<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
_____________________
FORM 11-K
_____________________
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 1-3863
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Harris Corporation Retirement Plan
Harris Corporation Union Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Harris Corporation
1025 W. NASA Blvd.
Melbourne, Florida 32919
<PAGE> 2
HARRIS CORPORATION
RETIREMENT PLAN
and
HARRIS CORPORATION UNION RETIREMENT PLAN
------------------------
FINANCIAL STATEMENTS
as of June 30, 1994 and 1993 and
for the years then ended
and report thereon
------
<PAGE> 3
Harris Corporation
Retirement Plan Master Trust
Audited Financial Statements
and Supplemental Schedules
Years ended June 30, 1994 and 1993
CONTENTS
Report of Independent Certified Public Accountants...................... 1
Audited Financial Statements
Statements of Assets Available for Plan Benefits ....................... 2
Statements of Changes in Assets Available for Plan Benefits ............ 6
Notes to Financial Statements........................................... 10
Supplemental Schedules
Assets Held for Investment.............................................. 16
Transactions or Series of Transactions in Excess of Five Percent
of the Current Value of Plan Assets..................................... 36
<PAGE> 4
[logo] Ernst & Young LLP * CERTIFIED PUBLIC ACCOUNTANTS * Phone: 407 872 6600
Suite 1700
390 North Orange Avenue
Orlando, Florida 32801-1671
Report of Independent Certified Public Accountants
Investment Committee
Harris Corporation Retirement Plan
We have audited the accompanying statements of assets available for plan
benefits of the Harris Corporation Retirement Plan Master Trust (the "Plan") as
of June 30, 1994 and 1993, and the related statements of changes in assets
available for plan 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 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 assets available for plan benefits of the Plan at
June 30, 1994 and 1993, and the changes in its assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment and series of transactions in excess of five percent of the
current value of Plan assets as of June 30, 1994 are presented for purposes of
complying with the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974, and
are not a required part of the financial statements. The supplemental schedules
have been subjected to the auditing procedures applied in our audit of the 1994
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the 1994 financial statements taken as a whole.
/s/ Ernst & Young LLP
September 30, 1994
1
<PAGE> 5
Harris Corporation Retirement Plan Master Trust
Statements of Assets Available for Plan Benefits
June 30, 1994
<TABLE>
<CAPTION>
BALANCED SHORT-TERM MONEY MARKET EQUITY INCOME
FUND BOND FUND FUND FUND
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Investments (Note 3):
U.S. Government securities $153,920,234 $ 64,508,208 $ 990,447 $ -
Corporate debt securities 92,953,883 54,863,153 7,841,155 -
Corporate preferred and common stock 247,917,667 - - 147,722,780
Wells Fargo Bank Index Fund 69,256,443 - - -
J.P. Morgan commingled real estate fund 24,448,259 - - -
Participant loans - - - -
Unallocated insurance contracts - - - -
------------ ------------ ------------ ------------
Total investments 588,496,486 119,371,361 8,831,602 147,722,780
Receivables:
Contribution receivable from Harris
Corporation 20,618,310 - - -
------------ ------------ ------------ ------------
Accrued interest and dividends
receivable 3,800,669 1,044,240 24,704 -
------------ ------------ ------------ ------------
24,418,979 1,044,240 24,704 -
Cash and cash equivalents
(Note 2) 36,048,370 4,274,456 2,302,836 -
------------ ------------ ------------ ------------
Assets available for plan benefits $648,963,835 $124,690,057 $ 11,159,142 $147,722,780
============ ============ ============ ============
<FN>
See accompanying notes.
</TABLE>
2
<PAGE> 6
<TABLE>
<CAPTION>
HARRIS
EQUITY INDEX FUND STABLE VALUE GROWTH CORPORATION LOAN
FUND FUND FUND STOCK FUND FUND TOTAL
- - ----------------- ----------------- ----------------- ----------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C>
$ - $ - $ - $ - $ - $ 219,418,889
- - - - - 155,658,191
- - 71,237,273 2,001,242 - 468,878,962
71,332,104 - - - - 140,588,547
- - - - - 24,448,259
- - - - 40,405,954 40,405,954
- 194,629,252 - - - 194,629,252
- - ----------------- ----------------- ----------------- ----------------- ----------------- ----------------
71,332,104 194,629,252 71,237,273 2,001,242 40,405,954 1,244,028,054
- - - - - 20,618,310
- - ----------------- ----------------- ----------------- ----------------- ----------------- ----------------
- 23,434 - 1,919 - 4,894,966
- - ----------------- ----------------- ----------------- ----------------- ----------------- ----------------
- 23,434 - 1,919 - 25,513,276
1 1,666,512 - 10,727 - 44,302,902
- - ----------------- ----------------- ----------------- ----------------- ----------------- ----------------
$ 71,332,105 $196,319,198 $ 71,237,273 $ 2,013,888 $ 40,405,954 $1,313,844,232
================= ================= ================= ================= ================= ================
3
</TABLE>
<PAGE> 7
Harris Corporation Retirement Plan Master Trust
Statements of Assets Available for Plan Benefits
June 30, 1993
<TABLE>
<CAPTION>
BALANCED SHORT-TERM MONEY MARKET EQUITY INCOME
FUND BOND FUND FUND FUND
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Investments (Note 3):
U.S. Government securities $147,218,142 $ 95,557,708 $ - $ -
Corporate debt securities 92,000,442 45,358,621 - -
Corporate preferred and common stock 219,210,142 - - 117,890,084
Wells Fargo Bank Index Fund 61,435,107 - - -
J.P. Morgan commingled real estate fund 23,038,273 - - -
Participant loans - - - -
Unallocated insurance contracts - -
------------ ------------ ------------ ------------
Total investments 542,902,106 140,916,329 - 117,890,084
Receivables:
Contribution receivable from
Harris Corporation 16,025,634 - - -
Accrued interest and dividends
receivable 4,021,121 1,553,568 19,241 -
------------ ------------ ------------ ------------
20,046,755 1,553,568 19,241 -
Cash and cash equivalents
(Note 2) 54,336,750 (2,400,607) 7,470,062 -
------------ ------------ ------------ ------------
Assets available for plan benefits $617,285,611 $140,069,290 $ 7,489,303 $117,890,084
============ ============ ============ ============
<FN>
See accompanying notes.
</TABLE>
4
<PAGE> 8
<TABLE>
<CAPTION>
EQUITY INDEX STABLE VALUE GROWTH LOAN
FUND FUND FUND FUND TOTAL
- - ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
$ - $ - $ - $ - $ 242,775,850
- - - - 137,359,063
- - 70,263,135 - 407,363,361
64,244,345 - - - 125,679,452
- - - - 23,038,273
- - - 31,713,781 31,713,781
- 182,926,359 - - 182,926,359
- - ------------ ------------ ------------ ------------ ------------
64,244,345 182,926,359 70,263,135 31,713,781 1,150,856,139
- - - - 16,025,634
2,660 8,105 - - 5,604,695
- - ------------ ------------ ------------ ------------ ------------
2,660 8,105 - - 21,630,329
924,239 13,386 - - 60,343,830
- - ------------ ------------ ------------ ------------ ------------
$ 65,171,244 $182,947,850 $ 70,263,135 $ 31,713,781 $1,232,830,298
============ ============ ============ ============ =============
</TABLE>
5
<PAGE> 9
Harris Corporation Retirement Plan Master Trust
Statements of Changes in Assets Available for Plan Benefits
June 30, 1994
<TABLE>
<CAPTION>
BALANCED SHORT-TERM MONEY MARKET EQUITY INCOME
FUND BOND FUND FUND FUND
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increases:
Investment income $ 23,873,300 $ 7,358,542 $ 297,280 $ 4,528,658
Cash contributions from Harris
Corporation under profit-sharing program 20,618,310 - - -
Cash contributions from Harris
Corporation and participants under
deferred income program 26,534,131 12,413,194 1,058,110 13,671,898
------------ ------------ ------------ ------------
71,025,741 19,771,736 1,355,390 18,200,556
Net participants' transfers between funds (1,609,830) (20,832,105) 3,239,086 15,417,076
Decreases:
Benefits paid directly to participants 24,610,515 8,247,658 915,342 5,858,835
Administrative expenses 2,336,306 401,424 9,295 41,873
------------ ------------ ------------ ------------
26,946,821 8,649,082 924,637 5,900,708
Net (depreciation) appreciation in
fair value of investments (10,790,866) (5,669,782) - 2,115,772
(Note 3) ------------ ------------ ------------ ------------
Net increase (decrease) in assets
available for Plan benefits 31,678,224 (15,379,233) 3,669,839 29,832,696
Assets available for Plan benefits at
beginning of year 617,285,611 140,069,290 7,489,303 117,890,084
------------ ------------ ------------ ------------
Assets available for Plan benefits at
end of year $648,963,835 $124,690,057 $ 11,159,142 $147,722,780
============ ============ ============ ============
<FN>
See accompanying notes.
