SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------------
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT
--------------------
x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934.
For the fiscal year ended December 31, 1995
-----------------
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the transition period from ________________ to __________________
Commission file number 0-3797
A. Full title of the plan and the address of the Plan, if different from
that ot the issuer named below:
The MasTec, Inc. 401(k) Retirement Savings Plan
B. Name of the issuer of the securities held pursuant to the Plan and
address of its principal executive office:
MasTec, Inc.
3351 N.W. 77th Avenue
Miami, Florida 33122
Page 1 of 16
<PAGE>
REQUIRED INFORMATION
4. Financial Statements
The Plan hereby files its financial statements for the fiscal year
ended December 31, 1995, prepared in accordance with the financial
reporting requirement of the Employee Retirement Income Security Act of
1974.
Page 2 of 16
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
REPORTS ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
for the years ended December 31, 1995 and 1994
Table of Contents Pages
Report of Independent Accountants 4
Financial Statements:
Statement of Net Assets Available for Benefits 5
as of December 31, 1995
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1995 6
Statement of Net Assets Available for Benefits
as of December 31, 1994 7
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1994 8
Notes to Financial Statements 9-14
Supplemental Schedules:
Item 27a of Form 5500 - Schedule of Assets Held for Investment
Purposes as of December 31, 1995 15
Item 27d of Form 5500 - Schedule of Reportable Transactions
for the year ended December 31, 1995 16
Page 3 of 16
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of the
The MasTec, Inc.
401(k) Retirement Savings Plan:
We have audited the accompanying statements of net assets available
for benefits of the MasTec, Inc. 401(k) Retirement Savings Plan as
of December 31, 1995 and 1994 and the related statements of changes
in net assets available for benefits for the years ended December
31, 1995 and 1994. 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, the financial statements referred to above present
fairly, in all material respects, the net assets available for
benefits of the Plan as of December 31, 1995 and 1994, and the
changes in net assets available for benefits for the years ended
December 31, 1995 and 1994, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
schedules of Assets Held for Investment Purposes of The MasTec,
Inc. 401(k) Retirement Savings Plan as of December 31, 1995, and
Reportable Transactions for the year then ended, 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. The Fund Information in the statement of net
assets available for benefits and the statement of changes in net
assets available for benefits is presented for purposes of
additional analysis rather than to present the net assets available
for plan benefits and changes in net assets available for plan
benefits of each fund. The supplemental schedules and Fund
Information have been subjected to the auditing procedures applied
in our audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Miami, Florida
May 17, 1996
Page 4 of 16
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995
<TABLE>
<CAPTION>
Guaranteed Income & Growth Mastec Life Diversified
Interest Growth Opportunities Common Insurance Equity
Fund Fund Fund Stock Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at fair value (Note 2) $ 0 $ 405,049 $ 1,299,364 $ 178,290 $ 71,776 $ 0 $ 1,954,479
Participant notes receivable 108,798 0 0 0 0 0 108,798
Cash and cash equivalents 39,529 22,330 55,527 1,414 29 5,835 124,664
----------- ----------- ----------- ---------- ----------- ----------- -----------
148,327 427,379 1,354,891 179,704 71,805 5,835 2,187,941
Investment, at contract value (Note 2):
ITT Hartford Life Insurance Company
Group Annuity Contract #GA-3565 3,231,172 0 0 0 0 0 3,231,172
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total investments 3,379,499 427,379 1,354,891 179,704 71,805 5,835 5,419,113
----------- ----------- ----------- ---------- ----------- ----------- -----------
Receivables:
Participants' contributions 66,471 18,657 29,457 24,184 917 0 139,686
Interest receivable 18,806 56 556 72 0 0 19,490
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total receivables 85,277 18,713 30,013 24,256 917 0 159,176
----------- ----------- ----------- ---------- ----------- ----------- -----------
