1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 2002
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ________ to ________
Commission file number: 1-9210
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Occidental Petroleum Corporation Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Occidental Petroleum Corporation
10889 Wilshire Boulevard
Los Angeles, California 90024
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
By: /s/ Samuel P. Dominick, Jr.
------------------------------------------------------
Samuel P. Dominick, Jr. - Member of the
Occidental Petroleum Corporation
Pension and Retirement Plan Administrative Committee
Dated: June 24, 2003
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Financial Statements
December 31, 2002 and 2001
(With Independent Auditors' Report Thereon)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
PAGE
Independent Auditors' Report 1
Statements of Net Assets Available for Benefits - December 31, 2002 and 2001 2
Statement of Changes in Net Assets Available for Benefits - Year ended December 31, 2002 3
Notes to Financial Statements 4
SCHEDULE
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) - December 31, 2002 14
All schedules omitted are not required based on disclosure requirements of the
Employee Retirement Income Security Act of 1974 and regulations issued by the
Department of Labor.
INDEPENDENT AUDITORS' REPORT
The Occidental Petroleum Corporation
Pension and Retirement Plan Administrative Committee:
We have audited the accompanying statements of net assets available for benefits
of the Occidental Petroleum Corporation Savings Plan (the Plan) as of December
31, 2002 and the related statement of changes in net assets available for plan
benefits for the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit. Other auditors, who
have ceased operations, were engaged to audit the financial statements of the
Plan as of December 31, 2001 whose report dated May 13, 2002 expressed an
unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides 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, 2002 and the changes in its net assets available for benefits for
the year then ended in conformity with accounting principles generally accepted
in the United States of America.
Our audit was performed for the purpose of forming an opinion on the 2002 basic
financial statements taken as a whole. The supplemental schedule, schedule H -
line 4i - schedule of assets (held at end of year) is presented for the purposes
of additional analysis and is not a required part of the 2002 basic financial
statements but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule has been
subjected to the auditing procedures applied in the audit of the 2002 basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the 2002 basic financial statements taken as a whole.
/s/ KPMG LLP
Los Angeles, California
April 25, 2003
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 2002 and 2001
(Dollar amounts in thousands)
ASSETS 2002 2001
-------------- --------------
Cash $ 10 --
Investments:
At fair value:
Common stocks 362,026 311,978
Mutual funds 268,113 317,324
Participant loans 17,492 11,832
Common/collective trust 6,534 4,983
Plan interest in Master Trust 1,659 1,278
At contract value:
Guaranteed Investment Contract 185,199 142,352
-------------- --------------
Total investments 841,023 789,747
-------------- --------------
Receivables:
Interest and dividends 3,013 2,739
Participant contributions 1,153 1,016
Employer contributions 730 698
Due from securities broker -- 3,133
-------------- --------------
Total receivables 4,896 7,586
-------------- --------------
Total assets 845,929 797,333
-------------- --------------
LIABILITIES
Accrued liabilities 56 48
Due to securities broker -- 1,048
-------------- --------------
Total liabilities 56 1,096
-------------- --------------
Net assets available for plan benefits $ 845,873 796,237
============== ==============
See accompanying notes to financial statements.
2
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 2002
(Dollar amounts in thousands)
Additions:
Additions to net assets attributable to:
Investment income (loss):
Interest and dividend income $ 14,551
Net depreciation in fair value of investments (48,343)
--------------
Total investment loss (33,792)
--------------
Contributions:
Participant 35,639
Employer 22,072
Participant rollover 15,303
--------------
Total contributions 73,014
--------------
Transfers from other plans 105,172
--------------
Total additions 144,394
--------------
Deductions:
Deductions from net assets attributable to:
Benefits paid to participants 93,909
Plan expenses 849
--------------
Total deductions 94,758
--------------
Net increase 49,636
Net assets available for plan benefits:
Beginning of year 796,237
--------------
End of year $ 845,873
==============
See accompanying notes to financial statements.
3
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
(1) DESCRIPTION OF THE PLAN
The following description of the Occidental Petroleum Corporation Savings
Plan (the Plan) provides only general information. Participants should
refer to the Plan document for a more complete description of the Plan's
provisions.
(a) GENERAL
The Plan is a defined contribution plan generally available to certain
employees of Occidental Petroleum Corporation (OPC, Oxy, or the
Employer), a Delaware corporation, and participating subsidiaries
(collectively, the Company). The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974, as amended
(ERISA).
(b) PLAN ADMINISTRATION
The Plan is administered by the OPC Pension and Retirement Trust and
Investment Committee (PARTAIC) as to investment decisions and by the
OPC Pension and Retirement Plan Administrative Committee (PARPAC) as
to all matters except investment decisions (these two committees are
herein referred to collectively as the Committees). Members of the
Committees are selected by the board of directors of OPC. The
Committees have been given all powers necessary to carry out their
respective duties, including, but not limited to, the power to
administer and interpret the Plan and to answer all questions
affecting eligibility of participants. The Northern Trust Company (the
Trustee) is the trustee and custodian of a trust fund, which holds all
of the assets of the Plan.
(c) CONTRIBUTIONS
PARTICIPANT CONTRIBUTIONS - Participants may contribute up to 15% of
compensation (as defined) to the Plan on a before- or after-tax basis,
or in any combination thereof, subject to certain Internal Revenue
Code (IRC) limitations. Effective June 1, 2002, this deferral
percentage was increased to 34% for participants whose annual
compensation is less than $85,000.
EMPLOYER CONTRIBUTIONS - For non-collective bargaining employees, the
Company contributed 100% of a participant's contribution up to the
first 6% of compensation. For collective bargaining employees, the
Company contributed 50%, 75%, or 100% as negotiated by their
respective unions, of the first 6% of eligible compensation that a
participant contributed to the Plan. All Employer contributions are
invested in the Occidental Petroleum Corporation Common Stock Fund
(the Oxy Stock Fund).
