-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LHwkY3DED0crlEyZndjC82n34Kv7Svpiz/oyN5flWhse20zHzWrKF8iMdruAhncz Ak5udfdsmN6VP/+65uuooQ== 0000950130-99-003738.txt : 19990623 0000950130-99-003738.hdr.sgml : 19990623 ACCESSION NUMBER: 0000950130-99-003738 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990621 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHAMPION INTERNATIONAL CORP CENTRAL INDEX KEY: 0000019150 STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621] IRS NUMBER: 131427390 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-03053 FILM NUMBER: 99649272 BUSINESS ADDRESS: STREET 1: ONE CHAMPION PLAZA CITY: STAMFORD STATE: CT ZIP: 06921 BUSINESS PHONE: 2033587000 FORMER COMPANY: FORMER CONFORMED NAME: UNITED STATES PLYWOOD CHAMPION PAPERS IN DATE OF NAME CHANGE: 19720821 11-K 1 FORM 11-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 Commission File Number 1-3053 CHAMPION INTERNATIONAL CORPORATION SAVINGS PLAN #077 SAVINGS PLAN FOR HOURLY EMPLOYEES #158 (Full title of the plans) Champion International Corporation One Champion Plaza Stamford, Connecticut 06921 (Name of issuer of securities held pursuant to the plans and address of its principal executive office) ================================================================================ FINANCIAL STATEMENTS AND EXHIBIT - -------------------------------- (a) Financial Statements and Schedules ---------------------------------- Champion International Corporation Savings Plan #077: Report of Independent Public Accountants Statement of Net Assets Available for Benefits as of December 31, 1998 Statement of Net Assets Available for Benefits as of December 31, 1997 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1998 Notes to Financial Statements - December 31, 1998 and 1997 Schedule I - Item 27(a) Schedule of Assets Held for Investment Purposes - December 31, 1998 Schedule II - Item 27(d) Schedule of Reportable Transactions for the Year Ended December 31, 1998 Schedule III - Certification of Receipt of Annual Statement of Assets And Liabilities of Commingled Trust Funds - Supplement to Item 27(a) - Schedule of Assets Held for Investment Purposes All Schedules not listed above are omitted since they are not applicable, not required or the information is included in the Plan's Financial Statements or Notes to Financial Statements listed above. Champion International Corporation Savings Plan for Hourly Employees #158: Report of Independent Public Accountants Statement of Net Assets Available for Benefits as of December 31, 1998 Statement of Net Assets Available for Benefits as of December 31, 1997 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1998 Notes to Financial Statements - December 31, 1998 and 1997 Schedule I - Item 27(a) Schedule of Assets Held for Investment Purposes - December 31, 1998 Schedule II - Item 27(d) Schedule of Reportable Transactions for the Year Ended December 31, 1998 Schedule III - Certification of Receipt of Annual Statement of Assets And Liabilities of Commingled Trust Funds - Supplement to Item 27(a) - Schedule of Assets Held for Investment Purposes All Schedules not listed above are omitted since they are not applicable, not required or the information is included in the Plan's Financial Statements or Notes to Financial Statements listed above. (b) Exhibit ------- Exhibit 23 - Consent of Independent Public Accountants -2- SIGNATURES The Plans. Pursuant to the requirements of the Securities Exchange Act of 1934, the Pension and Employee Benefits Committee, the administrator of the registrant's plans described herein, has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized. CHAMPION INTERNATIONAL CORPORATION SAVINGS PLAN #077 SAVINGS PLAN FOR HOURLY EMPLOYEES #158 By /s/ William C. Foster ----------------------------------------------- (William C. Foster) Senior Associate Counsel - Employee Relations/Human Resources June 21, 1999 -3- CHAMPION INTERNATIONAL CORPORATION SAVINGS PLAN #077 FEIN: 13-1427390 FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997 TOGETHER WITH AUDITORS' REPORT -1- Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Table of Contents
Page(s) ------------ Report of Independent Public Accountants 1-2 Statement of Net Assets Available for Benefits as of December 31, 1998 3 Statement of Net Assets Available for Benefits as of December 31, 1997 4 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1998 5-6 Notes to Financial Statements - 7-14 December 31, 1998 and 1997 Schedule I - Item 27 (a) - Schedule of Assets Held for Investment Purposes - December 31, 1998 15-20 Schedule II - Item 27 (d) - Schedule of Reportable Transactions for the Year Ended December 31, 1998 21-22 Schedule III - Certification of Receipt of Annual Statement of Assets And Liabilities of Commingled Trust Funds - Supplement to Item 27(a) 23-42 - Schedule of Assets Held for Investment Purposes
Report of Independent Public Accountants ---------------------------------------- To the Board of Directors and the Pension and Employee Benefits Committee of Champion International Corporation: We have audited the accompanying statements of net assets available for benefits of the CHAMPION INTERNATIONAL CORPORATION SAVINGS PLAN #077 as of December 31, 1998 and 1997 and the related statement of changes in net assets available for benefits for the year ended December 31, 1998. These financial statements and the schedules referred to below are the responsibility of the Plan Administrator. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. 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 the Plan Administrator, 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, 1998 and 1997, and the changes in net assets available for benefits for the year ended December 31, 1998, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 31, 1998 and of reportable transactions for the year ended December 31, 1998 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Security Act of 1974. The fund information in the statements of net assets available for benefits and the statement of changes in net -1- assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of each fund. The supplemental schedules and fund information have 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 financial statements taken as a whole. As explained in the notes thereto, information certified by the trustee and presented in the schedules of investments and reportable transactions does not disclose the historical cost of certain investments. Disclosure of this information is required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. /s/ ARTHUR ANDERSEN LLP Cincinnati, Ohio May 24, 1999 -2- Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Statement of Net Assets Available for Benefits December 31, 1998
Company Directed Participant Directed -------------------------------- ------------------------------------------ Company Company Stable S&P 500 Individual Stock Stock Value Index Retirement Fund Fund Fund Fund Fund ----------------- ------------- ----------- ----------- ----------- INVESTMENTS (Notes 1, 2, 3, & 4): Common Stock, Champion International Corporation $ - $89,093,137 $17,139,497 $ _ $ - Master Trust - 2,123,127 - - - Stock Funds - - - - 238,505,454 Fixed Income Investment Contracts - - - 132,754,049 - Synthetic Investment Contracts - - - 200,896,740 - Cash and Short Term Investments - 2,017,454 381,161 6,506,626 - Loans Receivable From Participants - - - - - ------------ ------------ ------------ ------------- ------------- - 93,233,718 17,520,658 340,157,415 238,505,454 ------------ ------------ ------------ ------------- ------------- RECEIVABLES (PAYABLES): Accrued Dividend and Interest Income - 113,937 21,799 27,352 10,675 Accrued Expenses - (13,450) (2,516) (21,089) (18,965) Pending Transactions - 10,311 - - - Interfund Receivable (Payable) 8,499,528 - - (8,499,528) - ------------ ------------ ------------ ------------- ------------- 8,499,528 110,798 19,283 (8,493,265) (8,290) ------------ ------------ ------------ ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS $8,499,528 $93,344,516 $17,539,941 $331,664,150 $238,497,164 ============ ============ ============ ============= ============= Participant Directed ------------------------------------------------------ Int'l. Small Company Equities Index Employee Loan Index Fund Fund Fund Total ----------------- ---------------- --------------- ------------ INVESTMENTS (Notes 1, 2, 3, & 4): Common Stock, Champion International Corporation $ - $ - $ - $106,232,634 Master Trust - - - 2,123,127 Stock Funds 27,731,810 15,607,667 - 281,844,931 Fixed Income Investment Contracts - - - 132,754,049 Synthetic Investment Contracts - - - 200,896,740 Cash and Short Term Investments 44 43 - 8,905,328 Loans Receivable From Participants - - 17,051,926 17,051,926 ------------- ------------- ------------- ------------- 27,731,854 15,607,710 17,051,926 749,808,735 ------------- ------------- ------------- ------------- RECEIVABLES (PAYABLES): Accrued Dividend and Interest Income 7,559 - - 181,322 Accrued Expenses (2,510) (1,083) - (59,613) Pending Transactions - - - 10,311 Interfund Receivable (Payable) - - - - ------------- ------------- ------------- ------------- 5,049 (1,083) - 132,020 ------------- ------------- ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS $27,736,903 $15,606,627 $17,051,926 $749,940,755 ============= ============= ============= =============
The accompanying notes to financial statements are an integral part of these statements. -3- Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Statement of Net Assets Available for Benefits December 31, 1997
Company Directed Participant Directed -------------------------------- ---------------------------------------- Company Company Stable S&P 500 Individual Stock Stock Value Index Retirement Fund Fund Fund Fund Fund ----------------- ---------- ----------- ----------- ----------- INVESTMENTS (Notes 1,2,3, & 4): Common Stock, Champion International Corporation $ - $103,314,691 $7,926,817 $ - $ - Master Trust - 2,557,166 - - - Stock Funds - - - - 209,060,441 Fixed Income Investment Contracts - - - 150,524,447 - Synthetic Investment Contracts - - - 189,176,822 - Cash and Short Term Investments - 2,330,754 153,660 1,539,568 - Loans Receivable From Participants - - - - - ------------- -------------- ----------- ------------- ------------- - 108,202,611 8,080,477 341,240,837 209,060,441 ------------- -------------- ----------- ------------- ------------- RECEIVABLES (PAYABLES): Accrued Dividend and Interest Income - 122,978 9,341 - - Pending Transactions - (495,600) (30,699) (37,354) (7,951) Interfund Receivable (Payable) 8,989,713 - - (8,989,713) - ------------- -------------- ----------- ------------- ------------- 8,989,713 (372,622) (21,358) (9,027,067) (7,951) ------------- -------------- ----------- ------------- ------------- DUE FROM CHAMPION INTERNATIONAL CORPORATION SAVINGS PLAN FOR HOURLY EOMPLOYEES #158 (Note 7) - 272,356 - 1,388,774 363,078 ------------- -------------- ----------- ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS $8,989,713 $108,102,345 $8,059,119 $333,602,544 $209,415,568 ------------- -------------- ----------- ------------- ------------- Participant Directed ------------------------------------------------- Int'l. Small Company Equities Index Employee Loan Index Fund Fund Fund Total --------------- -------------- ------------ ------------- INVESTMENTS (Notes 1,2,3, & 4): Common Stock, Champion International Corporation $ - $ - $ - $111,241,508 Master Trust - - - 2,557,166 Stock Funds 28,823,229 13,340,512 - 251,224,182 Fixed Income Investment Contracts - - - 150,524,447 Synthetic Investment Contracts - - - 189,176,822 Cash and Short Term Investments 44 43 - 4,024,069 Loans Receivable From Participants - - 20,361,724 20,361,724 ------------- ------------- ------------- ------------- 28,823,273 13,340,555 20,361,724 729,109,918 ------------- ------------- ------------- ------------- RECEIVABLES (PAYABLES): Accrued Dividend and Interest Income - - - 132,319 Pending Transactions 641 (1,123) - (572,086) Interfund Receivable (Payable) - - - - ------------- ------------- ------------- ------------- 641 (1,123) - (439,767) ------------- ------------- ------------- ------------- DUE FROM CHAMPION INTERNATIONAL CORPORATION SAVINGS PLAN FOR HOURLY EOMPLOYEES #158 (Note 7) 4,554 3,591 - 2,032,353 ------------- ------------- ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS $28,828,468 $13,343,023 $20,361,724 $730,702,504 ============= ============= ============= =============
The accompanying notes to financial statements are an integral part of these statements. -4- Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Statement of Changes in Net Assets Available for Benefits For the Year Ended December 31, 1998
Company Directed Participant Directed --------------------------------------- ---------------------------------------- Individual Retirement Fund Company Stock Fund Company Stock Fund Stable Value Fund ----------------- -------------------- -------------------- ------------------- CONTRIBUTIONS (Note 1): Company $ - $ 8,532,121 $ - $ - Employees - - 426,320 12,575,325 -------------- --------------- --------------- ------------- - 8,532,121 426,320 12,575,325 -------------- --------------- --------------- ------------- INVESTMENT INCOME (Notes 1, 2 , 3 & 4) Dividends and Interest 608,309 520,934 63,100 23,266,157 Net Realized and Unrealized Gain/(Loss) on - (10,441,062) 406,760 - Investments Master Trust - (243,419) - - -------------- --------------- --------------- ------------- 608,309 (10,163,547) 469,860 23,266,157 -------------- --------------- --------------- ------------- WITHDRAWALS: Company Contributions - (8,805,486) - - Employee Contributions (1,098,494) - (555,493) (42,169,635) Master Trust - (190,620) - - -------------- --------------- --------------- ------------- (1,098,494) (8,996,106) (555,493) (42,169,635) -------------- --------------- --------------- ------------- CONTRIBUTIONS AND INVESTMENT INCOME OVER (490,185) (10,627,532) 340,687 (6,328,153) (UNDER) WITHDRAWALS -------------- --------------- --------------- ------------- TRANSFERS (TO) FROM OTHER PLANS: Newsprint System Divestiture (Note 8) - (3,102,590) (194,464) (10,285,723) Fort James Corporation (Note 9) - - - 1,426,059 Transfer from Champion International Corporation Savings Plan #158, less prior - 95,611 9,906 (96,053) year accrual (Note 7) -------------- --------------- --------------- ------------- - (3,006,979) (184,558) (8,955,717) -------------- --------------- --------------- ------------- TRANSFER BETWEEN FUNDS - (1,123,318) 9,324,693 13,345,476 NET ASSETS AVAILABLE FOR BENEFITS, beginning of 8,989,713 108,102,345 8,059,119 333,602,544 year -------------- --------------- --------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ 8,499,528 $ 93,344,516 $17,539,941 $331,664,150 ============== =============== =============== ============= Participant Directed ---------------------------------------------------------------------------- S&P 500 Index Small Company Int'l Equities Employee Fund Index Fund Index Fund Loan Fund Total ----------- --------------- ------------ ------------- ------------ CONTRIBUTIONS (Note 1): Company $ - $ - $ - $ - $ 8,532,121 Employees 13,940,306 3,064,570 1,723,820 - 31,730,341 --------------- -------------- ------------- ------------ ------------- 13,940,306 3,064,570 1,723,820 - 40,262,462 --------------- -------------- ------------- ------------ ------------- INVESTMENT INCOME (Notes 1, 2 , 3 & 4) Dividends and Interest - - - 1,814,467 26,272,967 Net Realized and Unrealized Gain/(Loss) on 55,273,290 1,928,356 2,526,990 - 49,694,334 Investments Master Trust - - - - (243,419) --------------- -------------- ------------- ------------ ------------- 55,273,290 1,928,356 2,526,990 1,814,467 75,723,882 --------------- -------------- ------------- ------------ ------------- WITHDRAWALS: Company Contributions - - - (1,138,954) (9,944,440) Employee Contributions (18,087,021) (2,924,327) (1,013,981) - (65,848,951) Master Trust - - - - (190,620) --------------- -------------- ------------- ------------ ------------- (18,087,021) (2,924,327) (1,013,981) (1,138,954) (75,984,011) --------------- -------------- ------------- ------------ ------------- CONTRIBUTIONS AND INVESTMENT INCOME OVER 51,126,575 2,068,599 3,236,829 675,513 40,002,333 (UNDER) WITHDRAWALS --------------- -------------- ------------- ------------ ------------- TRANSFERS (TO) FROM OTHER PLANS: Newsprint System Divestiture (Note 8) (6,850,821) (691,845) (461,820) (1,028,755) (22,616,018) Fort James Corporation (Note 9) - - - - 1,426,059 Transfer from Champion International Corporation Savings Plan #158, less prior 381,974 24,421 10,018 - 425,877 year accrual (Note 7) --------------- -------------- ------------- ------------ ------------- (6,468,847) (667,424) (451,802) (1,028,755) (20,764,082) --------------- -------------- ------------- ------------ ------------- TRANSFER BETWEEN FUNDS (15,576,132) (2,492,740) (521,423) (2,956,556) - NET ASSETS AVAILABLE FOR BENEFITS, beginning of 209,415,568 28,828,468 13,343,023 20,361,724 730,702,504 year --------------- -------------- ------------- ------------ ------------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $238,497,164 $27,736,903 $15,606,627 $17,051,926 $749,940,755 =============== ============== ============= ============ =============
-5- The accompanying notes to financial statements are an integral part of these statements. -6- Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Notes to Financial Statements December 31, 1998 and 1997 (1) Plan Description- ---------------- The following description of the Champion International Corporation Savings Plan #077 (the Plan) provides only general information. Reference should be made to the Plan agreement for a more complete description of the Plan's provisions. The Plan, which became effective on January 1, 1978, is a contributory savings plan available to salaried employees of Champion International Corporation (the Company). Effective January 1, 1983, a 401(k) savings option was available to participants allowing them to contribute before-tax compensation in addition to the after-tax compensation allowed previously. Participants may contribute up to a maximum of 16% (22% effective January 1, 1999) of their compensation, subject to certain limitations. Qualified participant contributions are invested in either the Company Common Stock Fund, Stable Value Fund, the S&P 500 Index Fund, the Small Company Index Fund or the International Equities Index Fund, at the participants' discretion. Earnings for the funds are based upon the performance of the funds' underlying assets. The Company matches one-half of the first 6% of the participants' compensation which is contributed to the Plan. Company contributions are invested in the Company's common stock. Participants vest in the Company contribution based upon years of service with the Company. Participants are permitted to borrow against their account balances and their vested portions of the Company stock fund contributions. The terms and conditions of these loans are established to be in compliance with applicable laws and regulations. The interest rate charged to participants in 1998 and 1997 was prime at origination plus 1%. Principal and interest are paid ratably through monthly payroll deductions. -7- Effective January 1, 1982, tax deductible employee contributions could be directed into an individual retirement fund. Earnings for this fund have averaged 7.21% per annum for 1998 and 7.28% per annum for 1997. After December 31, 1982, employee contributions to this fund were no longer accepted. The balance in this fund was approximately $8.5 million and $9.0 million at December 31, 1998 and 1997, respectively. Effective June 30, 1995, Champion International Corporation Stock Ownership Plan #078 (Plan #078) was merged into the Champion International Corporation Savings Plan #077 and the Champion International Corporation Savings Plan for Hourly Employees #158 (Plan #158), as applicable. The net assets of Plan #078 were transferred to a Master Trust for which State Street Bank and Trust Company now acts as trustee. Assets of the Master Trust consist of shares of the Company's common stock, the valuation of which is based on market prices. Benefit payments are credited and charged directly to each plan. Investment income of the Master Trust, which includes dividend income and realized and unrealized gains and losses, is allocated to each plan by the trustee based upon the Master Trust units of participation held by each plan. As of December 31, 1998 and 1997, the Plan's investment approximated 35% of the assets held in the Master Trust. The Plan is administered by the Company through the Pension and Employee Benefits Committee (PEBC) and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Certain investment management expenses are paid by the Plan while other administrative expenses are paid by the Company and are not included in the accompanying statements. The Plan's trustee is State Street Bank and Trust Company. ADP Administrative Solutions Group (formerly known as William M. Mercer, Inc.) performs certain administrative and record keeping functions of the Plan. Participants have the ability to initiate transactions directly impacting their account balances over the telephone. Such transactions are posted to participants' accounts on a daily basis at the applicable investment fund's net asset value as reported by the trustee. J.P. Morgan/American Century Retirement Plan Services were appointed Trustee and participant record keeper effective July 1, 1999. -8- (2) Significant Accounting Policies- ------------------------------- (a) Investment Valuation and Income Recognition--Cash and cash equivalents ------------------------------------------- are stated at cost which approximates market value. The Company's common stock is valued at the closing market price at yearend. Investments in fixed income investment contracts and synthetic investment contracts are valued at the contract ("book") value, defined as the sum of contributions less withdrawals plus credited interest. Commingled funds are stated at market value as determined by the trustee. Loans receivable from participants are valued at cost which approximates fair value. Realized and unrealized gains and losses are reflected currently in the statements of changes in net assets available for benefits. (b) Basis of Accounting--The Plan uses the accrual basis of accounting. ------------------- (c) Payment of Benefits--Benefits are recorded when paid. ------------------- (d) Use of Estimates--The preparation of financial statements in conformity ---------------- with generally accepted accounting principles requires management to make estimates and assumptions that affect the financial statements. Actual results could differ from those estimates. (e) Reclassifications--Certain amounts in the 1997 financial statements have ----------------- been reclassified to conform with the 1998 presentation. (3) Investments- ----------- The following summarizes the nature of the underlying assets which comprise the investment portfolio of the Plan's Company Stock Fund, Stable Value Fund and Individual Retirement Fund, S&P 500 Index Fund, Small Company Index Fund, and International Equities Index Fund:
Investment Fund Investment Underlying Assets - -------------------- ----------------- ----------------------- Company Stock Fund Common Stock Champion International Corporation Common Stock Stable Value Fund and Individual Fixed Income Investment Pool of investment contracts Retirement Fund Contracts issued by a diversified list of insurance companies
-9- Synthetic Investment Portfolio of investment Contract - Separate Account grade fixed income securities, including but not limited to, U.S. Treasuries, U.S. Govern- ment Agency notes and mortgages, corporate securities, asset- backed securities, Canadian Yankees and cash equivalents S&P 500 Index Fund Commingled Fund Common stocks of large companies in a wide variety of industries (managed by Metropolitan Life Insurance Company) Small Company Index Fund Commingled Fund Common stocks of small U.S. companies in a wide variety of industries (managed by Barclays Global Investors, N.A.) International Equities Index Commingled Fund Common stocks of primarily Fund established, medium to large companies based in economically developed countries outside of the U.S. (managed by Barclays Global Investors, N.A.)
