SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ____________ to ______________
Commission file number: 1-9210
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Occidental Petroleum Corporation Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Occidental Petroleum Corporation
10889 Wilshire Boulevard
Los Angeles, California 90024
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
By: /s/ Samuel P. Dominick, Jr.
------------------------------------------------------
Samuel P. Dominick, Jr. - Member of the
Occidental Petroleum Corporation
Pension and Retirement Plan Administrative Committee
Dated: May 13, 2002
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
December 31, 2001 and 2000
Index
-----
Page(s)
-------
Report of Independent Public Accountants 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits
as of December 31, 2001 and 2000 2
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 2001 3
Notes to Financial Statements 4 - 16
Accompanying Appendix:
Appendix I: Form 5500 - Schedule H - Line 4i - Schedule of Assets Held as of
December 31, 2001 17 - 26
Note: Schedules other than that listed above have been omitted because they
are not applicable or are not required by 29 CFR 2520.103 - 10 of the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974,
as amended.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Pension and Retirement Plan
Administrative Committee:
We have audited the accompanying statements of net assets available for plan
benefits of the OCCIDENTAL PETROLEUM CORPORATION SAVINGS PLAN (the "Plan") as of
December 31, 2001 and 2000, and the related statement of changes in net assets
available for plan benefits for the year ended December 31, 2001. These
financial statements and the supplemental schedule referred to below are the
responsibility of the Plan administrator. Our responsibility is to express an
opinion on these financial statements and supplemental schedule based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. 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 net assets available for plan benefits of the Plan as
of December 31, 2001 and 2000, and the changes in its net assets available for
plan benefits for the year ended December 31, 2001, in conformity with
accounting principles generally accepted in the United States.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule of assets held is
presented for purposes of additional analysis and is not a required part of the
basic financial statements but is supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedule
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Los Angeles, California
May 13, 2002
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
As of December 31, 2001 and 2000
(Dollar amounts in thousands)
2001 2000
---------- ----------
Assets
------
Investments:
At fair value $ 646,117 $ 673,905
At contract value 142,352 122,190
Plan interest in Master Trust 1,278 --
---------- ----------
Total investments 789,747 796,095
Receivables:
Interest and dividends 2,739 11,392
Participant contributions 1,016 2,625
Employer contributions 698 1,537
Due from securities broker 3,133 4,074
---------- ----------
Total receivables 7,586 19,628
---------- ----------
Total assets 797,333 815,723
Liabilities
-----------
Accrued Liabilities 48 65
Due to securities broker 1,048 --
---------- ----------
Total liabilities 1,096 65
---------- ----------
Net Assets Available for Plan Benefits $ 796,237 $ 815,658
========== ==========
The accompanying notes are an integral part of these financial statements.
2
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 2001
(Dollar amounts in thousands)
Additions:
Additions to net assets attributable to:
Investment income:
Interest & dividends $ 3,817
Net appreciation in fair value of investments 3,935
Plan interest in Master Trust investment loss (103)
----------
Total investment income 7,649
----------
Contributions:
Participant 28,555
Employer 18,644
Participant rollover 1,871
----------
Total contributions 49,070
----------
Transfers from other plans 27,145
----------
MidCon settlement 25,000
----------
Total additions 108,864
----------
Deductions:
Deductions from net assets attributable to:
Benefits paid to participants 126,359
Plan expenses 489
Transfers to other plans 1,437
----------
Total deductions 128,285
----------
Net Decrease 19,421
Net Assets Available for Plan Benefits,
Beginning of year 815,658
----------
End of year $ 796,237
==========
The accompanying notes are an integral part of this financial statement.
3
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2001 and 2000
1. Description of the Plan
-----------------------
The following description of the Occidental Petroleum Corporation Savings Plan
(the "Plan") provides only general information. Participants should refer to the
Plan document for a more complete description of the Plan's provisions.
a. General
-------
The Plan is a defined contribution plan generally available to certain
employees of Occidental Petroleum Corporation ("OPC", "Oxy", or the
"Employer"), a Delaware corporation, and participating subsidiaries
(collectively, the "Company"). The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA").
b. Significant Events and Plan Administration
------------------------------------------
In December 1998, David Croucher and others filed suit against Oxy on
behalf of persons claiming to have been beneficiaries of the MidCon Corp.
Employee Stock Ownership Plan ("MidCon ESOP"). The suit had been certified
as a class action. On March 15, 2001 the United States District Court for
the Southern District of Texas approved a settlement agreement. Under the
terms of the settlement agreement, Oxy contributed $25 million to the class
members' accounts in the Plan, as the Plan is the successor plan of the
MidCon ESOP. The MidCon ESOP merged into the Plan in May 1998. The
settlement amount was received by the Plan in April 2001 and was allocated
to the members pursuant to the terms of the settlement agreement by
dividing the member's final ESOP balance as of May 15, 1998 by the total
ESOP balance for all members of the plantiffs' class on that date and
multiplying that result times the total ESOP settlement amount. The
member's share of the settlement was credited as additional earnings under
the Plan's Stable Value Fund in April 2001 and will participate in fund
earnings thereafter until payment is made to the participant. The
settlement amount of $25 million is reflected in the Statement of Changes
in Net Assets Available for Plan Benefits as "MidCon Settlement".
The OPC Board of Directors authorized the transfers of certain participant
accounts from the Occidental Chemical Corporation Savings and Investment
Plan ("SIP") to the Plan throughout 2001. These transfers were completed
after negotiations with, and acceptance by, the various unions. These
transfers were approximately $5,853,500 and are reflected in the Statement
of Changes in Net Assets Available for Plan Benefits as part of the
"Transfers from Other Plans".
In addition, effective December 31, 2001 the SIP was merged into the Plan
(such transaction herein called the "Merger"). As of December 31, 2001
approximately $7,174,600 assets were transferred to the Plan. The remaining
assets of approximately $12,727,200 were physically transferred from the
SIP in January 2002. These transfers are reflected in the Statement of
Changes in Net Assets Available for Plan Benefits as
4
"Transfers from Other Plans". The related assets are reflected in the
Statements of Net Assets Available for Plan Benefits in "Investments at
fair value" and in "Investments at contract value."
The Plan is administered by the OPC Pension and Retirement Trust and
Investment Committee as to investment decisions and by the OPC Pension and
Retirement Plan Administrative Committee as to all matters except
investment decisions (these two committees are herein referred to
collectively as the "Committees"). Members of the Committees are selected
by the Board of Directors of OPC. The Committees have been given all powers
necessary to carry out their respective duties, including, but not limited
to, the power to administer and interpret the Plan and to answer all
questions affecting eligibility of participants. The Northern Trust Company
(the "Trustee") is the trustee and custodian of a trust fund which holds
all of the assets of the Plan. The Company pays certain costs and expenses
incurred in administering the Plan. Such costs and expenses were not
significant for the year ended December 31, 2001.
c. Contributions
-------------
Participant Contributions - Prior to June 30, 2000, participants were
allowed to contribute from 1 to 12 percent of compensation (as defined) to
the Plan on a before- or after-tax basis, or in any combination thereof,
subject to certain Internal Revenue Code ("IRC") limitations. Effective
July 1, 2000, the upper limit on participant contributions increased from
12 to 15 percent.
