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Home My WebLink About2004-06-09, MINUTES OF FINANCE, ADMINISTRATION AND HUMAN RESOURCES COMMITTEE MEETING Orange County Sanitation District Wednesday, June 9, 2004, 5:00 p.m. A meeting of the Finance, Administration and Human Resources Committee of the Orange County Sanitation District was held on June 9, 2004, at 5:00 p.m., in the Distrct'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 Bill Dalton Mike Duvall Joy Neugebauer James W. Silva Shirley McCracken, Board Chair Steve Anderson, Vice Board Chair Directors Absent: Patricia Bortle APPOINTMENT OF CHAIR PRO TEM No appointment was necessary. (3) PUBLIC COMMENTS There were no public comments. (4) REPORT OF THE COMMITTEE CHAIR STAFF PRESENT: Blake Anderson, General Manager Gary Streed, Director of Finance/Treasurer Lisa Tomko, Director of Human Resources Mike White, Controller Jeff Reed, Human Resources Manager Lisa Arosteguy, Human Resources Supervisor Jan Collins, Senior Human Resources Analyst Penny Kyle, Committee Secretary OTHERS PRESENT: Tom Nixon, General Counsel Don McLean Don Hughes Bob Lockhart FILEQ IN THE OFFICE OF THE SECRETARY ORANGE C"' ,.,.,.v C'. Ml"T•Tlf"\N DISTRICT JUN 2 3 2004 -;<. BY _.J-__;_ _____ _ Chair Brady reported that the FAHR Committee muld be meeting on July 14 at 5:00 p.m. (5) REPORT OF THE GENERAL MANAGER Blake Anderson advised that Sacramento was discussing different proposals that would include a much larger take of the District's ad valorem taxes, and reported he would keep the Directors apprised. Minutes of the Finance, Administration and Human Resources Committee Meeting Page 2 June 9, 2004 (6) REPORT OF DIRECTOR OF FINANCE/TREASURER The Director of Finance/Treasurer had no report. (7) REPORT OF DIRECTOR OF HUMAN RESOURCES Lisa Tomko, Director of Human Resources, announced that Jan Collins was leaving employment with the District and moving out of state. Her replacement had begun employment earlier that month. (8) REPORT OF COMMUNICATIONS SERVICES MANAGER The Communications Services Manager was not present. (9) REPORT OF GENERAL COUNSEL Tom Nixon, General Counsel, reported the District has been served with a lawsuit by SAWPA that attempts to establish the tern, sheet as a binding agreement. He advised the lawsuit would be defended very aggressively, and depositions for the principals would be scheduled in the near future . (10) CONSENT CALENDAR ITEMS a. Approve minutes of the May 12, 2004, Finance, Administration and Human Resources Committee meeting, as corrected. b. FAHR04-46 Recommend to the Board of Directors to receive and file Treasurer's Report for the month of May 2004. c. FAHR04-47 Receive and file Certificates of Participation (COP) Monthly Report. d. FAHR04-48 Receive and file Employment Status Report as of May 26, 2004. e. FAHR04-49 Receive and file OSHA Incidence Rates and Workers' Compensation Claims and Costs Report. f. FAHR04-50 Receive and file report of General Manager approved purchases in amounts exceeding $50,000 in accordance with Board purchasing policies. g. FAHR03-51 Receive and file SWAP Report for the quarter ended March 31, 2004. h. FAHR04-52 Receive and file update on Health Insurance Benefit Program for FY04/05 {Information only). i. FAHR04-53 Recommend to the Board of Directors to authorize the General Manager to issue a purchase order contract to Dharma Consulting to provide continuing professional services to assist executive and senior staff with ongoing strategic planning, executive management team coaching and team development; and staff team building, for a monthly amount not to Minutes of the Finance, Administration and Human Resources Committee Meeting Page 3 June 9, 2004 MOTION: exceed $15,000 for a maximum of nine months effective July 1, 2004. It was moved, seconded and duly carried to approve the recommended actions for items specified as 1 0(a) through (i) under Consent Calendar. END OF CONSENT CALENDAR (11) ACTION ITEMS a. FAHR04-54 Recommend to the Board of Directors to adopt Resolution No. OCSD 04- MOTION: _, Amending Resolution No. OCSD 98-33, Amending Human Resources and Policies Procedures Manual, providing for: (1) Change the title of current classification Communications SeNices Manager at pay grade 94 ($8,001 -$10,001) to Director of Communications and Administrative Services. There is no recommended pay grade change at this time; (2) Create the Security and Risk Management Specialist classification at pay grade 82 ($5,949 -$7,436); (3) Create the Assistant Board Secretary classification at pay grade 67 ($4,108 -$5,135); (4) Create the Planner/Scheduler classification at pay grade 80 ($5,663 - $7,079); (5) Create the Cost Estimator classification at pay grade 80 ($5,663 - $7,079); (6) Revise the Storekeeper job family as follows: (a) Create the Lead Storekeeper classification at pay grade 62 ($3,630 -$4,538); (b) Change the title of the current classification Storekeeper II at pay grade 58 ($3,290 -$4, 112) to Senior Storekeeper. There is no recommended pay grade change at this time; ( c) Change the title and pay grade of the current classification Storekeeper I at pay grade 54 ($2,980 -$3,725) to Storekeeper at pay grade 52 ($2,837 -$3,546); and, (d) Delete the classification of Storekeeper Assistant at pay grade 46 ($2,445 -$3,056). It was moved, seconded and duly carried to recommend approval to the Board of Directors. Minutes of the Finance, Administration and Human Resources Committee Meeting Page 4 June 9, 2004 Chair Brady reported that Item 11 (b) would be considered after Items 11 (c) -(g). C. FAHR04-56 Recommend to the Board of Directors to renew the District's Excess Workers' Compensation Insurance for the period July 1, 2004 through June 30, 2005, in an amount to be determined. Don McLean, the District's insurance broker, reported on the excess workers' compensation insurance market, and advised that the renewal premium should not exceed $210,000 per year, an increase of approximately 28%. He reported bids were requested from several insurance carriers but to date none had responded. MOTION: It was moved, seconded and duly carried to recommend approval to the Board of Directors to renew the District's Excess Workers' Compensation Insurance for the period July 1, 2004 through June 30, 2005, in an amount not to exceed $210,000. d. FAHR04-57 Recommend to the Board of Directors to renew the District's Excess General Liability Insurance Program for the period July 1, 2004 through June 30, 2005, in an amount to be determined. Don McLean of Driver Alliant reported CAMEL (California Municipal Excess Liability Program) has not released their renewal premium. However, he anticipates it will be available to present to the Board of Directors at the June 23rd meeting. He brecasted the increase would not exceed $425,000, an increase of approximately 35%. MOTION: It was moved, seconded and duly carried to recommend approval to the Board of Directors to renew the District's Excess General Liability Insurance Program for the period July 1, 2004 through June 30, 2005, in an amount not to exceed $425,000. e. FAHR04-58 Recommend to the Board of Directors to renew the District's Boiler & Machinery Insurance Program for the period July 1, 2004 through June 30, 2005, in an amount not to e:>eeed $27,654. MOTION: It was moved, seconded and duly carried to recommend approval to the Board of Directors. f. FAHR04-59 Recommend to the Board of Directors to renew the District's All-Risk Property and Flood Insurance Program for the period July 1, 2004 through June 30, 2005, in an amount not to e:>eeed $729,388. MOTION: It was moved, seconded and duly carried to recommend approval to the Board of Directors. Minutes of the Finance, Administration and Human Resources Committee Meeting Page 5 June 9, 2004 g. FAHR04-60 Recommend to the Board of Directors to direct staff to proceed to MOTION: evaluate non-residential parcels to determine if they have been undercharged for annual sewer service user fees and, if so, to collect the proper charges on the property tax bill in the future. Bob Lockhart of Revenue Enhancement Group addressed the Directors and thanked Director Duvall for visiting his organization. He stated he did not agree with the facts as stated in Director Duvall's May 24th report regarding the Register and Kimberly-Clark. Mr. Lockhart had no opinion regarding how many years to go back for over/under charges. His only concern was the possibility of creating two distinct classes if the Board approved to not go back for four years. Director Duvall discussed his findings with the Committee after his meetings with Mr. Lockhart and District staff, and the three options available to resolve the issue. He advised he had received a new proposal from Revenue Enhancement Group for $1.8 million to review 20,000 parcels at a cost of $90 per parcel. He noted that the opportunity had been missed to include the updated information on the property tax roll for this year. Directors then discussed the pros and cons of preparing an RFP, sole- sourcing the project, or to direct staff to do the work for a cost of approximately $750,000. Blake Anderson, General Manager, reported staff was ready to move forward with the project, and if they discovered they were not able to complete the task in a timely and efficient manner, they would advise the FAHR Committee. He ~It it was important that District staff perform the person-to-person contact that ""°uld be required in this project. A motion was moved and seconded to direct staff to improve the database in-house over an extended time period using temporary employees and to determine at a later time the number of years to go back for under/over charges. A substitute motion was moved and seconded to direct staff to conduct a formal RFP process, compare the results to the costs to complete the process in-house and return to the FAHR Committee wth a recommendation. The substitute motion failed by a vote of six nays and two ayes. It was moved, seconded and duly carried to recommend approval to the Board of Directors direct staff to improve the database in-house over an extended time period using temporary employees and to determine at a later time the number of years to go back for under/over charges. Minutes of the Finance, Administration and Human Resources Committee Meeting Page 6 June 9, 2004 b. FAHR04-55 Recommend to the Board of Directors to approve proposed Operating, MOTION: Capital, Debt/COP Service and Self-Insurance Budgets for 2004/05, as follows: Net Joint Works Operating/Working Capital Worker's Compensation Self Insurance General Liability and Property Self-Insurance Collection System Operating Net Capital Improvement Program Debt/COP Service $83,614,140 735,000 1,141,000 22,605,790 231,223,600 41,917,000 Director of Finance/Treasurer Gary Streed and Mike White, Controller, reviewed the basic elements of the proposed FY 04/05 Budget. Directors commended Mr. Streed and his staff for a well-prepared and easy to use document. It was moved, seconded and duly carried to recommend approval to the Board of Directors. (12) INFORMATION PRESENTATIONS There were none. (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 July 14, 2004 at 5 p.m, (17) ADJOURNMENT The Chair declared the meeting adjourned at 6:49 p.m. • Minutes of the Finance, Administration and Human Resources Committee Meeting Page 7 June 9, 2004 Submitted by: Penny Md yle t/( "- FAHR Committee Sec~ H:\dept\agenda\FAHR\FAHR2OO4\O6O4\06O904 FAHRdraft Minutes.doc STATE OF CALIFORNIA) ) SS. COUNTY OF ORANGE ) Pursuant to California Government Code Section 54954.2, I hereby certify that the Notice and the Agenda for the Finance, Administration, and Human Resources Committee meeting to be held on &,{,,,,,.,(_ 9 , 200 , was duly posted for public inspection in the main lobby of the District's offices on f/tt',-( '=3 2ooj . IN WITNESS WHEREOF, I have hereunto set my hand this gJ dayof r ,20o f{ G:\WP.DTA\ADMIN\BS\FORMS\AGENDA CERTIFICATION-FAHR COMMITTEE.DOC ROLL CALL FINANCEJ ADMINISTRATION AND HUMAN RESOURCES COMMITTEE Meeting Date: June 9, 2004 Time: 5:00 pLm. Adjourn: __ _ COMMITTEE MEMBERS Brian Brady (Chair) Roy Moore (Vice Chair) Patricia Bortle Mike Duvall Bill Dalton Joy L. Neugebauer James W. Silva Shirley McCracken (Board Chair) Steve Anderson (Board Vice Chair) STAFF Blake Anderson, General Manager David Ludwin, Director of Engineering Bob Ooten, Director of O & M Lisa Tomko, Director of Human Resources Gary Streed, Director of Finance/Treasurer Patrick Miles, Director of Information Technology Robert Ghirelli, Director of Technical Services Carol Beekman, Director of Communications & Administrative Services Mike White, Controller Penny Kyle, Committee Secretary c: Lenora Crane ,/ v L,_4-/ .,/ ✓ ./ / ,/ J -✓ ,/ /l'.._., ,.. v' v ~ /.',<__../ fJ./ -✓ ✓ f/;-/J{~ ~i_, __ Al Al tv phane: l714) 962•241 i tax: (714) S82--0356 -..ocsd.com ..atng addreu: P.O. SOl(8121 Foullq,ln Ve)ley, CA 92728-8,27 ~add-: 10844 Ellis Alleriue Fauntlbn Volley. ~ 82708-7018 Men!Nr "8tfflcles • Cltln Maherm Bres- Bueria Psrlc Cypress Ftxmm,n Valley F'tJ/lef'U,(l Qrrler, Gt-ave Hunlington Besch Jrvine LB Habra LB Pa/ma Los Alamitos ~Be-soh 0rang8 l'!lacenr:ia Sama Ans Seaf Besch 'Stanbon Tusdn Vi//JJ Pllrl< "lbrbs Unds of Dranp ,..., Df-stricts frvme Rt,nch ORANGE COUNTY SANITATION DISTRICT June 2, 2004 NOTICE OF M.EETING FINANCE, ADMINISTRATION AND HUMAN RE.SOURCES COMMITTEE ORANGE COUNTY SANlTATION DISTRICT WEDNESDAY, JUNE 9, 2004-5:00 P.M. DISTRICT'S ADMINISTRATIVE OFFICES 10844 ELLIS AVENUE FOUNTAIN VALLEY, CALIFORNIA 92708 WWW.OCSD.COM A rogular mooting of the Finance, Admini1tratian 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 RESOURCES COMMITTE.E MEETING DATES FAHR Committee Meeting Date June 9, 2004 July 14, 2004 Augutt -Dark September 8, 2004 October 13, 2004 November 10, 2004 December 8, 2004 January -Dark February 9, 2005 March 9, 2005 April 13, 2005 May 11, 2005 June 8, 2005 Board Meeting Dates June 23, 2004 *July 21, 2004 August 25, 2004 September 22, 2004 October 27, 2004 *November 17, 2004 *December 15, 2004 January 26, 2005 February 23, 2005 March 23, 2005 April 27, 2005 May 25, 2005 June 22, 2005 •Meetings being held the third Wednesday of the month. ROLL CALL FINANCE, ADMINISTRATION AND HUMAN RESOURCES COMMITTEE Meeting Date: June 9, 2004 Time: 5:00 p.m. Adjourn: __ _ COMMITTEE MEMBERS Brian Brady (Chair) ' Roy Moore (Vice Chair) Patricia Bortle Mike Duvall Bill Dalton Joy L. Neugebauer James W. Silva Shirley McCracken (Board Chair) Steve Anderson (Board Vice Chair) OTHERS Tom Woodruff, General Counsel Don Hu hes STAFF Blake Anderson, General Manager David Ludwin, Director of Engineering Bob Ooten, Director of O & M Lisa Tomko, Director of Human Resources Gary Streed, Director of Finance/Treasurer Patrick Miles, Director of Information Technology Robert Ghirelli, Director of Technical Services Carol Beekman, Director of Communications & Administrative Services 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, JUNE 9, 2004, AT 5:00 P.M. ADMINISTRATIVE OFFICE 10844 Ellis Avenue Fountain Valley, California 92708 www.ocsd.com Aqenda P0sting: 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 less 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. Items Net Postecl: 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 because there is a need to take immediate action, which need came to the attention of the Committee subsequent to the posting of agenda, or as set forth on a supplemental agenda posted in the manner as above, not less than 72 hours prior to the meeting date. Accommodations for the Disabled: The Board of Directors Meeting Room is wheelchair accessible. If you require any special disability related accommodations, please contact the Orange County Sanitation District Board Secretary's office at (714) 593-7130 at least 72 hours prior to the scheduled meeting. Requests must specify the nature of the disability and the type of . accommodation requested. Items Continued: Items may be continued from this meeting without further notice to a Committee meeting held within five (5) days of this meeting per Government Code Section 54954.2(b)(3). Meeting ,Adjourhmeht: This meeting may be adjourned to a later time and items of business from this agenda may be considered at the later meeting by Order of Adjournment and Notice in accordance with Government Code Section 54955 (posted within 24 hours). (1) ROLL CALL (2) APPOINT1MENT OF CHAIR PRO TEM. IF NECESSARY Book page 1 June 9, 2004 (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). (4) REPORT OF COMMITTE(= CHAIR (5) REPORT OF GENERAL MANAGER (a) Report of contract internal auditors, if needed (6) REPORT OF DIRECTOR OF FINANCE (7) REPORT OF DIRECTOR OF HUMAN RESOURCES (8) REPORT OF COMMUNICATIONS 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: )All matters placed on the consent calendar are considered.as 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 [there will be no separate discussion of these items. All items on the consent calendar will be enacted by one ! jaction approving all motions, and casting a unanimous ballot for resolutions included on the consent calendar. All \ ! items removed from the consent calendar shall be considered in the regular order of business. l h he Chair will determine if any items are to be deleted from the consent calendar. I ~ •N••• .. •••, ,, .. , .... , ....... •u••• .. •••• .. ••••• .. •noouuu.,,u,,,,.,.u ou•••·•• • , , • _.,.,,,., ,,...,,...,,,.-•• , .... , -• ..... •••••••·••u.,,, un•••n••••• .. •• ••••••~•••• •••••~u,u,u,1 .... ,,,,u • '•--••• •• ••·•• •• ••, ,, n •• •• •, • •• u ••·••·u•uou, ..... ,,,, ,_, • ••••, ,.,.., • •-• •• • •• ,oo, i a. Approve minutes of the May 12, 2004, Finance, Administration and Human Resources Committee meeting. b. FAHR04-46 Recommend to the Board of Directors to receive and file Treasurer's Report for the month of May 2004. The Treasurer's Report will be distributed at the FAHR Committee meeting in accordance with the Board-approved Investment Policy, and in conformance to the Government Code requirement to have monthly reports reviewed within 30 days of month end. 2 Book page 2 June 9, 2004 c. FAHR04-47 Receive and file Certificates of Participation (COP) Monthly Report. d. FAHR04-48 Receive and file Employment Status Report as of May 26, 2004. e. FAHR04-49 Receive and file OSHA Incidence Rates and Workers' Compensation Claims and Costs Report. f. FAHR04-50 Receive and file report of General Manager approved purchases in amounts exceeding $50,000 in accordance with Board purchasing policies. g. FAHR03-51 Receive and file SWAP Report for the quarter ended March 31, 2004. h. FAHR04-52 Receive and file update on Health Insurance Benefit Program for FY04/05 (Information only). i. FAHR04-53 Recommend to the Board of Directors to authorize the General Manager to issue a purchase order contract to Dharma Consulting to provide continuing professional services to assist executive and senior staff with ongoing strategic planning, executive management team coaching and team development; and staff team building, for a monthly amount not to exceed $15,000 for a maximum of nine months effective July 1, 2004. END OF CONSENT CALENDAR. Consideration of items deleted from Consent Calendar, if any. (11) ACTION ITEMS a. FAHR04-54 Recommend to the Board of Directors to adopt Resolution No. OCSD 04- _, Amending Resolution No. OCSD 98-33, Amending Human Resources and Policies Procedures Manual, providing for: (1) Change the title of current classification Communications Services Manager at pay grade 94 ($8,001 -$10,001) to Director of Communications and Administrative Services. There is no recommended pay grade change at this time; (2) Create the Security and Risk Management Specialist classification at pay grade 82 ($5,949 -$7,436); (3) Create the Assistant Board Secretary classification at pay grade 67 ($4,108 -$5,135); (4) Create the Planner/Scheduler classification at pay grade 80 ($5,663 - $7,079); 3 Book page 3 June 9, 2004 (5) Create the Cost Estimator classification at pay grade 80 ($5,663 - $7,079); (6) Revise the Storekeeper job family as follows: (a) Create the Lead Storekeeper classification at pay grade 62 ($3,630 -$4,538); (b) Change the title of the current classification Storekeeper II at pay grade 58 ($3,290 -$4,112) to Senior Storekeeper. There is no recommended pay grade change at this time; (c) Change the title and pay grade of the current classification Storekeeper I at pay grade 54 ($2,980 -$3,725) to Storekeeper at pay grade 52 ($2,837 -$3,546}; and, ( d) Delete the classification of Storekeeper Assistant at pay grade 46 ($2,445 -$3,056}. (Jan Collins -5 minutes) b. FAHR04-55 Recommend to the Board of Directors to approve proposed Operating, Capital, Debt/COP Service and Self-Insurance Budgets for 2005/05, as follows: Net Joint Works Operating/Working Capital Worker's Compensation Self Insurance General Liability and Property Self-Insurance Collection System Operating Net Capital Improvement Program Debt/COP Service (Gary Streed & Mike White -30 minutes) $83,614,140 735,000 1,141,000 22,605,790 231,223,600 41,917,000 c. FAHR04-56 Recommend to the Board of Directors to renew the District's Excess Workers' Compensation Insurance for the period July 1, 2004 through June 30, 2005, in an amount to be determined. (Mike White/Don McLean -1 O minutes) d. FAHR04-57 Recommend to the Board of Directors to renew the District's Excess General Liability Insurance Program for the period July 1, 2004 through June 30, 2005, in an amount to be determined. (Mike White/Don McLean -1 O minutes) e. FAHR04-58 Recommend to the Board of Directors to renew the District's Boiler & Machinery Insurance Program for the period July 1, 2004 through June 30, 2005, in an amount not to exceed $27,654. (Mike White/Don McLean -1 O minutes) 4 Book page 4 June 9, 2004 f. FAHR04-59 Recommend to the Board of Directors to renew the District's All-Risk Property and Flood Insurance Program for the period July 1, 2004 through June 30, 2005, in an amount not to exceed $729,388. (Mike White/Don McLean -1 O minutes) g. FAHR04-60 Recommend to the Board of Directors to direct staff to proceed to evaluate non-residential parcels to determine if they have been undercharged for annual sewer service user fees and, if so, to collect the proper charges on the property tax bill in the future. (Director Mike Duvall -10 minutes) (12) INFORMATIONAL PRESENTATIONS (13) CLOSED SESSION f Durin°g the course of conducting the business set forth on this agenda as a regular . meeting of the l ! Committee, the Chair may convene the Committee in closed session to consider matters of pending real \ l estate negotiations, pending or potential litigation, or personnel matters, pursuant to Government Code i i Sections 54956.8, 54956.9, 54957 or 54957.6, as noted. I ! : f Reports relating to (a) purchase and sale of real property; (b) matters of pending or potential litigation; (c) j ! employee actions or negotiations with employee representatives; or which are exempt from public disclosure j ! 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 [ i on any of these subjects, the minutes will reflect all required disclosures of information. ( I a I : I·········•'••·, ....... ~ ............. ~ ............. ,,... ___ ,,.......... •'n••-······•--•f••-····--·~· .. •H' -···•-.,.--·• .............. , •••••••• ,--u--••~06,•-~-••·~·-,, ... ,.-·--, ............ ~, .. -\., ... "; r1•• ... ---·· -~ ................... ~ ..................... ; a. Convene in closed session. b. Reconvene in regular session. c. Consideration of action, if any, on matters considered in closed session. (14) OTHER alJSINESS, COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS,, IF A:NY (15) MATTERS WHICH A DIRECTOR MAY WISH TO PLACE ON A FUTURE AGENDA FOR ACTION AND STAFF REPORT 5 Bookpage5 June 9, 2004 (16) FUTURE MEETING DATES The next Finance, Administration and Human Resources Committee Meeting is scheduled for July 14, 2004, at 5 p.m. (17) ADJOURNMENT ,r• ... -·•·•••••• ............. , ......................................... ,,fHO .. O•••-"' No·· ••••••••••• .. •••••••••o ... u .o.oo.oouo...,,o_.. ....... ••-••-•n•••• -•--•• •• . • ., .. , ... , .... nOnHO OH•Oooo .. 0010, O onunonoooo oonoou.o •-••HOUUOo•ooooo•• oonoo oH•·•• 000.0,d o • o••OOO. '• ••••••n ''I. ! Notice to Committee Members: 1 :1 For any questions on the agenda or to place any items on the agenda, Committee members should contact the J ·: CE>mmittee Chair or Secretary ten days in advance of the Committee meeting. ; ~ . ]Committee Chair: Brian Brady (949) 453-5300 \Committee Secretary: Penny Kyle (714) 593-7130 pkyle@ocsd.com l General Manager Blake Anderson (714) 593-711 0 banderson@ocsd.com )Director of Finance Gary Streed (714) 593-7550 gstreed@ocsd.com ]Director of Human Resources Lisa Tomko (714) 593-7145 ltomko@ocsd.com )Director of Communications & Carol Beekman (714) 593-7120 cbeekman@ocsd.com ! i Administrative Serv,ices i • .. • .. •••••••••••••••,.•••·••••-•-•••• .. •••••••••·• .. ••••·••·• .. -••n•••.._• • ...... ,...,,, · •·•-•••••••-•·•-•• .. •--• .. ••· .. •••••·•••u•ou.••••••••••••••·••..,..,••• .. ••••••••n· ... •••••••••••••H••• .. ••·••••••• .. •·uouu.,_, ... ,,_,..,,,_,.,H, ••• •• ,.., ..... H•••••••-•n-••••..,••uu•H• H:\dept\fin\210\CRANE\FAHR\FAHR2004\APRIL\01.3.FAHR Agenda.doc 6 Book page 6 June 3, 2005 FAHR COMMITTEE AGENDA CALENDAR . Month Item AcUon July Safety Policies Action July Human Resources Policies & Procedures Action July Investment Policy Action July Communication Plan Quarterly Update Information July Consider staff response to the May 8, 2004 Report of Action Contract Internal Auditors July Consider renewing contract for Internal Auditing Action Services with Moss, Levy & Hartsheim August No meeting scheduled September General Manager Approved Purchases Action September SWAP Status Report (4th Quarter) Action October Communication Plan Quarterly Update Information November FY03/04 Comprehensive Annual Financial Report Action November Investment Management Report (1 st Quarter) Action November SWAP Status Report (1 st Quarter) Action November Financial Report (1 st Quarter) Action November Employee Reclassification Recommendations Action Book page 7 MINUTES OF FINANCE, ADMINISTRATION AND HUMAN RESOURCES COMMITTEE MEETING Orange County Sanitation District Wednesday, May 12, 2004, 5:00 p.m. A meeting of the Finance, Administration and Human Resources Committee of the Orange County Sanitation District was held on May 12, 2004, at 5:00 p.m., in the District'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 Patricia Bortle Bruce Broadwater, Alternate Dir. Mike Duvall Joy Neugebauer James W. Silva Shirley McCracken, Board Chair Steve Anderson, Vice Board Chair Directors Absent: (2) APPOINTMENT OF CHAIR PRO TEM No appointment was necessary (3) PUBLIC COMMENTS There were no public comments. (4) REPORT OF THE COMMITTEE CHAIR STAFF PRESENT: Blake Anderson, General Manager Gary Streed, Director of Finance/Treasurer Lisa Tomko, Director of Human Resources Carol Beekman, Communications Services Manager Mike White, Controller Jeff Reed, Human Resources Manager Lisa Arosteguy, Human Resources Supervisor Penny Kyle, Committee Secretary OTHERS PRESENT: Derek Rampone Craig Hartzheim Sam Mowbray John Swindler Don Hughes Chair Brady announced the next meeting date is June 9. The contract internal auditors, Craig Hartzheim and Derek Rampone of Moss, Levy & Hartzheim, distributed copies of their draft report dated May 8, 2004, and reviewed the findings and their recommendations. Staff was directed to respond to the findings of the report at the next FAHR Committee meeting. When finalized, a report will be given to the entire board. Book page 8 Minutes of the Finance, Administration and Human Resources Committee Meeting Page 2 May 12, 2004 (5) REPORT OF THE GENERAL MANAGER Blake Anderson reported no response had been received to date from SAWPA with regard to the letter sent on April 29. An additional letter was sent on May 7, 2004 to SAWPA member agencies by Vice Chair Anderson. SAWPA did ask if the District opposed to their contracting with Tom Dawes, former OCSD Director of Engineering, to look into the value of capacity issue. General Counsel will be sending SAW PA a notice of default on payment the following day and a demand for arbitration, in accordance with the 1972 Agreement. It was announced that this year the Orange County Grand Jury looked at all the issues surrounding biosolids and released a 14-page report that was received on May 11. Mr. Anderson commented on the e-mail he sent to the Directors summarizing the Grand Jury report. The report details how difficult it is becoming to be able to reuse or dispose of the biosolids and supports/reaffirms the District's ongoing efforts. The District has 90 days to respond to the report and the recommendations included in that report. (6) REPORT OF DIRECTOR OF FINANCE/TREASURER Gary Streed, Director of Finance, reported that he had made preliminary 2004-05 budget presentations to the OMTS and PDC Committees earlier this month. The Committees were supportive of the preliminary budgets and requested no changes from the FAHR Committee. Over the last month there have been a few events that impact the budget projections. The Board adopted the user fee for 2004-05 that had been included those in our budget projections. The OCERS Board adopted increased employer rates of 12.62%, the third year of increases. This increase was not included in the preliminary budgets and will amount to approximately $1.6 million. The final change seems to be a property tax sharing agreement between special districts and the Governor. Cash flows have been prepared assuming the loss of up to 70% of the District's allocation of property taxes over next two years with restoration to current levels thereafter. Should the Directors decide to maintain the current user fee implementation schedule, we will need to change reserve funds policy in order to comply. Mr. Streed also told the Committee that he had spoken with representatives of PIMCO, our investment manager, several times regarding SEC and State of New Jersey investigations and filings. Claims have been filed against the east coast equity brokers and two specific employees. The Newport Beach fixed-income managers that the District deals with have been investigated, but have not been named in any actions. Mike White, Controller, responded to Directors' questions regarding the poorly rated United Airlines bond, and reported the bond was secured by a specific United Airlines airplane, explaining that if the plane is sold, the District would receive their investment. (7) REPORT OF DIRECTOR OF HUMAN RESOURCES Lisa Tomko, Director of Human Resources, referred the Directors to a confidential memo included in their committee package. The memo was an update on reopeners contained within the various Memorandum of Understandings. Book page 9 Minutes of the Finance, Administration and Human Resources Committee Meeting Page 3 May 12, 2004 (8) REPORT OF COMMUNICATIONS SERVICES MANAGER Communications Services Manager Carol Beekman reported that 15 employees participated in the Children's Water Festival held in Irvine earlier that week. Approximately 3,500 children in third and fourth grades attended the event, and a picture of children playing the District's Waste Water Survivor game, was featured in the Register that day. Ms. Beekman advised that Huell Howser will begin filming for a video this month regarding the Groundwater Replenishment System that he is producing. The video should be finalized in July. In celebration of-the District's 50th anniversary, a homecoming for District retirees is being held on May 19, and Directors are invited to attend. Ms. Beekman reported the District has received several e-mails regarding the Orange County Grand Jury Report. The report has also been sent to EPA. It was noted that Dr. Alan Rubin, Ph.D., Senior Scientist from the Washington, DC EPA office, called to congratulate the District on the excellent report, and that the Grand Jury had everything right except that Class A doesn't eliminate problems and concerns. He was in agreement that combining first class operations and great products, public perception issues could be minimized but are still there. Dr. Rubin also complimented the District for being open and transparent with the information and, "Once, again, OCSD is paving the way for others to follow." (9) REPORT OF GENERAL COUNSEL General Counsel was not in attendance. (10) CONSENT CALENDAR ITEMS a. Approve minutes of the April 14, 2004, Finance, Administration and Human Resources b. C. d. e. f. g. Committee meeting, as corrected. FAHR04-38 FAHR04-39 FAHR04-40 FAHR04-41 FAHR04-42 FAHR04-43 Recommend to the Board of Directors to receive and file Treasurer's Report for the month of April 2004. Receive and file Certificates of Participation (COP) Monthly Report. Receive and file Employment Status Report as of April 27, 2004. Receive and file OSHA Incidence Rates and Workers' Compensation Claims and Costs Report. Recommend to the Board of Directors to receive and file the 2003-04 Third Quarter Financial Report for the period ending March 31, 2004. Recommend to the Board of Directors to receive and file Quarterly Investment Management Program Report for the period January 1, 2004 through March 31, 2004. Book page IO Minutes of the Finance, Administration and Human Resources Committee Meeting Page 4 May 12, 2004 MOTION: 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 (11) ACTION ITEMS a. FAHR04-44 Recommend to the Board of Directors to: MOTION: (1) Authorize staff to establish contracts for Temporary Employment SeNices, Specification No. S-2004-181 BO, with temporary seNice firms for a one year period, July 1, 2004 through June 30, 2005, for a total amount not to exceed $1,700,000 per year; (2) Authorize staff the option of four additional one year contract renewals, cancelable at any time, for a total amount not to exceed $1,700,000 per year; and, (3) Authorize staff to enter into these contracts with temporary service firms, as identified by the Human Resources Department, with the authorization to add or delete such firms as necessary to meet District work requirements. It was moved, seconded and duly carried to recommend approval to the Board of Directors. b. FAHR04-45 Consideration of options to determine protocol with staff and reporting MOTION: expectations with District's internal auditor, Moss, Levy & Hartzheim. The committee members discussed the preferred methods of receiving reports from the auditor, staffs response to those reports, final reports incorporating staff's responses which would allow for the auditor's acknowledgement of staff responses and the submittal of a final report to the Board of Directors. It was moved, seconded and duly carried to direct staff to: (1) Continue to distribute reports from Moss, Levy & Hartzheim at the FAHR Committee meetings; (2) Staff's responses to findings in the reports are to be provided at the next committee meeting; and, (3) the Chair of the FAHR Committee will provide a detailed report of findings and staff responses to the Board of Directors when the work is complete. (12) INFORMATION PRESENTATIONS There were none. Bookpage 11 Minutes of the Finance, Administration and Human Resources Committee Meeting Page 5 May 12, 2004 (13) CLOSED s·EsSION 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 Director Moore requested an update regarding Director Duvall's meeting with Revenue Enhancement Group president Bob Lockhart. Director Duvall reported he had met with Mr. Lockhart, and was impressed with the capabilities of his firm. He would be meeting with District staff later this week to review what he seen and been told and to discuss policies and procedures. He expects to be ready to report to the FAHR Committee in June to discuss his fndings and decide upon a course of action . . (16) CONSIDERATION OF UPCOIVIING MEETINGS The next FAHR Committee meeting is scheduled br June 9, 2004 at 5 p.m. (17) ADJOURNMENT The Chair declared the meeting adjourned at 6:02 p.m. Submitted by: Book page 12 FAHR COMMITTEE Meeting Date To Bd. of Dir. 06/09/04 AGENDA REPORT Item Number Item Number FAHR04-47 Orange County Sanitation District FROM: Gary G. Streed, Director of Finance Originator: Michael D. White, Controller SUBJECT: CERTIFICATES OF PARTICIPATION (COP) MONTHLY REPORT -MAY 2004 GENERAL MANAGER'S RECOMMENDATION Receive and file Certificates of Participation (COP) Monthly Report for the month of May 2004. 