UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _____________________ to _____________________
Commission File No. 1-7775
FLUOR CORPORATION SALARIED EMPLOYEES'
SAVINGS INVESTMENT PLAN
(Full title of the plan and address of the plan, if different from that
of the issuer named below)
FLUOR CORPORATION
3333 Michelson Drive
Irvine, California 92730
(Name of the issuer of the securities held pursuant to the
plan and address of its principal executive office )
REQUIRED INFORMATION
ITEM 1. Not applicable.
ITEM 2. Not applicable.
ITEM 3. Not applicable.
ITEM 4. Financial statements and exhibits
(a)Financial statements:
Financial statements and financial statement
schedules prepared in accordance with the
financial reporting requirements of ERISA filed
hereunder are listed on page 3 hereof in the
Index to Financial Statements and Financial
Statement Schedules, in lieu of the
requirements of Items 1 to 3 above.
(b)Exhibits:
23 Consent of Independent Auditors
2
Fluor Corporation Salaried Employees'
Savings Investment Plan
Index To Financial Statements and Financial Statement Schedules
Page
Report of Independent Auditors. . . . . . . . . . . . . . . . . . . .4
Audited Financial Statements
Statements of Net Assets Available for Plan Benefits as of
December 31, 1993 and 1992. . . . . . . . . . . . . . . . . . . . 5-6
Statements of Changes in Net Assets Available for Plan
Benefits for the years ended December 31, 1993 and 1992. . . . . .7-8
Notes to Financial Statements. . . . . . . . . . . . . . . . . . .9-24
Financial Statement Schedules
Schedule I - Fluor Corporation Master Retirement Trust -
Schedule of Assets Held for Investment as of
December 31, 1993. . . . . . . . . . . . . . . . . . .26
Schedule II - Fluor Corporation Salaried Employees' Savings
Investment Plan - Schedule of Assets Held for
Direct Investment as of December 31, 1993. . . . . . .76
Schedule III- Fluor Corporation Salaried Employees' Savings
Investment Plan - Schedule of Reportable
Transactions for the year ended December 31, 1993. . .77
Schedule IV - Fluor Corporation Salaried Employees' Savings
Investment Plan - Schedule of Party-In-Interest
Transactions for the year ended December 31, 1993. . .78
3
Report of Independent Auditors
The Administrative Committee
Fluor Corporation Salaried Employees'
Savings Investment Plan
We have audited the financial statements of the Fluor
Corporation Salaried Employees' Savings Investment Plan (the
Plan) listed in the accompanying index to financial
statements and financial statement schedules. 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 listed in the
accompanying index to financial statements and financial
statement schedules present fairly, in all material
respects, the net assets available for plan benefits of the
Plan at December 31, 1993 and 1992, and the changes in 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
financial statement schedules listed in the accompanying
index to financial statements and financial statement
schedules, 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 financial statement schedules
have been subjected to the auditing procedures applied in
our audit of the 1993 financial statements and, in our
opinion, are fairly stated in all material respects in
relation to the 1993 basic financial statements taken as a
whole.
ERNST & YOUNG
Orange County, California
June 3, 1994
4
<TABLE>
Fluor Corporation Salaried Employees' Savings Investment Plan
Statement of Net Assets Available for Plan Benefits
December 31, 1993
<CAPTION>
Bond Equity Fluor Common Interest Diversified
Fund Fund Stock Fund Income Fund Fund Total
(In thousands)
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments in Master Trust Accounts $34,202 $111,601 $ - $114,542 $84,925 $345,270
Fluor Corporation common stock - 73,270 - 2,589 75,859
The Northern Trust Company short-term
investment funds 256 643 112 579 560 2,150
Contribution receivable 63 114 107 96 106 486
Accrued interest and dividends receivable 1 1 236 1 10 249
Interfund receivable (payable) (1,004) 3,775 1,290 (4,876) 815 -
Total assets 33,518 116,134 75,015 110,342 89,005 424,014
Liabilities
Accrued expenses 5 14 10 14 11 54
Net assets available for plan benefits $33,513 $116,120 $75,005 $110,328 $88,994 $423,960
See accompanying notes.
</TABLE>
5
<TABLE>
Fluor Corporation Salaried Employees' Savings Investment Plan
Statement of Net Assets Available for Plan Benefits
December 31, 1992
<CAPTION>
Bond Equity Fluor Common Interest Diversified
Fund Fund Stock Fund Income Fund Fund Total
(In thousands)
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments in Master Trust Accounts $24,051 $77,248 $ - $125,538 $48,612 $275,449
Fluor Corporation common stock - - 75,029 - 2,285 77,314
The Northern Trust Company short-term
investment funds 218 492 - 661 414 1,785
Accrued interest and dividends receivable 1 1 214 2 7 225
Interfund receivable (payable) (694) 1,290 5,399 (6,775) 780 -
Total assets 23,576 79,031 80,642 119,426 52,098 354,773
Liabilities
Contribution overpayment (receivable) (5) 4 (8) (7) (13) (29)
Accrued expenses 11 29 65 52 21 178
Total liabilities 6 33 57 45 8 149
Net assets available for plan benefits $23,570 $78,998 $80,585 $119,381 $52,090 $354,624
See accompanying notes.
</TABLE>
6
<TABLE>
Fluor Corporation Salaried Employees' Savings Investment Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1993
<CAPTION>
Bond Equity Fluor Common Interest Diversified
Fund Fund Stock Fund Income Fund Fund Total
(In thousands)
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Participants $ 2,875 $ 7,797 $ 7,339 $ 8,626 $ 6,499 $ 33,136
Fluor Corporation 1,747 4,552 4,531 5,350 3,888 20,068
Rollover 388 872 226 414 954 2,854
Total contributions 5,010 13,221 12,096 14,390 11,341 56,058
Net investment income (loss):
Share in net investment income of
Master Trust Accounts 3,928 13,743 - 6,960 10,645 35,276
Dividends - - 936 - 31 967
Interest 10 18 31 21 18 98
Net depreciation of Fluor Corporation
common stock - - (1,685) - (80) (1,765)
Administrative expenses (71) (217) (205) (282) (155) (930)
Net investment income (loss) 3,867 13 ,544 (923) 6,699 10,459 33,646
Total contributions and net investment
income 8,877 26,765 11,173 21,089 21,800 89,704
Benefits, terminations and withdrawals (1,963) (4,195) (2,890) (8,492) (2,828) (20,368)
Increase in net assets available
for plan benefits 6,914 22,570 8,283 12,597 18,972 69,336
Account transfers 3,029 14,552 (13,863) (21,650) 17,932 -
Net assets available for plan benefits:
Beginning of year 23,570 78,998 80,585 119,381 52,090 354,624
End of year $33,513 $116,120 $75,005 $110,328 $88,994 $423,960
See accompanying notes.
</TABLE>
7
<TABLE>
Fluor Corporation Salaried Employees' Savings Investment Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1992
<CAPTION>
Bond Equity Fluor Common Interest Diversified
Fund Fund Stock Fund Income Fund Fund Total
(In thousands)
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Participants $ 2,096 $ 6,397 $ 8,147 $ 9,341 $ 5,480 $ 31,461
Fluor Corporation 1,326 3,797 4,997 5,763 3,316 19,199
Rollover 119 388 251 547 307 1,612
Total contributions 3,541 10,582 13,395 15,651 9,103 52,272
Net investment income (loss):
Share in net investment income of
Master Trust Accounts 1,190 5,995 - 6,430 2,686 16,301
Interest 7 15 28 23 14 87
Dividends - - 796 - 25 821
Net depreciation of Fluor Corporation
common stock (2,220) (151) (2,371) (151) (2,371)
Administrative expenses (55) (174) (215) (273) (119) (836)
Net investment income (loss) 1,142 5, 836 (1,611) 6,180 2,455 14,002
Total contributions and net investment
income (loss) 4,683 16,418 11,784 21,831 11,558 66,274
Consolidation of Williams Brothers
Engineering Company Investment Plan 295 1,162 951 993 446 3,847
Benefits, terminations and withdrawals (1,514) (3,241) (4,146) (7,651) (3,071) (19,623)
Increase in net assets available for plan
benefits 3,464 14,339 8,589 15,173 8,933 50,498
Account transfers 1,024 6,045 (13,400) 3,905 2,426 -
Net assets available for plan benefits:
Beginning of year 19,082 58,614 85,396 100,303 40,731 304,126
End of year $23,570 $78,998 $80,585 $119,381 $52,090 $354,624
See accompanying notes.
</TABLE>
8
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements
December 31, 1993
1. Description of the Plan
Fluor Corporation Salaried Employees' Savings Investment
Plan (the Plan) is a contributory defined contribution plan
sponsored by Fluor Corporation (Fluor). It is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA).
Effective January 1, 1992, the assets and liabilities of the
Williams Brothers Engineering Company Investment Plan, a
qualified retirement plan sponsored by a subsidiary of
Fluor, were merged into the Plan.
The following provides only general information about the
Plan. Participants should refer to the Plan document for a
more complete description of the Plan's provisions.
Contributions and Eligibility
Salaried employees of Fluor and certain of its subsidiaries
are eligible to participate in the Plan, which consists of
two Parts, A and B. Eligible employees on permanent
international assignment may elect to participate only under
Part A. All other eligible employees may elect to
participate only under Part B. Employees must complete one
year of continuous service, as defined, in order to become
eligible to participate in the Plan.
Part A includes those provisions of the Plan in effect prior
to March 1, 1985 and those in effect subsequent to that date
allowing eligible participants to contribute, to a trust
created under the Plan (the Trust), amounts which are
includable in their gross income for federal income tax
purposes. Part B incorporates provisions allowing
participants to agree that Fluor will contribute to the
Trust an amount equal to the amount by which the
participants have elected to reduce their basic monthly
compensation for federal income tax purposes, as defined in
the Plan.
Participants in Part A or Part B may elect to contribute an
amount ranging from 1% of their compensation, as defined, to
a maximum percentage determined annually by the Board of
Directors of Fluor. For each of the years ended December
31, 1993 and 1992, the maximum percentage was 14%; however,
the maximum monthly contribution percentage decreases for
highly compensated employees.
Fluor matches employee contributions at a rate determined
annually by the Board of Directors of Fluor. There is no
guaranteed minimum for matching contributions. For the
years ended December 31, 1993 and 1992, Fluor matched
employee contributions up to a maximum of 4% of each
participant's compensation.
9
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Contributions and Eligibility (continued)
Participants are 100% vested at all times in all
contributions and earnings thereon.
Income tax status
The Internal Revenue Service has advised the Plan
Administrators that the Plan is qualified, in form, under
Sections 401(a) and 401(k) of the Internal Revenue Code (the
Code) and the underlying trust is, therefore, exempt from
federal income taxes under the provisions of Section 501(a)
of the Code. Once qualified, the Plan is required to
operate in conformity with the Code to maintain its
qualifications. The Plan's Administrative Committee (Note
3) is not aware of any course of action or series of events
that have occurred that might adversely affect the Plan's
qualified status.
Investments
Participants designate their contributions, as well as
Fluor's matching contributions, for investment in one or
more of the following investment funds maintained by the
Plan: Bond Fund; Equity Fund; Fluor Common Stock Fund;
Interest Income Fund; and Diversified Fund.
The Plan's investments, except investments in Fluor common
stock, are commingled with the investments of various other
employee benefit plans sponsored by Fluor and certain of its
subsidiaries and affiliates in the Fluor Corporation Master
Retirement Trust (Master Trust). The Plan's investments are
governed by a trust agreement with the Northern Trust
Company (the Trustee) dated April 1, 1988, as amended. The
Plan's commingled investments are held by the Trustee in six
different accounts (Master Trust Accounts). At December 31,
1993 and 1992, the Plan held interests in the following
Master Trust Accounts:
Fixed Income Account - Invested primarily in
obligations issued or guaranteed by the federal
government or a state, local or foreign government,
commingled pension investment funds, domestic and
foreign corporate bonds and debentures, corporate
equity securities, foreign currency exchange
contracts, and commingled short-term investment
funds.
Equity Account - Invested primarily in corporate
equity securities, corporate debentures, commingled
short-term investment funds, and commingled pension
investment funds.
10
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Investments (continued)
Interest Income Account - Invested primarily in
corporate and government obligations, commingled
pension investment funds, guaranteed investment
contracts issued by insurance companies, certificates
of deposit, and commingled short-term investment
funds.
Real Estate Account - Invested primarily in real
estate commingled pension investment funds, mortgage
notes receivable, investment properties, and
commingled short-term investment funds.
International Account - Invested primarily in
corporate equity securities of foreign corporations,
commingled pension investment funds, foreign currency
exchange contracts, and commingled short-term
investment funds.
Special Assets Account - Invested primarily in
commingled pension investment funds, financial
limited partnerships investing in private placements,
and commingled short-term investment funds.
The Bond Fund participates in the Fixed Income Account. The
Equity Fund participates in the Equity Account. The Fluor
Common Stock Fund invests in Fluor common stock. The
Interest Income Fund participates in the Interest Income
Account. The Diversified Fund participates in all the
Master Trust Accounts and also invests in Fluor common
stock.
A separate account is maintained for each participant in
each designated Fund; each account is adjusted monthly for
contributions and net investment income or loss allocated to
the individual participants in each Fund. As of the
beginning of each month, participants may transfer a portion
or all of the balance in their accounts from one investment
Fund to any other investment Fund.
Distributions and Withdrawals
No current income tax liability accrues to the participants
in connection with Fluor's contribution (either amounts
contributed on behalf of participants under Part B or
Fluor's matching contribution), interest, dividends or
capital gains (losses) realized by the Plan. Amounts
distributed to the participants (exclusive of their Part A
participant contributions to the Plan) are taxable to the
participants in accordance with Internal Revenue Service
rules governing lump-sum and installment distributions.
11
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Distributions and Withdrawals (continued)
Upon retirement, as defined, or upon reaching age 59-1/2,
participants may elect to receive a distribution of all or
part of the balance in their accounts in a lump-sum, in the
form of a deferred payout over a period not to exceed ten
years, or as an annuity. Participants in the Fluor Common
Stock Fund may request Fluor common shares, valued at
current market value, in lieu of or in combination with
cash. Participants who terminate employment with Fluor
prior to reaching normal retirement age may withdraw all or
part of their entitlement up to their account balance at any
time. In the event of death or total and permanent
disability prior to retirement, the entire balance in the
participant's account is distributable in the same manner as
upon retirement. Plan participants whose interest in the
Plan is in excess of $3,500, and terminate employment with
Fluor, may leave the balance in their account invested in
the Plan until age 70-1/2.
Other Provisions
Participants may contribute cash to the Plan, if such
contribution qualifies as a rollover contribution within
the definition of the Code.
Amounts due to terminated participants who elect to receive
their benefits in installments are deposited in a segregated
savings account for the exclusive benefit of those
participants. Such segregated accounts, which are not
included in the accompanying financial statements,
aggregated $1,000 and $53,000 at December 31, 1993 and 1992,
respectively.
