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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
FORM 11-K
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File No. 333-69895
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
THE OHIO CASUALTY INSURANCE COMPANY EMPLOYEE SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Ohio Casualty Corporation
9450 Seward Road
Fairfield, OH 45014
Page 1 of 16
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REQUIRED INFORMATION
The Ohio Casualty Insurance Company Employee Savings Plan ("Plan") is subject
to the Employee Retirement Income Security Act of 1974 ("ERISA"). Therefore,
in lieu of the requirements of Items 1-3 of Form 11-K, the financial
statements of net assets available for the benefits of the Plan as of December
31, 2000 and 1999, and the changes in net assets available for benefits for
the year ended December 31, 2000, which have been prepared in accordance with
the financial reporting requirements of ERISA, are attached hereto as Appendix
1 and incorporated herein by this reference.
The following exhibit is being filed herewith:
Exhibit No. Description
- ---------- -----------
23 Independent Accountant's Consent
2
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE OHIO CASUALTY INSURANCE COMPANY
EMPLOYEE SAVINGS PLAN
By: The Ohio Casualty Insurance Company Employee Savings Plan Retirement
Committee
June 26, 2001 /s/Howard L. Sloneker III
--------------------------------------
Howard L. Sloneker III
Senior Vice President and Secretary
3
APPENDIX 1
THE OHIO CASUALTY EMPLOYEE SAVINGS PLAN
FINANCIAL STATEMENTS OF NET ASSETS AVAILABLE FOR THE BENEFITS OF THE PLAN AS
OF DECEMBER 31, 2000 AND 1999, AND THE CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS FOR THE YEAR ENDED DECEMBER 31, 2000, SUPPLEMENTAL SCHEDULES AS OF
AND FOR THE YEAR ENDED DECEMBER 31, 2000 AND INDEPENDENT ACCOUNTANT'S REPORT.
4
THE OHIO CASUALTY EMPLOYEE SAVINGS PLAN
TABLE OF CONTENTS
- ------------------------------------------------------------------------------
Pages
-----
Report of Independent Accountants....................................... 6
Financial Statements:
Statements of Net Assets Available for Plan Benefits
by Fund Information as of December 31, 2000 and
1999......................................................... 7-8
Statement of Changes in Net Assets Available for
Plan Benefits by Fund Information for the year ended
December 31, 2000 ........................................... 9
Notes to the Financial Statements....................................... 10-14
Supplement Schedules:
Schedule H, Part IV, 4I - Schedule of Assets Held for
Investment Purposes at December 31, 2000 .................... 15
Consent of Independent Accountants ..................................... 16
5
Report of Independent Accountants
To the Retirement Committee of
The Ohio Casualty Insurance Company
Employee Savings Plan
In our opinion, the accompanying statements of net assets available for the
benefits and the related statements of changes in net assets available for
benefits present fairly, in all material respects, the net assets available
for benefits of The Ohio Casualty Insurance Company Employee Savings Plan (the
"Plan") at December 31, 2000 and 1999, and the changes in net assets available
for benefits for the year ended December 31, 2000 in conformity with
accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Plan's management;
our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in
accordance with auditing standards generally accepted in the United States of
America, which 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, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for the opinion expressed above.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of Assets
Held for Investment Purposes is presented for the purpose of additional
analysis and is not a required part of the basic financial statements but is
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/ PricewaterhouseCoopers, LLP
June 8, 2001
6
The Ohio Casualty Insurance Company Employees Savings Plan
Statement of Net Assets Available for Plan Benefits by Fund Information
as of December 31, 2000
---------------------------------------------------------
Fund C Fund D Fund E Fund F
---------- ----------- --------------- ------------
CT&T FDS Montag Vanguard
Company Interest & Caldwell Balanced
Stock Income Growth Fund Index Fund
---------- ----------- ------------- ------------
Assets:
Investments, at fair value:
Cash and cash equivalents $ 20,000 $ 1,000 $ 1,000 $ 1,000