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. In August 2003, the District issued $280 million of fixed rate COPs, Series 2003, that have varying coupon rates that are matched against the varying maturity dates. The true interest cost for the entire issue is 5.15 percent. 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. Book page 13 PRIOR COMMITTEE/BOARD ACTIONS N/A 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. 181 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 aver_age 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. ATTACHMENTS 1. Graph -OCSD COP Daily Rate His1ory Report 2. Graph -Comparative Daily COP Rate History Report 3. Graph -COP Hate History, C0mparison of Highest & Lowest Rates 4. Tabular -COP Rate History, Comparison of Monthly Av.!:!rages GGS:MW:lc H:\deptlagenda\FAHRIFAHR2004\0604\04-47.COP.doc Revised: 06/04/03 Book page 14 Page2 ,--l I I · 170· ~ew•6~ 170 -~ew-s i 1 I I 170·Jd'INZ I l I 170·Jd'lf·L l l 170•Jev,i-17z I I 170•Jev,i-o~ 1 ~ 1 170.qa:1-sz ·iii >, 1-· 0 32 l (l) 0::: M(l) I 170-qa:1-~ ~ f» s: 0 l ~N --0) .... c.. I 170-uer-sz Q) Cl) Cl) Q) w I , __ 0::: I C..'-CCI Ql 170-uer-17~ ;:CQ I Cl) a. > CCCI I £0-:iaa-~t Q) :r: 0::: (!)Cl) I UC!) 0 0- 'q" I £0-:iaa-H Cl)<{_ I-0 l +I en 0 l £0-:iaa-£ -N I :c > I tO·AON·6 ~ "iii w I 0 <( >,Q) I-1 tO·AON·S 32:C ~ aiCCI < I (I)·;:: S: CCI 0::: I tO·J:>Q·ZZ > l:l~o I ai..oo c.. >< ro- I tO·J:>Q·S u:::·~-g 0 ! I 8>ro 0 I I to-das-17 zoNM Nf»f» i I Cl)Cl)CI) C Q) Q) Q) l I to-dag-0~ ·;::·;::·;:: en Q) a:, Q) I Cl)(/)(/) 0 i I £o-6n'v' -a+++ 0 I r--Ol I to-6n'v'•t~ i...: (/) I I :i: UJ to-1nr-ot I-~ I ai I to-1nr-9~ (..) C ~ C1l <I'. I C Ll) ~ ~ I to-1nr-z "6, ~ Cl ~ I Ql -i Cl 6 0 I to-unr-s~ N 0 N ~ I ~ co I ai (..) C ~ C to-unr-17 i;:::: ro I 0 ~ N ..... ai C1l l---- C') C w (..) u:: X cg I- 51,l >, (%) 3.1'fH <( 0 .0 C ""O ~ C1l 0. ~ a. Book page 15 Prepared by Finance, 6/2/2004, 11 :47 AM COMPARATIVE DAILY COP RATE HISTORY REPORT May 2004 4.oo ---~-----------------""""'-- 3.00 -1-----------------------------------------------1 -a:i c 0 w 2 ~ 1-.00 "O <( ~ 0:: (1) ...... °' I 1.00 ~ r-- C ....: -0 0 0 C") s;t" I ~ ~ ~ ~ -0 0 s;t" s;t" , , 0 • 0 > u -0 0 ~ ~ ~ W Q 0 W C ~ ~ _ 0 Z o ro w ro ~ ~ -, u. 2 c.. ro ~ 2 II OCSD COP Series '93 and 2000 •COMPOSITE INDEX G:\excel.dta\fin\2220\geggi\Finance\dailycopintrate.xls 1.5 1.25 - ~ 0 -w ~ 1 ct:: 0.75 0.5 I 1 9 ••• !::!!fil!. LOW ILEJ-IIIRWO MfBYLIIRWP Dec, 03 Jan, 04 COP DAILY RATE HISTORY COMPARISON OF HIGHEST & LOWEST RATES ill I ••• ::: it: ·:· • • n: ••• ••• ••• ••• ::; ··1 •• •• ••• ... ••• ••• ••• ••• ·••· ••• Feb, 04 i1!!!ll!!1!~ if It ll~j~ Mar, 04 Ill ili!lllll!l~ Apr, 04 ISB/IRWO I jPWIIRWO I IPW/OCSD I tW/OCSO I MfRYLIIBWP MfBYLIIBWPMfBY1 /IRW•MERYUJRWQ Iii Highest rate • OCSD COP Series '00-PW • OCSD COP Series '93-PW • Lowest rate ••• ••• ••• ••• ••• ••• ••• ... ••• ;u u: ·1: I.! •• •• ::: ·:· • • • •• • •• ••• ••• ••• • •• • •• • •• • •• ••• •-•• • •• :u ••• jPW/OCSD Mf BYIIIRWD May, 04 fJ:l. !illlll!llll:, tI/ 1 1 111 111111 G:lexcel.dta\fin\2220\geggi\Finance\RA TEH 1ST _HILO_ bargraph Prepared by Finance, 6/2/2004, 11 :50 AM t:,:; 0 ~ "C tf6 ('l) ..... 00 Prepared by Finance, 6/2/2004, 11 :43 AM Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 AVERAGE DAILY COP RATE HISTORY COMPARISON OF MONTHLY AVERAGES JUN 2003 -MAY 2004 OCSD $218.6M $46M Series 2000 Series 93 Ref Composite Paine Webber Paine Webber Index* 0.99 0.99 0.98 0.67 0.67 0.68 0.77 0.77 0.76 0.89 0.89 0.88 0.89 0.89 0.88 1.06 1.06 1.05 1.00 1.00 0.99 0.88 0.88 0.87 0.87 0.87 0.86 0.94 0.94 0.92 1.01 1.01 1.00 1.05 1.05 1.03 0.92% I 0.92% 0.91% ESTIMATED ANNUAL INTEREST PAYMENTS PER $100M PAR AMOUNT $ 918,333 I $ 918,333 I $ 908,333 * FOOTNOTE Composite index consists of the following COP transactions: . IRWD, Series 86-COP, 88, 95, $106.1M, Solomon Smith Barney . IRWD, Series C-Ref 93-B, 85-B, $62.1 M, Lehman Brothers . IRWD, Series 91, 93, 85, $93.0M, PaineWebber . IRWD, 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 FAH R COMMITTEE Meeting Date 06/09/04 AGENDA REPORT Item Number FAHR04-48 Orange County Sanitation District FROM: Lisa Tomko, Director of Human Resources Originator: Lisa Arosteguy, Human Resources Supervisor SUBJECT: EMPLOYMENT STATUS REPORT AS OF MAY 26, 2004 GENERAL MANAGER'S RECOMMENDATION Receive and file the Employment Status Report SUMMARY To Bd. of Dir. Item Number The number of full-time equivalent (FTE) employees at the District is 571. 75 as of May 26, 2004. PRIOR COMMITTEE/BOARD ACTIONS N/A 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. [81 Not applicable (information item) ADDITIONAL INFORMATION The actual number of employees (headcount) was 582 as of May 26, 2004. • Pamela Koester, Kathleen Millea, Hardat Khublall and Umesh Murthy were promoted from Engineers to CIP Project Managers (Project Management Office) • Wendy Sevenandt was promoted from an Associate Engineer Ill to a CIP Project Manager (Project Management Office) H:ldeptlagenda\FAHRIFAHR2004\0604\04-4B.Employee Status.doc Revised: 06/04/03 Book page 19 Page 1 There were six new hires: • Administrative Assistant (Communications) • Information Technology Analyst I (Customer & Network Support) • Maintenance Worker (Regional Assets & Services) • Operator-In-Training (Operations, Plant 1) • Principal Public Information Specialist (Communications) • Intern (Engineering & Construction Management) There were two terminations: • Chief Plant Operator (Operations, Plant 1) • Intern (Accounting) ALTERNATIVES NIA CEQA FINDINGS NIA ATTACHMENTS 1. May 26, 2004 Employment Status Report 2. Staffing Report (Performance compared to budgeted FTE's) H:\depl\agenda\FAHR\FAHR2004\0604\04-48.Employee Status.doc Revised: 06/04/03 Bookpage20 Page2 t:tl 0 ~ >c:, ~ (1) 1-.l - AUTHORIZED FTE DIV REG 0.50 0.75 110 General Management Admin 2.00 -- 120 Administrative Services 7.00 0.50 - 130 Communication Services 7.00 -- General Management Totals 16.00 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 - 540 Planned Recruitments 2.00 -- Human Resources Totals 23.00 9.00 - 610 Technical Services Admin 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 3.00 -- 420 Collection Facilities Mice 29.00 - 430 Facilities Maintenance 32.00 -. 820 O&M Process Support 14.00 0.50 - B30 Plant 1 Operations 40.00 -0.75 840 Plant 2 Operations 46.00 -- B50 Mechanical Maintenance 56.00 B60 Electrical & Instrumentation Mice 54.00 -- 880 Air Quality & Special Projects 11.00 -- Operations & Maintenance Totals 285.00 0.50 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 FTEs 585.00 11.50 1.50 = = HEADCOUNT 585 23 2 TOTAL AUTHORIZED FTE 598.00 H:\540\open\Recruiting_shared\03-04 Position Control EMPLOYMENT STATUS REPORT ACTUAL FTE Recruitments V;:~,:;r:f,';.":~1 IQIAb REG 0.50 OJ5 LOA TI2m 2.00 2 00 ---2 00 1.00 7.50 500 050 -1 00 6.50 1 00 i.!r.> 7.00 7.00 ---7 00 - 16.50 14.00 0.50 -1.00 15.50 2.00 1.()0 2.00 2.00 -. -2 00 . 18.00 17 00 0 50 --17.50 -r·:,;·:;'i 19.50 17 00 0.50 --17 50 1.00 ,:-:,.;·.; 39,50 36.00 1.00 . 37.00 1.00 2,'S() 5.00 4 00 . . 4.00 1 00 ' ,XJ 9.00 5.50 --5.50 2.00 3.C:C: 3.00 2 00 --1 00 300 - 7.00 6.00 --6.00 1.00 l OD 6.00 600 --6.00 - 2.00 1.00 . 1 00 -1 (;(; 32.00 19.00 5.50 1.00 25.50 4.00 G.,;o 2.00 200 . . 2.00 - 21.00 19 00 0.50 -1.00 20.50 (;::,;.1 37.00 34 00 2.00 -1 00 37 00 40.00 40 00 ---40.00 -- 100.00 95.00 2.50 -2.00 99.50 -n.:,D 3.00 3 00 ---3.00 -- 14.00 13.00 ---13 00 1.00 1 (/j 14.75 11.00 -1 50 -12.50 1.00 :·:.2i."i 48.00 47.00 --1 00 4800 - 79,75 74.00 -1.50 1.00 76.50 2.00 3 t'i 3.00 3.00 ---3.00 - 29.00 26.00 . --26.00 2.00 J,v_: 32.00 32 00 -.. 32 00 - 14.50 13.00 --13.00 1.00 l .~-fi 40.75 37 00 -0.75 1 00 38 75 1.00 ) (/j 46.00 4500 ---45.00 -'i ,i)(.1 56.00 55.00 -. 1 00 56 00 - 54.00 53 00 --1 00 54.00 - 11.00 11 00 -. -1100 - 286.25 275.00 -0.75 3.00 278.75 4.00 ·1.sn 2.00 2.00 ---2.00 - 17.00 1400 --100 15.00 2.00 ~!/Y) 12.00 11 00 ---1100 . ~ (;~J 13.00 11.00 ---11.00 2.00 2 t\1 44.00 38.00 . -1.00 39.00 4.00 r;,ov 551.00 9.50 2.25 9.00 ==-=-=i = = 551 __ 1_9_ 3 9 ·1 1· TOTAL Total + Tof;.:[ V<1f..n:l"-~ir:~"> ACTUAL FTE Recruitments tf!: it r :~:;,1:V: ::r: =:,: 571 75 17.00 9.25 5/26/2004 to 0 0 :,;- >(j ~ (1) N N STAFFING REPORT 600 -,--------------------------- 590 580 570 560 _, 550 540 530 520 51 O I JUL j AUG j SEP i OCT ] NOV i DEC i I i i I I J JAN FEB MAR I APR MAY JUN --.-AUTHORIZED FTE -fl-· ACTUAL FTE 596 I 596 I 596 I 596 I 596 I 596 596 596 596 596 596 598 543.25 I 544.75 I 544.25 I 545.25 I 548.25 I 552.25 I 558.25 I 558.75 I 559.75 I 564.75 I 567.75 I 571.75 FAHR COMMITTEE AGENDA REPORT Orange County Sanitation District FROM: Lisa L. Tomko, Director of Human Resources Originator: Jim Matte, Safety & Health Supervisor Meeting Date 06/09/04 Item Number FAHR04-49 SUBJECT: OSHA Incidence Rates and Workers' Compensation Claims and Costs Report GENERAL MANAGER'S RECOMMENDATION To Bel. of Dir. Item Number 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 seven DART Cases District-wide for the period of January-April 2004. The industry average is 4.5 for the DART Case Incidence Rate while the District Incident Rate was 3.84 for the period of January-April 2004. There were eight OSHA Recordable Accidents District- wide for the period of January-April 2004. The industry average is 7.3 for the Total Injury Frequency Rate while the District Incident Rate was 4.39 for the period of January-April 2004. The Division also tracks the District's Workers' Compensation Claims and Costs. The District's claim count for Fiscal Year 2003-2004 is 14. The costs associated with these claims for year-to-date is $64,845.87, which includes medical bills, temporary disability payments, legal costs and a claim reserve account. * DART -Days Away, Restricted or Transfer; replaces Lost Work Day. PRIOR COMMITTEE/BOARD ACTIONS N/A 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. [8] Not applicable (information item) Revised: 06/04/03 Book page 23 Page 1 ADDITIONAL INFORMATION The District had seven DART cases and one other injury that required only medical treatment for the period of January-April 2004. The reporting period is tor 45 days prior to committee meeting. ALTERNATIVES N/A CEQA FINDINGS N/A 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 24 Page2 Safety and Health Division DART Cases District-Wide There were seven DART Cases in January-April 2004 (DART -Days Away, Restricted or Transfer; replaces Lost Work Day.) 2000 DART Cases 2001 2002 Calendar Year 2003 2004 OSHA Incidence Rates District-Wide The industry average is 4.5 and the DART Incidence Rate for the District was 3.84 for January- April 2004. The OSHA DART Case Incidence 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. Q) 5 cii 4 a: Q) 3 (.J C: 2 Q) 32 1 (.J -= 0 2000 OSHA Incidence Rates DART Cases 2001 2002 Calendar Year 2003 2004 Book page 25 Total Injuries District-Wide There were eight OSHA Recordable Accidents in January-April 2004 Total OSHA Recordable Accidents Calendar Year 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 7.3 and the District rate was 4.39 for January-April 2004. First Aid cases are not included in the calculation of this rate. 10.00 2 8.00 t1l a: Q) 6.00 (.) C: 4.00 Q) "O ·u 2.00 .E 0.00 OSHA Incidence Rate Total Injuries 2000 2001 2002 Calendar Year 2003 2004 Book page 26 Workers' Compensation Claims and Costs The Workers' Compensation Claims and Costs 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 2003 -April 2004 totaled $235,605.71. Medical treatment costs are charged to the fiscal year in which the injury occurred. All open claims have the potential to incur additional costs. After the medical review process, the amount was reduced to $131,330.99, which resulted in savings of $104,274.72 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 $270,794 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 $292,348 7/1/90 -6/30/91 76 0 $121,978 7/1/91 -6/30/92 58 2 $224,712 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 2 $262,112 7 /1 /99 -6/30/00 43 2 $346,859 7/1 /00-6/30/01 32 3 $433,748 7/1/01 -6/30/02 30 7 $354,951 7/1/02-6/30/03 18 4 $118,034 7/1/03-6/30/04 14 6 YTD $64,846 "Total Incurred" includes medical bills, temporary disability payments to employees, legal costs, and a claim reserve account. Book page 27 FAHR COMMITTEE Meeting Date To Bel. of Dir. 06/09/04 AGENDA REPORT Item Number Item Number FAHR04-50 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 Description/Discussion Del Mar Analytical $60,000 Routine analysis of biosolids. Mayer, Brown, Rowe & Maw, LLP $60,000 Strategic planning and advocacy services. MGD Technologies $79,087 Pressure pipe installations Compressor Components of Calif. $51,580 Manufacture two (2) Aftercoolers and recondition one (1) Separator. Victor Buick-GMC Truck $59,656 Purchase and conversion of two (2) fifteen passenger commuter vans 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 in the annual District budget. During the budget adoption process, the lists of these items were highlighted for the Directors. For these reasons, purchases that fell into these categories are not included in this report. PRIOR COMMITTEE/BOARD ACTIONS N/A H:ldeptlagenda\FAHR\FAHR2004\0604\04-50.GM Purchases.doc Revised: 06/04/03 Book page 28 Page 1 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. IZ! Not applicable (information item) ADDITIONAL INFORMATION N/A ALTERNATIVES N/A CEQA FINDINGS N/A ATTACHMENTS None. MD H:\dept\agenda\FAHR\FAHA2004\0604\04-50.GM Purchaees.doc Revised: 06/04/03 Bookpage29 Page2 FAHR CO MMITTEE Meeting Date 06/09/04 AG ENDA REPORT Item Number FAHR04-51 Orange County Sanitation District FROM: Gary G. Streed, Director of Finance Originator: Michael D. White, Controller SUBJECT: SWAP REPORT FOR THE QUARTER ENDED MARCH 31, 2004 GENERAL MANAGER'S RECOMMENDATION Receive and file Swap Report for the quarter ended March 31, 2004. SUMMARY To Bel. of Dir. Item Number In August 2003, the Committee approved an Interest Rate Exchange Agreement Policy that provides guidelines for the use of hedging products including swaps, caps, floors, collars, options, and other similar financial instruments (collectively, "hedging products") in connection with the financial exposure of the District, including interest rate exposure. As required by this policy, following are the quarterly monitoring and reporting requirements and status at March 31, 2004: Requirement Highlight all material changes to hedging product agreements including counterparty downgrades and/or terminations. Results: The District currently utilizes two hedging product agreements, the AIG Swap agreement and the Soc Gen Swap Agreement. The AIG Swap agreement was originally entered into in October 1, 1992 in order to convert the Refunding Certificates of Participation, 1992 Series (the "1992 Certificates") to a fixed rate obligation. There have been no material changes to the agreement. American International Group, lnc.'s current ratings are AAA and Aaa from Standard and Poor's and Moody's, respectively. The Soc Gen Swap Agreement was originally entered into in September 1, 1993 in order to convert the Refunding Certificates of Participation, 1993 Series (the "1993 Certificates) to a fixed rate obligation. There have been no material changes to the agreement. Soc Gen's current ratings are AA-and Aa3 from Standard and Poor's and Moody's, respectively. Requirement Summarize any new hedging products entered into by the District since the last report. Results: No new hedging products have been entered into by the District since the last report covering the period ended September 30, 2003. As stated above, the District utilizes only two hedging product agreements, the AIG Swap agreement entered into in 1992, and the Soc Gen Swap Agreement, entered into in 1993. Book page 30 Requirement Summarize any planned hedging product transactions and the impact of such transactions on the District; a description of each outstanding Hedging Product agreement, including a summary of its terms and conditions, the notional amount, volume, rates, maturity, the estimated market value of each agreement, the method of procurement (competitive or negotiated), and the full name, description and credit ratings of the agreement's counterparty and if necessary, its applicable guarantor. Results: The District currently is not planning any additional hedging product transactions at this time. Requirement List any amounts which were required to be paid and received, and any amo1.mts which actually were paid and received under each outstanding hedging product over the last qua.rter; Results: Following are the amounts that were actually paid and received under the District's two swap agreements. All amounts required to be paid and received were actually paid and received. January Paid by the District to the Swap Provider Paid by the Swap Provider on behalf of the District February Paid by the District to the Swap Provider Paid by the Swap Provider on behalf of the District March Paid by the District to the Swap Provider Paid by the Swap Provider on behalf of the District Requirement 1992 Certificates AIG Swap $2,968,278.75 $(511,410.90) 1993 Certificates Soc Gen Swap $161,500.00 $ (31,515.03) $161,500.00 $ (28,112.72) $161,500.00 $ (33,918.72) List any credit enhancement, liquidity facility or reserves associated therewith including an accounting of all costs and expenses incurred, whether or not in conjunction with the procurement of credit enhancement or liquidity facilities under each outstanding Hedging Product. Results: Credit Enhancements, liquidity facility or reserves associated with the 1992 Certificates AIG Swap: -Lloyds Bank Letter of Credit cost for the quarter ended March 31 , 2004: $72,485.42 H:\deptlagenda\FAHRIFAHR2004\0604\04-51.SWAP Rpt.doc Revised: 06/04/03 Book page 31 Page2 Credit Enhancements, liquidity facility or reserves associated with the 1993 Certificates Soc Gen Swap: -Soc Gen Irrevocable Letter of Credit Fee for the quarter ended March 31, 2004: $54,516.63 Credit Enhancements, liquidity facility or reserves associated with the 2000 Certificates: -Dexia Public Finance Bank Standby Certificate Purchase Agreement Commitment Fee for the quarter ended March 31, 2004: $73,766.34 Requirement An assessment of the counterparty risk, termination risk, and other risks associated therewith, which shall include the value of the collateral posted by counterparties and the District, the aggregate marked-to-market value for each counterparty and relative exposure compared to other counterparties, and a calculation of the District's Value at Risk for each counterparty. Results: The counter party risk and termination risk has been calculated by Public Resources Advisory Group (PRAG). PRAG used the value at risk methodology in determining the county party risk at maximum exposure over the term of the Swap Agreements. Counterparty exposure limits are important because they create diversification, so if any one counterparty goes bankrupt, the District's total loss would be limited to only one counterparty. The termination risk is what the District would have to pay the counterparty upon a termination of the Swap Agreement. Counterparty Risk Termination Risk Requirement 1992 Certificates AIG Swap 1993 Certificates Soc Gen Swap $ 3,716,526 $4,530,325 $15,440,010 $3,586,804 The report shall also include a copy of this Policy in the quarter after it is adopted or subsequently modified. Results: No modifications have been made to the Policy since its adoption. PRIOR COMMITTEE/BOARD ACTIONS N/A PROJECT/CONTRACT COST SUMMARY H:ldept\agenda\FAHRIFAHR2004\0604\04-51.SWAP Apt.doc Revised: 06/04/03 Book page 32 Page 3 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 ATTACHMENTS N/A H:\dept\agenda\F AHR\FAHR2004\0604\04-51.SWAP Apt.doc Revised: 06/04/03 Book page 33 Page4 FAHR COMMITTEE Meeting Date 06/09/04 AGENDA REPORT Item Number FAHR04-52 Orange County Sanitation District FROM: Lisa Tomko, Director of Human Resources Originator: Lisa Arosteguy, Human Resources Supervisor SUBJECT: ORANGE COUNTY SANITATION DISTRICT'S BENEFIT PROGRAM FOR PLAN YEAR FY2004/2005 GENERAL MANAGER'S RECOMMENDATION Health insurance renewal rates for plan year FY2004/2005 (information only) SUMMARY To Bel. of Dir. Item Number The Orange County Sanitation District's (OCSD) insurance broker, Driver-Alliant Insurance Services, was directed by Human Resources Department staff to solicit bids for all health insurance plans for FY2004/2005. The purpose was to ensure that OCSD's plans and renewal rates remain competitive. In addition, the Memorandums of Understanding (MOU) for all bargaining units, under Article 20 (Insurance), contain a reopener clause for the purpose of considering cost containment measures, including changing insurance carriers if appropriate. Proposals were received from six medical insurance carriers, including OCSD's current carriers, Blue Cross and Kaiser. Proposals received represented increases over current rates ranging from 2.97% to 19.22%. The results were presented to a committee comprised of representatives from the various bargaining groups and Human Resources Department staff in April 2004. Due to the significantly low rate increases received from the current providers, the consensus of the committee was to maintain contracts with those providers. The overall rate increase for all insurance plans for FY2004/2005 was 3.65%. This is the lowest rate increase OCSD has experienced in the last five years. The dental insurance rate represented a decrease of 4.2%. There were no cost increases for the vision, life or disability insurance plans. H" t . IS 1s onca ummary Rate Increase 2004 Rate Increase 2003 Rate Increase 2002 Blue Cross 3.0% 16.4% 16.7% Kaiser 16.5% 15.9% 20.6% Delta -4.2% 8.0% -9.0% In addition, California AB 205, Domestic Partner Rights and Responsibilities which grants domestic partners the same privileges and benefits of married couples, becomes effective on January 1, 2005. At that time OCSD will be offering to registered domestic partners of employees the same benefits that are currently available to spouses. Contracts with insurance providers will be amended to incorporate this change and a supplemental open enrollment period will be conducted in December 2004 to provide an opportunity for eligible employees to add domestic partners as dependents on their insurance plans. To be eligible, an employee must have proof of domestic partnership registration with the State of California. H:\dept\agenda\FAHRIFAHR2004\0604\04-52.Health Insurance Rate Increases.doc Revised: 06/04/03 Book page 34 Page 1 PRIOR COMMITTEE/BOARD ACTIONS N/A PROJECT/CONTRACT COST SUMMARY The total cost increase for FY2004/2005 is $211,897, which is proportionally shared as follows: • Employer-paid $167,721 • Employee-paid $ 37,819 • Retiree-paid $ 6,357 BUDGET IMPACT [gl 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) ADDITIONAL INFORMATION N/A ALTERNATIVES N/A CECA FINDINGS N/A ATTACHMENTS N/A H:\dept\agenda\FAHR\FAHR2004\0604\04-52.Health Insurance Rate Increases.doc Revised: 06/04/03 Book page 35 Page2 FAHR COMMITTEE Meeting Date To Bet of Dir. 6/9/04 6/23/04 AGE.NOA REPORT Item Number Item Number FAHR04-53 Orange County Sanitation District FROM: Blake Anderson, General Manager SUBJECT: Strategic Planning/EMT Development GENERAL MANAGER'S RECOMMENDATION Authorize the General Manager to issue a purchase order contract to Dharma Consulting to provide continuing professional services to assist executive and senior staff with ongoing strategic planning, executive management team coaching and team development; and staff team building, for a monthly amount not to exceed $15,000, for a maximum of nine months effective July 1 , 2004. SUMMARY Coordinating and prioritizing all of our ongoing initiatives has become one of the most challenging jobs for your General Manager, the EMT, the division managers and the 530 other employees who work here. In that context, we are improving internal communications, emphasizing team building and improving meeting effectiveness so that we can manage all of this work. We have been employing the help of a business and communication consultant on a month-to-month basis for approximately 16 months to facilitate the planning and communication necessary to make all of this happen effectively. Coaching and team building sessions, facilitated strategic planning, goal-setting workshops, and one-on-one sessions have helped us to align and unify all of the work we are doing. The process has been helpful. We want it to continue. The purpose of this agenda item is to recommend that we continue this relationship with Dharma Consulting and to establish a month-to-month retainer contract with the firm. ADDITIONAL INFORMATION We are managing a remarkable set of initiatives. Besides the day-to-day challenge of keeping the plants and our regular business running, we are administering the longest list of large projects ever faced by the Sanitation District. The most significant include the $2.4 billion CIP program, interim secondary treatment upgrades, operating interim disinfection and planning long-term disinfection, in-county biosolids management, asset management and other business improvement initiatives, a new ocean discharge permit and its associated marine monitoring program, the Groundwater Replenishment System, employee development, succession planning and many smaller-scale initiatives residing across the agency. Managing these initiatives is itself an initiative. H:ldeptlagenda\FAHR\FAHR2004\0604\04-53.Dharma Consulting.doc Revised: 06/04/03 Book page 36 Page 1 We are asking a lot of our staff. To work more effectively and become more focused on follow-through, they must know where we are headed-and why. For this reason, we pay attention to how we convey information to our staff and to ourselves. The values and reasons we are pursuing all of these initiatives provide the buy-in and meaningful commitment we need. Staff has been in the midst of a long-term tactical and strategic process to coordinate all of this simultaneously-resolving ongoing conflicts of priorities, managing staff commitments, communicating our overall intention to staff, and making changes to our original intentions when new information gives us reason to do so. That work began sixteen months ago when the EMT began meeting regularly in a series of retreats to map out the future of the Sanitation District so that we could establish comprehensive goals and objectives that would help to manage all of the initiatives . Twelve months ago, the EMT proposed, and the board adopted, four unifying strategies that now serve as guideposts for management and staff. The four unifying strategies are: 1. Environmental Stewardship: OCSD will participate collaboratively in the protection of regional water resources for the benefit of the people we serve. 2. Business Principle: OCSD will make every decision based on short-and long- term environmental, societal, and financial impacts (the triple bottom line). 3. Wastewater Management: OCSD will beneficially reuse and recycle water and other resources using safe and effective wastewater systems. 4. Workplace Environment: OCSD will provide an environment of partnership, growth, opportunity, responsibility and accountability. Nine months ago, the EMT and managers began working together to start a long-term and ongoing strategic planning process that supports the initiatives listed above. Dharma Consulting has been involved in this work for the last sixteen months on an on- call basis, conducting pl~nning meetings to grapple with all of this change. They have help.ad to design our strategic process, to pr9Yic;ie training for participants, to coach EMT and the General Manager, and to facilitate the meetings. The work ahead, for which we need Dharma Consulting's help during the next nine months, includes: Training collaborative skills for several groups working on our initiatives -Coaching team leaders -Coaching the EMT -Managing this ongoing strategic process and help us tie effectively to next year's (FY 05-06) budget process Facilitating internal workshops for staff H:\dept\agenda\FAHRIFAHR2004\0604\04-53.Dharma Consulting.doc Revised: 06/04/03 Book page 37 Page2 PRIOR COMMITTEE/BOARD ACTIONS N/A PROJECT/CONTRACT COST SUMMARY $15,000/month retainer for nine months, covering all hourly fees and associated expenses. The fee provides for two consultants. At an assumed level of effort of 80 hours per month, the average hourly rate is $190 per hour. Dharma's knowledge of OCSD business practices is already established and therefore brings additional value to this process. BUDGET IMPACT IZ! This item has been budgeted. (Line item: 2004-05 Budget--110.52340-$185,000) D This item has been budgeted, but there are insufficient funds. D This item has not been budgeted. D Not applicable (information item) ADDITIONAL INFORMATION ALTERNATIVES It is certainly possible for staff to do this work without the help of a consultant. However, we don't have the skills needed to effectively plan and facilitate this work because we don't have the time necessary to devote to the work and keep the process moving forward. We could acquire staff to do the work, but the work is relatively short-lived. A knowledgeable consultant is an efficient way to provide the support. ATTACHMENTS N/A BPA:jt h:\ntglobal\agenda draft reports\fahr\fahr dharma june 04-bpa.doc H:\depl\agenda\FAHR\FAHR2004\0604\04-53.Dharma Consulting.doc Revised: 06/04/03 Book page 38 Page 3 FAHR COMMITTEE Meeting Date To Bd. of Dir. 06/09/04 06/23/04 AGENDA REPORT Item Number Item Number FAHR04-54 Orange County Sanitation District FROM: Lisa Tomko, Director of Human Resources Originator: Jeffrey Reed, Human Resources Manager SUBJECT: CLASSIFICATION AND COMPENSATION STRUCTURE CHANGE GENERAL MANAGER'S RECOMMENDATION Adopt Resolution No. OCSD 04-_, Amending Resolution No. OCSD98-33, Amending Human Resources and Policies Procedures Manual, providing for: 1. Change the title of-current classification Communications Services Manager at pay grade 94 ($8,001 -$10,001) to Director of Communications and Administrative Services. There is no recommended pay grade change at this time. 2. Create the Security and Risk Management Specialist classification at pay grade 82 ($5,949 -$7,436). 3. Create the Assistant Board Secretary classification at pay grade 67 ($4, 108 - $5, 135). 4. Create the Planner/Scheduler classification at pay grade 80 ($5,663 -$7,079). 5. Create the Cost Estimator classification at pay grade 80 ($5,663 -$7,079). 