</TABLE>
6
<PAGE> 10
<TABLE>
<CAPTION>
HARRIS
EQUITY INDEX STABLE VALUE GROWTH CORPORATION STOCK LOAN
FUND FUND FUND FUND FUND TOTAL
- - -------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
$ 2,002,631 $ 12,531,062 $ 70,277 $ 20,224 $ 2,352,520 $ 53,034,494
- - - - - 20,618,310
8,354,985 13,382,878 10,082,250 2,117,144 - 87,614,590
- - -------------- -------------- -------------- -------------- -------------- --------------
10,357,616 25,913,940 10,152,527 2,137,368 2,352,520 161,267,394
(82,615) (48,414) (3,945,864) - 7,862,666 -
2,823,397 12,239,383 2,664,342 10,910 1,523,013 58,893,395
75,194 254,795 30,245 1 - 3,149,133
- - -------------- -------------- -------------- -------------- -------------- --------------
2,898,591 12,494,178 2,694,587 10,911 1,523,013 62,042,528
(1,215,549) - (2,537,938) (112,569) - (18,210,932)
- - -------------- -------------- -------------- -------------- -------------- --------------
6,160,861 13,371,348 974,138 2,013,888 8,692,173 81,013,934
65,171,244 182,947,850 70,263,135 - 31,713,781 1,232,830,298
- - -------------- -------------- -------------- -------------- -------------- --------------
$ 71,332,105 $ 196,319,198 $ 71,237,273 $ 2,013,888 $ 40,405,954 $1,313,844,232
============== ============== ============== ============== ============== ==============
7
</TABLE>
<PAGE> 11
<TABLE>
Harris Corporation Retirement Plan Master Trust
Statements of Changes in Assets Available for Plan Benefits
June 30, 1993
<CAPTION>
BALANCED SHORT-TERM MONEY MARKET EQUITY INCOME
FUND BOND FUND FUND FUND
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increases:
Investment income $ 25,617,981 $ 8,511,921 $ 255,942 $ 3,744,137
Cash contributions from Harris
Corporation under profit-sharing
program 16,025,634 - - -
Cash contributions from Harris
Corporation and participants under
deferred income program 27,342,896 13,071,468 1,231,214 11,867,942
------------ ------------ ------------ ------------
68,986,511 21,583,389 1,487,156 15,612,079
Net participants' transfers between
funds (19,500,143) (14,834,433) (2,041,665) (6,074,836)
Decreases:
Benefits paid directly to participants 17,409,000 11,800,722 484,907 5,268,555
Administrative expenses 2,293,013 303,625 19,266 -
------------ ------------ ------------ ------------
19,702,013 12,104,347 504, 173 5,268,555
Net appreciation in fair value of
investments 44,054,798 2,287,847 - 10,577,348
------------ ------------ ------------ ------------
Net increase (decrease) in assets
available for Plan benefits 73,839,153 (3,067,544) (1,058,682) 14,846,036
Assets available for Plan benefits at
beginning of year 543,446,458 143,136,834 8,547,985 103,044,048
Assets available for Plan
benefits end of year $617,285,611 $140,069,290 $ 7,489,303 $117,890,084
============ ============ ============ ============
8
See accompanying notes.
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
EQUITY INDEX STABLE VALUE GROWTH LOAN
FUND FUND FUND FUND TOTAL
- - ------------ ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C>
$ 1,624,938 $ 13,659,495 $ 123,549 $ 2,265,721 $ 55,803,684
- - - - 16,025,634
7,120,956 15,734,497 6,753,614 - 83,122,587
- - ------------ ------------ ------------ -------------- --------------
8,745,894 29,393,992 6,877,163 2,265,721 154,951,905
7,961,071 (28,087,566) 61,432,387 1,145,185 -
1,709,976 11,343,007 846,247 1,279,909 50,142,323
28,896 190,680 - - 2,835,480
- - ------------ ------------ ------------ -------------- --------------
1,738,872 11,533,687 846,247 1,279,909 52,977,803
5,368,370 - 2,799,832 - 65,088,195
- - ------------ ------------ ------------ -------------- --------------
20,336,463 (10,227,261) 70,263,135 2,130,997 167,062,297
44,834,781 193,175,111 - 29,582,784 1,065,768,001
- - ------------ ------------ ------------ -------------- --------------
$ 65,171,244 $182,947,850 $ 70,263,135 $ 31,713,781 $1,232,830,298
============ ============ ============ ============== ==============
9
</TABLE>
<PAGE> 13
Harris Corporation Retirement Plan Master Trust
Notes to Financial Statements
June 30, 1994
1. DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES
The Harris Corporation (the "Corporation") Retirement Plan Master Trust (the
"Master Trust") includes the Harris Corporation Retirement Plan and the Harris
Corporation Union Plan (the "Plans"). The Harris Corporation Union Plan
includes all domestic employees covered by a collective bargaining agreement
who have completed one year of credited service. The Harris Corporation
Retirement Plan includes substantially all other domestic employees who have
completed one year of credited service and who are not covered by a defined
benefit plan.
At June 30, 1993 the Master Trust included the Revised Harris Corporation
Retirement Plan, the Harris Corporation Union Plan, the Harris Savings Plan and
the Harris Tax Deferred Savings Plan. During 1994, the Revised Harris
Corporation Retirement Plan, the Harris Savings Plan and the Harris Tax
Deferred Savings Plan were merged into one plan, the Harris Corporation
Retirement Plan. The Harris Savings Plan included all domestic employees of
Allied Broadcast Equipment Corporation who attained age twenty-one and
completed one year of credited service. The Harris Tax Deferred Savings Plan
included all domestic employees of Harris Technical Services Corporation who
attained age twenty-one and who completed one year of credited service.
The Harris Corporation Retirement Plan and the Harris Corporation Union Plan
share a common Profit-Sharing Program and Deferred Income Savings Program. The
Corporation's annual contribution to the Balanced Fund under the Profit-Sharing
Program is equal to 11.5% of the Corporation's adjusted consolidated net income
as defined under the plan documents, plus any discretionary amount determined
by the Board of Directors of the Corporation. The Profit-Sharing contribution
is allocated, in the subsequent Plan year, among participating employees'
individual account balances based on eligible compensation. The Deferred Income
Savings Program was designed to take advantage of Internal Revenue Code Section
401(k). Under the Deferred Income Savings Program, participants may contribute
up to 12% of their regular eligible compensation to the plan in 1% increments.
The contributions can be in pre-tax or after-tax dollars at the participant's
election. The employer contributes a matching amount equal to 100% of the
participant's contributions, to a maximum of 6% of eligible compensation.
Distributions from the Plans can be made in the event of death, disability,
termination of employment or financial hardship.
The loan program permits employees to borrow against their 401(k) plan
contributions. Employees may borrow in increments of $100 from a minimum of
$500 to a maximum of $50,000, within certain limitations established by the
Plans. Payback periods range from one to 4-1/2 years at the option of the
participant. Interest rates are established by the Corporation based on market
rates. The outstanding loans have been established as a separate fund.
Principal and interest paid on the loans are allocated to the funds consistent
with the allocation of their 401 (k) plan contributions.
10
<PAGE> 14
Harris Corporation Retirement Plan Master Trust
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
A participant's right to profit-sharing funds and employer matched deferred
income contributions becomes vested using a formula based upon service, with
30% vesting after three years of credited service, an additional 10% vesting
for the fourth year, and an additional 20% vesting for each of the three
following years of credited service. At the time of retirement, death, or
termination of employment, a participant's vested share of the Plans assets,
net of any participant loans outstanding, becomes distributable in a lump-sum
payment or through installments over a period of time as requested by the
participant and approved by the Corporate Administrative Committee.
A participant who terminates employment for reasons other than retirement or
other specified circumstances and is not 100% vested, will forfeit the
non-vested portion of the Corporation's contributions unless the participant
returns to employment within one year. The forfeited contributions reduce the
cash contributions from the Corporation.
In the event of termination, the net assets of the Plans are to be converted
into cash and distributed in a lump sum to each participant or beneficiary of a
deceased participant based upon their beneficial interest in the Plans, net of
any participant loans outstanding.
Upon enrollment into the Plans, a participant may direct employer and employee
contributions in any of eight investment options (seven in 1993). The
investment options are fully described in the "Employer Summary Plan
Description". Elections to change funds can be made once every month; however,
amounts in the Stable Value Fund, which is comprised of unallocated insurance
contracts, cannot be transferred directly to the Short-Term Bond Fund or the
Money Market Fund.
The accounting records of the Plans are maintained on the accrual basis.
Investments in securities are stated at fair values as determined by quoted
market prices, when available. Investments for which a quoted market value is
not available are stated at fair values reported by the trustee or investee
company. Investments in unallocated insurance contracts are stated at contract
value. Participant loans are stated at cost.
The net appreciation (depreciation) in fair value of investments reflected in
the statements of changes in assets available for plan benefits represents the
sum of the unrealized appreciation or depreciation in aggregate fair value of
investments and the realized gain or loss on sale of investments.
Unless otherwise elected by Harris Corporation, all ordinary and extraordinary
charges and expenses incurred by the Trustee in connection with the
administration of the Plans are paid by the Trustee from the assets of the
Trust fund. In both fiscal 1994 and 1993, Harris Corporation elected to pay
administrative expenses such as legal fees, tax counsel and accounting fees.
Trustee investment manager fees and certain administrative expenses were paid
by the Plans.
11
<PAGE> 15
Harris Corporation Retirement Plan Master Trust
Notes to Financial Statements (continued)
2. TRANSACTIONS WITH PARTIES-IN-INTEREST
Under Department of Labor regulations for reporting and disclosure, an employee
benefit plan such as the Harris Corporation Retirement Plan and the Harris
Corporation Union Plan is required to report investment transactions and
compensation paid to a "party-in-interest".
The term "party-in-interest" is broadly defined but would include Harris
Corporation as the Plans' sponsor; Mellon Trust, Boston, Massachusetts as
Trustee (formerly Boston Safe Deposit and Trust Company); and any person or
corporation that renders services to the Plans.
Included in cash and cash equivalents at June 30, 1994 and 1993 are 21,330,292
and 23,775,731 shares, respectively, of The Boston Company Pooled Employee
Daily Liquidity Fund with a fair value of $21,330,292 and $23,775,731,
respectively. During the year ended June 30, 1994 and 1993, the Plan earned
$965,564 and $954,708, respectively, in interest from this fund.