Employer Contributions - For non-collective bargaining employees, the
Company contributed 100 percent of a participant's contribution up to the
first 6 percent of compensation. Prior to June 30, 2000, the Company
contributed 75 percent of a participant's contribution up to the first 6
percent of compensation. For collective bargaining employees, the Company
contributed 50, 75 or 100 percent as negotiated by their respective unions,
of the first 6 percent of eligible compensation that a participant
contributed to the Plan. All Employer contributions are invested in the
Occidental Petroleum Corporation Common Stock Fund (the "Oxy Stock Fund").
d. Participant Accounts
--------------------
Participant accounts are credited with the participant's contribution and
allocations of the Employer's contribution and investment income, and
charged with an allocation of administrative expenses and investment
losses, if any. Allocations are based on account balances, as defined in
the Plan document. The benefit to which a participant is entitled is the
benefit that can be provided from the participant's vested account.
e. Vesting
-------
Participants immediately vest in their contributions plus actual investment
income thereon, if any. Vesting in the Employer's contribution portion of
the account plus actual earnings thereon is based on years of service.
Generally, a participant receives 20 percent vesting for each year of
service until full vesting is achieved after 5 years of service.
5
f. Forfeitures
-----------
Forfeited nonvested accounts are used to reduce Employer contributions.
During 2001, Employer contributions were reduced by approximately $204,000
from forfeited nonvested accounts. Unallocated forfeitures at December 31,
2001 and 2000 were not significant to the financial statements.
g. Distributions
-------------
Generally, upon termination of service for any reason other than death,
participants with an account balance greater than $5,000, may elect to
receive the vested portion of their account under one of the following
distribution options: (i) one lump sum payment, (ii) straight life annuity,
(iii) ten-year term certain annuity, (iv) joint and survivor annuity, (v)
partial cash distribution or (vi) deferral of payment with certain
restrictions. Upon termination of service due to death, the beneficiary may
elect to receive the vested interest in the form of (i), (ii), (iii) or
(vi) only. A participant whose vested account balance is $5,000 or less,
may receive distributions only under options (i), (v) or (vi). Participants
may elect to receive distributions from their account balance in the Oxy
Stock Fund in cash or in shares of OPC common stock.
h. Participant Loans
-----------------
Participants may borrow from their account a minimum of $1,000 up to a
maximum equal to the lesser of: (i) $50,000, reduced by the highest
outstanding loan balance in the past twelve months, (ii) 50 percent of
their vested account balance, or (iii) a loan amount which would require
payroll deductions for repayment equal to 25 percent of the participant's
base compensation. Loan transactions are treated as a transfer between the
investment fund and the participant loan fund. Loan terms range from 1 to 5
years for general purpose loans and 6 to 10 years for primary residence
loans. The loans bear interest at a fixed rate equal to the Western Federal
Credit Union's loan rate for a loan secured by a member's deposit account
at the time the loan is approved. During 1999, the interest rate charged on
new loans ranged from 5 to 7 percent. During 2000 and 2001 the interest
rate charged on new loans was 5% percent. Loan repayments are made ratably
through payroll deductions.
i. Investment Options
------------------
As of December 31, 2001, the Plan offered various investment options which
are managed by several outside investment managers. Upon enrollment in the
Plan, participants may direct their contributions, in 1 percent increments,
in any of the investment options offered at the time. Participants may
change their investment options daily. Participants should refer to the
Plan fund description pamphlet for a complete description of the investment
options and for the detailed composition of each investment fund.
2. Summary of Significant Accounting Policies
------------------------------------------
a. Basis of Accounting
-------------------
The financial statements of the Plan are prepared under the accrual method
of accounting.
6
Certain reclassifications have been made to the 2000 notes to financial
statements to be consistent with the presentation of the 2001 notes to
financial statements.
b. Use of Estimates
----------------
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts of assets,
liabilities, and changes therein, and disclosure of contingent assets and
liabilities. Actual results could differ from those estimates.
c. Risks and Uncertainties
-----------------------
The Plan provides for various investment options in mutual funds, actively
managed funds and the Oxy Stock Fund. Investment securities are exposed to
various risks such as interest rate, market and credit risks. Due to the
level of uncertainty related to changes in the value of investment
securities, it is at least reasonably possible that changes in the various
risk factors, in the near term, could materially affect participants'
account balances and the amounts reported in the financial statements.
Additionally, many mutual funds invest in the securities of foreign
companies, which involves special risks and considerations not typically
associated with investing in U.S. companies. These risks include
devaluation of currencies, less reliable information about issuers,
different securities transaction clearance and settlement practices, and
possible adverse political and economic developments. Moreover, securities
of many foreign companies and their markets may be less liquid and their
prices more volatile than similar types of securities of comparable U.S.
companies.
Derivative financial instruments are used by the Plan's equity and fixed
income investment managers to remain fully invested in the asset class and
to hedge currency risk. Leveraging of the Plan assets and speculation are
prohibited.
As of December 31, 2001 and 2000, approximately 35 and 33 percent of total
Plan investments, respectively, was invested in the Oxy Stock Fund.
d. Investment Valuation and Income Recognition
-------------------------------------------
The Plan's investments are stated at fair value except for the investments
in guaranteed investment contracts which are valued at contract value.
Shares of registered investment companies are valued at quoted market
prices, which represent the net asset value of shares held by the Plan at
year end. The OPC common stock is valued at its quoted market price. The
unit price of common or commingled trust funds is based on the current
market values of the underlying assets of the fund. Participant loans are
valued at cost, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date.
7
Realized gains and losses on investments are based on the market value of
the asset at the beginning of the year, or at the time of purchase for
assets purchased during the year and the related fair value on the day the
investments are sold during the year. Unrealized gains and losses of
investments are based on the market value of the assets at the beginning of
the year or at the time of purchase for assets purchased during the year,
and the related fair value at the end of the year. Net realized and
unrealized appreciation/(depreciation) in fair value of investments is
reflected in the accompanying Statement of Changes in Net Assets Available
for Plan Benefits as "net appreciation in fair value of investments."
e. Payment of Plan Benefits
------------------------
Benefits are recorded when paid.
3. Plan Amendments
---------------
During 2001, the Plan was amended to reflect the various tax law changes enacted
under the Uruguay Round Agreements Act, the Uniformed Services Employment and
Reemployment Rights Act of 1994, Small Business Job Protection Act of 1996,
Taxpayer Relief Act of 1997 and the IRS Restructuring Act and Reform Act of 1998
("GUST"). The Plan was also amended to reflect the transfers of certain
participant accounts from the Occidental Chemical Corporation Savings and
Investment Plan to the Plan, as well as changes to Plan investment options.
During 2000, the Plan was amended to allow for appropriate service recognition,
vesting and other provisions necessitated by OPC's recent acquisitions of Altura
Energy Ltd. (effective April 19, 2000), the Thums Long Beach Company (effective
April 24, 2000) and INDSPEC Chemical Corporation (effective during 1999).
