breach of the
contract between the acquiring party and the federal government. For purposes of
the administration of such claims, the Claims Court bifurcated the trial
proceedings in the first three of such cases to be heard by it (Winstar
Corporation, et al. v. United States, Docket No. 90-8C; Statesman Savings
Holding Corp., et al. v. United States, Docket No. 90-773C (the "Statesman
Case"); and Glendale Federal Bank v. United States, Docket No. 90-772C (the
"Glendale Case")(which cases are collectively referred to herein as the "Related
Cases"). In July 1992, the Claims Court ruled in favor of the plaintiffs in the
Related Cases on the initial question of liability, finding in each case that
the plaintiff had a contract as alleged with the federal government and that the
federal government is in breach of that contract as a result of the enactment of
FIRREA and the issuance of the Capital Regulations thereunder. The decision of
the Claims Court on liability was appealed by the federal government. After
extended appellate proceedings, culminating in an appeal to the Supreme Court,
the Supreme Court ruled in favor of the plaintiffs in the Related Cases in
United States v. Winstar Corp., et al., 518 U.S. 839 (1996) (the "Winstar
Case").

LIABILITY

The Claims Court stayed proceedings in each of the other cases against the
federal government, including the Litigation, pending the outcome of the
liability phase of the Related Cases. After the Supreme Court's decision in the
Winstar Case in July of 1996, the stay was lifted and Coast reinstated its
motion for partial summary judgment as to the federal government's liability,
which motion had been pending since March of 1993. On February 20, 1998, the
United States filed its response to Coast Federal's motion. In its response, the
Government stated that "at this point, entry of an order regarding the
Government's liability would be appropriate. We believe that such an order
should reflect the Government's concession that a contract existed with respect
to Coast's claim for a capital credit to its net worth, and that the Government
acted inconsistently with the contract." On March 23, 1998, Judge Smith entered
an order in the Litigation granting Coast Federal's motion for partial summary
judgment as to liability with respect to Coast Federal's claim for a capital
credit to its net worth.

PROCEEDINGS LEADING TO TRIAL

To manage the numerous cases against the federal government involving the
calculation of regulatory capital as a result of the adoption of FIRREA (all
such cases being referred to herein as the "Regulatory Capital Cases"), twelve
of such cases were designated as priority cases (the "Priority Cases") that

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would be the first cases to go to trial following the trial on damages in the
Glendale Case. The Litigation was included among the first group of thirty cases
(the "First Group of Thirty Cases") scheduled to go to trial following the
completion of trial in the Priority Cases.

Case specific fact discovery for the First Group of Thirty Cases, including the
Litigation, was substantially completed by_July 31, 1999. As of May 1, 2000,
expert witness discovery had been completed by Coast and the government,
concluding the discovery phase of the Litigation.

Pursuant to an Order dated July 31, 2000, the Litigation was reassigned from now
Senior Judge Smith to Judge Emily C. Hewitt.

On August 23, 2000, the government filed with the Claims Court a motion seeking
summary judgment denying the damage claims asserted by Coast Federal. The
government sought a summary judgment holding that (i) Coast Federal's expectancy
damages claims are too remote, speculative, uncertain and unforeseeable as a
matter of law, (ii) Coast Federal is barred from recovering expectancy damages
in any event because it failed to mitigate its damages, and (iii) Coast Federal
has overstated the amount of contractual regulatory capital taken from it as a
result of FIRREA because such capital was effectively required under generally
accepted accounting principles to be amortized over a period no greater than
12.7 years and was not a permanent addition to Coast Federal's regulatory
capital. On September 13, 2000, Coast Federal filed an opposition and cross-
motion for partial summary judgment with the Claims Court that asked the Claims
Court to reject the government's motion for summary judgment and requested that
the Claims Court enter partial summary judgment for Coast Federal that (i) the
capital credit received by Coast Federal was a permanent addition to Coast
Federal's regulatory capital, and (ii) the damages suffered by Coast Federal
from the government's breach of contract were foreseeable.

In an order dated December 28, 2000 (the "Order"), Judge Hewitt issued a ruling
on the government's motion and Coast Federal's cross-motion for summary
judgment. The Order held in part for the government, ruling that (i) Coast
Federal's capital credit in the amount of $299 million was not a permanent
addition to Coast Federal's regulatory capital and was to have been amortized
over a period of 12.7 years, and (ii) Coast Federal may not claim increased
deposit costs as "wounded bank" damages. The Order also held in part for Coast
Federal, ruling that (i) Coast Federal's expectancy damages were not
unforeseeable, and (ii) Coast Federal is not barred from recovering expectancy
damages because of a failure to mitigate.

On January 16, 2001, the government filed a motion for reconsideration and
clarification of the Order. The government requested (i) a final ruling from
Judge Hewitt that the "level yield" method of amortization governed the
amortization of Coast Federal's capital credit, (ii) reconsideration of Judge
Hewitt's denial of summary judgment concerning Coast Federal's lost profits
claims in light of the Judge's other rulings and analysis, and (iii)
reconsideration of the Order's forseeability holding because it was based upon
alleged mistakes of fact and errors of law. By a ruling dated February 5, 2001,
Judge Hewitt denied the government's motion for reconsideration.

On January 17, 2001, Coast Federal filed a motion with Judge Hewitt requesting
that Judge Hewitt certify for interlocutory appeal that portion of her Order
that granted partial summary judgment to the government as to the duration of
Coast Federal's capital credit. Coast Federal seeks to appeal Judge Hewitt's
conclusion that Coast Federal's capital credit did not constitute a permanent

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credit to its regulatory capital as well as Judge Hewitt's subsequent
determination that the capital credit is required to be amortized over 12.7
years rather than 25 years. Coast Federal's motion also requested that all
proceedings in the Litigation be stayed pending resolution of the requested
appeal. By a ruling dated February 6, 2001, Judge Hewitt granted Coast Federal's
motion and also stayed all proceedings in the Litigation in the Claims Court.