During the year the Plans added a new investment option, the Harris Corporation
Stock Fund, which invests in Harris Corporation common stock. Included in
corporate preferred and common stock at June 30, 1994 is 45,354 shares of the
Harris Corporation.
3. INVESTMENTS
The Plans' investments are held by a bank-administered trust fund.
<TABLE>
<CAPTION>
Net Appreciation (Depreciation) in Fair Value During 1994
--------------------------------------------------------------------------------------------
Equity Equity Harris
Balanced Short-Term Income Index Growth Corporation
Fund Bond Fund Fund Fund Fund Stock Fund
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fair value as determined by
quoted market price:
U.S. Government
securities $ (9,175,076) $(4,035,750)
Corporate debt
securities (4,044,624) (1,504,712)
Corporate preferred
and common stocks 4,549,926 $2,115,772 $(2,537,938) $(112,569)
Wells Fargo Bank
Index Fund (1,186,816) $(1,215,549)
Other investments (914,321) (129,320)
--------------------------------------------------------------------------------------------
(10,770,911) (5,669,782) 2,115,772 (1,21 5,549) (2,537,938) (112,569)
Fair value as determined by
investee company:
J.P. Morgan real
estate fund (19,955) - - - - -
--------------------------------------------------------------------------------------------
$(10,790,866) $(5,669,782) $2,115,772 $(1,215,549) $(2,537,938) $(112,569)
============================================================================================
</TABLE>
12
<PAGE> 16
Harris Corporation Retirement Plan Master Trust
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
NET APPRECIATION (DEPRECIATION) IN FAIR VALUE DURING 1993
----------------------------------------------------------------------------------------
EQUITY INDEX
BALANCED SHORT-TERM FUND INCOME EQUITY GROWTH
FUND BOND FUND FUND FUND FUND
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Fair value as determined by
quoted market price:
U.S. Government
securities $ 5,677,576 $1,911,872 $ $ $
Corporate debt securities 3,112,190 375,975 - - -
Corporate preferred and
common stocks 30,611,769 - 10,577,348 - 2,799,832
Wells Fargo Bank Index
Fund 5,703,837 - - 5,368,370 -
----------------------------------------------------------------------------------------
Fair value as determined by
investee company: 45,105,372 2,287,847 10,577,348 5,368,370 2,799,832
J.P. Morgan real estate
fund (1,050,574) - - - -
----------------------------------------------------------------------------------------
$44,054,798 $2,287,847 $10,577,348 $5,368,370 $2,799,832
========================================================================================
</TABLE>
<TABLE>
The fair value of individual investments that represent 5% or more of the Plan's assets are as follows:
<CAPTION>
1994 1993
------------------- ------------------
<S> <C> <C>
Provident Investment Counsel
Invt Tr Endeavor Growth Fund (6,778,045 and
6,458,009 shares) $ 71,237,273 $ 70,263,135
T Rowe Price Equity Income Fund (9,181,030 and
7,175,219 shares) 147,722,780 117,890,084
Wells Fargo Bank Equity Index Fund (1,413,164 and
1,281,249 shares) 140,588,547 125,679,452
</TABLE>
13
<PAGE> 17
Harris Corporation Retirement Plan Master Trust
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
At June 30, 1994, before consideration of the contribution receivable under the
profit-sharing program from Harris Corporation, approximately 98% and 2% of the
Master Trust's assets available for plan benefits are owned by the Harris
Corporation Retirement Plan and the Harris Corporation Union Plan,
respectively.
In 1993 the Plan determined net asset values per unit on a monthly basis. The
following table presents the high and low values during the year and the ending
value on June 30, 1993:
<TABLE>
<CAPTION>
BALANCED SHORT-TERM MONEY MARKET EQUITY INCOME EQUITY INDEX STABLE VALUE GROWTH
FUND BOND FUND FUND FUND FUND FUND FUND
----------- ----------- ----------- ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
June 30, 1993 $883.66 $457.86 $121.80 $143.72 $157.29 $142.26 $110.89
High 883.66 458.52 125.50 145.77 158.74 142.26 112.52
Low 804.34 428.59 121.80 127.86 140.50 129.44 100.00
</TABLE>
By definition, the value of units in the Loan Fund remains at $1 per unit.
The following table presents the number of units in each fund by Plan, before
consideration of the contribution receivable under the profit- sharing program
from Harris Corporation on June 30, 1993:
<TABLE>
<CAPTION>
REVISED HARRIS HARRIS HARRIS TAX
CORPORATION CORPORATION DEFERRED SAVINGS HARRIS SAVINGS
RETIREMENT PLAN UNION PLAN PLAN PLAN TOTAL
--------------- -------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Balanced Fund 660,576.35 8,402.57 1,091.33 585.64 670,655.89
Short-Term Bond Fund 288,878.02 16,750.04 241.46 54.66 305,924.18
Money Market Fund 60,757.32 153.41 282.52 296.51 61,489.76
Equity Income Fund 810,219.64 8,293.15 1,070.03 667.54 820,250.36
Equity Index Fund 410,231.82 3,516.55 413.31 180.93 414,342.61
Stable Value Fund 1,266,885.93 16,386.40 244.93 2,496.23 1,286,013.49
Growth Fund 624,290.11 5,856.83 1,394.50 2,098.99 633,640.43
</TABLE>
14
<PAGE> 18
Harris Corporation Retirement Plan Master Trust
Notes to Financial Statements (continued)
4. INCOME TAX STATUS
The Internal Revenue Service has ruled that the Plans qualify under Section
401(a) of the Internal Revenue Code (IRC) and are, therefore, not subject to
tax under present income tax law. The Plans are required to operate in
conformity with the IRC to maintain their qualification. The plan administrator
is not aware of any course of action or series of events that have occurred
that might adversely affect the Plans' qualified status.
5. REPORTABLE TRANSACTIONS
No transactions with parties-in-interest other than described in Note 2, loans
or fixed income obligations in default or uncollectible, or leases in default
or uncollectible are presented due to the absence of these items as of June 30,
1994 and for the year then ended.
6. AMENDMENTS
The following amendments were made to the Harris Corporation Retirement Plan
and the Harris Corporation Union Plan during 1994.
o Profit-sharing program provisions were clarified to indicate that
the contribution to the Plans is 11-1/2%, less portion allocable
to compensation over $150,000 limit.
o Direct rollover provisions, withholding provisions, and new
compensation limits were added.
o A six-month suspension from making after-tax contributions is
required following a voluntary in-service withdrawal of after-tax
amounts. In-service withdrawals may be made once every three
months.
o Loans are available from rollover accounts.
o Loans must be repaid within 90 days of voluntary termination of
employment, effective July 11, 1994.
7. SUBSEQUENT EVENTS
Effective August 1, 1994, the Plans terminated the Trustee agreement with
Mellon Trust and appointed Bankers Trust Company as new Trustee of the Plans.
