PAGE 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995
COMMISSION FILE NUMBER 1-815
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
CONSOL PLAZA
1800 WASHINGTON ROAD
PITTSBURGH, PENNSYLVANIA 15241
(FULL TITLE OF THE PLAN)
E. I. DU PONT DE NEMOURS AND COMPANY
1007 MARKET STREET
WILMINGTON, DELAWARE 19898
(NAME AND ADDRESS OF PRINCIPAL EXECUTIVE OFFICE OF ISSUER)
=============================================================================
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PAGE 2
INDEX
INVESTMENT PLAN FOR SALARIED EMPLOYEES OF CONSOL INC.
Index to Financial Statements and Additional Information
Page(s)
-------
Report of Independent Auditors ................................ 4
Financial Statements:
Statements of Net Assets Available for Plan 5 - 6
Benefits at December 31, 1995 and 1994 ....................
Statements of Changes in Net Assets Available 7 - 10
for Plan Benefits for the Years Ended December 31,
1995 and 1994 .............................................
Notes to Financial Statements ............................... 11 - 17
Additional Information:
Schedule of Assets Held for Investment Purposes at
December 31, 1995 (Schedule I) ............................ 18 - 19
Schedule of Reportable Transactions for the
Year Ended December 31, 1995 (Schedule II) ................ 20
EXHIBITS
Exhibit
Number
24 Consent of Independent Auditors ..................... 22
2
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PAGE 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Investment Plan Committee has duly caused this Annual Report to
be signed on its behalf by the undersigned hereunto duly authorized.
Investment Plan for Salaried Employees
of CONSOL Inc.
(Name of Plan)
Date: June 20, 1996
Karen L. Musial
Vice President & Treasurer
CONSOL Inc.
3
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PAGE 4
SIGNATURE
REPORT OF INDEPENDENT AUDITORS
To the Investment Plan Committee of the
Investment Plan for Salaried Employees of CONSOL Inc.
We have audited the accompanying statements of net assets available for plan
benefits of the Investment Plan for Salaried Employees of CONSOL Inc. as of
December 31, 1995 and 1994, and the related statements of changes in net
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 net assets available for plan benefits of the Plan
at December 31, 1995 and 1994, and the changes in its net 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 basic
financial statements taken as a whole. The accompanying supplemental
schedules of assets held for investment purposes and reportable transactions,
as of and for the year ended December 31, 1995, 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 basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit
of the 1995 financial statements and, in our opinion, are fairly stated in
all material respects in relation to the 1995 basic financial statements
taken as a whole.
ERNST & YOUNG, LLP
Pittsburgh, Pennsylvania
June 14, 1996
4
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PAGE 5
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF
CONSOL INC.
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1995
(Dollars In Thousands, Except for Share and Unit Amounts)
Investments (Notes 1, 2 and 3):
Fixed Income Fund, 6,426,894 units
(participants' cost $600,664), unit value $93.461.... $600,664
Fidelity Magellan Fund, 409,020 shares
(participants' cost $29,299), share value $85.980.... 35,168
Wells Fargo Asset Allocation Fund, 1,002,301 units
(participants' cost $10,754) unit value $14.58 ...... 14,614
E. I. DuPont de Nemours & Company Common Stock,
3,102,124 shares (participants' cost $133,989)
share value $69.875.................................. 216,761
ML Equity Index Trust CL A, 125,712 shares,
(participants' cost $3,645), share value $40.092..... 5,040
ML Global Holdings Fund CL A, 300,212 shares,
(participants' cost $3,838), share value $13.320..... 3,999
ML Balanced Fund for Investment & Retirement CL A,
67,148 shares, (participants' cost $781), share
value $11.370........................................ 763
ML Capital Fund CL A, 119,943 shares,
(participants' cost $3,365), share value $30.55...... 3,664
ML Basic Value Fund CL A, 121,885 shares,
(participants' cost $2,970), share value $28.310...... 3,451
Chrysler Corporation Common Stock, 6,460 shares
(participants' cost $97) share value $55.375.......... 358
Loans to participants (principal balance) ............. 22,690
--------
Total Investments ................................. 907,172
Receivables (including $3,353 from CONSOL) .............. 4,666
--------
Net assets available for plan benefits ............ $911,838
========
The accompanying notes are an integral part
of these financial statements.