4. Related Party Transactions
--------------------------
The Trustee and OPC are parties-in-interest as defined by ERISA. The Trustee
invests certain Plan assets in its collective short-term investment fund and the
Oxy Stock Fund. Such transactions qualify as party-in-interest transactions
permitted by Department of Labor regulations. Expenses paid by the Plan to the
Trustee for the year ended December 31, 2001 were insignificant.
5. Plan Termination
----------------
Although it has not expressed any intent to do so, OPC has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
8
6. Investments
-----------
The following table presents investments that represent 5 percent or more of the
Plan's net assets (dollar amounts in thousands):
December 31,
2001 2000
---------- ----------
Investments at fair value:
Common Stock
------------
Oxy Stock Fund $ 276,693* $ 261,675*
Registered Investment Companies
-------------------------------
S&P 500 Index Fund 105,340 135,442
Large Cap I Fund 57,016 78,592
Large Cap II Fund 60,010 78,109
Diversified Balance Fund 54,327 61,605
Investments at contract value:
Stable Value Fund
Cash Equivalents 5,054 6,184
Security Backed Investments 39,692 28,038
Synthetic Security Backed Investments 90,979 86,103
General Account Investments 5,095 1,865
---------- ----------
Total Stable Value Fund 140,820 122,190
* Participant and non-participant directed
During 2001, the Plan's investments (including investments bought, sold and held
during the year) appreciated (depreciated) in value by approximately $3,935,000
as follows (dollar amounts in thousands):
OPC Common Stock $ 25,252
Mutual Funds (29,455)
Common/Collective Trusts 8,138
----------
$ 3,935
==========
9
7. Oxy Stock Fund
--------------
Information regarding the net assets and the significant components of the
changes in net assets relating to the Oxy Stock Fund which includes both
participant and non-participant directed investments is as follows (dollar
amounts in thousands):
December 31,
2001 2000
---------- ----------
Net Assets:
Oxy Stock Fund $ 282,377 $ 268,505
========== ==========
Year Ended
December 31, 2001
-----------------
Changes in Net Assets:
Contributions $ 21,598
Investment income 10,625
Net appreciation in fair value of investments 25,252
Transfers between funds (10,277)
Benefits paid to participants (41,847)
Administrative expenses (76)
Transfer from SIP 8,597
-----------------
$ 13,872
=================
8. Stable Value Contracts
----------------------
The Plan's investments in stable value contracts of approximately $1,532,000 as
of December 31, 2001 were included in the Statement of Net Assets Available for
Plan Benefits at contract value (which represents contributions made under the
contract plus earnings, less withdrawals and administrative expenses) because
they were fully benefit responsive. These stable value contracts were
transferred in from the SIP as of December 31, 2001. For example, participants
could ordinarily direct the withdrawal or transfer of all or a portion of their
investment at contract value. The fair value of the stable value contracts
approximated contract value. During 2001, the average yield earned on amounts
invested in these stable value contracts was 6.04 percent. The average crediting
interest rate on such contracts as of December 31, 2001 was 6.19 percent.
9. Guaranteed Investment Contracts
-------------------------------
The Stable Value Fund includes deposits for guaranteed investment contracts
("GICs") and synthetic GICs. The Plan's investments in GICs are included in the
Statements of Net Assets Available for Plan Benefits at contract value (which
represents contributions made under the contract plus earnings, less withdrawals
and administrative expenses) because they are fully benefit responsive. For
example, participants may ordinarily direct the withdrawal or transfer of all or
a portion of their investment at contract value. Withdrawals resulting from
events initiated by the
10
Company, such as Plan termination, are not typically considered
participant-initiated transactions. With such an event, some of the contracts
contain contingencies that could lead to withdrawal penalties. However, since no
such events are being contemplated at this time or the withdrawals resulting
from such an event will be funded outside the contracts' provisions, these
"potential" limitations do not jeopardize the contract value reporting for these
investments.
Contract value for the synthetic GICs is determined based on the fair value of
the assets underlying the synthetic GICs. The difference between the fair value
of the assets underlying the synthetic GICs and the contract value of the GICs
is the value of the "wrapper" contract issued by a third party. The fair value
for GICs varies based on the type of contract held (e.g., security-backed
investments and general account investments). Fair value of the general account
investment type GICs is derived by comparing the contract value, on a duration
basis, to the yield curve. Fair value of the non-participating synthetic GICs
are determined by comparing each contract, on a duration basis, to a Treasury
yield curve at year end, plus 40 basis points. Fair value for security backed
investment contracts was derived from outside sources, based on the type of
investment held.
GICs provide a fixed crediting interest rate and a financially responsible
entity guarantees liquidity at contract value prior to maturity for any and all
participant-initiated benefit withdrawals, loans, or transfers arising under the
terms of the Plan, which allows access for all participants.
Synthetic GICs operate similarly to a separate account guaranteed investment
contract, except that the assets are placed in a trust with ownership by the
Plan rather than a separate account of the issuer and a financially responsible
third party issues a wrapper contract that provides that participants can, and
must, execute Plan transactions at contract value.
Inasmuch as trust assets are owned by the Plan, the wrapper contract and the
assets in trust are separately valued and disclosed. The wrapper contract is
valued at the difference between the fair value of the trust assets and the
contract value attributable by the wrapper to such assets. When considered
together, the trust assets and the wrapper contract are reported at the wrapper
contract value because participants are guaranteed return of principal and
accrued interest.
During 2001 and 2000, the average yield earned on amounts invested in the GICs
was 6.35 percent and 6.47 percent, respectively. As of December 31, 2001 and
2000, the average crediting interest rate on such contracts was 6.10 and 6.75
percent, respectively. There were no valuation reserves recorded to adjust
contract amounts during the Plan years. Crediting rate resets are applied to
specific investment contracts, as determined at the time of purchase. The reset
values for security backed investment rates are a function of contract value,
market value, yield and duration. General account investment rates are based on
a predetermined index rate of return, plus a fixed basis
11
point spread. The following is a reconciliation between the contract value and
the fair value of the GICs at December 31, 2001 (dollar amounts in thousands):
Crediting
Duration Interest Rate Contract
(Years) Percentage Value Fair Value
------------- ------------- ------------- -------------
SECURITY BACKED INVESTMENTS
INVESCO Group Trust:
Monumental Life Insurance Co. 0.25 2.12 $ 2,302 $ 2,308
Allstate Life Insurance Co. 3.66 6.18 25,029 25,234
Monumental Life Insurance Co. 4.00 5.60 1,806 1,839
Bank of America NT & SA 2.57 4.32 9,608 9,518
------------- -------------
Total INVESCO Group Trust 38,745 38,899
Separate Accounts:
John Hancock Life Insurance 3.50 6.15 947 973
------------- -------------
Total Separate Accounts 947 973
------------- -------------
Total nonsynthetic security backed investments 39,692 39,872
------------- -------------
Synthetics:
JPMorgan Chase Bank 2.69 6.39 20,986 22,001
Metropolitan Life Insurance Co. 2.66 6.64 13,961 14,744
Monumental Life Insurance Co. 1.60 7.55 17,960 18,962
State Street Bank & Trust 2.19 6.25 18,815 19,295
UBS AG 2.73 6.60 19,257 20,069
------------- -------------
Total Synthetics 90,979 95,071
------------- -------------
GENERAL ACCOUNT INVESTMENTS
John Hancock Life Insurance 0.25 3.76 4,214 4,272
SunAmerica Life Insurance Co. 0.08 7.70 584 655
Firstar Bank Milwaukee 0.08 6.97 297 297
------------- -------------
Total General Account Investments 5,095 5,224
------------- -------------
SHORT TERM INVESTMENT FUND
Northern Trust Company 5,054 5,054
------------- -------------
Total Guaranteed Investment Contracts 140,820 145,221
------------- -------------
Less: Synthetic Wrappers -- (4,092)
Add: Difference between the fair value and contract values
on the nonsynthetic GICs -- (309)
------------- -------------
Total Contract Value of Guaranteed Investment Contracts $ 140,820 $ 140,820
============= =============
The difference of $309,000 between the fair value and the contract value of the
guaranteed investment contracts is due to the security backed investments and
general account investments that do not have synthetic wrappers associated with
them.