Ohio Casualty Corporation common stock 25,690,390
Group annuity contracts 25,777,337
Loans to participants
----------- ----------- ----------- -----------
Subtotal 25,710,398 25,778,337 1,000 1,000
Accrued Interest 495 135,002 104 120
Receivable from sale of securities 10,487,680 11,306,298
----------- ----------- ----------- -----------
Net assets available for plan
benefits $25,710,893 $25,913,339 $10,488,784 $11,307,418
=========== =========== =========== ===========
------------------------------------------------------------------------
Fund G Fund H Fund I
------------ ------------- --------------
Vanguard T. Rowe Price
ICAP FDS Institutional Small-Cap
Equity Fund Index Fund Stock Fund Loan Fund Total
------------ ------------- -------------- ----------- -----------
Assets:
Investments, at fair value:
Cash and cash equivalents $ 1,000 $ 1,000 $ 1,000 $ - $ 26,008
Ohio Casualty Corporation common stock 25,690,390
Group annuity contracts 25,777,337
Loans to participants 2,335,110 2,335,110
----------- ----------- ----------- ----------- -----------
Subtotal 1,000 1,000 1,000 2,335,110 53,828,845
Accrued Interest 58 181 54 136,014
Receivable from sale of securities 8,442,144 21,174,619 7,250,730 58,661,471
----------- ----------- ----------- ----------- -----------
Net assets available for plan
benefit $ 8,443,202 $21,175,800 $ 7,251,784 $ 2,335,110 $112,626,530
=========== =========== =========== =========== ===========
The accompanying notes are an integral part of the financial statements.
7
The Ohio Casualty Insurance Company Employees Savings Plan
Statement of Net Assets Available for Plan Benefits by Fund Information
as of December 31, 1999
----------------------------------------------------------
Fund C Fund D Fund E Fund F
----------- ----------- --------------- -----------
CT&T FDS Montag Vanguard
Company Interest & Caldwell Balanced
Stock Income Growth Fund Index Fund
----------- ----------- --------------- ------------
Assets:
Investments, at fair value:
Cash and cash equivalents $ - $ 1,000 $ - $ -
Ohio Casualty Corporation common stock 38,073,201
Group annuity contracts 37,265,007
CT&T FDS Montag & Caldwell Growth Fund 9,717,796
Vanguard Balanced Index Fund 10,247,518
ICAP FDS Equity Portfolio
Vanguard Institutional Index Fund
T. Rowe Price Small-Cap Stock Fund
Loans to participants
------------ ------------ --------------- ------------
Subtotal 38,073,201 37,266,007 9,717,796 10,247,518
Accrued Interest 1,025 119,154 382 2,356
Receivable from sale of securities 1,118,099
------------ ------------ --------------- ------------
Total assets 39,192,325 37,385,161 9,718,178 10,249,874
Liabilities:
Cash overdraft (1,215,629)
Miscellaneous payable (34) (110) (60)
------------ ------------ --------------- ------------
Total liabilities (1,215,663) (110) - (60)
------------ ------------ --------------- ------------
Net assets available for plan
benefits $37,976,662 $37,385,051 $9,718,178 $10,249,814
============ ============ =============== ============
------------------------------------------------------------------------
Fund G Fund H Fund I
------------ ------------- -------------
Vanguard T. Rowe Price
ICAP FDS Institutional Small-Cap
Equity Fund Index Fund Stock Fund Loan Fund Total
----------- ------------- ------------- ---------- -------------
Assets:
Investments, at fair value:
Cash and cash equivalents $ - $ 1,000 $ - $ - $ 2,000
Ohio Casualty Corporation common stock 38,073,201
Group annuity contracts 37,265,007
CT&T FDS Montag & Caldwell Growth Fund 9,717,796
Vanguard Balanced Index Fund 10,247,518
ICAP FDS Equity Portfolio 6,586,166 6,586,166
Vanguard Institutional Index Fund 26,533,908 26,533,908
T. Rowe Price Small-Cap Stock Fund 3,949,564 3,949,564
Loans to participants 2,522,184 2,522,184
----------- ------------- ------------- ---------- -------------
Subtotal 6,586,166 26,534,908 3,949,564 2,522,184 $134,897,344
Accrued Interest 4,351 55 3,949 131,272
Receivable from sale of securities 1,118,099
----------- ------------- ------------- ---------- -------------
Total assets 6,590,517 26,534,963 3,953,513 2,522,184 136,146,715
Liabilities:
Cash overdraft (1,215,629)
Miscellaneous payable (32) (47) (6) (289)
----------- ------------- ------------- ---------- -------------
Total liabilities (32) (47) (6) - (1,215,918)
----------- ------------- ------------- ---------- -------------
Net assets available for plan
benefits $6,590,485 $26,534,916 $3,953,507 $2,522,184 $134,930,797
=========== ============= ============= ========== ==============
The accompanying notes are an integral part of the financial statements.