5
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PAGE 6
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1994
(Dollars In Thousands, Except for Share and Unit Amounts)
Investments (Notes 1, 2 and 3):
Fixed Income Fund, 6,448,435 units,
(participants' cost $556,114) unit value $86.240 .... $556,114
Fidelity Magellan Fund, 421,604 shares
(participants' cost $28,170), share value $66.80 ..... 28,163
Wells Fargo Asset Allocation Fund, 1,018,565 units
(participants' cost $10,604), unit value $11.23 ....... 11,438
E. I. DuPont de Nemours & Company Common Stock
3,079,369 shares (participants' cost $121,678)
share value $56.25 ................................... 173,214
ML Equity Index Trust CL A, 111,591 shares,
(participants' cost $2,968), share value $29.215 ...... 3,261
ML Global Holdings Fund CL A, 349,283 shares,
(participants' cost $4,423), share value $12.18 ...... 4,254
ML Balanced Fund for Investment & Retirement CL A,
136,293 shares, (participants' cost $1,618), share
value $10.19 ......................................... 1,389
ML Capital Fund CL A, 96,870 shares,
(participants' cost $2,604), share value $25.70 ...... 2,490
ML Basic Value Fund CL A, 111,016 shares,
(participants' cost $2,581), share value $22.35 ...... 2,481
Chrysler Corporation Common Stock, 7,002 shares
(participants' cost $106) share value $49.00 ......... 343
Loans to participants (principal balance) .............. 20,650
--------
Total Investments .................................. 803,797
Receivables (including $3,428 from CONSOL) .............. 3,501
Net Assets Available for Plan Benefits ............. $807,298
========
The accompanying notes are an integral part
of these financial statements.
6
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<TABLE>
PAGE 7
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1995
(Dollars in Thousands)
<CAPTION>
Fixed Fidelity Wells DuPont ML ML ML
Income Magellan Fargo Stock Equity Index Global Balanced
Fund Fund Fund Fund Trust Holdings Fund
========= ========== ========= ========== ============ ======== =========
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income $ 47,246 $ 2,011 $ 2 $ 6,103 $ - $ 212 $ 55
(dividends and interest)
Net realized and unrealized
appreciation (depreciation)
of investments - 7,044 3,304 44,314 1,170 351 137
Deposits and withdrawals:
Employee deposits 12,002 1,465 537 6,308 109 202 59
Employer contributions 7,334 788 266 3,548 76 106 38
Rollover contributions 11,442 267 248 431 20 76 0
Employee withdrawals (47,201) (793) (397) (6,119) ( 80) (266) (53)
Transfers between investment
options (net) 15,615 (3,919) (718) (11,301) 609 (964) (857)
Loan issues (7,420) (425) (229) (3,302) (68) (31) (31)
Loan repayments 4,502 468 125 2,575 49 45 20
Loan interest 1,000 94 32 616 13 11 2
Trust to Trust transfers 30 5 6 374 (119) 3 4
_________ _________ _________ _________ ________ ________ _______
Change in net assets available
for plan benefits for year 44,550 7,005 3,176 43,547 1,779 (255) (626)
Net assets available for plan
benefits at beginning of year 556,114 28,163 11,438 173,214 3,261 4,254 1,389
_________ _________ _________ _________ ________ ________ _______
Net assets available for plan
benefits at end of year $600,664 $ 35,168 $ 14,614 $216,761 $ 5,040 $ 3,999 $ 763
========= ========= ========= ========= ======== ======== =======
The accompanying notes are an integral part of these financial statements.
Continued on next page 7
</TABLE>
<PAGE>
<TABLE>
PAGE 8
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1995 (Continued)
(Dollars in Thousands)
<CAPTION>
ML ML Chrysler
Capital Basic Value Stock Loan Total
Fund Fund Fund Fund Receivables All Funds
======= =========== ======== ======== =========== =========
<S> <C> <C> <C> <C> <C> <C>
Investment income $ 364 $ 153 $ 12 $ 1,851 $ 2 $ 58,011
(dividends and interest)
Net realized and unrealized
appreciation (depreciation)
of investments 453 622 40 - - 57,435
Deposits and withdrawals:
Employee deposits 159 141 - - (73) 20,909
Employer contributions 91 91 - - (76) 12,262
Rollover contributions 51 19 - - - 12,554
Employee withdrawals (52) (269) (20) (1,697) - (56,947)
Transfers between investment
options (net) 122 186 (17) - 1,244 -
Loan issues (75) (35) - 11,616 - -
Loan repayments 45 49 - (7,886) 8 -
Loan interest 10 13 - (1,851) 60 -
Trust to Trust transfers 6 0 - 7 - 316
________ ________ ______ ________ ______ _________
Change in net assets available
for plan benefits for year 1,174 970 15 2,040 1,165 104,540
Net assets available for plan
benefits at beginning of year 2,490 2,481 343 20,650 3,501 807,298
________ ________ ______ ________ _______ _________
Net assets available for plan
benefits at end of year $ 3,664 $ 3,451 $ 358 $22,690 $4,666 $911,838
======== ======== ====== ======== ====== =========
The accompanying notes are an integral part of these financial statements.
