SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
Commission file number: 1-11793
A. Full title of the Plan and address of the Plan, if different
from that of the issuer named below:
The Dial Corporation 401(k) Plan
B. Name of issuer of the securities held pursuant to the
Plan and the address of its principal executive office:
THE DIAL CORPORATION
15501 NORTH DIAL BOULEVARD
SCOTTSDALE, ARIZONA 85260-1619
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
The Dial Corporation 401(k) Plan has duly caused this annual report to be signed
on its behalf by the undersigned thereunto duly authorized.
THE DIAL CORPORATION
401(k) PLAN
By \s\ Susan J. Riley
Susan J. Riley
Senior Vice President Chief Financial Officer
DATE: June 24, 1998
<PAGE>
THE DIAL CORPORATION 401(k) PLAN
Financial Statements for the Years Ended December 31, 1997
and 1996, Supplemental Schedules for the Year Ended
December 31, 1997, and Independent Auditors' Report
<PAGE>
THE DIAL CORPORATION
401(K) PLAN
TABLE OF CONTENTS
- -------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1997 AND 1996
AND FOR THE THREE YEARS ENDED DECEMBER 31, 1997:
Net Assets Available for Benefits 2
Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-10
SUPPLEMENTAL SCHEDULES AS OF
DECEMBER 31, 1997 AND FOR THE YEAR THEN ENDED:
Assets Held for Investment Purposes 11
Reportable Transactions 12
EXHIBIT 24 - INDEPENDENT AUDITORS' CONSENT 13
INDEPENDENT AUDITORS' REPORT
Plan Administrator and
Plan Participants of
The Dial Corporation 401(k) Plan
Phoenix, Arizona
We have audited the accompanying statements of net assets available for benefits
of The Dial Corporation 401(k) Plan (the "Plan"), formerly The Dial Consumer
Products Group 401(k) Plan, as of December 31, 1997 and 1996, and the related
statements of changes in net assets available for benefits for each of the three
years in the period ended December 31, 1997. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1997 and 1996, and the changes in net assets available for benefits for each of
the three years in the period ended December 31, 1997 in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules for the year
ended December 31, 1997 on pages 11 and 12 are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements, but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These schedules are the responsibility
of the Plan's management. Such schedules have been subjected to the auditing
procedures applied in our audit of the basic 1997 financial statements and, in
our opinion, are fairly stated, in all material respects when considered in
relation to the basic financial statements taken as a whole.
\s\ Deloitte & Touch LLP
Deloitte & Touche LLP
Phoenix, Arizona
June 5, 1998
<TABLE>
<CAPTION>
THE DIAL CORPORATION
401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1997 AND 1996
- ------------------------------
<S> <C> <C>
ASSETS . . . . . . . . . . . . . . . . . . . 1997 1996
INVESTMENTS AT FAIR VALUE:
Shares of registered investment companies:
Vanguard Windsor II Fund. . . . . . . . $389,733 $418,922
T. Rowe Price Stable Value Fund . . . . 52,375 240,831
Vanguard GMA Fund . . . . . . . . . . . 23,958 64,838
Common stock:
The Dial Corporation Common Stock Fund. 106,487 94,389
FINOVA Group Inc. Common Stock Fund . . 8,828 8,414
Viad Corp Common Stock Fund . . . . . . 92,911 99,469
-------- --------
Total investments at fair value 674,292 926,863
CONTRIBUTIONS RECEIVABLE . . . . . . . . . . - 1,244
-------- --------
NET ASSETS AVAILABLE FOR BENEFITS. . . . . . $674,292 $928,107
======== ========
</TABLE>
See notes to financial statements.
<TABLE>
THE DIAL CORPORATION
401(K) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
- ---------------------------------------------------
<CAPTION>
<S> <C> <C> <C>
1997 1996 1995
ADDITIONS:
Contributions:
Employee pre-tax. . . . . . . . . . . $ 19,942 $ 83,663 $ 279,532
Employee after-tax. . . . . . . . . . 116 7,248 16,831
---------- --------- -----------
Total contributions. . . . . . . 20,058 90,911 296,363
---------- --------- -----------
Investment income:
Dividends . . . . . . . . . . . . . . 43,993 41,411 47,547
Interest. . . . . . . . . . . . . . . 13,334 14,821 23,066
Net appreciation in fair value of
investments 149,853 58,675 143,621
---------- --------- -----------
Total investment income . . . . . 207,180 114,907 214,234
---------- --------- -----------
Total additions . . . . . . . . . 227,238 205,818 510,597
---------- --------- -----------
DEDUCTIONS:
Benefits paid to participants. . . . . 108,437 256,936 163,222
Transfer of assets . . . . . . . . . . 372,616 7,669 1,151,904
---------- --------- -----------
Total deductions. . . . . . . . . 481,053 264,605 1,315,126
---------- --------- -----------
NET DECREASE. . . . . . . . . . . . . . . (253,815) (58,787) (804,529)
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR. . . . . . . . . . . . 928,107 986,894 1,791,423
---------- --------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR. . . . . . . . . . . . . . . $ 674,292 $928,107 $ 986,894
========== ========= ===========
</TABLE>
See notes to financial statements.
