CARDINAL HEALTH INC
11-K, 2000-06-20
DRUGS, PROPRIETARIES & DRUGGISTS' SUNDRIES
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
SUPPLEMENTAL SCHEDULE

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

FORM 11-K

     
X
-----		 ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
For the period ended December 31, 1999
 

-----		 TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
For the transition period from __________ to __________
 
Commission file number 0-12591
     
A Full title of the plan and the address of the plan, if different from that of the issuer named below:

ALLEGIANCE RETIREMENT PLAN

     
B Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Cardinal Health, Inc.
7000 Cardinal Place
Dublin, OH 43017
Telephone: 614-757-5000

 

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REQUIRED INFORMATION

Allegiance Retirement Plan (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the financial statements and schedules of the Plan for the period ended December 31, 1999, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference.

SIGNATURE

The Plan

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

ALLEGIANCE RETIREMENT PLAN

By: Allegiance Retirement Plan Administrative Committee

     
/s/ Richard J. Miller
 June 20, 2000
Richard J. Miller
Plan Committee Member

 

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Allegiance
Retirement Plan

Financial Statements and Supplemental Schedule
As of December 31, 1999 and 1998
Together With Auditors’ Report

Employer Identification Number 36-4095179
Plan Number 001

 

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ALLEGIANCE
RETIREMENT PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

December 31, 1999 and 1998

(Employer Identification Number 36-4095179, Plan Number 001)

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Page(s)
 
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 1999 and 1998 2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1999 3
NOTES TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE 4-7
SUPPLEMENTAL SCHEDULE:
Schedule of Assets Held for Investment Purposes as of December 31, 1999 8-18
EXHIBIT INDEX:
Exhibits:
Exhibit 23 – Consent of Independent Public Accountants

 

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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Administrative Committee of the
Allegiance Retirement Plan:

We have audited the accompanying statements of net assets available for benefits of the ALLEGIANCE RETIREMENT PLAN (the “Plan”) as of December 31, 1999 and 1998, and the related statement of changes in net assets available for benefits for the year ended December 31, 1999. These financial statements are the responsibility of the Plan’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. 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 benefits of the Plan as of December 31, 1999 and 1998, and the changes in net assets available for benefits for the year ended December 31, 1999, in conformity with accounting principles generally accepted in the United States.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held for investment purposes is presented for the purpose 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. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Arthur Andersen LLP

Chicago, Illinois
May 26, 2000

 

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ALLEGIANCE
RETIREMENT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

As of December 31, 1999 and 1998

(Employer Identification Number 36-4095179, Plan Number 001)

                     
1999 1998
INVESTMENTS (Note 4) $ 563,320,653 $ 567,243,607
RECEIVABLES:
Employee contributions 957,199 560,929
Employer contributions 15,017,227 14,702,668
Dividend and interest 837,306 1,527,939
Total receivables 16,811,732 16,791,536
LIABILITIES:
Accounts payable 993,654 1,244,703
Due to/(from) broker 1,074,776 (980,899 )
Total liabilities 2,068,430 263,804
NET ASSETS AVAILABLE FOR BENEFITS $ 578,063,955 $ 583,771,339

The accompanying notes are an integral part of these financial statements.

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ALLEGIANCE
RETIREMENT PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

For the Year Ended December 31, 1999

(Employer Identification Number 36-4095179, Plan Number 001)

                 
ADDITIONS:
Investment income-
Net depreciation in fair value of investments (Note 4) $ (40,707,473 )
Interest and dividends 12,840,654
Contributions-
Employee 23,215,627
Employer 31,330,078
Transfers from West Hudson Plan 7,147,462
Total additions 33,826,348
DEDUCTIONS:
Benefit payments 38,509,575
Administrative expenses 1,024,157
Total deductions 39,533,732
NET DECREASE (5,707,384 )
 
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 583,771,339
End of year $ 578,063,955

The accompanying notes are an integral part of these financial statements.

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ALLEGIANCE
RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

December 31, 1999 and 1998

(Employer Identification Number 36-4095179, Plan Number 001)

1. DESCRIPTION OF PLAN

The following brief description of the Allegiance Retirement Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan agreement for more complete information.

General

The Plan was established effective October 1, 1996, for the benefit of eligible employees of Allegiance Corporation and its subsidiaries, business units and facilities, as defined in the Plan agreement (collectively referred to as the “Company”). The Plan is a defined contribution plan and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

Effective January 1, 1999, the West Hudson & Company Inc. 401(k) Profit Sharing Plan (“West Hudson Plan”) was merged into the Plan. Each participant in the West Hudson Plan became a participant in the Plan as of the effective date.

On February 3, 1999, Allegiance became a wholly owned subsidiary of Cardinal Health, Inc. Accordingly, each share held in the Allegiance Common Stock Fund was converted into .6225 of a share of Cardinal common stock.

Eligibility

All employees of the Company, as defined in the Plan agreement, are eligible to participate on the first of the month following one full calendar month of employment with the Company.

Contributions

The Plan allows tax-deferred contributions in compliance with Section 401(k) of the Internal Revenue Code (“IRC”). Eligible participants make pretax contributions up to 12% of their eligible annual compensation subject to certain limitations under the IRC. Participants may also contribute amounts representing distributions from other qualified defined contribution plans. The Company matches the first three percent of eligible annual base compensation of the participant’s contribution dollar for dollar.

In addition to the matching contribution, the Company will annually provide a fixed contribution equal to three percent of each participant’s eligible annual base compensation. Participants should refer to the Plan agreement for eligibility requirements.