On February 16, 2001, Coast Federal filed a petition with the United States
Court of Appeals for the Federal Circuit (the "Court of Appeals") to hear Coast
Federal's appeal of the Order (the "Appeal"), and on February 26, 2001, the
government filed an opposition to the petition. The Trust is unable to predict
the date by which the Court of Appeals will rule on the petition. If the Court
of Appeals grants the petition, the Litigation will proceed before the Court of
Appeals until the Appeal's resolution. If the Court of Appeals denies the
petition, the Litigation will return to the Claims Court and will proceed toward
trial on the issue of damages.

DAMAGES

Each savings institution affected by FIRREA's and the Capital Regulations'
limitation on the inclusion in regulatory capital of supervisory goodwill or
FSLIC capital contributions reacted to the resulting reduction in its regulatory
capital in an individual fashion dictated by the unique facts and circumstances
faced by the institution. Accordingly, the extent and amount of damages awarded
to each institution that has brought an action against the federal government is
expected to be dependent on the specific facts in each case.

Plaintiffs in the Regulatory Capital Cases have tended to pursue recoveries
based on one or more of three alternative theories: (1) expectation damages, (2)
restitution, and (3) reliance damages. It is impractical to provide a full
description of the elements of each of those alternative theories or recovery.
However, the following descriptions are provided for purposes of communicating a
basic understanding of these legal theories.

Expectation damages are generally intended to place the injured party in as good
a position as it would have been in if the contract had been fully performed.
Such damages may include the loss of any monetary benefits that the injured
party would have received in the absence of the breach plus any other losses
caused by the breach, less any costs or losses avoided by the injured party as a
direct result of the breach.

Restitution generally involves restoration to the injured party of any benefits
conferred by it on the breaching party. The injured party's restitution interest
is ordinarily measured by the reasonable value of the benefits conferred by its
performance of the contract on the breaching party, reduced by any benefits
received by the injured party through the breaching party's partial performance.

Reliance damages are generally intended to restore the injured party to the
position it would have been in if the contract had not been made. Reliance
damages are generally measured by any expenditures made by the injured party in
the course of performance of the contract or as a result of entering into the
contract.

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The plaintiff has the burden of proving the amounts of its damages, or the value
of its performance as a basis for restitution, by a preponderance of the
evidence.

On September 29, 1999, Coast Federal filed the reports of its expert witnesses
with the Claims Court. The reports describe the amounts and methods of
calculation of the damages which the experts believe Coast Federal suffered as a
result of the government's breach. Coast Federal's principal expectation damages
analysis as set forth in the experts' reports calculated the damages to be not
less than $1.397 billion. This expectation damages analysis included
calculations of damages for lost profits, for the cost of replacing the Capital
Credit going forward, for the cost of capital raised by Coast, and for increased
operating costs (such as increased deposit costs, OTS assessments, and deposit
insurance premiums) caused by the government's breach. An alternative
expectation damages analysis set forth in the experts' reports calculated the
damages to be $782.1 million, based solely upon the cost of replacing the
Capital Credit in past and future periods. No calculations for either
restitution or reliance damages were included in the reports. The expert reports
are attached as exhibits to a filing made on September 29, 1999, on behalf of
Coast Federal with the Claims Court in Washington, D.C.

On January 27, 2000, the government submitted its own experts' reports on
damages in response to the conclusions set forth in the reports of Coast
Federal's experts. The government's experts' reports were filed with the Claims
Court on August 23, 2000, as exhibits to the government's motion for summary
judgment on damages. The government's experts' reports in general opined that
the damages Coast Federal seeks from the government are too speculative to
permit a recovery. In addition, the government's experts' reports opined that
the capital credit received by Coast in connection with its acquisition of
Central was in essence required by generally accepted accounting principles to
be amortized over a period of approximately 12.7 years.

As discussed above under "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Proceedings Leading to Trial," on December
28, 2000, Judge Hewitt issued her Order with respect to the government's motion
and Coast Federal's cross-motion for summary judgment. In the Order, Judge
Hewitt largely accepted the government's contention with respect to the capital
credit in ruling that the capital credit was not a permanent addition to Coast
Federal's regulatory capital and was required to be amortized over 12.7 years.
If upheld on eventual appeal, this ruling by Judge Hewitt in the Order
significantly reduces the possibility that any monetary recovery to Coast
Federal will be sufficient to provide a payment by the CPR Trust to
certificateholders. Judge Hewitt's ruling, if upheld on appeal, would also
greatly reduce the damages amounts that Coast Federal will likely be able to
seek in the Litigation as compared with the damages amounts set forth in Coast
Federal's expert witness reports previously filed with the Claims Court.

There can be no assurance that Coast Federal will obtain any monetary or other
recovery in the Litigation. As discussed below under "Management's Discussion
and Analysis of Financial Condition and Results of Operations - Damages Rulings
in Other Cases," no judge in any of the Winstar related cases which have gone to
trial has made an award for lost profits damages, which is one of the primary
theories of damages for which Coast Federal is currently seeking a recovery.

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DAMAGES RULINGS IN OTHER CASES

The United States has argued in the Glendale Case and in the Priority Cases that
have gone to trial that some or all of the damages alleged by the plaintiffs in
those cases are too speculative to permit a recovery. Trial in the damages phase
of the Statesman Case commenced in May 1998, but the government and the
plaintiffs in that case reached a settlement prior to completion of the trial.
Trial of the damages phase of the Glendale case concluded in September 1998. The
plaintiff in the Glendale Case sought damages based on various damage theories
and ranging from approximately $800 million to $2 billion depending upon the
theory used. On April 9, 1999, the judge in the Glendale Case awarded the
plaintiff $909 million in restitution damages and for increased operating costs
(which the judge characterized as non-overlapping reliance damages), based on
that judge's evaluation of the evidence and analysis of the legal arguments
presented in the Glendale Case. The government appealed the damages ruling in
the Glendale Case, and on February 16, 2001, the United States Court of Appeals
for the Federal Circuit issued a ruling vacating the trial court's damage award
on the theory of restitution and remanded the case to the trial court for a
determination of total pre- and post-breach reliance damages suffered by the
plaintiff.