-10- A summary of the Plan's investments (excluding cash and short term investments and participant loans) follows:
Carrying Value at December 31, --------------------------- 1998 1997 ------------ ------------- Common Stock, Champion International Corporation $106,232,634 $111,241,508 ============ ============ Master Trust $ 2,123,127 $ 2,557,166 ============ ============ Stock Funds: Metropolitan Life Insurance Company, S&P 500 $238,505,454 $209,060,441 Commingled Fund Barclays Global Investors, N.A. Extended Equity Market Fund K 27,731,810 28,823,229 EAFE Equity Index Fund K 15,607,667 13,340,512 ------------ ------------ $281,844,931 $251,224,182 ============ ============ Stable Value and Individual Retirement Funds: Fixed Income Investment Contracts - Metropolitan Life Insurance Company 8.30%, maturing 50% on 7/1/99 and 50% on $ 18,763,092 $ 33,414,999 7/1/00 Providian Capital Management 19,973,857 16,006,659 6.83%, maturing 6/30/01 Principal Mutual Life Insurance Company 24,077,659 22,538,293 6.83%, maturing 12/31/01 John Hancock Mutual Life Insurance Company 25,952,042 33,149,257 8.30%, maturing 50% on 7/1/99 and 50% on 6/30/00 New York Life Insurance Company 6.66%, maturing 7/1/98 - 23,002,310 6.84%, maturing on 9/30/01 23,945,974 22,412,929 Transamerica Occidental Life Insurance 20,041,425 - Company, interest rate equal to the CMT rate, ------------ ------------ reset quarterly, maturing 6/15/03 132,754,049 150,524,447 ------------ ------------ Synthetic Investment Contract - Fair Value 214,574,799 198,568,824 Less: Excess of Separate Account over Contract Value (13,678,059) (9,392,002) ------------ ------------ Synthetic Investment Contract - Contract Value 200,896,740 189,176,822 ------------ ------------ $333,650,789 $339,701,269 ============ ============
-11- The Plan's investments include approximately $132.8 million and $150.5 million of fixed income investment contracts with various insurance companies, which have been reported at contract value as of December 31, 1998 and 1997, respectively. The insurance companies credit the Plan's account with contributions and earnings on the underlying investments and charge the Plan for withdrawals and administrative expenses. In some cases, limitations on the liquidity guarantees can be imposed in the event of plan amendments, mergers, sales, plan termination, layoff or other employer-initiated events. The fair value of these investment contracts was estimated to be approximately $137.4 million and $154.2 million, at December 31, 1998 and 1997, respectively. The fair value of the Plan's investment contracts was estimated by the Company using a discounted cash flow analysis with an assumed, average discount rate of 5.14% and 6.15% at December 31, 1998 and 1997 respectively. The average yield for these contracts during 1998 was approximately 7.64% while the crediting interest rate ranged from 4.94% to 8.30% at December 31, 1998 and from 6.66% to 8.30% at December 31, 1997. Effective January 3, 1994, the Company entered into a group annuity contract with Metropolitan Life Insurance Company (MetLife) on behalf of the Plan. Effective October 1, 1998, the Company terminated its group annuity contract with MetLife and entered into similar "synthetic" investment contracts with CDC Capital Inc. (CDC) and State Street Bank and Trust Company (SSB). Among other things, both the previous contract with MetLife and the current contracts with CDC and SSB required that a Separate Account, consisting of a portfolio of diversified investment grade fixed income securities, be maintained on behalf of the Plan and the Champion International Corporation Savings Plan for Hourly Employees #158. The fair market value of the portfolio of investments, at any point in time, represents the market value of the Separate Account. At December 31, 1998 and 1997, the Plan's interest in the Separate Account had a fair market value of approximately $214.6 million and $198.6 million, respectively. The book value of the Synthetic Investment contract(s), at any point in time, represents the amount deposited into the Separate Account on behalf of the Plan, plus interest credited, at rates established by the contract holder minus any withdrawals and transfers out of the fund. Under the MetLife contract, interest rates were reset every six months. Interest was credited at a rate of 7.15% and 7.18% during the periods January 1, 1998 through June 30, 1998 and July 1, 1998 through September 30, 1998, respectively. Under the CDC and SSB contracts, interest rates are reset quarterly and interest was credited at a rate of 7.225% for the period October 1, 1998 to December 31, 1998. The book value of the contract(s) is guaranteed by the contract holder (subject to certain restrictions on amounts withdrawn as a result of employer-initiated events) and totaled approximately $200.9 million and $189.2 million at December 31, 1998 and 1997, respectively. The fair market value of the Plan's interest in the Separate Account exceeded the book value of the contract(s) by approximately $13.7 million and $9.4 million at December 31, 1998 and 1997, -12- respectively, and the difference is reflected in the preceding investment summary as "Excess of Separate Account Over Contract Value". (4) Priorities Upon Termination of the Plan- --------------------------------------- Upon termination of the Plan, participants become fully vested in their individual accounts. (5) Forfeited Accounts- ------------------ At December 31, 1998 and 1997, forfeited nonvested accounts totaled approximately $79,000 and $48,000, respectively. These accounts will be used to reduce future Company contributions. During 1998, Company contributions were reduced by approximately $190,000 as a result of forfeited nonvested accounts. (6) Tax Exempt Status- ----------------- The Plan, as amended and restated through July 1, 1994, has received a favorable determination letter from the Internal Revenue Service, dated December 17, 1998. A tax determination request has not been filed for the most recent amendments. The plan administrator believes that the Plan was designed and is being operated in compliance with the applicable requirements of the Internal Revenue Code (IRC). Therefore, the plan administrator believes that the Plan is a qualified plan under the IRC and the related trust is tax exempt as of December 31, 1998 and for the year ended. (7) Transfers Between Champion International Corporation Plans- ----------------------------------------------------------- The Company transfers participant account balances and the related assets between the Plan and Plan #158 for participants who have changed employment (i.e., hourly or salaried) status. In conjunction therewith, certain participant account transfers totaling approximately $2 million were in process at December 31, 1997 and are reflected in the Accompanying Statement of Net Assets available for Benefits as "Due From Champion International Corporation Savings Plan For Hourly Employees #158". -13- (8) Restructuring and Divestiture Program- ------------------------------------- On October 7, 1997, the Company approved a program to maximize total shareholder return by focusing on strategic businesses, increasing profitability and improving financial discipline. As part of this program, the Company announced its intention to divest several non-strategic product segments. These product segments include the newsprint, recycling, coated and uncoated groundwood specialty papers, premium papers, specialty uncoated papers, and liquid packaging and bleached board businesses. Also to be divested are 325,000 acres of timberlands. Additionally, the Company has announced plans to reduce its worldwide workforce in the businesses remaining after the divestitures by 11%, or approximately 2,000 positions, by the end of 1999. On June 1, 1998, the Company announced that the divestiture of its newsprint mills in Sheldon and Lufkin, Texas along with three recycling centers (i.e. collectively the Newsprint System) had been completed. In accordance with an asset purchase agreement between Champion International Corporation and Donohue Inc., dated as of March 21, 1998 (the Purchase Agreement), Selected Employees, as defined in the Purchase Agreement were fully vested in their account balances as of the closing date. Assets totaling $22.6 million were transferred to the successor plan for the Newsprint System during 1998. On March 29, 1999, the Company announced an agreement to sell its mill in North Carolina, an extruding and converting facility in Waynesville, North Carolina and its DairyPak liquid packaging business. Additionally, on May 13, 1999, the Company announced an agreement to sell its groundwood mill in Deferiet, New York. In accordance with the applicable purchase agreements, the Company anticipates that certain employees at these locations will also be fully vested in their account balances. Participants withdrawals may result from the aforementioned restructuring program and divestiture agreements. (9) Acquisition From Fort James Corporation- --------------------------------------- In connection with an asset purchase agreement by and among Fort James Operating Company (a division of Fort James Corporation, formerly James River Corporation of Virginia), Diamond Occidental Forest, Inc., and Champion International Corporation dated October 24, 1997, assets totaling approximately $1.4 million were transferred from Fort James Corporation Stock Plus Investment Plan to the Plan during 1998. -14- Schedule I Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes Company Stock Fund Company and Participant Directed December 31, 1998
Shares/ Current Identity of Issuer/Asset Description Par Value Cost Value - -------------------------------------------- ------------ ----------- ------------ * State Street Bank and Trust Company, 2,398,615 $ 2,398,615 $ 2,398,615 Government Short Term Investment Fund =========== ============ * Champion International Corporation, 2,623,028 $80,836,006 $106,232,634 Common Stock =========== ============ * Represents a transaction with a Party-in-Interest
-15- Schedule I Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes Stable Value Fund December 31, 1998
Shares/ Identity of Issuer/Asset Description Par Value Cost Current Value - ------------------------------------------------------- -------------- -------- ----------------- Fixed Income Investment Contracts: Metropolitan Life Insurance Company -- GAC 13943, 8.30%, maturing 50% on 7/1/99 and - $ 18,763,092 $ 18,763,092 50% on 7/1/00 John Hancock Mutual Life Insurance Company-- - 25,952,042 25,952,042 GAC 7652, 8.30%, maturing 50% on 7/1/99 and 50% on 6/30/00 Providian Capital Management -- Contract BDA 00732FR, 6.83% maturing 6/30/01 - 19,973,857 19,973,857 Principal Mutual Life Insurance Company-- GAC 4-28880-1, 6.83%, maturing 12/31/01 - 24,077,659 24,077,659 New York Life Insurance Company -- GAC 06344-003, 6.84%, maturing 9/30/01 - 23,945,974 23,945,974 Transamerica Occidental Life Insurance Company 20,041,425 20,041,425 Interest rate equal to the 10 year CMT rate, reset -------------- ------------- quarterly, 4.94% at 12/31/98, maturing 6/15/03 $132,754,049 $132,754,049 ============== ============= Synthetic Investment Contracts Fair Value of Separate Account (A) 214,574,799 Less: Excess of Separate Account over Contract Value (13,678,059) ------------- Contract Value 200,896,740 ============= Cash and Short Term Investments: * State Street Bank and Trust Company - Government Short Term Investment Fund 6,506,626 6,506,626 6,506,626 ============== ============= $340,157,415 =============
(A) Cost of investments information, on a plan by plan basis, is not furnished by the asset managers. * Represents a transaction with a Party-in-Interest -16- Schedule I Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes S&P 500 Index Fund December 31, 1998 Shares/ Current Identity of Issuer/Asset Description Par Value Cost Value - -------------------------------------- --------- ------ --------- Metropolitan Life Insurance Company, S&P 500 Commingled Fund 845,485 (A) $238,505,454 ====== ============= (A) Cost of investments information is not furnished on a plan by plan basis by Metropolitan Life Insurance Company -17- Schedule I Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes Small Company Index Fund December 31, 1998
Shares/ Current Identity of Issuer/Asset Description Par Value Cost Value - -------------------------------------- ----------- ----------- ------------ Barclays Global Investors, N.A., Extended Equity Market Fund K 1,357,342 $21,286,166 $27,731,810 =========== ============ Barclays Global Investors, N.A., 44 $ 44 $ 44 Money Market Fund, Employee Benefit Trust =========== ============
-18- Schedule I Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes International Equities Index Fund December 31, 1998
Shares/ Current Identity of Issuer/Asset Description Par Value Cost Value - ----------------------------------------- ----------- ------- ---------- Barclays Global Investors, N.A., EAFE Equity Index Fund K 1,023,755 $13,104,848 $15,607,667 ============ =========== Barclays Global Investors, N.A., 43 $ 43 $ 43 Money Market Fund, Employee Benefit ============ =========== Trust
-19- Schedule I Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Item 27 (a) - Schedule Of Assets Held For Investment Purposes Employee Loan Fund December 31, 1998 Shares/ Current Identity of Issuer/Asset Description Par Value Cost Value - ---------------------------------------- ----------- --------- ----------- * Participant Loans, Interest at Prime + - $17,051,926 $17,051,926 l% at Origination (interest rates on =========== =========== loans ranged from 7.25% to 11.5% at December 31, 1998), secured by applicable participants' vested accrued benefits * Represents a transaction with a Party -in-Interest -20- Schedule II Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Item 27 (d) - Schedule of Reportable Transactions For the Year Ended December 31, 1998
Number Expense Incurred Of Purchase Selling With Cost of Net Gain Description of Assets Transactions Price (A) Price (A) Transactions Asset or (Loss) - ----------------------------------- ---------------- ------------ ------------ -------------- ---------- ----------- Caisse des Depots Investment Contract 1021-01 3 100,432,263 - - 100,432,263 - Investment Contract 1021-01 1 - 4,960,832 - 4,960,832 - Investment Contract 1021-02 1 4,400,000 - - 4,400,000 - Investment Contract 1021-02 1 - 8,981 - 8,981 - Transamerica Occidental Life Investment Contract 51529 4 36,200,000 - - 36,200,000 - Investment Contract 51529 6 - 16,200,000 - 16,200,000 - Metropolitan Life Insurance Company Investment Contract 13943 12 2,750,733 - - 2,750,733 - Investment Contract 13943 2 - 17,353,809 - 17,353,809 - Investment Contract 13625 12 11,102,873 - - 11,102,873 - Investment Contract 13625 2 - 199,183,055 - 199,183,055 - MetLife S&P 500 Commingled Fund 370 33,883,453 - - 33,883,453 - MetLife S&P 500 Commingled Fund 428 - 59,790,327 - 34,132,720 25,657,607 State Street Bank Investment Contract 98192 3 100,450,512 - - 100,450,512 - Investment Contract 98192 1 - 4,960,832 - 4,960,832 - Investment Contract 98276 1 4,400,000 - - 4,400,000 - Investment Contract 98276 1 - 8,981 - 8,981 - Government Short Term Investment Fund 295 118,100,290 - - 118,100,290 - Government Short Term Investment Fund 283 - 113,219,032 - 113,219,032 -
-21- (A) The current value of all assets acquired or disposed of, at the time of acquisition or disposition, is equal to the purchase price or selling price, respectively. -22- Schedule III Champion International Corporation Savings Plan #077 FEIN: 13-1427390 Certification of Receipt of Annual Statement of Assets And Liabilities of Commingled Trust Funds Supplement to Item 27(a) - Schedule of Assets Held for Investment Purposes In accordance with 29 CFR 2520.103-9, the Pension and Employee Benefits Committee (PEBC) of Champion International Corporation hereby certifies that subject savings plan (the Plan) is in receipt of the most recent annual statement of assets and liabilities of the collective trust funds in which the Plan has an investment. In addition, a notice has been received by the PEBC from State Street Bank and Trust Company informing the Plan that the proper procedure was followed in filing a copy of the most recent annual statement of assets and liabilities of State Street Bank and Trust Company Government Short Term Investment Fund, in which the Plan has an investment, with the Department of Labor. The Employer Identification Number of State Street Bank and Trust Company Government Short Term Investment Fund is 04-0025081 and the filing was made for the year ended December 31, 1998. At December 31, 1998, the Plan had an investment in MetLife Separate Account 197, a pooled Separate Account of the Metropolitan Life Insurance Company (MetLife). The asset listing for Separate Account 197 (S&P 500 Index Fund) as of December 31, 1998 is included herein, as no separate filing of the most recent statement of assets and liabilities of the Separate Account had been made by Metropolitan to the Department of Labor. At December 31, 1998 the Plan had an investment in two synthetic investment contracts, the underlying assets of which were managed by Dwight Asset Management and State Street Research and Management Company. The asset listings for these pooled investment Accounts, as of December 31, 1998, are included herein, as no separate filing of the most recent statements of assets and liabilities had been made by the asset managers. At December 31, 1998, the Plan had investments in the Extended Equity Market Fund K, the EAFE Equity Index Fund K, and the Money Market Fund, common, collective funds of Barclays Global Investors, N.A. (Barclays). A notice has been received by the Plan that the proper procedures have been followed in filing a copy of the most recent statement of assets and liabilities of Barclays common collective funds in which the Plan had investments with the Department of Labor. The employer identification numbers of the common collective funds are 94-3199860 (Extended Equity Market Fund K), 94-3199859 (EAFE Equity Index Fund K), and 94-6450621 (Money Market Fund), and -23- the filings were made on or before the date upon which the annual report is required to be held with the Department of Labor. The Plan's investments in all such funds are included in the accompanying Schedule of Assets Held for Investment Purposes. -24- Schedule III Champion International Corporation Savings Plan #077 FEIN: 13-1427390 MetLife Separate Account 197 Asset Listing December 31, 1998
Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- CASH -- 1,917,795.52 1.00 1,917,795.52 -- RECEIVABLE FOR INVESTMENTS SOLD -- 1,515,905.65 1.00 1,515,905.65 -- PAYABLE FOR INVESTMENTS PURCHASED -- (1,830,723.04) 1.00 (1,830,723.04) -- UNITED STATES METLIFE SHORT TERM INVESTMENT 0.10 0.10 1.00 0.10 -- BERMUDA TYCO INTL LTD NEW COM 18,201.00 772,928.65 75.44 1,373,037.94 600,109.29 CANADA SEAGRAM LTD COM 10,917.00 407,914.44 38.00 414,846.00 6,931.56 CANADA LAIDLAW INC COM 9,300.00 99,554.70 10.06 93,581.25 (5,973.45) CANADA NORTHERN TELECOM LTD 18,712.00 777,441.28 50.13 937,939.00 160,497.72 CANADA ALCAN ALUM LTD 6,185.00 202,065.23 27.06 167,381.56 (34,683.67) CANADA BARRICK GOLD CORP 10,243.00 244,041.43 19.50 199,738.50 (44,302.93) CANADA INCO LTD COM 4,262.00 130,557.55 10.56 45,017.38 (85,540.17) CANADA PLACER DOME INC 7,011.00 129,735.85 11.50 80,626.50 (49,109.35) CANADA MOORE LTD 2,300.00 48,564.90 11.00 25,300.00 (23,264.90) NETHERLANDS UNILEVER NV N Y SHS ADR 18,112.00 808,237.00 82.94 1,502,164.00 693,927.00 NETHERLANDS ROYAL DUTCH PETE CO N Y 61,120.00 2,322,812.70 47.88 2,926,120.00 603,307.30 NETHERLANDS ANTILLES SCHLUMBERGER LTD COM 15,644.00 677,984.10 46.13 721,579.50 43,595.40 UNITED STATES AETNA INC COM 4,241.00 317,849.80 78.63 333,448.63 15,598.83 UNITED STATES ALLSTATE CORP COM 23,316.00 604,761.13 38.63 900,580.50 295,819.37 UNITED STATES AMERICAN EXPRESS CO COM 12,805.00 823,772.54 102.25 1,309,311.25 485,538.71 UNITED STATES AMERICAN GEN CORP COM 7,499.00 371,470.42 78.00 584,922.00 213,451.58 UNITED STATES AMERICAN INTL GROUP INC COM 30,164.00 1,566,445.76 96.63 2,914,596.50 1,348,150.74 UNITED STATES AON CORP COM 4,750.00 279,266.70 55.38 263,031.25 (16,235.45) UNITED STATES ASSOCIATES FIRST CAP CORP CL A 20,516.00 486,259.20 42.38 869,365.50 383,106.30 UNITED STATES BANK NEW YORK INC COM 21,500.00 429,301.48 40.25 865,375.00 436,073.52 UNITED STATES BANK ONE CORP COM 33,364.00 1,208,816.82 51.06 1,703,649.25 494,832.43 UNITED STATES BANKAMERICA CORP NEW COM 49,287.00 1,829,503.29 60.13 2,963,380.88 1,133,877.59 UNITED STATES BANKBOSTON CORP COM 8,186.00 261,978.31 38.94 318,742.38 56,764.07 UNITED STATES BANKERS TRUST CORP COM 2,653.00 224,021.83 85.44 226,665.69 2,643.86 UNITED STATES BB&T CORP COM 8,300.00 265,088.50 40.31 334,593.75 69,505.25 UNITED STATES BEAR STEARNS COS INC COM 3,100.00 165,788.30 37.38 115,862.50 (49,925.80)
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES CAPITAL ONE FINL CORP 2,100.00 263,329.50 115.00 241,500.00 (21,829.50) UNITED STATES CHASE MANHATTAN CORP NEW COM 24,344.00 977,421.75 68.06 1,656,913.50 679,491.75 UNITED STATES CHUBB CORP COM 4,940.00 269,651.00 64.88 320,482.50 50,831.50 UNITED STATES CIGNA CORP COM 6,229.00 426,921.39 77.31 481,579.56 54,658.17 UNITED STATES CINCINNATI FINL CORP COM 4,900.00 219,511.83 36.63 179,462.50 (40,049.33) UNITED STATES CITIGROUP INC COM 64,674.00 2,303,066.42 49.50 3,201,363.00 898,296.58 UNITED STATES COMERICA INC COM 4,600.00 140,615.60 68.19 313,662.50 173,046.90 UNITED STATES CONSECO INC COM 8,840.00 337,613.77 30.56 270,172.50 (67,441.27) UNITED STATES COUNTRYWIDE CR INDS INC COM 3,400.00 112,143.10 50.19 170,637.50 58,494.40 UNITED STATES EQUIFAX INC COM 4,200.00 136,904.27 34.19 143,587.50 6,683.23 UNITED STATES FEDERAL NATL MTG ASSN COM 29,792.00 980,426.55 74.00 2,204,608.00 1,224,181.45 UNITED STATES FIFTH THIRD BANCORP 7,525.00 356,870.47 71.31 536,626.56 179,756.09 UNITED STATES FIRST UN CORP COM 28,091.00 1,046,236.49 60.81 1,708,283.94 662,047.45 UNITED STATES FLEET FINL GROUP INC NEW COM 16,294.00 583,076.49 44.69 728,138.13 145,061.64 UNITED STATES FRANKLIN RES INC COM 7,200.00 377,594.00 32.00 230,400.00 (147,194.00) UNITED STATES FREDDIE MAC CORP COM 19,528.00 477,976.90 64.44 1,258,335.50 780,358.60 UNITED STATES GENERAL RE CORP COM 2,513.00 440,493.63 200.25 503,228.25 62,734.62 UNITED STATES GOLDEN WEST FINL CORP DEL COM 1,800.00 120,229.80 91.69 165,037.50 44,807.70 UNITED STATES HARTFORD FINL SVCS GROUP INC 6,624.00 166,152.30 54.88 363,492.00 197,339.70 UNITED STATES HOUSEHOLD INTL INC COM 13,542.00 285,064.38 39.63 536,601.75 251,537.37 UNITED STATES HUNTINGTON BANCSHARES INC 6,100.00 190,452.79 30.06 183,381.25 (7,071.54) UNITED STATES JEFFERSON PILOT CORP COM 2,950.00 110,118.25 75.00 221,250.00 111,131.75 UNITED STATES KEYCORP NEW COM 12,656.00 336,309.60 32.00 404,992.00 68,682.40 UNITED STATES LEHMAN BROS HLDGS INC COM 3,300.00 186,089.60 44.06 145,406.25 (40,683.35) UNITED STATES LINCOLN NATL CORP IND COM 3,200.00 164,045.30 81.81 261,800.00 97,754.70 UNITED STATES MARSH & MCLENNAN COS INC COM 7,221.00 376,687.77 58.44 421,977.19 45,289.42 UNITED STATES MBIA INC COM 2,800.00 156,719.50 65.56 183,575.00 26,855.50 UNITED STATES MBNA CORP COM 21,044.00 217,724.55 24.94 524,784.75 307,060.20 UNITED STATES MELLON BK CORP COM 7,452.00 252,727.00 68.75 512,325.00 259,598.00 UNITED STATES MERCANTILE BANCORPORATION INC 4,300.00 227,904.30 46.13 198,337.50 (29,566.80) UNITED STATES MERRILL LYNCH & CO INC 9,964.00 324,422.25 66.75 665,097.00 340,674.75 UNITED STATES MGIC INVT CORP WIS COM 3,100.00 112,434.27 39.81 123,418.75 10,984.48 UNITED STATES MORGAN J P & CO INC COM 5,149.00 587,538.10 105.06 540,966.81 (46,571.29) UNITED STATES MORGAN STANLEY DEAN WTTER & CO 16,380.00 587,314.13 71.00 1,162,980.00 575,665.87 UNITED STATES NATIONAL CITY CORP COM 9,460.00 493,943.60 72.50 685,850.00 191,906.40 UNITED STATES NORTHERN TR CORP COM 3,100.00 208,924.50 87.31 270,668.75 61,744.25 UNITED STATES PAYCHEX INC COM 4,700.00 222,275.50 51.44 241,756.25 19,480.75 UNITED STATES PNC BK CORP COM 8,707.00 349,403.91 54.13 471,266.38 121,862.47 UNITED STATES PROGRESSIVE CORP OHIO COM 2,300.00 252,471.00 169.38 389,562.50 137,091.50 UNITED STATES PROVIDIAN FINL CORP COM 3,922.00 9,181.17 75.00 294,150.00 284,968.83 UNITED STATES REGIONS FINL CORP COM 6,100.00 213,209.50 40.31 245,906.25 32,696.75