12
The following is a reconciliation between the fair value and the contract value
of the GICs at December 31, 2000 (dollar amounts in thousands):
Crediting
Duration Interest Rate Contract
(Years) Percentage Value Fair Value
------------- ------------- ------------- -------------
SECURITY BACKED INVESTMENTS
INVESCO Group Trust:
Monumental Life Insurance Co. 4.00 6.13 $ 1,505 $ 1,508
Allstate Life Insurance Co. 3.49 6.78 22,114 21,894
Monumental Life Insurance 0.25 7.07 1,937 1,951
------------- -------------
Total INVESCO Group Trust 25,556 25,353
------------- -------------
Separate Accounts:
John Hancock Life Insurance 3.50 5.76 787 792
Mass Mutual Life Insurance Co. 1.39 5.88 1,695 1,684
------------- -------------
Total Separate Accounts 2,482 2,476
------------- -------------
Synthetics:
Chase Manhattan Bank 3.39 7.00 13,363 13,838
Continental Assurance Co. 2.47 6.23 18,420 18,662
Monumental Life Insurance Co. 2.35 7.56 17,740 18,291
State Street Bank & Trust 1.27 6.63 16,108 16,268
UBS AG 2.40 6.53 20,472 20,678
------------- -------------
Total Synthetics 86,103 87,737
------------- -------------
GENERAL ACCOUNT INVESTMENTS
Allstate Life Insurance Co. 0.75 6.24 1,387 1,343
Sun America Life Insurance Co. 3.00 7.75 478 505
------------- -------------
Total General Account Investments 1,865 1,848
------------- -------------
SHORT TERM INVESTMENT FUND
Northern Trust Company 6,184 6,184
------------- -------------
Total Guaranteed Investment Contracts 122,190 123,598
------------- -------------
Less: Synthetic Wrappers -- (1,634)
Add: Difference between the fair value and contract values
on the nonsynthetic GICs -- 226
------------- -------------
Total Contract Value of Guaranteed Investment Contracts $ 122,190 $ 122,190
============= =============
The difference of $226,000 between the fair value and the contract value of the
guaranteed investment contracts is due to the security backed investments and
general account investments that do not have synthetic wrappers associated with
them.
13
10. Interest in Master Trust
------------------------
During 2001, an investment option was added to the Plan. This investment is part
of a master trust. The Plan's interest in the master trust investment loss as
reflected in the Statement of Changes in Net Assets Available for Plan Benefits
for the year ended December 31, 2001 represents the period for which the Plan
participated in the master trust.
At December 31, 2001, the Plan's investment in the assets of the master trust
represented an undivided interest of approximately 7 percent.
The following table presents the aggregate fair value of investments held by,
and investment income earned by, the master trust in which the Plan owns an
undivided interest, as stated above:
December 31,
2001
------------
Investments at Fair Value as Determined
by Quoted Market Price:
Common stock $ 330
Preferred stock 6,799
Corporate bonds 11,608
------------
$ 18,737
============
Year ended
December 31,
2001
------------
Investment income:
Net depreciation in fair value of investments:
Common stock $ (27)
Preferred stock (342)
Corporate bonds (2,024)
------------
(2,393)
------------
Interest and dividends 743
Less: Investment expenses (94)
------------
$ (1,744)
============
14
11. Reconciliation of the Financial Statements to the Form 5500
-----------------------------------------------------------
The following is a reconciliation of net assets available for plan benefits per
the financial statements to the Form 5500 (dollar amounts in thousands):
December 31,
2001 2000
---------- ----------
Net assets available for plan benefits per the financial
statements $ 796,237 $ 815,658
Amounts allocated to withdrawing participants (5,841) (6,306)
---------- ----------
Net assets available for plan benefits per the Form 5500 $ 790,396 $ 809,352
========== ==========
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500 for the year ended December 31, 2001
(dollar amounts in thousands):
Benefits paid to participants per
the financial statements $ 126,359
Add: Amounts allocated to withdrawing
participants at December 31, 2001 5,841
Less: Amounts allocated to withdrawing
participants at December 31, 2000 (6,306)
----------
Benefits paid to participants per the Form 5500 $ 125,894
==========
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit payments that have been processed and approved for payment prior to
December 31, but not yet paid as of that date.
The following is a reconciliation of investments per the financial statements to
the Form 5500 as of December 21, 2001 (dollar amounts in thousands):
Total investments per the financial statements $ 789,747
Add: Difference between fair value and contract value of GICs 309
Less: Interest in represented master trust (1,278)
----------
Total investments per the Form 5500 $ 788,778
==========
Investments are reflected on the financial statements at contract value since
the contracts are benefit responsive, however, investments are reflected at fair
value on the Form 5500 and the accompanying supplemental schedule.
15
The Plan's interest in the master trust is not included in the Form 5500 since
it is not required based on the disclosure requirements of the Employee
Retirement Income Security Act of 1974 and applicable regulations issued by the
Department of Labor.
12. Tax Status
----------
The Internal Revenue Service has determined and informed the Company by a letter
dated September 5, 1996, that the Plan and related trust are designed in
accordance with applicable sections of the IRC. The Plan has been amended since
receiving the determination letter. However, the Committees, using their
judgment and the advice of their advisors, believe that the Plan is currently
designed and operating in a manner that qualifies it for continued tax-exempt
status.
13. Subsequent Event
----------------
Effective February 28, 2002, the Oxy Vinyls, LP Savings Plan was merged into the
Plan. As a result of the merger, the Plan became a multiple employer plan.
On May 2, 2002, the OPC Board of Directors approved an amendment designating the
Matching Account held under the Plan as an employee stock ownership plan.