The Company also provides variable performance and transition contributions in accordance with the terms of the Plan agreement. The amount of the variable contribution is determined based on a formula defined in the Plan agreement and is made on an annual basis dependent

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upon achievement of the Company’s annual key performance goals. Participants should refer to the Plan agreement for eligibility requirements.

Vesting

Participant contributions and the earnings thereon are fully vested at all times. Vesting in all employer contributions and the earnings thereon is based on years of continuous service as defined in the Plan agreement.

Investment Options

Participants can direct their contributions and any related earnings into seven investment options offered by the Plan. Participants can change the investment options on a monthly basis.

Participant Accounts

Each participant’s account is credited with the participant’s contribution and allocations of the Company’s contributions and Plan earnings and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balance, as defined in the Plan agreement. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Forfeited Accounts

If a participant terminates employment prior to being fully vested, he/she forfeits the unvested portion of his/her account balance. Forfeited amounts are used to reduce future employer contributions. Total forfeitures for the year ended December 31, 1999, were $828,711.

Benefits

Upon termination of service due to death, disability or retirement, a participant or his/her beneficiary (if termination is due to death) will receive an amount equal to the participant’s vested interest in his or her account balance. The form of payment is a lump-sum distribution, annuity or other benefit payment option, as described in the Plan agreement.

Participant Loans

Participants may borrow from their accounts a minimum of $500 and up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan transactions are treated as transfers to (from) the investment fund from (to) the Participant Loan Fund. Loan terms range up to five years, or ten years if for the purchase of a principal residence. The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan administrator. Principal and interest are paid ratably through payroll deductions.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Method of Accounting

The financial statements of the Plan have been prepared on the accrual basis of accounting. Investment income is recognized when earned and expenses are recognized when incurred. Employer matching contributions are recorded in the period in which the related employee

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contributions are made by participants. Fixed and transition contributions are recorded in the period in which they were earned by participants.

Net appreciation (depreciation) consists of realized gains and losses on sales of investments and unrealized appreciation or depreciation of investments. Realized gains and losses are recognized upon the disposition of investments by comparing the proceeds to the average cost. Average cost is calculated as the average of the fair market value of the disposed securities at the beginning of the year and the acquisition cost for those investments acquired during the year. In accordance with the policy of stating investments at fair market value, unrealized appreciation or depreciation of the market value of investments for the year, if any, is calculated as fair market value at the end of the year less fair market value at the beginning of the year, or if acquired during the year, acquisition cost.

Investment Valuation and Income Recognition

Investments are valued at fair value as determined by quoted market prices. The Stable Income Fund is valued at contract value because the fund is invested in fully benefit-responsive investment contracts. Contract value represents the principal balance of the investment contracts plus accrued interest at stated contract rates, less withdrawals and administrative charges. The crediting interest rate and average yield of the investment contracts for the year ended December 31, 1999, was approximately 7%.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan’s management to make estimates and assumptions that affect the amounts reported in the financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods.

Change in Reporting of Investments

The Accounting Standards Executive Committee issued Statement of Position (“SOP”) 99-3, “Accounting for and Reporting of Certain Defined Contribution Plan Investments and Other Disclosure Matters,” which eliminates the requirement for a defined contribution plan to disclose participant-directed investment programs. SOP 99-3 was adopted for the 1999 financial statements and the 1998 financial statements were restated to reflect this change.

3. ADMINISTRATION OF THE PLAN

State Street Bank and Trust Company serves as trustee and record keeper for the Plan under an agreement dated October 1, 1996. The Administrative Committee administers the Plan. The Investment Committee has authority, responsibility and control over the management of the assets of the Plan. All investment management, trustee and administrative fees incurred in the administration of the Plan are paid from the assets of the Plan.

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4. INVESTMENTS

Investments that represented 5% or more of the Plan’s net assets as of December 31, 1999 and 1998, are as follows:

                 
1999 1998
Cardinal Stock Fund $ 138,987,684 $ —
S&P 500 Flagship Fund 102,352,255 68,049,575
Allegiance Common Stock Fund — 169,361,471

During 1999, the Plan’s investments (including gains and losses on investments bought and sold as well as held during the year) depreciated in value by $40,707,473 as follows:

           
Mutual funds $ 13,400,008
Common stocks (73,936,848 )
Corporate bonds 2,723,318
Common/collective trusts 17,106,049
Total $ (40,707,473 )

5. DISTRIBUTION PRIORITIES UPON TERMINATION OF THE PLAN

Although the Company has not expressed any intent to do so, the Company reserves the right to terminate the Plan at any time subject to the provisions of ERISA. In the event of termination of the Plan, the account balance of each participant will become fully vested and all assets, net of expenses, will be distributed to the participants or beneficiaries.

6. TAX STATUS

The Internal Revenue Service has determined and informed the Company by a letter dated February 24, 1998, that the Plan and related trust are designed in accordance with applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC and ERISA.

7. RELATED-PARTY TRANSACTIONS

At December 31, 1999 and 1998, the Plan held units of participation in certain common/collective trust funds and short-term investment funds of State Street Bank and Trust Company, the Plan trustee. Fees paid by the Plan for these services amounted to $1,011,000 for the year ended December 31, 1999.

The Plan also held shares of Cardinal common stock and Allegiance common stock, the Plan Sponsors, during 1999 and 1998, respectively. These transactions are allowable party-in-interest transactions under ERISA and the regulations promulgated thereunder.