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES REPUBLIC N Y CORP COM 3,100.00 141,579.80 45.56 141,243.75 (336.05) UNITED STATES SAFECO CORP COM 3,640.00 142,670.80 42.94 156,292.50 13,621.70 UNITED STATES SCHWAB CHARLES CORP NEW COM 11,275.00 225,190.59 56.19 633,514.06 408,323.47 UNITED STATES SLM HLDG CORP COM 4,900.00 242,344.20 48.00 235,200.00 (7,144.20) UNITED STATES ST PAUL COS INC 6,874.00 235,051.16 34.75 238,871.50 3,820.34 UNITED STATES STATE STREET CORP 4,600.00 244,054.50 69.56 319,987.50 75,933.00 UNITED STATES SUMMIT BANCORP COM 5,100.00 240,883.00 43.69 222,806.25 (18,076.75) UNITED STATES SUNAMERICA INC COM 6,200.00 265,366.60 81.13 502,975.00 237,608.40 UNITED STATES SUNTRUST BKS INC 6,286.00 258,461.68 76.50 480,879.00 222,417.32 UNITED STATES SYNOVUS FINL CORP 7,400.00 164,195.50 24.38 180,375.00 16,179.50 UNITED STATES TORCHMARK CORP 3,900.00 99,895.63 35.31 137,718.75 37,823.12 UNITED STATES TRANSAMERICA CORP COM 1,995.00 124,868.98 115.50 230,422.50 105,553.52 UNITED STATES U S BANCORP DEL COM 20,354.00 533,331.44 35.50 722,567.00 189,235.56 UNITED STATES UNION PLANTERS CORP TENN COM 3,900.00 192,578.00 45.31 176,718.75 (15,859.25) UNITED STATES UNUM CORP COM 3,860.00 121,419.30 58.38 225,327.50 103,908.20 UNITED STATES WACHOVIA CORP NEW COM 6,113.00 335,678.53 87.44 534,505.44 198,826.91 UNITED STATES WASHINGTON MUTUAL INC COM 17,033.00 614,176.91 38.19 650,447.69 36,270.78 UNITED STATES WELLS FARGO & CO NEW COM 45,846.00 942,392.24 39.94 1,830,974.63 888,582.39 UNITED STATES ABBOTT LABS COM 43,110.00 1,037,205.63 49.00 2,112,390.00 1,075,184.37 UNITED STATES ALLERGAN INC COM 2,000.00 69,365.10 64.75 129,500.00 60,134.90 UNITED STATES ALZA CORP COM 2,600.00 64,202.00 52.25 135,850.00 71,648.00 UNITED STATES AMERICAN HOME PRODS CORP COM 37,776.00 1,039,244.83 56.31 2,127,261.00 1,088,016.17 UNITED STATES AMGEN INC 7,276.00 288,861.85 104.56 760,796.75 471,934.90 UNITED STATES BARD C R INC 1,300.00 44,901.00 49.50 64,350.00 19,449.00 UNITED STATES BAUSCH & LOMB INC COM 1,700.00 65,602.80 60.00 102,000.00 36,397.20 UNITED STATES BAXTER INTL INC COM 8,230.00 410,983.62 64.31 529,291.88 118,308.26 UNITED STATES BECTON DICKINSON & CO COM 6,800.00 153,755.60 42.69 290,275.00 136,519.40 UNITED STATES BIOMET INC COM 3,000.00 64,781.20 40.25 120,750.00 55,968.80 UNITED STATES BOSTON SCIENTIFIC CORP COM 11,200.00 354,794.10 26.81 300,300.00 (54,494.10) UNITED STATES BRISTOL MYERS SQUIBB CO COM 28,612.00 1,669,763.60 133.81 3,828,643.25 2,158,879.65 UNITED STATES CARDINAL HEALTH INC COM 5,800.00 370,611.57 75.88 440,075.00 69,463.43 UNITED STATES COLUMBIA/HCA HEALTHCARE CORP 18,023.00 569,851.25 24.75 446,069.25 (123,782.00) UNITED STATES GUIDANT CORP COM 4,200.00 230,704.75 110.25 463,050.00 232,345.25 UNITED STATES HCR MANOR CARE INC COM 3,239.00 89,612.03 29.38 95,145.63 5,533.60 UNITED STATES HEALTHSOUTH CORP COM 11,900.00 301,855.25 15.44 183,706.25 (118,149.00) UNITED STATES HUMANA INC COM 4,600.00 116,823.40 17.81 81,937.50 (34,885.90) UNITED STATES JOHNSON & JOHNSON COM 38,210.00 1,909,756.58 83.88 3,204,863.75 1,295,107.17 UNITED STATES LILLY ELI & CO COM 31,624.00 1,116,583.43 88.88 2,810,583.00 1,693,999.57 UNITED STATES MALLINCKRODT INC NEW 1,785.00 65,569.20 30.81 55,000.31 (10,568.89) UNITED STATES MEDTRONIC INC COM 14,092.00 546,482.57 74.25 1,046,331.00 499,848.43 UNITED STATES MERCK & CO INC COM 34,305.00 2,151,205.45 147.69 5,066,419.69 2,915,214.24
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES MILLIPORE CORP COM 900.00 23,630.50 28.44 25,593.75 1,963.25 UNITED STATES PFIZER INC COM 36,984.00 1,587,423.75 125.44 4,639,180.50 3,051,756.75 UNITED STATES PHARMACIA & UPJOHN INC COM 14,615.00 557,404.32 56.63 827,574.38 270,170.06 UNITED STATES PROVIDENT COS INC COM 3,700.00 133,274.00 41.50 153,550.00 20,276.00 UNITED STATES SCHERING PLOUGH CORP COM 41,860.00 841,773.10 55.25 2,312,765.00 1,470,991.90 UNITED STATES ST JUDE MED INC COM 2,400.00 85,179.70 27.69 66,450.00 (18,729.70) UNITED STATES TENET HEALTHCARE CORP COM 8,533.00 263,273.33 26.25 223,991.25 (39,282.08) UNITED STATES UNITED HEALTHCARE CORP COM 3,687.00 178,819.50 43.06 158,771.44 (20,048.06) UNITED STATES WARNER LAMBERT CO COM 23,290.00 839,067.30 75.19 1,751,116.88 912,049.58 UNITED STATES ALBERTO CULVER CO CL B COM 1,200.00 30,836.50 26.69 32,025.00 1,188.50 UNITED STATES ANHEUSER BUSCH COS INC COM 13,866.00 524,014.17 65.63 909,956.25 385,942.08 UNITED STATES AVON PRODS INC COM 7,424.00 168,399.55 44.25 328,512.00 160,112.45 UNITED STATES BALL CORP COM 900.00 24,055.50 45.75 41,175.00 17,119.50 UNITED STATES BESTFOODS COM 8,168.00 250,319.27 53.25 434,946.00 184,626.73 UNITED STATES BROWN FORMAN CORP CL B 2,200.00 104,053.50 75.69 166,512.50 62,459.00 UNITED STATES CAMPBELL SOUP CO COM 12,886.00 425,132.03 55.00 708,730.00 283,597.97 UNITED STATES CLOROX CO COM 3,324.00 109,463.75 116.81 388,284.75 278,821.00 UNITED STATES COCA COLA CO COM 70,210.00 3,221,132.60 66.88 4,695,293.75 1,474,161.15 UNITED STATES COCA COLA ENTERPRISES INC COM 11,100.00 329,027.90 35.75 396,825.00 67,797.10 UNITED STATES COLGATE PALMOLIVE CO 8,364.00 611,093.29 92.88 776,806.50 165,713.21 UNITED STATES CONAGRA INC COM 13,960.00 374,266.35 31.50 439,740.00 65,473.65 UNITED STATES COORS ADOLPH CO CL B 1,200.00 29,702.00 56.44 67,725.00 38,023.00 UNITED STATES CROWN CORK & SEAL INC COM 3,555.00 166,293.73 30.81 109,538.44 (56,755.29) UNITED STATES FORT JAMES CORP COM 6,136.00 228,464.00 40.00 245,440.00 16,976.00 UNITED STATES FRUIT OF THE LOOM INC CL A 1,800.00 49,536.10 13.81 24,862.50 (24,673.60) UNITED STATES GENERAL MLS INC COM 4,568.00 243,089.51 77.75 355,162.00 112,072.49 UNITED STATES GILLETTE CO COM 31,840.00 1,151,844.80 48.31 1,538,270.00 386,425.20 UNITED STATES HASBRO INC COM 3,522.00 128,601.08 36.13 127,232.25 (1,368.83) UNITED STATES HEINZ H J CO COM 10,389.00 359,062.88 56.63 588,277.13 229,214.25 UNITED STATES HERSHEY FOODS CORP 3,974.00 273,809.74 62.19 247,133.13 (26,676.61) UNITED STATES INTL FLAVORS & FRAGRANCES INC 3,000.00 137,591.30 44.19 132,562.50 (5,028.80) UNITED STATES KELLOGG CO COM 11,574.00 369,661.30 34.13 394,962.75 25,301.45 UNITED STATES KIMBERLY CLARK CORP COM 15,258.00 696,643.56 54.50 831,561.00 134,917.44 UNITED STATES LIZ CLAIBORNE INC COM 1,700.00 68,104.40 31.56 53,656.25 (14,448.15) UNITED STATES LOEWS CORP COM 3,200.00 307,670.30 98.25 314,400.00 6,729.70 UNITED STATES MATTEL INC COM 8,166.00 242,661.40 22.81 186,286.88 (56,374.52) UNITED STATES MORTON INTL INC IND NEW COM 3,414.00 98,819.97 24.50 83,643.00 (15,176.97) UNITED STATES NIKE INC CL B COM 8,148.00 326,332.20 40.56 330,503.25 4,171.05 UNITED STATES PEPSICO INC COM 41,986.00 1,075,143.42 40.94 1,718,801.88 643,658.46 UNITED STATES PHILIP MORRIS COS INC COM 69,347.00 2,107,333.63 53.50 3,710,064.50 1,602,730.87 UNITED STATES POLAROID CORP COM 900.00 34,055.80 18.69 16,818.75 (17,237.05)
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES PROCTER & GAMBLE CO COM 38,026.00 1,947,167.20 91.31 3,472,249.13 1,525,081.93 UNITED STATES QUAKER OATS CO COM 3,849.00 141,492.50 59.50 229,015.50 87,523.00 UNITED STATES RALSTON PURINA CO-RALSTON 8,583.00 302,103.34 32.38 277,874.63 (24,228.71) UNITED STATES REEBOK INTL LTD COM 1,300.00 40,313.70 14.88 19,337.50 (20,976.20) UNITED STATES RJR NABISCO HLDGS CORP COM NEW 9,300.00 240,417.00 29.69 276,093.75 35,676.75 UNITED STATES RUBBERMAID INC COM 4,200.00 100,340.40 31.44 132,037.50 31,697.10 UNITED STATES RUSSELL CORP 587.00 13,918.74 20.31 11,923.44 (1,995.30) UNITED STATES SARA LEE CORP 25,968.00 510,974.80 28.19 731,973.00 220,998.20 UNITED STATES SHERWIN WILLIAMS CO COM 4,944.00 109,268.80 29.38 145,230.00 35,961.20 UNITED STATES TRICON GLOBAL RESTAURANTS INC 4,368.00 119,959.22 50.13 218,946.00 98,986.78 UNITED STATES TUPPERWARE CORP COM 1,400.00 33,565.80 16.44 23,012.50 (10,553.30) UNITED STATES UST INC COM 5,310.00 158,478.10 34.88 185,186.25 26,708.15 UNITED STATES V F CORP COM 3,500.00 122,253.75 46.88 164,062.50 41,808.75 UNITED STATES WRIGLEY WM JR CO COM 3,211.00 203,236.73 89.56 287,585.19 84,348.46 UNITED STATES ALBERTSONS INC COM 7,265.00 252,038.05 63.69 462,689.69 210,651.64 UNITED STATES AMERICA ONLINE INC DEL COM 12,500.00 1,830,723.04 160.00 2,000,000.00 169,276.96 UNITED STATES AMERICAN GREETINGS CORP CL A 1,900.00 61,437.60 41.06 78,018.75 16,581.15 UNITED STATES AMERICAN STORES CO NEW COM 7,872.00 199,319.92 36.94 290,772.00 91,452.08 UNITED STATES AMERITECH CORP NEW COM 31,358.00 973,207.38 63.38 1,987,313.25 1,014,105.87 UNITED STATES AT&T CORP COM 51,447.00 2,221,886.00 75.25 3,871,386.75 1,649,500.75 UNITED STATES AUTOZONE INC COM 4,200.00 99,546.40 32.94 138,337.50 38,791.10 UNITED STATES BLOCK H & R INC COM 2,800.00 85,062.30 45.00 126,000.00 40,937.70 UNITED STATES BRUNSWICK CORP COM 2,600.00 65,389.60 24.75 64,350.00 (1,039.60) UNITED STATES CARNIVAL CORP COM 17,000.00 747,762.00 48.00 816,000.00 68,238.00 UNITED STATES CBS CORP COM 20,018.00 462,055.06 32.75 655,589.50 193,534.44 UNITED STATES CENDANT CORP COM 24,065.00 625,457.97 19.06 458,739.06 (166,718.91) UNITED STATES CIRCUIT CITY GROUP COM 3,100.00 117,462.10 49.94 154,806.25 37,344.15 UNITED STATES CLEAR CHANNEL COMMUNICATIONS 7,600.00 306,640.80 54.50 414,200.00 107,559.20 UNITED STATES COMCAST CORP CL A SPL 10,600.00 258,482.70 58.69 622,087.50 363,604.80 UNITED STATES CONSOLIDATED STORES CORP COM 2,900.00 119,340.20 20.19 58,543.75 (60,796.45) UNITED STATES COSTCO COS INC COM 6,231.00 261,339.55 72.19 449,800.31 188,460.76 UNITED STATES CVS CORP 11,200.00 345,771.05 55.00 616,000.00 270,228.95 UNITED STATES DARDEN RESTAURANTS INC 3,800.00 48,895.30 18.00 68,400.00 19,504.70 UNITED STATES DAYTON HUDSON CORP COM 12,622.00 361,495.83 54.25 684,743.50 323,247.67 UNITED STATES DELUXE CORP COM 2,097.00 61,573.05 36.56 76,671.56 15,098.51 UNITED STATES DILLARDS INC CL A COM 2,998.00 98,152.31 28.38 85,068.25 (13,084.06) UNITED STATES DISNEY WALT CO COM 58,315.00 1,281,658.33 30.00 1,749,450.00 467,791.67 UNITED STATES DOLLAR GEN CORP COM 5,250.00 184,940.25 23.63 124,031.25 (60,909.00) UNITED STATES DONNELLEY R R & SONS CO COM 3,611.00 116,343.85 43.81 158,206.94 41,863.09 UNITED STATES DOW JONES & CO INC COM 2,491.00 105,913.85 48.13 119,879.38 13,965.53 UNITED STATES EASTMAN KODAK CO COM 9,249.00 588,394.40 72.00 665,928.00 77,533.60
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES ECOLAB INC COM 3,534.00 78,097.85 36.19 127,886.63 49,788.78 UNITED STATES FEDERATED DEPT STORES INC DEL 5,600.00 187,681.10 43.56 243,950.00 56,268.90 UNITED STATES FORTUNE BRANDS INC COM 4,887.00 134,182.05 31.63 154,551.38 20,369.33 UNITED STATES GANNETT INC COM 7,976.00 499,588.46 66.19 527,911.50 28,323.04 UNITED STATES GAP INC COM 16,402.00 219,094.74 56.25 922,612.50 703,517.76 UNITED STATES GREAT ATLANTIC & PAC TEA INC 700.00 19,445.40 29.63 20,737.50 1,292.10 UNITED STATES HARCOURT GEN INC 2,246.00 90,205.45 53.19 119,459.13 29,253.68 UNITED STATES HARRAHS ENTMT INC COM 2,646.00 68,708.72 15.69 41,509.13 (27,199.59) UNITED STATES HILTON HOTELS CORP COM 7,407.00 135,166.95 19.13 141,658.88 6,491.93 UNITED STATES HOME DEPOT INC COM 44,358.00 980,705.32 61.19 2,714,155.13 1,733,449.81 UNITED STATES IKON OFFICE SOLUTIONS INC COM 3,684.00 124,932.47 8.56 31,544.25 (93,388.22) UNITED STATES IMS HEALTH INC COM 4,834.00 133,702.47 75.44 364,664.88 230,962.41 UNITED STATES INTERPUBLIC GROUP COS INC COM 3,959.00 132,027.74 79.75 315,730.25 183,702.51 UNITED STATES JOSTENS INC 700.00 16,476.60 26.19 18,331.25 1,854.65 UNITED STATES K MART CORP COM 13,950.00 174,042.35 15.31 213,609.38 39,567.03 UNITED STATES KING WORLD PRODTNS INC COM 1,900.00 50,265.80 29.44 55,931.25 5,665.45 UNITED STATES KNIGHT RIDDER INC 2,296.00 109,128.00 51.13 117,383.00 8,255.00 UNITED STATES KOHLS CORP COM 4,400.00 249,238.00 61.44 270,325.00 21,087.00 UNITED STATES KROGER CO COM 7,386.00 236,362.33 60.50 446,853.00 210,490.67 UNITED STATES LIMITED INC COM 6,272.00 112,293.78 29.13 182,672.00 70,378.22 UNITED STATES LONGS DRUG STORES CORP COM 1,228.00 32,728.80 37.50 46,050.00 13,321.20 UNITED STATES LOWES COS INC COM 9,966.00 287,576.31 51.19 510,134.63 222,558.32 UNITED STATES MARRIOTT INTL INC NEW CL A 7,172.00 123,584.57 29.00 207,988.00 84,403.43 UNITED STATES MAY DEPT STORES CO COM 6,863.00 264,131.40 60.38 414,353.63 150,222.23 UNITED STATES MCDONALDS CORP COM 19,215.00 787,927.03 76.63 1,472,349.38 684,422.35 UNITED STATES MCGRAW HILL COS INC COM 3,100.00 138,055.70 101.88 315,812.50 177,756.80 UNITED STATES MEDIAONE GROUP INC COM 17,040.00 354,616.55 47.00 800,880.00 446,263.45 UNITED STATES MEREDITH CORP COM 1,200.00 44,449.60 37.88 45,450.00 1,000.40 UNITED STATES MEYER FRED INC DEL NEW COM 4,400.00 205,652.20 60.25 265,100.00 59,447.80 UNITED STATES MIRAGE RESORTS INC COM 5,100.00 132,804.50 14.94 76,181.25 (56,623.25) UNITED STATES NATIONAL SVC INDS INC COM 900.00 33,243.00 38.00 34,200.00 957.00 UNITED STATES NEW YORK TIMES CO CL A 5,000.00 111,125.20 34.69 173,437.50 62,312.30 UNITED STATES NORDSTROM INC WASH COM 4,302.00 89,278.00 34.69 149,225.63 59,947.63 UNITED STATES OMNICOM GROUP INC COM 4,900.00 223,715.10 58.00 284,200.00 60,484.90 UNITED STATES PENNEY J C INC COM 7,272.00 468,645.04 46.88 340,875.00 (127,770.04) UNITED STATES PEP BOYS MANNY MOE & JACK COM 1,500.00 43,092.50 15.69 23,531.25 (19,561.25) UNITED STATES RITE AID CORP COM 7,300.00 124,096.90 49.56 361,806.25 237,709.35 UNITED STATES SAFEWAY INC NEW COM 14,000.00 684,287.79 60.94 853,125.00 168,837.21 UNITED STATES SEARS ROEBUCK & CO COM 10,762.00 455,932.29 42.50 457,385.00 1,452.71 UNITED STATES SERVICE CORP INTL COM 7,376.00 305,739.71 38.06 280,749.00 (24,990.71) UNITED STATES SPRINT CORP (FON GROUP) COM 12,362.00 474,838.90 84.13 1,039,953.25 565,114.35
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES STAPLES INC COM 9,000.00 255,937.50 43.69 393,187.50 137,250.00 UNITED STATES SUPERVALU INC COM 3,300.00 53,758.10 28.00 92,400.00 38,641.90 UNITED STATES SYSCO CORP COM 9,534.00 176,711.86 27.44 261,589.13 84,877.27 UNITED STATES TANDY CORP COM 2,818.00 64,127.25 41.19 116,066.38 51,939.13 UNITED STATES TELE COMMUNICATIONS INC NEW 15,547.00 315,419.13 55.31 859,943.44 544,524.31 UNITED STATES TIMES MIRROR CO NEW COM SER A 2,076.00 87,892.11 56.00 116,256.00 28,363.89 UNITED STATES TJX COS INC NEW COM 8,900.00 132,387.50 29.00 258,100.00 125,712.50 UNITED STATES TRIBUNE CO NEW COM 3,400.00 129,359.90 66.00 224,400.00 95,040.10 UNITED STATES VIACOM INC CL B 10,024.00 412,363.28 74.00 741,776.00 329,412.72 UNITED STATES WAL MART STORES INC COM 64,228.00 1,989,546.40 81.44 5,230,567.75 3,241,021.35 UNITED STATES WALGREEN CO 14,280.00 293,071.50 58.56 836,272.50 543,201.00 UNITED STATES WENDYS INTL INC COM 3,100.00 64,974.60 21.81 67,618.75 2,644.15 UNITED STATES WINN DIXIE STORES INC 4,150.00 125,919.05 44.88 186,231.25 60,312.20 UNITED STATES DUN & BRADSTREET CORP DEL 4,834.00 43,833.05 31.56 152,573.13 108,740.08 UNITED STATES ARCHER DANIELS MIDLAND CO COM 16,641.00 301,296.16 17.19 286,017.19 (15,278.97) UNITED STATES AEROQUIP-VICKERS INC COM 400.00 10,683.20 29.94 11,975.00 1,291.80 UNITED STATES BLACK & DECKER CORP COM 2,435.00 77,743.10 56.06 136,512.19 58,769.09 UNITED STATES COOPER TIRE & RUBR CO 1,964.00 42,387.58 20.44 40,139.25 (2,248.33) UNITED STATES CORNING INC COM 6,764.00 245,218.18 45.00 304,380.00 59,161.82 UNITED STATES FLEETWOOD ENTERPRISES INC COM 1,100.00 29,803.30 34.75 38,225.00 8,421.70 UNITED STATES FORD MTR CO DEL COM 34,562.00 836,277.44 58.69 2,028,357.38 1,192,079.94 UNITED STATES GENERAL INSTR CORP DEL COM 4,800.00 106,392.94 33.94 162,900.00 56,507.06 UNITED STATES GENERAL MTRS CORP COM 18,516.00 970,619.14 71.56 1,325,051.25 354,432.11 UNITED STATES GENUINE PARTS CO COM 5,189.00 150,217.02 33.44 173,507.19 23,290.17 UNITED STATES GOODYEAR TIRE & RUBR CO COM 4,427.00 202,704.88 50.44 223,286.81 20,581.93 UNITED STATES MASCO CORP COM 9,264.00 182,128.20 28.75 266,340.00 84,211.80 UNITED STATES MAYTAG CORP COM 2,595.00 43,066.93 62.25 161,538.75 118,471.82 UNITED STATES NEWELL CO COM 4,473.00 167,079.71 41.25 184,511.25 17,431.54 UNITED STATES PULTTE CORP COM 900.00 25,024.30 27.81 25,031.25 6.95 UNITED STATES SNAP ON INC COM 1,405.00 47,878.86 34.81 48,911.56 1,032.70 UNITED STATES SPRINGS INDS INC CL A 600.00 29,224.60 41.44 24,862.50 (4,362.10) UNITED STATES TOYS R US INC COM 6,982.00 200,525.40 16.88 117,821.25 (82,704.15) UNITED STATES WHIRLPOOL CORP COM 2,356.00 118,246.30 55.38 130,463.50 12,217.20 UNITED STATES AES CORP COM 4,900.00 178,948.00 47.38 232,137.50 53,189.50 UNITED STATES AMERADA HESS CORP COM 2,455.00 139,949.25 49.75 122,136.25 (17,813.00) UNITED STATES ANADARKO PETE CORP COM 3,300.00 112,998.90 30.88 101,887.50 (11,111.40) UNITED STATES APACHE CORP COM 2,300.00 82,190.30 25.31 58,218.75 (23,971.55) UNITED STATES ASHLAND INC 2,400.00 105,916.80 48.38 116,100.00 10,183.20 UNITED STATES ATLANTIC RICHFIELD CO COM 9,164.00 629,863.00 65.25 597,951.00 (31,912.00) UNITED STATES BAKER HUGHES INC COM 8,881.00 251,132.33 17.69 157,082.69 (94,049.64) UNITED STATES BURLINGTON RES INC COM 5,131.00 212,271.95 35.81 183,753.94 (28,518.01)
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES CHEVRON CORP COM 18,488.00 1,121,901.95 82.94 1,533,348.50 411,446.55 UNITED STATES COASTAL CORP COM 6,136.00 139,717.50 34.94 214,376.50 74,659.00 UNITED STATES EASTERN ENTERPRISES 600.00 21,062.00 43.75 26,250.00 5,188.00 UNITED STATES ENRON CORP COM 9,696.00 354,654.30 57.06 553,278.00 198,623.70 UNITED STATES EXXON CORP COM 69,214.00 3,274,364.85 73.13 5,061,273.75 1,786,908.90 UNITED STATES HALLIBURTON CO COM 12,592.00 397,997.61 29.63 373,038.00 (24,959.61) UNITED STATES HELMERICH & PAYNE INC COM 1,108.00 24,410.46 19.38 21,467.50 (2,942.96) UNITED STATES KERR MCGEE CORP 1,047.00 50,180.43 38.25 40,047.75 (10,132.68) UNITED STATES MCDERMOTT INTL INC COM 1,228.00 28,030.56 24.69 30,316.25 2,285.69 UNITED STATES MOBIL CORP COM 22,188.00 1,228,281.80 87.13 1,933,129.50 704,847.70 UNITED STATES OCCIDENTAL PETE CORP COM 9,661.00 231,231.85 16.88 163,029.38 (68,202.47) UNITED STATES ORYX ENERGY CO COM 2,800.00 52,949.80 13.44 37,625.00 (15,324.80) UNITED STATES PHILLIPS PETE CO COM 7,359.00 268,324.63 42.63 313,677.38 45,352.75 UNITED STATES ROWAN COS INC COM 2,200.00 46,588.10 10.00 22,000.00 (24,588.10) UNITED STATES SONAT INC COM 2,931.00 111,275.63 27.06 79,320.19 (31,955.44) UNITED STATES SUNOCO INC COM 2,500.00 85,381.90 36.06 90,156.25 4,774.35 UNITED STATES TEXACO INC COM 15,420.00 714,516.23 52.88 815,332.50 100,816.27 UNITED STATES UNION PAC RES GROUP INC COM 7,024.00 156,615.39 9.06 63,655.00 (92,960.39) UNITED STATES UNOCAL CORP COM 6,560.00 206,857.12 29.19 191,470.00 (15,387.12) UNITED STATES USX MARATHON GROUP NEW COM 8,830.00 197,427.50 30.13 266,003.75 68,576.25 UNITED STATES WILLIAMS COS INC COM 12,200.00 268,156.48 31.19 380,487.50 112,331.02 UNITED STATES TIME WARNER INC COM 35,252.00 933,875.80 62.06 2,187,827.25 1,253,951.45 UNITED STATES AMR CORP DEL COM 5,448.00 249,294.75 59.38 323,475.00 74,180.25 UNITED STATES BURLINGTON NORTH SANTA FE CORP 13,056.00 353,495.83 33.75 440,640.00 87,144.17 UNITED STATES CSX CORP COM 6,420.00 268,891.50 41.50 266,430.00 (2,461.50) UNITED STATES DELTA AIR LINES INC DEL COM 4,182.00 152,465.10 52.00 217,464.00 64,998.90 UNITED STATES FDX CORP COM 4,154.00 153,378.55 89.00 369,706.00 216,327.45 UNITED STATES NORFOLK SOUTHN CORP COM 10,820.00 279,724.05 31.69 342,858.75 63,134.70 UNITED STATES RYDER SYS INC COM 1,925.00 53,101.00 26.00 50,050.00 (3,051.00) UNITED STATES SOUTHWEST AIRLS CO COM 9,350.00 92,528.40 22.44 209,790.63 117,262.23 UNITED STATES UNION PAC CORP COM 6,777.00 391,453.19 45.06 305,388.56 (86,064.63) UNITED STATES US AIRWAYS GROUP INC COM 2,400.00 98,404.30 52.00 124,800.00 26,395.70 UNITED STATES ADOBE SYS INC DEL COM 1,800.00 80,625.20 46.75 84,150.00 3,524.80 UNITED STATES ADVANCED MICRO DEVICES INC COM 3,927.00 112,643.66 28.94 113,637.56 993.90 UNITED STATES AIRTOUCH COMMUNICATIONS INC 16,510.00 599,997.40 72.13 1,190,783.75 590,786.35 UNITED STATES AMP INC COM 6,466.00 257,227.20 52.06 336,636.13 79,408.93 UNITED STATES ANDREW CORP COM 2,300.00 86,255.70 16.50 37,950.00 (48,305.70) UNITED STATES APPLE COMPUTER INC 4,000.00 69,587.80 40.94 163,750.00 94,162.20 UNITED STATES APPLIED MATLS INC COM 10,500.00 258,819.10 42.69 448,218.75 189,399.65 UNITED STATES ASCEND COMMUNICATIONS INC COM 6,000.00 292,081.50 65.75 394,500.00 102,418.50 UNITED STATES AUTODESK INC COM 1,500.00 43,666.00 42.69 64,031.25 20,365.25
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES AUTOMATIC DATA PROCESSING INC 8,688.00 343,920.40 80.19 696,669.00 352,748.60 UNITED STATES BELL ATLANTIC CORP COM 44,140.00 1,407,006.46 53.00 2,339,420.00 932,413.54 UNITED STATES BELLSOUTH CORP COM 55,496.00 1,256,605.80 49.88 2,767,863.00 1,511,257.20 UNITED STATES BMC SOFTWARE INC COM 6,300.00 358,522.70 44.56 280,743.75 (77,778.95) UNITED STATES CABLETRON SYS INC COM 4,500.00 126,141.00 8.38 37,687.50 (88,453.50) UNITED STATES CERIDIAN CORP COM 2,000.00 92,321.40 69.81 139,625.00 47,303.60 UNITED STATES CISCO SYS INC COM 44,885.00 1,245,741.65 92.81 4,165,889.06 2,920,147.41 UNITED STATES COMPAQ COMPUTER CORP COM 48,331.00 988,456.69 41.94 2,026,881.31 1,038,424.62 UNITED STATES COMPUTER ASSOC INTL INC COM 15,399.00 476,507.73 42.63 656,382.38 179,874.65 UNITED STATES COMPUTER SCIENCES CORP COM 4,500.00 132,538.80 64.44 289,968.75 157,429.95 UNITED STATES DATA GEN CORP COM 1,000.00 22,382.90 16.44 16,437.50 (5,945.40) UNITED STATES DELL COMPUTER CORP COM 36,400.00 544,522.91 73.19 2,664,025.00 2,119,502.09 UNITED STATES EG & G INC 900.00 24,436.50 27.81 25,031.25 594.75 UNITED STATES ELECTRONIC DATA SYS CORP NEW 14,100.00 576,944.50 50.25 708,525.00 131,580.50 UNITED STATES EMC CORP MASS 14,400.00 288,670.10 85.00 1,224,000.00 935,329.90 UNITED STATES FIRST DATA CORP COM 12,212.00 430,760.57 31.69 386,967.75 (43,792.82) UNITED STATES FRONTIER CORP COM 4,600.00 115,936.00 34.00 156,400.00 40,464.00 UNITED STATES GATEWAY 2000 INC COM 4,400.00 236,051.10 51.19 225,225.00 (10,826.10) UNITED STATES HARRIS CORP DEL COM 2,006.00 74,072.93 36.63 73,469.75 (603.18) UNITED STATES HBO & CO COM 12,900.00 305,023.60 28.69 370,068.75 65,045.15 UNITED STATES HEWLETT PACKARD CO COM 29,604.00 1,381,372.30 68.31 2,022,323.25 640,950.95 UNITED STATES HONEYWELL INC COM 3,572.00 176,968.30 75.31 269,016.25 92,047.95 UNITED STATES IBM CORP COM 26,820.00 1,844,348.90 184.75 4,954,995.00 3,110,646.10 UNITED STATES INTEL CORP CALIF COM 47,824.00 1,998,094.05 118.56 5,670,133.00 3,672,038.95 UNITED STATES KLA TENCOR CORP 2,400.00 79,381.50 43.38 104,100.00 24,718.50 UNITED STATES LOCKHEED MARTIN CORP COM 5,612.00 548,805.24 84.75 475,617.00 (73,188.24) UNITED STATES LSI LOGIC CORP COM 4,000.00 103,718.60 16.13 64,500.00 (39,218.60) UNITED STATES LUCENT TECHNOLOGIES INC COM 37,768.00 1,326,624.38 110.00 4,154,480.00 2,827,855.62 UNITED STATES MCI WORLDCOM INC COM 52,167.00 1,677,612.41 71.75 3,742,982.25 2,065,369.84 UNITED STATES MICRON TECHNOLOGY INC COM 6,174.00 184,496.73 50.56 312,172.88 127,676.15 UNITED STATES MICROSOFT CORP COM 71,072.00 3,095,915.50 138.69 9,856,798.00 6,760,882.50 UNITED STATES MOTOROLA INC COM 17,220.00 1,064,083.15 61.06 1,051,496.25 (12,586.90) UNITED STATES NATIONAL SEMICONDUCTOR CORP 4,700.00 132,131.70 13.50 63,450.00 (68,681.70) UNITED STATES NEXTEL COMMUNICATIONS INC CL A 8,100.00 261,494.10 23.63 191,362.50 (70,131.60) UNITED STATES NOVELL INC 10,000.00 104,497.40 18.13 181,250.00 76,752.60 UNITED STATES ORACLE CORPORATION COM 27,598.00 698,354.86 43.13 1,190,163.75 491,808.89 UNITED STATES PARAMETRIC TECHNOLOGY CORP COM 7,600.00 168,506.70 16.38 124,450.00 (44,056.70) UNITED STATES PEOPLESOFT INC COM 6,500.00 157,215.50 18.94 123,093.75 (34,121.75) UNITED STATES PERKIN ELMER CORP COM 1,400.00 89,159.70 97.56 136,587.50 47,427.80 UNITED STATES PIONEER HI BRED INTL 6,900.00 168,196.39 27.00 186,300.00 18,103.61 UNITED STATES PITNEY BOWES INC COM 7,636.00 266,203.05 66.06 504,453.25 238,250.20