8
</TABLE>
<PAGE>
<TABLE>
PAGE 9
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1994
(Dollars in Thousands)
<CAPTION>
Fixed Fidelity Wells DuPont ML ML ML
Income Magellan Fargo Stock Equity Index Global Balanced
Fund Fund Fund Fund Trust Holdings Fund
========= ========== ========= ========== ============ ======== =========
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income $ 45,352 $ 1,103 $ 2 $ 5,026 $ 1 $ 170 $ 169
(dividends and interest)
Net realized and unrealized
appreciation (depreciation)
of investments - (1,505) (282) 24,045 30 (339) (275)
Deposits and withdrawals:
Employee deposits 12,062 1,606 647 5,783 111 258 83
Employer contributions 7,510 889 352 3,579 78 129 48
Rollover contributions 9,162 464 167 580 26 59 28
Employee withdrawals (35,798) (836) (158) (5,675) ( 86) (127) (71)
Transfers between investment
options (net) 735 2,680 (488) (2,665) (1) 2 (182)
Loan issues (8,170) (411) (228) (2,514) ( 13) (47) (57)
Loan repayments 3,751 486 194 2,087 52 67 20
Loan interest 809 95 34 512 12 14 6
Trust to Trust transfers 459 199 2 257 - - -
_________ _________ _________ _________ ________ ________ _______
Change in net assets available
for plan benefits for year 35,872 4,770 242 31,015 210 186 (231)
Net assets available for plan
benefits at beginning of year 520,242 23,393 11,196 142,199 3,051 4,068 1,620
_________ _________ _________ _________ ________ ________ _______
Net assets available for plan
benefits at end of year $556,114 $ 28,163 $ 11,438 $173,214 $ 3,261 $ 4,254 $ 1,389
========= ========= ========= ========= ======== ======== =======
The accompanying notes are an integral part of these financial statements.
Continued on next page 9
</TABLE>
<PAGE>
<TABLE>
PAGE 10
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1994(Continued)
(Dollars in Thousands)
<CAPTION>
ML ML Chrysler
Capital Basic Value Stock Loan Total
Fund Fund Fund Fund Receivables All Funds
======= =========== ======== ======== =========== =========
<S> <C> <C> <C> <C> <C> <C>
Investment income $ 224 $ 164 $ 7 $ 1,529 $ 19 $53,766
(dividends and interest)
Net realized and unrealized
appreciation (depreciation)
of investments (207) (123) (36) - - 21,308
Deposits and withdrawals:
Employee deposits 161 178 - - (12) 20,877
Employer contributions 93 108 - - 14 12,800
Rollover contributions 31 81 - - - 10,598
Employee withdrawals (33) (27) (33) (837) - (43,681)
Transfers between investment
options (net) (65) 343 (12) - (347) -
Loan issues (53) (67) - 11,560 - -
Loan repayments 50 65 - (6,872) 100 -
Loan interest 11 13 - (1,529) 23 -
Trust to Trust transfers - 40 - - - 957
________ ________ ______ ________ ________ _________
Change in net assets available
for plan benefits for year 212 775 (74) 3,851 (203) 76,625
Net assets available for plan
benefits at beginning of year 2,278 1,706 417 16,799 3,704 730,673
________ ________ ______ ________ ________ _________
Net assets available for plan
benefits at end of year $ 2,490 $ 2,481 $ 343 $20,650 $ 3,501 $807,298
======== ======== ====== ======== ======== =========
The accompanying notes are an integral part of these financial statements.