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ALLEGIANCE
RETIREMENT PLAN

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES

As of December 31, 1999

(Employer Identification Number 36-4095179, Plan Number 001)

                                       
Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
CASH EQUIVALENTS:
*State Street Bank & Trust Short-term investment fund N/A N/A $ 6,110,955
*State Street Bank & Trust Yield-enhanced short-term investment fund N/A N/A 9,429,362
COMMON STOCKS:
*Cardinal Health Inc. Common stock N/A N/A 138,987,684
Office Depot Common stock N/A N/A 1,006,250
American Std. COS Common stock N/A N/A 1,238,625
Kaufman & Broad Home Corp. Common stock N/A N/A 846,563
Magna Int’l Common stock--A N/A N/A 826,313
Ford Mtr Common stock N/A N/A 694,688
UST Common stock N/A N/A 705,250
Disney Walt Common stock N/A N/A 702,000
Hasbro Common stock N/A N/A 895,938
Weatherford Int’l Common stock N/A N/A 1,038,375
Federal Home Ln. Common stock N/A N/A 753,000
Federal Nat’l Mtg Common stock N/A N/A 1,311,188
Loews Common stock N/A N/A 485,500
Partnerre Common stock N/A N/A 697,406
Allstate Common stock N/A N/A 684,000
AMBAC Common stock N/A N/A 704,531
MABIA Common stock N/A N/A 686,563
Mallinckrodt Common stock N/A N/A 1,065,719
Columbia/HCA Healthcare Common stock N/A N/A 644,875
Du Pont E I De Nemours Common stock N/A N/A 724,625
Englehard Corp Common stock N/A N/A 396,375
Minisota Mng. & Mfg Common stock N/A N/A 831,938
Kimberly Clark Common stock N/A N/A 1,272,375
Safeway Common stock N/A N/A 711,250
Boeing Common stock N/A N/A 436,406
Loral Space & Communications Common stock N/A N/A 486,250
BMC Software Common stock N/A N/A 1,478,844
Parametric Technology Common stock N/A N/A 1,001,313
International Business Mach Common stock N/A N/A 540,000
Cypress Semiconductor Common stock N/A N/A 566,563
Texas Instr Common stock N/A N/A 775,000
Delta Air Lines Common stock N/A N/A 498,125
Citizens Utils Common stock--B N/A N/A 1,049,875
Illinova Common stock N/A N/A 1,112,000

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Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
COMMON STOCKS (Continued):
Midamerica Energy Hldgs Common stock N/A N/A $ 1,078,000
Texas Utils Common stock N/A N/A 746,813
Enrow Common stock N/A N/A 909,688
AT&T Common stock N/A N/A 913,500
Bellsouth Common stock N/A N/A 936,250
Centurytel Common stock N/A N/A 900,125
Telephone & Data Sys Common stock N/A N/A 1,071,000
Bank Amer Common stock N/A N/A 818,056
Bank One Common stock N/A N/A 942,638
Ryder Common stock N/A N/A 531,809
American Std. COS Common stock N/A N/A 422,050
Owens Common stock N/A N/A 193,125
Cooper Inds Common stock N/A N/A 262,844
VF Common stock N/A N/A 171,000
Philips Morris COS Common stock N/A N/A 825,475
Reynolds Common stock N/A N/A 199,163
Occidental Pete Common stock N/A N/A 322,213
Phillips Pete Common stock N/A N/A 357,200
Old Rep Int’l Common stock N/A N/A 223,450
Cigna Common stock N/A N/A 1,495,240
Chubb Common stock N/A N/A 602,544
MBIA Common stock N/A N/A 940,063
St Paul COS Common stock N/A N/A 1,805,650
Bergen Brunswig Common stock N/A N/A 183,706
Aetna Common stock N/A N/A 1,752,513
Foundation Health Common stock N/A N/A 356,458
Pacificare Health Systems Common stock N/A N/A 276,660
FMC Common stock N/A N/A 395,456
Canadian PAC Common stock N/A N/A 1,149,281
DOW Chem Common stock N/A N/A 416,910
Goodrich BF Common stock N/A N/A 49,500
Lyondell Chemial Common stock N/A N/A 206,550
Millennium Chemicals Common stock N/A N/A 299,311
Union Carbide Common stock N/A N/A 2,655,048
Eastman Chem Common stock N/A N/A 963,288
Lubrizol Common stock N/A N/A 537,225
Alcan Alum Common stock N/A N/A 1,648,200
Champion Int Common stock N/A N/A 644,150
International Paper Common stock N/A N/A 1,371,431
Mead Common stock N/A N/A 542,969
Temple Common stock N/A N/A 290,125
Westvaco Common stock N/A N/A 1,001,588
Goodyear Tire and Rubber Common stock N/A N/A 731,071
Dillards Common stock--A N/A N/A 274,550
Federated Dept Stores Common stock N/A N/A 581,469
May Dept Stores Common stock N/A N/A 449,630
Penney JC Common stock N/A N/A 542,300
Sears Roebuck Common stock N/A N/A 1,655,800
Quantum DSSG common stock N/A N/A 738,100
Quantum HDDG common stock N/A N/A 169,275