While Fluor has not expressed any intent to terminate the
Plan, it has the right to do so at any time.
2. Summary of Significant Accounting Policies
Investments
Investments in marketable securities are valued at the last
reported sale price on the last business day of the fiscal
year. Securities not traded on the last business day are
valued at the last reported bid price. Guaranteed
investment contracts are valued at cost plus accrued
interest in 1992 and at fair value using current discount
rates in 1993. Foreign currency exchange contracts are
valued at the difference in the U.S. dollar value of such
contracts translated at the original contract rate versus
the spot rate on the last business day of the
12
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (continued)
Investments (continued)
fiscal year. Investments in commingled pension investment
funds are valued by the respective fund managers and are
reflected at amounts that would be realized upon redemption
of the interests in such investment funds.
Investments in limited partnerships are stated at estimated
market values as determined in good faith by the general
partner. Investment properties are valued based upon
independent appraisals. Investments in mortgage notes and
certain interest bearing securities are carried at estimated
values determined by the Trustee based on current market
interest rates or discounted estimated cash flows. Because
of the inherent uncertainty of valuation in the absence of
readily ascertainable market values, estimated market values
of investments in limited partnerships, investment
properties and mortgage notes may differ significantly from
what their values would have been had a ready market for
such investments existed.
The Northern Trust Company short-term investment funds may
be converted to cash upon demand. Such funds earn interest
income.
Net investment income of Master Trust Accounts is allocated
monthly to the individual plans based on the ratio of market
values of each participating plan's investment in each
Master Trust Account to the total market value of the
related Master Trust Account as of the beginning of the
month.
Purchases and sales of investments are recorded on the trade
date. Realized gains or losses on sales, redemptions, or
distributions of investments are based upon each investment
manager's average historical cost.
Contributions
Contributions are recorded when Fluor makes payroll
deductions from, or reduces the compensation of, Plan
participants and accrues the related employer matching
contribution, if any.
Earnings Allocation
Net investment income (loss) of each Fund is allocated
monthly to the individual participants accounts based on
the ratio of each participant's balance to the total of all
participant balances as of the beginning of the month.
13
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (continued)
Benefit Payments
Benefits due to terminated participants and participant
withdrawals are recorded on the date distributions are made.
Amounts included in net assets available for plan benefits
which are allocated to accounts of terminated participants
who have withdrawn from the earnings and operations of the
Plan as of December 31, 1993 and 1992 aggregated $3,342,000
and $2,775,000, respectively.
3. Administration of the Plan
The Plan is managed by an Administrative Committee and an
Investment Committee appointed by Fluor's Board of
Directors. The Administrative Committee interprets the
Plan's documents and administers the Plan. The Investment
Committee establishes investment policies and objectives
including the Master Trust Accounts portfolio diversifi-
cation and risk concentration. The Investment Committee may
appoint professional investment managers to manage the
Master Trust Accounts investments in accordance with ERISA
requirements and the Investment Committee guidelines.
Except for short-term foreign currency exchange contracts
(Note 4), in the event of nonperformance by other parties,
the Plan's exposure to credit loss on directly and
indirectly owned investments is limited to the carrying
value of such investments. The Plan's concentrations of
credit risk are dictated by the Plan's provisions as well as
those of ERISA and participants investment preferences
(Note 1). The Investment Committee believes that no
significant concentrations of credit risk exist within any
Master Trust Account at December 31, 1993.
The Master Trust Agreement requires that the Trustee hold
the Plan's assets in a master trust and administer and
distribute those assets in accordance with the Plan and the
instructions of the Administrative Committee, the Investment
Committee or their designees.
Fluor charged the Plan for certain administrative expenses
aggregating $827,000 and $711,000 in the years ended
December 31, 1993 and 1992, respectively.
14
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts
Commingled investments held in the Master Trust Accounts at
December 31, 1993 and 1992 are summarized as follows :
1993 1992
Fair Fair
Cost market Cost market
value value
(In thousands)
Fixed Income Account
Government securities $192,603 $204,634 $172,220 $172,609
Commingled pension
investment funds 125,469 135,828 101,603 110,601
Cash and foreign currency 10,284 10,284 608 608
Bonds and notes 7,366 7,736 8,797 8,703
Corporate equity securities 8,476 7,7 24 - -
Due from brokers for
securities sold, net 5,906 5,937 2,333 2,318
Investment income receivable,
net 4,925 4,925 3,914 3,914
Foreign currency exchange
contracts - 1,894 - 127
Commingled short-term
investment fund 850 850 783 783
$355,879 $379,812 $290,258 $299,663
Equity Account
Corporate equity securities $354,188 $445,966 $325,056 $396,576
Commingled short-term
investment funds 25,205 25,205 13,975 13,975
Commingled pension
investment funds 10,407 12,234 14,535 17,823
Bonds and notes 3,370 4,544 5,219 6,121
Investment income
receivable, net 529 529 505 505
Due (to) from brokers for
securities (purchased) sold,
net - (61) - 33
$393,699 $488,417 $359,290 $435,033
15
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts (continued)
1993 1992
Fair Fair
Cost market Cost market
value value
(In thousands)
Interest Income Account
Bonds and notes $112,391 $112,940 $145,400 $146,633
Government securities 92,040 92,209 55,715 57,800
Commingled pension
investment funds 45,000 45,574 50,515 50,504
Guaranteed investment
contracts 9,408 8,228 25,873 24,536
Commingled short-term
investment funds 6,091 6,091 7,193 7,193
Certificate of deposit 5,007 5,007
Investment income
receivable, net 2,101 2,101 2,538 2,538
Due to brokers for securities
purchased, net - (33) - -
Cash - - 213 213
$272,038 $272,117 $287,447 $289,417
Real Estate Account
Commingled pension
investment funds $ 27,009 $ 23,907 $ 20,368 $ 18,275
Loans secured by real
estate 25,149 22,658 28,109 26,268
Investment properties 3,487 4,480 3,487 4,546
Investment income
receivable, net 430 430 477 477
Commingled short-term
investment funds 109 109 729 729
Accrued liabilities - - (213) (213)
$ 56,184 $ 51,584 $ 52,957 $ 50,082
16
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts (continued)
1993 1992
Fair Fair
Cost market Cost market
value value
(In thousands)
International Account
Corporate equity securities $103,270 $122,348 $ 45,891 $ 39,141
Commingled pension
investment funds 49,321 62,555 55,899 54,457
Cash and foreign currency 3,314 3,314 1,234 1,234
Bonds and notes 23 23 220 222
Commingled short-term
investment funds 19 19 2,280 2,280
Foreign currency exhange
contracts - (125) - 90
Due to brokers for securities
purchased, net (96) (96) - -
Accrued liabilities (44) (44) - -
Investment income
receivable, net - - 130 130
$155,807 $187,994 $105,654 $ 97,554
Special Assets Account
Commingled pension
investment funds $ 16,379 $ 18,528 $ 14,784 $ 15,878
Interests in limited
partnerships 12,006 13,603 8,765 8,871
Commingled short-term
investment funds 110 110 162 162
$ 28,495 $ 32,241 $ 23,711 $ 24,911
The Fixed Income Account and the International Account have
entered into several short-term foreign currency exchange
contracts to manage their exposure to foreign currency
exchange rate fluctuations and to participate in arbitrage
opportunities. These contracts represent commitments to
both purchase and sell a variety of foreign currencies, at
specified prices and various dates. Open positions are
generally closed prior to settlement, limiting cash
requirements to the change in value of the underlying
currencies. Risks may
17
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts (continued)
arise upon entering these contracts from the potential
inability of counterparties to meet the terms of their
contracts and from unanticipated movements in the value of a
foreign currency relative to the U.S. dollar. The following
is a summary of the aggregate contract values of open
foreign currency purchase and sale positions held by the
Fixed Income Account and International Account at the spot
rate as of December 31, 1993 and 1992:
1993 1992
(In thousands)
Fixed Income Account
Contracts to purchase foreign currencies $107,595 $127,208
Contracts to sell foreign currencies 180,781 175,318
International Account
Contracts to purchase foreign currencies 5,392 -
Contracts to sell foreign currencies 12,193 2,479
During 1992, the Master Trust entered into a program
security lending agreement with the Trustee whereby the
Trustee is authorized to lend securities owned by the Master
Trust (other than Fluor common stock, investment properties,
mortgage notes, real estate funds and commingled funds) to a
select number of qualified borrowers (generally national and
international brokerage firms). Pursuant to the agreement,
security borrowers are authorized to use borrowed securities
to settle trades and are committed to return the securities
to the Master Trust. All borrowed securities are secured by
collateralized assets held by the Trustee which have a fair
value no less than the fair value of the borrowed securities
at all times. In the event a security borrower is unable to
fulfill its obligation to return borrowed securities and the
collateral is not sufficient to purchase identical
securities, the deficiency is allocated to all entities
participating in the security lending program on a pro-rata
basis. The aggregate percentage of security values which
may be on loan, at any point in time, may not exceed 40% of
the Master Trust's lendable portfolio. At December 31, 1993
and 1992, the fair value of securities loaned approximated
$146 million and $150 million, respectively. Fees
aggregating $262,000 and $143,000 were earned under the
lending agreement during the years ended December 31, 1993
and 1992, respectively.
18
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts (continued)
At December 31, 1993 and 1992, Funds within the Plan held
the following undivided percentage interest in the Master
Trust Accounts:
Interest
Bond Equity Income Diversified
Fund Fund Fund Fund
Fixed Income Account
1993 9.0% -% -% 9.2%
1992 8.0 - - 6.4
Equity Account
1993 - 22.9 - 5.9
1992 - 17.8 - 4.3
Interest Income Account
1993 - - 42.1 1.1
1992 - - 43.4 0.5
Real Estate Account
1993 - - - 6.2
1992 - - - 6.2
International Account
1993 - - - 7.7
1992 - - - 5.7
Special Assets Account
1993 - - - 1.9
1992 - - - 2.0
19
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts (continued)
Net investment income (loss) of the Master Trust Accounts
for the years ended December 31, 1993 and 1992 is summarized
as follows:
1993 1992
(In thousands)
Fixed Income Account
Net appreciation (depreciation)
including foreign currency translation
and transaction gains and losses $25,256 $(2,016)
Interest 22,501 20,575
Dividends 340 1
Other income 140 66
Investment management and administrative expenses (1,427) (1,022)
Net investment income $46,810 $17,604
Equity Account
Net appreciation $59,943 $26,779
Dividends 8,733 8,776
Interest 1,138 910
Other income 28 14
Investment management and administrative expenses (2,099) (1,864)
Net investment income $67,743 $34,615
Interest Income Account
Interest $14,841 $18,868
Net appreciation (depreciation) 1,777 (1,964)
Other income 77 42
Investment management and administrative expenses (271) (83)
Net investment income $16,424 $16,863
Real Estate Account
Interest $ 3,093 $ 3,677
Net depreciation (1,236) (1,807)
Other income - 60
Investment management and (355) (425)
Net investment income $ 1,502 $ 1,505
20
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts (continued)
1993 1992
(In thousands)
International Account
Net appreciation (depreciation)
including foreign currency translation
and transaction gains and losses $46,999 $(6,894)
Dividends 1,929 963
Other income 76 21
Interest 32 613
Investment management and administrative expenses (910) (459)
Net investment income (loss) $48,126 $(5,756)
Special Assets Account
Net appreciation $ 5,278 $ 1,313
Interest 966 190
Distributions 303 275
Investment management and administrative expenses (104) (83)
Net investment income $ 6,443 $ 1,695
Each Fund's share in net investment income (loss) of Master
Trust Accounts for the years ended December 31, 1993 and
1992 is as follows:
Interest
Bond Equity Income Diversified
Fund Fund Fund Fund
Fixed Income Account
1993 8.4% -% -% 7.3%
1992 6.8 - - 6.5
Equity Account
1993 - 20.3 - 5.0
1992 - 17.3 - 4.1
Interest Income Account
1993 - - 42.4 0.7
1992 - - 38.1 1.5
Real Estate Account
1993 - - - 6.2
1992 - - - 5.0
International Account
1993 - - - 7.3
1992 - - - 4.4
Special Assets Account
1993 - - - 1.9
1992 - - - 2.0
21
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts (continued)
The components of net appreciation (depreciation) in fair
value of investments held by Master Trust Accounts for the
years ended December 31, 1993 and 1992 are as follows
(including realized gains and losses on investments that
were both bought and sold during the respective years):
Fixed Interest Real Interna- Special
Income Equity Income Estate tional Assets
Account Account Account Account Account Account
(In thousands)
1993
Investments at fair value as
determined by quoted market
price:
Corporate equity
securities $ 158 $55,991 $ - $ - $28,800 $ 32
Bonds and notes 2,171 995 7 - 2 -
Government securities 18,826 - 509 - - -
Investments at estimated fair
value:
Commingled pension
investment funds 4,101 2,644 1,032 (520) 18,197 2,055
Guaranteed investment
contracts - - 156 - - -
Corporate equity
securities - 512 - - - -
Government securities - - 20 - - -
Bonds and notes - (199) 53 - - -
Loans secured by real
estate - - - (650) - -
Investment properties - - - (66) - -
Interests in limited
partnerships - - - - - 3,191
$25,256 $59,943 $ 1,777 $(1,236) $46,999 $ 5,278
22
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
4. Master Trust Accounts (continued)
Fixed Interest Real Interna- Special
Income Equity Income Estate tional Assets
Account Account Account Account Account Account
(In thousands)
1992
Investments at fair value as
determined by quoted market
price:
Corporate equity
securities $ 4,557 $23,535 $ - $ - $(5,554) $ -
Bonds and notes (1,357) 608 (534) - - -
Government securities (5,591) - (759) - - -
Investments at estimated fair
value:
Commingled pension
investment funds 375 2,281 29 (2,076) (1,442) 816
Guaranteed investment
contracts - - (158) - - -
Corporate equity
securities - 156 - - - -
Bonds and notes - 199 (542) - - -
Loans secured by real
estate - - - 86 - -
Investment properties - - - 183 - -
Interests in limited
partnerships - - - - - 497
$(2,016) $26,779 $(1,964) $(1,807) $(6,894) $ 1,313
23
Fluor Corporation Salaried Employees'
Savings Investment Plan
Notes to Financial Statements (continued)
5. Fluor Common Stock
Investments in Fluor common stock at December 31, 1993 and
1992 are summarized by Fund as follows:
1993 1992
Number Fair Number Fair
of market of market
shares Cost value shares Cost value
(Dollars in thousands) (Dollars in thousands)
Fluor Common
Stock Fund 1,809,133 $58,642 $73,270 1,791,740 $51,646 $75,029
Diversified Fund 63,927 2,086 2,589 54,558 1,702 2,285
$60,728 $75,859 $53,348 $77,314
Investments in Fluor common stock at December 31, 1993 and
1992 represent 17.9% and 21.8% of net assets available for
plan benefits, respectively.
