UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________ to ___________
Commission file number _______________
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
Sprint Spectrum L.P. Savings and Retirement Plan
4900 Main
Kansas City, Missouri 64106
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Sprint Corporation
2330 Shawnee Mission Parkway
Westwood, Kansas 66205
<PAGE>
REQUIRED INFORMATION
The following financial statements have been prepared in
accordance with the financial reporting requirements of the
Employee Retirement Income Security Act of 1974, as amended:
1. Audited Statements of Net Assets Available for Benefits -
December 31, 1997 and 1996.
2. Audited Statements of Changes in Net Assets Available for
Benefits for the years ended December 31, 1997 and 1996.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who administer
the employee benefit plan) have duly caused this annual report to
be signed on its behalf by the undersigned, hereunto duly
authorized on this 8th day of December, 1998.
SPRINT SPECTRUM L.P.
SAVINGS AND RETIREMENT
PLAN
By: /s/ William J. Gunter
William J. Gunter
Plan Administrator
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
REPORT ON AUDITS OF FINANCIAL STATEMENTS,
SUPPLEMENTAL SCHEDULES
AND CONSENT OF ACCOUNTANT
TABLE OF CONTENTS
Page
Number
Report of Independent Auditor 1
Financial Statements:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available 3 - 4
for Benefits
Notes to Financial Statements 5 - 8
Supplemental Schedules:
Item 27a - Schedule of Assets Held for 9
Investment Purposes
Item 27b - Schedule of Loans or Fixed Income 10 - 12
Obligations
Item 27d - Schedule of Reportable Transactions 13
Consent of Deloitte & Touche LLP
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Trustees and Participants of
Sprint Spectrum L.P. Savings and Retirement Plan
4900 Main Street
Kansas City, Missouri 64106
We have audited the accompanying statements of net assets available
for benefits of Sprint Spectrum L.P. Savings and Retirement Plan
(the "Plan") as of December 31, 1997 and 1996, and the related
statements of changes in net assets available for benefits for the
years then ended. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits 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 the years then ended 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
information by fund is presented for the purpose of additional
analysis of the basic financial statements rather than to present
information regarding the net assets available for benefits and
changes in net assets available for benefits of the individual
funds, and is not a required part of the basic financial
statements. This supplemental information is the responsibility of
the Plan's management. Such supplemental information by fund has
been subjected to the auditing procedures applied in our audits of
the basic financial statements and, in our opinion, is fairly
stated in all material respects when considered in relation to the
basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP
July 28, 1998
(December 8, 1998 as to Note 7)
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(With Supplemental Information by Fund)
<TABLE>
<CAPTION>
December 31,
<S> <C> <C>
1997 1996
INVESTMENTS, at fair value $ 30,333,811 $ 10,444,202
CASH, at Merrill Lynch 8,234 275,016
NET ASSETS AVAILABLE FOR BENEFITS $ 30,342,045 $ 10,719,218
SUPPLEMENTAL INFORMATION BY FUND:
Mackenzie Ivy International Fund $ 1,868,372 $ 232,434
Merrill Lynch Corporate Bond Fund 1,862,624 528,266
Merrill Lynch Growth Fund 11,893,635 4,217,739
Merrill Lynch Basic Value Fund 6,864,058 1,989,593
Merrill Lynch Capital Fund 4,338,821 1,267,760
Merrill Lynch Ready Assets Trust 2,692,643 1,655,066
Participant Loans 813,658 553,344
TOTAL INVESTMENTS $ 30,333,811 $ 10,444,202
</TABLE>
See notes to financial statements.