15
<PAGE> 19
Supplemental Schedules
<PAGE> 20
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES
FHLMC Multiclass Mtg P/C 1,601,613.78 principal 7.5%
1070E interest, due 4/15/96 $ 1,636,043 $ 1,619,664
FHLMC Multiclass Mtg. P/C 1,780,000.00 principal, 6.5%
1225D interest, due 3/15/97 1,746,625 1,771,671
FHLMC Multiclass Mtg P/C 662,294.19 principal, variable
1270F rate interest, due 5/15/97 662,294 658,155
FHLMC Group #C0-0330 2,520,184.86 principal, 7.5%
interest, due 4/1/2024 2,452,456 2,420,940
FHLMC Group #C8-0158 2,128,596.30 princpal, 7.5%
interest, due 5/1/2024 1,972,547 1,939,104
Federal Home Ln Bk Disc Nts 3,000,000.00 principal, Mat, due
7/21/94 2,985,752 2,985,752
Federal Home Ln Mtg Corp Deb 3,400,000.00 principal, 6.54%
interest, due 3/21/2001 3,251,781 3,275,696
Federal Home Ln Mtg Corp Deb 6,650,000.00 principal, Fltg Rt,
due 6/30/98 6,600,125 6,622,070
Federal Home Ln Mtg Corp Deb 5,230,000.00 principal, 3.97%
interest, due 8/5/96 5,062,671 5,066,563
FHLMC Group #20-0001 111,059.13 principal, 11.5%
interest, due 7/1/99 156,641 117,445
FHLMC Group #20-0007 28,607.53 principal, 11.5%
interest, due 2/1/2000 42,102 30,252
FHLMC Group #20-0013 44,333.98 principal, 10.5%
interest, due 6/1/2000 53,865 46,717
FHLMC Group #20-0028 1,302,886.68 principal, 5.375%
interest, due 1/1/2017 1,298,176 1,321,205
FHLMC Group #35-0039 1,295,830.94 principal, 5.125%
interest, due 3/1/2017 1,296,777 1,296,038
FHLMC Group #35-0052 256,813.00 principal, 6.125%
interest, due 5/1/2017 247,964 257,776
FHLMC Group #60-5068 1,132,403.50 principal, 6.246%
interest, due 3/1/2019 1,136,947 1,135,948
</TABLE>
16
<PAGE> 21
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S.GOVERNMENT-SECURITIES (CONTINUED)
FHLMC Group #53-3105 51,143.09 principal, 11.5%
interest due 4/1/2019 $ 56,932 $ 56,353
FHLMC Group #53-3914 171,051.85 principal, 11.5%
interest, due 3/1/2018 174,855 188,477
FNMA Gtd Remic P/T Ctf G92- 263,650.65 principal, 7.0%
interest, due 9/25/2016 265,546 264,500
FNMA Gtd Remic P/T Ctf 92- 317,952.98 principal, 4.25%
155A interest, due 10/25/97 317,357 316,649
Federal Natl Mtg Assn Disc Nts 7,100,000.00 principal, Mat, due
8/1/94 7,073,466 7,073,466
Federal Natl Mtg Assn disc 500,000.00 principal, Mat, due
9/9/94 494,888 494,888
FNMA Gtd Remic P/T Ctf 93- 652,592.62 principal, Zero Cpn
124K interest, due 10/25/2022 620,779 612,380
FNMA Gtd Remic P/T Ctf 93- 5,800,000.00 principal, Prin
128B only, due 7/25/2023 4,888,313 4,686,342
Fed Natl Mtg Assn Deb 2,000,000.00 prinicpal, 4.95%
interest, due 9/30/98 2,000,000 1,843,000
Federal Natl Mtg Assn Deb 5,000,000 principal, 5.3% interest,
due 12/10/98 4,995,313 4,663,500
FNMA Gtd Remic P/T Ctf 93- 4,585,000.00 principal, Zero Cpn,
146B due 5/25/2023 3,839,938 3,794,042
FNMA Pool #0001405 1,476,871.57 principal, 6.25%
interest, due 4/1/2004 1,490,948 1,433,200
Federal Natl Mtg Assn Mtn 0573 700,000.00 principal, 4.8%
interest, due 7/7/98 700,000 648,186
FNMA Pool #0122333 10,474.38 principal, 8.5%
interest, due 6/1/98 10,495 10,717
FNMA Pool #0132862 89,894.66 principal, 8.5%
interest, due 10/1/98 93,098 91,973
FNMA Pool #0135499 79,932.45 principal, 8.5%
interest, due 11/1/98 82,895 81,780
</TABLE>
17
<PAGE> 22
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
FNMA Pool #0135507 64,830.03 principal, 8.5%
interest, due 11/1/98 $ 67,146 $ 66,329
FNMA Pool #0136415 37,887.86 principal, 8.5%
interest, due 10/1/98 39,177 38,870
FNMA Pool #0136801 142,132.56 principal, 8.5%
interest, due 10/1/98 146,860 145,419
FNMA Pool #0137547 55,618.02 principal, 8.5%
interest, due 10/1/98 57,467 56,904
FNMA Pool #0137739 88,043.17 principal, 8.5%
interest, due 11/1/98 90,796 90,079
FNMA Pool #0246701 515,638.21 principal, 6.0%
interest, due 11/1/2000 523,051 487,438
FNMA Pool #0247266 1,482,309.63 principal, 6.0%
interest, due 11/1/2000 1,503,618 1,401,242
GNMA Pool #0345974 225,903.89 principal, 7.0%
interest, due 11/15/2008 233,811 218,207
GNMA Pool #0352033 398,720.44 principal, 7.0%
interest, due 9/15/2008 412,676 385,136
GNMA Pool #0352092 348,811.29 principal, 7.0%
interest, due 7/15/2008 361,020 336,927
GNMA Pool #0352524 45,982.02 principal, 7.0%
interest, due 11/15/2008 47,591 44,415
GNMA Pool #0353927 104,193.53 principal, 7.0%
interest, due 8/15/2008 107,840 100,644
GNMA Pool #0355344 228,057.11 principal, 8.0%
interest, due 7/15/2023 236,039 220,287
GNMA Pool #0360274 499,362.71 principal, 7.0%
interest, due 10/15/2008 516,840 482,349
GNMA Pool #0368435 2,005,497.49 principal, 8.0%
interest, due 2/15/2024 2,120,814 1,972,266
GNMA Pool #0376294 477,773.26 principal, 7.0%
interest, due 11/15/2008 494,495 461,496
GNMA Pool #0376424 488,689.41 principal, 8.0%
interest, due 2/15/2024 516,789 480,592
</TABLE>
18
<PAGE> 23
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
GNMA Pool #0034036 6,177.98 principal, 10.0%
interest, due 11/15/2009 $ 6,707 $ 6,616
GNMA Pool #0132768 162,972.20 principal, 10.0%
interest, due 3/15/2016 176,927 174,988
GNMA Pool #0144664 24,310.29 principal, 10.5%
interest, due 11/15/2000 33,624 26,179
GNMA Pool #0146599 110,740.09 principal, 10.5%
interest due 12/15/2000 128,413 119,253
GNMA Pool #0146848 4,876.75 principal, 10.0%
interest, due 2/15/2016 5,294 5,236
GNMA Pool #0154527 5,350.49 principal, 10.0%
interest, due 4/15/2016 5,808 5,745
GNMA Pool #0159499 8,598.20 principal, 10/0%
interest, due 6/15/2016 9,334 9,232
GNMA Pool #0161361 67,939.89 principal, 9.5%
interest due 5/15/2016 72,887 71,677
GNMA Pool #0166776 220,445.74 principal, 10.0%
interest, due 8/15/2016 239,321 236,699
GNMA Pool #0167101 2,622.45 principal, 10.0%
interest, due 7/15/2016 2,847 2,815
GNMA Pool #0167386 568,370.36 principal, 10.0%
interest, due 8/15/2016 617,037 610,038
GNMA Pool #0174648 266,640.24 principal, 9.5%
interest, due 10/15/2018 286,055 280,977
GNMA Pool #0178624 133,545.93 principal, 9.5%
interest, due 10/15/2016 143,270 140,891
GNMA Pool #0189572 5,439.81 principal, 10.0%
interest, due 2/15/2017 5,906 5,835
GNMA Pool #0227194 147,680.78 principal, 9.5%
interest, due 7/15/2017 158,434 155,849
GNMA Pool #0231515 174,927.79 principal, 9.5%
interest, due 10/15/2017 187,665 184,334
GNMA Pool #0245521 210,003.59 principal, 9.5%
interest, due 3/15/2018 210,574 221,295
</TABLE>
19
<PAGE> 24
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
GNMA Pool #0247501 218,922.08 principal, 9.5%
interest, due 12/15/2019 $ 234,862 $ 230,648
GNMA Pool #0254830 61,469.64 principal, 9.5%
interest, due 9/15/2018 65,945 64,775
GNMA Pool #0263862 9,389.36 principal, 9.5%
interest, due 1/15/2019 9,411 9,894
GNMA Pool #0279190 163,976.18 principal, 9.5%
interest, due 9/15/2019 175,916 172,759
GNMA Pool #0283629 141,950.49 principal, 9.5%
interest, due 12/15/2019 152,286 149,553
GNMA Pool #0301179 284,227.05 principal, 9.5%
interest, due 6/15/2021 304,922 299,413
GNMA Pool #0335142 420,415.75 principal, 7.0%
interest, due 9/15/2008 435,130 389,280
Student Ln Marketing Assn 4,500,000.00 principal, 5.315%
interest, due 6/30/95 4,500,000 4,481,730
Student Loan Marketing Disc 500,000.00 principal, Mat, due
9/9/94 495,559 495,559
U.S. Treasury Bonds 5,750,000.00 principal, 7.250%
interest, due 5/15/2016 6,212,094 5,445,423
U.S. Treasury Bonds 6,750,000.00 principal, 7.5%
interest, due 11/15/2016 6,609,609 6,562,283
U.S. Treasury Notes 6,455,000.00 principal, 7.25%
interest, due 8/31/96 6,982,495 6,582,099
U.S. Treasury Notes 4,500,000.00 principal, 6.875%
interest, due 10/31/96 4,569,453 4,551,345
U.S. Treasury Notes 4,030,000.00 principal, 7.5%
interest, due 11/15/2001 4,034,450 4,090,450
U.S. Treasury Notes 10,715,000.00 principal, 6.25%
interest, due 1/31/97 11,194,887 10,684,891
U.S. Treasury Notes 100,000.00 principal, 6.75%
