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Home My WebLink About2003-09-10MINUTES OF FINANCE, ADMINISTRATION AND HUMAN RESOURCES COMMITTEE MEETING Orange County Sanitation District Wednesday, September 10, 2003, 5:00 p.m. A meeting of the Finance, Administration and Human Resources Committee of the Orange County Sanitation District was held on September 10, 2003, at 5:00 p.m., in the District's Administrative Office. (1) The roll was called and a quorum declared present, as follows: (2) FAHR COMMITTEE MEMBERS: Directors Present: Brian Brady, Chair Roy Moore, Vice Chair Alberta Christy Bill Dalton Joy Neugebauer James W. Silva Shirley McCracken, Board Chair Steve Anderson, Vice Board Chair Directors Absent: Mike Duvall APPOINTMENT OF CHAIR PRO TEM No appointment was necessary. (3) PUBLIC COMMENTS STAFF PRESENT: Gary Streed, Director of Finance/Treasurer Bob Ghirelli, Director of Technical Services Carol Beekman, Communications SeNices Manager Mike White, Controller Penny Kyle, Committee Secretary OTHERS PRESENT: Thomas L. Woodruff, General Counsel Randy Fuhrman FILED IN THE OFFICE OF THE SECRETARY ORANGE r.r" •••Tv SAtJ1n-r1nN OISTRICT SEP 2 4 2003 f~Y -~---==='"' Randy Fuhrman requested the Directors consider an installment process for payment of connection fees as opposed to a deferment for those property owners who abandon septic tanks and connect to the sewer system. (4) REPORT OF THE COMMITTEE CHAIR The Chair had no report. (5) REPORT OF THE GENERAL MANAGER Acting General Manager Bob Ghirelli announced that Greg Mathews, Administrative Services Manager, is leaving the District to take a position Vvith the Los Angeles City Controller's Office. Minutes of the Finance, Administration and Human Resources Committee Meeting Page 2 September 10, 2003 Mr. Ghirelli reported efforts have been unsuccessful to obtain $3 million in EPA grants on the senate side. Efforts will now be focused on the conference committee bill. The EPA budget has earmarked approximately $3 million for the entire state of California for various projects. Two of the District's projects (corrosion management and pem,anent bleach facilities) have been added to the priority list for grants on the state clean beaches initiati\e. The District has received a $20,000 grant from the US Bureau of Reclamation for the Ellis Pump Station project. The Fats, Oil and Grease project has made it to the second round of the Proposition 50 competitive grant program, which is a $250,000 grant request. Staff has been requested to submit a final proposal to the Regional Water Quality Control Board for this grant. (6) REPORT OF DIRECTOR OF FINANCE/TREASURER Gary Streed, Director of Finance/Treasurer, announced that SAWPA wired the District the $1 million due upon signing the term sheet. He also referred the Directors to the Treasurer's Report distributed to the Directors which reflected this $1 million and the funded $280 million in certificates of participation. (7) REPORT OF DIRECTOR OF HUMAN RESOURCES The Director of Human Resources was not present. (8) REPORT OF COMMUNICATIONS SERVICES MANAGER Communications Services Manager Carol Beekman reported that the MO private properties at Bushard and Ellis have been removed from the list of possible locations for the new Ellis Avenue Pump Station, and the public comment period has been extended to September 22, 2003. The Directors would be kept apprised on the progress as alternative sites are identified. A signing ceremony is to be held at the District with the Amiy Corps of Engineers on September 17, 2003, at 10:00 a.m. wth regard to a five-year cost-sharing agreement which will assist the environmental restoration of the near-shore region of Orange County, as well as the study of various water issues. It was also noted that the $5 million the District recently spent on the Huntington Beach ocean studies is being credited as payment for this agreement. All Directors were invited to attend the ceremony. Ms. Beekman provided the Directors with a construction update on the Bushard Trunk Sewer and the Warner Avenue Sewer projects. Staff is working closely with the schools being impacted by the construction, as well as the residents and businesses. It was also noted the District participated in the MO-day Seal Beach Sandcastle Festival, distributing information on urban runoff and fats, oil and grease at this event. (9) REPORT OF GENERAL COUNSEL General Counsel had no report. Minutes of the Finance, Administration and Human Resources Committee Meeting Page 3 September 10, 2003 (10) CONSENT CALENDAR ITEMS a. The Chair ordered that the August 13, 2003 minutes br the Finance, Administration and Human Resources Committee meeting be deemed approved, as mailed. b. FAHR03-70 Recommend to the Board of Directors to receive and file Treasurer's Report for the month of August 2003. c. FAHR03-71 Receive and file Certificate of Participation (COP) Monthly Report. d. FAHR03-72 Receive and file Employment Status Report as of August 14, 2003. e. FAHR03-73 Receive and file OSHA Incidence Rates and Workers' Compensation Claims and Costs Report. f. FAHR03-74 Receive and file report of General Manager approved purchases in MOTION: amounts exceeding $50,000 in accordance with Board purchasing policies. It was moved, seconded and duly carried to approve the recommended actions for items specified as 1 0(a) through (f) under Consent Calendar. END OF CONSENT CALENDAR (11) ACTION ITEMS a. FAHR03-75 Recommend to the Board of Directors to approve an Agreement with the Santa Ana Watershed Project Authority (SAWPA) to establish the purchase price for, and the purchase of 2.0 mgd Wastewater Treatment and Disposal Capacity Right for Desalter Brine for a total amount of $5,252,015.26, in a form approved by General Counsel. Gary Streed, Director of Finance, briefly reviewed the history of SAWPA's capacity agreement, and SAWPA's request to purchase an additional 2.0 mgd of capacity for disposal of low-strength discharge. Directors entered into discussion regarding the impact of approving this agreement prior to the resolution of other pending issues with SAWPA. A motion was moved and seconded to have the item held over until the following month. Chair Brady then directed the item be deferred to staff for one month to provide additional clarification. Minutes of the Finance, Administration and Human Resources Committee Meeting Page4 September 10, 2003 b. FAHR03-76 Recommend to the Board of Directors to approve a policy allowing loans MOTION: for Capital Facilities Capacity Charges (connection fees) to property owners who abandon septic tanks and connect to a sanitary sewer, as recommended by the Steering Committee. Gary Streed, Director of Finance, reported there were approximately 1,500 properties in the District's service area on septic tanks. Various methods of encouraging these property owners to abandon septic tanks and to connect to the sewer system have been discussed recently at the Steering Committee. The current ordinance does not allow fees to be waived or set aside. However, a revised ordinance could be adopted to include findings that would allow an offset or credit to the Capital Facilities Capacity Charge (CFCC). Directors discussed all costs involved in the abandonment of septic tanks and the connection to a sanitary sewer system, and also the concerns of a deferment of fees vs. annual payment of fees. It was moved, seconded and duly carried to recommend approval to: (1) Adopt a policy allowing property owners who currently use septic tanks to make annual payments for the Capital Facilities Capacity Charge (CFCC) and Annexation Fee, if appropriate, over a period not to exceed five years at an interest rate of 3% per year, collected on the property tax bill, provided that the balance be paid immediately should a change in ownership occur; and, (2) Refer consideration of providing grants to partially fund the total costs to abandon an existing septic tank, construct a lateral to an existing local sewer, payment of the CFCC, and payment of an Annexation Fee, if needed, to the Guidance Review Committee for Cooperative Projects and the PDC Committee. Director Roy Moore opposed. (12) INFORMATIONAL PRESENTATIONS a. FAHR03-77 Connection Fee Calculation Methods and Policies Gary Streed, Director of Finance, explained the process of calculating Capital Facilities Capacity Charges (CFCC), which would provide the background required to understand the existing program. CFCC rate change discussions and consideration would be held in October or November. .. •' Minutes of the Finance, Administration and Human Resources Committee Meeting Page 5 September 10, 2003 (13) CLOSED SESSION There was no closed session. (14) OTHER BUSINESS, COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY There were none. (15) MATTERS WHICH A DIRECTOR MAY WISH TO PLACE ON A FUTURE AGENDA FOR ACTION AND STAFF REPORT There were none. (16) CONSIDERATION OF UPCOMING MEETINGS The next FAHR Committee meeting is scheduled br October 8, 2003 at 5 p.m. (17) ADJOURNMENT The Chair declared the meeting adjourned at 7:13 p.m. Submitted by: Penny M. FAHRCo G:\wp.dta\agenda\FAHR\FAHR2003\0903\091003 FAHR Minutes.doc phone: [714) 962-2411 tu: i714l 9El2-0356 -.acad.com ..Ulng~: P.O. Bcx8127 J;puntainWJl)ey.~ 92728-8127 IICl"fft addrns: 10844 Slls Avenue fiMtt~/1 ¼llleY. CA 92708-7018 CltlH Ansherm 'Brea BU'ttfloParl< ()Jp.ross Fountsm Valley ·Fu1[,:,r<on Garder! Grove Hurrongr:on Besah Irvine La Hsb,-a LB Pslms Los Abmft:os Newpo/lt BHr;h Orsnga Placentia ~/:Its Ana S&ol Beaah Stanton Tustin Vi/lt,-PIJl'k Yorba LJrlda Irvine Ranch ORANGE COUNTY SANITATION DISTRICT September 3, 2003 NOTICE OF MEETING· FIN.ANCE, ADMIN;ISTRATION AND HUMAN RESOURCES COMMITTEE ORANGE COUNTY SANITATION DISTRICT WEDNESDAY, SEPTEMBER 10, 2003 -5:00 P.M. DISTRICT"S ADMINISTRATIVE OFFICES 10844 ELLIS AVENUE FOUNTAIN VALLEY, CALIFORNIA 92708 WWW.OCSD.COM A regular meeting of the Finance, Administration and Human Resources Committee of the Board of Directors of the Orange County Sanitation District, will be held at the above location, date and time. To maintain world-class leadership in wastewater and water resource management. FINANCE, ADMINISTRATION AND HUMAN RESOURCliS COMMITTEE MEETING DATES FAHR Committee Meeting Date September 10, 2003 October 8, 2003 November 12, 2003 December 10, 2003 Dark February 11, 2004 March 10, 2004 April 14, 2004 May 12, 2004 June 9, 2004 July 14, 2004 Dark Board Meeting Dates September 24, 2003 October 22, 2003 *November 19, 2003 *December 17, 2003 January 28, 2004 February 25, 2004 March 24, 2004 April 28, 2004 May 26, 2004 June 23, 2004 July 28, 2004 August25,2004 *Meetings being held the third Wednesday of the month. ROLL CALL FINANCE, ADMINISTRATION AND HUMAN RESOURCES COMMITTEE Meeting Date: September 10, 2003 Time: 5:00 p.m. Adjourn: ___ _ COMMITTEE MEMBERS Brian Brady (Chair) Roy Moore (Vice Chair) Alberta Christy Mike Duvall Bill Dalton Joy L. Neugebauer James W. Silva Shirley McCracken (Board Chair) Steve Anderson (Board Vice Chair) OTHERS Tom Woodruff, General Counsel Steve Filarsky, Special Labor Counsel Don Hughes STAFF Blake Anderson, General Manager David Ludwin, Director of Engineering Bob Ooten, Director of O & M Lisa Tomko, Director of Human Resources Garv Streed, Director of Finance/freasurer Patrick Miles, Director of Information Technology Robert Ghirelli, Director of Technical Services Carol Beekman, Communications Services Mgr Mike White, Controller Penny Kyle, Committee Secretary c: Lenora Crane AGENDA REGULAR MEETING OF THE FINANCE, ADMINISTRATION AND HUMAN RESOURCES COMMITTEE ORANGE COUNTY SANITATION DISTRICT WEDNESDAY, SEPTEMBER 10, 2003, AT 5:00 P.M. ADMINISTRATIVE OFFICE 10844 Ellis Avenue Fountain Valley, California 92708 www.ocsd.com In accordance with the requirements of California Government Code Section 54954.2, this agenda has been posted in the main lobby of the District's Administrative Offices not Jess than 72 hours prior to the meeting date and time above. All written materials relating to each agenda item are available for public inspection in the Office of the Board Secretary. In the event any matter not listed on this agenda is proposed to be submitted to the Committee for discussion and/or action, it will be done in compliance with Section 54954.2(b) as an emergency item or that there is a need to take immediate action which need came to the attention of the Committee subsequent to the posting of the agenda, or as set forth on a supplemental agenda posted in the manner as above, not Jess than 72 hours prior to the meeting date. All current agendas and meeting minutes are also available via Orange County Sanitation District's Internet site located at www.ocsd.com. Upon entering the District's web site, please navigate to the Board of Directors section. (1) ROLL CALL (2) AP!">OINTMENT OF CHAIR PRO TEM, IF NECESSARY (3) PUBLIC COMMENTS All persons wishing to address the Finance, Administration and Human Resources Committee on specific agenda items or matters of general interest should do so at this time. As determined by the Chair, speakers may be deferred until the specific item is taken for discussion and remarks may be limited to three minutes. Matters of interest addressed by a member of the public and not listed on this agenda cannot have action taken by the Committee except as authorized by Section 54954.2(b). Book Page 1 · September 10, 2003 (4) REPORT OF COMMITTEE CHAIR (5) REPORT OF GENERAL MANAGER (6) RE PORT OF DIRECTOR OF FINANCE . (7) REPORT OF DIRECTOR OF HU MAN RESOURCES (8) REPORT OF GOMMUNICATIONS SERVICES MANAGER (9) REPORT OF GENERAL COUNSEL (10) . CONSENT CALENDAR ITEMS Consideration of motion to approve all agenda items appearing on the Consent Calendar not specifically removed from same, as follows: . . jAli° matt~rs pl~ced on the con;eJnt cal~~dar are considere.d ;s not requiring discussion or further explanation and ] \unless any particular item is requested to be removed from the consent calendar by a Director or staff member, 1 j there will be no separate discussion of these items. All items on the consent calendar will be enacted by one l \action approving all motions, and casting a unanimous ballot for resolutions Included on the consent calendar. All ! i items removed from the consent calendar shall be considered in the. regular order of business. j ~ i IThe Chair will determine if any items are to be deleted from the consent calendar. l • ................................... J,,,,,.,._..,.,,,, ••••••••• ,~ ........ ,,,,,., .................. ,....,.,u~,,~ ....... ~,,, .. _ ..,..,,_,. ••• .. ••••• .. •••·•••••••--•••-•••·••••••••••••·••• .. ••••• .. ' ,;,,,,,,.,,.._,,, . ..., · ,, •• ~•o••-•o••-••tt-•·~••••• .. ·•••••• .................. .,., .. _._ •..• ,_, ....... ~, .. • a. Approve minutes of the August 13, 2003 Financ~, Administration and Human Resources Committee meeting. · b. FAHR03-70 Recommend to the Board of Directors to receive and file Treasurer's· Report for the month of August 2003. The Treasurer's Report will be distributed at the FAHR Committee meeting in accordance with the Board~approved Investment P0licy, and in conformance to the Government Code requirement to have monthly reports reviewed within 30 days of month end. c. FAHR03-71 Receive and file Certificate of Participation (COP) Monthly Report. d. FAHR03-72 Receive and file Employment Status Report as of August 14, 2003. e. FAHR03-73 Receive and file OSHA Incidence Rates and Workers' Compensation Claims and Costs Report. 2 Book Page 2 September 10, 2003 f. FAHR03-74 Receive and file report of General Manager approved purchases in amounts exceeding $50,000 in accordance with Board purchasing policies. END OF CONSENT CALENDAR Consideration of items deleted from Consent Calendar, if any. (11) ACTION ITEMS a. FAHR03-75 Recommend to the Board of Directors to approve an Agreement with the Santa Ana Watershed Project Authority (SAWPA) to establish the purchase price for, and the purchase of 2.0 mgd Wastewater Treatment and Disposal Capacity Right for Desalter Brine for a total amount of $5,252,015.26, in a form approved by General Counsel. (Gary Streed-15 minutes) b. FAHR03-76 Recommend to the Board of Directors to approve a policy allowing loans for Capital Facilities Capacity Charges (connection fees) to property owners who abandon septic tanks and connect to a sanitary sewer, as recommended by the Steering Committee. (Gary Streed -15 minutes) (12) INFORMATIONAL PRESENTATIONS a. FAHR03-77 Connection Fee Calculation Methods and Policies (Gary Streed -20 minutes) (13) CLOSED SESSION ,) Duri~g the ~ou~;e of co~ducting the busf;,ess set 'forth on this agenda as a regular. meeting of the "1 i Committee, the Chair may convene the Committee in closed session to consider matters of pending real i 'i estate negotiations, pending or potential litigation, or personnel matters, pursuant to Government Code 1 '1 Sections 54956.8, 54956.9, 54957 or 54957 .6, as noted. ! i ~ j Reports relating to (a) purchase and sale of real property; (b) matters of pending or potential litigation; (c) 1 'l employee actions or negotiations with employee representatives; or which are exempt from public disclosure l i under the California Public Records Act, may be reviewed by the Committee during a permitted closed ! '! session and are not available for public inspection. At such time as final actions are taken by the Committee !,_ j on any of these subjects, the minutes will reflect all required disclosures of information. : ! , . l..onoO • .. , • ........... 1 ......... _,,••n•-uO.Ou••••-' ',., • ........... _""°''"'""'"' • u . •~Ou •, •• •• .... • •••••o,uo,un' ... •• oUOuOOu •• u • ,.,•• ,.• •,_ ••" ••• ~-•~·•• .,• •• U •• •--• ·••••~• .. , • •·•· ••· ""'°' •" ••·--~· •••·•· ,> ••• • -U '." ••• • •·•·• • .,,,, ............... , • A. Convene in closed session. 3 Book Page 3 September 10, 2003 B. Reconvene in regular session. C. Consideration of action, if any, on matters considered in closed session. (14) OTHER BUSINESS, COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY (15) MATTERS WHICH A DIREGTOR MAY WISH TO PLACE ON A FUTURE AGENDA FORACTION AND STAFF REPORT (16) FUTURE MEETING DATES The next Finance, Administration and Human Resources Committee Meeting is scheduled for October 8, 2003, at 5 p.m. (17) ADJOURNMENT ................ u .. ••H ......... ,u,o,oooaoHo•••...,••,.... .. •• .. •••••,.. .. •• .. •••• ........ ,, ... ,,.,,, ..... ,., • H·OO • ••••' ••••·•••u_,,,_,,..,~o•••--HHno,,oo,.,·••••• ................... • ..... ,..._. ..... .._,_,.._,.,...,.,.,,,, •·•--••••••••••••••••••·uu•••••••HOU•·•.._.·••t•-Mo••••-••-•••••.., l Notice to Committee Members: ! I For any questions on the agenda or to place any items on the agenda, Committee members should contact the I !Committee Chair or Secretary ten days in advance of the Committee meeting. ! !committee Chair: Brian Brady (949) 453-5300 I !Committee Secretary: Penny Kyle (714) 593-7130 pkyle@ocsd.com i \General Manager Blake Anderson (714) 593-7110 banderson@ocsd.com j lDirectorof Finance Gary Streed (714) 593-7550 gstreed@ocsd.com 1' !Director of Human Resources Lisa Tomko (714) 593-7145 ltomko@ocsd.com i !Administrative Services Manager Greg Mathews (714) 593-7104 gmathews@ocsd.com ( !Communication Services Manager Carol Beekman (714) 593-7120 cbeekman@ocsd.com j t••••••UH•••••••·•-••• ........ •·••·•••••••••• .. ••·•••••·••n .. •••••••••••••~••••••••••---,..-f,._.·••.-. .. •.•••••••••••••••••••••• .. ••.o.U.• .. •••---•---••••••·•u•oo,:,·-+<•••• .. •••o••••••• .. •·••·••••••••••••·•-••••tt••••••••••n .. •••o•••••'"'"u&•••-•••• .. ••••o·j In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the Board Secretary's office at (714) 593-7130 at least 48 hours prior to the meeting to allow the District to make reasonable arrangements to ensure accessibility to this meeting. 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FAHR Agenda.doc 4 Book Page 4 September 3, 2003 FAHR COMMITTEE AGENDA CALENDAR Month ltern Action October Consider Capital Facilities Capacity Charges Action October Consider Annexation Charge Policy Action October Consider Internal Auditing Firm Action October Consider Revised Purchasing Resolution Action October Human Resources Policies & Procedures Action October Safety Policies Action October Meet & Confer Status Information November FY 02/03 Comprehensive Annual Financial Report Action November FY 03/04 First Quarter Investment Management Report Action November FY 03/04 First Quarter Financial Report Action November Employee Reclassification Recommendations Action November Rideshare Program Changes Action November Meet & Confer Status Information December Consider Budget Assumptions, Calendar and Fiscal Action Policy Statements December Consider General Managers Approved Purchases Action December Consider Quarterly SW AP Report Action BookPage5 MINUTES OF FINANCE, ADMINISTRATION AND HUMAN RESOURCES COMMITTEE MEETING Orange County Sanitation District Wednesday, August 13, 2003, 5:00 p.m. A meeting of the Finance, Administration and Human Resources Committee of the Orange County Sanitation District was held on August 13, 2003, at 5:00 p.m., in the Disti'ct's Administrative Office. (1) The roll was called and a quorum declared present, as follows: FAHR COMMITTEE MEMBERS: Directors Present: Brian Brady, Chair Roy Moore, Vice Chair Alberta Christy Bill Dalton Mike Duvall Joy Neugebauer Shirley McCracken, Board Chair Steve Anderson, Vice Board Chair Directors Absent: James W. Silva STAFF PRESENT: Blake P. Anderson, General Manager Gary Streed, Director of Finance/Treasurer Lisa Tomko, Director of Human Resources Carol Beekman, Communications Services Manager Mike White, Controller Penny Kyle, Committee Secretary Jeff Reed Jan Collins OTHERS PRESENT: Steve Filarsky, Special Labor Counsel Randy Fuhrman Mark Mutz David Hamilton Gerhardt van Orie (2) APPOINTMENT OF CHAIR PRO TEM No appointment was necessary. (3) PUBLIC COMMENTS Mark Mutz and David Hamilton spoke in support of ratification of the proposed memorandum of understanding with the International Union of Operating Engineers, Local 501. Gerhardt van Orie requested audio-visual equipment be provided at the August board meeting so that a video could be viewed by the Directors. The video shows a process on how the powers of buoyancy and gravity can be used for mixing liquids and slurry. The process can then be used in the secondary treatment process, with up to 50% savings in energy requirements. Randy Fuhrman referred to the impacts of rate increases to the new debt the District has acquired and the revised debt policy. He requested the Directors consider raising the rates at a more rapid rate the following year. BookPage6 Minutes of the Finance, Administration and Human Resources Committee Meeting Page2 August13,2003 (4) REPORT OF THE COMMITTEE CHAIR The Chair had no report. (5) REPORT OF THE GENERAL MANAGER Blake Anderson, General Manager, reported that a joint meeting wth the Orange County Water District would be held in the fall to provide an update on the Groundwater Replenishment System. It was also reported that staff was continuing their efforts to obtain $3 million in EPA grants out of the assembly appropriations committee, wth a goal of receiving a total of approximately $50 million in EPA grants to help offset the construction costs currently underway. Word had been received that the committee failed to earmark anything for the District's projects. Staff will now focus efforts on the senate side of the appropriations committee to get it reconciled. It is possible that it could take tvi.o to three years to get approval for the grants program. However, once the program begins, the monies continue ~ar after year. (6) REPORT OF DIRECTOR OF FINANCE/TREASURER Gary Streed, Director of Finance/Treasurer, referred the Directors to the Treasurer's Report distributed to them that e\ening, as well as an additional document relative to the issuance of certificates of participation to be discussed under Item 12(a). He reported that the user fees that are collected as a separate line item on the property tax bills are ready to be reviewed, and will be submitted to the Audit0fs office that week. Mike Moreland of Moreland & Associates. the District's auditor, and Nipa Shah, the audit manager, were then introduced. Mr. Moreland described the steps in the annual audit process and asked for specific direction the Committee VltOuld like him to take. Followng discussion, Directors reiterated that any areas of concern, irregularity or malfeasance be reported by the auditor directly to the Chair of the FAHR Committee and/or the Chair of the Board of Directors, and not to staff. (7) REPORT OF DIRECTOR OF HUMAN RESOURCES Lisa Tomko, Director of Human Resources, referred to a handout provided to the Directors that was in reference to Item 13(a)(1), and would be discussed in closed session. (8) REPORT OF COMMUNICATIONS SERVICES MANAGER Communications Services Manager Carol Beekman reported a celebration was held on August 7th to honor the District for being the first wastewater treatment plant in the nation to receive the Environmental Management Service Biosolids Certification. Information about the EMS Certification can be found on the District's website at www.ocsd.com. Book Page 7 Minutes of the Finance, Administration and Human Resources Committee Meeting Page 3 August 13, 2003 Real Orange of KOCE featured an excellent story on the Groundwater Replenishment System which provided several of the key points for public information. It was also noted that Joan Rose, an international expert on Microbiology and water quality public health and safety, is in support of the program. Ms. Beekman advised that if a national media story of any kind is written about the GWR program, a reporter would talk with Dr. Rose in order to get a balanced story as she is a renowned expert in this field . Also reported was a luncheon that would be held the following week for those employees who participated in the volunteer incentive program. There have been five outside events the District has sponsored, and over 57 employees have given up their own time to participate in the programs. A recognition program, based on the hours they've worked, and the luncheon are ways to thank those employees. A total of 182 hours were donated this past year. (9) REPORT OF GENERAL COUNSEL General Counsel was not present. (10) CONSENT CALENDAR ITEMS a. The Chair ordered that the July 9, 2003 minutes for the Finance, Administration and Human Resources Committee meeting be deemed approved, as mailed. b. FAHR03-62 Recommend to the Board of Directors to receive and file Treasurer's Report for the month of July 2003. c. FAHR03-63 Receive and file Certificate of Participation (COP) Monthly Report. d. FAHR03-64 Receive and file Employment Status Report as of July 24, 2003. e. FAHR03-65 Receive and file OSHA Incidence Rates and Workers' Compensation Claims and Costs Report. f. FAHR03-66 Recommend to the Board of Directors to adopt Resolution No. OCSD 03-_, Amending Resolution No. OCSD 98~3, Amending Human Resources and Policies Procedures Manual. g. FAHR03-70 Recommend to the Board of Directors to receive and file the Quarterly MOTION: Investment Management Program Report for the period April 1, 2003 through June 30, 2003. It was moved, seconded and duly carried to approve the recommended actions for items specified as 1 0(a) through (g) under Consent Calendar. END OF CONSENT CALENDAR Book Page 8 Minutes of the Finance, Administration and Human Resources Committee Meeting Page4 August 13, 2003 (11) ACTION ITEMS a. FAHR03-67 Recommend to the Board of Directors to approve an Interest Rate MOTION: Exchange Agreement Policy relating to long-term debt financing Gary Streed, Director of Finance, reported that interest rate exchange agreements are commonly called SWAPs, although they are also referred to as interest rate exchange agreements or hedging products. The proposed ISDA agreement is standard in the industry. Mr. Streed noted that the policy is one of the best practices of financial organizations that are looked at by rating agencies. No changes are necessary to the two existing SWAPS (1992 and 1993). Should an additional SWAP be recommended, FAHR Committee and Board of Directors approval would be requested. The major change to this policy is quarterly updates to the Directors, and the monitoring of existing SWAPS. Mr. Streed stated staff believes the quarterly reports are appropriate. It was moved, seconded and duly carried to recommend approval to the Board of Directors. b. FAHR03-68 Recommend to the Board of Directors to approve a Revised Debt Policy MOTION: relating to short-and long-term borrowing by the District, providing for the limitation on debt issuance be restricted to all capital improvements that cannot be financed from current revenue. Mike White, Controller, noted that because of the $2.2 billion capital improvement program over the next 1 0 years, the debt policy would need to be revised to allow borrowing for more than 50% of the CIP. It was moved, seconded and duly carried to recommend approval to the Board of Directors. (12) INFORMATIONAL PRESENTATIONS a. FAHR03-69 Final Report on Sale of Series 2003 Certificates of Participation Director Alberta Christy left the room during discussion of this item. Gary Streed, Director of Finance, reported the rating agencies met at the District on July 251\ and toured the facilities. The District received a AA rating from each of those agencies. The rating agencies' concerns were the amount of debt that would be issued for the capital improvement program (ClP), how large the CIP was compared to what the District has done successfully in the past, how much variable rate debt the District has, and the District's ability to raise rates necessary to fund the CIP compared to borrowing. Seven major firms submitted bids on August 12. Book Page 9 Minutes of the Finance, Administration and Human Resources Committee Meeting Page 5 August 13, 2003 All bids were within 4 basis points of each other. Mr. Streed then referred to the handout given to the Directors that evening and reviewed the structure of paying the interest and principal amount. He noted that 1rom 2004 to 2020, no principal is paid, only interest. Because there aren't any short-term principal payments, the District does not get to take advantage of the low rates up front, so the true interest cost is 5.145%. Mr. Streed reported that when the issue is completed, 67% of the District's debt will be fixed, and 33% will be variable. He felt that staff could work with the rating agencies to get back to the 50% level of variable rate, and take advantage of the lower short-term rates. The funds will be issued to the District on August 26th• (13) CLOSED SESSION The Committee convened in Closed Session at 6:08 p.m. pursuant to Government Code Section 54957 .6 to discuss and consider Agenda Item Nos. 13(a) (1) and (2). Confidential Minutes of the Closed Session held by the Finance, Administration and Human Resources Committee have been prepared in accordance with California Government Code Section 54957.2, and are maintained by the Board Secretary in the Official Book of Confidential Minutes of Board and Committee Closed Meetings. A report of the actions taken will be publicly reported at the time the approved action becomes final re Agenda Items Nos. 13(a)(1) and (2). RECONVENE IN REGULAR SESSION: At 6:33 p.m., the Committee ieconvened in regular session. (14) OTHER BUSINESS, COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY There were none. (15) MATTERS WHICH A DIRECTOR MAY WISH TO PLACE ON A FUTURE AGENDA FOR ACTION AND STAFF REPORT There were none. (16) CONSIDERATION OF UPCOMING MEETINGS The next FAHR Committee meeting is scheduled br September 10, 2003 at 5 p.m. BookPage IO Minutes of the Finance, Administration and Human Resources Committee Meeting Pages August 13, 2003 (17) ADJOURNMENT The Chair declared the meeting adjourned at 6:33 p.m. Submitted by: Book Page 11 FAHR COMMITTEE AGENDA REPORT Orange County Sanitation District FROM: Gary G. Streed, Director of Finance Originator: Michael D. White, Controller Meeting Date 09/10/03 Item Number FAHR03-71 SUBJECT: CERTIFICATES OF PARTICIPATION (COP) MONTHLY REPORT - AUGUST 2003 GENERAL MANAGER'S RECOMMENDATION To Bd. of Dir. Item Number Receive and file Certificates of Participation (COP) Monthly Report for the month of August 2003. SUMMARY The District began issuing Certificates of Participation (COPs) on a variable interest rate basis in 1990. These variable rate COPs were a part of our long-term financing plan which also included some more traditional fixed rate borrowing. In 1992 and 1993, some of the fixed rate COPs were refunded and replaced with synthetic-fixed rate COPs. These are variable interest rate COPs that are also subject to a long-term fixed-rate interest exchange agreement (SWAP). The SWAP provides the maximum interest rate to be paid by the District, and is less costly than traditional fixed rate borrowing. In August 2000, the entire financing program was restructured and modernized to incorporate and take advantage of the consolidation of District books of account and revenue structure. This process has reduced the number of COP issues from five to three; 1992 Refunding COPs, 1993 Refunding COPs and 2000 Refunding COPs. The 2000 COPs can be divided into Series A and Series 8, if additional remarketing agents are desired. Variable interest rate COPs can be put back on the market by the buyer each day. When this happens, they must be remarketed or sold to another buyer. This process, called remarketing, is generally provided by a municipal bond underwriter. The remarketing agent sets the interest rate they believe is required to sell the COPs. Some issuers believe that having more than one remarketing agent promotes competition and results in lower interest costs. Staff has monitored variable interest rate issues of other agencies since the inception of our program. The attached charts are described in the "Additional Information" section of this agenda report. They are provided monthly to compare our actual interest rates to a composite index, and to other selected issuers of similar credit quality, and with COP issues of similar amounts. Many variables affect interest rates, but staff expects our rates to be among the lowest. PRIOR COMMITTEE/BOARD ACTIONS N/A PROJECT/CONTRACT COST SUMMARY N/A Book Page 12 BUDGET IMPACT D This item has been budgeted. (Line item: ) D This item has been budgeted, but there are insufficient funds. D This item has not been budgeted. 