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Mackenzie Ivy Merrill Merrill Merrill Merrill Merrill Merrill
Lynch Lynch Lynch Lynch Lynch Lynch
International Corporate Growth Basic Capital Ready Assets Participant
Fund Bond Fund Fund Value Fund Fund Trust Cash Loans
ADDITIONS:
Investment Income:
Net appreciation
in fair value $ 1,685 $ 28,195 $ 339,753 $ 579,760 $ 216,172 $ - $ - $ -
Dividends and
interest 25,072 71,766 856,745 443,237 295,888 121,579 - 56,360
Contributions:
Participant 857,827 588,815 3,643,983 2,015,343 1,448,039 634,495 (200,564) -
Employer 285,602 247,634 1,564,858 814,580 585,738 280,326 (56,877) -
Rollovers 396,238 356,320 1,679,133 1,091,964 707,245 829,139 - -
Total additions 1,566,424 1,292,730 8,084,472 4,944,884 3,253,082 1,865,539 (257,441) 56,360
DEDUCTIONS:
Benefits paid to
participants (58,159) (71,741) (345,418) (182,581) (139,981) (279,195) 2,221 (96,807)
Participant loans,
net of repayments (39,569) (30,285) (69,319) (87,959) (35,362) (94,627) (7,912) 357,121
Expenses - - - - - - (3,650) -
Total deductions (97,728) (102,026) (414,737) (270,540) (175,343) (373,822) (9,341) 260,314
TRANSFERS, net 167,242 143,654 6,161 200,121 (6,678) (454,140) - (56,360)
INCREASE (DECREASE) 1,635,938 1,334,358 7,675,896 4,874,465 3,071,061 1,037,577 (266,782) 260,314
IN NET ASSETS
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of the
Year 232,434 528,266 4,217,739 1,989,593 1,267,760 1,655,066 275,016 553,344
End of the Year $1,868,372 $1,862,624 $11,893,635 $6,864,058 $4,338,821 $2,692,643 $ 8,234 $813,658
</TABLE>
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
<S> <C>
Totals
ADDITIONS:
Investment Income:
Net appreciation
in fair value $ 1,165,565
Dividends and
interest 1,870,647
Contributions:
Participant 8,987,938
Employer 3,721,861
Rollovers 5,060,039
Total additions 20,806,050
DEDUCTIONS:
Benefits paid to
participants (1,171,661)
Participant loans,
net of repayments (7,912)
Expenses (3,650)
Total deductions (1,183,223)
TRANSFERS, net -
INCREASE (DECREASE) 19,622,827
IN NET ASSETS
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of the
Year 10,719,218
End of the Year $ 30,342,045
</TABLE>
See notes to financial statements.
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Mackenzie Ivy Merrill Merrill Merrill Merrill Merrill Merrill
Lynch Lynch Lynch Lynch Lynch Lynch
International Corporate Growth Basic Capital Ready Assets Participant
Fund Bond Fund Fund Value Fund Fund Trust Cash Loans
ADDITIONS:
Investment Income:
Net appreciation
in fair value $ 6,477 $ 2,596 $ 218,971 $ 58,852 $ 11,268 $ - $ - $ -
Dividends and
interest 5,889 14,560 299,623 100,898 86,457 48,215 - 18,767
Contributions:
Participant 69,781 246,685 1,446,051 691,888 552,034 199,533 208,475 -
Employer 21,595 86,384 489,633 232,945 185,215 67,470 66,541 -
Rollovers 64,421 174,960 1,230,582 662,546 373,274 2,631,946 - 253,265
Total additions 168,163 525,185 3,684,860 1,747,129 1,208,248 2,947,164 275,016 272,032
DEDUCTIONS:
Benefits paid to
participants - (1,832) (24,847) (17,768) (13,430) (49,306) - (1,396)
Participant loans,
net of repayments (3,278) (1,987) (96,965) (57,326) (50,927) (90,992) - 301,475
Total deductions (3,278) (3,819) (121,812) (75,094) (64,357) (140,298) - 300,079
TRANSFERS, net 67,549 6,900 654,691 317,558 123,869 (1,151,800) - (18,767)
INCREASE IN NET ASSETS 232,434 528,266 4,217,739 1,989,593 1,267,760 1,655,066 275,016 553,344
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of the
Year - - - - - - - -
End of the Year $ 232,434 $ 528,266 $4,217,739 $1,989,593 $1,267,760 $1,655,066 $275,016 $553,344
</TABLE>
<TABLE>
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
<S> <C>
Totals
ADDITIONS:
Investment Income:
Net appreciation
in fair value $ 298,164
Dividends and
interest 574,409
Contributions:
Participant 3,414,447
Employer 1,149,783
Rollovers 5,390,994
Total additions 10,827,797
DEDUCTIONS:
Benefits paid to
participants (108,579)
Participant loans,
net of repayments -
Total deductions (108,579)
TRANSFERS, net -
INCREASE IN NET ASSETS 10,719,218
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of the
Year -
End of the Year $10,719,218
</TABLE>
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN
The following description of the Sprint Spectrum L.P.