16
Appendix I
OCCIDENTAL PETROLEUM CORPORATION
Savings Plan
Form 5500 - Schedule H - 4i - Schedule of Assets as of December 31, 2001
(Dollar amounts in thousands)
EIN No. 95-4035997 Plan No. 001
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
CASH & CASH EQUIVALENT
----------------------
* Northern Trust Company Collective Short-Term Investment Fund $ 9,782
==========
COMMON STOCK
------------
OXY STOCK FUND
Cash Equivalents:
* Northern Trust Company Collective Short-Term Investment Fund $ 2,409 $ 2,409
Common Stock:
* Occidental Petroleum Corporation Common Stock, 10,338,630 shares,
Par $0.20 239,410 274,284
---------- ----------
Total Oxy Stock Fund $ 241,819 $ 276,693
========== ==========
REGISTERED INVESTMENT COMPANIES
-------------------------------
INTERNATIONAL GROWTH FUND
Common Stock:
Putnam International Growth Fund, 563,136 shares $ 11,161
----------
Total International Growth Fund $ 11,161
==========
S&P 500 INDEX FUND Common Stock:
Vanguard Vanguard S&P 500 Index Fund,
1,111,531 shares $ 105,340
----------
Total S&P 500 Index Fund $ 105,340
==========
LARGE CAP II FUND
Common Stock:
Fidelity Institutional Retirement
Services Company Fidelity Contrafund 1,403,091 shares $ 60,010
----------
Total Large Cap II Fund $ 60,010
==========
17
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
LARGE CAP I FUND
Common Stock:
Fidelity Institutional Retirement
Services Company Fidelity Magellan Fund, 547,075 shares $ 57,016
----------
Total Large Cap I Fund $ 57,016
==========
DIVERSIFIED BALANCED FUND
Common Stock:
Capital Guardian Capital Guardian US Balance Fund, 5,427,306 $ 54,327
----------
Total Diversified Balanced Fund $ 54,327
==========
LARGE CAP VALUE FUND
Common Stock:
Aetna Inc Common Stock, 4,800 shares $ 158
Amerada Hess Corp Common Stock, 1,200 shares 75
American Electric Power Co Common Stock, 14,660 shares 638
Arrow Electric Inc Common Stock, 5,600 sharesh 167
Ashland Common Stock, 200 shares 9
Avnet Inc Common Stock, 6,300 shares 160
Bank America Corp Common Stock, 7,900 shares 497
Bank One Corp Common Stock, 4,200 shares 164
Burl Northern Santa Fe Corp Common Stock, 8,200 shares 234
Chubb Corp Common Stock, 1,500 shares 104
Cigna Corp Common Stock, 2,000 shares 185
Cinergy Corp Common Stock, 4,200 shares 140
Conagra Foods Inc Common Stock, 16,800 shares 399
Conoco Inc Common Stock, 8,900 shares 252
Cons Edison Inc Common Stock, 5,200 shares 210
Cooper Tire & Rubber Co Common Stock, 300 shares 5
CSX Corp Common Stock, 2,100 shares 74
Dana Corp Common Stock, 3,200 shares 44
Dow Chemical Co Common Stock, 13,683 shares 462
DuPont E I De Nemours & Co Common Stock, 600 shares 26
Eastman Chem Co Common Stock, 1,000 shares 39
Fedt Dept Stores Inc Common Stock, 4,300 shares 176
FHLMC VTG Common Stock, 1,800 shares 118
Fleet Boston Finl Corp Common Stock, 6,700 shares 245
FMC Corp (New) Common Stock, 800 shares 48
FNMA Common Stock, 2,900 shares 231
GA Pac Corp Common Stock, 8,000 shares 221
Genuine Parts Co Common Stock, 11,550 shares 424
Golden W. Fncl Corp Common Stock, 5,000 shares 294
Goodyear Tire & Rubber Co Common Stock, 6,550 shares 156
Health Net Inc Common Stock, 2,500 shares 54
Hewlett-Packard Co Common Stock, 19,000 shares 390
Ingram Micro Inc Common Stock, 3,775 shares 65
Jones Apparel Group Inc Common Stock, 5,200 shares 172
Lear Corp Common Stock, 2,600 shares 99
Leggett & Platt Inc Common Stock, 11,900 shares 274
Lehman Bros Hldgs Inc Common Stock, 4,400 shares 294
Liz Claiborne Inc Common Stock, 3,500 shares 174
Lubrizol Corp Common Stock, 400 shares 14
Lyondell Chemical Co Common Stock, 300 shares 4
18
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
Magna Intl Inc Cl A Common Stock, 1,525 shares 97
May Department Stores Co Common Stock, 2,800 shares 104
Mead Corp Cash Common Stock, 1750 shares 54
Millennium Chemicals Inc Common Stock, 100 shares 1
National City Corp Common Stock, 7,900 shares 231
Norfolk Southern Corp Common Stock, 7,300 shares 134
Nortel Networks Corp New Common Stock, 45,700 shares 343
* Occidental Petroleum Corp Common Stock, 5,000 shares 133
Pfizer Inc Common Stock, 2,400 shares 96
Pharmacia Corp Common Stock, 2,100 shares 90
Philip Morris Companies Inc Common Stock, 3,300 shares 151
Phillips Petro Co Common Stock, 9,600 shares 578
Quantum Corp DSSG Common Stock, 750 shares 7
Qwest Communication Intl Inc Common Stock, 7,200 shares 102
Regions Financial Corp Common Stock, 2,700 shares 81
Sears Roebuck & Co Common Stock, 8,350 shares 398
Sherwin-Williams Co Common Stock, 4,900 shares 135
Smurfit-Stone Container Corp Common Stock, 11,100 shares 177
Solectron Corp Common Stock, 7,100 shares 80
Sonoco Prod Co. Common Stock, 1,400 shares 37
Super Value Inc Common Stock, 2,400 shares 53
Tech Data Corp Common Stock, 1,000 shares 43
Tellabs Inc Common Stock, 13,200 shares 197
Temple Inland Inc Common Stock, 600 shares 34
Thomas & Betts Corp Common Stock, 1,200 shares 25
TJX Cos Inc Common Stock, 4,200shares 167
Torchmark Corp Common Stock, 4,700 shares 185
Tyson Foods Inc Common Stock, 1,400 shares 16
Union Pacific Corp Common Stock, 5,100 shares 291
V F Corp Common Stock, 900 shares 35
Valero Energy Corp Common Stock, 2,700 shares 103
Wa Mut Inc Common Stock, 13,700 shares 448
Wachovia Corp 2nd New Common Stock, 10,400 shares 326
Westavco Corp Common Stock, 3,000 shares 85
Whirlpool Corp Common Stock, 2,000 shares 147
Wis Energy Common Stock, 350 shares 8
Worldcom Inc/Worldco Common Stock, 39,800 shares 563
----------
Total Common Stock $ 13,250
==========
SMALL CAP GROWTH FUND
Common Stock:
Adaptec Inc Co Common Stock, 24,100 shares $ 349
Alexander & Baldwin Inc Common Stock, 7,500 shares 200
Alliant Energy Corp Common Stock, 5,000 shares 152
Alltrista Corp Common Stock, 8,100 shares 127
Amer Natl Ins Co Common Stock, 2,900 shares 244
Andrew Corp Common Stock, 14,000 shares 306
Arden Realty Group Inc Common Stock, 10,100 shares 268
AvalonBay Cmntys Reit Common Stock, 3,500 shares 166
Avnet Inc Common Stock, 13,126 shares 334
Bancorpsouth Inc Common Stock, 12,000 shares 199
Borg Warner Inc Common Stock, 7,000 shares 366
Briggs & Stratton Corp Common Stock, 4,100 shares 175
Brunswick Corp Common Stock, 1,800 shares 39
Cent VT Pub Service Corp Common Stock, 15,300 shares 256
Coml Fed Corp Common Stock, 7,500 shares 176
19
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
Coml Metals Co Common Stock, 7,700 shares 269
Conmed Corp Common Stock, 15,500 shares 309
Cooper Tire & Rubber Common Stock, 18,800 shares 300
Corn Prods Intl Inc Common Stock, 12,000 shares 423
Crompton Corp Common Stock, 39,500 shares 356
CTS Corp Common Stock, 18,800 shares 299
Cytec Ind Inc Common Stock, 10,350 shares 279
Duke-Weeks Rlty Corp Common Stock, 11,094 shares 270
Eastgroup Pptys Inc Common Stock, 3,750 shares 87
Empire Dist Elec Co Common Stock, 15,000 shares 315
Esterline Technologies Corp Common Stock, 18,400 shares 295
Felcor Lodging Tr Inc Common Stock, 18,500 shares 309
FMC Corp Common Stock, 5,100 shares 303
Gardner Denver Inc Common Stock, 15,000 shares 335
GBC Bancorp Cal Common Stock, 10,400 shares 307
Harleysville Group Inc Common Stock, 10,150 shares 242
Harsco Corp Common Stock, 7,100 shares 244
Hexcel Corp Common Stock, 44,900 shares 138
Hibernia Corp Common Stock, 15,600 shares 278
Hughes Sup. Inc. Common Stock, 10,800 shares 333
Hutchinson Technologies Inc. Common Stock, 10,200 shares 237
JLG Inds Inc Common Stock, 22,900 shares 244
KB Homes Common Stock, 9,700 shares 389
Kellwood Co Common Stock, 11,650 shares 280
Kemet Corp Common Stock, 16,600 shares 295
Kennametal Inc Common Stock, 4,400 shares 177
Key Production Inc Common Stock, 4,200 shares 71
Landamerica Finl Group Inc Common Stock, 1,000 shares 29
Liberty Ppty Tr Sh Ben Int Common Stock, 6,900 shares 206
Lincoln Elec Hldgs Inc Common Stock, 11,400 shares 279
Lyondell Chemical Co Common Stock, 4,000 shares 57
Mack Cali Rlty Corp Common Stock, 9,800 shares 304
Mentor Corp Common Stock, 4,400 shares 126
Millennium Chem Inc Common Stock, 13,750 shares 173
Minerals Technologies Inc Common Stock, 6,000 shares 280
Modine Mfg Co Common Stock, 10,700 shares 250
Moog Inc Common Stock, 12,000 shares 262
Northeast Utilities Common Stock, 14,000 shares 247
Nstar Common Stock, 8,500 shares 381
OGE Energy Corp Common Stock, 12,900 shares 298
Oneida Ltd Common Stock, 11,000 shares 142
Oshkosh Truck Corp Common Stock, 6,350 shares 310
Pac Century Financial Corp Common Stock, 15,500 shares 401
Penn Engr & Mfg Corp Common Stock, 18,000 shares 302
Pinnacle Entmt Inc Common Stock, 19,200 shares 116
Playtex Products Inc Common Stock, 28,900 shares 282
Pnmres Common Stock, 11,100 shares 315
Post Pptys Inc Reit Common Stock, 5,500 shares 195
Precision Castparts Corp Common Stock, 3,000 shares 85
Prime Hospitality Corp Common Stock, 36,300 shares 401
Pulte Homes Inc Common Stock, 8,200 shares 366
Quanex Corp Common Stock, 1,000 shares 28
Quantum Corp DSSG Common Stock, 8,000 shares 79
Rayonier Inc Common Stock, 2,500 shares 126
Regal Beloit Corp Common Stock, 19,100 shares 416
Reliance Steel & Aluminum Co Common Stock, 12,000 shares 315
RFS Hotel Invs Inc Common Stock, 6,900 shares 79
RLI Corp Common Stock, 2,000 shares 90
Rock-Tenn Co Common Stock, 15,500 shares 223
20
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
Rowan Companies Inc Common Stock, 24,000 shares 465
Royal Carribean Cruises Common Stock, 1,000 shares 16
RTI Intl Metals Inc Common Stock, 40,400 shares 402
Russ Berrie & Co Common Stock, 3,300 shares 99
Russell Corp Common Stock, 6,800 shares 102
Schweitzer-Mauduit Intl Inc Common Stock, 16,500 shares 392
Seitel Inc Common Stock, 29,400 shares 400
Sierra Pac Res New Common Stock, 17,000 shares 256
Southwestn Energy Co Common Stock, 20,800 shares 216
Std Pac Corp Inc Common Stock, 13,600 shares 331
Summit Ppty Inc Common Stock, 10,100 shares 253
Terex Corp New Common Stock, 14,900 shares 261
Tesoro Pete Corp Common Stock, 30,400 shares 399
TX Inds Inc Common Stock, 8,500 shares 314
Ucar Intl Inc Common Stock, 24,000 shares 257
Valero Energy Corp Common Stock, 10,850 shares 414
Vishay Intertechnology Inc Common Stock, 18,016 shares 351
Wash Fed Inc Common Stock, 11,000 shares 284
Wellman Inc Common Stock, 21,150 shares 328
Whitney Hldg Corp Common Stock, 5,700 shares 250
WIS Energy Common Stock, 4,600 shares 104
Wolverine Tube Inc Common Stock, 17,000 shares 193
WPS Res Corp Common Stock, 12,000 shares 435
----------
Total Common Stock $ 24,426
==========
HIGH YIELD BOND
Corporate Bonds:
Morgan Stanley Instl High Yield Bond, 297,541 shares $ 1,675
----------
Total High Yield Bond Fund $ 1,675
==========
BOND FUND
Corporate Bonds:
PIMCO PIMCO Intermediate Bond, 697,941 shares $ 7,300
----------
Total Bond Fund $ 7,300
==========
DIVERSIFIED FUND Common Stock:
Harbor Capital Harbor Fund Capital, 268,353 shares $ 7,844
----------
Total Diversified Fund $ 7,844
==========
STABLE VALUE FUND
Cash Equivalents:
* Northern Trust Company Collective Short Term Investment Fund $ 5,054
----------
Total Cash Equivalents in Stable Value Fund $ 5,054
==========
21
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
Security Backed Investments:
INVESCO Group Trust:
Monumental Life Insurance #00285TR, 2.12%, Duration - 0.25 $ 2,308
Monumental Life Insurance #230TR, 5.60%, Duration - 4.00 1,839
Allstate Life Insurance Co. #77045, 6.18%, Duration - 3.66 25,234
Bank of America NT & SA #01-204, 4.32%, Duration - 2.57 9,518
----------
Total Contract Value Invesco Group Trust $ 38,899
==========
Separate Accounts:
John Hancock Mutual Life Insurance #9698, Yield 5.76 percent $ 973
----------
Total Contract Value Separate Accounts $ 973
==========
Synthetic:
JP Morgan Chase Bank:
US Treasury Maturity 11/15/05, Yield 5.88% $ 1,629
CIT Equipment Collateral Maturity 3/20/06, Yield 7.58% 3,226
Federal National Mortgage Co. Maturity 7/15/05, Yield 7.00% 1,066
Chase Manhattan RV Owner Trust Maturity 1/15/03, Yield 6.23% 1,174
CIT Equipment Collateral Maturity 12/20/05, Yield 6.93% 1,731
US Treasury Maturity 11/15/04, Yield 5.88% 4,424
Asset Securization Corp Maturity 10/15/05, Yield 7.49% 1,853
Capital One Master Trust Maturity 6/15/09, Yield 5.30% 1,926
Chase Credit Card MT Maturity 11/17/08, Yield 5.50% 1,477
Federal Home Loan Mtge Co. Maturity 9/1/31, Yield 6.05% 1,895
Residential Asset Security Maturity 2/25/17, Yield 7.81% 1,313
Cash On Hand 287
----------
Total Current Value of Underlying Assets 22,001
JP Morgan Chase Bank Wrapper Synthetic Wrapper Agreement (1,015)
----------
Total Contract Value of JP Morgan Chase Bank $ 20,986
==========
Metropolitan Life Ins Co:
Federal Home Loan Mortgage Co. Maturity 7/15/05, Yield 7.00% $ 426
GMAC Comm. Mortgage Security Inc. Maturity 5/15/08, Yield 5.83% 2,032
Daimler Crysler Maturity 1/8/04, Yield 7.63% 2,037
Green Tree Financial Maturity 4/15/03, Yield 5.98% 1,541
DVI Receivables Inc. Maturity 10/12/07, Yield 7.12% 1,970
DLJ Comm Mtg Maturity 8/10/09, Yield 6.93% 1,522
Fannie Mae DUS Program Maturity 5/25/02, Yield 7.64% 163
Federal National Mortgage Co. Maturity 7/15/05, Yield 7.00% 1,280
Fannie Mae Grantor Trust Maturity 2/25/41, Yield 7.50% 1,460
Fleet Credit Card MT Maturity 6/15/06, Yield 5.60% 1,952
Cash 361
----------
Total Current Value of Underlying Assets 14,744
Metropolitan Life Ins Co. Wrapper Synthetic Wrapper Agreement (783)
----------
Total Contract Value of Metropolitan Life Ins Co. $ 13,961
==========
22
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
Monumental Life Insurance Company:
Sears Credit Account Trust Maturity 11/15/05, Yield 6.45% $ 2,822
Avis AESOP Leasing L.P. Maturity 10/20/02, Yield 6.40% 2,730
John Hancock/MBIA Wrap Maturity 6/5/2002, Yield 6.88% 2,372
JP Morgan Comm Mort Fin Crp Maturity 1/15/09, Yield 7.59% 1,876
Morgan Stanley Maturity 1/15/06, Yield 7.22% 1,612
Mtg Capital Funding Maturity 1/15/05, Yield 7.35% 1,087
Daimler - Benz Maturity 6/8/05, Yield 6.70% 1,375
DaimlerChrysler Maturity 1/8/04, Yield 7.63% 1,202
Distribution Financial Services Trust Maturity 12/15/03, Yield 5,84% 1,178
Ameresco Maturity 7/17/04, Yield 6.73% 636
ORIX Maturity 8/15/03, Yield 7.05% 738
Merill Lynch Mortgage Investor Maturity 2/18/04, Yield 6.95% 540
United States Treasury Maturity 8/15/04, Yield 7.25% 554
Cash on Hand 240
----------
Total Current Value of Underlying Assets 18,962
Monumental Life Insurance Company Synthetic Wrapper Agreement (1,002)
----------
Total Contract Value of Monumental
Life Insurance Company $ 17,960
==========
State Street Bank and Trust:
Fannie Mae Grantor Trust Maturity 7/25/41, Yield 7.50% $ 766
Union Acceptance Corp. Maturity 6/8/03, Yield 7.44% 2,347
Sears Credit Account Trust Maturity 3/15/02, Yield 6.20% 336
Federal Home Loan Mtg Co Maturity 7/15/04, Yield 6.25% 332
Premier Auto Master Trust Maturity 4/8/03, Yield 5.82% 1,109
PNC Student Loan Trust Maturity 7/25/03, Yield 6.57% 1,117
Fannie Mae Maturity 1/25/04, Yield 6.35% 717
First USA Master Trust Maturity 7/17/02, Yield 6.42% 390
Americredit Auto Rec. Maturity 11/12/08, Yield 4.41% 1,518
Carmax Auto Owner Tr Maturity 12/15/06, Yield 3.94% 1,500
Federal Nat'l Mortgage Co Maturity 7/15/05, Yield 7.00% 4,265
Federal Nat'l Mortgage Co Maturity 5/19/30, Yield 7.50% 1,293
Federal Nat'l Mortgage Co Maturity 12/25/41, Yield 7.50% 125
Ford Auto Owners Trust Maturity 10/15/04, Yield 5.36% 1,024
Nissan Auto Owners Trust Maturity 1/15/05, Yield 5.35% 866
Nissan Auto Owners Trust Maturity 2/15/07, Yield 4.80% 1,236
Cash on hand 354
----------
Total Current Value of Underlying Assets 19,295
State Street Bank and Trust Synthetic Wrapper Agreement (480)
----------
Total Contract Value of State Street Bank & Trust $ 18,815
==========
UBS AG:
First Sierra Equip Trust Maturity 11/10/03, Yield 6.35% $ 2,012
Fannie Mae Maturity 1/25/04, Yield 6.60% 3,228
Illinois Power Supply Trust Maturity 12/25/08, Yield 5.65% 2,288
Prime Credit Card Master Trust Maturity 11/15/05, Yield 6.70% 2,017
Amex Credit Account Master Trust Maturity 4/15/04, Yield 5.60% 1,980
Avis AESOP Leasing L.P. Maturity 10/20/02, Yield 6.40% 1,560
Amex Credit Account Master Trust Maturity 2/15/05, Yield 7.20% 1,482
Commonwealth Edison Trust Maturity 3/25/05, Yield 5.44% 869
Citbank Credit Card Issuance Trust Maturity 10/15/05, Yield 6.90% 826
23
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
BMW Owner Trust Maturity 6/25/05, Yield 5.11% 1,014
Federal Home Loan Mtge Co. Maturity 4/15/08, Yield 5.75% 2,460
Cash on Hand 333
----------
Total Current Value of Underlying Assets 20,069
UBS AG Wrapper Synthetic Wrapper Agreement (812)
----------
Total Contract Value UBS AG $ 19,257
==========
General Account Investments:
John Hancock Life Insurance Co. # 7207-1, Maturity 8/1/02, Yield 3.76% $ 4,272