THE DIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- --------------------------------------------
1. DESCRIPTION OF THE PLAN
The following brief description of The Dial Corporation 401(k) Plan (the
"Plan"), formerly The Dial Consumer Products Group 401(k) Plan, is provided for
general information purposes only. Participants should refer to the Plan
agreement for more complete information.
The Plan, commonly known as the Taxsaver Investment Plan ("TIP"), was
established January 5, 1987. Employees of certain facilities of The Dial
Corporation (the "Company") who are covered by a collective bargaining agreement
are eligible to participate in the Plan after completing at least 1,000 hours of
service in a twelve consecutive month period. Employees are able to contribute
to the Plan by reducing their wages on a pre-tax basis, and make after-tax
contributions, subject to certain limitations.
The Plan is subject to various regulations, particularly those under
Internal Revenue Code Section 401(k) and the Employee Retirement Income Security
Act of 1974 ("ERISA").
a. Investment Programs - Contributions to the Plan are invested by the
Plan's trustee, T. Rowe Price, at the designation of the participants. The Plan
has offered participants the following funds in which to invest pre-tax,
after-tax and rollover deposits.
1) VANGUARD WINDSOR II FUND - This fund invests in the common stock of
selected companies. The fair value of the fund is dependent upon the market
value of the stocks. Any dividends received are reinvested.
2) T. ROWE PRICE STABLE VALUE FUND - This fund invests in a diversified
portfolio of Guaranteed Investment Contracts ("GIC") issued by insurance
companies, bank investment contracts issued by financial institutions, and
strategic investment contracts issued by insurance companies, financial
institutions and other entities. Income is earned based upon a blended interest
rate determined by the various investments and is reinvested. The fair value of
the fund approximates contract value which includes contributions made, plus
interest at blended rates, less withdrawals by participants. Crediting interest
rates for the fund's underlying GICs ranged from 4.77% to 8.41% for 1997 and
4.75% to 8.41% for 1996, allowing for a blended rate of return for the fund of
6.64% and 6.41%, for 1997 and 1996, respectively.
3) VANGUARD GMA FUND - This fund invests primarily in Government National
Mortgage Association ("GNMA") certificates. These securities represent ownership
in pools of approved mortgage loans which provide a yield based on the ratios of
return of the GNMA holdings that comprise the portfolio. The fair value of the
fund is dependent upon fluctuations in market conditions.
4) THE DIAL CORP COMMON STOCK FUND - This fund invested in the common stock
of The Dial Corp, and any dividends paid on the stock were reinvested in the
fund. On August 15, 1996, The Dial Corporation ("Dial") was spun off from Viad
Corp ("Viad") formerly The Dial Corp. Effective August 15, 1996, participants
in this fund received an equal number of shares or partial shares of The Dial
Corporation Common Stock and Viad Corp Common Stock for every share or partial
share of The Dial Corp stock they held in their accounts. As of August 15,
1996, this fund was closed and all assets were transferred to the Dial and Viad
Common Stock Funds.
5 ) THE DIAL CORPORATION COMMON STOCK FUND - This fund invests in the
common stock of Dial and, any dividends paid on the stock are reinvested in the
fund. The fair value of this fund is dependent upon the fluctuations in the
market value of Dial stock.
6) FINOVA GROUP INC. ("FINOVA") COMMON STOCK FUND - This fund invests in the
common stock of FINOVA. Due to this fund being closed to additional
contributions, any dividends paid on the stock are reinvested according to the
participant's contribution mix. The fair value of this fund is dependent upon
the fluctuation in the market value of FINOVA stock.
7) VIAD CORP COMMON STOCK FUND - This fund invests in the common stock of
Viad. Due to this fund being closed to additional contributions, any dividends
paid on the stock are reinvested according to the participant's contribution
mix. The fair value of this fund is dependent upon the fluctuation in the market
value of Viad stock.
b. Contributions - Voluntary wage reductions may be elected by the employee.