24
Financial Statement Schedules
25
<TABLE>
Schedule 1
FLUOR CORPORATION SALARIED EMPLOYEES' SAVINGS INVESTMENT PLAN
FLUOR CORPORATION MASTER RETIREMENT TRUST
FIXED INCOME ACCOUNT
SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1993
<CAPTION>
Number of
Units, Shares
or Dollar Fair Market FMV % to
Security Description Face Value Cost Value Net Assets
<S> <C> <C> <C> <C>
BONDS AND NOTES
Corporate Bonds and Notes
Eurofima
8.50% Bond Due June 4, 2007 1,616,000 $2,078,494 $2,121,045 0.56%
International Bank Reconstruction & Development
5.25% Bond Due March 20, 2002 89,000,000 838,851 905,245 0.24
Texas New Mexico Power Co.
10.75% Bond Due September 15, 2003, Registered 2,000,000 2,000,000 2,115,000 0.56
Time Warner
9.15% Bond Due February 1, 2023, Registered 1,000,000 990,920 1,096,450 0.29
Treasury CP Victoria
8.25% Guaranteed Bond Due October 15, 2003 2,055,000 1,457,255 1,498,422 0.39
Total Bonds and Notes 7,365,520 7,736,162 2.04
CORPORATE EQUITY SECURITIES
Preferred Stock
Credit Lyonnais Capital ADR
Representing Guaranteed 144A Preferred Shares 73,000 1,825,000 1,898,000 0.50
Indosuez Holdings ADR
Representing 144A Series A Preferred Shares 82,000 2,296,000 2,196,780 0.58
Banesto Holdin, Ltd.
Series A Preferred Stock, $0.01 par 73,000 2,007,500 1,314,000 0.35
Santander Finance Ltd.
7.375% Non-cumulative Preferred Shares 98,000 2,347,072 2,315,250 0.61
Total Corporate Equity Securities 8,475,572 7,724,030 2.04
GOVERNMENT SECURITIES
U. S. Government & Agency Issues
Federal Home Loan Mortgage Corp.
Pool #18-1499, 8.00% Mortgage Participation
Certificate Due September 1, 2008 Registered 43,679 $38,806 $45,713 0.01%
U.S. Treasury, 5.75% Note Due August 15, 2003 2,400,000 2,407,875 2,391,744 0.63
U.S. Treasury, 7.125 Bond
Due February 15, 2023, Registered 4,600,000 4,870,283 4,974,486 1.31
U.S. Treasury, 7.25% Bond Due May 15, 2016 6,925,000 7,036,777 7,491,465 1.97
U.S. Treasury, 7.25% Bond
Due August 15, 2022, Registered 1,440,000 1,596,150 1,570,954 0.41
U.S. Treasury, 7.625% Bond Due November 15,2022 1,200,000 1,341,375 1,370,160 0.36
U.S. Treasury, 8.00% Bond Due November 15, 2021 42,012,000 42,072,167 49,731,705 13.09
U.S. Treasury Stripped Principal Payment
of 0% Bond Due February 15, 2004 6,260,000 3,420,839 3,395,733 0.89
U.S. Treasury Stripped Principal Payment
of 0% Bond Due November 15, 2021, Registered 27,369,000 3,265,916 4,206,615 1.11
U.S. Treasury Stripped Principal Payment
of 8.125% Bond Due May 15, 2021, Registered 35,023,000 4,398,065 5,508,417 1.45
Total U. S. Government & Agency Issues 70,448,253 80,686,992 21.23
Foreign Government Issues
Australia
Commonwealth of Australia
6.75% Bond Due November 15, 2006 5,065,000 3,317,195 3,419,493 0.90
9.00% Bond Due September 15, 2004 1,135,000 898,297 900,993 0.24
4,215,492 4,320,486 1.14
Austria
Republic of Austria
4.25% Bond Due September 28, 2005 100,000,000 958,929 977,609 0.26
Belgium
Kingdom of Belgium
7.00% Bond Due April 29, 1999 135,000,000 $3,882,766 $3,915,785 1.03%
Canada
Government of Canada
7.25% Bond Due June 1, 2003 1,790,000 1,383,439 1,409,732 0.37
Denmark
Kingdom of Denmark
7.00% Bond Due December 15, 2004 19,775,000 2,905,148 3,125,782 0.82
8.00% Bond Due May 15, 2003 14,529,000 2,403,044 2,426,867 0.64
9.00% Bond Due November 15, 2000 23,590,000 4,077,017 4,069,345 1.07
9.25% Bond Due August 10, 1995 8,750,000 1,354,008 1,354,905 0.36
10,739,217 10,976,899 2.89
Finland
Republic of Finland
9.50% Bond March 15, 2004 7,000,000 1,380,720 1,450,266 0.38
10.75% Bond Due March 15, 2002 2,000,000 401,746 430,466 0.11
11.00% Bond Due January 15, 1999 9,000,000 1,752,173 1,883,230 0.50
3,534,639 3,763,962 0.99
France
Government of France
0.00% Bond Due April 25, 2003 16,834,770 1,483,728 1,691,247 0.45
6.00% Bond Due July 16, 1997 25,300,000 4,260,895 4,405,403 1.16
7.25% Bond Due March 16, 1998 560,000 667,900 667,948 0.18
8.50% Bond Due December 26, 2012 1,100,000 234,764 235,139 0.06
8.50% Bond Due April 25, 2023 14,790,000 3,235,363 3,249,228 0.86
9,882,650 10,248,965 2.71
Germany
Federal Republic of Germany
8 3/8% Bond Due May 21, 2001 1,000,000 652,804 671,515 0.18
8 7/8% Bond Due December 20, 2000 2,870,000 $1,892,487 $1,972,125 0.52%
2,545,291 2,643,640 0.70
Greece
Kingdom of Greece
0.00% Treasury bill Due May 31, 1994 520,000,000 1,980,088 1,904,581 0.50
Ireland
Republic of Ireland
8.75% Bond Due July 27, 1997 1,580,000 2,437,753 2,422,524 0.64
Italy
Republic of Italy
9.00% Bond Due October 1, 1998 1,740,000,000 1,054,205 1,045,014 0.28
9.25% Note Due March 7, 2011 5,264,000 6,681,682 7,019,107 1.85
10.00% Bond Due August 1, 1998 4,290,000,000 2,779,641 2,651,727 0.70
10.00% Note Due August 1, 2003 3,865,000,000 2,612,200 2,443,518 0.64
12.00% Bond Due January 17, 1999 5,895,000,000 3,958,424 3,915,118 1.03
12.00% Bond Due May 18, 1999 1,300,000,000 834,125 866,414 0.23
17,920,277 17,940,898 4.73
Japan
Japan
4.90% Bond Due March 20, 2009 125,000,000 1,203,664 1,246,082 0.33
5.30% Bond Due March 20, 2013 440,000,000 4,407,741 4,539,113 1.20
5.50% Bond Due January 1, 2023 588,000,000 5,711,426 6,324,700 1.67
6.80% Bond Due September 20, 2010 355,000,000 4,055,819 4,210,717 1.11
15,378,650 16,320,612 4.31
Netherlands
Dutch Government
7.50% Bond Due January 15, 2023 13,545,000 8,090,583 8,202,021 2.16
8.25% Bond Due September 15, 2007 2,000,000 $1,294,085 $1,252,127 0.33%
9,384,668 9,454,148 2.49
Spain
Government of Spain
9.00% Bond Due February 28, 1997 948,000,000 7,143,497 6,808,785 1.79
Sweden
Kingdom of Sweden
6.00% Bond Due February 9, 2005 11,600,000 1,246,874 1,235,827 0.33
10.25% Bond Due May 5, 2003 19,800,000 2,911,592 2,835,661 0.75
11.00% Note Due January 21, 1999 38,100,000 5,575,983 5,399,704 1.42
9,734,449 9,471,192 2.50
United Kingdom
United Kingdom
2.50% Bond Due April 16, 2020 1,945,000 4,258,638 4,382,628 1.15
3.50% Bond Due December 29, 1949 1,300,000 965,134 1,040,984 0.27
7.25% Note Due March 30, 1998 1,435,000 2,227,190 2,249,181 0.59
8.00% Bond Due June 10, 2003 405,000 653,885 678,312 0.18
8.50% Bond Due July 16, 2007 3,315,000 5,597,339 5,836,546 1.54
9.75% Bond Due August 27, 2002 3,535,000 6,363,351 6,432,596 1.69
10.25% Bond Due November 22, 1999 125,000 219,677 224,002 0.06
20,285,214 20,844,249 5.48
Total Foreign Government Issues 121,407,019 123,424,067 32.53
Call Options
Denmark
Put at 1.655 Due January 6, 1994 (8,340,000) (19,599) (11,676) 0.00
Put at 1.6600 Due January 6, 1994 (8,340,000) (20,850) (83) 0.00
Put at 1.700 Due January 6, 1994 8,340,000 81,315 81,315 0.02
Put at 1.7050 Due January 6, 1994 8,340,000 $85,068 $4,170 0.00%
Put at 99.25 Due April 25, 1994 4,000,000 11,250 7,200 0.00
France
Call Option 18.76 Due February 9, 1994 39,100,000 301,070 75,322 0.02
Call Option 107.18 Due April 19, 1994 27,500,000 58,312 83,278 0.02
Call Option 20.41 Due April 22, 1999 87,000,000 122,757 117,890 0.03
Call Option 106.8 Due December 4, 1994 28,750,000 63,092 95,711 0.03
Japan
Call Option 116.266 Due March 3, 1994 399,000,000 34,946 44,608 0.01
Call Option 117.082 Due March 3, 1994 200,000,000 19,104 15,740 0.00
Call Option 124.792 Due March 14, 1994 464,000,000 11,494 9,930 0.00
Total Call Options 747,959 523,405 0.13
Total Government Securities 192,603,231 204,634,464 53.89
OTHER INVESTMENTS
Commingled Pension Investment Funds
Morgan Guaranty Trust International Bond Fund 40,465 19,215,094 20,034,302 5.27
Morgan Guaranty Trust Liquidity Fund 353,000 353,000 353,000 0.09
Morgan Guaranty Trust Mortgage Fund 69,564 23,117,947 26,090,465 6.87
Morgan Guaranty Trust Public Bond Fund 173,663 41,920,175 47,342,617 12.46
Morgan Guaranty Trust Private Placement Fund 37,422 14,009,987 15,949,144 4.20
The Northern Trust Company Benchmark Bond Fund 1,273,617 26,852,771 26,058,196 6.86
Total Commingled Pension Investment Funds 125,468,974 135,827,724 35.75
Commingled Short-Term Investment Funds
The Northern Trust Company
Collective Short-Term Investment Fund 849,675 $849,675 $849,675 0.22%
Total Other Investments 126,318,649 136,677,399 35.97
Total Fixed Income Account $334,762,972 $356,772,055 93.94%
</TABLE>
<TABLE>
Schedule 1
FLUOR CORPORATION SALARIED EMPLOYEES' SAVINGS INVESTMENT PLAN
FLUOR CORPORATION MASTER RETIREMENT TRUST
EQUITY ACCOUNT
SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1993
<CAPTION>
Number of
Units, Shares
or Dollar Fair Market FMV % to
Security Description Face Value Cost Value Net Assets
<S> <C> <C> <C> <C>
CORPORATE EQUITY SECURITIES
COMMON STOCK
Consumer Durables
Automotive - Accessories
Arvin Industrial, Inc., $2.50 par 25,000 $657,750 $800,000 0.16%
Briggs & Stratton Corp., $3 par 4,100 162,746 338,250 0.07
Donaldson Co., Inc., $5 par 18,300 469,459 809,775 0.17
Snap On Tools Corp., $1 par 26,400 915,742 999,900 0.20
Titan Wheel International Inc., NPV 20,000 314,760 510,000 0.10
2,520,457 3,457,925 0.70
Automotive - Cars
Chrysler Corp., NPV 32,000 1,140,009 1,704,000 0.35
Ford Motor Co., $1 par 38,900 1,806,141 2,509,050 0.51
General Motors Corp., $1 2/3 par 77,300 3,144,578 4,241,838 0.87
6,090,728 8,454,888 1.73
Furnishings, Appliances
AB Electrolux, NPV, ADR 20,000 970,000 680,000 0.14
Bassett Furniture Industries, Inc., $5 par 6,500 249,305 227,500 0.05
Miller, Herman, Inc., $0.20 par 45,000 885,625 1,378,125 0.28
Nordson Corp., $1 par 10,700 539,013 575,125 0.12
Paul Revere Corp., NPV 38,900 900,784 943,325 0.19
Stanley Works, $2.50 par 24,500 976,719 1,090,250 0.22
Whirlpool Corp., $1 par 15,000 927,775 997,500 0.20
5,449,221 5,891,825 1.20
Rubber
Bandag, Inc., $1 par 16,500 886,116 913,688 0.19
Goodyear Tire & Rubber Co., NPV 38,800 $1,313,967 $1,775,100 0.36%
2,200,083 2,688,788 0.55
Miscellaneous Consumer Durables
Owens Illinois, Inc., NPV 74,700 809,614 924,413 0.19
Vitro Sociedad Anonima, NPV, ADR 79,900 1,843,348 1,528,087 0.31
2,652,962 2,452,500 0.50
Total Consumer Durables 18,913,451 22,945,926 4.68
Consumer Non-Durables & Services
Chemicals - Photographic
Eastman Kodak Co., $2.50 par 86,500 3,967,852 4,865,625 1.00
Communications
Alcatel Alsthom, NPV, ADR 20,000 446,200 572,500 0.12
Banyan System, Inc., NPV 15,000 249,375 225,000 0.05
CBS Inc., $2.50 par 8,100 1,905,292 2,336,850 0.48
Capital Cities, ABC, Inc., NPV 600 290,972 371,700 0.08
Cellular Communications Inc., Class A, NPV 20,000 880,000 935,000 0.19
Century Communications Corp., Class A, NPV 33,548 199,522 385,802 0.08
Empresa Nacional De Electricidad, NPV, ADR 24,000 707,585 1,140,000 0.23
Franklin Quest Co., NPV 41,700 1,262,863 1,459,500 0.30
Heritage Media Corp., Class A, NPV 20,000 237,300 397,500 0.08
McGaw Cellular Communications, Class A, NPV 6,000 331,620 303,000 0.06
Motorola Inc., $3 par 37,300 1,308,692 3,440,925 0.70
Pactel Corp., NPV 20,000 460,000 497,500 0.10
Synoptics Communications, Inc., NPV 21,000 169,673 585,375 0.12
Tele-Communications, Inc., Class A, $1 par 8,600 220,491 260,150 0.05
Valassis Communications, Inc., NPV 79,700 1,344,729 1,065,988 0.22