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Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
COMMON STOCKS (Continued):
Tech Data Common stock N/A N/A $ 363,475
Arrow Electronics Common stock N/A N/A 615,598
Avent Common stock N/A N/A 520,300
CSX Common stock N/A N/A 1,195,544
Norfolk Southern Common stock N/A N/A 451,000
Union Pacific Common stock N/A N/A 663,100
American Elec. Pwr Common stock N/A N/A 1,172,948
New Centry Energies Common stock N/A N/A 232,217
PG&E Common stock N/A N/A 402,169
Puget Sound Energy Common stock N/A N/A 515,375
Wisconsin Energy Common stock N/A N/A 121,275
Citigroup Common stock N/A N/A 127,794
America Online Common stock N/A N/A 1,056,125
Automatic Data Processing Common stock N/A N/A 188,563
Electronic Data Sys Common stock N/A N/A 187,425
Interpublic Group Cos Common stock N/A N/A 311,512
Staples Common stock N/A N/A 126,575
Yahoo Common stock N/A N/A 432,688
General Elec Common stock N/A N/A 2,878,350
Tyco Int’l Ltd. Common stock N/A N/A 544,250
Nasdaq Gold Common stock N/A N/A 694,450
Corning Common stock N/A N/A 77,363
Anheuser Busch Cos Common stock N/A N/A 340,200
Coca Cola Common stock N/A N/A 774,725
Pepsico Common stock N/A N/A 282,000
Gillete Common stock N/A N/A 234,769
Sara Lee Common stock N/A N/A 271,369
Colgate Palmolive Common stock N/A N/A 214,500
Procter & Gamble Common stock N/A N/A 810,763
Comcast Common stock N/A N/A 429,781
Time Warner Common stock N/A N/A 536,038
Morgan Stanley Dean Witter Common stock N/A N/A 185,575
Schab Charles Common stock N/A N/A 53,725
Providian Fin’l Common stock N/A N/A 81,956
America Home Products Common stock N/A N/A 130,144
Baxter Int’l Common stock N/A N/A 194,719
Bristol Myers Squibb Common stock N/A N/A 911,463
Johnson & Johnson Common stock N/A N/A 679,813
Warner Lambert Common stock N/A N/A 368,719
Guidant Common stock N/A N/A 141,000
Medtronic Common stock N/A N/A 338,869
Abbott Labs Common stock N/A N/A 188,825
Amgen Common stock N/A N/A 534,556
Lilly Eli Common stock N/A N/A 126,350
Merck & Co Common stock N/A N/A 563,325
Pfizer Common stock N/A N/A 554,681
Schering Plough Common stock N/A N/A 329,063
Kimberly Clark Common stock N/A N/A 384,975
Kohls Common stock N/A N/A 209,344
Wal Mart Stores Common stock N/A N/A 1,887,113

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Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
COMMON STOCKS (Continued):
Walgreen Common stock N/A N/A $ 248,625
Circuit City Stores Common stock N/A N/A 76,606
Home Depot Common stock N/A N/A 833,034
Honeywell Int’l Common stock N/A N/A 178,831
Cisco Sys Common stock N/A N/A 2,099,650
Lucent Technologies Common stock N/A N/A 1,234,406
Nortel Networks Common stock N/A N/A 1,040,300
Qualcomm Common stock N/A N/A 563,600
Tellabs Common stock N/A N/A 147,631
Compuware Common stock N/A N/A 223,500
EMC Common stock N/A N/A 841,225
Microsoft Common stock N/A N/A 3,233,975
Oracle Common stock N/A N/A 862,881
Parametric Technology Common stock N/A N/A 154,256
Dell Computer Common stock N/A N/A 775,200
International Business Machs Common stock N/A N/A 766,800
Sun Microsystems Common stock N/A N/A 789,863
Applied Materials Common stock N/A N/A 443,406
Intel Common stock N/A N/A 1,407,544
Sci Sys Common stock N/A N/A 189,031
Solectron Common stock N/A N/A 142,688
Texas Intrus Common stock N/A N/A 387,500
Nextel Communications Common stock N/A N/A 206,250
SBC Communications Common stock N/A N/A 867,750
Sprint Common stock N/A N/A 502,750
US West Inc. Common stock N/A N/A 136,800
FIXED INCOME:
Onyx Accep Owner Tr Fixed Income 7.0000 11/15/04 144,139
LB Coml Conduit MTG Tr Fixed Income 6.4100 8/15/07 141,585
LB Coml Conduit MTG Tr Fixed Income 6.7800 4/15/09 181,156
Green Tree Fin’l Corp. Fixed Income 6.2200 3/1/03 121,366
DLJ Coml MTG Corp. Fixed Income 7.3000 6/10/09 128,358
First Un Natl Bank Chase Fixed Income 6.6500 4/15/09 165,359
GMAC Coml MTG Sec. Inc. Fixed Income 6.4200 8/15/08 177,608
IMC Home Equity Ln. Tr Fixed Income 7.0800 8/20/28 295,872
Nomura Asset Secs Corp. Fixed Income 6.5900 3/15/30 75,267
Residential Accredit Lns Inc. Fixed Income 6.7500 6/25/29 357,590
Residential Accredit Lns Inc. Fixed Income 7.0000 7/25/29 229,438
Structured Asset Secs Corp. Fixed Income 6.7900 10/15/34 —
Texas Utils Co. Fixed Income 6.2000 10/1/02 283,649
USA Waste Svcs Inc. Fixed Income 7.0000 10/1/04 108,768
USA Waste Svcs Inc. Fixed Income 6.1250 7/15/01 95,175
Archstone Cmntys Tr Fixed Income 6.7500 10/23/00 298,093
BankAmerica Corp. Fixed Income 5.8750 2/15/09 178,088
Country Home Ln Inc. Fixed Income 6.8500 6/15/04 146,837
EOP Oper Ltd. Partnership Fixed Income 6.6250 2/15/05 94,320
EOP Oper Ltd. Partnership Fixed Income 6.6300 4/13/15 140,571
Finova CAP Corp. Fixed Income 6.3300 11/24/03 287,205
Ford MTR Cr. Corp. Fixed Income 6.7000 7/16/04 244,688
Ford MTR Cr. Corp. Fixed Income 7.3750 10/28/09 193,501