(d) PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contribution and allocations of the Company's contribution and Plan
earnings, and charged with an allocation of administrative expenses
and investment losses. Allocations are based on participant earnings
or account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's
vested account.
4 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
(e) VESTING
Participants are vested immediately in their contributions plus actual
earnings thereon. Vesting in the Company's contribution portion of
their accounts is based on years of continuous service. Generally, a
participant is 20% vested for each year of service and is 100% vested
after five years of credited service.
(f) PARTICIPANT LOANS
Participants may borrow from their fund accounts a minimum of $1,000
up to a maximum equal to the lesser of: (i) $50,000 reduced by the
highest outstanding loan balance during the preceding 12 months, (ii)
50% of their account balance, or (iii) a loan amount which would
require payroll deductions for repayment equal to 25% of the
participant's base compensation. Loan terms range from 1 to 5 years
for general-purpose loans and 6 to 10 years for primary residence
loans. The loans are secured by the balance in the participant's
account and bear interest at a fixed rate equal to the Western Federal
Credit Union's loan rate for a loan secured by a member's deposit
account at the time the loan is approved. Interest rates ranged from
3.5% to 7.0% on loans outstanding as of December 31, 2002. Principal
and interest is paid ratably through monthly payroll deductions.
(g) DISTRIBUTIONS
Generally, on termination of service for any reason other than death,
participants with an account balance greater than $5,000, may elect to
receive the vested portion of their account under one of the following
distribution options: (i) one lump sum payment, (ii) straight-life
annuity, (iii) 10-year term certain annuity, (iv) joint and survivor
annuity, (v) partial cash distribution, or (vi) deferral of payment
with certain restrictions. Upon termination of service due to death,
the beneficiary may elect to receive the vested interest in the form
of (i), (ii), (iii), or (vi) only. A participant whose vested account
balance is $5,000 or less, may receive distributions only under
options (i), (v), or (vi). Participants may elect to receive
distributions from their account balance in the Oxy Stock Fund in cash
or in shares of OPC common stock.
(h) FORFEITED ACCOUNTS
Forfeited nonvested accounts are used to reduce Employer
contributions. During 2002, Employer contributions were reduced by
approximately $286,000 from forfeited nonvested accounts. Unallocated
forfeitures at December 31, 2002 were not significant to the financial
statements.
(i) INVESTMENT OPTIONS
The Plan offers various investment options which are managed by
several outside investment managers. Upon enrollment in the Plan,
participants may direct their contributions, in 1% increments, in any
of the investment options offered at the time. Participants may change
their investment options daily. Participants should refer to the Plan
fund description pamphlet for a complete description of the investment
options and for the detailed composition of each investment fund.
5 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
(j) PLAN AMENDMENTS
During 2001, the Plan was amended to reflect the various tax law
changes enacted under the Uruguay Round Agreements Act, the Uniformed
Services Employment and Reemployment Rights Act of 1994, Small
Business Job Protection Act of 1996, Taxpayer Relief Act of 1997 and
the IRS Restructuring Act and Reform Act of 1998 (GUST). The Plan was
also amended to reflect the transfers of certain participant accounts
from the Occidental Chemical Corporation Savings and Investment Plan
to the Plan, as well as changes to Plan investment options.
Effective June 1, 2002, the Plan was amended to designate the Matching
Account held under the Plan as an employee stock ownership plan and to
allow participants the option to have dividends re-invested in the Oxy
Stock Fund or distributed in the form of cash.
(k) PLAN MERGERS
Effective February 28, 2002, the Oxy Vinyls, LP Savings Plan was
merged into the Plan. As a result of the merger, the Plan became a
multiple employer plan.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF ACCOUNTING
The financial statements of the Plan are prepared under the accrual
method of accounting. Certain reclassifications have been made to the
2001 financial statements to be consistent with the current year
presentation.
(b) USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and changes therein, and disclosure
of contingent assets and liabilities. Actual results could differ from
those estimates.
(c) INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value except for the
investments in guaranteed investment contracts, which are valued at
contract value (notes 3 and 5). Quoted market prices are used to value
investments. Shares of mutual funds are valued at the net asset value
of shares held by the Plan at year-end. The unit price of common or
commingled trust funds is based on the current market values of the
underlying assets of the fund. Participant loans are valued at cost,
which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on an accrual basis. Dividends are
recorded on the ex-dividend date.
Realized gains and losses on investments are based on the market value
of the asset at the beginning of the year or at the time of purchase
for assets purchased during the year and the related fair value on the
day the investments are sold during the year. Unrealized gains and
losses of investments are based on the market value of the assets at
the beginning of the year or at the time of purchase for
6 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
assets purchased during the year, and the related fair value at the
end of the year. Net realized and unrealized depreciation in fair
value of investments is reflected in the accompanying statement of
changes in net assets available for benefits as "net depreciation in
fair value of investments."
(d) PAYMENT OF BENEFITS
Benefits are recorded when paid.
(e) RISKS AND UNCERTAINTIES
The Plan invests in various types of investment securities, including
mutual funds, actively managed funds, and the Oxy Stock Fund.
Investment securities are exposed to various risks, such as interest
rate, market and credit risks. Due to the level of risk associated
with certain investment securities, it is at least reasonably possible
that changes in the values of investment securities will occur in the
near term and that such changes could materially affect the amounts
reported in the statements of net assets available for benefits.
Additionally, many mutual funds invest in the securities of foreign
companies, which involves special risks and considerations not
typically associated with investing in U.S. companies. These risks
include devaluation of currencies, less reliable information about
issuers, different securities transaction clearance and settlement
practices, and possible adverse political and economic developments.