</TABLE>
10
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PAGE 11
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL Inc.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - DESCRIPTION OF THE INVESTMENT PLAN:
THE PLAN
The Investment Plan for Salaried Employees of CONSOL Inc. (the
"Plan") is a defined contribution plan established in 1953. Salaried,
operations and maintenance, and, in certain circumstances, production and
maintenance employees of CONSOL Inc. ("CONSOL") and participating employers
are eligible to participate in the Plan on the first of the month following
regular full-time employment. In addition, temporary employees are eligible
to participate in the plan upon completion of a period of 12 consecutive
months, commencing upon their employment date or anniversary date thereof,
during which the employee completes 1,000 or more hours of service. An
eligible employee may, with certain restrictions, contribute up to 16 percent
of monthly base pay to the Plan exclusive of supplemental make-up deposits.
CONSOL and participating employers match these contributions, dollar for
dollar, up to 6 percent of base pay (as defined by the Plan). Forfeitures of
company matching contributions as a result of withdrawals by nonvested
employees are used to offset future company matching contributions.
Contributions may be made with before-tax or after-tax dollars. Nondis-
crimination rules of the Internal Revenue Code require that the average
contribution rates in both the before-tax and after-tax accounts of "Highly
Compensated" employees (as defined by the IRS) should be limited by the
average contribution rates of "Non-highly Compensated" employees. For the
years ending December 31, 1995 and 1994, the after-tax contribution maximum
including supplemental make-up deposits was 19% and the before-tax
contribution maximum was 15%. In addition, subject to certain limitations, a
participant is allowed to make lump sum savings deposits in cash to the Plan
at any time.
Plan participants generally become vested upon completion of five
consecutive years of participation in the Plan or five cumulative years of
service. Participants who retire from active service may elect to withdraw
their entire account in a lump sum, to defer withdrawal until April 1 of the
calendar year following the year in which the participant attains age 70
1/2, or to elect an irrevocable option to have their account distributed
over a period of not less than 2 years or more than a period which would pay
the account balance during the employee's actuarial life in either a fixed
or variable amount. Before-tax deposits may be withdrawn only in the event
of an employee's retirement, death, termination, attainment of age 59 1/2 or
defined hardship.
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PAGE 12
The Tax Reform Act of 1986 (the "Act") included a number of pro-
visions affecting employee benefit plans that generally became effective on
or after January 1, 1987. The Plan was amended effective January 1, 1987,
to limit the amount of annual contributions an employee can make to his
before-tax account in accordance with limits established by the Act; to
provide for separation-from-service distributions after age 55; and to modify
the maximum loan amount and definition of tax-free participant loans. It is
CONSOL's intention to make additional amendments to the Plan, where
necessary, to comply with technical corrections and Treasury Regulations that
are issued under the Act.
Participants may borrow up to one-half of their nonforfeitable
account balances subject to certain minimum and maximum loan limitations.
Such loans are repayable over periods of 12 to 60 months (120 months maximum
if for the purchase of a principal residence) and bear an interest rate equal
to the average rate charged by selected major banks for secured personal
loans. A participant has the right to repay the loan in full at any time
without penalty.
INVESTMENT FUNDS
The following investment funds have been established with trustees
for the investment of employee savings and CONSOL's participating employers'
contributions. The nature of the investments maintained in each fund is
described below:
Fixed Income Fund Investments under agreement with one or
more financial institutions, including
insurance companies, banks and other
investment companies which provide for the
return of principal in full plus the
payment of interest at a predetermined rate
for a specific period of time. The fund's
blended rate of return for the 12 months
ending December 31, 1995 and December 31,
1994 was 8.33% and 8.51%, respectively.
Fidelity Magellan Fund A growth mutual fund offered through
Fidelity Investments.
Wells Fargo Asset Allocation Fund Asset Allocation Fund with money invested
by Wells Fargo Nikko Investment Advisors
among stocks, bonds and cash (money
market).
DuPont Common Stock Fund Common stock of E. I. DuPont de Nemours and
Company ("DuPont"). DuPont owns 50% of the
stock of CONSOL Energy Inc., the parent of
CONSOL.
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PAGE 13
Loan Fund Participant loans - amounts transferred
from the Fixed Income Fund, the Fidelity
Magellan Fund, Merrill Lynch Mutual Funds,
the DuPont Common Stock Fund and/or the
Wells Fargo Asset Allocation Fund that are
loaned to participants.
Merrill Lynch Mutual Funds A group of five different mutual funds
each with its own investment objective
offered through Merrill Lynch.