interest, due 2/28/97 99,609 100,766
U.S. Treasury Notes 3,500,000.00 principal, 6,875%
interest, due 4/30/97 3,520,781 3,534,440
</TABLE>
20
<PAGE> 25
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
U.S. Treasury Notes 2,000,000.00 principal, 5.875%
interest, due 5/15/95 $ 2,021,875 $ 2,006,240
U.S. Treasury Notes 1,035,000.00 principal, 6.375%
interest, due 6/30/97 1,078,988 1,032,733
U.S. Treasury Notes 2,000,000.00 principal, 4.625%
interest, due 8/15/95 2,008,924 1,978,120
U.S. Treasury Notes 8,000,000.00 principal, 5.750%
interest, due 10/31/97 7,943,750 7,787,520
U.S. Treasury Notes 390,000.00 principal, 5.125%
interest, due 11/15/95 394,083 386,650
U.S. Treasury Notes 8,290,000.00 principal, 6.0%
interest, due 11/30/97 8,616,903 8,121,630
U.S. Treasury Notes 5,550,000.00 principal, 5.625%
interest, due 1/31/98 5,684,387 5,364,408
U.S. Treasury Notes 4,895,000.00 principal, 4.625%
interest, due 2/15/96 4,937,539 4,792,499
U.S. Treasury Notes 2,385,000.00 principal, 6.25%
interest, due 2/15/2003 2,507,231 2,223,273
U.S. Treasury Notes 5,625,000.00 principal, 5.125%
interest, due 3/31/98 5,620,098 5,327,044
U.S. Treasury Notes 3,900,000.00 principal, 5.50%
interest, due 4/15/2000 3,737,281 3,625,791
U.S. Treasury Notes 12,310,000.00 principal, 4.75%
interest, due 9/30/98 12,323,444 11,384,780
U.S. Treasury Notes 910,000.00 principal, 4.75%
interest, due 10/31/98 898,056 839,329
U.S. Treasury Notes 4,000,000.00 principal, 4.375%
interest, due 11/15/96 3,996,080 3,831,240
U.S. Treasury Notes 4,100,000.00 principal, 5.875%
interest, due 2/15/2004 3,742,635 3,685,531
U.S. Treasury Notes 16,200 000.00 principal, 5.5%
interest, due 2/28/99 15,582,195 15,314,022
U.S. Treasury Notes 7,900,000.00 principal, 7.375%
interest, due 5/15/96 8,250,682 8,074,037
</TABLE>
21
<PAGE> 26
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
U.S. Treasury Notes 5,075,000.00 principal, 7.25%
interest, due 11/15/96 $ 4,730,852 $ 5,174,927
U.S. Treasury Notes 2,400,000.00 principal, 8.875%
interest, due 2/15/99 2,511,000 2,584,128
U.S. Treasury Notes 3,100,000.00 principal, 7.875%
interest, due 11/15/99 2,958,436 3,221,582
U.S. Treasury Notes 1,060,000.00 principal, 8.750%
interest, due 8/15/2000 1,064,448 1,146,952
U.S. Treasury Notes 3,875,000.00 principal, 7.875%
interest, due 1/15/98 3,851,043 4,017,872
U.S. Treasury Notes 3,500,000.00 principal, 7.5%
interest, due 2/29/96 3,533,906 3,582,565
-----------------------------------
Total U.S. Government Securities 225,064,967 219,418,889
-----------------------------------
CORPORATE DEBT SECURITIES
AT&T Corp Mtn Tr #00113 4,000,000.00 principal, 7.07%
interest, due 11/18/96 4,000,000 4,032,600
Amern Gen Fin Disc 500,000.00 principal, due 7/22/94 498,208 498,208
Amern Gen Fin Disc 1,500,000.00 principal, due 1,498,775 1,498,775
7/6/94
American Tel & Teleg co Mtn 600,000.00 principal amount, 6.4%
interest, due 6/2/99 600,000 596,250
Amoco Cda Pete co Deb 2,400,000.00 principal, 7.25%
interest, due 12/1/2002 2,403,000 2,342,424
Associates Corp North Amer Nt 4,000,000.00 principal, 6.25%
interest, due 3/15/99 3,824,400 3,813,720
Bhp Fin USA Ltd Nt 1,700,000.00 principal amount,
5.625% interest, due 11/1/2000 1,638,018 1,516,995
Beneficial Corp Disc 500,000.00 principal, due 7/7/94 497,580 497,580
Case Equip Ln Tr Abs 92-A A-2 2,090,494.33 principal, 5.4%
interest, due 6/15/98 2,088,861 2,090,494
Case Equip Ln Tr 94-A Cl A-2 6,455,000.00 principal, 4.650%
interest, due 8/15/99 6,447,940 6,362,048
Caterpillar Finl asset 94-A A-2 4,000,000.00 principal, 6.100%
interest, due 6/25/2000 3,993,750 3,993,760
</TABLE>
22
<PAGE> 27
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE DEBT SECURITIES (CONTINUED)
Chase Manhattan Grantor Tr 91A 504,621.91 principal, 6.9%
interest, due 9/15/97 $ 503,530 $ 504,935
Chemical Bkg Corp Med Term Nts 1,200,000.00 principal, Fltg/rt,
due 7/15/96 1,199,604 1,207,248
Chevron Oil Fin Disc 500,000.00 principal, due 7/5/94 499,119 499,119
Cigna Corp Disc 500,000.00 principal, due 7/14/94 499,104 499,104
Columbia Gas Sys Inc Deb 575,000.00 principal, 9.0%
interest, due 8/1/93 524,052 678,500
Consolidated Edison Co NY Inc 1,500,000.00 principal, 5.30%
interest, due 8/1/97 1,498,710 1,432,965
Corestates Cap Corp Mtn 4,600,000.00 principal, Var Rt,
due 5/15/96 4,600,000 4,613,892
Daimler-Benz Auto Tr ABC 93-A 5,131,980.67 principal, 3.90%
interest, due 10/15/98 5,127,811 5,021,284
Exxon Cr Corp Disc 500,000.00 principal, due 7/22/94 497,939 497,939
First Chicago Corp Sub Nt 4,000,000.00 principal, 9.25%
interest, due 11/15/2001 4,485,760 4,276,720
Fleet Mtg Group Inc Mtn 3,900,000.00 principal, Var Rt,
due 6/17/96 3,900,000 3,919,422
Ford Cr 91-A Grantor Ctf Cl A 242,890.07 principal, 7.80%
interest, due 2/15/96 242,890 243,344
Ford Cr 91-B Grantor Tr A/B-A 2,480,175.77 principal, 6.5%
interest, due 11/15/96 2,526,222 2,481,317
Ford Cr Auto Ln Master Tr 92-1 4,000,000.00 principal, 6.875%
interest, due 1/15/99 3,971,250 4,008,800
Ford Mtr Cr Co Disc 500,000.00 principal, due 7/20/94 497,100 497,100
Ford Mtr Cr co Nts 4,000,000.00 principal, 5.625%
interest, due 3/3/97 3,958,200 3,874,360
Ford Mtr Cr Co Ib Nt 1,625,000.00 principal, 4.250%
interest, due 7/8/94 1,625,000 1,625,000
GMAC 92-D Grantor Tr Ab Cl A 1,165,731.82 principal, 5.550%
interest, due 5/15/97 1,180,668 1,164,275
GMAC 1993-B Grantor Tr Asset 2,897,052.83 principal, 4.0%
interest, due 9/15/98 2,892,707 2,833,665
</TABLE>
23
<PAGE> 28
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE DEBT SECURITIES (CONTINUED)
General Elec Cap Disc 500,000.00 principal, due $ 497,890 $ 497,890
7/15/94
General Glec Cap Ib Nt 1,625,000.00 principal, due
4.180% interest, due 7/6/94 1,625,000 1,625,000
General Elec Cap Corp Mtn #359 4,000,000.00 principal, 8.090%
interest, due 2/27/96 4,000,000 4,110,720
Hanson Overseas B V 2,000,000.00 principal, 5.500%
interest, due 1/15/96 1,977,240 1,971,380
Hewlitt Packard Disc 500,000.00 principal, due 7/15/94 498,524 498,524
Hilton Hotels Crp Disc 500,000.00 principal, due 7/7/94 499,104 499,104
Home Depot Inc Sub Nt Conv 354,000.00 principal, 4.5%
interest, due 2/15/97 410,861 414,180
Household affinity Cr I 94-1 A 4,750,000.00 principal, Fltg Rt,
due 5/15/2001 4,747,773 4,717,320
International Lease Fin Corp 5,000,000.00 principal, 6.375%
interest, due 11/1/96 5,167,100 4,943,550
Korea Dev Bk Bd 2,500,000.00 principal, 7.9%
interest, due 2/1/2002 2,465,125 2,445,775
Lieberft Corp Sub Deb Conv 144,000.00 principal, 8.0%
interest, due 11/15/2010 322,505 307,047
Merrill Lynch & Co Inc Nt 4,000,000.00 principal, 7.750%
interest, due 3/1/99 4,140,560 4,028,080
Merrill Lynch & Co Mtn 4,000,000.00 principal, Var Rt,
due 7/7/94 4,000,000 4,000,040
Morgan Stanley Group Mtn Tr #56 5,000,000.00 principal, 7.980%
interest, due 11/4/96 5,000,000 5,125,750
Nabisco Inc Deb 479,000.00 principal amount,
7.75% interest, due 11/1/2003 475,408 450,260
NationsBank Corp Mtn #SR00021 2,500,000.00 principal, Var Rt,
due 9/20/95 2,500,000 2,506,075
Nissan Auto Rcvb 91-B Cl A 531,883.78 principal, 6.050%
interest, due 12/15/96 537,578 534,065
Norwest Finl Inc Disc 500,000.00 principal, due 7/18/94 497,221 497,221
Premier Auto Tr 94-1 Cl A-1 254,770.26 principal, 3.280%
interest, due 2/2/95 254,770 253,868
</TABLE>
24
<PAGE> 29
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (CONTINUED)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE DEBT SECURITIES (CONTINUED)
Premier Auto Tr 94-2 Cl A- 3 3,100,000.00 principal, 6.350%
interest, due 5/2/2000 $3,097,988 $3,058,460
Preimier Auto Tr 94-3 Cl A-2 2,000,000.00 principal, Fltg Rt,
due 9/2/96 2,000,000 1,997,280
Prudential Fdg Cp Disc 500,000.00 principal, due 7/8/94 499,125 499,125