Moreover, securities of many foreign companies and their markets may
be less liquid and their prices more volatile than similar types of
securities of comparable U.S. companies.
Derivative financial instruments are used by the Plan's equity and
fixed income investment managers to remain fully invested in the asset
class and to hedge currency risk. Leveraging of the Plan assets and
speculation are prohibited.
As of December 31, 2002 and 2001, approximately 39% and 35% of total
Plan investments, respectively, were invested in the Oxy Stock Fund.
(3) INVESTMENTS
The following presents investments that represent 5% or more of the Plan's
net assets (dollar amounts in thousands):
DECEMBER 31
-----------------------------
2002 2001
------------ ------------
Oxy Stock Fund * $ 330,778 276,693
Primco Fixed Income GICs 185,199 140,820
Vanguard S&P 500 Index Fund 132,416 105,340
Cap Guardian US Balance Mutual Fund 45,560 54,327
Fidelity Magellan Large Cap I Fund 44,594 57,016
Fidelity Large Cap II Contrafund -- 60,010
All other investments less than 5% 102,476 95,541
------------ ------------
Total Investments $ 841,023 789,747
============ ============
* Participant- and nonparticipant-directed
7 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
During 2002, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) depreciated
in value by approximately $48,343,000, as follows (dollar amounts in
thousands):
Common stock $ 11,281
Mutual funds (59,417)
Interest in Master Trust (207)
------------
$ (48,343)
============
(4) OXY STOCK FUND
Information regarding the net assets and the significant components of the
changes in net assets relating to the Oxy Stock Fund which includes both
participant- and nonparticipant-directed investments is as follows (dollar
amounts in thousands):
DECEMBER 31,
2002 2001
------------ ------------
Net assets:
Oxy Stock Fund $ 330,778 $ 276,693
============ ============
YEAR ENDED
DECEMBER 31,
2002
------------
Changes in net assets:
Contributions $ 26,890
Investment income 11,486
Net appreciation in fair value of investments 20,674
Transfers between funds (9,799)
Benefits paid to participants (39,601)
Administrative expenses (82)
Transfer from other plan 44,517
------------
$ 54,085
============
(5) GUARANTEED INVESTMENT CONTRACTS
The Stable Value Fund includes deposits for guaranteed investment contracts
(GICs) and synthetic GICs. The Plan's investments in GICs are included in
the statements of net assets available for benefits at contract value
(which represents contributions made under the contract plus earnings, less
withdrawals and administrative expenses) because they are fully benefit
responsive. For example, participants may ordinarily direct the withdrawal
or transfer of all or a portion of their investment at contract value.
8 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
Withdrawals resulting from events initiated by the Company, such as Plan
termination, are not typically considered participant-initiated
transactions. With such an event, some of the contracts contain
contingencies that could lead to withdrawal penalties. However, since no
such events are being contemplated at this time or the withdrawals
resulting from such an event will be funded outside the contracts'
provisions, these "potential" limitations do not jeopardize the contract
value reporting for these investments.
Contract value for the synthetic GICs is determined based on the fair value
of the assets underlying the synthetic GICs. The difference between the
fair value of the assets underlying the synthetic GICs and the contract
value of the GICs is the value of the "wrapper" contract issued by a third
party. The fair value for GICs varies based on the type of contract held
(e.g., security-backed investments and general account investments). Fair
value of the general account investment type GICs is derived by comparing
the contract value, on a duration basis, to the yield curve. Fair value of
the nonparticipating synthetic GICs is determined by comparing each
contract, on a duration basis, to a Treasury yield curve at year end, plus
40 basis points. Fair value for security-backed investment contracts was
derived from outside sources, based on the type of investment held.
GICs provide a fixed crediting interest rate and a financially responsible
entity guarantees liquidity at contract value prior to maturity for any and
all participant-initiated benefit withdrawals, loans, or transfers arising
under the terms of the Plan, which allows access for all participants.
Synthetic GICs operate similarly to a separate account guaranteed
investment contract, except that the assets are placed in a trust with
ownership by the Plan rather than a separate account of the issuer and a
financially responsible third party issues a wrapper contract that provides
that participants can, and must, execute Plan transactions at contract
value.
Inasmuch as trust assets are owned by the Plan, the wrapper contract and
the assets in trust are separately valued and disclosed. The wrapper
contract is valued at the difference between the fair value of the trust
assets and the contract value attributable by the wrapper to such assets.
When considered together, the trust assets and the wrapper contract are
reported at the wrapper contract value because participants are guaranteed
return of principal and accrued interest.
During 2002 and 2001, the average yield earned on amounts invested in the
GICs was 5.52% and 6.35%, respectively. As of December 31, 2002 and 2001,
the average crediting interest rate on such contracts was 4.97% and 6.10%,
respectively. There were no valuation reserves recorded to adjust contract
amounts during the Plan years. Crediting rate resets are applied to
specific investment contracts, as determined at
9 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
the time of purchase. The reset values for security backed investment rates
are a function of contract value, market value, yield, and duration.