6. Revise the Storekeeper job family: a. Create the Lead Storekeeper classification at pay grade 62 ($3,630 -$4,538). b. Change the title of the current classification Storekeeper II at pay grade 58 ($3,290 -$4, 112) to Senior Storekeeper. There is no recommended pay grade change at this time. c. Change the title and pay grade of the current classification Storekeeper I at pay grade 54 ($2,980 -$3,725) to Storekeeper at pay grade 52 ($2,837 - $3,546). d. Delete the classification of Storekeeper Assistant at pay grade 46 ($2,445 - $3,056). H:\dept\agenda\FAHRIFAHR2004\0604\04-54.HR Structure changes.doc Revised: 06/04/03 Book page 39 Page 1 SUMMARY Adjustments are made to classification and compensation structures on a regular basis resulting from the changing needs of the organization. As new duties and responsibilities are identified as critical to the mission of the organization, classifications must be added, modified or deleted. Staff is proposing nine adjustments that need to be made to the classification and compensation structure at this time to coincide with new positions being proposed in the FY04/05 budget. Departments requesting the classifications new to Orange County Sanitation District's (OCSD's) structure provided information on the duties that would be performed and the necessary skills, knowledge and abilities needed to perform the tasks. This information was summarized and forwarded to the thirteen comparison agencies for matching classifications and pay ranges. In the event that there was no external market data, staff slotted the new classifications by internal comparisons. Human Resources Policy C10.10, Exhibit A, Salary Schedule has been updated to reflect the proposed modifications and is attached for review and acceptance as Attachment 2. PRIOR COMMITTEE/BOARD ACTIONS The classification and compensation structure was approved at the October 2002 FAHR Committee and Board of Directors meetings. PROJECT/CONTRACT COST SUMMARY The costs associated with these proposed changes have been included in the FY04/05 budget as either new positions, reclassifications or internal promotions. BUDGET IMPACT ~ 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) ADDITIONAL INFORMATION 1. A change in the title for the classification of Communications Services Manager is being proposed. The classification of Administrative Services Manager has been vacant since September 2003. The functions of the Administrative Services Division focus on different aspects of communications; front desk, photo copying, board relations, district record keeping, mail room, meeting room support services and graphic support services. These seven functions will now be supervised by the Communications Services Manager. The proposed title change to Director of H:ldeptlagenda\FAHR\FAHR2004\0604\04-54.HR Structure changes.doc Revised: 06/04/03 Bookpage40 Page2 Communications and Administrative Services reflects the increased level of responsibility. At this time no change in the pay grade is being proposed. 2. A new classification of Security and Risk Management Representative is being proposed at pay grade 82 ($5,949 -$7,436). The OCSD presently has no single entity to coordinate security and loss prevention activities. Security issues have become a higher priority to all organizations since 9/11 and the OCSD recognizes the need to centralize this function. 3. A new classification of Assistant Board Secretary is being proposed at pay grade 67 ($4,108 -$5,135). All communication between the Board of Directors and the OCSD passes through the hands and into the files of the board secretary's office. With each year, the issues confronted by the Board have increased in number and complexity, resulting in an increased work load in the board secretary office. There is an immediate need for additional support in this area to learn the complexities of the board secretary's function. 4. A new classification of Planner/Scheduler is being proposed at pay grade 80 ($5,663 -$7,079). This classification is responsible for the management and evaluation of field contractors' schedules, establishing clear specifications and enforcement provisions. This new classification will provide much needed review of contractor and consultant schedule submittals. 5. A new classification of Cost Estimator is being proposed at pay grade 80 ($5,663 - $7,079). Estimating is a Project Control's discipline that results in a cost savings to the OCSD. The primary task is change order estimating which is necessary to give the OCSD a substantive basis for negotiation. 6. Four adjustments are being proposed to the Storekeeper job family (Attachment 3). a. A new classification of Lead Storekeeper is being proposed at pay grade 62 ($3,630 -$4,538). The OCSD maintains two warehouse facilities both approximately 20,000 square feet and five miles apart. There is a need for more work direction at both facilities; the lead classification will provide this work direction as well as performing storekeeper duties. b. Change the title of the current classification Storekeeper II at pay grade 58 ($3,290 -$4,112) to Senior Storekeeper. The OCSD has chosen to flexibly staff certain non-exempt classification series (Accounting Assistant 1/11, Engineering Assistant 1/11, Source Control Inspector 1/11, etc.) In a flexibly staffed series, the distinction between the entry and the journey level may be based upon experience, expertise and license requirements rather than on the types of duties assigned. After gaining the experience and knowledge to perform the full range of journey level tasks, the employee can reasonably be expected to progress to the journey level. The Purchasing Division has chosen not to flexibly staff the classification series, resulting in a title change H:\deptlagenda\FAHR\FAHR2004\0604\04-54.HR Structure changes.doc Revised: 06/04/03 Bookpage41 Page 3 from the "I I" to the "Senior''. There is no recommended pay grade change at this time. c. Change the title and pay grade of the current classification Storekeeper I at pay grade 54 ($2,980 -$3,725) to Storekeeper at pay grade 52 ($2,837 - $3,546). As stated above, the Purchasing Division has chosen not to flexibly staff the Storekeeper classification series, resulting in deleting the "I" from the title. The Storekeeper classification will now encompass duties that were originally assigned to the lower graded classification Storekeeper Assistant. d. Delete the classification of Storekeeper Assistant at pay grade 46 ($2,445 - $3,056). The duties of this classification will be added to the new Storekeeper classification. ALTERNATIVES 1. Classification and compensation structure remains unchanged. 2. Some portion of the classification and compensation structure remains unchanged. CEQA FINDINGS N/A ATTACHMENTS 1. Proposed Resolution 2. Human Resources Policy and Procedure C10.10, Exhibit A, Salary Schedule. 3. Storekeeper Classifications H:ldept\agenda\FAHR\FAHR2004\0604\04-54.HR Structure changes.doc Revised: 06/04/03 Page4 Bookpage42 RESOLUTION NO. OCSD 04-_ AMENDING RESOLUTION NO. OCSD 98-33 A RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE COUNTY SANITATION DISTRICT AMENDING HUMAN RESOURCES POLICIES AND PROCEDURES ********************* The Board of Directors of Orange County Sanitation District, DOES HEREBY RESOLVE, DETERMINE AND ORDER: Section 1: That Exhibit "A" of Resolution No. OCSD 98-33 is hereby amended by amending Policy No. C10.10, Classification and Compensation set forth in Attachment No. 1, attached hereto and incorporated herein by reference. Section 2: That all other terms and conditions of Resolution No. OCSD 98-33, as previously recommended, shall remain in full force and effect. Section 3: That all future amendments to Resolution No. OCSD 98-33 be made by Resolution. PASSED AND ADOPTED at a regular meeting held June 23, 2004. Chair ATTEST: Board Secretary H:\dept\agenda\FAHR\FAHR2004\0604\04-54.HR Structure changes-Attachment 1.doc Book page 43 t:,:J 0 0 ~ "O ~ t Classification Title General Manager Assistant General Manager Director of Engineering Director of Finance!Treasurer Director of Human Resources Director of Information Technology Director of Operations & Maintenance Director of Technical Services Director of· eommuntoatfuns & h.dminlstra.tlve Services GemFmmisatieRs i;eF¥ises MaRa§eF Administrative Services Manager Senior CIP Project Manager Chief Scientist Legal & Regulatory Affairs Liaison CIP Project Manager Principal Contracts Administrator Senior Engineer Principal Information Technology Analyst LIMS Administrator Senior Regulatory Specialist Senior Scientist Engineer Principal Accountant Principal Financial Analyst Principal Public Info Specialist Principal Staff Analyst Senior Engineering Data Management Specialist Orange County Sanitation District Classification and Compensation Plan Sorted by Bargaining Group Pay Hourly Hourly Hourly Grade Minimum Midpoint Maximum 120 $73.096 $91.370 $109.644 114 $63.035 $78.793 $94.552 110 $57.104 $71 .380 $85.656 109 $55.712 $69.639 $83.567 108 $54.350 $67.938 $81.525 108 $54.350 $67.938 $81.525 108 $54.350 $67.938 $81.525 108 $54.350 $67.938 $81.525 94 $46.158 $51.928 $57.698 94 $46.158 $51.928 $57.698 91 $42.868 $48.226 $53.585 92 $43.938 $49.431 $54.923 90 $41 .820 $47.048 $52.275 90 $41.820 $47.048 $52.275 88 $39.803 $44.778 $49.754 88 $39.803 $44.778 $49.754 88 $39.803 $44.778 $49.754 87 $38.829 $43.683 $48.537 86 $37.883 $42.618 $47.354 86 $37.883 $42.618 $47.354 86 $37.883 $42.618 $47.354 84 $36.055 $40.562 $45.069 84 $36.055 $40.562 $45.069 84 $36.055 $40.562 $45.069 84 $36.055 $40.562 $45.069 84 $36.055 $40.562 $45.069 84 $36.055 $40.562 $45.069 FLSA Status Employee Group Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Executive Management Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional to 0 ~ 'Cl Jc; (1) ~ Classification Title Utilities Management Specialist Senior Information Technology Analyst Regulatory Specialist Safety & Health Specialist Scientist Security & Risk Mariagernl)nt Speci\allSt Senior Contracts Administrator Associate Engineer 111 Cost Estimator Engineering Data Management Specialist Maintenance Specialist Planner!Scheduler Principal Environmental Specialist Senior Engineering Associate Information Technology Analyst Ill Principal Laboratory Analyst Associate Engineer II Contracts Administrator Records Management Specialist Senior Accountant Senior Buyer Senior Environmental Specialist Senior Financial Analyst Senior Public Information Specialist Senior Safety & Health Representative Senior Staff Analyst Information Technology Analyst II Human Resources Information Systems Analyst Senior Laboratory Analyst Orange County Sanitation District Classification and Compensation Plan Sorted by Bargaining Group Pay Hourly Hourly Hourly Grade Minimum Midpoint Maximum 84 $36.055 $40.562 $45.069 83 $35.183 $39.581 $43.979 82 $34.320 $38.610 $42.900 82 $34.320 $38.610 $42.900 82 $34.320 $38.610 $42.900 e2 l:34.320 $$.610 $42.900 82 $34.320 $38.610 $42.900 80 $32.672 $36.756 $40.840 ·ao $32.6,72 $36.756., $40.840 80 $32.672 $36.756 $40.840 80 $32.672 $36.756 $40.840 ao $32.$72 ~.756 $40.840 80 $32.672 $36.756 $40.840 80 $32.672 $36.756 $40.840 79 $31.874 $35.858 $39.842 I 77 $30.337 $34.129 $37.921 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 76 $29.594 $33.293 $36.992 75 $28.874 $32.483 $36.092 73 $27.480 $30.915 $34.350 73 $27.480 $30.915 $34.350 2 Attachment 2 FLSA Status Employee Group Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional El<empt Prolesslonal Exempt Professional Exempt Professional Exempt Protessf.onal Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional to 0 ~ 'O ~ (1) .i:,. 0\ Classification Title Associate Engineer I Environmental Specialist Information Technology Analyst I Accountant Buyer Financial Analyst Public Information Specialist Safety & Health Representative Staff Analyst Human Resources Analyst Laboratory Analyst Graphics Coordinator II Executive Assistant Administrative Assistant Contracts/Purchasing Assistant Graphics Coordinator I Human Resources Assistant Payroll Technician lead Storekeeper Accounting Assistant II Senior 'Sforekeeper gteFel~ee,:ieF 11 Inventory Control Technician Library Technician Program Assistant Accounting Assistant I St9fekeeiieF I Orange County Sanitation District Classification and Compensation Plan Sorted by Bargaining Group Pay Hourly Hourly Hourly Grade Minimum Midpoint Maximum 72 $26.811 $30.162 $33.513 72 $26.811 $30.162 $33.513 71 $26.155 $29.425 $32.694 70 $25.518 $28,708 $31 .898 70 $25.518 $28.708 $31 .898 70 $25.518 $28.708 $31 .898 70 $25.518 $28.708 $31.898 70 $25.518 $28.708 $31 .898 70 $25.518 $28,708 $31 .898 69 $24.900 $28.013 $31 .125 69 $24.900 $28.013 $31 .125 71 $26.155 $29.425 $32.694 69 $24.900 $28.013 $31.125 67 $23.700 $26.663 $29,625 67 $23.700 $26.663 $29.625 67 $23.700 $26.663 $29.625 67 $23,700 $26.663 $29.625 67 $23.700 $26.663 $29.625 62 $20.945 $28,56.3 $26,,181 58 $18.978 $21.351 $23.723 58 $18.978 $21.351 $23.723 58 $18.978 $21.351 $23.723 56 $18.060 $20.318 $22.575 56 $18,060 $20.318 $22.575 56 $18.060 $20.318 $22.575 54 $17.192 $19,341 $21.490 a4 ~ ~ ~ 3 FLSA Status Employee Group Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Exempt Professional Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt 0eeA -P.-amltVCteodat Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical NeR exeFRJ}t GGe,A. AElFRiRlGleFiGal tt, 0 0 :,,,;-' 'O ~ .j:s. --i Classification Title Storekeeper Office Assistant -A - Human Resources Manager Human Resources Supervisor Principal Human Resources Analyst Secretary to the Board of Directors Senior Human Resources Analyst Secretary to the General Manager Executive Assistant Assistant Board Secretary Orange County Sanitation District Classification and Compensation Plan Sorted by Bargaining Group Pay Hourly Hourly Hourly Grade Minimum Midpoint Maximum 52 $16.366 $18.4;!2 $20.458 50 $15.577 $17.524 $19.471 4e $-14.-=l-O§ ~ ~ 91 $42.868 $48.226 $53.585 85 $36.965 $41 .585 $46.206 81 $33.489 $37.675 $41.862 80 $32.672 $36.756 $40.840 75 $28.874 $32.483 $36.092 73 $27.480 $30.915 $34.350 69 $24.900 $28.013 $31 .125 6.7 $23,700'. $26.663 $29.6f!S 4 Attachment 2 FLSA Status Employee Group Non-Exempt OCEA -Admin/Clerical Non-Exempt OCEA -Admin/Clerical ~JeA eiEeR'lf)t GGeA ,A,afl'liAIGleFisal Exempt Confidential Exempt Confidential Exempt Confidential Exempt Confidential Exempt Confidential Exempt Confidential Non-exempt Confidential Non-exempt Confidential to 0 ~ 'O ~ (1) .j:>. 00 STOREKEEPER CLASSIFICATIONS Current Structure Proposed Structure Classification Pay Grade Classification Lead Storekeeper Storekeeper 11 58 Senior Storekeeper Storekeeper I 54 Storekeeper Storekeeper Assistant 46 Add new classification of "Lead" Senior Storekeeper is equivalent to Storekeeper II (without flexible staffing component) Storekeeper includes duties of Storekeeper Assistant Pay Grade 62 58 52 Differential between proposed classifications is same as job families in Operations & Maintenance Attachment 3 FAHR COMMITTEE AGENDA REPORT Orange County Sanitation District FROM: Gary Streed, Director of Finance/Treasurer Originator: Michael D. White, Controller Meeting Date To Bd. of Dir. 06/09/04 06/23/04 Item Number Item Number FAHR04-55 SUBJECT: PROPOSED FY 2004-05 OPERATING, CAPITAL, DEBT/COP SERVICE AND SELF-INSURANCE BUDGETS GENERAL MANAGER'S RECOMMENDATION Approve proposed Operating, Capital, Debt/COP Service and Self-Insurance Budgets for FY 2004-05, as follows Net Joint Works Operating/Working Capital Worker's Compensation Self Insurance General Liability and Property Self-Insurance Collection System Operating Net Capital Improvement Program Debt/COP Service SUMMARY $83,614,140 $735,000 $1,141,000 $22,605,790 $231,223,600 $41,917,000 The FY 2004-05 Budget is enclosed for the Committee's consideration. The Budget has been presented to the OMTS and PDC Committees at their regular June meetings in order to allow each Standing Committee an opportunity to review the proposal prior to the June Board meeting. Although each Committee has had an opportunity to review the proposal, it remains the responsibility of the Finance, Administration and Human Resources Committee to recommend approval of the Joint Works Operating and Capital Budgets. The remaining budgets are also being presented to the FAHR Committee as a result of consolidation. The FAHR Committee is requested to recommend that the Board of Directors approve this budget. PRIOR COMMITTEE/BOARD ACTIONS Board approved 2003-04 Budget for the period July 1, 2003 through June 30, 2004. PROJECT/CONTRACT COST SUMMARY N/A Book page 49 BUDGET IMPACT D This item has been budgeted. D This item has been budgeted, but there are insufficient funds. D This item has not been budgeted. [8] Not applicable (information item) ADDITIONAL INFORMATION None. ALTERNATIVES N/A CEQA FINDINGS N/A ATTACHMENTS 1 . Proposed FY 2004-05 Budget H:\dept\aganda\FAHR\FAHR2004\0604\04-55.Budget.doc Revised: 06.104/03 Book page 50 Page2 FAHR COMMITTEE Meeting Date To Bd. of Dir. 6/09/04 6/23/04 AGENDA REPORT Item Number Item Number Orange County Sanitation District FROM: Gary Streed, Director of Finance/Treasurer Originator: Michael D. White, Controller FAHR04-56 SUBJECT: ANNUAL RENEWAL OF THE DISTRICT'S EXCESS WORKERS' COMPENSATION INSURANCE, FY 2004-05 GENERAL MANAGER'S RECOMMENDATION Renew the District's Excess Workers' Compensation Insurance for the period July 1, 2004 through June 30, 2005, in an amount to be determined. SUMMARY The District's Excess Workers' Compensation insurance coverage with the California Public Entity Insurance Authority (CPEIA) expires on July 30, 2004 and is now up for renewal for fiscal year 2004-05. The District's Excess Workers' Compensation Program currently provides coverage to $50 million with a self-insured retention (SIR), or deductible of $500,000. At the date this report was prepared, staff was still awaiting the finalized proposal from CPEIA for the FY 2004-05 Workers' Compensation Program. Delays in the receipt of this proposal are due to the continued hardening cycle for workers' compensation insurance, the reduction of the insurance carriers in the market place and in the insurance coverages being offered, and the competition amongst the remaining carriers and programs. Staff is seeking renewal continuation with coverages and deductibles at the current levels. Several months ago, Driver Alliant, the District's Broker of Record, estimated an approximate 28 percent renewal increase proposal from CPEIA over the FY 2003-04 premium of $168,720 for a total of $219,000. The CPEIA proposed renewal rates are expected to be finalized by June 4. Driver Alliant is cautiously anticipating that the premiums will be more favorable than their earlier estimates. In addition, Driver Alliant has contacted five other workers' compensation insurance carriers that could possibly service a public agency the size of the District. As of June 1, only three of these insurance carriers responded to the request and each declined to offer a bid. A full report will be provided at the meeting. PRIOR COMMITTEE/BOARD ACTIONS Board last approved renewal for the period July 1 , 2003 through June 30, 2004. H:\deptlagenda\FAHRIFAHR2004\0604\04-56.Excess Workers Comp.doc Revised: 8/10/98 Book page 51 Page 1 PROJECT/CONTRACT COST SUMMARY The premium cost for FY 2004-05 will be reported on June 9, 2004, prior to obtaining the Committee's approval. BUDGET IMPACT ~ 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. D Not applicable (information item) ADDITIONAL INFORMATION Background The District's use of Excess Workers' Compensation insurance dates back to 1989-90. At that time, the Fiscal Policy Committee approved a self-insured retention (SIR), or deductible, of $250,000, for such coverage. Due to the harqening of the workers' compensation market, this deductible was raised ta $500,000 beginning in FY 2002-03 through a policy with Employers Reinsurance Corporation (ERC) that provided coverage to $25 million with a self-insured retention (SIR), or deductible of $500,000. The premium cost charged by ERC for the period July 2002 to June 30, 2003 was $69,090. Staff has reviewed the District's most recent five-year workers' compensation loss history with Cambridge Integrated Services Group, the District's third-party workers' compensation administrator, and has verified that the District has not incurred a loss which exceeded the $500,000 SIR. In FY 2003-04, the District joined the California Public Entity Insurance Authority (CPEIA), the lowest responsible provider, and approved the District's Excess Workers' Compensation Insurance, with limits of $50 million, a self-insured retention of $500,000, for the period July 1, 2003 through June 30, 2004, in an amount not to exceed $168,720. FY 2004-05 Renewal Cycle As previously stated, staff is seeking renewal continuation with coverages and deductibles at the current levels. The CPEIA proposed renewal rates are expected to be finalized by June 4th and Driver Alliant is cautiously anticipating that the premiums will be more favorable than their earlier estimates of an approximate 28 percent renewal increase over the prior year. H:ldeptlagenda\FAHR\FAHR2004\0604\04-56.Excess Workers Comp.doc Revised: 8/10198 Book page 52 Page2 Some additional risk is associated with the CPEIA joint powers authority in that a premium surcharge can be assessed to individual members based on an unusually large number of losses occurring outside of the actuarial evaluation estimates. However, only once has an actual surcharge ever been made to the County Supervisors Association of California (CSAC), the parent organization to CPEIA that has been in existence for over 20 years. The premium surcharge was assessed following the first year of CSAC's existence and prior to the use of an actuary for the determination of rates and assumptions. Rates have been based on actuarial evaluations ever since the shortfall in the first year. CPEIA itself has only been in existence for three years and has never initiated a premium surcharge. RECOMMENDATION Excess Workers' Compensation Program is recommended for renewal through CPEIA. This policy provides for limits of $50 million, with a self-insured retention of $500,000. The premium cost for FY 2004-05 will be reported on June 9, 2004 prior to obtaining the Committee's approval. Based on preliminary information on premiums, staff is certain that sufficient funds have been budgeted to cover premium costs. ALTERNATIVES None. CEQA FINDINGS N/A ATTACHMENTS 1. Letter dated June 1 , 2004, from the District's Broker of Record, Driver Alliant, on the renewal status of excess workers' compensation. H:\dept\agenda\FAHRIFAHR2004\0604\04-56.Excess Workers Comp.doc Revised: 8/10/98 Book page 53 Page3 driver+alliant INSURANCE SERVICES June 1, 2004 Mr. Michael White, Controller Orange County Sanitation District P.O. Box 8127 Fountain Valley, CA 92728-8127 Re: Excess Workers Compensation Dear Mike, INTEGRATED INSURANCE & FINANCIAL SERVICES The CPEIA program affords a $50 million limit of coverage subject to a $500,000 self insurance retention through July 1, 2004. Several months ago we estimated that the renewal rate would be approximately $.488, an increase of approximately 28%, which would generate a premium of $219,000 annually. Renewal rates will be finalized by June 4 at which time we will be able to confirm specific rates and premiums, which we cautiously anticipate being more favorable than our earlier estimates. We have also contacted a number of alternative insurers, specifically ACE, Midwest, AmRe, Safety National and Republic Western. To date, those who have responded have declined to offer any terms and conditions at any price. Such a lack of marketplace response serves to graphically underscore the ongoing turmoil in California despite the recent passage of legislative reforms. Sincerely, DRIVER ALLIANT INSURANCE SERVICES d~~ Senior Vice President Driver Alliant Insurance Services, Inc. an Alliant Resources Group company 1301 Dove St. Suite 200, Newport Beach CA 92660-2436 • 949-756-0271 Lie #0C36861 • www.driveralliant.com Book page 54 FAHR COMMITTEE Meeting Date To Bd. of Dir. 6/09/04 6/23/04 AGENDA REPORT Item Number Item Number Orange County Sanitation District FROM: Gary Streed, Director of Finance/Treasurer Originator: Michael D. White, Controller FAHR04-57 SUBJECT: ANNUAL RENEWAL OF THE DISTRICT'S EXCESS LIABILITY INSURANCE PROGRAM, FY 2004-05 GENERAL MANAGER'S RECOMMENDATION Renew the District's Excess General Liability Insurance Program for the period July 1, 2004 through June 30, 2005, in an amount to be determined. SUMMARY Staff recommends the renewal of the District's $25 million Excess General Liability Insurance Program for FY 2004-05. The coverage is provided through the California Municipal Excess Liability Program (CAMEL). As of June 30, 2004, the District will have completed a four-year commitment to the CAMEL program, approved by the Board in December 1998 after completing a competitive bid selection process. Approval of this agenda item will extend the District's $25 million liability coverage through the CAMEL program for an additional fifth year. At this time, final premium costs are being negotiated and will be presented to the Committee on June 9. PRIOR COMMITTEE/BOARD ACTION Board last approved renewal for the period July 1, 2003 through June 30, 2004. PROJECT/CONTRACT COST SUMMARY N/A BUDGET IMPACT [8J 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. D Not applicable (information item) H:ldept\agenda\FAHRIFAHR2004\0604\04-57.EKcess General Liability.doc Revised: 8/10/98 Book page 55 Page 1 ADDITIONAL INFORMATION Background The current liability insurance program provides the District with a $25 million policy of comprehensive coverage for municipal liability, bodily injury and property damage, and personal injury. The program was structured to also include Employment Practices, and Public Officials Errors & Omissions coverage. The $25 million coverage is per occurrence, with a self-insured deductible of $250,000 per occurrence. Since 1997, the Employment Practices portion of coverage was enhanced from a $2 million sub-limit, to the full $25 million policy limit. Two important advantages of the multi-year renewal of the District's participation in the CAMEL general liability insurance program include guaranteed coverage and cost stability. When the District entered into the CAMEL program in July 1996, we obtained an annual premium cost not to exceed $125,000 in the first year, a commitment for a two-percent premium reduction in the second year of the program, and a five-percent premium reduction in the third year. Actual premium reductions obtained during this first three-year period were more than ten percent. A three-year agreement was reached in 1998-99 that included a level annual premium not to exceed $111,492 for the first $10 million layer of insurance coverage. In FY 2001-02, a new three year commitment was reached that allows for the renewal of the District's Excess General Liability insurance policy that guarantees continuation of the District's first $10 million layer of insurance coverage, while placing a maximum on premium increases of ten percent per year through 2002-03. The premium on the next $15 million layer of insurance coverage excess of $10 million is subject to current market pricing. In FY 2002-03, the program's insurer, Kemper Insurance, decided it would no longer provide coverage to public agencies across the country for its "Basic" insurance, or first layer coverage. The CAMEL program replaced Kemper for renewal of the "Basic" $10 million program with American Re through their Great Lakes U.K. insurance carrier, calling for a premium increase of 20 percent plus taxes and fees due to its non-admitted status within the State of California, or $133,016. The second $15 million layer excess of $10 million of the total $25 million Excess Liability Insurance Coverage was provided through Kemper Surplus Lines Insurance at a premium of $62,208. This was an increase of 307.0 percent over the prior year's premium of $15,283 with relatively the same level of coverage. Although this is a non-admitted insurer, it carried an A-, Excellent rating from Best Guide Rating and was the only insurance carrier willing to submit a bid for this $15 million layer. In FY 2003-04, the program's insurer, American Re through their Great Lakes U.K. insurance carrier, decided it would no longer provide coverage to public agencies across the country for its "Basic" insurance, or first layer coverage. The CAMEL program replaced American Re for renewal of the "Basic" $10 million program with American International Group (AIG), calling for a premium increase to $265,441, or 99.6 percent increase over the prior year amount of $133,016. In addition, self-insured retention increased from $100,000 to $250,000. However, terrorism coverage has been H:\deptlagenda\FAHR\FAHR2004\0604\04-57.Excess General Liability.doc Revised: 8/10/98 Book page 56 Page2 added with the same coverage and limits. The second $15 million excess of $10 million of the total $25 million Excess Liability Insurance Coverage was provided through Gulf Underwriters Insurance Company at a premium of $124,523. This was an increase of 99.9 percent over the prior year's premium of $62,208 with relatively the same level of coverage except for the addition of terrorism coverage. Although this is a non-admitted insurer, it carries an A-, Excellent rating from Best Guide Rating. FY 2004-05 Renewal Cycle The continued turmoil in the liability insurance markets since September 11, 2001 has created underwriting bottlenecks where no coverage quotations are being processed in a timely fashion. The District's Broker of Record, Driver Alliant, is still in the process of negotiating several renewal options and is hoping to be able to provide a formal proposal prior to the FAHR Committee Meeting of June 9th• At this time, they are estimating premium increases, in the still restrictive liability insurance market, to be limited to less than 35 percent over the FY 2003-04 revised premium of $383,955 (down $6,009 from the previously negotiated premium of $389,964) and are diligently working towards a much smaller increase. Recommendation The FY 2004-05 Excess General Liability Insurance Program is recommended for renewal through the CAMEL joint purchase program. This policy provides for $25 million of comprehensive coverage for municipal liability, bodily injury and property damage, and personal injury, with a self-insured deductible of $250,000 per occurrence. The premium cost for FY 2004-05 will be reported on June 9, 2004 prior to obtaining the Committee's approval. Based on preliminary information on premiums, staff is certain that sufficient funds have been budgeted to cover premium costs. ALTERNATIVES NIA ATTACHMENTS 1. Letter dated June 1, 2004 from the District's Broker of Record, Driver Alliant, on the renewal status for excess liability insurance. H:\dept\agenda\FAHR\FAHR2004\0604\04-57.Excess General Liability.doc Revised: 8/10/98 Book page 57 Page 3 driver+alliant N s u RAN CE s ERV I cEs June 1, 2004 Mr. Michael White, Controller Orange County Sanitation District P.O. Box 8127 Fountain Valley, CA 92728-8127 Re: Excess Liability Insurance INTEGRATED INSURANCE & FINANCIAL SERVICES Insurance Company of the State of Pennsylvania# 4203-4827 Gulf Insurance Company# GU 286 78 36 Dear Mike, The captioned insurers provide $25,000,000 in liability insurance excess of a $250,000 self insured retention under our California Municipal Excess Liability (CAMEL) program. As highlighted in our recent CAMEL seminar, we anticipate being able to provide formal July 1, 2004 renewal quotations prior to June 10 and continue to work toward that goal. Hopefully, we will be in a position to provide that formal proposal prior to F AHR Committee meeting next week. At this point, we are estimating that premium increases -in the still restrictive liability insurance marketplace -will be limited to less than 35% over the current $383,955 premium and are diligently working to effect a much smaller increase. We shall keep you informed of our progress over the next few days and shall forward our formal proposal under separate cover. Sincerely, DRIVER ALLIANT INSURANCE SERVICES £~~ Senior Vice President Driver Alliant Insurance Services, Inc. an Alliant Resources Group company 1301 Dove Sl Suite 200, Newport Beach CA 92660-2436 • 949-756-0271 Lie #OC36861 • www.driveralliant.com Book page 58 FAHR COMMITTEE AGENDA REPORT Orange County Sanitation District FROM: Gary Streed, Director of Finance/Treasurer Originator: Michael White, Controller Meeting Date 06/09/04 Item Number FAHR04-58 SUBJECT: ANNUAL RENEWAL OF BOILER & MACHINERY INSURANCE PROGRAM GENERAL MANAGER1S RECOMMENDATION To Bd. of Dir. 06/23/04 Item Number Renew the District's Boiler & Machinery Insurance Program for the period July 1, 2004 to June 30, 2005, in an amount not to exceed $27,654. SUMMARY Staff recommends the annual renewal of Boiler & Machinery insurance coverage for the District covering the period from July 1, 2004 through June 30, 2005. The Boiler & Machinery insurance program provides comprehensive coverage for loss caused by machinery breakdown and explosion of steam boilers or other covered process equipment, including damage to the equipment itself and damage to other property caused by covered accident. Sufficient funds have been budgeted within the FY 2004-05 budget to cover premium costs. PRIOR COMMITTEE/BOARD ACTIONS Board approved annual renewal on June 30, 2003. PROJECT/CONTRACT COST SUMMARY Sufficient funds are contained in the current budget to cover premium costs of $27,654. BUDGET IMPACT ~ 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. D Not applicable (information item) ADDITIONAL INFORMATION The District's FY 2004-05 Boiler & Machinery insurance program provides coverage ($100 million per occurrence/$25,000 deductible) for losses caused by covered machinery breakdown (e.g., motors, steam turbines, digesters, co-gen engines). Damages to the equipment, as well as damages to other property and improvements caused by the machinery breakdown, are covered by the boiler & machinery insurance. H:\deptlagenda\FAHR\FAHR2004\0604\04-58.Boiler & Machinery.doc Revised: 06104/03 Book page 59 Page 1 This program augments the District's all-risk property insurance that covers perils such as fire and flood. May 15, 2003 -July 1, 2004 Renewal Cycle Driver Alliant Insurance Services, the District's Broker of Record, has reviewed the current state of the Boiler & Machinery, insurance market and recommends that the District renew Boiler & Machinery insurance coverage with Lexington Insurance Company for the primary layer of $10 million and with two group of carriers, CNA Insurance Company, the District's current boiler & machinery insurance underwriter, and 6 different foreign excess insurance companies, providing coverage jointly on the second layer of $90 million for the period of July 1, 2004 through June 30, 2005. The combined proposed insurance premium of $27,654 is a 69.2 percent decrease over the prior year premium of $89,676. Based on their review of the current marketplace and the substantial overall decrease in