RJR Nabisco Inc 3,215,000.00 principal, 8.625%
interest, due 12/1/2002 3,204,487 2,788,048
Republic N Y Corp Nt 1,000,000.00 principal, 8.375%
interest, due 5/1/96 996,690 1,029,280
SPNB Home Equity Ln ABS 91-1-A 333,209.86 principal, 7.850%
interest, due 5/15/98 331,499 338,688
SPNB Home Equity Ln Ctf 91-2-A 390,919.19 principal, 8.100%
interest, due 6/15/2020 389,976 394,828
Salomon Inc Mtn 5,000,000.00 principal, Var Rt,
due 9/29/95 5,009,400 5,008,900
Seagram Joseph E & Sons Inc. 2,350,000.00 principal, 7%
interest, due 4/15/2008 2,298,781 2,086,894
Signet Master Tr Ser 1994-1CLA 1,000,000.00 principal, Fltg Rt,
9/15/99 1,000,000 1,000,000
Southern Bell Tel & Teleg Deb 2,500,000.00 principal, 8.5%
interest, 8/1/2029 2,670,650 2,494,525
Southern Calif Gas Co 1st Mtg 4,500,000.00 principal, 7.5%
interest, 6/15/2023 4,679,955 4,041,630
Transamerica Finl Corp Deb 116,000.00 principal, Zer Cpn,
due 9/1/94 113,678 115,185
Travelers Inc Disc 500,000.00 principal, due 7/21/94 497,026 497,026
Wmc Fin USA Ltd Gtd Nt 3,000,000.00 principal, 6.5%
interest, 11/15/2003 2,947,170 2,683,470
Wells Fargo & Co Ntn #TR00188 3,000,000.00 principal, Var Rt,
due 11/17/95 3,000,000 3,006,090
World Omni 92-A Abs Cl A 1,240,286.86 principal, 4.750%
interest, due 1/15/98 1,238,543 1,227,884
Royal Bank Canada Disc 4,000,000.00 principal, due 3,999,000 3,999,000
9/1/94
Cit Group Hldgs Disc 500,000.00 principal, due 7/19/94 497,160 497,160
</TABLE>
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE DEBT SECURITIES (CONTINUED)
Associates Cp Na Disc 500,000.00 principal, due 7/13/94 $ 498,061 $ 498,061
American Ex Cr Cp Disc 500,000.00 principal, due 7/11/94 498,940 498,940
Hoechst Corp Bds 1,700,000 principal 6.000%
interest, due 3/8/2000 1,711,577 1,568,250
Canada (Govt of) Bds 5,000,000 principal, 6.500%
interest, due 1/8/96 3,548,026 3,473,654
Denmark Kingdom Bd 2,000,000 principal, 7.750%
interest, due 12/15/96 2,176,440 2,047,121
Spain Kindgom Med Term 4,000,000 principal, 8.250%
interest, due 12/20/94 4,046,440 4,054,000
Walden Residential PPTYS Inc. 9,200 shares 177,100 207,000
-------------------------------
Total Corporate Debt Instruments 158,464,569 155,658,191
-------------------------------
COMMON STOCK
AAPC Limited Ord A 139,256.00 shares 111,640 111,769
Exel Ltd Ord 13,930.00 shares 392,480 538,046
Astra Ab Ser "B" 13,900.00 shares 255,821 274,226
Aflac Inc Com 23,300.00 shares 643,358 786,375
AT&T Corp 45,000.00 shares 2,168,387 2,446,875
Abbott Labs 53,000.00 shares 1,536,274 1,537,000
Air Prods & Chems Inc 14,250.00 shares 503,598 603,844
Airtouch Communications 30,190.00 shares 547,823 713,289
Alleghany Corp Del 22,824.00 shares 1,050,177 3,389,364
Allegheny Pwr Sys Inc 26,410.00 shares 660,603 554,610
Allmerica Ppty & Cas Cos Inc 90,000.00 shares 776,250 1,507,500
Allstate Corp 22,520.00 shares 636,485 534,850
Alpha Beta Technology Inc 3,300,000.00 shares 84,724 35,475
American Greetings Corp Cl A 33,820.00 shares 729,196 1,014,600
American Intl Group Inc 40,300.00 shares 2,501,504 3,490,988
Ameritech Corp New 15,620.00 shares 519,989 595,513
AMP Inc 11,900.00 shares 731,551 821,100
Amoco Corp 8,470.00 shares 431,355 481,731
Analog Devices Inc 9,500.00 shares 278,040 273,125
Ann Taylor Stores Corp 18,200.00 shares 387,042 698,425
Applied Bioscience Intl Inc 29,600.00 shares 162,457 170,200
</TABLE>
26
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (CONTINUED)
Applied Matls Inc 8,700.00 shares $ 240,877 $ 371,925
Arrow Electrs Inc 35,000.00 shares 1,348,550 1,303,750
Automatic Data Processing Inc 7,010.00 shares 287,160 372,406
Autozone, Inc 28,700.00 shares 663,886 699,563
Avid Technology Inc. 3,200.00 shares 79,372 87,200
BWIP Inc 65,000.00 shares 1,038,750 1,137,500
Banc One Corp 24,057.00 shares 756,602 823,952
Bank of Boston Corp Com 80,000.00 shares 1,773,634 1,970,000
Bank New York Inc 45,000.00 shares 1,215,100 1,299,375
Barnett Bks Inc 13,800.00 shares 633,918 603,750
Belo A H Corp Ser A 30,000.00 shares 1,364,122 1,293,750
Biog en Inc 11,600.00 shares 388,823 332,050
Birmingham Stl Corp 10,330.00 shares 307,898 278,910
Boatmens Bancshares Inc 21,520.00 shares 519,024 677,880
Boeing Co 32,000.00 shares 1,1 14,872 1,480,000
Boston Scientific Corp 19,900.00 shares 294,844 251,238
Brinker Intl Inc 34,875.00 shares 812,573 732,375
Browning Ferris Inds Inc 11,600.00 shares 348,503 352,350
Buffets Inc 72,800.00 shares 1,236,214 1,337,700
CML Group Inc 80,000.00 shares 1,454,800 930,000
CSX Corp 7,410.00 shares 424,351 559,455
Cuc Intl Inc 3,000.00 shares 91,903 81,000
Cabletron Sys Inc 5,600.00 shares 592,603 541,100
Capital Cities ABC Inc 55,000.00 shares 2,203,455 3,911,875
Carnival Corp Cl A 5,500.00 shares 272,420 243,375
Carter Wallace Inc 30,000.00 shares 912,776 558,750
Cellpro Inc 2,800.00 shares 76,300 53,900
Centex Corp 18,170.00 shares 576,146 467,878
Chambers Dev Inc Cl A 23,930.00 shares 103,901 52,359
Cheesecake Factory (The) 3,750.00 shares 84,475 59,063
Chicago & North Western
Transportation Co 50,000.00 shares 990,076 1,156,250
Chiron Corp 3,800.00 shares 209,625 208,050
Chrysler Corp 32,000.00 shares 1,694,912 1,520,000
Chubb Corp 37,690 shares 2,013,629 2,887,996
</TABLE>
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (CONTINUED)
Ciber Inc 150,000.00 shares 1,210,083 1,312,500
Cisco Sys Inc 5,200.00 shares 123,988 121,550
Citicorp 35,000.00 shares 1,334,585 1,395,625
Cleveland Cliffs Inc 35,000.00 shares 1,081,650 1,330,000
Coastal Corp 37,500.00 shares 724,075 1,012,500
Coca Cola Co 43,790.00 shares 1,791,648 1,778,969
Colgate Palmolive Co 15,000.00 shares 646,802 783,750
Columbia/HCA Healthcare Corp 4,500.00 shares 190,791 168,750
Comcast Corp Cl A Spl 100,500.00 shares 910,824 1,809,000
Comerica Inc 29,440.00 shares 855,490 831,680
Commerce Bancshares Inc 9,825.00 shares 223,428 307,031
Computer Sciences Corp 28,650.00 shares 874,397 1,192,556
Compuware Corp 5,400.00 shares 228,920 223,425
Countrywide Cr Inds Inc 100,000.00 shares 1,643,357 1,437,500
Crestar Finl Corp 17,400.00 shares 714,170 791,700
DPL Inc 6,710.00 shares 127,893 133,361
Dana Corp 21,380.00 shares 600,588 609,330
Danka Business Sys Plc Sponsor
Adr 8,500.00 shares 321,968 338,938
Dean Witter Discover & Co 46,500.00 shares 1,653,289 1,743,750
Dilla rd Dept Stores Inc Cl A 19,450.00 shares 679,845 600,519
Disney Walt Co 14,200.00 shares 572,021 591,075
Donnelley R R & Sons Co 18,620.00 shares 546,819 516,705
Dow Chem Co 19,800.00 shares 1, 230,748 1,294,425
Dow Jones & Co Inc 40,000.00 shares 1,108,690 1,240 ,000
DuPont E I De Nemours & Co 11,020.00 shares 522,789 641,915
Emerson Elec Co 18,600.00 shares 939,626 1,057,875
Empresa Nacional De Electricidad
S A Sponsored Adr 14,240.00 shares 370,667 639,020
Enron Corp 36,700.00 shares 1,112,819 1,201,925
Entergy Corp New 18,590.00 shares 611,459 460,103
Ericsson L M Tel Co Adr Cl B
Sek 10 14,200.00 shares 672,561 703,795
Ethan Allen Interiors Inc 33,800.00 shares 789,353 692,900
FHP Intl Corp 63,000.00 shares 1,531,313 1,512,000
</TABLE>
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (CONTINUED)
Federal Home Ln Mtg Corp
Common 46,500.00 shares $1,152,316 $2,813,250
Federal Natl Mtg Assn 72,180.00 shares 3,172,692 6,027,030
Federated Dept Stores Inc 41,000.00 shares 833,169 820,000
Fingerhut Cos Inc 80,000.00 shares 1,044,534 1,940,000
First Data Corp 17,800.00 shares 665,278 736,475
First Empire St Corp 4,500.00 shares 624,064 7 04,250
First Fid Bancorporation New 50,000.00 shares 1,272,870 2,318,750
First Finl Mgmt Corp 3,500.00 shares 198,835 194,250
First Un Corp 22,700.00 shares 951,306 1,047,038
First USA Inc 13,200.00 shares 372,085 506,550
Foundation Health Corp 50,000.00 shares 1,057 ,375 1,950,000