1:8] Not applicable (information item) ADDITIONAL INFORMATION The first graph entitled, "OCSD COP Rate History Report," shows the actual variable interest rates paid on each of the daily rate COPs since the last report, and the effective fixed rate for the two refunding issues which are covered by an interest rate exchange agreement commonly called "swap." The second bar chart entitled, "Comparative Daily COP Rate History Report," shows the performance of the District's Daily Rate COPs as compared to a composite index rate, which represents the average rate of six similar variable rate daily reset borrowings. The third bar chart entitled, "COP Rate History, Comparison of Highest & Lowest Rates," compares the performance (monthly average interest rate) of the District's Daily Rate COPs with the highest and lowest monthly average rates from among six similar variable rate daily reset COPs. The table entitled, "COP Rate History, Comparison of Monthly Averages," shows the monthly variable interest rate performance of the District's Daily Rate COPs as compared to the composite index. Estimated annual interest payments calculated for a standard $100 million par amount, are also shown. Variable rates historically rise at the end of each calendar quarter, and especially at year-end, because of business taxes and liquidity requirements. The rates tend to decline to prior levels immediately in the following month. Staff maintains continuous rate monitoring and ongoing dialog with the remarketing agents to keep the Committee fully informed about developments in the program as they may occur. ALTERNATIVES N/A CEQA FINDINGS N/A ATTACHMENTS 1. Graph -OCSD COP Daily Rate History Report 2. Graph -Comparative Daily COP Rate History Report 3. Graph -COP Rate History, Comparison of Highest & Lowest Rates 4. Tabular -COP Rate History, Comparison of Monthly Averages GGS:MW:lc G:\wp.dta\agenda\FAHRIFAHR2003\0903\03-71 .COP.doc Revised: 06/04/03 Book Page 13 Page 2 ttl 0 ~ ',:I ~ (1) -.p.. Prepared by Finance, 9/3/2003, 9:24 AM COMPARATIVE DAJLY COP RATE HISTORY REPORT August 2003 4.00 -.----~--!!!!!!!!"""!"""""""'!!!!!!!!!!!!!!"!!!!!!!!!!!!!"-~--!!!!!!!!!!!!!"--!!!!!!!!!!!!!"!!!!!e!!!!!!!!!!!!!!""!"!-!!!!!!!!!!!!!!!~L-..--, 3.00 ;---------------------------------------------1 ~ ~ ~ 2.00 -i I ~ ~· ..---.--,--...- r--,--r,- 1.00 +-1-r-"17~--r-r-1-- r---r---1/1 ~ .----r-- 0.00 I I f I I I ,, I I I I I I I I I I I I DATE N N N N C") C") C") C") C") C") C") C") 0 0 0 0 0 0 0 0 0 0 0 0 a. .... > ti r:: .J:i ..: ..: >, r:: :i C) Q) u 0 Q) rn Q) rn Q. rn ::, ::, (/) 0 z 0 -, LL. ~ <{ ~ -, -, <{ IDOCSD •COMPOSITE INDEX G:\excel.dta\fin\2220\geggi\Finance\dailycopintrate.xls to 0 ~ l (1) ...... u, Prepared by Finance, 9/3/2003, 9:21 AM Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 AVERAGE DAILY COP RA TE HISTORY COMPARISON OF MONTHLY AVERAGES SEP 2002 -AUG 2003 OCSD $218.6M $46M Series2000 Series 93 Ref Composite Paine Webber PaineWebber Index* 1.39 1.39 1.40 1.61 1.61 1.60 1.33 1.33 1.32 1.05 1.05 1.04 0.85 0.85 0.85 1.05 1.05 1.04 1.05 1.05 1.05 1.16 1.16 1.15 1.21 1.21 1.19 0.99 0.99 0.98 0.67 0.67 0.68 0.77 0.77 0.76 1.09% I 1.09% 1.09% ESTIMATED ANNUAL INTEREST PAYMENTS PER $100M PAR AMOUNl $ 1,094,167 I $ 1,094,167 I$ 1,088,333 * FOOTNOTE Composite index consists of the following COP transactions: . IRVVD, Series 86-COP, 88, 95, $106.1M, Solomon Smith Barney . IRVVD, Series C-Ref 93-B, 85-B, $62.1 M, Lehman Brothers . IRVVD, Series 91, 93, 85, $93.0M, PaineWebber . IRVVD, Series 89, C-Ref 93-A, C-Ref 95, $70.9M, Merrill Lynch . Western Riverside Co. Reg. Wastewater Auth., Series 96, $25.4M, PaineWebber . Orange Co., Irvine Coast Asst. Dist. 88-1, $94.5M, J.P. Morgan G:\excel.dta\fin\2220\geggi\Finance\COPdaily$rate comparison G) [ a. ii> :ii ~ ~ ~ Cl) cc cc :::, 'Tl 5· II) ::, ~ ! m :i:: en :-i ~ C ~ --f m 0 4-Sep-02 I 18-Sep-02 t 2-Oct-02 + 16-Oct-02 + 30-Oct-02 13-Nov-02 t 27-Nov-02 + 11-Dec-02 t 25-Dec-02 + 8-Jan-03 ++ 22-Jan-03 )>lJ -m 5-Feb-03 G)-· ::::, (/)CD ~~ 19-Feb-03 "O O'" O'" CD 5-Mar-03 .... co (,.) 19-Mar-03 f + 2-Apr-03 cn1J 16-Apr-03 g:;E G)N CDC ::::,0 30-Apr-03 cno ~ 14-May-03 1-0 28-May-03 11-Jun-03 + 25-Jun-03 t 9-Jul-03 23-Jul-03 6-Aug-03 20-Aug-03 -N I ~ I ,~ I I if I "i>I . ' 1/1 11 I ll_l ,~ ~ I ~ I 9 I ;;i~ed )(008: "'O iil 'O RATE(%) II) iil C. C' w .,:a. (II 0) '< 'Tl I I ¥ l ljl-1 5· II) ::, 0 .!D I I * I i;i I I co c:;; ii:3 * 0 I I 0 0 _w co I * 0 I I i-:> ~ )> s: I t I ~ 11 0 I I * I 0 11 0 "' I I * I I) 11 C 0 I I * I ¢ 11 0 -a C )> ~ c• G') -< c~ en -I -I m ~ ::c I 0- I o en l w -I i 0 ;tJ -< ;tJ m -a * 0 11 0 ;tJ I I f I ¢ 1: -I -~ -w I-~ 1.5 1.25 1 0.75 0.5 blla£.Jl3. HIGH rWIIRV'<O 1 LOW LEHIIR\I\IDIOCSD COP RATE HISTORY COMPARISON OF HIGHEST & LOWEST RATES Ill Apr DJ Mnv DJ 1 PW,IR\l\,O I r•VIIRWD 11 pw,ocso MERYUIRIMJ MERYUIR\I\ID MERYUIRWD lwl...113, I ILEH/IR\MJ MERYUIRIMJ luUa. : .. •• ·:• • • ••• :· .: !t:· •• ··1 :t •:· • • ••• ••• ••• IL.El-lllRWD MERYUIRWD twg,jl3, a Highest rate • OCSD/PW 2000 • OCSD/PaineWebber a Lowest rate G:\excel.dta\fin\2220\geggi\Finance\RA TEH 1ST _HILO _bargraph Prepared by Finance, 9/3/2003, 9:24 AM FAHR COMMIITEE Meeting Date 9/10/03 AGENDA REPORT Item Number FAHR03-72 Orange County Sanitation District FROM: Lisa Tomko, Director of Human Resources Originator: Lisa Arosteguy, Human Resources Supervisor SUBJECT: EMPLOYMENT STATUS REPORT AS OF AUGUST 14, 2003. GENERAL MANAGER'S RECOMMENDATION Receive and file the Employment Status Report. SUMMARY The number of full-time equivalent (FTE) employees at the District is 544. 75 as of August 14, 2003. PRIOR COMMITTEE/BOARD ACTIONS N/A PROJECT/CONTRACT COST SUMMARY None BUDGET IMPACT D This item has been budgeted. (Line item: ) D This item has been budgeted, but there are insufficient funds. D This item has not been budgeted. ~ Not applicable (information item) ADDITIONAL INFORMATION The actual number of employees (headcount) is 554 as of August 14, 2003. There were no promotions. There were three new hires: • 2 Interns (Environmental Compliance & Monitoring) • 1 Engineer (Planning) ALTERNATIVES N/A G:\wp.dtalagenda\FAHRIFAHR2003\0903\03-72.Employment Status.docAugust 14, 2003 Page 1 Book Page 18 To Bd. of Dir .. Item Number CEQA FINDINGS N/A ATTACHMENTS 1 . August 14, 2003 Employment Status Report 2. Performance compared to budgeted FTE's G;\wp.dta\ngonda\FAHRIFAHR2003\0903\03-72.Employmenl Sllltus.docAugust 14. 2003 Book Page 19 Page2 1:,::1 0 0 :,,;- "'l::l J'cl ~ 1-,J 0 -~ ·-~ -'';...t-.-.... -•• ... AUTHORIZED FTE DIV REG 0.50 0.75 110 General Management Admin 2.00 - 120 Administrative Services 8.00 0.50 - 130 Communication Services 7.00 - General Management Totals 17.00 0.50 . 210 Finance Administration 2.00 -- 220 Accounting 18.00 -- 230 Purchasing & Warehousing 19.00 0.50 - Finance Totals 39.00 0.50 . 510 Human Resources Admin 5.00 -- Interns Intern Program (510) 9.00 - 520 Employee Development 3.00 -- 530 Safety & Health 7.00 . . 540 Human Resources 6.00 . . Human Resources Totals 30.00 . . 610 Technical Services Ad min 2.00 -. 620 Environmental Comp & Mont 21.00 -- 630 Environmental Laboratory 36.00 1.00 . 640 Source Control 40.00 . - Technical Services Totals 99.00 1.00 . 710 Engineering Admin 3.00 -. 740 Planning 14.00 . . 750 Project Management Office 14.00 -0.75 760 Engineering & Construction 48.00 ·-. Engineering Totals 79.00 . 0.75 810 O&M Administration 2.00 - 420 Collection Facilities Mice 28.00 1.00 - 430 Facilities Maintenance 31.00 1.00 - 820 O&M Process Support 14.00 0.50 . 830 Plant 1 Operations 40.00 0.50 0.75 840 Plant 2 Operations 45.00 0.50 850 Mechanical Maintenance 55.00 0.50 - 860 Electrical & Instrumentation Mice 54.00 0.50 . 880 Air Quality & Special Projects 11 .00 . . Operations & Maintenance Totals 280.00 4.50 0.75 910 IT Administration 2.00 -- 930 Customer & Network Support 17.00 -. 940 Programming & Database Sys 12.00 . . 950 Process Controls Integration 13.00 -- Information Technology Totals 44.00 -. GRAND TOTAL 588.00 6.50 1.50 = TOTAL AUTHORIZED FTE 596.00 G:\wp.dta\agenda\FAHR\FAHR2003\0903\03-72.1 EMPLOYMENT STATUS REPORT ,. -- ACTUALFTE Recruitments Vacancies TOTAL REG 0.50 0.75 LOA TOTAL 2.00 2.00 --2.:00 -- 8.50 7.00 0.50 -1.00 {!._~ -- 1.00· 6.00 ---6;l)tl 1.00 1.00 17.50 15.00 0.50 -1.00 16.50 1.00 1.00 2.00 2.00 ---·2,'!!!i -- 18.00 15.00 -0.75 -f5l16 2.00 2.25 19.50 17.00 1.00 --ta.db 1.00 1.50 39.50 34.00 1.00 0.75 -35.75' 3.00 3.75 5.00 4.00 ---4.00 1.00 1.00 9.00 -4.50 --I 4.50 1.00 4.50 3.00 2.00 ---2.00 1.00 1.00 7.00 6.00 --1.00 7.00 . - 6.00 6.00 . --6:CKI . - 30.00 16.00 4.50 . 1.00 23.50 3.00 6.50 2.00 2.00 . -. 2.00 -. 21.00 19.50 -. -19.50 . 1.50 37.00 30.00 1.50 . 0.50 32.00 6.00 5.00 40.00 37,00 --. 37.00 3.00 3.00 100.00 88.50 1.50 . 0.50 90.50 9.00 9.50 3.00 3.00 ---3.00' -- 14.00 13.00 ---13.00 -1.00 14.75 11.00 -1.50 . 12.50 -2,25 48.00 45.00 -. 2.00 47.00 1.00 1.00 79.75 72.00 -1.50 2.00 75.50 1.00 4.25 2.00 2.00 -. -2.00 . - 29.00 21.00 1.00 --22.00 6.00 7.00 32,00 27,00 1.00 . 1.00 29.00 2.00 3.00 14.60 11.00 0.25 . . 11.25 3.00 3.25 41.25 36.00 0.50 0.75 37.25 1.00 4.00 I 45.50 44,00 0.50 --44.50 4 00 1.00 55.50 53.00 0.50 . 1.00 54.50 2.00 1.00 54.50 52.00 0.50 -1.00 53.50 1.00 1.00 11.00 10.00 -. 1.00 11.00 -- 285.25 256.00 4.25 0.75 4.00 26UO 19.00 20.25 2.00 2.00 ---2.00 -- 17.00 13.00 -. 2.00 15.00 . 2.00 12.00 10.00 . -. 10.00 -2.00 13.00 11.00 ---11.00 -2.00 44.00 36.00 -. 2.00 38.0Q -6.00 519.50 11.75 3.00 10.50 ---= ·I TOTAL I· Total Total Vacancies ACTUALFTE Recruitments + (less recruitments) 544.75 36.00 15.25 8/14/03 to 0 ~ ? N - 600 -+-AUTHORIZED FTE -a-ACTUAL FTE - - • JAN FEB 567.3 567.3 532.5 535.5 STA_FFING REPORT MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 567.3 567.3 567.3 567.3 596 596 540 539.75 540.75 540.75 543.25 544.75 FAHR COMMITTEE AGENDA REPORT Orange County Sanitation District FROM: Lisa L. Tomko, Director of Human Resources Originator: Jim Matte, Safety & Health Supervisor Meeting Date To Bd. of Dir. 09/10/03 Item Number Item Number FAHR03-73 SUBJECT: OSHA Incidence Rates and Workers' Compensation Claims and Costs Report GENERAL MANAGER'S RECOMMENDATION Receive and file the OSHA Incidence Rates and Workers' Compensation Claims and Costs Report. SUMMARY Safety and Health Division staff track OSHA Incidence Rates for DART * Cases (DART Incidence Rate) and Total Accidents (Total Injury Frequency Rate). There were six DART Cases District-wide for the period of January-July 2003. The industry average is 5.4 for the DART Case Incidence Rate while the District Incident Rate is 2.07 for the period of January-July 2003. There have been seven OSHA Recordable Accidents District-wide for the period of January-July 2003. The industry average is 9.0 for the Total Injury Frequency Rate while the District Incident Rate is 2.42 for the period of January-July 2003. * DART is an acronym that stands for Days Away, Restricted, or Transfer and replaces the phrase Lost Workday. The Division also tracks the District's Workers' Compensation Claims and Costs. The District's claim count for Fiscal Year 2002-2003 is 17. Five of these claims are still open. The costs associated with these .claims for year-to-date is $54,000.95, which includes medical bills, temporary disability payments, legal costs and a claim reserve account. PRIOR COMMITTEE/BOARD ACTIONS N/A PROJECT/CONTRACT COST SUMMARY N/A Revised: 06/04/03 Book Page 22 Page 1 BUDGET IMPACT D This item has been budgeted. (line item: ) D This item has been budgeted, but there are insufficient funds. D This item has not been budgeted. [g] Not applicable (information item) ADDITIONAL INFORMATION The District had six DART cases and one other injury that required medical treatment for the period of January-July 2003. The reporting period is for 45 days prior to committee meeting. ALTERNATIVES NIA CEQA FINDINGS NIA ATTACHMENTS 1. OSHA Incidence Rates Reports for DART Cases and Total Injuries 2. Worker's Compensation Claims and Costs Revised: 06/04/03 Book Page 23 Page2 Safety Division DART Cases District-Wide There have been six DART Cases in 2003 (January -July) (DART -Days Away, Restricted or Transfer; replaces Lost Work Day.) 1999 DART Cases 2000 2001 Calendar Year 2002 2003 OSHA Incidence Rates District-Wide The industry average is 5.4 and the DART Incidence Rate for the district is 2.07 for 2003 (January -July). The OSHA rate is calculated by multiplying the number of injuries by 200,000 and dividing the sum by total hours worked. The rate is also based on the data for the calendar year so the rate will change as the number of hours worked increases. fJ 5.00 - 4.00 a: Q) 3.00 u C 2.00 Q) 32 1.00 u .E 0.00 1999 OSHA Incidence Rates DART Cases 2000 2001 Calendar Year 2002 2003 Book Page 24 Total Injuries District-Wide There have been seven OSHA Recordable Accidents for 2003 (January -July) Total OSHA Recordable Accidents 1999 2000 2001 calendar Year 2002 2003 OSHA Incidence Rates District-Wide The Total Injury Frequency Rate is a combination of the DART Cases and the cases that require Other Medical Treatment. The industry average for Total Injury Frequency rate is 9.0 and the District rate is 2.42 for 2003 (January -July). First Aid cases are not included in the calculation of this rate. 10.00 -2! 8.00 <1l a: (I) 6.00 0 C 4.00 (I) "C ·u 2.00 ..5: 0.00 OSHA Incidence Rate Total Injuries 1999 2000 2001 Calendar Year 2002 2003 Book Page 25 Workers Compensation Claims and Costs The Workers Compensation Claims and Cost are reported by fiscal year. The DART and Total Injury graphs shown above are calendar year rates as required for OSHA recordkeeping. All claims and medical invoices are reviewed by a third party to ensure that proper medical treatment is provided for injured employees and the costs for the treatment are within established guidelines. The medical bills reviewed July 2002 -July 2003 totaled $302,034.81. Medical treatment costs are charged to the fiscal year in which the injury occurred. All open claims have the potential to incur additional cost. After the medical review process, the amount was reduced to $167.224.35, which resulted in savings of $134,810.46 for this reporting period. Workers Compensation Claims and Costs Fiscal Period Claim Count Open Claims Total Incurred 7/1/85 -6/30/86 38 0 $270,712 7/1/86 -6/30/87 53 0 $99,933 7/1/87 -6/30/88 51 0 $173,583 7/1/88 -6/30/89 41 0 $153,481 7 /1 /89 -6/30/90 61 0 $287,232 7/1/90 -6/30/91 76 0 $121,978 7/1/91 -6/30/92 58 1 $205,094 7/1/92 -6/30/93 58 0 $93,198 7/1/93 -6/30/94 47 0 $217,922 7 /1 /94 -6/30/95 46 0 $276,359 7/1/95 -6/30/96 46 1 $191,323 7 /1 /96 -6/30/97 36 1 $377,924 7 /1 /97 -6/30/98 45 1 $1,026,722 7 /1 /98 -6/30/99 38 3 $353,908 7 /1 /99 -6/30/00 43 4 $346,808 7/1/00-6/30/01 32 4 $430,832 7/1/01 -6/30/02 30 9 $215,008 7/1/02-7/31/03 16 5 YTD $54,000 "Total Incurred" includes medical bills, temporary disability payments to employees, legal costs, and a claim reserve account. Book Page 26 FAHR COMMITTEE Meeting Date To Bd. of Dir. 9/10/03 AGENDA REPORT Item Number Item Number FAHR03-74 Orange County Sanitation District FROM: Marc Dubois, Contracts/ Purchasing Manager SUBJECT: GENERALMANAGERAPPROVEDPURCHASES GENERAL MANAGER'S RECOMMENDATION Receive and file report of General Manager approved purchases in amounts exceeding $50,000 in accordance with Board purchasing policies. SUMMARY In May 1998, the FAHR Committee and the Board approved changes to the staff purchasing authority. One of the changes was to increase the dollar threshold before Board authority was required for purchases of goods or services, excluding public works purchases, to $100,000. When approving this change, the Committee asked for periodic reports showing purchases approved by the General Manager for amounts between $50,000 and $100,000. Subsequent to receiving the initial report, the Committee requested that future reports be placed on the Consent Calendar. Vendor Name Amount K.P Lindstrom, Inc. $75,000 Realtime Systems Corporation $85,000 Townsend Public affairs $50,000 NCG Porter Novelli $75,000 DGA Consultants $95,000 Trojan Technologies, Inc. $51,600 W.S. Atkins Americas, Inc. $65,800 SoftChoice Corp. $75,000 American Airlines $99,999 National Plant Service $60,000 Undersea Graphics, Inc. $95,000 Condenser & Chiller Services $65,000 RD Instruments $98,157 Trane Company $55,200 G:\wp.dta\agenda\FAHRIFAHR2003\0903\03-74.General Manager Approved Purchases.doc Revised: 8/20/01 Description/Discussion Blanket order to support the NPDES permit application effort Software services Legislative and Executive advocate for grant funding Sole Source for biosolids research, planning and message development Sole Source for CCTV data evaluation suooort Sole Source for consulting for the J-40-6 Effluent Pathogen Reduction Pilot Testing Sole Source for testing services for the J-40-6 Effluent Pathogen Reduction Pilot Testing Annual software service Air Travel Card Blanket Order for vacuum services Underwater inspection services Emergencv repair of turbine condenser unit Four acoustic doppler current profilers (ADCP) Replace two air conditioners Page 1 Book Page 27 Section 2.03 A.1 of Resolution 99-23, the District's Delegation of Authority Resolution, authorizes the General Manager to purchase items that have been previously authorized by the Board as identified ih the annual District budget. Dufir,g the budget adoption process, the lists of these items were highlighted for the Director~. For these reasons, purchases that fell into these categories are not included in this report. PROJECT/CONTRACT COST SUMMARY N/A BUDGET IMPACT D This item has been budgeted. (Line item: ) D This item has been budgeted, but there are insufficient funds. D This item has not been budgeted. [8J Not applicable (information item) ADDITIONAL INFORMATION N/A ALTERNATIVES N/A CEQA FINDINGS N/A ATTACHMENTS N/A G:\wp.dta\agenda\FAHR\FAHA2003\0903\03-74.General Manager Approved Purchases.doc Revised: 8120/01 Book Page 28 Page2 FAHR COMMITTEE Meeting Date To Bd. of Dir. 09/10/03 09/24/03 AGENDA REPORT Item Number Item Number FAHR03-75 Orange County Sanitation District FROM: Gary G. Streed SUBJECT: SAWPA AGREEMENT FOR DESAL TER BRINE CAPACITY RIGHTS GENERAL MANAGER'S RECOMMENDATION Approve the Agreement to Establish the Purchase Price for, and the Purchase of, 2.0 MGD Wastewater Treatment and Disposal Capacity Right for Desalter Brine with the Santa Ana Watershed Project Authority (SAWPA), for a total amount of $5,252,015.26. SUMMARY • Since 1972 the District has provided treatment and disposal services for some "non- reclaimable" wastewater from SAWPA. • SAWPA owns 30 mgd capacity in the Santa Ana River Interceptor (SARI) and 11 mgd capacity in the OCSD treatment and disposal system. • The 1972 Agreement was modified in 1996 to allow capacity purchases in 1 mgd increments and to establish a formula to compute the price based upon the 1989 Master Plan and the average strength of all wastewater received from SAWPA. • In 1999 a separate agreement was approved to allow the purchase of capacity especially tor low-strength discharge from groundwater desalter projects. • The proposed agreement would allow SAWPA to purchase another 2 mgd of treatment and disposal capacity only tor low-strength discharge. • The low-strength agreement is appropriate as SAWPA is endeavoring to remove most higher strength dischargers from the system and because it encourages SAWPA to improve the groundwater supply in their basin. • The rates per million gallons, 1 ,000 pounds of BOD and TSS are the same as those charged our Class 1 Permit Users except the charges for the collection system have been deducted, as SAWPA already owns sufficient capacity in the SARI. PRIOR COMMITTEE/BOARD ACTIONS 7/24/96: 12/15/99: 10/10/01: Board approved revised Wastewater Treatment and Disposal Agreement. Board approved 2 mgd desalter brine capacity sale to SAWPA. FAHR approved second 2 mgd desalter brine capacity sale. PROJECT/CONTRACT COST SUMMARY The proposed agreement would result in capacity right sales of $5,252,015.26 based upon the low BOD and TSS in the desalter brine discharge. Use of the higher strength average concentration of the total SAWPA discharge could raise the price to SAWPA to $9,750,000. G:\wp.dta\agenda\FAHR\FAHR2003\0903\03-75.SAWPA Agmt re Desalter Brine.doc Revised: 06/04/03 Book Page 29 Page 1 BUDGET IMPACT IZl This item has been budgeted. (Line item: ) D This item has been budgeted, but there are insufficient funds. 0 This item has not been budgeted. 0 Not applicable (information item) ADDITIONAL INFORMATION None. ALTERNATIVES • Do not approve this agreement and charge SAWPA in accordance with the existing 1996 Agreement. This Agreement needs to be renegotiated as the 1999 Strategic Plan and the resultant Capital Facilities Capacity Charge changed the assumptions underlying the capacity purchase assumptions. The assumptions may change again in the next few months as we reevaluate our CFCC program and rates. • Modify the rates in the proposed agreement. This is possible, but the proposed rates are appropriate because they are the same as those charged other high flow or high strength dischargers. The rates have been reduced because SAWPA already owns 30 mgd capacity in the collection system so the collection system portion of the CFCC has been removed. This purchase will only increase treatment and disposal Scapacity to 13 mgd. The concentrations of BOD and TSS have been verified with the discharge from other desalter facilities. CEQA FINDINGS N/A ATTACHMENTS 1. Agreement to Establish the Purchase Price for and the Purchase of a 2.0 MGD Wastewater Treatment and Disposal Capacity Right for Desalter Brine G:lwp.dta\agenda\FAHAIFAHR2003\0903\03-75.SAWPA Agmt re Desalter Brine.doc Revised: 06/04/03 Book Page 30 Page2 AGREEMENT TO ESTABLISH THE PURCHASE PRICE FOR, AND THE PURCHASE OF, A 2.0 MGD WASTEWATER TREATMENT AND DISPOSAL CAPACITY RIGHT FOR DESAL TER BRINE THIS AGREEMENT, is made and entered into, to be effective this 24th day of September 2003, by and between: AND ORANGE COUNTY SANITATION DISTRICT, a public agency, hereinafter referred to as "OCSD"; SANTA ANA WATERSHED PROJECT AUTHORITY, a joint powers public agency, hereinafter referred to as"SAWPA". OCSD and SAWPA are sometimes collectively referred to herein as the "Parties". RECITALS A. Pursuant to that certain Wastewater Treatment and Disposal Agreement dated July 24, 1996, between the Parties (the "Agreement"), SAWPA possesses an ultimate Treatment and Disposal Right of 30 MGD (as those terms are defined in the Agreement), pursuant to, and in accordance with, the terms and conditions specified therein; and B. Pursuant to the Agreement, SAWPA has exercised its purchase rights and acquired and presently owns 11 MGD of capacity defined as a Treatment and Disposal Right; and C. SAWPA is presently implementing a new groundwater desalting project and expanding another through the Eastern Municipal Water District. These desalting 1 Book Page 31 projects will produce, as a by-product of operation, up to 2 MGD of brine which is proposed to be treated and disposed of under the terms of this Agreement; and D. OCSD has expressed a desire to promote, and participate in, groundwater reclamation in SAWPA's Santa Ana River Interceptor ("SARI") Service Area. In furtherance of that desire, OCSD has previously established a modified Treatment and Disposal Right Charge for wastewater treatment and disposal capacity for desalter brine, as an incentive to the implementation of desalting projects; and E. SAWPA has expressed a desire to purchase an increment of wastewater Treatment and Disposal Right capacity of 2.0 MGD for desalting brine, 1.2 MGD for a new project known as Menifee Desalter and .8 MGD additional capacity for the future desalters; and F. OCSD has adopted a Capital Facilities Capacity Charge ("CFCC") payable by all dischargers into OCSD's system, which charge is subject to modification from time to time by action of the Board of Directors. NOW, THEREFORE, the Parties hereto hereby agree as follows: Section 1: Purchase Price for Brine Capacity. OCSD and SAWPA hereby acknowledge and agree that SAWPA may, by this Agreement, purchase Treatment and Disposal Right capacity for the disposal of brine generated by groundwater reclamation projects within SAWPA's SARI Service Area, at a price established pursuant to OCSD's current Capital Facilities Capacity Charge, by the following formula: 2 Book Page 32 Assumptions Flow= 1,000,000 BOD= 20 mg/L SS = 18 mg/L Unit of Measure Per gallons/day Per pound/day Per pound/day One-Time Rate $ 2.39/gpd $680.35/#/day $816.94/#/day For 1 MGD Brine Capacity $2,389,886.55 $ 113,481.97 $ 122,639.11 $2,626,007.63 Application of the foregoing formula generates the purchase price of $2,626,007.63 per each million gallons of capacity as of the date of this agreement. The purchase price for any future purchases of Treatment and Disposal Right capacity shall be determined in accordance with OCSD's then-existing Capital Facilities Capacity Charge and then established loading assumptions as of the date of the future purchase. Section 2.: Purchase and Sale of Increment of Capacity. Subject to all of the terms and conditions of the Wastewater Treatment and Disposal Agreement dated July 24, 1996, except as otherwise expressly provided for in Section 1 herein, OCSD hereby sells, and SAWPA hereby purchases, 2.0 MGD Treatment and Disposal Right, to be utilized solely for the disposal of brine generated by the Menifee Desalter, future desalters, and other groundwater reclamation projects within SAWPA's SARI Service Area. Section 3: Purchase Price. The purchase price of the Treatment and Disposal Right conveyed hereunder shall be $5,252,015.26 based upon the formula set forth in Section 1 above. Section 4: Applicability of 1996 Agreement. OCSD and SAWPA acknowledge and agree that solely because of the nature of the brine discharge, its costs of treatment, and the indirect benefits to OCSD, and the residents of Orange County, a 3 Book Page 33 reduced purchase price is appropriate for the Treatment and Disposal Rights which are the subject of this purchase agreement. It is the intent of the parties that all other terms and conditions of the Agreement shall be applicable to the parties and to the brine discharge from SAWPA to the OCSD system. IN WITNESS WHEREOF, the parties have executed this agreement as of the day and year first above written. APPROVED AS TO FORM: THOMAS L. WOODRUFF DISTRICT COUNSEL ORANGE COUNTY SANITATION DISTRICT By ______________ _ Chair, Board of Directors By ______________ _ Secretary of the Board of Directors By ______________ _ Thomas L. Woodruff SANTA ANA WATERSHED PROJECT AUTHORITY By _______________ _ Chairman of the Commission FIN/210/lc G:\wp.dta\fin\210\CRANE\FAHR\FAHR2003\SEPT\SAWPA AGREEMENT -2003 desalter.doc 08/29/2003 4 Book Page 34 FAHR COMMI TTEE Meeting Date To Bd. of Dir. 9/10/03 9/24/03 AGE NDA REPORT Item Number Item Number FAHR03-76 Orange County Sanitation District FROM: Blake P. Anderson, General Manager SUBJECT: CONSIDER RECOMMENDING A LOAN POLICY FOR PROPERTIES THAT ABANDON SEPTIC TANKS AND CONNECT TO SANITARY SEWERS WITHIN THE DISTRICT GENERAL MANAGER'S RECOMMENDATION Recommend to the FAHR Committee that they consider adopting a policy that acknowledges the environmental and social benefits to the community from an abandoned septic tank. This policy would allow the property owner to defer the Capital Facilities Capacity Charges until the property was sold or for 10 years, whichever occurred first, and would apply only in cases where properties were developed, occupied and served by septic tank prior to July 1 , 2003. Proof that the septic tank was abandoned properly would be required. SUMMARY Currently our records show there are about 1 ,500 properties within the Sanitation District service area on septic tanks rather than sanitary sewers. A smaller number is estimated to exist within the County but not currently annexed to our service area. These septic tanks can be shown to contribute to the bacterial contamination of urban runoff. This could be a result of failing systems or of contamination leaching through the soil and emerging to be carried away as urban runoff. The Directors have discussed methods of encouraging property owners to abandon their septic tanks and to connect to the sanitary sewers. General Counsel has consistently advised that our existing Ordinance does not allow fees to be waived or set aside. The Directors could, however amend the Ordinance or adopt a revised one to include findings that would allow an offset or credit to the Capital Facilities Capacity Charge. (A new Ordinance will be proposed within the next four months to revise the fees in any case.) There are many steps required of a property owner who wishes to move from an on-site septic tank to the regional sanitary sewer system. If not in the service area, the property must be annexed to a local sewering agency as well as to the Sanitation District. A lateral must be constructed from the building on the property to the local sewer and a local and OCSD "connection fee" must be paid. If a local sewer is not available, then that sewer must be constructed. The septic tank must be emptied and then properly abandoned by a licensed contractor. Of course the total cost for these services varies by property and proximity to a local sewer, but it is always substantial. District staff has Book Page 35 estimated the cost to abandon a septic tank and to build a 100-foot vitrified clay pipe connection to an existing local sewer to be between $12,000 and $15,000. PROJECT/CONTRACT COST SUMMARY Cost to the District is expected to be minimal in any single year, but we have no records indicating how many septic tanks are abandoned each year. The proposed program would insure that the CFCCs are collected within 10 years in accordance with statute. The benchmark CFCC, for a 3-bedroom single-family residence, is currently $1,820. If the 1,500 septic tank estimate is correct, then the total CFCCs deferred could amount to as much as $2,730,000 over some lengthy period of time. Some of these properties will never connect because no local sewer can be provided economically and many will take some time to connect while local sewers are being constructed. Limited staff time and services of General Counsel would be necessary to prepare the paper work and procedures needed once the policy is implemented. BUDGET IMPACT D This item has been budgeted. (Line item: ) D This item has been budgeted, but there are insufficient funds. X This item has not been budgeted. D Not applicable (information item) ADDITIONAL INFORMATION In March 2000, the Steering Committee directed staff to proceed with negotiations with the City of Brea to include installment payment agreements or liens for the connection fees related to homeowners converting from septic tanks to sewer connections. The County and LAFCO began working to@ether to have all of the County-islands annexed to the appropriate cities. As a part of this effort, the County would like any properties cu rrently on septic tanks to connect to available local sewers. The County has informally asked the District to waive these connection fees. General Counsel has consistently advised that the existing Ordinance does not permit the Directors to waive these fees. At their May 2002 meeting, the Steering Committee members expressed their support for continuing the current and past practices. They also exp,ressed interest in enacting some method to lessen the financial burden tor these property owners while retaining a fair-share principle. At the November 7, 2002 Special Steering Committee meeting, Vice Chair Anderson asked that the Committee consider the possibility and/or advisability of the Sanitation District helping property-owners convert from septic tanks to sewer systems. He reported that the City of La Habra provides funding tor a low-cost loan program and wondered if the District could implement a similar program. The goal of a District program would be to encourage sewer connections as a way to reduce the bacterial contamination in urban runoff that may be attributed to septic tanks. The City of La Habra program is discussed later in this report. G:\wp.dta\agenda\FAHR\FAHR2003\0903\03-76.Septic Tank Conversion Plan.doc Revised: 8/20/01 Book Page 36 Page2 In December 2002, the Steering Committee considered reinstating the 1989 three-payment plan discussed below, but rejected the plan as it was considered to be too restrictive as it did not provide sufficient time or other incentives to encourage property owners to abandon their septic tanks. The Committee expressed a desire to consider more options, to increase the incentive, to improve groundwater quality and to reduce urban runoff contamination by having septic tanks properly abandoned. In March 2003, staff returned to the Steering Committee with a proposal to waive the CFCC for any property that abandoned a septic tank and connected to the local sanitary sewer. The proposal required the Board to determine that the environmental and societal benefits of abandoning septic tanks offset the fees that the District would not receive. The Steering Committee rejected this proposal in large part because it was seen as unfair to property owners who had been required to pay the fees. In June and July 2003, Brea city staff asked the District's general manager to review the correspondence between the city and District that occurred in 1999 and 2000. They asked that the District consider adopting a policy that will provide a financial incentive for septic tank owners to connect