General account investment rates are based on a predetermined index rate of
return, plus a fixed basis point spread. The following is a reconciliation
between the contract value and the fair value of the GICs at December 31,
2002 (dollar amounts in thousands):
CREDITING
DURATION INTEREST RATE CONTRACT FAIR
(YEARS) PERCENTAGE VALUE VALUE
-------- ------------- --------- ---------
Security backed investments:
INVESCO Group Trust:
Monumental Life Insurance Co. 0.25 1.60% $ 2,503 $ 2,510
Allstate Life Insurance Co. 3.53 5.66 28,228 29,730
Monumental Life Insurance Co. 4.00 5.36 2,034 2,188
Bank of America NT & SA 2.15 3.86 32,997 33,666
ING Life Insurance & Annuities Co. 2.20 2.49 5,706 5,750
--------- ---------
Total INVESCO Group Trust 71,468 73,844
--------- ---------
Separate account:
John Hancock Life Insurance 3.50 5.64 1,070 1,144
--------- ---------
Total separate account 1,070 1,144
--------- ---------
Total nonsynthetic security-
backed investments 72,538 74,988
--------- ---------
Synthetics:
JP Morgan Chase Bank 2.14 6.07 22,438 24,086
Metropolitan Life Insurance Co. 2.64 5.74 18,739 20,026
Monumental Life Insurance Co. 1.75 5.80 12,576 15,773
State Street Bank & Trust 1.84 4.61 20,368 21,382
UBS AG 2.98 6.43 13,137 14,631
--------- ---------
Total synthetics 87,258 95,898
--------- ---------
General account investments:
John Hancock Life Insurance 2,091 2,244
SunAmerica Life Insurance Co. 671 715
IRT Stable Value Fund 17,659 18,203
--------- ---------
Total general account investments 20,421 21,162
--------- ---------
Short-term investment fund:
Northern Trust Company 4,982 4,982
--------- ---------
Total guaranteed investment
contracts 185,199 197,030
Less synthetic wrappers -- (8,668)
Less difference between the fair value and
contract values on the non-synthetic GICs -- (3,228) 1
Add difference between the fair value and
contract values on the IRT Stable Value Fund -- 65
--------- ---------
Total contract value of
guaranteed investment contracts $ 185,199 $ 185,199
========= =========
10 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
1 The difference of $3,228,000 between the fair value and the contract
value of the guaranteed investment contracts is due to the security-backed
investments and general account investments that do not have synthetic
wrappers associated with them.
The following is a reconciliation between the fair value and the contract
value of the GICs at December 31, 2001 (dollar amounts in thousands):
CREDITING
DURATION INTEREST RATE CONTRACT FAIR
(YEARS) PERCENTAGE VALUE VALUE
-------- ------------- --------- ---------
Security backed investments:
INVESCO Group Trust:
Monumental Life Insurance Co. 0.25 2.12% $ 2,302 $ 2,308
Allstate Life Insurance Co. 3.66 6.18 25,029 25,234
Monumental Life Insurance Co. 4.00 5.60 1,806 1,839
Bank of America NT & SA 2.57 4.32 9,608 9,518
--------- ---------
Total INVESCO Group Trust 38,745 38,899
--------- ---------
Separate account:
John Hancock Life Insurance 3.50 6.15 947 973
--------- ---------
Total separate account 947 973
--------- ---------
Total nonsynthetic security-
backed investments 39,692 39,872
--------- ---------
Synthetics:
JP Morgan Chase Bank 2.69 6.39 20,986 22,001
Metropolitan Life Insurance Co. 2.66 6.64 13,961 14,744
Monumental Life Insurance Co. 1.60 7.55 17,960 18,962
State Street Bank & Trust 2.19 6.25 18,815 19,295
UBS AG 2.73 6.60 19,257 20,069
--------- ---------
Total synthetics 90,979 95,071
--------- ---------
General account investments:
John Hancock Life Insurance 0.25 3.76 4,214 4,272
Sun America Life Insurance Co. 0.08 7.70 584 655
Firstar Bank Milwaukee 0.08 6.97 297 297
--------- ---------
Total general account investments 5,095 5,224
--------- ---------
Short-term investment fund:
Northern Trust Company 5,054 5,054
--------- ---------
Total guaranteed investment
contracts 140,820 145,221
Stable Value Asset Fund 1,532 1,532
Less synthetic wrappers -- (4,092)
Add difference between the fair value and
contract values on the non-synthetic GICs -- (309) 2
--------- ---------
Total contract value of
guaranteed investment contracts $ 142,352 $ 142,352
========= =========
2 The difference of $309,000 between the fair value and the contract value
of the guaranteed investment contracts is due to the security backed
investments and general account investments that do not have synthetic
wrappers associated with them.
11 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
(6) INVESTMENT IN MASTER TRUST
The plan's investment assets include a convertible bond fund in which other
plans also invest. This convertible bond fund is managed by Advent Capital
Management and is one of the master trust investment accounts (Advent MTIA)
in the OPC Master Retirement trust. At December 31, 2002 and 2001, the
Plan's investment in the assets of the Advent MTIA represented an undivided
interest of approximately 10% and 7%, respectively.
The following table presents the aggregate fair value of investments held
by, and investment income earned by, the Advent MTIA, in which the Plan
owns an undivided interest, as stated above (dollar amounts in thousands):
DECEMBER 31,
2002 2001
------------ ------------
Investments at fair value as determined by quoted market price:
Common/Collective Trust $ 156 --
Common stock -- 330
Preferred stock 5,766 6,799
Corporate bonds 11,031 11,608
------------ ------------
$ 16,953 18,737
============ ============
YEAR ENDED
DECEMBER 31,
2002
------------
Investment income (loss):
Net depreciation in fair value of investments:
Common stock $ (161)
Preferred stock (1,482)
Corporate bonds (1,001)
------------
(2,644)
Income from Common/Collective Trust 2
Interest and dividends 689
Less investment expenses (203)
------------
$ (2,156)
============
(7) RELATED-PARTY TRANSACTIONS
The Trustee and OPC are parties in interest as defined by ERISA. The
Trustee invests certain plan assets in its Collective Short-Term Investment
Fund and the Oxy Stock Fund. Such transactions qualify as party-in-interest
transactions permitted by the Department of Labor regulations. Expenses
paid by the Plan to the Trustee for the year ended December 31, 2002 were
insignificant.