These pre-tax reductions are contributed to the Plan and may range from 1% to
12% of compensation. Each employee may also elect an after-tax contribution of
between 1% and 10% of compensation. All contributions are limited to the
applicable amounts as prescribed by the Internal Revenue Code.
c. Transfer of Assets - On November 28, 1997, in connection with the sale of
the London, Ohio facility to a third party, the respective assets within the
Plan were transferred. Those assets amounted to $372,616 and were valued at
market value at the time of the transfer.
d. Payment of Benefits - Benefits are paid to participants upon termination
from the Company, disablement, retirement or death.
e. Hardship Withdrawals - Withdrawals of employee wage reduction
contributions, after-tax contributions and rollover deposits, may be made by the
participant in the event of a qualified financial hardship, subject to certain
tax penalties.
f. Vesting - All contributions to the Plan are 100% vested and
nonforfeitable at all times.
g. Participant Accounts - For each participant, various accounts are
maintained to record wage reduction contributions, after-tax contributions,
participant rollover deposits transferred to the Plan, dividend and interest
income and the net appreciation/depreciation in the fair value of Plan
investments. The benefit to which a participant is entitled is the total benefit
which can be provided from the combined amount of these participant accounts.
h. Plan Administration - The Plan is administered by the Retirement
Committee comprised of at least three persons appointed by the Board of
Directors. Expenses incidental to the operation of the Plan may be paid by the
Plan or directly by the Company. For the years ended December 31, 1997, 1996,
and 1995, Plan expenses were paid directly by the Company.
i. Plan Termination - While it is the Company's intention to continue the
Plan, the Company has the right to terminate the Plan provided that any employer
contributions due at the termination date have been paid.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies are as follows:
a. Basis of Accounting - The financial statements of the Plan are prepared
under the accrual method of accounting.
b. Investment Valuation and Income Recognition - The Plan's investments are
stated at fair value. Shares of registered investment companies are valued at
quoted market prices which represent the net asset value of shares held by the
Plan at year-end. Common stock is valued at its quoted market price. Purchases
and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
c. Payment of Benefits - Benefits are recorded when paid.
d. Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures at the date of the financial statements and the
reported amounts of additions and deductions during the reporting period. Actual
results could differ from those estimates.
3. NET ASSETS BY FUND
The following tables present the net assets of the Plan by fund as of December
31, 1996 and 1995:
<TABLE>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1997
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
T. ROWE THE DIAL FINOVA VIAD
PRICE CORPORATION GROUP INC. CORP
VANGUARD STABLE VANGUARD COMMON COMMON COMMON
WINDSOR VALUE GMA STOCK STOCK STOCK
II FUND FUND FUND FUND FUND FUND TOTAL
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor II Fund. . . . $ 389,733 $389,733
T. Rowe Price Stable Value Fund $ 52,375 52,375
Vanguard GMA Fund . . . . . . . $ 23,958 23,958
Common stock:
The Dial Corporation. . . . . . $106,487 106,487
FINOVA Group Inc. . . . . . . . $ 8,828 8,828
Viad Corp . . . . . . . . . . . $92,911 92,911
--------- -------- -------- -------- ------- ------- --------
NET ASSETS AVAILABLE
FOR BENEFITS. . . . . . . . . . . $ 389,733 $ 52,375 $ 23,958 $106,487 $ 8,828 $92,911 $674,292
========= ======== ======== ======== ======= ======= ========
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1996
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
T. ROWE THE DIAL FINOVA VIAD
PRICE CORPORATION GROUP INC. CORP
VANGUARD STABLE VANGUARD COMMON COMMON COMMON
WINDSOR VALUE GMA STOCK STOCK STOCK
II FUND FUND FUND FUND FUND FUND TOTAL
--------- ------------ -------- ---------- ------- ------- --------
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor II Fund. . . . $ 418,922 $418,922
T. Rowe Price Stable Value Fund $ 240,831 240,831
Vanguard GMA Fund . . . . . . . $ 64,838 64,838
Common stock:
The Dial Corporation. . . . . . $ 94,389 94,389