The shares of Chrysler Corporation Common Stock are held by some
CONSOL Plan participants who elected to exercise their right as Plan
participants to retain the stock as of September 15, 1966. This investment
fund is no longer available to Plan participants.
At December 31, 1995, Plan participants were invested in the follow-
ing funds (number of participants in each fund): Du Pont Common Stock
(3,309); Fidelity Megallan Fund (1,188); Fixed Income Fund (5,780); Wells
Fargo Asset Allocation Fund (635); Merrill Lynch (ML) Global Holdings Fund
(306); ML Balanced Fund (139); ML Equity Index Trust (250); ML Capital Fund
(282); ML Basic Value Fund (262); Chrysler Corporation Common Stock (56) and
Participant Loans (2,169). The numbers reflect participation in multiple
funds as permitted by the Plan.
ADMINISTRATION
The designated trustee of all the aforementioned funds is Merrill
Lynch Trust Company of America (Merrill Lynch). The administration of the
Plan is vested in the Board of Directors of CONSOL. All recordkeeping and
trustee fees of the Plan are paid by CONSOL. The administrative fees for the
Fixed Income Fund are netted against the investment income of this fund.
While CONSOL has not expressed any intent to terminate the Plan, it
is free to do so at any time. In the event of termination, each participant
automatically becomes vested to the extent of the balance in his or her
individual account.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For financial reporting purposes, the assets of the Plan are
reflected on the accrual and fair value bases of accounting. The Fixed
Income Fund guaranteed investment contracts (GIC), separate account
portfolios (SAP) and synthetic guaranteed investment contracts (SYN) are
fully benefit responsive and thus, are stated at cost plus accrued interest,
using the contracted interest rates applied to the daily account balances.
Investments in the Fidelity Magellan Fund, the DuPont Common Stock Fund, and
Merrill Lynch Mutual Funds, except for the Equity Index Fund, are stated at
fair value based on publicly quoted market prices. Investments in the
Merrill Lynch Equity Index Fund and the Wells Fargo Asset Allocation Fund are
13
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PAGE 14
stated at the fair value of all underlying assets as reported by the
applicable custodian. The fair value of loans to participants in the Loan
Fund represent the outstanding principal balances of the loans.
The unit value or price of the Fixed Income Fund, the Wells Fargo
Asset Allocation Fund, Merrill Lynch Mutual Funds and the DuPont Common Stock
Fund, reflect the prices at which participant's accounts are valued at the
end of the period reported. There is no unit value for the Loan Fund since
loans are identified directly with participants' accounts.
Dividend income is recorded on the ex-dividend date and interest
income is recorded on the accrual basis. Gains and losses on the sale of the
DuPont Common Stock Fund investment securities are based on average cost of
the securities sold and are recognized on the trade date. Brokerage
commissions and Securities Exchange Commission fees in connection with the
purchase and sale of DuPont Common Stock and the sale of Chrysler Corporation
Common Stock are added to the cost thereof or deducted from the sales
proceeds derived therefrom.
NOTE 3 - INVESTMENTS
The following presents the Plan's investments:
December 31, 1995 December 31, 1994
Fixed Income (GIC, SAP, SYN).... $600,664 $556,114
DuPont Common Stock ............ 216,761 173,214
Fidelity Magellan Fund ......... 35,168 28,163
Wells Fargo Asset Allocation ... 14,614 11,438
Merrill Lynch Mutual Funds ..... 16,917 13,875
Chrysler Common Stock .......... 358 343
Loans to Participants .......... 22,690 20,650
-------- --------
Total Investments $907,172 $803,797
======== ========
The guaranteed investment contracts, synthetic guaranteed investment
contracts, and separate account guaranteed investment contracts in the Fixed
Income Fund are jointly owned by the Plan and the Thrift Plan for Employees
of Conoco Inc. Conoco Inc. is a wholly owned subsidiary of DuPont. The