12 (Continued)
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2002 and 2001
(8) PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of Plan
termination, participants would become 100% vested in their Employer
contributions.
(9) TAX STATUS
The Internal Revenue Service has determined and informed the Company by a
letter dated February 24, 2003, that the Plan and related trust are
designed in accordance with applicable sections of the IRC. However, the
Committees, using their judgment and based on the advice of their advisors,
believe that the Plan is currently designed and operating in a manner that
preserves its tax-qualified status.
(11) RECONCILIATION OF THE FINANCIAL STATEMENTS TO THE FORM 5500
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500 (dollar amounts in thousands):
2002 2001
------------ ------------
Net assets available for benefits per the financial statements $ 845,873 796,237
Amounts allocated to withdrawing participants (4,205) (5,841)
------------ ------------
Net assets available for benefits per the Form 5500 $ 841,668 790,396
============ ============
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500 for the year ended December 31, 2002
(dollar amounts in thousands):
Benefits paid to participants per the financial statements $ 93,909
Add amounts allocated to withdrawing participants at
December 31, 2002 4,205
Less amounts allocated to withdrawing participants at
December 31, 2001 (5,841)
------------
Benefits paid to participants per the Form 5500 $ 92,273
============
Amounts allocated to withdrawing participants are recorded on the Form 5500
for benefit payments that have been processed and approved for payment
prior to December 31, but not yet paid as of that date.
13
SCHEDULE 1
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2002
(Dollar amounts in thousands)
(a) (b) (c) (d) (d)
DESCRIPTION OF INVESTMENT INCLUDING
RELATED IDENTITY OF ISSUER, BORROWER, LESSOR, OR MATURITY DATE, RATE OF INTEREST, COLLATERAL, CURRENT
PARTY SIMILAR PARTY PAR, MATURITY VALUE, OR DURATION COST VALUE
--------- ---------------------------------------- -------------------------------------------- ------------- -------------
COMMON STOCK
Adaptec Inc Common Stock, 45,700 shares $ 258
ADC Telecommunications Inc Common Stock, 105,300 shares 220
Aetna Inc Common Stock, 5,100 shares 210
Alexander & Baldwin Inc Common Stock, 15,200 shares 392
Altria Group Inc (fka Phillip Morris) Common Stock, 4,500 shares 182
Amer Elec Pwr Co Inc Common Stock, 15,310 shares 418
Amer Natl Ins Co Common Stock, 3,800 shares 312
Andrew Corp Common Stock, 32,000 shares 329
Arden Rlty Group Inc Common Stock, 13,500 shares 299
Arrow Electr Inc Common Stock, 6,300 shares 81
Avalonbay Cmntys Reit Common Stock 3,500 shares 137
Avnet Inc Common Stock, 20,126 shares 218
Aztar Corp Common Stock, 23,975 shares 342
Bank One Corp Common Stock, 5,150 shares 188
BK Amer Corp Common Stock, 8,500 shares 591
Brunswick Corp Common Stock, 7,150 shares 142
Burl Northn Santa Fe Corp Common Stock, 14,500 shares 377
Chubb Corp Common Stock, 7,000 shares 365
Cigna Corp Common Stock, 3,950 shares 162
Cimarex Energy Co Common Stock, 6,600 shares 118
Coml Fed Corp Common Stock, 6,000 shares 140
Coml Metals Co Common Stock, 30,000 shares 487
Conmed Corp Common Stock, 18,600 shares 364
Conocophillips Common Stock, 12,659 shares 613
Cooper Ind Inc Common Stock, 4,800 shares 175
Cooper Tire & Rubber Co Common Stock, 12,300 shares 189
Corn Prods Intl Inc Common Stock, 11,600 shares 350
Corning Inc Common Stock, 26,200 shares 87
Crompton Corp Common Stock, 30,400 shares 181
CSX Corp Common Stock, 3,000 shares 85
CTS Corp Common Stock, 37,400 shares 290
Dana Corp Common Stock, 12,200 shares 143
Deluxe Corp Common Stock, 1,800 shares 76
Dollar Thrifty Automotive Group Inc Common Stock, 17,000 shares 360
Dow Chem Co Common Stock, 10,200 shares 303
Du Pont E I De Nemours & Co Common Stock, 1,409 shares 60
Duane Reade Inc Common Stock, 9,100 shares 155
Eastman Chem Co Common Stock, 1,250 shares 46
Empire Dist Elec Co Common Stock, 15,800 shares 289
Esterline Technologies Corp Common Stock, 12,200 shares 216
Fed Dept Stores Inc Del Common Stock, 4,600 shares 132
Felcor Lodging Tr Inc Com Common Stock, 30,000 shares 343
FHLMC Common Stock, 1,800 shares 106
Fid Natl Finl Inc Common Stock, 16,400 shares 538
Fleetboston Finl Corp Common Stock, 13,000 shares 316
Flowserve Corp Common Stock, 9,700 shares 143
FMC Corp Common Stock, 19,100 shares 522
FNMA Common Stock, 3,525 shares 227
Frontier Oil Corp Common Stock, 5,500 shares 95
GA Pac Corp Common Stock, 5,500 shares 89
Gardner Denver Inc Common Stock, 25,600 shares 520
GBC Bancorp Common Stock, 20,000 shares 387
Genuine Parts Co Common Stock, 12,350 shares 380
Glaxo Smithkline Spons Adr Common Stock, 10,500 shares 393
Golden W. Fncl Corp Common Stock, 4,200 shares 302
Goodyear Tire & Rubber Co Common Stock, 3,850 shares 26
Graftech Intl Ltd Common Stock, 35,400 shares 211
Group 1 Automotive Inc Common Stock, 11,500 shares 275
Harleysville Group Inc Common Stock, 14,150 shares 374
Harsco Corp Common Stock, 7,100 shares 226
Hewlett Packard Co Common Stock, 29,800 shares 517
Hexcel Corp Common Stock, 15,100 shares 45
Hughes Sup Inc Common Stock, 13,900 shares 380