FINOVA Group Inc. . . . . . . . $ 8,414 8,414
Viad Corp . . . . . . . . . . . $99,469 99,469
Contributions receivable. . . . . 729 199 162 154 1,244
--------- --------- --------- -------- ------- ------- --------
NET ASSETS AVAILABLE
FOR BENEFITS. . . . . . . . . . . $ 419,651 $ 241,030 $ 65,000 $94,543 $ 8,414 $99,469 $928,107
========= ========= ========= ======= ======= ======= ========
</TABLE>
<PAGE>
4. FUND INFORMATION
Employee pre-tax contributions, employee after-tax contributions, dividend
income, net appreciation (depreciation) in fair value of investments, benefits
paid to participants and transfer of assets are as follows for the years ended
December 31, 1997, 1996 and 1995:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Employee pre-tax contributions: . . . . . . . 1997 1996 1995
-------- --------- ----------
Vanguard Windsor II Fund . . . . . . . . . . $ 4,370 $ 25,898 $ 107,062
T. Rowe Price Stable Value Fund. . . . . . . 12,268 25,397 54,576
Vanguard GMA Fund. . . . . . . . . . . . . . 1,548 7,785 30,855
The Dial Corp Common Stock Fund. . . . . . . - 22,528 87,039
The Dial Corporation Common Stock Fund . . . 1,756 1,821 -
Viad Corp Common Stock Fund. . . . . . . . . - 234 -
-------- --------- ----------
Total . . . . . . . . . . . . . . . . . . $ 19,942 $ 83,663 $ 279,532
======== ========= ==========
Employee after-tax contributions:
Vanguard Windsor II Fund . . . . . . . . . . $ 93 $ 4,869 $ 6,440
T. Rowe Price Stable Value Fund. . . . . . . - 219 3,468
Vanguard GMA Fund. . . . . . . . . . . . . . - 438 2,272
The Dial Corp Common Stock Fund. . . . . . . - 1,179 4,651
The Dial Corporation Common Stock Fund . . . 23 499 -
Viad Corp Common Stock Fund. . . . . . . . . - 44 -
-------- --------- ----------
Total . . . . . . . . . . . . . . . . . . $ 116 $ 7,248 $ 16,831
======== ========= ==========
Dividend income:
Vanguard Windsor II Fund . . . . . . . . . . $ 36,437 $ 29,940 $ 25,861
Vanguard GMA Fund. . . . . . . . . . . . . . 3,656 5,573 10,465
The Dial Corp Common Stock Fund. . . . . . . - 4,444 10,767
The Dial Corporation Common Stock Fund . . . 1,959 615 -
FINOVA Group Inc. Common
Stock Fund . . . . . . . . . . . . . . . . 126 224 454
Viad Corp Common Stock Fund. . . . . . . . . 1,815 615 -
-------- --------- ----------
Total . . . . . . . . . . . . . . . . . . $ 43,993 $ 41,411 $ 47,547
======== ========= ==========
Net appreciation (depreciation) in fair value
of investments:
Vanguard Windsor II Fund . . . . . . . . . . $ 93,061 $ 52,781 $ 65,435
Vanguard GMA Fund. . . . . . . . . . . . . . 862 (2,268) 5,703
The Dial Corp Common Stock Fund. . . . . . . - (61,806) 67,962
The Dial Corporation Common Stock Fund . . . 35,824 29,406 -
FINOVA Group Inc. Common
Stock Fund . . . . . . . . . . . . . . . . 4,206 2,814 4,521
Viad Corp Common Stock Fund. . . . . . . . . 15,900 37,748 -
-------- --------- ----------
Total . . . . . . . . . . . . . . . . . . $149,853 $ 58,675 $ 143,621
======== ========= ==========
Benefits paid to participants:
Vanguard Windsor II Fund . . . . . . . . . . $ 29,584 $ 57,631 $ 43,354
T. Rowe Price Stable Value Fund. . . . . . . 36,548 41,593 72,185
Vanguard GMA Fund. . . . . . . . . . . . . . 24,341 19,476 1,712
The Dial Corp Common Stock Fund. . . . . . . - 88,168 45,631
The Dial Corporation Common Stock Fund . . . 8,416 20,438 -
FINOVA Group Inc. Common
Stock Fund . . . . . . . . . . . . . . . . 771 7,500 340
Viad Corp Common Stock Fund. . . . . . . . . 8,777 22,130 -
-------- --------- ----------
Total . . . . . . . . . . . . . . . . . . $108,437 $256,936 $ 163,222
======== ========= ==========
Transfer of assets:
Vanguard Windsor II Fund . . . . . . . . . . $147,055 $ 3,866 $ 526,192
T. Rowe Price Stable Value Fund. . . . . . . 167,150 3,803 207,113
Vanguard GMA Fund. . . . . . . . . . . . . . 22,822 - 131,545
The Dial Corp Common Stock Fund. . . . . . . - - 275,367
The Dial Corporation Common Stock Fund . . . 19,692 - -
FINOVA Group Inc. Common
Stock Fund . . . . . . . . . . . . . . . . 3,022 - 11,687
Viad Corp Common Stock Fund. . . . . . . . . 12,875 - -
-------- --------- ----------
Total . . . . . . . . . . . . . . . . . . $372,616 $ 7,669 $1,151,904
======== ========= ==========
</TABLE>
5. RELATED PARTY TRANSACTIONS
Plan investments include shares of the T. Rowe Price Stable Value Fund managed
by T. Rowe Price. T. Rowe Price is the trustee as defined by the Plan and,
therefore, these transactions qualify as party-in-interest.