Due from (to) other funds 28,363 (16,466) (11,897) 0 0 0 0
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total assets $ 3,443,139 $ 429,626 $ 1,373,007 $ 203,960 $ 72,722 $ 5,835 $ 5,578,289
=========== =========== =========== ========== =========== =========== ===========
Liabilities:
Due to Brokers $ 32,928 $ 6,869 $ 46,720 $ 0 $ 0 $ 0 $ 86,517
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total liabilities 32,928 6,869 46,720 0 0 0 86,517
----------- ----------- ----------- ---------- ----------- ----------- -----------
Net assets available for benefits $ 3,460,211 $ 422,757 $ 1,326,287 $ 203,960 $ 72,722 $ 5,835 $ 5,491,772
=========== =========== =========== ========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 4 of 16
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
year ended December 31, 1995
<TABLE>
<CAPTION>
Guaranteed Income & Growth Mastec Life Diversified
Interest Growth Opportunities Common Insurance Equity
Fund Fund Fund Stock Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of
investments $ 0 $ 28,709 $ 256,108 $ 18,032 $ 0 $ 0 $ 302,849
Interest and dividends 212,886 14,906 32,366 114 1,745 340 262,357
----------- ----------- ----------- ---------- ----------- ----------- -----------
212,886 43,615 288,474 18,146 1,745 340 565,206
Contributions:
Participants' 510,028 130,972 226,302 160,150 9,340 29 1,036,821
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total additions 722,914 174,587 514,776 178,296 11,085 369 1,602,027
----------- ----------- ----------- ---------- ----------- ----------- -----------
Deductions from net assets attributed to:
Participants withdrawals 964,681 26,545 166,179 4,992 28,264 0 1,190,661
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total deductions 964,681 26,545 166,179 4,992 28,264 0 1,190,661
----------- ----------- ----------- ---------- ----------- ----------- -----------
Net (decrease) increase prior to transfers (241,767) 148,042 348,597 173,304 (17,179) 369 411,366
Transfers 27,358 (58,800) 44,617 (12,823) 0 (352) 0
----------- ----------- ----------- ---------- ----------- ----------- -----------
Net (decrease) increase (214,409) 89,242 393,214 160,481 (17,179) 17 411,366
Net assets available for benefits:
Beginning of year 3,674,620 333,515 933,073 43,479 89,901 5,818 5,080,406
----------- ----------- ----------- ---------- ----------- ----------- -----------
End of year $ 3,460,211 $ 422,757 $ 1,326,287 $ 203,960 $ 72,722 $ 5,835 $ 5,491,772
=========== =========== =========== ========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 6 of 16
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1994
<TABLE>
<CAPTION>
Guaranteed Income & Growth Mastec Life Diversified
Interest Growth Opportunities Common Insurance Equity
Fund Fund Fund Stock Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at fair value (Note 2) $ 0 $ 304,809 $ 928,837 $ 19,526 $ 88,029 $ 0 $ 1,341,201
Participant notes receivable 140,442 0 0 0 0 0 140,442
Cash and cash equivalents 30,880 138 3,601 0 0 5,818 40,437
----------- ----------- ----------- ---------- ----------- ----------- -----------
171,322 304,947 932,438 19,526 88,029 5,818 1,522,080
Investment, at contract value (Note 2):
ITT Hartford Life Insurance Company
Group Annuity Contract #GA-3565 3,384,009 0 0 0 0 0 3,384,009
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total investments 3,555,331 304,947 932,438 19,526 88,029 5,818 4,906,089
----------- ----------- ----------- ---------- ----------- ----------- -----------
Receivables:
Participants' contributions 91,822 28,182 36,636 14,171 1,872 0 172,683
Interest receivable 745 386 395 108 0 0 1,634
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total receivables 92,567 28,568 37,031 14,279 1,872 0 174,317
----------- ----------- ----------- ---------- ----------- ----------- -----------
Due from (to) other funds 26,722 0 (36,396) 9,674 0 0 0
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total assets $ 3,674,620 $ 333,515 $ 933,073 $ 43,479 $ 89,901 $ 5,818 $ 5,080,406
=========== =========== =========== ========== =========== =========== ===========
Net assets available for benefits $ 3,674,620 $ 333,515 $ 933,073 $ 43,479 $ 89,901 $ 5,818 $ 5,080,406
=========== =========== =========== ========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 7 of 16
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
year ended December 31, 1994
<TABLE>
<CAPTION>
Guaranteed Income & Growth Mastec Life Diversified
Interest Growth Opportunities Common Insurance Equity