balance of all investment contracts are allocated to the two plans by Merrill
Lynch based on the relationship of the plan's Fixed Income Fund participant
balances to total Fixed Income Fund participant balances. The investment
contracts are entered into based on an evaluation of the credit risk of the
contract issuers and/or third-party guarantors. Collateral is generally not
provided. The investment contracts and short-term investments of the Fixed
Income Fund consist of the following:
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<TABLE>
PAGE 15
<CAPTION>
Description December 31, 1995 December 31, 1994
----------- ----------------- -----------------
<S> <C> <C>
Aetna Life Insurance Company--9.01%, 6/1/01 ............... $ 31,766 $ 29,145
Aetna Life Insurance Company--9.32%, 6/1/99 ............... 25,393 29,865
Aetna Life Insurance Company--9.89%, 6/1/00 ............... 25,837 26,125
Bankers Trust--5.74%, 12/31/01 ............................ 27,768 26,261
Metropolitan Life Ins. Co.--7.81%, 6/30/01 ................ 57,426 53,401
New York Life Insurance Company--9.11%, 6/1/99 ............ 25,209 29,709
New York Life Insurance Company--9.71%, 6/1/99 ............ 26,117 30,611
Peoples Security Life Insurance Company, a member of the
Providian Capital Management Family--6.73%, 1/4/99 ...... 36,228 33,943
Principal Mutual Life Insurance Company--9.10%, 6/1/99 .... 24,399 28,757
Principal Mutual Life Insurance Company--9.50%, 6/1/98 .... 28,671 36,661
Provident National Assurance Company--9.52%, 6/30/95 ...... - 1,362
Prudential Ins. Co. of America--7.10%,7/1/99 .............. 54,188 50,572
Prudential Ins. Co. of America--8.35%,7/1/99 .............. 54,376 50,195
Prudential Insurance Company of America--9.66%, 6/1/98 .... 28,973 36,989
Prudential Insurance Company of America--9.96%, 6/1/98 .... 29,553 37,626
Bankers Trust--7.67%, 12/31/25 20,905 9,977
The Travelers Insurance Companies--9.66%, 6/01/00 ......... 24,481 24,805
The Travelers Insurance Companies--10.13%, 12/31/94 ....... - 2,105
Citibank 7.40%, 8/31/01 ................................... 13,325 12,407
Union Bank of Switzerland--7.05%, 1/01/01 ................. 36,175 -
JP Morgan--6.99%, 1/01/99 ................................. 11,455 -
-------- --------
Total Investment Contracts $582,245 $550,516
Short Term Investments (Incl. Merrill Lynch Government Fund) 18,419 5,598
TOTAL INVESTMENT IN FIXED INCOME $600,664 $556,114
======== ========
</TABLE>
The aggregate crediting rates for all contracts as of December 31,
1994 was 8.46%. The crediting rates for SAP and SYN contracts are reset
annually and are based on the market value of the underlying portfolio of
assets backing these contracts. Inputs used to determine the crediting rate
include each contract's portfolio market value, current yield-to-maturity,
duration (i.e., weighted average life), and market value relative to contract
value. All synthetic guaranteed investment contracts and separate account
guaranteed investment contracts have a guaranteed rate ranging from 0% to 3%.
Guaranteed investment contracts contain penalty provisions or other
adjustments for early termination of the contract not related to participant
initiated events.
The carrying values and fair values of investment contracts as of
December 31, 1995 are as follows:
Carrying Value
(contract value) Fair Value
Guaranteed Investment Contracts $270,400 $289,512
Synthetic Guaranteed Investment Contracts 145,855 150,299
Separate Account Guaranteed Investment
Contracts 165,990 180,566
-------- --------
$582,245 $620,377
======== =========
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<TABLE>
PAGE 16
Synthetic guaranteed investment contracts are supported by wrapper
contracts which guarantee the contract value of the synthetic guaranteed
investment contracts for participant-initiated withdrawal events.
Participants investing in the Fixed Income Fund, Wells Fargo Asset
Allocation Fund and the Merrill Lynch Equity Index Trust are assigned units
at the time of investment based on the net asset value per unit. The
following table presents the number of units outstanding and related net
asset value per unit at each month-end.