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES SBC COMMUNICATIONS INC COM 55,778.00 1,523,342.68 53.63 2,991,095.25 1,467,752.57 UNITED STATES SCIENTIFIC ATLANTA INC 1,900.00 37,525.80 22.81 43,343.75 5,817.95 UNITED STATES SEAGATE TECHNOLOGY COM 6,700.00 233,659.20 30.25 202,675.00 (30,984.20) UNITED STATES SHARED MED SYS CORP 800.00 41,214.00 49.88 39,900.00 (1,314.00) UNITED STATES SILICON GRAPHICS INC COM 5,090.00 96,666.90 12.88 65,533.75 (31,133.15) UNITED STATES SPRINT CORP PCS COM SER 1 11,581.00 147,140.44 23.13 267,810.63 120,670.19 UNITED STATES SUN MICROSYSTEMS INC COM 10,732.00 276,768.70 85.63 918,927.50 642,158.80 UNITED STATES TEKTRONIX INC COM 1,150.00 37,234.73 30.06 34,571.88 (2,662.85) UNITED STATES TELLABS INC COM 5,700.00 332,254.90 68.56 390,806.25 58,551.35 UNITED STATES TEXAS INSTRS INC COM 11,228.00 429,725.10 85.56 960,695.75 530,970.65 UNITED STATES UNISYS CORP 7,000.00 112,278.30 34.44 241,062.50 128,784.20 UNITED STATES UNITED TECHNOLOGIES CORP COM 6,442.00 425,145.95 108.75 700,567.50 275,421.55 UNITED STATES XEROX CORP COM 9,274.00 516,725.43 118.00 1,094,332.00 577,606.57 UNITED STATES 3COM CORP COM 10,300.00 412,803.30 44.81 461,568.75 48,765.45 UNITED STATES AIR PRODS & CHEMS INC COM 6,380.00 215,218.30 40.00 255,200.00 39,981.70 UNITED STATES ALLEGHENY TELEDYNE INC COM 5,300.00 127,106.60 20.44 108,318.75 (18,787.85) UNITED STATES ALLIED SIGNAL INC COM 16,098.00 551,128.75 44.31 713,342.63 162,213.88 UNITED STATES ALUMINUM CO AMER COM 5,550.00 311,697.98 74.56 413,821.88 102,123.90 UNITED STATES ASARCO INC 781.00 17,932.12 15.06 11,763.81 (6,168.31) UNITED STATES AVERY DENNISON CORP COM 3,238.00 125,569.85 45.06 145,912.38 20,342.53 UNITED STATES BATTLE MTN GOLD CO COM 6,200.00 46,389.80 4.13 25,575.00 (20,814.80) UNITED STATES BEMIS INC COM 1,200.00 47,686.60 37.94 45,525.00 (2,161.60) UNITED STATES BETHLEHEM STL CORP COM 3,600.00 39,816.10 8.38 30,150.00 (9,666.10) UNITED STATES BOISE CASCADE CORP COM 1,200.00 37,017.80 31.00 37,200.00 182.20 UNITED STATES BROWNING FERRIS INDS INC COM 4,711.00 149,751.45 28.44 133,969.06 (15,782.39) UNITED STATES CHAMPION INTL CORP COM 2,585.00 104,605.05 40.50 104,692.50 87.45 UNITED STATES CYPRUS AMAX MINERALS CO COM 2,397.00 62,225.08 10.00 23,970.00 (38,255.08) UNITED STATES DOW CHEM CO COM 6,267.00 442,798.53 90.94 569,905.31 127,106.78 UNITED STATES DU PONT E I DE NEMOURS & CO 32,274.00 1,532,461.55 53.06 1,712,539.13 180,077.58 UNITED STATES ENGELHARD CORP 4,000.00 83,423.90 19.50 78,000.00 (5,423.90) UNITED STATES FMC CORP NEW COM 1,200.00 84,849.00 56.00 67,200.00 (17,649.00) UNITED STATES FREEPORT MCMORAN COPPER B 4,300.00 112,280.20 10.44 44,881.25 (67,398.95) UNITED STATES GEORGIA PAC CORP COM 2,388.00 128,665.44 58.56 139,847.25 11,181.81 UNITED STATES GOODRICH B F CO 1,800.00 74,548.80 35.88 64,575.00 (9,973.80) UNITED STATES GRACE WR & CO DEL NEW COM 1,843.00 21,929.94 15.69 28,912.06 6,982.12 UNITED STATES GREAT LAKES CHEM CORP COM 1,400.00 58,026.11 40.00 56,000.00 (2,026.11) UNITED STATES HARNISCHFEGER INDS INC COM 1,100.00 32,197.00 10.19 11,206.25 (20,990.75) UNITED STATES HERCULES INC COM 2,676.00 120,870.80 27.38 73,255.50 (47,615.30) UNITED STATES HOMESTAKE MNG CO COM 6,400.00 79,871.60 9.19 58,800.00 (21,071.60) UNITED STATES INTERNATIONAL PAPER CO COM 8,610.00 350,293.88 44.81 385,835.63 35,541.75 UNITED STATES LOUISIANA PAC CORP COM 2,900.00 71,733.00 18.31 53,106.25 (18,626.75)
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES MEAD CORP COM 2,794.00 80,278.38 29.31 81,899.13 1,620.75 UNITED STATES MILACRON INC COM 700.00 14,520.40 19.25 13,475.00 (1,045.40) UNITED STATES MINNESOTA MNG & MFG CO COM 11,652.00 806,301.95 71.13 828,748.50 22,446.55 UNITED STATES MONSANTO CO COM 17,990.00 459,495.88 47.50 854,525.00 395,029.12 UNITED STATES NACCO INDS INC CL A 300.00 15,068.50 92.00 27,600.00 12,531.50 UNITED STATES NALCO CHEM CO COM 1,600.00 49,526.00 31.00 49,600.00 74.00 UNITED STATES NEWMONT MNG CORP COM 4,457.00 169,673.61 18.06 80,504.56 (89,169.05) UNITED STATES NUCOR CORP 2,246.00 112,230.80 43.25 97,139.50 (15,091.30) UNITED STATES OWENS ILL INC NEW 4,500.00 168,396.60 30.63 137,812.50 (30,584.10) UNITED STATES PHELPS DODGE CORP COM 1,462.00 99,375.45 50.88 74,379.25 (24,996.20) UNITED STATES POTLATCH CORP COM 886.00 41,082.62 36.88 32,671.25 (8,411.37) UNITED STATES PPG INDS INC COM 5,188.00 237,155.90 58.25 302,201.00 65,045.10 UNITED STATES PRAXAIR INC COM 4,487.00 150,727.68 35.25 158,166.75 7,439.07 UNITED STATES REYNOLDS METALS CO COM 1,800.00 105,411.00 52.69 94,837.50 (10,573.50) UNITED STATES ROHM & HAAS CO COM 4,500.00 142,644.00 30.13 135,562.50 (7,081.50) UNITED STATES SEALED AIR CORP NEW COM 2,155.00 85,134.74 51.06 110,039.69 24,904.95 UNITED STATES SIGMA ALDRICH CORP 2,600.00 67,683.02 29.38 76,375.00 8,691.98 UNITED STATES TEMPLE INLAND INC COM 1,800.00 91,970.80 59.31 106,762.50 14,791.70 UNITED STATES UNION CAMP CORP COM 2,156.00 106,762.80 67.50 145,530.00 38,767.20 UNITED STATES UNION CARBIDE CORP COM 3,887.00 126,346.00 42.50 165,197.50 38,851.50 UNITED STATES USX U S STL GROUP COM 2,198.00 60,401.50 23.00 50,554.00 (9,847.50) UNITED STATES VENATOR GROUP INC COM 3,700.00 71,881.00 6.44 23,818.75 (48,062.25) UNITED STATES WASTE MGMT INC DEL COM 16,412.00 781,329.84 46.63 765,209.50 (16,120.34) UNITED STATES WESTVACO CORP COM 2,700.00 75,460.35 26.81 72,393.75 (3,066.60) UNITED STATES WEYERHAEUSER CO COM 5,714.00 256,592.50 50.81 290,342.63 33,750.13 UNITED STATES WILLAMETTE INDS INC 3,000.00 99,216.00 33.50 100,500.00 1,284.00 UNITED STATES WORTHINGTON INDS INC COM 2,500.00 49,990.60 12.50 31,250.00 (18,740.60) UNITED STATES ARMSTRONG WORLD INDS INC COM 1,300.00 88,919.80 60.31 78,406.25 (10,513.55) UNITED STATES BOEING CO COM 28,564.00 941,859.71 32.63 931,900.50 (9,959.21) UNITED STATES BRIGGS & STRATTON CORP 800.00 37,616.10 49.88 39,900.00 2,283.90 UNITED STATES CASE CORP COM 1,900.00 94,200.50 21.81 41,443.75 (52,756.75) UNITED STATES CATERPILLAR INC 10,410.00 385,656.60 46.00 478,860.00 93,203.40 UNITED STATES CENTEX CORP COM 1,800.00 37,711.80 45.06 81,112.50 43,400.70 UNITED STATES COOPER INDS INC COM 2,837.00 120,518.65 47.69 135,289.44 14,770.79 UNITED STATES CRANE CO 1,600.00 49,969.60 30.19 48,300.00 (1,669.60) UNITED STATES CUMMINS ENGINE INC COM 1,200.00 58,574.00 35.50 42,600.00 (15,974.00) UNITED STATES DANA CORP 4,670.00 153,923.95 40.88 190,886.25 36,962.30 UNITED STATES DANAHER CORP COM 3,900.00 183,378.00 54.31 211,818.75 28,440.75 UNITED STATES DEERE & CO COM 6,446.00 308,403.00 33.13 213,523.75 (94,879.25) UNITED STATES DOVER CORP COM 6,108.00 123,156.35 36.63 223,705.50 100,549.15 UNITED STATES EATON CORP 2,009.00 112,802.13 70.69 142,011.19 29,209.06
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES EMERSON ELEC CO COM 12,696.00 557,557.60 60.50 768,108.00 210,550.40 UNITED STATES FLUOR CORP 2,121.00 124,023.75 42.56 90,275.06 (33,748.69) UNITED STATES FOSTER WHEELER CORP 800.00 14,759.90 13.19 10,550.00 (4,209.90) UNITED STATES GENERAL DYNAMICS CORP COM 3,500.00 116,985.00 58.63 205,187.50 88,202.50 UNITED STATES GENERAL ELEC CO COM 93,410.00 4,248,526.40 102.06 9,533,658.13 5,285,131.73 UNITED STATES GRAINGER W W INC COM 2,666.00 100,475.13 41.63 110,972.25 10,497.12 UNITED STATES ILLINOIS TOOL WKS INC COM 7,396.00 327,937.00 58.00 428,968.00 101,031.00 UNITED STATES INGERSOLL RAND CO 4,763.00 127,482.27 46.94 223,563.31 96,081.04 UNITED STATES ITT INDS INC IND COM 2,700.00 74,854.10 39.75 107,325.00 32,470.90 UNITED STATES JOHNSON CTLS INC COM 2,634.00 101,574.21 59.00 155,406.00 53,831.79 UNITED STATES KAUFMAN & BROAD HOME CORP COM 1,200.00 28,174.00 28.75 34,500.00 6,326.00 UNITED STATES NAVISTAR INTL CORP NEW COM 1,800.00 52,648.90 28.50 51,300.00 (1,348.90) UNITED STATES NORTHROP GRUMMAN CORP COM 2,100.00 158,598.30 73.13 153,562.50 (5,035.80) UNITED STATES OWENS CORNING COM 1,700.00 63,377.80 35.44 60,243.75 (3,134.05) UNITED STATES PACCAR INC 2,104.00 87,284.80 41.13 86,527.00 (757.80) UNITED STATES PALL CORP COM 3,493.00 73,432.50 25.31 88,416.56 14,984.06 UNITED STATES PARKER HANNIFIN CORP COM 3,049.00 72,619.75 32.75 99,854.75 27,235.00 UNITED STATES RAYCHEM CORP COM 2,300.00 79,001.00 32.31 74,318.75 (4,682.25) UNITED STATES RAYTHEON CO CL B 9,704.00 428,452.10 53.25 516,738.00 88,285.90 UNITED STATES ROCKWELL INTL CORP NEW COM 5,606.00 239,790.49 48.56 272,241.38 32,450.89 UNITED STATES STANLEY WKS 2,300.00 81,332.80 27.75 63,825.00 (17,507.80) UNITED STATES TENNECO INC NEW COM 4,491.00 182,123.06 34.06 152,974.69 (29,148.37) UNITED STATES TEXTRON INC COM 4,698.00 179,986.93 75.94 356,754.38 176,767.45 UNITED STATES THERMO ELECTRON CORP COM 4,200.00 149,965.40 16.94 71,137.50 (78,827.90) UNITED STATES THOMAS & BETTS CORP COM 1,700.00 75,802.80 43.31 73,631.25 (2,171.55) UNITED STATES TIMKEN CO 1,500.00 47,739.95 18.88 28,312.50 (19,427.45) UNITED STATES TRW INC 3,440.00 152,116.30 56.19 193,285.00 41,168.70 UNITED STATES ALLTEL CORP 7,749.00 291,750.38 59.81 463,487.06 171,736.68 UNITED STATES AMEREN CORP 3,900.00 154,915.90 42.69 166,481.25 11,565.35 UNITED STATES AMERICAN ELEC PWR INC COM 5,478.00 221,188.10 47.06 257,808.38 36,620.28 UNITED STATES BALTIMORE GAS & ELEC CO COM 4,152.00 113,898.24 30.88 128,193.00 14,294.76 UNITED STATES CAROLINA PWR & LT CO COM 4,266.00 142,970.65 47.06 200,768.63 57,797.98 UNITED STATES CENTRAL & SOUTH WEST CORP COM 5,656.00 133,134.70 27.44 155,186.50 22,051.80 UNITED STATES CINERGY CORP COM 4,417.00 137,614.33 34.38 151,834.38 14,220.05 UNITED STATES COLUMBIA ENERGY GROUP COM 2,200.00 90,418.39 57.75 127,050.00 36,631.61 UNITED STATES CONSOLIDATED EDISON INC COM 6,427.00 204,961.35 52.88 339,827.63 134,866.28 UNITED STATES CONSOLIDATED NAT GAS CO COM 2,974.00 136,553.80 54.00 160,596.00 24,042.20 UNITED STATES DOMINION RES INC VA COM 5,382.00 207,086.35 46.75 251,608.50 44,522.15 UNITED STATES DTE ENERGY CO COM 4,014.00 114,928.60 42.88 172,100.25 57,171.65 UNITED STATES DUKE ENERGY CORP COM 10,351.00 447,185.37 64.06 663,110.94 215,925.57 UNITED STATES EDISON INTL COM 10,026.00 195,533.05 27.88 279,474.75 83,941.70
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Market Market Unrealized Country Name Description Units Cost Price Value Gain Loss - ------------ ----------- ------ ----- ------ ------ --------- UNITED STATES ENTERGY CORP NEW COM 7,088.00 179,926.10 31.13 220,614.00 40,687.90 UNITED STATES FIRSTENERGY CORP COM 6,390.00 157,661.80 32.56 208,074.38 50,412.58 UNITED STATES FPL GROUP INC COM 5,283.00 216,406.88 61.63 325,564.88 109,158.00 UNITED STATES GPU INC COM 3,800.00 136,289.30 44.19 167,912.50 31,623.20 UNITED STATES GTE CORP COM 27,393.00 1,161,393.68 65.00 1,780,545.00 619,151.32 UNITED STATES HOUSTON INDS INC COM 7,958.00 168,667.63 32.13 255,650.75 86,983.12 UNITED STATES NEW CENTURY ENERGIES INC COM 3,200.00 156,064.00 48.75 156,000.00 (64.00) UNITED STATES NIAGARA MOHAWK PWR CORP COM 4,900.00 56,592.30 16.13 79,012.50 22,420.20 UNITED STATES NICOR INC COM 1,500.00 42,467.50 42.25 63,375.00 20,907.50 UNITED STATES NORTHERN STS PWR CO MINN COM 4,200.00 100,441.15 27.75 116,550.00 16,108.85 UNITED STATES ONEOK INC NEW COM 878.00 24,123.46 36.13 31,717.75 7,594.29 UNITED STATES P P & L RESOURCES INC COM 4,200.00 98,387.40 27.88 117,075.00 18,687.60 UNITED STATES PACIFICORP COM 8,334.00 170,085.20 21.06 175,534.88 5,449.68 UNITED STATES PECO ENERGY CO COM 6,521.00 165,466.05 41.63 271,436.63 105,970.58 UNITED STATES PEOPLES ENERGY CORP ILL COM 1,100.00 38,597.00 39.88 43,862.50 5,265.50 UNITED STATES PG&E CORP COM 10,881.00 295,490.95 31.50 342,751.50 47,260.55 UNITED STATES PUBLIC SVC ENTERPRISE GROUP 6,320.00 179,666.40 40.00 252,800.00 73,133.60 UNITED STATES SEMPRA ENERGY COM 6,559.00 164,617.71 25.38 166,434.63 1,816.92 UNITED STATES SOUTHERN CO COM 19,552.00 431,661.70 29.06 568,230.00 136,568.30 UNITED STATES TEXAS UTILS CO COM 7,910.00 300,095.32 46.69 369,298.13 69,202.81 UNITED STATES U S WEST INC NEW COM 14,468.00 440,371.52 64.63 934,994.50 494,622.98 UNITED STATES UNICOM CORP COM 6,337.00 166,874.20 38.56 244,370.56 77,496.36 UNITED STATES EASTMAN CHEM CO COM 1,996.00 106,641.80 44.75 89,321.00 (17,320.80) DIVIDENDS RECEIVABLE -- 304,498.84 1.00 304,498.84 -- --------------------------------------------------------------- $175,055,152.14 $285,779,812.63 $110,724,660.49 Reconciling Items: Deposit in Transit 82,350.00 82,350.00 Other Miscellaneous Items 26,096.00 26,096.00 ----------------- ------------------ 175,163,598.14 285,888,258.63
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Pooled Separate Account Managed by Dwight Asset Management Group Asset Listing December 31, 1998 12/31/98 12/31/98 Original Current 12/31/98 12/31/98 Purchase Moody's/S&P Principal Accrued Market Face Amt Face Amt Bond Coupon Price Yield Price Rating Value Interest Value - ---------------------------------------------------------------------------------------------------------------------------------- CMBS - Conduit 6,000,000 5,971,231 CSFB 5.960% 100.406250 5.92% 100.766 Aaa AAA 5,995,488.85 19,771.41 6,015,260.26 98-C2 A1 - ---------------------------------------------------------------------------------------------------------------------------------- Asset Backed 8,000,000 8,000,000 EQCC 6.560% 101.328125 6.16% 102.016 Aaa AAA 8,106,250.00 23,324.44 8,129,574.44 96-1 A4 - ---------------------------------------------------------------------------------------------------------------------------------- Cash 0 CASH 0.000% 100.000000 100.000 Aaa AAA 0.00 0.00 0.00 - ---------------------------------------------------------------------------------------------------------------------------------- 14,000,000 13,971,231 6.06% Aaa AAA 14,101,738,85 43,095.85 14,144,834.70 ==================================================================================================================================
-38- State Street Research and Management Portfolio December 31, 1998 BONDS
U S Government Shares/ Market Total % Total % Par Value Security Coupon Maturity Pice Book Value Market Market Income Yield --------- -------- ------ -------- ---- ---------- ------ ------ ------ ----- U S Treasury 2,625,000 U S Treasury Bond 12 8/15/2013-08 152.672 3,813,708 4,007,640 1.6 315,000 5.03 6,200,000 U S Treasury Bond 8.75 5/15/2017 139.109 8,155,644 8,624,758 3.4 542,500 5.37 3,050,000 U S Treasury Bond 8.5 2/15/2020 138.656 3,979,546 4,229,008 1.7 259,250 5.41 6,850,000 U S Treasury Bond 6.875 8/15/2025 121.203 7,764,553 8,302,406 3.3 470,938 5.37 14,600,000 U S Treasury Bond 6.625 2/15/2027 118.281 16,648,648 17,269,026 6.9 967,250 5.36 2,509,377 U S Treasury Inflation Indexed Note 3.625 4/15/2028 97 2,452,411 2,434,096 1 90,965 3.8 2,225,000 U S Treasury Note 7.875 11/15/2004 115.859 2,597,596 2,577,863 1 175,219 4.75 2,950,000 U S Treasury Note 6.625 5/15/2007 112.453 3,342,723 3,317,364 1.3 195,438 4.8 ---------- ---------- ---- --------- Total U S Treasury 48,754,828 50,762,160 20.2 3,016,559 U S Treasury Zero Coupon 9,125,000 U S Tsy Strip 0 5/15/2003 81.588 6,662,071 7,444,905 3 0 4.71 U S Tsy Strip 0 5/15/2007 66.684 5,900,289 6,384,993 2.5 0 4.9 ---------- ---------- ---- --- Total U S Treasury Zero Coupon 12,562,360 13,829,898 5.5 0 U S Agency 7,500,000 FHLMC Reference Note 5.125 10/15/2008 99.047 7,332,450 7,428,525 3 384,375 5.25 1,425,000 Federal National Mtg Assoc Deb 7.875 2/24/2005 113.453 1,624,013 1,616,705 0.6 112,219 5.28 2,500,000 Federal National Mtg Assoc Benchmark 6 5/15/2008 105.562 2,704,800 2,639,050 1.1 150,000 5.24 1,200,017 Guaranteed Export Trust Nts Ser 95-A 6.28 6/15/2000-04 102.47 1,200,018 1,229,658 0.5 75,361 4.51 776,486 Guaranteed Export Trust Nts Ser 95-B 6.13 6/15/2000-04 102.47 776,486 795,665 0.3 47,599 5.19 ---------- ---------- ---- --------- Total U S Agency 13,637,766 13,709,604 5.5 769,553 U S Agency Mortgage 719,207 Fed Home Ln Mtg Gold PC# A01588 9 6/01/2017 105.403 773,935 758,066 0.3 64,729 6.76 2,035,000 FNMA (GNMA) REMIC G93-26-PJ PAC 6.5 2/25/2004-21 101.375 1,916,716 2,062,981 0.8 132,275 6.16 598,599 Fed Natl Mtg Assoc FHA-VA PT# 3218 7.75 9/01/2008 102.445 600,470 613,235 0.2 46,391 6.23 5,075,000 Fed Natl Mtg Assoc (Feb) TBA 6 2/11/2029 98.563 5,021,078 5,002,047 2 304,500 6.1 10,125,000 Fed Natl Mtg Assoc (Jan) TBA 6 1/14/2029 98.563 9,974,254 9,979,453 4 607,500 6.1 800,000 FNMA Dwarf 15 Yr (Feb) TBA 6 2/18/2014 100.156 801,125 801,250 0.3 48,000 5.98 1,699,630 Fed Natl Mtg Assoc 20 Yr PT# 303888 7.5 5/01/2016 103.237 1,730,701 1,754,647 0.7 127,472 6.68 2,075,834 FNMA Dwarf 15 Yr # 313839 6.5 11/01/2012 101.406 2,103,080 2,105,020 0.8 134,929 6.34 4,917,196 FNMA Dwarf 15 Yr # 313958 6.5 1/01/2013 101.406 4,993,644 4,986,333 2 319,618 6.35
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Shares/ Market Total % Total % Par Value Security Coupon Maturity Pice Book Value Market Market Income Yield --------- -------- ------ -------- ---- ---------- ------ ------ ------ ----- 7,953,347 Fed Natl Mtg Assoc PT# 323422 6.5 11/01/2028 100.656 7,954,590 8,005,521 3.2 516,968 6.45 726,279 Fed Natl Mtg Assoc PT# 398197 6.5 1/01/2028 100.656 731,273 731,044 0.3 47,208 6.39 1,001,022 Fed Natl Mtg Assoc PT# 433686 6.5 11/01/2028 100.656 1,007,905 1,007,590 0.4 65,066 6.4 989,636 Fed Natl Mtg Assoc PT# 433694 6.5 11/01/2028 100.656 996,440 996,129 0.4 64,326 6.4 3,440,260 Fed Natl Mtg Assoc PT# 434908 6.5 9/01/2028 100.656 3,440,798 3,462,828 1.4 223,617 6.45 1,002,585 Fed Natl Mtg Assoc PT# 440698 6.5 11/01/2028 100.656 1,009,479 1,009,163 0.4 65,168 6.45 1,009,068 Fed Natl Mtg Assoc PT# 440718 6.5 11/01/2028 100.656 1,016,006 1,015,688 0.4 65,589 6.45 1,003,174 Fed Natl Mtg Assoc PT# 444478 6.5 10/01/2028 100.656 1,010,071 1,009,755 0.4 65,206 6.4 1,000,821 Fed Natl Mtg Assoc PT# 452026 6.5 11/01/2028 100.656 1,007,702 1,007,386 0.4 65,053 6.45 995,095 Fed Natl Mtg Assoc PT# 452037 6.5 11/01/2028 100.656 1,001,937 1,001,624 0.4 64,681 6.45 767,606 GNMA Midget 15 YR # 389593 6.5 7/15/2009 102 719,871 782,959 0.3 49,894 5.94 1,516,936 GNMA Midget 15 Yr # 389922 7.5 6/15/2009 103.031 1,548,461 1,562,915 0.6 113,770 6.38 681,368 GNMA Midget 15 Yr # 780303 6.5 2/15/2009 101.822 686,479 693,783 0.3 44,289 6.25 1,530,802 GNMA Midget 15 Yr # 780462 7.5 6/15/2009 103.062 1,559,027 1,577,676 0.6 114,810 6.31 1,516,942 GNMA Midget 15 Yr # 780316 6.5 7/15/2009 101.822 1,529,742 1,544,581 0.6 98,601 6.26 1,250,055 GNMA Midget 15 Yr # 780419 7.5 12/15/2009 103.031 1,273,396 1,287,944 0.5 93,754 6.38 583,857 Govt Natl Mtge Assoc Mod PT# 780058 7 1/15/2025 102.343 527,023 597,537 0.2 40,870 6.81 9,303,521 Govt Natl Mtge Assoc Mod PT# 780896 7 11/15/2028 102.312 9,501,948 9,518,619 3.8 651,247 6.82 6,435,000 Govt Natl Mtge Assoc Mod PT# 780912 6.5 11/15/2028 101 6,460,137 6,499,350 2.6 418,275 6.42 ----------- ----------- ---- --------- Total U S Agency Mortgage 70,897,286 71,375,126 28.5 4,653,809 Total U S Government 145,852,240 149,676,788 59.7 8,439,921 Yankee 2,600,000 Junta De Andalucia Note 6.75 10/15/2017 107.287 2,590,120 2,789,462 1.1 175,500 6.09 2,500,000 Hellenic Republic of Greece Sr Note 6.95 3/04/2008 108.251 2,622,875 2,706,263 1.1 173,750 5.78 1,350,000 Province Of Manitoba Note 5.5 10/01/2008 101.12 1,341,387 1,365,120 0.5 74,250 5.35 ----------- ----------- ---- --------- Total Yankee 6,554,382 6,860,845 2.7 423,500 U S Corporate Bank 1,225,000 Advanta Master Trust 1996-A Al 6 11/15/2003-05 101.437 1,223,086 1,242,603 0.5 73,500 5.66 1,925,000 Capital One Bank Sr Note 6.15 6/01/2001 98.516 1,930,429 1,896,433 0.8 118,388 6.82 5,000,000 Chase Manhattan Master Trust 97-2 A 6.3 8/15/2000 101.468 4,998,438 5,073,400 2 315,000 5.41 5,200,000 MBNA Master Credit Card Tr 11 1998-J 5.25 10/15/2003 99.156 5,189,236 5,156,128 2.1 273,000 5.45 3,100,000 MBNA Corp MT Note 6.12 8/13/2001 98.965 3,122,785 3,067,915 1.2 189,720 6.55 1,225,000 Prime Credit Card Master Tr 1996-IA 6.7 5/15/2001 102.718 1,221,842 1,258,296 0.5 82,075 5.46 ----------- ----------- ---- --------- Total Bank 17,685,815 17,694,774 7.1 1,051,683 Finance 2,450,000 AT&T Capital Corp 7.5 11/15/2000 101.478 2,451,274 2,486,211 1 183,750 6.64 2,250,000 Associates Corp of N A Sr Note 5.6 1/15/2001 100.389 2,137,860 2,258,753 0.9 126,000 5.39 2,100,000 Associates Corp NA Note 6.75 7/15/2001 103.088 2,081,919 2,164,848 0.9 141,750 5.43 2,425,000 Discover Card Master Trust 1998-7 A 5.6 11/15/2003-03 100.438 2,423,484 2,435,609 1 135,800 5.49 1,925,000 General Electric Cap Corp MT Note 6.15 11/05/2001 102.628 1,951,642 1,975,589 0.8 118,388 5.14 2,500,000 Household Finance Co MT Note 5.875 9/25/2004 100.107 2,500,000 2,502,675 1 146,875 5.85 2,500,000 LA County CA Taxable (MBIA) Ser 94-D 6.73 6/30/2004 105.576 2,500,000 2,639,400 1.1 168,250 5.54 1,125,000 NJ Econ Dev Authority (MBIA) 7.425 2/15/2029 114.639 1,276,583 1,289,689 0.5 83,531 6.33
-40-
Shares/ Market Total % Total % Par Value Security Coupon Maturity Pice Book Value Market Market Income Yield --------- -------- ------ -------- ---- ---------- ------ ------ ------ ----- 2,500,000 Norwest Financial Inc Note 6.1 10/01/2000 101.142 2,494,600 2,528,550 1 152,500 5.4 5,100,000 Pacificorp Aust AMBAC 144A Note 6.15 1/15/2008 102.786 5,081,589 5,242,086 2.1 313,650 5.75 2,011,530 Railcar Leasing 1997-1 A 1 144A SEQ 6.75 7/15/2002-06 103.219 1,983,086 2,076,278 0.8 135,778 5.73 700,000 Sears Credit Acct Master Tr II 95-2 8.1 6/15/2000-04 102.562 699,016 717,934 0.3 56,700 6.23 2,600,000 Sears Credit Acct Master tr 98-2A 5.25 12/15/2003-04 98.75 2,575,467 2,567,500 1 136,500 5.54 1,275,000 Sears Credit Acct Master Tr II 97-1 6.2 7/15/2002-07 101.687 1,263,924 1,296,509 0.5 79,050 5.67 ----------- ---------- ---- --------- Total Finance 31,420,443 32,181,630 12.8 1,978,522 Mortgage 2,225,000 CS First Boston Mtg Sec 97-C2 A2 SEQ 6.52 7/17/2005-07 103.219 2,235,777 2,296,618 0.9 145,070 5.92 1,656,288 DMARC Commercial Mtge 98-C1 A1 6.22 9/15/2003-07 101.313 1,663,643 1,678,035 0.7 103,021 5.91 SEQ 1,192,238 GMAC Comm Mtge Corp 97-C2 A1 SEQ 6.451 12/15/2003-04 102.563 1,198,200 1,222,793 0.5 76,911 5.85 3,726,412 GMAC Comm Mtge Corp 98-C1 A1 SEQ 6.411 11/15/2003-07 102.298 3,760,774 3,812,026 1.5 238,900 5.86 1,204,378 Lehman Commercial Mtge 98-C1 A1 SEQ 6.33 11/18/2002-04 101.781 1,210,753 1,225,832 0.5 76,237 5.81 1,225,000 Lehman Commercial Mtge 98-C4 A1A 5.87 8/15/2003-06 100.198 1,231,201 1,227,419 0.5 71,908 5.82 SEQ 1,804,919 Pru Home Mtg Series 93-45 A-2 TAC 6.75 11/25/2001-08 100.062 1,788,351 1,806,039 0.7 121,832 6.72 1,312,743 Pru Home Mtg Series 94-15 A-7 6.8 5/25/2001-24 100.625 1,309,256 1,320,948 0.5 89,267 6.13 2,434,253 Lehman Commercial Mtge 97-LLI A1 6.79 6/12/2002-04 103.5 2,468,209 2,519,452 1 165,286 5.66 ----------- ---------- ---- --------- SEQ Total Mortgage 16,866,163 17,109,163 6.8 1,088,432 Industrial 3,000,000 Cargill, Inc. 144A Senior Note 7.375 10/01/2025 106.25 2,983,800 3,187,500 1.3 221,250 6.86 2,944,000 Chevron Corp Prof Sharing Amort Nt 8.11 12/01/2001-04 108.294 3,157,164 3,188,175 1.3 238,758 5.02 2,750,000 Coca-Cola Enterprise Deb 5.75 11/01/2008 98.207 2,742,548 2,700,693 1.1 158,125 5.99 1,350,000 News America Holdings Note 6.625 1/09/2008 102.902 1,348,286 1,389,177 0.6 89,438 6.2 850,000 News America, Inc Deb 7.25 5/18/2018 102.168 845,903 868,428 0.3 61,625 7.04 575,000 News America, Inc Deb 7.125 4/08/2028 99.776 556,157 573,712 0.2 40,969 7.14 ----------- ---------- ---- --------- Total Industrial 11,633,857 11,907,685 4.7 810,165 Electric Utility 2,175,000 PG&E-1 Rate Reduction Certs A-6 6.32 9/25/2003-05 102.895 2,232,724 2,237,955 0.9 137,460 5.61 1,400,000 PG&E-1 Rate Reduction Certs A-7 6.42 9/25/2005-08 103.843 1,421,000 1,453,802 0.6 89,880 5.72 2,375,000 SDE-1 Rate Reduction Certs A-6 6.31 9/25/2008 103.312 2,469,907 2,453,660 1 149,863 5.86 ----------- ---------- ---- --------- Total Electric Utility 6,123,631 6,145,417 2.5 377,203 Telephone 2,700,000 U.S. West Capital Funding Bond 6.125 7/15/2002 102.085 2,796,633 2,756,295 1.1 165,375 5.47 2,700,000 Worldcom, Inc Sr Note 6.125 8/15/2001 101.598 2,697,192 2,743,146 1.1 165,375 5.46 ----------- ---------- ---- --------- Total Telephone 5,493,825 5,499,441 2.2 330,750 Total U S Corporate 89,223,734 90,538,111 36.1 5,636,753 ----------- ---------- ---- --------- TOTAL BONDS 241,630,356 247,075,744 98.5 14,500,175 5.76
-41-
Shares/ Market Total % Total % Par Value Security Coupon Maturity Pice Book Value Market Market Income Yield --------- -------- ------ -------- ---- ---------- ------ ------ ------ ----- SHORT TERM OBLIGATIONS 8,000,000 American Express Credit Corp IBN 5.8 1/06/1999 100 8,000,000 8,000,000 3.2 470,448 5.88 9,566,522 State Street Bank Govt STIF 100 9,566,523 9,566,523 3.8 516,009 5.39 ---------- ---------- ------- TOTAL SHORT TERM OBLIGATIONS 17,566,523 17,566,523 7 986,457 5.62 ACCOUNT SUMMARY Total Securities 259,196,879 264,642,267 105.5 15,486,631 Cash -16,503,847 -16,503,847 -6.6 Income Accruals 2,623,905 2,623,905 1 ----------- ----------- - Total Assets 245,316,937 250,762,325 100 15,486,631 *THE PORTFOLIO YIELD IS THE AVERAGE OF YIELD TO MATURITY ON BONDS AND BOND EQUIVALENT YIELD TO MATURITY ON SHORT TERM OBLIGATIONS ADJUSTED FOR TRADE CASH. THE CURRENT YIELD ON THE PORTFOLIO IS 5.90%. THE YIELD FIGURES FOR BONDS ARE YIELDS TO MATURITY. THE YIELD FIGURES FOR SHORT-TERM OBLIGATIONS ARE BOND-EQUIVALENT YIELDS TO MATURITY. NUMBERS MAY NOT ADD TO TOTALS DUE TO ROUNDING.