Fund Fund Fund Stock Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation/(depreciation)
in fair value of investments $ 0 $ (9,300) $ (65,305) $ 2,383 $ 0 $ (2,396) $ (74,618)
Interest and dividends 278,743 3,302 54,802 108 1,144 3,768 341,867
----------- ----------- ----------- ---------- ----------- ----------- -----------
278,743 (5,998) (10,503) 2,491 1,144 1,372 267,249
Contributions:
Participants' 540,915 79,250 78,106 31,314 15,717 85,905 831,207
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total additions 819,658 73,252 67,603 33,805 16,861 87,277 1,098,456
----------- ----------- ----------- ---------- ----------- ----------- -----------
Deductions from net assets attributed to:
Participants withdrawals 1,588,931 35,612 42,286 0 25,394 461,648 2,153,871
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total deductions 1,588,931 35,612 42,286 0 25,394 461,648 2,153,871
----------- ----------- ----------- ---------- ----------- ----------- -----------
Net (decrease) increase prior to transfers (769,273) 37,640 25,317 33,805 (8,533) (374,371) (1,055,415)
Transfers (326,200) 295,875 907,756 9,674 0 (887,105) 0
----------- ----------- ----------- ---------- ----------- ----------- -----------
Net (decrease) increase (1,095,473) 333,515 933,073 43,479 (8,533) (1,261,476) (1,055,415)
Net assets available for benefits:
Beginning of year 4,770,093 0 0 0 98,434 1,267,294 6,135,821
----------- ----------- ----------- ---------- ----------- ----------- -----------
End of year $ 3,674,620 $ 333,515 $ 933,073 $ 43,479 $ 89,901 $ 5,818 $ 5,080,406
=========== =========== =========== ========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 8 of 16
<PAGE>
THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of Plan:
The following description of the MasTec, Inc. (the "Company")
401(K) Retirement Savings Plan (the "Plan") provides only
general information. The Plan agreement contains a more
complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering all employees
of the Company who are age twenty-one or older and are
scheduled to work 1,000 or more hours. Eligible participants
may enter the Plan on January 1 or July 1. It is subject to
the provisions of the Employee Retirement Income Security Act
of 1974 ("ERISA") and is exempt from federal and state income
taxes.
The Plan is administered by the Employee Benefits Committee
(Plan Administrators). The Board of Directors has appointed
First Union National Bank as Trustee of the Plan for all funds
except for the MasTec Common Stock Fund which is administered
by the Company. Plan assets are held by four custodians
(First Fidelity - New England Securities, ITT Hartford Life
Insurance Company, First Colony Life Insurance Company and
First Union National Bank). The Barclay Group (Plan's
Recordkeeper) performs certain administrative services
including maintenance of participant records. (See Note 7).
Contributions
Participants may contribute from 1% to 15% of their pre-tax
annual compensation, subject to certain dollar amount limits,
as defined in the plan agreement. The maximum contribution
allowed during 1995 and 1994 was $9,240.
Participant Accounts
Each participant's account is credited with the participant's
contribution, the Company's discretionary contribution, if
any, any rollovers into the Plan (permitted at the discretion
of the plan administrator) and an allocation of the Plan's
earnings. Each participant's account is reduced by any
withdrawals or distributions and an allocation of (a) his
share of investment losses and depreciation in value of
investments and (b) administrative fees paid by the Plan if
not paid by the Company. The benefit to which a participant
is entitled is the participant's vested account balance.
Page 9 of 16
<PAGE>
THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan, Continued:
Investment Options
Upon enrollment in the Plan, a participant may direct
contributions to any of four investment options. Participants
may elect to invest contributions in a single fund in 5%
increments, among any of the following:
Hartford Guaranteed Interest Fund - Funds are invested in
contracts with the Hartford Life Insurance Company
("Hartford Life") which provides for repayment of principal
and annual interest at guaranteed rates for a fixed period.
During 1995 and 1994, the minimum guaranteed rate was 6.5%
and 6.9%, respectively. The guaranteed interest rate is
determined before the start of each year by Hartford Life.
The fair value and average yield approximates the contract
value and the minimum guaranteed rate, respectively, as of
December 31, 1995.
