SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15 (d) of the
Securities and Exchange Act of 1934
For the period from December 31, 1997 to December 30, 1998
A. Full title of the plan and the address of the plan if different
from that of the issuer named below:
ELDEC CORPORATION AND INTERPOINT CORPORATION
DEFERRED INCOME PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
CRANE CO.
100 First Stamford Place
Stamford, Connecticut 06902
<PAGE>
<TABLE>
ELDEC CORPORATION AND INTERPOINT CORPORATION DEFERRED INCOME PLAN
TABLE OF CONTENTS
<S> <C>
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS
Statements of Net Assets Available for
Benefits as of December 30, 1997 and
December 30, 1998 2
Statements of Changes in Net Assets
Available for Benefits for the Period
From January 1, 1997 to December 30, 1997
and fiscal year ended December 30, 1998 3
Notes to Financial Statements 4
</TABLE>
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 30,
1998
Item 27a - Schedule of Assets Held for Investment Purposes
Item 27d - Schedule of Reportable Transactions
<PAGE>
INDEPENDENT AUDITORS' REPORT
ELDEC CORPORATION AND INTERPOINT CORPORATION DEFERRED INCOME PLAN:
We have audited the accompanying statements of net assets available
for benefits of ELDEC Corporation and Interpoint Corporation
Deferred Income Plan (the Plan) as of December 30, 1998 and 1997,
and the related statements of changes in net assets available for
benefits for the year ended December 30, 1998 and for the period
from January 1, 1997 to December 30, 1997. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the net assets available for benefits of the Plan
as of December 30, 1998 and 1997, and the changes in net assets
available for benefits for the year ended December 30, 1998 and for
the period from January 1, 1997 to December 30, 1997, in conformity
with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The accompanying
schedules of (1) assets held for investment purposes as of December
30, 1998 and (2) reportable transactions for the year ended December
30, 1998 are presented for the purpose of additional analysis and
are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. These schedules
are the responsibility of the Plan's management. Such schedules
have been subjected to the auditing procedures applied in our audit
of the basic 1998 financial statements and, in our opinion, are
fairly stated in all material respects when considered in relation
to the basic 1998 financial statements taken as a whole.
Deloitte & Touche LLP
Seattle, Washington
May 28, 1999
1
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ELDEC CORPORATION AND INTERPOINT CORPORATION DEFERRED INCOME PLAN
<TABLE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 30, 1997 AND DECEMBER 30, 1998
<S> <C> <C>
1998
1997
ASSETS
CASH AND CASH EQUIVALENTS: $1,852 $37
INVESTMENTS, AT FAIR VALUE:
Mutual funds 26,772,200 38,137,504
Common and collective funds 3,589,008 5,678,340
Crane Co. common stock 2,291,924 5,533,947
Participant notes receivable 843,358 1,421,482
Total investments 33,496,490 50,771,273
RECEIVABLES:
Employer contribution receivable
(Crane Co. Stock Fund) 41,094 45,614
Employee contributions 132,895 144,587
Total receivables 190,201
173,989
NET ASSETS AVAILABLE FOR BENEFITS $ 50,961,511
$33,672,331
See notes to financial statements.
</TABLE>
2
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ELDEC CORPORATION AND INTERPOINT CORPORATION DEFERRED INCOME PLAN
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE
PERIOD
FROM JANUARY 1, 1997 TO DECEMBER 30,1997 AND YEAR ENDED DECEMBER 30,
1998
<S> <C> <C>
- --------------------------------------------------------------
1998
1997
CONTRIBUTIONS:
Employee $3,925,106 $4,142,119
Employer (Crane Co. Stock Fund) 1,176,638 1,307,342
Rollovers 0 7,691,509
Total contributions 5,101,744 13,140,970
EARNINGS ON INVESTMENTS:
Interest and dividends 388,350 499,231
Net appreciation in fair value of
investments 6,110,165 7,578,474
Total earnings on investments 6,498,515 8,077,705
DISTRIBUTIONS TO PARTICIPANTS (1,904,958)
(3,805,827)
ADMINISTRATIVE EXPENSE AND OTHER (66,477) (123,668)
(1,971,435) (3,929,495)
NET INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 9,628,824 17,289,180
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of period 24,043,507 33,672,331
NET ASSETS AVAILABLE FOR BENEFITS
End of period $33,672,331 $50,961,511
See notes to financial statements.