Sun America Life Insurance #4892, Maturity 1/2/04, Yield 7.70% 655
First Star Bank Milwaukee #14691086, Maturity 1/30/02, Yield 6.97% 297
----------
Total General Account Investments $ 5,224
==========
Total Value of Stable Value Fund $ 141,129
==========
FIXED INCOME FUND
Morley Capital Management, Inc. Institutional Investor's Stable Asset Fund,
64,271 shares $ 1,532
----------
Total Fixed Income Fund $ 1,532
==========
S&P 500 INDEX FUND Cash Equivalents:
* Northern Trust Company Collective Short Term Investment Fund $ 922
----------
Total S&P 500 Index Fund $ 922
==========
BALANCED FUND Cash Equivalents:
* Northern Trust Company Collective Short Term Investment Fund $ 170
----------
Total Balanced Fund $ 170
==========
AGGRESSIVE EQUITY FUND
Cash Equivalents:
* Northern Trust Company Collective Short Term Investment Fund, $ 115
----------
Total Aggressive Equity Fund $ 115
==========
24
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
MONEY MARKET FUND
Cash Equivalents:
* Northern Trust Company Collective Short Term Investment Fund $ 59
----------
Total Money Market Fund $ 59
==========
STOCK EQUITY FUND
Cash Equivalents:
* Northern Trust Company Collective Short Term Investment Fund $ 1,420
----------
Common Stock:
Aetna Inc. Common Stock, 300 shares 10
Amerada Hess Corp. Common Stock, 300 shares 19
American Electric Power Co. Inc. Common Stock, 650 shares 28
Arrow Electr. Inc. Common Stock, 700 shares 21
Ashland Inc. Common Stock, 500 shares 23
Avnet Inc Common Stock, 700 shares 18
Bank One Corp. Common Stock, 950 shares 37
BK Amer. Corp. Common Stock, 3,413 shares 215
Burl Northn Santa Fe Corp. Common Stock, 900 shares 26
Chubb Corp. Common Stock, 400 shares 28
Cigna Corp. Common Stock, 150 shares 14
Cinergy Corp. Common Stock, 750 shares 25
Conagra Inc. Common Stock, 1,200 shares 29
Cons Edison Inc. Common Stock, 600 shares 24
Cooper Ind. Inc. Common Stock, 900 shares 14
CSX Corp. Common Stock, 900 shares 32
Dana Corp. Common Stock, 700 shares 10
Dow Chemical Co. Common Stock, 1,050 shares 35
Du Pont E I De Nemours & Co. Common Stock, 809 shares 34
Eastman Chem. Co. Common Stock, 250 shares 10
Fedt. Dept Stores Inc. Common Stock, 4,000 shares 164
FleetBoston Fincl. Corp. Common Stock, 1,000 shares 37
FMC Corp. Common Stock, 250 shares 15
FNMA Common Stock, 625 shares 50
GA Pac. Corp. Common Stock, 500 shares 14
Genuine Parts Co. Common Stock, 800 shares 29
Golden West Financial Corp. Common Stock, 450 shares 26
Goodrich B. F. & Co. Common Stock, 700 shares 19
Goodyear Tire & Rubber Co. Common Stock, 900 shares 21
Health Net Inc. Common Stock, 600 shares 13
Hewlett-Packard Co. Common Stock, 1,400 shares 29
Ingram Micro Inc. Common Stock, 600 shares 10
Jones Apparel Group Inc Common Stock, 500 shares 17
JP Morgan Chase & Co Common Stock, 200 shares 7
Lear Corp Common Stock, 500 shares 19
Leggett & Platt Inc. Common Stock, 900 shares 21
Lehman Bros Hldgs Inc Common Stock, 2,775 shares 185
Liz Claiborne Inc Common Stock, 300 shares 15
Lyondell Chemical Co. Common Stock, 600 shares 9
May Dept. Stores Common Stock, 750 shares 28
Mead Corp Common Stock, 500 shares 15
Millennium Chemicals Inc. Common Stock, 1,050 shares 13
Morgan Stanley Dean Witter & Co. Common Stock, 125 shares 7
Natl. Cy. Corp. Common Stock, 1,000 shares 29
25
(a) (b) (c) (d) (e)
Description of investment including
Related Identity of issuer, borrower, lessor or maturity date, rate of interest, collateral, Current
Party similar party par, maturity value, or duration Cost value
------- --------------------------------------- ------------------------------------------------- ---------- ----------
Norfolk So. Corp. Common Stock,1,500 shares 27
Pfizer Inc. Common Stock, 1,450 shares 58
Pharmacia Corp Common Stock, 100 shares 4
Philip Morris Companies Inc. Common Stock, 1,200 shares 55
Phillips Petro Co. Common Stock, 300 shares 18
Quantum Corp. DSSG Common Stock, 1,500 shares 15
Qwest Communcations Common Stock, 1,000 shares 14
Regions Fncl. Corp. Common Stock, 1,000 shares 30
Sears Roebuck & Co. Common Stock, 600 shares 29
Sherwin Williams Co. Common Stock, 800 shares 22
Smurfit-Stone Container Corp. Common Stock, 2,700 shares 43
Solectron Corp Common Stock, 1,300 shares 15
Sonoco Prod. Co. Common Stock, 750 shares 20
Super Valu Inc. Common Stock, 800 shares 18
Tech Data Corp. Common Stock, 3,900 shares 169
Temple Inland Inc. Common Stock, 300 shares 17
Thomas & Betts Corp. Common Stock, 800 shares 17
TJX Cos Inc. Common Stock, 800 shares 32
Torchmark Corp. Common Stock, 600 shares 24
Tyson Foods Inc. Common Stock, 1,500 shares 17
UN PAC Corp. Common Stock, 300 shares 17
V. F. Corp. Common Stock, 500 shares 20
Valero Energy Corp Common Stock, 200 shares 8
Wa Mut Inc. Common Stock, 4,900 shares 160
Wachovia Common Stock, 1,100 shares 34
Westavco Corp Common Stock, 700 shares 20
Whirlpool Corp. Common Stock, 250 shares 18
WIS Energy Common Stock, 700 shares 16
Worldcom Inc Common Stock, 1,900 shares 27
Total Common Stock 2,408
----------
Total Stock Equity Fund $ 3,828
==========
LOAN FUND
Cash Equivalents:
* Northern Trust Company Collective Short Term Investment Fund $ 8
Participants Loans:
* Participant Loans Loans to participants; average interest rate
range from 5 to 9 percent 12,191
----------
Total Loan Fund $ 12,199
==========
Total Assets Held $ 788,778
==========
* Represents party in interest
26
EXHIBIT INDEX
Exhibit
No. Exhibit Page Number
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23 Consent of Independent Public Accountants 28
99 Independent Public Accountant's Representations 29