industry rates, Driver Alliant believes that these combined policies provides the broadest coverage available at the most competitive cost. Following is the reserve levels, A.M. Best Guide Rating (the insurance industry ratjng agency), and the Standard and Poor's rating for each of the three insurance groups:· Proposed Schedule of Insurers Reserve A.M Best Standard California Company Level Rating and Poor's Status Lexington > $2 billion A++, Superior AAA Non-Admitted CNA > $2 billion A, Excellent A-Admitted 6 foreign Co.'s > $8.5 billion At least A-, Excellent 4 Not Rated, 2 Rated A Non-Admitted Conclusion All proposed insurance carriers are strong insurance compar)ies and can offer Boiler & Machinery insurance with high coverage levels for operations as large and complex as the District. Additionally, they offer the most competitive pricing for the upcoming renewal period. Staff concurs with Driver Alliant's findings and recommendation. Sufficient funds are contained in the current budget to cover premium costs of $27,654. ALTERNATIVES N/A CEQA FINDINGS N/A ATTACHMENTS None H:\deptlagenda\FAHR\FAHR2004\0604\04-58.Boiler & Machinery.doc Revised: 06/04/03 Page2 Book page 60 FAHR COMMITTEE AGENDA REPORT Orange County Sanitation District FROM: Gary Streed, Director of Finance/Treasurer Originator: Michael D. White, Controller Meeting Date To Bd. of Dir. 6/09/03 6/25/03 Item Number Item Number FAHR04-59 SUBJECT: ANNUAL RENEWAL OF THE DISTRICT'S ALL-RISK PROPERTY AND FLOOD INSURANCE PROGRAM FOR FY 2004-05, IN AN AMOUNT NOT TO EXCEED $729,388 GENERAL MANAGER'S RECOMMENDATION Renew the District's All-Risk Property and Flood Insurance Program for the period July 1 , 2004 through June 30, 2005, in an amount not to exceed $729,388. SUMMARY The District's All-Risk Property and Flood insurance coverage expires June 30, 2004, and is now up for renewal for FY 2004-05. The All-Risk insurance program provides for comprehensive coverage for the District's real and personal property from all perils including fire, flood, and business interruption. The proposed renewal maintains the current year's $750 million blanket loss limit for fire damage and $300 million blanket loss limit for flood. Premiums for this enhanced policy will increase from the prior year's $716,444 to $729,388, or 1.8 percent. Staff recommends the annual renewal of All-Risk Property and Flood insurance coverage for the District covering the period from July 1, 2004 through June 30, 2005. Sufficient funds have been budgeted within the FY 2004-05 budget to cover premium costs. PRIOR COMMITTEE/BOARD ACTIONS Board approved annual renewal on June 30, 2003. PROJECT/CONTRACT COST SUMMARY Sufficient funds have been budgeted to cover premium costs in an amount not to exceed $729,388. BUDGET IMPACT ~ 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. D Not applicable (information item) H:\deptlagenda\FAHR\FAHR2004\0604\04-59.AII-RiskPropertyFlood Insurance.doc Revised: 06/04/03 Book page 61 Page 1 ADDITIONAL INFORMATION Background The District's FY 2003-04 All-Risk Program has covered the District's property with a $300 million blanket loss limit for flood and $750 million blanket loss limit for all other perils, including fire damage. The deductible for flood perils is $100,000 per occurrence and the deductible for all other perils is $25,000 per occurrence. Multiple insurance carriers underwrite the All-Risk program to distribute risk exposure and to ensure competitively bid premiums. Thus, the District's premium costs are controlled, while obtaining maximum coverage levels for the District. FY 2004-05 Renewal Cycle For a sixth consecutive year, Driver Alliant (Driver), the District's Broker of Record, marketed renewal of the District's All-Risk Program through a nationwide joint purchase property insurance program called Public Entity Property Insurance Program (PEPIP). It is important to note that the joint purchase property insurance program involves no pooling or sharing of coverage with any other public entities. As a result of the significant purchasing power (in excess of $40 million in combined annual premiums) of the PEPIP joint purchase program, the FY 2004-05 renewal option is being proposed to maintain the existing $300 million blanket loss limit for flood and $750 million blanket loss limit for all other perils, including fire damage. The deductibles for perils of flood and the deductibles for all other perils are proposed to remain at $100,000 and $25,000, respectively. Recommendation The FY 2004-05 All-Risk Property Insurance Program is recommended for renewal through the PEPIP joint purchase program with a $300 million blanket loss limit for perils of flood and a $750 million blanket loss limit for all other perils. Sufficient funds have been budgeted to cover premium costs in an amount not to exceed $729,388. ALTERNATIVES The FY 2004-05 All-Risk Property Insurance Program is recommended for renewal through the PEPIP joint purchase program with a $300 million blanket loss limit for perils of flood and a $750 million blanket loss limit for all other perils. Sufficient funds have been budgeted to cover premium costs in an amount not to exceed $729,388. H:\dept\agenda\FAHR\FAHR2004\0604\04-59.AII-RiskPropertyFlood Insurance.doc Revised: 06/04/03 Book page 62 Page2 CEQA FINDINGS N/A ATTACHMENTS None. H:\deptlagenda\FAHRIFAHR2004\0604\04-59.AII-RiskPropertyFlood Insurance.doc Revised: 06/04/03 Book page 63 Page 3 FAHR COMM ITTEE AG EN DA REPORT Orange County Sanitation District FROM: Mike Duvall, Director Blake P. Anderson, General Manager Gary G. Streed, Director of Finance Meeting Date To Bet of Dir. 06/09/04 06/23/04 Item Number Item Number FAHR04-60 SUBJECT: PROPOSAL FOR CONTRACTUAL SERVICES TO REVIEW AND TO COLLECT SEWER SERVICE USER CHARGES ASSESSED NON-RESIDENTIAL PARCELS GENERAL MANAGER'S RECOMMENDATION That the FAHR Committee recommend the Board of Directors direct staff to proceed to evaluate non-residential parcels to determine if they have been undercharged for annual sewer service user fees and, if so, to collect the proper charges on the property tax bill on a going forward basis. SUMMARY In December 2003, the FAHR Committee reviewed a staff report and consultant's proposal and a verbal presentation from the consultant's representative. The Committee voted to move the proposal directly to the Board without a Committee recommendation. At the January 2004 Board meeting, the Directors again heard from the consultant's representative. After considerable discussion, the Board referred the proposal and alternatives to the FAHR Committee for a recommendation. At the March 2004 FAHR Committee meeting, the Committee asked Director Mike Duvall to accept the recommendation of the consultant to visit his business. Director Duvall did spend several hours at the site as he briefly reported at the last Committee meeting. Subsequent to that visit and the Committee meeting, Director Duvall also interviewed staff. Attached to this agenda report is Director Duvall's report and recommendation to the Committee. Also attached is a matrix that staff developed in an attempt to summarize the pros and cons of the three alternatives. PRIOR COMMITTEE/BOARD ACTIONS N/A Book page 64 PROJECT/CONTRACT COST SUMMARY The original Revenue Enhancement Group proposal for this work was $2.5 million, plus 15% of any identified undercharges over $3.5 million. The proposal is for undercharges to be calculated for the current tax year and for the prior four tax yea rs, for a total of five years. An additional amount of $90 per parcel would be charged if the number of parcels reviewed exceeds 28,608, in addition to the 15%. The first $1 million would be due when the contract is signed. The work was originally proposed to be completed by August 1 , 2004. Because the scope of the project is recommended to increase to include all non-residential parcels, the number of parcels has been established as 46,500. Staff has not received a revised proposal, but at the January 2004 Board meeting, the consultant's representative stated that the price was now $90 per parcel. This was verbally confirmed by the consultant at the March Committee meeting. Assuming the revised parcel count of 46,500, the total cost would be $4, 185,000. No competitive proposals have been solicited from other potential consultants. However, staff has discussed a hypothetical project of this type with two other "direct assessment" firms. One firm said it would definitely submit a proposal if asked and the other said it would not, because of its work for property owners and the potential for a conflict of interest. A private citizen who seems to review these fees as a hobby has also suggested he would like to help us. Subsequent to an article in the Orange County Register, three additional consulting firms contacted the District and asked to be considered if an RFP was issued. The consultant has told the Directors, and claims in their proposal, that there are recoverable undercharges of at least $3.5 million. This would be the total of alleged undercharges for five years, not the annual undercharge or recovery. One of the other consultants that staff contacted estimated that statistically there could be as much as $1 million per year, but it had no real data. The other reported that it seldom came across undercharges while researching for refund clients. The cost for staff to complete the review of the non-residential parcels that have not already been reviewed, including site visits is estimated to be a maximum of 2,902 person days, or about 11 person years. To complete the work in nine months with staff and temporary employees would require an additional 13.5 employees for the nine months. Staff estimates the review could be completed in-house for under $750,000 or approximately $16 per parcel. BUDGET IMPACT [8] This item has been budgeted. (Line item: 2004-05 Collection System O&M) D This item has been budgeted, but there are insufficient funds. D This item has not been budgeted. (See Additional Information below) D Not applicable (information item) H:\deptlagenda\FAHRIFAHR2004\0604\04-60.Non-resident User Fee.doc Revised: 06/04/03 Book page 65 Page2 ADDITIONAL INFORMATION Please see attached memo from Director Duvall. ALTERNATIVES 1 . Direct staff to conduct a formal RFP process, compare the results to the costs to complete the process in-house and return to FAHR with a recommendation. 2. Direct staff to improve the database in house over an extended time period using fewer temporary employees. 3. Direct staff to improve the database in-house over an extended time period using a combination of additional FTEs and temporary employees. Two additional FTEs would ensure that the database was reviewed and updated annually. 4. Direct staff to determine the feasibility of agreements with all or several firms that process refund requests to also process undercharge adjustments on a contingency basis. 5. Authorize the consultant's work but do not go back four years to collect past undercharges. CEQA FINDINGS N/A ATTACHMENTS 1 . Memo from Director Mike Duvall 2. Matrix Comparing Alternatives GGS H:\dept\agenda\FAHRIFAHR2004\0604\04-60.Non-resident User Fee.doc Revised: 06/04/03 Page 3 Book page 66 May 24, 2004 To: From: FAHR Committee Mike Duvall MEMORANDUM Subject: NON-RESIDENTIAL SEWER SERVICE FEES Revenue Enhancement Group At the Committee's direction and as I reported at the meeting last month, I spent several hours with the Revenue Enhancement Group. Subsequently I met with Gary and his staff for a few hours to review my findings. The Revenue Enhancement Group has a very impressive operation. They have computers, data bases, programs and internet access that they have developed to sort properties and to compare the District's sewer service fee for apparent reasonableness. They have purchased a copy of the sewer service fees charged each parcel in our data base from the District. The staff at Revenue Enhancement Group seemed knowledgeable with their programs and about their capabilities and their results. They told me they run across undercharges all the time, but do nothing with them since they are paid for getting refunds. They did not show me any examples of parcels that were apparently undercharged except for parcels that are owned by some of the member cities. They did show me two Permit User files that Revenue Enhancement Group believes are being mismanaged by District staff. They believe that the current charges are incorrect for the Register and for Kimberly-Clark. Basically, they want us to refund property taxes paid by the Register if they exceed the water based fee for use. Of course, the rates for Permit Users are calculated after deducting property taxes from our costs. Besides that, property taxes are governed by the State and are based upon property value; they are not related to sewer use. Kimberly-Clark was pointed out as an example of poor use of the data base because the square feet of building jumped significantly, nearly doubled, in one year. While this jump may not accurately reflect the growth on the site, it is the way the data appeared on the Assessor's data base as I confirmed with staff. In this case, that jump didn't Book page 67 Non-Residential Sewer Service Fees Page 2 of 4 May 24, 2004 affect the total charges because Permit Users are charged based upon their actual flow and strength. I'll talk some more about new construction later. District Staff When I met with Gary and his staff expert, Angela, I was very blunt about what I had seen and what I had been told. I also told them that I had been very impressed with the operation at Revenue Enhancement Group. Staff walked me through a couple of examples of how a fee gets put on the property tax bill. They showed me the information that they get from the County Assessor and how that information determines the sewer user fee. Staff told me that the Assessor and his IT contractors were meeting to be certain that they were giving us everything we wanted and needed. Turns out that some Assessor programs had been changed without appropriate updates to their programs that share data with the District. These will be fixed. We discussed the timing of changes to the non-residential data base for additions and new construction because I wondered why the connection fee data was not used. Staff told me that the information received from some cities was not sufficiently detailed to get the specific site information and that the connection fees were paid at the start of construction while the user fee wouldn't be due until after occupancy. Nonetheless, staff will work with the cities and the sanitary districts to get additional site information with the connection fees. This is expected to take a few months to get in place. This information will be used to flag the parcel for review each year pending the change on the Assessor's data base. I asked staff about parcels that are not being charged on the property tax bill. Staff told me that policy is for every parcel that uses the sewer to be charged on the property tax bill but that they have become aware during the last year that some are not. In 1999- 2000, the Board hired a consultant, like Revenue Enhancement Group, to review parcels that were not being charged. Because the Directors preferred a contract with a set cost rather than one based upon fees recovered, the number of parcels reviewed had to be limited. The limitation method staff and the consultant agreed upon was to select parcels that had development indicated but no corresponding square feet. This method resulted in additional income that offset the consultant cost, but it left many parcels un-reviewed and uncharged. Many parcels owned by governmental agencies were shown in the District's copy of the data base as having no square feet and no improvement value. This was unknown and unexpected at the time, but seems obvious today. My next question was why these mistakes, errors or omissions hadn't been corrected if staff was aware of them. Staff reminded me that the sewer user fees are only generated once a year on the property tax bill. They have been accumulating changes waiting for resolution of who will do the data base review so that any changes can be Book page 68 Non-Residential Sewer Service Fees Page 3 of 4 May 24, 2004 properly reported, accounted for and paid for in the event that a consultant is hired to review all of the non-residential properties. Staff will make all of the changes they are aware of before the next assessment run as it appears unlike that any consultant will be able to provide meaningful data or changes in time for this year's process. Sometime during my discussion with Gary and Angela I became comfortable with their understanding of the user fee program, of the problems with using the Assessor's data base and of their commitment and ability to improve the system and the results. They also told me that the Accounting Division has requested, and Blake has authorized, two additional permanent full time positions in next year's budget to keep the data base current and to research past and future changes. These additional resources will allow more frequent site visits as well as data base review and will provide the opportunity to make certain that past adjustments are appropriate in the future. Four year recovery When I started my meeting with staff I was convinced that it was only fair to bill users to recover any undercharges for the same four-year period that we make refunds. Staff reminded'me that the State law requires us to make the refunds for four years only because we collect the user fees on the property tax bill. They also reminded me that most of the uncharged parcels are uncharged because they are coded as "tax-exempt". This means that most of the parcels that we could be billing for four years, or for however many years we decided, would be publicly owned or would be churches. These users would have to be treated the same as other non-residential users for this recovery. I know that cities and sanitary districts are struggling to adopt balanced budgets at this time, and that the State is taking money away from all of us. I'm not certain it is good public policy to ask us to use even more of our scarce tax-payer money to pay an enterprise special district that can raise user fees, just because that agency failed to charge fees when they were due. Determining the appropriate fee for prior years would be easy for properties that have not changed over the period. It will be much more difficult, time-consuming and costly if the property has been remodeled, developed, sold or changed use in any or each of the prior years. We don't know if any additional fees would be due and we don't know if they would offset the cost. Prior year's charges could probably be placed on the property tax bill. This would require programming changes and a new code from the County Auditor Controller's Office. Staff suggests that usir:ig the County data processing contractor to improve our data base rather than to make these changes would be more cost effective in the long run. Prior years' charges that apply to prior owners would have to be directly invoiced. This would require locating the current mailing address for prior property owners. It would also require a procedure and a practice to collect amounts invoiced but unpaid. It is expected that this collection process would incur additional legal costs. Book page 69 Non-Residential Sewer Service Fees Page 4 of 4 May 24, 2004 When I considered all of these issues and I weighed them against the uncertain amount of the returns, as well as the fact that the District has the ability to raise rates and that our local agencies could be paying most of the fees, I changed my mind. I recommend that we fix the problems in the data-base and in the billing system and we move forward. I believe staff understands how important it is to the Directors to manage this program properly and to collect the fair share from every user. Their efforts should be put into correcting and managing the system. Correcting the Data Base Over the past several months, the FAHR Committee has considered three options to correct the data base. I think each of us has probably developed a favorite plan by now and I'm certain that each of us is anxious to move forward. The first option appears to be the most expensive and the least time consuming. The Revenue Enhancement Group first brought us a potential proposal which has been subsequently modified. The current proposal is to review every non-residential parcel for a fee Of $90 per parcel. The total cost to review every parcel would be nearly $4.2 million. Perhaps some parcels could be excluded or a range of per parcel fees could be negotiated. The fee has not been tested in the marketplace. The second option will take somewhat more time, but would allow the Revenue Enhancement Group to compete for the work while providing payment to the private sector. This option is to release an RFP to several firms that have expressed interest in the work and that have experience in this type of work. Besides the firms that process refund requests from the District, two national and well-known firms have asked to be included if an RFP is released. Staff brought us a draft RFP in February and could have that on the street by the end of the month. The cost for this option is unknown at this time. The final option is the least expensive, places the highest demand on staff, can be started immediately and is staff recommendation as well as my own. Staff wants to manage and to conduct this process. They have estimated a total maximum cost of nearly $750,000. This is a sizeable project. Costs include up to 20 temporary employees with either business or math background or education. Much of this work can be completed this summer while colleges are not in session. Staff has many of the same programs that the private consultants have and has an even better understanding of the data bases and of our user fee program. Perhaps most importantly, whatever staff learns from the process will stay in-house for future benefit and use. MD:lc Book page 70 June 9, 2004 Non-Residential User Fee Evaluation Alternatives Award Sole Source to Conduct RFP for Use Staff and Temporary REG Consultant Employees Pros: Allows immediate start after Provides price competition. Estimated cost to evaluate is about Board award. 15-20% of REG proposal. Utilizes proven knowledge, skills RFP will be sent to companies Existing staff is expert in evaluating and abilities. currently in assessment business properties and has proven skills and and expected to be competent. abilities. REG understands District user Follows Purchasing Resolution Agreements are already in place with fee program. protocol. aqencies for temporary help. Provides mechanism for District to Temporary staff will be paid by the define payment terms. hour, not based upon new revenue production. Provides choice of consultant based Existing staff completely understands on cost or other significant District program and Assessor codes. differences. Revenue Enhancement Group will No conflict for staff. be invited to propose during I Process. Upon completion staff will be 100% certain of diligence and accuracy of effort. Cons: Doesn't provide price Requires 60 days or so for RFP Requires some time to recruit and competition. !process and Board award. train temporary staff. Requires staff time to audit and Requires staff time to audit and Requires staff time to audit and manage consultant efforts and manage consultant efforts and supervise temporary staff. results. results. Doesn't follow Purchasing Consultant may require some Resolution protocol. training, but is probably familiar with District proqram. Creates possibility of consultant Creates possibility of consultant processing refund requests processing refund requests based based upon adjustments they upon adjustments they recommended. recommended. Could create conflict of interest Could create conflict of interest with with existing REG fee reduction existing fee reduction clients. clients. Upon completion of the project, Upon completion of the project, District will be relying on District will be relying on diligence diligence and accuracy of and accuracy of consultant's effort. consultant's effort. Price per parcel needs to be clarified as proposal was modified in Board presentation. Book page 71 ORANGE COUNTY SANITATION DISTRICT (714)962-2411 Mi\iling Address: P.O. Box 8127 Fountain Valley, California 92728-8127 Street Address: 10844 Ellis Avenue Fountain Valley, California 92708-7018 0 CSD 2/ 13/03 I FAHR COMM ITTEE AGE NDA REPO RT Orange County Sanitation District FROM: Gary Streed, Director of Finance Originator: Michael White, Controller Meeting Date To Bd. of Dir. 06/09/04 06/23/04 · Item Number Item Number FAHR04-46 SUBJECT: TREASURER'S REPORT FOR THE MONTH OF MAY 2004 GENERAL MANAGER'S RECOMMENDATION Receive and file Treasurer's Report for the month of May 2004. SUMMARY 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 one security 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 rating exception pertains to the holding of a United Airlines (UAL) Asset Backed Security with a par value of $1.6 million, representing 0.41 percent of the portfolio holdings, whose rating from Moody's has fallen several times, from A3 to BA 1, then to BA3, 83, 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. H:ldeptlr.nl220\geggie\FAHRITREASRPT060904.doc Page 1 The District's investment policy does not require ariy action because of "credit watch" notices or the decline in credit standing. However, PIMCO will continue to monitor the credit for this security very closely. Historical cost and current market values are shown as estimated by both PIMCO and - Mellon Trust. The Oistrict'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 • [xi This item has been budgeted. (Line item: Not applicable (information item) ADDITIONAL INFORMATION Schedules gre attached summarizing the detail for both the short-term and long-term investment portfolios for the reporting period. In addition, a co·n·soliclated 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 th.is report, yield calculations based on book values a.rid market values a-re shown for individual holdings, as well as for each portfolio. Mellon Trust, the District's custodian bank, is the source for these reports . Transactions thqt were pending settlement at month end may not be reflectetd. Also, provided is a summary of monthly investment balances and transactions within the State of California Local Agency Investment Fund (LAIF). The remaining $36.9 million proceeds from the 2003 COP debt issuance available for future capital improvements is being managed and invested by PIMCO 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 $99,051,000. 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. 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. H:\deptlfin\220\geggie\FAHRITREASRPT060904.doc Page2 Book Balances Estimated Investment Accounts May 31, 2004 Yield(%) State of Calif. LAIF $ 36,508,764 1.43 Union Bank Checking Account 974,733 0.93(1) PIMCO -Short-term Portfolio 112,102,925 1.22 PIMCO -Long-term Portfolio 384,723,974 2.96 Petty Cash 5000 N/A - TOTAL $534 3:15 396 2.49 Debt Service Reserves w/Trustees $99 Q51 04Z 2.23 (1) This is the annualized yield for the month of April. The May 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 H:ldepl\fin\220\geggie\FAHRITREASRPT060904.doc Page3 Prepared by Finance, 6/8/2004, 2:02 PM Monthly Investment Balances by Type- Last Six Months $700,000,000 ,------------------------------------, $600,000,000 -t----i $500,000,000 I ~ $400,000,000 1 ~ $300,000,000 ~ $100,000,000 -. -R $ 200 . 000 . 000 -I -LLi'{--_ -_ -_ -_ 1f1i1iL1t--_-_-_-_Lii1lr~~~~~iiir-~1J--11r 1 $o l B mil 1111 B B B I December 2003 January 2004 February 2004 March 2004 0 PIMCO -Long-term 1'21 PIMCO -Short-term II COP Debt Reserves llDLAIF •Bank Accts Petty Cash H:\dept\fin\EXCEL.dta\220\geggie\mo treas rpt\Monthly Investment Balances Graph1 .xis April 2004 May 2004 Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund May 31, 2004 Par Value Book Value Market Value Balance May 1, 2004 $35,008,764 $35,008,764 $35,008,764 Deposits: 5/20/2004 15,400,000 15,400,000 15,400,000 Total Deposits 15,400,000 15,400,000 15,400,000 Withdrawals: 5/6/2004 (6,200,000) (6,200,000) (6,200,000) 5/11/2004 (3,000,000) (3,000,000) (3,000,000) 5/12/2004 (1 ,800,000) (1,800,000) (1,800,000) 5/26/2004 (2,900,000) (2,900,000} {2,900,000) Total Withdrawls (13 ,900,000) {13,900,000) (13,900,000) Balance May 31, 2004 $36,508,764 $36,508,764 $36,508,764 Rate Yield 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 1.426 PIM C 0 June 8, 2004 Mr. Mike White, CPA Controller Orange County Sanitation District 10844 Ellis A venue Fountain Valley, CA 92708-7018 Dear Mike: The following is a description of events in the bond markets during the month of May in addition to an analysis of the strategies undertaken in the Orange County Sanitation District's Long-Term, Liquid, and COP Proceeds 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: U.S. Treasuries sold off in May as releases of strong economic data continued, however yields edged lower toward the end of the month end as Fed governors asserted that any future rate hikes ,vould be "gradual." U.S. Treasuries lost O .34% for the month, with the yield on the benchmark IO-year Treasury closing 14 basis points higher at 4.65%. TIPS outperformed their nominal counterparts; the Lehman Brothers U.S. TIPS Index returned 1.80% in May. Mortgage-backed securities returned -0.22%, beating Treasuries by 3 basis points after adjusting for duration. The credit sector, represented by the Lehman Credit Index, returned -0.70% for the month, or -32 basis points after adjusting for duration. Within the sector, higher quality investment grade corporates led. Aa-rated issues delivered -19 basis points of excess return versus Treasuries, whereas Baa-rated issues delivered-0.37 basis points. The economy showed continued signs of growth in economic activity and, increasingly, inflation. May began with a strong Employment Situation Report (issued by the Bureau of Labor Statistics), indicating that the economy created 288,000 new jobs in April, far exceeding the consensus estimate of 185,000. In addition, the already-strong March gain was revised upward, and the unemployment rate fell to 5 .6%. On the inflation front, the Bureau of Labor Statistics reported that both CPI and core CPI (which excludes volatile food and energy prices) increased. Importantly, core CPI rose 0.3%, increasing the annual rate to 1.8%. Though continuing to rise, these inflation gains are modest and should help quell anxiety about rising inflation in the near term. Still, the prospect of higher future inflation and interest rates contributed to New Home Mr. Mike White, CPA Orange County Sanitation District June 8, 2004 Pagel Sales falling a sharp 12% in April, as reported by the Bureau of Census. This decline was the largest since 1994, though sales still remain at strong levels. Lastly, the Bureau of Economic Analysis revised first quarter GDP growth from 4.2% to 4.4%. This upward revision, which was driven by faster inventory accumulation and higher imports, was largely expected by the marketplace. Treasury yield changes during the month of May are summarized as follows: • 3-month bills: +10 basis points to 1.06% • 6-month bills: +23 basis points to 1.38% • 2-year notes: +22 basis points to 2.53% • 5-year notes: + 17 basis points to 3.79% • 10-year notes: + 14 basis points to 4.65% • 30-year notes: +6 basis points to 5.35% Performance Attribution: Long-Term Portfolio The Long-Term portfolio that PIMCO manages on behalf of Orange County Sanitation District lost 0.05% on a total return basis for the month of May, outperforming the Merrill Lynch 1-5 year Government Corporate Index by 21 basis points. The following points summarize returns for the month ended May 31 : • The Long-Term portfolio outperformed the benchmark by 21 basis points for the month. • For the twelve-month period, the Long-Term portfolio returned 0.90%, outperforming the benchmark by 48 basis points. • Portfolio duration, below the index, was positive for monthly performance as rates rose across all maturities. • Yield curve positioning similar to that of the index was neutral for performance. • An underweight exposure to corporates was positive for performance, as the credit sector lagged Treasuries on a duration-adjusted basis. • Exposure to mortgage-backed securities was slightly positive for relative performance as the sector narrowly outperformed Treasuries on a duration-adjusted basis. • Substituting Treasury Inflation Protected Securities for nominal Treasuries was positive as short and intermediate maturity TIPS outperformed their nominal counterparts during the month. Liquid Portfolio Mr. Mike White, CPA Orange County Sanitation District June 8, 2004 Page3 The Liquid portfolio that PIMCO manages on behalf of Orange County Sanitation District generated a total return of 0.09% during the month of May, performing in line with the 3-month Treasury Bill Index. The following points summarize returns for the period ending May 31: • The Liquid portfolio performed in line with the benchmark for the month. • For the twelve-month period, the Liquid portfolio returned 1.09%, outperforming the benchmark by 12 basis points. • Use of higher yielding securities such as commercial paper and short-term notes contributed to performance. "2003 COP Proceeds -Future Construction" Portfolio The COP Proceeds portfolio that PIM CO manages on behalf of Orange County Sanitation District generated a total return of 0.09% during the month of May, performing in line with the 3-month Treasury Bill Index. The following points summarize returns for the period ending May 31: • The COP Proceeds portfolio performed in line with the benchmark for the month. • Use of higher yielding securities such as commercial paper and short-term notes contributed to performance. Outlook and Strategy: The global recovery, centered in the U.S. and Asia, will continue for the next 6 to 12 months. Policymakers will press forward with reflationary measures that will delay a painful unwinding of economic imbalances. Excess capacity in labor and product markets worldwide will keep inflation quiet, leading to range-bound interest rates over the next two quarters. The ten-year Treasury yield will fluctuate near current levels over this timeframe. Elements of temporary stability include: • In the U.S., consumer spending will hold up as tax refunds boost after-tax disposable income. This support for the consumer will be temporary, however, as individual tax benefits are set to phase out by the second half of 2004. Restocking of low inventory levels by companies will provide a more durable boost to growth in the U.S. • The Federal Reserve will raise currently negative real short-term rates only when it is convinced that disinflation has ended and U.S. employment growth is both substantial and sustainable. Financial markets could begin discounting such a positive scenario within 12 months, pushing the yield on the IO-year Treasury toward 5 percent. • China will remain a contributor to global demand, though its growth rate will slow as policymakers engineer a soft landing for its potentially overheated economy. A significant currency revaluation in China is unlikely over the next 6 to 12 months as China's de facto monetary union with America serves both countries' interests. • Europe will remain the laggard in the global economy. While exports to China and emerging Europe are accelerating, recent gains in business confidence have peaked and consumer sentiment is weak. The balance of risks tilts toward more easing by the European Central Bank. Mr. Mike White, CPA Orange County Sanitation District June 8, 2004 Page4 The economic environment is unusually difficult to forecast because near-term stability could erode quickly if structural imbalances unwind faster than expected. Full valuations in core sectors such as mortgages and corporates pose considerable risk in this setting. PIMCO will continue to underweight the corporate sector and maintain reduced exposure to the mortgage sector, while looking for better opportunities outside the index. We will target below-benchmark duration but intend to move toward a neutral stance as rates trend upward. Curve positioning will favor shorter maturities as the Fed will anchor this end of the yield curve. We will also hold intermediate issues to enhance yield given a steep yield curve. 