Viacom Inc., Class A, NPV 2,500 56,137 122,187 0.03
Viacom Inc., Class B, NPV 5,000 112,275 224,375 0.05
10,182,726 14,323,352 2.94
Cosmetics
Avon Products, Inc., $0.50 par 10,000 $494,350 $486,250 0.10%
Gillette Co., $1 par 4,800 272,496 286,200 0.06
766,846 772,450 0.16
Drugs
Allergan Inc., NPV 40,000 609,630 905,000 0.19
American Home Products Corp., $0.33 1/3 par 5,100 262,602 330,225 0.07
Bergen Brunswig Corp., Class A, $1.50 par 30,375 648,300 542,953 0.11
Bristol Myers Squibb Co., NPV 16,550 976,602 964,038 0.20
Ivax Corp., NPV 58,000 1,518,934 1,667,500 0.34
Lilly, Eli & Co., $0.62 1/2 par 21,600 1,256,164 1,282,500 0.26
Merck & Co., Inc., $0.02 7/9 par 17,000 524,319 584,375 0.12
Pfizer Inc., $0.11 1/9 par 5,400 195,973 372,600 0.08
Schering-Plough Corp., $1 par 40,400 2,278,191 2,767,400 0.57
Upjohn Co., $1 par 60,000 1,828,614 1,740,000 0.36
Warner-Lambert Co., $1 par 26,000 1,854,391 1,755,000 0.36
11,953,720 12,911,591 2.66
Food - Chain Stores
Albertson's, Inc., $1 par 8,800 160,576 235,400 0.05
Kroger Co., $1 par 72,000 1,220,749 1,449,000 0.30
Penn Traffic Co., NPV 7,300 276,856 264,625 0.05
Safeway Inc., NPV 104,200 1,792,028 2,214,250 0.45
Stop & Shop Companies, Inc., NPV 54,500 990,201 1,103,625 0.23
Super Value Stores Inc., $1 par 40,000 970,000 1,450,000 0.30
Vons Companies Inc., $0.10 par 47,500 858,788 760,000 0.16
Winn-Dixie Stores, Inc., $1 par 5,000 225,446 268,125 0.05
6,494,644 7,745,025 1.59
Food - General
Archer-Daniels-Midland Co., NPV 59,462 1,311,489 1,352,760 0.28
Campbell Soup Co., $0.60 par 6,500 198,830 266,500 0.05
Dole Food Inc., NPV 52,000 1,736,419 1,391,000 0.28
Fleming Companies Inc., $2.50 par 9,000 297,025 222,750 0.05
General Mills, Inc., $0.75 par 3,800 169,157 230,850 0.05
Heinz, H.J. Co., $3 par 25,700 $932,907 $921,988 0.19%
IBP, NPV 66,800 1,247,688 1,728,450 0.35
Kellogg Co., $0.50 par 15,300 738,185 868,275 0.18
Mc Cormick & Co., Non-Voting, NPV 30,000 710,010 738,750 0.15
Mc Donalds Corp., NPV 40,000 1,234,746 2,280,000 0.47
Premark International, Inc., NPV 4,700 167,866 377,175 0.08
RJR Nabisco Holdings Corp., NPV 208,200 1,888,798 1,327,275 0.27
Richfoods Holdings Inc., Class A, NPV 72,000 534,155 1,260,000 0.26
Sara Lee Corp., NPV 8,600 118,609 215,000 0.04
Shoney's, Inc., $1 par 58,000 1,039,916 1,341,250 0.27
Sizzler International Inc., NPV 57,149 760,262 521,485 0.11
13,086,062 15,043,508 3.08
Healthcare
Abbott Laboratories, NPV 13,200 274,098 391,050 0.08
Advantage Health Corp., NPV 30,300 495,802 462,075 0.09
American Medical Holdings Inc., NPV 39,000 433,964 760,500 0.16
Amsco International Inc., NPV 40,000 457,330 485,000 0.10
Bausch & Lomb, Inc., $1 par 12,700 661,162 650,875 0.13
Baxter International Inc., NPV 9,800 305,917 238,875 0.05
Beverly Enterprises Inc., $10.00 par 140,800 1,322,955 1,865,600 0.38
Biogen Inc., NPV 10,000 293,440 398,750 0.08
Caremark International Inc., NPV 50,000 730,217 987,500 0.20
Coastal Healthcare Group Inc., NPV 50,000 1,124,750 1,987,500 0.41
Community Psychiatric Centers, $1 par 12,200 116,120 170,800 0.03
Continental Medical Systems Inc., NPV 58,000 520,847 500,250 0.10
Foundation Health Corp., NPV 25,000 421,175 775,000 0.16
Genetics Institute Inc., NPV 20,000 534,020 965,000 0.20
HCA Hospital Corp. of America, Class A, $0.01 par 144,000 2,681,828 4,932,000 1.01
Helian Health Group, Inc., NPV 34,000 259,500 153,000 0.03
Johnson & Johnson, $1 par 9,200 324,716 412,850 0.08
Manor Care, Inc., $0.10 par 44,000 866,184 1,072,500 0.22
Medex, Inc., $0.01 par 35,000 1,243,214 603,750 0.12
Medical Care American Inc., $0.01 par 23,040 801,437 527,040 0.11
Medtronic, Inc., $0.10 par 16,100 1,186,260 1,322,213 0.27
National Health Laboratories, NPV 13,400 312,930 190,950 0.04
Nationwide Health Properties, NPV 20,000 771,400 710,000 0.15
Novacare Inc., NPV 64,000 $547,500 $976,000 0.20%
MLP Servicemaster Limited Partnership, NPV 39,450 715,539 1,079,943 0.22
Tokos Medical Corp., NPV 142,000 1,038,500 745,500 0.15
18,440,805 23,364,521 4.77
Leisure Time & Recreation
GC Companies Inc., NPV 850 27,390 29,431 0.01
Mattell, Inc., $1 par 9,600 279,366 265,200 0.05
Promus Companies Inc., NPV 5,100 223,406 233,325 0.05
Webb, Del Corp., NPV 82,900 1,433,818 1,326,400 0.27
1,963,980 1,854,356 0.38
Merchandising - Consumer Specialty
Autozone Inc., NPV 8,000 322,564 458,000 0.09
Blockbuster Entertainment Corp., NPV 37,800 547,658 1,157,625 0.24
Brown Group, Inc., $3.75 par 12,500 405,719 432,813 0.09
Home Depot Inc., $0.05 par 11,633 192,826 459,503 0.09
Mac Frugals Bargain Close Outs Inc., NPV 27,500 426,250 539,688 0.11
Melville Corp., $1 par 4,600 227,505 186,875 0.04
Musicland Stores Corp., NPV 92,200 1,396,229 1,913,150 0.39
Nike Inc., Class B, NPV 10,000 457,270 462,500 0.09
Payless Cashways Inc., NPV 86,700 1,018,024 1,452,225 0.30
Toys "R" Us, Inc., $0.10 par 5,800 175,275 237,075 0.05
Tyco Toys Inc., NPV 75,200 860,361 629,800 0.13
Unilever N.V. New York, 4 Guilders par, ADR 27,500 2,769,744 3,176,250 0.65
8,799,425 11,105,504 2.27
Merchandising - General
Federated Department Stores Inc., NPV 38,100 814,329 790,575 0.16
K Mart Corp., $1 par 11,900 216,598 255,850 0.05
Limited Inc., NPV 9,000 182,180 153,000 0.03
May Department Stores Co., $0.50 par 33,900 1,049,706 1,334,812 0.27
Meyer Fred Inc., NPV 39,700 1,093,676 1,429,200 0.29
Neiman Marcus Group Inc., NPV 5,000 80,300 93,750 0.02
J.C. Penney & Co., Inc., $0.50 par 30,600 1,055,776 1,610,325 0.33
Price/Costco Inc., NPV 75,000 $1,273,306 $1,443,750 0.30%
Ross Stores Inc., NPV 86,100 1,151,874 1,119,300 0.23
Sears, Roebuck and Co., $0.75 par 24,900 958,018 1,316,588 0.27
Service Merchandise Co., Inc., $1 par 12,200 132,030 122,000 0.02
Shopko Stores Inc., NPV 75,000 1,096,482 853,125 0.17
Topps Inc., NPV 34,500 486,292 241,500 0.05
Wal-Mart Stores, Inc., $0.10 par 74,200 1,722,287 1,855,000 0.38
11,312,854 12,618,775 2.57
Service Industries
ADT Limited Warrants Expiring 6/30/94, NPV 11,170 33,903 9,070 0.00
American Building Maintenance Industries, NPV 34,800 564,794 622,050 0.13
Automatic Data Processing, Inc., $0.10 par 24,700 492,058 1,364,675 0.28
H & R Block, Inc., NPV 33,800 664,796 1,377,350 0.28
Dekalb Genetics Corp., Class B, NPV 20,000 622,500 630,000 0.13
Walt Disney Company, NPV 11,200 354,759 477,400 0.10
Dun & Bradstreet Corp., $1 par 22,100 1,038,735 1,361,913 0.28
Environmental Elements Co., NPV 75,000 385,875 384,375 0.08
Envoy Corp., NPV 19,000 288,166 337,250 0.07
Federal Express Corp., $0.10 par 20,000 902,500 1,417,500 0.29
Foote, Cone & Belding Communications, Inc., $0.33 13 31,600 1,076,250 1,516,800 0.31
Health Trust Inc. Hospital, NPV 43,700 672,801 1,163,512 0.24
Information Resources, Inc., NPV 42,500 554,114 1,636,250 0.34
Moorco International Inc., NPV 50,000 843,005 950,000 0.19
Pitney Bowes, Inc., $2 par 28,200 809,940 1,166,775 0.24
Rehabclinics Inc., NPV 25,000 335,775 590,625 0.12
Safety-Kleen Corp., $0.10 par 79,700 1,660,685 1,295,125 0.27
Service Corporation International, $1 par 115,550 1,542,396 3,033,188 0.62
Stewart Enterprises Inc., Class A, NPV 52,500 671,875 1,417,500 0.29
Vodafone Group Place, NPV, ADR 30,000 1,858,272 2,677,500 0.55
WMX Technology, Inc., NPV 62,700 2,035,288 1,653,712 0.34
17,408,487 25,082,570 5.15
Textiles
Burlington Industries Equity Inc., NPV 5,200 77,506 80,600 0.02
Guilford Mills Inc., $2.50 par 600 11,568 14,100 0.00
Springs Industries Inc., Class A, NPV 6,300 $176,939 $237,825 0.05%
United States Shoe Corp., NPV 90,000 965,817 1,350,000 0.28
V. F. Corp., NPV 31,400 1,525,639 1,448,325 0.30
2,757,469 3,130,850 0.65
Tobacco/Beverages
American Brands, Inc., $3.125 par 67,300 2,493,164 2,237,725 0.46
Anheuser-Busch Companies Inc., $1 par 4,000 170,311 196,500 0.04
Coca Cola Co., NPV 21,400 583,870 954,975 0.20
Pepsico, Inc., $0.05 par 13,400 389,463 547,725 0.11
Philip Morris Companies Inc., $1 par 113,000 5,658,046 6,285,625 1.29
Seagram Co. Ltd., NPV 7,600 153,007 198,550 0.04
9,447,861 10,421,100 2.14
Travel Leisure
Host Marriot Corp., NPV 57,600 356,103 525,600 0.11
La Quinta Inns, Inc., $0.10 par 57,600 557,009 2,030,400 0.42
Marriot International Company, NPV 20,600 438,509 597,400 0.12
1,351,621 3,153,400 0.65
Miscellaneous Consumer Non-Durables and Services
Colgate-Palmolive Co., $1 par 6,100 240,812 380,488 0.08
Jan Bell Marketing, Inc., NPV 134,800 1,493,096 1,263,750 0.26
Newell Co., NPV 10,000 418,100 403,750 0.08
Procter & Gamble Co., NPV 10,300 432,518 587,100 0.12
2,584,526 2,635,088 0.54
Total Consumer Non-Durables and Services 120,518,878 149,027,715 30.55
Technology
Electronics - Instrumentation
Advanced Micro Devices, Inc., $0.01 par 17,800 $252,400 $315,950 0.06%
Ametek, Inc., $1 par 26,400 354,485 336,600 0.07
Corning Inc., NPV 35,000 1,070,961 980,000 0.20
E G & G, Inc., $1 par 34,100 745,236 626,588 0.13
E-Systems, Inc., $1.25 par 15,000 580,802 650,625 0.13
Harris Corp., $1 par 8,100 236,193 368,550 0.08
Learning Company, NPV 45,000 762,500 680,625 0.14
Miron Technology, Inc., $0.10 par 9,400 205,935 437,100 0.09
National Semiconductor Corp., $0.50 par 50,000 753,000 812,500 0.17
Premier Industrial Corp., NPV 20,700 571,169 579,600 0.12
Shared Medical Systems Corp., $0.01 par 34,200 772,533 850,725 0.17
Varian Associates, Inc., $1 par 11,500 460,799 690,000 0.14
6,766,013 7,328,863 1.50
Office Equipment
Computer Associates International, Inc., $0.10 par 49,800 803,970 1,992,000 0.41
Computer Sciences Corp., $1 par 3,600 192,939 358,200 0.07
Cray Research, Inc., $1 par 30,000 1,108,878 768,750 0.16
Diebold Inc., $1.25 par 10,000 416,850 602,500 0.12
Digital Equipment Corp., $1 par 78,200 3,387,935 2,678,350 0.55
International Business Machine Corp., $1.25 par 31,900 2,798,510 1,802,350 0.37
Microsoft Corp., NPV 10,000 772,028 806,250 0.17
Nashua Corp., $1 par 20,000 790,000 550,000 0.11
National Computer Systems Inc., $0.03 par 39,000 585,637 429,000 0.09
Policy Management Systems Corp., NPV 14,200 368,769 440,200 0.09
Sei Corp., NPV 65,000 830,288 1,706,250 0.35
Tandem Computers, Inc., $0.05 par 128,000 1,503,747 1,392,000 0.29
13,559,551 13,525,850 2.78
Miscellaneous Technology
Adobe Systems Inc., NPV 70,000 1,380,053 1,557,500 0.32
AMP Inc., NPV 43,200 2,213,121 2,727,000 0.56
BMC Software Inc., NPV 33,000 847,665 1,584,000 0.32
Compaq Computer Corp., NPV 20,800 1,055,354 1,536,600 0.31
Compuware Corp., NPV 5,700 $125,400 $148,200 0.03%
Creative Technology Ltd., NPV 20,900 510,373 663,575 0.14
Ericsson L.M. Telephone Co., Class B, NPV, ADR 75,000 1,376,411 3,028,125 0.62
Hewlett-Packard Co., $1 par 45,800 2,679,266 3,618,200 0.74
Honeywell Inc., $1.50 par 8,200 214,775 280,850 0.06
Intel Corp., $0.01 par 68,000 2,806,927 4,216,000 0.86
Legent Corp., NPV 27,000 634,040 610,875 0.13
Mentor Graphics Corp., NPV 41,500 906,862 570,625 0.12
Molex Inc., $0.05 par 21,250 432,499 754,375 0.15