The damages phase of the first of the Priority Cases to go to trial on the issue
of damages, California Federal Bank v. the United States, Docket No. 92-138C
(the "CalFed Case"), concluded in February 1999. The plaintiff in the CalFed
Case sought damages of between $725 million and $1.642 billion based on damage
theories similar to those presented by the plaintiff in the Glendale case. On
April 16, 1999, the judge in the CalFed Case awarded the plaintiff approximately
$23 million in transaction costs under a cost of replacement capital theory,
based on that judge's evaluation of the evidence and analysis of the legal
arguments presented in the CalFed Case. A decision in another Priority Case,
LaSalle Talman Bank, F.S.B. v. the United States, Docket No. 92-652C (the
"LaSalle Talman Case"), was filed on September 30, 1999. The plaintiff in the
LaSalle Talman Case sought damages of between $858.8 million and $1.197 billion
based on various damages theories. The judge in the LaSalle Talman Case awarded
plaintiffs approximately $5 million in reliance damages, based on that judge's
evaluation of the evidence and analysis of the legal arguments presented in that
case. A decision in a third Priority Case, Landmark Land Company, Inc. v. United
States, Docket No. 95-502C (the "Landmark Case"), was filed on March 3, 2000.
The plaintiffs in the Landmark Case sought damages of between $1.042 billion and
$1.432 billion based on various combined damages theories of both the private
plaintiff and the FDIC. The judge in the Landmark Case, who was the same judge
who had presided in the CalFed Case, awarded the private plaintiff and the FDIC
a total of approximately $39.2 million in restitution and reliance damages,
based on that judge's evaluation of the evidence and analysis of the legal
arguments presented in the Landmark Case. A decision in a fourth Priority Case,
Bluebonnet Savings Bank v. United States, Docket No. 95-532C (the "Blubonnet
Case"), was filed on July 6, 2000. The plaintiffs in the Bluebonnet Case sought
approximately $175.9 million in expectation damages. The judge in the Bluebonnet
Case awarded no damages to the plaintiffs based on that judge's evaluation of
the evidence and analysis of the legal arguments presented in the Bluebonnet
Case. A decision in a fifth Priority Case, Bobby J. Glass, et al. v. United
States, Docket No. 92-428C (the "Glass Case"), was filed on July 21, 2000. The
private plaintiffs in the Glass Case sought approximately $8.4 million and the
FDIC as plaintiff sought approximately $2.5 million, both based on a combination
of damages theories. The judge in the Glass Case awarded $3.972 million in
damages to the private plaintiffs and $2.1 million to the FDIC based

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on that judge's evaluation of the evidence and analysis of the legal arguments
presented in the Glass Case.

The courts in the Glendale Case, the CalFed Case, the LaSalle Talman Case, the
Landmark Case, the Bluebonnet Case and the Glass Case declined to award damages
under some or all of the plaintiffs' damage theories. No judge in any of the
cases has made an award for lost profits damages, which is one of the primary
theories of expectation damages for which Coast is currently seeking a recovery.
In addition, no judge in any of the cases has made a significant award of
damages for the cost of replacing capital (other than damages related to
transaction costs), for which Coast is also currently seeking a recovery.
Further, in only one of the seven cases in which a judgment has been entered
after a trial on damages , Glendale Federal Bank v. United States, Claims Court
Docket No. 90-772C (the "Glendale Case"), has an award been granted that is in
excess of $40 million.

It is likely that rulings in other Priority Cases will occur before trial of
Coast Federal's damage claims is completed. Appeals of the judgments in the
CalFed Case and the LaSalle Talman Case have been filed with the Court of
Appeals for the Federal Circuit, and appeals of other Priority Cases are likely.
Any decisions reached by the Court of Appeals in those cases could affect Coast
Federal's damages claims. For these and other reasons, there can be no assurance
as to the type or amount, if any, of damages that Coast Federal may recover.
Without limiting the generality of the foregoing, there can be no assurance that
Coast Federal will obtain any monetary or other recovery in the Litigation.

MANAGEMENT OF THE LITIGATION

The Litigation Trustees are Ray Martin, Robert L. Hunt II, Norman H. Raiden and
James F. Barritt, who at the time of the Merger were the four senior Coast
executives with knowledge of the facts underlying the Litigation. Mr. Martin,
Mr. Hunt and Mr. Barritt were officers of Coast and Coast Federal both at the
time of the agreement with the federal government to treat certain amounts as a
permanent addition to Coast Federal's regulatory capital in connection with
Coast Federal's acquisition of Central, and also at the time of the alleged
breach of this agreement by the federal government, which gave rise to the
claims underlying the Litigation. Mr. Martin, Mr. Hunt and Mr. Barritt, together
with Mr. Raiden (who joined Coast soon after the alleged breach of the agreement
by the federal government), had been involved in the prosecution of the
Litigation prior to the Merger.

Pursuant to the CPR Trust Agreement, the Litigation Trustees have the sole and
exclusive right to instruct Coast Federal and its successors with respect to the
prosecution of the Litigation. This includes all decisions as to retention,
dismissal, terms of engagement of existing or new counsel, whose retention may
involve fees that are partly contingent, and other advisors. The CPR Trust
Agreement also provides that the Litigation Trustees have the right, in their
sole discretion, to instruct Coast Federal and its successors to dismiss,
settle, or cease prosecution of the Litigation at any time and on any terms;
Ahmanson, including any successor, is required by the CPR Trust Agreement to
cause Coast Federal and its successors to follow such instructions from the
Litigation Trustees unless such instructions are unreasonable.