</TABLE>
3
<PAGE>
ELDEC CORPORATION AND INTERPOINT CORPORATION DEFERRED INCOME PLAN
Notes to Financial Statements For the Period from January 1, 1997
- -----------------------------------------------------------------------
to December 30, 1997 and Year Ended December 30, 1998
1. DESCRIPTION OF THE PLAN
The following description of the Eldec Corporation and Interpoint
Corporation Deferred Income Plan (the Plan) provides only general
information. Participants should refer to the Plan document for
more complete information regarding the Plan's provisions.
General: The Plan is a defined contribution plan covering
substantially all employees of Eldec Corporation and Interpoint
Corporation (collectively, the Corporation). The Corporation is
a wholly-owned subsidiary of Crane Co. The Plan is subject to the
terms of the Employee Retirement Income Security Act of 1974
(ERISA). During 1997 the Plan's year-end was changed to December
30 from December 31.
Contributions: Until October 1, 1998, each year, participants
could elect to contribute and defer between 1% and 15% of pretax
annual compensation as defined by the Plan. Effective October 1,
1998, the percentage election increased to 17%. Such employee
contributions may not exceed the maximum allowable contribution
under IRC regulations. Participants may also contribute amounts
representing distributions from other qualified defined benefit
or contribution plans. The Corporation matches 50% of each
participant's contribution, up to 6% of the participant's salary,
made in the form of common stock of Crane Co.
During the year ended December 30, 1998, the Interpoint
Corporation Retirement & Savings Plan was terminated and all
assets were transferred into the Plan. The total amount
transferred of approximately $7,342,000 is included in Rollovers
in the Statement of Changes in Net Assets Available for Benefits.
Participant accounts: Each participant's account is credited
with the participant's contributions and allocations of the
Corporation's matching contribution and Plan earnings and charged
with an allocation of management fees not paid by the Corporation.
Vesting: A participant's deferred income contribution account
and Corporation matching contributions are 100% vested and
nonforfeitable at all times.
Participant notes receivable: Actively employed participants may
borrow from their fund accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50% of their account
balance. Loan terms, subject to approval by the Administration
Committee (the Committee), range from 1 to 5 years, or up to 15
years for the purchase of a primary residence. The interest rate
on loans is 1% above the Wall Street prime lending rate on the
first business day of the calendar quarter in which the loan is
made.
4
<PAGE>
Payment of benefits: Upon retirement, disability, termination of
employment or death, a participant or designated beneficiary will
receive a lump sum payment equal to the participant's account
balance. If the participant's account balance is greater than
$5,000, the participant may elect to defer the withdrawal until
reaching the age of 70-1/2.
Plan termination: Although it has not expressed any intent to do
so, the Corporation has the right to terminate the Plan at any
time subject to the provisions of ERISA. In the event the Plan
is terminated, the Plan's assets will be liquidated by the
Trustee and distributed to participants.
Tax Status: The Internal Revenue Service has determined and
informed the Corporation, by a letter dated May 5, 1994, that the
Plan is designed in accordance with applicable sections of the
Internal Revenue Code (IRC). The Plan has been amended and
restated since receiving the determination letter and the Plan
Administrator is currently in the process of filing for a new
determination letter. The Plan Administrator believes the Plan,
as amended and restated, is currently being operated in
compliance with the applicable requirements of the IRC.
Therefore, no provision for income taxes has been recorded.
Investment Funds: Plan participants may direct investment of
their accounts in any of several funds in such increments and at
such times as designated by the Committee appointed by the Board
of Directors. On October 5, 1998, new funds were made available
to participants of the Plan. The investment options available
for as of December 30, 1998 are as follows:
Norwest Stable Value Fund This fund invests primarily in
Guaranteed Investment Contracts ("GICs") but may also invest in
U.S. Treasury obligations and money market instruments. A GIC is
issued by a major life insurance company to retirement plans.
GICs offer safety, stability and relatively high income. Although
GICs do not experience market fluctuations, they do not have U.S.
Government backing. It is the insurance company that guarantees
the investment rate and return of principal at full value. The
objective of this fund is to earn a predictable investment return
that is somewhat higher than overall money market rates, with a
minimum chance of loss of the original contributions. The risk
and return characteristics of this fund are that it is low risk
with low to moderate long-term growth potential. Interest on the
invested money provides the investment return.