Fidelity Adviser Income and Growth Fund - Funds are invested
in U.S. Treasury issues, corporate bonds, foreign
investments, convertible securities and stocks.
Fidelity Advisor Growth Opportunities Fund - Funds are
invested in traditional growth stocks and debt securities.
MasTec Common Stock Fund - Funds are invested solely in
shares of the common stock, par value $0.10 per share of
MasTec, Inc. The fund will buy up to 500,000 shares, as
determined under the rules of ERISA and the Internal Revenue
Code (IRC).
A participant may not invest more than 50% of his aggregate
contributions in the MasTec, Inc. common stock fund.
Life Insurance Fund - The fund was not offered as an
investment option to participants after July 1, 1994.
Diversified Equity Fund - The fund was not offered as an
investment option to participants after July 1, 1994.
Transfers and Rollovers
Participants may rollover balances held in other qualified
retirement plans at the discretion of the Plan Administrators.
Withdrawals
Certain withdrawals from participant accounts are only allowed
for financial hardship (in accordance with IRS regulations).
Page 10 of 16
<PAGE>
THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan, Continued:
Participant Notes Receivable
Participants may borrow a maximum of the lesser of (1) $50,000
or (2) fifty percent (50%) of their individual vested account
balance. Loan terms range from 1-5 years or up to 10 years
for the purchase of a primary residence. The loans bear
interest at rates determined by the Plan Administrators
generally at 2% over Prime.
Payment of Benefits
On termination of service, due to death, disability, or
retirement, a participant receives payment of the vested
accrued benefit in a single lump sum or the payment can be
deferred under certain circumstances to normal retirement age.
For termination of service due to other reasons, a participant
is entitled to receive only the vested percentage of his
account balance.
Vesting
Participants are immediately vested in their contributions and
rollovers and the earnings thereon. Participants are vested
in Company contributions, if any, to the extent reflected
below:
Years of Service Percentage
Less than 3 30
3 33
4 67
5 or more 100
Participants forfeit the portion of their account balance to
the extent not vested. There were no amounts forfeited as of
December 31, 1995 and 1994.
Page 11 of 16
<PAGE>
THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
2. Summary of Significant Accounting Policies:
The significant accounting policies followed by the Plan are
as follows:
Basis of Accounting
The financial statements of the Plan are prepared in
conformity with generally accepted accounting principles.
Valuation of Investments and Income Recognition
The Plan's investments are valued by the custodians (Note 1)
and are stated at fair value using quoted market prices.
Purchase and sales transactions are recorded on a trade date
basis. Any gain or loss resulting from the sale of fund units
is determined as the difference between the sales proceeds and
the average cost of the units sold. Investment income is
recorded on the accrual basis.
Investment Income
The Plan presents in the statement of changes in net assets
available for benefits the net appreciation/depreciation in
the fair value of its investments which consists of the
realized gains or losses and the unrealized appreciation
(depreciation) on those investments.
Participant Withdrawals
Withdrawals made by participants are recorded when paid.
Administrative Costs
All administrative expenses of the Plan, including, without
limitation, the allocable portion of compensation of plan
administrative staff and fees of employee benefits
consultants, legal counsel, and auditors' fees are chargeable
to the Plan. The Company may, at its sole discretion, pay any
such expenses, in whole or in part. The Company assumed
responsibility for administrative expenses for the years ended
December 31, 1995 and 1994.
Page 12 of 16
<PAGE>
THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
3. Investment Contract With Insurance Company:
The Plan has entered into a Group Annuity Contract with the Hartford Life
Insurance Company ("ITT Hartford"). ITT Hartford maintains the contributions
in an Immediate Participation Fund. The fund is credited with earnings
(i.e., interest on each minimum monthly balance in the Fund during the
contract year) and charged for Plan withdrawals and administrative expenses
incurred by ITT Hartford. The contract is included in the financial
statements at contract value, as reported to the Plan by ITT Hartford.
Contract value represents contributions made under the contract, plus
earnings, less plan withdrawals, and administrative expenses. The fair value
and average yield approximates the contract value and the minimum guaranteed
rate, respectively, as of December 31, 1995.
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 100% vested in their accounts.
5. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of net assets available
for benefits per the financial statements to the Form 5500:
1995 1994
Net assets available for benefits per the
financial statements $ 5,491,772 $ 5,080,406
Amounts allocated to withdrawing participants (153,676) (566,612)
----------- -----------
Net assets available for Plan benefits
per the Form 5500 $ 5,338,096 $ 4,513,794
=========== ===========
The following is a reconciliation of benefits paid to
participants per the financial statements to the Form 5500:
Year ended
December 31, 1995
Withdrawals paid to participants per the financial
statements $ 1,190,661
Add: Amounts allocated to withdrawing participants
at December 31, 1995 153,676
Less: Amounts allocated to withdrawing participants
at December 31, 1994 (566,612)
-----------
Withdrawals to participants per the Form 5500 777,725
===========
Amounts allocated to withdrawing participants are recorded on Form 5500
for claims that have been processed and approved for payment prior to
December 31, but not yet paid as of that date.
Page 13 of 16
<PAGE>
THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
6. Tax Status:
The Internal Revenue Service has determined and informed the
Company by a letter dated August 13, 1992, that the Plan is
designed in accordance with applicable sections of the IRC.
The Plan has been amended since receiving the determination
letter. However, the Plan Administrator and the Plan's legal
counsel believe that the Plan is designed and is currently
being operated in compliance with the applicable requirements
of the IRC.
7. Subsequent Events:
In 1996, the Board of Directors of MasTec, Inc. passed a
resolution to remove First Union National Bank and the Barclay
Group as Trustee and Recordkeeper, respectively, of the Plan
and appointed Norwest Bank, Minnesota, N.A. and GreatWest Life
as Trustee and Recordkeeper, respectively.
Page 14 of 16
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
ITEM 27a OF FORM 5500 - SCHEDULE OF ASSETS
HELD FOR INVESTMENT PURPOSES
as of December 31, 1995
<TABLE>
<CAPTION>
(a) Participating
Units or Par
Value (b) Identity of Party (c) Description of Investment (d) Cost (e) Fair Value
<C> <C> <C> <C> <C>
N/A ITT Hartford Life Insurance Company Guaranteed Interest Contract - 6.5% $ 3,231,172 $ 3,231,172
N/A Participant loans, fully amortized Loans to participants 8.00% - 11.00% 0 108,798
25,783 First Fidelity New England Securities Income & Growth Fund 385,571 405,049
41,067 First Fidelity New England Securities Growth Opportunities Fund 1,101,742 1,299,364
14,122 MasTec, Inc. Common Stock Fund 155,867 178,290
N/A First Colony Life Insurance Company Life Insurance Fund 129,012 71,776
----------- -----------
$ 5,003,364 $ 5,294,449
=========== ===========
</TABLE>
Page 15 of 16
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
ITEM 27d OF FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTIONS*
for the year ended December 31, 1995
<TABLE>
<CAPTION>
(f) Value of
Assets on
(c) Purchase (d) Selling (e) Cost of Transaction (g) Net Gain
(a) Identity of Party Involved (b) Description of Assets Price Price Asset Date of (Loss)
<S> <C> <C> <C> <C> <C> <C>
ITT Hartford Life Insurance Guaranteed Interest Contract
Company Purchases $ 873,955 $ 0 $ 0 $ 873,955 $ 0
Sales 0 1,026,775 1,026,792 0 (17)
First Fidelity New England Income and Growth Fund
Securities Purchases 325,698 0 0 325,698 0
Sales 0 70,858 69,845 0 1,013
First Fidelity New England Growth Opportunities Fund
Securities Purchases 255,427 0 0 255,427 0
Sales 0 215,063 219,299 0 (4,236)
First Union National Bank Fidelity Institutional Cash
Domestic Portfolio #59
Purchases 1,904,298 0 0 1,904,298 0
Sales 0 1,896,506 1,896,506 0 0
First Union National Bank Fidelity Institutional Cash
Domestic Portfolio #690
Purchases 457,403 0 0 457,403 0
Sales 0 497,408 497,408 0 0
* Under ERISA, a reportable transaction is defined as a transaction or series
of transactions during the plan year that involves more than 5% of the fair
value of the plan assets at the beginning of the plan year.
Page 16 of 16
</TABLE>