The Litigation Trustees have entered into a letter agreement, dated February 13,
1998 (the "Letter Agreement"), with the law firm which has prosecuted the
Litigation to date, Cooper, Carvin & Rosenthal, PLLC (the "Firm"), in which the
Firm agrees that it will not bill Coast Federal or the CPR Trust for any fees

                                       12
<PAGE>

incurred subsequent to September 1, 1997, in excess of $7,650,000 (the "Cap").
In addition, up to $2 million of the Cap, i.e., any amounts over $5,650,000,
will only be payable to the Firm out of the Commitment Amount, if any, when
received by the CPR Trust from Ahmanson. In consideration of such limitations on
the Firm's customary charges for professional services, the Letter Agreement
provides that the CPR Trust will pay to the Firm, in addition to the Cap, a
contingent incentive fee in the amount of one percent (1%) of the Commitment
Amount, provided that no such incentive fee shall be payable in the event (1)
that both Charles J. Cooper and Steven S. Rosenthal shall cease to be partners
of the Firm prior to a final decision, including appeals, or other final
resolution of the Litigation, or (2) that either Mr. Cooper or Mr. Rosenthal
shall cease to be a partner of the Firm prior to a final decision, including any
appeals, or other final resolution of the Litigation, other than by death,
disability, or appointment to federal office. As of December 31, 2000, the
amount remaining to be paid to the Firm under the Cap (less the $2 million
payable out of the Commitment Amount) was approximately $0.7 million.

The CPR Trust Agreement provides that as compensation the CPR Trust will pay
each Litigation Trustee, during the term of his service as a Litigation Trustee,
fees of $400,000 per year for five years (except that if the Litigation is
sooner terminated, the remainder of such fees (but in no event with respect to a
period longer than the remainder of such year plus two additional years) will be
accelerated upon final resolution of the Litigation and receipt by Ahmanson of
the Litigation Proceeds), plus reimbursement of all reasonable out-of-pocket
expenses. If the services of the Litigation Trustees continue to be necessary
after the initial five-year period or such receipt of Litigation Proceeds, the
Litigation Trustees shall be entitled to a fee of $200 per hour until
termination of the CPR Trust. Pursuant to the CPR Trust Agreement, each
Litigation Trustee may, but is not obligated to, defer all or part of his
compensation until 30 days after the earliest to occur of (i) the date on which
he elected to defer such compensation, (ii) the date he ceases to be a
Litigation Trustee, and (iii) the date of the receipt of the Commitment Amount
in full by the CPR Trust. Any Litigation Trustee electing to so defer will
receive the compensation he would have received plus an amount, calculated on a
monthly basis during the period of deferral (and included in the amount
deferred), equal to the product of the monthly balance of the amount deferred
and an annual rate equal to the Reference Rate, as defined in the CPR Trust
Agreement, plus 250 basis points. For the year ending December 31, 2001, Mr.
Barritt made no deferral election and Mr. Martin, Mr. Hunt and Mr. Raiden
elected to defer one-half of their 2001 compensation.

SUMMARY FINANCIAL INFORMATION

The CPR Trust has no revenues. The Expense Fund is the CPR Trust's only source
of funding for the payment of the expenses of its operations. The amounts in the
Expense Fund will be applied to a variety of expenses, including the costs of
prosecuting the Litigation (including the fees and expenses of counsel, experts,
support staff and consultants), compensation of the Institutional Trustee, the
Delaware Trustee and the Litigation Trustees, the CPR Trust's indemnification
obligations, liability insurance for the CPR Trust's indemnification obligations
and any liabilities of the Litigation Trustees. To the extent that Coast Federal
and its successors must engage in protracted litigation, such fees and expenses
may increase significantly, and there can be no assurance that the Expense Fund
will be sufficient to cover such fees and expenses.

                                       13
<PAGE>

Following is a statement that details the activity in the Expense Fund, and
expenses that have been accrued but not yet paid for the years ended December
31, 2000 and 1999, as well as the balance of the Expense Fund that was available
to cover future expenses as of December 31, 2000 and 1999.

<TABLE>
<CAPTION>
                                                         For the Year Ended December 31,
                                                         -------------------------------
                                                             2000                1999
                                                         -----------         -----------
<S>                                                      <C>                 <C>
Expense Fund balance available for future
   expenses as of December 31, 1998
Expense Fund balance available for future
   expenses as of December 31, 1999                      $    9,665,808      $16,180,061
Disbursements:
   Litigation Trustee fees                                   (1,216,667)        (983,333)
   Litigation and trust administration                         (260,000)        (268,594)
   Outside legal counsel and expert witness fees             (3,390,985)      (3,894,464)
   Premises and equipment                                       (51,600)         (53,449)
   Office and other expenses                                   (149,978)        (199,455)
Accrued expenses:
   Deferred Litigation Trustee fees                            (400,000)        (600,000)
   Decrease (increase) in accrued Litigation
      Trustee fees                                               16,667          (16,667)
   Decrease (increase) in accrued outside legal
      Counsel and expert witness fees                           327,000         (371,200)
   Increase in other accrued expenses                           (20,000)         (10,000)
   Increase in accrued interest on deferred
      Litigation Trustee fees                                  (207,372)        (117,091)
                                                            -----------      -----------
      Expense Fund balance available
         for future expenses as of
         year end                                           $ 4,312,873      $ 9,665,808
                                                            ===========      ===========
</TABLE>

In addition, $2,149,240 and $745,002 of expense was accrued through December 31,
2000 and 1999, respectively, for interest payable to Ahmanson or its successor
on disbursements from the Expense Fund. Payment of such accrued interest payable
is contingent upon receipt of sufficient Litigation Proceeds.