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 May 31, 2004 Total Return Account -203 Market Value Book Value Yield to Maturity Short Term Account -603 Market Value Book Value Yield to Maturity Wilh Accrued Interest 387,850,751 388,419,631 2.96 Wilh Accrued Interest 112,293,878 112,276,352 1.22 2003 COP Proceeds -Future Construction -2203 Market Value Book Value Yield to Maturity With Accrued Interest 36,982,039 37,014,016 1.03 Without Accrued Interest 384,652,356 385,221,236 2.98 Wrthout Acgued Interest 112,184,084 112,166,558 1.25 Without Accrued Interest 36,894,787 36,926,763 1.03 MONTHLY REPORT ORANGE COUNTY SANITATION DISTRICT INVESTMENT MANAGEMENT PROGRAM PIMCO'S PERFORMANCE MONITORING & REPORTING (for the month ended 31 May 2004) 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: 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 Maturinl!: within 90 davs: 15.1.6 PORTFOLIO QUALITY A vera2:e Portfolio Credit Oualitv: 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 performed in line with the benchmark for the month and outperformed the benchmark by 10 basis points fiscal year-to-date. • PIMCO's emphasis on higher yielding securities such as commercial paper and short-term notes contributed to performance. H:ldeptlfin\220\Geggle\FAHR\LIQ0S00-05-04.RPT.doc Page 1 of 1 $112,293,878 $112,288,470 $112,276,352 $112,347,235 0.13 0.20 ' $145,982 0% 91% ''AAA'' 0% Yes Portfolio Index 0.09 0.08 0.26 0.24 1.09 0.97 0.98 0.88 ' MONTHLY REPORT ORANGE COUNTY SANITATION DISTRICT INVESTMENT MANAGEMENT PROGRAM PIMCO'S PERFORMANCE MONITORING & REPORTING (for the month ended 31 May 2004) 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 DU,U.TION Of Portfolio: Of Index: 15.1.3 1%INTERESTRATECHANGE Dollar Imoact (gain/loss) of 1 % Chan_ge: 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 veral!e Portfolio Credit Oualitv: 15.1.7 SECURITIES BELOW "A" RATING % of Portfolio Below "A": 15.1.8 INVESTMENT POLICY COMPLIANCE "In Comoliance" 15.1.9 PORTFOLIO PERFORMANCE Total Rate of Return(%) by Period: I Month: 3 Months: 12 Months: Fiscal Year-to-Date: • The Long-Term portfolio outperformed the benchmark by 21 basis points for the mo,nth, and outperformed the benchmark by 54 basis points fiscal year-to-date. • Portfolio duration, below the index, was positive for monthly performance as rates rose across all maturities. • Yield curve positioning similar to that of the index was neutral for performance. • An underweight exposure to corporates was positive for performance, as the credit sector lagged Treasuries on a duration-adjusted basis. • Exposure to mortgage-backed securities was slightly positive for relative performanc-e as the sector narrowly outperformed Treasuries on a duration-adjusted basis. Page 1 of 2 $387,850,751 $387,970,894 $388,419,631 $389,795,223 2.06 2.49 $7,989,725 0% 4% AAA 0% No* Portfolio Index -0.05 -0.26 -0.81 -1.27 0.90 0.42 0.83 0.29 • Substituting Treasury Inflation Protected Securities for nominal Treasuries was positive as short and intermediate maturity TIPS outperformed their nominal counterparts during the month. *Compliance Issues: , MONTHLY REPORT ORANGE COUNTY SANITATION DISTRICT INVESTMENT MANAGEMENT PROGRAM PIMCO'S PERFORMANCE MONITORING & REPORTING (for the month ended 31 May 2004) Page2 of2 $1,600,000 par of United Airlines (UAL) Pass-Through 2001-1-C {Enhanced Equipment Trust Certificate (EETC) -909317BC2), 6.831 % coupon, 3/01/2010 maturity, representing 0.41 % of the portfolio holdings on a par baf;is was purchased on 8/10/2001 ; and subsequently downgraded by Moody's from A3 to BAI (on 9/18/2001) and S&P from A-to BBB (on 9/20/2001). 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 filing, the security was further downgraded in August (B3 Moody's, B+ by S&P). On November 29, 2002, S&P further downgraded this issue to B, and shortly thereafter on December 9, 2002, downgraded the issue one notch further to B-. On August 7, 2003, 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 A3 by Moody's or A-by S&P, with at least a BBB rating in the event of a split. On May 27, UAL reported a monthly loss from operations of $7 5 million, which represents an improvement of approximately $221 million over April 2003. The company reported a net loss of $13 7 million, including $28 million in reorganization expenses, which include non-cash items resulting from the rejection of aircraft as the company aligns its fleet with the market. UAL met the requirements of its debtor-in-possession (DIP) financing. UAL hopes to hear soon whether it will receive a $1.6 billion federal loan guarantee that is crucial to it exiting bankruptcy, but soaring fuel costs and renewed concerns about exposing taxpayers to struggling airlines have created ne~ challenges. PIMCO continues to negotiate with United on behalf of the District and currently leads an ad hoc committee. This has been an extremely complicated effort due to the complex nature of United's bankruptcy. These negotiations have required PIMCO's analysts access to non-public information 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 the results with parties become restricted. In light of this extremely complicated bankruptcy, PIM CO continues to strive to act in the most prudent manner to obtain maximum recovery. Split Rated Securities Still ln Compliance: The District's investment policy requires 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. • $3,500,000 par of Ford Motor Credit securities ($2.5 million represented by cusip 345397S13 maturing 7/16/04 and $1 million represented by cusip 345397GV9 maturing 5/15/05), representing 0.90% of the portfolio holdings on a par basis. The securities were downgraded on 10/16/2001 by S&P from A to BBB+, then to BBB on 10/25/02, and then to BBB-on 11/13/03. Moody's downgraded the securities on 1/16/02 from A2 to A3. • $3,000,000 par of General Motors Acceptance Corp securities (cusip 3 70425SD3) maturing on August 28, 2007, representing 0.77% of the portfolio holdings on a par basis. The securities were downgraded on 10/16/2001 by S&P from A to BBB+, and a further downgrade to BBB occurring on 10/16/2002. The securities now carry a Moody1s rating of A3 after a further downgrade from A2 on 6/14/03. • $1,750,000 par of Virginia Electric Power NT securities (cusip 927804EN0), maturing in 2006, represents 0.45% of the portfolio holdings on a par basis. The security was downgraded on 10/21/2002 by S&P from A-to BBB+, but continues to carry a Moody's rating of A3. H:ldept\finl2201Geggie1FAHRIL-T0800-05-04.RPT.doc @ Mellon UQUID OPER-PJMCO -OCSF07511102 Description CASH & CASH EQUIVALENTS U.S. DOLLAR INTEREST CERTIFICATES OF DEPOSIT-DOMESTIC COMMERCIAL PAPER -DISCOUNT FED HM LOAN BNK -LESS THAN 1 YR FEDERAL HOME LOAN MORTGAGE -LESS THAN 1 YR FNMA ISSUES -LESS THAN 1 YR MUTUAL FUNDS REPURCHASE AGREEMENTS TREASURY BILLS -LESS THAN 1 YR U.S. DOLLAR CASH & CASH EQUIVALENTS FIXED INCOME SECURITIES U.S. DOLLAR BANKING & FINANCE TOT AL ASSETS -BASE: 6/8/2004 8:42:SlAM PDT Asset Summary by Asset Type with Sectors 5_13_11-2004 Shares Par 1,900,000.000 3,000,000.000 16,900,000.000 22,400,000.000 16,800,000.000 170,883.060 20,900,000.000 28,100,000.000 110,170,883.060 110,170,883.060 2,202,000.000 Cost Base 185,545.70 1,900,000.00 2,989,360.00 16,877,463.00 22,322,310.69 16,753,097.00 170,883.06 20,900,000.00 27,974,320.78 110,072,980.23 110,072,980.23 2,274,255.18 Report ID: GL8251 Base Currency: USD Alternate Base Currency: Market Value Base 185,545.70 1,900,000.00 2,989,360.00 16,877,463.00 22,322,310.69 16,753,097.00 170,883.06 20,900,000.00 27,974,320.78 110,072,980.23 110,072,980.23 2,215,489.99 Exchange Rate: Status: FINAL %of Total 0.17% 1.69% 2.66% 15.03% 19.88% 14.92% 0.15% 18.61% 24.91% 98.03% 98.03% 1.97% 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 -58,765.19 112,372,883.060 112,347,235.41 112,288,470.22 100.00% -58,765.19 1 Workbench @ Asset Summary Report ID: GL8251 Mellon Base Currency: USD by Asset Type with Sectors Alternate Base Currency: Exchange Rate: LONG TERM OPER-PIMCO -OCSF07522202 s,a1,2004 Status: FINAL Net Unrealized Cost Market Value % or Gain/Loss Description Shares Par Base Base Total Base CASH & CASH EQUIVALENTS U.S. DOLLAR PENDING TRADES 30,176.74 30,176.74 0.01% 0.00 INTEREST 3,246,919.92 3,246,919.92 0.84% 0.00 FEDERAL HOME LOAN MORTGAGE -LESS THAN 1 YR 1,400,000.000 1,395,824.11 1,395,824.11 0.36% 0.00 MUTUAL FUNDS 1,048,914.000 1,048,914.00 1,048,914.00 0.27% 0.00 U.S. DOLLAR 2,448,914.000 5,721,834.77 5,721,834.77 1.47% 0.00 CA:SH & CASH EQUIVALENTS 2,448,914.000 5,721,834.77 5,721,834.77 1.47% 0.00 FIXED INCOME SECURITIES U.S. DOLLAR ABS -AIRPLANE RECEIVABLES 1,600,000.000 1,600,000.00 258,896.00 0.07% -1,341,104.00 ABS -HOME EQUITY 919,124.070 919,124.07 919,267.45 0.24% 143.38 BANKING & FINANCE 16,700,000.000 16,776,633.00 16,913,023.00 4.36% 136,390.00 COLLATERALIZED MORTGAGE OBLIGATION COMM/< 2,069,684.500 2,069,684.50 2,202,558.24 0.57% 132,873.74 FHLMC MULTICLASS 973,092.390 974,129.07 970,688.85 0.25% -3,440.22 FHLMC POOLS 95,355.030 94,251.04 97,437.77 0.03% 3,186.73 FNMA POOLS 39,255,328.660 40,117,820.59 39,572,096.87 10.20% -545,723.72 FNMAREMIC 900,000.000 918,000.00 903,237.57 0.23% -14,762.43 GNMA MULTI FAMILY POOLS 2,754,785.850 2,740,304.33 2,747,952.69 0.71% 7,648.36 GNMA SINGLE FAMILY POOLS 7,084,234.080 7,176,336.06 7,339,757.81 1.89% 163,421.75 INFLATION INDEXED SECURITIES 34,887,050.000 34,903,969.79 38,341,747.63 9.88% 3,437,777.84 INSURANCE 3,600,000.000 3,586,312.00 3,685,420.00 0.95% 99,108.00 PVT PLACEMENTS -MORE THN 1 YR 752,000.000 826,199.84 826,199.84 0 .21% 0.00 U.S. AGENCIES 34,009,495.220 34,977,075.86 35,470,257.44 9.14% 493,181.58 U.S. GOVERNMENTS 223,360,886.080 231,699,178.18 227,101,565.35 58.54% , -4,597,612.83 UTILITY -ELECTRIC 4,750,000.000 4,694,370.00 4,898,952.50 1.26% 204,582.50 U.S. DOLLAR 373,711,035.880 384,073,388.33 382,249,059.01 98.53% -1,824,329.32 FIXED INCOME SECURITIES 373,711,035.880 384,073,388.33 382,249,059.01 98.53% -1,824,329.32 TOT AL ASSETS -BASE: 376,159,949.880 389,795,223.10 387,970,893.78 100_.00% ·1,824,329.32 6/8/2004 9:23:57AM PDT 1 Workbench YLDANAL YIELD ANALYSIS PAGE 1 OCSF07511102 2004/05/31 RUN DATE 06/04/04 DISTRICT: LIQUID OPERATING RUN TIME 09.50.44 =========================================-===============-==-=-= PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRIC~ MARKET VALUE % TOTAL ---------------------------------------------------------------------------------------------- CASH & CASH EQUIVALENTS 4,000,000.00 FEDERAL HOME LN BK CONS DISC N • 000 .ooo P-1 99. 775 3,990,980.00 3.63 313384XQ7 MAT 06/02/2004 A-1+ 3,990,980.00 3.56 3,900,000.00 FEDERAL HOME LN BKS CONS DISC .000 .ooo P-1 99,832 3,893,448.00 3.54 313384XS3 MAT 06/04/2004 A-1+ 3,893,448.00 3,47 9,000,000.00 FEDERAL HOME LN BK CONS DISC N .000 .ooo P-1 99.923 8,993,035.00 8,18 313384YGB MAT 06/1,8/2004 A-1+ 8,993,035.00 8.02 12,500,000.00 FEDERAL HOME LN MTG CORP DISC .ooo .000 P-1 99.728 12,466,006.25 11.34 313396B51 MAT 08/10/2004 A-1+ 12,466,006,25 11. 12 5,900,000.00 FEDERAL HOME LN MTG CORP DISC .ooo .ooo P-1 99.549 5,873,384.44 5 .34 313396F73 MAT 09/13/2004 A-1+ 5,873,384.44 5 .24 4,000,000.00 FEDERAL HOME LN MTG CORP DISC .ooo .ooo P-1 99.573 3,982,920.00 3.62 313396922 MAT 09/24/2004 A-1+ 3,982,920.00 3.55 2,300,000.00 FEDERAL NATL MTG ASSN DISCOUNT .ooo .ooo P-1 99.734 2,293,876,25 2 .08 313588A70 MAT 08/04/2004 A-1+ 2,293,876,25 2 .05 0,100,000.00 FEDERAL NATL MTG ASSN DISCOUNT .ooo .ooo P-1 99.708 8,674,599.63 7.89 313588C52 MAT 08/18/2004 A-1+ 8,674,599.63 7,74 3,000,000.00 FEDERAL NATL MTG ASSN DISCOUNT .ooo .ooo P-1 99.705 2,991,150.00 2,72 313588D44 MAT 08/25/2004 A-1+ 2,991,150.00 2,67 2,000,000.00 FEDERAL NATL MTG ASSN DISCOUNT ,000 .000 P-1 99.766 1,995,315.56 1.81 313588XQ3 MAT 06/02/2004 A-1+ 1,995,315,56 1.78 000,000.00 FEDERAL NATL MTG ASSN DISC .ooo .ooo P-1 99.769 798,155.56 .72 313588YM1 A-1+ 798,155,56 • 71 3,000,000.00 GENERAL ELEC CAP DISC .ooo .ooo P-1 99.645 2,989,360.00 2.12 36959HHR1 08/25/2004 2,989,360.00 2.67 20,100,000.00 US TREASURY BILL .ooo .ooo P-1 99.553 27,974,320,78 25.45 912795QW4 DUE 08/05/2004 DD 02/05/2004 A-1+ 27,974,320,78 24.95 1,900,000.00 WELLS FARGO BANK NA INSTL C/D .ooo 1.030 100.000 1,900,000.00 1.72 9497POWU1 1.030% 06/21/2004 DD 05/19/04 1,900,000.00 1.69 YLDANAL YIELD ANALYSIS PAGE 2 OCSF07511102 2004/05/31 RUN DATE 06/04/04 DISTRICT: LIQUID OPERATING RUN TIME 09.50.44 -------- PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRIC;E MARKET VALUE I TOTAL ------------------------------------------------------------------------------------------------ 20,900,000.00 CS FOB CAT 2 REPO .ooo .960 100.000 20,900,000.00 19.01 99420W723 00,9601 06/01/2004 DD 05/28/04 20,900,000.00 18.64 170,883.06 DREYFUS TREASURY CASH MGMT .ODO .801 AAA 100.000 170,883.06 .15 996085247 AAA 170,883.06 ,15 .oo BSDT-LATE MONEY DEPOSIT ACCT ,ODO .ODO .000 .OD .OD 996087094 .oo .oo -------------------·--------------------TOTAL CASH & CASH EQUIVALENTS .ooo ,072 109,887,434.53 100.00 109,887,434.53 98.01 FIXED INCOME SECURITIES 100,000.00 ASSOCIATES CORP NA MTN SR00043 .ooo 7.861 AAl 100.750 104,199.00 4,54 045906BU7 7,9201 07/13/2004 DD 07/13/94 AA-100,750.00 .09 500,ooo.oo BANK OF AMERICA CORP SR GBL NT .ooo 6.613 AA2 100,187 518,385.00 22,61 066050CW3 6,6251 06/15/2004 DD 06/15/99 A+ 500,935.00 .45 250,000.00 NCNB TEX NATL BK DALLAS TEX NT ,000 9.500 AA2 100.000 260,870.00 11.28 628857DJO 9,5001 06/01/2004 DD 06/01/89 A+ 250,000.00 .22 600,000.00 NATIONSBANK CORP .ooo 7.654 AA3 101.250 615,546.00 27.42 638585AJ8 7.7501 08/15/2004 A 607,500.00 .54 627,000.00 NATIONSBANK CORP SR NTS .ooo 6.091 AA2 100.562 646,650.18 28,45 638585BJ7 6,1251 07/15/2004 DD 07/23/98 A+ 630,523.74 .56 125,000.00 WELLS FARGO & CO NEW NT .ooo 6.584 AAl 100.625 128,605.00 5.67 949746AA9 6.6251 07/15/2004 DD 07/28/99 AA-125,781.25 .11 ----------------------------------------TOTAL FIXED INCOME SECURITIES ,ODO 7,279 2,274,255.18 100.00 2,215,489.99 1.97 ----------------------------------- TOTAL .ooo ,127 112,161,689.71 100.00 112,102,924.52 100.00 ==--=====::::: = YLDANAL YIELD ANALYSIS PAGE 3 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09. 50. 44 -------------------------------=----------===--===================================================-- PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE I TOTAL ' --------------------------------------------------------------------------------------------- CASH & CASH EQUIVALENTS 1,400,000.00 FEDERAL HOME LN MTG CORP DISC ,000 .ooo P-1 99.702 1,395,824.11 57.09 313396D34 HAT 08/24/2004 A-1+ 1,395,824.11 .36 1,048,914.00 DREYFUS TREASURY CASH MGMT .ooo .801 AAA 100.000 1,048,914.00 42.90 996085247 AAA 1,048,914.00 ,27 ---·------------------------------------·--TOTAL CASH & CASH EQUIVALENTS .ooo .219 2,444,738.11 100.00 2,444,738.11 .63 FIXED INCOME SECURITIES 752,000.00 AIG SUNAMERICA GLOBAL REGS .ooo 5.325 109.867 826,199.84 .21 U00907AAO 5,8501 08/01/2008 DD 08/08/01 826,199.84 .21 1,500,000.00 CIT GROUP INC NEW SR NT .ooo 5.262 A2 104. 531 1,527,135.00 .41 125581ADO 5.5001 11/30/2007 DD 12/02/02 A 1,567,965.00 .41 24,559.53 FHLMC GROUP tG4-0353 .ooo 7.500 AAA 99.993 25,181.19 .00 3128DBHA2 7.5001 10/01/2004 DD 03/01/99 AAA 24,557.91 .01 3,500,000.00 FEDERAL HOME LN BK CONS BDS ,000 6.872 AAA 103.687 3,732,225.00 .94 3133MAUN"/ 7.1251 02/15/2005 DD 02/08/00 AAA 3,629,047.10 .94 70,795.50 FHLMC GROUP 178-6064 .ooo 3.290 AAA 102.944 69,069.85 .01 31348SWZ3 6.3841 01/01/2028 DD 12/01/97 AAA 72,879.86 .02 11,350,000.00 FEDERAL NATL MTG ASSN DEBS .ooo 5.013 AAA 104.730 11,521,271.50 3,10 31359MJX2 5.2501 06/15/2006 DD 06/22/01 AAA 11,886,890.19 3 .09 748,752.06 FNMA POOL #0254510 .ooo 4.988 AAA 100.238 771,214.62 .19 31371KVB4 5.0001 11/01/2017 DD 10/01/02 AAA 750,536.19 .20 160,993.55 FNMA POOL 10254631 .000 4.988 AAA 100.238 165,823.36 .04 31371KY47 5.0001 02/01/2018 DD 01/01/03 AAA 161,377.17 .04 144,296.74 FNMA POOL 10254760 .ooo 4.990 AAA 100.207 148,625.63 .03 31371K5V9 5.0001 06/01/2018 DD 05/01/03 AAA 144,595.48 .04 64,196.27 FNMA POOL 10254866 .ooo 4.990 AAA 100.207 66,122.17 .01 31371LCB3 5.0001 09/01/2018 DD 08/01/03 AAA 64,329.18 .02 YLDANAL YIELD ANALYSIS PAGE 4 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 --------------==--------~------=-==-----=----------------------=-=====-======-----====-======================================= PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE I TOTAL . -------~-------------------------------------------------------------------------------------- 336,815,80 FNMA POOL 10254953 ,000 4,993 AAA 100,145 341,131.26 .00 31371LE21 5.0001 11/01/2018 DO 10/01/03 AAA 337,302.60 .09 909,047.94 FNMA POOL 10254987 ,000 4,993 AAA 100,131 920,695.11 ,23 31371LF46 5,0001 12/01/2018 DD 11/01/03 AAA 910,237.00 ,24 178,025.29 FNMA POOL 10323980 ,000 5.762 AAA 104,125 185,869.52 .04 31374T2HO 6,0001 04/01/2014 DD 09/01/99 AAA 185,368.83 ,OS 27,659.29 FNMA POOL t0357328 ,000 4,991 AAA 100,189 28,489,07 .oo 31376J4H8 5,0001' 01/01/2018 OD 01/01/03 AAA 27,711.65 .01 1,450,020.53 FNMA POOL 10357430 ,000 4,990 AAA 100.207 1,466,333.27 ,38 31376KA71 5.0001 09/01/2018 DD 09/01/03 AAA 1,453,022.51 i38 52,244.31 FNMA POOL f0456482 .ooo 5,762 AAA 104.125 54,546.32 .01 31381CCT2 6,0001 02/01/2014 DD 02/01/99 AAA 54,399.39 .01 146,482.23 FNMA POOL 10509649 ,000 5,762 AAA 104,125 152,936.61 .03 31383QEWO 6,0001 09/01/2014 OD 09/01/99 AAA 152,524.62 ,04 138,744.97 FNMA POOL 10535451 .ooo 5,769 AAA 104,000 144,858,42 ,03 31384VZQ8 6.0001 06/01/2015 DD 07/01/00 AAA 144,294.77 ,04 2,999,132.85 FNMA POOL 10535672 ,000 5.762 AAA 104,125 3,131,282.16 .81 31384WCH1 6,0001 01/01/2016 DD 12/01/00 AAA 3,122,847.08 ,81 954,680.55 FNMA POOL 10545296 ,000 5.773 AAA 103,938 996,746.16 ,25 31385HXZO 6.0001 11/01/2016 DD 10/01/01 AAA 992,271.10 .26 78,511.09 FNMA POOL f0545580 ,000 s. 773 AAA 103,938 81,970.48 .02 31385JCR7 6.0001 03/01/2017 00 03/01/02 AAA 81,602.46 .02 146,071.64 FNMA POOL 10555101 .ooo 5. 773 AAA 103,938 152,507.91 .03 31385WU23 6.0001 10/01/2017 DD 11/01/02 AAA 151,823,21 .04 345,198.17 FNMA POOL 10555363 .ooo 4,988 AAA 100.238 355,554.11 .09 31385W5Yl 5.0001 04/01/2018 DD 03/01/03 AAA 346,020.71 .09 35,512.26 FNMA POOL #0555453 .ooo 4,988 AAA 100,238 35,967,26 .oo 31385XBW6 5,0001 05/01/2018 DD 04/01/03 AAA 35,596.88 .01 285,533.09 FNMA POOL f0555545 .ooo 4.988 AAA 100,238 294,099.09 ,07 31385XES2 5,0001 06/01/2018 DD 05/01/03 AAA 286,213.46 ,07 YLDANAL YIELD ANALYSIS PAGE 5 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 =======-========:=======-== ---------------------------------------------------------------------------- PAR VALUE YTH AT CURRENT MOODY MARI<ET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARI<ET VALUE % TOTAL . ------------------------------------------------------------------------------------------------ 989,038.92 FNMA POOL 10555621 .ooo 4,993 AAA 100.131 1,000,165.60 ,25 31385XG68 5,000% 07/01/2018 DD 06/01/03 AAA 990,332.61 ,26 54,518.73 FNMA POOL 10576386 .ooo 5.784 AAA 103.739 56,920.96 .01 31386X.172 6.000% 05/01/2016 DD 05/01/01 AAA 56,557.31 .01 116,496.35 FNMA POOL 10576739 .ooo 5.773 AAA 103.938 121,629.47 .03 31386XV86 6.000% 04/01/2016 DD 04/01/01 AAA 121,083.39 .03 189,003.64 FNMA ,POOL 10580888 .ooo 5.773 AAA 103.938 197,331.60 .OS 31387DJ91 6.000% 05/01/2016 DD 05/01/01 AAA 196,445.66 .05 152,198.71 FNMA POOL 10594002 .ooo s. 773 AAA 103.938 158,904.95 .04 31387T3K8 6.000% 07/01/2016 DD 07/01/01 AAA 158,191.53 .04 213,350.90 FNMA POOL 10597376 .ooo 5.773 AAA 103.938 222,751.67 .05 31387XT96 6.000% 09/01/2016 DD 08/01/01 AAA 221,751.59 .06 136,049.86 FNMA POOL 10605259 .000 5,773 AAA 103.938 142,044.56 .03 31388HMG1 6.000% 09/01/2016 DD 09/01/01 AAA 141,406.82 .04 79,934.85 FNMA POOL 10608366 .ooo 5.773 AAA 103,938 83,456.97 .02 31388LZ78 6.000% 10/01/2016 DD 09/01/01 AAA 83,082.28 .02 166,976.33 FNMA POOL t0616734 .ooo s. 773 AAA 103.938 174,333.72 .04 31388WEF9 6.000% 12/01/2016 DD 12/01/01 Jl.AA 173,551.02 .05 154,270.17 FNMA POOL t0630812 .ooo 5.783 AAA 103.756 161,067.70 .04 31389NYB2 6.000% 02/01/2017 DD 02/01/02 AAA 160,063.98 .04 718,891.37 FNMA POOL t0632376 .ooo 5. 773 AAA 103.938 750,567.53 .19 31389QQ50 6.000% 07/01/2017 DD 07/01/02 AAA 747,197.72 .19 395,475.31 FNMA POOL t0653116 .ooo 5.773 AAA 103.938 412,900.94 .10 31390QSD8 6.000% 07/01/2017 DD 07/01/02 AAA 411,047.15 .11 171,759.46 FNMA POOL 10673280 .ooo 5.773 AAA 103.938 179,327,61 .04 31391P6R2 6.000% 08/01/2017 DD 11/01/02 AAA 178,522.49 .05 526,553.78 FNMA POOL f0681309 .ooo 4,988 AAA 100.238 542,350.39 .13 31391Y3S4 5,000% 02/01/2018 DD 02/01/03 AAA 527,808.45 .14 64,717.30 FNMA POOL 10681334 .000 4,988 AAA 100,238 66,658.82 .01 31391Y4Tl 5.000% 02/01/2018 DD 01/01/03 AAA 64,871.51 .02 YLDANAL YIELD ANALYSIS PAGE 6 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 --------------------------------------------------------------------===-======---=======================================-==== PAR VALUE YT'H AT CURRENT HOODY HARXET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE I TOTAL , ---------------------------------------------------------·------·--------------------------------- 900,000.00 FNMA GTD REMIC P/T 02-76 PD .ooo 4.982 AAA 100.360 918,000.00 .23 31392FKF3 5.0001 08/25/2022 DD 10/01/02 AAA 903,237.57 .23 330,365.23 FNMA POOL f0684908 .ooo 4.988 AAA 100.238 334,598.04 .08 31400D3Rl 5.0001 06/01/2018 DD 05/01/03 AAA 331,152.42 .09 186,928.27 FNMA POOL 10685200 .ooo 4,988 AAA 100.238 189,323.30 ,04 31400EGH7 5.0001 03/01/2018 DD 03/01/03 AAA 187,373,68 ,05 32,928.88 FNMA POOL 10685665 .ooo 4,988 AAA 100.238 33,916.75 .oo 31400EW22 5.0001°02/0l/2018 DD 02/01/03 AAA 33,007.34 .01 281,583.44 FNMA POOL 10686318 .ooo 4.988 AAA 100.238 290,030.94 .07 31400FPB7 5,0001 03/01/2018 DD 03/01/03 AAA 282,254,40 ,'07 107,737.14 FNMA POOL 10688739 .ooo 4.990 AAA 100.207 110,969.25 ,02 31400JEL9 5.0001 06/01/2018 DD 06/01/03 AAA 107,960.19 .03 105,985.74 FNMA POOL 10689859 .ooo 4.990 AAA 100.207 107,343.68 .02 31400KMG8 5.0001 05/01/2018 DD 05/01/03 AAA 106,205.16 .03 662,948.56 FNMA POOL 10693834 .ooo 4,988 AAA 100.238 682,837.01 .17 31400PY74 5.0001 03/01/2018 DD 03/01/03 AAA 664,528.23 .17 229,011.80 FNMA POOL 10695852 .ooo 4.990 AAA 100.207 235,882.15 .06 31400SBVO 5.0001 05/01/2018 DD 05/01/03 AAA 229,485.92 .06 753,841.54 FNMA POOL 10695889 .ooo 4.990 AAA 100.207 776,456.79 .19 31400SC23 5.0001 05/01/2018 DD 05/01/03 AAA 755,402.22 .20 24,139.91 FNMA POOL 10697026 .ooo 4.988 AAA 100,238 24,864.13 .oo 31400TLF2 5,0001 05/01/2018 DD 04/01/03 AAA 24,197.43 .01 56,027.33 FNMA POOL f0698939 .ooo 5.766 AAA 104.063 58,496.04 .01 31400VPY2 6,0001 09/01/2017 DD 03/01/03 AAA 58,303.44 .02 220,693.37 FNMA POOL 10702210 .ooo 4.993 AAA 100.131 227,314.17 .05 31401ADP9 5.0001 05/01/2018 DD 05/01/03 AAA 220,982.04 .06 139,841.32 FNMA POOL f0702328 .ooo 4,988 AAA 100,238 141,633,04 .03 31401AHD2 5.0001 05/01/2018 DD 04/01/03 AAA 140,174.53 ,04 62,768.00 FNMA POOL 10703195 .ooo 5,755 AAA 104,250 65,533,72 .01 31401BGC3 6.0001 01/01/2017 DD 04/01/03 AAA 65,435.64 .02 YLDANAL YIELD ANALYSIS PAGE 7 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 -===== PAR VALUE YTH AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE I TOTAL ------------------------------------------------------·----------. ------------------·------------ 284,260.73 FNMA POOL 10709148 ,000 4,990 AAA 100.207 292,788.56 ,07 31401HZH7 5.0001 06/01/2018 DD 06/01/03 AAA 284,849.23 ,07 647,816.48 FNMA POOL 10709360 .ooo 4.990 AAA 100.207 656,116.64 .16 31401JB56 5,000% 07/01/2018 DD 06/01/03 AAA 649,157.65 .17 114,587.77 FNMA POOL 10709826 .ooo 4,990 AAA 100.207 116,055.93 .03 31401JSP4 5,000% 06/01/2018 DD 06/01/03 AAA 114,825.00 .03 234,927.47 FNMA POOL 10709917 .ooo 4,990 AAA 100.207 237,937.47 .06 31401JVJ4 5.000%' 06/01/2018 DD 06/01/03 AAA 235,413.84 .06 21,714.08 FNMA POOL 10709963 .ooo 4.993 AAA 100.131 21,992.30 .oo 31401JWYO 5,0001 06/01/2018 DD 06/01/03 AAA 21,742.48 101 645,622,10 FNMA POOL 10710235 .ooo 4.990 AAA 100.207 664,990.77 .16 31401KBC8 5,000% 06/01/2018 DD 06/01/03 AAA 646,958.73 .17 19,784.37 FNMA POOL 10713344 .ooo 4.990 AAA 100.207 20,377.89 .oo 31401NP52 5.0001 06/01/2018 DD 06/01/03 AAA 19,825.33 .01 289,451.18 FNMA POOL 10713365 .ooo 4.990 AAA 100,207 293,159.77 .07 31401NQS1 5,000% 07/01/2018 DD 07/01/03 AAA 290,050.43 .00 782,299.54 FNMA POOL 10720319 .ooo 4.990 AAA 100.207 792,322.75 .20 31401WG45 5.0001 07/01/2018 DD 07/01/03 AAA 783,919.13 .20 2,266,528.09 FNMA POOL 10720369 .ooo 4,993 AAA 100.131 2,334,523.93 ,59 31401WJNO 5.0001 06/01/2018 DD 06/01/03 AAA 2,269,492.78 .59 298,278.51 FNMA POOL 10721629 .ooo 4,989 AAA 100.223 307,226.88 .07 31401XVW4 5.0001 07/01/2018 DD 06/01/03 AAA 298,942.66 .OB 237,038.48 FNMA POOL 10723487 .ooo 4,990 AAA 100,207 239,705.17 .06 31402AXQ4 5.000% 06/01/2018 DD 06/01/03 AAA 237,529.22 .06 406,928.36 FNMA POOL 10729601 .ooo 4.990 AAA 100.207 412,142.13 .10 31402HRW3 5,000% 07/01/2018 DD 07/01/03 AAA 407,770.82 .11 35,894.05 FNMA POOL 10732873 .ooo 4.989 AAA 100.213 36,353.93 .oo 31402MFN5 5,0001 11/01/2018 DD 10/01/03 AAA 35,970.60 .01 706,079.54 FNMA POOL 10737130 .000 4,993 AAA 100.145 715,126.18 .18 31402S4P9 5.000% 10/01/2018 DD 10/01/03 AAA 707,100.04 .18 YLDANAL YIELD ANALYSIS PAGE 8 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 -------------------------------------------------------------======---=--==============------=------------------===-=-- PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRl~E MARKET VALUE I TOTAL -------------------------------------------------------------------------------------------------- 556,289.88 FNMA POOL f0738211 .ooo 4.993 AAA 100,131 563,417.36 .14 31402UDQ2 5.000% 10/01/2018 DD 10/01/03 AAA 557,017 ,52 ,14 200,820.78 FNMA POOL f0738487 ,000 4.993 AAA 100,145 203,393.79 .OS 31402UNC2 5.000% 10/01/2018 DD 10/01/03 AAA 201,111.03 .os 685,149.76 FNMA POOL f0740471 .ooo 4.993 AAA 100,131 693,928,23 ,17 31402WT40 5,000% 10/01/2018 DD 10/01/03 AAA 686,045.96 ,18 781,075.08 FNMA , POOL f0740748 ,000 4,990 AAA 100,207 791,082,60 ,20 31402W5H7 5,000% 10/01/2018 DD 11/01/03 AAA 782,692,14 .20 40,335.90 FNMA POOL f0743868 ,000 4,993 AAA 100,131 40,852.70 .01 31403BMR1 5.000% 11/01/2018 DD 10/01/03 AAA 40,388.66 :01 1,126,935.52 FNMA POOL 10744008 ,000 4,990 AAA 100,207 1,141,374.37 .29 31403BR54 5,000% 07/01/2018 DD 09/01/03 AAA 1,129,268.61 ,29 160,620.63 FNMA POOL 10744316 .ooo 4.993 AAA 100,131 162,678.59 .04 31403B3Z4 5,000% 09/01/2018 DD 09/01/03 AAA 160,830.73 .04 354,936,88 FNMA POOL 10747914 .ooo 4.993 AAA 100.145 359,484.52 .09 31403F3XO 5,000% 11/01/2018 DD 11/01/03 AAA 355,449.87 .09 224,716.16 FNMA POOL 10748400 .ooo 4,993 AAA 100,131 227,595.34 ,05 31403GNR9 5,000% 08/01/2018 DD 09/01/03 AAA 225,010.10 .06 991,913.25 FNMA POOL 10748899 .ooo 4.995 AAA 100,104 1,004,622.13 ,25 31403G7LO 5,000% 12/01/2018 DD 11/01/03 AAA 992,945.78 ,26 2,329,469,81 FNMA POOL f0750377 ,000 4,995 AAA 100,104 2,359,316.15 .61 31403JUA2 5,000% 11/01/2018 DD 11/01/03 AAA 2,331,894.67 .61 1,950,488.50 FNMA POOL 10750380 ,000 4,995 AAA 100.104 1,975,479.15 .51 31403JUD6 5.000% 11/01/2018 DD 11/01/03 AAA 1,952,518.86 .51 170,963.98 FNMA POOL 10750445 ,000 4.995 AAA 100.104 173,154.46 .04 31403JWE2 5,000% 11/01/2018 DD 11/01/03 AAA 171,141.94 ,04 845,607.86 FNMA POOL 10751960 .ooo 4.993 AAA 100.131 856,442.22 .22 31403LMH1 5,000% 12/01/2018 DD 11/01/03 AAA 846,713.94 .22 928,340.24 FNMA POOL 10753425 .ooo 4,997 AAA 100.051 939,074.16 .24 31403NA23 5,000% 11/01/2018 DD 11/01/03 AAA 928,811.65 .24 YLDANAL YIELD ANALYSIS PAGE 9 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 ::::...::=: .