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Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
FIXED INCOME (Continued):
General MTRS Accep. Corp. Fixed Income 5.8750 1/22/03 $ 144,953
Lehman Bros Inc. Fixed Income 1.0000 12/15/03 123,760
Osprey Trust Osprey Inc. Fixed Income 8.3100 1/15/03 198,586
PNC FDG Corp. Fixed Income 7.5000 11/1/09 161,985
Peoples Bank Bridgeport Fixed Income 7.2000 12/1/06 136,380
Simon Debartolo Fixed Income 6.8750 11/15/06 138,738
US Bancorp Fixed Income 6.5000 6/15/04 240,745
Aurora Foods Fixed Income 8.7500 7/1/08 28,575
Comcast Cable Communications Fixed Income 8.8750 5/1/17 54,174
Continential Airls Fixed Income 6.9000 1/2/18 226,626
Delta Air Lines Inc. Fixed Income 7.9000 12/15/09 194,742
Du Pont E I De Nemours & Co. Fixed Income 6.7500 10/15/04 59,213
Hertz Corp. Fixed Income 6.5000 5/15/06 113,585
Hertz Corp. Fixed Income 7.6250 8/15/07 99,988
International Business Machs Fixed Income 7.5000 6/15/13 125,445
Mashantucket Western Pequot Fixed Income 6.9100 9/1/12 283,176
McLeodusa Inc. Fixed Income 9.2500 7/15/07 115,288
Metromedia Fiber Network Inc. Fixed Income 10.0000 12/15/09 153,750
Mohegan Tribal Gaming Fixed Income 8.1250 1/1/06 48,750
News Amer Hldgs Fixed Income 8.5000 2/15/05 206,222
Nextel Communications Fixed Income 9.7500 8/15/04 56,650
Ocean Energy Fixed Income 8.3750 7/1/08 120,625
Park Pl Entmt Corp. Fixed Income 7.8750 12/15/05 119,375
Raytheon Co. Fixed Income 6.1500 11/1/08 222,138
Safeway Inc. Fixed Income 7.2500 9/18/04 199,112
Southwest Airls Co. Fixed Income 7.3750 3/1/27 112,631
Spintab Ab Fixed Income 6.8000 12/29/49 144,707
Trw Inc. Fixed Income 6.6250 6/1/04 77,328
Texaco Cap Inc. Fixed Income 7.0900 2/1/07 96,797
Time Warner Pass Thru Asset Fixed Income 6.1000 12/30/01 245,043
Times Mirror Co. New Fixed Income 7.4500 10/15/09 109,315
Tyco Int’l Group Fixed Income 6.8750 9/5/02 98,611
Adelphia Communications Fixed Income 9.3750 11/15/09 122,500
Crown Castle Int’l Fixed Income 9.5000 8/1/11 125,000
GTE Corp. Fixed Income 7.5100 4/1/09 175,443
Sprint Cap Corp. Fixed Income 6.9000 5/1/19 136,422
US West Communications Inc. Fixed Income 7.2000 11/1/04 79,528
Fed HM Fixed Income 7.5000 10/1/00 —
Fed HM Fixed Income 6.0000 12/1/28 345,561
Fed HM Fixed Income 6.5000 1/1/29 315,178
Fed HM Fixed Income 6.0000 12/1/28 213,066
FNMA Pool Fixed Income 6.5000 7/1/29 185,880
FNMA Pool Fixed Income 7.5000 10/1/29 171,680
FNMA Pool Fixed Income 6.5000 5/1/24 181,540
FNMA Pool Fixed Income 6.5000 5/1/24 194,045
FNMA Pool Fixed Income 6.0000 9/1/13 348,161

-12-

Table of Contents

                                       
Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
FIXED INCOME (Continued):
FNMA Pool Fixed Income 6.5000 9/1/28 $ 258,695
FNMA Pool Fixed Income 6.0000 7/1/29 384,652
FNMA Pool Fixed Income 6.0000 7/1/14 116,646
GMNA Pool Fixed Income 7.0000 4/15/24 81,041
GMNA Pool Fixed Income 7.0000 6/15/23 642,259
GMNA Pool Fixed Income 7.5000 12/15/26 56,463
GMNA Pool Fixed Income 7.5000 11/15/27 326,514
GMNA Pool Fixed Income 7.5000 12/15/27 542,792
GMNA Pool Fixed Income 6.5000 5/15/29 249,680
GMNA Pool Fixed Income 7.0000 4/15/29 115,820
GMNA Pool Fixed Income 7.0000 5/15/28 456,054
GMNA Pool Fixed Income 6.5000 5/15/29 375,380
Advanta MTG Fixed Income 0.9900 10/25/17 125,078
American Airlines Fixed Income 9.7100 1/2/07 3,042
Citibank Cr. Card Master Fixed Income 6.6500 11/15/06 88,416
FNBC 1993 A Pass Thru Fixed Income 8.0800 1/5/18 151,423
Jet Equip Fixed Income 7.6300 8/15/12 100,427
Money Store Fixed Income 7.0000 4/15/28 120,390
Team Fleet Fing Fixed Income 6.0700 7/25/02 296,063
Voicestream Wire Fixed Income 10.3750 11/15/09 82,200
Union Banc Norway Fixed Income 9.1000 10/25/00 213,250
US Treas Bonds Fixed Income 7.2500 8/15/22 1,412,655
US Treas Bonds Fixed Income 6.6250 2/15/27 38,653
Quebec Prov Fixed Income 7.5000 9/15/29 145,406
Norsk Hydro Fixed Income 6.7000 1/15/18 52,986
GUARANTEED INVESTMENT CONTRACTS:
Allstate Life Insurance Company Guaranteed insurance contract 7.1700 11/2/98-12/2/02 3,590,433
Allstate Life Insurance Company Guaranteed insurance contract 6.9000 11/30/98-9/30/02 2,132,007
CNA Insurance Companies Guaranteed insurance contract 6.3800 6/30/00-12/31/02 13,172,512
CNA Insurance Companies Guaranteed insurance contract 5.7100 3/31/99-3/31/02 2,654,403
GE Financial Assurance Guaranteed insurance contract 6.5500 3/31/99-3/31/02 4,474,330
GE Financial Assurance Guaranteed insurance contract 6.9000 8/31/00-8/30/02 3,599,106
John Hancock Mutual Life Insurance Company Guaranteed insurance contract 7.0500 12/31/98-10/31/02 3,591,814
John Hancock Mutual Life Insurance Company Guaranteed insurance contract 6.2300 2/29/00-2/28/03 2,775,794
John Hancock Mutual Life Insurance Company Guaranteed insurance contract 5.8100 9/30/02-3/31/03 1,580,533
Monumental Life Insurance Company Guaranteed insurance contract 5.8900 7/31/00-7/31/02 5,219,696
Principle Financial Group Guaranteed insurance contract 5.2300 11/2/98-10/1/01 2,641,398