6. FEDERAL INCOME TAX STATUS
The Plan obtained its latest determination letter on April 8, 1993, in which the
Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code. The
Plan has been amended since receiving the determination letter. However, the
Plan administrator and the Plan's tax counsel believe that the Plan is currently
designed and being operated in compliance with the applicable requirements of
the Internal Revenue Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
<PAGE>
<TABLE>
THE DIAL CORPORATION
401(K) PLAN
SUPPLEMENTAL SCHEDULE
DECEMBER 31, 1997
- -------------------
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<CAPTION>
<S> <C> <C> <C>
COLUMN B . . . . . . . . COLUMN C COLUMN D COLUMN E
- ------------------------------- ---------------------------------- --------- ---------
Description of Investment
Identity of Issue,. . . . . Including Collateral, Rate of
Borrower, Lessor or. . . . . . Interest, Maturity Date, Current
Similar Party. . . . . . . Par or Maturity Value Cost Value
- ------------------------------- ---------------------------------- --------- ---------
Vanguard Windsor II Fund. . . . Mutual Fund (13,618 shares) $ 255,351 $ 389,733
T. Rowe Price Stable Value Fund GIC Fund (52,375 shares) 52,375 52,375
Vanguard GMA Fund . . . . . . . Mutual Fund (2,297 shares) 23,453 23,958
The Dial Corporation. . . . . . Common Stock (5,117 shares) 56,720 106,487
FINOVA Group Inc. . . . . . . . Common Stock (178 shares) 1,329 8,828
Viad Corp . . . . . . . . . . . Common Stock (4,811 shares) 54,107 92,911
--------- ---------
Total. . . . . . . . . . . . Total assets held for investment
purposes $ 443,335 $ 674,292
========= =========
</TABLE>
<PAGE>
<TABLE>
THE DIAL CORPORATION
401(K) PLAN
SUPPLEMENTAL SCHEDULE
YEAR ENDED DECEMBER 31, 1997
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
COLUMN A . . . . . . COLUMN B COLUMN C COLUMN D COLUMN G COLUMN H COLUMN I
IDENTITY . . . . . DESCRIPTION PURCHASE SELLING COST OF CURRENT
OF . . . . . . OF PRICE PRICE ASSET VALUE OF NET
PARTY . . . . . . ASSET ASSET ON GAIN
INVOLVED. . . . . . TRANSACTION OR
DATE (LOSS)
SINGLE TRANSACTIONS
Vanguard Windsor II Fund Mutual fund $147,055 $ 86,981 $147,055 $60,074
T. Rowe Price
Stable Value fund GIC Fund 167,150 167,150 167,150
SERIES OF TRANSACTIONS
Vanguard Windsor II Fund Mutual Fund $ 54,388 54,388 54,388
Vanguard Windsor II Fund Mutual Fund 176,639 106,781 176,639 69,858
Vanguard GMA Fund. . . . Mutual Fund 5,422 5,422 5,422
Vanguard GMA Fund. . . . Mutual Fund 47,163 46,235 47,163 928
T. Rowe Price
Stable Value fund. . . GIC Fund 25,908 25,908 25,908
T. Rowe Price
Stable Value fund. . . GIC Fund 214,365 214,365 214,365
</TABLE>
NOTE: REPORTABLE TRANSACTIONS ARE THOSE TRANSACTIONS WHICH EITHER SINGULARLY
OR IN SERIES OF COMBINED PURCHASES AND SALES DURING THE YEAR EXCEEDED 5% OF THE
FAIR VALUE OF THE PLAN'S ASSETS AT THE BEGINNING OF THE YEAR.