The CPR Trust may issue additional CPR Certificates that represent pro rata
interests in the assets of the CPR Trust in order to pay expenses. However, it
may not be possible to obtain purchasers of the additional CPR Certificates and
there is no assurance that the terms of any such purchases would be reasonable.
In the event additional CPR Certificates are issued and existing CPR Certificate
holders are not given the opportunity to purchase, or do not purchase, a pro
rata amount in such issuance, such CPR Certificate holders' indirect interest in
the Payment Amount will be diluted. The CPR Trust will be authorized to borrow
additional funds for the sole purpose of funding expenses of the CPR Trust, but
only if such borrowings represent debt of the CPR Trust (and not ownership
interests therein) for federal income tax purposes. Furthermore, it may not be
possible for the CPR Trust to borrow funds and, if it is able to borrow funds,
there can be no assurance as to the terms upon which such borrowings may be
available.

                                       14
<PAGE>

CERTIFICATEHOLDER INQUIRIES

Certificateholder inquiries, including requests for the following: (i) change of
address; (ii) replacement of lost stock certificates; (iii) Common Stock name
registration changes; (iv) Quarterly Reports on Form 10-Q; (v) Annual Reports on
Form 10-K; and (vii) information regarding stockholdings, should be directed to:

Bankers Trust Company
Four Albany Street, MS5041
New York, New York 10006

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


                         Independent Auditors' Report


The Trustees
Coast Federal Litigation Contingent Payment Rights Trust:

We have audited the accompanying statements of financial condition of Coast
Federal Litigation Contingent Payment Rights Trust (the "CPR Trust") as of
December 31, 2000 and 1999, and the related statements of operations, changes in
certificateholders' equity and cash flows for the years then ended. These
financial statements are the responsibility of the CPR Trust's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the CPR Trust as of December
31, 2000 and 1999, and the results of its operations and its cash flows for the
years then ended, in conformity with accounting principles generally accepted in
the United States of America.



KPMG LLP

Los Angeles, California
February 15, 2001

                                       15
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
                       Statement of Financial Condition


<TABLE>
<CAPTION>
                                                                     December 31,
                                                        --------------------------------------
                                                            2000                     1999
                                                        ------------             -------------
<S>                                                     <C>                      <C>
ASSETS
Cash in bank                                            $  6,951,030             $  11,726,923
Other assets                                                 438,958                   639,477
                                                        ------------             -------------
     Total Assets                                       $  7,389,988             $  12,366,400
                                                        ============             =============

LIABILITIES AND CERTIFICATEHOLDERS' EQUITY
Expense fund                                            $ 19,884,294             $  19,884,294
Deferred Litigation Trustee fees                           1,700,000                 1,300,000
Other liabilities                                          3,087,397                 1,506,117
                                                        ------------             -------------
     Total Liabilities                                    24,671,691                22,690,411
                                                        ------------             -------------


Certificateholders' Equity
     Certificates, no par value, 20,703,817
          authorized, issued and outstanding                       -                         -
     Accumulated deficit                                 (17,281,703)              (10,324,011)

                                                        ------------             -------------
          Total Certificateholders' Equity               (17,281,703)              (10,324,011)
                                                        ------------             -------------
                                                        $  7,389,988             $  12,366,400
                                                        ============             =============
</TABLE>


See accompanying notes to financial statements.

                                       16
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
                            Statement of Operations


<TABLE>
<CAPTION>
                                                                                                           For the Period
                                                                                                          February 13, 1998
                                                                                                           (Commencement of
                                                          For the Year Ended December 31,                 Operations) Through
                                                     -------------------------------------------
                                                         2000                           1999              December 31, 1998
                                                     -------------                  -------------         -------------------
<S>                                                  <C>                            <C>                   <C>
REVENUE                                              $           -                  $          -              $          -
                                                     -------------                  -------------             ------------

EXPENSES
Legal fees                                              (1,919,997)                    (2,730,037)                (661,096)
Interest expense                                        (1,611,610)                      (696,819)                (201,298)
Litigation Trustee fees                                 (1,600,000)                    (1,600,000)              (1,400,000)
Litigation consulting - expert witnesses                (1,143,988)                    (1,535,627)                (194,938)
Litigation and trust administration                       (260,000)                      (268,594)                (227,500)
Insurance                                                 (201,115)                      (201,177)                (167,752)
Premises and equipment                                     (51,600)                       (53,449)                (113,622)
Other                                                     (169,382)                      (208,797)                 (63,305)
                                                     -------------                  -------------             ------------
     Total Expenses                                     (6,957,692)                    (7,294,500)              (3,029,511)
                                                     -------------                  -------------             ------------
          Net Loss                                   $  (6,957,692)                 $  (7,294,500)            $ (3,029,511)
                                                     =============                  =============             ============
          Net Loss Per Certificate                   $       (0.34)                 $       (0.35)            $      (0.15)
                                                     =============                  =============             ============
</TABLE>

See accompanying notes to financial statements.

                                       17
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
              Statement of Changes in Certificateholders' Equity

<TABLE>
<CAPTION>
                                                                                                           Total
                                                                               Accumulated           Certificateholders'
                                                  Certificates                   Deficit                   Equity
                                                  ------------                -------------          -------------------
<S>                                               <C>                         <C>                    <C>
Balance February 13, 1998                         $          -                $           -          $                 -

Net loss for the period
   February 13, 1998 (commencement
   of operations) through
   December 31, 1998                                         -                   (3,029,511)                  (3,029,511)

                                                  ------------                -------------          -------------------

Balance December 31, 1998                                    -                   (3,029,511)                  (3,029,511)
                                                  ------------                -------------          -------------------

Net loss for the year ended
   December 31, 1999                                         -                   (7,294,500)                  (7,294,500)
                                                  ------------                -------------          -------------------

Balance December 31, 1999                                    -                  (10,324,011)                 (10,324,011)
                                                  ------------                -------------          -------------------

Net loss for the year ended
   December 31, 2000                                         -                   (6,957,692)                  (6,957,692)
                                                  ------------                -------------          -------------------

Balance December 31, 2000                         $          -                $ (17,281,703)         $       (17,281,703)
                                                  ============                =============          ===================
</TABLE>
See accompanying notes to financial statements.