-13-

Table of Contents

                                       
Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
GUARANTEED INVESTMENT
CONTRACTS (Continued):
Protective Life Insurance Company Guaranteed insurance contract 6.1200 7/31/00-7/31/03 $ 2,176,499
The Travelers Insurance Company Guaranteed insurance contract 6.2900 11/17/97 2,547,906
The Travelers Insurance Company Guaranteed insurance contract 6.3700 12/15/97 1,505,041
The Travelers Insurance Company Guaranteed insurance contract 5.6800 12/28/98 1,578,735
The Travelers Insurance Company Guaranteed insurance contract 5.6700 1/15/01-1/15/02 3,140,541
Bankers Trust Benefit Accessible Securities Investment Contract 7.1500 N/A
SSB & Trust Short Term Investment Fund N/A N/A 212,497
Federal Home Ln. MTG Corp 6.0000 7/15/27 247,624
Federal Home Ln. MTG Corp 5.1300 10/15/08 87,625
Federal Nat'l MTG Assn 5.6300 5/14/04 477,810
Citibank CR Cord Master Tr. I 5.8800 3/10/11 224,688
MBNA Master CR Card TR 7.0000 2/15/12 294,051
Federal Home Ln. MTG PC GTD 4.5000 11/15/07 474,348
Federal Home Ln. MTG PC GTD 6.0500 2/15/11 1
Federal Home Ln. MTG Corp 6.0000 12/15/18 137,550
Federal Home Ln. MTG Corp GTD 6.0000 4/15/25 269,529
Federal Home Ln. MTG PC GTD 3.5000 12/15/21 304,807
Federal Home Ln. MTG PC GTD 6.0000 11/15/22 354,415
Federal Home Ln. MTG Corp 6.0000 2/15/11 940,930
Federal Home Ln. MTG PC GTD 6.5000 11/15/21 824,500
Federal Home Ln. MTG PC GTD 6.5000 7/15/24 304,998
Federal Nat'l MTG Assn 6.5000 4/18/21 490,050
Federal Nat'l MTG Assn 6.0000 3/25/23 1,331,750
Nomura Asset Secs Corp 7.5200 3/15/18 105,769
Nomura Asset Secs Corp 7.5000 5/25/24 142,774
Duke Cap Corp 7.5000 10/1/09 247,090
AMB PPTY L P 7.1000 6/30/08 463,410
Associates Corp North Amer 6.2500 11/1/08 415,440
BankBoston Na MTn 6.3800 3/25/08 738,056

-14-

Table of Contents

                                       
Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
GUARANTEED INVESTMENT CONTRACTS (Continued):
Bankers Trust (Continued) Captial One Bk MTN Book Entry 6.3800 2/15/03 $ 287,718
Case Cr. Corp 6.7500 10/21/07 364,032
Chase Manhattan Corp. New 6.0000 11/1/05 466,345
Donaldson Lufkin & Jenrette Inc 6.8800 11/1/05 939,594
Firstbank P R 7.6300 12/20/05 403,154
Ford MTR CR Co 5.8000 1/12/09 221,565
Green Tree Fin'l Corp 6.0800 3/1/30 189,250
Household Fin. Corp 5.8800 9/25/04 660,541
Lehman Brothers Hldgs 6.6300 11/15/00 443,131
Lehman Brothers Inc 6.6300 2/15/08 185,564
Lehman Brothers Inc 6.5000 4/15/08 183,776
Conagra Inc 7.0000 10/10/28 439,420
Dana Corp 6.5000 3/1/09 318,889
Ford MTR Co Del 6.3800 2/1/29 209,890
Lockheed Martin Corp 7.7000 6/15/08 287,787
Philip Morris COS Inc 6.3800 2/1/06 657,052
Pioneer Nat. Res. Co 6.5000 1/15/08 334,776
Pulte Corp 7.0000 12/15/03 593,462
Raytheon Co 6.7500 8/15/07 233,233
TCI Communications 6.8800 2/15/06 485,110
TRW Inc 7.1300 6/1/09 331,520
Time Warner Inc 6.6300 5/15/29 127,902
FMNA Pool 5.5000 5/1/11 54,020
FMNA Pool 6.0000 12/1/28 609,108
FMNA Pool 6.5000 11/1/09 64,528
FMNA Pool 6.5000 6/1/09 94,961
FMNA Pool 5.5000 4/1/11 527,726
FMNA Pool 6.0000 5/1/28 711,852
GMNA Pool 7.0000 5/15/08 436,911
AFC Home Equity Ln. TR 6.0000 1/20/13 60,302
Advanta Home Equity Ln. Tr 7.2000 11/25/08 27,517
Advanta Home Equity Ln. Tr 5.9500 3/25/09 52,111
Green Tree Fin'l Corp 5.9500 2/1/31 179,276
NWA Tr 8.2600 3/10/06 156,514
NWA Tr 9.3600 3/10/06 162,765
Osco Home Equity Ln. Tr 6.0300 6/15/08 52,972
U.S. Treasury notes 5.6300 5/15/08 399,764
Chilgener S A 6.5000 1/15/06 645,563
Enersis S A 7.4000 12/1/16 596,540
Poland (Rep of) 4.0000 10/27/14 687,280
Korea Elec Pwr. Corp 7.7500 4/1/13 472,110
South Africa Rep 8.5000 6/23/17 591,500
YPF Sociedad Anonima 7.5000 10/26/02 194,731
Wrapper 1,142,008