14
SCHEDULE 1-2
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2002
(Dollar amounts in thousands)
(a) (b) (c) (d) (d)
DESCRIPTION OF INVESTMENT INCLUDING
RELATED IDENTITY OF ISSUER, BORROWER, LESSOR, OR MATURITY DATE, RATE OF INTEREST, COLLATERAL, CURRENT
PARTY SIMILAR PARTY PAR, MATURITY VALUE, OR DURATION COST VALUE
--------- ---------------------------------------- -------------------------------------------- ------------- -------------
Inamed Corp Common Stock, 5,200 shares $ 160
Ingram Micro Inc Common Stock, 11,575 shares 143
JLG Inds Inc Common Stock, 39,400 shares 297
KB Home Common Stock, 11,300 shares 484
Kellwood Co Common Stock, 12,000 shares 312
Kemet Corp Common Stock, 34,000 shares 297
Kennametal Inc Common Stock, 12,400 shares 428
Koger Equity Inc Common Stock, 25,100 shares 392
Landamerica Finl Group Inc Common Stock, 15,350 shares 544
Lear Corp Common Stock, 6,200 shares 206
Leggett & Platt Inc Common Stock, 9,700 shares 218
Lehman Bros Hldgs Inc Common Stock, 7,175 shares 382
Lincoln Elec Hldgs Inc Common Stock, 12,700 shares 294
Lubrizol Corp Common Stock, 6,000 shares 183
Mack Cali Rlty Corp Common Stock, 4,000 shares 121
Magna Intl Inc Common Stock, 1,700 shares 95
Masco Corp Common Stock, 11,500 shares 242
May Dept Stores Co Common Stock, 7,250 shares 167
Meadwestvaco Corp Common Stock, 11,464 shares 283
Metlife Inc Common Stock, 11,200 shares 303
Modine Mfg Co Common Stock, 21,100 shares 373
Moog Inc Common Stock, 11,400 shares 354
Natl Cy Corp Common Stock, 8,900 shares 243
Norfolk Southn Corp Common Stock, 8,800 shares 176
Nortel Networks Corp Common Stock, 117,200 shares 189
Northeast Utilities Common Stock, 23,500 shares 356
* ** Occidental Petroleum Corp. Common Stock, 11,336,867 shares 264,353 322,534
Office Depot Inc Common Stock, 11,000 shares 162
OGE Energy Corp Common Stock, 22,400 shares 394
OMI Corp Common Stock, 55,600 shares 233
Partnerre Hldg Ltd Common Stock, 1,500 shares 78
Peabody Energy Corp Common Stock, 2,500 shares 73
Penn Engr & Mfg Corp Common Stock, 9,000 shares 96
PFF Bancorp Inc Common Stock, 10,500 shares 328
Pfizer Inc Common Stock, 17,050 shares 521
Pharmacia Corp Common Stock, 2,200 shares 92
PK PL Entmt Corp Common Stock, 21,800 shares 183
Playtex Prods Inc Common Stock, 21,400 shares 211
Pnm Res Inc Common Stock, 23,000 shares 548
Post Pptys Inc Reit Common Stock 19,000 shares 454
PPL Corp Common Stock, 10,500 shares 364
Prime Hospitality Corp Common Stock, 53,300 shares 434
Pulte Homes Inc Common Stock, 11,000 shares 527
Quantum Corp Dssg Common Stock, 8,000 shares 21
Qwest Communications Intl Inc Common Stock, 70,100 shares 351
Readers Digest Assn Inc Common Stock, 30,300 shares 458
Regal Beloit Corp Common Stock, 25,000 shares 518
Regions Fncl Corp Common Stock, 3,700 shares 123
Reliance Stl & Alum Co Common Stock, 18,000 shares 375
Reliant Res Inc Common Stock, 31,700 shares 101
Rfs Hotel Invs Inc Common Stock, 42,600 shares 463
Rock-Tenn Co Common Stock, 16,500 shares 222
RTI Intl Metals Inc Common Stock, 50,000 shares 505
Russ Berrie & Co Inc Common Stock, 3,300 shares 111
SBS Technologies Inc Common Stock, 12,900 shares 118
Schweitzer-Mauduit Intl Inc Common Stock, 17,300 shares 424
Searco Hldgs Inc Common Stock, 9,600 shares 427
Sears Roebuck & Co Common Stock, 8,950 shares 214
Seitel Inc Com Common Stock, 22,400 shares 12
Sierra Pac Res Common Stock, 31,300 shares 203
Silicon Val Bancshares Common Stock, 8,000 shares 146
Smithfield Foods Inc Common Stock, 13,200 shares 262
Smurfit-Stone Container Corp Common Stock, 14,800 shares 228
Solectron Corp Common Stock, 17,725 shares 63
15
SCHEDULE 1-3
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2002
(Dollar amounts in thousands)
(a) (b) (c) (d) (d)
DESCRIPTION OF INVESTMENT INCLUDING
RELATED IDENTITY OF ISSUER, BORROWER, LESSOR, OR MATURITY DATE, RATE OF INTEREST, COLLATERAL, CURRENT
PARTY SIMILAR PARTY PAR, MATURITY VALUE, OR DURATION COST VALUE
--------- ---------------------------------------- -------------------------------------------- ------------- -------------
Std Pac Corp Common Stock, 18,800 shares 465
Summit Ppty Inc Common Stock 24,700 shares 438
Tech Data Corp Common Stock, 4,900 shares 132
Tellabs Inc Common Stock, 33,500 shares 244
Temple Inland Inc Common Stock, 900 shares 40
Terex Corp Common Stock, 33,500 shares 373
Tesoro Pete Corp Common Stock, 70,000 shares 316
Thomas & Betts Corp Common Stock, 2,000 shares 34
Torchmark Corp Common Stock, 5,300 shares 194
Travelers Ppty Cas Corp Common Stock, 7,500 shares 110
Tx Inds Inc Common Stock, 18,500 shares 450
Txu Corp Common Stock, 3,000 shares 56
V F Corp Common Stock, 1,400 shares 50
Valero Energy Corp Common Stock, 18,100 shares 674
Vans Inc Common Stock, 50,000 shares 284
Vishay Intertechnology Inc Common Stock, 12,900 shares 144
Wa Mut Inc Common Stock, 18,600 shares 642
Wachovia Corp Common Stock, 10,000 shares 364
Wash Fed Inc Common Stock, 13,000 shares 323
Whirlpool Corp Common Stock, 2,250 shares 117
Wolverine Tube Inc Common Stock, 17,000 shares 97
WPS Res Corp Common Stock, 4,200 shares 163
-------------
Total Common Stock 362,026
-------------
** Includes nonparticipant-directed
investments. No investment
transactions exceeded 5% of the
Plan's net assets.