Oracle Systems Corp., NPV 29,800 309,672 856,750 0.18
Parametric Technology Corp., NPV 86,100 354,457 3,336,375 0.68
Peoplesoft, Inc., NPV 15,000 445,150 468,750 0.10
Seagate Technology, NPV 65,000 696,755 1,543,750 0.32
Structural Dynamics Research Corp., Class A, NPV 104,000 1,211,971 1,794,000 0.37
Synergen, Inc., NPV 86,000 1,456,370 978,250 0.20
Texas Instruments Inc., $1 par 7,900 509,714 501,650 0.10
Ventritex Inc., NPV 25,000 537,500 981,250 0.20
20,704,335 31,756,700 6.51
Total Technology 41,029,899 52,611,413 10.79
Energy
Oil Services
Coastal Corp., $0.33 1/3 par 61,800 1,725,906 1,745,850 0.36
Equitable Resources Inc., NPV 25,450 957,302 932,106 0.19
Halliburton Co., $2.50 par 20,000 692,033 637,500 0.13
Schlumberger Limited, $1 par 34,500 1,692,510 2,039,813 0.42
Sonat Offshore Drilling Inc., NPV 50,000 1,029,230 800,000 0.16
Ultramar Corp., NPV 11,800 284,746 299,425 0.06
6,381,727 6,454,694 1.32
Petroluem - Domestic
Amoco Corp., NPV 8,400 462,409 444,150 0.09
Atlantic Richfield Co., $2.50 par 3,100 398,287 326,275 0.07
Kerr-Mc Gee Corp., $1 par 35,700 $1,350,524 $1,615,425 0.33%
Occidental Petroleum Corp., $0.20 par 50,000 959,750 850,000 0.17
Oryx Energy Co., NPV 60,000 1,363,470 1,035,000 0.21
Phillips Petroleum Co., $1.25 par 24,500 750,089 710,500 0.15
Plains Petroleum Co., $5 par 51,500 1,254,247 1,223,125 0.25
Pogo Producing Co., $1 par 9,900 182,409 165,825 0.03
Repsol SA, NPV, ADR 8,700 219,909 268,613 0.05
Royal Dutch Pete Co NY Registry, 5 guilder par 7,400 614,811 772,375 0.16
Societe National Elf Aquitaine, NPV, ADR 25,000 713,500 884,375 0.18
Tosco Corp., NPV 20,000 421,000 582,500 0.12
Unocal Corp., $8 1/3 par 7,200 194,994 200,700 0.04
USX - Marathon Group, NPV 40,000 1,118,137 660,000 0.14
10,003,536 9,738,863 1.99
Petroleum - International
Amerada Hess Corp., $1 par 44,100 2,011,371 1,990,013 0.41
British Petroleum Place, NPV, ADR 22,800 1,269,744 1,459,200 0.30
Chevron Corp., NPV 5,600 431,977 487,900 0.10
Exxon Corp., NPV 18,000 984,388 1,136,250 0.23
Mobil Corp., $3.75 par 5,900 392,334 466,838 0.10
Texaco, Inc., $6.25 par 17,300 1,061,113 1,120,175 0.23
YPT Sociedad Anonima Sponsored, Class D, NPV 2,600 71,403 67,600 0.01
6,222,330 6,727,976 1.38
Miscellaneous Energy
Cairn Energy USA Inc., NPV 50,000 253,125 262,500 0.05
Destec Energy Inc., NPV 15,900 285,070 228,563 0.05
Eastern Enterprises, NPV 13,300 360,301 339,150 0.07
Enron Corp., $0.10 par 7,400 173,987 214,600 0.04
Zurn Industries, Inc., $0.50 par 19,000 669,698 520,125 0.11
1,742,181 1,564,938 0.32
Total Energy 24,349,774 24,486,471 5.01
Basic Industries
Aluminum
Alcan Aluminum Limited, NPV 30,000 $521,100 $622,500 0.13%
Aluminum Company of America, $1 par 10,000 680,600 693,750 0.14
Reynolds Metals Co., NPV 6,800 376,070 308,550 0.06
1,577,770 1,624,800 0.33
Building - Cement
Vulcan Materials Co., $1 par 19,400 800,127 909,375 0.19
Building - General
Centex Corp., $0.25 par 20,000 344,604 840,000 0.17
Dover Corp., $1 par 25,600 795,216 1,555,200 0.32
Louisiana-Pacific Corp., $1 par 11,700 128,911 482,625 0.10
Masco Corp., $1 par 25,000 643,595 925,000 0.19
Ogden Projects Inc., NPV 3,500 57,556 58,188 0.01
1,969,882 3,861,013 0.79
Chemicals - General
Air Products and Chemicals, Inc., $1 par 30,000 1,014,069 1,327,500 0.27
Betz Laboratories, Inc., $0.10 par 30,400 1,485,009 1,333,800 0.27
Crompton & Knowles Corp., $5 par 38,400 622,585 844,800 0.17
Dow Chemical Co., $2.50 par 6,400 296,191 363,200 0.07
Du Pont, E.I. De Nemours & Co., $5 par 12,900 537,064 622,425 0.13
Fuller, H. B. & Co., $1 par 30,000 987,490 1,080,000 0.22
Geon Co., $0.01 par 67,800 1,254,000 1,601,775 0.33
Great Lakes Chemical Corp., $1 par 11,900 734,616 888,038 0.18
Lawter International, Inc., $1 par 75,910 534,877 1,034,274 0.21
Monsanto Co., $2 par 3,600 162,522 264,150 0.05
Nalco Chemical Co., $0.75 par 66,000 1,735,775 2,475,000 0.51
PPG Industries Inc., $1.66 2/3 par 4,100 207,863 311,088 0.06
Tyco International Ltd., $1 par 13,600 588,158 702,100 0.14
10,160,219 12,848,150 2.61
Non-Ferrous Metals
American Barrick Resources Corp., NPV 20,000 $558,700 $567,500 0.12%
Newmont Mining Corp., $1.60 par 17,900 717,935 1,031,488 0.21
Phelps Dodge Corp., $6.25 par 5,300 252,219 258,375 0.05
Placer Dome Inc., NPV 38,000 482,828 945,250 0.19
2,011,682 2,802,613 0.57
Paper
Caraustar Industries Inc., NPV 3,900 58,500 65,325 0.01
Champion International Corp., $0.50 par 38,672 1,104,330 1,290,678 0.26
Federal Paper Board Co., Inc., $5 par 9,600 186,005 204,000 0.04
Georgia-Pacific Corp., $0.80 par 13,600 763,435 935,000 0.19
Riverwood International Corp., NPV 63,700 869,630 1,082,900 0.22
Scott Paper Co., NPV 40,000 1,336,470 1,645,000 0.34
Temple Inland Inc., NPV 4,200 139,678 211,575 0.04
4,458,048 5,434,478 1.10
Printing and Publishing
Banta Corp., $0.10 par 19,050 327,423 690,563 0.14
Bowater Inc., NPV 20,000 449,840 460,000 0.09
Deluxe Corp., NPV 37,500 1,031,250 1,359,375 0.28
Knight-Ridder Inc., $0.02 1/12 par 25,000 1,378,135 1,493,750 0.31
Tribune Co., NPV 25,000 1,241,222 1,503,125 0.31
4,427,870 5,506,813 1.13
Railroads
CSX Corp., $1 par 4,600 150,167 376,625 0.08
Union Pacific Corp., $5 par 3,400 126,365 212,925 0.04
276,532 589,550 0.12
Steel
Indresco Inc., NPV 42,800 311,016 663,400 0.14
LTV Corp., NPV 50,000 574,900 806,250 0.17
Nucor Corp., $0.40 par 30,800 612,429 1,632,400 0.33
USX-US Steel, NPV 8,000 186,863 346,000 0.07
Worthington Industries, Inc., NPV 57,300 $1,044,577 $1,174,650 0.24%
2,729,785 4,622,700 0.95
Airlines (Transportation)
AMR Corp., $1 par 10,000 654,350 670,000 0.14
Alaska Air Group Inc., NPV 25,000 339,000 353,125 0.07
Greyhound Lines Inc., NPV 80,000 1,212,775 920,000 0.19
Hunt, J.B. Transportation Services, Inc., NPV 29,600 514,771 688,200 0.14
2,720,896 2,631,325 0.54
Miscellaneous Basic Industries
Brunswick Corp., NPV 89,000 1,319,927 1,602,000 0.33
Cadence Design Systems,Inc., NPV 50,000 616,750 581,250 0.12
Lawson Products, Inc., NPV 28,600 809,222 829,400 0.17
Paragon Trade Brands Inc., NPV 78,600 1,481,628 2,318,700 0.47
Phillips N.V. New York Shares, NPV, ADR 65,800 1,372,785 1,357,125 0.28
SKF AB Sponsored, $12.50 par, ADR 50,000 661,250 812,500 0.17
Scotts Co., Class A, NPV 24,700 373,588 487,825 0.10
6,635,150 7,988,800 1.64
Total Basic Industries 37,767,961 48,819,617 9.97
Capital Goods Industries
Aerospace
Allied Signal Inc., NPV 10,000 369,038 790,000 0.16
Boeing Co., $5 par 58,100 2,668,617 2,512,825 0.51
General Dynamics Corp., $1 par 20,000 1,155,542 1,845,000 0.38
Litton Industries, Inc., $1 par 4,200 250,247 270,900 0.06
Loral Corp., $0.25 par 114,200 2,257,855 4,311,050 0.88
Martin Marietta Corp., NPV 8,200 148,195 364,900 0.07
Mc Donnell Douglas Corp., $1 par 2,100 180,773 224,700 0.05
Precision Castparts Corp., NPV 27,700 575,362 803,300 0.16
Raytheon Co., $1.25 par 5,500 $171,069 $363,000 0.07%
Rockwell International Corp., $1 par 55,800 1,882,617 2,071,575 0.42
Textron, Inc., $0.25 par 5,600 124,712 326,200 0.07
9,784,027 13,883,450 2.83
Electronics - General
Easel Corp., NPV 32,000 264,600 144,000 0.03
Emerson Electric Co., $1 par 63,500 3,062,120 3,825,875 0.78
FMC Corp., NPV 2,200 105,766 103,675 0.02
General Electric Co., $2.50 par 46,500 3,208,038 4,876,688 1.00
Grainger, W.W., $1 par 35,400 1,833,728 2,035,500 0.42
Hubbell, Inc., Class B, $5 par 11,600 638,870 627,850 0.13
Sony Corp. for Dollar-Validated common stock
backed by one share common stock, NPV, ADR 10,000 493,680 498,750 0.10
9,606,802 12,112,338 2.48
Machinery - Agriculture
Caterpillar Inc., NPV 5,000 250,126 445,000 0.09
Trinity Industries, Inc., $1 par 18,000 704,646 776,250 0.16
Varity Corp., NPV 11,600 449,117 519,100 0.11
1,403,889 1,740,350 0.36
Machinery - General
Cummins Engine Co., Inc., $2.50 par 6,200 262,745 333,250 0.07
Illinois Tool Works Inc., $3.33 1/3 par 29,000 828,462 1,131,000 0.23
Ingersoll-Rand Co., $2 par 27,000 736,517 1,032,750 0.21
Keystone International Inc., $1 par 22,900 623,917 626,888 0.13
Paccar Inc., $12 par 3,900 155,508 238,875 0.05
Parker-Hannifin Corp., NPV 18,200 589,365 687,050 0.14
Teleflex Inc., $1 par 9,100 278,806 336,700 0.07
3,475,320 4,386,513 0.90
Miscellaneous Capital Goods Industries
ADT Limited, $0.10 par 67,026 $827,297 $594,856 0.12%
Cooper Industries, Inc., $5 par 51,600 2,009,250 2,541,300 0.52
Federal Signal Corp., $1 par 12,400 288,054 347,200 0.07
ITT Corp., $1 par 14,705 821,935 1,341,831 0.27
Minnesota Mining and Manufacturing Co., NPV 3,700 334,875 402,375 0.08
Opinion Research Corp., NPV 7,500 60,000 60,000 0.01
United Technologies Corp., $5 par 19,100 918,437 1,184,200 0.24
5,259,848 6,471,762 1.31
Total Capital Goods Industries 29,529,886 38,594,413 7.88
Financial Services
Banks
Banc One Corp., NPV 51,750 1,915,334 2,024,719 0.41
BankAmerica Corp., $1.5625 par 9,000 276,974 417,375 0.09
Bankers Trust New York Corp., $10 par 4,400 278,946 348,150 0.07
Boatmen's Bancshares, Inc., $10 par 40,000 680,000 1,195,000 0.24
Chase Manhattan Corp., $12.50 par 9,300 225,176 315,038 0.06
Chemical Banking Corp., NPV 8,000 160,708 321,000 0.07
Citicorp, $4 par 20,000 279,613 737,500 0.15
Cullen/Frost Bankers, Inc., $5 par 27,500 255,625 969,375 0.20
First Chicago Corp., $5 par 30,000 935,850 1,297,500 0.27
First of America Bank Corp., $10 par 15,900 463,645 624,075 0.13
First Union Corp., $3.33 1/3 par 2,100 79,338 86,625 0.02
Firstar Corp., NPV 18,400 359,468 565,800 0.12
MBNA Corp., NPV 12,000 242,480 400,500 0.08
Mellon Bank Corp., $0.50 par 8,000 347,154 424,000 0.09
Morgan, J. P. & Co., Inc., $2.50 par 4,500 249,460 312,188 0.06
NDB Bancorp Inc., $6.25 par 37,250 1,036,370 1,108,187 0.23
N. S. Bancorp Inc., NPV 41,600 973,688 1,232,400 0.25
National City Corp., $4 par 36,100 885,280 884,450 0.18
Nationsbank Corp., NPV 5,888 173,868 288,512 0.06
Northern Trust Corporation, $10 par 33,000 649,396 1,307,625 0.27
Silicon Valley Bancshares, NPV 10,500 135,000 106,313 0.02
U.S. Trust Corp., $5 par 23,500 809,396 1,230,812 0.25
Wells Fargo & Co., $5 par 2,500 $156,621 $323,438 0.07%
11,569,390 16,520,582 3.39
Financial
American Express Co., $0.60 par 99,800 2,801,926 3,081,325 0.63
B. B. & T. Financial Corp., NPV 18,400 417,568 611,800 0.13
Bear Stearns & Companies, Inc., NPV 47,807 322,313 1,045,778 0.21
Beneficial Corp., $1 par 33,408 872,066 1,277,856 0.26
Equifax Inc., $2.50 par 28,800 540,062 788,400 0.16
FHLMC Voting, NPV 14,000 558,989 698,250 0.14
Federal National Mortgage Association, NPV 34,600 1,967,511 2,716,100 0.56
First U.S.A. Inc., NPV 21,400 394,084 765,050 0.16
Household International Inc., $1 par 63,500 1,650,258 2,071,688 0.42
Legg Mason Inc., NPV 28,750 405,055 715,156 0.15
Meditrust, NPV 25,000 784,200 809,375 0.17
Mercury Financial Co., NPV 158,701 424,915 3,035,146 0.62
Merrill Lynch & Co., $1.33 1/3 par 7,200 181,941 302,400 0.06
PNC Bank Corp., NPV 20,800 554,299 603,200 0.12
Primerica Corp., NPV 9,200 144,012 357,650 0.07