8
The Ohio Casualty Insurance Company Employees Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits by
Fund Information
for the year ended December 31, 2000
----------------------------------------------------------
Fund C Fund D Fund E Fund F
CT&T FDS Montag Vanguard
Company Interest & Caldwell Balanced
Stock Income Growth Fund Index Fund
------------- ------------ --------------- ------------
Net appreciation (depreciation) in fair
value of investments $(13,533,466) $ - $ (745,947) $ (622,260)
Investment income:
Interest 8,255 1,742,672 311 265
Dividends 1,401,390 - 1,433 399,891
------------- ------------- ------------- -------------
Increase (decrease) from investments (12,123,821) 1,742,672 (744,203) (222,104)
Contributions:
Participants 132,019 1,962,434 1,217,416 1,165,811
Employer 2,801,773 - - -
------------- ------------- ------------- -------------
Total contributions 2,933,792 1,962,434 1,217,416 1,165,811
Benefits and withdrawals (5,633,267) (8,109,569) (1,023,418) (1,375,626)
Administrative expenses (351) (77,654) (23) (105)
Interfund transfers 2,557,878 (6,989,595) 1,320,834 1,489,628
------------- ------------- ------------- -------------
Increase (decrease) in net assets (12,265,769) (11,471,712) 770,606 1,057,604
Net assets available for plan benefits:
Beginning of year 37,976,662 37,385,051 9,718,178 10,249,814
------------- ------------- ------------- -------------
End of year $ 25,710,893 $ 25,913,339 $ 10,488,784 $ 11,307,418
============= ============= ============= =============
-------------------------------------------------------------------------
Fund G Fund H Fund I
Vanguard T. Rowe Price
ICAP FDS Institutional Small-Cap
Equity Fund Index Fund Stock Fund Loan Fund Total
------------ ------------- ------------- ------------ ------------
Net appreciation (depreciation) in fair
value of investments $ 528,546 $ (2,392,117) $ 704,248 $ - $(16,060,996)
Investment income:
Interest 3,493 942 3,522 179,098 1,983,558
Dividends 90,158 236,056 153,304 2,309,232
------------- ------------- ------------- ------------- ------------
Increase (decrease) from investments 622,197 (2,128,119) 861,074 179,098 (11,813,206)
Contributions:
Participants 833,186 2,607,822 795,911 8,714,599
Employer - - - 2,801,773
------------- ------------- ------------- ------------- ------------
Total contributions 833,186 2,607,822 795,911 - 11,516,372
Benefits and withdrawals (905,979) (4,243,189) (536,059) (101,710) (21,928,817)
Administrative expenses (339) (33) (311) (78,816)
Interfund transfers 1,303,652 (1,595,597) 2,177,662 (264,462) -
------------- ------------- ------------- ------------- -------------
Increase (decrease) in net assets 1,852,717 (5,359,116) 3,298,277 (187,074) (22,304,467)
Net assets available for plan benefits:
Beginning of year 6,590,485 26,534,916 3,953,507 2,522,184 134,930,797
------------- ------------- ------------- ------------- -------------
End of year $ 8,443,202 $ 21,175,800 $ 7,251,784 $ 2,335,110 $112,626,330
============= ============= ============= ============= =============
The accompanying notes are an integral part of the financial statements.