G/Stein5/112 -42- CHAMPION INTERNATIONAL CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES #158 FEIN: 13-1427390 FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997 TOGETHER WITH AUDITORS' REPORT Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Table of Contents
Page(s) ----------- Report of Independent Public Accountants 1-2 Statement of Net Assets Available for Benefits as of 3 December 31, 1998 Statement of Net Assets Available for Benefits as of 4 December 31, 1997 Statement of Changes in Net Assets Available for Benefits 5-6 for the Year Ended December 31, 1998 Notes to Financial Statements - 7-14 December 31, 1998 and 1997 Schedule I - Item 27 (a) Schedule of Assets Held for Investment 15-20 Purposes - December 31, 1998 Schedule II - Item 27 (d) Schedule of Reportable Transactions for 21-22 the Year Ended December 31, 1998 Schedule III - Certification of Receipt of Annual Statement of Assets 23-41 And Liabilities of Commingled Trust Funds - Supplement to Item 27(a) - Schedule of Assets Held for Investment Purposes
Report of Independent Public Accountants ---------------------------------------- To the Board of Directors and the Pension and Employee Benefits Committee of Champion International Corporation: We have audited the accompanying statements of net assets available for benefits of the CHAMPION INTERNATIONAL CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES #158 as of December 31, 1998 and 1997 and the related statement of changes in net assets available for benefits for the year ended December 31, 1998. These financial statements and the schedules referred to below are the responsibility of the Plan Administrator. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. 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 the Plan Administrator, 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, 1998 and 1997, and the changes in net assets available for benefits for the year ended December 31, 1998, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 31, 1998 and reportable transactions for the year ended December 31, 1998 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are 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 fund 1 information in the statements of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have 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 financial statements taken as a whole. As explained in the notes thereto, information certified by the trustee and presented in the schedules of investments and reportable transactions does not disclose the historical cost of certain investments. Disclosure of this information is required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. /s/ ARTHUR ANDERSEN LLP Cincinnati, Ohio May 24, 1999 2 Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Statement of Net Assets Available for Benefits As of December 31, 1998
Company Directed Participant Directed ------------------ --------------------------------------------- S&P 500 Company Company Stable Index Stock Fund Stock Fund Value Fund Fund ------------- ------------- ------------ --------- INVESTMENTS (Notes 1, 2, 3 & 4): Common Stock, Champion International Corporation $ 18,989,125 $ 3,243,350 $ -- $ -- Master Trust 3,971,054 -- -- -- Stock Funds -- -- -- 47,382,805 Fixed Income Investment Contracts -- -- 23,960,488 -- Synthetic Investment Contracts -- -- 45,936,192 -- Cash and Short Term Investments 359,885 61,468 2,788,271 -- Loans Receivable From Participants -- -- -- -- ------------- ------------- ------------- -------------- 23,320,064 3,304,818 72,684,951 47,382,805 ------------- ------------- ------------- -------------- RECEIVABLES (PAYABLES): Accrued Interest and Dividends 24,852 4,245 10,289 -- Pending Transactions (3,098) (529) (4,504) (1,434) ------------- ------------- ------------- -------------- 21,754 3,716 5,785 (1,434) ------------- ------------- ------------- -------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 23,341,818 $ 3,308,534 $ 72,690,736 $ 47,381,371 ============= ============= ============= ============== Participant Directed --------------------------------------------- Small Int'l Employee Company Equities Loan Index Fund Index Fund Fund Total ------------ ------------ -------- --------- Common Stock, Champion International Corporation $ -- $ -- $ -- $ 22,232,475 Master Trust -- -- -- 3,971,054 Stock Funds 8,113,036 4,366,510 -- 59,862,351 Fixed Income Investment Contracts -- -- -- 23,960,488 Synthetic Investment Contracts -- -- -- 45,936,192 Cash and Short Term Investments 24 2 -- 3,209,650 Loans Receivable From Participants -- -- 10,415,975 10,415,975 ------------ ------------ ----------- --------------- 8,113,060 4,366,512 10,415,975 169,588,185 ------------ ------------ ----------- --------------- RECEIVABLES (PAYABLES): Accrued Interest and Dividends -- -- -- 39,386 Pending Transactions (589) (205) -- (10,359) ------------ ------------ ----------- --------------- (589) (205) -- 29,027 ------------ ------------ ----------- --------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $ 8,112,471 $ 4,366,307 $ 10,415,975 $ 169,617,212 ============ ============ =========== ===============
The accompanying notes to financial statements are an integral part of these statements. 3 Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Statement of Net Assets Available for Benefits As of December 31, 1997
Company Directed Participant Directed ------------------ --------------------------------------------- S&P 500 Company Company Stable Index Stock Fund Stock Fund Value Fund Fund ------------- ------------- ------------ --------- INVESTMENTS (Notes 1, 2, 3 & 4): Common Stock, Champion International Corporation $ 21,779,775 $ 1,115,183 $ -- $ -- Master Trust 4,677,576 -- -- -- Stock Funds -- -- -- 35,205,572 Fixed Income Investment Contracts -- -- 24,862,887 -- Synthetic Investment Contract -- -- 51,295,087 -- Cash and Short Term Investments 828,182 -- 2,327,644 -- Loans Receivable From Participants -- -- -- -- ------------- ------------- ------------- ------------- 27,285,533 1,115,183 78,485,618 35,205,572 ------------- ------------- ------------- ------------- RECEIVABLES (PAYABLES): Accrued Interest and Dividends 24,911 -- -- -- Pending Transactions (309,516) -- -- -- ------------- ------------- ------------- ------------- (284,605) -- -- -- ------------- ------------- ------------- ------------- DUE TO CHAMPION INTERNATIONAL CORPORATION SAVINGS (272,356) -- (1,388,774) (363,078) PLAN #077 (Note 7) ------------- ------------- ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS $ 26,728,572 $ 1,115,183 $ 77,096,844 $ 34,842,494 ============= ============= ============= ============= Participant Directed --------------------------------------------- Small Int'l Employee Company Equities Loan Index Fund Index Fund Fund Total ------------ ------------ -------- --------- INVESTMENTS (Notes 1, 2, 3 & 4): Common Stock, Champion International Corporation $ -- $ -- $ -- $ 22,894,958 Master Trust -- -- -- 4,677,576 Stock Funds 7,681,685 3,449,836 -- 46,337,093 Fixed Income Investment Contracts -- -- -- 24,862,887 Synthetic Investment Contract -- -- -- 51,295,087 Cash and Short Term Investments 24 2 -- 3,155,852 Loans Receivable From Participants -- -- 12,466,841 12,466,841 ------------- ------------- ------------- ------------- 7,681,709 3,449,838 12,466,841 165,690,294 ------------- ------------- ------------- ------------- RECEIVABLES (PAYABLES): Accrued Interest and Dividends -- -- -- 24,911 Pending Transactions -- -- -- (309,516) ------------- ------------- ------------- ------------- -- -- -- (284,605) ------------- ------------- ------------- ------------- DUE TO CHAMPION INTERNATIONAL CORPORATION SAVINGS (4,554) (3,591) -- (2,032,353) PLAN #077 (Note 7) ------------- ------------- ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS $ 7,677,155 $ 3,446,247 $ 12,466,841 $ 163,373,336 ============= ============= ============= =============
The accompanying notes to financial statements are an integral part of these statements. 4 Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Statement of Changes in Net Assets Available for Benefits For the Year Ended December 31, 1998
Company Directed Participant Directed ------------------ --------------------------------------------- S&P 500 Company Company Stable Index Stock Fund Stock Fund Value Fund Fund ------------- ------------- ------------ ----------- CONTRIBUTIONS (Note 1): Company $ 5,457,559 $ -- $ -- $ -- Employees -- 185,374 13,082,056 9,186,863 -------------- ----------- ------------- ------------ 5,457,559 185,374 13,082,056 9,186,863 -------------- ----------- ------------- ------------ INVESTMENT INCOME (LOSS) (Notes 1, 2, 3 & 4): Dividends and Interest 120,407 13,206 5,529,408 -- Net Realized and Unrealized Gain on Investments (3,492,988) 321,646 -- 10,285,735 Master Trust (444,301) -- -- -- -------------- ----------- ------------- ------------ (3,816,882) 334,852 5,529,408 10,285,735 -------------- ----------- ------------- ------------ WITHDRAWALS (Note 8): Company Contributions (1,806,226) -- -- -- Employee Contributions -- (32,059) (7,257,660) (2,071,484) Master Trust (260,992) -- -- -- -------------- ----------- ------------- ------------ (2,067,218) (32,059) (7,257,660) (2,071,484) -------------- ----------- ------------- ------------ CONTRIBUTIONS AND INVESTMENT INCOME OVER (UNDER) (426,541) 488,167 11,353,804 17,401,114 WITHDRAWALS -------------- ----------- ------------- ------------ TRANSFER (TO) FROM OTHER PLANS : Newsprint System Divestiture (Note 8) (2,651,634) (75,318) (15,249,107) (4,727,761) Fort James Company (Note 9) -- -- 594,271 -- Champion International Corporation Savings Plan #077, (95,611) (9,906) 96,053 (381,974) less prior year accrual (Note 7) -------------- ----------- ------------- ------------ (2,747,245) (85,224) (14,558,783) (5,109,735) -------------- ----------- ------------- ------------ TRANSFER BETWEEN FUNDS (212,968) 1,790,408 (1,201,129) 247,498 NET ASSETS AVAILABLE FOR BENEFITS Beginning of Year 26,728,572 1,115,183 77,096,844 34,842,494 -------------- ----------- ------------- ------------ NET ASSETS AVAILABLE FOR BENEFITS End of Year $ 23,341,818 $3,308,534 $ 72,690,736 $ 47,381,371 ============== =========== ============= ============ Participant Directed --------------------------------------------- Small Int'l Employee Company Equities Loan Index Fund Index Fund Fund Total ------------ ------------ -------- --------- CONTRIBUTIONS (Note 1): Company $ -- $ -- $ -- $ 5,457,559 Employees 1,999,171 980,663 -- 25,434,127 ------------- ------------- ------------ ------------- 1,999,171 980,663 -- 30,891,686 ------------- ------------- ------------ ------------- INVESTMENT INCOME (LOSS) (Notes 1, 2, 3 & 4): Dividends and Interest -- -- 1,115,201 6,778,222 Net Realized and Unrealized Gain on Investments 543,215 690,650 -- 8,348,258 Master Trust -- -- -- (444,301) ------------- ------------- ------------ ------------- 543,215 690,650 1,115,201 14,682,179 ------------- ------------- ------------ ------------- WITHDRAWALS (Note 8): Company Contributions -- -- -- (1,806,226) Employee Contributions (400,451) (284,943) (488,163) (10,534,760) Master Trust -- -- -- (260,992) ------------- ------------- ------------ ------------- (400,451) (284,943) (488,163) (12,601,978) ------------- ------------- ------------ ------------- CONTRIBUTIONS AND INVESTMENT INCOME OVER (UNDER) 2,141,935 1,386,370 627,038 32,971,887 WITHDRAWALS ------------- ------------- ------------ ------------- TRANSFER (TO) FROM OTHER PLANS : Newsprint System Divestiture (Note 8) (744,733) (370,892) (3,118,990) (26,938,435) Fort James Company (Note 9) -- -- 42,030 636,301 Champion International Corporation Savings Plan #077, (24,421) (10,018) -- (425,877) less prior year accrual (Note 7) ------------- ------------- ------------ ------------- (769,154) (380,910) (3,076,960) (26,728,011) ------------- ------------- ------------ ------------- TRANSFER BETWEEN FUNDS (937,465) (85,400) 399,056 -- NET ASSETS AVAILABLE FOR BENEFITS Beginning of Year 7,677,155 3,446,247 12,466,841 163,373,336 ------------- ------------- ------------ ------------- NET ASSETS AVAILABLE FOR BENEFITS End of Year $ 8,112,471 $ 4,366,307 $ 10,415,975 $ 169,617,212 ============= ============= ============ =============
The accompanying notes to financial statements 5 are an integral part of these statements. 6 Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Notes to Financial Statements December 31, 1998 and 1997 (1) Plan Description- ---------------- The following description of the Champion International Corporation Savings Plan for Hourly Employees #158 (the Plan) provides only general information. Reference should be made to the Plan agreement for a more complete description of the Plan's provisions. The Plan, which became effective on January 1, 1989, is a contributory savings plan available to hourly employees of Champion International Corporation (the Company). The Plan includes a 401(k) savings option allowing participants to contribute before-tax compensation as well as after- tax compensation. Participants may contribute up to a maximum of 16% (22% effective January 1, 1999) of their compensation, subject to certain limitations. Qualified participant contributions are invested in either the Company Common Stock Fund, Stable Value Fund, the S&P 500 Index Fund, the Small Company Index Fund, or the International Equities Index Fund, at the participants' discretion. Earnings for the funds are based upon the performance of the funds' underlying assets. The Company matches the participants' contributions to the Plan up to a certain amount per year as specified in the applicable collective bargaining arrangement. Company contributions are invested in the Company's common stock. Participants vest in the Company contribution based upon years of service with the Company. Participants are permitted to borrow against their account balances and their vested portions of the Company stock fund contributions. The terms and conditions of these loans are established to be in compliance with applicable laws and regulations. The interest rate charged to participants in 1998 and 1997 was prime at origination plus 1%. Principal and interest are paid ratably through monthly payroll deductions. 7 Effective June 30, 1995, Champion International Corporation Stock Ownership Plan #078 (Plan #078) was merged into the Champion International Corporation Savings Plan #077 (Plan #077) and the Champion International Corporation Savings Plan for Hourly Employees #158, as applicable. The net assets of Plan #078 were transferred to a Master Trust for which State Street Bank and Trust Company now acts as trustee. Assets of the Master Trust consist of shares of the Company's common stock, the valuation of which is based on market prices. Benefit payments are credited and charged directly to each plan. Investment income of the Master Trust, which includes dividend income and realized and unrealized gains and losses, is allocated to each plan by the trustee based upon the Master Trust units of participation held by each Plan. As of December 31, 1998 and 1997, the Plan's investment approximated 65% of the assets held in the Master Trust. The Plan is administered by the Company through the Pension and Employee Benefits Committee (PEBC) and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Certain investment management expenses are paid by the Plan while other administrative expenses are paid by the Company and are not included in the accompanying financial statements. The Plan's trustee is State Street Bank and Trust Company. ADP Administrative Solutions Group (formerly known as William Mercer, Inc.) performs certain administrative and record keeping functions of the Plan. Participants have the ability to initiate transactions directly impacting their account balances over the telephone. Such transactions are posted to participants' accounts on a daily basis at the applicable investment fund's net asset value as reported by the trustee. J.P. Morgan/American Century Retirement Plan Services were appointed Trustee and participant account record keeper effective July 1, 1999. (2) Significant Accounting Policies- ------------------------------- (a) Investment Valuation and Income Recognition--Cash and cash equivalents ------------------------------------------- are stated at cost which approximates market value. The Company's common stock is valued at the closing market price at yearend. Investments in the fixed income investment contracts and synthetic investment contracts are valued at contract ("book") value, defined as the sum of contributions less withdrawals plus credited interest. Commingled funds are stated at market value as determined by the trustee. Loans receivable from participants are valued at cost which approximates fair value. Realized and unrealized valuation gains and losses are reflected currently in the statements of changes in net assets available for benefits. 8 (b) Basis of Accounting--The Plan uses the accrual basis of accounting. ------------------- (c) Payment of Benefits--Benefits are recorded when paid. ------------------- (d) Use of Estimates--The preparation of financial statements in ---------------- conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the financial statements. Actual results could differ from those estimates. (e) Reclassifications--Certain amounts in the 1997 financial statements ----------------- have been reclassified to conform with the 1998 presentation. (3) Investments- ----------- The following summarizes the nature of the underlying assets which comprise the investment portfolio of the Plan's Company Stock Fund, Stable Value Fund, S&P 500 Index Fund, Small Company Index Fund, and International Equities Index Fund:
Investment Fund Investment Underlying Assets - ------------------- ------------------------- -------------------------- Company Stock Common Stock Champion International Fund Corporation Common Stock Stable Value Fund Fixed Income Investment Pool of investment contracts Contracts issued by a diversified list of insurance companies Synthetic Investment Portfolio of investment grade fixed Contract - Separate income securities, including but Account not limited to, U.S. Treasuries, U.S. Government Agency notes and mortgages, corporate securities, asset-backed securities, Canadian Yankees and cash equivalents S&P 500 Index Commingled Fund Common stocks of large Fund companies in a wide variety of industries (managed by Metropolitan Life Insurance Company)
9
Investment Fund Investment Underlying Assets - ------------------- ------------------------- -------------------------- Small Company Commingled Fund Common stocks of small U.S. Index Fund companies in a wide variety of industries (managed by Barclays Global Investors, N.A.) International Commingled Fund Common stocks of primarily Equities Index established, medium to large Fund companies based in economically developed countries outside of the U.S. (managed by Barclays Global Investors, N.A.)
A summary of the Plan's investments (excluding cash and short term investments and participant loans) follows:
Carrying Value at December 31, ---------------------------------- 1998 1997 ----------------- ---------------- Common Stock, Champion International Corporation $22,232,475 $22,894,958 ================= ================ Master Trust $ 3,971,054 $ 4,677,576 ================= ================ Stable Value Funds: Fixed Income Investment Contracts- Metropolitan Life Insurance Company 8.30%, 55% of the balance maturing $ 3,137,797 on 12/15/98, 65% of the remaining $ 6,438,488 balance maturing on 12/15/99 and the remainder of the balance maturing on 12/15/00
10 John Hancock Mutual Life Insurance Company 8.30%, 43% maturing on 12/15/98; 3,974,467 6,438,366 50% maturing on 7/1/99 and the remainder of the contract maturing on 6/30/00 Providian Capital Management 6.83%, maturing on 6/30/01 6,977,383 4,100,495 Principal Mutual Life Insurance Company 6.83% maturing on 12/31/01 2,429,855 2,274,506 New York Life Insurance Company 6.84%, maturing 9/30/01 2,430,198 2,274,614 6%, maturing 7/1/98 - 3,336,418 Transamerica Occidental Life Insurance 5,010,788 - Company, interest rate equal to the ------------- ------------- CMT Rate reset quarterly (4.94% at December 31, 1998), maturing 6/15/03 $23,960,488 $24,862,887 ------------- ------------- Synthetic Investment Contract - Fair 50,332,360 53,813,121 Value Less: Excess of Separate Account over (4,396,168) (2,518,034) Contract Value ------------- ------------- Synthetic Investment Contract - 45,936,192 51,295,087 Contract Value ------------- ------------- $69,896,680 $76,157,974 ============= ============= Stock Funds: Metropolitan Life Insurance Company S&P 500 Commingled Fund $47,382,805 $35,205,572 Barclays Global Investors, N.A. Extended Equity Market Fund K 8,113,036 7,681,685 EAFE Equity Index Fund K 4,366,510 3,449,836 ------------- ------------- $59,862,351 $46,337,093 ============= =============