PARTICIPANT LOANS
* Participant loans, various maturities,
interest rates range from 3.5% -
7.0%, balances collateralized by
participant account 17,492
-------------
VALUE OF INTEREST IN COMMON/COLLECTIVE
TRUSTS
* Northern Trust Company Coltv Short Term Invt FD 6,534
-------------
GUARANTEED INVESTMENT CONTRACTS
Collective Short Term Investment Fund Maturity 1/1/03, Yield 1.42% 4,982
John Handcock #9698, Yield 5.64% 1,070
IRT Stable Value Fund #20949-087, Yield 4.52% 17,659
Monumental Life Ins Co Contract #SV-04253Q, Yield 5.05% 2,091
Sun of America Maturity 1/2/04, Yield 7.70% 671
Allstate Contract #77045-IOT, Yield 5.66% 28,228
Bank of America #01-204, Yield 3.86% 32,997
ING Life Ins & Ann Co Contract #60032, Yield 2.49% 5,706
JP Morgan Chase Bank:
Cash -- 207
Asset Securization Corp Maturity 10/15/05, Yield 7.49% 2,112
Capital One Master Trust Maturity 5/15/07, Yield 4.90% 2,131
Chase Credit Card MT Maturity 7/16/06, Yield 5.50% 1,681
CIT Equipment Collateral Maturity 3/20/06, Yield 7.58% 3,321
CIT Equipment Collateral Maturity 12/20/05, Yield 6.93% 1,826
16
SCHEDULE 1-4
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2002
(Dollar amounts in thousands)
(a) (b) (c) (d) (d)
DESCRIPTION OF INVESTMENT INCLUDING
RELATED IDENTITY OF ISSUER, BORROWER, LESSOR, OR MATURITY DATE, RATE OF INTEREST, COLLATERAL, CURRENT
PARTY SIMILAR PARTY PAR, MATURITY VALUE, OR DURATION COST VALUE
--------- ---------------------------------------- -------------------------------------------- ------------- -------------
Federal Home Loan Mtge Co. Maturity 9/1/31, Yield 6.05% $ 1,280
Federal National Mortgage Co. Maturity 7/15/05, Yield 7.00% 1,172
Residential Asset Security Maturity 2/25/17, Yield 7.81% 1,447
US Treasury Maturity 11/15/05, Yield 5.75% 2,261
US Treasury Maturity 11/15/05, Yield 5.88% 1,815
US Treasury Maturity 11/15/04, Yield 5.88% 4,818
-------------
Total Current Value of Underlying Assets 24,071
JP Morgan Chase Bank Wrapper Synthetic Wrapper Agreement (1,633)
-------------
Total Contract Value of JP Morgan Chase Bank 22,438
-------------
Metropolitan Life Ins Co:
Cash 131
DaimlerChrysler Maturity 1/8/04, Yield 7.63% 2,130
DLJ Comm Mtg. Maturity 8/10/09, Yield 6.93% 1,587
DVI Receivables Maturity 10/12/07, Yield 7.12% 2,081
Fannie Mae Whole Loan Maturity 4/15/07, Yield 5.25% 2,247
Fannie Mae Whole Loan Maturity 2/25/41, Yield 7.50% 1,197
Federal Home Loan Mortgage Co. Maturity 7/15/05, Yield 7.00% 469
Federal Home Loan Mortgage Co. Maturity 7/15/06, Yield 5.50% 914
Fleet Credit Card MT Maturity 6/15/06, Yield 5.60% 2,200
GMAC Comm. Mortgage Security Inc. Maturity 5/15/08, Yield 5.83% 1,727
Household Private Lab MT Maturity 3/15/07, Yield 5.50% 2,179
US Treasury Maturity 11/15/05, Yield 5.75% 3,164
-------------
Total Current Value of Underlying Assets 20,026
Metropolitan Life Ins Co Wrapper Synthetic Wrapper Agreement (1,287)
-------------
Total Contract Value of Metropolitan Life Ins Co 18,739
-------------
Monumental Life Ins Co:
Cash -- 527
Amresco Mtg Maturity 7/17/04, Yield 6.73% 338
DaimlerChrysler Auto Trust Maturity 6/8/05, Yield 6.70% 1,475
DaimlerChrysler Auto Trust Maturity 1/8/04, Yield 7.63% 1,257
Distribution Financial Services
Trust Maturity 12/15/03, Yield 5,84% 447
John Hancock Life Insurance Maturity 2/25/03, Yield 6.88% 2,461
JP Morgan Chase Bank Maturity 1/15/09, Yield 7.59% 1,767
Merill Lynch Mortgage Investor Maturity 2/18/04, Yield 6.95% 211
Morgan Stanley Capital Service Maturity 11/15/28, Yield 7.22% 826
ORIX Credit Alliance Receivable
Trust Maturity 8/15/03, Yield 7.05% 221
Sears Credit Account Master Maturity 11/15/05, Yield 6.45% 3,078
US Treasury Maturity 11/15/05, Yield 5.75% 3,164
-------------
Total Current Value of Underlying Assets 15,772
Monumental Life Ins Co Wrapper Synthetic Wrapper Agreement (3,196)