9
The Ohio Casualty Insurance Company Employees Savings Plan
Notes to the Financial Statements
1. Plan Description:
The following description of The Ohio Casualty Insurance Company Employee
Savings Plan (the Plan) provides only general information. Reference
should be made to the Plan Agreement and The Ohio Casualty Employee
Benefits Manual for a complete description of the Plan.
a. General: The Plan, which is subject to provisions of the Employees
Retirement Income Security Act of 1974 (ERISA), is a defined
contribution plan covering all eligible employees of the Company who
have elected to participate.
Effective January 1, 1999, the Ohio Casualty Corporation Stock Fund
(Fund C) was converted to an Employee Stock Ownership Plan, or ESOP,
to allow participants to elect to receive directly the payment of
dividends on their proportional shares of Ohio Casualty Stock in the
Employee Savings Plan rather than reinvesting them in the plan.
Fund C will consist of two subaccounts, an "ESOP Subaccount" and a
"nonESOP Subaccount". The ESOP Subaccount will consist of all
monies invested in Company Stock that are attributable to Company
Contributions, Post-Tax Contributions and Pre-Tax Contributions
made in Plan Years before the current Plan Year and Rollover
Contributions reduced by any amounts that were transferred out of
the ESOP Subaccount to the nonESOP portion of the Plan in
accordance with the Plan Agreement. On January 1 of each Plan
Year, all amounts then held in Fund C within the nonESOP Subaccount
are transferred to the ESOP Subaccount.
Effective January 1, 2000, the Plan was amended to eliminate four
existing funds and add four new funds. The funds eliminated include
the Dodge & Cox Bond Fund, the Dodge & Cox Balanced Fund, the Dodge &
Cox Stock Fund, and the PBHG Growth Fund. The new funds include the
CT&T FDS Montag & Caldwell Growth Fund (Fund E), the Vanguard
Balanced Index Fund (Fund F), the ICAP FDS Equity Fund (Fund G),
and the T. Rowe Price Small-Cap Stock Fund Index (Fund I). The
reallocation from the eliminated funds to new or existing funds took
place at the markets' close on December 31, 1999.
Effective January 1, 2001, Fidelity Investments became the
recordkeeper and trustee for the Employee Savings Plan. All of the
investment options, with the exception of the Interest Income Fund
and the Ohio Casualty Stock Fund, were sold and reinvested on January
2, 2001 in comparable funds offered by Fidelity Investments. The
Plan will include fifteen investment options, which includes a
series of lifestyle funds.
b. Eligibility: Participants of the Plan must be at least 18 years of
age to be eligible.
c. Contributions: Participants may contribute between 1-22% of their
gross salary, either before or after-tax. The Company will match
50% of the first 6% of compensation that a participant contributes
to the Plan. Employees are 100% vested in the value of their
contributions and their investment earnings, as well as 100%
vested in the value of the Company contributions and their
investment earnings.
10
Notes to the Financial Statements
1. Continued:
d. Participant Accounts: Each participant's account is credited with
the participant's contributions, the participant's share of the
Company's contributions and an allocation of fund earnings.
Allocations of fund earnings are based on participant's account
balances, as defined by the Plan. The participant is entitled to
their fully vested account balance.
e. Investment Options: Participants direct the investment of their
contributions. The prospectuses for these investment options
describe the funds as follows:
- Company Fund (Ohio Casualty Stock) - Funds are invested in Ohio
Casualty Corporation Stock.
- Interest Income (Cash Equivalents; Collective Trust Funds) - Funds
are invested in guaranteed interest contracts, bank investment
contracts and short-term government money market investments for
current income preservation while maintaining high liquidity.