Salomon Inc., $1 par 30,000 768,750 1,428,750 0.29
Shawmut National Corp., NPV 35,000 976,755 761,250 0.16
Sothebys Holdings Inc., Class A, NPV 64,000 899,620 984,000 0.20
Student Loan Marketing Association, Voting, NPV 33,000 1,475,574 1,480,875 0.30
UJB Financial Corp., NPV 35,500 549,773 852,000 0.17
16,689,671 24,386,049 4.98
Insurance - Fire and Casualty
Aflac Inc., NPV 37,000 1,068,530 1,054,500 0.22
Chubb Corp., $1 par 12,500 1,039,573 973,438 0.20
Citizens Corp., NPV 30,000 636,800 588,750 0.12
Continental Corp., $1 par 50,000 1,396,860 1,381,250 0.28
Fund American Enterprises Holdings Inc., NPV 15,000 1,006,050 1,177,500 0.24
Hartford Steam Boiler Inspection & Insurance,$5 par 20,000 883,700 890,000 0.18
Partnerre Holding Ltd., NPV 45,800 959,267 996,150 0.20
Safeco Corp., $5 par 4,400 $139,513 $242,000 0.05%
7,130,293 7,303,588 1.49
Insurance - Life
Aetna Life & Casualty Co., NPV 20,000 1,005,000 1,207,500 0.25
American Bankers Insurance Group Inc., NPV 55,000 691,405 1,443,750 0.30
American International Group, Inc., $2.50 par 33,200 2,688,720 2,913,300 0.60
Amvestors Financial Corp., NPV 30,000 285,000 330,000 0.07
Aon Corp., NPV 17,600 892,858 851,400 0.17
Cigna Corp., NPV 4,900 224,579 307,475 0.06
Harcourt General Inc., NPV 8,500 260,924 308,125 0.06
Liberty Corp., $2 par 15,000 399,650 363,750 0.07
Maxicare Health Plans, Inc., NPV 15,000 147,667 146,250 0.03
Progressive Corp., Ohio, $1 par 24,300 399,763 984,150 0.20
Torchmark Corp., $2 par 30,000 660,000 1,350,000 0.28
Unitrin Inc., NPV 25,000 896,940 1,087,500 0.22
USLife Corp., $1 par 8,700 242,701 333,863 0.07
8,795,207 11,627,063 2.38
Miscellaneous Financial Services
American General Corp., $1.50 par 9,400 215,784 269,075 0.06
MGIC Investment Corp., Wisconsin, NPV 75,200 1,515,077 2,199,600 0.45
1,730,861 2,468,675 0.51
Total Financial Services 45,915,422 62,305,957 12.75
Utilities
Utilities - Electric
American Electric Power Co., Inc., $6.50 par 6,100 174,723 226,463 0.05
Baltimore Gas & Electric Co., NPV 8,000 149,732 203,000 0.04
CMS Energy Corp., $10 par 75,000 1,588,450 1,884,375 0.39
Carolina Power & Light Co., NPV 8,700 200,472 262,087 0.05
Central & South West Corp., $3.50 par 7,800 155,014 235,950 0.05
Cincinnati Gas & Electric Co., $8.50 par 50,000 $837,500 $1,375,000 0.28%
Commonwealth Edison Co., $12.50 par 20,000 604,420 562,500 0.12
Delmarva Power & Light Co., $3.37 1/2 par 40,000 730,000 945,000 0.19
Detroit Edison Co., $10 par 10,300 320,911 309,000 0.06
F P L Group Inc., NPV 35,800 1,000,329 1,400,675 0.29
Montana Power Co., NPV 50,000 884,375 1,287,500 0.26
PSI Resources Inc., NPV 40,000 695,787 1,060,000 0.22
Pacificorp, $3.25 par 60,000 1,042,500 1,155,000 0.24
Philadelphia Electric Co., NPV 41,600 1,349,173 1,258,400 0.26
Public Service Co. of New Mexico, $5 par 50,000 565,500 562,500 0.12
Public Service Enterprise Group Inc., NPV 6,500 161,362 208,000 0.04
Southern Co., $5 par 31,600 812,045 1,394,350 0.29
Texas Utilities Co., NPV 7,500 273,975 324,375 0.07
11,546,268 14,654,175 3.02
Utilities - Natural Gas
Consolidated Natural Gas Co., $8 par 30,600 1,461,189 1,438,200 0.29
Enserch Corp., $4.45 par 40,000 722,784 650,000 0.13
National Fuel Gas Co., $10 par 31,800 1,139,382 1,081,200 0.22
Nicor, Inc., $5 par 10,200 224,228 285,600 0.06
Pacific Enterprises, NPV 20,000 398,700 475,000 0.10
Panhandle Eastern Corp., NPV 30,000 646,800 712,500 0.15
Peoples Energy Corp., NPV 8,300 195,658 253,150 0.05
Primark Corp., NPV 29,500 284,422 331,875 0.07
Questar Corp., $5 par 31,300 1,058,095 1,032,900 0.21
Transcanada Pipelines Ltd., $0.33 1/3 par 50,000 747,250 768,750 0.16
6,878,508 7,029,175 1.44
Utilities - Telephone
American Telephone & Telegraph Co., NPV 36,600 1,193,640 1,921,500 0.39
Ameritech Corp., NPV 4,500 275,122 345,375 0.07
Bell Atlantic Corp., NPV 7,400 348,228 438,450 0.09
Bellsouth Corp., NPV 7,500 399,402 435,000 0.09
GTE Corp., $3.33 1/3 par 11,400 331,781 399,000 0.08
MCI Communications Corp., $0.10 par 11,600 207,577 327,700 0.07
Nynex Corp., NPV 6,600 255,087 264,825 0.05
Pacific Telesis Group, NPV 5,500 $232,279 $298,375 0.06%
Southwestern Bell Corp., NPV 10,000 275,552 415,000 0.08
ADR Telefonos De Mexico S.A. Cv Ser. L, NPV 73,900 2,919,513 4,988,243 1.02
U.S. West, NPV 5,900 215,249 270,663 0.06
6,653,430 10,104,131 2.06
Miscellaneous Utilities
Entergy Corp., NPV 8,700 218,362 313,200 0.06
Global Marine Inc., $0.10 par 220,000 467,500 907,500 0.19
685,862 1,220,700 0.25
Total Utilities 25,764,068 33,008,181 6.77
Miscellaneous
Active Voice Corp., NPV 24,000 381,375 468,000 0.10
Camco International Inc., NPV 99,800 1,497,000 1,634,225 0.33
Equity Residential Properties Trust, NPV 30,000 898,800 956,250 0.20
General Growth Properties Inc., NPV 30,000 716,800 645,000 0.13
MK Gold Co., NPV 32,000 192,000 192,000 0.04
Oasis Residential Inc., NPV 30,000 728,050 746,250 0.15
ROC Communities Inc., NPV 65,000 1,475,483 1,405,625 0.29
Sizeler Property Investors Inc., NPV 50,000 650,000 575,000 0.12
White River Corp., NPV 7,500 0 258,750 0.05
Windmere Corp. Warrant expires January 1, 1998 235 0 235 0.00
6,539,508 6,881,335 1.41
Total Common Stock 350,328,847 438,681,028 89.81
PREFERRED STOCK
Preferred Stock
Boise Cascade Corp.
Depository Share $1.79, Representing 1/10, Series E 30,000 $694,800 $727,500 0.15%
Convertible Preferred Stock
Cellular Communications Inc., Participating $0.01 25,000 668,886 1,118,750 0.23
Citicorp A Depository Share Representing 1/2000
13 Convertible Preferred Stock 144A 14,000 700,000 1,543,500 0.32
Ford Motor Co., Depository Shares Representing 1/1000
Convertible Series A Preferred Stock 35,900 1,795,000 3,895,150 0.80
Total Convertible Preferred Stock 3,163,886 6,557,400 1.35
Total Preferred Stock 3,858,686 7,284,900 1.50
Total Corporate Equity Securities 354,187,533 445,965,928 91.31
BONDS AND NOTES
Convertible Corporate Bonds
Mediflex Group Inc.
6.50% Debenture Convertible
Due August 1, 2003 Registered 800,000 800,000 920,000 0.19
Petrie Stores Inc.
8.00% Debenture Convertible
Due December 10, 2010 1,300,000 1,319,500 1,729,000 0.35
Southwestern Properties Inc.
8.00% Convertible Debenture
Due January 1, 2003 Registered 750,000 750,000 1,065,000 0.22
TPI Enterprises Inc.
8.25% Debenture Convertible
Due July 12, 2002 Registered 500,000 $500,000 $830,000 0.17%
Total Bonds and Notes 3,369,500 4,544,000 0.93
OTHER INVESTMENTS
Commingled Pension Investment Funds
Columbia Management Company Mutual Fund Trust
Small Capital Fund 203,871 9,783,654 11,598,526 2.37
The Nothern Trust Company
Collective Equity Index Financial Futures 1,611 623,755 635,942 0.13
Total Commingled Pension Investment Funds 10,407,409 12,234,468 2.50
Commingled Short-Term Investment Funds
The Northern Trust Company
Collective Government Short-Term Investment 14,006,002 14,006,002 14,006,002 2.87
The Northern Trust Company
Collective Short-Term Investment Fund 11,199,452 11,199,452 11,199,452 2.29
Total Commingled Short-Term Investment Funds 25,205,454 25,205,454 5.16
Total Other Investments 35,612,863 37,439,922 7.66
Total Equity Investment Account $393,169,896 $487,949,850 99.90%
</TABLE>
<TABLE>
Schedule 1
FLUOR CORPORATION SALARIED EMPLOYEES' SAVINGS INVESTMENT PLAN
FLUOR CORPORATION MASTER RETIREMENT TRUST
INTEREST INCOME ACCOUNT
SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1993
<CAPTION>
Number of
Units, Shares
or Dollar Fair Market FMV % to
Security Description Face Value Cost Value Net Assets
<S> <C> <C> <C> <C>
BONDS AND NOTES
Corporate Bonds and Notes
Alcatel Capital Corp.
5.60% Medium Term Note Due January 3, 1995 5,000,000 $4,968,600 $5,063,500 1.86%
American General Finance
5.60% Medium Term Note Due May 6, 1998 2,750,000 2,808,080 2,751,925 1.01
Capital Auto Receivables
Series 1993 Class A-6
4.90% Asset Backed
Due February 15, 1998, Registered 10,000,000 10,131,250 10,040,600 3.69
CXST Trade Receivables Master Trust
Series 1993-1, 5.05% Participation
Due September 25, 1999 5,000,000 4,998,438 4,998,438 1.84
Daimler Benz Auto Grantor
3.90% Bond Due October 15, 1998, Registered 9,166,331 9,156,221 9,138,832 3.36
Ford Credit Grantor Trust
Series 1993-A Class A
4.85% Asset Backed Due January 15, 1998 8,097,004 8,160,262 8,145,020 2.99
Ford Motor Credit
Tranche #TR 00601
5.40% Medium Term Note Due January 16, 1995 5,000,000 5,052,950 5,071,600 1.86
General Electric Capital Corp.
Remarketed Rest Note Due December 15, 2007
Registered, Puttable on December 15, 1990
and December 15, 1994 at par
Delivery thru December 5 10,000,000 9,986,600 10,405,700 3.82
General Motors Acceptance Corp.
Tranche #TR 00772
6.00% Medium Term Note Due August 5, 1998 5,000,000 5,035,600 5,016,050 1.84
Guaranteed Trade
Tranche 1993 Class A
4.86% Note Due April 1, 1998, Registered 1,350,000 1,356,683 1,334,192 0.49
Hanson Overseas
5.50% Guaranteed Note
Due January 15, 1996, Registered 5,000,000 5,030,600 5,020,800 1.85
International Lease Financial Corp.
4.75% Note Due July 15, 1996, Registered 5,000,000 4,950,100 4,979,500 1.83
Lockheed Corp.
5.875% Bond Due March 15, 1998 3,000,000 2,985,270 3,020,580 1.11
ML Asset Backed Corp.
Series 1992-1 Class A-2
5.50% Asset Backed Note
Due May 15, 1998, Registered 8,158,680 $8,298,908 $8,265,722 3.04%
MNC
Series 93-1 Class A
3.5875% Bond Due April 30, 1995 10,000,000 10,000,000 10,000,000 3.67
Minnesota Mining & Manufacturing Company
Tranche # TR 00010
5.60% Medium Term Note Due February 1, 1995 5,000,000 4,997,650 5,087,500 1.87
NationsBank Corp.
4.75% Note Due August 15, 1996, Registered 5,000,000 4,987,500 4,982,750 1.83
Norinchukin Bank
Tranche # TR 00009
7.625% Medium Term Note Due May 2, 1994 5,000,000 4,982,150 5,066,750 1.86
Rabobank Nederland
Tranche # TR 00109
5.75% Medium Term Note Due December 19, 1994 3,000,000 3,016,080 3,054,390 1.12
World Omni
Series 1992-A Class A
4.75% Asset Backed Due January 15, 1998 1,490,087 1,487,991 1,496,135 0.55
Total Bonds and Notes 112,390,933 112,939,984 41.49
GOVERNMENT SECURITIES
U.S. Government & Agency Issues
Federal National Mortgage Association
8.20% Debenture
Due December 23, 1996, Registered 500,000 481,560 550,000 0.20
Federal National Mortgage Association
4.45% Medium Term Note
Due May 5, 1998, Registered 5,000,000 5,000,000 4,993,900 1.84
FFCB Cons Systemwide
Floating Rate Bond
Due September 24, 1996, Registered 8,000,000 7,984,000 8,000,000 2.94
Federal Home Loan Banks
3.90% Step Up
Bond Due July 16, 1996, Registered 5,000,000 5,000,000 4,999,057 1.84
Floating Rate Step Up Bond Due September 1, 1998
Registered Callable September 1, 1995 Rate 4.50%
Thru September 1, 1995 6.15% thereafter 5,000,000 $5,000,000 $5,000,000 1.84%
Federal Home Loan Mortgage Corp.
Variable Rate Debenture
Due March 25, 1998, Registered 3,800,000 3,790,500 3,795,250 1.39
GNMA Pool # 00207206 Series 00001999 A
9.75% Due March 15, 1999, Registered 53,485 55,073 57,647 0.02
Resolution Funding Corp.