11 The Plan's investments include approximately $24.0 million and $24.9 million of fixed income investment contracts with various insurance companies, which have been reported at contract value as of December 31, 1998 and 1997, respectively. The insurance companies credit the Plan's account with contributions and earnings on the underlying investments and charge the Plan for withdrawals and administrative expenses. In some cases, limitations on the liquidity guarantees can be imposed in the event of plan amendments, mergers, sales, plan termination, layoff or other employer- initiated events. The fair value of these investment contracts was estimated to be approximately $24.7 million and $25.5 million at December 31, 1998 and 1997, respectively. The fair value of the Plan's investment contracts was estimated by the Company using a discounted cash flow analysis with an assumed, average discount rate of 5.14% and 6.25% at December 31, 1998 and 1997, respectively. The average yield for these contracts during 1998 was approximately 7.30% while the crediting interest rates ranged from 4.94% to 8.30% at December 31, 1998 and from 6.66% to 8.30% at December 31, 1997. Effective January 3, 1994, the Company entered into a group annuity contract with Metropolitan Life Insurance Company (MetLife) on behalf of the Plan. Effective October 1, 1998, the Company terminated its group annuity contract with MetLife and entered into similar "synthetic" investment contracts with CDC Capital Inc. (CDC) and State Street Bank and Trust Company (SSB). Among other things, both the previous contract with MetLife and the current contracts with CDC and SSB required that a Separate Account, consisting of a portfolio of diversified investment grade fixed income securities, be maintained on behalf of the Plan and the Champion International Savings Plan #077. The fair market value of the portfolio of investments, at any point in time, represents the market value of the Separate Account. At December 31, 1998 and 1997, the Plan's interest in the Separate Account had a fair market value of approximately $50.3 million and $53.8 million, respectively. The book value of the synthetic investment contract(s), at any point in time, represents the amount deposited into the Separate Account on behalf of the Plan, plus interest credited, at rates established by the contract holder minus any withdrawals and transfers out of the fund. Under the MetLife contract, interest rates were reset every six months. Interest was credited at a rate of 7.14% and 7.16% during the periods January 1, 1998 through June 30, 1998 and July 1, 1998 through September 30, 1998, respectively. Under the CDC and SSB contracts, interest rates are reset quarterly and interest was credited at a rate of 7.205% for the period October 1, 1998 through December 31, 1998. The book values of the contract(s) are guaranteed by the contract holder (subject to certain restrictions on amounts withdrawn as a result of employer-initiated events) and totaled $45,936,192 and $51,295,087 at December 31, 1998 and 1997, respectively. The fair market value of the Plan's interest in the Separate Account exceeded the contracts' book value by approximately $4.4 million and $2.5 million at December 31, 1998 12 and 1997, respectively, and the difference is reflected in the preceding investment summary as "Excess of Separate Account Over Contract Value". (4) Priorities Upon Termination of the Plan- --------------------------------------- Upon termination of the Plan, participants become fully vested in their individual accounts. (5) Forfeited Accounts- ------------------ At December 31, 1998 and 1997, forfeited nonvested accounts totaled approximately $6,000 and $7,000, respectively. These accounts will be used to reduce future Company contributions. During 1998, Company contributions were reduced by approximately $28,000 as a result of forfeited nonvested accounts. (6) Tax Exempt Status- ----------------- The Plan, as amended and restated through July 1, 1994, has received a favorable determination letter from the Internal Revenue Service dated January 11, 1999. A tax determination request has not been filed for the most recent plan amendments. The plan administrator believes that the Plan was designed and is being operated in compliance with the applicable requirements of the Internal Revenue Code (IRC). Therefore, the plan administrator believes that the Plan is a qualified plan under the IRC and the related trust is tax exempt as of December 31, 1998 and for the year then ended. (7) Transfers Between Champion International Corporation Plans- ---------------------------------------------------------- The Company transfers participant account balances and the related assets between the Plan and Plan #077 for participants who have changed employment (i.e., hourly or salaried) status. In conjunction therewith, certain participant account transfers, totaling approximately $2 million were in process at December 31, 1997 and are reflected in the accompanying Statement of Net Assets Available for Benefits as "Due to Champion International Corporation Savings Plan #077". (8) Restructuring and Divestiture Program- ------------------------------------- On October 7, 1997, the Company approved a program to maximize total shareholder return by focusing on strategic businesses, increasing profitability and improving financial discipline. As part of this program, the Company announced its intention to divest several non-strategic product segments. These product segments include the newsprint, recycling, coated and uncoated groundwood specialty papers, premium papers, specialty uncoated papers, and liquid 13 packaging and bleached board businesses. Also to be divested are 325,000 acres of timberlands. Additionally, the Company has announced plans to reduce its worldwide workforce in the businesses remaining after the divestitures by 11%, or approximately 2,000 positions, by the end of 1999. On June 1, 1998 the Company announced that the divestiture of its newsprint mills in Sheldon and Lufkin, Texas along with three recycling centers (i.e. collectively the Newsprint System) had been completed. In accordance with an asset purchase agreement between Champion International Corporation and Donohue, Inc. dated as of March 21, 1998 (the Purchase Agreement), Selected Employees, as defined in the Purchase Agreement, were fully vested in their account balances as of the closing date. Assets totaling $26.9 million were transferred to the successor plan for the Newsprint System during 1998. On March 29, 1999, the Company announced an agreement to sell its mill in North Carolina, an extruding and converting facility in Waynesville, North Carolina and its DairyPak liquid packaging business. Additionally, on May 13, 1999, the Company announced an agreement to sell its groundwood mill in Deferiet, New York. In accordance with the applicable purchase agreements, the Company anticipates that certain employees at these locations will also be fully vested in their account balances. Participant withdrawals may result from the aforementioned restructuring program and divestiture agreements. (9) Acquisition From Fort James Corporation- --------------------------------------- In connection with an asset purchase agreement by and among Fort James Operating Company (a division of Fort James Corporation, formerly James River Corporation of Virginia), Diamond Occidental Forest, Inc., and Champion International Corporation dated October 24, 1997, assets totaling approximately $0.6 million were transferred from the Fort James Corporation Stock Plus Investment Plan to the Plan during 1998. 14 Schedule I Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes Company Stock Fund December 31, 1998 Identity of Issuer/ Shares/ Current Asset Description Par Value Cost Value - --------------------------------------------- ----------- -------- --------- * State Street Bank and Trust Company, Government Short Term Investment Fund 421,353 421,353 421,353 ========== ========== * Champion International Corporation, Common Stock 548,950 20,714,288 22,232,475 ========== ========== *Represents a transaction with a Party-in-Interest 15 Schedule I Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes Stable Value Fund December 31, 1998
Identity of Issuer/ Shares/ Cost Current Asset Description Par Value ---------- Value - ---------------------------------------------------------- ------------- ----------- Fixed Income Investment Contracts: Metropolitan Life Insurance Company -- GAC 13944, 8.30%, 65% of the balance maturing on 12/15/99 and the remainder of the balance maturing on 12/15/00 $3,137,797 $3,137.797 John Hancock Mutual Life Insurance Company -- GAC 7561, 8.30%, 50% of the balance maturing on 7/1/99 and the remainder of the contract maturing on 6/30/00 3,974,467 3,974,467 Providian Capital Management -- Contract BDA00731FR, 6.83%, maturing 6/30/01 6,977,383 6,977,383 Principal Mutual Life Insurance Company -- GAC 4-28880-2, 6.83%, maturing 12/31/01 2,429,855 2,429,855 New York Life Insurance Company -- GAC 6346-003, 6.84%, maturing 9/30/01 2,430,198 2,430,198 Transamerica Occidental Life Insurance Company Contract 51530, interest rate equal to the 10 year CMT rate, reset quarterly, 4.94% at 12/31/98 maturing on June 15, 2003 5,010,788 5,010,788 ----------- ----------- Synthetic Investment Contracts $23,960,488 $23,960,988 =========== =========== Fair Value of Separate Account (A) $50,332,360 Less: Excess of Fair Value over Contract Value (4,396,168) ----------- Contract Value 45,936,192 =========== Cash and Short Term Investments: * State Street Bank and Trust Company -- Government Short Term Investment Fund 2,788,271 $ 2,788,271 $ 2,788,271 =========== ===========
(A) Cost of investments information is, on a plan by plan basis, not furnished to the Plan by the asset managers. * Represents a transaction with a Party-in-Interest 16 Schedule I Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes S&P 500 Index Fund December 31, 1998
Identity of Issuer/ Shares/ Cost Current Asset Description Par Value ---------- Value - ----------------------------------------------------------- ----------- ----------- Metropolitan Life Insurance Company, 167,969 (A) 47,382,805 S&P 500 Commingled Fund
(A) Cost of investments information is not furnished, on a plan by plan basis, by Metropolitan Life Insurance Company. 17 Schedule I Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes Small Company Index Fund December 31, 1998
Identity of Issuer/ Shares/ Cost Current Asset Description Par Value ---------- Value - ----------------------------------------------------------- ----------- ----------- Barclays Global Investors, N.A., Extended Equity Market Fund K 397,095 6,494,820 8,113,036 ========== =========== Barclays Global Investors, N.A., Money Market Fund, Employee Benefit Trust 24 24 24 ========== ===========
18 Schedule I Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes International Equities Index Fund December 31, 1998
Identity of Issuer/ Shares/ Cost Current Asset Description Par Value ---------- Value - ----------------------------------------------------------- ----------- ----------- Barclays Global Investors, N.A., EAFE Equity Index Fund K 286,413 3,733,034 4,366,510 ========== =========== Barclays Global Investors, N.A., Money Market Fund, Employee Benefit Trust 2 2 2 ========== ===========
19 Schedule I Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Item 27 (a) - Schedule of Assets Held For Investment Purposes Employee Loan Fund December 31, 1998
Identity of Issuer/ Shares/ Current Asset Description Par Value Cost Value - ----------------------------------------------------------- ----------- ---------- ----------- * Participant Loans, interest at Prime + 1% at origination (interest rates on loans ranged from 7.25% to 10.0% at December 31, 1998), secured by applicable participants' vested accrued benefits - 10,415,975 10,415,975 ========== ===========
* Represents a transaction with a Party-in-Interest 20 Schedule II Page 1 of 2 Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Item 27 (d) - Schedule of Reportable Transactions For the Year Ended December 31, 1998
Number Expense Incurred Of Purchase Selling With Cost of Net Gain Description of Assets Transactions Price (A) Price (A) Transactions Asset or (Loss) - ------------------------------------------ ------------ ---------- ------------- ---------------- ----------- ----------- Caisse des Depots Investment Contract 1022 3 27,293,825 - - 27,293,825 - Investment Contract 1022 1 - 7,156,511 - 7,156,511 - Investment Contract 1022-02 1 2,709,257 - - 2,709,257 - Investment Contract 1022-02 1 - 5,530 - 5,530 - Metropolitan Life Insurance Company Investment Contract 13944 12 531,166 - - 531,166 - Investment Contract 13944 1 - 3,820,870 - 3,820,870 - Investment Contract 13625/001 13 5,342,622 - - 5,342,622 - Investment Contract 13625/001 2 - 56,342,632 - 56,342,632 - MetLife S&P 500 Commingled Fund 404 18,487,629 - - 18,487,629 - MetLife S&P 500 Commingled Fund 450 - 16,611,953 - 12,537,067 4,074,886 State Street Bank Investment Contract 98205 3 27,297,664 - - 27,297,664 - Investment Contract 98205 1 - 7,156,511 - 7,156,511 - Investment Contract 98277 1 2,709,257 - - 2,709,257 - Investment Contract 98277 1 - 5,530 - 5,530 - Government Short Term Investment Fund 250 43,741,472 - - 43,741,472 - Government Short Term Investment Fund 237 - 43,687,675 - 43,687,675 -
21 Schedule II Page 2 of 2 Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Item 27 (d) - Schedule of Reportable Transactions For the Year Ended December 31, 1998
Number Expense Incurred Of Purchase Selling With Cost of Net Gain Description of Assets Transactions Price (A) Price (A) Transactions Asset or (Loss) - ------------------------------------------ ------------ ---------- ------------- ---------------- ---------- ---------- Champion International Corporation Common Stock 15 6,109,637 - - 6,109,637 - Champion International Corporaton Common Stock 21 - 3,600,774 - 3,982,362 (381,588)
(A) The current value of all assets acquired or disposed of, at the time of acquisition or disposition, is equal to the purchase price or selling price, respectively. 22 Schedule III Champion International Corporation Savings Plan for Hourly Employees #158 FEIN: 13-1427390 Certification of Receipt of Annual Statement of Assets And Liabilities of Commingled Trust Funds Supplement to Item 27(a) - Schedule of Assets Held for Investment Purposes In accordance with 29 CFR 2520.103-9, the Pension and Employee Benefits Committee (PEBC) of Champion International Corporation hereby certifies that subject savings plan (the Plan) is in receipt of the most recent annual statement of assets and liabilities of the collective trust funds in which the Plan has an investment. In addition, a notice has been received by the PEBC from State Street Bank and Trust Company informing the Plan that the proper procedure will be followed in filing a copy of the most recent annual statement of assets and liabilities of State Street Bank and Trust Company Government Short Term Investment Fund, in which the Plan has an investment, with the Department of Labor. The Employer Identification Number of the fund is 04-0025081 and the filing will be made for the year ended December 31, 1998. At December 31, 1998, the Plan had an investment in MetLife Separate Account 197, a pooled Separate Account of the Metropolitan Life Insurance Company (MetLife). The asset listing for Separate Account 197 (S&P 500 Index Fund) as of December 31, 1998 is included herein, as no separate filing of the most recent statement of assets and liabilities of the Separate Account had been made by MetLife with the Department of Labor. At December 31, 1998 the Plan had an investment in two synthetic investment contracts, the underlying assets of which consist of pooled Separate Accounts managed by Dwight Asset Management and State Street Research and Management Company. The asset listings for these pooled investment accounts, as of December 31, 1998, are included herein, as no separate filing of the most recent statements of assets and liabilities had been made by the asset managers. At December 31, 1998, the Plan had investments in the Extended Equity Market Fund K, the EAFE Equity Index Fund K, and the Money Market Fund, common, collective funds of Barclays Global Investors, N.A. (Barclays). A notice has been received by the Plan 23 that the proper procedures have been followed in filing a copy of the most recent statement of assets and liabilities of Barclays common collective funds, in which the Plan had investments, with the Department of Labor. The employer identification numbers of the common collective funds are 94-3199860 (Extended Equity Market Fund K), 94-3199859 (EAFE Equity Index Fund K), and 94-6450621 (Money Market Fund), and the filings were made as on or before the date upon which the annual report is required to be filed with the Department of Labor. The Plan's investment in all such funds is included in the accompanying Schedule of Assets Held for Investment Purposes. 24 Schedule III Champion International Corporation Savings Plan for Hourly Employees #158 Fein: 13-1427390 MetLife Separate Account 197 Asset Listing December 31, 1998
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- CASH - 1,917,795.52 1.00 1,917,795.52 - RECEIVABLE FOR INVESTMENTS SOLD - 1,515,905.65 1.00 1,515,905.65 - PAYABLE FOR INVESTMENTS PURCHASED - (1,830,723.04) 1.00 (1,830,723.04) - UNITED STATES METLIFE SHORT TERM INVESTMENT 0.10 0.10 1.00 0.10 - BERMUDA TYCO INTL LTD NEW COM 18,201.00 772,928.65 75.44 1,373,037.94 600,109.29 CANADA SEAGRAM LTD COM 10,917.00 407,914.44 38.00 414,846.00 6,931.56 CANADA LAIDLAW INC COM 9,300.00 99,554.70 10.06 93,581.25 (5,973.45) CANADA NORTHERN TELECOM LTD 18,712.00 777,441.28 50.13 937,939.00 160,497.72 CANADA ALCAN ALUM LTD 6,185.00 202,065.23 27.06 167,381.56 (34,683.67) CANADA BARRICK GOLD CORP 10,243.00 244,041.43 19.50 199,738.50 (44,302.93) CANADA INCO LTD COM 4,262.00 130,557.55 10.56 45,017.38 (85,540.17) CANADA PLACER DOME INC 7,011.00 129,735.85 11.50 80,626.50 (49,109.35) CANADA MOORE LTD 2,300.00 48,564.90 11.00 25,300.00 (23,264.90) NETHERLANDS UNILEVER NV N Y SHS ADR 18,112.00 808,237.00 82.94 1,502,164.00 693,927.00 NETHERLANDS ROYAL DUTCH PETE CO N Y 61,120.00 2,322,812.70 47.88 2,926,120.00 603,307.30 NETHERLANDS ANTILLES SCHLUMBERGER LTD COM 15,644.00 677,984.10 46.13 721,579.50 43,595.40 UNITED STATES AETNA INC COM 4,241.00 317,849.80 78.63 333,448.63 15,598.83 UNITED STATES ALLSTATE CORP COM 23,316.00 604,761.13 38.63 900,580.50 295,819.37 UNITED STATES AMERICAN EXPRESS CO COM 12,805.00 823,772.54 102.25 1,309,311.25 485,538.71 UNITED STATES AMERICAN GEN CORP COM 7,499.00 371,470.42 78.00 584,922.00 213,451.58 UNITED STATES AMERICAN INTL GROUP INC COM 30,164.00 1,566,445.76 96.63 2,914,596.50 1,348,150.74 UNITED STATES AON CORP COM 4,750.00 279,266.70 55.38 263,031.25 (16,235.45) UNITED STATES ASSOCIATES FIRST CAP CORP CL A 20,516.00 486,259.20 42.38 869,365.50 383,106.30 UNITED STATES BANK NEW YORK INC COM 21,500.00 429,301.48 40.25 865,375.00 436,073.52 UNITED STATES BANK ONE CORP COM 33,364.00 1,208,816.82 51.06 1,703,649.25 494,832.43 UNITED STATES BANKAMERICA CORP NEW COM 49,287.00 1,829,503.29 60.13 2,963,380.88 1,133,877.59 UNITED STATES BANKBOSTON CORP COM 8,186.00 261,978.31 38.94 318,742.38 56,764.07 UNITED STATES BANKERS TRUST CORP COM 2,653.00 224,021.83 85.44 226,665.69 2,643.86 UNITED STATES BB&T CORP COM 8,300.00 265,088.50 40.31 334,593.75 69,505.25 UNITED STATES BEAR STEARNS COS INC COM 3,100.00 165,788.30 37.38 115,862.50 (49,925.80) UNITED STATES CAPITAL ONE FINL CORP 2,100.00 263,329.50 115.00 241,500.00 (21,829.50) UNITED STATES CHASE MANHATTAN CORP NEW COM 24,344.00 977,421.75 68.06 1,656,913.50 679,491.75 UNITED STATES CHUBB CORP COM 4,940.00 269,651.00 64.88 320,482.50 50,831.50
25
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES CIGNA CORP COM 6,229.00 426,921.39 77.31 481,579.56 54,658.17 UNITED STATES CINCINNATI FINL CORP COM 4,900.00 219,511.83 36.63 179,462.50 (40,049.33) UNITED STATES CITIGROUP INC COM 64,674.00 2,303,066.42 49.50 3,201,363.00 898,296.58 UNITED STATES COMERICA INC COM 4,600.00 140,615.60 68.19 313,662.50 173,046.90 UNITED STATES CONSECO INC COM 8,840.00 337,613.77 30.56 270,172.50 (67,441.27) UNITED STATES COUNTRYWIDE CR INDS INC COM 3,400.00 112,143.10 50.19 170,637.50 58,494.40 UNITED STATES EQUIFAX INC COM 4,200.00 136,904.27 34.19 143,587.50 6,683.23 UNITED STATES FEDERAL NATL MTG ASSN COM 29,792.00 980,426.55 74.00 2,204,608.00 1,224,181.45 UNITED STATES FIFTH THIRD BANCORP 7,525.00 356,870.47 71.31 536,626.56 179,756.09 UNITED STATES FIRST UN CORP COM 28,091.00 1,046,236.49 60.81 1,708,283.94 662,047.45 UNITED STATES FLEET FINL GROUP INC NEW COM 16,294.00 583,076.49 44.69 728,138.13 145,061.64 UNITED STATES FRANKLIN RES INC COM 7,200.00 377,594.00 32.00 230,400.00 (147,194.00) UNITED STATES FREDDIE MAC CORP COM 19,528.00 477,976.90 64.44 1,258,335.50 780,358.60 UNITED STATES GENERAL RE CORP COM 2,513.00 440,493.63 200.25 503,228.25 62,734.62 UNITED STATES GOLDEN WEST FINL CORP DEL COM 1,800.00 120,229.80 91.69 165,037.50 44,807.70 UNITED STATES HARTFORD FINL SVCS GROUP INC 6,624.00 166,152.30 54.88 363,492.00 197,339.70 UNITED STATES HOUSEHOLD INTL INC COM 13,542.00 285,064.38 39.63 536,601.75 251,537.37 UNITED STATES HUNTINGTON BANCSHARES INC 6,100.00 190,452.79 30.06 183,381.25 (7,071.54) UNITED STATES JEFFERSON PILOT CORP COM 2,950.00 110,118.25 75.00 221,250.00 111,131.75 UNITED STATES KEYCORP NEW COM 12,656.00 336,309.60 32.00 404,992.00 68,682.40 UNITED STATES LEHMAN BROS HLDGS INC COM 3,300.00 186,089.60 44.06 145,406.25 (40,683.35) UNITED STATES LINCOLN NATL CORP IND COM 3,200.00 164,045.30 81.81 261,800.00 97,754.70 UNITED STATES MARSH & MCLENNAN COS INC COM 7,221.00 376,687.77 58.44 421,977.19 45,289.42 UNITED STATES MBIA INC COM 2,800.00 156,719.50 65.56 183,575.00 26,855.50 UNITED STATES MBNA CORP COM 21,044.00 217,724.55 24.94 524,784.75 307,060.20 UNITED STATES MELLON BK CORP COM 7,452.00 252,727.00 68.75 512,325.00 259,598.00 UNITED STATES MERCANTILE BANCORPORATION INC 4,300.00 227,904.30 46.13 198,337.50 (29,566.80) UNITED STATES MERRILL LYNCH & CO INC 9,964.00 324,422.25 66.75 665,097.00 340,674.75 UNITED STATES MGIC INVT CORP WIS COM 3,100.00 112,434.27 39.81 123,418.75 10,984.48 UNITED STATES MORGAN J P & CO INC COM 5,149.00 587,538.10 105.06 540,966.81 (46,571.29) UNITED STATES MORGAN STANLEY DEAN WTTER & CO 16,380.00 587,314.13 71.00 1,162,980.00 575,665.87 UNITED STATES NATIONAL CITY CORP COM 9,460.00 493,943.60 72.50 685,850.00 191,906.40 UNITED STATES NORTHERN TR CORP COM 3,100.00 208,924.50 87.31 270,668.75 61,744.25 UNITED STATES PAYCHEX INC COM 4,700.00 222,275.50 51.44 241,756.25 19,480.75 UNITED STATES PNC BK CORP COM 8,707.00 349,403.91 54.13 471,266.38 121,862.47 UNITED STATES PROGRESSIVE CORP OHIO COM 2,300.00 252,471.00 169.38 389,562.50 137,091.50 UNITED STATES PROVIDIAN FINL CORP COM 3,922.00 9,181.17 75.00 294,150.00 284,968.83 UNITED STATES REGIONS FINL CORP COM 6,100.00 213,209.50 40.31 245,906.25 32,696.75 UNITED STATES REPUBLIC N Y CORP COM 3,100.00 141,579.80 45.56 141,243.75 (336.05) UNITED STATES SAFECO CORP COM 3,640.00 142,670.80 42.94 156,292.50 13,621.70 UNITED STATES SCHWAB CHARLES CORP NEW COM 11,275.00 225,190.59 56.19 633,514.06 408,323.47 UNITED STATES SLM HLDG CORP COM 4,900.00 242,344.20 48.00 235,200.00 (7,144.20) UNITED STATES ST PAUL COS INC 6,874.00 235,051.16 34.75 238,871.50 3,820.34 UNITED STATES STATE STREET CORP 4,600.00 244,054.50 69.56 319,987.50 75,933.00 UNITED STATES SUMMIT BANCORP COM 5,100.00 240,883.00 43.69 222,806.25 (18,076.75)
26
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES SUNAMERICA INC COM 6,200.00 265,366.60 81.13 502,975.00 237,608.40 UNITED STATES SUNTRUST BKS INC 6,286.00 258,461.68 76.50 480,879.00 222,417.32 UNITED STATES SYNOVUS FINL CORP 7,400.00 164,195.50 24.38 180,375.00 16,179.50 UNITED STATES TORCHMARK CORP 3,900.00 99,895.63 35.31 137,718.75 37,823.12 UNITED STATES TRANSAMERICA CORP COM 1,995.00 124,868.98 115.50 230,422.50 105,553.52 UNITED STATES U S BANCORP DEL COM 20,354.00 533,331.44 35.50 722,567.00 189,235.56 UNITED STATES UNION PLANTERS CORP TENN COM 3,900.00 192,578.00 45.31 176,718.75 (15,859.25) UNITED STATES UNUM CORP COM 3,860.00 121,419.30 58.38 225,327.50 103,908.20 UNITED STATES WACHOVIA CORP NEW COM 6,113.00 335,678.53 87.44 534,505.44 198,826.91 UNITED STATES WASHINGTON MUTUAL INC COM 17,033.00 614,176.91 38.19 650,447.69 36,270.78 UNITED STATES WELLS FARGO & CO NEW COM 45,846.00 942,392.24 39.94 1,830,974.63 888,582.39 UNITED STATES ABBOTT LABS COM 43,110.00 1,037,205.63 49.00 2,112,390.00 1,075,184.37 UNITED STATES ALLERGAN INC COM 2,000.00 69,365.10 64.75 129,500.00 60,134.90 UNITED STATES ALZA CORP COM 2,600.00 64,202.00 52.25 135,850.00 71,648.00 UNITED STATES AMERICAN HOME PRODS CORP COM 37,776.00 1,039,244.83 56.31 2,127,261.00 1,088,016.17 UNITED STATES AMGEN INC 7,276.00 288,861.85 104.56 760,796.75 471,934.90 UNITED STATES BARD C R INC 1,300.00 44,901.00 49.50 64,350.00 19,449.00 UNITED STATES BAUSCH & LOMB INC COM 1,700.00 65,602.80 60.00 102,000.00 36,397.20 UNITED STATES BAXTER INTL INC COM 8,230.00 410,983.62 64.31 529,291.88 118,308.26 UNITED STATES BECTON DICKINSON & CO COM 6,800.00 153,755.60 42.69 290,275.00 136,519.40 UNITED STATES BIOMET INC COM 3,000.00 64,781.20 40.25 120,750.00 55,968.80 UNITED STATES BOSTON SCIENTIFIC CORP COM 11,200.00 354,794.10 26.81 300,300.00 (54,494.10) UNITED STATES BRISTOL MYERS SQUIBB CO COM 28,612.00 1,669,763.60 133.81 3,828,643.25 2,158,879.65 UNITED STATES CARDINAL HEALTH INC COM 5,800.00 370,611.57 75.88 440,075.00 69,463.43 UNITED STATES COLUMBIA/HCA HEALTHCARE CORP 18,023.00 569,851.25 24.75 446,069.25 (123,782.00) UNITED STATES GUIDANT CORP COM 4,200.00 230,704.75 110.25 463,050.00 232,345.25 UNITED STATES HCR MANOR CARE INC COM 3,239.00 89,612.03 29.38 95,145.63 5,533.60 UNITED STATES HEALTHSOUTH CORP COM 11,900.00 301,855.25 15.44 183,706.25 (118,149.00) UNITED STATES HUMANA INC COM 4,600.00 116,823.40 17.81 81,937.50 (34,885.90) UNITED STATES JOHNSON & JOHNSON COM 38,210.00 1,909,756.58 83.88 3,204,863.75 1,295,107.17 UNITED STATES LILLY ELI & CO COM 31,624.00 1,116,583.43 88.88 2,810,583.00 1,693,999.57 UNITED STATES MALLINCKRODT INC NEW 1,785.00 65,569.20 30.81 55,000.31 (10,568.89) UNITED STATES MEDTRONIC INC COM 14,092.00 546,482.57 74.25 1,046,331.00 499,848.43 UNITED STATES MERCK & CO INC COM 34,305.00 2,151,205.45 147.69 5,066,419.69 2,915,214.24 UNITED STATES MILLIPORE CORP COM 900.00 23,630.50 28.44 25,593.75 1,963.25 UNITED STATES PFIZER INC COM 36,984.00 1,587,423.75 125.44 4,639,180.50 3,051,756.75 UNITED STATES PHARMACIA & UPJOHN INC COM 14,615.00 557,404.32 56.63 827,574.38 270,170.06 UNITED STATES PROVIDENT COS INC COM 3,700.00 133,274.00 41.50 153,550.00 20,276.00 UNITED STATES SCHERING PLOUGH CORP COM 41,860.00 841,773.10 55.25 2,312,765.00 1,470,991.90 UNITED STATES ST JUDE MED INC COM 2,400.00 85,179.70 27.69 66,450.00 (18,729.70) UNITED STATES TENET HEALTHCARE CORP COM 8,533.00 263,273.33 26.25 223,991.25 (39,282.08) UNITED STATES UNITED HEALTHCARE CORP COM 3,687.00 178,819.50 43.06 158,771.44 (20,048.06) UNITED STATES WARNER LAMBERT CO COM 23,290.00 839,067.30 75.19 1,751,116.88 912,049.58 UNITED STATES ALBERTO CULVER CO CL B COM 1,200.00 30,836.50 26.69 32,025.00 1,188.50 UNITED STATES ANHEUSER BUSCH COS INC COM 13,866.00 524,014.17 65.63 909,956.25 385,942.08