                                       18
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
                            Statement of Cash Flows



<TABLE>
<CAPTION>
                                                                                                                 For the Period
                                                                                                                February 13, 1998
                                                                                                                (Commencement of
                                                                     For the Year Ended December 31,           Operations) Through
                                                                     -----------------------------------
                                                                         2000                  1999              December 31, 1998
                                                                     ------------           ------------         -----------------
<S>                                                                  <C>                    <C>                  <C>
Cash flows from operating activities:
     Net loss                                                        $ (6,957,692)          $ (7,294,500)            $  (3,029,511)
                                                                     ------------           ------------             -------------
     Adjustments to reconcile net loss to cash
          used in operating activities:
          Decrease (increase) in other assets                             200,519                200,519                  (839,996)
          Increase in deferred Litigation
               Trustee fees                                               400,000                600,000                   700,000
          Increase in other liabilities                                 1,581,280              1,094,685                   411,432
                                                                     ------------           ------------             -------------
               Total adjustments                                        2,181,799              1,895,204                   271,436
                                                                     ------------           ------------             -------------
               Net cash used in operating activities                   (4,775,893)            (5,399,296)               (2,758,075)
                                                                     ------------           ------------             -------------
Cash flows from financing activities:
     Initial deposit into the Expense Fund                                      -                      -                19,884,294
                                                                     ------------           ------------             -------------

     Net (decrease) increase in cash                                   (4,775,893)            (5,399,296)               17,126,219

Cash at beginning of period                                            11,726,923             17,126,219                         -
                                                                     ------------           ------------             -------------
Cash at end of period                                                $  6,951,030           $ 11,726,923             $  17,126,219
                                                                     ============           ============             =============

Supplemental disclosure of cash flow information:

     Cash paid during the period for interest                        $          -           $          -             $           -
                                                                     ============           ============             =============
</TABLE>

See accompanying notes to financial statements.

                                       19
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
                         Notes to Financial Statements
                               December 31, 2000


(A)  Summary of Significant Accounting Policies

  Principles of Presentation

The Coast Federal Litigation Contingent Payment Rights Trust (the "CPR Trust")
is a statutory business trust created under Delaware law on January 8, 1998. The
CPR Trust was created by Coast in connection with its merger, effected on
February 13, 1998 (the "Merger"), with and into H. F. Ahmanson & Co.
("Ahmanson"), for the purpose of holding the Commitment Agreement entered into
by Ahmanson and the CPR Trust, dated as of February 13, 1998 (the "Commitment").
The Commitment represents Ahmanson's obligation to pay to the CPR Trust an
amount equal to any net after-tax proceeds, as more particularly defined in the
CPR Trust Agreement referred to below (the "Commitment Amount"), that may be
received by Coast's wholly-owned subsidiary, Coast Federal Bank, FSB ("Coast
Federal") (or its successor), from Coast Federal's regulatory capital litigation
claims against the United States government in the case entitled Coast Federal
Bank, FSB v. United States, No. 92-466C (Cl. Ct. filed July 9, 1992) (the
"Litigation"). Subsequent to the Merger, Ahmanson merged Coast Federal with and
into Ahmanson's wholly-owned subsidiary, Home Savings of America, FSB ("Home
Savings"), with Home Savings being the successor institution. Ahmanson merged
into Washington Mutual, Inc. ("WAMU") on October 3, 1998 and Home Savings was
thereafter merged into WAMU's wholly-owned subsidiary Washington Mutual Bank,
F.A. ("Washington Mutual").

The governing instrument of the CPR Trust is the Amended and Restated
Declaration of Trust, dated as of February 13, 1998 (the "CPR Trust Agreement"),
entered into among Coast, the Litigation Trustees, Bankers Trust Company (the
"Institutional Trustee") and Bankers Trust (Delaware) (the "Delaware Trustee").
Pursuant to the CPR Trust Agreement, the four senior executives of Coast with
knowledge of the facts underlying the Litigation were appointed as "Litigation
Trustees" of the CPR Trust, and were given full authority to make all decisions
on behalf of Coast Federal (and its successors) with respect to the prosecution
and resolution of the Litigation.

The assets of the CPR Trust consist solely of the Commitment and the right to
draw on amounts in the Expense Fund for purposes of funding expenses of the CPR
Trust, including expenses of the Litigation, fees and expenses of the Litigation
Trustees and all administrative expenses. Under the CPR Trust Agreement,
Ahmanson agreed to provide the sum of $19,884,294 (which is equal to $20 million
less expenses related to the Litigation incurred by Coast Federal between
September 1, 1997 and February 13, 1998) (the "Expense Fund") to fund the
Litigation and other expenses of the CPR Trust, which amount is to be reimbursed
to Ahmanson from any proceeds of the Litigation, including any amounts received
in settlement of the Litigation, prior to the payment of any amounts to holders
of the Contingent Payment Rights Certificates (the "CPR Certificates"). The
Expense Fund is on deposit in a non-interest bearing demand deposit account in
the name of the CPR Trust at Washington Mutual.

                                       20
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
                   Notes to Financial Statements (Continued)
                               December 31, 2000


Within 60 days of the receipt of any Commitment Amount, the CPR Trust is
required under the CPR Agreement to pay such amounts (other than $10 million or
such greater amount as the Litigation Trustees reasonably determine may be
reasonably likely to be required to pay additional expenses or to satisfy the
CPR Trust's indemnification obligations (the "Retained Amount")) less the amount
of any accrued but unpaid expenses payable by the CPR Trust but not covered by
the Expense Fund, to the holders of the CPR Certificates as of a record date to
be set by the Litigation Trustees. The Retained Amount will be retained for a
period of two years, or such longer period as the Litigation Trustees reasonably
determine may be required.