("the Company") Savings and Retirement Plan (the "Plan")
provides only general information. Participants should
refer to the Plan agreement for a more complete
description of the Plan's provisions.
General - The Plan is a defined contribution plan which
was established effective January 1, 1996. The Plan
consists of two components: a savings portion (the
"Savings Plan") and a profit sharing portion (the
"Retirement Plan"). Permanent full-time, and certain
part-time, employees of the Company who have completed
one year of service (1,000 service hours) or have reached
age 35, whichever occurs first, are eligible for the
Savings Plan. Employees become eligible to participate
in the Retirement Plan upon completion of one year of
service. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
Contributions - Under the Savings Plan, a participant may
elect to contribute up to a maximum of 16% of their
pretax annual compensation in any year, subject to
certain Internal Revenue Code ("IRC") limitations. The
Company makes a matching contribution equal to 50% of the
first 6% of compensation that a participant contributes
to the Savings Plan. In addition, the Company may make
additional discretionary contributions to the Plan, which
are based on the participant's compensation. Under the
Retirement Plan, employer contributions are based on the
compensation, age and years of service of the employee.
Contributions to the Plan are invested, at the
participant's discretion, in one or more of the
investment funds offered by the Plan.
Participant Accounts - A participant's account is
credited with the participant's contribution, if
applicable, the Company's matching and discretionary
contributions, Retirement Plan contributions and Plan
earnings. The benefit to which a participant is entitled
is the benefit that can be provided from the
participant's vested account.
Vesting - Participants are immediately vested in their
contributions and actual earnings thereon. A participant
becomes vested in the Savings and Retirement Plans as
follows:
Savings Plan Retirement
Years of Percentage Plan
Service Vested Percentage
Vested
0-1 0 % 0 %
2 50 % 0 %
3-4 100 % 0 %
5 100 % 100 %
<PAGE>
Investment Options - Upon enrollment in the Plan,
participants may direct contributions in 5% increments to
any of six investment choices. The investment options
are as follows:
Mackenzie Ivy International Fund - Funds are invested
in shares of a registered investment company that
invests over 50% of its total assets in the common
stock of companies in at least three different
countries (other than the United States).
Merrill Lynch Corporate Bond Fund Class D - Funds are
invested in shares of a registered investment company
that invests primarily in a diversified portfolio of
corporate fixed-income securities, such as corporate
bonds and notes, convertible securities and preferred
stocks.
Merrill Lynch Growth Fund Class D - Funds are invested
in shares of a registered investment company that
invests primarily in a diversified portfolio of equity
securities with emphasis on those securities that are
deemed by the Fund's management to be undervalued.
Merrill Lynch Basic Value Fund Class D - Funds are
invested in shares of a registered investment company
that invests primarily in equity securities that are
deemed by the Fund's management to be undervalued.
Merrill Lynch Capital Fund Class D - Funds are invested
in shares of a registered investment company that
invests primarily in equity securities, corporate
bonds, money market securities, government bonds and
mortgage-backed securities.
Merrill Lynch Ready Assets Trust Class D - Funds are
invested in shares of a registered investment company
that invests primarily short-term U.S. Government
securities, U.S. Government agency securities, bank
money instruments, corporate debt instruments,
including commercial paper and variable amount master
demand notes, and repurchase and reverse repurchase
agreements. The Trust seeks to maintain a $1.00 net
asset value per share.
Participants may change their investment options at any
time.
Loans - Participants may borrow from their fund accounts
a minimum of $1,000 and up to a maximum of the lesser of
$50,000 or 50% of their vested account balance. Loan
transactions are treated as transfers between investment
funds and participant loans. Loan terms range from 1 to
5 years, or up to 10 years for the purchase of a primary
residence. The loans are secured by 50% of the
participant's vested balance and bear interest at market
rates. At December 31, 1997, the rate on outstanding
loan balances ranged from 7.0% to 9.5%. At December 31,
1996, the rate on outstanding loan balances ranged from
7.0% to 10.1%. Principal and interest are paid ratably
through payroll deductions.