Franklin Res Inc 13,040.00 shares 462,413 484,110
Fruit of the Loom Inc Cl A 52,700.00 shares 1,710,201 1,376,788
Gc Cos Inc Com 3,500.00 shares 63,124 90,125
Gfc Finl Corp 10,400.00 shares 329,300 347,100
General Elec Co 44,500.00 shares 1,560,614 2,074,813
G eneral Mtrs Corp Cl E 45,670.00 shares 1,130,325 1,592,741
General Re Corp 22,000.00 shares 1,885,260 2,395,250
Giddings & Lewis Inc Wis 80,000.00 shares 1,516,740 1,240,000
Gillette Co 4,400.00 shares 252,871 286,550
Golden West Finl Corp Del 19,600.00 shares 808,719 75 7,050
Greate Lakes Chem Corp 9,880.00 shares 680,010 534,755
Greenfi eld Inds Inc Del 21,300.00 shares 347,645 415,350
HS Res Inc 12,200.00 shares 266,977 263,825
Haagen Alexander Pptys Inc Com 24,500.00 shares 421,315 437,938
Harcourt Gen Inc 42,000.00 shares 828,477 1,475,250
Harley Davidson Inc 7,000.00 shares 336,686 320,250
Harleysville Group Inc 52,000.00 shares 975,000 1,066,000
Harris Corp Del 45,353.92 shares 2,114,018 2,001,242
Hewlett Packard Co 20,000 00 shares 826,303 1,505,000
Home Depot Inc 158,260.00 shares 6,684,334 6,666,703
Honeywell Inc 61,080.00 shares 1,813,880 1,893,480
Hong Kong Telcomm Ltd Spon
Adr 15,600.00 shares 228,381 292,500
</TABLE>
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (CONTINUED)
Horace Mann Educators Corp New 59,000.00 shares $ 1,146,395 $ 1,607,750
Hospitality Franchise Sys Inc 6,900.00 shares 175,360 169,050
Humana, Inc. 15,300.00 shares 314,158 246,713
Huntingdon Intl Hldgs Plc Adr 52,000.00 shares 627,993 299,000
Intel Corp 30,000.00 shares 1,751,838 1,755,000
International Cabletel Inc 65,000.00 shares 1,288,342 1,365,000
Intl Flavors & Fragrances Inc 26,200.00 shares 881,408 1,025,858
International Game Technology 11,400.00 shares 389,417 215,175
International Paper Co 12,360.00 shares 824,919 818,850
Interpublic Group Cos Inc 20,840.00 shares 651,653 646,040
Jdn Rlty Corp 8,700.00 shares 196,277 190,313
Johnson & Johnson 32,800.00 shares 1,561,946 1,406,300
Kellwood Co 63,750.00 shares 1,099,282 1,362,656
Kerr McGee Corp 30,000.00 shares 1,265,580 1,413,750
Kohls Corp 3,600.00 shares 145,003 169,200
LTV Corp New 83,000.00 shares 1,340,584 1,276,125
Limited Inc 30,000.00 shares 544,925 517,500
Loewen Group Inc 7,600.00 shares 184,063 187,150
Long Island Ltg Co 36,400.00 shares 756,392 646,100
Lowes Cos Inc 9,200.00 shares 312,929 315,100
Mbia Inc 17,000.00 shares 1,134,987 975,375
Mbna Corp 94,000.00 shares 1,819,101 2,115,000
MCI Communications Corp 75,500.00 shares 1,715,629 1,670,438
Mgic Invt Corp Wis 88,280.00 shares 2,634,468 2,328,385
Manpower Inc Wis 25,300.00 shares 406,706 531,300
Mapco Inc 21,500.00 shares 1,077,940 1,268,500
Masco Corp 20,000.00 shares 463,700 550,000
May Dept Stores Co 54,470.00 shares 1,561,880 2,137,948
McDonalds Corp 14,460.00 shares 258,705 417,533
Mead Corp 43,660.00 shares 1, 538,109 1,926,498
Medtronic Inc 16,130.00 shares 1,159,287 1,292,416
Merck & Co Inc 18,000.00 shares 370,537 535,500
Mercury Fin Co 15,700.00 shares 250,663 259,050
Microsoft Corp 24,500.00 shares 1,108,452 1,264,813
Micron Technology Inc 47,500.00 shares 284,120 1,644,688
</TABLE>
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (CONTINUED)
Minnesota Mng & Mfg Co 9,300.00 shares $ 308,540 $ 461,513
Mirage Resorts Inc 9,700.00 shares 225,530 181,875
Mobil Corp 3,060.00 shares 186,522 249,390
Molex Inc Cl A 16,600.00 shares 498,573 610,050
Morton Intl Inc Ind 7,090.00 shares 306,947 553,020
Motorola Inc 32,000.00 shares 1,352,757 1,428,000
Nalco Chem Co 6,100.00 shares 207,664 194,438
NationsBank Corp 52,300.00 shares 2,578,693 2,686,913
Newbridge Networks Corp 3,800.00 shares 219,543 130,625
Nine West Group Inc 12,519.00 shares 341,491 328,624
Norfolk Southn Corp 18,090.00 shares 856,112 1,139,670
Office Depot Inc 27,000.00 shares 548,977 543,375
Omnicom Group 27,500.00 shares 1,063,838 1,326,875
Oracle Sys Corp 16,200.00 shares 448,619 607,500
Owens Ill Inc New 115,000.00 shares 1,233,885 1,265,000
Oxford Health Plans Inc 2,600.00 shares 154,630 115,700
Pnc Bk Corp 27,870.00 shares 739,995 804,746
Pacific Telesis Group 20,190.00 shares 400,394 620,843
Pepsico Inc 94,230.00 shares 3,484,869 2,885,794
Perrigo Co 18,547.00 shares 363,277 255,021
Pfizer Inc 73,900.00 shares 4,600,591 4,664,938
Pharmacia Ab Sponsored Adr
Repstg Ser A Shs 24,340.00 shares 372,402 368,143
Philip Morris Cos Inc 11,540.00 shares 486,909 594,310
Phillips Pete Co 20,690.00 shares 609,401 646,563
Phllips Van Heusen Corp 7,800.00 shares 223,780 195,975
Pitney Bowes Inc 23,700.00 shares 641,243 903,563
Pittston Services Group 16,800.00 shares 480,420 457,800
Promus Cos Inc 17,500.00 shares 585,548 518,438
Pultte Corp Com 21,360.00 shares 622,108 491,280
Regions Finl Corp 17,943.00 shares 525,915 625,762
Repsol Sa sponsored Adr 26,370.00 shares 629,313 754,841
Reuters Hldgs Plc Adr B 23,400.00 shares 691,313 912,600
Rhone Poulenc Rorer 5,980.00 shares 215,452 182,390
Rockwell Intl Corp 45,000.00 shares 1,085,744 1,681,875
</TABLE>
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (CONTINUED)
Rollins Truck Leasing Corp 75,000.00 shares $1,262,602 $1,256,250
Rubermaid Inc 66,570.00 shares 1,977,656 1,747,463
Salomon Bros Fd Inc 53,938.00 shares 605,742 660,741
Sara Lee Corp 15,240.00 shares 208,707 323,850
Schering Plough Corp 43,880.00 shares 2,432,174 2,687,650
Sensormatic Electrs Corp 49,250.00 shares 1,378,070 1,415,938
Sequent Computer Sys Inc 85,000.00 shares 1,492,250 1,158,125
Shawmut Natl Corp Wt Exp 305,000 shares - 1,449
Sherwin Williams Co 18,000.00 shares 361,413 567,000
Signet Bkg Corp 50,000.00 shares 1,398,750 2,018,680
Southwestern Bell Corp 4,560.00 shares 119,768 198,360
Stewart Enterprises Inc Cl A 26,600.00 shares 578,975 578,550
Stratus Computer Inc 40,000.00 shares 1,305,750 1,130,000
Stride Rite Corp 101,000.00 shares 1,794,430 1,313,000
Stryker Corp 19,000.00 shares 533,008 503,500
Tig Hldgs Inc 23,800.00 shares 533,538 476,000
Tjx Cos Inc New 58,500.00 shares 1,521,596 1,279,688
Tnt Freightways Corp 69,500.00 shares 865,621 1,598,500
Talbots Inc 5,000.00 shares 138,160 150,000
Tele Communications Inc Cl A 60,500.00 shares 1,633,574 1,232,688
Telefonos De Mexico S A
Sponsored Adr Repstg Sh Ord L 41,100.00 shares 1,732,201 2,296,463
Temple Inland Inc 23,500.00 shares 721,626 1,119,188
Tenneco Inc 25,000.00 shares 1,211,200 1,159,375
Texaco Inc 38,100.00 shares 2,270,090 2,300,288
Texas Instrs Inc 24,000.00 shares 1,553,365 1,908,000
Time Warner Inc 29,500.00 shares 648,127 1,047,250
Toys R Us Inc 48,700.00 shares 1,782,040 1,594,925
Transatlantic Hldgs Inc 61,100.00 shares 2,528,096 3,192,475
Travelers Inc 70,000.00 shares 1,016,887 2,257,500
Unilever N V Adr 5,130.00 shares 444,540 516,848
Union Camp Corp 12,060.00 shares 514,446 547,223
Union Elec Co 6,000.0 shares 196,530 189,750
Union Pac Corp 45,280.00 shares 2,255,713 2,563,980
United Healthcare Corp 26,400.00 shares 823,461 1,191,300
</TABLE>
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (CONTINUED)
United Retail Group Inc 20,317.00 shares $ 376,969 $ 152,378
U S Healthcare Inc 62,615.00 shares 2,027,839 2,316,755
Unocal Corp 9,400.00 shares 286,352 269,075
Value Health Inc 5,600.00 shares 193,021 214,200
Ventritex Inc 10,100.00 shares 206,656 188,113
Vivra Inc 8,400.00 shares 152,770 201,600
Vodafone Group Plc Sponsored Adr 17,000.00 shares 971,380 1,287,750
Wmx Technologies Inc 50,000.00 shares 1,468,340 1,325,000
Wal-Mart Stores Inc 176,200.00 shares 4,766,615 4,272,850
Wall Data Inc 2,300.00 shares 101,309 90,275
Washington Post Co Cl B 6,000.00 shares 1,462,139 1,387,500
Waste Mgmt Intl Plc Sponsored
Adr 12,400.00 shares 227,888 223,200
Wellpoint Health Networks Inc 45,500.00 shares 1,225,555 1,342,250