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Table of Contents

                                       
Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
GUARANTEED INVESTMENT
CONTRACTS (Continued):
Bankers Trust Benefit Accessible Securities
Investment Contract 6.4300 N/A
SSB & Trust Short Term
Investment Fund N/A N/A $ 437,693
Federal Nat’l Mtg. 6.2500 5/15/29 347,100
Tennessee Valley Auth 3.3800 1/15/07 158,264
Chevy Chase Auto Receivables 6.5000 10/15/03 28,804
Honda Auto Lease 6.4500 9/16/02 84,618
Bear Stearns Coml 6.8000 9/15/08 43,323
Chase Coml 7.6000 12/18/05 140,316
Credit Suisse First Boston 6.5200 7/17/07 95,831
DLJ 8.1000 6/18/04 87,312
Green Tree Lease 0.9900 9/20/05 81,781
LB Coml Conduit 0.9900 2/18/30 91,283
Merrill Lynch 6.7200 11/15/26 114,510
Morgan Stanley 6.1700 10/1/35 170,028
Morgan Stanley 5.9100 4/15/08 40,689
Federal Home Ln 7.0000 8/15/29 52,645
Federal Home Ln 6.5000 1/15/24 45,531
Federal Nat’l Mtg 7.0000 8/25/20 3,204
Amresco Coml 7.1800 6/17/29 103,572
Asset Securitization 7.4100 1/13/30 29,157
Asset Securitization 6.8500 2/14/41 161,010
Credit Suisse First Boston 6.4000 2/17/04 102,361
DLJ 6.4100 5/10/08 91,470
GE Cap 6.5000 2/25/24 7,459
GE Cap 6.5000 3/25/24 9,996
GMAC Coml 6.8300 12/15/03 55,923
Green Tree Fin’l 6.8700 4/1/30 81,113
Green Tree Fin’l 6.6600 6/1/30 99,430
Merrill Lynch 6.3100 11/15/26 —
Morgan JP Coml 7.3200 12/26/28 99,136
Morgan Stanley 6.5900 10/3/30 95,956
Morgan Stanley 6.7200 1/15/28 80,966
Morgan Stanley 6.1700 1/15/28 104,896
Morgan Stanley 6.2000 5/3/05 145,976
Newcourt Receivbles Asset 6.8700 6/20/04 13,633
Newcourt Receivbles Asset 1.0000 5/20/05 92,063
Prudential Home Mtg 6.0000 5/25/24 13,283
Prudential Secs 6.1100 11/15/02 78,589
Structured Asset Secs 6.7900 10/15/34 113,212
Com Ed 6.5000 4/15/00 100,079
West PA Pwr 6.3800 6/1/04 225,539
American Gen 5.7500 11/1/03 217,532
Archstone Cmntys 6.3700 10/15/01 113,414

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Table of Contents

                                       
Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
GUARANTEED INVESTMENT
CONTRACTS (Continued):
Bankers Trust (Continued) Archstone Cmntys 6.1700 10/13/00 $ 114,614
Associates Corp 5.9600 5/15/37 219,765
Bank One 6.4000 8/1/02 211,358
Bankamerica 9.7000 8/1/00 213,673
Bankamerica 7.5000 10/15/02 150,963
Beneficial Corp 7.6800 11/29/02 55,400
CIT Group 5.5000 2/15/04 233,863
CP LP 8.7500 3/2/00 105,100
Camden PPTY 7.2300 10/30/00 65,298
Carramerica 6.6300 10/1/00 64,386
Case Cr Medium Term 5.9300 2/26/01 29,485
Case Cr 5.9500 8/1/00 254,421
First Un 6.9500 11/1/04 196,226
General Mtrs 6.7500 6/10/02 44,668
General Mtrs 5.9100 3/11/02 180,473
Heller Fin’l 6.5000 7/22/02 230,742
Houshold Fin 6.4800 7/31/02 166,789
Lehman Bros 5.8800 8/18/00 223,844
MBNA Corp 5.9700 8/14/00 224,807
Merrill Lynch 6.4700 6/27/00 205,262
Saloman 6.6300 6/1/00 205,115
Saloman 6.6300 11/30/00 99,956
Sears Roebuck 6.1200 12/13/01 82,816
Sears Roebuck 6.9500 5/15/02 83,773
Summit PPTYS 6.7100 10/5/00 64,488
United Dominion 8.1300 11/15/00 40,194
Wells Fargo 6.6300 7/15/04 122,059
Archer Daniels Midland 6.6300 5/1/29 119,102
Boeing 6.3500 7/26/01 89,482
Boise Cascade 9.9000 3/15/00 90,419
Burlington Res 7.3800 3/1/29 65,493
Champion Int’l 6.4000 2/15/26 70,163
Coca Cola Ent 6.7500 9/15/28 163,007
Comdisco 6.6800 6/29/01 114,460
Conoco 6.9500 4/15/29 157,857
Dayton Hudson 5.8700 8/15/27 263,606
Deere & Co 6.5500 7/15/04 116,785
Ford Mtr 7.5000 8/1/26 24,249
Ford Mtr 7.7000 5/15/97 115,066
Ford Mtr 6.3800 2/1/29 88,154
General Mtrs 6.7500 5/1/28 57,337
Ingersoll Rand 6.0200 2/15/28 84,252
International Business Machs 7.1300 12/1/96 176,506
Int’l Lease Fin 5.4000 1/22/02 213,136
International Paper 9.0500 2/8/01 112,547
Lowes 6.8800 2/15/28 220,095
Merck and Co 5.7600 5/3/37 164,670
Morton Int’l 9.2500 6/1/20 94,202
Norfolk Southern 6.7000 5/1/00 115,093