Payment of Benefits - Upon termination of service
including death, disability, and retirement, participants
are entitled to receive a lump-sum distribution of the
amounts they have contributed plus actual earnings
thereon and the vested portion of the Company
contribution which has been credited to their account.
At December 31, 1997 and 1996, there were no amounts
payable to persons who had withdrawn from the Plan.
<PAGE>
Administration of the Plan - Substantially all expenses
of the Plan are paid by the Company.
Forfeitures - At December 31, 1997 and 1996, forfeited
nonvested accounts totaled approximately $235,500 and
$10,000, respectively. These accounts will be used to
reduce future Company contributions.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The Plan's financial statements
have been prepared using the accrual basis of accounting
in accordance with generally accepted accounting
principles.
Use of Estimates - The preparation of financial
statements in conformity with generally accepted
accounting principles requires management to make
estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
financial statements and the reported amounts of
additions and deductions during the reporting period.
Actual results could differ from those estimates.
Cash - The cash balances represent contributions received
on December 31, 1997 and 1996, respectively, which had
not been allocated to the participant accounts. Such
amounts were allocated subsequent to the Plan year end.
Contributions Receivable - There were no contributions
receivable as of December 31, 1997 or 1996, as all
amounts had been paid to the Plan prior to the respective
year end. Amounts received by the Plan on December 31,
1997 and 1996, respectively, are reflected as cash.
Investment Valuation - The Plan's investments are stated
at fair value, except for the participant loans which are
stated at outstanding principal balance, which
approximates fair value. Within each fund, purchases and
sales of securities are recorded on a trade-date basis,
interest income is recorded on the accrual basis and
dividends are recorded on the ex-dividend date.
Payment of Benefits - Benefits are recorded when paid.
3. INVESTMENTS
The following table presents the investments at fair
value that represent 5% or more of the Plan's net assets
as of December 31, 1997 and 1996, respectively:
1997 1996
Merrill Lynch Growth Fund $ 11,893,635 $ 4,217,739
Merrill Lynch Basic Value 6,864,058 1,989,593
Fund
Merrill Lynch Capital 4,338,821 1,267,760
Fund
Merrill Lynch Ready 2,692,643 1,655,066
Assets Trust
Mackenzie Ivy 1,868,372
International Fund
Merrill Lynch Corporate 1,862,624
Bond Fund
Participant Loans 553,344
<PAGE>
4. PLAN TERMINATION
Although it has not expressed any intent to do so, the
Company has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan
termination, participants will become fully vested in
their accounts.
5. TAX STATUS
The Internal Revenue Service ("IRS") has determined and
informed the Company through a letter dated September 30,
1997, that the Plan and related trust are designed in
accordance with the applicable sections of the IRC. The
Plan has been amended since receiving the determination
letter. However, the Plan administrator and the Plan's
tax counsel believe that the amended Plan is designed and
is currently being operated in compliance with the
applicable requirements of the IRC.
6. ROLLOVERS
In 1996, certain employees who were formerly employed by
an affiliate of the Company were given a one-time
opportunity to transfer their entire retirement account
balance, including loans, from their former employer's
benefit plans into the Plan. Such accounts were
transferred into the Plan at fair value on the day of
transfer.
7. SUBSEQUENT EVENTS
Effective January 1, 1998, Merrill Lynch Trust Company
was appointed trustee of the Plan assets. In prior
years, certain members of the Company's management were
trustees of the Plan.
Effective January 1, 1998, three new investment funds
were added to the Plan. They are:
Alliance Quasar Fund - Funds are invested in shares of
a registered investment company that invests primarily
in small growth companies.
Merrill Lynch Global Allocation Fund - Funds are
invested in shares of a registered investment company
that invests primarily in stock, bond and short-term
fixed income markets on a global basis.
Merrill Lynch S&P 500 Fund - Funds are invested in
shares of a registered investment company that invests
in all stocks that are included in the S&P 500 Index.