Wells Fargo & Co 12,000.00 shares 852,026 1,804,500
Werner Enterprises Inc 29,400.00 shares 659,516 815,850
West One Bancorp 29,400.00 shares 770,889 845,250
Willamette Inds Inc 35,000.00 shares 1,284,375 1,513,750
Wisconsin Energy Corp 27,440.00 shares 712,063 655,130
Wolters Kluwer N V Sponsored
Adr 10,654.00 shares 563,017 629,747
PIC Invt Tr Endeav or Growth Fd 6,778,046.91 principal 71,296,725 71,237,273
Rowe T Price Equity Income Fd 9,181,030.46 principal 139,774,301 147,722,780
-----------------------------------
Total Common Stock 429,522,215 468,878,962
-----------------------------------
COMMON /COLLECTIVE TRUSTS
Mgt Comm Fd Real Estate Fd 69,581.00 principal amount 27,713,949 24,448,259
Wells Fargo Bank Equity Index
Fund 1,413,164.00 principal amount 118,936,871 140,588,547
-----------------------------------
Total Common/Collective Trusts 146,650,820 165,036,806
-----------------------------------
UNALLOCATED INSURANCE CONTRACTS
Allstate Life Ins Co #GA-5526 5,000,668.40 principal, 5%
interest, due 6/30/98 5,000,668 5,000,668
</TABLE>
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Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNALLOCATED INSURANCE CONTRACTS (CONTINUED)
Metropolitan Life GAC #11747-5 10,747,136.52 principal, 9.310%
interest, due 7/1/94 $ 10,747,137 $ 10,747,137
Confederation Life GIC #62281 3,238,048.95 principal, 9.130%
interest, due 8/13/95 3,238,049 3,238,049
Confederation Ins GIC #62298 5,385,202.28 principal, 9.320%
interest, due 8/30/95 5,385,202 5,385,202
Trans Occidental Lf Ins #51050 2,793,951.60 principal, 8.650%
interest, due 12/31/97 2,793,952 2,793,952
Peoples Security Life Ins Co GIC 2,085,061.72 principal
#BDA00238FR 2,085,062 2,085,062
Peoples Sec Lf Ins Co #00240FR 2,065,287.36 principal, 8.130%
interest, due 2/1/96 2,065,287 2,065,287
United Omaha GIC #SDGA-10142 1,567,417.83 principal, 8.5%
interest, due 12/19/94 1,567,418 1,567,418
Provident Natl GIC #027-04868 6,754,665.76 principal, 9.0%
interest, due 1/3/95 6,754,666 6,754,666
Provident Natl #027-04868-02 4,467,111.74 principal, 8.7%
interest, due 1/15/96 4,467,112 4,467,112
Confederation Life Ins #62397 5,167,581.33 principal, 8.530%
interest, due 2/3/96 5,167,581 5,167,581
State Mutual Life Ins GA-91774 5,135,765.77 principal, 8.070%
interest, due 2/27/95 5,135,786 5,135,786
Prudential Ins Amer #GA-6394503 25,735,957.52 principal, 8.050%
interest, due 7/1/96 25,735,958 25,735,958
Life Ins Co Vir Ct #GS-1783 5,306,343.86 principal, 8.830%
interest, Open Mat 5,306,344 5,306,344
Hartford Life Ins GIC #GA-9257 5,008,861.12 principal, 6.750%
interest, due 12/19/94 5,008,861 5,008,861
New York Life Ins GA#-06406 4,173,408.21 principal, 6.850%
interest, due 11/1/95 4,173,408 4,173,408
Hartford Life Ins Co GA#9272 4,063,250.05 principal, 6.820%
interest, due 3/20/95 4,063,250 4,063,250
State Mutual Life GIC 91774-03 2,549,383.07 principal, 5.830%
interest, due 8/15/94 2,549,383 2,549,383
</TABLE>
34
<PAGE> 39
<TABLE>
Harris Corporation Retirement Plan Master Trust
Assets Held for Investment (continued)
June 30, 1994
<CAPTION>
DESCRIPTION OF INVESTMENT,
INCLUDING MATURITY DATE,
IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, PAR OR CURRENT
LESSOR OR SIMILAR PARTY MATURITY VALUE COST VALUE
- - ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNALLOCATED INSURANCE CONTRACTS (CONTINUED)
Metropolitan Life Ins GAC13146 22,892,270.16 principal, 6.990%
interest, due 4/30/97 $ 22,892,270 $ 22,892,270
Continental Assur Gic GP-12833 5,421,494.21 principal, 4.840%
interest, due 10/15/95 5,421,494 5,421,494
Continental Assurance Co GIC 2,717,202.22 principal, 5.280%
interest, due 7/17/95 2,717,202 2,717,202
Continental GIC #GP-12833-026 3,508,799.54 principal, 6.160%
interest, due 9/19/96 3,508,780 3,508,780
Continental GIC #GA-12881 21,048,397.49 principal, 5.370%
interest, due 4/15/98 21,048,397 21,048,397
United of Omaha Life Ins-10747 2,044,186.29 principal, 4.800%
interest, due 1/15/97 2,044,186 2,044,186
New York Life Ins Co #GA-06885 3,062,431.20 principal, 4.660%
interest, due 12/20/96 3,062,431 3,062,431
Hartford Life Ins Co GA-9880 3,566,897.33 principal, 5.060%
interest, due 3/31/97 3,566,897 3,566,897
Canada Life Assurance #P45832 20,082,490.95 principal, 6.750%
interest, due 5/26/99 20,082,491 20,082,491
Allstate Life Ins Co GIC #6532 5,013,555.61 principal, 6.810%
interest, due 7/27/98 5,013,556 5,013,556
CDC Invt Mgmt Corp GIC #121-01 4,026,423.72 principal amount,
6.650% interest, due 3/31/98 4,026,424 4,026,424
------------------------------------
Total Unallocated Insurance Contracts 194,629,252 194,629,252
------------------------------------
Participant loans 40,405,954 40,405,954
------------------------------------
Total Investments $1,194,737,777 $1,244,028,054
====================================
</TABLE>
35
<PAGE> 40
<TABLE>
Harris Corporation Retirement Plan Master Trust
Transactions or Series of Transactions in Excess of 5 Percent
of Current Value of Plan Assets
Year ended June 30, 1994
<CAPTION>
IDENTITY OF ISSUER, DESCRIPTION OF INVESTMENT,
BORROWER, LESSOR OR INCLUDING MATURITY DATE,
SIMILAR PARTY RATE OF INTEREST, PAR OR SELLING PURCHASE PRICE/ NET GAIN
MATURITY VALUE PRICE COST OF ASSETS (LOSS)
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CATEGORY (III) - SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS
TBC Inc. Pooled Employee 971 purchases - 376,467,010 $376,467,010
Funds Daily Liquidity shares
Fund
TBC Inc. Pooled Employee 613 sales - 378,912,449 $378,912,449 378,912,449 $ -
Funds Daily Liquidity shares
Fund
Bank of America short-term 29 purchases - 30,113,047 30,113,047
investment fund shares
Bank of America short- 24 sales - 40,527,277 40,527,277 40,527,277 -
term investment fund shares
<FN>
THERE WERE NO CATEGORY (I), (II) OR (IV) REPORTABLE TRANSACTIONS DURING FISCAL YEAR 1994.
</TABLE>
36
<PAGE> 41
SIGNATURES
The Plans. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plans) have duly caused this annual report to be signed on their behalf by the
undersigned hereunto duly authorized.
Harris Corporation Retirement Plan
/s/ Jeffrey P. Morrill
Date: December 23, 1994 --------------------------------------
Jeffrey P. Morrill
Plan Administrator
Harris Corporation Union Retirement Plan
/s/ Jeffrey P. Morrill
--------------------------------------
Jeffrey P. Morrill
Plan Administrator
<PAGE> 42
<TABLE>
INDEX
<CAPTION>
Exhibit Description of Exhibit
- - -------- --------------------------
<S> <C>
Exhibit No. 23 -- Consent of Ernst & Young
(the Plans' Independent Accountants)
Exhibit No. 99(a) -- Harris Corporation Retirement Plan
(Incorporated by reference to Exhibit No. 10(g) to
Annual Report on Form 10-K [Commission File No.
1-3863] for the fiscal year ended June 30, 1994).
Exhibit No. 99(b)-- Harris Corporation Union Retirement Plan
(Incorporated by reference to Exhibit 99(a) to the
Registration Statement on Form S-8 filed
with the Securities and Exchange Commission
on September 3, 1993 [Registration No. 33-50167]).
</TABLE>
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the incorporation by reference in the following
registration statements of Harris Corporation pertaining to the Harris
Corporation Retirement Plan and the Harris Corporation Union Retirement Plan of
our report dated September 30, 1994, with respect to the financial statements
and schedules of the Harris Corporation Retirement Plan Master Trust included
in this Annual Report (Form 11-K) for the year ended June 30, 1994;
Form S-8 No. 33-50169 Harris Corporation Retirement Plan
Form S-8 No. 33-50167 Harris Corporation Union Retirement Plan
/s/ ERNST & YOUNG LLP
Orlando, Florida
December 23, 1994