to the sewer. While an outright waiver of connection fees is impossible from a Proposition 218 and 'fair share' perspective, placing a ten-year lien on the property would be in keeping with the principle of fair share while delaying the homeowner's having to pay all of the up front costs. Time Payment Plans There is precedence for a time-payment plan, but success has been quite limited. In 1989, the Board of District 7 authorized a 3-year, 3-payment, interest-free program for homes that were occupied prior to a "connection fee" increase from $250 to $1,500. Fewer than 25 property owners took advantage of this offer. The Board authorized a similar agreement in 1999 for the owner of a 15-unit apartment complex whose septic tank had failed. This was during the enactment of a lower per unit connection fee and ultimately the property owner was able to delay the connection until the lower fees were enacted and they were paid in a lump sum. Additionally, in 2000 the Steering Committee authorized a loan program for a small area that would be annexed to the City of Brea. This area contained 17 homes and a commercial nursery, all on septic tanks. While the City requested the fees to be waived, the Steering Committee suggested a loan program. The proposed loan was limited to $3,000 per property, was to be a "low interest loan," and was to be secured by a lien on the property. In fact, it is the pending connection of some of these properties that has added a sense of some urgency to this proposal as a few properties are now ready to connect. Unfortunately the property owners were told that OCSD would waive the fee while we had offered only to consider a loan if there would be any takers. The loan policy was never submitted to the Board as we did not hear back from the City. City of La Habra Program In November 2002, the City of La Habra introduced an Ordinance authorizing levying annual assessments for sanitary sewer system connections at the request of the property owner. The purpose of the program was to provide property owners an alternative means of financing the costs required to convert from a septic tank to the local sewer system. This program is a local G:\wp.dta\agenda\FAHR\FAHR2003\0903\03-76.Septic Tank Conversion Plan.doc Revised: 8/20/01 Book Page 37 Page 3 solution to a local problem that other local agencies could adopt. It provides incentives to the property owner but does not require any subsidies. The program allows payment of costs over a 10-year period and requires the property owner to authorize the City to collect the repayment as a separate line item on the property tax bill. The costs can include the property's share of the local sewer construction cost, the lateral construction cost, the septic tank abandonment cost, the OCSD capital facilities capacity charge and interest at the rate of 3% per year. The loans are expected to be around $15,000 per single-family homeowner. The process has several steps. It requires a separate petition from each property owner for each loan authorization from each property owner to place the assessment on the tax bill a report from the Director of Public Works, consideration by the City Council, a Resolution by the City Council and a lien against the property. Once the Resolution is adopted, City staff notifies the County Auditor/Controller to place the assessment on the tax bill. The amount of the assessment changes each year in order to allow for prepayments with no penalty. Staff keeps track of each loan and notifies the County of the appropriate assessment each year. When the total loan and interest have been collected, City staff must complete and record a notice that the assessment lien has been released. The City program includes a cap on the total amount of loans outstanding at any time. Once that cap of $500,000 has been reached, no additional loans can be authorized until there is room under the cap from repayments. Recommendation After considering the Directors' previous discussions and actions, the La Habra program and several other alternatives as shown below, staff has developed a compromise recommendation. Staff believes there is a nexus between septic tanks and groundwater pollution and contaminated urban runoff. The District has long been a regional watershed environmental steward and now has the legislative authority to provide solutions to urban runoff problems. Staff recommends a policy that allows certain property owners to defer the District Capital Facilities Capacity Charge up to 10 years or until the property is sold, whichever comes first. Only properties currently using on-site septic tanks would qualify. All properties cu rrently on a septic tank would qualify, whether they are currently within the District or need to annex. If a property needs to annex, the annexation fees could also be deferred. Loans would need to be secured by a lien on the property. The maximum loan amount would be the CFCC plus the annexation fee, if any. The current maximum CFCC is $2,530 for a five-bedroom SFR and the average annexation fee is $4,200 per acre. Staff recommends that these loans be interest-free as the District's incentive to connect to the sewer. The lost interest over a 10-year period for the typical 3-bedroom SFR would be about $600 using the La Habra agreement rate of 3%. Of course the Directors could require interest on these loans at any rate up to 10% which is the statutory limit. G:\wp.dta\agenda\FAHR\FAHR2003\0903\03-76.Septic Tank Conversion Plan.doc Revised: 8/20/01 Book Page 38 Page4 ALTERNATIVES 1) Make no changes to the current program. Do not provide any incentives to abandon existing septic tanks because that is not our responsibility and the cost of any incentive will be passed on to all users. 2) Provide clean water incentive grants. These grants could be a part of the District's cooperative projects program and made directly to Cities that encourage connections to the sewer system in place of existing septic tanks. This program may be more costly to administer, but would also increase the public incentive by requiring the City and County to participate in funding the program. Limited City and County funds may make this program difficult to implement. A cost-sharing formula, setting limits for the District's participation and perhaps setting minimum amounts of participation by co-funding agencies would have to be developed by District staff for consideration by District Directors. 3) Adopt a finding that the benefits to society and the environment from abandoning septic tanks offset the CFCC and thus no CFCC would be assessed. 4) Encourage the other member agencies to adopt the La Habra plan which provides a loan to property owners that would include local costs and construction costs in addition to the District CFCC. Currently member agencies retain 5% of the CFCC. This percentage could be increased if the CFCC were immediately paid to the District. An alterative could be to allow the member agency to pay the fee in installments as it was collected. The District would not charge the member agency any interest and the interest that they charge could be retained by them. CECA FINDINGS N/A ATTACHMENTS None GGS:g G:\wp.dta\agenda\FAHRIFAHR2003\0903\03-76.Septic Tank Conversion Plan.doc Revised: 8/20/01 Book Page 39 Page 5 FAHR COMMITTEE Meeting Date To Bel. of Dir. 9/10/03 AGENDA REPORT Item Number Item Number FAHR03-77 Orange County Sanitation District FROM: Gary Streed, Director of Finance SUBJECT: CONNECTION FEE CALCULATION METHODS AND POLICIES GENERAL MANAGER'S RECOMMENDATION This is an information only item to provide background information to the Committee in advance of a recommendation next month. SUMMARY Capital facilities capacity charges (CFCC), or connection fees for short, are one-time fees collected in order to cover the costs of providing sewerage facilities to serve the property. Today, connection fees are collected for the District by member cities and sanitary districts when building permits are issued. These fees were revisited as a part of the Rate Advisory Committee's (RAC) work for the Strategic Plan in 1999. As a part of the Sewer User Fee discussion in May, staff proposed increases in the CFCC for 2003-04. The staff proposal was based upon the methodology adopted subsequent to the RAC work and reflected the recently completed Validated Capital Improvement Program. The Directors deferred any action on increased CFCC rates pending additional information from staff and because they wanted to concentrate their efforts and focus on the annual Sewer User Fees. This report is the first of at least two, and will set the stage for a complete discussion of a CFCC rate change. This report will provide the background that is required to understand the existing CFCC program. The CFCC rate change discussion is expected to take place in October or November. PRIOR COMMITTEE/BOARD ACTIONS 12/15/99: Board adopted CFCC program based on RAC recommendation. 05/24/00: Board adopted policy to change CFCC rates only when Strategic Plan changes. 05/14/03: FAHR Committee deferred proposed increases for 2003-04. PROJECT/CONTRACT COST SUMMARY N/A BUDGET IMPACT [8l This item has been budgeted. D This item has been budgeted, but there are insufficient funds. D This item has not been budgeted. D Not applicable (information item) G:\wp.dta\agenda\FAHR\FAHR2003\0903\03-77.Connection Fees.doc Revised: 8/20/98 BookPage40 Page 1 ADDITIONAL INFORMATION 1. Base CFCCs are determined by type of development and are calculated per 1,000 square feet of building for non-residential development and per unit for residential development. 2. Three categories of Commercial connection fees have been developed: low demand, average demand and high demand. 3. Significant Industrial Users (Class I Permit Users) are charged demand-based connection fees as a part of their on-going annual use charges, rather than only as a one-time up front charge. These fees include an interest component. 4. Residential fees are tiered based upon number of bedrooms for single-family residential (SFR) and multi-family residential (MFR) development as bedrooms are the best available indicator of the potential number of residents. 5. Connection fees are collected by local sewering agencies at the time the building permit is issued, and they retain 5% of the fee. 6. Credit for demolished structures is granted as if fees for those structures had been paid under the current Ordinance. 7. Connection fees are charged for local agency facilities such as city halls, schools and libraries, and for state and federal facilities. See enclosed Staff Report for additional historical and current information. ALTERNATIVES See enclosed Staff Report. CEQA FINDINGS N/A ATTACHMENTS 1 . Staff Report GGS:lc G:\wp.dta\agenda\FAHR\FAHR2003\0903\03-77.Connection Fees.doc Revised: 8/20/98 Page 2 Book Page 41 September 10, 2003 STAFF REPORT Capital Facilities Capacity Charges (Connection Fees) Capital facilities capacity charges (CFCC), or connection fees for short, are one-time fees collected in order to cover the costs of providing sewerage facilities to serve the development on a property. Connection fees are collected for the District, for a fee, by member cities and sanitary districts when building permits are issued. The CFCC structure and rates were revisited in 1999 as a part of the Rate Advisory Committee's (RAC) work for the Strategic Plan. The RAC did not develop a specific connection fee calculation method, but did provide staff with guidelines in several areas: • The then-existing calculation method should be changed. • There should be different residential fees to reflect different impacts. • The economic and social benefits of commercial/industrial development should be considered. • Collection methods besides "one-time, up-front" should be considered. • Costs of facilities related to wet-weather flows should be shared on the basis of wet- weather flow contributions. • New users should pay for new capacity. Subsequent to the RAC process, staff and the Strategic Plan consultants worked to develop a capital facilities capacity charge program that satisfied the RAC concerns, was fair to existing and future users, reflected differing demands on the sewerage system and satisfied the District's need for future funds. A workshop was held for all Directors, the FAHR Committee considered several alternatives and presented a recommendation to the Board. The Directors reached consensus on the FAHR Committee proposal, a "Proposition 218 Notice" was mailed to all owners of undeveloped properties and the tee structure and rates were approved. Existing Program Summary The existing method of calculation was developed as a part of the 1989 Master Plan, also called the 2020 VISION Master Plan and modified slightly during the 1999 Strategic Plan process. Future users are charged their share of all facilities, both existing and future, that will be in place in 2020 as if all facilities and all users came into the system OCSD P.O. Box 8127 Fountain Valley, CA 92728-8127 (714) 962-2411 BookPage42 Connection Fee Program Page 2 of 6 September 10, 2003 on that date. This calculation method is sometimes called the "capital investment equalization method". For example, if the net value of all the facilities and other assets is projected to be $2,800,000,000, and the total number of users, or "equivalent dwelling units", is projected to be 1,000,000 in 2020, then the connection fee for an average user would be $2,800. One of the most significant assumptions in this method is the non- residential use factor per 1,000 square feet of building as a ratio to single-family residential use. The other important assumption is the capital improvement program during the planning period. Because the flows and the CIP are so critical to the calculation, the Board has decided that the CFCC will be adjusted only when the Strategic Plan is updated. This calculation method can also be described as "all users, past, present and future, pay the same." Cost Categories Some of the changes that were implemented subsequent to the RAC recommendation and Board discussion follow. Capital Cost categories were developed for existing net assets, additional dry weather capacity, additional wet weather capacity, improved treatment and rehabilitation/reconstruction. Different user types pay for different categories of costs. The following table explains the allocation of these cost categories to user groups. Cost Category • Existing Assets Less Debt • Dry Weather Capacity • Wet Weather Capacity • Improved Treatment • Rehab/Reconstruction Allocation of Costs • Current users have paid for support facilities, etc; all new users will also pay a share • All new users will pay • New residential and new non- residential users will pay based upon comparative length of sewers within each group • Current and new users will pay • Current and new users will pay By leaving the existing assets cost category out of this calculation, this allocation method can be changed to one best described as, ''all users from now on pay the same," and/or as, "future users will only pay for future capacity." Alternatives Evaluated Several other methods of implementing the RAC recommendations were evaluated by staff and reviewed by the FAHR Committee and other Directors. BookPage43 Connection Fee Program Page 3 of 6 September 10, 2003 User Fee Basis -With the intention of developing consistency between the flow and strength based user fee program and connection fees, connection fees were calculated based upon the flow, BOD and SS assumptions used to determine annual user fees. (BOD, biochemical oxygen demand, and SS, microscopic suspended solids, are common measurements of wastewater strength.) This method resulted in 30 separate CFCC rates per 1,000 square feet of development. Summary User Fee Basis -Non-residential connection fees were first computed per 1,000 sq. ft. of development as above. Those uses with reasonably close fees were then combined and consolidated. The number of different non-residential rates was reduced from 30 to 15, still a significant number to administer. Average Use Basis -There are generally only two sizes of commercial laterals. They are determined principally by ease of cleaning, and they are established by building codes. These facts support a minimum number of rates because the potential maximum use from most developments would be approximately the same. Potential maximum use is the basis for our current connection fee structure and results in the same rate as average use. Master Plan Land Use Basis -The master plan or strategic plan process predicts future flows and future capacity requirements based upon land use. Cities and counties adopt land use plans for future developments within their spheres of influence. Each of these land uses is assigned a flow coefficient per acre. This method does not provide for additional "capacity purchases" as flows increase or as property uses change. Highlights of Existing Program The base CFCC is calculated on the "capital investment equalization method." Total capital costs of 2020 are allocated to all projected users at 2020 to calculate the base fee. Differences in non-residential use per 1,000 square feet are accommodated in two ways: Rates will be adopted for very low uses such as warehouses and parking structures; and rates will be adopted for very high uses, such as restaurants and car washes. Significant Industrial/Commercial Users, those requiring Class I, or Class 11, permits from our Source Control Division, may also pay an ongoing capital charge on their quarterly user fee invoices if their individual actual discharge exceeds the average allowed in the base connection fee. This program is easy for the local agencies to administer, recognizes that not all users place the same demand on the system, recognizes that the exact use of a property is often unknown when building permits are issued, acknowledges that most users have similar demands, and reduces the significant up-front charges faced by a large user. BookPage44 Connection Fee Program Page 4 of 6 September 10, 2003 Reduced Up-Front Payments Connection fees based upon potential flow and strength can be significant for certain users. The up-front, one-time fee for a food processing plant that relocated to Orange County before the revisions could have been $1.4 million based upon a projected ultimate flow of 150,000 gallons a day and a combined 1,700 pounds of BOD and SS. The adopted Supplemental Capital Facilities Capacity Charge (SCFCC) allows these Significant Industrial/Commercial Users (SI Us) or Class I or Class II Permitees, to pay a base connection fee per 1,000 square feet of building. This base fee will allow them to discharge an average quantity and strength of wastewater. For use above this average, a fee per gallon or per pound would be added to their quarterly invoice for use, which will continue to be based upon actual flow and strength. In this way, accurate impacts and uses are established as the basis for the capital facilities capacity charge, cash flow matches production for the business, up-front costs are minimized, fees stop if the business moves or quits and increased use in the future generates additional "connection fee" revenues. In order to compensate the District for the lost up-front funds and to provide for the "time value of money," an interest component is included in the rates per gallon and pound. Tiered Residential Fees The RAC recommended that residential connection fees be tiered to reflect differing demands on the sewerage system. One of the best ways to predict sewer use is by the number of bedrooms. The number of bedrooms correlates more closely to the number of potential occupants and the resultant sewer use, than square feet, lot size or other data points that are available. Additionally, adding a bedroom requires a building permit and would trigger additional connection fees. Consultants and staff analyzed census data and Assessor's Office data to determine the mix of bedrooms in the single-family residential (SFR) and multi-family residential (MFR) service area to determine the standard bedroom size for each, as well as the number of existing and projected units. The result of this analysis is shown below assuming that the MFR average daily flow is 70% of the SFR flow, the same assumption used in determining user fees. No. of Bedrooms 0 1 2 3 4 5 SFR Ratio .615 .808 1.000 1.192 1.385 BookPage45 MFR Ratio .327 .508 .700 .890 1.084 Connection Fee Program Page 5 of 6 September 10, 2003 No Reduced Fee for Low Income or Senior Citizen Developments From time to time, the Directors have been asked to consider reducing or waiving the connection fee for various projects deemed socially desirable. Most often these are projects for senior citizens or to provide low-cost housing. It has not been uncommon for various other agencies to waive their fees for these projects. Nonetheless, the Directors have not granted these requests in the past. In the tiered residential connection fee described above, the connection fee for a one- bedroom unit is already reduced to one-half of the standard three-bedroom single-family rate, while a studio apartment would be about one-third of the basic SFR rate. The tiered residential connection fee should serve to satisfy the demand for reduced fees for these special types of developments. Governmental Uses Local governmental agency buildings include county facilities, public schools, city halls, fire stations, police stations, etc. Local governmental, State and federal buildings are currently charged for connection fees in all Revenue Areas. All users new users are required to pay a capital facilities capacity charge that reflects their demand upon the sewerage facilities. When a local agency is charged a connection fee, the funds are ultimately provided by the local taxpayers. Thus, the people who benefit from the service pay the fees. When a regional facility is charged a connection fee, it must also raise the funds from its own service area. Charging governmental agencies avoids an indirect subsidy from the rest of the Sanitation District that could be the basis for finding the entire CFCC program to be invalid as not meeting the requirements of Proposition No. 218. Current Capital Facilities Capacity Charges The current CFCCs were adopted by Ordinance in June of 1999. Pursuant to Board policy new rates were proposed to the FAHR Committee in May, 2003, subsequent to the Interim Strategic Plan Update and the Validated Capital Improvement Program. The proposed CFCC rate changes were deferred by the Committee pending additional information, and the 1999 rates are still in effect as shown below. BookPage46 Connection Fee Program Page 6 of 6 September 10, 2003 CAPITAL FACILITIES CAPACITY CHARGES Use Category Rate Basis Commercial -Industrial Per 1,000 square feet Low Demand Per 1 ,000 square feet Average Demand Per 1,000 square feet High Demand Per 1,000 square feet Single Family Residential Per Unit 5+ Bedrooms Per Unit 4 Bedrooms Per Unit 3 Bedrooms Per Unit 2 Bedrooms Per Unit 1 Bedroom Per Unit Multi-Family Residential Per Unit 4+ Bedrooms Per Unit 3 Bedrooms Per Unit 2 Bedrooms Per Unit 1 Bedroom Per Unit Studio Per Unit Base Charge $ 110.00 $ 675.00 $1,600.00 $2,530.00 $2,165.00 $1,820.00 $1,475.00 $1,130.00 $1,965.00 $1,620.00 $1,275.00 $ 910.00 $ 580.00 The Supplemental Capital Facilities Capacity Charge (SCFCC) is applied to Significant Industrial Users on the basis of the average daily quantity of discharge in excess of the User's baseline. The SCFCC charge is based upon each discharge component and includes a nominal interest charge because the facilities must be paid for by the District in advance. GGS:lc Component Measurement Flow BOD ss Gallons Per Day Pounds Per Day Pounds Per Day Daily Charge $0.00057 $0.14461 $0.16025 G:\wp.dta\fin\210\CRANE\FAHR\FAHR2003\SEPT\AR staff report ConnFee 9-03.doc Book Page 47 ORANGE COUNTY SANITATION DISTRICT (714)962-2411 Mailing Address: P.O. Box 8127 Fountain Valley, California 92728-8127 Street Address: 10844 Ellis Avenue Fountain Valley, California 92708-7018 OCSD 2/13/03 Important Parameters Affecting Capital Facilities Capacity Charges A Planning Parameters 1989 1999 2003 Master Plan Strat Plan Validated CIP Planning horizon 30 yrs 21 yrs 19 yrs 2 CIP budget $1.48 billion $1.51 billion $2.38 billion 3 Projected Flow 399 MGD 352 MGD 321 MGD 4 Flow per household (EDU) 399 gpd 260 gpd 260 gpd 5 Number of flow based EDUs 1,000,000 1,354,000 1,235,000 6 Flow per 1,000 sq ft for average commercial user 80 gpd 150 gpd 150gpd 7 Commercial 1,000 ft : SFR ratio 20% 58% 58% B Growth Projections 2020-2000 2000 2005 2020 %ChanQe Population, w/o OCSD 14 2,191,610 2,283,298 2,466,220 12.5% 2 Housing, w/o OCSD 14 723,299 732,729 768,848 6.3% 3 Employment, w/o OCSD 14 1,112,369 1,221,786 1,426,757 28.3% 4 Flow from OCSD 14 (IRWD) 6 12 32 433.3% 5 Flow from SAWPA 7 15 30 328.6% 6 Flow w/o 14 & SAWPA 225 237 259 15.1% 7 Flow from all sources, MGD 238 264 321 34.9% C Daily Flow Contributions 2002 Actual Constant 2020 Projections Percent Number of Daily Flow Number of Of Average Units or (Gallons) Average Units or Increased Property Use MGD 1,000 sq ft Per Unit MGD 1,000 sq ft Flow 1 Residential 109 420,000 260 126 483,300 19.8% 2 Multi-Family Residential 33 184,000 182 38 209,000 5.8% 3 Commercial 74 490,000 150 85 568,700 12.8% 4 IRWD (OCSD14) 6 32 30.2% 5 SAWPA 7 30 26.7% 6 Wet Weather, Infiltration, Inflow 6 10 4.7% 7 Average MGD total 235 321 100.0% D Preliminary Capital Facilities Capacity Charge Options 1999 2003 RRR Paid New Combination Option Strat Plan ValCIP By User Fee Users Who Pays CFCC Existing Net Assets $ 763,000,000 1,074,000,000 1,074,000,000 All $ 870 2 Additional Capacity 805,000,000 622,000,000 622,000,000 622,000,000 New 2,000 3 Improved Treatment 48,000,000 642,000,000 642,000,000 All 520 4 Replacement, Rehab, Refurb 665,000,000 1,011,000,000 User Fee 5 Support 14,000,000 96,000,000 96,000,000 All 78 6 Total $ 2,295,000,000 3,445,000,000 2,434,000,000 622,000,000 7 EDUs in 2020 @ 260 gpd 1,354,000 1,235,000 1,235,000 311,000 8 Investment per EDU $ 1,695 $ 2,789 $ 1,971 $ 2,000 $ 3,467 9/10/2003 G:\excel.dta\fin\210\streed\old d copy\STRATPLN\conn fee alt slide 5-28-03.xls FAH R COMM ITTEE AGE N_DA RE PORT Orange County Sanitation District FROM: Gary Streed, Director of Finance Originator: Michael White, Controller Meeting Date 09/10/03 Item Number SUBJECT: TREASURER'S REPORT FOR THE MONTH OF AUGUST 2003 GENERAL MANAGER'S RECOMMENDATION Receive and file Treasurer's Report for the month of August 2003. SUMMARY To Bd. of Dir. 09/24/03 Item Number Pacific Investment Management Co. (PIMCO), serves as the District's professional external money manager, and Mellon Trust serves as the District's third-party custodian bank for the investment program. Some funds are also deposited in the State of California Local Agency Investment Fund for liquidity. The District's Investment Policy, adopted by the Board, includes reporting requirements as listed down the left most column of the attached PIMCO Monthly Report for the "Liquid Operating Monies" and for the "Long-Term Operating Monies" portfolios. The District's external money manager is operating in compliance with the requirements of the Investment Policy. The portfolio contains no reverse repurchase agreements. As shown on page 2 of the attached PIMCO's Performance Monitoring and Reporting Report for the Long-Term Operating Monies, there is a investment policy compliance exception pertaining to the holding of two securities within PIMCO's Long-Term Operating Monies Portfolio that had an acceptable rating at the time of purchase but has since fallen below the minimum rating allowed by the investment policy. The District's investment policy requires a minimum rating of A3 by Moody's or A-by S&P, with at least a BBB rating in the event of a split rating, at the time of purchase. The first of these rating exceptions pertains to the holding of a United Airlines (UAL) Asset Backed Security with a par value of $1.6 million, representing 0.4 percent of the portfolio holdings, whose rating from Moody's has fallen several times, from A3 to BA 1, then to BA3, B3, B, and finally to CA. Likewise, the rating from Standard & Poor's has also fallen several times, first from A-to BBB, then to BB, then to B+, B-, and finally to CCC+. Although these ratings are less than what is required at the time of purchase, PIMCO believes, based on the financial strength of UAL and the underlying collateral of the security, that the District would suffer an unwarranted loss if the security was sold at this time. The second ratings exception pertains to the holding of a $5 million par of the Philip Morris-Altria corporate bond with an April 2004 maturity, representing 1.3 percent of the portfolio holdings, whose rating with Moody's has fallen from A2 to Baa1 and then to G:lwp.dtalfin\220\white\F AHR\Monthly Treasurer Report\2002--03\TREASRPT091003.doc Page 1 Baa 1, and with S&P from A-to BBB. PIMCO believes based on the underlying assets of the parent company, that the District would again suffer an unwarranted loss if the security was sold at this time. The District's investment policy does not require any action because of "credit watch" notices or the decline in credit standing. However, PIMCO will continue to monitor the credit for these two securities very closely. Historical cost and current market values are shown as estimated by both PIMCO and Mellon Trust. The District's portfolios are priced to market ("mark-to-market") as of the last day of each reporting period. The slight differences in value are related to minor variations in pricing assumptions by the valuation sources at the estimate date. BUDGET IMPACT • ~ This item has been budgeted. (Line item : Not applicable (information item) ADDITIONAL INFORMATION Schedules are attached summarizing the detail for both the short-term and long-term investment portfolios for the reporting period. In addition, a consolidated report of posted investment portfolio transactions for the month is attached. The attached yield analysis report is presented as a monitoring and reporting enhancement. In this report, yield calculations based on book values and market values are shown for individual holdings, as well as for each portfolio. Mellon Trust, the District's custodian bank, is the source for these reports. Transactions that were pending settlement at month end may not be reflected. Also provided is a summary of monthly investment balances and transactions within the State of California Local Agency Investment Fund (LAIF). On August 26, 2003, the District issued $280 million of certificates of participation, Series 2003. Proceeds from this issuance relating to reimbursement of prior capital improvement costs totaling $107,500,000 were invested as follows: PIMCO-Short Term Portfolio PIMCO -Long Term Portfolio State LAIF $13,500,000 54,100,000 39,900,000 In addition, the $142.5 million proceeds from this debt issuance available for future capital improvements is being managed and invested by PIMCO within the newly established account "2003 COP Proceeds -Future Construction" with Union Bank of California serving as the Trustee. When combined with the reserves of the existing outstanding debt issues, total debt service reserves with trustees totals $204,834,336. These reports accurately reflect all District investments and are in compliance with California Government Code Section 53646 and the District's Investment Policy. Sufficient liquidity and anticipated revenues are available to meet budgeted expenditures for the next six months. G:lwp.dtalfin\220\while\FAHR\Monthly Treasurer Report\2002-03\ TREASRPT091003.doc Page2 The table on the following page details the book balances of the District's investment accounts at month-end. A graphical representation of month-end balances is shown on the attached bar chart. Book Balances Estimated Investment Accounts August 31, 2003 Yield(%) State of Calif. LAIF $ 33,946,098 1.65 Union Bank Checking Account 4,156,286 0.88 PIMCO -Short-term Portfolio 37,545,525 1.40 PIMCO -Long-term Portfolio 376,942,736 2.96 Petty Cash 5 000 N/A TOTAL $452595 646 2.76 Debt Service Reserves w/Trustees $2Q4 834 336 2.66 (1) This is the annualized yield for the month of March. The April annualized rate was not available as of the date of this report. ATTACHMENTS 1. Graph of Monthly Investment Balances by Type -Last Six Months 2. Investment Transactions and Balances in the State Local Agency Investment Fund 3. PIMCO Monthly Investment Recap & Yield Analysis Report 4. PIMCO Performance Monitoring Report -Liquid Operating Monies 5. PIMCO Performance Monitoring Report-Long-Term Operating Monies 6. Mellon Trust Asset Summary by Asset Type with Sectors -Liquid Operating Monies 7. Mellon Trust Asset Summary by Asset Type with Sectors -L-T Operating Monies 8. Mellon Trust Yield Analysis Report 9. Mellon Trust Asset Detail -Consolidated 10. Mellon Trust Transaction Detail -Consolidated MW:lc G:lwp.dtalfin\220\white\F AHR\Monthly Treasurer Report\2002--03\TREASRPT091003.doc Page 3 Prepared by Finance, 9/10/2003, 2:02 PM Monthly 1.nvestment Balances by Type- Last Six Months $500,000,000 --,···············-·············--···-································· .. ········--·························""'····"··· ........................................................................................ -.......................................................... . $450,000,000 -t---------------------------- $400,000,000 ....____, $350,000,000 I - $300,000,000 _,__. --··---- $250,000,000 $200,000,000 $1so,ooo,ooo t--1m~---m $100 ,000 ,000 ...j...