AIM Balanced Fund Class A This fund is a mutual fund with a
balanced portfolio which seeks to provide reasonable current
income and long-term capital appreciation by investing 60% to 70%
of its assets in common stocks with the remainder held in
high-quality corporate bonds and U.S. Government securities.
Stocks are selected on the basis of their current dividends and
potential growth of capital and income. The fund may also invest
up to 20% of its assets in foreign securities. The objective of
this fund is to provide the possibility of long-term investment
growth while reducing the risk of investment loss. The risk and
return characteristics of this fund are that it is moderate risk
with moderate long-term growth potential. Dividends, interest
and changes in the values of the shares provide most of the
investment return.
Prudential Stock Index Fund Class Z This fund is a mutual fund
which seeks to match the total return performance of the S&P 500
Stock Index by investing in all 500 stocks in approximately the
same proportions as represented in the S&P 500 Stock Index.
Dominated by large "blue chip" stocks, this unmanaged index
covers about 70% of the total U.S. market capitalization. The
very low turnover in the portfolio's holdings allows the fund to
maintain substantially lower management fees. The objective of
this fund is to provide the possibility of long-term investment
growth while reducing the risk of investment loss. The risk and
return characteristics of this fund are that it is moderate risk
with moderate long-term growth potential. Dividends, interest
and changes in the values of the shares provide most of the
investment return.
7
<PAGE>
Prudential Jennison Growth Fund Class Z This fund is a mutual
fund, which seeks long-term growth of capital by investing
primarily in established companies with market capitalizations of
at least $1 billion and above average growth prospects. The fund
invests substantially all, but at least 65% of its total assets,
in common stocks, convertible securities and other equity
securities. Companies must be currently demonstrating superior
absolute and relative earnings growth and be attractively valued
to be included in this fund's portfolio. The objective of this
fund is to provide the higher rates of return that are associated
with stocks, while limiting the risk associated with stocks by
investing in large companies. The risk and return
characteristics of this fund are that it is moderate to high risk
with moderate to high long-term growth potential. Changes in the
values of the shares provide most of the investment return, but
the fund also receives dividends and interest.
Mutual Qualified Fund A This fund is a mutual fund which invests
primarily in medium-sized companies. Its goal is capital
appreciation, which may occasionally be short-term. Income is a
secondary objective. The fund invests in common and preferred
stocks, and debt of any credit quality. It may also invest up to
50% of assets in companies involved in prospective mergers,
consolidations, liquidations, reorganizations, or other special
situations. The objective of the fund is to provide the
possibility of short and long-term investment growth, while
reducing the risk of investment loss by investing in securities
that, in the opinion of the fund manager, are priced at discounts
to their intrinsic values. The risk and return characteristics
of this fund are that it is moderate to high risk with moderate
to high long-term growth potential. Changes in values of the
shares provide most of the investment return, but the fund may
also receive dividends and interest.
Prudential Small Company Value Fund Class Z This fund is a
mutual fund, which invests primarily in small company stocks with
market capitalizations of less than $500 million to provide
long-term capital appreciation. The fund emphasizes equities
that appear undervalued by various measures, such as
price/earnings or price/book ratios. The value approach is
intended to be conservative, but the fund's focus on small
company stocks adds substantial risks. The objective of this fund
is to provide the possibility of higher rates of return than by
investing in small companies with greater growth potential. The
risk and return characteristics of this fund are that it is
moderate to very high risk with moderate to very high long-term
growth potential. Changes in the values of the shares provide
most of the investment return, but the fund also receives
dividends.
8
<PAGE>
Putnam International Growth Fund Class A This fund is a mutual
fund which seeks capital appreciation by investing at least 65%
of its assets in equity securities of companies located outside
the United States. It may invest in companies of any size that
it judges to be in a strong growth trend or that it believes is
undervalued. The fund may invest in both developed and emerging
markets. This fund is considered riskier because of its foreign
stock emphasis. The objective of this fund is to provide higher
rates of return and greater diversification by investing in
stocks of international companies. The risk and return
characteristics of this fund are that it is moderate to very high
risk with moderate to very high long-term growth potential.
Changes in the values of the shares provide most of the
investment return, but the fund also receives dividends.
Crane Co. Stock Fund Investments in common stock of Crane Co.