-------------
Total Contract Value of Monumental Life Ins Co 12,576
-------------
Monumental Life Ins Co #230TR, Yield 5.36% 2,034
Monumental Life Ins Co #00285TR, Yield 1.60% 2,503
17
SCHEDULE 1-5
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2002
(Dollar amounts in thousands)
(a) (b) (c) (d) (d)
DESCRIPTION OF INVESTMENT INCLUDING
RELATED IDENTITY OF ISSUER, BORROWER, LESSOR, OR MATURITY DATE, RATE OF INTEREST, COLLATERAL, CURRENT
PARTY SIMILAR PARTY PAR, MATURITY VALUE, OR DURATION COST VALUE
--------- ---------------------------------------- -------------------------------------------- ------------- -------------
State Street Bank and Trust:
Cash -- $ 353
Harley-Davidson Eaglemark Maturity 1/15/16, Yield 4.50% 1,197
Union Acceptance Corp. Maturity 6/8/03, Yield 7.44% 668
Americredit Auto Rec. Maturity 11/12/08, Yield 4.41% 1,706
Carmax Auto Owner Tr Maturity 12/15/06, Yield 3.94% 1,691
US Treasury Maturity 11/15/05, Yield 5.75% 2,261
Fannie Mae Whole Loan Maturity 7/25/41, Yield 7.50% 658
Federal Home Loan Bank Maturity 4/15/05, Yield 4.63% 2,175
Federal Home Loan Mortgage Company Maturity 7/15/04, Yield 6.25% 358
Fannie Mae Whole Loan Maturity 7/15/05, Yield 7.00% 4,690
Fannie Mae Whole Loan Maturity 5/19/30, Yield 7.50% 1,100
Fannie Mae Whole Loan Maturity 12/25/41, Yield 7.50% 105
Ford Auto Owners Trust Maturity 10/15/04, Yield 5.36% 1,102
Nissan Auto Owners Trust Maturity 1/15/05, Yield 5.35% 939
Nissan Auto Owners Trust Maturity 2/15/07, Yield 4.80% 1,367
PNC Student Loan Trust Maturity 7/25/03, Yield 6.57% 844
Premier Auto Trust Maturity 4/8/03, Yield 5.82% 168
-------------
Total Current Value of Underlying Assets 21,382
State Street Bank and Trust Wrapper Synthetic Wrapper Agreement (1,014)
-------------
Total Contract Value of State Street Bank
and Trust 20,368
-------------
UBS AG:
Cash -- 135
American Exp Cr Acct Master Trust Maturity 4/15/04, Yield 5.60% 2,139
American Exp Cr Acct Master Trust Maturity 2/15/05, Yield 7.20% 1,619
BMW Owner Trust Maturity 6/25/05, Yield 5.11% 1,106
Citbank Credit Card Issuance Trust Maturity 10/15/05, Yield 6.90% 920
Commonwealth Edison Trans Fund
Trust Maturity 3/25/05, Yield 5.44% 940
Federal Home Loan Mtge Co. Maturity 4/15/08, Yield 5.75% 2,861
Illinois Power Supply Trust Maturity 12/25/08, Yield 5.65% 2,677
Prime Credit Card Master Trust Maturity 11/15/05, Yield 6.70% 2,234
-------------
Total Current Value of Underlying Assets 14,631
UBS AG Wrapper Synthetic Wrapper Agreement (1,494)
-------------
Total Contract Value of UBS AG 13,137
-------------
Total Guaranteed Investment Contracts 185,199
-------------
REGISTERED INVESTMENT COMPANIES
MFO Cap Guardian US Balanced FD 5,443,194 shares 45,560
MFO Cmc Hi Yield Fd 254,649 shares 1,976
MFO Fidelity Magellan Fd Inc Open End
Fd 564,771 shares 44,594
MFO Hbr Fd Cap Appreciation Fd 235,441 shares 4,758
MFO Pimco Fds Pac Invt Mgmt Ser 1,782,872 shares 19,023
MFO Putnam Intl Growth Fd 657,730 shares 10,793
MFO Vanguard Emp Benefit Index Fd 1,791,343 shares 132,418
MFO Vanguard Index Tr Mid-Cap Index
Fd 125,831 shares 5,638
MFO Vanguard Specialized Portfolios 66,404 shares 3,353
-------------
Total Registered Investment Companies 268,113
-------------
PLAN INTEREST IN MASTER TRUST
Advent Unit Master Trust 1,659
-------------
Total $ 841,023
=============
* Party in interest investment.
See accompanying independent auditors' report.
18
EXHIBIT INDEX
Exhibit
No. Exhibit
--------------------------------------------------------------------------------
23.1 KPMG LLP Independent Auditors' Consent
23.2 Copy of Arthur Andersen LLP Consent of Independent Public
Accountants for the year ended December 31, 2001
99.1 Copy of Arthur Andersen LLP Report of Independent Public
Accountants as of and for the year ended December 31, 2001
99.2 Certification