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Table of Contents

                                       
Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
GUARANTEED INVESTMENT
CONTRACTS (Continued):
Bankers Trust (Continued) Safeway 5.7500 11/15/00 $ 79,293
Supervalu 6.5000 10/6/00 205,150
TRW 6.6500 1/15/28 90,225
Union Tank Car 5.9100 5/1/02 151,454
Xerox 5.5500 7/22/37 178,542
AT&T 6.5000 3/15/29 214,173
Motorola 6.5000 11/15/28 228,343
Sprint Cap 6.8800 11/15/28 204,403
Green Tree Fin’l 5.6000 7/20/02 86,837
FHLMC 7.5000 12/1/99 153,402
FNMA 6.5000 12/1/99 650,111
FNMA 7.0000 12/1/99 39,538
FNMA 8.0000 12/1/99 367,967
FNMA — — —
FNMA Pool 7.0400 12/1/06 143
FNMA Pool 6.9000 6/1/07 231
GNMA Pool 8.0000 7/15/26 —
GNMA Pool 9.5000 11/15/21 28,695
GNMA Pool 9.5000 8/15/21 139,102
Asset Securitization 7.3200 1/13/30 54,609
Chase Coml 6.9000 9/19/06 83,067
Copelco 6.6100 12/18/02 84,455
Copelco 6.3400 7/20/04 27,003
Copelco 5.7800 8/15/01 69,628
FDIC Remic 6.7500 5/25/26 48,410
First Union Lehman Bros 7.1500 6/18/29 76,675
Green Tree Fin’l 0.9900 3/1/20 102,925
Green Tree Rec. Equip. & Consum 0.9900 6/15/19 54,918
Greenpoint Manufactured Hsg 7.2700 3/15/14 179,375
Harley Davidson Eaglemark 5.8100 5/15/02 15,252
Ln. Coml Conduit 7.3300 10/15/32 197,550
Newcourt Equip 5.2400 12/20/02 38,700
Alameda 6.6000 10/1/29 51,395
New York NY 6.5500 8/1/00 104,785
New York NY 6.6500 8/1/00 104,070
New York St Dorm 6.8400 10/1/02 147,983
Port Portland 5.7600 7/1/28 98,557
Riverside Cnty 6.2900 6/1/14 109,949
U.S. Treasury notes 6.6300 6/30/01 1,885,538
U.S. Treasury notes 6.6300 3/31/02 795,427
U.S. Treasury notes 6.5000 5/31/02 4,185,159
U.S. Treasury notes 3.6300 6/5/02 967,609
U.S. Treasury notes 6.2500 8/31/02 189,704
U.S. Treasury notes 5.8800 9/30/02 1,009,637
U.S. Treasury notes 4.0000 10/31/00 216,322
Wrapper (257,153 )

-18-

Table of Contents

                                       
Interest Maturity Market
Identity and Party involved Description of Asset Rate Date Value
GUARANTEED INVESTMENT
CONTRACTS (Continued):
Morgan Guarantee Company of New York Federal Home LN Bank 6.4300 7/10/02 $ 592,499
Wrapper 5,390
Chase Manhattan Bank Ford Cr. Auto Owner Tr - 1999-DASSET Bkd NT CL A-5 6.5200 9/15/03 1,493,670
Wrapper 2,129
Rabobank-New York Branch Fleet CR Card Master TR II - SER 1999-C CL A 6.9000 4/16/07 1,680,731
Wrapper (7,312 )
Warburg Dillon Reed Federal Nat’l Mtg’ Assn’ GTD - REMIC TR 1999-34 CL-PA 6.0000 7/25/20 2,916,215
Wrapper 46,753
CDC Financial Products Inc. Arcadia Automobile Receivables TR - 1999-C Auto Receivables BKD NT 7.2000 6/15/07 1,086,033
Wrapper 409,841
CDC Financial Products Inc. Fed’l Home Loan Mtge. Corp 6.2660 6/1/27 1,266,032
Wrapper 460,372
COMMINGLED INVESTMENTS:
Janus Overseas/
International Fund Overseas Fund 26,968,518
SSGA S&P 500 Fund Flagship S&P 500 Index Fund 102,352,255
Baron Asset Fund International Equity Fund 20,032,841
SSB & Trust Core Fixed Income Fund 1,293,077
LOANS:
Various participants Participant loans (interest rates range from 8.75% to 9.5%) 18,131,955
Total investments $ 563,320,653

* Party in interest.

The accompanying notes are an integral part of this schedule.

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