___J.X) $50,000,000 $0 7 March 2003 April 2003 May 2004 June 2003 ~ PIMCO -Long-term ~ PIMCO -Short-term Im COP Debt Reserves mLAIF •BankAccts rm Petty Cash G:\excel.dta\fin\220\white\Treasury Management\Monthly Investment Balances Graph.xis July 2003 August 2003 Balance Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund August 31, 2003 Par Value Book Value Market Value August 1, 2003 $46,098 $46,098 $46,098 Deposits: 8/25/2003 39,900,000 39,900,000 39,900,000 Withdrawals: 8/27/2003 (6,000,000) (6,000,000) (6,000,000) Balance August 31, 2003 $33,946,098 $33,946,098 $33,946,098 Rate Yield 1.632 1.632 1.632 1.632 1.632 1.632 1.632 1.632 September 5, 2003 Mr. Mike White, CPA Controller Orange County Sanitation District 10844 Ellis A venue Fountain Valley, CA 92708-7018 Dear Mike: PIM C 0 '840 Newport Center Drive Suite 300 Newport Beach, CA 92660 Tel: 949.720.6000 Fax: 949.720.1376 The following is a description of events in the bond markets during the month of August in addition to an analysis of the strategies undertaken in the Orange County Sanitation District's Long-Term and Liquid portfolios over the period. Also included is a section on our outlook and preferred strategies to be pursued in your portfolios during the coming months. Bond Market Recap: The bond market stabilized during August after a rocky mid-summer, as most fixed-income sectors posted positive returns. U.S. Treasuries returned 0.59%, while the S&P 500 returned 1.95% for the month. Yields rose across short and intermediate maturities, while yields on longer maturities declined. Mortgage backed securities had a strong month, returning 0.71 % and outperforming Treasuries by 43 basis points after adjusting for duration. Within the sector, Fannie Mae debt returned 0. 77%, which outperformed Freddie Mac and Ginnie Mae bonds, which returned 0.66% and 0.65%, respectively in a period where mortgage refinancings fell to the lowest level since June 2002. Corporate bonds also performed well as the Lehman Credit Index returned 0.78%, for a duration-adjusted excess return of 25 basis points. Lower quality investment grade names outperformed as BBB-rated bonds led Treasuries by 32 basis points on a duration-adjusted basis. High Yield bonds performed well, as evidenced by the Lehman High Yield Index which posted an absolute return of 1.15%, outperforming Treasuries by 82 basis points on a duration- adjusted basis. The U.S. economy grew at a higher-than-expected 3.1% annual rate in the second quarter, driven by a combination of consumer demand and corporate spending on new equipment. U.S. consumer spending rose in July at the fastest pace in four months, boosted by income-tax cuts that helped increase disposable incomes by 1.5%. Corporate profits jumped 17% year-over-year, and capital expenditures were up 8% during the second quarter. In spite of the positive data, capacity utilization remained low at 74.5%, up slightly from June's 74.2%. The booming housing sector continued on its sharply upward path as housing starts surged to the highest level in 17 years, and prices had their biggest 12-month gain in 22 years, rising 12% year-over-year. Inflation remained muted as consumer prices rose 2.1 % year-over-year, while core prices were up 1.5%, matching the smallest annual gains since the mid-sixties. Mr. Mike White, CPA Orange County Sanitation District September 5, 2003 Page2 Treasury yield changes during the month of August are summarized as follows: • 3-month bills: +3 basis point to 0.97% • 6-month bills: +3 basis points to 1.04% • 2-year notes: +22 basis points to 1.97% • 5-yearnotes: +24 basis points to 3.46% • 10-year notes: +6 basis points to 4.46% • 30-year notes: -13 basis points to 5.22% Performance Attribution: Long-Term Portfolio The Long-Term portfolio that PIMCO manages on behalf of Orange County Sanitation District generated a total return of 0.38 percent for the month of August, outperforming the Merrill Lynch 1-5 year Government Corporate Index by 32 basis points. The following points summarize returns for the period ended August 30: • The Long-Term portfolio outperformed the benchmark by 32 basis points for the month but lagged by 21 basis points for the year-to-date period. • Portfolio duration, slightly longer than the index, was negative for performance as most interest rates rose during the month. • Yield curve positioning, with out of index exposure to longer maturities, was positive for performance as longer rates declined while short and intermediate rates rose. • An underweight exposure to Treasuries was positive, as the sector lagged all major bond market sectors. • Holdings of mortgage-backed securities added to returns as the sector rallied strongly following the sell-off in July. • Corporate issues were positive for performance as the sector continued to perform strongly relative to other bond market sectors; however, an underweight exposure relative to the benchmark was negative. Liquid Portfolio The Liquid portfolio that PIMCO manages on behalf of Orange County Sanitation District generated a total return of 0.07 percent during the month of August, performing in line with the 3- month Treasury Bill Index. The following points summarize returns for the period ending August 30: • The Liquid portfolio underperformed the benchmark by 1 basis point for the month and outperformed the benchmark by 6 basis points for the year-to-date period. • Use of higher yielding securities such as commercial paper and short-term notes contributed to performance. Mr. Mike White, CPA Orange County Sanitation District "2003 COP Proceeds -Future Construction" Portfolio September 5, 2003 Page3 The 2003 COP Proceeds portfolio funded on August 26th• For the partial month of August, the portfolio generated a total return of -0.02 percent, slightly lagging the 3-month Treasury Bill Index return of 0.02 percent during that initial period. Outlook a11d Strategv: Global excess supply is likely to persist and crimp growth. The U.S. economy is likely to expand by 2%-3%, while Europe and Japan will be hard pressed to grow at all. Key elements of our cyclical forecast are the following: • Demand in the U.S. should hold up better than in other major economies. The weakest part of the U.S. economy -the corporate sector -has pared capital investment, inventories and employees after the excesses of the late 1990s to restore credibility with lenders. This corporate thrift has pressured employment and wages, but it has not dragged down consumption. • Adverse effects on U.S. household income and spending have been and should continue to be mitigated by consumers' ability to monetize housing wealth at mortgage rates near 40-year lows. • The outlook is bleaker in Europe and Japan. In these economies, painful consequences of corporate thrift will not be mitigated by effective reflationary policy such as that provided by the Federal Reserve. Europe is on the brink of recession, as disillusioned investors and skeptical credit rating agencies force balance sheet rehabilitation on companies that lag far behind their American counterparts in cost cutting. Japan will not recover so long as its companies and consumers curtail spending. Japanese companies continue to cut employees where they can and use cash flow to pay down debt. • Rising commodity prices and a weaker dollar will push inflation modestly higher. Higher prices will be good for conunodity exporters in the emerging markets, but will impose a negative terms of trade shock on developed econormes. We plan to position duration near the benchmark given expectations for stable interest rates in the near term; duration movements due to short term yield fluctuations may provide tactical opportunities to add value. With the yield curve relatively steep, we will retain broader-than- index curve position. Within the mortgage sector we will emphasize coupon selection strategies near term while capturing longer-term structural advantages of the sector. With respect to corporates, we will continue to maintain a conservative allocation to the sector. We look forward to discussing these and other topics with you in the near future. Best regards, Christine Telish, CF A Vice President John M. Miller, CF A Senior Vice President Orange County Sanitation District for the month ending August 31, 2003 Total Return Account -203 Long Term Operating Monies Market Value Book Value Yield to Maturity With Accrued Interest 379,767,577 376,155,966 3.03 Short Term Account -603 Liquid Operating Monies Market Value Book Value Yield to Maturity With Accrued lnterest 37,904,766 38,469,779 1.34 Short Term Account -2203 2003 COP Proceeds -Future Construction With Accrued Interest Market Value .Book Value Yield to Maturity 142,496, 777 142,549,043 1.37 Without Accrued futerest 376,888,252 373,276,641 3.05 Without Accrued lnterest 37,541,465 38,106,478 1.35 Without Accrued Interest 142,445,191 142,497,457 1.37 Balance Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund August 31, 2003 Par Value Book Value Market Value August 1, 2003 $46,098 $46,098 $46,098 Deposits: 8/25/2003 39,900,000 39,900,000 39,900,000 Withdrawals: 8/27/2003 (6,000,000) (6,000,000) (6,000,000) Balance August 31, 2003 $33,946,098 $33,946,098 $33,946,098 Rate Yield 1.632 1.632 1.632 1.632 1.632 1.632 1.632 1.632 MONTHLY REPORT ORANGE COUNTY SANITATION DISTRICT INVESTMENT MANAGEMENT PROGRAM PIMCO'S PERFORMANCE MONITORING & REPORTING (for the month ended 31 August 2003) Liquid Operating Monies (603) 15.1.1 PORTFOLIO COST AND MARKET VALUE Current Market Value Estimate: • PIMCO • Mellon Historical Cost: • PIMCO • Mellon 15.1.2 MODIFIED DURATION Of Portfolio: Oflndex: 15.1.3 1 % INTEREST RATE CHANGE Dollar Impact (gain/loss) of 1 % Change: 15.1.4 REVERSE REPOS % of Portfolio in Reverse Repos: (see attached schedule) 15.1.5 PORTFOLIO MATURITY % of Portfolio Maturing within 90 days: 15.1.6 PORTFOLIO QUALITY Average Portfolio Credit Quality: 15.1.7 SECURITIES BELOW "A" RATING % of Portfolio Below "A": 15.1.8 INVESTMENT POLICY COMPLIANCE "In Compliance" 15.1.9 PORTFOLIO PERFORMANCE Total Rate of Return(%) by Period: 1 Month: 3 Months: 12 Months: Fiscal Year-to-Date: Commentary • The Liquid portfolio underperformed the benchmark by· I basis point for the month and for the fiscal year-to-ilate. • PIMCO's emphasis on higher yielding securities such as commercial paper an.d short-term notes contributed to performance. G:lwp.dta\Onll20\whlte\Treasury Mcmt\LIQ0B00-03-08.RPT.doc Page I of I $37,904,766 $37,909,542 $38,469,779 $38,470,256 0.26 0.20 $98,552 0% 67% ''AAA'' 0% Yes Portfolio Index 0.07 0.08 0.27 0.26 1.52 1.29 0.16 0.17 MONTHLY REPORT ORANGE COUNTY SANITATION DISTRICT INVESTMENT MANAGEMENT PROGRAM PIMCO'S PERFORMANCE MONITORING & REPORTING . (for the month ended 31 August 2003) Long-Term Operating Monies (203) 15.1.1 PORTFOLIO COST AND MARKET VALUE Current Market Value Estimate: • PIMCO • Mellon Historical Cost: • PIMCO • Mellon 15.1.2 MODIFIED DURATION Of Portfolio: Of Index: 15.1.3 1%INTERESTRATECHANGE Dollar Impact (gain/loss) of 1 % Change: 15.1.4 REVERSE REPOS % of Portfolio in Reverse Repos: ( see attached schedule) 15.1.5 PORTFOLIO MATURITY % of Portfolio Maturing within 90 days: 15.1.6 PORTFOLIO QUALITY A veraee Portfolio Credit Oualitv: 15.1.7 SECURITIES BELOW "A" RATING % of Portfolio Below "A": 15.1.8 INVESTMENT POLICY COMPLIANCE "In Comnliance" 15.1.9 PORTFOLIO PERFORMANCE Total Rate of Return(%) by Period: 1 Month: 3 Months: 12 Months: Fiscal Year-to-Date: • The Long-Term portfolio outperformed the benchmark by 32 basis points for t:he month, but lagged by 5 basis points fiscal year-to-date. • Portfolio duration, slightly longer than the index, was negative for performance as mo,st interest rates rose during the month. • Yield curve positioning, with out of index exposure to longer maturities, was positive for performance as longer rates declined while short and intermediate rates rose. • An underweight exposure to Treasuries was positive, as the sector lagged all major bond market sectors. • Holdings of Mortgage-backed securities added to returns as the sector rallied strongly following the sell-off in July. Page I of 4 $379,767,577 $379,826,260 $376,155,966 $376,668,625 2.48 2.43 $9,418,236 0% 23% AAA 1% No* Portfolio Index 0.38 0.06 -1.20 -1.09 3.77 4.23 -1.27 -1.22 • Corporate issues were positive for performance as the sector continued to perf.Jnn sn-ongly relative to other bond market sectors; however, an underweight exposure relative to the benchmark was negative. *Compliance Issues: MONTHLY REPORT ORANGE COUNTY SANITATION DISTRICT INVESTMENT MANAGEMENT PROGRAM PIMCO'S PERFORMANCE MONITORING & REPORTING (for the month ended 31 August 2003) Page 2 of4 $1,600,000 par of United Airlines (UAL) Pass-Through 2001-L-C (Enhanced Equipment Trust Certificate (EETC) -909317BC2}. 6.831 % coupon, 9/1/2008 maruri,ty, representing 0.4% of the portfolio holdings on a par basis was purchased on 8/1 0/200 I; and subsequently downgraded by Moody's from A3 to BAl (on 9/18/2001) and S&P ;from A-to BBB (on 9/20/200.1). The security was further downgraded by Moody's from BAI to BA3 (on 12/21/2001) and by S&P from BBB to BB (on 6/28/02). Following news of the possible bankruptcy fiJlng, the security was furtlier downgraded in August (B3 Moody's. B+ by S&P). On November 29, 2002, S&P furth er downgraded this issue to B, and shortly thereafter on December 9, 2002, downgraded the issue one notch further to B-. On August 7, 20.03, S&P downgraded the issue to CCC+, while Moody•s followed suit on August 28, 2003 with a downgrade to CA. The District's investment policy requires a minimum rating of AJ by Moody 's or A-by S&P, with. at least a BBB rating in the event of a split, On December 4, 2002, the Federal Air Transportation Stabilization .Board (ATSB) rejected UAL $1.5 billfon loan guarantee application, citing fundamental_.flaws with its proposed business plan. In response to the ATSB rejection, the airline submitted its much-anticipated filing for Chapter 11 bankruptcy protection on Decemb_er 9°•. UAL 's filing is the largest bankruptcy ever in the global airline industry, resulting from high costs and low airfares that have plagued the industry since "9/11 ". As part of its capacity reduction plans, UAL will reject, or abandon, aircraft that it does not intend to use in the future. These reductions will be focused on certain older aircraft models, potentially including B727-200a, B767-200s, B747-400s, and B737-300s. In addition to rejecting aircraft that it does not intend to utilize in the future, UAL may also reject aircraft that it would like to utilize. UAL would be incentiviz,ed to reject such aircraft ifit believes that it will be able to successfully renegotiate the terms ofloans and leases on these aircraft. UAL said it is weighing whether to emerge from bankruptcy months ahead of schedule, but analysts said the company still has obstacles to overcome before it can operate outside of court protection. The world's second largest airline was on track to meet financial targets on bankruptcy loans for April and May, and was considering exiting Chapter 11 as early as the fourth quarter of this year or first quarter of 2004. In addition to the labor savings being negotiated, UAL is also commented that it has been making better progress than expected in its cost-cutting efforts and anticipates being "significantly ahead" of the $4 billion in annual savings foreseen by 2005. In the meantime, the carrier must meet certain monthly financial targets set up by the lenders of its $1.5 billion bankruptcy financing package. UAL received $300 million in aid as part of a federal government package designed to help airlines weather the travel slump during the war with Iraq. The August 28 Moody's downgrade was prompted by uncertainties surrounding the availability of sufficient cash flow in each transaction to allow the original terms of the debt to be met and the increased potential for principal loss to debt holders. As a result of the prolonged negotiations regarding the disposition of the aircraft combined with continued declines in the value of the underlying aircraft collateral. Moody's commented that although it anticipates that agreements will be reached with most if not all debt holders during the course of the bankruptcy proceedings, the uncertainty surrounding the fmal disposition of the aircraft and the related cash flow will continue until UAL emerges from bankruptcy. The current uncertainties surrounding default and recovery have elevated risk to debt holders and the EETCs have been adjusted to reflect this ongoing risk. PIMCO continues to negotiate with UAL on the District's holdings and currently lead an ad hoc committee. This has been an extremely complicated effort due to the complex nature ofUAL's bankruptcy. These negotiations have required PIMCO's analysts access to non-public infonnation and they are now at a point in these workout negotiations where restructuring options are being discussed. Details on the options are non-public information and therefore sharing them results in parties becoming restricted. In light of this extremely complicated bankruptcy, PIMCO will continue to strive to act in the most prudent manner to obtain maximum recovery. MONTHLY REPORT ORANGE COUNTY SANITATION DISTRICT INVESTMENT MANAGEMENT PROGRAM PIMCO'S PERFORIVIANCE MONITORING & REPORTING (for the month ended 31 August 2003) " Page3 of4 5,000,000 par of Philip Morris-Altria NT (cusip 718154CH8). 4/1/2004 maturity, representing 1.3% of the portfolio holdings on a par basis was purchased on 8/6/2001 at a price of 105.26. This security was subsequently downgraded by Moody's fromA2 to Baal (on 4/01/2003) and S&P from A-to BBB (on 4/10/2003), and is currently priced near 104. The District's investment policy requires a minimum rating of A3 by Moody's or A-by S&P, with at least a BBB rating in the event of a split. The Philip Morris USA downgrade activity was a result of a negative court judgment and its associated bonding requirement. In the Miles case, named after the initial plaintiff in the class-action lawsuit, an Illinois court fined Philip Morris $10.3 billion for allegedly deceiving smokers into thinking that "light" cigarettes were safer than regular cigarettes. The company, now a subsidiary of Altria, has said that the lawsuit was flawed and that it planned to appeal the ruling and the class certification order that preceded it. Prior to the judgment, PIMCO's analysis of Altria (the holding company and issuer of the debt) shows investment grade credit metrics even excluding in its entirety Philip Morris USA (the domestic tobacco subsidiary and the entity subject to all of the legal suits). The analysis was based on the assumption that the horizon of any final verdict would be years in the future, while the company would generated significant cash flow in the interim. Philip Morris USA sought review of the $10.1 billion verdict in the dass action lawsuit by Illinois appellate courts in light of Madison County Circuit Judge Nicholas Byron's decision to affirm his earlier verdict in the case. Philip Morris genenl counsel stated, "Philip Morris USA believes that when an appellate court reviews the record in this case and applies Illinois law, it will conclude this verdict must be overturned. The company will promptly appeal the $10.1 billion ruling, paving the way for the cigarette maker to appeal the "lights" class-action judgment. It is believed that the appeal will go directly to the Illinois Supreme Court. If the burden of the bonding falls entirely on Philip Morris USA, Altria's credit statistics would remain fairly good despite the bad headlines and the prospect of bankruptcy at the subsidiary. On May 21, a Florida appeals court overturned a landmark $145 billion judgment against major U.S. tobacco companies, which had been the largest trial damage award in U.S. history, and ordered the massive class of sick smokers decertified. The ruling knocks down a July 2000 jury verdict, which held the five biggest U.S. cigarette companies liable for the illnesses of about 500,000 Florida smokers and ordered them to pay $145 billion for misleading Americans about the risks of smoking. Phillip Morris bonds rallied strongly on this news, staging a powerful rebound in May. On July 18, Philip Morris asked the Illinois Supreme Court to prevent the Price class action plaintiffs from attempting to enforce a $10.1 billion judgment until it decides whether the reduced bond established by the trial court was proper. This request followed the Illinois Fifth District Court of Appeals ruling that Madison County Judge Nicholas Byron exceeded his authority by setting a bond lower than the amount of judgment, plus interest and costs. The court returned the case to the Madison County trial judge for the sole purpose ofreconsidering the amount, terms, conditions and security of the bond. A 30-day stay is in place while the trial court conducts those proceedings. On August 15, Court Judge Nicholas Byron ordered Philip Morris to post a bond of$12 billion, the amount of the bond he originally established, or face enforcement of the $10.1 billion judgment in the Price class action lawsuit. Judge Byron then stayed his order for 60 days in order to give the company an opportunity to post the bond, something he earlier had acknowledged the company cannot do, and indicated that the Illinois Supreme Court should decide whether the company be allowed to post a lower bond. The Illinois Supreme Court has yet to issue a decision. PIMCO believes management is unlikely to sacrifice good subsidiaries to fund the bad one, which would create a bad precedent for future court cases. PIMCO has continued to hold their positions at the holding company (Altria) level, but have suspended any additional purchases until greater clarity emerges on the likelihood of various outcomes. MONTHLY REPORT ORANGE COUNTY SANITATION DISTRICT INVESTMENT MANAGEMENT PROGRAM PIMCO'S PERFORMANCE MONITORING & REPORTING (for the month ended 31 August 2003) Split Rated Securities Still In Compliance: The District's investment policy r.equires a minimum rating of A3 by Moody's or A-by S&P, with at least a BBB in the event of a split rating. Page 4 of 4 • $4,000,000 par of Ford Motor Credit securities ($3 million represented by cusip 345397SJ3 maturing 7/16/04 and $1 million represented by •cusip 345397GV9 maturing 5/15/05), representit)g 1.1 % of the portfolio holdings on a par basis. The securities were downgraded on 10/16/2001 by S&P fromA to BBB+; and now carry a Moody's rating of A3 after a.further downgrade from A2 on 1/16/2002 and an S&P rating of BBB after a further downgrade from BBB+ on 10/25/2002. • $3,000,000 par of General Motors Acceptance Corp securities (cu:sip 37042SSDJ) maturiog on August 28, 2007, representil1g 0.8% of the portfolio holdings on a par basis. The securities were downgraded on l 0/ 16/2001 by S&P from A to BBB+, and a further downgrade to BBB occurring on 10/1 6/2002. The securities now carry a Mooqy's rating of A3 after a further downgrade from· A2 on 6/ 14/03. • $3,500,000 par ofVrrginia Electric Power NT securities (cusip 927804ENO), maturing in 2006, represents 0.9% of the portfolio holdings on a par basis. The security was downgraded on 10/2 1/2002 by S&P from A-to BBB+, but continues to carry a Moody's rating of A3. G:I wp.dtalfinl2201whitel Treasury Mgmt,L-T0B00-03-08.RPT.doc UQC71D OPER-PIMCO-OCSF07511102 Asset Summary by Asset Type with Sectors 8/31/2003 Cost Description Shares Par Base CASH & CASH EQUIVALENTS U.S. DOLLAR CASH INTEREST FED HM LOAN BNK -LESS THAN 1 YR FEDERAL HOME LOAN MORTGAGE -LESS THAN 1 FNMA ISSUES -LESS THAN !YR OTHER U.S. GOVT OBLIGATIONS TREASURY BILLS -LESS THAN I YR U.S. DOLLAR CASH & CASH EQUIVALENTS FIXED INCOME SECURITIES U.S. DOLLAR BANKING & FINANCE INDUSTRIAL U.S. AGENCIES U.S. GOVERNMENTS UTILITY -TELEPHONE U.S. DOLLAR FIXED INCOME SECURITIES TOTAL ASSETS· BASE: -2,220,352. 96 364,016.66 6,000,000.000 5,987,859.49 2,400,000.000 2,393,314.67 5,700,000.000 5,682,208.21 2,400,000.000 2,398,040.00 4,400,000.000 4,393,695.67 20,900,000.000 18,998,781.74 20,900,000.000 18,998,781.74 3,950,000.000 4,120,091.00 956,000.000 981,086.56 7,200,000.000 7,441,266.00 5,800,000.000 6,251,984.38 650,000.000 677,046.50 lS,556,000.000 19,471,474.44 18,556,000.000 19,471,474.44 39,456,000.000 38,470,256.18 1 Report ID: GL825 l Base Currency: USD Alternate Base Currency: Exchange Rate: Status: FINAL Market Value Base -2,220,352.96 364,016.66 5,987,859.49 2,393,314.67 5,682,208.21 2,398,040.00 4,393,695.67 18,998,781.74 18,998,781.74 4,048,817.50 959,820.00 7,313,268.25 5,926,875.00 661,979.50 18,910,760.25 18,910,760.25 37,909,541.99 % of Total -5.86% 0.96% 15.80% 6.31% 14_9go1o 6.33% 11.59% 50.12% 50.12% 10.68% 2.53% 19.29% 15.63% 1.75% 49.88% 49.88% 100.00% Net Unrealized Gain/Loss Base 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -71,273.50 -21,266.56 -127,997.75 -325,109.38 -15,067.00 -560, 714.19 -560,714.19 -560,714.19 Workbench LONG TERM OPER-PlMCO -OCSF07522202 Asset Summary by Asset Type with Sectors 8/31/2003 Cost Description Shares Par Base CASH & CASH EQUIVALENTS U.S. DOLLAR PENDING TRADES INTEREST COMMERCIAL PAPER -DISCOUNT FED HM LOAN BNK -LESS THAN 1 YR FEDERAL HOME LOAN MORTGAGE -LESS THAN 1 FNMA ISSUES -LESS THAN 1 YR MUTUAL FUNDS OTHER U.S. GOVT OBLIGATIONS TREASURY BILLS -LESS THAN 1 YR U.S. DOLLAR CASH & CASH EQUIVALENTS FIXED INCOME SECURITIES U.S. DOLLAR ABS -AIRPLANE RECEIVABLES BANKING & FINANCE COLLATERALIZED MORTGAGE OBLIGATION FHLMC MULTICLASS FHLMC POOLS FNMA POOLS GNMA MULTI FAMILY POOLS GNMA SINGLE FAMILY POOLS INDUSTRIAL INFLATION INDEXED SECURITIES PVT PLACEMENTS-MORE THN lYR U.S. AGENCIES U.S. GOVERNMENTS UTILITY -ELECTRIC UTILITY -TELEPHONE U.S. DOLLAR -23,957,692.96 2,883,523.15 3,400,000.000 3,388,394.44 31,900,000.000 31,831,322.88 9,700,000.000 9,672,980.11 26,600,000.000 26,528,048.50 1,366,113.100 1,366,113.10 9,700,000.000 9,692,078.33 4,500,000.000 4,478,218.75 87,166,113.100 65,882,986.30 87,166,113.100 65,882,986.30 1,600,000.000 1,600,000.00 32,335,000.000 33,468,411.00 2,504,229.760 2,504,229.76 1,371,252.270 1,372,629.45 199,524.870 200,194.29 49,642,465.950 50,613,699.14 3,896,027.420 3,876,725.23 13,099,678.300 13,354,344.30 12,000,000.000 12,458,780.00 34,204,040.000 34,221,051.71 752,000.000 826,199.84 41,227,507.200 42,304,196.41 92,779,356.910 100,952,727.13 6,500,000.000 6,438,210.00 6,000,000.000 6,594,240.00 298,111,082.680 310,785,638.26 1 Report ID: GL8251 Base Currency: USD Alternate Base Currency: Exchange Rate: Status: FINAL Market Value Base -23,957,692.96 2,883,523.15 3,388,394.44 31,831,322.88 9,672,980.11 26,528,048.50 1,366,113.10 9,692,078.33 4,478,218.75 65,882,986.30 65,882,986.30 232,000.00 33,608,866.85 2,656,111.29 1,400,793.33 206,025.37 50,323,531.09 3,928,869.17 13,600,800.52 12,231,840.00 37,625,257.31 826,199.84 44,173,406.46 99,730,572.11 6,934,960.00 6,464,040.00 313,943,273.34 % of Total -6.31% 0.76% 0.89% 8.38% 2.55% 6.98% 0.36% 2.55% 1.18% 17.35% 17.35% 0.06% 8.85% 0.70% 0.37% 0.05% 13.25% 1.03% 3.58% 3.22% 9.91% 0.22% 11.63% 26.26% 1.83% 1.70% 82.65% Net Unrealized Gain/Loss Base 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1,368,000.00 140,455.85 151,881.53 28,163.88 5,831.08 -290,168.05 52,143.94 246,456.22 -226,940.00 3,404,205.60 0.00 1,869,210.05 -1,222,155.02 496,750.00 -130,200.00 3,157,635.08 Workbench LONG TERM OPER-PIMCO -OCSF07522202 Description FIXED INCOME SECURITIES TOTAL ASSETS -BASE: Asset Summary by Asset Type with Sectors 8/31/2003 Cost Shares Par Base 298,111,082.680 310,785,638.26 385,277,195.780 376,668,624.56 2 Report ID: GL8251 Base Currency: USD Alternate Base Currency: Exchange Rate: Status: FINAL Net Unrealized Market Value % of Gain/Loss Base Total Base 313,943,273.34 82.65% 3,157,635.08 379,826,259.64 100.00% 3,157,635.08 Workbench YLDANAL YIELD ANALYSIS PAGE 1 OCSF07511102 2003/08/31 RUN DATE 09/05/03 DISTRICT: LIQUID OPERATING RUN TIME 11,58.30 ------------------====--===:::::==~==-===·===-=='===-================ PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOI< YIELD S-P PRICE MARKET VALUE % TOTAL -------~----------------··-----~------------------------------------------·---------------- CASH & CASH EQUIVALENTS 2,400,000,00 FEDERAL AGRIC MTG CORP DISCOUN , 000 ,000 P-1 99.918 2,398,040.00 11.49 31315KMB3 0.000% 09/23/2003 DD 09/23/02 A-1+ 2,398,040.00 6.03 2,400,000.00 FEDERAL HOME LN BK CONS DISC N • 000 .000 P-1 99.932 2,398,368.00 11. 50 313384LX5 MAT 09/19/2003 A-1+ 2,398,368.00 6.03 500,000.00 FEDERAL HOME LN BK CONS DISC N • 000 .ooo P-1 99,532 497,660.00 2.38 313384NJ4 MAT 10/24/2003 A-1+ 497,660.00 1.25 1,soo,000.00 FEDERAL HOME LN BKS CONS DISC • 000 .ooo P-1 99.736 1,496,037.71 7.17 313384NPO MAT 10/29/2003 A-1+ 1,496,037.71 3.76 1,6001 000,00 FEDERAL HOME LN BKS CONS DISC • 000 .ooo P-1 99.737 1,595,793.78 7.65 313384PL7 MAT 11/19/2003 A-1+ 1,595,793.78 4.01 2,400,000.00 FEDERAL HOME LN MTG CORP DISC .ooo .ooo P-1 99. 721 2,393,314.67 11.47 313396PT4 MAT 11/26/2003 A-1+ 2,393,314.67 6.02 1,000,000.00 FEDERAL NATL MTG ASSN DISC • 000 .ooo P-1 99.468 994,677.08 4.76 313588PD1 MAT 11/12/2003 A-1+ 994,677.08 2.50 2,300,000.00 FEDERAL NATL MTG ASSN DISCOUNT • 000 .000 P-1 99.749 2,294,216.46 11.00 31358BPL3 MAT 11/19/2003 A-1+ 2,294,216.46 5 .77 2,400,000.00 FEDERAL NATL MTG ASSN DISCOUNT .ooo .000 P-1 99.721 2,393,314.67 11.47 3135BBPT6 MAT 11/26/2003 A-1+ 2,393,314.67 6.02 3,200,000.00 US TREASURY BILL • 000 .000 P-1 99.984 3,199,504.00 15.34 912795NL1 0.000% 09/04/2003 DD 03/06/03 A-1+ 3,199,504.00 8.05 1,200,000.00 US TREASURY BILL .ooo .ooo P-1 99.516 1,194,191.67 5.72 9127!l5PK1 DUE 02/12/2004 DD 08/14/2003 A-1+ 1,194,191.67 3.00 .oo DREYFUS TREASURY CASH MGMT .ooo .ooo AAA .ooo .oo .oo 9960d5247 AAA .oo .oo ----------------------------------·---·---- TOTAL CASH & CASH EQUIVALENTS .000 ,000 20,sss,11e.04 100.00 20,05s,11e.04 52.44 YLDANAL YIELD ANALYSIS PAGE : 2 OCSF07511102 2003/08/31 RUN DATE I 09/05/03 DISTRICT: LIQUID OPERATING RUN TIME I 11,58,30 -----------------------------------------=------=-----------------=========================================================== PAR VALUE YTM AT CURRENT MOODY MARI<ET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARI<ET VALUE I TOTAL ---------------------------------------------------·--------------------------------------------- FIXED INCOME SECURITIES 1,000,000.00 ASSOCIATES CORP NORTH AMER • 000 5.640 AAl 102,828 1,041,290.00 5,43 046003I<A6 5.8001 04/20/2004 DD 04/20/99 AA-1,028,280.00 2,59 650,000.00 BELL ATLANTIC-NEW JERSEY INC .ooo 5. 769 AA3 101.843 677,046.50 3 .50 077858AA6 5.8751 02/01/2004 DD 02/01/94 A+ 661,979.50 1.66 300,000.00 COLGATE PALMOLIVE MTN TR 00058 • 000 5.218 AA3 101.000 308,808.00 1.60 19416QCK4 5.2701 12/01/2003 DD 11/24/98 AA-303,000.00 .76 1,350,000.00 FEDERAL FARM CR BKS CONS SYSTE • 000 5,312 AAA 101.652 1,399,963.50 7.25 31331H6G7 6.401 01/23/2004 DD 01/01/1999 AAA 1,372,298.22 3.45 550,ooo.oo FEDERAL FARM CR BKS CONS MTN .ooo 4.982 AAA 100.359 565,229,50 2,91 31331RC78 5.0001 10/02/2003 DD 10/02/98 AAA 551,975.16 1.39 1,100,000.00 FEDERAL HOME LN MTG CORP DEB .ooo 3.695 AAA 101.486 1,125,905.00 5.90 3134A4PH1 3.7501 04/15/2004 DD 04/15/02 AAA 1,116,343.69 2.81 4,200,000.00 FEDERAL NATL MTG ASSN DEBS .ooo 5.038 AAA 101. 730 4,350,168,00 22,59 31359MEM1 5,1251 02/13/2004 DD 02/08/99 AAA 4,272,651,18 10.74 1,000,000.00 LEHMAN BROS HLDGS INC .000 6,436 A2 102.937 1,045,590.00 5.44 524908BZ2 6.6251 04/01/2004 DD 03/26/99 A 1,029,370.00 2.59 500,00o.oo PAINE WEBBER GROUP INC NTS .ooo 6.369 AA2 101. 265 519,405.00 2,67 695629CE3 6.4501 12/01/2003 DD 12/01/98 AA+ 506,325.00 1.27 656,0(•0.00 PROCTER & GAMBLE CO HTS .000 5,243 AA3 100,125 672,278.56 3,47 742718BK4 5.2501 09/15/2003 DD 09/28/98 AA-656,820.00 1.65 1,000,000.00 US BANCORP MTN ITR 00119 .ooo 5.817 AA3 103.140 1,046,310.00 5.45 9115!lHEY2 6.0001 05/15/2004 DD 05/10/99 A+ 1,031,400.00 2.59 5,aoo,o.,o.oo US TREASURY BONDS .ooo 11.621 AAA 102.188 6,251,984.38 31.34 9128i0DGO 11.8751 11/15/2003 DD 10/05/83 AAA 5,926,875.00 14.90 YLDANAL OCSF07511102 DISTRICT: LIQUID OPERATING YIELD ANALYSIS 2003/08/31 PAGE RUN DATE RUN TIME 3 I 09/05/03 11.58.30 ========================================================----================================================================= PAR VALUE SECURITY ID SECURITY DESCRIPTION 450,000.00 WELLS FARGO & CO SUBNT 949740BY9 6,1251 11/01/2003 DD 11/01/93 TOTAL FIXED INCOME SECURITIES TOTAL YTM AT BOOK 1.615 .007 .003 CURRENT MOODY MARl(ET YIELD S-P PRICE 6,078 AA3 100,765 A 5.951 2.582 TOTAL COST/ MARl(ET VALUE 467,496.00 453,442.50 19,471,474.44 18,910,760.25 40,326,592.48 39,765,878.29 I TYPE I TOTAL 2.39 1.14 100.00 47.54 100.00 100.00 YLDANAL YIELD ANALYSIS PAGE I 4 OCSF07522202 2003/08/31 RUN DATE : 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME I 11.58.30 ==~== ----_::;::; __ . --~----==·---·---~-----====--------=---~~ PAR VALUE tTl'I AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE HARKET VALUE I TOTAL -------------------------------------------------------------------------------------------------- CASH & CASH EQUIVALENTS 9,700,000.00 FEDERAL AGRIC MTG CORP DISCOUN .000 .ooo P-1 99.918 9,692,078.33 11.14 31315KMB3 0.000% 09/23/2003 DD 09/23/02 A-1+ 9,692,078.33 2.42 9,700,000.00 FEDERAL HOME LN BK CONS DISC N .ooo ,000 P-1 99,932 9,693,404.00 11.14 313384LX5 MAT 09/19/2003 A-1+ 9,693,404.00 2.42 4,400,000.00 FEDERAL HOME LN BK CONS DISC N .ooo .000 P-1 99. 