  Cash

For purposes of reporting cash flows, cash includes the balance of the Expense
Fund described above.

  Fair Value of Financial Instruments

Substantially all of the CPR Trust's financial instruments are carried at fair
value or amounts approximating fair value. Assets, including cash, are carried
at their fair value or contracted amounts, which approximate fair value due to
the relatively short term to maturity. Similarly, liabilities, including
accounts payable, are carried at amounts approximating fair value.

  Use of Estimates

The Litigation Trustees have made a number of estimates and assumptions relating
to the reporting of assets and liabilities, the disclosure of contingent assets
and liabilities, and the reported amounts of expenses in order to prepare these
financial statements in conformity with generally accepted accounting
principles. Actual results could differ from those estimates.

(B)  Other Assets

Other assets, as reported in the accompanying Statement of Financial Condition,
consists primarily of a prepaid insurance premium, having an unamortized balance
of $434,458 as of December 31, 2000, which covers the operations of the CPR
Trust for the life of the CPR Trust. The initial premium totaled $1,002,596 and
is being expensed over five years beginning in February 1998.

                                       21
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
                   Notes to Financial Statements (Continued)
                               December 31, 2000


(C)  Expense Fund

The initial deposit into the Expense Fund (as described above) was determined as
follows:

   Initial provision by Ahmanson                        $20,000,000
   Pre-acquisition expenditures(1) by Coast Federal         (76,759)
   Pre-acquisition expenditures(1) paid by CPR Trust        (38,947)
                                                        -----------
    Initial deposit into the Expense Fund               $19,884,294
                                                        ===========

     (1) Pre-acquisition expenditures include Litigation expenses which were
         incurred prior to the Merger, whether paid by Coast Federal or the CPR
         Trust.

The CPR Trust Agreement provides that interest on disbursements from the Expense
Fund be paid by the CPR Trust out of the Commitment Amount, and that such
interest shall be equal to the Reference Rate, as defined in the CPR Trust
Agreement, plus 250 basis points, compounded quarterly.

(D)  Other Liabilities

Other liabilities, as reported in the accompanying Statement of Financial
Condition, consisted of the following as of the dates indicated.

                                               December 31,
                                        -----------------------
                                           2000         1999
                                        ----------   ----------
     Accrued interest on deferred
          Litigation Trustee Fees(1)    $  360,487   $  153,115
     Accrued interest on Expense
          Fund disbursements(2)          2,149,240      745,002
     Accrued expenses(3)                   577,670      608,000
                                        ----------   ----------
                                        $3,087,397   $1,506,117
                                        ==========   ==========

          (1)  See Note F of Notes to Financial Statements.
          (2)  See Note C of Notes to Financial Statements.
          (3)  Include accrued legal, audit, expert witness, Litigation Trustee,
               and trust administration fees.

(E)  Certificateholders' Equity

Certificateholders' equity consists solely of the accumulated deficit generated
from the operations of the CPR Trust. The CPR Trust Certificates have no stated
or par value for financial statement purposes.

                                       22
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
                   Notes to Financial Statements (Continued)
                               December 31, 2000


(F)  Litigation Trustee Fees

The CPR Trust Agreement provides that as compensation the CPR Trust will pay
each Litigation Trustee, during the term of his service as a Litigation Trustee,
fees of $400,000 per year for five years (except that if the Litigation is
sooner terminated, the remainder of such fees (but in no event with respect to a
period longer than the remainder of such year plus two additional years) will be
accelerated upon final resolution of the Litigation and receipt by Ahmanson of
the Litigation Proceeds), plus reimbursement of all reasonable out-of-pocket
expenses. If the services of the Litigation Trustees continue to be necessary
after the initial five-year period or such receipt of Litigation Proceeds, the
Litigation Trustees shall be entitled to a fee of $200 per hour until
termination of the CPR Trust. Pursuant to the CPR Trust Agreement, each
Litigation Trustee may, but is not obligated to, defer all or part of his
compensation until 30 days after the earliest to occur of (i) the date on which
he elected to defer such compensation, (ii) the date he ceases to be a
Litigation Trustee, and (iii) the date of the receipt of the Commitment Amount
in full by the CPR Trust. Any Litigation Trustee electing to so defer will
receive the compensation he would have received plus an amount, calculated on a
monthly basis during the period of deferral (and included in the amount
deferred), equal to the product of the monthly balance of the amount deferred
and an annual rate equal to the Reference Rate, as defined in the CPR Trust
Agreement, plus 250 basis points. For the year ending December 31, 2000, Messrs.
Martin and Raiden elected to defer one-half of their 2000 compensation; for the
year ending December 31, 1999, Messrs. Martin, Hunt and Raiden elected to defer
one-half of their 1999 compensation; and for the period February 13, 1998
(commencement of operations) through December 31, 1998, each Litigation Trustee
elected to defer one-half of his 1998 compensation.

(G)  Contingent Liabilities

The CPR Trust has no legal actions pending against it.

(H)  Leases

The CPR Trust has entered into an operating lease agreement for office space
expiring in February 2003. Future minimum lease payments for the operating lease
as of December 31, 2000, were as follows:

     Year ending December 31,

          2001              51,600
          2002              51,600
          2003               8,600
                          --------
                          $111,800
                          ========

The CPR Trust incurred lease expenses of $51,600, $51,600 and $45,580 for the
years ended December 31, 2000 and 1999, and the period February 13, 1998
(commencement of operations) through December 31, 1998, respectively.

                                       23
<PAGE>

           COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
                   Notes to Financial Statements (Continued)
                               December 31, 2000



(I)  Selected Quarterly Financial Data (Unaudited)

The following is a summary of unaudited quarterly statements of operations for
the years ended December 31, 2000 and 1999, and the period February 13, 1998
(commencement of operations) through December 31, 1998.