27
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES AVON PRODS INC COM 7,424.00 168,399.55 44.25 328,512.00 160,112.45 UNITED STATES BALL CORP COM 900.00 24,055.50 45.75 41,175.00 17,119.50 UNITED STATES BESTFOODS COM 8,168.00 250,319.27 53.25 434,946.00 184,626.73 UNITED STATES BROWN FORMAN CORP CL B 2,200.00 104,053.50 75.69 166,512.50 62,459.00 UNITED STATES CAMPBELL SOUP CO COM 12,886.00 425,132.03 55.00 708,730.00 283,597.97 UNITED STATES CLOROX CO COM 3,324.00 109,463.75 116.81 388,284.75 278,821.00 UNITED STATES COCA COLA CO COM 70,210.00 3,221,132.60 66.88 4,695,293.75 1,474,161.15 UNITED STATES COCA COLA ENTERPRISES INC COM 11,100.00 329,027.90 35.75 396,825.00 67,797.10 UNITED STATES COLGATE PALMOLIVE CO 8,364.00 611,093.29 92.88 776,806.50 165,713.21 UNITED STATES CONAGRA INC COM 13,960.00 374,266.35 31.50 439,740.00 65,473.65 UNITED STATES COORS ADOLPH CO CL B 1,200.00 29,702.00 56.44 67,725.00 38,023.00 UNITED STATES CROWN CORK & SEAL INC COM 3,555.00 166,293.73 30.81 109,538.44 (56,755.29) UNITED STATES FORT JAMES CORP COM 6,136.00 228,464.00 40.00 245,440.00 16,976.00 UNITED STATES FRUIT OF THE LOOM INC CL A 1,800.00 49,536.10 13.81 24,862.50 (24,673.60) UNITED STATES GENERAL MLS INC COM 4,568.00 243,089.51 77.75 355,162.00 112,072.49 UNITED STATES GILLETTE CO COM 31,840.00 1,151,844.80 48.31 1,538,270.00 386,425.20 UNITED STATES HASBRO INC COM 3,522.00 128,601.08 36.13 127,232.25 (1,368.83) UNITED STATES HEINZ H J CO COM 10,389.00 359,062.88 56.63 588,277.13 229,214.25 UNITED STATES HERSHEY FOODS CORP 3,974.00 273,809.74 62.19 247,133.13 (26,676.61) UNITED STATES INTL FLAVORS & FRAGRANCES INC 3,000.00 137,591.30 44.19 132,562.50 (5,028.80) UNITED STATES KELLOGG CO COM 11,574.00 369,661.30 34.13 394,962.75 25,301.45 UNITED STATES KIMBERLY CLARK CORP COM 15,258.00 696,643.56 54.50 831,561.00 134,917.44 UNITED STATES LIZ CLAIBORNE INC COM 1,700.00 68,104.40 31.56 53,656.25 (14,448.15) UNITED STATES LOEWS CORP COM 3,200.00 307,670.30 98.25 314,400.00 6,729.70 UNITED STATES MATTEL INC COM 8,166.00 242,661.40 22.81 186,286.88 (56,374.52) UNITED STATES MORTON INTL INC IND NEW COM 3,414.00 98,819.97 24.50 83,643.00 (15,176.97) UNITED STATES NIKE INC CL B COM 8,148.00 326,332.20 40.56 330,503.25 4,171.05 UNITED STATES PEPSICO INC COM 41,986.00 1,075,143.42 40.94 1,718,801.88 643,658.46 UNITED STATES PHILIP MORRIS COS INC COM 69,347.00 2,107,333.63 53.50 3,710,064.50 1,602,730.87 UNITED STATES POLAROID CORP COM 900.00 34,055.80 18.69 16,818.75 (17,237.05) UNITED STATES PROCTER & GAMBLE CO COM 38,026.00 1,947,167.20 91.31 3,472,249.13 1,525,081.93 UNITED STATES QUAKER OATS CO COM 3,849.00 141,492.50 59.50 229,015.50 87,523.00 UNITED STATES RALSTON PURINA CO-RALSTON 8,583.00 302,103.34 32.38 277,874.63 (24,228.71) UNITED STATES REEBOK INTL LTD COM 1,300.00 40,313.70 14.88 19,337.50 (20,976.20) UNITED STATES RJR NABISCO HLDGS CORP COM NEW 9,300.00 240,417.00 29.69 276,093.75 35,676.75 UNITED STATES RUBBERMAID INC COM 4,200.00 100,340.40 31.44 132,037.50 31,697.10 UNITED STATES RUSSELL CORP 587.00 13,918.74 20.31 11,923.44 (1,995.30) UNITED STATES SARA LEE CORP 25,968.00 510,974.80 28.19 731,973.00 220,998.20 UNITED STATES SHERWIN WILLIAMS CO COM 4,944.00 109,268.80 29.38 145,230.00 35,961.20 UNITED STATES TRICON GLOBAL RESTAURANTS INC 4,368.00 119,959.22 50.13 218,946.00 98,986.78 UNITED STATES TUPPERWARE CORP COM 1,400.00 33,565.80 16.44 23,012.50 (10,553.30) UNITED STATES UST INC COM 5,310.00 158,478.10 34.88 185,186.25 26,708.15 UNITED STATES V F CORP COM 3,500.00 122,253.75 46.88 164,062.50 41,808.75 UNITED STATES WRIGLEY WM JR CO COM 3,211.00 203,236.73 89.56 287,585.19 84,348.46 UNITED STATES ALBERTSONS INC COM 7,265.00 252,038.05 63.69 462,689.69 210,651.64
28
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES AMERICA ONLINE INC DEL COM 12,500.00 1,830,723.04 160.00 2,000,000.00 169,276.96 UNITED STATES AMERICAN GREETINGS CORP CL A 1,900.00 61,437.60 41.06 78,018.75 16,581.15 UNITED STATES AMERICAN STORES CO NEW COM 7,872.00 199,319.92 36.94 290,772.00 91,452.08 UNITED STATES AMERITECH CORP NEW COM 31,358.00 973,207.38 63.38 1,987,313.25 1,014,105.87 UNITED STATES AT&T CORP COM 51,447.00 2,221,886.00 75.25 3,871,386.75 1,649,500.75 UNITED STATES AUTOZONE INC COM 4,200.00 99,546.40 32.94 138,337.50 38,791.10 UNITED STATES BLOCK H & R INC COM 2,800.00 85,062.30 45.00 126,000.00 40,937.70 UNITED STATES BRUNSWICK CORP COM 2,600.00 65,389.60 24.75 64,350.00 (1,039.60) UNITED STATES CARNIVAL CORP COM 17,000.00 747,762.00 48.00 816,000.00 68,238.00 UNITED STATES CBS CORP COM 20,018.00 462,055.06 32.75 655,589.50 193,534.44 UNITED STATES CENDANT CORP COM 24,065.00 625,457.97 19.06 458,739.06 (166,718.91) UNITED STATES CIRCUIT CITY GROUP COM 3,100.00 117,462.10 49.94 154,806.25 37,344.15 UNITED STATES CLEAR CHANNEL COMMUNICATIONS 7,600.00 306,640.80 54.50 414,200.00 107,559.20 UNITED STATES COMCAST CORP CL A SPL 10,600.00 258,482.70 58.69 622,087.50 363,604.80 UNITED STATES CONSOLIDATED STORES CORP COM 2,900.00 119,340.20 20.19 58,543.75 (60,796.45) UNITED STATES COSTCO COS INC COM 6,231.00 261,339.55 72.19 449,800.31 188,460.76 UNITED STATES CVS CORP 11,200.00 345,771.05 55.00 616,000.00 270,228.95 UNITED STATES DARDEN RESTAURANTS INC 3,800.00 48,895.30 18.00 68,400.00 19,504.70 UNITED STATES DAYTON HUDSON CORP COM 12,622.00 361,495.83 54.25 684,743.50 323,247.67 UNITED STATES DELUXE CORP COM 2,097.00 61,573.05 36.56 76,671.56 15,098.51 UNITED STATES DILLARDS INC CL A COM 2,998.00 98,152.31 28.38 85,068.25 (13,084.06) UNITED STATES DISNEY WALT CO COM 58,315.00 1,281,658.33 30.00 1,749,450.00 467,791.67 UNITED STATES DOLLAR GEN CORP COM 5,250.00 184,940.25 23.63 124,031.25 (60,909.00) UNITED STATES DONNELLEY R R & SONS CO COM 3,611.00 116,343.85 43.81 158,206.94 41,863.09 UNITED STATES DOW JONES & CO INC COM 2,491.00 105,913.85 48.13 119,879.38 13,965.53 UNITED STATES EASTMAN KODAK CO COM 9,249.00 588,394.40 72.00 665,928.00 77,533.60 UNITED STATES ECOLAB INC COM 3,534.00 78,097.85 36.19 127,886.63 49,788.78 UNITED STATES FEDERATED DEPT STORES INC DEL 5,600.00 187,681.10 43.56 243,950.00 56,268.90 UNITED STATES FORTUNE BRANDS INC COM 4,887.00 134,182.05 31.63 154,551.38 20,369.33 UNITED STATES GANNETT INC COM 7,976.00 499,588.46 66.19 527,911.50 28,323.04 UNITED STATES GAP INC COM 16,402.00 219,094.74 56.25 922,612.50 703,517.76 UNITED STATES GREAT ATLANTIC & PAC TEA INC 700.00 19,445.40 29.63 20,737.50 1,292.10 UNITED STATES HARCOURT GEN INC 2,246.00 90,205.45 53.19 119,459.13 29,253.68 UNITED STATES HARRAHS ENTMT INC COM 2,646.00 68,708.72 15.69 41,509.13 (27,199.59) UNITED STATES HILTON HOTELS CORP COM 7,407.00 135,166.95 19.13 141,658.88 6,491.93 UNITED STATES HOME DEPOT INC COM 44,358.00 980,705.32 61.19 2,714,155.13 1,733,449.81 UNITED STATES IKON OFFICE SOLUTIONS INC COM 3,684.00 124,932.47 8.56 31,544.25 (93,388.22) UNITED STATES IMS HEALTH INC COM 4,834.00 133,702.47 75.44 364,664.88 230,962.41 UNITED STATES INTERPUBLIC GROUP COS INC COM 3,959.00 132,027.74 79.75 315,730.25 183,702.51 UNITED STATES JOSTENS INC 700.00 16,476.60 26.19 18,331.25 1,854.65 UNITED STATES K MART CORP COM 13,950.00 174,042.35 15.31 213,609.38 39,567.03 UNITED STATES KING WORLD PRODTNS INC COM 1,900.00 50,265.80 29.44 55,931.25 5,665.45 UNITED STATES KNIGHT RIDDER INC 2,296.00 109,128.00 51.13 117,383.00 8,255.00 UNITED STATES KOHLS CORP COM 4,400.00 249,238.00 61.44 270,325.00 21,087.00 UNITED STATES KROGER CO COM 7,386.00 236,362.33 60.50 446,853.00 210,490.67
29
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES LIMITED INC COM 6,272.00 112,293.78 29.13 182,672.00 70,378.22 UNITED STATES LONGS DRUG STORES CORP COM 1,228.00 32,728.80 37.50 46,050.00 13,321.20 UNITED STATES LOWES COS INC COM 9,966.00 287,576.31 51.19 510,134.63 222,558.32 UNITED STATES MARRIOTT INTL INC NEW CL A 7,172.00 123,584.57 29.00 207,988.00 84,403.43 UNITED STATES MAY DEPT STORES CO COM 6,863.00 264,131.40 60.38 414,353.63 150,222.23 UNITED STATES MCDONALDS CORP COM 19,215.00 787,927.03 76.63 1,472,349.38 684,422.35 UNITED STATES MCGRAW HILL COS INC COM 3,100.00 138,055.70 101.88 315,812.50 177,756.80 UNITED STATES MEDIAONE GROUP INC COM 17,040.00 354,616.55 47.00 800,880.00 446,263.45 UNITED STATES MEREDITH CORP COM 1,200.00 44,449.60 37.88 45,450.00 1,000.40 UNITED STATES MEYER FRED INC DEL NEW COM 4,400.00 205,652.20 60.25 265,100.00 59,447.80 UNITED STATES MIRAGE RESORTS INC COM 5,100.00 132,804.50 14.94 76,181.25 (56,623.25) UNITED STATES NATIONAL SVC INDS INC COM 900.00 33,243.00 38.00 34,200.00 957.00 UNITED STATES NEW YORK TIMES CO CL A 5,000.00 111,125.20 34.69 173,437.50 62,312.30 UNITED STATES NORDSTROM INC WASH COM 4,302.00 89,278.00 34.69 149,225.63 59,947.63 UNITED STATES OMNICOM GROUP INC COM 4,900.00 223,715.10 58.00 284,200.00 60,484.90 UNITED STATES PENNEY J C INC COM 7,272.00 468,645.04 46.88 340,875.00 (127,770.04) UNITED STATES PEP BOYS MANNY MOE & JACK COM 1,500.00 43,092.50 15.69 23,531.25 (19,561.25) UNITED STATES RITE AID CORP COM 7,300.00 124,096.90 49.56 361,806.25 237,709.35 UNITED STATES SAFEWAY INC NEW COM 14,000.00 684,287.79 60.94 853,125.00 168,837.21 UNITED STATES SEARS ROEBUCK & CO COM 10,762.00 455,932.29 42.50 457,385.00 1,452.71 UNITED STATES SERVICE CORP INTL COM 7,376.00 305,739.71 38.06 280,749.00 (24,990.71) UNITED STATES SPRINT CORP (FON GROUP) COM 12,362.00 474,838.90 84.13 1,039,953.25 565,114.35 UNITED STATES STAPLES INC COM 9,000.00 255,937.50 43.69 393,187.50 137,250.00 UNITED STATES SUPERVALU INC COM 3,300.00 53,758.10 28.00 92,400.00 38,641.90 UNITED STATES SYSCO CORP COM 9,534.00 176,711.86 27.44 261,589.13 84,877.27 UNITED STATES TANDY CORP COM 2,818.00 64,127.25 41.19 116,066.38 51,939.13 UNITED STATES TELE COMMUNICATIONS INC NEW 15,547.00 315,419.13 55.31 859,943.44 544,524.31 UNITED STATES TIMES MIRROR CO NEW COM SER A 2,076.00 87,892.11 56.00 116,256.00 28,363.89 UNITED STATES TJX COS INC NEW COM 8,900.00 132,387.50 29.00 258,100.00 125,712.50 UNITED STATES TRIBUNE CO NEW COM 3,400.00 129,359.90 66.00 224,400.00 95,040.10 UNITED STATES VIACOM INC CL B 10,024.00 412,363.28 74.00 741,776.00 329,412.72 UNITED STATES WAL MART STORES INC COM 64,228.00 1,989,546.40 81.44 5,230,567.75 3,241,021.35 UNITED STATES WALGREEN CO 14,280.00 293,071.50 58.56 836,272.50 543,201.00 UNITED STATES WENDYS INTL INC COM 3,100.00 64,974.60 21.81 67,618.75 2,644.15 UNITED STATES WINN DIXIE STORES INC 4,150.00 125,919.05 44.88 186,231.25 60,312.20 UNITED STATES DUN & BRADSTREET CORP DEL 4,834.00 43,833.05 31.56 152,573.13 108,740.08 UNITED STATES ARCHER DANIELS MIDLAND CO COM 16,641.00 301,296.16 17.19 286,017.19 (15,278.97) UNITED STATES AEROQUIP-VICKERS INC COM 400.00 10,683.20 29.94 11,975.00 1,291.80 UNITED STATES BLACK & DECKER CORP COM 2,435.00 77,743.10 56.06 136,512.19 58,769.09 UNITED STATES COOPER TIRE & RUBR CO 1,964.00 42,387.58 20.44 40,139.25 (2,248.33) UNITED STATES CORNING INC COM 6,764.00 245,218.18 45.00 304,380.00 59,161.82 UNITED STATES FLEETWOOD ENTERPRISES INC COM 1,100.00 29,803.30 34.75 38,225.00 8,421.70 UNITED STATES FORD MTR CO DEL COM 34,562.00 836,277.44 58.69 2,028,357.38 1,192,079.94 UNITED STATES GENERAL INSTR CORP DEL COM 4,800.00 106,392.94 33.94 162,900.00 56,507.06 UNITED STATES GENERAL MTRS CORP COM 18,516.00 970,619.14 71.56 1,325,051.25 354,432.11
30
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES GENUINE PARTS CO COM 5,189.00 150,217.02 33.44 173,507.19 23,290.17 UNITED STATES GOODYEAR TIRE & RUBR CO COM 4,427.00 202,704.88 50.44 223,286.81 20,581.93 UNITED STATES MASCO CORP COM 9,264.00 182,128.20 28.75 266,340.00 84,211.80 UNITED STATES MAYTAG CORP COM 2,595.00 43,066.93 62.25 161,538.75 118,471.82 UNITED STATES NEWELL CO COM 4,473.00 167,079.71 41.25 184,511.25 17,431.54 UNITED STATES PULTTE CORP COM 900.00 25,024.30 27.81 25,031.25 6.95 UNITED STATES SNAP ON INC COM 1,405.00 47,878.86 34.81 48,911.56 1,032.70 UNITED STATES SPRINGS INDS INC CL A 600.00 29,224.60 41.44 24,862.50 (4,362.10) UNITED STATES TOYS R US INC COM 6,982.00 200,525.40 16.88 117,821.25 (82,704.15) UNITED STATES WHIRLPOOL CORP COM 2,356.00 118,246.30 55.38 130,463.50 12,217.20 UNITED STATES AES CORP COM 4,900.00 178,948.00 47.38 232,137.50 53,189.50 UNITED STATES AMERADA HESS CORP COM 2,455.00 139,949.25 49.75 122,136.25 (17,813.00) UNITED STATES ANADARKO PETE CORP COM 3,300.00 112,998.90 30.88 101,887.50 (11,111.40) UNITED STATES APACHE CORP COM 2,300.00 82,190.30 25.31 58,218.75 (23,971.55) UNITED STATES ASHLAND INC 2,400.00 105,916.80 48.38 116,100.00 10,183.20 UNITED STATES ATLANTIC RICHFIELD CO COM 9,164.00 629,863.00 65.25 597,951.00 (31,912.00) UNITED STATES BAKER HUGHES INC COM 8,881.00 251,132.33 17.69 157,082.69 (94,049.64) UNITED STATES BURLINGTON RES INC COM 5,131.00 212,271.95 35.81 183,753.94 (28,518.01) UNITED STATES CHEVRON CORP COM 18,488.00 1,121,901.95 82.94 1,533,348.50 411,446.55 UNITED STATES COASTAL CORP COM 6,136.00 139,717.50 34.94 214,376.50 74,659.00 UNITED STATES EASTERN ENTERPRISES 600.00 21,062.00 43.75 26,250.00 5,188.00 UNITED STATES ENRON CORP COM 9,696.00 354,654.30 57.06 553,278.00 198,623.70 UNITED STATES EXXON CORP COM 69,214.00 3,274,364.85 73.13 5,061,273.75 1,786,908.90 UNITED STATES HALLIBURTON CO COM 12,592.00 397,997.61 29.63 373,038.00 (24,959.61) UNITED STATES HELMERICH & PAYNE INC COM 1,108.00 24,410.46 19.38 21,467.50 (2,942.96) UNITED STATES KERR MCGEE CORP 1,047.00 50,180.43 38.25 40,047.75 (10,132.68) UNITED STATES MCDERMOTT INTL INC COM 1,228.00 28,030.56 24.69 30,316.25 2,285.69 UNITED STATES MOBIL CORP COM 22,188.00 1,228,281.80 87.13 1,933,129.50 704,847.70 UNITED STATES OCCIDENTAL PETE CORP COM 9,661.00 231,231.85 16.88 163,029.38 (68,202.47) UNITED STATES ORYX ENERGY CO COM 2,800.00 52,949.80 13.44 37,625.00 (15,324.80) UNITED STATES PHILLIPS PETE CO COM 7,359.00 268,324.63 42.63 313,677.38 45,352.75 UNITED STATES ROWAN COS INC COM 2,200.00 46,588.10 10.00 22,000.00 (24,588.10) UNITED STATES SONAT INC COM 2,931.00 111,275.63 27.06 79,320.19 (31,955.44) UNITED STATES SUNOCO INC COM 2,500.00 85,381.90 36.06 90,156.25 4,774.35 UNITED STATES TEXACO INC COM 15,420.00 714,516.23 52.88 815,332.50 100,816.27 UNITED STATES UNION PAC RES GROUP INC COM 7,024.00 156,615.39 9.06 63,655.00 (92,960.39) UNITED STATES UNOCAL CORP COM 6,560.00 206,857.12 29.19 191,470.00 (15,387.12) UNITED STATES USX MARATHON GROUP NEW COM 8,830.00 197,427.50 30.13 266,003.75 68,576.25 UNITED STATES WILLIAMS COS INC COM 12,200.00 268,156.48 31.19 380,487.50 112,331.02 UNITED STATES TIME WARNER INC COM 35,252.00 933,875.80 62.06 2,187,827.25 1,253,951.45 UNITED STATES AMR CORP DEL COM 5,448.00 249,294.75 59.38 323,475.00 74,180.25 UNITED STATES BURLINGTON NORTH SANTA FE CORP 13,056.00 353,495.83 33.75 440,640.00 87,144.17 UNITED STATES CSX CORP COM 6,420.00 268,891.50 41.50 266,430.00 (2,461.50) UNITED STATES DELTA AIR LINES INC DEL COM 4,182.00 152,465.10 52.00 217,464.00 64,998.90 UNITED STATES FDX CORP COM 4,154.00 153,378.55 89.00 369,706.00 216,327.45
31
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES NORFOLK SOUTHN CORP COM 10,820.00 279,724.05 31.69 342,858.75 63,134.70 UNITED STATES RYDER SYS INC COM 1,925.00 53,101.00 26.00 50,050.00 (3,051.00) UNITED STATES SOUTHWEST AIRLS CO COM 9,350.00 92,528.40 22.44 209,790.63 117,262.23 UNITED STATES UNION PAC CORP COM 6,777.00 391,453.19 45.06 305,388.56 (86,064.63) UNITED STATES US AIRWAYS GROUP INC COM 2,400.00 98,404.30 52.00 124,800.00 26,395.70 UNITED STATES ADOBE SYS INC DEL COM 1,800.00 80,625.20 46.75 84,150.00 3,524.80 UNITED STATES ADVANCED MICRO DEVICES INC COM 3,927.00 112,643.66 28.94 113,637.56 993.90 UNITED STATES AIRTOUCH COMMUNICATIONS INC 16,510.00 599,997.40 72.13 1,190,783.75 590,786.35 UNITED STATES AMP INC COM 6,466.00 257,227.20 52.06 336,636.13 79,408.93 UNITED STATES ANDREW CORP COM 2,300.00 86,255.70 16.50 37,950.00 (48,305.70) UNITED STATES APPLE COMPUTER INC 4,000.00 69,587.80 40.94 163,750.00 94,162.20 UNITED STATES APPLIED MATLS INC COM 10,500.00 258,819.10 42.69 448,218.75 189,399.65 UNITED STATES ASCEND COMMUNICATIONS INC COM 6,000.00 292,081.50 65.75 394,500.00 102,418.50 UNITED STATES AUTODESK INC COM 1,500.00 43,666.00 42.69 64,031.25 20,365.25 UNITED STATES AUTOMATIC DATA PROCESSING INC 8,688.00 343,920.40 80.19 696,669.00 352,748.60 UNITED STATES BELL ATLANTIC CORP COM 44,140.00 1,407,006.46 53.00 2,339,420.00 932,413.54 UNITED STATES BELLSOUTH CORP COM 55,496.00 1,256,605.80 49.88 2,767,863.00 1,511,257.20 UNITED STATES BMC SOFTWARE INC COM 6,300.00 358,522.70 44.56 280,743.75 (77,778.95) UNITED STATES CABLETRON SYS INC COM 4,500.00 126,141.00 8.38 37,687.50 (88,453.50) UNITED STATES CERIDIAN CORP COM 2,000.00 92,321.40 69.81 139,625.00 47,303.60 UNITED STATES CISCO SYS INC COM 44,885.00 1,245,741.65 92.81 4,165,889.06 2,920,147.41 UNITED STATES COMPAQ COMPUTER CORP COM 48,331.00 988,456.69 41.94 2,026,881.31 1,038,424.62 UNITED STATES COMPUTER ASSOC INTL INC COM 15,399.00 476,507.73 42.63 656,382.38 179,874.65 UNITED STATES COMPUTER SCIENCES CORP COM 4,500.00 132,538.80 64.44 289,968.75 157,429.95 UNITED STATES DATA GEN CORP COM 1,000.00 22,382.90 16.44 16,437.50 (5,945.40) UNITED STATES DELL COMPUTER CORP COM 36,400.00 544,522.91 73.19 2,664,025.00 2,119,502.09 UNITED STATES EG & G INC 900.00 24,436.50 27.81 25,031.25 594.75 UNITED STATES ELECTRONIC DATA SYS CORP NEW 14,100.00 576,944.50 50.25 708,525.00 131,580.50 UNITED STATES EMC CORP MASS 14,400.00 288,670.10 85.00 1,224,000.00 935,329.90 UNITED STATES FIRST DATA CORP COM 12,212.00 430,760.57 31.69 386,967.75 (43,792.82) UNITED STATES FRONTIER CORP COM 4,600.00 115,936.00 34.00 156,400.00 40,464.00 UNITED STATES GATEWAY 2000 INC COM 4,400.00 236,051.10 51.19 225,225.00 (10,826.10) UNITED STATES HARRIS CORP DEL COM 2,006.00 74,072.93 36.63 73,469.75 (603.18) UNITED STATES HBO & CO COM 12,900.00 305,023.60 28.69 370,068.75 65,045.15 UNITED STATES HEWLETT PACKARD CO COM 29,604.00 1,381,372.30 68.31 2,022,323.25 640,950.95 UNITED STATES HONEYWELL INC COM 3,572.00 176,968.30 75.31 269,016.25 92,047.95 UNITED STATES IBM CORP COM 26,820.00 1,844,348.90 184.75 4,954,995.00 3,110,646.10 UNITED STATES INTEL CORP CALIF COM 47,824.00 1,998,094.05 118.56 5,670,133.00 3,672,038.95 UNITED STATES KLA TENCOR CORP 2,400.00 79,381.50 43.38 104,100.00 24,718.50 UNITED STATES LOCKHEED MARTIN CORP COM 5,612.00 548,805.24 84.75 475,617.00 (73,188.24) UNITED STATES LSI LOGIC CORP COM 4,000.00 103,718.60 16.13 64,500.00 (39,218.60) UNITED STATES LUCENT TECHNOLOGIES INC COM 37,768.00 1,326,624.38 110.00 4,154,480.00 2,827,855.62 UNITED STATES MCI WORLDCOM INC COM 52,167.00 1,677,612.41 71.75 3,742,982.25 2,065,369.84 UNITED STATES MICRON TECHNOLOGY INC COM 6,174.00 184,496.73 50.56 312,172.88 127,676.15 UNITED STATES MICROSOFT CORP COM 71,072.00 3,095,915.50 138.69 9,856,798.00 6,760,882.50
32
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES MOTOROLA INC COM 17,220.00 1,064,083.15 61.06 1,051,496.25 (12,586.90) UNITED STATES NATIONAL SEMICONDUCTOR CORP 4,700.00 132,131.70 13.50 63,450.00 (68,681.70) UNITED STATES NEXTEL COMMUNICATIONS INC CL A 8,100.00 261,494.10 23.63 191,362.50 (70,131.60) UNITED STATES NOVELL INC 10,000.00 104,497.40 18.13 181,250.00 76,752.60 UNITED STATES ORACLE CORPORATION COM 27,598.00 698,354.86 43.13 1,190,163.75 491,808.89 UNITED STATES PARAMETRIC TECHNOLOGY CORP COM 7,600.00 168,506.70 16.38 124,450.00 (44,056.70) UNITED STATES PEOPLESOFT INC COM 6,500.00 157,215.50 18.94 123,093.75 (34,121.75) UNITED STATES PERKIN ELMER CORP COM 1,400.00 89,159.70 97.56 136,587.50 47,427.80 UNITED STATES PIONEER HI BRED INTL 6,900.00 168,196.39 27.00 186,300.00 18,103.61 UNITED STATES PITNEY BOWES INC COM 7,636.00 266,203.05 66.06 504,453.25 238,250.20 UNITED STATES SBC COMMUNICATIONS INC COM 55,778.00 1,523,342.68 53.63 2,991,095.25 1,467,752.57 UNITED STATES SCIENTIFIC ATLANTA INC 1,900.00 37,525.80 22.81 43,343.75 5,817.95 UNITED STATES SEAGATE TECHNOLOGY COM 6,700.00 233,659.20 30.25 202,675.00 (30,984.20) UNITED STATES SHARED MED SYS CORP 800.00 41,214.00 49.88 39,900.00 (1,314.00) UNITED STATES SILICON GRAPHICS INC COM 5,090.00 96,666.90 12.88 65,533.75 (31,133.15) UNITED STATES SPRINT CORP PCS COM SER 1 11,581.00 147,140.44 23.13 267,810.63 120,670.19 UNITED STATES SUN MICROSYSTEMS INC COM 10,732.00 276,768.70 85.63 918,927.50 642,158.80 UNITED STATES TEKTRONIX INC COM 1,150.00 37,234.73 30.06 34,571.88 (2,662.85) UNITED STATES TELLABS INC COM 5,700.00 332,254.90 68.56 390,806.25 58,551.35 UNITED STATES TEXAS INSTRS INC COM 11,228.00 429,725.10 85.56 960,695.75 530,970.65 UNITED STATES UNISYS CORP 7,000.00 112,278.30 34.44 241,062.50 128,784.20 UNITED STATES UNITED TECHNOLOGIES CORP COM 6,442.00 425,145.95 108.75 700,567.50 275,421.55 UNITED STATES XEROX CORP COM 9,274.00 516,725.43 118.00 1,094,332.00 577,606.57 UNITED STATES 3COM CORP COM 10,300.00 412,803.30 44.81 461,568.75 48,765.45 UNITED STATES AIR PRODS & CHEMS INC COM 6,380.00 215,218.30 40.00 255,200.00 39,981.70 UNITED STATES ALLEGHENY TELEDYNE INC COM 5,300.00 127,106.60 20.44 108,318.75 (18,787.85) UNITED STATES ALLIED SIGNAL INC COM 16,098.00 551,128.75 44.31 713,342.63 162,213.88 UNITED STATES ALUMINUM CO AMER COM 5,550.00 311,697.98 74.56 413,821.88 102,123.90 UNITED STATES ASARCO INC 781.00 17,932.12 15.06 11,763.81 (6,168.31) UNITED STATES AVERY DENNISON CORP COM 3,238.00 125,569.85 45.06 145,912.38 20,342.53 UNITED STATES BATTLE MTN GOLD CO COM 6,200.00 46,389.80 4.13 25,575.00 (20,814.80) UNITED STATES BEMIS INC COM 1,200.00 47,686.60 37.94 45,525.00 (2,161.60) UNITED STATES BETHLEHEM STL CORP COM 3,600.00 39,816.10 8.38 30,150.00 (9,666.10) UNITED STATES BOISE CASCADE CORP COM 1,200.00 37,017.80 31.00 37,200.00 182.20 UNITED STATES BROWNING FERRIS INDS INC COM 4,711.00 149,751.45 28.44 133,969.06 (15,782.39) UNITED STATES CHAMPION INTL CORP COM 2,585.00 104,605.05 40.50 104,692.50 87.45 UNITED STATES CYPRUS AMAX MINERALS CO COM 2,397.00 62,225.08 10.00 23,970.00 (38,255.08) UNITED STATES DOW CHEM CO COM 6,267.00 442,798.53 90.94 569,905.31 127,106.78 UNITED STATES DU PONT E I DE NEMOURS & CO 32,274.00 1,532,461.55 53.06 1,712,539.13 180,077.58 UNITED STATES ENGELHARD CORP 4,000.00 83,423.90 19.50 78,000.00 (5,423.90) UNITED STATES FMC CORP NEW COM 1,200.00 84,849.00 56.00 67,200.00 (17,649.00) UNITED STATES FREEPORT MCMORAN COPPER B 4,300.00 112,280.20 10.44 44,881.25 (67,398.95) UNITED STATES GEORGIA PAC CORP COM 2,388.00 128,665.44 58.56 139,847.25 11,181.81 UNITED STATES GOODRICH B F CO 1,800.00 74,548.80 35.88 64,575.00 (9,973.80) UNITED STATES GRACE WR & CO DEL NEW COM 1,843.00 21,929.94 15.69 28,912.06 6,982.12