The investment options available for the period January 1, 1997
to October 5, 1998 were as follows:
U.S. Trust Capital Preservation Fund This fund invests primarily
in Guaranteed Investment Contracts ("GICs") but may also invest
in U.S. Treasury obligations and money market instruments. The
objective of this fund is to earn a predictable investment return
that is somewhat higher than overall money market rates, with a
minimum chance of loss of the original contributions.
Vanguard Wellington Fund This fund is a mutual fund with a
balanced portfolio which seeks to provide reasonable current
income and long-term capital appreciation by investing 60% to 70%
of its assets in common stocks with the remainder held in
high-quality corporate bonds and U.S. Government securities.
Stocks are selected on the basis of their current dividends and
potential growth of capital and income. The fund may also invest
up to 10% of its assets in foreign securities. The objective of
this fund is to provide the possibility of long-term investment
growth while reducing the risk of investment loss.
Vanguard Institutional Equity Index Fund This fund is a mutual
fund which seeks to match the total return performance of the S&P
500 Stock Index by investing in all 500 stocks in approximately
the same proportions as represented in the S&P 500 Stock Index.
The objective of this fund is to provide the possibility of
long-term investment growth while reducing the risk of investment
loss.
9
<PAGE>
Harbor Capital Appreciation Fund This fund is a mutual fund
which seeks long-term growth of capital by investing primarily in
established companies with market capitalizations of at least $1
billion and above average growth prospects. The fund invests
substantially all, but at least 65% of its total assets, in
common stocks, convertible securities and other equity
securities. Companies must be currently demonstrating superior
absolute and relative earnings growth and be attractively valued
to be included in this fund's portfolio. The objective of this
fund is to provide the higher rates of return that are associated
with stocks, while limiting the risk associated with stocks by
investing in large companies.
T. Rowe Price Small Cap Value Fund This fund is a mutual fund
which invests primarily in small company stocks with market
capitalizations of less than $500 million to provide long-term
capital appreciation. The fund emphasizes equities that appear
undervalued by various measures, such as price/earnings or
price/book ratios. The value approach is intended to be
conservative, but the fund's focus on small company stocks adds
substantial risks. The objective of this fund is to provide the
possibility of higher rates of return than by investing in small
companies with greater growth potential.
American Funds Europacific Growth Fund This is a mutual fund
which invests in a carefully chosen selection of more than 275
companies based outside the U.S. which offer above average growth
potential. The fund usually invests approximately 65% of its
assets in Pacific Basin stocks, including Japan, Australia,
Canada, Malaysia and Singapore. The fund typically keeps a
relatively high cash level to moderate foreign stock volatility
and purchases equities with moderate price multiples. Exposure
to emerging markets is below average. The objective of this fund
is to provide higher rates of return and greater diversification
by investing in stocks of international companies.
10
<PAGE>
Below are the investments whose fair value individually represented 5
percent or more of the Plan's net assets as of December 30, 1997 and
1998:
<TABLE>
<S> <C> <C> <C> <C>
1997 1998
U.S. Trust Company of the Pacific
Northwest Capital Preservation $ $5,534,855
Fund 3,589,008
Norwest Stable Value Fund 143,485
Vanguard Wellington Fund 3,387,051
AIM Balanced Fund Class A 5,654,817
Vanguard Institutional Equity Index 4,445,618
Fund
Prudential Stock Index Fund Class Z 7,730,360
Harbor Capital Appreciation Fund 11,260,625
Prudential Jennison Growth Fund Class 17,015,924
A
Mutual Qualified Fund 22,220
T. Rowe Price Small Cap Value Fund 5,476,559
Prudential Small Company Value Fund 5,219,220
Class A
American Funds Europacific Growth Fund 2,202,347
Putnam International Growth Fund 2,494,963
Class A
Crane Co. Stock Fund 2,291,924 5,533,947
</TABLE>
2. SUMMARY OF ACCOUNTING POLICIES
The following is a summary of the significant accounting and
reporting policies followed in preparation of the financial
statements of the Plan.
Basis of accounting: The financial statements of the Plan are
prepared under the accrual method of accounting.
Cash equivalents: All investments purchased with a maturity of
three months or less have been classified as cash equivalents.
Investment valuation: Investments are stated at fair value based
on quoted market prices. Participant notes receivable are valued
at cost which approximates fair value.
Purchases and sales of securities are recorded on a trade-date
basis with the cost basis of securities sold determined by
specific identification.