(Discontinued effective January 1, 2001)
- Dodge & Cox Bond Fund (Fixed Income Fund) - Funds are invested
in a diversified portfolio of fixed-income securities,
including U.S. government bonds, investment-grade securities,
CD's and commercial paper for a high and stable rate of current
income with long-term preservation of capital. (Discontinued
effective January 1, 2000)
- Montag & Caldwell Fund (Large Cap Growth Equity Fund) - Funds
are invested primarily in common stocks and convertible
securities for long-term capital appreciation, and secondarily,
current income. (New fund effective January 1, 2000,
Discontinued effective January 1, 2001)
- Dodge & Cox Balanced Fund (Equity Growth & Income Fund) - Funds
are invested in common stock and fixed-income securities for
regular income, conservation of principal, and an opportunity
for long-term growth of principal and income. (Discontinued
effective January 1, 2000)
- Vanguard Balanced Index Fund (Balanced Index) - Funds are
invested in equities and fixed-income securities for current
income together with growth of income and capital over time.
(New fund effective January 1, 2000, Discontinued effective
January 1, 2001)
- Dodge & Cox Stock Fund (Growth & Income Fund) - Funds are
invested in the common stock, preferred stocks and securities
convertible into common stock of well-established companies with
long-term growth of principal and income. (Discontinued
effective January 1, 2000)
11
Notes to the Financial Statements
- ICAP Large-Cap Value Equity Fund (Large-Cap Value Equity) - Funds
are invested in stocks of large and mid capitalization companies
for a superior total return. (New fund effective January 1, 2000,
Discontinued effective January 1, 2001)
- Vanguard Institutional Index Fund - Funds are generally invested
in stocks, seeking investment results that correspond with the
price and yield performance of the Standard & Poors' (S&P) 500
Index. (Formerly the Vanguard Index 500 Stock Fund, Discontinued
effective January 1, 2001)
- PBGH Growth Fund - Funds are invested primarily in common stock
that possess the potential to appreciate significantly and
attain strong growth in earnings. (Discontinued effective
January 1, 2000)
- T. Rowe Price Small-Cap Equity Fund (Small-Cap Equity Fund) -
Provides long-term capital growth by investing primarily in
stocks of small to mid-size companies. (New effective January 1,
2000, Discontinued effective January 1, 2001)
f. Fund Transfers: During 1999, the Plan was amended to allow the
transfer of the assets from the Vanguard Index 500 Fund (Fund H) to
the Vanguard Institutional Index Fund (Fund H). The Vanguard
Institutional Index Fund provides the same investment objective as
the Vanguard Index 500 Fund, while incurring lower operating
expenses.
On December 31, 1999, the investments in the Dodge & Cox Bond Fund,
the Dodge & Cox Balanced Fund, the Dodge & Cox Stock Fund, and the
PBGH Growth Fund were liquidated and reinvested to the fund of the
participants' choice. Participants who had not instructed the
Company to transfer their balances in the liquidated funds had any
balance remaining automatically transferred on their behalf to the
Interest Income Fund (Fund D).
On December 29, 2000, all funds with the exception of the Interest
Income Fund and the Company Stock Fund securities were sold and
reinvested on January 2, 2001 in comparable funds offered by Fidelity
Investments with Fidelity being the trustee of the Plan.
g. Benefit Payments: Benefits are payable to employees upon
termination of employment, retirement, disability retirement, death,
in-service withdrawals, or for financial hardship as defined by the
Internal Revenue Service.
2. Accounting Policies:
a. Basis of Accounting: The Plan's policy is to prepare its financial
statements on the accrual basis of accounting in accordance with
generally accepted accounting principles.
12
Notes to the Financial Statements
2. Continued:
b. Investments: Investments in bonds, notes, and stocks are valued at
quoted market prices. Mutual funds are valued at net asset value.