761 4,389,473.00 5.04 313384MUO MAT 10/10/2003 A-1+ 4,389,473.00 1.09 12,000,000.00 FEDERAL HOME LN BKS CONS DISC .ooo .ooo P-1 99.747 11,969,666.67 13.76 3l3384MZ9 MAT 10/15/2003 A-1+ 11,969,666.67 2.99 3,800,000.00 FEDERAL HOME LN BK CONS DISC N .000 .ooo P-1 99.740 3,790,115.88 4.35 313384NJ4 MAT 10/24/2003 A-1+ 3,790,115.88 .95 2,000,000.00 FEDERAL HOME LN BK CONS DISC N .ooo .000 P-1 99.433 1,988,663.33 2 .28 313384NY1 MAT 11/07/2003 A-1+ 1,988,663.33 .so 9,700,000.00 FEDERAL HOME LN MTG CORP DISC .ooo .000 P-1 99.721 9,672,980.11 11.12 313396PT4 MAT 11/26/2003 A-1+ 9,672,980.11 2.41 13,700,000.00 FEDERAL NATL MTG ASSN DISCOUNT .ooo .ooo P-1 99,745 13,665,023.14 15.71 3135BBMZS MAT 10/15/2003 A-1+ 13,665,023.14 3.41 11,300,000.00 FEDERAL NATL MTG ASSN DISCOUNT .000 .ooo P-1 99.733 11,269,873.65 12.96 313588PL3 MAT 11/19/2003 A-1+ 11,269,873.65 2.81 200,000.00 FEDERAL NATL MTG ASSN DISC .000 .000 P-1 99.637 199,274.00 .22 313588QA6 A-1+ 199,274.00 .OS eoo,000.00 FEDERAL NATL MTG ASSN DISCOUNT .ooo .ooo P-1 99.663 797,301.63 .91 3135BBQNB MAT 12/15/2003 A-1+ 797,301.63 .20 600,0, o.oo FEDERAL NATL MTG ASSN DISCOUNT .000 .000 P-1 99.429 596,576.08 .68 3135J8TN5 MAT 02/25/2004 A-1+ 596,576.08 .15 600,000.00 GENERAL ELEC CAP DISC .ooo .ooo P-1 99.662 597,974.33 .68 36959JYC1 11/12/2003 597,974.33 .15 2,eoo,000.00 GENERAL ELEC CAP DISC .ooo .ooo P-1 99.658 2,790,420.11 3.20 36959JZA4 12/10/2003 2,790,420.11 .70 YLDANAL OCSF07522202 DISTRICT: LONG-TERM OPERATING YIELD ANALYSIS 2003/08/31 PAGE RUN DATE RUN TIME 5 I 09/05/03 I 11.58,30 ------------:=-==------===-================================================= PAR VALUE SECURITY ID SECURITY DESCRIPTION 4,5001000,00 US TREASURY BILL 912795PK1 DUE 02/12/2004 DD 08/14/2003 1,366,113,10 DREYFUS TREASURY CASH MGMT 996085247 TOTAL CASH & CASH EQUIVALENTS FIXED INCOME SECURITIES 752,000.00 AIG SUNAMERICA GLOBAL REGS U00907AAO 5,8501 08/01/2008 DD 08/08/01 6,0001000,00 COMMIT TO PUR FNMA SF MTG 01F050486 5,0001 08/01/2018 DD 08/01/03 23,0001 000,00 COMMIT TO PUR FNMA SF MTG 01F050494 5.0001 09/01/2018 DD 09/01/03 l,000,000.00 COMMIT TO PUR FNMA SF MTG 01F060691 6,0001 09/01/2033 DD 09/01/03 900,000,00 BEAR STEARNS MTN I TR 00459 073928VC4 VAR RT 12/01/2003 DD 08/17/01 1,500,000,00 CIT GROUP INC NEW SR NT 125581ADO 5.5001 11/30/2007 DD 12/02/02 5,000,000.00 CITIGROUP INC GLOBAL SUB NT 172967BP5 5,6251 08/27/2012 DD 08/26/02 111,352.66 FHLMC GROUP IG4-0353 312B,8MA2 7.5001 10/01/2004 DD 03/01/99 7,500,0IJ.OO FEDERAL HOME LN BK CONS BDS 3133HAUN7 7,1251 02/15/2005 DD 02/08/00 BB,172,21 FHLMC GROUP 178-6064 31348SWZ3 6,3841 01/01/2028 DD 12/01/97 YTM AT BOOK • 000 .000 .ooo .ooo .ooo ,000 .ooo ,000 .000 .ooo .ooo .ooo .ooo CURRENT MOODY MARKET YIELD S-P PRICE .000 P-1 99,516 A-1+ ,825 AAA 100.000 AAA .001 5,325 4.973 4,982 5,902 1.419 5.213 5,449 7,308 6,623 3,697 AAA AAA AAA AAA AAA AAA A2 A A2 A AA2 A+ AAA AAA AAA AAA AAA AAA 109,867 100.535 100,359 101.656 100.078 105.515 103.234 102.621 107.581 104,063 TOTAL COST/ MARKET VALUE 4,478,218.75 4,478,218.75 1,366,113.10 1,366,113,10 86,957,156.11 86,957,156.11 826,199.84 826,199.84 6,185,113.63 6,032,109.60 22,977,500.00 23,082,657,40 1,015,625.01 1,016,562.50 899,406.00 900,702.00 1,527,135.00 1,582,725.00 5,333,600.00 5,161,700.00 114,171.28 114,271.16 7,997,625.00 8,068,607.25 86,023.01 91,754.21 I TYPE I TOTAL 5.14 1.12 1.57 ,34 100.00 21.71 .26 .21 1.92 1.50 7.35 5.76 .32 .25 ,28 .22 .50 .39 1.64 1.29 ,03 .03 2,57 2.01 .02 .02 YLDANAL YIELD ANALYSIS PAGE I 6 OCSF07522202 2003/08/31 RUN DATE 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME : 11,58,30 -------------------------------------------------------------------===-=====--=====--======================================== PAR VALUE YTM AT CURRENT MOODY MARJ<ET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE I TOTAL --------------------------------------------------------------------------------------------- 11,350,000.00 FEDERAL NATL MTG ASSN DEBS .000 4 .913 AAA 106.852 11,521,271.50 3.86 31359MJX2 5,250% 06/15/2006 DD 06/22/01 AAA 12,127,688.38 3,03 193,633,19 FNMA POOL 10254631 .ooo 4,973 AAA 100,535 199,442.19 ,06 31371KY47 5,000% 02/01/2018 DD 01/01/03 AAA 194,669.44 ,OS 172,593,74 FNMA POOL #0254760 ,ODO 4,973 AAA 100,535 177,771.55 ,05 31371K5V9 5,0001 06/01/2018 DD 05/01/03 AAA 173,517.39 .04 72,159.00 FNMA POOL #0254866 .ooo 4.978 AAA 100.447 74,323.77 ,02 31371LCB3 5.000% 09/01/2018 DD 08/01/03 AAA 72,481.26 .02 267,144.10 FNMA POOL 10323980 .000 5.769 AAA 104.000 278,915.14 .08 31374T2MO 6.000% 04/01/2014 DD 09/01/99 AAA 277,829.86 .07 40,892,12 FNMA POOL 10357328 .ooo 4,971 AAA 100.584 42,118.88 .01 31376J4M8 5.000% 01/01/2018 DD 01/01/03 AAA 41,130.83 .01 99,460.76 FNMA POOL 10456482 .000 5.766 AAA 104.063 103,843.25 .03 31381CCT2 6,000% 02/01/2014 DD 02/01/99 AAA 103,501.35 ,03 265,039.16 FNMA POOL #0509649 .000 5,769 AAA 104.000 276,717.45 .08 31383QEWO 6,000% 09/01/2014 DD 09/01/99 AAA 275,640.73 .01 214,383.21 FNMA POOL #0535451 .000 5.769 AAA 104.000 223,829.47 .07 31384VZQ8 6.000% 06/01/2015 DD 07/01/00 AAA 222,958.54 .06 4,673,015.55 FNMA POOL 10535672 .ooo 5.769 AAA 104.000 4,878,920.30 1.54 31384WCH1 6.000% 01/01/2016 DD 12/01/00 AAA 4,859,936.17 1.21 1,603,040.61 FNMA POOL 10545296 .000 5.780 AAA 103,813 1,673,674.58 .53 31385HXZO 6,000% 11/01/2016 DD 10/01/01 AAA 1,664,156.53 .42 131,418.90 FNMA POOL #0545580 .ooo 5. 776 AAA 103.875 137,209.54 .04 31385JCR7 6.000% 03/01/2017 DD 03/01/02 AAA 136,511.38 .03 1,000,0'..9.65 FNMA POOL 10545998 .ooo 5.905 AAA 101.617 1,040,103.64 .32 3138' JRT7 6.000% 11/01/2032 DD 10/01/02 AAA 1,016,266.69 .25 224,854.81 FNMA POOL 10555101 .ooo 5.780 AAA 103.813 234,762.47 .07 31385WIJ23 6.0001 10/01/2017 DD 11/01/02 AAA 233,427.40 .06 1,000,099.95 FNMA POOL #0555285 .ooo 5.892 AAA 101. 836 1,040,103.95 .32 31385W2S7 6.000% 03/01/2033 DD 02/01/03 AAA 1,018,461.19 .25 YLDANAL YIELD ANALYSIS PAGE : 7 OCSF07522202 2003/08/31 RUN DATE 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME : 11.58.30 ---------. -~--==== ·=====. .-::::.:::::==::::::.:::-=::.==..:::=-=-==-==.:=======--==·-======-=:======-- PAR VALUE YT'H AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE I TOTAL --------------~------------------------------------------------------------------------ 82,496.01 FNMA POOL 10555363 .ooo 4.973 AAA 100.535 84,970.89 .02 31385W5Yl 5,0001 04/01/2018 DD 03/01/03 AAA 82,937.50 .02 1,000,099.88 FNMA POOL 10555528 .ooo 5,892 AAA 101.836 1,040,103.88 .32 31385XD95 6.0001 04/01/2033 DD 05/01/03 AAA 1,018,461.11 .25 1,000,099.95 FNMA POOL 10555640 .ooo 5,892 AAA 101.836 1,040,103.95 .32 31385XHR1 6,0001 07/01/2033 DD 06/01/03 AAA 1,018,461.19 .25 85,998.53 FNMA POOL 10576386 .000 5.800 AAA 103.453 89,787.84 .02 31386XJ72 6.0001 05/01/2016 DD 05/01/01 AAA 88,967.84 ,02 253,283.64 FNMA POOL 10576739 .ooo 5,776 AAA 103.875 264,443.95 ,08 31386XV86 6.0001 04/01/2016 DD 04/01/01 AAA 263,098.38 .07 292,498.71 FNMA POOL 10580888 .ooo 5,776 AAA 103,875 305,386.93 .09 31387DJ91 6,0001 05/01/2016 DD 05/01/01 AAA 303,833.04 ,08 216,620.55 FNMA POOL 10594002 .ooo 5,776 AAA 103.875 226,165.39 .07 31387T3K8 6.000% 07/01/2016 DD 07/01/01 AAA 225,014.60 .06 270,031.05 FNMA POOL 10597376 .ooo 5.780 AAA 103.813 281,929.29 .08 31387XT96 6,0001 09/01/2016 DD 08/01/01 AAA 280,325.98 ,07 275,811.22 FNMA POOL 10605259 ,000 5,780 AAA 103.813 287,964.15 ,09 31388HMG1 6.0001 09/01/2016 DD 09/01/01 AAA 286,326.52 .07 154,812.68 FNMA POOL 10608366 .ooo 5.776 AAA 103.875 161,634.11 .05 31388LZ78 6,000% 10/01/2016 DD 09/01/01 AAA 160,811.67 ,04 173,379,73 FNMA POOL 10616734 .ooo 5. 776 AAA 103.875 181,019.27 ,05 3138E;WEF9 6.0001 12/01/2016 DD 12/01/01 AAA 180,098.19 ,04 263,408.02 FNMA POOL 10630812 .ooo 5,796 AAA 103,523 275,014.43 .08 31389NYH2 6.0001 02/01/2017 DD 02/01/02 AAA 272,687.23 ,07 1,0B5,4L4.46 FNMA POOL 10632376 .ooo 5. 771 AAA 103.962 1,133,313.63 .35 3138( ;lQ50 6,0001 07/01/2017 DD 07/01/02 AAA 1,128,496,78 ,28 613,947.46 FNMA POOL 10653116 .000 5. 771 AAA 103.962 640,999,52 .20 31390QSD8 6.0001 07/01/2017 DD 07/01/02 AAA 638,275.13 .16 253,885.97 FNMA POOL 10673280 .000 5,780 AAA 103.813 265,072.82 .08 31391P6R2 6.0001 08/01/2017 DD 11/01/02 AAA 263,565.37 .07 YLDANAL YIELD ANALYSIS PAGE : 8 OCSF07522202 2003/08/31 RUN DATE 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME 11.58.30 ------------------------------------------------=----------------==-========================================================= PAR VALUE YT'M AT CURRENT MOODY MARI<ET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARI<ET VALUE I TOTAL -------------------------------------------------------------------------------------·---------- 633,772,42 FNMA POOL 10681309 ,000 4 ,973 AAA 100.535 652,785.59 .20 31391Y3S4 5,0001 02/01/2018 DD 02/01/03 AAA 637,164.12 ,16 81,254 .58 FNMA POOL 10681334 .ooo 4 ,973 AAA 100.535 83,692,22 ,02 31391Y4Tl 5,0001 02/01/2018 DD 01/01/03 AAA 81,689.42 ,02 40,403.94 FNMA POOL 10685665 .ooo 4,973 AAA 100,535 41,616.06 .01 31400EW22 5,0001 02/01/2018 DD 02/01/03 AAA 40,620,17 .01 131,857,47 FNMA POOL 10688739 .ooo 4,973 AAA 100,535 135,813.19 . 04 31400JEL9 5,0001 06/01/2018 DD 06/01/03 AAA 132,563.12 .03 785,645.82 FNMA POOL 10693834 ,000 4.973 AAA 100,535 809,215.19 .25 31400PY74 5,0001 03/01/2018 DD 03/01/03 AAA 789,850.28 .20 918,703,07 FNMA POOL 10695889 .ooo 4,973 AAA 100,535 946,264,16 ,29 31400SC23 5,0001 05/01/2018 DD 05/01/03 AAA 923,619.60 ,23 138,823.98 FNMA POOL 10698939 .ooo 5. 770 AAA 103,988 144,940.91 ,04 31400VPY2 6,0001 09/01/2017 DD 03/01/03 AAA 144,359.59 ,04 85,725.88 FNMA POOL 10703195 .ooo 5.755 AAA 104,250 89,503.18 .02 31401BGC3 6.0001 01/01/2017 DD 04/01/03 AAA 89,369.23 .02 846,586.18 FNMA POOL 10710235 .ooo 4,973 AAA 100.535 871,983.77 ,27 31401KBC8 5.0001 06/01/2018 DD 06/01/03 AAA 851,116.77 ,21 548,665.38 GNMA POOL 10596612 .ooo 6.229 AAA 104,348 575,841.47 ,18 36200BYH4 6,5001 09/15/2032 DD 09/01/02 AAA 572,519.49 ,14 1,643,285.08 GNMA POOL 10569358 .ooo 6.253 AAA 103.950 1,681,799.57 ,54 36200QQ1<3 6.5001 04/15/2032 DD 04/01/02 AAA 1,708,199.70 ,43 71,6.,3.83 GNMA POOL 10569685 .ooo 6.227 AAA 104,379 75,192.44 .02 36200Q2S2 6,5001 02/15/2032 DD 02/01/02 AAA 74,781.05 .02 122,4:..;9,86 GNMA POOL 10570019 .ooo 6,229 AAA 104,348 128,524.41 ,04 36201RG48 6,5001 07/15/2032 DD 07/01/02 AAA 127,782.95 .03 764,246.31 GNMA POOL 10574323 .ooo 6.227 AAA 104.379 802,100.38 ,25 36200WAY7 6,5001 12/15/2031 DD 12/01/01 AAA 797,711.97 ,20 80,714,08 GNMA POOL 10575364 .ooo 6.227 AAA 104,379 84,711.95 ,02 36200XFD6 6.5001 11/15/2031 DD 11/01/01 AAA 84,248.48 .02 YLDANAL YIELD ANALYSIS PAGE 9 OCSF07522202 2003/08/31 RUN DATE 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME 11.58.30 ------------------=:--=.-.--~--·-----·==·~==:::;:::::=-~~==--.-=::.==----=-====-==-==== ---,_=,:===== PAR VALUE YTtl AT CURRENT MOODY MARXET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE % TOTAL ---------------~-------------------------·------------------------------------------------- 30,176.51 GNMA POOL 10587117 .ooo 6.229 AAA 104.348 31,671.19 .01 36201MG22 6.500% 06/15/2032 DD 06/01/02 AAA 31,488.48 .01 93,314.12 GNMA POOL 10587439 .000 6.229 AAA 104.348 97,936.08 .03 36201MS45 6.500% 11/15/2032 DD 12/01/02 AAA 97,371.10 .02 20,363.08 GNMA POOL 10421389 .ooo 6 .211 AAA 104.660 21,371.69 .oo 36206UC23 6.500% 04/15/2026 DD 04/01/96 AAA 21,312.03 .01 32,178.28 GNMA POOL 10449851 .ooo 6.245 AAA 104.088 33,772.11 .01 36208FWLO 6.500% 01/15/2028 DD 01/01/98 AAA 33,493.82 .01 95,072.71 GNMA POOL 10466845 .ooo 6.214 AAA 104.598 99,781.78 .03 36209BTA6 6.500% 06/15/2028 DD 06/01/98 AAA 99,443.83 .02 678,967.48 GNMA POOL 10468052 .ooo 6.220 AAA 104.504 712,597.59 .22 36209C5M4 6.500% 07/15/2028 DD 07/01/98 AAA 709,547.56 .18 275,669.14 GNMA POOL 10476041 .ooo 6.214 AAA 104.598 288,892.65 .09 36209MZE7 6.500% 06/15/2028 DD 06/01/98 AAA 288,343.47 .07 217,587.01 GNMA POOL 10478626 .000 6.220 AAA 104.504 228,024.39 .07 36209QVT9 6.500% 01/15/2029 DD 01/01/99 AAA 227,386.93 .06 289,110.52 GNMA POOL 10480598 .000 6.220 AAA 104.504 302,978.80 .09 36209S3F6 6.500% 10/15/2028 DD 10/01/98 AAA 302,131.80 .OB 638,983.06 GNMA POOL 10485527 .000 6.227 AAA 104.379 670,632.69 .21 36209YLG1 6.500% 06/15/2031 DD 06/01/01 AAA 666,963.55 .17 752,496.04 GNMA POOL 10485610 .ooo 6.227 AAA 104.379 789,768.11 .25 36209YN38 6.500% 07/15/2031 DD 07/01/01 AAA 785,447.16 .20 150,096.57 GNMA POOL 10485682 .ooo 6.227 AAA 104.379 157,531.04 .04 36209YRB6 6.500% 08/15/2031 DD 08/01/01 AAA 156,669.16 .04 143,9;,5.35 GNMA POOL 10485703 .ooo 6.227 AAA 104.379 151,085.64 .04 3620' YRY6 6.500% 08/15/2031 DD 08/01/01 AAA 150,259.03 .04 16,467.56 GNMA POOL 10512235 .ooo 6.224 AAA 104 .441 17,283.22 .oo 36211GBC6 6.500% 11/15/2029 DD 11/01/99 AAA 17,198.95 .oo 276,727.49 GNMA POOL 10514326 .ooo 6.220 AAA 104.504 290,001.76 .09 36211JLF2 6.500% 07/15/2029 DD 07/01/99 AAA 289,191.05 .07 YLDANAL YIELD ANALYSIS PAGE : 10 OCSF07522202 2003/08/31 RUN DATE I 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME : ll,S8.30 -------------------------------------------------------------·-----==--==--===-===-===-===============================------== PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOR YIELD S-P PRICE MARICET VALUE I TOTAL ------------------------------------------------------------------------------------------------- 72,488,67 GNHA POOL f0530053 ,000 6.2S6 AAA 103,906 76,079.13 .02 36212CZS3 6,500% 04/15/2031 DD 04/01/01 AAA 7S,320,19 .02 69,266.86 GNMA POOL f0530290 ,000 6,227 AAA 104,379 72,589.Sl .02 36212DC31 6 .5001 03/15/2031 DD 04/01/01 AAA 72,299.99 .02 156,524.70 GNMA POOL f0537885 .ooo 6.227 AAA 104,379 164,277,S6 ,OS 36212MRE1 6,5001 02/15/2031 OD 02/01/01 AAA 163,378.78 ,04 20,385.95 GNMA POOL f0S47512 ,000 6,227 AAA 104,379 21,395.69 ,00 36212YGV9 6,S001 04/15/2031 DD 04/01/01 AAA 21,278.63 ,01 181,695.12 GNMA POOL f0547715 ,000 6,227 AAA 104,379 190,410.80 .06 36212YN82 6.5001 02/15/2031 DD 02/01/01 AAA 189,651.39 .05 100,906, 77 GNMA POOL f0552322 .ooo 6,227 AAA 104,379 105,904.81 .03 36213ESK3 6,5001 01/15/2032 OD 01/01/02 AAA 105,325.39 ,03 806,501.32 GNMA POOL 10552466 ,000 6.253 AAA 103,950 846,448.34 .26 36213EW36 6,5001 03/15/2032 OD 03/01/02 AAA 838,360.51 ,21 609,767,15 GNMA POOL 10552659 ,000 6,229 AAA 104,348 639,969.67 ,20 36213E5U6 6,5001 07/1S/2032 DD 07/01/02 AAA 636,277.7S .16 658,332.62 GNMA POOL f0561017 .ooo 6.227 AAA 104,379 690,940.66 .21 36213QG29 6,5001 07/15/2031 DD 07/01/01 AAA 687,160.41 ,17 321,854.37 GNMA II POOL f0080395 ,000 3,481 AAA 100,S44 318,937.57 .10 36225CNM4 VAR RT 04/20/2030 DD 04/01/00 AAA 323,603.97 .08 2,906,214,72 GNMA II POOL f08040BX .ooo 3.481 AAA 100.543 2,876,698.47 ,93 36225CN28 6,5001 05/20/2030 DD 05/01/00 AAA 2,922,007.09 .73 3,000,000.00 GTE NORTH INC DEB SER A .ooo S.898 Al 101. 734 3,063,750.00 .97 362337AD9 6,0001 01/15/2004 DD 01/15/94 A+ 3,0s2,020.00 ,76 5,000,000.00 GENERAL ELEC CAP MTN fTR 00575 .ooo 5,392 AAA 101.078 5,203,500.00 1.60 3696: :;zy3 5,4S01 Ol/1S/2013 DD 12/06/02 AAA S,0S3,900,00 1.26 3,000,000.00 GENERAL MTRS ACCEP CORP SR NT .ooo 5,947 Al 103.000 3,064,350,00 .98 37042SSD3 6,1251 08/28/2007 OD 08/29/02 BBB 3,090,000.00 .77 3,000,000.00 GOLDMAN SACHS GROUP INC SR NT .ooo 4.101 AA3 100.S78 3,030,030.00 .96 38141GCS1 4.1251 01/15/2008 OD 01/13/03 A+ 3,017,340.00 ,7S YLDANAL YIELD ANALYSIS PAGE 11 OCSF07522202 2003/08/31 RUN DATE 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME 11.58.30 =--------------==---=-===-~~=:::-=----·-===-==--=========---.----------------- PAR VALUE YT'H AT CURRENT MOODY MARKET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE % TOTAL ----------------------------------------------------------------------------------------- 1,635,000.00 HOUSEHOLD FIN CORP NT .000 5,956 Al 107,031 1,772,820.00 .ss 441812JWS 6.375% 10/15/2011 DD 10/23/01 A 1,749,956.85 .44 3,000,000.00 JP MORGAN CHASE & CO SUB NT .ooo 5.596 A2 102,750 3,127,260.00 .98 46625HAT7 5.750% 01/02/2013 DD 11/25/02 A 3,082,500.00 • 77 3,200,000.00 MORGAN STANLEY NT .ooo 3,690 AA3 98,250 3,195,648.00 1.00 617446HW2 3.625% 04/01/2008 DD 03/06/03 A+ 3,144,000.00 ,78 3,0oo,ooo.oo NATIONAL RURAL UTILS COOP FIN .ooo 6,420 A2 112.921 3,465,480.00 1.07 637432CU7 7.250% 03/01/2012 DD 03/07/02 A 3,387,630.00 .es s,000,000.00 PHILIP MORRIS COS INC NTS .ooo 7.354 BAA2 101.984 5,263,000.00 1.62 718154CH8 7,500% 04/01/2004 DD 04/01/97 BBB 5,099,200.00 1.27 3,679,356.91 SBA GTD DEV PARTN 200l-20C 1 .ooo 5.992 AAA 105,800 3,679,356.91 1.23 83162CLJO 6.340% 03/01/2021 AAA 3,892,759.61 ,97 2,504,229.76 SBA GTD PARTN CTFS SBIC-PS 01 .000 6,260 AAA 106.065 2,504,229.76 ,84 831641DD4 6.640% 02/10/2011 DD 02/21/01 NR 2,656,111.29 .66 1,600,000.00 UNITED AIRLS PASSTHRU 01-1 C .000 47.110 CA 14.500 1,600,000.00 .01 909317BC2 6,831% 03/01/2010 DD 08/22/01 A-232,000.00 ,06 20,000,000.00 US TREASURY NOTES .ooo 5,604 AAA 111.531 22,620,312.50 7,10 9128272JO 06,250% 02/15/2007 DD 02/15/97 AAA 22,306,300.00 5.56 3,411,120.00 US TREASURY INFLATION INDEX NT .ooo 3,293 AAA 110,094 3,722,089.05 1.19 9128273T7 3.625% 01/15/2008 DD 01/15/98 AAA 3,755,429.93 ,94 14,561,040.00 US TREASURY INFLATION INDEX NT .000 3.466 AAA 111.813 16,194,108.79 5 .18 9128274Y5 3,875% 01/15/2009 DD 01/15/99 AAA 16,281,062.85 4,06 51,100,000.00 US TREASURY NOTES .000 5.327 AAA 107,938 62,782,901.47 19,63 9128276N7 05,750% 11/15/2005 DD 11/15/00 AAA 61,632,312.50 15.37 12,000,0i,O,OO US TREASURY NT .ooo 3,278 AAA 99.160 11,870,156.25 3.79 912B:BBG4 3.250% 08/15/2008 DD 08/15/03 AAA 11,899,200.00 2.97 3,000,000.00 VERIZON GLOBAL FDG CORP GLOBAL ,000 6,484 A2 113. 734 3,530,490.00 1.08 92344GAT3 7.375% 09/01/2012 DD 08/26/02 A+ 3,412,020.00 .es 3,soo,ooo.oo VIRGINIA ELEC & PWR 01 SER A .ooo 5,358 A3 107.312 3,487,680.00 1.19 927804ENO 5.750% 03/31/2006 DD 03/27/01 BBB+ 3,755,920.00 ,94 'iLDANAL YIELD ANALYSIS PAGE : 12 OCSF07522202 2003/08/31 RUN DATE 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME : 11.58.30 ==-----------------------------------------=------------·------------==-=====----===--====--=============================-==-- PAR VALUE YT'M AT CURRENT MOODY HARI<ET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE HARI<ET VALUE I TOTAL -------------------------------------------------------------------------------------------- 16,231,880.00 US TREASURY INFLATION INDEX NT 3.817 3.115 AAA 108.359 14,304,853.87 5.60 9128272M3 3.3751 01/15/2007 00 01/15/97 AAA 17,588,764.53 4 .39 15,500,000.00 FEDERAL NATL MTG ASSN DEBS 5,967 6,616 AAA 107.699 16,154,410.00 5.31 31359MFH1 7,1251 02/15/2005 DO 02/14/00 AAA 16,693,283.00 4.16 1,236,491.19 FHLMC MULTICLASS MTG SER E3 A 6 .316 3.981 AAA 102,383 1,237,808.54 .40 3133TCE95 VAR RT 08/15/2032 00 12/01/97 AAA 1,265,956.78 ,32 871,119.96 GNMA GTO REMIC TR 2000-9 FH 6 .320 1.597 AAA 100,828 871,119.96 ,27 3837H4NX9 VAR RT 02/16/2030 AAA 878,332.83 .22 10,851.81 GNMA POOL 10500917 6. 389 5,854 AAA 102.492 10,300.74 .00 36210SPAO 6.0001 04/15/2029 DO 04/01/99 AAA 11,122.26 .oo 41,487.15 GNMA POOL 10506636 6. 389 5.854 AAA 102.492 39,380.38 .01 36210'iY90 6.0001 04/15/2029 OD 04/01/99 AAA 42,521.09 .01 459,076.89 GNMA POOL 10503388 6. 389 5.854 AAA 102,492 435,764.39 ,14 36210VF55 6 .0001 03/15/2029 00 03/01/99 AAA 470,517.96 .12 13,975.92 GNMA POOL 10499153 6 .389 5.851 AAA 102.555 13,266.20 .oo 36210QQE5 6.0001 02/15/2029 DO 02/01/99 AAA 14,332.96 .oo 502,783.44 GNMA POOL 10496461 6. 390 5,851 AAA 102.555 477,251.46 .16 36210MQN4 6.0001 01/15/2029 DD 01/01/99 AAA 515,628.00 .13 131,504.20 GNMA POOL 10491103 6,390 5,851 AAA 102,555 124,826.26 .04 36210FRY4 6.0001 01/15/2029 DD 01/01/99 AAA 134,863.72 .03 13,966.96 GNMA POOL 10486720 6 .390 5.851 AAA 102,555 13,257.71 .oo 36210AVM6 6.0001 12/15/2028 DD 12/01/98 AAA 14,323.77 .oo 27,2'.'6.98 GNMA POOL 10497343 6 .390 5.851 AAA 102.555 25,891.83 .oo 36210NP45 6.0001 12/15/2028 00 12/01/98 AAA 27,973.82 .01 19,8.jl.82 GNMA POOL 10469688 6. 391 5.851 AAA 102.555 18,853.21 .00 3620'EXR8 6.0001 11/15/2028 DO 11/01/98 AAA 20,369.23 .01 23,206.96 GNMA POOL 10467279 6. 391 5.851 AAA 102.555 22,028.48 .oo 36209CCQ7 6.0001 10/15/2028 OD 10/01/98 AAA 23,799.83 .01 46,779.18 GNMA POOL 10457814 6. 391 5.851 AAA 102,555 44,403.66 .01 36208QSB3 6.0001 10/15/2028 00 10/01/98 AAA 47,974.24 .01 YLDANAL YIELD ANALYSIS PAGE 13 OCSF07522202 2003/08/31 RUN DATE 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME 11.58.30 ------------- PAR VALUE YTIH AT CURRENT MOODY HARI<ET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE HARI<ET VALUE % TOTAL ------------------------------------------------------------------------------------------ 495,637.27 GNMA POOL 10467286 6. 391 5.851 AAA 102.555 470,468.19 .16 36209CCX2 6,000% 10/15/2028 DD 10/01/98 AAA 508,299.27 .13 587,625.21 GNMA POOL 10465555 6. 392 5.851 AAA 102.555 557,784.89 ,19 36209AE48 6.000% 09/15/2028 DD 09/01/98 AAA 602,637.21 .15 15,432.32 GNMA POOL 10483452 6. 392 5.851 AAA 102.555 14,648.65 .oo 36209WBV3 6.000% 09/15/2028 DD 09/01/98 AAA 15,826.57 .oo 592,251,19 GNHA POOL 10465546 6 .392 5.851 AAA 102.555 562,175.94 ,19 36209AET3 6.000% 08/15/2028 DD 08/01/98 AAA 607,381.37 .15 443,825.59 GNMA POOL 10468339 6. 392 5.851 AAA 102.555 421,287.59 .14 36209DHQO 6.000% 08/15/2028 DD 08/01/98 AAA 455,163.96 .11 29,546.64 GNHA POOL 10438057 6,393 5.851 AAA 102,555 28,046.24 .oo 36207PTN9 6.000% 05/15/2028 DD 05/01/98 AAA 30,301.47 .01 26,541.15 GNHA POOL 10468330 6 ,393 5.851 AAA 102.555 25,193.35 .oo 36209DHF4 6.000% 05/15/2028 DD 05/01/98 AAA 27,219,19 .01 134,761.08 FHLMC MULTICLASS CTF Tll A6 6 .496 6.496 AAA 100.056 134,820.91 ,04 3133TDPV2 6.500% 09/25/2018 AAA 134,836.55 .03 2,957,421.12 FHLMC MULTICLASS CTF SER 1620Z 6. 499 5.816 AAA 103.165 2,801,281.18 .97 3133T17A4 6.000% 11/15/2023 DD 11/01/93 AAA 3,051,023.50 .76 389,230.79 GNMA II POOL f080088H 6,705 4.298 AAA 101. 791 397,745.22 .12 36225CC20 7.375% 06/20/2027 DD 06/01/97 AAA 396,203.86 .10 2,000,000.00 MARSH & MCLENNAN COS INC SR NT 6,717 6.374 A2 103.937 1,992,280.00 .66 571 H8AB8 6.625% 06/15/2004 DD 06/14/99 AA-2,078,740.00 .52 3,000,000.00 FORD MTR CR CO GLOBAL LANDHARI< 6. 739 6.503 Al 103.031 2,995,080,00 .98 345397SJ3 6.700% 07/16/2004 DD 07/16/99 BBB 3,090,930.00 .77 2,500,0u0,00 COUNTRYWIDE HOME LNS INC NT 6. 866 6.576 A3 104 .171 2,498,400.00 .82 2223" UAB8 6.850% 06/15/2004 DD 06/24/99 A 2,604,275.00 .65 278,727.54 GNHA II POOL f0080023 6. 992 5.462 AAA 102.987 283,343.97 .09 36225CAZ9 VAR RT 12/20/2026 DD 12/01/96 AAA 287,054.25 .07 2,100,000.00 FEDERAL NATL MTG ASSN DEBS 7 .113 5,886 AAA 112.563 2,030,133.00 .75 31359MEY5 6,625% 09/15/2009 DD 09/01/99 AAA 2,363,820.90 .59 YLDANAL YIELD ANALYSIS PAGE 14 OCSF07522202 2003/08/31 RUN DATE 09/05/03 DISTRICT: LONG-TERM OPERATING RUN TIME I 11.58,30 = ---=-----==-.---=::=:-- PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE I TOTAL --------------------------------------------------------------------------------------------- 1,000,000.00 FORD MOTOR CR CO NT 7. 582 6.456 Al 104.562 965,170.00 ,33 345397GV9 6,7501 05/15/2005 DD 05/24/93 BBB 1,045,620,00 ,26 948,966.12 WMP/HUNTOON PAIGE t000-11150 7 .684 7,184 AAA 104,393 928,355.77 .31 302998GE3 7.5001 12/01/2030 DD 10/21/99 AAA 990,650.60 ,25 J,ooo,000.00 PACIFICORP SECD MTN tTR 00115 7. 709 6.889 Al 105.968 2,950,530.00 1.01 69512EEU5 7,3001 10/22/2004 DD 10/22/92 A 3,179,040.00 .79 1,600,000.00 ALLSTATE CORP SR NT 7,967 7.194 Al 109,468 1,594,032,00 ,55 020002AL5 7,8751 05/01/2005 DD 05/01/00 A+ 1,751,488.00 ,44 -----------------------------·------·-----TOTAL FIXED INCOME SECURITIES .395 5.252 310,785,638,26 100.00 313,943,273,34 78,33 -------------------------------------------- TOTAL ,376 5,004 397,742,794, 37 100.00 400,900,429,45 100.00 .... •·-=-====~--=== ==:=:=== Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED · OCSGOO0l0000 8/31/2003 Status: FINAL I Description Net Unrealized Price Cost Market Value % of Gain/Loss Base Shares Par Base Base Total Base U.S. DOLLAR CASH & CASH EQUIVALENTS RECEIVABLE FOR INVESTMENTS 35,432.05 35,432.05 0.01% 0.00 SOLD PAYABLE FOR INVESTMENTS -23,993,125.01 -23,993,125.01 -5.74% 0 .00 PURCHASED INTEREST RECEIVABLE 3,247,539.81 3,247,539.81 0.78% 0.00 CASH -2,220,352.96 -2,220,352.96 -0.53% 0.00 FEDERAL AGRIC MTG CORP 99.9183 12,100,000.000 12,090,118.33 12,090,118.33 2.89% 0.00 DISCOUN 0.000% 09/23/2003 DD 09/23/02SEC ID: 31315KMB3 FEDERAL HOME LN BK CONS DISC 99.9320 12,100,000.000 12,091,772.00 12,091,772.00 2.89% 0.00 NMAT 09/19/2003SEC ID: 313384LX5 FEDERAL HOME LN BK CONS DISC 99.7608 4,400,0·00.000 4,389,473.00 4,389,473.00 1.05% 0.00 NMAT 10/10/2003SEC ID: 313384MUO FEDERAL HOME LN BKS CONS 99.7472 12,t000,000.000 11,969,666.67 11,969,666.67 2.87% 0.00 DISCMAT 10/15/2003SEC ID: 313384MZ9 FEDERAL HOME LN BK CONS DISC 99.7399 4,300,000.000 4,287,775.88 4,287,775.88 1.03% 0.00 NMAT 10/24/2003SEC ID: 313384NJ4 FEDERAL HOME LN BKS CONS 99.7358 1,500,000.000 1,496,037.71 1,496,037.71 0.36% 0.00 DISCMAT 10/29/2003SEC ID: 313384NPO FEDERAL HOME LN BK CONS DISC 99.4332 2,1()00,000.000 1,988,663.33 1,988,663.33 0.48% 0.00 NMAT 11 /07 /2003SEC ID: 313384NY1 FEDERAL HOME LN BKS CONS 99.7371 1,600,000.000 1,595,793.78 1,595,793.78 0.38% 0.00 DISCMAT ll/19/2003SEC ID: 313384PL7 FEDERAL HOME LN MTG CORP 99.7214 12,100,000.000 12,066,294.78 12,066,294.78 2.89% 0.00 DISCMAT ll/26/2003SEC ID: 313396PT4 FEDERAL NATL MTG ASSN 99.7447 13,700,000.000 13,665,023.14 13,665,023.14 3 .27% 0.00 DISCOUNTMAT 10/15/2003SEC ID: 313588MZ5 ---------------·----~ 1 Workbench ----- Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGO00I0000 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base FEDERAL NATL MTG ASSN DISCMAT 99.4677 1,000,000.000 994,677.08 994,677.08 0.24% 0.00 11/12/2003SECID:313588PD1 FEDERAL NATL MTG ASSN 99.7485 13,600,000.000 13,564,090.11 13,564,090.11 3.25% 0.00 DISCOUNTMAT 11/19/2003SEC ID:313588PL3 FEDERAL NATL MTG ASSN 99.7214 2,400,000.000 2,393,314.67 2,393,314.67 0.57% 0.00 DISCOUNTMAT 11/26/2003SEC ID:313588PT6 FEDERAL NATL MTG ASSN DISCSEC 99.6370 200,000.000 199,274.00 199,274.00 0.05% 0.00 ID: 313588QA6 FEDERAL NATL MTG ASSN 99.6627 :800,000.000 797,301.63 797,301.63 0.19% 0.00 DISCOUNTMAT 12/15/2003SEC ID: 313588QN8 FEDERAL NATL MTG ASSN 99.4293 600,000.000 596,576.08 596,576.08 0.14% 0.00 DISCOUNTMAT 02/25/2004SEC ID:313588TNS GENERAL ELEC CAP 99.6624 600,000.000 597,974.33 597,974.33 0 .14% 0.00 DISCl 1/ 12/2003SEC ID: 36959JYC1 GENERAL ELEC CAP 99.6579 2,800,000.000 2,790,420.11 2,790,420.11 0.67% 0.00 DISC12/ 10/2003SEC ID: 36959JZA4 US TREASURY BILL 0.000% 99.9845 3,200,000.000 3,199,504.00 3,199,504.00 0.77% 0.00 09/04/2003 DD 03/06/03SEC ID: 912795NL1 U S TREASURY BILLDUE 99.5160 5,700,000.000 5 ,672,410.42 5,672,410.42 1.36% 0.00 02/12/2004 DD 08/14/2003SEC ID:912795PK1 DREYFUS TREASURY CASH 100.0000 1,366,113.100 1,366,113.10 1,366,113.10 0.33% 0.00 MGMTSEC ID: 99608524 7 TOTAL CASH & CASH EQUIVALENTS 108,066,113.100 84,881,768.04 84,881,768.04 20.32% 0.00 FIXED INCOME SECURITIES AIG SUNAMERICA GLOBAL REG S 5. 109.8670 752,000.000 826,199.84 826,199.84 0.20% 0.00 850% 08/01/2008 DD 08/08/01SECID:U00907MO COMMIT TO PUR FNMA SF MTG 5. 100.5352 6,000,000.000 6 ,185,113.63 6,032,109.60 1.44% -153,004.03 000% 08/01/2018 DD 08/01/03SECID:01F050486 2 Workbench ---- Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGO00l0000 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base - COMMIT TO PUR FNMA SF MTG 5. 100.3594 23, 000,0,00.000 22,977,500.00 23,082,657.40 5.53% 105,157.40 000% 09/01/2018 DD 09/01/03SECID:01F050494 COMMIT TO PUR FNMA SF MTG 6. 101.6563 1, 000,0·00.000 1,015,625.01 1,016,562.50 0.24% 937.49 000% 09/01/2033 DD 09/01/03SECID:01F060691 ALLSTATE CORP SR NT7.875% 109.4680 1, 600,0·00.000 1,594,032.00 1,751,488.00 0.42% 157,456.00 05/01/2005 DD 05/01/00SEC ID: 020002AL5 ASSOCIATES CORP NORTH AMER5. 102.8280 1, 000,0·00.000 1,041,290.00 1,028,280.00 0.25% -13,010.00 800% 04/20/2004 DD 04/20/99SECID:046003KA6 BEAR STEARNS MTN # TR 100.0780 900,0,00.000 899,406.00 900,702.00 0.22% 1,296.00 00459VAR RT 12/01/2003 DD 08/17/01SECID:073928VC4 BELL ATLANTIC-NEW JERSEY INC5. 101.8430 650,0·00.000 677,046.50 661,979.50 0.16% -15,067.00 875% 02/01/2004 DD 02/01/94SECID:077858M6 CIT GROUP INC NEW SR NT 5.500% 105.5150 1, 500,0·00.000 1,527,135.00 1,582,725.00 0.38% 55,590.00 11/30/2007 DD 12/02/02SEC ID: 125581ADO CITIGROUP INC GLOBAL SUB NT5. 103.2340 5,000,000.000 5,333,600.00 5,161,700.00 1.24% -171,900.00 625% 08/27/2012 DD 08/26/02SECID: 172967BP5 COLGATE PALMOLIVE MTN TR 101.0000 .300,000.000 308,808.00 303,000.00 0.07% -5,808.00 000585.270% 12/01/2003 DD 11/24/98SEC ID: 19416QCK4 COUNTRYWIDE HOME LNS INC NT6. 104.1710 2, 500,0·00.000 2,498,400.00 2,604,275.00 0.62% 105,875.00 850% 06/15/2004 DD 06/24/99SECID:22237UAB8 WMP/HUNTOON PAIGE #000-104.3926 '948,966.120 928,355.77 990,650.60 0 .24% 62,294.83 111507.500% 12/01/2030 DD 10/21/99SEC ID: 302998GE3 FHLMC GROUP #G4-0353 7.500% 102.6210 111,352.660 114,171.28 114,271.16 0.03% 99.88 10/01/2004 DD 03/01/99SEC ID: 3128DBMA2 FEDERAL HOME LN BK CONS BDS7. 107.5814 7,500,000.000 7,997,625.00 8 ,068,607.25 1.93% 70,982.25 125% 02/15/2005 DD 02/08/00SEC ID: 3133MAUN7 --_.,. -·--··· --------------------------------------------------- 3 Workbench Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGOO0IO000 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base FHLMC MULTICLASS MTG SER E3 102.3830 1,236,491.190 1,237,808.54 1,265,956.78 0.30% 28,148.24 AVAR RT 08/15/2032 DD 12/01/97SECID:3133TCE95 FHLMC MULTICLASS CTF Tl 1 A66. 100.0560 134,761.080 134,820.91 134,836.55 0.03% 15.64 500% 09/25/2018SEC ID: 3133TDPV2 FHLMC MULTICLASS CTF SER 103.1650 2,957,421.120 2,801,281.18 3,051,023.50 0.73% 249,742.32 1620Z6.000% 11/15/2023 DD 11/01/93SECID:3133Tl7A4 FEDERAL FARM CR BKS CONS 101.6517 1,:350,000.000 1,399,963.50 1,372,298.22 0.33% -27,665.28 SYSTE6.40% 01/23/2004 DD 01/01/1999SECID:31331H6G7 FEDERAL FARM CR BKS CONS MTN 100.3591 :550,000.000 565,229.50 551,975.16 0.13% -13,254.34 5.000% 10/02/2003 DD 10/02/98SECID:31331RC78 FEDERAL HOME LN MTG CORP DEB 101.4858 1,100,000.000 l, 125,905.00 1,116,343.69 0.27% -9,561.31 3.750% 04/15/2004 DD 04/15/02SECID:3134A4PH1 FHLMC GROUP #78-6064 6.384% 104.0625 88,172.210 86,023.01 91,754.21 0.02% 5,731.20 01/01/2028 DD 12/0l/97SEC ID: 31348SWZ3 FEDERAL NATL MTG ASSN DEBS5. 101.7298 4,200,000.000 4,350,168.00 4,272,651.18 1.02% -77,516.82 125% 02/13/2004 DD 02/08/99SEC ID: 31359MEM1 FEDERAL NATL MTG ASSN DEBS6. 112.5629 2,100,000.000 2,030,133.00 2,363,820.90 0 .57% 333,687.90 625% 09/15/2009 DD 09/01/99SEC ID: 31359MEY5 FEDERAL NATL MTG ASSN DEBS7. 107.6986 15,500,000.000 16,154,410.00 16,693,283.00 4.00% 538,873.00 125% 02/15/2005 DD 02/14/00SECID:31359MFH1 FEDERAL NATL MTG ASSN DEBS5. 106.8519 l l ,.'350,000.000 11,521,271.50 12,127,688.38 2.90% 606,416.88 250% 06/15/2006 DD 06/22/0lSEC ID: 31359MJX2 FNMA POOL #0254631 5.000% 100.5352 193,633.190 199,442.19 194,669.44 0.05% -4,772.75 02/01/2018 DD 01/01/03SEC ID: 31371KY47 FNMA POOL #0254760 5.000% 100.5352 172,593.740 177,771.55 173,517.39 0.04% -4,254.16 06/01/2018 DD 05/0l/03SEC ID: 31371K5V9 -------------------. --· ---------------------------------------------------------- 4 Workbench Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGO00l0000 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base FNMA POOL #0254866 5.000% 100.4466 72,159.000 74,323.77 72,481.26 0.02% -1,842.51 09/01/2018 DD 08/01/03SEC ID: 31371LCB3 FNMA POOL #0323980 6.000% 104.0000 267,144.100 278,915.14 277,829.86 0.07% -1,085.28 04/01/2014 DD 09/01/99SEC ID: 31374T2M0 FNMA POOL #0357328 5.000% 100.5837 40,892.120 42,118.88 41,130.83 0.01% -988.05 01/01/2018 DD 01/01/03SEC ID: 31376J4M8 FNMA POOL #0456482 6.000% 104.0625 99,460.760 103,843.25 103,501.35 0.02% -341.90 02/01/2014 DD 02/01/99SEC ID: 31381CCT2 FNMA POOL #0509649 6.000% 104.0000 265,039.160 276,717.45 275,640.73 0.07% -1,076.72 09/01/2014 DD 09/01/99SEC ID: 31383QEW0 FNMA POOL #0535451 6.000% 104.0000 214,383.210 223,829.47 222,958.54 0.05% -870.93 06/01/2015 DD 07 /01/00SEC ID: 31384VZQ8 FNMA POOL #0535672 6.000% 104.0000 4,673,015.550 4,878,920.30 4,859,936.17 1.16% -18,984.13 01/01/2016 DD 12/01/00SEC ID: 31384WCH1 FNMA POOL #0545296 6.000% 103.8125 1,603,040.610 1,673,674.58 1,664,156.53 0.40% -9,518.05 11/01/2016 DD 10/01/0lSEC ID: 31385HXZ0 FNMA POOL #0545580 6.000% 103.8750 131,418.900 137,209.54 136,511.38 0.03% -698.16 03/01/2017 DD 03/01/02SEC ID: 31385JCR7 FNMA POOL #0545998 6.000% 101.6165 1,000,099.650 1,040,103.64 1,016,266.69 0.24% -23,836.95 11/01/2032 DD 10/01/02SEC ID: 31385JRT7 FNMA POOL #0555101 6.000% 103.8125 224,854.810 234,762.47 233,427.40 0.06% -1,335.07 10/01/2017 DD 11/01/02SEC ID: 31385WU23 FNMA POOL #0555285 6.000% 101.8359 1,000,099.950 1,040,103.95 1,018,461.19 0.24% -21,642.76 03/01/2033 DD 02/01/03SEC ID: 31385W2S7 FNMA POOL #0555363 5.000% 100.5352 82,496.010 84,970.89 82,937.50 0.02% -2,033.39 04/01/2018 DD 03/01/03SEC ID: 31385W5Yl 5 Workbench Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOLIDATED-OCSGO00l0000 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base FNMA POOL #0555528 6.000% 101.8359 1,000,099.880 1,040,103.88 1,018,461.11 0.24% -21,642.77 04/01/2033 DD 05/0l/03SEC ID: 31385XD95 FNMA POOL #0555640 6.000% 101.8359 1,000,099.950 1,040,103.95 1,018,461.19 0.24% -21,642.76 07/01/2033 DD 06/01/03SEC ID: 31385XHR1 FNMA POOL #0576386 6.000% 103.4528 85,9"98.530 89,787.84 88,967.84 0.02% -820.00 05/01/2016 DD 05/01/0lSEC ID: 31386XJ72 FNMA POOL #0576739 6.000% 103.8750 253,283.640 264,443.95 263,098.38 0.06% -1,345.57 04/01/2016 DD 04/01/0lSEC ID: 31386.XV86 FNMA POOL #0580888 6.000% 103.8750 292,498.710 305,386.93 303,833.04 0.07% -1,553.89 05/01/2016 DD 05/01/0lSEC ID: 31387DJ91 FNMA POOL #0594002 6.000% 103.8750 216,620.550 226,165.39 225,014.60 0.05% -1,150.79 07/01/2016 DD 07 /01/0lSEC ID: 31387T3K8 FNMA POOL #0597376 6.000% 103.8125 270,031.050 281,929.29 280,325.98 0.07% -1,603.31 09/01/2016 DD 08/01/0lSEC ID: 31387XT96 FNMA POOL #0605259 6.000% 103.8125 275,811.220 287,964.15 286,326.52 0.07% -1,637.63 09/01/2016 DD 09/01/0lSEC ID: 31388HMG1 FNMA POOL #0608366 6.000% 103.8750 154,812.680 161,634.11 160,811.67 0.04% -822.44 10/01/2016 DD 09/01/0lSEC ID: 31388LZ78 FNMA POOL #0616734 6.000% 103.8750 173,379.730 181,019.27 180,098.19 0.04% -921.08 12/01/2016 DD 12/01/0lSEC ID: 31388WEF9 FNMA POOL #0630812 6.000% 103.5228 263,408.020 275,014.43 272,687.23 0.07% -2,327.20 02/01/2017 DD 02/01/02SEC ID: 31389NYH2 FNMA POOL #0632376 6.000% 103.9625 1,085,484.460 1,133,313.63 1,128,496.78 0.27% -4,816.85 07/01/2017 DD 07 /01/02SEC ID: 31389QQ50 FNMA POOL #0653116 6.000% 103.9625 613,947.460 640,999.52 638,275.13 0.15% -2,724.39 07/01/2017 DD 07 /01/02SEC ID: 31390QSD8 6 Workbench I OCSD-CONSOUDA""" . OCSGOOOlOOOO Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base FNMA POOL #0673280 6.000% 103.8125 253,8,85.970 265,072.82 263,565.37 0.06% -1,507.45 08/01/2017 DD 1 l/01/02SEC ID: 31391P6R2 FNMA POOL #0681309 5.000% 100.5352 633,772.420 652,785.59 637,164.12 0.15% -15,621.47 02/01/2018 DD 02/0l/03SEC ID: 31391Y3S4 FNMA POOL #0681334 5.000% 100.5352 81,254.580 83,692.22 81,689.42 0.02% -2,002.80 02/01/2018 DD 01/0l/03SEC ID: 31391Y4Tl FNMA POOL #0685665 5.000% 100.5352 40,403.940 41,616.06 40,620.17 0.01% -995.89 02/01/2018 DD 02/01/03SEC ID: 31400EW22 FNMA POOL #0688739 5.000% 100.5352 131,857.470 135,813.19 132,563.12 0.03% -3,250.07 06/01/2018 DD 06/01/03SEC ID: 31400JEL9 FNMA POOL #0693834 5.000% 100.5352 785,645.820 809,215.19 789,850.28 0.19% -19,364.91 03/01/2018 DD 03/01/03SEC ID: 31400PY74 FNMA POOL #0695889 5.000% 100.5352 918,703.070 946,264.16 923,619.60 0.22% -22,644.56 05/01/2018 DD 05/01/03SEC ID: 31400SC23 FNMA POOL #0698939 6.000% 103.9875 138,823.980 144,940.91 144,359.59 0.03% -581.32 09/01/2017 DD 03/01/03SEC ID: 31400VPY2 FNMA POOL #0703195 6.000% 104.2500 85,725.880 89,503.18 89,369.23 0.02% -133.95 01/01/2017 DD 04/01/03SEC ID: 31401BGC3 FNMA POOL #0710235 5.000% 100.5352 .846,5-86.180 871,983.77 851,116.77 0 .20% -20,867.00 06/01/2018 DD 06/0l/03SEC ID: 31401KBC8 FORD MOTOR CR CO NT6. 