Coupon Strips Generic
Interest Payment Due October 15, 1995 250,000 159,843 232,493 0.09
United States Treasury Securities
Stripped Interest Generic
Interest Payment Due August 15, 2005 500,000 128,435 241,735 0.09
U.S. Treasury
7.50% Bond Due November 11, 2016 150,000 125,859 166,524 0.06
8.25% Bond Due May 15, 2005/2000 200,000 186,374 227,310 0.08
Series U-1995
3.875% Note Due March 31, 1995 32,000,000 32,120,078 32,009,920 11.76
Series R-1995
5.125% Note Due November 15, 1995 12,000,000 12,229,687 12,200,640 4.48
Series R-1997
5.50% Note Due September 30, 1997 5,000,000 5,132,050 5,108,600 1.88
Series Q-1997
5.625% Note Due August 31, 1997 5,000,000 5,152,350 5,129,700 1.89
Series D-1994
7.00% Note Due January 15, 1994 5,000,000 4,955,469 5,004,700 1.84
Series J-1996
7.875% Note Due February 15, 1996 3,000,000 3,261,090 3,213,750 1.18
Series H-1994
8.875% Note Due February 15, 1994 750,000 760,080 754,920 0.28
Series G-1994
9.50% Note Due October 15, 1994 500,000 517,184 522,420 0.19
Total Government Securities 92,039,632 92,208,566 33.89
GUARANTEED INVESTMENT CONTRACTS
Insurance Investment Contracts
Executive Life Insurance Company
Contract GR001230A at 7.25% Due May 4, 1991 2,180,170 $2,180,170 $1,000,000 0.37%
Travelers Insurance Company
Contract GR005428 at 7.00% (no maturity date) 7,228,238 7,228,238 7,228,238 2.66
Total Guaranteed Investment Contracts 9,408,408 8,228,238 3.03
OTHER INVESTMENTS
Certificate of Deposit
Credit Suisse
Dated January 15, 1993, 3.98%
Yankee Certificate of Deposit
Due January 14, 1994 5,000,000 5,007,301 5,007,300 1.84
Commingled Pension Investment Fund
State Street Global Bond Fund 3,264,592 45,000,000 45,573,702 16.75
Commingled Short-Term Investment Fund
The Northern Trust Company
Collective Short-Term Investment Fund 6,090,686 6,090,686 6,090,686 2.24
Total Other Investments 56,097,987 56,671,688 20.83
Total Interest Income Account $269,936,960 $270,048,476 99.24%
</TABLE>
<TABLE>
Schedule 1
FLUOR CORPORATION SALARIED EMPLOYEES' SAVINGS INVESTMENT PLAN
FLUOR CORPORATION MASTER RETIREMENT TRUST
REAL ESTATE ACCOUNT
SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1993
<CAPTION>
Number of
Units, Shares
or Dollar Fair Market FMV % to
Security Description Face Value Cost Value Net Assets
<S> <C> <C> <C> <C>
Mortgage Note Loans Secured by Real Estate
Banyan Inc. - White's Mill Holding Corporation
10% Revolving Line of Credit 118,538 $118,538 $118,538 0.23%
Banyan Inc. - White's Mill Holding Corporation 3,424,590 510,000 0.99
Fiorito Enterprises Inc.,
10.00% mortgages with various maturities 2,538,930 2,538,930 2,538,930 4.92
John Harris
9.00% Mortgage Dated March 18, 1992
Due February 20, 1995 1,720,834 1,720,834 1,787,430 3.47
Joe Jelks
9.00% Mortgage Dated March 18, 1995
Due February 20, 1995 154,969 154,969 160,967 0.31
Kilsby Roberts Group
10.00% mortgages with various maturities 5,618,707 5,618,707 5,618,707 10.89
Thornblade Venture Associates
(formerly Long Cove Capital Association)
9.00% Mortgage Dated October 1, 1987
Due January 1, 1996 11,572,339 11,572,340 11,922,981 23.11
Total Mortgage Note Loans Secured by Real Estate 25,148,908 22,657,553 43.92
Investment Properties
Unimproved Land
Corner of Halton and Congaree Roads
Greenville, South Carolina 1,186,023 1,824,000 3.54
Thornblade Village Properties, Inc., $1,753,038 $1,860,000 3.61%
Webb Road Property
Greenville, South Carolina 548,000 796,000 1.54
Total Investment Properties 3,487,061 4,480,000 8.69
Commingled Pension Investment Funds
Frank Russell Real Estate Equity Fund 51,600 5,891,274 4,996,357 9.69
LaSalle Fund 3,266,716 3,266,233 2,479,099 4.81
Prace Fund II 1,056,050 1,313,342 1,328,442 2.58
Rosenberg Real Estate Equity Fund West IV 10 1,873,374 998,259 1.94
The Northern Trust Company
Benchmark Bond Fund, Class A 689,368 14,664,660 14,104,477 27.34
Total Commingled Pension Investment Funds 27,008,883 23,906,634 46.36
Commingled Short-Term Investment Funds
The Northern Trust Company
Collective Short-Term Investment Fund 108,995 108,995 108,995 0.21
Total Real Estate Account $55,753,847 $51,153,182 99.18%
</TABLE>
<TABLE>
Schedule 1
FLUOR CORPORATION SALARIED EMPLOYEES' SAVINGS INVESTMENT PLAN
FLUOR CORPORATION MASTER RETIREMENT TRUST
INTERNATIONAL ACCOUNT
SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1993
<CAPTION>
Number of
Units, Shares
or Dollar Fair Market FMV % to
Security Description Face Value Cost Value Net Assets
<S> <C> <C> <C> <C>
CORPORATE EQUITY SECURITIES
Common Stocks
Argentina
Argentina Investment Co., NPV 3,170 $50,747 $84,798 0.05%
Naviera Perez Company, ARP1 11,930 49,566 74,719 0.04
Telefonica De Argentina, NPV 1,560 53,430 114,465 0.06
YPF Sociedad Anonima, NPV 6,570 124,830 170,820 0.09
278,573 444,802 0.24
Australia
Burns Philip & Co. Ltd., A$0.50 31,000 87,772 100,392 0.05
Commonwealth Bank of Australia, A$2 39,000 249,163 252,335 0.13
M.I.M. Holdings Ltd., A$0.50 42,541 66,445 76,665 0.04
Mayne Nickless, A$0.50 20,000 99,971 113,143 0.06
National Australia Bank, A$1 23,606 143,731 197,354 0.10
News Corporation Ltd., A$0.50 20,561 108,479 138,326 0.07
Nine Network Australia, A$1 73,000 150,936 274,489 0.15
Normandy Poseidon, A$0.20 179,400 239,344 319,659 0.17
TNT Ltd., A$0.50 128,000 136,765 163,901 0.09
Western Mining Cop. Holdings Ltd., A$0.50 26,376 91,029 125,624 0.07
Woolworth Ltd., A$0.25 78,565 158,009 171,393 0.09
1,531,644 1,933,281 1.02
Austria
Steyr-Daimler-Puc, AUSH100 VAR 13,500 339,536 208,033 0.11
Belgium
A.G. Fin, NPV 2,481 187,140 199,250 0.11
Banque Nationale de Belgique, BLF1000 230 227,555 256,051 0.14
Delhaize Freres et Cie (Le Lion) SA, NPV 9,640 362,160 356,127 0.19
Generale Banque, NPV 880 197,754 222,498 0.12
Kredietbank, NPV 1,720 342,431 381,534 0.20
Societe Generale De Belgique, NPV 4,370 301,137 321,911 0.17
Solvay et Cie, NPV 370 142,558 150,111 0.08
UCB, NPV 645 $461,848 $460,842 0.25%
2,222,583 2,348,324 1.26
Brazil
Foreign & Colonial Emerging Market, NPV 18,530 431,586 484,560 0.26
Telebras, NPV 6,950 208,489 231,956 0.12
640,075 716,516 0.38
Canada
Alcan Aluminum, NPV 9,590 172,371 200,243 0.11
Brascan Ltd.,Class A, NPV 12,400 124,800 149,285 0.08
Dominion Textile, NPV 36,200 296,198 251,956 0.13
IPSCO Inc., NPV 8,800 182,136 172,160 0.09
Laurentian Group, NPV 23,100 89,272 149,915 0.08
Macmillan Bloedel, NPV 4,900 76,482 78,348 0.04
Metro Richelieu, NPV 20,600 172,022 178,254 0.09
Royal Bank of Canada, NPV 3,330 68,158 72,350 0.04
1,181,439 1,252,511 0.66
Chile
Chile Fund, NPV 10,208 335,516 454,256 0.24
Denmark
Den Danske Bank AB, DNKR100 2,190 120,864 124,255 0.07
GN Store Nordiske, DNKR100 4,770 334,139 451,064 0.24
Novo-Nordisk AS, Class B, DNKR20 2 174 197 0.00
455,177 575,516 0.31
Finland
Stockmann, FIM20 1,400 84,643 57,971 0.03
France
Accor, FF100 2,700 318,762 271,201 0.14
Agache, FF100 252 27,401 31,160 0.02
Alsacienne De Part, FF50 3,400 $216,202 $230,938 0.12%
Bail-Investissment, FF100 900 134,278 175,312 0.09
Camaud Metal Box, FF10 3,200 101,806 107,267 0.06
Carrefour, FF100 660 330,407 481,159 0.26
Cetelem, FF45 2,600 283,088 618,759 0.33
Chargeurs, FF100 1,300 289,675 300,792 0.16
Compagnie Bancaire, FF100 6,264 428,921 620,698 0.33
CPR-Cie Parisienne Reescom, FF50 6,036 298,887 543,917 0.29
Devanlay SA, FF100 500 107,565 109,253 0.06
Eaux (Cie Generale Des), FF100 2,432 987,395 1,204,105 0.64
Ecco, FF25 3,750 280,366 430,658 0.23
Eridania Beghin Say, FF65 3,150 395,378 484,472 0.26
Esso (Fracais), FF50 2,300 345,737 412,958 0.22
Eurafrance, FF200 1,250 348,334 486,979 0.26
Finextel, FF100 15,000 411,121 406,521 0.22
Gaz Et Eaux, FF50 45 0 16,022 0.01
Lafarge-Coppee SA, FF25 8,393 530,977 664,902 0.35
Locindus, FF150 300 49,989 53,610 0.03
L'Oreal, FF10 458 84,624 101,239 0.05
Matra-Hachette, FF15 17,250 453,922 466,915 0.25
Nord Est, FF50 5,900 152,866 166,894 0.09
Pernod-Ricard, FF20 1,500 111,877 109,735 0.06
Peugeot, FF35 3,810 416,311 508,538 0.27
Promodes, FF20 3,210 422,773 605,163 0.32
Radiotechnique, FF50 900 45,603 54,880 0.03
Remy Cointreau, FF10 2,700 94,510 107,931 0.06
Saint Gobain, FF100 1,000 88,318 99,598 0.05
Schneider SA, FF20 1,420 0 106,072 0.06
Sefimeg, FF100 503 41,928 46,349 0.02
Sligos, FF25 1,000 91,917 93,500 0.05
Societe Generale, FF30 1,870 218,046 242,629 0.13
Societe Nationale Elf Acuitaine, FF50 5,300 366,603 374,086 0.20
Sovac-Credit Mobilier, FF100 2,070 454,152 688,627 0.37
Television Francais, FF10 6,769 569,481 562,961 0.30
Total, Class B, FF50 4,200 203,359 229,573 0.12
Valeo, FF100 3,200 506,083 699,759 0.37
Vallourec, FF100 4,344 221,454 180,272 0.10
Worms & Cie, FF12 1,450 $65,765 $80,682 0.04%
10,495,881 13,176,086 7.02
Germany
Akzo Faser AG, DM50 600 86,698 91,751 0.05
Allianz AG Holding, DM50 190 260,999 316,539 0.17
Andreae-Noris Zahn, DM50 816 144,316 178,258 0.09
Bayerische Motoren Werke AG, DM50 260 77,366 106,795 0.06
Bayer AG, DM50 1,420 234,164 296,898 0.16
Deutsche Bank AG, DM50 832 340,725 421,859 0.22
Gehe AG, DM50 1,668 405,146 491,115 0.26
Hoechst AG, DM50 980 $153,181 $174,648 0.09
Kauthof AG, DM50 410 116,190 126,335 0.07
Mannesmnn AG, DM50 2,778 462,650 669,549 0.36
Rheinboden Hypobank, DM50 350 60,985 74,648 0.04
Rheinische Hypobank, DM50 412 153,633 193,032 0.10
Schering AG, DM50 431 219,526 281,222 0.15
Veba AG, DM50 780 225,295 230,480 0.12
Villeroy & Boch Vorzug, DM50 650 107,610 103,880 0.06
Volkswagen AG, DM50 1,187 272,393 296,835 0.16
3,320,877 4,053,844 2.16
Hong Kong
Citic Pacific, HK$0.40 174,000 433,473 574,183 0.31
Consolidated Electric Power Asia, HK$10 3,308 5,406 5,736 0.00
Hong Kong Land Holdings
Hong Kong Registered, US$0.10 179,000 322,106 634,694 0.34
Hong Kong Telecommunications, HK$0.50 284,000 488,278 599,055 0.32
Hopewell Holdings, HK$0.50 440,000 463,237 575,089 0.31
HSBC Holdings, HK$10 211 2,129 3,140 0.00
Hutchison Whampoa, HK$0.25 67,000 163,296 333,808 0.18
Lai Sun Garment International, HK$0.50 146,000 255,864 411,880 0.22
New World Development Co., HK$1 98,661 248,503 523,468 0.28
Playmates International Holdings, HK$0.05 403,000 131,725 161,669 0.09
Playmates International Toys, HK$0.05 131,725 109,518 0.06
Stelux Holdings, HK$1 594,093 215,451 426,686 0.23
Sun Hung Kai Co., HK$1 725,000 $317,945 $586,380 0.31%
Swire Pacific Co., HK$0.60 169,000 845,839 1,519,961 0.81
Wharf Holdings, HK$1 104,000 272,064 494,597 0.26
4,297,041 6,959,864 3.72
Italy
Alleanza Assicurazioni, Lire500 113 583 889 0.00
Assicurazioni Generali, Lire2000 17,714 407,864 405,054 0.22
Banco Di Sardegna Di Risp, Lire5000 6,000 59,404 48,902 0.03
Banco Di Napoli Di Risp, LIre1000 406,000 374,557 354,319 0.19
Cia Latina, Lire1000 42,000 149,107 69,490 0.04
Cotonificio Canton, Lire3000 57,633 270,973 85,619 0.05
Italcable, Lire1000 46,960 136,680 212,024 0.11
Italgas (Societa Italiana Il Gas), Lire1000 46,300 115,278 133,519 0.07
Lloyd Adriatico, Lire1000 18,000 139,982 154,151 0.08