Dividend income, interest income and realized gains and losses
from investments are recorded as earned on an accrual basis. The
dividend income, interest income and realized gains and losses
are allocated to participant accounts daily on a cash basis based
upon each participant's proportionate share of assets in each
fund. Unrealized gains and losses are allocated to participants
daily based on the participant's proportionate share of assets in
each fund.
5
<PAGE>
Benefit payments: Benefits are recorded when paid. Benefits
payable to participants included in net assets totaled $1,919 and
$71,171 at December 30, 1998 and 1997, respectively. Such amounts
are shown as Plan liabilities in the Form 5500.
Use of estimates: The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of additions to, and
deductions from, net assets during the reporting period. Actual
results could differ from those estimates.
6
<PAGE>
3. PARTIES-IN-INTEREST
The Plan has investments and transactions with parties-in-interest,
those parties being Crane Co. and participants with loan balances.
11
<PAGE>
4. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS
Allocation by fund of net assets available for benefits at December
30, 1997 and 1998 follows:
<TABLE>
<S> <C> <C>
1997 1998
U.S. Trust Company of the Pacific
Northwest Capital Preservation Fund $ 3,606,164 $ 5,534,873
Norwest Stable Value Fund 158,734
Vanguard Wellington Fund 3,401,622 0
AIM Balanced Fund Class A 5,672,990
Vanguard Institutional Equity Index 4,467,765
Fund
Prudential Stock Index Fund Class Z 7,758,127
Harbor Capital Appreciation Fund 11,301,711
Prudential Jennison Growth Fund 17,059,528
Class A
Mutual Qualified Fund 23,574
T. Rowe Price Small Cap Value Fund 5,499,545
Prudential Small Company Value Fund 5,241,460
Class A
American Funds Europacific Growth 2,213,000
Fund
Putnam International Growth Fund 2,502,738
Class A
Crane Co. Stock Fund 2,339,166 5,588,006
Loan Fund 843,358 1,421,481
$ $50,961,511
33,672,331
</TABLE>
5. INFORMATION RELATED TO CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
The changes in net assets available for benefits by fund for the
period from January 1, 1997 to December 30, 1997 and the year
ended December 30, 1998 were as follows:
<TABLE>
<S> <C> <C>
Employee Contributions:
1997 1998
U.S. Trust Company of the
Pacific Northwest Capital $ 518,574 $ 330,421
Preservation Fund
Norwest Stable Value Fund
111,941
Vanguard Wellington Fund 483,917 360,699
AIM Balanced Fund Class A 133,619
Vanguard Institutional Equity 609,605 535,459
Index Fund
Prudential Stock Index Fund 198,274
Class Z
Harbor Capital Appreciation Fund 1,242,650 976,632
Prudential Jennison Growth Fund 322,742
Class A
Mutual Qualified Fund 6,928
T. Rowe Price Small Cap Value 678,458 536,659
Fund
Prudential Small Company Value 167,375
Fund Class A
American Funds Europacific 185,232
Growth Fund
Putnam International Growth Fund 55,390
Class A
Crane Co. Stock Fund 77,515 220,748
$3,925,106 $ 4,142,119
12
</TABLE>
Net investment income: 1997 1998
U.S. TrustCompany of the
Pacific Northwest Capital
Preservation Fund $ 215,722 $ 302,595
Norwest Stable Value Fund
1,235
Vanguard Wellington Fund 598,977
178,027
AIM Balanced Fund Class A
796,747
Vanguard Institutional
Equity Index Fund 985,893 188,534
Prudential Stock Index Fund
Class Z 1,530,620
Harbor Capital Appreciation 2,943,266
Fund 81,291
Prudential Jennison Growth
Fund Class A 4,978,626
Mutual Qualified Fund
452
T. Rowe Price Small Cap 1,049,121 (1,121,682)
Value Fund
Prudential Small Company
Value Fund Class A
522,980
American Funds Europacific 184,574 (131,352)
Growth Fund
Putnam International Growth
Fund Class A
581,422
Crane Co. Stock Fund 447,165
51,956
Loan Fund 73,797 116,255
6,498,515 8,077,705
13
<PAGE>
<TABLE>
<S> <C> <C>
Distributions to Participants 1997 1998
U.S. Trust Company of the
Pacific Northwest Capital
Preservation Fund $ 226,569 $ 847,244
Vanguard Wellington Fund 251,064 372,290
Vanguard Institutional
Equity Index Fund 138,901 323,907
Harbor Capital Appreciation 780,522 964,171
Fund
American Funds Europacific
Growth Fund 119,416 156,698
Crane Co. Stock Fund 79,647 450,165
Loan Fund 70,891 54,854
$1,904,958 $3,805,827
</TABLE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Administrative Committee of the ELDEC CORPORATION AND
INTERPOINT CORPORATION DEFERRED INCOME PLAN has duly caused this
annual report to be signed by the undersigned thereunto duly
authorized.