On June 26, 1998, the Partnership Board of the Company
approved the termination of the American PCS, L.P. Tax
Deferred Savings Plan ("APC Plan"). The assets of the
APC Plan are to be liquidated and settled by July 30,
1998. On August 1, 1998, the assets of the APC Plan are
to be transferred to Merrill Lynch Trust Company as
trustee of the Plan. Additionally, APC Plan participants
will become participants of the Plan.
In December 1998, Sprint communicated its intent to merge
the Plan into the Sprint Retirement Savings Plan (the
"Sprint Plan"). The Sprint Plan has received from the
IRS a determination letter that it is qualified under
Section 401 of the IRC.
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1997
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
Identity of
Issue Description of Investment
Borrower, Including Maturity Date,
Lessor, or Interest Rate Collateral Fair
Similar Party and Par or Maturity Value Cost Value
<S> <C> <C> <C> <C>
* Mackenzie Ivy International Fund (47,870 shares)... $ 1,867,782 $ 1,868,372
* Merrill Lynch Corporate Bond Fund (162,108 shares)..... 1,833,949 1,862,624
* Merrill Lynch Growth Fund (416,444 shares)............. 11,447,058 11,893,635
* Merrill Lynch Basic Value Fund (185,415 shares)........ 6,285,684 6,864,058
* Merrill Lynch Capital Fund (125,909 shares)............ 4,134,835 4,338,821
* Merrill Lynch Ready Assets Trust (2,692,543 shares).... 2,692,643 2,692,643
Total 28,261,951 29,520,153
* Various Participant Loans
Participants receivable; interest
rates ranging from 7.0% 813,658 813,658
to 9.5%; maturity dates
through 2008
TOTAL INVESTMENTS $29,075,609 $30,333,811
*Indicates party-in-interest to the Plan.
</TABLE>
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
ITEM 27b - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Amount received
during reporting
year
Unpaid
Original Balance Detailed Amount overdue
Indentity Amt of at the end description of
of obligor Loan Principal Interest of the year loan Principal Interest
<S> <C> <C> <C> <C> <C> <C> <C> <C>
* Lynda C. Allen $1,000 $ 614 $ 41 $ 386 Issued on: 1/20/97 $ 386 $ 7
Original Maturity: 1/30/98
Interest Rate: 9.25%
* Lynda C. Allen 2,215 355 33 1,860 Issued on: 7/29/97 1,860 78
Original Maturity: 7/30/98
Interest Rate: 9.50%
* Richard D. Bauerle 1,200 241 21 959 Issued on: 1/15/97 959 37
Original Maturity: 1/15/98
Interest Rate: 9.25%
* Cindy L. Carpenter 1,932 13 8 1,919 Issued on: 6/17/97 1,919 492
Original Maturity: 6/17/02
Interest Rate:9.50%
* Stephen R. Chew 5,695 1,133 319 4,562 Issued on: 2/6/97 4,562 519
Original Maturity: 2/15/00
Interest Rate: 9.25%
* Milo P. Covington 14,405 2,223 546 12,182 Issued on: 2/29/96 12,182 1,267
Original Maturity: 9/30/99
Interest Rate: 7.00%
* Jonathan Froude 1,006 96 19 910 Issued on: 8/25/97 910 82
Original Maturity: 8/30/99
Interest Rate: 9.50%
* Magdy M. Girgis 2,282 $ 45 27 2,237 Issued on: 4/7/97 2,237 563
Original Maturity: 4/15/02
Interest Rate: 9.50%
* Indicates party-in-interest to the Plan.