750% 104.5620 1,-000,0·00.000 965,170.00 1,045,620.00 0.25% 80,450.00 05/15/2005 DD 05/24/93SEC ID: 345397GV9 FORD MTR CR CO GLOBAL 103.0310 3,000,000.000 2,995,080.00 3,090,930.00 0.74% 95,850.00 LANDMARK6.700% 07/16/2004 DD 07/16/99SECID:345397SJ3 GNMA POOL #0596612 6.500% 104.3477 548,665.380 575,841.47 572,519.49 0.14% -3,321.98 09/15/2032 DD 09/01/02SEC ID: 36200BYH4 7 Workbench Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOLlDATED -OCSGO00l0OO0 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base GNMA POOL #0569358 6.500% 103.9503 1,643,285.080 1,681,799.57 1,708,199.70 0.41% 26,400.13 04/15/2032 DD 04/01/02SEC ID: 36200QQK3 GNMA POOL #0569685 6.500% 104.3789 71,643.830 75,192.44 74,781.05 0.02% -411.39 02/15/2032 DD 02/0l/02SEC ID: 36200Q2S2 GNMA POOL #0570019 6.500% 104.3477 122,458.860 128,524.41 127,782.95 0.03% -741.46 07/15/2032 DD 07 /01/02SEC ID: 36200RG48 GNMA POOL #0574323 6.500% 104.3789 764,246.310 802,100.38 797,711.97 0.19% -4,388.41 12/15/2031 DD 12/01/0lSEC ID: 36200WAY7 GNMA POOL #0575364 6.500% 104.3789 80,714.080 84,711.95 84,248.48 0.02% -463.47 11/15/2031 DD 11/01/0lSEC ID: 36200XFD6 GNMA POOL #0587117 6.500% 104.3477 30,176.510 31,671.19 31,488.48 0.01% -182.71 06/15/2032 DD 06/01/02SEC ID: 36201MG22 GNMA POOL #0587439 6.500% 104.3477 93,314.120 97,936.08 97,371.10 0.02% -564.98 11/15/2032 DD 12/01/02SEC ID: 36201MS45 GNMA POOL #0421389 6.500% 104.6602 20,363.080 21,371.69 21,312.03 0.01% -59.66 04/15/2026 DD 04/01/96SEC ID: 36206UC23 GNMA POOL #0438057 6.000% 102.5547 29,546.640 28,046.24 30,301.47 0.01% 2,255.23 05/15/2028 DD 05/01/98SEC ID: 36207PTN9 GNMA POOL #0449851 6.500% 104.0883 32,178.280 33,772.11 33,493.82 0.01% -278.29 01/15/2028 DD 01/01/98SEC ID: 36208FWL0 GNMA POOL #0457814 6.000% 102.5547 46,779.180 44,403.66 47,974.24 0.01% 3,570.58 10/15/2028 DD 10/01/98SEC ID: 36208QSB3 GNMA POOL #0465546 6.000% 102.5547 592,251.190 562,175.94 607,381.37 0.15% 45,205.43 08/15/2028 DD 08/01/98SEC ID: 36209AET3 GNMA POOL #0465555 6.000% 102.5547 587,625.210 557,784.89 602,637.21 0.14% 44,852.32 09/15/2028 DD 09/01/98SEC ID: 36209AE48 8 :Workbench Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGO00l0000 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base GNMA POOL #0466845 6.500% 104.5977 95,072.710 99,781.78 99,443.83 0.02% -337.95 06/15/2028 DD 06/01/98SEC ID: 36209BTA6 GNMA POOL #0467279 6.000% 102.5547 23,206.960 22,028.48 23,799.83 0.01% 1,771.35 10/15/2028 DD 10/01/98SEC ID: 36209CCQ7 GNMA POOL #0467286 6.000% 102.5547 495,637.270 470,468.19 508,299.27 0.12% 37,831.08 10/15/2028 DD 10/01/98SEC ID: 36209CCX2 GNMA POOL #0468052 6.500% 104.5039 678,%7.480 712,597.59 709,547.56 0.17% -3,050.03 07/15/2028 DD 07 /01/98SEC ID: 36209C5M4 GNMA POOL #0468330 6.000% 102.5547 26,541.150 25,193.35 27,219.19 0.01% 2,025.84 05/15/2028 DD 05/01/98SEC ID: 36209DHF4 GNMA POOL #0468339 6.000% 102.5547 443,825.590 421,287.59 455,163.96 0.11% 33,876.37 08/15/2028 DD 08/0l/98SEC ID: 36209DHQ0 GNMA POOL #0469688 6.000% 102.5547 19,861.820 18,853.21 20,369.23 0.00% 1,516.02 11/15/2028 DD ll/01/98SEC ID: 36209EXR8 GNMA POOL #0476041 6.500% 104.5977 275,669.140 288,892.65 288,343.47 0.07% -549.18 06/15/2028 DD 06/0l/98SEC ID: 36209MZE7 GNMA POOL #0478626 6.500% 104.5039 217,5-87.010 228,024.39 227,386.93 0.05% -637.46 01/15/2029 DD 01/01/99SEC ID: 36209QVT9 GNMA POOL #0480598 6.500% 104.5039 289,110.520 302,978.80 302,131.80 0.07% -847.00 10/15/2028 DD 10/01/98SEC ID: 36209S3F6 GNMA POOL #0483452 6.000% 102.5547 15,432.320 14,648.65 15,826.57 0.00% 1,177.92 09/15/2028 DD 09/01/98SEC ID: 36209WBV3 GNMA POOL #0485527 6.500% 104.3789 638,983.060 670,632.69 666,963.55 0.16% -3,669.14 06/15/2031 DD 06/01/0lSEC ID: 36209YLG1 GNMA POOL #0485610 6.500% 104.3789 752,496.040 789,768.11 785,447.16 0.19% -4,320.95 07/15/2031 DD 07 /01/0lSEC ID: 36209YN38 -----·· 9 Workbench Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOLIDATED · OCSGO00l0000 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base GNMA POOL #0485682 6.500% 104.3789 150,096.570 157,531.04 156,669.16 0.04% -861.88 08/15/2031 DD 08/01/0lSEC ID: 36209YRB6 GNMA POOL #0485703 6.500% 1,04.3789 143,955.350 151,085.64 150,259.03 0.04% -826.61 08/15/2031 DD 08/01/0lSEC ID: 36209YRY6 GNMA POOL #0486720 6.000% 102.5547 13,966.960 13,257.71 14,323.77 0.00% 1,066.06 12/15/2028 DD 12/01/98SEC ID: 36210AVM6 GNMA POOL #0491103 6.000% 102.5547 131,504.200 124,826.26 134,863.72 0.03% 10,037.46 01/15/2029 DD 01/01/99SEC ID: 36210FRY4 GNMA POOL #0496461 6.000% 102.5547 502,783.440 477,251.46 515,628.00 0.12% 38,376.54 01/15/2029 DD 01/01/99SEC ID: 36210MQN4 GNMA POOL #0497343 6.000% 102.5547 27,276.980 25,891.83 27,973.82 0.01% 2,081.99 12/15/2028 DD 12/01/98SEC ID: 36210NP45 GNMA POOL #0499153 6.000% 102.5547 13,975.920 13,266.20 14,332.96 0.00% 1,066.76 02/15/2029 DD 02/0l/99SEC ID: 36210QQE5 GNMA POOL #0500917 6.000% 102.4922 10,851.810 10,300.74 11,122.26 0.00% 821.52 04/15/2029 DD 04/01/99SEC ID: 36210SPA0 GNMA POOL #0503388 6.000% 102.4922 459,076.890 435,764.39 470,517.96 0.11% 34,753.57 03/15/2029 DD 03/01/99SEC ID: 36210VF55 GNMA POOL #0506636 6.000% 102.4922 41,487.150 39,380.38 42,521.09 0.01% 3,140.71 04/15/2029 DD 04/0l/99SEC ID: 36210YY90 GNMA POOL #0512235 6.500% 104.4414 16,467.560 17,283.22 17,198.95 0.00% -84.27 11/15/2029 DD 11/01/99SEC ID: 36211GBC6 GNMA POOL #0514326 6.500% 104.5039 276,727.490 290,001.76 289,191.05 0.07% -810.71 07/15/2029 DD 07 /01/99SEC ID: 36211JLF2 GNMA POOL #0530053 6.500% 103.9062 72,488.670 76,079.13 75,320.19 0.02% -758.94 04/15/2031 DD 04/01/0lSEC ID: 36212CZS3 10 Workbench I OCSJ>-COJVSOUDATBD · OCSGOOO 10000 Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base GNMA POOL #0530290 6.500% 104.3789 69,266.860 72,589.51 72,299.99 0.02% -289.52 03/15/2031 DD 04/01/0lSEC ID: 36212DC31 GNMA POOL #0537885 6.500% 104.3789 156,524.700 164,277.56 163,378.78 0.04% -898.78 02/15/2031 DD 02/01/0lSEC ID: 36212MRE1 GNMA POOL #0547512 6.500% 104.3789 20,385.950 21,395.69 21,278.63 0.01% -117.06 04/15/2031 DD 04/01/0lSEC ID: 36212YGV9 GNMA POOL #0547715 6.500% 104.3789 181,695.120 190,410.80 189,651.39 0.05% -759.41 02/15/2031 DD 02/01/0lSEC ID: 36212YN82 GNMA POOL #0552322 6.500% 104.3789 100,906.770 105,904.81 105,325.39 0.03% -579.42 01/15/2032 DD 01/01/02SEC ID: 36213ESK3 GNMA POOL #0552466 6.500% 103.9503 :806,501.320 846,448.34 838,360.51 0.20% -8,087.83 03/15/2032 DD 03/01/02SEC ID: 36213EW36 GNMA POOL #0552659 6 .500% 104.3477 609,767.150 639,969.67 636,277.75 0.15% -3 ,691.92 07/15/2032 DD 07 /01/02SEC ID: 36213E5U6 GNMA POOL #0561017 6.500% 104.3789 658,332.620 690,940.66 687,160.41 0.16% -3,780.25 07/15/2031 DD 07 /01/0lSEC ID: 36213QG29 GNMA II POOL #0080023VAR RT 102.9874 278,727.540 283,343.97 287,054.25 0.07% 3,710.28 12/20/2026 DD 12/01/96SEC ID: 36225CAZ9 GNMA II POOL #080088M 7.375% 101.7915 389,230.790 397,745.22 396,203.86 0.09% -1,541.36 06/20/2027 DD 06/0l/97SEC ID: 36225CC20 GNMA II POOL #0080395VAR RT 100.5436 321,854.370 318,937.57 323,603.97 0 .08% 4,666.40 04/20/2030 DD 04/01/00SEC ID: 36225CNM4 GNMA II POOL #080408X 6.500% 100.5434 2,906,214.720 2,876,698.47 2,922,007.09 0.70% 45,308.62 05/20/2030 DD 05/01/00SEC ID: 36225CN28 GTE NORTH INC DEB SER A6.000% 101.7340 3,000,000.000 3,063,750.00 3,052,020.00 0.73% -11,730.00 01/15/2004 DD Ol/15/94SEC ID: 362337AD9 11 Workbench I OCSD-CONSOLIDAmD. OCSGOOOlOOOO Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base GENERAL ELEC CAP MTN #TR 101.0780 5,000,000.000 5,203,500.00 5,053,900.00 1.21% -149,600.00 00575 5.450% 01/15/2013 DD 12/06/02SECID:36962Gzy3 GENERAL MTRS ACCEP CORP SR NT 103.0000 3,000,000.000 3,064,350.00 3,090,000.00 0.74% 25,650.00 6.125% 08/28/2007 DD 08/29/02SECID:370425SD3 GOLDMAN SACHS GROUP INC SR NT 100.5780 3,000,000.000 3,030,030.00 3,017,340.00 0.72% -12,690.00 4.125% 01/15/2008 DD 01/13/03SECID:38141GCS1 GNMA GTD REMIC TR 2000-9 100.8280 ,871,119.960 871,119.96 878,332.83 0 .21% 7,212.87 FHVAR RT 02/16/2030SEC ID: 3837H4NX9 HOUSEHOLD FIN CORP NT 6.375% 107.0310 1,635,0,00.000 1,772,820.00 1,749,956.85 0.42% -22,863.15 10/15/2011 DD 10/23/0lSEC ID: 441812JW5 JP MORGAN CHASE & CO SUB NT5. 102.7500 3 ,000,0,00.000 3,127,260.00 3,082,500.00 0.74% -44,760.00 750% 01/02/2013 DD 11/25/02SECID:46625HAT7 LEHMAN BROS HLDGS INC6.625% 102.9370 1, 000,0·00.000 1,045,590.00 1,029,370.00 0.25% -16,220.00 04/01/2004 DD 03/26/99SEC ID: 524908BZ2 MARSH & MCLENNAN COS INC SR 103.9370 2,000,000.000 1,992,280.00 2,078,740.00 0.50% 86,460.00 NT6.625% 06/15/2004 DD 06/14/99SECID:571748AB8 MORGAN STANLEY NT 3.625% 98.2500 3,200,000.000 3,195,648.00 3,144,000.00 0.75% -51,648.00 04/01/2008 DD 03/06/03SEC ID: 617446HW2 NATIONAL RURAL UTILS COOP FIN 112.9210 3,000,000.000 3,465,480.00 3 ,387,630.00 0.81% -77,850.00 7.250% 03/01/2012 DD 03/07/02SECID:637432CU7 PACIFICORP SECD MTN #TR 00115 105.9680 3,000,000.000 2,950,530.00 3,179,040.00 0.76% 228,510.00 7.300% 10/22/2004 DD 10/22/92SECID:69512EEU5 PAINE WEBBER GROUP INC NTS6. 101.2650 500,000.000 519,405.00 506,325.00 0.12% -13,080.00 450% 12/01/2003 DD 12/0l/98SECID:695629CE3 PHILIP MORRIS COS INC NTS 7. 101.9840 5,000,000.000 5,263,000.00 5,099,200.00 1.22% -163,800.00 500% 04/01/2004 DD 04/01/97SEC ID: 718154CH8 12 Workbench Asset Detail Report ID: GL8013 Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGOO0I0000 8/31/2003 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base PROCTER & GAMBLE CO NTS5.250% 100.1250 656,000.000 672,278.56 656,820.00 0.16% -15,458.56 09/15/2003 DD 09/28/98SEC ID: 742718BK4 SBA GTD DEV PARTN 2001-20C 16. 105.8000 3,679,356.910 3,679,356.91 3,892,759.61 0.93% 213,402.70 340% 03/01/2021SEC ID: 83162CWO SBA GTD PARTN CTFS SBIC-PS 01 106.0650 2,:504,229.760 2,504,229.76 2,656,111.29 0.64% 151,881.53 6.640%02/10/2011 DD 02/21/0lSEC ID: 831641DD4 UNITED AIRLS PASSTHRU 01-1 C 6. 14.5000 1,600,000.000 1,600,000.00 232,000.00 0.06% -1,368,000.00 831% 03/01/2010 DD 08/22/01SECID:909317BC2 US BANCORP MTN #TR 001196. 103.1400 1,000,0•00.000 1,046,310.00 1,031,400.00 0.25% -14,910.00 000% 05/15/2004 DD 05/10/99SECID:91159HEY2 US TREASURY BONDSll.875% 102.1875 5,.800,000.000 6,251,984.38 5,926,875.00 1.42% -325,109.38 11/15/2003 DD 10/0S/83SEC ID: 912810DGO U S TREASURY NOTES06.250% 111.5315 20,000,000.000 22,620,312.50 22,306,300.00 5.34% -314,012.50 02/15/2007 DD 02/15/97SEC ID: 9128272JO US TREASURY INFLATION INDEX 108.3594 16,231,880.000 14,304,853.87 17,588,764.53 4.21% 3,283,910.66 NT 3.375% 01/15/2007 DD 01/15/97SEC ID: 9128272M3 US TREASURY INFLATION INDEX NT 110.0938 3,411,120.000 3,722,089.05 3,755,429.93 0.90% 33,340.88 3.625% 01/15/2008 DD Ol/15/98SECID:9128273T7 US TREASURY INFLATION INDEX NT 111.8125 14,.561,040.000 16,194,108.79 16,281,062.85 3.90% 86,954.06 3.875% 01/15/2009 DD Ol/15/99SECID:9128274Y5 US TREASURY NOTES05.750% 107.9375 57,100,000.000 62,782,901.47 61,632,312.50 14.75% -1,150,588.97 11/15/2005 DD 11/15/00SEC ID: 9128276N7 US TREASURY NT 3.250% 99.1600 12,000,000.000 11,870,156.25 11,899,200.00 2.85% 29,043.75 08/15/2008 DD 08/15/03SEC ID: 912828BG4 VERIZON GLOBAL FDG CORP 113.7340 3,000,000.000 3,530,490.00 3,412,020.00 0.82% -118,4 70.00 GLOBAL 7.375% 09/01/2012 DD 08/26/02SECID:92344GAT3 13 Workbench OCSD-CONSOL1DATED-OCSGOOOlOOOO Description VIRGINIA ELEC & PWR 0 1 SER AS. 750%03/31/2006 DD 03/27/01SECID:927804EN0 Price WELLS FARGO & CO SUBNT6.125% 11/01/2003 DD l l/01/93SEC ID: 949740BY9 TOTAL FIXED INCOME SECURITIES TOTAL ASSETS U.S. DOLLAR Base 107.3120 100.7650 TOTAL ASSETS -BASE: Asset Detail by Currency 8/31/2003 Cost Shares Par Base 3, soo,0,00.000 3,487,680.00 450,000.000 467,496.00 316,667,082.680 330,257,112.70 424,733,195.780 415,138,880.74 424,733,195.780 415,138,880.74 14 Report ID: GL8013 Base Currency: USD Alternate Base Currency: Exchange Rate: Status: FINAL Net Unrealized Market Value % of Gain/Loss Base Total Base 3,755,920.00 0.90% 268,240.00 453,442.50 0.11% -14,053.50 332,854,033.59 79.68% 2,596,920.89 417,735,801.63 100.00% 2,596,920.89 417,735,801.63 100.00% 2,596,920.89 Workbench OCSD-CONSOUDATED -OCSGOOOlOOOO Transaction Detail Reportedby Transaction Category 8/1/2003 -8/29/2003 Tran Trade Date Settle Date Reported Date Type Description RECEIPTS AND DISBURSEMENT TRANSACTIONS CASH/SECURITIES RECEIVED FROM PLAN ADMINISTRATOR U.S. DOLLAR CD CD RECD PLAN CONTRIBUTIONSEC ID: NA9123459OCSF07511102: LIQUID OPER- PIMCO REPS PLAN CONTRIBUTIONSEC ID: NA9123459OCSF07522202: LONG TERM OPER-PIMCO 8/26/2003 8/26/2003 8/26/2003 8/26/2003 TOTAL CASH/SECURITIES RECEIVED FROM PLAN ADMINISTRATOR U.S. DOLLAR: TOTAL CASH/SECURITIES RECEIVED FROM PLAN ADMINISTRATOR BASE: DISTRIBUTION TO PLAN ADMINISTRATOR U.S. DOLLAR cw cw cw REPS DISTRIBUTION TO PLAN ADMINISTRATORSEC ID: NA9123459OCSF07511102: LIQUID OPER- PfMCO DISTRIBUTION TO PLAN ADMINISTRATORSEC ID: NA9123459OCSF07511102: LIQUID OPER- PIMCO DISTRIBUTION TO PLAN ADMINISTRATORSEC ID: NA9123459OCSF07511102: LIQUID OPER- PlMCO 8/1/2003 8/1/2003 8/6/2003 8/6/2003 8/14/2003 8/14/2003 CW DISTRIBUTION TO PLAN 8/21/2003 ADMINISTRATORSEC ID: NA9123459OCSF07511102: LIQUID OPER-S/2 l /2003 PIMCO TOTAL DISTRIBUTION TO PLAN ADMINISTRATOR U.S. DOLLAR: TOTAL DISTRIBUTION TO PLAN ADMINISTRATOR BASE: Price Base 1 Shares/Par 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Cost Base 13,500,000.00 54,100,000.00 67,600,000.00 67,600,000.00 -9,600,000.00 -1,800,000.00 -3,300,000.00 -2,100,000.00 -16,800,000.00 -16,800,000.00 Report ID: EWB009 Base Currency: USD Status: FINAL Amount Base 13,500,000.00 54,100,000.00 67,600,000.00 67,600,000.00 -9,600,000.00 -1,800,000.00 -3,300,000.00 -2,100,000.00 -16,800,000.00 -16,800,000.00 Net Gain/Loss Base 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGOOOlOOOO 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base - TOTAL RECEIPTS AND DISBURSEMENT TRANSACTIONS BASE: 0,000 50,800,000.00 50,800,000.00 0.00 PURCHASES CASH & CASH EQUIVALENTS U.S. DOLLAR B FEDERAL AGRIC MTG CORP DISCOUN 8/26/2003 99.9183 2,400,000.000 2,398,040.00 -2,398,040.00 0.00 0.000% 09/23/2003 DD 09/23/02SEC ID: 8/26/2003 31315KMB3BROKER: UBS SECURITIES LLC, 812612003 NEW YORKOCSF07511102: LIQUID OPER- B ~LAG RIC MTG CORP DISCOUN 8/26/2003 99.9183 9,700,000.000 9,692,078.33 -9,692,078.33 0.00 0.000% 09/23/2003 DD 09/23/02SEC ID: 8/26/2003 31315KMB3BROKER: UBS SECURITIES LLC, NEW YORKOCSF07522202: LONG TERM 8/26/2003 B i?£fi~rfAtJ™ME LN BK CONS DISC N MAT 8/26/2003 99.9320 2,400,000.000 2,398,368.00 -2,398,368.00 0.00 09 / 19 /2003SEC ID: 313384LX5BROKER: 8/26/2003 UBS SECURITIES LLC, NEW 8/26/2003 YORKOCSF07511102: LIQUID OPER-PIMCO B FEDERAL HOME LN BK CONS DISC N MAT 8/26/2003 99.9320 9,700,000.000 9,693,404.00 -9,693,404.00 0.00 09/19/2003SEC ID: 313384LX5BROKER: 8/26/2003 UBS SECURITIES LLC, NEW 8/26/2003 YORKOCSF07522202: LONG TERM OPER- B ~-HOME LN BKS CONS DISC MAT 8/20/2003 99.7371 1,600,000.000 1,595,793.78 -1,595,793.78 0.00 11/19/2003SEC ID: 313384PL7BROKER: 8/20/2003 BANC OF AMERICA SEC LLC, SAN 8/20/2003 FRANCISCOOCSF07511102: LIQUID OPER- B ~ HOME LN MTG CORP DISC MAT 8/26/2003 99.7214 2,400,000.000 2,393,314.67 -2,393,314.67 0.00 11/26/2003SEC ID: 313396PT4BROKER: 8/26/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/26/2003 YORKOCSF07511102: LIQUID OPER-PIMCO B FEDERAL HOME LN MTG CORP DISC MAT 8/26/2003 99.7214 9,700,000.000 9,672,980.11 -9,672,980.11 0.00 11/26/2003SEC ID: 313396PT4BROKER: 8/26/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/26/2003 YORKOCSF07522202: LONG TERM OPER- B ~L NATL MTG ASSN DISCOUNT MAT 8/26/2003 99.7485 2,300,000.000 2,294,216.46 -2,294,216.46 0.00 11 / 19 /2003SEC ID: 313588PL3BROKER: 8/26/2003 UBS SECURITIES LLC, NEW 8/26/2003 YORKOCSF07511102: LIQUID OPER-PIMCO B FEDERAL NATL MTG ASSN DISCOUNT MAT 8/26/2003 99.7485 9,700,000.000 9,675,608.54 -9,675,608.54 0.00 11 / 19 /2003SEC ID: 313588PL3BROKER: 8/26/2003 UBS SECURITIES LLC, NEW 8/26/2003 YORKOCSF07522202: LONG TERM OPER- PIMCO 2 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00lO000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base B FEDERAL NATL MTG ASSN DISCOUNT MAT 8/26/2003 99.7214 2,400,000.000 2,393,314.67 -2,393,314.67 0.00 ll/26/2003SEC ID: 313588PT6BROKER: 8/26/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/26/2003 YORKOCSF0751 l 102: LIQUID OPER-PIMCO B FEDERAL NATL MTG ASSN DISCSEC ID: 8/4/2003 99.6370 200,000.000 199,274.00 -199,274.00 0.00 313588QA6BROKER: LEHMAN GOVT SECS 8/4/2003 INC, NYOCSF07522202: LONG TERM OPER-8/4/2003 PIMCO B FEDERAL NATL MTG ASSN DISCOUNT MAT 8/22/2003 99.6582 500,000.000 498,290.97 -498,290.97 0.00 12/15/2003SEC ID: 313588QN8BROKER: 8/22/2003 LEHMAN GOVT SECS INC, NYOCSF07522202; 812212003 LONG TERM OPER-PIMCO B FEDERAL NATL MTG ASSN DISCOUNT MAT 8/25/2003 99.6702 300,000.000 299,010.66 -299,010.66 0.00 12/15/2003SEC ID: 313588QN8BROKER: 8/25/2003 GOLDMAN SACHS & CO, NYOCSF07522202: 812512003 LONG TERM OPER-PIMCO B FEDERAL NATL MTG ASSN DISCOUNT MAT 8/28/2003 99.4293 600,000.000 596,576.08 -596,576.08 0.00 02/25/2004SEC ID; 313588TN5BROKER: 8/28/2003 UBS SECURITIES LLC, NEW 8/28/2003 YORKOCSF07522202: W NGTERM OPER- B ~L ELEC CAP DISC 12/10/2003SEC 8/19/2003 99.6579 2,800,000.000 2,790,420.11 -2,790,420.11 0.00 ID: 36959JZA4BROKER: CITIBANK CP IPA, 8/19/2003 NEWYORKOCST-'07522202: LONG TERM 8/19/2003 OPER-PlMCO B US TREASURY BILL 0.000% 09/04/2003 DD 8/29/2003 99.9845 3,200,000.000 3,199,504.00 -3,199,504.00 0.00 03/06/03SEC ID: 912795NL1BROKER: BANK 8/29/2003 OF NY BARCLAYS DE ZOETE WEDD, NYOCSF075ll 102: LIQUID OPER-PIMCO 8 /29/2003 B US TREASURY BILL DUE 02/12/2004 DD 8/26/2003 99.5160 1,200,000.000 1,194,191.67 -1,194,191.67 0.00 08 / 14 / 2003SEC ID: 912795PK1BROKER: 8/26/2003 MORGAN STANLEY & CO INC, 8/26/2003 NYOCSF075 ll l 02: LIQUID OPER-PlMCO B US TREASURY BILL DUE 02/12/2004 DD 8/26/2003 99.5160 4,500,000.000 4,478,218.75 -4,478,218.75 0.00 08/14/2003SEC ID: 912795PK1BROKER: 8/26/2003 MORGAN STANLEY & CO INC, NYOCSF07522202: LO.NG TERM OPER-PiMCO 8 /26/2003 B CREDIT SUISSE FB REPO 00.980% 8/4/2003 100.0000 800,000.000 800,000.00 -800,000.00 0.00 08/05/2003 DD 08/04 /03SEC JD: . 8/4/2003 99408N968BROKER: CREDIT SUISSE FIRST 81412003 BOSTON CORP, N YOCSF075 l l 102: LIQUID OPER-PIMCO ----- 3 Workbench OCSD-CONSOLlDATED -OCSGOOOlOOOO Transaction Detail Reportedby Transaction Category 8/1/2003 -8/29/2003 B B B B B B B B B B Tran Type Description Trade Date Settle Date Reported Date LEHMAN CAT 2 REPO 00.980% 08/05/2003 8/4/2003 DD 08/04/03SEC ID: 99408P112BROKER: 8/4/2003 LEHMAN GOVT SECS INC, NYOCSF0751 l 102: 81412003 LIQUID OPER-PIMCO LEHMAN CAT 2 REPO 00.930% 08/06/2003 8/5/2003 DD 08/05/03SEC ID: 99408Q656BROKER: 8/5/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81512003 LIQUID OPER-PIMCO CREDIT SUISSE FB REPO 00.880% 08/07/2003 DD 08/06/03SEC ID: 99408R050BROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF075 l 1102: LIQUID 8/6/2003 8/6/2003 8/6/2003 ()l1Ht~ 2 REPO 00.880% 08/07/2003 8/6/2003 DD 08/06/03SEC ID: 99408S140BROKER: 8/6/2003 LEHMAN GOVT SECS INC, NYOCSF0751 l 102: 81612003 LIQUID OPER-PIMCO LEHMAN CAT 2 REPO 00.940% 08/08/2003 8/7/2003 DD 08/07 /03SEC ID: 99408T445BROKER: 8/7/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81712003 LIQUID OPER-PIMCO CREDIT SUISSE FB REPO 00.940% 08/08/2003 DD 08/07 /03SEC ID: 99408T544BROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF0751 l 102: LIQUID ei~B11i'JM6i'ssE FB REPO 00.880% 08/11/2003 DD 08/08/03SEC ID: 99408U657BROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF07511102: LIQUID 8/7/2003 8/7/2003 8/7/2003 8/8/2003 8/8/2003 8/8/2003 (}l~~~ 2 REPO 00.880% 08/11/2003 8/8/2003 DD 08/08/03SEC ID: 99408U673BROKER: 8/8/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81812003 LIQUID OPER-PIMCO LEHMAN CAT 2 REPO 00.980% 08/12/2003 8/11/2003 DD 08/ll/03SEC ID: 99408W471BROKER: 8/11/2003 LEHMAN GOVT SECS INC, NYOCSF0751 l 102: 8 / ll/2003 LIQUID OPER-PIMCO CREDIT SUISSE FB REPO 00.940% 08/13/2003 DD 08/12/03SEC ID: 99408X610BROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF07511102: LIQUID OPER-PIMCO 8/12/2003 8/12/2003 8/12/2003 Price Base 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 4 Shares/Par 700,000.000 1,500,000.000 900,000.000 900,000.000 900,000.000 900,000.000 900,000.000 900,000.000 1,800,000.000 900,000.000 Cost Base 700,000.00 1,500,000.00 900,000.00 900,000.00 900,000.00 900,000.00 900,000.00 900,000.00 1,800,000.00 900,000.00 ReportID: EWB009 Base Currency: USD Status: FINAL Amount Base Net Gain/Loss Base -700,000.00 0.00 -1,500,000.00 0.00 -900,000.00 0.00 -900,000.00 0.00 -900,000.00 0.00 -900,000.00 0.00 -900,000.00 0.00 -900,000.00 0.00 -1,800,000.00 0.00 -900,000.00 0.00 Workbench'. Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOLlDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base B LEHMAN CAT 2 REPO 00.940% 08/13/2003 8/12/2003 100.0000 900,000.000 900,000.00 -900,000.00 0.00 DD 08/ 12/03SEC ID: 99408X669BROKER: 8/12/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8 / 1212003 LIQUID OPER-PIMCO B LEHMAN CAT 2 REPO 00.910% 08/14/2003 8/13/2003 100.0000 900,000.000 900,000.00 -900,000.00 0.00 DD 08/13/03SEC ID: 99408Z391BROKER: 8/13/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8 / 1312003 LIQUID OPER-PIMCO B CREDIT SUISSE FB REPO 00.920% 8/13/2003 100.0000 900,000.000 900,000.00 -900,000.00 0.00 08/14/2003 DD 08/13/03SEC ID: 8/13/2003 99408Z409BROKER: CREDIT SUISSE FIRST 8/13/2003 BOSTON CORP, N YOCSF07511102: LIQUID B ~lf~AIW9ft 2 REPO 01.125% 08/18/2003 8/15/2003 100.0000 1,300,000.000 1,300,000.00 -1,300,000.00 0.00 DD 08/15/03SEC ID: 99409B963BROKER: 8/15/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: / 512003 LIQUID OPER-PIMCO 8 1 B CREDIT SUISSE FB REPO O 1.000% 8/18/2003 100.0000 1,300,000.000 1,300,000.00 -1,300,000.00 0.00 08/19/2003 DD 08/ 18/03SEC ID: 8/18/2003 99409D670BROKER: CREDIT SUISSE FIRST 8/ 1812003 BOSTON CORP, N YOCSF0751l102: LIQUID B ~lf~AIW9ft 2 REPO 00.940% 08/20/2003 8/19/2003 100.0000 1,600,000.000 1,600,000.00 -1,600,000.00 0.00 DD 08/19/03SEC ID: 99409F253BROKER: 8/19/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 811912003 LIQUID OPER-PIMCO B LEHMAN CAT 2 REPO 00.880% 08/25/2003 8/22/2003 100.0000 400,000.000 400,000.00 -400,000.00 0.00 DD 08/22/03SEC ID: 99409K310BROKER: 8/22/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8/2212003 LIQUID OPER-PIMCO B LEHMAN CAT 2 REPO 00.970% 08/26/2003 8/25/2003 100.0000 400,000.000 400,000.00 -400,000.00 0.00 DD 08/25/03SEC ID: 99409L540BROKER: 8/25/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812512003 LIQUID OPER-PIMCO B LEHMAN CAT 2 REPO 00.960% 08/27/2003 8/26/2003 100.0000 400,000.000 400,000.00 -400,000.00 0.00 DD 08/26/03SEC ID: 99409N231BROKER: 8/26/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812612003 LIQUID OPER-PIMCO B LEHMAN CAT 2 REPO 00.970% 08/27/2003 8/26/2003 100.0000 2,700,000.000 2,700,000.00 -2,700,000.00 0.00 DD 08/26/03SEC ID: 99409N249BROKER: 8/26/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812612003 LIQUID OPER-PIMCO 5 Workbench Transaction Detail ReportlD: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00I0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base B LEHMAN CAT 2 REPO 00.970% 08/27/2003 8/26/2003 100.0000 10,800,000.000 10,800,000.00 -10,800,000.00 0.00 DD 08/26/03SEC ID: 99409N249BROKER: 8/26/2003 LEHMAN GOVT SECS INC, NYOCSF07522202: 812612003 LONG TERM OPER-PIMCO B CREDIT SUISSE FB REPO 00.960% 8/27/2003 100.0000 3,200,000.000 3,200,000.00 -3,200,000.00 0.00 08/28/2003 DD 08/27 /03SEC ID: 8/27/2003 99409Pl45BROKER: CREDIT SUISSE FIRST 8/27/2003 BOSTON CORP, N YOCSF075 l 1102: LIQUID B 9!:lHt~ 2 REPO 00.980% 08/29/2003 8/28/2003 100.0000 3,200,000.000 3,200,000.00 -3,200,000.00 0.00 DD 08/28/03SEC ID: 99409Q945BROKER: 8/28/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812812003 LIQUID OPER-PIMCO B DREYFUS TREASURY CASH MGMTSEC ID: 8/1/2003 1.0000 450.920 450.92 -450.92 0.00 996085247OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 8/1/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/4/2003 1.0000 113,467.060 113,467.06 -113,467.06 0.00 996085247OCSF07522202: LONG TERM 8/4/2003 OPER-PIMCO 8/4/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/5/2003 1.0000 2,050,219.730 2,050,219.73 -2,050,219.73 0.00 996085247OCSF0751 l 102: LIQUID OPER-8/5/2003 PIMCO 8/5/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/7/2003 1.0000 5.350 5.35 -5.35 0.00 996085247OCSF07522202: LONG TERM 8/7/2003 OPER-PIMCO 8/7/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/8/2003 1.0000 47.000 47.00 -47.00 0.00 996085247OCSF07511102: LIQUID OPER-8/8/2003 PIMCO 8/8/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/11/2003 1.0000 132.000 132.00 -132.00 0.00 996085247OCSF07511102: LIQUID OPER-8/11/2003 PIMCO 8/11/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/11/2003 1.0000 58,419.950 58,419.95 -58,419.95 0.00 996085247OCSF07522202: LONG TERM 8/11/2003 OPER-PIMCO 8/11/2003 6 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGOOOl00OO 8/1/2003 -8/29/2003 Status: FINAL - Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base B DREYFUS TREASURY CASH MGMTSEC ID: 8/12/2003 1.0000 49.000 49.00 -49.00 0.00 996085247OCSF07511102: LIQUID OPER-8/12/2003 PIMCO 8/12/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/13/2003 1.0000 47.000 47.00 -47.00 0.00 996085247OCSF07511102: LIQUID OPER-8/13/2003 PIMCO 8/13/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/14/2003 1.0000 100,109.080 100,109.08 -100,109.08 0.00 996085247OCSF07511102: LIQUID OPER-8/14/2003 PIMCO 8/14/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/15/2003 1.0000 101,062.500 101,062.50 -101,062.50 0.00 996085247OCSF07511102: LIQUID OPER-8/15/2003 PIMCO 8/15/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/15/2003 1.0000 3,075,919.220 3,075,919.22 -3,075,919.22 0.00 996085247OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO 8/15/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/18/2003 1.0000 121.880 121.88 -121.88 0.00 996085247OCSF07511102: LIQUID OPER-8/18/2003 PIMCO 8/18/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/20/2003 1.0000 4,248.000 4,248.00 -4,248.00 0.00 996085247OCSF07511102: LIQUID OPER-8/20/2003 PIMCO 8/20/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/20/2003 1.0000 204,382.420 204,382.42 -204,382.42 0.00 996085247OCSF07522202: LONG TERM 8/20/2003 OPER-PIMCO 8/20/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/21/2003 1.0000 345,771.210 345,771.21 -345,771.21 0.00 996085247OCSF07511102: LIQUID OPER-8/21/2003 PIMCO 8/21/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/25/2003 1.0000 29.330 29.33 -29.33 0.00 996085247OCSF07511102: LIQUID OPER-8/25/2003 PIMCO 8/25/2003 7 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base B DREYFUS TREASURY CASH MGMTSEC ID: 8/25/2003 1.0000 5,226,806.570 5,226,806.57 -5,226,806.57 0.00 996085247OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO 8/25/2003 B DREYFUS TREASURY CASH MGMTSEC ID: 8/29/2003 1.0000 1,021,605.280 1,021,605.28 -1,021,605.28 0.00 996085247OCSF07522202: LONG TERM 8/29/2003 OPER-PIMCO 8/29/2003 B BSDT-LATE MONEY DEPOSIT ACCTSEC ID: 8/1/2003 1.0000 21,996.000 21,996.00 -21,996.00 0.00 996087094OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 8/1/2003 B BSDT-LATE MONEY DEPOSIT ACCTSEC ID: 8/18/2003 1.0000 13,874.770 13,874.77 -13,874.77 0.00 996087094OCSF07522202: LONG TERM 8/18/2003 OPER-PIMCO 8/18/2003 TOTAL CASH & CASH EQUIVALENTS U.S. DOLLAR: 117,038,764.270 116,901,369.07 -116,901,369.07 0.00 TOTAL CASH & CASH EQUIVALENTS BASE: 117,038,764.270 116,901,369.07 -116,901,369.07 0.00 FIXED INCOME SECURITIES U.S. DOLLAR BC COMMIT TO PUR FNMA SF MTG 5.000% 7 / 1012003 103.0000 -10,000,000.000 -10,300,000.00 10,300,000.00 0.00 08/01/2018 DD 08/01/03SEC ID: 8/18/2003 01F050486BROKER: CREDIT SUISSE FIRST 8/1/2003 BOSTON CORP, N YOCSF07522202: LONG B ~WMi?iM9NMA SF MTG 5.000% 7/10/2003 103.0000 6,000,000.000 6,180,000.00 -6, 180,000.00 0.00 08/01/2018 DD 08/01/03SEC ID: 8/18/2003 01F050486BROKER: CREDIT SUISSE FIRST 8/1/2003 BOSTON CORP, N YOCSF07522202: LONG BC ~fB-p'ffit9NMA SF MTG 5.000% 7/14/2003 103.1875 -3,000,000.000 -3,095,625.00 3,095,625.00 0.00 08/01/2018 DD 08/01/03SEC ID: 8/18/2003 01F050486BROKER: BEAR STEARNS & CO 8/1/2003 INC, NYOCSF07522202: LONG TERM OPER- BC ~IT TO PUR FNMA SF MTG 5.0000/o 7/14/2003 103.1875 -2,000,000.000 -2,063, 750.00 2,063,750.00 0.00 08/01/2018 DD 08/0l/03SEC ID: 8/18/2003 01F050486BROKER: LEHMAN GOVT SECS 8/1/2003 INC, NYOCSF07522202: LONG TERM OPER- PIMCO ----Workbench 8 Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base B COMMIT TO PUR FNMA SF MTG 5.000% 7/14/2003 103.1875 2,000,000.000 2,063,750.00 -2,063, 750.00 0.00 08/01/2018 DD 08/01/03SEC ID: 8/18/2003 01F050486BROKER: LEHMAN GOVT SECS 8/1/2003 INC, NYOCSF07522202: LONG TERM OPER- B ~IT TO PUR FNMA SF MTG 5.000% 7/14/2003 103.1875 3,000,000.000 3,095,625.00 -3,095,625.00 0.00 08/01/2018 DD 08/0l/03SEC ID: 8/18/2003 01F050486BROKER: BEAR STEARNS & CO 8/1/2003 INC, NYOCSF07522202: LONG TERM OPER- B ~IT TO PUR FNMA SF MTG 5.000% 8/14/2003 99.3438 2,000,000.000 1,986,875.00 -1, 986,875.00 0.00 09/01/2018 DD 09/01/03SEC ID: 9/18/2003 01F050494BROKER: LEHMAN GOVT SECS 8/14/2003 INC, NYOCSF07522202: LONG TERM OPER- B ~IT TO PUR FNMA SF MTG 5.000% 8/14/2003 99.3125 3,000,000.000 2,979,375.00 -2,979,375.00 0.00 09/01/2018 DD 09/01/03SEC ID: 9/18/2003 01F050494BROKER: BEAR STEARNS & CO 8/14/2003 INC, NYOCSF07522202: LONG TERM OPER- B ~IT TO PUR FNMA SF MTG 5.000% 8/26/2003 100.0625 18,000,000.000 18,011,250.00 -18,011,250.00 0.00 09/01/2018 DD 09/01/03SEC ID: 9/18/2003 01F050494BROKER: CREDIT SUISSE FIRST 8/26/2003 BOSTON CORP, N YOCSF07522202: LONG BC t~fBi?lM~MA SF MTG 6.000% 6/25/2003 104.0000 -5,000,000.000 -5,200,000.00 5,200,000.00 0.00 08/01/2033 DD 08/01/03SEC ID: 8/13/2003 01F060683BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- B ~IT TO PUR FNMA SF MTG 6.000% 8/28/2003 101.5625 1,000,000.000 1,015,625.01 -1,015,625.01 0.00 09/01/2033 DD 09/01/03SEC ID: 9/15/2003 01F060691BROKER: CREDIT SUISSE FIRST 8/28/2003 BOSTON CORP, N YOCSF07522202: LONG B ~~ 0~r~£?4631 5.000% 7/10/2003 103.0000 193,633.190 199,442.19 -199,442.19 0.00 02/01/2018 DD 01/01/03SEC ID: 8/18/2003 31371KY47BROKER: CREDIT SUISSE FIRST 8 /l/2003 BOSTON CORP, N YOCSF07522202: LONG IB ~~ O~EIM,'2£?4631 5.000% 7/10/2003 103.0000 0.000 0.00 -457.19 0.00 02/01/2018 DD 01/01/03SEC ID: 8/18/2003 31371KY47BROKER: CREDIT SUISSE FIRST 8 /l/2003 BOSTON CORP, N YOCSF07522202: LONG B F~~ O~IM,'2~4760 5.000% 7/10/2003 103.0000 172,593.740 177,771.55 -177,771.55 0.00 06/01/2018 DD 05/01/03SEC ID: 8/18/2003 31371K5V9BROKER: CREDIT SUISSE FIRST 8/ l/2003 BOSTON CORP, N YOCSF07522202: LONG TERM OPER-PIMCO 9 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOLlDATED-OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base 1B FNMA POOL #0254760 5.000% 7 / 10;2003 103.0000 0.000 0.00 -407.51 0.00 06/01/2018 DD 05/01/03SEC ID: 8/18/2003 31371K5V9BROKER: CREDIT SUISSE FIRST 8/l/2003 BOSTON CORP, N YOCSF07522202: LONG B ~~ 0 ~E1l16~~4866 5.000% 7 / 10;2003 103.0000 72,159.000 74,323.77 -74,323.77 0.00 08/01/2018 DD 08/01/03SEC ID: 8/18/2003 31371LCB3BROKER: CREDIT SUISSE FIRST 8 / l/2003 BOSTON CORP, N YOCSF07522202: LONG 1B ~~ O~JM;'i~4866 5.000% 7/10/2003 103.0000 0.000 0.00 -170.38 0.00 08/01/2018 DD 08/01/03SEC ID: 8/18/2003 31371LCB3BROKER: CREDIT SUISSE FIRST 8 / l/2003 BOSTON CORP, N YOCSF07522202: LONG B F~~ 0 ~~~328 5.000% 7/10/2003 103.0000 40,892.120 42,118.88 -42,118.88 0.00 01/01/2018 DD 01/01/03SEC ID: 8/18/2003 31376J4M8BROKER: CREDIT SUISSE FIRST 8 / 112003 BOSTON CORP, N YOCSF07522202: LONG 1B ~~ 0 ~~328 5.000% 7 / 10;2003 103.0000 0.000 0.00 -96.55 0.00 01/01/2018 DD 0l/01/03SEC ID: 8/18/2003 31376J4M8BROKER: CREDIT SUISSE FIRST 8/ 112003 BOSTON CORP, N YOCSF07522202: LONG B ~~ om_;L~S~5993 6 .000% 6/25/2003 104.0000 1,000,099.580 1,040,103.56 -1,040,103.56 0.00 11/01/2032 DD 10/01/02SEC ID: 8/13/2003 31385JRN0BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- 1B ~ POOL #0545993 6.000% 6/25/2003 104.0000 0.000 0.00 -2,000.20 0.00 11/01/2032 DD 10/01/02SEC ID: 8/13/2003 31385JRN0BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- B ~ POOL #0545998 6.000% 6/25/2003 104.0000 1,000,099.650 1,040,103.64 -1,040,103.64 0.00 11/01/2032 DD 10/01/02SEC ID: 8/13/2003 31385JRT7BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- 1B ~ POOL #0545998 6.000% 6/25/2003 104.0000 0.000 0.00 -2,000.20 0.00 11/01/2032 DD 10/01/02SEC ID: 8/13/2003 31385JRT7BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- B ~ POOL #0555285 6.000% 6/25/2003 104.0000 1,000,099.950 1,040,103.95 -1,040,103.95 0.00 03/01/2033 DD 02/0l/03SEC ID: 8/13/2003 31385W2S7BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- PIMCO 10 Workbencn. Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCS~CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base 1B FNMA POOL #0555285 6.000% 6/25/2003 104.0000 0.000 0.00 -2,000.20 0.00 03/01/2033 DD 02/01/03SEC ID: 8/13/2003 31385W2S7BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- B ~ POOL #0555363 5.000% 7 / 10;2003 103.0000 82,496.010 84,970.89 -84,970.89 0.00 04/01/2018 DD 03/01/03SEC ID: 8/18/2003 31385W5Y1BROKER: CREDIT SUISSE FIRST 8/ 112003 BOSTON CORP, N YOCSF07522202: LONG 1B ~~ OP18bf1M>~~5363 5.000% 7/10/2003 103.0000 0.000 0.00 -194.78 0.00 04/01/2018 DD 03/01/03SEC ID: 8/18/2003 31385W5Y1BROKER: CREDIT SUISSE FIRST 8/ 112003 BOSTON CORP, N YOCSF07522202: LONG B ~~ O~f 1Mfi~5528 6.000% 6/25/2003 104.0000 1,000,099.880 1,040,103.88 -1,040,103.88 0.00 04/01/2033 DD 05/01/03SEC ID: 8/13/2003 31385XD95BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- 1B ~ POOL #0555528 6.000% 6/25/2003 104.0000 0.000 0.00 -2,000.20 0.00 04/01/2033 DD 05/01/03SEC ID: 8/13/2003 31385XD95BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- B ~ POOL #0555640 6.000% 6/25/2003 104.0000 1,000,099.950 1,040,103.95 -1,040,103.95 0.00 07/01/2033 DD 06/01/03SEC ID: 8/13/2003 31385XHR1BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- 1B ~ POOL #0555640 6.000% 6/25/2003 104.0000 0.000 0.00 -2,000.20 0.00 07/01/2033 DD 06/01/03SEC ID: 8/13/2003 31385XHR1BROKER: GOLDMAN SACHS & 8/1/2003 CO, NYOCSF07522202: LONG TERM OPER- B ~ POOL #0681309 5.000% 7/10/2003 103.0000 633,772.420 652,785.59 -652,785.59 0.00 02/01/2018 DD 02/01/03SEC ID: 8/18/2003 31391Y3S4BROKER: CREDIT SUISSE FIRST 8/1/2003 BOSTON CORP, N YOCSF07522202: LONG 1B ~~ o~r1Mres>1309 5.000% 7/10/2003 103.0000 0.000 0.00 -1,496.41 0.00 02/01/2018 DD 02/01/03SEC ID: 8/18/2003 31391 Y3S4BROKER: CREDIT SUISSE FIRST 8/1/2003 BOSTON CORP, N YOCSF07522202: LONG B ~~ O~EIM,'6~1334 5.000% 7/10/2003 103.0000 81,254.580 83,692.22 -83,692.22 0.00 02/01/2018 DD 01/01/03SEC ID: 8/18/2003 31391Y4T1BROKER: CREDIT SUISSE FIRST 8/1/2003 BOSTON CORP, N YOCSF07522202: LONG TERM OPER-PIMCO --- 11 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOLIDATED-OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IB FNMA POOL #0681334 5.000% 7/10/2003 103.0000 0.000 0.00 -191.85 0.00 02/01/2018 DD 0l/01/03SEC ID: 8/18/2003 31391Y4TlBROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF07522202: LONG 8/1/2003 B rn~ 0~%'6~5665 5.oooo/o 1 I 10;2003 103.0000 40,403.940 41,616.06 -41,616.06 0.00 02/01/2018 DD 02/0l/03SEC ID: 8/18/2003 31400EW22BROKER: CREDIT SUISSE FIRST 8/ l/2003 BOSTON CORP, N YOCSF07522202: LONG IB rn~ O~f%'6~5665 5.000% 7 / 10;2003 103.0000 0.000 0.00 -95.40 0.00 02/01/2018 DD 02/01/03SEC ID: 8/18/2003 31400EW22BROKER: CREDIT SUISSE FIRST 8/l/2003 BOSTON CORP, N YOCSF07522202: LONG B rn~ O~f1Mf6~8739 5.000% 7/10/2003 103.0000 131,857.470 135,813.19 -135,813.19 0.00 06/01/2018 DD 06/01/03SEC ID: 8/18/2003 31400JEL9BROKER: CREDIT SUISSE FIRST 8/ l/2003 BOSTON CORP, N YOCSF07522202: LONG 1B ~~ O~f1MJ8~8739 5.000% 7/10/2003 103.0000 0.000 0.00 -311.33 0.00 06/01/2018 DD 06/0l/03SEC ID: 8/18/2003 31400JEL9BROKER: CREDIT SUISSE FIRST 8/l/2003 BOSTON CORP, N YOCSF07522202: LONG B ~~ OP1b'bf1M/6ij3834 5.000% 7/10/2003 103.0000 785,645.820 809,215.19 -809,215.19 0.00 03/01/2018 DD 03/01/03SEC ID: 8/18/2003 31400PY74BROKER: CREDIT SUISSE FIRST 8/1/2003 BOSTON CORP, N YOCSF07522202: LONG IB rn~ 0 ~1Wi:lij3834 5.000% 7/10/2003 103.0000 0.000 0.00 -1,855.00 0.00 03/01/2018 DD 03/01/03SEC ID: 8/18/2003 31400PY74BROKER: CREDIT SUISSE FIRST 8/1/2003 BOSTON CORP, N YOCSF07522202: LONG B rn~ OVJ8bf'Mf6~5889 5.000% 7/10/2003 103.0000 918,703.070 946,264.16 -946,264.16 0.00 05/01/2018 DD 05/01/03SEC ID: 8/18/2003 31400SC23BROKER: CREDIT SUISSE FIRST 8/ l/2003 BOSTON CORP, N YOCSF07522202: LONG IB rn~ 0 ~E%'6ij5889 5.000% 7/10/2003 103.0000 0.000 0.00 -2,169.16 0.00 05/01/2018 DD 05/01/03SEC ID: 8/18/2003 31400SC23BROKER: CREDIT SUISSE FIRST 8/l/2003 BOSTON CORP, N YOCSF07522202: LONG B rn~ OfffJf%99o235 5.000% 7/10/2003 103.0000 846,586.180 871,983.77 -871,983.77 0.00 06/01/2018 DD 06/01/03SEC ID: 8/18/2003 31401KBC8BROKER: CREDIT SUISSE FIRST 8 / l / 2003 BOSTON CORP, N YOCSF07522202: LONG TERM OPER-PIMCO - 12 Workbencn OCSD-CO.NSOLlDATED -OCSGO00 10000 Transaction Detail Reportedby Transaction Category 8/1/2003 -8/29/2003 Tran Trade Date Settle Date Reported Date Price Base Type Description 1B B 1B B 1B FNMA POOL #0710235 5.000% 7/10/2003 103.0000 06/01/2018 DD 06/01/03SEC ID: 8/18/2003 31401KBC8BROKER: CREDIT SUISSE FIRST 8 /l/2003 BOSTON CORP, N YOCSF07522202: LONG ~~~TION INDEX NT 3.625% 8/1/2003 109.1250 01/15/2008 DD Ol /15/98SEC_ID: 8/4/2003 9 128273T7BROKER: CHASE/GREENWICH CAP, NEW YORKOCSF07522202; LONG TERM 8 / l/2003 9s1,1ki™@y INFLATION INDEX NT 3.625% 8/1/2003 109.1250 0 1/15/2008 DD 01/ 15/98SEC ID: 8/4/2003 9128273T7BROKER: CHASE/GREENWICH CAP, NEW YORKOCSF07522202: LONG TERM 8 /l/2003 g P~M~oh NT 3.250% 08;15;2008 DD 8/2612003 98.9180 08/ 15/03SEC ID; 9 12828BG4BROKER; 8/27/2003 LEHMAN GOVT SECS INC, NYOCSF07522202: 812612003 LONG TERM OPER-PlMCO US TREASURY NT 3.250% 08/15/2008 DD 8/26/2003 98.9180 08/ 15/03SEC ID:• 9 12828BG4BR0KER: 8/27/2003 LEHMAN GOVT SECS INC, NYOCSF07522202: 812612003 LONG TERM OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: TOTAL FIXED INCOME SECURITIES BASE: TOTAL PURCHASES BASE: PAY UPS FIXED INCOME SECURITIES U.S. DOLLAR PU FHLMC MULTICLASS MTG SER E3 A VAR RT 5/1/2003 08/15/2032 DD 12/0J/97SEC ID: 5/1/2003 3133TCE950CSF07522202: LONG TERM 8/ 12003 OPER-PIMCO l PU FHLMC MULTICLASS MTG SER E3 A VAR RT 7/1/2003 08 /15/2032 DD 12/01 /97SEC ID: 7/1/2003 3133TCE950CSF07522202: LONG TERM 8 /l/2003 OPER-PIMCO 100.0000 100.0000 Shares/Par 0.000 3,407,880.000 0.000 12,000,000.000 0.000 39,408,376.550 39,408,376.550 156,447,140.820 4.500 5.350 13 Cost Base 0.00 3,718,849.05 0.00 11,870,156.25 0.00 39,582,646.75 39,582,646.75 156,484,015.82 4.50 5.35 Report ID: EWB009 Base Currency: USD Status: FINAL Amount Base -1,998.88 -3,718,849.05 -6,713.89 -11,870,156.25 -12,717.39 -39,621,523.47 -39,621,523.47 -156,522,892.54 -4.50 -5.35 Net Gain/Loss Base 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL - Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PU FHLMC MULTICLASS MTG SER E3 A VAR RT 8/1/2003 100.0000 1.250 1.25 -1.25 0.00 08/15/2032 DD 12/01/97SEC ID: 8/1/2003 3 1331'CE9SOCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PU FHLMC MULTICLASS CTF SER 1620Z 6.000% 8/1/2003 100.0000 14,713.550 14,713.55 -14,713.55 0.00 11/15/2023 DD ll/0l/93SEC ID: 8/1/2003 3133T17A4OCSF07522202: LONG TERM 8/1/2003 OPER-PfMCO PU US TREASURY INFLATION INDEX NT 3.375% 7/15/2003 100.0000 16,240.000 16,240.00 -16,240.00 0.00 01/15/2007 DD 0 1/ 15/9 7SEC ID: 7/15/2003 9128272M3OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PU US TREASURY INFLATION INDEX NT 3.625% 7/15/2003 100.0000 3,240.000 3,240.00 -3,240.00 0.00 01/15/2008 DD 01/15/98SEC ID: 7/15/2003 9128273T7OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PU US TREASURY INFLATION INDEX NT 3.875% 7/15/2003 100.0000 14,560.000 14,560.00 -14,560.00 0.00 01/15/2009 DD 0 1/ 15/99SEC ID: 7/15/2003 9 128274Y5OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: 48,764.650 48,764.65 -48,764.65 0.00 TOTAL FIXED INCOME SECURITIES BASE: 48,764.650 48,764.65 -48,764.65 0.00 TOTAL PAY UPS BASE: 48,764.650 48,764.65 -48,764.65 0.00 SALES CASH & CASH EQUIVALENTS U.S. DOLLAR s FEDERAL HOME LN BK CONS DISC N MAT 8/1/2003 99.7725 -500 ,000. 000 -498,862.50 498,862.50 0.00 08/06/2003SEC ID: 313384KB4BROKER: 8/1/2003 CHASE SECURITIES, NEW 8/1/2003 YORKOCSF07511102: LIQUID OPER-PIMCO IS FEDERAL HOME LN BK CONS DISC N MAT 8/1/2003 99.7725 0.000 0.00 1,096.53 0.00 08/06/2003SEC ID: 313384KB4BROKER: 8/1/2003 CHASE SECURITIES, NEW 8/1/2003 YORKOCSF07511102: LIQUID OPER-PIMCO 14 Workbencfi. Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CO.NSOLCDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL - Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s FEDERAL HOME LN BK CONS DISC N MAT 8/1/2003 99.7131 -2,000,000.000 -1,994,261.94 1,994,261.94 0.00 08/20/2003SEC ID: 3l3384KR9BROKER: 8/1/2003 MORGAN STANLEY & CO rNC, 8/1/2003 NYOCSF07511102: LIQUID OPER-PIMCO IS FEDERAL HOME LN BK CONS DISC N MAT 8/1/2003 99.7131 0.000 0.00 4,703.62 0.00 08/20/2003SEC ID: 3133841{R.9BROKER: 8/1/2003 MORGAN STANLEY & CO INC, 8/1/2003 NYOCSF07511 l02: UQUID OPER-PlMCO s FEDERAL HOME LN BKS CONS DISC MAT 8/13/2003 99.7702 -800 ,000. 000 -798,161.33 798,161.33 0.00 10/03/2003SEC ID: 313384MM8BR01<ER: 8/13/2003 MORGAN STANLEY & CO INC, NYOCSF07522202: LONG TERM OPER-PlMCO 8/13/2003 IS FEDERAL HOME LN BKS CONS DISC MAT 8/13/2003 99.7702 0.000 0.00 728.00 0.00 J0/03/2003SEC ID: 313384MM8BROKER: 8/13/2003 MORGAN STANLEY & CO INC, NYOCSF07522202: LONG TERM OPER-PIMco 8/13/2003 s FEDERAL HOME LN BK CONS DISC N MAT 8/13/2003 99.7608 -1,500,000.000 -1 ,496,411.25 1,496,411.25 0.00 10/10/2003SEC ID: 313384MUOBROKER: 8/13/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/13/2003 YORKOCSF07522202: LONG TERM OPER- IS ~L HOME LN BK CONS DISC N MAT 8/13/2003 99.7608 0.000 0.00 1,075.42 0.00 10/ 10/2003SEC ID: 313384MUOBROKER: 8/13/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/13/2003 YORKOCSF07522202: LONG TERM OPER- s ~ HOME LN BK CONS DISC N MAT 8/18/2003 99.7608 -6,300,000.000 -6,284,927.25 6,284,927.25 0.00 10/10/2003SEC ID: 313384MUOBROI<ER: 8/18/2003 LEHMAN GOVT SECS lNC, NYOCSF07522202: 8/ 1812003 LONG T.ERM OPER-PIMCO IS FEDERAL HOME LN BK CONS DISC N MAT 8/18/2003 99.7608 0.000 0.00 5,426.75 0.00 10/10/2003SECJD: 313384MUOBROI<ER: 8/18/2003 LEHMAN GOVT SECS INC, NYOCSF07522202: 8 / 1812003 LONG TERM OPER-PIMCQ s FEDERAL HOME LN BK CONS DISC N MAT 8/26/2003 99.7608 -600,000.000 -598,564.50 598,564.50 0.00 10/10/2003SEC ID: 313384~0BROKER: 8/26/2003 OITlG.ROUP GBL MKTS/SALOMON, NEW 8/26/2003 YORK08SF07522202: LONG TERM OPER- IS ~L HOME LN BK CONS DISC N MAT 8/26/2003 99.7608 0.000 0.00 843.00 0.00 10/10/2003SEC ID: 313384MUOBROKER: 8/26/2003 CITIGROUP GBLMifTS/SALOMON, NEW 8/26/2003 YORKOCSF07522202: LONG '!'ERM OPER- PIMCO 15 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOLlDATED -OCSGO00lO000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s FEDERAL HOME LN BK CONS DISC N MAT 8/14/2003 99.5320 -1,500,000.000 -1,492,980.00 1,492,980.00 0.00 10/24/2003SECID:313384NJ4BROKER: 8/14/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8/ 1412003 LIQUID OPER-PIMCO IS FEDERAL HOME LN BK CONS DISC N MAT 8/14/2003 99.5320 0.000 0.00 4,120.83 0.00 10/24/2003SEC ID: 313384NJ4BROKER: 8/14/2003 LEHMAN GOVT SECS INC, NYOCSF07511 l02: 8/ 1412003 LIQUID OPER-PIMCO s FEDERAL HOME LN MTG CORP DN MAT 8/1/2003 99.5692 -2,000,000.000 -1,991,383.33 1,991,383.33 0.00 10/09/2003SEC ID: 313396MT7BROKER: 8/1/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/1/2003 YORKOCSF07511102: LIQUID OPER-PIMCO IS FEDERAL HOME LN MTG CORP DN MAT 8/1/2003 99.5692 0.000 0.00 4,975.00 0.00 10/09/2003SEC ID: 313396MT7BROKER: 8/1/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/1/2003 YORKOCSF07511102: LIQUID OPER-PIMCO s FEDERAL HOME LN MTG CORP DISC MAT 8/1/2003 99.5489 -2,000,000.000 -1,990,977.22 1,990,977.21 -0.01 10/17 /2003SEC ID: 313396NBSBROKER: 8/1/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/1/2003 YORKOCSF07511102: LIQUID OPER-PIMCO IS FEDERAL HOME LN MTG CORP DISC MAT 8/1/2003 99.5489 0.000 0.00 4,402.79 0.00 10 / 17 /2003SEC ID: 313396NB5BROKER: 8/1/2003 CITIGROUP GBL MKTS/SALOMON, NEW 8/1/2003 YORKOCSF07511102: LIQUID OPER-PIMCO s FEDERAL NATL MTG ASSN DISC NT 8/13/2003 99.7855 -2, 700,000.000 -2,694,208.50 2,694,208.50 0.00 MATURES 10/01/2003SEC ID: 8/13/2003 313588MK8BROKER: BANC OF AMERICA 8/13/2003 SEC LLC, SAN FRANCISCOOCSF07522202: IS M~t!i tlAi~'rtffi'8I~ DISC NT 8/13/2003 99.7855 0.000 0.00 1,914.38 0.00 MATURES 10/01/2003SEC ID: 8/13/2003 313588MK8BROKER: BANC OF AMERICA 8/13/2003 SEC LLC, SAN FRANCISCOOCSF07522202: s Mm~RA.t~Wffi'oI~ DiscouNT MAT 8/1/2003 99.7083 -600 ,000. 000 -598,249.67 598,249.67 0.00 10/15/2003SEC ID: 313588MZ5BROKER: 8/1/2003 MORGAN STANLEY & CO INC, 8/1/2003 NYOCSF07511102: LIQUID OPER-PIMCO IS FEDERAL NATL MTG ASSN DISCOUNT MAT 8/1/2003 99.7083 0.000 0.00 450.33 0.00 10/15/2003SEC ID: 313588MZ5BROKER: 8/1/2003 MORGAN STANLEY & CO INC, 8/1/2003 NYOCSF075 ll 102: LIQUID OPER-PIMCO 16 Workbench OCSD-CONSOLIDATED -OCSGO00l0000 Transaction Detail Reportedby Transaction Category 8/1/2003 -8/29/2003 Tran Trade Date Settle Date Reported Date Type Description s IS s IS s IS s IS s IS FEDERAL NATL MTG ASSN DISC MAT 8/4/2003 11/12/2003SEC ID: 313588PD1BROKER: 8/5/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81412003 LIQUID OPER-PIMCO FEDERAL NATL MTG ASSN DISC MAT 8/4/2003 11/12/2003SECID:313588PD1BROKER: 8/5/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81412003 LIQUID OPER-PIMCO CREDIT SUISSE FB REPO 00.980% 8/5/2003 08/05/2003 DD 08/04/03SEC ID: 8/5/2003 99408N968BROKER: CREDIT SUISSE FIRST 81512003 BOSTON CORP, N YOCSF07511102: LIQUID e~B11rlM6BsE FB REPO 00.980% 08/05/2003 DD 08/04/03SEC ID: 99408N968BROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF07511102: LIQUID 8/5/2003 8/5/2003 8/5/2003 Bf:IHk~· 2 REPO 00.980% 08/05/2003 8/5/2003 DD 08/04/03SEC ID: 99408Pll2BROKER: 8/5/2003 LEHMAN GOVT SECS INC, NYOCSF0751 l 102: 81512003 LIQUID OPER-PIMCO LEHMAN CAT 2 REPO 00.980% 08/05/2003 8/5/2003 DD 08/04/03SEC ID: 99408Pll2BROKER: 8/5/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81512003 LIQUID OPER-PIMCO LEHMAN CAT 2 REPO 00.930% 08/06/2003 8/6/2003 DD 08/05/03SEC ID: 99408Q656BROKER: 8/6/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81612003 LIQUID OPER-PIMCO LEHMAN CAT 2 REPO 00.930% 08/06/2003 8/6/2003 DD 08/05/03SEC ID: 99408Q656BROKER: 8/6/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81612003 LIQUID OPER-PIMCO CREDIT SUISSE FB REPO 00.880% 08/07/2003 DD 08/06/03SEC ID: 99408R050BROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF0751 l 102: LIQUID e~~B1'i'-IM6BsE FB REPO 00.880% 08/07/2003 DD 08/06/03SEC ID: 99408R050BROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF0751 l 102: LIQUID OPER-PIMCO 8/7/2003 8/7/2003 8/7/2003 8/7/2003 8/7/2003 8/7/2003 Price Base 99.4677 99.4677 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 Shares/Par -1,000,000.000 0.000 -800,000.000 0.000 -700,000.000 0.000 -1,500,000.000 0 .000 -900,000.000 0.000 17 Cost Base -994,677.09 0.00 -800,000.00 0.00 -700,000.00 0.00 -1,500,000.00 0.00 -900,000.00 0.00 ReportID: EWB009 Base Currency: USD Status: FINAL Amount Base 994,677.08 2,435.42 800,000.00 21.78 700,000.00 19.06 1,500,000.00 38.75 900,000.00 22.00 Net Gain/Loss Base -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCS~CONSOLIDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s LEHMAN CAT 2 REPO 00.880% 08/07/2003 8/7/2003 100.0000 -900,000.000 -900,000.00 900,000.00 0.00 DD 08/06/03SEC ID: 99408Sl40BROKER: 8/7/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81712003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.880% 08/07/2003 8/7/2003 100.0000 0.000 0.00 22.00 0.00 DD 08/06/03SEC ID: 99408Sl40BROKER: 8/7/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81712003 LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.940% 08/08/2003 8/8/2003 100.0000 -900,000.000 -900,000.00 900,000.00 0.00 DD 08/07 /03SEC ID: 99408T445BROKER: 8/8/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81812003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.940% 08/08/2003 8/8/2003 100.0000 0.000 0.00 23.50 0.00 DD 08/07 /03SEC ID: 99408T445BROKER: 8/8/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 81812003 LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.940% 8/8/2003 100.0000 -900,000.000 -900,000.00 900,000.00 0.00 08/08/2003 DD 08/07 /03SEC ID: 8/8/2003 99408T544BROKER: CREDIT SUISSE FIRST 8/8/2003 BOSTON CORP, N YOCSF07511102: LIQUID IS e~B1JiU~sE FB REPO 00.940% 8/8/2003 100.0000 0.000 0.00 23.50 0.00 08/08/2003 DD 08/07 /03SEC ID: 8/8/2003 99408T544BROKER: CREDIT SUISSE FIRST 8/8/2003 BOSTON CORP, N YOCSF07511102: LIQUID s e~B1,'J~sE FB REPO 00.880% 8/11/2003 100.0000 -900,000.000 -900,000.00 900,000.00 0.00 08/11/2003 DD 08/08/03SEC ID: 8/11/2003 99408U657BROKER: CREDIT SUISSE FIRST 8/ l l/2003 BOSTON CORP, N YOCSF0751l102: LIQUID IS 8RiB1JiU~sE FB REPO oo.880% 8/11/2003 100.0000 0.000 0.00 66.00 0.00 08/11/2003 DD 08/08/03SEC ID: 8/11/2003 99408U657BROKER: CREDIT SUISSE FIRST 8 / l l 12003 BOSTON CORP, N YOCSF07511102: LIQUID s fl£~~~ 2 REPO 00.880% 08/11/2003 8/11/2003 100.0000 -900 ,000. 000 -900,000.00 900,000.00 0.00 DD 08/08/03SEC ID: 99408U673BROKER: 8/11/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8/ l l/2003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.880%08/11/2003 8/11/2003 100.0000 0.000 0.00 66.00 0.00 DD 08/08/03SEC ID: 99408U673BROKER: 8/11/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8 / l l/2003 LIQUID OPER-PIMCO 18 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOLIDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s LEHMAN CAT 2 REPO 00.980% 08/12/2003 8/12/2003 100.0000 -1,800,000.000 -1,800,000.00 1,800,000.00 0.00 DD 08/ll/03SEC ID: 99408W471BROKER: 8/12/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8/ 1212003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00. 980% 08/12/2003 8/12/2003 100.0000 0.000 0.00 49.00 0.00 DD 08/11/03SEC ID: 99408W471BROKER: 8/12/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8/ 1212003 LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.940% 8/13/2003 100.0000 -900,000.000 -900,000.00 900,000.00 0.00 08/13/2003 DD 08/ 12/03SEC ID: 8/13/2003 99408X610BROKER: CREDIT SUISSE FIRST 8/13/2003 BOSTON CORP, N YOCSF07511102: LIQUID IS e~Bl1r~sE FB REPo oo.940% 8/13/2003 100.0000 0.000 0.00 23.50 0.00 08/13/2003 DD 08/12/03SEC ID: 8/13/2003 99408X610BROKER: CREDIT SUISSE FIRST 8/13/2003 BOSTON CORP, N YOCSF07511102: LIQUID s 9flH~rm19fr 2 REPO oo.940% 08/ 13;2003 8/13/2003 100.0000 -900,000.000 -900,000.00 900,000.00 0.00 DD 08/12/03SEC ID: 99408X669BROKER: 8/13/2003 LEHMAN GOVT SECS INC, NYOCSF0751 l 102: 8/ 1312003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00. 940% 08/13/2003 8/13/2003 100.0000 0.000 0.00 23.50 0.00 DD 08/12/03SEC ID: 99408X669BROKER: 8/13/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 811312003 LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.910% 08/14/2003 8/14/2003 100.0000 -900,000.000 -900,000.00 900,000.00 0.00 DD 08/ 13/03SEC ID: 99408Z391BROKER: 8/14/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8/ 1412003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.910% 08/14/2003 8/14/2003 100.0000 0.000 0.00 22.75 0.00 DD 08/13/03SEC ID: 99408Z391BROKER: 8/14/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8 / 1412003 LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.920% 8/14/2003 100.0000 -900,000.000 -900,000.00 900,000.00 0.00 08/14/2003 DD 08/13/03SEC ID: 8/14/2003 99408Z409BROKER: CREDIT SUISSE FIRST 8/14/2003 BOSTON CORP, N YOCSF07511102: LIQUID IS e~B11r~sE FB REPO 00.920% 8/14/2003 100.0000 0.000 0.00 23.00 0.00 08/14/2003 DD 08/13/03SEC ID: 8/14/2003 99408Z409BROKER: CREDIT SUISSE FIRST 8/14/2003 BOSTON CORP, N YOCSF07511102: LIQUID OPER-PIMCO 19 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s LEHMAN CAT 2 REPO 01.125% 08/18/2003 8/18/2003 100.0000 -1 ,300,000.000 -1,300,000.00 1,300,000.00 0.00 DD 08/ 15/03SEC ID: 99409B963BROKER: 8/18/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8/ 1812003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 01.125% 08/18/2003 8/18/2003 100.0000 0.000 0.00 121.88 0.00 DD 08/ 15/03SEC ID: 99409B963BROKER: 8/18/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8/ 1812003 LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO O 1.000% 8/19/2003 100.0000 -1,300,000.000 -1,300,000.00 1,300,000.00 0.00 08/19/2003 DD 08/18/03SEC ID: 8/19/2003 99409D670BROKER: CREDIT SUISSE FIRST 811912003 BOSTON CORP, N YOCSF07511102: LIQUID IS e~B1¥I~sE FB REPO 01.000% 8/19/2003 100.0000 0.000 0.00 36.11 0.00 08/19/2003 DD 08/ 18/03SEC ID: 8/19/2003 99409D670BROKER: CREDIT SUISSE FIRST 8/ 1912003 BOSTON CORP, N YOCSF0751 l 102: LIQUID s i?ilHiffiSfr 2 REPO 00.940% 08/20/2003 8/20/2003 100.0000 -1,600,000.000 -1,600,000.00 1,600,000.00 0.00 DD 08/19/03SEC ID: 99409F253BROKER: 8/20/2003 LEHMAN GOVT SECS INC, NYOCSF0751 l 102: 812012003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.940% 08/20/2003 8/20/2003 100.0000 0 .000 0.00 41.78 0 .00 DD 08/19/03SEC ID: 99409F253BROKER: 8/20/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 8 /20/2003 LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.880% 08/25/2003 8/25/2003 100.0000 -400,000.000 -400,000.00 400,000.00 0.00 DD 08/22/03SEC ID: 99409K310BROKER: 8/25/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812512003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.880% 08/25/2003 8/25/2003 100.0000 0.000 0.00 29.33 0.00 DD 08/22/03SEC ID: 99409K310BROKER: 8/25/2003 LEHMAN GOVT SECS INC, NYOCSF0751 l 102: 812512003 LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.970% 08/26/2003 8/26/2003 100.0000 -400,000.000 -400,000.00 400,000.00 0.00 DD 08/25/03SEC ID: 99409L540BROKER: 8/26/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812612003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.970% 08/26/2003 8/26/2003 100.0000 0.000 0.00 10.78 0.00 DD 08/25/03SEC ID: 99409L540BROKER: 8/26/2003 LEHMAN GOVT SECS INC, NYOCSF0751 l 102: 812612003 LIQUID OPER-PIMCO 20 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCS~CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s LEHMAN CAT 2 REPO 00.960% 08/27/2003 8/27/2003 100.0000 -400,000.000 -400,000.00 400,000.00 0.00 DD 08/26/03SEC ID: 99409N231BROKER: 8/27/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812712003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.960% 08/27/2003 8/27/2003 100.0000 0.000 0.00 10.67 0.00 DD 08/26/03SEC ID: 99409N231BROKER: 8/27/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812712003 LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.970% 08/27/2003 8/27/2003 100.0000 -10,800,000.000 -10,800,000.00 10,800,000.00 0.00 DD 08/26/03SEC ID: 99409N249BROKER: 8/27/2003 LEHMAN GOVT SECS INC, NYOCSF07522202: 812712003 LONG TERM OPER-PIMCO IS LEHMAN CAT 2 REPO 00.970% 08/27/2003 8/27/2003 100.0000 0.000 0.00 291.00 0.00 DD 08/26/03SEC ID: 99409N249BROKER: 8/27/2003 LEHMAN GOVT SECS INC, NYOCSF07522202: 812712003 LONG TERM OPER-PIMCO s LEHMAN CAT 2 REPO 00.970% 08/27/2003 8/27/2003 100.0000 -2,700,000.000 -2,700,000.00 2,700,000.00 0.00 DD 08/26/03SEC ID: 99409N249BROKER: 8/27/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812712003 LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.970% 08/27/2003 8/27/2003 100.0000 0.000 0.00 72.75 0.00 DD 08/26/03SEC ID: 99409N249BROKER: 8/27/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812712003 LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.960% 8/28/2003 100.0000 -3,200,000.000 -3,200,000.00 3,200,000.00 0.00 08/28/2003 DD 08/27 /03SEC ID: 8/28/2003 99409Pl45BROKER: CREDIT SUISSE FIRST 8/28/2003 BOSTON CORP, N YOCSF0751 l 102: LIQUID IS e~B11rl~sE FB REPO 00.960% 8/28/2003 100.0000 0.000 0.00 85.33 0.00 08/28/2003 DD 08/27 /03SEC ID: 8/28/2003 99409P145BROKER: CREDIT SUISSE FIRST 8/28/2003 BOSTON CORP, N YOCSF07511102: LIQUID s ~lHt~ 2 REPO 00.980% 08/29/2003 8/29/2003 100.0000 -3,200,000.000 -3,200,000.00 3,200,000.00 0.00 DD 08/28/03SEC ID: 99409Q945BROKER: 8/29/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812912003 LIQUID OPER-PIMCO rs LEHMAN CAT 2 REPO 00.980% 08/29/2003 8/29/2003 100.0000 0.000 0.00 87.11 0.00 DD 08/28/03SEC ID: 99409Q945BROKER: 8/29/2003 LEHMAN GOVT SECS INC, NYOCSF07511102: 812912003 LIQUID OPER-PIMCO 21 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOLIDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s DREYFUS TREASURY CASH MGMTSEC ID: 8/1/2003 1.0000 -1,992,110.270 -1,992,110.27 1,992,110.27 0.00 996085247OCSF0751 l 102: LIQUID OPER-8/1/2003 PIMCO 8/1/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/4/2003 1.0000 -1,500,000.000 -1,500,000.00 1,500,000.00 0.00 996085247OCSF07511102: LIQUID OPER-8/4/2003 PIMCO 8/4/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/6/2003 1.0000 -2,099,961.250 -2,099,961.25 2,099,961.25 0.00 996085247OCSF0751 l 102: LIQUID OPER-8/6/2003 PIMCO 8/6/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/7/2003 1.0000 -498,993.500 -498,993.50 498,993.50 0.00 99608524 7OCSF075 l 1102: LIQUID OPER-8/7/2003 PIMCO 8/7/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/13/2003 1.0000 -218,021.100 -218,021.10 218,021.10 0.00 996085247OCSF07522202: LONG TERM 8/13/2003 OPER-PIMCO 8/13/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/18/2003 1.0000 -191,929.500 -191,929.50 191,929.50 0.00 99608524 7OCSF07522202: LONG TERM 8/18/2003 OPER-PIMCO 8/18/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/19/2003 1.0000 -2, 776,545.340 -2, 776,545.34 2,776,545.34 0.00 996085247OCSF07522202: LONG TERM 8/19/2003 OPER-PIMCO 8/19/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/19/2003 1.0000 -145,051.390 -145,051.39 145,051.39 0.00 996085247OCSF07511102: LIQUID OPER-8/19/2003 PIMCO 8/19/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/22/2003 1.0000 -406,815.180 -406,815.18 406,815.18 0.00 996085247OCSF07522202: LONG TERM 8/22/2003 OPER-PIMCO 8/22/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/22/2003 1.0000 -400,000.000 -400,000.00 400,000.00 0.00 99608524 7OCSF07511102: LIQUID OPER-8/22/2003 PIMCO 8/22/2003 22 Workbencl-i Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGOO0l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s DREYFUS TREASURY CASH MGMTSEC ID: 8/26/2003 1.0000 -150,568.450 -150,568.45 150,568.45 0.00 996085247OCSF07511102: LIQUID OPER-8/26/2003 PIMCO 8/26/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/26/2003 1.0000 -3,442,324.130 -3,442,324.13 3,442,324.13 0.00 99608524 7OCSF07522202: LONG TERM 8/26/2003 OPER-PIMCO 8/26/2003 s DREYFUS TREASURY CASH MGMTSEC ID : 8/27/2003 1.0000 -941,957.640 -941,957.64 941,957.64 0.00 996085247OCSF07522202: LONG TERM 8/27/2003 OPER-PIMCO 8/27/2003 s DREYFUS TREASURY CASH MGMTSEC ID: 8/28/2003 1.0000 -498,016.980 -498,016.98 498,016.98 0.00 996085247OCSF07522202: LONG TERM 8/28/2003 OPER-PIMCO 8/28/2003 s BSDT-LATE MONEY DEPOSIT ACCTSEC ID: 8/4/2003 1.0000 -21,996.000 -21,996.00 21,996.00 0 .00 996087094OCSF07522202: LONG TERM 8/4/2003 OPER-PIMCO 8/4/2003 s BSDT-LATE MONEY DEPOSIT ACCTSEC ID: 8/19/2003 1.0000 -13,874.770 -13,874.77 13,874.77 0.00 996087094OCSF07522202: LONG TERM 8/19/2003 OPER-PIMCO 8/19/2003 TOTAL CASH & CASH EQUIVALENTS U.S. DOLLAR: -75,898,165.500 -75,831,830.08 75,865,233.21 -0.02 TOTAL CASH & CASH EQUIVALENTS BASE: -75,898, 165.500 -75,831,830.08 75,865,233.21 -0.02 FIXED INCOME SECURITIES U.S. DOLLAR s COMMIT TO PUR FNMA SF MTG 5.000% 8/14/2003 99.6797 -2,000,000.000 -2,061,704.55 1,993,593.75 -68,110.80 08/01/2018 DD 08/01/03SEC ID: 8/18/2003 01F050486BROKER: LEHMAN GOVT SECS 8/14/2003 INC, NYOCSF07522202: LONG TERM OPER- s ~IT TO PUR FNMA SF MTG 5.000% 8/14/2003 99.6484 -3,000,000.000 -3 ,092 ,556.82 2,989,453.13 -103,103.69 08/01/2018 DD 08/0l/03SEC ID: 8/18/2003 01F050486BROKER: BEAR STEARNS & CO 8/14/2003 INC, NYOCSF07522202: LONG TERM OPER- PIMCO 23 Workbench OCSD-CONSOLIDATED -OCSGO00l0000 Transaction Detail Reportedby Transaction Category 8/1/2003 -8/29/2003 Tran Trade Date Settle Date Reported Date Type Description s IS s IS s IS s IS s IS FNMA POOL #0545993 6.000% 11/0 1/2032 DD 10/0 1/02SEC ID: 31385JRNOBROl\.'ER: CREDlT SUTSSE FIRST BOSTON CORP, N YOCSF07522202: LONG ~~ 0 ~1Mis lf5993 6.000% 11/01/2032 DD 10/01/02SEC ID: 31385JRNOBROKER: CREDIT SUISSE FIRST BOSTON CORP, N YOCSF07522202: LONG 8/28/2003 8/29/2003 8/28/2003 8/28/2003 8/29/2003 8/28/2003 ~Rffi,~~M9N # TR 00019 STEP UP 8/20/2003 10/30/2003 DD l l/02/92SEC ID: 8/21/2003 36962FAUOBROKER: CJTJGROUP GBL 812012003 MICTS/SALOMON, NEW YORKOCSF0751 l 102: b'~~Wf'~ # TR 00019 STEP UP 8/20/2003 10/30/2003 DD 11/02/92SECID: 8/21/2003 36962FAUOBROKER: CITfGROUP GBL MKTS/SALOMON, NEW YORKOCSF07511102:8/20/2003 ~~~~¥l1.,<o6s INC 6 .625% 8/4/2003 04/01/2004 DD 03/26/99SEC ID: 8/5/2003 524908J3Z2BROKER: LEHMAN GOVT SECS INC, NYOCSF07511102: LIQUID OPER-PIMCO 8/4/2003 LEHMAN BROS HLDGS INC 6.625% 8/4/2003 04/0 1/2004 DD 03/26/99SEC ID: 8/5/2003 524908BZ2BROKER: LEHMAN GOVT SECS lNC, NYOCSF07511102: LIQUID OPER-PIMCO 8/4/2003 LEHMAN BROS HLDGS INC 6.625% 8/20/2003 04/01/2004 DD 03/26/99SEC ID: 8/21/2003 524908BZ2BROKER: LEHMAN GOVT SECS INC, NYOCSF07511102: LIQUID OPER-PIMCO 8/20/2003 LEHMAN BROS HLDGS INC 6.625% 8/20/2003 04/0 1/2004 DD 03/26/99SEC JD: 8/21/2003 .524908BZ2BROKER: LEHMAN GOVT SECS INC, NYOCSF07511102: LIQUID OPER-PIMCO 8/20/2003 US BANCORP MTN #TR 00119 6.000% 8/4/2003 05/15/2004 DD 05/10/99SEC ID: 8/5/2003 91159HEY2BROKER: LEHMAN GOVT SECS INC, NYOCSF07511102: LIQUID OPER-PIMCO 8/4/2003 US BANCORP MTN #TR 00119 6.000% 8/4/2003 05/15/2004 DD 05/10/99SEC ID: 8/5/2003 91159HEY2BROKER: LEHMAN GOVT SECS INC, NYOCSF07511102: LIQUID OPER-PIMCO 8/4/2003 Price Base 101.6753 101.6753 101.3440 101.3440 103.4600 103.4600 103.2290 103.2290 103.5380 103.5380 24 Shares/Par -l ,000,099.580 0.000 -1 ,340,000.000 0.000 -500,000.000 0.000 -500,000.000 0.000 -500,000.000 0.000 Cost Base -1,040,103.56 0.00 -1,380,508.20 0.00 -522,795.00 0.00 -522,795.00 0.00 -523,155.00 0.00 ReportID: EWB009 Base Currency: USD Status: FINAL Amount Base 1,016,854.25 4,667.13 1,358,009.60 33,879.67 517,300.00 11,409.72 516,145.00 12,881.94 517,690.00 6,666.67 Net Gain/Loss Base -23,249.31 0.00 -22,498.60 0.00 -5,495.00 0.00 -6,650.00 0.00 -5,465.00 0.00 Workbencii Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGOOOlOOOO 8/1/2003 -8/29/2003 Status: FINAL - Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s US BANCORP MTN #TR 00119 6.000% 8/20/2003 103.3710 -500 ,000. 000 -523,155.00 516,855.00 -6,300.00 05/15/2004 OD 05/10/99-SEC ID: 8/21/2003 91159HEY2BROKER: MERRJLL LYNCH 8/20/2003 PtERCE FENNER SMITJ-i INC IS tfs~83~1Nfil;j ~lffi\ ~~8o¥0CO 8/20/2003 103.3710 0.000 0.00 8,000.00 0.00 05/15/2004 DD 05/ 10 /99SEC ID: 8/21/2003 91159HEY2BROKER: MERRILL LYNCH 8/20/2003 PIERCE FENNER SMITH me NYOCSF0751trR,1!M:1I~~URITIES U.S. DOLLAR: -9,340,099.580 -9,666, 773.13 9,503,405.86 -240,872.40 TOTAL FIXED INCOME SECURITIES BASE: -9,340,099.580 -9,666,773.13 9,503,405.86 -240,872.40 TOTAL SALES BASE: -85,238,265.080 -85,498,603.21 85,368,639.07 -240,872.42 PRINCIPAL PAYMENTS FIXED INCOME SECURITIES U.S. DOLLAR PD WMP/HUNTOON PAIGE #000-11150 7.500% 8/1/2003 100.0000 -748.380 -732.13 748.38 16.25 12/01/2030 DD 10/21/99SEC ID: 8/1/2003 302998GE30CSF07522202: LONG TERM 8/1/2003 OPER-PfMCO PD FHLMC GROUP #G4-0353 7 .500% 8/1/2003 100.0000 -35,035.030 -35,921.85 35,035.03 -886.82 10/01/2004 DD 03/01/99SEC ID: 8/1/2003 3128DBMA20CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PDC FHLMC MULTICLASS MTG SER E3 A VAR RT 4/1/2003 100.0000 34,579.000 34,615.84 -34,579.00 36.84 08/ 1-5/2032 DD 12/0l/97SEC ID: 4/1/2003 3133TCE950CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FHLMC MULTI CLASS MTG SER E3 A VAR RT 4/1/2003 100.0000 -34,583.500 -34,620.35 34,583.50 -36.85 08/15/2032 DD 12/01 /97SEC ID: 4/1/2003 3133TCE950CS.R07522202: LONG TERM 8/1/2003 QPER-PIMCO PDC FHLMC MULTICLASS MTG SER E3 A VAR RT 6/1/2003 100.0000 36,934.300 36,973.65 -36,934.30 39.35 08/tS/2032 DD 12/01/97SEC ID: 6/1/2003 3133TCE950CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 25 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOLIDATED -OCSGO00 10000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PD FHLMC MULTICLASS MTG SER E3 A VAR RT 6/1/2003 100.0000 -36,935.150 -36,974.50 36,935.15 -39.35 08/15/2032 DD 12/0l/97SEC ID: 6/1/2003 3133TCE95OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PDC FHLMC MULTICLASS MTG SER E3 A VAR RT 7/1/2003 100.0000 36,020.900 36,059.28 -36,020.90 38.38 08/15/2032 DD 12/01/97SEC ID: 7/1/2003 3133TCE95OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FHLMC MULTICLASS MTG SER E3 A VAR RT 7/1/2003 100.0000 -36,022.150 -36,060.53 36,022.15 -38.38 08/15/2032 DD 12/01/97SEC ID: 7/1/2003 3133TCE95OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FHLMC MULTICLASS MTG SER E3 A VAR RT 8/1/2003 100.0000 -35,432.050 -35,469.80 35,432.05 -37.75 08/15/2032 DD 12/0l/97SEC ID: 8/1/2003 3133TCE95OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FHLMC MULTICLASS CTF Tll A6 6.500% 8/1/2003 100.0000 -272,149.880 -272,270.72 272,149.88 -120.84 09/25/2018SEC ID: 8/1/2003 3133TDPV2OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0323980 6.000% 8/1/2003 100.0000 -25,063.080 -26,167.42 25,063.08 -1,104.34 04/01/2014 DD 09/01/99SEC ID: 8/1/2003 31374T2M0OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0456482 6.000% 8/1/2003 100.0000 -5,958.770 -6,221.33 5,958.77 -262.56 02/01/2014 DD 02/01/99SEC ID: 8/1/2003 31381CCT2OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0509649 6.000% 8/1/2003 100.0000 -53,891.750 -56,266.36 53,891.75 -2,374.61 09/01/2014 DD 09/01/99SEC ID: 8/1/2003 31383QEW0OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0535451 6.000% 8/1/2003 100.0000 -19,825.700 -20,699.27 19,825.70 -873.57 06/01/2015 DD 07 /01/00SEC ID: 8/1/2003 31384VZQ8OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0535672 6.000% 8/1/2003 100.0000 -514,164.300 -536,819.66 514,164.30 -22,655.36 01/01/2016 DD 12/01/00SEC ID: 8/1/2003 31384WCH10CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 26 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGOO0l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PD FNMA POOL #0545296 6.000% 8/1/2003 100.0000 -192,430.070 -200,909.02 192,430.07 -8,478.95 11/01/2016 DD 10/01/0lSEC ID: 8/1/2003 31385HXZ0OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0545580 6.000% 8/1/2003 100.0000 -16,374.290 -17,095.78 16,374.29 -721.49 03/01/2017 DD 03/01/02SEC ID: 8/1/2003 31385JCR7OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0555101 6.000% 8/1/2003 100.0000 -24,346.490 -25,419.26 24,346.49 -1,072.77 10/01/2017 DD 11/01/02SEC ID: 8/1/2003 31385WU23OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0576386 6.000% 8/1/2003 100.0000 -11,291.180 -11,788.70 11,291.18 -497.52 05/01/2016 DD 05/01/0lSEC ID: 8/1/2003 31386XJ72OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0576739 6.000% 8/1/2003 100.0000 -19,398.130 -20,252.86 19,398.13 -854.73 04/01/2016 DD 04/01/0lSEC ID: 8/1/2003 31386XV86OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0580888 6.000% 8/1/2003 100.0000 -15,246.300 -15,918.09 15,246.30 -671.79 05/01/2016 DD 05/01/0lSEC ID: 8/1/2003 31387DJ91OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0594002 6.000% 8/1/2003 100.0000 -14,358.960 -14,991.65 14,358.96 -632.69 07/01/2016 DD 07 /01/0lSEC ID: 8/1/2003 31387T3K8OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0597376 6.000% 8/1/2003 100.0000 -19,828.700 -20,702.40 19,828.70 -873.70 09/01/2016 DD 08/01/0lSEC ID: 8/1/2003 31387XT96OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0605259 6.000% 8/1/2003 100.0000 -7,441.220 -7,769.10 7,441.22 -327.88 09/01/2016 DD 09/01/0lSEC ID: 8/1/2003 31388HMG10CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0608366 6.000% 8/1/2003 100.0000 -19,533.260 -20,393.94 19,533.26 -860.68 10/01/2016 DD 09/01/0lSEC ID: 8/1/2003 31388LZ78OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 27 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PD FNMA POOL #0616734 6.000% 8/1/2003 100.0000 -691.280 -721.74 691.28 -30.46 12/01/2016 DD 12/01/0lSEC ID: 8/1/2003 31388WEF9OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0630812 6.000% 8/1/2003 100.0000 -30,061.280 -31,385.86 30,061.28 -1,324.58 02/01/2017 DD 02/01/02SEC ID: 8/1/2003 31389NYH2OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0632376 6.000% 8/1/2003 100.0000 -64,673.640 -67,523.32 64,673.64 -2,849.68 07/01/2017 DD 07 /01/02SEC ID: 8/1/2003 31389QQ50OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0653116 6.000% 8/1/2003 100.0000 -70,701.480 -73,816.76 70,701.48 -3,115.28 07/01/2017 DD 07 /01/02SEC ID: 8/1/2003 31390QSD8OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0673280 6.000% 8/1/2003 100.0000 -23,794.420 -24,842.86 23,794.42 -1,048.44 08/01/2017 DD 11/0l/02SEC ID: 8/1/2003 31391P6R2OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0698939 6.000% 8/1/2003 100.0000 -549.910 -574.14 549.91 -24.23 09/01/2017 DD 03/01/03SEC ID: 8/1/2003 31400VPY2OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD FNMA POOL #0703195 6.000% 8/1/2003 100.0000 -9,309.790 -9,720.00 9,309.79 -410.21 01/01/2017 DD 04/0l/03SEC ID: 8/1/2003 31401BGC3OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0596612 6.500% 8/1/2003 100.0000 -93,909.260 -98,560.70 93,909.26 -4,651.44 09/15/2032 DD 09/01/02SEC ID: 8/1/2003 36200BYH4OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0569358 6.500% 8/1/2003 100.0000 -198,532.490 -203,185.59 198,532.49 -4,653.10 04/15/2032 DD 04/01/02SEC ID: 8/1/2003 36200QQK3OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0569685 6.500% 8/1/2003 100.0000 -8,560.330 -8,984.33 8,560.33 -424.00 02/15/2032 DD 02/01/02SEC ID: 8/1/2003 36200Q2S2OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 28 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL - Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PD GNMA POOL #0570019 6.500% 8/1/2003 100.0000 -15,248.180 -16,003.44 15,248.18 -755.26 07/15/2032 DD 07 /01/02SEC ID: 8/1/2003 36200RG48OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0574323 6.500% 8/1/2003 100.0000 -114,022.220 -119,669.88 114,022.22 -5,647.66 12/15/2031 DD 12/01/0lSEC ID: 8/1/2003 36200WAY7OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0575364 6.500% 8/1/2003 100.0000 -13,855.310 -14,541.58 13,855.31 -686.27 11/15/2031 DD 11/01/0lSEC ID: 8/1/2003 36200XFD6OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0587117 6.500% 8/1/2003 100.0000 -2,384.010 -2,502.09 2,384.01 -118.08 06/15/2032 DD 06/01/02SEC ID: 8/1/2003 36201MG22OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0587439 6.500% 8/1/2003 100.0000 -13,509.010 -14,178.13 13,509.01 -669.12 11/15/2032 DD 12/01/02SEC ID: 8/1/2003 36201MS45OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0421389 6.500% 8/1/2003 100.0000 -1,189.790 -1,248.72 1,189.79 -58.93 04/15/2026 DD 04/01/96SEC ID: 8/1/2003 36206UC23OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0438057 6.000% 8/1/2003 100.0000 -40.320 -38.27 40.32 2.05 05/15/2028 DD 05/01/98SEC ID: 8/1/2003 36207PTN9OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0449851 6.500% 8/1/2003 100.0000 -51.100 -53.63 51.10 -2.53 01/15/2028 DD 01/0l/98SEC ID: 8/1/2003 36208FWLOOCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0457814 6.000% 8/1/2003 100.0000 -4,612.970 -4,378.72 4,612.97 234.25 10/15/2028 DD 10/01/98SEC ID: 8/1/2003 36208QSB3OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0465546 6.000% 8/1/2003 100.0000 -62,056.720 -58,905.40 62,056.72 3,151.32 08/15/2028 DD 08/01/98SEC ID: 8/1/2003 36209AET3OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 29 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCS~CONSOLIDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PD GNMA POOL #0465555 6.000% 8/1/2003 100.0000 -107,490.130 -102 ,031. 