• --• ·--=--=========-=====-====='====-==-===-=====-===-=====-==-===-===========--==· --~--= . -_r-----=-======--::i== PAR VALUE Y'l'M AT CURRENT MOODY MARKET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE % TOTAL --------------------------------------------------------------------, ------------------------------- 615,311.34 FNMA POOL 10755165 .ooo 4.997 AAA 100.051 623,195.02 ,16 31403Q6A3 5,000% 12/01/2018 DD 11/01/03 AAA 615,623.80 .16 974,909.27 FNMA POOL 10756372 .ooo 4 .997 AAA 100.051 986,181.65 ,25 31403SJR8 5.000% 11/01/2018 DD 11/01/03 AAA 975,404.33 ,25 2,322,946.23 FNMA POOL 10764402 ,000 5.550 AAA 99,105 2,348,716.42 ,60 31404CGKO 5.500% 04/01/2034 DD 04/01/04 AAA 2,302,166.78 .60 477,332.00 FNMA POOL 10778272 .ooo 5.550 AAA 99.105 482,627.40 .12 31404TT52 5.5oot 05/01/2034 DD 05/01/04 AAA 473,062.12 .12 282,724.93 GNMA POOL 10596612 .ooo 6.239 AAA 104 .191 296,728.64 .07 36200BYH4 6.500% 09/15/2032 DD 09/01/02 AAA 294,575.09 :00 881,017.43 GNMA POOL 10569358 .ooo 6.258 AAA 103.874 901,666.27 ,23 36200QQK3 6.500% 04/15/2032 DD 04/01/02 AAA 915,151.05 .24 39,218.14 GNMA POOL 10569685 .ooo 6.233 AAA 104.285 41,160.66 .01 36200Q2S2 6,500% 02/15/2032 DD 02/01/02 AAA 40,898.70 .01 68,851.76 GNMA POOL 10570019 .ooo 6.239 AAA 104.191 72,262.08 .01 36200RG48 6.500% 07/15/2032 DD 07/01/02 AAA 71,737.62 .02 384,129.67 GNMA l>OOL 10574323 .ooo 6.233 AAA 104.285 403,156.10 .10 36200WAY7 6.500% 12/15/2031 DD 12/01/01 AAA 400,590.24 .10 33,646.40 GNMA POOL 10575364 .ooo 6.233 AAA 104.285 35,312.95 .oo 36200XFD6 6.500% 11/15/2031 DD 11/01/01 AAA 35,088.20 .01 16,942.02 GNMA POOL 10587117 .ooo 6.239 AAA 104.191 17,781.18 .oo 36201MG22 6.500% 06/15/2032 DD 06/01/02 AAA 17,652.13 .oo 54,385.31 GNMA POOL 10587439 .ooo 6.239 AAA 104.191 57,079.08 .01 36201MS45 6.500% 11/15/2032 DD 12/01/02 AAA 56,664.82 .01 11,844.01 GNMA POOL 10421389 ,000 6.212 AAA 104.629 12,430.67 .oo 36206UC23 6.500% 04/15/2026 DD 04/01/96 AAA 12,392.26 .oo 20,100.49 GNMA POOL 10449851 .ooo 6.249 AAA 104 .013 21,096.09 .oo 36208FWLO 6.500% 01/15/2028 DD 01/01/98 AAA 20,907.13 .01 57,081.21 GNMA POOL 10466845 .ooo 6.220 AAA 104.504 59,908.51 .01 36209BTA6 6.500% 06/15/2028 DD 06/01/98 AAA 59,652.10 .02 YLDANAL YIELD ANALYSIS PAGE 10 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIHE 09,50.44 -----------------=-=====-----===----=--=--=======----===-------===-==============================---===------=-------==-===== PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ I TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE I TOTAL , --------------------------------------------------------------------------·------------------·------- 112,455, 27 GNMA POOL t0468052 .ooo 6,220 AAA 104.504 118,025.32 .03 36209C5M4 6.5001 07/15/2028 DD 07/01/98 AAA 117,520,15 .03 172,904,63 GNMA POOL t0476041 .ooo 6.220 AAA 104.504 181,198.65 .04 36209HZE7 6.5001 06/15/2028 DD 06/01/98 AAA 180,692.10 ,05 121,858.17 GNMA POOL t0478626 .000 6,220 AAA 104.504 127,703.56 .03 36209QVT9 6,5001 01/15/2029 DD 01/01/99 AAA 127,346.55 .03 29,043.01 GNHA ,POOL t0480598 .ooo 6,220 AAA 104,504 30,436.16 .oo 36209S3F6 6.5001 10/15/2028 DD 10/01/98 AAA 30,351.08 .01 368,054,21 GNHA POOL t0485527 .ooo 6,233 AAA 104,285 386,284.41 .10 36209YLG1 6,5001 06/15/2031 DD 06/01/01 AAA 383,825.92 .'10 382,650,72 GNHA POOL t0485610 .ooo 6,233 AAA 104,285 401,603.89 .10 36209YN38 6,5001 07/15/2031 DD 07/01/01 AAA 399,047.92 .10 75,160,42 GNMA POOL t0485682 .ooo 6,233 AAA 104.285 78,883.21 .02 36209YRB6 6,500% 08/15/2031 DD 08/01/01 AAA 78,381.16 .02 62,662,65 GNMA POOL t0485703 ,000 6,233 AAA 104,285 65,766.40 ,01 36209YRY6 6,5001 08/15/2031 DD 08/01/01 AAA 65,347.84 .02 8,479,67 GNMA POOL t0512235 .ooo 6,224 AAA 104.441 8,899.67 .oo 36211GBC6 6,5001 11/15/2029 DD 11/01/99 AAA 8,856.29 .oo 140,795,94 GNMA POOL t0514326 ,000 6,224 AAA 104,441 147,549,74 .03 36211JLF2 6,5001 07/15/2029 DD 07/01/99 AAA 147,049.26 .04 37,884.45 GNMA POOL t0530053 ,000 6 ,257 AAA 103.879 39,760.92 ,01 36212CZS3 6.5001 04/15/2031 DD 04/01/01 AAA 39,353.93 .01 92,688.52 GNMA POOL t0537885 .ooo 6,227 AAA 104,379 97,279.50 ,02 36212MRE1 6,5001 02/15/2031 DD 02/01/01 AAA 96,747.27 .03 10,313,49 GNMA POOL tOS47512 .ooo 6,227 AAA 104.379 10,824,34 .00 36212YGV9 6.5001 04/15/2031 DD 04/01/01 AAA 10,765,ll .oo 127,497,16 GNHA POOL tOS47715 .ooo 6.227 AAA 104,379 133,613.04 .03 36212YN82 6,500% 02/15/2031 DD 02/01/01 AAA 133,080,15 ,03 60,795,08 GNMA POOL t0552322 .ooo 6.233 AAA 104,285 63,806.34 .01 36213ESK3 6,5001 01/15/2032 DD 01/01/02 AAA 63,400,25 .02 YLDANAL YIELD ANALYSIS PAGE 11 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 ----·-------------------------------------- PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE % TOTAL , ------------------------------------------------------------------------------------------- 413,192.67 GNMA POOL t0552466 .ooo 6.258 AAA 103.874 433,658.62 .11 36213EW36 6.500% 03/15/2032 DD 03/01/02 AAA 429,201.16 .11 358,921.77 GNMA POOL 10552659 .ooo 6.239 AAA 104.191 376,699.60 .09 36213E5U6 6.500% 07/15/2032 DD 07/01/02 AAA 373,965.65 .10 317,503.82 GNMA POOL t0561017 .ooo 6.233 AAA 104.285 333,230.18 .00 36213QG29 6.500% 07/15/2031 DD 07/01/01 AAA 331,109.37 .09 236,247.93 GNMA II POOL t0080395 .ooo 3.515 AAA 99.580 234,106.93 .06 36225CNM4 VAR RT' 04/20/2030 DD 04/01/00 AAA 235,256.52 .06 2,073,455.10 GNMA II POOL f080408X .ooo 3,515 AAA 99.580 2,052,396.57 .54 36225CN28 6.500% 05/20/2030 DD 05/01/00 AAA 2,064,755.92 ~54 3,000,000.00 GENERAL MTRS ACCEP CORP SR NT .ooo 5,882 A3 104,140 3,064,350.00 .81 370425SD3 6.125% 08/28/2007 DD 08/29/02 BBB 3,124,200.00 .81 3,000,000.00 GOLDMAN SACHS GROUP INC SR NT .000 4,117 AA3 100.187 3,030,030.00 ,78 38141GCS1 4.125% 01/15/2008 DD 01/13/03 A+ 3,005,610.00 .78 3,200,000.00 MORGAN STANLEY NT .ooo 3.671 AA3 98,734 3,195,648.00 .82 617446HW2 3.625% 04/01/2008 DD 03/06/03 A+ 3,159,488.00 .82 919,124.07 RESIDENTIAL ASSET 03-RSll AIIB .ooo 1.430 AAA 100.016 919,124.07 .24 760985K83 VAR RT 12/25/2033 DD 12/30/03 AAA 919,267.45 .24 3,260,886.08 SBA GTD DEV PARTN 2001-20C 1 .ooo 5.974 AAA 106.125 3,260,886.08 .90 83162CLJO 6.340% 03/01/2021 AAA 3,460,615.35 ,90 2,069,684.50 SBA GTD PARTN CTFS SBIC-PS 01 .ooo 6.239 AAA 106.420 2,069,684.50 .57 831641DD4 6,640% 02/10/2011 DD 02/21/01 NR 2,202,558.24 .57 1,600,000.00 UNITED AIRLS PASSTHRU 01-1 C .ooo 42.216 WR 16.181 1,600,000.00 .06 909317BC2 6.831% 03/01/2010 DD 08/22/01 A-258,896.00 .07 20,000,000.00 US TREASURY NOTES .ooo 5.757 AAA 108.563 22,620,312.50 5 .68 9128272JO 06,250% 02/15/2007 DD 02/15/97 AAA 21,712,500.00 5 .64 3,479,220.00 US TREASURY INFLATION INDEX NT .000 3.293 AAA 110,094 3,788,721.35 1.00 9128273T7 3.625% 01/15/2008 DD 01/15/98 AAA 3,830,412.47 1.00 14,851,850.00 US TREASURY INFLATION INDEX NT .ooo 3,454 AAA 112 .188 16,477,210.11 4.35 9128274Y5 3.875% 01/15/2009 DD 01/15/99 AAA 16,661,919.22 4.33 YLDANAL YIELD ANALYSIS PAGE 12 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 =========================== ~ =======~~~=:==:::=============================================================================== PAR VALUE YTM AT CURRENT MOODY MARJ(ET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARICET VALUE % TOTAL -----------------------------------------------------------------------L--------------------------- 57,100,000.00 US TREASURY NOTES .ooo 5.470 AAA 105.125 62,782,901.47 15.70 !H28276N7 OS,750% ll/1S/2005 DD 11/1S/OO AAA 60,026,375.00 1S.60 12,000,000.00 US TREASURY NT .ooo 3,290 AAA 98.780 11,870,156.25 3,10 912828BG4 3.250% 08/15/2008 DD 08/15/03 AAA 11,853,600.00 3.08 01,000,000.00 US TREASURY NOTES .ooo 1.889 AAA 99.280 81,284,765.63 21.03 912828BX7 1.875% 01/31/2006 DD 01/31/03 AAA 80,416,800.00 20.90 11,000,000.00 US TREASURY NOTES .ooo 1.647 AAA 98.688 17,045,156.25 4.38 912828CB4 1.625%' 02/28/2006 DD 02/29/04 AAA 16,776,875.00 4.36 33,000,000.00 US TREASURY NOTES .ooo 2.260 AAA 99.560 32,835,000.00 8.59 912828CF5 2.250% 04/30/2006 DD 04/30/04 AAA 32,854,800.00 8~54 1,150,000.00 VIRGINIA ELEC, PWR 01 SER A .ooo 5,484 A3 104.843 1,743,840.00 .47 927904ENO 5.750% 03/31/2006 DD 03/27/01 BBB+ 1,934,752.50 .48 16,555,990.00 US TREASURY INFLATION INDEX NT 3.917 3.130 AAA 107.813 14,639,038.33 4.66 9128272M3 3.375% 01/15/2007 DD 01/15/97 AAA 17,949,415.94 4.64 15,500,000.00 FEDERAL NATL MTG ASSN DEBS 5.967 6.870 AAA 103.717 16,154,410.00 4.20 31359MFH1 7.125% 02/15/2005 DD 02/14/00 AAA 16,076,107.10 4.18 973,092.39 FHLHC HULTICLASS MTG SER E3 A 6,316 3.734 AAA 99.753 974,129.07 .25 3133TCE95 VAR RT 09/15/2032 DD 12/01/97 AAA 970,688.85 .2S 617,504.60 GNMA GTD REMIC TR 2000-9 FD 6.320 1.589 AAA 100.707 617,504.60 .16 383784NX9 VAR RT 02/16/2030 AAA 621,870.36 .16 5,292.32 GNMA POOL f0500917 6.399 S.8S9 AAA 102. 414 5,023.57 .oo 36210SPAO 6.000% 04/1S/2029 DD 04/01/99 AAA 5,420.08 .oo 30,633.53 GNMA POOL 10506636 6. 389 5.859 AAA 102.414 29,077.91 .oo 36210YY90 6.000% 04/1S/2029 DD 04/01/99 AAA 31,373.04 .01 247,524.61 GNMA POOL f0503388 6. 389 5.859 AAA 102.414 234,955.00 .06 36210VF55 6.000% 03/1S/2029 DD 03/01/99 AAA 253,500.00 .07 12,559.18 GNMA POOL 10499153 6 .389 5.859 AAA 102.414 11,921.40 .oo 36210QQE5 6.000% 02/15/2029 DD 02/01/99 AAA 12,862.37 .oo 352,371.86 GNMA POOL 10496461 6 .390 5.859 AAA 102.414 334,477.98 .09 36210MQN4 6.000% 01/15/2029 DD 01/01/99 AAA 360,878.33 .09 YLDANAL YIELD ANALYSIS PAGE 13 OCSF07522202 2004/05/31 RUN DATE 06/04/04 DISTRICT: LONG-TERM OPERATING RUN TIME 09.50.44 -----.---~---------------------------------·-----------------------====.=-------· ··--·--·-'---·-·-='=======--=-------=--=---= PAR VALUE YTM AT CURRENT MOODY MARKET TOTAL COST/ % TYPE SECURITY ID SECURITY DESCRIPTION BOOK YIELD S-P PRICE MARKET VALUE % TOTAL ---------------------------------------------------------------------------------------- 90,010.81 GNMA POOL t0491103 6 .390 5.859 AAA 102.414 85,439.96 .02 36210FRY4 6.000% 01/15/2029 DD 01/01/99 AAA 92,183.72 .02 11,179.67 GNMA POOL 10486720 6 .390 5.859 AAA 102.414 10,611.96 .oo 36210AVM6 6.000% 12/15/2028 DD 12/01/98 AAA 11,449.55 .00 18,730.27 GNMA POOL t0497343 6.390 5.859 AAA 102. 414 17,779.12 .oo 36210NP45 6.000% 12/15/2028 DD 12/01/98 AAA 19,182.43 .oo 11,790.66 GNMA POOL t0469688 6. 391 5.859 AAA 102.414 11,191.91 .oo 36209EXR8 6. 000%• 11/15/2028 DD 11/01/98 AAA 12,075.29 .00 20,480.41 GNMA POOL t0467279 6. 391 5.859 AAA 102.414 19,440.39 .oo 36209CCQ7 6.000% 10/15/2028 DD 10/01/98 AAA 20,974.82 101 32,127.91 GNMA POOL t0457814 6. 391 5.859 AAA 102.414 30,496.40 .00 36208QSB3 6.000% 10/15/2028 DD 10/01/98 AAA 32,903.50 .01 349,711.83 GNMA POOL t0467286 6. 391 5.859 AAA 102.414 331,953.02 .09 36209CCX2 6.000% 10/15/2028 DD 10/01/98 AAA 358,154.08 .09 434,679.34 GNMA POOL t0465555 6. 392 5.859 AAA 102.414 412,605.79 .11 36209AE48 6.000% 09/15/2028 DD 09/01/98 AAA 445,172.76 .12 13,092.95 GNMA POOL t0483452 6. 392 5.855 AAA 102.477 12,428.09 .oo 36209WBV3 6.000% 09/15/2028 DD 09/01/98 AAA 13,417.20 .oo 420,202.29 GNMA POOL t0465546 6. 392 5.855 AAA 102.477 398,863.90 .11 36209AET3 6.000% 08/15/2028 DD 08/01/98 AAA 430,608.85 .11 269,791.37 GNMA POOL f0468339 6. 392 5.855 AAA 102.477 256,091.04 .07 36209DHQ0 6.000% 08/15/2028 DD 08/01/98 AAA 276,472.92 .07 10,383.10 GNMA POOL t0438057 6. 393 5.855 AAA 102.477 9,855.84 .00 36207PTN9 6.000% 05/15/2028 DD 05/01/98 AAA 10,640.24 .oo 10,868.95 GNMA POOL 10468330 6. 393 5.855 AAA 102.477 10,317.00 .oo 36209DHF4 6.000% 05/15/2028 DD 05/01/98 AAA 11,138.13 .00 253,426.01 GNMA II POOL 1080088M 6.705 4.368 AAA 100.171 258,969.71 .06 36225CC20 7.375% 06/20/2027 DD 06/01/97 AAA 253,859.75 .07 2,000,000.00 MARSH & MCLENNAN COS INC SR NT 6. 717 6.614 A2 100.171 1,992,280.00 .52 571748AB8 6.625% 06/15/2004 DD 06/14/99 AA-2,003,420.00 ,52 YLDANAL OCSF07522202 DISTRICT: LONG-TERM OPERATING PAR VALUE SECURITY ID SECURITY DESCRIPTION 2,500,000.00 FORD MTR CR co GLOBAL LANDMARK 345397SJ3 6.700% 07/16/2004 DD 07/16/99 2,500,000.00 COUNTRYWIDE HOME LNS INC NT 22237UABB 6.850% 06/15/2004 DD 06/24/99 191,656.81 GNMA II POOL 10080023 36225CAZ9 VAR RT 12/20/2026 DO 12/01/96 2,100,000.00 FEDERAL NATL MTG ASSN DEBS 31359MEY5 6.625% 09/15/2009 DD 09/01/99 1,0001 000.00 FORD MOTOR CR CO NT 345397GV9 6,750% 05/15/2005 DD 05/24/93 941,990,62 WMP/HUNTOON PAIGE 1000-11150 302998GE3 7.500% 12/01/2030 DD 10/21/99 3,000,000,00 PACIFICORP SECD MTN ITR 00115 69512EEU5 7.300% 10/22/2004 DO 10/22/92 1 1 600 1 000.00 ALLSTATE CORP SR NT 020002AL5 7,875% 05/01/2005 DD 05/01/00 TOTAL FIXED INCOME SECURITIES TOTAL YIELD ANALYSIS 2004/05/31 PAGE RUN DATE RUN TIME 14 06/04/04 09.50.44 ==-----=--==-----==================================================== YTM AT BOOK 6,739 6. 866 6,992 7,113 7,582 7,684 7,709 7.967 ------- ,332 ,332 CURRENT MOODY MARKET YIELD S-P PRI~E 6.658 A3 100.625 BBB- 6. 837 A3 100.187 A 4,567 AAA 101. 265 AAA 5.988 AAA 110.642 AAA 6.519 A3 103.546 BBB- 7.573 AAA 99.030 AAA 7 .147 A3 102,140 A 7,491 Al 105.125 A+ ---- 4.393 4.392 TOTAL COST/ MARKET VALUE 2,495,900,00 2,515,625.00 2,498,400.00 2,504,675.00 194,831.12 194,080.50 2,030,133.00 2,323,485.99 965,170,00 1,035,460.00 921,531.76 932,856.70 2,950,530.00 3,064,200.00 1,594,032.00 1,682,000.00 -----------------384,073,388,33 382,249,059.01 386,518,126,44 384,693,797.12 % TYPE % TOTAL .65 .65 .65 ,65 .OS .OS .60 ,60 .27 :21 .24 .24 .BO .80 .44 ,44 100.00 99.37 100.00 100.00 @ Asset Detail Report ID: GL8013, Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED-OCSGOOOlOOOO 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total Base U.S. DOLLAR CASH & CASH EQUIVALENTS INTEREST RECEIVABLE 3,432,465.62 3,432,465.62 0.69% 0.00 RECEIVABLE FOR INVESTMENTS 30,176.74 30,176.74 0.01% 0.00 SOLD FEDERAL HOME LN BK CONS DISC N 99.7745 4,000,000.000 3,990,980.00 3,990,980.00 0.80% 0.00 MAT 06/02/2004 SEC ID: 313384XQ7 FEDERAL HOME LN BKS CONS DISC 99.8320 3,900,000.000 3,893,448.00 3,893,448.00 0.78% 0.00 MAT 06/04/2004 SEC ID: 313384XS3 FEDERAL HOME LN BK CONS DISC N 99.9226 9,000,000.000 8,993,035.00 8,993,035.00 1.80% 0.00 MAT 06/18/2004 SEC ID: 313384YG8 FEDERAL HOME LN MTG CORP DISC 99.7281 12,500,000.000 12,466,006.25 12,466,006.25 2.49% 0.00 MAT 08/10/2004 SEC ID: 313396B51 FEDERAL HOME LN MTG CORP DISC 99.7017 1 ,400,000.000 1,395,824.11 1,395,824.11 0.28% 0.00 MAT 08/24/2004 SEC ID: 313396D34 FEDERAL HOME LN MTG CORP DISC 99.5489 5,900,000.000 5,873,384.44 5,873,384.44 1.17% 0.00 MAT 09/13/2004 SEC ID: 313396F73 FEDERAL HOME LN MTG CORP DISC 99.5730 4,000,000.000 3,982,920.00 3,982,920.00 0.80% 0.00 MAT 09/24/2004 SEC ID: 313396H22 FEDERAL NATL MTG ASSN DISCOUNT 99.7338 2,300,000.000 2,293,876.25 2,293,876.25 0.46% 0.00 MAT 08/04/2004 SEC ID: 313588A70 FEDERAL NATL MTG ASSN DISCOUNT 99.7080 8,700,000.000 8,674,599.63 8,674,599.63 1.73% 0.00 MAT 08/18/2004 SEC ID: 313588C52 FEDERAL NATL MTG ASSN DISCOUNT 99.7050 3,000,000.000 2,991,150.00 2,991,150.00 0.60% 0.00 MAT 08/25/2004 SEC ID: 313588D44 FEDERAL NATL MTG ASSN DISCOUNT 99.7658 2,000,000.000 1,995,315.56 1,995,315.56 0.40% 0.00 MAT 06/02/2004 SEC ID: 313588XQ3 FEDERAL NATL MTG ASSN DISC 99.7694 800,000.000 798,155.56 798,155.56 0.16% 0.00 SEC ID: 313588YM1 6/8/2004 9:26:0SAM PDT 1 Workbench @ Asset Detail Report ID: GL8013 Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED-OCSGOO0l00OO 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base GENERAL ELEC CAP DISC 99.6453 3,000,000.000 2,989,360.00 2,989,360.00 0.60% 0.00 08/25/2004 SEC ID: 36959HHR1 U S TREASURY BILL 99.5527 28,100,000.000 27,974,320.78 27,974,320.78 5.59% 0.00 DUE 08/05/2004 DD 02/05/2004 SEC ID: 912795QW4 WELLS FARGO BANK NA INSTL C/D 100.0000 1,900,000.000 1,900,000.00 1,900,000.00 0.38% 0.00 1.030% 06/21/2004 DD 05/19/04 SEC ID: 9497POWU1 CS FOB CAT 2 REPO 100.0000 20,900,000.000 20,900,000.00 20,900,000.00 4.18% 0.00 00.960% 06/01/2004 DD 05/28/04 SEC ID: 99420W723 DREYFUS TREASURY CASH MGMT 100.0000 1,219,797.060 1,219,797.06 1,219,797.06 0.24% 0.00 SEC ID: 996085247 TOTAL CASH & CASH EQUIVALENTS 112,619,797.060 115,794,815.00 115,794,815.00 23.15% 0.00 FIXED INCOME SECURITIES AIG SUNAMERICA GLOBAL REG S 109.8670 752,000.000 826,199.84 826,199.84 0.17% 0.00 5.850% 08/01/2008 DD 08/08/01 SEC ID : U00907 AAO ALLSTATE CORP SR NT 105.1250 1,600,000.000 1,594,032.00 1,682,000.00 0.34% 87,968.00 7.875% 05/01/2005 DD 05/01/00 SEC ID: 020002AL5 ASSOCIATES CORP NA MTN SR00043 100.7500 100,000.000 104,199.00 100,750.00 0.02% -3,449.00 7.920% 07/13/2004 DD 07 / 13/94 SEC ID: 045906BU7 BANK OF AMERICA CORP SR GEL NT 100.1870 500,0 00.000 5 18,385.00 500,935.00 0 .10% -17,450.00 6.625% 06/15/2004 DD 06/15/99 SEC ID: 066050CW3 CIT GROUP INC NEW SR NT 104.5310 1,500,000.000 1,527,135.00 1,567,965.00 0.31% 40,830.00 5.500% 11/30/2007 DD 12/02/02 SEC ID: 125581ADO COUNTRYWIDE HOME LNS INC NT 100.1870 2,500,000.000 2,498,400.00 2,504,675.00 0.50% 6 ,275.00 6.850% 06/15/2004 DD 06/24/99 SEC ID: 22237UAB8 WMP/HUNTOON PAIGE #000-11150 99.0304 941,9·90.620 921,531.76 932,856.70 0.19% 11,324.94 7.500% 12/01/2030 DD 10/21/99 SEC ID: 302998GE3 FHLMC GROUP #G4-0353 99.9934 24,559.530 25,181.19 24,557.91 0.00% -623.28 7.500% 10/01/2004 DD 03/01/99 SEC ID: 3128DBMA2 6/8/2004 9:26:0SAM PDT 2 Workbench @ I Asset Detail Report ID: GL8013' Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -0CSGOO0 10000 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total Base FEDERAL HOME LN BK CONS BOS 103.6871 3,500,000.000 3,732,225.00 3,629,047.10 0.73% -103,177.90 7.125% 02/15/2005 DD 02/08/00 ' SEC ID: 3133MAUN7 FHLMC MULTICLASS MTG SER E3 A 99.7530 973,092.390 974,129.07 970,688.85 0.19% -3,440.22 VAR RT 08/15/2032 DD 12/01/97 SEC ID: 3133TCE95 FHLMC GROUP #78-6064 102.9442 70,795.500 69,069.85 72,879.86 0.01% 3,810.01 6.384% 01/01/2028 DD 12/01/97 SEC ID: 31348SWZ3 FEDERAL NATL MTG ASSN DEBS 110.6422 2,100,000.000 2,030,133.00 2,323,485.99 0.46% 293,352.99 6.625% 09/15/2009 DD 09/01/99 SEC ID: 31359MEY5 FEDERAL NATL MTG ASSN DEBS 103.7168 15,500,000.000 16,154,410.00 16,076,107.10 3.21% -78,302.90 7.125% 02/15/2005 DD 02/14/00 SEC ID: 31359MFH1 FEDERAL NATL MTG ASSN DEBS 104.7303 11,350,000.000 11,521,271.50 11,886,890.19 2.38% 365,618.69 5.250% 06/15/2006 DD 06/22/01 SEC ID: 31359MJX2 FNMA POOL #0254510 100.2383 748,752.060 771,214.62 750,536.19 0.15% -20,678.43 5.000% 11/01/2017 DD 10/01/02 SEC ID: 31371KVB4 FNMA POOL #0254631 100.2383 160,993.550 165,823.36 161,377.17 0.03% -4,446.19 5.000% 02/01/2018 DD 01/01/03 SEC ID: 31371KY47 FNMA POOL #0254760 100.2070 144,296.740 148,625.63 144,595.48 0.03% -4,030.15 5.000% 06/01/2018 DD 05/01/03 SEC ID: 31371K5V9 FNMA POOL #0254866 100.2070 64,196.270 66,122.17 64,329.18 0.01% -1,792.99 5.000% 09/01/2018 DD 08/01/03 SEC ID: 31371LCB3 FNMA POOL #0254953 100.1445 336,815.800 341,131.26 337,302.60 0.07% -3,828.66 5.000% 11/01/2018 DD 10/01/03 SEC ID: 31371LE21 FNMA POOL #0254987 100.1308 909,047.940 920,695.11 910,237.00 0.18% -10,458.11 5.000% 12/01/2018 DD 11/01/03 SEC ID: 31371LF46 FNMA POOL #0323980 104.1250 178,025.290 185,869.52 185,368.83 0.04% -500.69 6.000% 04/01/2014 DD 09/01/99 SEC ID: 31374T2MO FNMA POOL #0357328 100.1893 27,659.290 28,489.07 27,711.65 0.01% -777.42 5.000% 01/01/2018 DD 01/01/03 SEC ID : 31376J4M8 6/8/2004 9:26:0SAM PDT 3 Workbench @ Asset Detail Rep_ort ID: GL8013 Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOLIDATED-OCSGOOOlOOOO 5/31/2004 -Status: FJNAL Net Unrealized Price Cost Market Value % or Gain/Loss Description Base Shares Par Base Base Total Base FNMA POOL #0357430 100.2070 1,450,020.530 1,466,333.27 1,453,022.51 0 .29% -13,310.76 5.000% 09/01/2018 DD 09/01/03 SEC ID: 31376KA71 FNMA POOL #0456482 104.1250 52,244.310 54,546.32 54,399.39 0.01% -146.93 6.000% 02/01/2014 DD 02/01/99 SEC ID: 31381CCT2 FNMA POOL #0509649 104.1250 146,482.230 152,936.61 152,524.62 0.03% -411.99 6.000% 09/01/2014 DD 09/01/99 SEC ID: 31383QEWO FNMA POOL #0535451 104.0000 138,744.970 144,858.42 144,294.77 0.03% -563.65 6.000% 06/01/2015 DD 07 /01/00 SEC ID: 31384VZQ8 FNMA POOL #0535672 104.1250 2,999,132.850 3,131,282.16 3,122,847.08 0.62% -8,435.08 6.000% 01/01/2016 DD 12/01/00 SEC ID: 31384WCH1 FNMA POOL #0545296 103.9375 954,680.550 996,746.16 992,271.10 0.20% -4,475.06 6.000% 11/01/2016 DD 10/01/01 SEC ID: 31385HXZO FNMA POOL #0545580 103.9375 78,511.090 81,970.48 81,602.46 0.02% -368.02 6.000% 03/01/2017 DD 03/01/02 SEC ID: 31385JCR7 FNMA POOL #0555101 103.9375 146,071.640 152,507.91 151,823.21 0.03% -684.70. 6.000% 10/01/2017 DD 11/01/02 SEC ID: 31385WU23 FNMA POOL #0555363 100.2383 345,198.170 355,554.11 346,020.71 0.07% -9,533.40 5.000% 04/01/2018 DD 03/01/03 SEC ID: 31385W5Yl FNMA POOL #0555453 100.2383 35,512.260 35,967.26 35,596.88 0.01% -370.38 5.000% 05/01/2018 DD 04/01/03 SEC ID: 31385XBW6 FNMA POOL #0555545 100.2383 285,533.090 294,099.09 286,213.46 0.06% -7,885.63 5.000% 06/01/2018 DD 05/01/03 SEC ID: 31385XES2 FNMA POOL #0555621 100.1308 989,038.920 1,000,165.60 990,332.61 0.20% -9,832.99 5.000% 07/01/2018 DD 06/01/03 SEC ID: 31385XG68 FNMA POOL #0576386 103.7392 54,518.730 56,920.96 56,557.31 0.01% -363.65 6.000% 05/01/2016 DD 05/01/01 SEC ID: 31386XJ72 FNMA POOL #0576739 103.9375 116,496.350 121,629.47 121,083.39 0.02% -546.08 6.000% 04/01/2016 DD 04/01/01 SEC ID: 31386XV86 6/8/2004 9:26:0SAM PDT 4 Workbench @ Asset Detail Report ID: GL8013· Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOLIDATED-OCSGOO0 10000 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value % or Gain/Loss Description Base Shares Par Base Base Total Base FNMA POOL #0580888 103.9375 189,003.640 197,331.60 196,445.66 0.04% -885.94 6.000% 05/01/2016 DD 05/01/01 , SEC ID: 31387DJ91 FNMA POOL #0594002 103.9375 152,198.710 158,904.95 158,191.53 0.03% -713.42 6.000% 07/01/2016 DD 07 /01/01 SEC ID: 31387T3K8 FNMA POOL #0597376 103.9375 213,350.900 222,751.67 221,751.59 0.04% -1,000.08 6.000% 09/01/2016 DD 08/01/01 SEC ID: 31387XT96 FNMA POOL #0605259 103.9375 136,049.860 142,044.56 141,406.82 0.03% -637.74 6.000% 09/01/2016 DD 09/01/01 SEC ID: 31388HMG1 FNMA POOL #0608366 103.9375 79,934.850 83,456.97 83,082.28 0.02% -374.69 6.000% 10/01/2016 DD 09/01/01 SEC ID: 31388LZ78 FNMA POOL #0616734 103.9375 166,976.330 174,333.72 173,551.02 0.03% -782.70 6.000% 12/01/2016 DD 12/01/01 SEC ID: 31388WEF9 FNMA POOL #0630812 103.7556 154,270.170 161,067.70 160,063.98 0.03% -1,003.72 6.000% 02/01/2017 DD 02/01/02 SEC ID: 31389NYH2 FNMA POOL #0632376 103.9375 718,891.370 750,567.53 747,197.72 0.15% -3,369.81 6.000% 07/01/2017 DD 07 /01/02 SEC ID: 31389QQ50 FNMA POOL #0653116 103.9375 395,475.310 412,900.94 411,047.15 0.08% -1,853.79 6.000% 07/01/2017 DD 07 /01/02 SEC ID: 31390QSD8 FNMA POOL #0673280 103.9375 171,759.460 179,327.61 178,522.49 0.04% -805.12 6.000% 08/01/2017 DD 11/01/02 SEC ID: 31391P6R2 FNMA POOL #0681309 100.2383 526,553.780 542,350.39 527,808.45 0.11% -14,541.94 5.000% 02/01/2018 DD 02/01/03 SEC ID: 31391Y3S4 FNMA POOL #0681334 100.2383 64,717.300 66,658.82 64,871.51 0.01% -1 ,787.31 5.000% 02/01/2018 DD 01/01/03 SEC ID: 31391Y4Tl FNMA GTD REMIC P/T 02-76 PD 100.3597 900,0·00.000 918,000.00 903,237.57 0.18% -14,762.43 5.000% 08/25/2022 DD 10/01/02 SEC ID: 31392FKF3 FNMA POOL #0684908 100.2383 330,365.230 334,598.04 331,152.42 0.07% -3,445.62 5.000% 06/01/2018 DD 05/01/03 SEC ID: 31400D3Rl 6/8/2004 9:26:0SAM PDT 5 Workbench @ Asset Detail Report ID: GL8013 Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED-OCSGOO0l00OO 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Ba.se Base Total Base FNMA POOL #0685200 100.2383 186,928.270 189,323.30 187,373.68 0.04% -1,949.62 5.000% 03/01/2018 DD 03/01/03 SEC ID: 31400EGH7 FNMA POOL #0685665 100.2383 32,928.880 33,916.75 33,007.34 0.01% -909.41 5.000% 02/01/2018 DD 02/01/03 SEC ID: 31400EW22 FNMA POOL #0686318 100.2383 281,583.440 290,030.94 282,254.40 0.06% -7,776.54 5.000% 03/01/2018 DD 03/01/03 SEC ID: 31400FPB7 FNMA POOL #0688739 100.2070 107,737.140 110,969.25 107,960.19 0.02% -3,009.06 5.000% 06/01/2018 DD 06/01/03 SEC ID: 31400JEL9 FNMA POOL #0689859 100.2070 105,985.740 107,343.68 106,205.16 0.02% -1,138.52 5.000% 05/01/2018 DD 05/01/03 SEC ID: 31400KMG8 FNMA POOL #0693834 100.2383 662,948.560 682,837.01 664,528.23 0.13% -18,308.78 5.000% 03/01/2018 DD 03/01/03 SEC ID: 31400PY74 FNMA POOL #0695852 100.2070 229,011.800 235,882.15 229,485.92 0.05% -6,396.23 5.000% 05/01/2018 DD 05/01/03 SEC ID: 31400SBVO FNMA POOL #0695889 100.2070 753,841.540 776,456.79 755,402.22 0.15% -21,054.57 5.000% 05/01/2018 DD 05/01/03 SEC ID: 31400SC23 FNMA POOL #0697026 100.2383 24,139.910 24,864.13 24,197.43 0.00% -666.70 5.000% 05/01/2018 DD 04/01/03 SEC ID: 31400TLF2 FNMA POOL #0698939 104.0625 56,027.330 58,496.04 58,303.44 0.01% -192.60 6.000% 09/01/2017 DD 03/01/03 SEC ID: 31400VPY2 FNMA POOL #0702210 100.1308 220,693.370 227,314.17 220,982.04 0.04% -6,332.13 5.000% 05/01/2018 DD 05/01/03 SEC ID: 31401ADP9 FNMA POOL #0702328 100.2383 139,841.320 141,633.04 140,174.53 0.03% -1,458.51 5.000% 05/01/2018 DD 04/01/03 SEC ID: 31401AHD2 FNMA POOL #0703195 104.2500 62,768.000 65,533.72 65,435.64 0.01% -98.08 6 .000% 01/01/2017 DD 04/01/03 SEC ID: 31401BGC3 FNMA POOL #0709148 100.2070 284,260.730 292,788.56 284,849.23 0.06% -7,939.33 5.000% 06/01/2018 DD 06/01/03 SLC !D: 31401HZM7 6/8/2004 9:26:0SAM PDT 6 Workbench @ ' Asset Detail Report ID: GL8013- Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGOO0 10000 5/31/2004 Statu.s: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total Base FNMA POOL #0709360 100.2070 647,816.480 656,116.64 649,157.65 0.13% -6,958.99 5.000% 07/01/2018 DD 06/01/03 SEC ID: 31401JB56 FNMA POOL #0709826 100.2070 114,587.770 116,055.93 114,825.00 0.02% -1,230.93 5.000% 06/01/2018 DD 06/01/03 SEC ID: 31401JSP4 FNMA POOL #0709917 100.2070 234,927.470 237,937.47 235,413.84 0.05% -2,523.63 5.000% 06/01/2018 DD 06/01/03 SEC ID: 31401JVJ4 FNMA POOL #0709963 100.1308 21,714.080 21,992.30 21,742.48 0.00% -249.82 5.000% 06/01/2018 DD 06/01/03 SEC ID: 31401JWYO FNMA POOL #0710235 100.2070 645,622.100 664,990.77 646,958.73 0.13% -18,032.04 5.000% 06/01/2018 DD 06/01/03 SEC ID: 31401KBC8 FNMA POOL #0713344 100.2070 19,784.370 20,377.89 19,825.33 0.00% -552.56 5.000% 06/01/2018 DD 06/01/03 SEC ID: 31401NP52 FNMA POOL #0713365 100.2070 289,451.180 293,159.77 290,050.43 0.06% -3,109.34 5.000% 07/01/2018 DD 07 /01/03 SEC ID: 31401NQS1 FNMA POOL #0720319 100.2070 782,299.540 792,322.75 783,919.13 0.16% -8,403.62 5.000% 07/01/2018 DD 07 /01/03 SEC ID: 31401WG45 FNMA POOL #0720369 100.1308 2,266,528.090 2,334,523.93 2,269,492.78 0.45% -65,031.15 5.000% 06/01/2018 DD 06/01/03 SEC ID: 31401WJNO FNMA POOL #0721629 100.2227 298,278.510 307,226.88 298,942.66 0.06% -8,284.22 5.000% 07/01/2018 DD 06/01/03 SEC ID: 31401XVW4 FNMA POOL #0723487 100.2070 237,038.480 239,705.17 237,529.22 0.05% -2,175.95 5.000% 06/01/2018 DD 06/01/03 SEC ID: 31402AXQ4 FNMA POOL #0729601 100.2070 406,928.360 412,142.13 407,770.82 0.08% -4,371.31 5.000% 07/01/2018 DD 07 /01/03 SEC ID: 31402HRW3 FNMA POOL #0732873 100.2133 35,894.050 36,353.93 35,970.60 0.01% -383.33 5.000% 11/01/2018 DD 10/01/03 SEC ID: 31402MFN5 FNMA POOL #0737130 100.1445 706,079.540 715,126.18 707,100.04 0.14% -8,026.14 5.000% 10/01/2018 DD 10/01/03 SEC ID: 31402S4P9 6/8/2004 9:26:0SAM PDT 7 Workbench @ Asset Detail Report ID: GL8013 Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED-OCSGOOOlOOOO 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total Base FNMA POOL #0738211 100.1308 556,289.880 563,417.36 557,017.52 0.11% -6,399.84 5.000% 10/01/2018 DD 10/01/03 , SEC ID: 31402UDQ2 FNMA POOL #0738487 100.1445 200,820.780 203,393.79 201,111.03 0.04% -2,282.76 5.000% 10/01/2018 DD 10/01/03 SEC ID: 31402UNC2 FNMA POOL #0740471 100.1308 685,149.760 693,928.23 686,045.96 0.14% -7,882.27 5.000% 10/01/2018 DD 10/01/03 SEC ID: 31402WT40 FNMA POOL #0740748 100.2070 781,075.080 791,082.60 782,692.14 0.16% -8,390.46 5.000% 10/01/2018 DD 11/01/03 SEC ID: 31402W5H7 FNMA POOL #0743868 100.1308 40,335.900 40,852.70 40,388.66 0.01% -464.04 5.000% 11/01/2018 DD 10/01/03 SEC ID: 31403BMR1 FNMA POOL #0744008 100.2070 1,126,935.520 1,141,374.37 1,129,268.61 0.23% -12,105.76 5.000% 07/01/2018 DD 09/01/03 SEC ID: 31403BR54 FNMA POOL #0744316 100.1308 160,620.630 162,678.59 160,830.73 0.03% -1,847.86 5.000% 09/01/2018 DD 09/01/03 SEC ID: 314038324 FNMA POOL #0747914 100.1445 354,936.880 359,484.52 355,449.87 0.07% -4,034.65 5.000% 11/01/2018 DD 11/01/03 SEC ID: 31403F3XO FNMA POOL #0748400 100.1308 224,716.160 227,595.34 225,010.10 0.04% -2,585.24 5.000% 08/01/2018 DD 09/01/03 SEC ID: 31403GNR9 FNMA POOL #0748899 100.1041 991,913.250 1,004,622.13 992,945.78 0.20% -11,676.35 5.000% 12/01/2018 DD 11/01/03 SEC ID: 31403G7LO FNMA POOL #0750377 100.1041 2,329,469.810 2,359,316.15 2,331,894.67 0.47% -27,421.48 5.000% 11/01/2018 DD 11/01/03 SEC ID: 31403JUA2 FNMA POOL #0750380 100.1041 l ,950,488.500 1,975,479.15 1,952,518.86 0.39% -22,960.29 5.000% 11/01/2018 DD 11/01/03 SEC ID: 31403JUD6 FNMA POOL #0750445 100.1041 170,963.980 173,154.46 171,141.94 0.03% -2,012.52 5.000% 11/01/2018 DD 11/01/03 SEC ID: 31403JWE2 FNMA POOL #0751960 100.1308 845,607.860 856,442.22 846,713.94 0.17% -9,728.28 5.000% 12/01/2018 DD 11/01/03 SEC ID: 31403LMH1 6/8/2004 9:26:0SAM PDT 8 Workbench @ Asset Detail Report ID: GL8013- Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGOO0 10000 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value % of Gain/Loss Description Base Shares Par Base Base Total Base FNMA POOL #0753425 100.0508 928,340.240 939,074.16 928,811.65 0.19% -10,262.51 5.000% 11/01/2018 DD 11/01/03 SEC ID: 31403NA23 FNMA POOL #0755165 100.0508 615,311.340 623,195.02 615,623.80 0 .12% -7,571.22 5.000% 12/01/2018 DD 11/01/03 SEC ID: 31403Q6A3 FNMA POOL #0756372 100.0508 974,909.270 986,181.65 975,404.33 0.19% -10,777.32 5.000% 11/01/2018 DD 11/01/03 SEC ID: 31403SJR8 FNMA POOL #0764402 99.1055 2,322,946.230 2,348,716.42 2,302,166.78 0.46% -46,549.64 5.500% 04/01/2034 DD 04/01/04 SEC ID: 31404CGKO FNMA POOL #0778272 99.1055 477,332.000 482,627.40 473,062.12 0.09% -9,565.28 5.500% 05/01/2034 DD 05/01/04 SEC ID: 31404TI52 FORD MOTOR CR CO NT 103.5460 1,000,000.000 965,170.00 1,035,460.00 0.21% 70,290.00 6 .750% 05/15/2005 DD 05/24/93 SEC ID: 345397GV9 FORD MTR CR CO GLOBAL 100.6250 2,500,000.000 2,495,900.00 2,515,625.00 0.50% 19,725.00 LANDMARK 6.700% 07/16/2004 DD 07 /16/99 SEC ID: 345397SJ3 GNMA POOL #0596612 104.1914 282,724.930 296,728.64 294,575.09 0.06% -2,153.55 6.500% 09/15/2032 DD 09/01/02 SEC ID: 36200BYH4 GNMA POOL #0569358 103.8743 881,017.430 901,666.27 915,151.05 0 .18% 13,484.78 6.500% 04/15/2032 DD 04/01/02 SEC ID: 36200QQK3 GNMA POOL #0569685 104.2852 39,218.140 41,160.66 40,898.70 0 .01% -261.96 6.500% 02/15/2032 DD 02/01/02 SEC ID: 36200Q2S2 GNMA POOL #0570019 104.1914 68,851.760 72,262.08 71,737.62 0 .01% -524.46 6.500% 07/15/2032 DD 07 /01/02 SEC ID: 36200RG48 GNMA POOL #0574323 104.2852 384,129.670 403,156.10 400,590.24 0.08% -2,565.86 6.500% 12/15/2031 DD 12/01/01 SEC ID: 36200WAY7 GNMA POOL #0575364 104.2852 33,646.400 35,312.95 35,088.20 0 .01% -224.75 6 .500% 11/15/2031 DD 11/01/01 SEC ID: 36200XFD6 GNMA POOL #0587117 104.1914 16,942.020 17,781.18 17,652.13 0.00% -129'.05 6.500% 06/15/2032 DD 06/01/02 SEC ID: 36201MG22 6/8/2004 9:26:0SAM PDT 9 Workbench @ Asset Detail Report ID: GL8013 Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDA TED -OCSGOO0 10000 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total Base GNMA POOL #0587439 104.1914 54,385.310 5~,079.08 56,664.82 0.01% -414.26 6.500% 11/15/2032 DD 12/01/02 SEC ID: 36201MS45 GNMA POOL #0421389 104.6289 11,844.010 12,430.67 12,392.26 0.00% -38.41 6.500% 04/15/2026 DD 04/01/96 SEC ID: 36206UC23 GNMA POOL #0438057 102.4766 10,383.100 9,855.84 10,640.24 0.00% 784.40 6.000% 05/15/2028 DD 05/01/98 SEC ID: 36207PTN9 GNMA POOL #0449851 104.0131 20,100.490 21,096.09 20,907.13 0.00% -188.96 6.500% 01/15/2028 DD 01/01/98 SEC ID: 36208FWLO GNMA POOL #0457814 102.4141 32,127.910 30,496.40 32,903.50 0.01% 2,407.10 6.000% 10/15/2028 DD 10/01/98 SEC ID: 36208QSB3 GNMA POOL #0465546 102.4766 420,202.290 398,863.90 430,608.85 0.09% 31,744.95 6.000% 08/15/2028 DD 08/01/98 SEC ID: 36209AET3 GNMA POOL #0465555 102.4141 434,679.340 412,605.79 445,172.76 0.09% 32,566.97 6.000% 09/15/2028 DD 09/01/98 SEC ID: 36209AE48 GNMA POOL #0466845 104.5039 57,081.210 59,908.51 59,652.10 0.01% -256.41 6.500% 06/15/2028 DD 06/01/98 SEC ID: 36209BTA6 GNMA POOL #0467279 102.4141 20,480.410 19,440.39 20,974.82 0.00% 1,534.43 6.000% 10/15/2028 DD 10/01/98 SEC ID: 36209CCQ7 GNMA POOL #0467286 102.4141 349,711.830 331,953.02 358,154.08 0.07% 26,201.06 6.000% 10/15/2028 DD 10/01/98 SEC ID: 36209CCX2 GNMA POOL #0468052 104.5039 112,455.270 118,025.32 117,520.15 0.02% -505.17 6.500% 07/15/2028 DD 07 /01/98 SEC ID: 36209C5M4 GNMA POOL #0468330 102.4766 10,868.950 10,317.00 11,138.13 0.00% 821.13 6.000% 05/15/2028 DD 05/01/98 SEC ID: 36209DHF4 GNMA POOL #0468339 102.4766 269,791.370 256,091.04 276,472.92 0.06% 20,381.88 6.000% 08/15/2028 DD 08/01/98 SEC ID: 36209DHQO GNMA POOL #0469688 102.4141 11,790.660 11,191.91 12,075.29 0.00% 883.38 6.000% 11/15/2028 DD 11 /01/98 SEC ID: 36209EXR8 6/8/2004 9:26:0SAM PDT 10 Workbench @ I Asset Detail Report ID: GL8013, Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED-OCSGOOOlOOOO 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total Base GNMA POOL #0476041 104.5039 172,904.630 18~,198.65 180,692.10 0.04% -506.55 6.500% 06/15/2028 DD 06/01/98 SEC ID: 36209MZE7 GNMA POOL #04 78626 104.5039 121,858.170 127,703.56 127,346.55 0.03% -357.01 6.500% 01/15/2029 DD 01/01/99 SEC ID: 36209QVT9 GNMA POOL #0480598 104.5039 29,043.010 30,436.16 30,351.08 0.01% -85.08 6.500% 10/15/2028 DD 10/01/98 SEC ID: 36209S3F6 GNMA POOL #0483452 102.4766 13,092.950 12,428.09 13,417.20 0.00% 989.11 6.000% 09/15/2028 DD 09/01/98 SEC ID: 36209WBV3 GNMA POOL #0485527 104.2852 368,054.210 386,284.41 383,825.92 0.08% -2,458.49 6.500% 06/15/2031 DD 06/01/01 SEC ID: 36209YLG 1 GNMA POOL #0485610 104.2852 382,650.720 401,603.89 399,047.92 0.08% -2,555.97 6.500% 07/15/2031 DD 07 /01/01 SEC ID: 36209YN38 GNMA POOL #0485682 104.2852 75,160.420 78,883.21 78,381.16 0 .02% -502.05 6.500% 08/15/2031 DD 08/01/01 SEC ID: 36209YRB6 GNMA POOL #0485703 104.2852 62,662.650 65,766.40 65,347.84 0.01% -418.56 6.500% 08/15/2031 DD 08/01/01 SEC ID: 36209YRY6 GNMA POOL #0486720 102.4141 11,179.670 10,611.96 11,449.55 0.00% 837.59 6.000% 12/15/2028 DD 12/01/98 SEC ID: 36210AVM6 GNMA POOL #0491103 102.4141 90,010.810 85,439.96 92,183.72 0.02% 6,743.76 6.000% 01/15/2029 DD 01/01/99 SEC ID: 36210FRY4 GNMA POOL #0496461 102.4141 352,371.860 334,477.98 360,878.33 0.07% 26,400.35 6.000% 01/15/2029 DD 01/01/99 SEC ID: 36210MQN4 GNMA POOL #0497343 102.4141 18,730.270 17,779.12 19,182.43 0.00% 1,403.31 6.000% 12/15/2028 DD 12/01/98 SEC ID: 36210NP45 GNMA POOL #0499153 102.4141 12,559.180 11,921.40 12,862.37 0.00% 940.97 6.000% 02/15/2029 DD 02/01/99 SEC ID: 36210QQE5 GNMA POOL #0500917 102.4141 5,292.320 5,023.57 5,420.08 0.00% 396.51 6.000% 04/15/2029 DD 04/01/99 SEC ID: 36210SPAO 6/8/2004 9:26:0SAM PDT 11 Workbench @ I Asset Detail Report ID: GL8013 Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED-OCSGOO0 10000 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total Base GNMA POOL #0503388 102.4141 247,524.610 234;, 955.00 253,500.00 0.05% 18,545.00 6.000% 03/15/2029 DD 03/01/99 SEC ID: 36210VF55 GNMA POOL #0506636 102.4141 30,633.530 29,077.91 31,373.04 0.01% 2,295.13 6.000% 04/15/2029 DD 04/01/99 SEC ID: 36210YY90 GNMA POOL #0512235 104.4414 8,479.670 8,899.67 8,856.29 0.00% -43.38 6.500% 11/15/2029 DD 11/01/99 SEC ID: 36211GBC6 GNMA POOL #0514326 104.4414 140,795.940 147,549.74 147,049.26 0.03% -500.48 6.500% 07/15/2029 DD 07 /01/99 SEC ID: 362 l 1JLF2 GNMA POOL #0530053 103.8789 37,884.450 39,760.92 39,353.93 0.01% -406.99 6.500% 04/15/2031 DD 04/01/01 SEC ID: 36212CZS3 GNMA POOL #0537885 104.3789 92,688.520 97,279.50 96,747.27 0 .02% -532.23 6.500% 02/15/2031 DD 02/01/01 SEC ID: 36212MRE1 GNMA POOL #0547512 104.3789 10,313.490 10,824.34 10,765.11 0.00% -59.23 6.500% 04/15/2031 DD 04/01/01 SEC ID: 36212YGV9 GNMA POOL #0547715 104.3789 127,497.160 133,613.04 133,080.15 0.03% -532.89 6.500% 02/15/2031 DD 02/01/01 SEC ID: 36212YN82 GNMA POOL #0552322 104.2852 60,795.080 63,806.34 63,400.25 0.01% -406.09 6.500% 01/15/2032 DD 01/01/02 SEC ID: 36213ESK3 GNMA POOL #0552466 103.8743 413,192.670 433,658.62 429,201.16 0.09% -4,457.46 6.500% 03/15/2032 DD 03/01/02 SEC ID: 36213EW36 GNMA POOL #0552659 104.1914 358,921.770 376,699.60 373,965.65 0.07% -2,733.95 6.500% 07/15/2032 DD 07 /01/02 SEC ID: 36213E5U6 GNMA POOL #0561017 104.2852 317,503.820 333,230.18 331,109.37 0.07% -2,120.81 6.500% 07/15/2031 DD 07/01/01 SEC ID: 36213QG29 GNMA II POOL #0080023 101.2646 191,656.810 194,831.12 194,080.50 0.04% -750.62 VAR RT 12/20/2026 DD 12/01/96 SEC ID: 36225CAZ9 GNMA II POOL #080088M 100.1712 253,426.010 258,969.71 253,859.75 0.05% -5,109:96 7.375% 06/20/2027 DD 06/01/97 SEC rD: 36225CC20 6/8/2004 9:26:0SAM PDT 12 Workbench @ Asset Detail Report ID: GL8013. Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED-OCSGOO0 10000 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total .Base GNMA II POOL #0080395 99.5804 236,247.930 23~,106.93 235,256.52 0.05% 1,149.59 VAR RT 04/20/2030 DD 04/01/00 SEC ID: 36225CNM4 GNMA II POOL #080408X 99.5805 2,073,455.100 2,052,396.57 2,064,755.92 0.41% 12,359.35 6.500% 05/20/2030 DD 05/01/00 SEC ID: 36225CN28 GENERAL MTRS ACCEP CORP SR NT 104.1400 3,000,000.000 3,064,350.00 3,124,200.00 0.62% 59,850.00 6.125% 08/28/2007 DD 08/29/02 SEC ID: 370425SD3 GOLDMAN SACHS GROUP INC SR NT 100.1870 3,000,000.000 3,030,030.00 3,005,610.00 0.60% -24,420.00 4.125% 01/15/2008 DD 01/13/03 SEC ID: 38141GCS1 GNMA GTD REMIC TR 2000-9 FH 100.7070 617,504.600 617,504.60 621,870.36 0.12% 4,365.76 VAR RT 02/16/2030 SEC ID: 3837H4NX9 MARSH & MCLENNAN COS INC SR NT 100.1710 2,000,000.000 1,992,280.00 2,003,420.00 0.40% 11,140.00 6.625% 06/15/2004 DD 06/ 14/99 SEC ID: 571748AB8 MORGAN STANLEY NT 98.7340 3,200,000.000 3,195,648.00 3,159,488.00 0.63% -36,160.00 3.625% 04/01/2008 DD 03/06/03 SEC ID: 617446HW2 NCNB TEX NATL BK DALLAS TEX NT 100.0000 250,000.000 260,870.00 250,000.00 0.05% -10,870.00 9.500% 06/01/2004 DD 06/01/89 SEC ID: 628857DJO NATIONSBANK CORP 101.2500 600,000.000 615,546.00 607,500.00 0.12% -8,046.00 7.750% 08/15/2004 SEC ID: 638585AJ8 NATIONSBANK CORP SR NTS 100.5620 627,000.000 646,650.18 630,523.74 0.13% -16,126.44 6.125% 07/15/2004 DD 07 /23/98 SEC ID: 638585BJ7 PACIFICORP SECD MTN #TR 00115 102.1400 3,000,000.000 2,950,530.00 3,064,200.00 0.61% 113,670.00 7.300% 10/22/2004 DD 10/22/92 SEC ID: 69512EEU5 RESIDENTIAL ASSET 03-RSl 1 AIIB 100.0156 919,124.070 919,124.07 919,267.45 0.18% 143.38 VAR RT 12/25/2033 DD 12/30/03 SEC ID: 760985K83 SBA GTD DEV PARTN 2001-20C 1 106.1250 3,260,886.080 3,260,886.08 3,460,615.35 0.69% 199,729.27 6.340% 03/01/2021 SEC ID: 83162CWO SBA GTD PARTN CTFS SBIC-PS 01 106.4200 2,069,684.500 2,069,684.50 2,202,558.24 0.44% 132,873.74 6.640% 02/10/2011 DD 02/21/01 SEC ID: 831641DD4 6/8/2004 9:26:0SAM PDT 13 Workbench @ I Asset Detail Report ID: GL8013 Mellon Base Currency: USD by Currency Alternate Base Currency: Exchange Rate: OCSD-CONSOUDATED -OCSGOOO 10000 5/31/2004 Status: FINAL Net Unrealized Price Cost Market Value %of Gain/Loss Description Base Shares Par Base Base Total Base UNITED AIRLS PASSTHRU 01-1 C 16.1810 1,600,000.000 1,600,000.00 258,896.00 0.05% -1,341,104.00 6.831% 03/01/2010 DD 08/22/01 SEC ID: 909317BC2 U S TREASURY NOTES 108.5625 20,000,000.000 22,620,312.50 21,712,500.00 4.34% -907,812.50 06.250% 02/15/2007 DD 02/15/97 SEC ID: 9128272JO US TREASURY INFLATION INDEX NT 107.8125 16,555,980.000 14,638,038.33 17,849,415.94 3.57% 3,211,377.61 3.375% 01/15/2007 DD 01/ 15/97 SEC ID: 9128272M3 US TREASURY INFLATION INDEX NT 110.0940 3,479,220.000 3,788,721.35 3,830,412.47 0.77% 41,691.12 3.625% 01/15/2008 DD 01/15/98 SEC ID: 9128273T7 US TREASURY INFLATION INDEX NT 112.1875 14,851,850.000 16,477,210.11 16,661,919.22 3.33% 184,709.11 3.875% 01/15/2009 DD 01/15/99 SEC ID: 9128274Y5 U S TREASURY NOTES 105.1250 57,100,000.000 62,782,901.47 60,026,375.00 12.00% -2,756,526.47 05.750% 11/15/2005 DD 11/15/00 SEC ID: 9128276N7 U S TREASURY NT 98.7800 12,000,000.000 11,870,156.25 11,853,600.00 2.37% -16,556.25 3.250% 08/15/2008 DD 08/ 15/03 SEC ID : 912828BG4 U S TREASURY NOTES 99.2800 81,000,000.000 81,284,765.63 80,416,800.00 16.08% -867,965.63 1.875% 01/31/2006 DD 01/31/03 SEC ID: 912828BX7 U S TREASURY NOTES 98.6875 17,000,000.000 17,045,156.25 16,776,875.00 3.35% -268,281.25 1.625% 02/28/2006 DD 02/29/04 SEC ID: 912828CB4 U S TREASURY NOTES 99.5600 33,000,000.000 32,835,000.00 32,854,800.00 6.57% 19,800.00 2.250% 04/30/2006 DD 04/30/04 SEC ID: 912828CF5 VIRGINIA ELEC & PWR O 1 SER A 104.8430 1,750,000.000 1,743,840.00 1,834,752.50 0.37% 90,912.50 5.750% 03/31/2006 DD 03/27 /01 SEC ID : 927804ENO WELLS FARGO & CO NEW NT 100.6250 125,000.000 128,605.00 125,781.25 0 .03% -2,823.75 6.625% 07/15/2004 DD 07 /28/99 SEC ID: 949746AA9 TOTAL FIXED INCOME SECURITIES 375,913,035.880 386,347,643.51 384,464,549.00 76.85% -1,883,094.51 TOTAL ASSETS U.S. DOLLAR 488,532,832.940 502,142,458.51 500,259,364.00 100.00% -1,883,094.51 TOT AL ASSETS -BASE: 488,532,832.940 502,142,458.51 500,259,364.00 100.00% -1,883,094.51 6/8/2004 9:26:0SAM PDT 14 Workbench @ I Transaction Detail ReportID: EWB009 . Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOUDATED -OCSGOOOlOOOO 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base RECEIPTS AND DISBURSEMENT TRANSACTIONS CASH/SECURITIES RECEIVED FROM PLAN ADMINISTRATOR U.S. DOLLAR CD RECD PLAN CONTRIBUTION 5/21/2004 0.000 9,200,000.00 9,200,000.00 0.00 SEC ID: NA9123459 OCSF07511102: LIQUID OPER-PIMCO 5/21/2004 PURCHASES CASH & CASH EQUIVALENTS U.S. DOLLAR B FEDERAL HOME LN BK CONS DISC N MAT 5/17/2004 99.9972 1,000,000.000 999,972.22 -999,972.22 0.00 05/18/2004 5/17/2004 SEC ID: 313384WZ8 5/17/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO B FEDERAL HOME LN BKS CONS DISC 5/18/2004 99.9398 2,100,000.000 2,098,735.92 -2,098,735.92 0.00 06/09/2004 5/18/2004 SEC ID: 313384XX2 5/18/2004 BROKER: CHASE SECURITIES, NEW YORK OCSF07522202: LONGTERM OPER-PIMCO B FEDERAL HOME LN BK CONS DISC N MAT 5/21/2004 99.9226 9,000,000.000 8,993,035.00 -8,993,035.00 0.00 06/18/2004 5/21/2004 SEC ID: 313384YG8 5/21/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO B FEDERAL HOME LN MTG CORP DISC 5/3/2004 99.7291 300,000.000 299,187.33 -299,187.33 0.00 08/03/2004 5/3/2004 SEC ID: 313396A60 5/3/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO B FEDERAL HOME LN MTG CORP DISC MAT 5/11/2004 99.7156 5,000,000.000 4,985,781.25 -4, 985,781.25 0.00 08/10/2004 5/11/2004 SEC ID: 313396851 5/11/2004 BROKER: CHASE SECURITIES, NEW YORK OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 1 Workbench @ I Transaction Detail ReportlD: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATED[[][[2 D 6[l •••rm••• 5/3/2004 -5/28/2004 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 HOME LN MTG CORP DISC MAT 5/18/2004 99.7363 7,500,000.000 7,480,225.00 -7,480,225.00 0.00 08/10/2004 5/18/2004 SEC ID: 313396851 5/18/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B FEDERAL HOME LN MTG CORP DISC MAT 5/25/2004 99.7017 1,400,000.000 1,395,824.11 -1,395,824.11 0.00 08/24/2004 5/25/2004 SEC ID: 313396D34 5/25/2004 BROKER: BANC OF AMERICA SEC LLC, SAN FRANCISCO OCSF07522202: LONG TERM OPER-PIMCO 8 FEDERAL HOME LN MTG CORP DISC MAT 5/25/2004 99.5730 4,000,000.000 3,982,920.00 -3,982,920.00 0.00 09/24/2004 5/25/2004 SEC ID: 313396H22 5/25/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07511102: LIQUID OPER-PIMCO B FEDERAL NATL MTG ASSN DISCOUNT MAT 5/6/2004 99.7338 2,300,000.000 2,293,876.25 -2,293,876.25 0.00 08/04/2004 5/6/2004 SEC ID: 313588A70 5/6/2004 BROKER: CHASE SECURITIES, NEW YORK OCSF07511102: LIQUID OPER-PIMCO B FEDERAL NATL MTG ASSN DISCOUNT MAT 5/6/2004 99.7343 3,900,000.000 3,889,635.75 -3,889,635. 75 0.00 08/04/2004 5/6/2004 SEC ID: 313588A70 5/6/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07522202: LONG TERM OPER-PIMCO B FEDERAL NATL MTG ASSN DISCOUNT MAT 5/19/2004 99.7080 8,700,000.000 8,674,599.63 -8,674,599.63 0.00 08/18/2004 5/19/2004 SEC ID: 313588C52 5/19/2004 BROKER: GOLDMAN SACHS & CO, NY OCSF0751 l 102: LIQUID OPER-P!MCO B FEDERAL NATL MTG ASSN DISCOUNT MAT 5/27/2004 99.7050 3,000,000.000 2,991,150.00 -2,991,150.00 0.00 08/25/2004 5/27/2004 SEC ID: 313588D44 5/27/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 2 Workbench @ ' Transaction Detail Report ID: EWB009" Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATEDJII[Q • 6••00••••• 5/3/2004 -5/28/2004 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 5/6/2004 99.6329 500,000.000 498,164.44 -498,164.44 0.00 09/01/2004 5/6/2004 SEC ID: 313588E35 5/6/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07522202: LONG TERM OPER-PIMCO B GENERAL ELEC CAP DISC 08/25/2004 5/3/2004 99.6453 3,000,000.000 2,989,360.00 -2,989,360.00 0.00 SEC ID: 36959HHR1 5/3/2004 BROKER: CREDIT SUISSE FIRST BOSTON 5/3/2004 CORP, NY ' OCSF07511102: LIQUID OPER-PIMCO B WELLS FARGO BANK NA INSTL C/D 1.030% 5/17/2004 100.0000 1,900,000.000 1,900,000.00 -1,900,000.00 0.00 06/21/2004 DD 05/ 19 /04 5/19/2004 SEC ID: 9497POWU1 5/17/2004 BROKER: WELLS FARGO BROKERAGE SVCS LLC, MINNEAP OCSF07511102: LIQUID OPER-PIMCO B CS FOB CAT 2 REPO 00.920% 05/04/2004 DD 5/3/2004 100.0000 15,800,000.000 15,800,000.00 -15,800,000.00 0.00 05/03/04 5/3/2004 SEC ID: 99419S774 5/3/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102 : LIQUID OPER-PIMCO B CREDIT SUISSE FB REPO 00.870%05/05/2004 5/4/2004 100.0000 18,300,000.000 18,300,000.00 -18,300,000.00 0.00 DD 05/04/04 5/4/2004 SEC ID: 99419U654 5/4/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B CS FOB CAT 2 REPO 00.870% 05/06/2004 DD 5/5/2004 100.0000 20,500,000.000 20,500,000.00 -20,500,000.00 0.00 05/05/04 5/5/2004 SEC ID: 99419V678 5/5/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102 : LIQUID OPER-PIMCO B LEHMAN CAT 2 REPO 00.860% 05/07/2004 DD 5/6/2004 100.0000 18,000,000.000 18,000,000.00 -18,000,000.00 0.00 05/06/04 5/6/2004 SEC ID: 99419Xl 79 5/6/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30:llAM PDT 3 Workbench @ ' Transaction Detail ReportID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE D[]]][2 0 60 00000000 5/3/2004 -5/28/2004 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 00.860% 05/10/2004 DD 5/7/2004 100.0000 18,500,000.000 18,500,000.00 -18,500,000.00 0.00 05/07/04 5/7/2004 SEC ID: 994l 9Y805 5/7/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO B CS FOB CAT2 REPO 00.880%05/11/2004 DD 5/10/2004 100.0000 18,500,000.000 18,500,000.00 -18,500,000.00 0.00 05/ 10/04 5/10/2004 SEC ID: 99420A366 5/10/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B CS FOB CAT2 REPO 00.870%05/12/2004 DD 5/11/2004 100.0000 13,500,000.000 13,500,000.00 -13,500,000.00 0.00 05/ 11/04 5/11/2004 SEC ID: 994208521 5/11/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B LEHMAN CAT 2 REPO 00.860% 05/13/2004 DD 5/12/2004 100.0000 20,000,000.000 20,000,000.00 -20,000,000.00 0.00 05/11/04 5/12/2004 SEC ID: 99420C941 5/12/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO B CS FOB CAT2 REPO 00.860%05/14/2004 DD 5/13/2004 100.0000 20,000,000.000 20,000,000.00 -20,000,000.00 0.00 05/13/04 5/13/2004 SEC ID: 99420E400 5/13/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B CREDIT SUISSE FB REPO 00.920%05/17/2004 5/14/2004 100.0000 20,000,000.000 20,000,000.00 -20,000,000.00 0.00 DD O'S/14/04 5/14/2004 SEC CD: 994200009 5/14/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B CREDIT SUISSE FB REPO 00.990%05/18/2004 5/17/2004 100.0000 20,000,000.000 20,000,000.00 -20,000,000.00 0.00 DD05/17/04 5/17/2004 SEC .ID: 99420H60J 5/17/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30:llAM PDT 4 Workbench ® ' Transaction Detail Report ID: EWB009· Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE D7flff2 fl 6tl r1n7r1n:1nr1 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Balle B CREDIT SUISSE FB REPO 00.950% 05/19/2004 5/18/2004 100.0000 19,500,000.000 19,500,000.00 -19,500,000.00 0.00 DD 05/18/04 5/18/2004 SEC ID: 99420J946 5/18/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B CREDIT SUISSE FB REPO 00.910% 05/20/2004 5/19/2004 100.0000 20,000,000.000 20,000,000.00 -20,000,000.00 0.00 DD 05/19/04 5/19/2004 SEC ID: 99420L545 5/19/2004 BROKER: CREDIT SUISSE fIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B LEHMAN CAT2 REPO 00.950%05/21/2004 DD 5/20/2004 100.0000 20,000,000.000 20,000,000.00 -20,000,000.00 0.00 05/20/04 5/20/2004 SEC ID: 99420N004 5/20/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO B LEHMAN CAT2 REPO 00.940%05/24/2004 DD 5/21/2004 100.0000 18,000,000.000 18,000,000.00 -18,000,000.00 0.00 05/ 21/04 5/21/2004 SEC ID: 99420P553 5/21/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO B LEHMAN CAT 2 REPO 00.940% 05/24/2004 DD 5/21/2004 100.0000 3,000,000.000 3,000,000.00 -3,000,000.00 0.00 05/ 21/04 5/21/2004 SEC ID: 99420P553 5/21/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO B CREDIT SUISSE FB REPO 00.940% 05/25/2004 5/24/2004 100.0000 19,300,000.000 19,300,000.00 -19,300,000.00 0.00 DD 05/24/04 5/24/2004 SEC ID: 99420R203 5/24/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B CREDIT SUISSE FB REPO 00.950% 05/26/2004 5/25/2004 100.0000 19,200,000.000 19,200,000.00 -19,200,000.00 0.00 DD 05/25/04 5/25/2004 SEC ID: 99420R526 5/25/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF0751 l 102: LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 5 Workbench @ I Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD ocs D-CONSOLI DATE Drirnr2 'l 6n nn-!lllJ~lnn 5/3/2004 -5/28/2004 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%05/27 /2004 DD 5/26/2004 100.0000 20,000,000.000 20,000,000.00 -20,000,000.00 0.00 05/26/04 5/26/2004 SEC ID: 994200099 5/26/2004 BROK.ER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PJMCO B LEHMAN CAT2 REPO 00.920% 05/28/2004 DD 5/27/2004 100.0000 15,500,000.000 15,500,000.00 -15,500,000.00 0.00 05/27/04 5/27/2004 SEC ID: 99420V519 5/27/2004 BROKER: LEH MAN GOVT SECS INC, NY OCSF07511102: LIQUID OP,ER-PIMCO B CS FOB CAT 2 REPO 00.960% 06/01/2004 DD 5/28/2004 100.0000 20,900,000.000 20,900,000.00 -20,900,000.00 0.00 05/28/04 5/28/2004 SEC ID: 99420W723 5/28/2004 BROK.ER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO B DREYFUS TREASURY CASH MGMT 5/3/2004 1.0000 2,520.000 2,520.00 -2,520.00 0.00 SEC ID: 996085247 5/3/2004 OCSF07511102: LIQUID OPER-PIMCO 5/3/2004 B DREYFUS TREASURY CASH MGMT 5/4/2004 1.0000 814.970 814.97 -814.97 0.00 SEC ID: 996085247 5/4/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/4/2004 B DREYFUS TREASURY CASH MGMT 5/4/2004 1.0000 2,344.040 2,344.04 -2,344.04 0.00 SEC ID: 996085247 5/4/2004 OCSF07511102: LIQUID OPER-PIMCO 5/4/2004 B DREYFUS TREASURY CASH MGMT 5/5/2004 1.0000 300,442.250 300,442.25 -300,442.25 0.00 SEC ID: 996085247 5/5/2004 OCSF07511102: LIQUID OPER-PIMCO 5/5/2004 B DREYFUS TREASURY CASH MGMT 5/6/2004 1.0000 206,619.170 206,619.17 -206,619.17 0.00 SEC ID: 996085247 5/6/2004 OCSF07511102: LIQUID OPER-PIMCO 5/6/2004 B DREYFUS TREASURY CASH MGMT 5/6/2004 1.0000 12,199.810 12,199.81 -12,199.81 0.00 SEC ID: 996085247 5/6/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/6/2004 6/8/2004 9:30: 11AM PDT 6 Wqrkbench @ I Transaction Detail Report ID: EWB009 - Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE DJllIK2 Ll 60 [lnnncnnn 5/3/2004 -5/28/2004 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 MGMT 5/10/2004 1.0000 1,325.830 1,325.83 -1 ,325.83 0.00 SEC ID: 996085247 5/10/2004 OCSF07511102: LIQUID OPER-PIMCO 5/10/2004 B DREYFUS TREASURY CASH MGMT 5/10/2004 1.0000 208,354.170 208,354.17 -208,354.17 0.00 SEC ID: 996085247 5/10/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/10/2004 B DREYFUS TREASURY CASH MGMT 5/11/2004 1.0000 14,670.970 14,670.97 -14,670.97 0.00 SEC ID: 996085247 5/11/2004 OCSF07511102: LIQUID OPER-PIMCO 5/11/2004 B DREYFUS TREASURY CASH MGMT 5/12/2004 1.0000 326.250 326.25 -326.25 0.00 SEC ID: 996085247 5/12/2004 OCSF07511102: LIQUID OPER-PIMCO 5/12/2004 B DREYFUS TREASURY CASH MGMT 5/13/2004 1.0000 477.780 477.78 -477.78 0.00 SEC ID: 996085247 5/13/2004 OCSF07511102: LIQUID OPER-PIMCO 5/13/2004 B DREYFUS TREASURY CASH MGMT 5/13/2004 1.0000 661,638.160 661,638.16 -661,638.16 0.00 SEC ID: 996085247 5/13/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/13/2004 B DREYFUS TREASURY CASH MGMT 5/14/2004 1.0000 477.780 477.78 -477.78 0.00 SEC ID: 996085247 5/14/2004 OCSF07511102: LIQUID OPER-PIMCO 5/14/2004 B DREYFUS TREASURY CASH MGMT 5/17/2004 1.0000 31,561.110 31,561.11 -31,561.11 0.00 SEC ID: 996085247 5/17/2004 OCSF07511102: LIQUID OPER-PIMCO 5/17/2004 B DREYFUS TREASURY CASH MGMT 5/17/2004 1.0000 2,118,399.370 2,118,399.37 -2, 118,399.37 0.00 SEC ID: 996085247 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/17/2004 B DREYFUS TREASURY CASH MGMT 5/18/2004 1.0000 20,325.000 20,325.00 -20,325.00 0.00 SEC ID: 996085247 5/18/2004 OCSF07511102: LIQUID OPER-PIMCO 5/18/2004 6/8/2004 9:30: 11AM PDT 7 Workbench @ ' Transaction Detail ReportID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCS D-CONSOLI DATE DLilF2 Cl 60 O•O•rJD•D 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gabl/Loss Type Description Reported Date Base Shares/Par Base Base Base B DREYFUS TREASURY CASH MGMT 5/20/2004 1.0000 1,001,522.230 1,001,522.23 -1,001,522.23 0.00 SEC ID: 996085247 5/20/2004 OCSF07511102 : LIQUID OPER-PIMCO 5/20/2004 B DREYFUS TREASURY CASH MGMT 5/20/2004 1.0000 119,970.180 119,970.18 -119,970.18 0.00 SEC ID: 996085247 5/20/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/20/2004 B DREYFUS TREASURY CASH MGMT 5/24/2004 1.0000 1,701,645.000 1,701,645.00 -1,701,645.00 0 .00 SEC ID: 996085247 5/24/2004 OCSF07511102: LIQUID OPER-PIMCO 5/24/2004 B DREYFUS TREASURY CASH MGMT 5/25/2004 1.0000 174,559.640 174,559.64 -174,559.64 0.00 SEC ID: 996085247 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/25/2004 B DREYFUS TREASURY CASH MGMT 5/26/2004 1.0000 1,061,114.730 1,061,114.73 -1,061,114.73 0.00 SEC ID: 996085247 5/26/2004 OCSF07511 102 : LIQUID OPER-PIMCO 5/26/2004 B DREYFUS TREASURY CASH MGMT 5/27/2004 1.0000 1,509,372.220 1,509,372.22 -1,509,372.22 0.00 SEC ID: 996085247 5/27/2004 OCSF07511102: LIQUID OPER-PIMCO 5/27/2004 B BSDT-LATE MONEY DEPOSIT ACCT 5/25/2004 1.0000 160,608.060 160,608.06 -160,608.06 0.00 SEC ID: 996087094 5/25/2004 OCSF07511102: LlQUID OPER-PIMCO 5/25/2004 TOTAL CASH & CASH EQUIVALENTS U.S. DOLLAR: 441,411,288.720 441,283,755.62 -441,283,755.62 0.00 TOTAL CASH & CASH EQUIVALENTS BASE: 441,411,288.720 441,283,755.62 -441,283, 755.62 0.00 FIXED INCOME SECURITIES U.S. DOLLAR B FNMA GTD REMIC P /T 02-76 PD 5.000% 5/6/2004 102.0000 900,000.000 918,000.00 -918,000.00 0.00 08/25/2022 DD 10/01 /02 5/11/2004 SEC ID: 31392FKF3 5/6/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 8 Workbench @ I Transaction Detail Report ID: EWB009° Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLI DATE Dnnm2 7 6n nnnonrmn 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amouiit Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IB FNMA GTD REMIC P /T 02-76 PD 5.000% 5/6/2004 102.0000 0.000 0.00 -1,250.00 0.00 08/25/2022 DD 10/01/02 5/11/2004 SEC ID: 31392FKF3 5/6/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO B US TREASURY NOTES 2.250%04/30/2006 DD 5/20/2004 99.5000 33,000,000.000 32,835,000.00 -32,835,000.00 0.00 04/ 30/04 5/21/2004 SEC ID: 9 12828CFS 5/20/2004 BROKER: MERRTLL LYNCH PIERCE FENNER SMITH INC NY OCSF07522202 : LONG TERM OPER-PIMCO IB US TREASURY NOTES 2.250% 04/30/2006 DD 5/20/2004 99.5000 0.000 0.00 -42,370.92 0.00 04/30/04 5/21/2004 SEC ID: 9 12828CF5 5/20/2004 BROKER: MERRlLL LYNCH PIERCE FENNER SMITH INC NY OCSF07522202 : LONG TERM OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: 33,900,000.000 33,753,000.00 -33, 796,620.92 0.00 TOTAL FIXED INCOME SECURITIES BASE: 33,900,000.000 33,753,000.00 -33,796,620.92 0.00 TOTAL PURCHASES BASE: 475,311,288.720 475,036,755.62 -475,080,376.54 0.00 SALES CASH & CASH EQUIVALENTS U.S. DOLLAR s FEDERAL HOME LN BK CONS DISC N MAT 5/21/2004 99.6276 -1,500,000.000 -1,494,413.75 1,494,413.75 0.00 08/27/2004 5/21/2004 SEC ID: 313384D63 5/21/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL HOME LN BK CONS DISC N MAT 5/21/2004 99.6276 0.000 0.00 849.58 0.00 08/27/2004 5/21/2004 SEC ID: 313384D63 5/21/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30:llAM PDT 9 Workbench @ ' Transaction Detail ReportID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCS D-CONSOLI DATE D[Il]JI2 J 6 [1 CIIJJ[IOJCIO 5/3/2004 -5/28/2004 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 BKS CONS DISC 5/21/2004 99.9398 -2, 100,000.000 -2,098,735.92 2,098,735.92 0.00 06/09/2004 5/21/2004 SEC ID: 313384XX2 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL HOME LN BKS CONS DISC 5/21/2004 99.9398 0.000 0.00 211.16 0.00 06/09/2004 5/21/2004 SEC ID: 313384XX2 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TE~M OPER-PIMCO s FEDERAL HOME LN MTG CORP DISC 5/21/2004 99.7291 -300,000.000 -299,187.33 299,187.33 0.00 08/03/2004 5/21/2004 SEC ID: 313396A60 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL HOME LN MTG CORP DISC 5/21/2004 99.7291 0.000 0.00 140.50 0.00 08/03/2004 5/21/2004 SEC ID: 313396A60 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO s FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.7343 -3,900,000.000 -3,889,635.75 3,889,635.75 0.00 08/04/2004 5/21/2004 SEC ID: 313588A70 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.7343 0.000 0.00 1,426.75 0.00 08/04/2004 5/21/2004 SEC ID: 313588A70 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO s FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.6329 -500,000.000 -498,164.44 498,164.44 0.00 09/01/2004 5/21/2004 SEC ID: 313588E35 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202 : LONG TERM OPER-PIMCO IS FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.6329 0.000 0.00 219.03 0.00 09/01/2004 5/21/2004 SEC ID: 313588E35 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30:llAM PDT 10 Workbench @ r Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATEDorn:21] 60 ••••mm• 5/3/2004 -5/28/2004 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 NATL MTG ASSN DISC NTS MAT 5/21/2004 99.5857 -3,900,000.000 -3,883,841.00 3,883,841.00 0.00 09/08/2004 5/21/2004 SEC ID: 313588F26 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL NATL MTG ASSN DISC NTS MAT 5/21/2004 99.5857 0.000 0.00 2,216.50 0.00 09/08/2004 5/21/2004 SEC ID: 313588F26 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TE:RM OPER-PIMCO s FEDERAL NATL MTG ASSN DISCOUNT MAT 5/13/2004 99.7447 -3,500,000.000 -3,491,064.31 3,491,064.31 0.00 06/02/2004 5/13/2004 SEC ID: 313588XQ3 5/13/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL NATL MTG ASSN DISCOUNT MAT 5/13/2004 99.7447 0.000 0.00 7,051.52 0.00 06/02/2004 5/13/2004 SEC ID: 313588XQ3 5/13/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07522202: LONG TERM OPER-PIMCO s FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.6721 -8,800,000.000 -8,771,142.87 8,771,142.87 0.00 07/01/2004 5/21/2004 SEC ID: 313588YV1 5/21/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.6721 0.000 0.00 18,885.02 0.00 07/01/2004 5/21/2004 SEC ID: 313588YV1 5/21/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07522202: LONG TERM OPER-PIMCO s FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.7068 -1,100,000.000 -1,096,774.56 1,096,774.56 0.00 07/14/2004 5/21/2004 SEC ID: 313588ZJ7 5/21/2004 BROKER: GOLDMAN SACHS & CO, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.7068 0.000 0.00 1,509.44 0.00 07/14/2004 5/21/2004 SEC ID: 313588ZJ7 5/21/2004 BROKER: GOLDMAN SACHS & CO, NY OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30:llAM PDT 11 Workbench @ I Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLI DATE DJilll!2 Cl 60 00000]00 5/3/2004 -5/28/2004 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 NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.7355 -5,100,000.000 -5,086,510.55 5,086,510.55 0.00 07/28/2004 5/21/2004 SEC ID: 3135882Y4 5/21/2004 BROKER: GOLDMAN SACHS & CO, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL NATL MTG ASSN DISCOUNT MAT 5/21/2004 99.7355 0.000 0.00 3,085.45 0.00 07/28/2004 5/21/2004 SEC ID: 3135882Y4 5/21/2004 BROKER: GOLDMAN SACHS & CO, NY OCSF07522202: LONG TERM OPER-PIMCO s GENERAL ELEC CAP DISC 07/08/2004 5/21/2004 99.6678 -500,000.000 -498,338.89 498,338.89 0.00 SEC ID: 36959HG84 5/21/2004 BROKER: CREDIT SUISSE FIRST BOSTON 5/21/2004 CORP, NY OCSF07522202: LONG TERM OPER-PIMCO IS GENERAL ELEC CAP DISC 07/08/2004 5/21/2004 99.6678 0.000 0.00 954.44 0.00 SEC ID: 36959HG84 5/21/2004 BROKER: CREDIT SUISSE FIRST BOSTON 5/21/2004 CORP, NY OCSF07522202 : LONG TERM OPER-PIMCO s GENERAL ELEC CAP DISC 07/09/2004 5/21/2004 99.7615 -700,000.000 -698,330.50 698,330.50 0.00 SEC ID: 36959HG92 5/21/2004 BROKER: CREDIT SUISSE FIRST BOSTON 5/21/2004 CORP, NY OCSF07522202: LONG TERM OPER-PIMCO IS GENERAL ELEC CAP DISC 07/09/2004 5/21/2004 99.7615 0.000 0.00 659.56 0.00 SEC ID: 36959HG92 5/21/2004 BROKER: CREDIT SUISSE FIRST BOSTON 5/21/2004 CORP, NY OCSF07522202: LONG TERM OPER-PIMCO s CS FOB CAT 2 REPO 00.900% 05/03/2004 DD 5/3/2004 100.0000 -18,600,000.000 -18,600,000.00 18,600,000.00 0.00 04/30/04 5/3/2004 SEC ID: 99419R230 5/3/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 12 Workbench Transaction Detail Report ID: EWB009. ' @ I Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE Dcm:2D 6C.l C.l•D•DfJ [IIJ 5/3/2004-5/28/2004 Status: FINAL Trade Date .. Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IS CS FOB CAT 2 REPO 00.900% 05/03/2004 DD 5/3/2004 100.0000 0.000 0.00 1,395.00 0.00 04/30/04 5/3/2004 SEC ID: 99419R230 5/3/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s CS FOB CAT 2 REPO 00.920% 05/04/2004 DD 5/4/2004 100.0000 -15,800,000.000 -15,800,000.00 15,800,000.00 0.00 05/03/04 5/4/2004 SEC ID: 99419S774 5/4/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CS FOB CAT 2 REPO 00.920% 05/04/2004 DD 5/4/2004 100.0000 0.000 0.00 403.78 0.00 05/03/04 5/4/2004 SEC ID: 99419S774 5/4/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.870% 05/05/2004 5/5/2004 100.0000 -18,300,000.000 -18,300,000.00 18,300,000.00 0.00 DD 05/04/04 5/5/2004 SEC ID: 994190654 5/5/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CREDIT SUISSE FB REPO 00.870% 05/05/2004 5/5/2004 100.0000 0.000 0.00 442.25 0.00 DD 05/04/04 5/5/2004 SEC ID: 99419U654 5/5/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s CS FOB CAT 2 REPO 00.870% 05/06/2004 DD 5/6/2004 100.0000 -20,500,000.000 -20,500,000.00 20,500,000.00 0.00 05/05/04 5/6/2004 SEC ID: 99419V678 5/6/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CS FOB CAT 2 REPO 00.870%05/06/2004 DD 5/6/2004 100.0000 0.000 0.00 495.42 0.00 05/05/04 5/6/2004 SEC ID: 99419V678 5/6/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30:llAM PDT 13 Workbench - @ ' Transaction Detail ReportID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLI DATE DOlllJi2 ~J 60 orn:n:n :mo 5/3/2004 -5/28/2004 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 00.860% 05/07/2004 DD 5/7/2004 100.0000 -18,000,000.000 -18,000,000.00 18,000,000.00 0.00 05/06/04 5/7/2004 SEC ID: 994I9-Xl79 5/7/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102 : LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.860% 05/07/2004 DD 5/7/2004 100.0000 0.000 0.00 430.00 0.00 05/06/04 5/7/2004 SEC ID: 994-19X179 5/7/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID ORER-PIMCO s LEHMAN CAT 2 REPO 00.860% 05/10/2004 DD 5/10/2004 100.0000 -18,500,000.000 -18,500,000.00 18,500,000.00 0.00 05/07 /04 5/10/2004 SEC ID: 99419Y805 5/10/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.860% 05/10/2004 DD 5/10/2004 100.0000 0.000 0.00 1,325.83 0.00 05/07/04 5/10/2004 SEC ID: 99419¥805 5/10/2004 BROKER LEHMAN GOVT SECS INC, NY OCSF07511102 : LIQUID OPER-PIMCO s CS FOB CAT 2 REPO 00.880% 05/11/2004 DD 5/11/2004 100.0000 -18,500,000.000 -18,500,000.00 18,500,000.00 0.00 05/10/04 5/11/2004 SEC ID: 99420A366 5/11/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CS FOB CAT 2 REPO 00.880% 05/11/2004 DD 5/11/2004 100.0000 0.000 0.00 452.22 0.00 05/ 10/04 5/11/2004 SEC ID: 99420A366 5/11/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s CS FOB CAT2 REPO 00.870%05/12/2004 DD 5/12/2004 100.0000 -13,500,000.000 -13,500,000.00 13,500,000.00 0.00 05/ 11/04 5/12/2004 SEC ID: 99420B521 5/12/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 14 Workbench @ I Transaction Detail Report ID: EWBoog· Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATEDJ[]]][2 0 60 00000000 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IS CS FOB CAT2 REPO 00.870%05/12/2004 DD 5/12/2004 100.0000 0.000 0.00 326.25 0.00 05/ 11/04 5/12/2004 SEC ID: 994208521 5/12/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.860% 05/13/2004 DD 5/13/2004 100.0000 -20,000,000.000 -20,000,000.00 20,000,000.00 0.00 05/12/04 5/13/2004 SEC TD: 99420C94 l 5/13/2004 BROKER: LEHMAN GOVT S.ECS INC, NY OCSF07511102: LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.860% 05/13/2004 DD 5/13/2004 100.0000 0.000 0.00 ' 477.78 0.00 05/12/04 5/13/2004 SEC ID: 99420C941 5/13/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO s CS FOB CAT 2 REPO 00.860% 05/14/2004 DD 5/14/2004 100.0000 -20,000,000.000 -20,000,000.00 20,000,000.00 0.00 05/ 13/04 5/14/2004 SEC ID: 99420E400 5/14/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CS FOB CAT2 REPO 00.860%05/14/2004 DD 5/14/2004 100.0000 0.000 0.00 477.78 0.00 05/13/04 5/14/2004 SEC ID: 99420E400 5/14/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.920% 05/17/2004 5/17/2004 100.0000 -20,000,000.000 -20,000,000.00 20,000,000.00 0.00 DD 05/14/04 5/17/2004 SEC ID: 99'420G009 5/17/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CREDIT SUISSE FB REPO 00.920% 05/17/2004 5/17/2004 100.0000 0.000 0.00 1,533.33 0.00 DD 05/14/04 5/17/2004 SEC ID: 99420G009 5/17/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9;30:llAM PDT 15 Workbench @ I Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCS D-CONSOLIDATE DJl][]2 J 60 ••JrJDJ •IJ 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s CREDIT SUISSE FB REPO 00.990% 05/18/2004 5/18/2004 100.0000 -20,000,000.000 -20,000,000.00 20,000,000.00 0.00 DD 05/17 /04 5/18/2004 SEC ID: 99420H601 5/18/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CREDIT SUISSE FB REPO 00.990% 05/18/2004 5/18/2004 100.0000 0.000 0.00 550.00 0.00 DD 05/17/04 5/18/2004 SEC ID: 99420H601 5/18/2004 BROKER: CREDIT SUISSE flRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.950% 05/19/2004 5/19/2004 100.0000 -19,500,000.000 -19,500,000.00 19,500,000.00 0.00 DD 05/18/04 5/19/2004 SEC ID: 99420J946 5/19/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF0751 ll02: LIQUID OPER-PIMCO IS CREDIT SUISSE FB REPO 00.950% 05/19/2004 5/19/2004 100.0000 0.000 0.00 514.58 0.00 DD 05/18/04 5/19/2004 SEC ID: 99420J946 5/19/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.910% 05/20/2004 5/20/2004 100.0000 -20,000,000.000 -20,000,000.00 20,000,000.00 0.00 DD 05/19/04 5/20/2004 SEC ID: 99420L545 5/20/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CREDIT SUISSEFB REPO 00.910%05/20/2004 5/20/2004 100.0000 0.000 0.00 505.56 0.00 DD 05/19/04 5/20/2004 SEC ID: 99420L545 5/20/2004 BROKER; CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.950% 05/21/2004 DD 5/21/2004 100.0000 -20,000,000.000 -20,000,000.00 20,000,000.00 0.00 05/20/04 5/21/2004 SEC ID: 99420N004 5/21/2004 BROKER: LEHMr,i•; -~U'·."" 81!:CS INC, NY OCSF07511102: LlQU!D OPER-PIMCO 6/8/2004 9:30:llAM PDT 16 Workbench @ ' Transaction Detail Report ID: EWB009" Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE Dmrn 7 6n r-1mm1-, -mn 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IS LEHMAN CAT 2 REPO 00.950% 05/21/2004 DD 5/21/2004 100.0000 0.000 0.00 527.78 0.00 05/20/04 5/21/2004 SEC ID: 99420N004 5/21/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO s LEHMAN CAT2 REPO 00.940%05/24/2004 DD 5/24/2004 100.0000 -18,000,000.000 -18,000,000.00 18,000,000.00 0.00 05/21/04 5/24/2004 SEC ID: 99420P553 5/24/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID Ol;'ER-PIMCO IS LEHMAN CAT2 REPO 00.940%05/24/2004 DD 5/24/2004 100.0000 0.000 0.00 1,410.00 0.00 05/ 21/04 5/24/2004 SEC ID: 99420P553 5/24/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.940% 05/24/2004 DD 5/24/2004 100.0000 -3,000,000.000 -3,000,000.00 3,000,000.00 0.00 05/ 21/04 5/24/2004 SEC ID: 99420P553 5/24/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.940% 05/24/2004 DD 5/24/2004 100.0000 0.000 0.00 235.00 0.00 05/21/04 5/24/2004 SEC ID: 99420P553 5/24/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO s CREDIT SUISSE FB REPO 00.940%05/25/2004 5/25/2004 100.0000 -19,300,000.000 -19,300,000.00 19,300,000.00 0.00 DD 05/24/04 5/25/2004 SEC ID: 99420R203 5/25/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CREDIT SUISSE FB REPO 00.940%05/25/2004 5/25/2004 100.0000 0.000 0.00 503.94 0.00 DD 05/24/04 5/25/2004 SEC ID: 99420R203 5/25/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 17 Workbench @ I 'li"itt,i t;I., \ V • · Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE DCITil2 0 60 OO •rJ•]•IJ 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base s CREDIT SUISSE FB REPO 00.950%05/26/2004 5/26/2004 100.0000 -19,200,000.000 -19,200,000.00 19,200,000.00 0.00 DD 05/25/04 5/26/2004 SEC ID: 99420R526 5/26/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO IS CREDIT SUISSE FB REPO 00.950% 05/26/2004 5/26/2004 100.0000 0.000 0.00 506.67 0.00 DD 05/25/04 5/26/2004 SEC ID: 99420R526 5/26/2004 BROKER: CREDIT SUISSE FIRST BOSTON CORP, NY OCSF07511102: LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.940% 05/27/2004 DD 5/27/2004 100.0000 -20,000,000.000 -20,000,000.00 20,000,000.00 0.00 05/26/04 5/27/2004 SE:C ID: 99420U099 5/27/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.940% 05/27/2004 DD 5/27/2004 100.0000 0.000 0.00 522.22 0.00 05/26/0'1 5/27/2004 SEC ID: 99420 0099 5/27/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO s LEHMAN CAT 2 REPO 00.920% 05/28/2004 DD 5/28/2004 100.0000 -15 ,500,000.000 -15,500,000.00 15,500,000.00 0.00 05/27/04 5/28/2004 SEC ID: 99420V519 5/28/2004 BROKER: LEHMAN GOVT SECS INC, NY OCSF07511102: LIQUID OPER-PIMCO IS LEHMAN CAT 2 REPO 00.920% 05/28/2004 DD 5/28/2004 100.0000 0.000 0.00 396.11 0.00 05/27/04 5/28/2004 SEC ID: 99420V519 5/28/2004 BROKER: L"El:IMAN GOVT SECS INC, NY OCSF07511102 : LIQUID OPER-PIMCO s DREYFUS TREASURY CASH MGMT 5/3/2004 1.0000 -236, 187.330 -236, 187 .33 236,187.33 0.00 SEC ID: 996085247 5/3/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/3/2004 s DREYFUS TREASURY CASH MGMT 5/7/2004 1.0000 -499,570.000 -499,570.00 499,570.00 0.00 SEC ID: 996085247 5/7/2004 OCSF07511102: LIQUID OPER-PIMCO 5/7/2004 6/8/2004 9:30:llAM PDT 18 Workbench @ I Transaction Detail Report ID: EWB009° . Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE D7Jlflf2 7 6n monn::mn 5/3/2004 -5/28/2004 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 MGMT 5/11/2004 1.0000 -919,250.000 -919,250.00 919,250.00 0.00 SEC ID: 996085247 5/11/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/11/2004 s DREYFUS TREASURY CASH MGMT 5/18/2004 1.0000 -2,082,4 77.870 -2,082,477.87 2,082,477.87 0.00 SEC ID: 996085247 5/18/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/18/2004 s DREYFUS TREASURY CASH MGMT 5/19/2004 1.0000 -74,085.050 -74,085.05 74,085.05 0.00 SEC ID: 996085247 ' 5/19/2004 OCSF07511102: LIQUID OPER-PIMCO 5/19/2004 s DREYFUS TREASURY CASH MGMT 5/21/2004 1.0000 -792,507.220 -792,507.22 792,507.22 0.00 SEC ID: 996085247 5/21/2004 OCSF07511102: LIQUID OPER-PIMCO 5/21/2004 s DREYFUS TREASURY CASH MGMT 5/21/2004 1.0000 -298,937.930 -298,937.93 298,937.93 0.00 SEC ID: 996085247 5/21/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/21/2004 s DREYFUS TREASURY CASH MGMT 5/25/2004 1.0000 -2,043,024.120 -2,043,024.12 2,043,024.12 0.00 SEC ID: 996085247 5/25/2004 OCSF07511102: LIQUID OPER-PIMCO 5/25/2004 s DREYFUS TREASURY CASH MGMT 5/28/2004 1.0000 -2,399,603.890 -2,399,603.89 2,399,603.89 0.00 SEC ID: 996085247 5/28/2004 OCSF07511102: LIQUID OPER-PIMCO 5/28/2004 s BSDT-LATE MONEY DEPOSIT ACCT 5/26/2004 1.0000 -160,608.060 -160,608.06 160,608.06 0.00 SEC ID: 996087094 5/26/2004 OCSF07511102: LIQUID OPER-PIMCO 5/26/2004 TOTAL CASH & CASH EQUIVALENTS U.S. DOLLAR: -417,606,251.470 -417,512,391.34 417,563,031.79 0.00 TOTAL CASH & CASH EQUIVALENTS BASE: -417,606,251.470 -417,512,391.34 417,563,031.79 0.00 FIXED INCOME SECURITIES U.S. DOLLAR 6/8/2004 9:30: 11AM PDT 19 Workbench @ I Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLI DATE DDrnl2 0 60 o•o••oo• 5/3/2004 -5/28/2004 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 BOS 7.125% 5/21/2004 103.9300 -4,000,000.000 -4,265,400.00 4,157,200.00 -108,200.00 02/15/2005 DD 02/08 /00 5/21/2004 SEC ID: 3133MAUN7 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TERM OPER-PIMCO IS FEDERAL HOME LN BK CONS BOS 7.125% 5/21/2004 103.9300 0.000 0.00 76,000.00 0.00 02/ 15/2005 DD 02/08 /00 5/21/2004 SEC ID: 3133MAUN7 5/21/2004 BROKER: MORGAN STANLEY & CO INC, NY OCSF07522202: LONG TER,M OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: -4,000,000.000 -4,265,400.00 4,233,200.00 -108,200.00 TOTAL FIXED INCOME SECURITIES BASE: -4,000,000.000 -4,265,400.00 4,233,200.00 -108,200.00 TOTAL SALES BASE: -421,606,251.470 -421,777,791.34 421,796,231.79 -108,200.00 PRINCIPAL PAYMENTS FIXED INCOME SECURITIES U.S. DOLLAR PD GNMA GTD REMIC TR 2000-9 FH VAR RT 5/16/2004 100.0000 -24,295.180 -24,295.18 24,295.18 0.00 02/16/2030 5/16/2004 SEC ID: 3837H4NX9 5/16/2004 OCSF07522202 : LONG TERM OPER-PIMCO PD RESIDENTIAL ASSET 03-RSl 1 AIIB VAR RT 5/25/2004 100.0000 -24,549.820 -24,549.82 24,549.82 0.00 12/25/2033 DD 12/30 /03 5/25/2004 SEC ID: 760985K83 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: -48,845.000 -48,845.00 48,845.00 0.00 TOTAL FIXED INCOME SECURITIES BASE: -48,845.000 -48,845.00 48,845.00 0.00 TOTAL PRINCIPAL PAYMENTS BASE: -48,845.000 -48,845.00 48,845.00 0.00 MATURITIES CASH & CASH EQUIVALENTS U.S. DOLLAR 6/8/2004 9:30:llAM PDT 20 Workbench @ I Transaction Detail Report ID: EWB009° , Mellon Reported by Transaction Category Base Currency: USD ocs D-CONSOLI DATE DOllili2 7 6n •n!lmnn, J 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base MT FEDERAL HOME LN BKS CONS DISC MAT 5/5/2004 100.0000 -2,500,000.000 -2,493,585.76 2,493,585.76 0.00 05/05/2004 5/5/2004 SEC ID: 313384WL9 5/5/2004 OCSF07511102 : LIQUID OPER-PIMCO MT FEDERAL HOME LN BK CONS DISC N MAT 5/18/2004 100.0000 -1,000,000.000 -999,972.22 999,972.22 0.00 05/18/2004 5/18/2004 SEC ID: 313384WZ8 5/18/2004 OCSF07511102: LIQUID OPER-PIMCO MT FEDERAL HOME LN BK CONS DISC MAT 5/19/2004 100.0000 -2,000,000.000 -1,988,625.00 1,988,625.00 0.00 05/19/2004 ' 5/19/2004 SEC ID: 313384XA2 5/19/2004 OCSF07511102: LIQUID OPER-PIMCO MT FEDERAL HOME LN BK CONS DISC N MAT 5/26/2004 100.0000 -1,700,000.000 -1,695,702.78 1,695,702.78 0.00 05/26/2004 5/26/2004 SEC ID: 313384XH7 5/26/2004 OCSF07511102: LIQUID OPER-PIMCO MT FEDERAL HOME LN BK CONS DISC N MAT 5/28/2004 100.0000 -3,000,000.000 -2,992,750.00 2,992,750.00 0.00 05/28/2004 5/28/2004 SEC ID: 313384XKO 5/28/2004 OCSF07511102 : LIQUID OPER-PIMCO MT FEDERAL HOME LN MTG CORP DISC MAT 5/4/2004 100.0000 -2,500,000.000 -2,493,625.00 2,493,625.00 0.00 5/4/2004 5/4/2004 SEC ID: 313396WK5 5/4/2004 OCSF07511102: LIQUID OPER-PIMCO MT FEDERAL HOME LN MTG CORP DISC MAT 5/18/2004 100.0000 -6,000,000.000 -5,986,333.33 5,986,333.33 0.00 05/18/2004 5/18/2004 SEC ID: 313396WZ2 5/18/2004 OCSF07511102: LIQUID OPER-PIMCO MT FEDERAL HOME LN MTG CORP DISC MAT 5/25/2004 100.0000 -2,000,000.000 -1,994,944.44 1,994,944.44 0.00 05/25/2004 5/25/2004 SEC ID: 313396XG3 5/25/2004 OCSF07511102: LIQUID OPER-PIMCO MT FEDERAL NATL MTG ASSN DISCOUNT MAT 5/12/2004 100.0000 -6,500,000.000 -6,483,930.56 6,483,930.56 0.00 05/12/2004 5/12/2004 SEC ID: 313588WT8 5/12/2004 OCSF07511102 : LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 21 Workbench @ I Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATED".m"2 7 6tlfll77rJlnnn 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base MT FEDERAL NATL MTG ASSN DISCOUNT MAT 5/19/2004 100.0000 -9,000,000.000 -8,971,301.67 8,971,301.67 0.00 05/19/2004 5/19/2004 SEC ID: 313588XA8 5/19/2004 OCSF07511102 : LIQUID OPER-PIMCO MT US TREASURY BILL 0.000% 05/06/2004 DD 5/6/2004 100.0000 -4,400,000.000 -4 ,377 ,207 .88 4,377,207.88 0.00 11/06/03 5/6/2004 SEC ID: 912795PX3 5/6/2004 OCSF07522202: LONG TERM OPER-PIMCO TOTAL CASH & CASH EQUIVALENTS U.S. DOLLAR: -40,600,000.000 -40,477,978.64 40,477,978.64 0.00 TOTAL CASH & CASH EQUIVALENTS BASE: -40,600,000.000 -40,477,978.64 40,47_7,978.64 0.00 FIXED INCOME SECURITIES U.S. DOLLAR MT GENERAL ELEC CAP MTN #TR 00448 7.250% 5/3/2004 100.0000 -180,000.000 -183,801.60 180,000.00 -3,801.60 05/03/2004 DD 05/01 /00 5/3/2004 SEC ID: 36962GUR3 5/3/2004 OCSF07511102: LIQUID OPER-PIMCO MT GENERAL ELEC CAP MTN #TR 00545 VAR RT 5/20/2004 100.0000 -1,000,000.000 -1,001,089.00 1,000,000.00 -1,089.00 05/20/2004 DD 05/20 /02 5/20/2004 SEC ID: 36962GYS7 5/20/2004 OCSF07511102 : LIQUID OPER-PIMCO MT US BANCORP MTN #TR 00119 6.000% 5/15/2004 100.0000 -1,000,000.000 -1,046,310.00 1,000,000.00 -46,310.00 05/15/2004 DD OS/ 10 /99 5/15/2004 SEC ID: 91159REY2 5/15/2004 OCSF0751 l 102 : LIQUID OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: -2, 180,000.000 -2,231,200.60 2,180,000.00 -51,200.60 TOTAL FIXED INCOME SECURITIES BASE: -2, 180,000.000 -2,231,200.60 2,180,000.00 -51,200.60 TOTAL MATURITIES BASE: -42, 780,000.000 -42,709,179.24 42,657,978.64 -51,200.60 INTEREST CASH & CASH EQUIVALENTS U.S. DOLLAR 6/8/2004 9:30: 11AM PDT 22 Workbench @ I Transaction Detail Report ID: EWB009' < Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATED'lllnl:l?1.16n nno••n nrJ 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT FEDERAL HOME LN BKS CONS DISC MAT 5/5/2004 2,500,000.000 6,414.24 6,414.24 0.00 05/05/2004 5/5/2004 SEC ID: 313384WL9 5/5/2004 OCSF07511102: LIQUID OPER-PIMCO IT FEDERAL HOME LN BK CONS DISC N MAT 5/18/2004 1,000,000.000 27.78 27.78 0.00 05/18/2004 5/18/2004 SEC ID: 313384WZ8 5/18/2004 OCSF07511102: LIQUID OPER-PIMCO IT FEDERAL HOME LN BK CONS DISC MAT 5/19/2004 2,000,000.000 11,375.00 11,375.00 0.00 05/19/2004 ' 5/19/2004 SEC ID: 313384XA2 5/19/2004 OCSF07511102: LIQUID OPER-PIMCO IT FEDERAL HOME LN BK CONS DISC N MAT 5/26/2004 1,700,000.000 4,297.22 4,297.22 0.00 05/26/2004 5/26/2004 SEC ID: 313384XH7 5/26/2004 OCSF07511102: LIQUID OPER-PIMCO IT FEDERAL HOME LN BK CONS DISC N MAT 5/28/2004 3,000,000.000 7,250.00 7,250.00 0.00 05/28/2004 5/28/2004 SEC ID: 313384XKO 5/28/2004 OCSF07511102: LIQUID OPER-PIMCO IT FEDERAL HOME LN MTG CORP DISC MAT 5/4/2004 2,500,000.000 6,375.00 6,375.00 0.00 5/4/2004 5/4/2004 SEC ID: 313396WK5 5/4/2004 OCSF0751 l 102: LIQUID OPER-PIMCO IT FEDERAL HOME LN MTG CORP DISC MAT 5/18/2004 6,000,000.000 13,666.67 13,666.67 0.00 05/18/2004 5/18/2004 SEC ID: 313396WZ2 5/18/2004 OCSF07511102: LIQUID OPER-PIMCO IT FEDERAL HOME LN MTG CORP DISC MAT 5/25/2004 2,000,000.000 5,055.56 5,055.56 0.00 05/25/2004 5/25/2004 SEC ID: 313396XG3 5/25/2004 OCSF07511102: LIQUID OPER-PIMCO IT FEDERAL NATL MTG ASSN DISCOUNT MAT 5/12/2004 6,500,000.000 16,069.44 16,069.44 0.00 05/12/2004 5/12/2004 SEC ID: 313588WT8 5/12/2004 OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 23 Workbench @ I Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATEDCITJl2 0 60 [J•:::l•ITJ[JO 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT FEDERAL NATL MTG ASSN DISCOUNT MAT 5/19/2004 9,000,000.000 28,698.33 28,698.33 0.00 05/19/2004 5/19/2004 SEC ID: 313588XA8 5/19/2004 OCSF07511102: LIQUID OPER-PIMCO IT US TREASURY BILL 0.000% 05/06/2004 DD 5/6/2004 4,400,000.000 22,792.12 22,792.12 0.00 11/06/03 5/6/2004 SEC ID: 912795PX3 5/6/2004 OCSF07522202: LONG TERM OPER-PIMCO IT DREYFUS TREASURY CAS!1 MGMT 5/4/2004 0.000 814.97 814.97 0.00 SEC JD: 996085247 5/1/2004 OCSF07522202: LONG TERM OPER-PIMCO 5/4/2004 IT DREYFUS TREASURY CASH MGMT 5/4/2004 0.000 1,940.26 1,940.26 0.00 SEC JD: 996085247 5/1/2004 OCSF07511102 : LIQUID OPER-PIMCO 5/4/2004 TOTAL CASH & CASH EQUIVALENTS U.S. DOLLAR: 40,600,000.000 124,776.59 124,776.59 0.00 TOTAL CASH & CASH EQUIVALENTS BASE: 40,600,000.000 124,776.59 124,776.59 0.00 FIXED INCOME SECURITIES U.S. DOLLAR IT ALLSTATE CORP SR NT 7.875%05/01/2005 DD 5/3/2004 1,600,000.000 63,000.00 63,000.00 0.00 05/01/00 5/1/2004 SEC ID: 020002AL5 5/3/2004 OCSF07522202: LONG TERM OPER-PIMCO IT ASSOCIATES CORP NA MTN SR00043 7.920% 5/3/2004 100,000.000 3,960.00 3,960.00 0.00 07/13/2004 DD 07 / 13 /94 5/1/2004 SEC ID: 045906BU7 5/3/2004 OCSF07511102: LIQUID OPER-PIMCO IT FHLMC GROUP#G4-0353 7.500% 10/01/2004 5/17/2004 29.560 153.68 153.68 0.00 DD 03/01/99 5/1/2004 SEC ID: 3128DBMA2 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FHLMC MULTICLASS MTG SER E3 A VAR RT 5/18/2004 16,262.650 3,196.18 3,196.18 0.00 08/15/2032 DD 12/01 /97 4/1/2004 SEC ID: 3133TCE95 5/18/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30:llAM PDT 24 Workbench @ I Transaction Detail Report ID: EWB009' ✓ Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE Dr:m::2 :J 6r I ,mcmn7nn 5/3/2004 -5/28/2004 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 GROUP #78-6064 6.384% 01/01/2028 5/17/2004 1,755.750 214.94 214.94 0.00 DD 12/01/97 4/1/2004 SEC ID: 31348SWZ3 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0254510 5.000% 11/01/2017 5/25/2004 31,900.080 3,252.72 3,252.72 0.00 DD 10/01/02 5/1/2004 SEC ID: 31371KVB4 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0254631 5,-000% 02/01/2018 5/25/2004 5,701.020 694.56 694.56 0.00 DD 01/01/03 5/1/2004 SEC ID: 31371KY47 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0254760 5.000% 06/01/2018 5/25/2004 5,756.190 625.22 625.22 0.00 DD 05/01/03 5/1/2004 SEC ID: 31371 K5V9 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0254866 5.000% 09/01/2018 5/25/2004 2,160.790 276.49 276.49 0.00 DD 08/01/03 5/1/2004 SEC ID: 31371LCB3 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0254953 5.000% 11/01/2018 5/25/2004 12,037.280 1,453.55 1,453.55 0.00 DD 10/01/03 5/1/2004 SEC ID: 31371LE21 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0254987 5.000% 12/01/2018 5/25/2004 32,736.680 3,924.10 3,924.10 0.00 DD 11 /01/03 5/1/2004 SEC ID: 31371LF46 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0323980 6.000%04/01/2014 5/25/2004 7,022.050 925.24 925.24 0.00 DD 09/01/99 5/1/2004 SEC ID: 31374T2MO 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0357328 5.000%01/01/2018 5/25/2004 1,640.380 122.08 122.08 0.00 DD 01 /01/03 5/1/2004 SEC ID: 31376J4M8 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 25 Workbench @ I Transaction Detail ReportlD: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE D7/llll1? 7 6ll nn1nw1r 1r1 5/3/2004 -5/28/2004 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 #0357430 5.000%09/01/2018 5/25/2004 50,203.420 6,250.93 6,250.93 0.00 DD 09/01/03 5/1/2004 SEC ID: 31376KA71 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL #0456482 6.000% 02/01/2014 5/25/2004 3,204.470 277.24 277.24 0.00 DD 02/01/99 5/1/2004 SEC ID: 31381 CCT2 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0509649 6,-000%09/01/2014 5/25/2004 1,029.300 737.56 737.56 0.00 DD 09/01/99 5/1/2004 SEC ID: 31383QEWO 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0535451 6.000% 06/01/2015 5/25/2004 7,389.430 730.67 730.67 0.00 DD 07 /01/00 5/1/2004 SEC ID: 31384 VZQ8 5/25/2004 OCSF07522202: LONG TERM OPER -PIMCO IT FNMA POOL #0535672 6.000% 01/01/2016 5/25/2004 153,302.260 15,762.18 15,762.18 0.00 DD 12/01/00 5/1/2004 SEC ID: 31384WCH1 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL #0545296 6.000% 11/01/2016 5/25/2004 52,579.880 5,036.30 5,036.30 0.00 DD 10/01/01 5/1/2004 SEC ID: 31385HXZO 5/25/2004 OCSF07522202: LONG TERM OPER -PIMCO IT FNMA POOL #0545580 6.000% 03/01/2017 5/25/2004 5,033.410 417.72 417.72 0.00 DD 03/01/02 5/1/2004 SEC ID: 31385JCR7 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0555101 6.000% 10/01/2017 5/25/2004 8,224.690 771.48 771.48 0.00 DD 11 /01/02 5/1/2004 SEC ID: 31385WU23 5/25/2004 OCSF0752 2202: LONG TERM OPER-PIMCO IT FNMA POOL #0555363 5.000% 04/01/2018 5/25/2004 13,471.840 1,494.46 1,494.46 0.00 DD 03/01/03 5/1/2004 SEC ID: 31385W5Yl 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 26 Workbench ® I Transaction Detail ReportlD: EWB009' - Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE DJllffi2 0 6CI 1]0'.JDLJOOO 5/3/2004 -5/28/2004 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 #0555453 5.000% 05/01/2018 5/25/2004 1,204.600 152.99 152.99 0.00 DD 04/01/03 5/1/2004 SEC ID: 31385XBW6 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL #0555545 5.000% 06/01/2018 5/25/2004 12,196.840 1,240.54 1,240.54 0.00 DD 05/01/03 5/1/2004 SEC ID: 31385XES2 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL#0555621 5.-000%07/01/2018 5/25/2004 46,188.380 4,313.45 4,313.45 0.00 DD 06/01/03 5/1/2004 SEC ID: 31385XG68 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL#0576386 6.000%05/01/2016 5/25/2004 5,023.670 297.71 297.71 0.00 DD 05/01/01 5/1/2004 SEC ID: 31386XJ72 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL #0576739 6.000%04/01/2016 5/25/2004 7,800.110 621.49 621.49 0.00 DD 04/01/01 5/1/2004 SEC ID: 31386XV86 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0580888 6.000% 05/01/2016 5/25/2004 9,385.770 991.95 991.95 0.00 DD 05/01/01 5/1/2004 SEC ID: 31387DJ91 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0594002 6.000% 07/01/2016 5/25/2004 10,133.050 811.66 811.66 0.00 DD 07 /01/01 5/1/2004 SEC ID: 31387T3K8 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0597376 6.000%09/01/2016 5/25/2004 8,563.970 1,109.57 1,109.57 0.00 DD 08/01/01 5/1/2004 SEC ID: 31387XT96 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0605259 6.000%09/01/2016 5/25/2004 897.550 684.74 684.74 0.00 DD 09/01/01 5/1/2004 SEC ID: 31388HMG1 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 27 Workbench @ I Transaction Detail ReportID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLI DATE DOil::!2 0 60 00000000 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gabi/Loss Type Description Reported Date Base Shares/Par Base Base Base IT FNMA POOL#0608366 6.000% 10/01/2016 5/25/2004 594.980 402.65 402.65 0.00 DD 09/01/01 5/1/2004 SEC ID: 31388LZ78 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0616734 6.000% 12/01/2016 5/25/2004 728.830 838.53 838.53 0.00 DD 12/01/01 5/1/2004 SEC ID: 31388WEF9 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0630812 6.,000%02/01/2017 5/25/2004 2,937.870 786.04 786.04 0.00 DD 02/01/02 5/1/2004 SEC ID: 31389NYH2 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL#0632376 6.000%07/01/2017 5/25/2004 25,320.810 3,721.06 3,721.06 0.00 DD 07 /01/02 5/1/2004 SEC ID: 31389QQ50 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL#0653116 6.000%07/01/2017 5/25/2004 15,636.120 2,055.56 2,055.56 0.00 DD 07 /01/02 5/1/2004 SEC ID: 31390QSD8 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0673280 6.000% 08/01/2017 5/25/2004 13,682.350 927.21 927.21 0.00 DD 11/01/02 5/1/2004 SEC ID: 31391P6R2 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL #0681309 5.000% 02/01/2018 5/25/2004 17,181.570 2,265.56 2,265.56 0.00 DD 02/01/03 5/1/2004 SEC ID: 31391 Y3S4 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0681334 5.000% 02/01/2018 5/25/2004 2,744.770 281.09 281.09 0.00 DD 01/01/03 5/1/2004 SEC ID: 31391 Y4Tl 5/25/2004 OCSF07522202: LONGTERM OPER-PIMCO IT FNMA POOL #0684908 5.000% 06/01/2018 5/25/2004 12,770.410 1,429.73 1,429.73 0.00 DD 05/01/03 5/1/2004 SEC ID: 31400D3Rl 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 28 Workbench @ I Transaction Detail Report ID: EWB009. - Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATEDO!l[][2 0 6•••orno•o S/3/2004 -5/28/2004 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% 09/01/2017 5/25/2004 9,479.050 327.53 327.53 0.00 DD 03/01/03 5/1/2004 SEC ID: 31400VPY2 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0702210 5.000%05/01/2018 5/25/2004 18,435.200 996.37 996.37 0.00 DD 05/01/03 5/1/2004 SEC ID: 31401ADP9 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0702328 5.000%05/01/2018 5/25/2004 5,109.470 603.96 603.96 0.00 DD 04/01/03 ' 5/1/2004 SEC ID: 31401AHD2 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0703195 6.000% 01/01/2017 5/25/2004 13,567.650 381.68 381.68 0.00 DD 04/01/03 5/1/2004 SEC ID: 314018GC3 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0709148 5.000% 06 /01/2018 5/25/2004 7,351.380 1,215.05 1,215.05 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401HZM7 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0709360 5.000% 07/01/2018 5/25/2004 11,922.030 2,748.91 2,748.91 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401JB56 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0709826 5.000%06/01/2018 5/25/2004 14,288.000 536.98 536.98 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401JSP4 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0709917 5.000% 06/01/2018 5/25/2004 18,239.840 1,054.86 1,054.86 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401JVJ4 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0709963 5.000% 06/01/2018 5/25/2004 2,227.390 99.76 99.76 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401JWYO 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 30 Workbench @ ' Transaction Detail ReportID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLI DATE D::m:2 0 60 DOODOCJ•r.J 5/3/2004 -5/28/2004 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 #0710235 5.000%06/01/2018 5/25/2004 54,811.180 2,918.47 2,918.47 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401KBC8 5/25/2004 OCSF07522202: LONGTERM OPER-PIMCO IT FNMA POOL #0713344 5.000% 06/01/2018 5/25/2004 2,136.600 91.34 91.34 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401NP52 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0713365 5.-000% 07/01/2018 5/25/2004 28,187.090 1,323.49 1,323.49 0.00 DD 07 /01/03 5/1/2004 SEC ID: 31401NQS1 5/25/2004 OCSF07522202 : LONGTERM OPER-PIMCO IT FNMA POOL #0720319 5.000% 07/01/2018 5/25/2004 76,274.340 3,577.39 3,577.39 0.00 DD 07 /01/03 5/1/2004 SEC ID: 31401 WG45 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0720369 5.000% 06/01/2018 5/25/2004 78,551.880 9,771.16 9,771.16 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401 WJNO 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0721629 5.000% 07/01/2018 5/25/2004 6,344.070 1,269.26 1,269.26 0.00 DD 06/01/03 5/1/2004 SEC ID: 31401XVW4 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0723487 5.000% 06/01/2018 5/25/2004 12,311.020 1,038.96 1,038.96 0.00 DD 06/01/03 5/1/2004 SEC ID: 31402AXQ4 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0729601 5.000% 07/01/2018 5/25/2004 5,085.520 1,716.72 1,716.72 0.00 DD 07 /01/03 5/1/2004 SEC ID: 31402HRW3 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0732873 5.000% 11/01/2018 5/25/2004 141.290 150.15 150.15 0.00 DD 10/01/03 5/1/2004 SEC ID: 31402MFN5 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 31 Workbench @ Transaction Detail Report ID: EWB009--. I Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE DJ[]]][2 D 60 DDDDDDDD 5/3/2004 -5/28/2004 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#0737130 5.000% 10/01/2018 5/25/2004 4,501.130 2,960.75 2,960.75 0.00 DD 10/01/03 5/1/2004 SEC ID: 31402S4P9 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0738211 5.000% 10/01/2018 5/25/2004 2,300.910 2,327.47 2,327.47 0.00 DD 10/01/03 5/1/2004 SEC ID: 31402UDQ2 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0738487 5.000% 10/01/2018 5/25/2004 7,959.990 869.92 869.92 0.00 DD 10/01/03 ' 5/1/2004 SEC ID: 31402 UNC2 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0740471 5.000% 10/01/2018 5/25/2004 2,874.840 2,866.77 2,866.77 0.00 DD 10/01/03 5/1/2004 SEC ID: 31402Wf40 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0740748 5.000% 10/01/2018 5/25/2004 22,631.100 3,348.78 3,348.78 0.00 DD 11/01/03 5/1/2004 SEC ID: 31402W5H7 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0743868 5.000% 11/01/2018 5/25/2004 2,634.930 179.05 179.05 0.00 DD 10/01/03 5/1/2004 SEC ID: 31403BMR1 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0744008 5.000% 07/01/2018 5/25/2004 5,243.860 4,717.41 4,717.41 0.00 DD 09/01/03 5/1/2004 SEC ID: 31403BR54 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0744316 5.000% 09/01/2018 5/25/2004 2,010.700 677.63 677.63 0.00 DD 09/01/03 5/1/2004 SEC ID: 314038324 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0747914 5.000% 11/01/2018 5/25/2004 1,550.510 1,485.36 1,485.36 0.00 DD 11 /01/03 5/1/2004 SEC ID: 31403F3XO 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 32 Workbench @ I Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLI DATED711ff2 7 6r1nrnr lfl7tln 5/3/2004 -5/28/2004 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 #0748400 5.000% 08/01/2018 5/25/2004 5,625.390 959.76 959.76 0.00 DD 09/01/03 5/1/2004 SEC ID: 31403GNR9 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL#0748899 5.000%12/01/2018 5/25/2004 13,031.150 4,187.27 4,187.27 0.00 DD 11/01/03 5/1/2004 SEC ID: 31403G7LO 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0750377 5:000% 11/01/2018 5/25/2004 103,160.510 10,135.96 10,135.96 0.00 DD 11/01/03 5/1/2004 SEC ID: 31403JUA2 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0750380 5.000% 11/01/2018 5/25/2004 79,819.640 8,459.62 8,459.62 0.00 DD 11/01/03 5/1/2004 SEC ID: 31403JUD6 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0750445 5.000% 11/01/2018 5/25/2004 700.450 715.27 715.27 0.00 DD 11/01/03 5/1/2004 SEC ID: 31403JWE2 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0751960 5.000% 12/01/2018 5/25/2004 31,919.190 3,656.37 3,656.37 0.00 DD 11 /01/03 5/1/2004 SEC ID: 31403LMH1 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0753425 5.000% 11/01/2018 5/25/2004 9,803.870 3,908.94 3,908.94 0.00 DD 11 /01/03 5/1/2004 SEC ID: 31403NA23 5/25/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT FNMA POOL #0755165 5.000% 12/01/2018 5/25/2004 8,859.570 2,600.71 2,600.71 0.00 DD 11 /01/03 5/1/2004 SEC ID: 31403Q6A3 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT FNMA POOL #0756372 5.000% 11/01/2018 5/25/2004 4,686.370 4,081.65 4,081.65 0.00 DD 11/01/03 5/1/2004 SEC ID: 31403SJR8 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 33 Workbench @ ' Transaction Detail Report ID: EWB009~ ·- Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATED[]lll[2 [] 6• •DDCJ•OO• 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT FORD MOTOR CR CO NT6.750% 05/15/2005 5/17/2004 1,000,000.000 33,750.00 33,750.00 0.00 DD 05/24/93 5/15/2004 SEC ID: 345397GV9 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0596612 6.500% 09/15/2032 5/17/2004 14,824.800 1,611.73 1,611.73 0.00 DD 09/01/02 5/1/2004 SEC ID: 36200BYH4 5/17/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT GNMA POOL #0569358 6,-500% 04/15/2032 5/17/2004 89,380.130 5,256.32 5,256.32 0.00 DD 04/01/02 5/1/2004 SEC ID: 36200QQK3 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0569685 6.500% 02/15/2032 5/17/2004 3,464.140 231.20 231.20 0.00 DD 02/01/02 5/1/2004 SEC ID: 36200Q2S2 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0570019 6.500% 07/15/2032 5/17/2004 4,918.130 399.59 399.59 0.00 DD 07 /01/02 5/1/2004 SEC ID: 36200RG48 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0574323 6.500% 12/15/2031 5/17/2004 16,398.940 2,169.53 2,169.53 0.00 DD 12/01/01 5/1/2004 SEC ID: 36200WAY7 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#OS75364 6.500% 11/15/2031 5/17/2004 7,526.790 223.02 223.02 0.00 DD 11/01/01 5/1/2004 SEC ID: 36200XFD6 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0587117 6.500% 06/15/2032 5/17/2004 1,054.640 97.48 97.48 0.00 DD 06/01/02 5/1/2004 SEC ID: 36201MG22 5/17/2004 OCSF07522202: LONGTERM OPER-PIMCO IT GNMA POOL #0587439 6. 500% 11/15/2032 5/17/2004 54.350 294.88 294.88 0.00 DD 12/01/02 5/1/2004 SEC ID: 36201MS45 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 34 Workbench ® ' Transaction Detail ReportID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLI DATE DJ7Ili2 CJ 6n IJfJ7illTl[IIJ 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Prlce Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base IT GNMA POOL#0421389 6.500% 04/15/2026 5/17/2004 507.650 66.91 66.91 0.00 DD 04/01/96 5/1/2004 SEC ID: 36206 UC23 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0438057 6.000"/o 05/15/2028 5/17/2004 8,144.210 92.64 92.64 0.00 DD 05/01/98 5/1/2004 SEC ID: 36207PTN9 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0449851 6,.500% 01/15/2028 5/17/2004 35.060 109.07 109.07 0.00 DD 01/01/98 5/1/2004 SEC ID: 36208FWLO 5/17/2004 OCSF07522202: LONGTERM OPER-PIMCO IT GNMA POOL#0457814 6.000% 10/15/2028 5/17/2004 2,647.580 173.88 173.88 0.00 DD 10/01/98 5/1/2004 SEC ID: 36208QSB3 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0465546 6. 000"/o 08/15/2028 5/17/2004 20,104.570 2,201.53 2,201.53 0.00 DD 08/01/98 5/1/2004 SEC ID: 36209AET3 5/17/2004 OCSF07522202 : LONG TERM OPER-PIMCO IT GNMA POOL#0465555 6.000% 09/15/2028 5/17/2004 39,614.960 2,371.47 2,371.47 0.00 DD 09/01/98 5/1/2004 SEC ID: 36209AE48 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0466845 6.500% 06/15/2028 5/17/2004 79.310 309.62 309.62 0.00 DD 06/01/98 5/1/2004 SEC ID: 36209BTA6 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0467279 6.000% 10/15/2028 5/17/2004 34.970 102.58 102.58 0.00 DD 10/01/98 5/1/2004 SEC ID: 36209CCQ7 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0467286 6.000% 10/15/2028 5/17/2004 495.710 1,751.04 1,751.04 0.00 DD 10/01/98 5/1/2004 SEC ID: 36209CCX2 5/17/2004 OCSF07522202 : LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 35 Workbench @ I Transaction Detail Report ID: EWB009'" - Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATEDJ[][]!:2 • 6D ••••••[ID 5/3/2004 -5/28/2004 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#0468052 6.500% 07/15/2028 5/17/2004 169.290 610.05 610.05 0.00 DD 07 /01/98 5/1/2004 SEC ID: 36209C5M4 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0468330 6.000% 05/15/2028 5/17/2004 2,520.840 66.95 66.95 0.00 DD 05/01/98 5/1/2004 SEC ID: 36209DHF4 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0468339 6.000% 08/15/2028 5/17/2004 449.960 1,351.21 1,351.21 0.00 DD 08/01/98 ' 5/1/2004 SEC ID: 36209DHQO 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0469688 6.000% 11/15/2028 5/17/2004 1,185.420 64.88 64.88 0.00 DD 11 /01/98 5/1/2004 SEC ID: 36209EXR8 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #04 76041 6. 500% 06/15/2028 5/17/2004 271.000 938.03 938.03 0.00 DD 06/01/98 5/1/2004 SEC ID: 36209MZE7 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0478626 6.500% 01/15/2029 5/17/2004 19,666.380 766.59 766.59 0.00 DD 01/01/99 5/1/2004 SEC ID: 36209QVf9 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0480598 6.500% 10/15/2028 5/17/2004 37.460 157.52 157.52 0.00 DD 10/01/98 5/1/2004 SEC ID: 36209S3F6 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0483452 6.000% 09/15/2028 5/17/2004 19.720 65.56 65.56 0.00 DD 09/01/98 5/1/2004 SECID:36209WBV3 5/17/2004 OCSF07522202: LONGTERM OPER-PIMCO IT GNMA POOL#0485527 6.500% 06/15/2031 5/17/2004 35,356.320 2,185.14 2,185.14 0.00 DD 06/01/01 5/1/2004 SEC ID: 36209YLG 1 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 36 Workbench @ I Transaction Detail ReportlD: EWB009 Mellon Reported by Transaction Category Base Currency: USD ocs D-CONSOLI DATE DJ[]]J[2 J 60 OWl[:-Jrnm 5/3/2004 -5/28/2004 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#0485610 6.500% 07/15/2031 5/17/2004 22,881.210 2,196.63 2,196.63 0.00 DD 07 /01/01 5/1/2004 SEC ID: 36209YN38 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0485682 6.500% 08/15/2031 5/17/2004 4,030.990 428.95 428.95 0.00 DD 08/01/01 5/1/2004 SEC ID: 36209YRB6 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0485703 6,500% 08/15/2031 5/17/2004 74.630 339.82 339.82 0.00 DD 08/01/01 5/1/2004 SEC ID: 36209YRY6 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0486720 6.000% 12/15/2028 5/17/2004 26.840 56.03 56.03 0.00 DD 12/01/98 5/1/2004 SEC ID: 36210AVM6 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0491103 6.000% 01/15/2029 5/17/2004 2,597.520 463.04 463.04 0.00 DD 01 /01/99 5/1/2004 SEC ID: 36210FRY4 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0496461 6.000% 01/15/2029 5/17/2004 7,276.030 1,798.24 1,798.24 0.00 DD 01 /01/99 5/1/2004 SEC ID: 36210MQN4 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0497343 6.000% 12/15/2028 5/17/2004 2,161.080 104.46 104.46 0.00 DD 12/01/98 5/1/2004 SEC ID: 36210NP45 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0499153 6.000% 02/15/2029 5/17/2004 23.700 62.91 62.91 0.00 DD 02/01/99 5/1/2004 SEC ID: 36210QQE5 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0500917 6.000% 04/15/2029 5/17/2004 8.570 26.50 26.50 0.00 DD 04/01/99 5/1/2004 SEC ID: 36210SPAO 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 37 Workbench @ ' Transaction Detail Report ID: EWB009 .. Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE 07111:'.2 Cl 6U CJ•O[]O][J[] 5/3/2004 -5/28/2004 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 #0503388 6.000% 03/15/2029 5/17/2004 5,428.940 1,264.77 1,264.77 0.00 DD 03/01/99 5/1/2004 SEC ID: 36210VF55 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0506636 6.000% 04/15/2029 5/17/2004 1,488.310 160.61 160.61 0.00 DD 04/01/99 5/1/2004 SEC ID: 36210YY90 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #05 1223 5 6. 500% 11/15/2029 5/17/2004 2,389.940 58.88 58.88 0.00 DD 11/01/99 ' 5/1/2004 SEC ID: 36211GBC6 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0514326 6.500% 07/15/2029 5/17/2004 262.810 764.07 764.07 0.00 DD 07 /01/99 5/1/2004 SEC ID: 36211JLF2 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0530053 6.500% 04/15/2031 5/17/2004 5,660.370 235.87 235.87 0.00 DD 04/01/01 5/1/2004 SEC ID: 36212CZS3 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0537885 6.500% 02/15/2031 5/17/2004 138.800 502.81 502.81 0.00 DD 02/01/01 5/1/2004 SEC ID: 36212MRE1 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0547512 6.500% 04/15/2031 5/17/2004 64.060 56.21 56.21 0.00 DD 04/01/01 5/1/2004 SEC ID: 36212YGV9 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0547715 6.500% 02/15/2031 5/17/2004 169.900 691.53 691.53 0.00 DD 02/01/01 5/1/2004 SEC ID: 36212YN82 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0552322 6.500% 01/15/2032 5/17/2004 2,219.490 341.33 341.33 0.00 DD 01/01/02 5/1/2004 SEC ID: 36213ESK3 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO 6/8/2004 9:30: 11AM PDT 38 Workbench @ ' Transaction Detail Report ID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE Dcm2 Cl 60 ••cm•o•o 5/3/2004-5/28/2004 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#0552466 6.500% 03/15/2032 5/17/2004 23,712.000 2,366.56 2,366.56 0.00 DD 03/01/02 5/1/2004 SEC ID: 36213EW36 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL#0552659 6.500% 07/15/2032 5/17/2004 23,144.050 2,069.52 2,069.52 0.00 DD 07 /01/02 5/1/2004 SEC ID: 36213E5U6 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA POOL #0561017 6,-500% 07/15/2031 5/17/2004 417.940 1,722.08 1,722.08 0.00 DD 07 /01/01 5/1/2004 SEC ID: 36213QG29 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA II POOL#0080023 VAR RT 12/20/2026 5/20/2004 11,112.500 781.51 781.51 0.00 DD 12/01/96 5/1/2004 SEC ID: 36225CAZ9 5/20/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA II POOL #080088M 7.375% 06/20/2027 5/20/2004 15,640.410 980.97 980.97 0.00 DD 06/01/97 5/1/2004 SEC ID: 36225CC20 5/20/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA II POOL #0080395 VAR RT 04/20/2030 5/20/2004 7,329.010 710.43 710.43 0.00 DD 04/01/00 5/1/2004 SEC ID: 36225CNM4 5/20/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GNMA II POOL #080408X 6.500% 05/20/2030 5/20/2004 77,142.780 6,272.57 6,272.57 0.00 DD 05/01/00 5/1/2004 SEC ID: 36225CN28 5/20/2004 OCSF07522202: LONG TERM OPER-PIMCO IT GENERAL ELEC CAP MTN #TR 00448 7.250% 5/3/2004 180,000.000 6,525.00 6,525.00 0.00 05/03/2004 DD 05/01 /00 5/3/2004 SEC ID: 36962GUR3 5/3/2004 OCSF07511102: LIQUID OPER-PIMCO IT GENERALELECCAPMTN #TR00545 VAR RT 5/20/2004 1,000,000.000 1,016.67 1,016.67 0.00 05/20/2004 DD 05/20/02 5/20/2004 SEC ID: 36962GYS7 5/20/2004 OCSF07511102: LIQUID OPER-PIMCO 6/8/2004 9:30: 11AM PDT 39 Workbench Transaction Detail ., ~ ® I ReportID: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATE D71lli2 7 67 [llT:::JrnFl[Jr:1 5/3/2004-5/28/2004 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 GTD REMIC TR 2000-9 FH VAR RT 5/17/2004 24,295.180 855.73 855.73 0.00 02/16/2030 5/16/2004 SEC ID: 3837H4NX9 5/17/2004 OCSF07522202: LONG TERM OPER-PIMCO IT RESIDENTIAL ASSET 03-RSl 1 AIIB VAR RT 5/25/2004 24,549.820 1,085.63 1,085.63 0.00 12/25/2033 DD 12/30/03 5/25/2004 SEC ID: 760985K83 5/25/2004 OCSF07522202: LONG TERM OPER-PIMCO IT SBA GTD PARTN CTFS SBIC-PS O 1 6 .640% 5/10/2004 171,657.570 36,696.60 36,696.60 0.00 02/10/2011 DD 02/21 /01 ' 5/1/2004 SEC ID: 831641DD4 5/10/2004 OCSF07522202: LONG TERM OPER-PIMCO IT US BANCORP MTN #TR 00119 6.000% 5/17/2004 1,000,000.000 30,000.00 30,000.00 0.00 05/15/2004 DD 05/ 10 /99 5/15/2004 SEC ID: 91159HEY2 5/17/2004 OCSF07511102: LIQUID OPER-PIMCO CD US TREASURY INFLATION INDEX NT 3.375% 5/28/2004 0.000 105,560.00 105,560.00 0.00 01/15/2007 DD O 1/15 /97 SEC ID: 9128272M3 5/28/2004 OCSF07522202: LONG TERM OPER-PIMCO CD US TREASURY INFLATION INDEX NT 3.625% 5/28/2004 0.000 22,200.00 22,200.00 0.00 01/15/2008 DD 01/15/98 SEC ID: 9128273T7 5/28/2004 OCSF07522202: LONG TERM OPER-PIMCO CD US TREASURY INFLATION INDEX NT 3.875% 5/28/2004 0.000 94,770.00 94,770.00 0.00 01/15/2009 DD O 1/ 15 /99 SEC ID: 9128274Y5 5/28/2004 OCSF07522202: LONG TERM OPER-PIMCO IT US TREASURY NOTES 05.750% 11/15/2005 5/17/2004 57,100,000.000 1,641,625.00 1,641,625.00 0.00 DD 11 / 15/00 5/15/2004 SEC ID; 9128276N7 5/17/2004 OCSF075222021 LONG TERM OPER-PIMCO TOTAL FIXED INCOME SECURITIES U.S. DOLLAR: 64,083,578.250 2,256,818.94 2,256,818.94 0.00 TOTAL FIXED INCOME SECURITIES BASE: 64,083,578.250 2,256,818.94 2,256,818.94 0.00 TOTAL INTEREST BASE: 104,683,578.250 2,381,595.53 2,381,595.53 6.00 6/8/2004 9:30:llAM PDT 40 Workbench @ I Transaction Detail ReportlD: EWB009 Mellon Reported by Transaction Category Base Currency: USD OCSD-CONSOLIDATEDJI:nr2CJ60 r1rnr 1rnr:u, 5/3/2004 -5/28/2004 Status: FINAL Trade Date Tran Settle Date Price Cost Amount Net Gain/Loss Type Description Reported Date Base Shares/Par Base Base Base TOTAL TRANSACTIONS: 115,559,770.500 22,082,535.57 1,004,274.42 -159,400.60 6/8/2004 9:30: 11AM PDT 41 Workbencft ----