</TABLE>
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
ITEM 27b - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
(CONTINUED)
DECEMBER 31, 1997
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Amount received
during reporting
year Amount overdue
Original Unpaid Balance Detailed
Indentity of Amt of at the end of description of
obligor Loan Principal Interest the year loan Principal Interest
<S> <C> <C> <C> <C> <C> <C> <C> <C>
* Melanie G. Lamb $2,500 $ 378 $ 90 $ 2,122 Issued on: 11/19/96 $ 2,122 $ 215
Original Maturity: 5/4/99
Interest Rate: 9.25%
* Birdell B. Luddington 2,300 91 54 2,209 Issued on: 4/24/97 2,209 541
Original Maturity: 4/30/02
Interest Rate: 9.50%
* Theresa E. Marquis 1,100 121 37 979 Issued on: 5/21/97 979 129
Original Maturity: 5/30/00
Interest Rate: 9.50%
* Kenneth R. Melrose 1,503 890 73 613 Issued on: 2/29/96 613 15
Original Maturity: 11/30/97
Interest Rate: 7.00%
* Kenneth R. Melrose 15,000 1,311 722 13,689 Issued on: 9/23/96 13,689 3,042
Original Maturity: 9/30/01
Interest Rate: 9.25%
* Robert P. Nersesian 25,000 2,013 1,114 22,987 Issued on: 12/24/96 22,987 5,158
Original Maturity: 12/30/01
Interest Rate: 9.25%
* Teresa T. Sandidge 5,944 1,568 440 4,377 Issued on: 2/29/96 4,377 470
Original Maturity: 6/15/00
Interest Rate: 7.00%
* Nakina C. Talbert 2,768 211 43 2,557 Issued on: 6/20/97 2,557 234
Original Maturity: 6/30/99
Interest Rate: 9.50%
*Indicates party-in-interest to the Plan.
</TABLE>
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
ITEM 27b - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
(CONCLUDED)
DECEMBER 31, 1997
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Amount received
during reporting
year Amount overdue
Original Unpaid Balance Detailed
Indentity of Amt of at the end of description of
obligor Loan Principal Interest the year loan Principal Interest
<S> <C> <C> <C> <C> <C> <C> <C> <C>
* Edgardo A. Umali $ 7,553 $ 97 $ 145 $ 7,456 Issued on: 5/13/96 $ 7,456 $ 3,894
Original Maturity: 5/15/06
Interest Rate: 9.25%
* Steven J. Ver Woert 17,000 2,197 1,170 14,803 Issued on: 4/12/96 14,803 3,096
Original Maturity: 4/15/01
Interest Rate: 9.25%
*Indicates party-in-interest to the Plan.
</TABLE>
<PAGE>
SPRINT SPECTRUM L.P. SAVINGS AND RETIREMENT PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Expenses
Identity Incurred in
of Party Connection Current
Involved Description of Asset Purchase Selling Lease with Cost of Value Net Gain
Price Price Rental Transaction Asset of Asset or (Loss)
SINGLE TRANSACTIONS
No Single Reportable Transactions Noted.
SERIES TRANSACTIONS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
*Mackenzie Ivy International Fund (305 purchases) $1,891,871 $1,891,871 $1,891,871 $ -
Ivy International Fund (175 sales) $ 257,618 250,064 257,618 7,554
*Merrill Corporate Bond Fund (242 purchases) 1,578,580 1,578,580 1,578,580 -
Lynch Corporate Bond Fund (229 sales) 268,920 266,895 268,920 2,025
*Merrill Growth Fund (433 purchases) 8,395,688 8,395,688 8,395,688 -
Lynch Growth Fund (341 sales) 1,034,364 931,012 1,034,364 103,352
*Merrill Basic Value Fund (388 purchases) 5,024,959 5,024,959 5,024,959 -
Lynch Basic Value Fund (297 sales) 717,961 659,563 717,961 58,398
*Merrill Capital Fund (345 purchases) 3,278,043 3,278,043 3,278,043 -
Lynch Capital Fund (285 sales) 409,159 386,339 409,159 22,820
*Merrill Ready Assets Trust (433 purchases) 2,467,868 2,467,868 2,467,868 -
Lynch Ready Assets Trust (216 sales) 1,430,291 1,430,291 1,430,291 -
*Various New loans made (94) 616,531 616,531 616,531 -
Plan Payoff of loans (45) 356,217 356,217 356,217 -
Participants
*Indicates party-in-interest to the Plan.
</TABLE>
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this
Registration Statement of Sprint Corporation on Form S-8
of our report dated July 28, 1998 (December 8, 1998 as to
Note 7) appearing in the Annual Report on Form 11-K of the
Sprint Spectrum L.P. Savings and Retirement Plan for the
year ended December 31, 1997.
/s/ Deloitte & Touche LLP
Kansas City, Missouri
December 8, 1998