65 107,490.13 5,458.48 09/15/2028 DD 09/01/98SEC ID: 8/1/2003 36209AE48OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0466845 6.500% 8/1/2003 100.0000 -124.100 -130.25 124.10 -6.15 06/15/2028 DD 06/0l/98SEC ID: 8/1/2003 36209BTA6OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0467279 6.000% 8/1/2003 100.0000 -2,018.630 -1,916.12 2,018.63 102.51 10/15/2028 DD 10/0l/98SEC ID: 8/1/2003 36209CCQ7OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0467286 6.000% 8/1/2003 100.0000 -665.520 -631.72 665.52 33.80 10/15/2028 DD 10/01/98SEC ID: 8/1/2003 36209CCX2OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0468052 6.500% 8/1/2003 100.0000 -1,451.490 -1,523.38 1,451.49 -71.89 07/15/2028 DD 07 /01/98SEC ID: 8/1/2003 36209C5M4OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0468330 6.000% 8/1/2003 100.0000 -1,946.700 -1,847.84 1,946.70 98.86 05/15/2028 DD 05/01/98SEC ID : 8/1/2003 36209DHF4OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0468339 6.000% 8/1/2003 100.0000 -19,717.200 -18,715.94 19,717.20 1,001.26 08/15/2028 DD 08/0l/98SEC ID: 8/1/2003 36209DHQ0OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0469688 6.000% 8/1/2003 100.0000 -2,071.480 -1,966.29 2,071.48 105.19 11/15/2028 DD ll/0l/98SEC ID: 8/1/2003 36209EXR8OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0476041 6.500% 8/1/2003 100.0000 -6,305.380 -6,607.84 6,305.38 -302.46 06/15/2028 DD 06/01/98SEC ID: 8/1/2003 36209MZE7OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0478626 6.500% 8/1/2003 100.0000 -34,972.410 -36,649.99 34,972.41 -1,677.58 01/15/2029 DD 01/01/99SEC ID: 8/1/2003 36209QVT9OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 30 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PD GNMA POOL #0480598 6.500% 8/1/2003 100.0000 -416.740 -436.73 416.74 -19.99 10/15/2028 DD 10/01/98SEC ID: 8/1/2003 36209S3F6OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0483452 6.000% 8/1/2003 100.0000 -3,413.740 -3,240.39 3,413.74 173.35 09/15/2028 DD 09/01/98SEC ID: 8/1/2003 36209WBV3OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0485527 6.500% 8/1/2003 100.0000 -86,207.420 -90,477.38 86,207.42 -4,269.96 06/15/2031 DD 06/01/0lSEC ID: 8/1/2003 36209YLG10CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0485610 6.500% 8/1/2003 100.0000 -123,269.560 -129,375.26 123,269.56 -6,105.70 07/15/2031 DD 07 /01/0lSEC ID: 8/1/2003 36209YN38OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0485682 6.500% 8/1/2003 100.0000 -16,066.600 -16,862.40 16,066.60 -795.80 08/15/2031 DD 08/01/0lSEC ID: 8/1/2003 36209YRB6OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0485703 6.500% 8/1/2003 100.0000 -10,617.900 -11,143.82 10,617.90 --525.92 08/15/2031 DD 08/01/0lSEC ID: 8/1/2003 36209YRY6OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0486720 6.000% 8/1/2003 100.0000 -889.520 -844.35 889.52 45.17 12/15/2028 DD 12/01/98SEC ID: 8/1/2003 36210AVM6OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0491103 6.000% 8/1/2003 100.0000 -14,264.270 -13,539.91 14,264.27 724.36 01/15/2029 DD 01/01/99SEC ID: 8/1/2003 36210FRY4OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0496461 6.000% 8/1/2003 100.0000 -20,985.590 -19,919.91 20,985.59 1,065.68 01/15/2029 DD 01/01/99SEC ID: 8/1/2003 36210MQN4OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0497343 6.000% 8/1/2003 100.0000 -40.740 -38.67 40.74 2.07 12/15/2028 DD 12/01/98SEC ID: 8/1/2003 36210NP45OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 31 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PD GNMA POOL #0499153 6.000% 8/1/2003 100.0000 -2,531.020 -2,402.49 2,531.02 128.53 02/15/2029 DD 02/01/99SEC ID: 8/1/2003 36210QQE5OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0500917 6.000% 8/1/2003 100.0000 -16.030 -15.22 16.03 0.81 04/15/2029 DD 04/01/99SEC ID: 8/1/2003 36210SPA0OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0503388 6.000% 8/1/2003 100.0000 -9,255.710 -8,785.69 9 ,255.71 470.02 03/15/2029 DD 03/01/99SEC ID: 8/1/2003 36210VF55OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0506636 6.000% 8/1/2003 100.0000 -2,597.040 -2,465.16 2,597.04 131.88 04/15/2029 DD 04/01/99SEC ID: 8/1/2003 36210YY90OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0512235 6.500% 8/1/2003 100.0000 -20.140 -21.14 20.14 -1.00 11/15/2029 DD ll/01/99SEC ID: 8/1/2003 36211GBC6OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0514326 6.500% 8/1/2003 100.0000 -36,796.440 -38,561.52 36,796.44 -1,765.08 07/15/2029 DD 07 /01/99SEC ID: 8/1/2003 36211JLF2OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0530053 6.500% 8/1/2003 100.0000 -12,034.050 -12,630.11 12,034.05 -596.06 04/15/2031 DD 04/01/0lSEC ID: 8/1/2003 36212CZS3OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0530290 6.500% 8/1/2003 100.0000 -74.290 -77.85 74.29 -3.56 03/15/2031 DD 04/01/0lSEC ID: 8/1/2003 36212DC310CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0537885 6.500% 8/1/2003 100.0000 -10,694.840 -11,224.57 10,694.84 -529.73 02/15/2031 DD 02/01/0lSEC ID: 8/1/2003 36212MRE10CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0547512 6.500% 8/1/2003 100.0000 -1,704.220 -1,788.63 1,704.22 -84.41 04/15/2031 DD 04/01/0lSEC ID: 8/1/2003 36212YGV9OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO 32 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOLIDATED -OCSGO00l0OO0 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base PD GNMA POOL #0547715 6.500% 8/1/2003 100.0000 -106,685.490 -111,803.06 106,685.49 -5,117.57 02/15/2031 DD 02/0 1/0 l SEC ID: 8/1/2003 36212YN820CSF07522202: LONG TERM 8/1/2003 OPER-PlMCO PD GNMA POOL #0552322 6.500% 8/1/2003 100.0000 -5,671.540 -5,952.46 5,671.54 -280.92 01/15/2032 DD 01/01/02SECID: 8/1/2003 36.213ES K30 CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA POOL #0552466 6.500% 8/1/2003 100.0000 -90,158.870 -94,624.55 90,158.87 -4,465.68 03/15/2032 DD 03/01/02SEC ID: 8/1/2003 36213EW36QCSF07522202: LONG TERM 8/1/2003 OPER-PlMCO PD GNMA POOL #0552659 6.500% 8/1/2003 100.0000 -116,480.340 -122,249.76 116,480.34 -5,769.42 07/15/2032 DD 07 /01 /02SEC ID: 8/1/2003 36213E5060 CSF07522202: LONG TERM 8/1/2003 OPER-PlMCO PD GNMA POOL #0561017 6.500% 8/1/2003 100.0000 -97,338.980 -102,160.30 97,338.98 -4,821.32 07/15/203 1 DD 07 /01/0lSEC ID: 8/1/2003 36213QG290CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA II POOL #0080023 VAR RT 12/20/20268/ 1/2003 100.0000 -15,613.640 -15,872.24 15,613.64 -258.60 DD 12/01/96SEC ID: 8/1/2003 36225CAZ90CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA II POOL #080088M 7.375% 8/1/2003 100.0000 -18,828.220 -19,240.09 18,828.22 -411.87 06/20 /2027 DD 06/01/97SEC ID: 8/1/2003 36225CC200CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA II POOL #0080395 VAR RT 8/1/2003 100.0000 -18,092.520 -17,928.56 18,092.52 163.96 04/20/2030 DD 04/01/00SECID: 8/1/2003 36225CNM40CSF07522202: LONG TERM 8/1/2003 OPER-PIMCO PD GNMA II POOL #080408X 6.500% 8/1/2003 100.0000 -139,106.900 -137,694.09 139,106.90 1,412.81 05/20/2030 DD 05/01/00SEC ID: 8/1/2003 36225CN280CSF07522202: LONG TERM 8/1/2003 OPER-PLMCO PD GNMA GTD REMIC TR 2000-9 FH VAR RT 8/16/2003 100.0000 -39,233.940 -39,233.94 39,233.94 0.00 02/ 16/2030SEC ID: 8/16/2003 3837H4NX90CSF07522202: LONG TERM 8/16/2003 OPER-PlMCO 33 Workbench OCS~CONSOUDATED -OCSGO00l0000 Transaction Detail Reportedby Transaction Category 8/1/2003 -8/29/2003 Tran Type Description Trade Date Settle Date Reported Date Price Base PD SBA GTD PARTN CTFS SBIC-PS 01 6.640% 8/1/2003 100.0000 02/10/2011 DD 02/21/0lSEC ID: 8/1/2003 831641DD40CSF07522202: LONG TERM 8/ l/2003 OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: TOTAL FIXED INCOME SECURITIES BASE: TOTAL PRINCIPAL PAYMENTS BASE: MATURITIES FIXED INCOME SECURITIES U.S. DOLLAR MT MT MT MT MT MT FEDERAL HOME LN BK CONS BDS 5.925% 8/14/2003 08/14/2003 DD 08/ 14/98SEC ID: 8/14/2003 3133MSSB20CSF07511102: LIQUID OPER-811412003 PIMCO FEDERAL FARM CRBKS CONS MTN 6.550% 8/19/2003 08/19/2003 DD 08/19/96SEC ID: 8/19/2003 31331NW590CSF07511102: LIQUID OPER-811912003 PIMCO GENERAL MTRS ACCEP MTN #00615 VAR RT 8/4/2003 08/04/2003 DD 08/03/0lSEC ID: 8/4/2003 37042WE800CSF07522202: LONG TERM 81412003 OPER-PIMCO GMAC NTS VAR RT 08/18/2003 DD 8/18/2003 08/ 17 /98SEC ID: 370425QV50CSF07522202: 8/18/2003 LONG TERM OPER-PIMCO 8/18/2003 GILLETTE CO NT 6.250% 08/15/2003 DD 8/15/2003 08/16/93SEC ID:375766AC60CSF07511102:3;1s;2003 LIQUID OPER-PIMCO 8/15/2003 MORGAN STANLEY DW MTN #TR00349 7 .125% 08/15/2003 DD 08/10/00SEC ID; 61745EQN40CSF'075L ll02: LIQUID OPER- PIMCO 8/15/2003 8/15/2003 8/15/2003 TOTAL FJXED INCOME SECURITIES U.S. DOLLAR: 100.0000 100.0000 100.0000 100.0000 100.0000 100.0000 Shares/Par -16,236.330 -3,222,383.320 -3,222,383.320 -3,222,383.320 -100,000.000 -150,000.000 -4,000,000.000 -3,950,000.000 -250,000.000 -1,000,000.000 -9 ,450,000.000 34 Cost Base -16,236.33 -3,315,518.71 -3,315,518.71 -3,315,518. 71 -103,311.00 -155,796.00 -3,998,440.00 -3,918,768.50 -256,012.50 -1,045,350.00 -9,477,678.00 Report ID: EWB009 Base Currency: USD Status: FINAL Amount Base 16,236.33 3,222,383.32 3,222,383.32 3,222,383.32 100,000.00 150,000.00 4,000,000.00 3,950,000.00 250,000.00 1,000,000.00 9,450,000.00 Net Gain/Loss Base 0.00 -93,135.39 -93,135.39 -93,135.39 -3,311.00 -5,796.00 1,560.00 31,231.50 -6,012.50 -45,350.00 -27,678.00 Workbench OCS~CONSOUDATED -OCSGOOOlOOOO Tran Type Description Transaction Detail Reportedby Transaction Category 8/1/2003 -8/29/2003 Trade Date Settle Date Reported Date Price Base Shares/Par Cost Base TOTAL FIXED INCOME SECURITIES BASE: -9,450,000.000 -9,477,678.00 TOTAL MATURITIES BASE: INTEREST CASH & CASH EQUIVALENTS U.S. DOLLAR CD cw IT IT SHORT TERM FDS INT ADJ NET OF OVERNIGHT INTERESTSEC ID: 990000PJ4OCSF07522202: LONG TERM OPER-PIMCO SHORT TERM FDS INT ADJ NET OF OVERNIGHT INTERESTSEC ID: 990000PJ4OCSF075 l l 102: LIQUID OPER- PIMCO DREYFUS TREASURY CASH MGMTSEC ID: 996085247OCSF07522202: LONG TERM OPER-PIMCO DREYFUS TREASURY CASH MGMTSEC ID: 996085247OCSF07511102: LIQUID OPER- PIMCO 8/29/2003 8/29/2003 8/29/2003 8/29/2003 8/29/2003 8/29/2003 8/1/2003 8/1/2003 8/1/2003 8/1/2003 8/1/2003 8/1/2003 TOTAL CASH & CASH EQUIVALENTS U.S. DOLLAR: TOTAL CASH & CASH EQUIVALENTS BASE: FIXED INCOME SECURITIES U.S. DOLLAR IT IT AIG SUNAMERICA GLOBAL REG S 5.850% 08/01/2008 DD 08/08/0lSEC ID: U00907AA0OCSF07522202: LONG TERM OPER-PIMCO BEAR STEARNS MTN# TR 00459 VAR RT 12/01/2003 DD 08/ 17 /0lSEC ID: 073928VC4OCSF07522202: LONG TERM OPER-PIMCO 8/1/2003 8/1/2003 8/1/2003 8/18/2003 8/18/2003 8/18/2003 -9,450,000.000 -9,477,678.00 0.000 83.90 0 .000 -238.58 0.000 450.92 0.000 395.56 0.000 691.80 0.000 691.80 752,000.000 21,996.00 900,000.000 3 ,594.50 35 Report ID: EWB009 Base Currency: USD Status: FINAL Amount Base 9,450,000.00 9,450,000.00 83.90 -238.58 450.92 395.56 691.80 691.80 21,996.00 3,594.50 Net Gain/Loss Base -27,678.00 -27,678.00 0 .00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT BELL ATLANTIC-NEW JERSEY INC 5.875% 8/1/2003 650,000.000 19,093.75 19,093.75 0.00 02/01/2004 DD 02/01/94SEC ID: 8/1/2003 077858M6OCSF07511102: LIQUID OPER-8/1/2003 PIMCO IT CITIGROUP INC GLOBAL SUB NT 5.625% 8/27/2003 5,000,000.000 140,625.00 140,625.00 0.00 08/27/2012 DD 08/26/02SEC ID: 8/27/2003 172967BP5OCSF07522202: LONG TERM 8/27/2003 OPER-PIMCO IT WMP/HUNTOON PAIGE #000-11150 7.500"/o 8/28/2003 748.380 5,935.72 5,935.72 0.00 12/01/2030 DD 10/21/99SEC ID: 8/1/2003 302998GE3OCSF07522202: LONG TERM 8/28/2003 OPER-PIMCO IT FHLMC GROUP #G4-0353 7.500% 8/15/2003 35,035.030 914.92 914.92 0.00 10/01/2004 DD 03/01/99SEC ID: 8/1/2003 3128DBMA2OCSF07522202: LONG TERM OPER-PIMCO 8/15/2003 IT FEDERAL HOME LN BK CONS BDS 7.125% 8/15/2003 7,500,000.000 267,187.50 267,187.50 0.00 02/15/2005 DD 02/08/00SEC ID: 8/15/2003 3133MAUN7OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT FEDERAL HOME LN BK CONS BDS 5. 925% 8/14/2003 100,000.000 2,962.50 2,962.50 0.00 08/14/2003 DD 08/14/98SEC ID: 8/14/2003 3133M55B2OCSF075 l 1102: LIQUID OPER-8/14/2003 PIMCO ITC FHLMC MULTICLASS MTG SER E3 A VAR RT 5/19/2003 -34,579.000 -5,062.93 -5,062.93 0.00 08/15/2032 DD 12/01/97SEC ID: 4/1/2003 3133TCE95OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO ITC FHLMC MULTICLASS MTG SER E3 A VAR RT 7/23/2003 -36,934.300 -4,649.03 -4,649.03 0.00 08/15/2032 DD 12/0l/97SEC ID: 6/1/2003 3133TCE95OCSF07522202: LONG TERM 8/1/2003 OPER-PIMCO IT FHLMC MULTICLASS MTG SER E3 A VAR RT 8/7/2003 34,583.500 5,062.93 5,062.93 0.00 08/15/2032 DD 12/0l/97SEC ID: 4/1/2003 3133TCE95OCSF07522202: LONG TERM 8/7/2003 OPER-PIMCO IT FHLMC MULTICLASS MTG SER E3 A VAR RT 8/7/2003 4.500 4.50 4.50 0.00 08/15/2032 DD 12/0l/97SEC ID: 4/1/2003 3133TCE95OCSF07522202: LONG TERM 8/7/2003 OPER-PIMCO 36 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT FHLMC MULTICIASS MTG SER E3 A VAR RT 8/7/2003 36,935.150 4,649.03 4,649.03 0.00 08/15/2032 DD 12/0l/97SEC ID: 6/1/2003 3133TCE95OCSF07522202: LONG TERM 8/7/2003 OPER-PIMCO IT FHLMC MULTICIASS MTG SER E3 A VAR RT 8/7/2003 5.350 5.35 5.35 0.00 08/15/2032 DD 12/01/97SEC ID: 6/1/2003 3133TCE95OCSF07522202: LONG TERM 8/7/2003 OPER-PIMCO IT FHLMC MULTICIASS MTG SER E3 A VAR RT 8/15/2003 36,022.150 4,473.01 4,473.01 0.00 08/15/2032 DD 12/01/97SEC ID: 7 / 1;2003 3133TCE95OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT FHLMC MULTICIASS MTG SER E3 A VAR RT 8/15/2003 1.250 1.25 1.25 0.00 08/15/2032 DD 12/01/97SEC ID: 7/1/2003 3133TCE95OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT FHLMC MULTICIASS CTF Tl 1 A6 6.500"/o 8/25/2003 272,149.880 2,204.10 2,204.10 0.00 09/25/2018SEC ID: 8/1/2003 3133TDPV2OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FHLMC MULTICIASS CTF SER 1620Z 6.000% 8/18/2003 14,713.550 14,713.55 14,713.55 0.00 11/15/2023 DD 11/01/93SEC ID: 8/1/2003 3133T17A4OCSF07522202: LONG TERM 8/18/2003 OPER-PIMCO IT FEDERAL FARM CRBKS CONS MTN 6.550% 8/19/2003 150,000.000 4,912.50 4,912.50 0.00 08/19/2003 DD 08/19/96SEC ID: 8/19/2003 31331NW59OCSF07511102: LIQUID OPER-8/19/2003 PIMCO IT FHLMC GROUP #78-6064 6.384% 8/15/2003 4,458.040 296.88 296.88 0.00 01/01/2028 DD 12/01/97SEC ID: 7/1/2003 31348SWZ3OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT FEDERAL NATL MTG ASSN DEBS 5.125% 8/15/2003 4,200,000.000 107,625.00 107,625.00 0.00 02/13/2004 DD 02/08/99SEC ID: 8/15/2003 31359MEM10CSF07511102: LIQUID OPER-8/15/2003 PIMCO IT FEDERAL NATL MTG ASSN DEBS 7.125% 8/15/2003 15,500,000.000 552,187.50 552,187.50 0.00 02/15/2005 DD 02/ 14/00SEC ID: 8/15/2003 31359MFH1OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO 37 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT FNMA POOL #0323980 6.000% 8/25/2003 25,063.080 1,461.04 1,461.04 0.00 04/01/2014 DD 09/01/99SEC ID: 8/1/2003 31374T2M0OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0456482 6.000% 8/25/2003 5,958.770 527.10 527.10 0.00 02/01/2014 DD 02/01/99SEC ID: 8/1/2003 31381CCT2OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0509649 6.000% 8/25/20~3 53,891.750 1,594.65 1,594.65 0.00 09/01/2014 DD 09/01/99SEC ID: 8/1/2003 31383QEW0OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0535451 6.000% 8/25/2003 19,825.700 1,171.04 1,171.04 0.00 06/01/2015 DD 07 /01/00SEC ID: 8/1/2003 31384VZQ8OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0535672 6.000% 8/25/2003 514,164.300 25,935.90 25,935.90 0.00 01/01/2016 DD 12/01/00SEC ID: 8/1/2003 31384WCH10CSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0545296 6.000% 8/25/2003 192,430.070 8,977.36 8,977.36 0.00 11/01/2016 DD 10/01/0lSEC ID: 8/1/2003 31385HXZ0OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0545580 6.000% 8/25/2003 16,374.290 738.97 738.97 0.00 03/01/2017 DD 03/01/02SEC ID: 8/1/2003 31385JCR7OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0555101 6.000% 8/25/2003 24,346.490 1,246.00 1,246.00 0.00 10/01/2017 DD ll/01/02SEC ID: 8/1/2003 31385WU23OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0576386 6.000% 8/25/2003 11,291.180 486.45 486.45 0.00 05/01/2016 DD 05/01/0lSEC ID: 8/1/2003 31386XJ72OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0576739 6.000% 8/25/2003 19,398.130 1,363.41 1,363.41 0.00 04/01/2016 DD 04/01/0lSEC ID: 8/1/2003 31386XV86OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO 38 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT FNMA POOL #0580888 6.000% 8/25/2003 15,246.300 1,538.73 1,538.73 0.00 05/01/2016 DD 05/01/0lSEC ID: 8/1/2003 31387DJ910CSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0594002 6.000% 8/25/2003 14,358.960 1,154.90 1,154.90 0.00 07/01/2016 DD 07 /01/0lSEC ID: 8/1/2003 31387T3K8OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0597376 6.000% 8/25/2003 19,828.700 1,449.30 1,449.30 0.00 09/01/2016 DD 08/01/0lSEC ID: 8/1/2003 31387XT96OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0605259 6.000% 8/25/2003 7,441.220 1,416.27 1,416.27 0.00 09/01/2016 DD 09/01/0lSEC ID: 8/1/2003 31388HMG 10CSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0608366 6.000% 8/25/2003 19,533.260 871.73 871.73 0.00 10/01/2016 DD 09/01/0lSEC ID: 8/1/2003 31388LZ78OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0616734 6.000% 8/25/2003 691.280 870.36 870.36 0.00 12/01/2016 DD 12/01/0lSEC ID: 8/1/2003 31388WEF9OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0630812 6.000% 8/25/2003 30,061.280 1,467.35 1,467.35 0.00 02/01/2017 DD 02/01/02SEC ID: 8/1/2003 31389NYH2OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0632376 6.000% 8/25/2003 64,673.640 5,750.79 5,750.79 0.00 07/01/2017 DD 07 /01/02SEC ID: 8/1/2003 31389QQ50OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0653116 6.000% 8/25/2003 70,701.480 3,423.24 3,423.24 0.00 07/01/2017 DD 07 /01/02SEC ID: 8/1/2003 31390QSD8OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0673280 6.000% 8/25/2003 23,794.420 1,388.40 1,388.40 0.00 08/01/2017 DD 11/01/02SEC ID: 8/1/2003 31391P6R2OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO 39 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l00OO 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT FNMA POOL #0698939 6.000% 8/25/2003 549.910 696.87 696.87 0.00 09/01/2017 DD 03/01/03SEC ID: 8/1/2003 31400VPY2OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT FNMA POOL #0703195 6.000% 8/25/2003 9,309.790 475.18 475.18 0.00 01/01/2017 DD 04/01/03SEC ID: 8/1/2003 31401BGC3OCSF07522202: LONG TERM 8/25/2003 OPER-PIMCO IT GNMA POOL #0596612 6.500% 8/15/2003 93,909.260 3,480.61 3,480.61 0.00 09/15/2032 DD 09/01/02SEC ID: 8/1/2003 36200BYH4OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0569358 6.500% 8/15/2003 198,532.490 9,976.51 9,976.51 0.00 04/15/2032 DD 04/01/02SEC ID: 8/1/2003 36200QQK3OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0569685 6.500% 8/15/2003 8,560.330 434.44 434.44 0.00 02/15/2032 DD 02/0l/02SEC ID: 8/1/2003 36200Q2S2OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0570019 6.500% 8/15/2003 15,248.180 745.91 745.91 0.00 07/15/2032 DD 07 /01/02SEC ID: 8/1/2003 36200RG48OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0574323 6.500% 8/15/2003 114,022.220 4,757.28 4,757.28 0.00 12/15/2031 DD 12/01/0lSEC ID: 8/1/2003 36200WAY7OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0575364 6.500% 8/15/2003 13,855.310 512.25 512.25 0.00 11/15/2031 DD 11/01/0lSEC ID: 8/1/2003 36200XFD6OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0587117 6.500% 8/15/2003 2,384.010 176.37 176.37 0.00 06/15/2032 DD 06/01/02SEC ID: 8/1/2003 36201MG22OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0587439 6.500% 8/15/2003 13,509.010 578.63 578.63 0.00 11/15/2032 DD 12/01/02SEC ID: 8/1/2003 36201MS45OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO 40 Workbench Transaction Detail ReportID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0OO0 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT GNMA POOL #0421389 6.500% 8/15/2003 1,189.790 116.74 116.74 0.00 04/15/2026 DD 04/0l/96SEC ID: 8/1/2003 36206UC23OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0438057 6.000% 8/15/2003 40.320 147.93 147.93 0.00 05/15/2028 DD 05/01/98SEC ID: 8/1/2003 36207PTN9OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0449851 6.500% 8/15/2003 51.100 174.58 174.58 0.00 01/15/2028 DD 0l/01/98SEC ID: 8/1/2003 36208FWLOOCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0457814 6.000% 8/15/2003 4,612.970 256.96 256.96 0.00 10/15/2028 DD 10/01/98SEC ID: 8/1/2003 36208QSB3OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0465546 6.000% 8/15/2003 62,056.720 3,271.54 3,271.54 0.00 08/15/2028 DD 08/01/98SEC ID: 8/1/2003 36209AET3OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0465555 6.000% 8/15/2003 107,490.130 3,475.58 3,475.58 0.00 09/15/2028 DD 09/01/98SEC ID: 8/1/2003 36209AE48OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0466845 6.500% 8/15/2003 124.100 515.65 515.65 0.00 06/15/2028 DD 06/01/98SEC ID: 8/1/2003 36209BTA6OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0467279 6.000% 8/15/2003 2,018.630 126.13 126.13 0.00 10/15/2028 DD 10/01/98SEC ID: 8/1/2003 36209CCQ7OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0467286 6.000% 8/15/2003 665.520 2,481.51 2,481.51 0.00 10/15/2028 DD 10/01/98SEC ID: 8/1/2003 36209CCX2OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0468052 6.500% 8/15/2003 1,451.490 3,685.60 3,685.60 0.00 07/15/2028 DD 07 /01/98SEC ID: 8/1/2003 36209C5M4OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO 41 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGOOOl0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT GNMA POOL #0468330 6.000% 8/15/2003 1,946.700 142.44 142.44 0.00 05/15/2028 DD 05/01/98SEC ID: 8/1/2003 36209DHF4OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0468339 6.000% 8/15/2003 19,717.200 2,317.71 2,317.71 0.00 08/15/2028 DD 08/01/98SEC ID: 8/1/2003 36209DHQ0OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0469688 6.000% 8/15/20~3 2,071.480 109.67 109.67 0.00 11/15/2028 DD 11/0l/98SEC ID: 8/1/2003 36209EXR8OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0476041 6.500% 8/15/2003 6,305.380 1,527.36 1,527.36 0.00 06/15/2028 DD 06/01/98SEC ID: 8/1/2003 36209MZE7OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0478626 6.500% 8/15/2003 34,972.410 1,368.03 1,368.03 0.00 01/15/2029 DD 01/01/99SEC ID: 8/1/2003 36209QVT9OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0480598 6.500% 8/15/2003 416.740 1,568.27 1,568.27 0.00 10/15/2028 DD 10/01/98SEC ID: 8/1/2003 36209S3F6OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0483452 6.000% 8/15/2003 3,413.740 94.23 94.23 0.00 09/15/2028 DD 09/0l/98SEC ID: 8/1/2003 36209WBV3OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0485527 6.500% 8/15/2003 86,207.420 3,928.12 3,928.12 0.00 06/15/2031 DD 06/01/0lSEC ID: 8/1/2003 36209YLG1OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0485610 6.500% 8/15/2003 123,269.560 4,743.73 4,743.73 0.00 07/15/2031 DD 07 /01/0lSEC ID: 8/1/2003 36209YN38OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0485682 6.500% 8/15/2003 16,066.600 900.05 900.05 0.00 08/15/2031 DD 08/01/0lSEC ID: 8/1/2003 36209YRB6OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO 42 Workben<:h Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGOOOl0OO0 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT GNMA POOL #0485703 6.500% 8/15/2003 10,617.900 837.27 837.27 0.00 08/15/2031 DD 08/01/0lSEC ID: 8/1/2003 36209YRY6OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0486720 6.000% 8/15/2003 889.520 74.28 74.28 0.00 12/15/2028 DD 12/01/98SEC ID: 8/1/2003 36210AVM6OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0491103 6.000% 8/15/2003 14,264.270 728.84 728.84 0.00 01/15/2029 DD 0l/01/99SEC ID: 8/1/2003 36210FRY4OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0496461 6.000% 8/15/2003 20,985.590 2,618.85 2,618.85 0.00 01/15/2029 DD 01/01/99SEC ID: 8/1/2003 36210MQN4OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0497343 6.000% 8/15/2003 40.740 136.59 136.59 0.00 12/15/2028 DD 12/01/98SEC ID: 8/1/2003 36210NP45OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0499153 6.000% 8/15/2003 2,531.020 82.53 82.53 0.00 02/15/2029 DD 02/01/99SEC ID: 8/1/2003 36210QQE5OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0500917 6.000% 8/15/2003 16.030 54.34 54.34 0.00 04/15/2029 DD 04/01/99SEC ID: 8/1/2003 36210SPA0OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0503388 6.000% 8/15/2003 9,255.710 2,341.66 2,341.66 0.00 03/15/2029 DD 03/01/99SEC ID: 8/1/2003 36210VF55OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0506636 6.000% 8/15/2003 2,597.040 220.42 220.42 0.00 04/15/2029 DD 04/01/99SEC ID: 8/1/2003 36210YY90OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0512235 6.500% 8/15/2003 20.140 89.31 89.31 0.00 11/15/2029 DD ll/01/99SEC ID: 8/1/2003 36211GBC6OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO 43 Workbench Transaction Detail Report ID: EWB009 Reportedby Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGO00l0000 8/1/2003 -8/29/2003 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT GNMA POOL #0514326 6.500% 8/15/2003 36,796.440 1,698.25 1,698.25 0.00 07/15/2029 DD 07 /01/99SEC ID: 8/1/2003 36211JLF2OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0530053 6.500% 8/15/2003 12,034.050 457.83 457.83 0.00 04/15/2031 DD 04/01/0lSEC ID: 8/1/2003 36212CZS3OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0530290 6.500% 8/15/2003 74.290 375.60 375.60 0.00 03/15/2031 DD 04/01/0lSEC ID: 8/1/2003 36212DC310CSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0537885 6.500% 8/15/2003 10,694.840 905.77 905.77 0.00 02/15/2031 DD 02/01/0lSEC ID: 8/1/2003 36212MRE10CSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0547512 6.500% 8/15/2003 1,704.220 119.66 119.66 0.00 04/15/2031 DD 04/01/0lSEC ID: 8/1/2003 36212YGV9OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0547715 6.500% 8/15/2003 106,685.490 1,562.06 1,562.06 0.00 02/15/2031 DD 02/01/0lSEC ID: 8/1/2003 362 l 2YN82OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0552322 6.500% 8/15/2003 5,671.540 577.30 577.30 0.00 01/15/2032 DD 01/0l/02SEC ID: 8/1/2003 36213ESK3OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0552466 6.500% 8/15/2003 90,158.870 4,856.91 4,856.91 0.00 03/15/2032 DD 03/01/02SEC ID: 8/1/2003 36213EW36OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0552659 6.500% 8/15/2003 116,480.340 3,933.84 3,933.84 0.00 07/15/2032 DD 07 /0l/02SEC ID: 8/1/2003 36213ESU6OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO IT GNMA POOL #0561017 6.500% 8/15/2003 97,338.980 4,093.22 4,093.22 0.00 07/15/2031 DD 07 /01/0lSEC ID: 8/1/2003 36213QG29OCSF07522202: LONG TERM 8/15/2003 OPER-PIMCO 44 Workbench OCS~CONSOUDATED -OCSGO00l0000 Transaction Detail Reportedby Transaction Category 8/1/2003 -8/29/2003 Tran Trade Date Settle Date Reported Date Type Description IT IT IT IT IT IT IT IT IT IT GNMA II POOL #0080023 VAR RT 12/20/20268/20/2003 DD 12/0 l/96SEC ID: 8/1/2003 36225CAZ9OCSF07522202: LONG TERM 812012003 OPER-PIMCO GNMA II POOL #080088M 7.375% 06/20 /2027 DD 06/01/97SEC ID: 36225CC20OCSF07522202: LONG TERM OPER-PlMCO GNMA II POOL #0080395 VAR RT 04/20/2030 DD 04/01/00SEC ID: 36225CNM4OCSF07522202: LONG TERM OPER-PIMCO 8/20/2003 8/1/2003 8/20/2003 8/20/2003 8/1/2003 8/20/2003 GNMA II POOL #080408X 6.500% 8/20/2003 05/20/2030 DD 05/01/00SEC ID: 8/1/2003 36225CN28OCSF07522202: LONG TERM 812012003 OPER-PIMCO GENERAL MTRS ACCEP MTN #00615 VAR RT 8/4/2003 08/04/2003 DD 08/03/0lSEC ID: 8/4/2003 37042WE80OCSF07522202: LONG TERM 81412003 OPER-PIMCO GMAC NTS VAR RT 08/18/2003 DD 8/18/2003 08/ 17/98SEC ID: 3704-25QV5OCSF07522202: 8/18/2003 LONG TERM OPER-PIMCO 8/18/2003 GENERAL MTRS ACCEP CORP SR NT 6.125% 8/28/2003 08/28[2007 DD 08/2-9/02SEC ID: 8/28/2003 37042:>SD3OCSF07522202: LONG TERM 812812003 OPER-.PIMCO GILLETTE CO NT 6 .250% 08/15/2003 DD 8/15/2003 08/16/93SEC ID:375766AC6OCSF07511102:8/15/2003 LIQUID OPER-PIMCO 8/15/2003 GNMA GTD REMIC TR 2000-9 FH VAR RT 02/16/2030SEC ID: 3837H4NX9OCSF07522202: LONG TERM OPER-PIMCO MORGAN STANLEY DW MTN #TR00349 7.125% 08/15/2003 DD 08/10/00SEC ID: 61745EQN4OCSF07511102: LIQUID OPER- PIMCO 8/18/2003 8/16/2003 8/18/2003 8/15/2003 8/15/2003 8/15/2003 Price Base 45 Shares/Par 15,613.640 18,828.220 18,092.520 139,106.900 4,000,000.000 3,950,000.000 3,000,000.000 250,000.000 39,233.940 1,000,000.000 Cost Base 1,379.72 1,487.72 991.51 8,882.19 16,308.00 13,874.77 91,875.00 7,812.50 1,216.18 35,625.00 ReportID: EWB009 Base Currency: USD Status: FINAL Amount Base 1,379.72 1,487.72 991.51 8,882.19 16,308.00 13,874.77 91,875.00 7,812.50 1,216.18 35,625.00 Net Gain/Loss Base 0.00 0.00 0.00 0 .00 0.00 0 .00 0.00 0.00 0.00 0.00 Workbench OCSD-CONSOUDATED -OCSGO00l0000 Transaction Detail Reportedby Transaction Category 8/1/2003 · 8/29/2003 Tran Trade Date Settle Date Reported Date Type Description IT IT CD CD CD SBA GTD PARTN CTFS SBIC-PS 01 6.640% 02/10/2011 DD 02/21/0lSEC ID: 831641DD4OCSF07522202: LONG TERM OPER-PIMCO US TREASURY NOTES 06.250% 02/15/2007 DD 02/ 15/97SEC ID: 9 128272J0OCSF07522202: LONG TERM OPER-PIMCO 8/11/2003 8/1/2003 8/11/2003 8/15/2003 8/15/2003 8/15/2003 US TREASURY INFLATION INDEX NT 3.375% 8/29/2003 01/15/2007 DD 0l/15/97SEC ID: 9128272M3OCSF07522202: LONG TERM OPER-PIMCO 8/29/2003 US TREASURY INFLATION INDEX NT 3.625% 8/29/2003 01/15/2008 DD 01/15/98SEC ID: 9128273T7OCSF07522202: LONG TERM OPER-PIMCO 8/29/2003 US TREASURY INFLATION INDEX NT 3.875% 8/29/2003 01/15/2009 DD 01/15/99SEC ID: 9 l28274Y5OCSF07522202: LONG TERM 812912003 OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: TOTAL FIXED INCOME SECURITIES BASE: TOTAL INTEREST BASE: Price Base Shares/Par 16,236.330 20,000,000.000 0.000 0.000 0.000 70,194,154.860 70,194,154.860 70,194,154.860 Cost Base 42,183.62 625,000.00 16,240.00 3,240.00 14,560.00 2,170,793.14 2,170,793.14 2,171,484.94 Report ID: EWB009 Base Currency: USD Status: FINAL Amount Base Net Gain/Loss Base 42,183.62 0.00 625,000.00 0.00 16,240.00 0.00 3,240.00 0.00 14,560.00 0.00 2,170,793.14 0.00 2,170,793.14 0.00 2,171,484.94 0.00 TOTAL TRANSACTIONS: 128,779,411.930 111,212,465.49 -5,559,149.86 -361,685.81 46 i,v-or'kbencT1 ' ~