33
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES GREAT LAKES CHEM CORP COM 1,400.00 58,026.11 40.00 56,000.00 (2,026.11) UNITED STATES HARNISCHFEGER INDS INC COM 1,100.00 32,197.00 10.19 11,206.25 (20,990.75) UNITED STATES HERCULES INC COM 2,676.00 120,870.80 27.38 73,255.50 (47,615.30) UNITED STATES HOMESTAKE MNG CO COM 6,400.00 79,871.60 9.19 58,800.00 (21,071.60) UNITED STATES INTERNATIONAL PAPER CO COM 8,610.00 350,293.88 44.81 385,835.63 35,541.75 UNITED STATES LOUISIANA PAC CORP COM 2,900.00 71,733.00 18.31 53,106.25 (18,626.75) UNITED STATES MEAD CORP COM 2,794.00 80,278.38 29.31 81,899.13 1,620.75 UNITED STATES MILACRON INC COM 700.00 14,520.40 19.25 13,475.00 (1,045.40) UNITED STATES MINNESOTA MNG & MFG CO COM 11,652.00 806,301.95 71.13 828,748.50 22,446.55 UNITED STATES MONSANTO CO COM 17,990.00 459,495.88 47.50 854,525.00 395,029.12 UNITED STATES NACCO INDS INC CL A 300.00 15,068.50 92.00 27,600.00 12,531.50 UNITED STATES NALCO CHEM CO COM 1,600.00 49,526.00 31.00 49,600.00 74.00 UNITED STATES NEWMONT MNG CORP COM 4,457.00 169,673.61 18.06 80,504.56 (89,169.05) UNITED STATES NUCOR CORP 2,246.00 112,230.80 43.25 97,139.50 (15,091.30) UNITED STATES OWENS ILL INC NEW 4,500.00 168,396.60 30.63 137,812.50 (30,584.10) UNITED STATES PHELPS DODGE CORP COM 1,462.00 99,375.45 50.88 74,379.25 (24,996.20) UNITED STATES POTLATCH CORP COM 886.00 41,082.62 36.88 32,671.25 (8,411.37) UNITED STATES PPG INDS INC COM 5,188.00 237,155.90 58.25 302,201.00 65,045.10 UNITED STATES PRAXAIR INC COM 4,487.00 150,727.68 35.25 158,166.75 7,439.07 UNITED STATES REYNOLDS METALS CO COM 1,800.00 105,411.00 52.69 94,837.50 (10,573.50) UNITED STATES ROHM & HAAS CO COM 4,500.00 142,644.00 30.13 135,562.50 (7,081.50) UNITED STATES SEALED AIR CORP NEW COM 2,155.00 85,134.74 51.06 110,039.69 24,904.95 UNITED STATES SIGMA ALDRICH CORP 2,600.00 67,683.02 29.38 76,375.00 8,691.98 UNITED STATES TEMPLE INLAND INC COM 1,800.00 91,970.80 59.31 106,762.50 14,791.70 UNITED STATES UNION CAMP CORP COM 2,156.00 106,762.80 67.50 145,530.00 38,767.20 UNITED STATES UNION CARBIDE CORP COM 3,887.00 126,346.00 42.50 165,197.50 38,851.50 UNITED STATES USX U S STL GROUP COM 2,198.00 60,401.50 23.00 50,554.00 (9,847.50) UNITED STATES VENATOR GROUP INC COM 3,700.00 71,881.00 6.44 23,818.75 (48,062.25) UNITED STATES WASTE MGMT INC DEL COM 16,412.00 781,329.84 46.63 765,209.50 (16,120.34) UNITED STATES WESTVACO CORP COM 2,700.00 75,460.35 26.81 72,393.75 (3,066.60) UNITED STATES WEYERHAEUSER CO COM 5,714.00 256,592.50 50.81 290,342.63 33,750.13 UNITED STATES WILLAMETTE INDS INC 3,000.00 99,216.00 33.50 100,500.00 1,284.00 UNITED STATES WORTHINGTON INDS INC COM 2,500.00 49,990.60 12.50 31,250.00 (18,740.60) UNITED STATES ARMSTRONG WORLD INDS INC COM 1,300.00 88,919.80 60.31 78,406.25 (10,513.55) UNITED STATES BOEING CO COM 28,564.00 941,859.71 32.63 931,900.50 (9,959.21) UNITED STATES BRIGGS & STRATTON CORP 800.00 37,616.10 49.88 39,900.00 2,283.90 UNITED STATES CASE CORP COM 1,900.00 94,200.50 21.81 41,443.75 (52,756.75) UNITED STATES CATERPILLAR INC 10,410.00 385,656.60 46.00 478,860.00 93,203.40 UNITED STATES CENTEX CORP COM 1,800.00 37,711.80 45.06 81,112.50 43,400.70 UNITED STATES COOPER INDS INC COM 2,837.00 120,518.65 47.69 135,289.44 14,770.79 UNITED STATES CRANE CO 1,600.00 49,969.60 30.19 48,300.00 (1,669.60) UNITED STATES CUMMINS ENGINE INC COM 1,200.00 58,574.00 35.50 42,600.00 (15,974.00) UNITED STATES DANA CORP 4,670.00 153,923.95 40.88 190,886.25 36,962.30 UNITED STATES DANAHER CORP COM 3,900.00 183,378.00 54.31 211,818.75 28,440.75
34
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES DEERE & CO COM 6,446.00 308,403.00 33.13 213,523.75 (94,879.25) UNITED STATES DOVER CORP COM 6,108.00 123,156.35 36.63 223,705.50 100,549.15 UNITED STATES EATON CORP 2,009.00 112,802.13 70.69 142,011.19 29,209.06 UNITED STATES EMERSON ELEC CO COM 12,696.00 557,557.60 60.50 768,108.00 210,550.40 UNITED STATES FLUOR CORP 2,121.00 124,023.75 42.56 90,275.06 (33,748.69) UNITED STATES FOSTER WHEELER CORP 800.00 14,759.90 13.19 10,550.00 (4,209.90) UNITED STATES GENERAL DYNAMICS CORP COM 3,500.00 116,985.00 58.63 205,187.50 88,202.50 UNITED STATES GENERAL ELEC CO COM 93,410.00 4,248,526.40 102.06 9,533,658.13 5,285,131.73 UNITED STATES GRAINGER W W INC COM 2,666.00 100,475.13 41.63 110,972.25 10,497.12 UNITED STATES ILLINOIS TOOL WKS INC COM 7,396.00 327,937.00 58.00 428,968.00 101,031.00 UNITED STATES INGERSOLL RAND CO 4,763.00 127,482.27 46.94 223,563.31 96,081.04 UNITED STATES ITT INDS INC IND COM 2,700.00 74,854.10 39.75 107,325.00 32,470.90 UNITED STATES JOHNSON CTLS INC COM 2,634.00 101,574.21 59.00 155,406.00 53,831.79 UNITED STATES KAUFMAN & BROAD HOME CORP COM 1,200.00 28,174.00 28.75 34,500.00 6,326.00 UNITED STATES NAVISTAR INTL CORP NEW COM 1,800.00 52,648.90 28.50 51,300.00 (1,348.90) UNITED STATES NORTHROP GRUMMAN CORP COM 2,100.00 158,598.30 73.13 153,562.50 (5,035.80) UNITED STATES OWENS CORNING COM 1,700.00 63,377.80 35.44 60,243.75 (3,134.05) UNITED STATES PACCAR INC 2,104.00 87,284.80 41.13 86,527.00 (757.80) UNITED STATES PALL CORP COM 3,493.00 73,432.50 25.31 88,416.56 14,984.06 UNITED STATES PARKER HANNIFIN CORP COM 3,049.00 72,619.75 32.75 99,854.75 27,235.00 UNITED STATES RAYCHEM CORP COM 2,300.00 79,001.00 32.31 74,318.75 (4,682.25) UNITED STATES RAYTHEON CO CL B 9,704.00 428,452.10 53.25 516,738.00 88,285.90 UNITED STATES ROCKWELL INTL CORP NEW COM 5,606.00 239,790.49 48.56 272,241.38 32,450.89 UNITED STATES STANLEY WKS 2,300.00 81,332.80 27.75 63,825.00 (17,507.80) UNITED STATES TENNECO INC NEW COM 4,491.00 182,123.06 34.06 152,974.69 (29,148.37) UNITED STATES TEXTRON INC COM 4,698.00 179,986.93 75.94 356,754.38 176,767.45 UNITED STATES THERMO ELECTRON CORP COM 4,200.00 149,965.40 16.94 71,137.50 (78,827.90) UNITED STATES THOMAS & BETTS CORP COM 1,700.00 75,802.80 43.31 73,631.25 (2,171.55) UNITED STATES TIMKEN CO 1,500.00 47,739.95 18.88 28,312.50 (19,427.45) UNITED STATES TRW INC 3,440.00 152,116.30 56.19 193,285.00 41,168.70 UNITED STATES ALLTEL CORP 7,749.00 291,750.38 59.81 463,487.06 171,736.68 UNITED STATES AMEREN CORP 3,900.00 154,915.90 42.69 166,481.25 11,565.35 UNITED STATES AMERICAN ELEC PWR INC COM 5,478.00 221,188.10 47.06 257,808.38 36,620.28 UNITED STATES BALTIMORE GAS & ELEC CO COM 4,152.00 113,898.24 30.88 128,193.00 14,294.76 UNITED STATES CAROLINA PWR & LT CO COM 4,266.00 142,970.65 47.06 200,768.63 57,797.98 UNITED STATES CENTRAL & SOUTH WEST CORP COM 5,656.00 133,134.70 27.44 155,186.50 22,051.80 UNITED STATES CINERGY CORP COM 4,417.00 137,614.33 34.38 151,834.38 14,220.05 UNITED STATES COLUMBIA ENERGY GROUP COM 2,200.00 90,418.39 57.75 127,050.00 36,631.61 UNITED STATES CONSOLIDATED EDISON INC COM 6,427.00 204,961.35 52.88 339,827.63 134,866.28 UNITED STATES CONSOLIDATED NAT GAS CO COM 2,974.00 136,553.80 54.00 160,596.00 24,042.20 UNITED STATES DOMINION RES INC VA COM 5,382.00 207,086.35 46.75 251,608.50 44,522.15 UNITED STATES DTE ENERGY CO COM 4,014.00 114,928.60 42.88 172,100.25 57,171.65 UNITED STATES DUKE ENERGY CORP COM 10,351.00 447,185.37 64.06 663,110.94 215,925.57 UNITED STATES EDISON INTL COM 10,026.00 195,533.05 27.88 279,474.75 83,941.70
35
Country Description Units Cost Market Market Unrealized Name ----------- ----- ---- Price Value Gain Loss ---- ----- ----- --------- UNITED STATES ENTERGY CORP NEW COM 7,088.00 179,926.10 31.13 220,614.00 40,687.90 UNITED STATES FIRSTENERGY CORP COM 6,390.00 157,661.80 32.56 208,074.38 50,412.58 UNITED STATES FPL GROUP INC COM 5,283.00 216,406.88 61.63 325,564.88 109,158.00 UNITED STATES GPU INC COM 3,800.00 136,289.30 44.19 167,912.50 31,623.20 UNITED STATES GTE CORP COM 27,393.00 1,161,393.68 65.00 1,780,545.00 619,151.32 UNITED STATES HOUSTON INDS INC COM 7,958.00 168,667.63 32.13 255,650.75 86,983.12 UNITED STATES NEW CENTURY ENERGIES INC COM 3,200.00 156,064.00 48.75 156,000.00 (64.00) UNITED STATES NIAGARA MOHAWK PWR CORP COM 4,900.00 56,592.30 16.13 79,012.50 22,420.20 UNITED STATES NICOR INC COM 1,500.00 42,467.50 42.25 63,375.00 20,907.50 UNITED STATES NORTHERN STS PWR CO MINN COM 4,200.00 100,441.15 27.75 116,550.00 16,108.85 UNITED STATES ONEOK INC NEW COM 878.00 24,123.46 36.13 31,717.75 7,594.29 UNITED STATES P P & L RESOURCES INC COM 4,200.00 98,387.40 27.88 117,075.00 18,687.60 UNITED STATES PACIFICORP COM 8,334.00 170,085.20 21.06 175,534.88 5,449.68 UNITED STATES PECO ENERGY CO COM 6,521.00 165,466.05 41.63 271,436.63 105,970.58 UNITED STATES PEOPLES ENERGY CORP ILL COM 1,100.00 38,597.00 39.88 43,862.50 5,265.50 UNITED STATES PG&E CORP COM 10,881.00 295,490.95 31.50 342,751.50 47,260.55 UNITED STATES PUBLIC SVC ENTERPRISE GROUP 6,320.00 179,666.40 40.00 252,800.00 73,133.60 UNITED STATES SEMPRA ENERGY COM 6,559.00 164,617.71 25.38 166,434.63 1,816.92 UNITED STATES SOUTHERN CO COM 19,552.00 431,661.70 29.06 568,230.00 136,568.30 UNITED STATES TEXAS UTILS CO COM 7,910.00 300,095.32 46.69 369,298.13 69,202.81 UNITED STATES U S WEST INC NEW COM 14,468.00 440,371.52 64.63 934,994.50 494,622.98 UNITED STATES UNICOM CORP COM 6,337.00 166,874.20 38.56 244,370.56 77,496.36 UNITED STATES EASTMAN CHEM CO COM 1,996.00 106,641.80 44.75 89,321.00 (17,320.80) DIVIDENDS RECEIVABLE - 304,498.84 1.00 304,498.84 - ------------------------------------------------------- $175,055,152.14 $285,779,812.63 $110,724,660.49 Reconciling Items: Deposit in Transit 82,350.00 82,350.00 Other Miscellaneous Items 26,096.00 26,096.00 --------------- --------------- 175,163,598.14 285,888,258.63
36
Pooled Separate Account Managed by Dwight Asset Management Group Asset Listing December 31, 1998 12/31/98 12/31/98 Original Current 12/31/98 12/31/98 Purchase Moody's/S&P Principal Accrued Market Face Amt Face Amt Bond Coupon Price Yield Price Rating Value Interest Value - ---------------------------------------------------------------------------------------------------------------------------------- CMBS - Conduit 6,000,000 5,971,231 CSFB 5.960% 100.406250 5.92% 100.766 Aaa AAA 5,995,488.85 19,771.41 6,015,260.26 98-C2 A1 - ---------------------------------------------------------------------------------------------------------------------------------- Asset Backed 8,000,000 8,000,000 EQCC 6.560% 101.328125 6.16% 102.016 Aaa AAA 8,106,250.00 23,324.44 8,129,574.44 96-1 A4 - ---------------------------------------------------------------------------------------------------------------------------------- Cash 0 CASH 0.000% 100.000000 100.000 Aaa AAA 0.00 0.00 0.00 - ---------------------------------------------------------------------------------------------------------------------------------- 14,000,000 13,971,231 6.06% Aaa AAA 14,101,738,85 43,095.85 14,144,834.70 ==================================================================================================================================
37 State Street Research and Management Portfolio December 31, 1998 BONDS
U S Government Shares/ Market Total % Total % Par Value Security Coupon Maturity Price Book Value Market Market Income Yield --------- -------- ------ -------- ----- ---------- ------ ------ ------ ----- U S Treasury 2,625,000 U S Treasury Bond 12 8/15/2013-08 152.672 3,813,708 4,007,640 1.6 315,000 5.03 6,200,000 U S Treasury Bond 8.75 5/15/2017 139.109 8,155,644 8,624,758 3.4 542,500 5.37 3,050,000 U S Treasury Bond 8.5 2/15/2020 138.656 3,979,546 4,229,008 1.7 259,250 5.41 6,850,000 U S Treasury Bond 6.875 8/15/2025 121.203 7,764,553 8,302,406 3.3 470,938 5.37 14,600,000 U S Treasury Bond 6.625 2/15/2027 118.281 16,648,648 17,269,026 6.9 967,250 5.36 2,509,377 U S Treasury Inflation Indexed Note 3.625 4/15/2028 97 2,452,411 2,434,096 1 90,965 3.8 2,225,000 U S Treasury Note 7.875 11/15/2004 115.859 2,597,596 2,577,863 1 175,219 4.75 2,950,000 U S Treasury Note 6.625 5/15/2007 112.453 3,342,723 3,317,364 1.3 195,438 4.8 ---------- ---------- ---- --------- Total U S Treasury 48,754,828 50,762,160 20.2 3,016,559 U S Treasury Zero Coupon 9,125,000 U S Tsy Strip 0 5/15/2003 81.588 6,662,071 7,444,905 3 0 4.71 U S Tsy Strip 0 5/15/2007 66.684 5,900,289 6,384,993 2.5 0 4.9 ---------- ---------- ---- --- Total U S Treasury Zero Coupon 12,562,360 13,829,898 5.5 0 U S Agency 7,500,000 FHLMC Reference Note 5.125 10/15/2008 99.047 7,332,450 7,428,525 3 384,375 5.25 1,425,000 Federal National Mtg Assoc Deb 7.875 2/24/2005 113.453 1,624,013 1,616,705 0.6 112,219 5.28 2,500,000 Federal National Mtg Assoc Benchmark 6 5/15/2008 105.562 2,704,800 2,639,050 1.1 150,000 5.24 1,200,017 Guaranteed Export Trust Nts Ser 95-A 6.28 6/15/2000-04 102.47 1,200,018 1,229,658 0.5 75,361 4.51 776,486 Guaranteed Export Trust Nts Ser 95-B 6.13 6/15/2000-04 102.47 776,486 795,665 0.3 47,599 5.19 ---------- ---------- ---- --------- Total U S Agency 13,637,766 13,709,604 5.5 769,553 U S Agency Mortgage 719,207 Fed Home Ln Mtg Gold PC# A01588 9 6/01/2017 105.403 773,935 758,066 0.3 64,729 6.76 2,035,000 FNMA (GNMA) REMIC G93-26-PJ PAC 6.5 2/25/2004-21 101.375 1,916,716 2,062,981 0.8 132,275 6.16 598,599 Fed Natl Mtg Assoc FHA-VA PT# 3218 7.75 9/01/2008 102.445 600,470 613,235 0.2 46,391 6.23 5,075,000 Fed Natl Mtg Assoc (Feb) TBA 6 2/11/2029 98.563 5,021,078 5,002,047 2 304,500 6.1 10,125,000 Fed Natl Mtg Assoc (Jan) TBA 6 1/14/2029 98.563 9,974,254 9,979,453 4 607,500 6.1 800,000 FNMA Dwarf 15 Yr (Feb) TBA 6 2/18/2014 100.156 801,125 801,250 0.3 48,000 5.98 1,699,630 Fed Natl Mtg Assoc 20 Yr PT# 303888 7.5 5/01/2016 103.237 1,730,701 1,754,647 0.7 127,472 6.68 2,075,834 FNMA Dwarf 15 Yr # 313839 6.5 11/01/2012 101.406 2,103,080 2,105,020 0.8 134,929 6.34 4,917,196 FNMA Dwarf 15 Yr # 313958 6.5 1/01/2013 101.406 4,993,644 4,986,333 2 319,618 6.35
38
Shares/ Market Total % Total % Par Value Security Coupon Maturity Price Book Value Market Market Income Yield --------- -------- ------ -------- ----- ---------- ------ ------ ------ ----- 7,953,347 Fed Natl Mtg Assoc PT# 323422 6.5 11/01/2028 100.656 7,954,590 8,005,521 3.2 516,968 6.45 726,279 Fed Natl Mtg Assoc PT# 398197 6.5 1/01/2028 100.656 731,273 731,044 0.3 47,208 6.39 1,001,022 Fed Natl Mtg Assoc PT# 433686 6.5 11/01/2028 100.656 1,007,905 1,007,590 0.4 65,066 6.4 989,636 Fed Natl Mtg Assoc PT# 433694 6.5 11/01/2028 100.656 996,440 996,129 0.4 64,326 6.4 3,440,260 Fed Natl Mtg Assoc PT# 434908 6.5 9/01/2028 100.656 3,440,798 3,462,828 1.4 223,617 6.45 1,002,585 Fed Natl Mtg Assoc PT# 440698 6.5 11/01/2028 100.656 1,009,479 1,009,163 0.4 65,168 6.45 1,009,068 Fed Natl Mtg Assoc PT# 440718 6.5 11/01/2028 100.656 1,016,006 1,015,688 0.4 65,589 6.45 1,003,174 Fed Natl Mtg Assoc PT# 444478 6.5 10/01/2028 100.656 1,010,071 1,009,755 0.4 65,206 6.4 1,000,821 Fed Natl Mtg Assoc PT# 452026 6.5 11/01/2028 100.656 1,007,702 1,007,386 0.4 65,053 6.45 995,095 Fed Natl Mtg Assoc PT# 452037 6.5 11/01/2028 100.656 1,001,937 1,001,624 0.4 64,681 6.45 767,606 GNMA Midget 15 YR # 389593 6.5 7/15/2009 102 719,871 782,959 0.3 49,894 5.94 1,516,936 GNMA Midget 15 Yr # 389922 7.5 6/15/2009 103.031 1,548,461 1,562,915 0.6 113,770 6.38 681,368 GNMA Midget 15 Yr # 780303 6.5 2/15/2009 101.822 686,479 693,783 0.3 44,289 6.25 1,530,802 GNMA Midget 15 Yr # 780462 7.5 6/15/2009 103.062 1,559,027 1,577,676 0.6 114,810 6.31 1,516,942 GNMA Midget 15 Yr # 780316 6.5 7/15/2009 101.822 1,529,742 1,544,581 0.6 98,601 6.26 1,250,055 GNMA Midget 15 Yr # 780419 7.5 12/15/2009 103.031 1,273,396 1,287,944 0.5 93,754 6.38 583,857 Govt Nat[ Mtge Assoc Mod PT# 780058 7 1/15/2025 102.343 527,023 597,537 0.2 40,870 6.81 9,303,521 Govt Natl Mtge Assoc Mod PT# 780896 7 11/15/2028 102.312 9,501,948 9,518,619 3.8 651,247 6.82 6,435,000 Govt Natl Mtge Assoc Mod PT# 780912 6.5 11/15/2028 101 6,460,137 6,499,350 2.6 418,275 6.42 ----------- ----------- ---- --------- Total U S Agency Mortgage 70,897,286 71,375,126 28.5 4,653,809 Total U S Government 145,852,240 149,676,788 59.7 8,439,921 Yankee 2,600,000 Junta De Andalucia Note 6.75 10/15/2017 107.287 2,590,120 2,789,462 1.1 175,500 6.09 2,500,000 Hellenic Republic of Greece Sr Note 6.95 3/04/2008 108.251 2,622,875 2,706,263 1.1 173,750 5.78 1,350,000 Province Of Manitoba Note 5.5 10/01/2008 101.12 1,341,387 1,365,120 0.5 74,250 5.35 ----------- ----------- ---- --------- Total Yankee 6,554,382 6,860,845 2.7 423,500 U S Corporate Bank 1,225,000 Advanta Master Trust 1996-A Al 6 11/15/2003-05 101.437 1,223,086 1,242,603 0.5 73,500 5.66 1,925,000 Capital One Bank Sr Note 6.15 6/01/2001 98.516 1,930,429 1,896,433 0.8 118,388 6.82 5,000,000 Chase Manhattan Master Trust 97-2 A 6.3 8/15/2000 101.468 4,998,438 5,073,400 2 315,000 5.41 5,200,000 MBNA Master Credit Card Tr 11 1998-J 5.25 10/15/2003 99.156 5,189,236 5,156,128 2.1 273,000 5.45 3,100,000 MBNA Corp MT Note 6.12 8/13/2001 98.965 3,122,785 3,067,915 1.2 189,720 6.55 1,225,000 Prime Credit Card Master Tr 1996-IA 6.7 5/15/2001 102.718 1,221,842 1,258,296 0.5 82,075 5.46 ----------- ----------- ---- --------- Total Bank 17,685,815 17,694,774 7.1 1,051,683 Finance 2,450,000 AT&T Capital Corp 7.5 11/15/2000 101.478 2,451,274 2,486,211 1 183,750 6.64 2,250,000 Associates Corp of N A Sr Note 5.6 1/15/2001 100.389 2,137,860 2,258,753 0.9 126,000 5.39 2,100,000 Associates Corp NA Note 6.75 7/15/2001 103.088 2,081,919 2,164,848 0.9 141,750 5.43 2,425,000 Discover Card Master Trust 1998-7 A 5.6 11/15/2003-03 100.438 2,423,484 2,435,609 1 135,800 5.49 1,925,000 General Electric Cap Corp MT Note 6.15 11/05/2001 102.628 1,951,642 1,975,589 0.8 118,388 5.14 2,500,000 Household Finance Co MT Note 5.875 9/25/2004 100.107 2,500,000 2,502,675 1 146,875 5.85 2,500,000 LA County CA Taxable (MBIA) Ser 94-D 6.73 6/30/2004 105.576 2,500,000 2,639,400 1.1 168,250 5.54 1,125,000 NJ Econ Dev Authority (MBIA) 7.425 2/15/2029 114.639 1,276,583 1,289,689 0.5 83,531 6.33
39
Shares/ Market Total % Total % Par Value Security Coupon Maturity Price Book Value Market Market Income Yield --------- -------- ------ -------- ----- ---------- ------ ------ ------ ----- 1,125,000 NJ Econ Dev Authority (MBIA) 7.425 2/15/2029 114.639 1,276,583 1,289,689 0.5 83,531 6.33 2,500,000 Norwest Financial Inc Note 6.1 10/01/2000 101.142 2,494,600 2,528,550 1 152,500 5.4 5,100,000 Pacificorp Aust AMBAC 144A Note 6.15 1/15/2008 102.786 5,081,589 5,242,086 2.1 313,650 5.75 2,011,530 Railcar Leasing 1997-1 All 144A SEQ 6.75 7/15/2002-06 103.219 1,983,086 2,076,278 0.8 135,778 5.73 700,000 Sears Credit Acct Master Tr ll 95-2 8.1 6/15/2000-04 102.562 699,016 717,934 0.3 56,700 6.23 2,600,000 Sears Credit Acct Master tr 98-2A 5.25 12/15/2003-04 98.75 2,575,467 2,567,500 1 136,500 5.54 1,275,000 Sears Credit Acct Master Tr ll 97-1 6.2 7/15/2002-07 101.687 1,263,924 1,296,509 0.5 79,050 5.67 ----------- ---------- ---- --------- Total Finance 31,420,443 32,181,630 12.8 1,978,522 Mortgage 2,225,000 CS First Boston Mtg Sec 97-C2 A2 SEQ 6.52 7/17/2005-07 103.219 2,235,777 2,296,618 0.9 145,070 5.92 1,656,288 DMARC Commercial Mtge 98-Cl A1 6.22 9/15/2003-07 101.313 1,663,643 1,678,035 0.7 103,021 5.91 SEQ 1,192,238 GMAC Comm Mtge Corp 97-C2 A1 SEQ 6.451 12/15/2003-04 102.563 1,198,200 1,222,793 0.5 76,911 5.85 3,726,412 GMAC Comm Mtge Corp 98-Cl A1 SEQ 6.411 11/15/2003-07 102.298 3,760,774 3,812,026 1.5 238,900 5.86 1,204,378 Lehman Commercial Mtge 98-C1 A1 SEQ 6.33 11/18/2002-04 101.781 1,210,753 1,225,832 0.5 76,237 5.81 1,225,000 Lehman Commercial Mtge 98-C4 A1 A 5.87 8/15/2003-06 100.198 1,231,201 1,227,419 0.5 71,908 5.82 SEQ 1,804,919 Pru Home Mtg Series 93-45 A-2 TAC 6.75 11/25/2001-08 100.062 1,788,351 1,806,039 0.7 121,832 6.72 1,312,743 Pru Home Mtg Series 94-15 A-7 6.8 5/25/2001-24 100.625 1,309,256 1,320,948 0.5 89,267 6.13 2,434,253 Lehman Commercial Mtge 97-LLI A1 6.79 6/12/2002-04 103.5 2,468,209 2,519,452 1 165,286 5.66 SEQ ----------- ---------- ---- --------- Total Mortgage 16,866,163 17,109,163 6.8 1,088,432 Industrial 3,000,000 Cargill, Inc. 144A Senior Note 7.375 10/01/2025 106.25 2,983,800 3,187,500 1.3 221,250 6.86 2,944,000 Chevron Corp Prof Sharing Amort Nt 8.11 12/01/2001-04 108.294 3,157,164 3,188,175 1.3 238,758 5.02 2,750,000 Coca-Cola Enterprise Deb 5.75 11/01/2008 98.207 2,742,548 2,700,693 1.1 158,125 5.99 1,350,000 News America Holdings Note 6.625 1/09/2008 102.902 1,348,286 1,389,177 0.6 89,438 6.2 850,000 News America, Inc Deb 7.25 5/18/2018 102.168 845,903 868,428 0.3 61,625 7.04 575,000 News America, Inc Deb 7.125 4/08/2028 99.776 556,157 573,712 0.2 40,969 7.14 ----------- ---------- ---- --------- Total Industrial 11,633,857 11,907,685 4.7 810,165 Electric Utility 2,175,000 PG&E-1 Rate Reduction Certs A-6 6.32 9/25/2003-05 102.895 2,232,724 2,237,955 0.9 137,460 5.61 1,400,000 PG&E-1 Rate Reduction Certs A-7 6.42 9/25/2005-08 103.843 1,421,000 1,453,802 0.6 89,880 5.72 2,375,000 SDE-1 Rate Reduction Certs A-6 6.31 9/25/2008 103.312 2,469,907 2,453,660 1 149,863 5.86 ----------- ---------- ---- --------- Total Electric Utility 6,123,631 6,145,417 2.5 377,203 Telephone 2,700,000 U.S. West Capital Funding Bond 6.125 7/15/2002 102.085 2,796,633 2,756,295 1.1 165,375 5.47 2,700,000 Worldcom, Inc Sr Note 6.125 8/15/2001 101.598 2,697,192 2,743,146 1.1 165,375 5.46 ----------- ---------- ---- --------- Total Telephone 5,493,825 5,499,441 2.2 330,750 Total U S Corporate 89,223,734 90,538,111 36.1 5,636,753 ----------- ---------- ---- --------- TOTAL BONDS 241,630,356 247,075,744 98.5 14,500,175 5.76
40
Shares/ Market Total % Total % Par Value Security Coupon Maturity Price Book Value Market Market Income Yield --------- -------- ------ -------- ----- ---------- ------ ------ ------ ----- SHORT TERM OBLIGATIONS 8,000,000 American Express Credit Corp IBN 5.8 1/06/1999 100 8,000,000 8,000,000 3.2 470,448 5.88 9,566,522 State Street Bank Govt STIF 100 9,566,523 9,566,523 3.8 516,009 5.39 ---------- ---------- ------- TOTAL SHORT TERM OBLIGATIONS 17,566,523 17,566,523 7 986,457 5.62 ACCOUNT SUMMARY Total Securities 259,196,879 264,642,267 105.5 15,486,631 Cash -16,503,847 -16,503,847 -6.6 Income Accruals 2623905 2,623,905 1 ------- --------- - Total Assets 245,316,937 250,762,325 100 15,486,631 *THE PORTFOLIO YIELD IS THE AVERAGE OF YIELD TO MATURITY ON BONDS AND BOND EQUIVALENT YIELD TO MATURITY ON SHORT TERM OBLIGATIONS ADJUSTED FOR TRADE CASH. THE CURRENT YIELD ON THE PORTFOLIO IS 5.90%, THE YIELD FIGURES FOR BONDS ARE YIELDS TO MATURITY. THE YIELD FIGURES FOR SHORT-TERM OBLIGATIONS ARE BOND-EQUIVALENT YIELDS TO MATURITY. NUMBERS MAY NOT ADD TO TOTALS DUE TO ROUNDING.
41 EX-23 2 CONSENT OF ARTHUR ANDERSEN EXHIBIT 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our reports dated May 24, 1999 on the Champion International Corporation Savings Plan #077 and the Champion International Corporation Savings Plan for Hourly Employees #158 included in this Form 11-K into the Company's previously filed Registration Statement on Form S-8 (Registration No. 333- 34069). /s/ Arthur Andersen LLP Stamford, CT June 21, 1999 -----END PRIVACY-ENHANCED MESSAGE-----