<CAPTION>
Wells Fargo Merrill Lynch
Fixed Income Fund Asset Allocation Fund Equity Index Trust _
Units Unit Units Unit Units Unit
Outstanding Value Outstanding Value Outstanding Value
<S> <C> <C> <C> <C> <C> <C>
January 31, 1995 6,414,232 $86.85 987,045 $11.52 111,149 $29.97
February 28, 1995 6,402,040 87.40 969,502 11.89 110,351 31.13
March 31, 1995 6,468,975 88.00 961,306 12.11 104,699 32.04
April 30, 1995 6,599,798 88.59 955,873 12.38 106,540 32.98
May 31, 1995 6,680,821 89.19 996,649 13.02 109,350 34.29
June 30, 1995 6,669,983 89.78 1,005,221 13.23 111,635 35.07
July 31, 1995 6,675,593 90.39 1,000,831 13.41 108,531 36.23
August 31, 1995 6,563,652 91.00 1,002,974 13.50 109,831 36.32
September 30, 1995 6,591,150 91.61 989,403 13.86 111,337 37.84
October 31, 1995 6,406,913 92.23 981,662 13.94 113,542 37.70
November 30, 1995 6,397,488 92.83 987,211 14.33 118,111 39.35
December 31, 1995 6,426,843 93.46 1,002,301 14.58 125,712 40.09
</TABLE>
NOTE 4 - INCOME TAXES STATUS
The Plan received a favorable determination letter from the Internal
Revenue Service with respect to the 1994 amended plan. The Plan has been
amended to reflect changes required by the Tax Reform Act of 1986.
Management believes the Plan is qualified under Section 401(a) of the
Internal Revenue Code and therefore the trust is exempt from taxation
under Section 501(a).
Participants in the Plan are not subject to federal income taxes on
account balances arising from employer contributions, before-tax employee
deposits or accrued income until distributions or withdrawals are made.
NOTE 5 - SALE OF THE CURTIS BAY COMPANY
On April 7, 1995 the sale of the stock of Curtis Bay Company was made to the
CBC Acquisition Corporation by Island Creek Corporation (a subsidiary of
CONSOL Inc.). Curtis Bay active employees participating in the Plan were
advised that they may elect to rollover (no later than August 15, 1995) their
Plan account (including outstanding loan balance) into CSXtra, the qualified
benefits plan at their new employer. The total dollar amount transferred
equaled $537 (which was invested per the participants' specified investment
direction) and $94 of outstanding loans.
16
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PAGE 17
NOTE 6 -- SUBSEQUENT EVENTS
Effective January 1, 1996, the 3-Way Asset Allocation Fund Advisor's name has
changed from Wells Fargo Nikko Investment Advisors to BZW Global Investors.
Concurrently, the Trustee's name has changed from Wells Fargo Institutional
Trust Company to BZW Global Trust Company, N.A. The change is a result of
the acquisition of Wells Fargo Nikko Investment Advisors by Barclay's PLC.
The acquisition is not expected to affect the management of the 3-Way Asset
Allocation Fund.
On March 1, 1996 Merrill Lynch merged the Balanced Fund into the Global
Allocation Fund; thereby eliminating the Balanced Fund from Merrill Lynch's
investment line-up. Prior to the merger, participants were permitted to
transfer their Balanced Fund holding to any of the other investment funds
available in the Plan. At the discretion of the Administrator, the Plan's
position remaining in the Balanced Fund, immediately prior to the merger, was
converted to the Merrill Lynch Capital Fund.
NOTE 7 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500:
December 31,
1995 1994
-------------- --------------
(Dollars in Thousands)
Net assets available for benefits
per the financial statements $ 911,838 $ 807,298
Includes: Amounts allocated to
withdrawing participants reported
as asset reductions per the
financial statements 754 652
Total Assets per the Form 5500: $ 912,592 $ 807,950
============= ============
Amounts payable to withdrawing participants are recorded on the Form 5500 as
a liability for benefit claims that have been processed and approved for
payment prior to December 31 but not yet paid as of that date. For financial
statement purposes the amounts were deducted from the respective assets.