<TABLE>
<CAPTION>
                                                   Quarter Ended
                             ---------------------------------------------------------      Year Ended
                               March 31,     June 30,     September 30,   December 31,     December 31,
                                1999          1999           1999           1999              1999
                             -----------   -----------    -------------   ------------     ------------
<S>                          <C>           <C>            <C>             <C>              <C>
Net loss                     $(1,606,283)  $(1,533,739)   $  (1,721,906)  $ (2,095,764)    $ (6,957,692)
Net loss per certificate            (.08)         (.07)            (.08)          (.10)            (.34)

<CAPTION>
                                                   Quarter Ended
                             ---------------------------------------------------------      Year Ended
                               March 31,     June 30,     September 30,   December 31,     December 31,
                                1999          1999           1999           1999              1999
                             -----------   -----------    -------------   ------------     ------------
<S>                          <C>           <C>            <C>             <C>              <C>
Net loss                     $(1,343,237)  $(2,199,387)   $  (2,234,609)  $ (1,517,267)    $ (7,294,500)
Net loss per certificate           (0.06)        (0.11)           (0.11)         (0.07)           (0.35)

<CAPTION>
                              February 13,                  Quarter Ended                     February 13,
                               through       --------------------------------------------      through
                               March 31,       June 30,     September 30,    December 31,     December 31,
                                1998            1998            1998            1998             1998
                             -------------   -----------    -------------    ------------     ------------
Net loss                     $    (312,617)  $  (790,410)   $    (904,411)   $ (1,022,072)    $ (3,029,511)
Net loss per certificate             (0.02)        (0.04)           (0.05)          (0.05)           (0.15)
</TABLE>

                                       24
<PAGE>

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

None.

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Information concerning the Litigation Trustees is set forth under Part II, Item
7, "Management's Discussion and Analysis of Financial Condition and Results of
Operations - Management of the Litigation."

ITEM 11. EXECUTIVE COMPENSATION

Information concerning compensation of the Litigation Trustees is set forth
under Part II, Item 7, "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Management of the Litigation."

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

There is no holder of CPR Certificates known to the Trust to be the beneficial
owner of more than five percent of the outstanding CPR Certificates.

Following is a table which indicates as of March 6, 2001, the amount and percent
of beneficial ownership of the CPR Certificates for each Litigation Trustee and
all Litigation Trustees as a group. Each individual has sole voting and sole
investment power with respect to the number of CPR Certificates set forth
opposite his name.

Name of Beneficial                                                 Number of
Owner or Number of                                                Certificates
Persons in Group (1)                                          Beneficially Owned
--------------------                                          ------------------

Ray Martin                                                           135,375

Robert L. Hunt II                                                    276,353

Norman H. Raiden                                                      14,772

James F. Barritt                                                      17,561

Four Litigation Trustees as a Group                                  444,061

________________

(1)  Each of the Litigation Trustees owns less than 1% of the outstanding CPR
Certificates except for Mr. Hunt who owns 1.3%. The four Litigation Trustees as
a group own 2.1% of the outstanding CPR Certificates.

Pursuant to the CPR Trust Agreement, each of the Litigation Trustees is
obligated, as a condition of his continuation as a Litigation Trustee, to retain
not less than 50% of the CPR Certificates held by him as of the date of the
Merger, February 13, 1998, until the Litigation Proceeds are received by
Ahmanson or its successor. Transfers by a Litigation Trustee to his family
members or to any trust created for the benefit of his family shall be included
in such 50% calculation for so long as those transferees retain the CPR

                                       25
<PAGE>

Certificates. As of February 13, 1998, Mr. Martin held 135,375 CPR Certificates,
Mr. Hunt held 76,353 CPR Certificates, Mr. Raiden held 42,772 CPR Certificates,
and Mr. Barritt held 17,561 CPR Certificates. As of March 3, 2000, the only
Trustee to have transferred any CPR Certificates is Mr. Raiden, who transferred
28,000 CPR Certificates to family members in December of 1999.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

None.

PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a) Documents filed as a part of this report:

1. Index to Financial Statements:

    None.

2. Index to Financial Statements Schedules:

    None.

3. Exhibits


      4.1  Form of Amended and Restated Declaration of Trust of Coast Federal
           Litigation Contingent Payment Rights Trust dated February 13,
           1998(incorporated by reference to Exhibit 4.1 to the registrant's
           Current Report on Form 8-K dated February 19, 1998).

     10.1  Form of Commitment entered into between the registrant and H.F.
           Ahmanson & Company (incorporated by reference to Exhibit 10.1 to the
           registrant's Registration Statement on Form S-4).

     10.2  Contingent Fee Agreement with Cooper, Carvin & Rosenthal,LLP dated
           February 13, 1998 (incorporated by reference to Exhibit 10.1 to the
           registrant's Quarterly Report on Form 10-Q for the period ending
           March 31, 1998).

Exhibits, except as otherwise indicated above, are filed herewith.

(b) Form 8-K

During the quarter ended December 31, 2000, the following reports on Form 8-K
were filed by the registrant:


     1.   October 3, 2000, Item 5, Other Events. Press release regarding date of
          oral argument on government motion for summary judgment on damages and
          Coast Federal's opposition and cross-motion for partial summary
          judgment.

                                       26
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SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized, on the 27th day of March
2001.

COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST


By: /s/ Ray Martin
    --------------
    Ray Martin
    Litigation Trustee

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  Registrant and
in the capacities indicated on the 27th day of March 2001.

/s/ Ray Martin
--------------
Ray Martin
Litigation Trustee

/s/ Robert L. Hunt II
---------------------
Robert L. Hunt II
Litigation Trustee

/s/ Norman H. Raiden
--------------------
Norman H. Raiden
Litigation Trustee

/s/ James F. Barritt
--------------------
James F. Barritt
Litigation Trustee

                                       27