ADMINISTRATIVE COMMITTEE OF THE
AMENDED AND RESTATED CRANE CO.
SAVINGS AND INVESTMENT PLAN
Arlan VanKoevering
Arlan VanKeovering
David Neils
David Neils
Linda Wood
Linda Wood
Lynnwood, WA
June 15, 1999
14
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ELDEC CORPORATION AND INTERPOINT CORPORATION DEFERRED INCOME PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 30, 1998
<TABLE>
<S> <C> <C> <C>
Identity of Issue Cost Current
Value
Collective Funds:
U.S. Trust Company of the
Pacific Northwest Capital $ 5,457,142 $5,534,855
Preservation Fund
Norwest Stable Value Fund 142,549 143,485
Mutual Funds:
AIM Balanced Fund A 4,913,922 5,654,817
Prudential Stock Index Fund Z 6,327,580 7,730,360
Prudential Jennison Growth Fund A 12,525,343 17,015,924
Mutual Qualified Income A 22,314 22,220
Prudential Small Company Value 5,227,028 5,219,220
Fund
Putnam International Growth 1,984,393 2,494,963
Crane Co. Stock Fund* (187,133 4,347,981 5,533,947
shares)
Participant notes receivable 1,421,482 1,421,482
$42,369,734 $ 50,771,273
*Represents a party-in-interest to the plan.
</TABLE>
15
<PAGE>
ELDEC CORPORATION AND INTERPOINT CORPORATION DEFERRED INCOME PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 30, 1998
<TABLE>
<S> <C> <C> <C> <C> <C>
<C>
Purchase Number Number Net Gain
Identity of Issue Price of Sale of Cost or(Loss)
Purchases Price Sales
Series of
Transactions
USTPN Capital
Preservation Fund 8,321,917 29 1,212,931 261,032,782 180,149
Crane Company 5,822,219 32 3,373,190 243,333,471 39,719
Stock
Prudential Small
Company Value 5,228,476 21 1,408 2 1,446 (38)
Fund A
Prudential Stock
Index Fund Z 6,363,476 18 43,745 2 35,950 7,794
Prudential
Jennison Growth 12,583,273 20 73,300 4 58,008 15,292
Fund A
AIM Balanced Fund A 4,913,895 18 0 0 0 0
U/O/P in Federated
Government Bonds 18,884,032 454 18,888,372 367 18,888,372 0
Euro Pacific Growth
Fund 497,216 34 2,552,144 21 2,577,772(25,629)
Harbor Capital
Appreciation fund 3,464,917 38 14,503,020 31 11,149,923,353,097
Row T Price Small
Cap Value Fund 1,262,749 35 5,616,444 26 5,621,346 (4,902)
Vanguard/
Wellington Fund 1,632,319 43 5,098,473 19 4,620,095 478,378
Vanguard
Institutional Index 1,667,253 40 6,241,985 26 4,897,3341,344,650
Fund
Single
transaction:
USTPN Capital
Preservation Fund 5,468,486
Crane Company Stock 3,968,126
Prudential Small
Company Value Fund A 4,455,658
Prudential Stock
Index Fund Z 6,037,837
Prudential Jennison
Growth Fund A 11,742,254
AIM Balanced Fund A 4,727,984
U/O/P in Federated
Government Bonds 5,629,471
U/O/P in Federated
Government Bonds 5,526,308 5,526,308 0
Harbor Capital
Appreciation fund 12,253,360 10,445,841,807,519
Row T Price Small
Cap Value Fund 4,457,785 4,632,275(174,490)
Vanguard/
Wellington Fund 4,747,267 4,314,799 432,468
Vanguard
Institutional Index 5,967,156 4,710,0391,257,116
Fund
Crane Company Stock 3,228,875 3,228,875 0
16
</TABLE>