The group annuity contracts and investment contracts are valued at
contract value as they are considered to be fully benefit-
responsive. The crediting interest rates for the contracts were
6.27% and 6.23% as of December 31, 2000 and 1999, respectively.
The fair value of the contract approximates contract value.
Purchases and sales of securities are recorded on a trade-date
basis. Interest income is recorded as earned. Dividend income is
recorded on the ex-dividend date.
The Plan presents in the statement of changes in net assets
available for plan benefits by fund information the net appreciation
(depreciation) in the fair value of its investments, which consists
of the realized gains or losses and the unrealized appreciation
(depreciation) on those investments.
c. Contributions: Contributions from participants and the Company are
recorded in the month the Company makes payroll deductions from plan
participants.
d. Benefit Payments: Benefits are recorded by the Trustee when paid.
e. Administrative Expenses: Certain costs of administering the Plan
are paid by the Company. These costs totaled $263,622 and $317,373
for the years ended December 31, 2000 and 1999.
f. 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
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those
estimates.
3. 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 set forth in ERISA. In the
event of plan termination, the net assets will be distributed to
participants and beneficiaries in proportion to their respective account
balances.
4. Tax Status:
The Plan received a favorable determination letter dated December 16,
1998, from the Internal Revenue Service indicating that the Plan is
exempt from federal income taxes. The Plan has been amended
subsequently; however, the Company believes that the Plan is currently
designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, no provision for
income taxes has been included in the Plan's financial statements.
13
Notes to the Financial Statements
5. Investments:
The following investments represent 5% or more of the Plan's net assets:
Fair Value
----------------------------
December 31, December 31,
2000 1999
----------------------------
Fund C:
Ohio Casualty Corporation, common stock $25,690,390 $38,073,201
Fund D:
LaSalle National Trust, N.A., collective
investment Contract 25,777,337 37,265,007
Fund E:
CT&T FDS Montag & Caldwell Growth Fund - 9,717,796
Fund F:
Vanguard Balanced Index Fund - 10,247,518
Fund H:
Vanguard Institutional Index Fund - 26,533,908
6. Loans Receivable - Participants:
Participants are permitted to borrow from the trust using their vested
account balance as collateral. The minimum loan amount is $1,000 and
the maximum loan amount is the lessor of $50,000 reduced by the
participants' highest outstanding aggregate balance of loans from the
Plan during the previous twelve (12) months, the total value of the
employee's before-tax and after-tax accounts, or 50% of the vested
value of the participants' accounts. Interest is charged at Chase
Manhattan Bank's prime commercial rate plus 1%. Repayments of the loan
are arranged through payroll deductions which may be specified up to
130 biweekly payments (five years). At December 31, 2000 there were
582 individual loans outstanding, maturing between January 2001 through
December 2005, with interest rates ranging from 8.75% to 10.50%.
7. Benefits Payable:
Participant benefits and withdrawals payable were $0 and $2,002,797 as
of December 31, 2000 and 1999, respectively, and are included in net
assets available for plan benefits. Such amounts are reported as
liabilities on Form 5500 filed with the Department of Labor.
14
The Ohio Casualty Insurance Company Employee Savings Plan
Schedule H, Part IV, 4I - Schedule of Assets Held for Investment Purposes
at December 31, 2000
(a) (b) Identity of issue, borrower (c) Description of Investment including (d) Cost (e) Current Value
lessor, or similar party maturity date, rate of interest,
collateral, par, or maturity value
Cash & Cash Equivalents $ 26,008 $ 26,008
Company Stock Ohio Casualty Corporation common stock $31,799,835 $25,690,390
Group Annuity Contracts Various short-term money market $25,777,337 $25,777,337
investments. Guaranteed interest
contracts, and bank investment contracts
Loans To Participants Participant loans with interest rates $ - $ 2,335,110
ranging from 8.75% to 10.50%, and
maturity dates of 2001 through 2005
TOTAL INVESTMENTS $57,603,170 $53,828,845
15