17
<PAGE>
<TABLE>
PAGE 18
SCHEDULE I
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
(Dollars in Thousands)
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Identity of Issue, Borrower Current
Lessor or Similar Party Description of Investment Cost Value
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
E. I. DuPont de Nemours & Company Common Stock $ 133,989 $ 216,761
========= =========
Merrill Lynch Equity Index Trust $ 3,645 $ 5,040
Global Holdings Fund 3,838 3,999
Balanced Fund 781 763
Capital Fund 3,365 3,664
Basic Value Fund 2,970 3,451
$ 14,599 $ 16,917
========= =========
Aetna Life Insurance Company GIC<Fa>, 9.01%, 6/1/01 $ 31,766
GIC<Fa>, 9.32%, 6/1/99 25,393
GIC<Fa>, 9.89%, 6/1/00 25,837
Banker's Trust SYNGIC<Fa>, 5.74%, 12/31/01 27,768
SYNGIC, 7.67%, 12/31/25 20,905
Metropolitan Life Insurance Company SAGIC<Fa>, 7.81%, 6/30/01 57,426
New York Life Insurance Company GIC<Fa>, 9.11%, 6/1/99 25,209
GIC<Fa>, 9.71%, 6/1/99 26,117
Providian Capital Management SYNGIC<Fa>, 6.73%, 1/4/99 36,228
Principal Mutual Life Insurance Company GIC<Fa>, 9.10%, 6/1/99 24,399
GIC<Fa>, 9.50%, 6/1/98 28,671
Provident National Assurance Company GIC<Fa>, 9.52%, 6/30/95 -
Prudential Insurance Company of
America SAGIC<Fa>, 7.10%, 7/1/99 54,188
SAGIC<Fa>, 8.35%, 7/1/99 54,376
GIC<Fa>, 9.66%, 6/1/98 28,973
GIC<Fa>, 9.96%, 6/1/98 29,553
The Travelers Insurance Companies GIC<Fa>, 9.66%, 6/01/00 24,481
GIC<Fa>, 10.13%, 12/31/94 -
Citibank SYNGIC<Fa>, 7.40%, 8/31/01 13,325
Union Bank of Switzerland SYNGIC<Fa>, 7.05%, 1/01/01 36,175
J.P. Morgan SYNGIC<Fa>, 6.99%, 1/01/99 11,455
Short Term Investments (Merrill Lynch
Government Fund) 18,419
________
Total $ 600,664 $ 600,664
========== =========
</TABLE>
18
<PAGE>
<TABLE>
PAGE 19
SCHEDULE I
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
DECEMBER 31, 1995
(Dollars in Thousands)
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Identity of Issue, Borrower Current
Lessor or Similar Party Description of Investment Cost Value
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Chrysler Corporation Common Stock $ 97 $ 358
========= =========
Fidelity Investments Fidelity Magellan Fund $ 29,299 $ 35,168
========= =========
Wells Fargo Company Wells Fargo Asset Allocation Fund $ 10,754 $ 14,614
========= =========
Plan Participants Loans $ 22,690 $ 22,690
========= =========
</TABLE>
____________________________________________________________________________
[FN]
<Fa>- GIC = Guaranteed Investment Contract
- SAGIC = Non-pooled Separate Account Guaranteed Investment Contract
- SYNGIC = Synthetic Guaranteed Investment Contract
19
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<TABLE>
PAGE 20
SCHEDULE II
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1995
(Dollars in Thousands)
<CAPTION>
________________________________________________________________________________________________________________________
Expense Current Value Net
Incurred Cost of Asset on Gain
Identity of Description Purchase Selling Lease with of Transaction or
Party Involved of Security Price Price Rental Transaction Asset Date Loss
____________________ _____________________ ________ ________ ______ ___________ ________ ___________ _____
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Merrill Lynch ML Government Fund $291,529 $ $ $ $291,529 $291,529 $
ML Government Fund 291,098 291,098 291,098
Union Bank Switzerland #3003 148,727 148,727 148,727
#3033 4,989 4,989 4,989
J. P. Morgan 95-06 176,400 176,400 176,400
95-06 129,833 129,833 129,833
Merrill Lynch E.I. DuPont de Nemours 63,471 63,471 63,471
& Company Stock Fund<Fa>
E. I. DuPont de Nemours 64,324 51,246 64,324 13,078
& Company Stock Fund<Fa>
<FN>
<Fa>Note - All of the above transactions except for the DuPont Stock Fund
represent transactions for the Conoco & Consol Plans on a commingled
basis.
</TABLE>
20
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PAGE 21
EXHIBIT INDEX
Exhibit
Number Description
------- -----------
24 Consent of Independent Auditors
21
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PAGE 22
SIGNATURE
Exhibit 24
CONSENT OF INDEPENDENT AUDITORS
We hereby consent to the incorporation by reference in the
Prospectus constituting part of the Registration Statement on Form S-8
(No. 33-26216) of E. I. du Pont de Nemours and Company of our report dated
June 14, 1996 appearing on Page 4 of the Investment Plan for Salaried
Employees of CONSOL Inc. Annual Report on this Form 11-K for the year
ended December 31, 1995.
ERNST & YOUNG, LLP
Pittsburgh, Pennsylvania
June 20, 1996
22