Montedison, Lire1000 148,222 81,324 81,170 0.04
Montefibre Di Risp, Lire1000 108,000 77,022 43,414 0.02
Prematin Finanziaria, Lire1000 87,000 88,936 78,004 0.04
SIP, Lire 1000 414,845 508,179 849,876 0.45
STET, Lire1000 167,248 296,941 397,838 0.21
2,706,830 2,914,269 1.55
Japan
Advantest Co. Ltd., Yen50 6,000 145,122 152,620 0.08
Aichi Machine Industries, Yen50 7,000 26,887 32,915 0.02
Amada Co. Ltd., Yen50 31,000 328,501 249,610 0.13
Ando Construction, Yen50 15,000 86,182 77,116 0.04
Aoki Corp., Yen 50 94,000 455,644 345,186 0.18
Aoyana Trading, Yen50 6,000 294,613 343,932 0.18
Arai Gumi, Yen50 18,000 256,665 209,584 0.11
Asahi Denka Kogyo, Yen50 50,000 417,124 286,610 0.15
Canon Inc., Yen50 41,000 489,236 565,517 0.30
Chiyoda Fire & Marine Co., Yen50 66,000 349,693 337,537 0.18
Chubu Steel Plate Co., Yen50 7,000 46,109 27,649 0.01
Crown Corp., Yen50 13,000 77,377 32,020 0.02
Dai Ichi Pharmaceutical Co., Yen50 35,000 547,410 445,141 0.24
Dai Nippon Screen Manufacturing, Yen50 35,000 $182,573 $163,950 0.09%
Daicel Chemical Industries, Yen50 79,000 425,399 290,103 0.15
Daido Steel Co., Yen50 91,000 282,995 330,909 0.18
Daidoh Worsted Mills, Yen50 18,000 163,086 117,689 0.06
Daiei Finance Inc., Yen50 17,000 115,720 89,834 0.05
Daikin Industries, Yen50 46,000 350,951 271,921 0.14
Daikyo Inc., Yen50 32,000 316,341 235,020 0.13
Daiwa House Industry Co., Yen50 47,000 581,302 631,438 0.34
Dowa Fire and Marine Insurance, Yen50 11,000 67,497 54,187 0.03
East Japan Railway, Yen50000 66 300,654 248,276 0.13
Fujita Corp., Yen50 63,000 382,288 306,395 0.16
Hazama Gumi Corp., Yen50 83,000 365,383 291,411 0.16
Hitachi Ltd., Yen50 65,000 488,226 478,549 0.25
Hitachi Maxell, Yen50 14,000 231,212 201,881 0.11
Hitachi Zosen, Yen50 72,000 305,075 324,371 0.17
Honda Motor Co. Ltd., Yen50 14,000 171,472 190,596 0.10
Inax, Yen50 27,000 205,025 244,245 0.13
Ito-Yokado Co. Ltd., Yen50 18,000 646,954 822,212 0.44
Japan Secs Finance, Yen50 29,000 383,475 376,623 0.20
Japan Wool Textile, Yen50 39,000 302,216 296,561 0.16
Kanto Auto Works, Yen50 54,000 337,523 328,885 0.17
Kawasho Corp., Yen50 15,000 43,022 43,395 0.02
Komatsu Ltd., Yen50 81,000 530,986 543,386 0.29
Komori Corporation, Yen50 16,000 327,087 283,744 0.15
Koyo Seiko Co., Yen50 62,000 416,573 360,394 0.19
Kuraray Co. Ltd., Yen50 37,000 398,913 347,962 0.19
Kyocera Corporation, Yen50 15,000 622,139 792,656 0.42
Marui Co., Yen50 10,000 140,730 128,079 0.07
Matsushita Electric Industrial Co., Yen50 42,000 405,731 560,502 0.30
Meidensha Corp., Yen50 6,000 37,066 32,781 0.02
Mitsubishi Heavy Industries Ltd., Yen50 73,000 366,334 402,105 0.21
Mitsui Fudosan, Yen50 61,000 589,454 617,376 0.33
Murata Manufacturing Co., Yen50 10,000 242,552 338,558 0.18
National House Industries Co., Yen50 13,000 190,525 221,227 0.12
NEC Corporation, Yen50 27,000 253,616 206,762 0.11
Nihon Cement Co. Ltd., Yen50 19,000 152,262 110,273 0.06
Nichimen Corp., Yen50 123,000 440,971 470,408 0.25
Nippon Denso, Yen50 43,000 616,827 631,617 0.34
Nippon Hodo Co., Yen50 20,000 $351,878 $331,393 0.18%
Nippon Steel Corporation, Yen50 128,000 445,247 351,957 0.19
Nippon Synthetic Chemical, Yen50 84,000 521,433 361,881 0.19
Nippon Yakin Kogyo, Yen50 67,000 296,185 224,434 0.12
Nisshinbo Industries Inc., Yen50 45,000 348,984 330,497 0.18
Nitto Boseki Co., Yen50 46,000 130,022 113,712 0.06
Noritake Co., Yen50 30,000 210,784 181,639 0.10
NTN Toyo Bearing Corp., Yen50 75,000 426,652 347,291 0.18
Okasan Securities, Yen50 68,000 361,698 303,305 0.16
Okumura Corp., Yen50 58,000 433,109 448,312 0.24
Onoda Cement Co., Yen50 1,000 4,555 4,434 0.00
Orient Corp., Yen50 51,000 259,871 309,243 0.16
Orix Corp., Yen50 14,000 300,868 382,445 0.20
Pioneer Electronic Coporation, Yen50 22,000 503,996 553,695 0.29
Rock Paint Co., Yen50 1,000 12,521 9,852 0.01
Royal Co., Yen50 26,000 340,506 256,158 0.14
Sankyo Pharmaceuticals Co., Yen50 12,000 255,191 237,528 0.13
Sekisui Chemical Co. Ltd., Yen50 56,000 450,524 501,567 0.27
Sekisui House, Yen50 44,000 423,992 508,374 0.27
Sharp Corporation, Yen50 39,000 482,146 530,945 0.28
Shinetsu Chemical Co. Ltd., Yent50 31,000 513,483 458,128 0.24
Shinko Shoji Co., Yen50 38,000 244,065 310,399 0.17
Showa Electric Wire, Yen50 44,000 208,525 204,926 0.11
Sony Corp., Yen 50 8,000 342,174 394,805 0.21
Sumitomo Corp., Yen50 50,000 338,637 388,715 0.21
Sumitomo Electric Industries Ltd., Yen50 58,000 555,045 675,325 0.36
Sumitomo Forestry Co. Ltd., Yen50 27,000 482,278 519,928 0.28
Sumitomo Realty & Development, Yen50 60,000 301,183 333,184 0.18
Taiheyo Bank Ltd., Yen50 29,000 134,948 83,117 0.04
Taisho Pharmaceutical Co. Ltd., Yen50 18,000 342,615 346,619 0.18
TDK Corp., Yen50 4,000 114,720 135,423 0.07
Toa Woll Spinning, Yen50 29,000 85,391 82,597 0.04
Toagosei Chemical Industries, Yen50 91,000 384,217 368,401 0.20
Tokio Marine & Fire Insurance, Yen50 40,000 438,580 437,080 0.23
Tokuyama Soda Co., Yen50 103,000 363,466 405,911 0.22
Tokyu Construction Co., Yen50 90,000 505,403 408,688 0.22
27,815,610 27,333,626 14.55
Malaysia
Aokam Perdana Berhad, MY$1 53,000 $488,224 $551,263 0.29%
Commerce Asset-Holdings Berhad, MY$1 126,000 330,647 650,594 0.35
Renong Berhad, MY$0.50 318,000 311,986 505,587 0.27
Technology Resources Industries, MY$1 266,000 722,989 1,393,239 0.74
United Engineers (Malaysia) Berhad, MY$0.50 270,000 530,181 1,434,250 0.76
2,384,027 4,534,933 2.41
Mexico
Cemex, Series A, NPV 9,772 218,746 276,774 0.15
Cifra, NPV 284,970 562,892 922,163 0.49
Fomento Economico Mexicano, Series B, NPV 20,978 71,640 138,075 0.07
Grupo Financiero Bancomer, Series C, NPV 107,070 474,360 604,761 0.32
Telefonos De Mexico, Series L, NPV 27,730 1,443,001 1,871,775 1.00
Tolmex, Series B, NPV 58,740 425,343 817,671 0.43
3,195,982 4,631,219 2.46
Netherlands
ABN-AMRO Holdings NV, FL5 7,803 225,089 287,718 0.15
Ahold NV, FL1.25 10,826 277,250 261,843 0.14
Akzo NV, FL20 3,511 300,599 340,399 0.18
Amev, CVA, FL2.50 12,280 528,699 544,624 0.29
Boskalis Westminster, CVA, FL5 15,300 378,639 364,530 0.19
C.S.M., FL1 17,850 580,673 678,431 0.36
Elsevier NV, FL1 18,375 1,359,201 1,726,536 0.92
Hollandsche Beton, FL20 1,600 212,472 222,784 0.12
Internationale Nederlanden Groep, FL2.50 12,050 419,957 577,301 0.31
KLM, FL20 5,500 110,981 114,873 0.06
Kon Bijenkorf Beh, FL20 3,400 183,143 184,281 0.10
Polygram, FL0.50 12,530 344,072 497,556 0.26
Royal Dutch Petroleum, FL5 12,720 1,138,553 1,338,844 0.71
Stad Rotterdam, CVA, FL2.50 10,600 116,078 132,671 0.07
Telegraaf Holding, CVA, FL4 3,600 197,093 295,374 0.16
Unilever NV, FL4 4,660 505,582 540,715 0.29
Volker Stevin, CVA, FL20 2,400 95,388 94,064 0.05
Wolters Kluwer, FL1 25,294 $1,236,664 $1,600,523 0.85%
8,210,133 9,803,067 5.21
New Zealand
Brierley Investment Ltd., NZ$0.50 3,470 2,187 2,670 0.00
Carter Holt Harvey, NZ$0.50 231,983 374,505 466,883 0.25
Chase Corp., NZ$0.20 745,000 105,290 0 0.00
Fay Richwhite, NZ$0.25 333,900 164,831 128,443 0.07
Fletcher Challenge, NZ$0.40 348,000 597,988 647,993 0.34
Fletcher Challenge Forest Division, NZ$0.40 216,000 220,081 360,056 0.19
Tasman Properties, NZ$0.10 232,000 63,076 3,880 0.00
1,527,958 1,609,925 0.85
Norway
Bergesen D-Y A/S, KR2.50 3,960 50,353 77,172 0.04
Kvaemer Industrier, Series A, KR12.50 4,310 108,291 212,132 0.11
Norsk Hydro AS, KR20 16,320 402,623 463,495 0.25
Orkla, Series A, KR25 9,830 302,195 385,747 0.21
Saga Petroleum, Series B, KR15 4,080 44,368 39,620 0.02
907,830 1,178,166 0.63
Portugal
Jeronimo Martins, PTE1000 1,130 56,375 64,571 0.03
South Korea
Hanil Securities Co., KSWN5000 5,500 113,232 119,077 0.06
Korea Electric Power Corp., KSWN5000 3,500 76,534 94,829 0.05
189,766 213,906 0.11
Singapore
Development Bank of Singapore, S$1 10,750 80,041 121,786 0.06
Prima Limited, S$1 74,000 796,703 322,440 0.17
Sembawang Shipyard, S$1 25,000 204,810 238,095 0.13
Singapore Press Holdings, S$1 62,000 650,367 1,042,017 0.55
United Overseas Bank, S$1 100,125 $551,156 $978,501 0.52%
2,283,077 2,702,839 1.43
Spain
Banco De Santander SA, SPPT750 1,950 87,840 90,419 0.05
Banco Popular Espanol, SPPT500 826 96,164 92,348 0.05
Centros Commerciales Pryca, SPPT100 6,900 80,531 91,068 0.05
Cubiertas Y Mzov, SPPT1000 325 11,870 24,284 0.01
Empresa Nacional De Electricidad, SPPT800 11,715 446,544 556,299 0.30
Gas Natural Sdg SA, SPPT600 3,260 195,485 193,506 0.10
Inmobiliaria Metrovacesa, SPPT500 4,384 141,968 152,975 0.08
Portland Valderriuas, SPPT500 50 2,978 3,614 0.00
Repsol, SPPT500 11,690 276,298 363,272 0.19
Telefonica De Espana CIA, SPPT500 31,330 345,725 408,034 0.22
Union Electrica-Fenosa, SPPT500 32,800 114,757 137,659 0.07
1,800,160 2,113,478 1.12
Sweden
Aga AB, Series B, KR25 1,880 86,410 90,404 0.05
Astra AB, Series B, KR2.50 27,650 529,866 618,267 0.33
Atlas Copco AB, Series B, KR25 3,040 128,993 151,301 0.08
Custos AB, Series A, KR25 4,800 55,960 60,013 0.03
Electrolux Co., Series B, KR25 2,080 62,017 71,015 0.04
Esselte, Series B, KR12.50 3,980 49,316 50,717 0.03
Hennes & Mauritz AB, Series B, KR5 3,200 77,475 98,098 0.05
Marieberg Tidnings, Series A, KR10 15,000 212,534 279,506 0.15
Scribona, Series B, KR2 4,000 11,272 14,426 0.01
Sandvik AB, Series B, KR5 5,050 57,039 69,816 0.04
Stora Kopparbergs Bergsl AB, Series B, KR2 2,310 92,571 109,693 0.06
Trygg Hansa-SPP, Series B, KR10 24,100 441,822 362,156 0.19
1,805,275 1,975,412 1.06
Switzerland
Alusuisse-Lonza Holdings, FR125 4 1,243 1,741 0.00
Banque Cantonale Vaudoise, FR250 434 207,372 233,962 0.12
BBC AG Brown, Boveni & Cie, FR125 290 $150,575 $212,224 0.11%
Ciba Geigy AG, FR120 598 241,843 362,668 0.19
CS Holding, FR100 475 203,917 235,900 0.13
Nestle SA, FR10 1,082 801,152 935,449 0.50
Sandoz AG, FR100 461 983,292 1,284,525 0.68
Swissair, FR350 710 294,162 373,181 0.20
Swiss Bank Corporation, FR100 1,030 265,699 330,377 0.18
Union Bank of Switzerland, FR100 850 545,602 775,539 0.41
Zurich Versicherungs-G, FR50 230 170,669 234,805 0.12
3,865,526 4,980,371 2.64
Thailand
Advanced Information Services, BH10 5,000 70,851 220,094 0.12
Bangkok Land Public, BH10 33,000 153,968 220,602 0.12
Bangkok Bank, BH10 23,000 131,571 226,583 0.12
Land & House Public Co., BH10 4,200 45,949 106,396 0.06
Siam Cement Co., BH10 4,700 97,035 176,388 0.09
Thai Farmers Bank, BH10 32,000 132,457 175,137 0.09
631,831 1,125,200 0.60
Taiwan
Taiwan Index Fund, NPV 26,419 263,500 356,657 0.19
United Kingdom
Abbey National, 10P 47,000 254,028 355,197 0.19
Argos, 10P 36,000 167,408 203,518 0.11
Argyll Group, 25P 63,000 349,648 256,656 0.14
ASDA Group, 25P 224,000 206,998 183,503 0.10
BAA, 1P 13,000 153,611 202,920 0.11
Boddington's Group, 25P 50,400 205,337 212,020 0.11
British Gas, 25P 62,000 278,169 312,524 0.17
British Petroleum, 25P 24,000 113,626 127,708 0.07
Budgens, 10P 106,900 70,246 62,327 0.03
Bunzl, 25P 82,321 174,182 176,797 0.09
Cadbury Schweppes, 25P 53,000 392,461 398,194 0.21
Cable & Wireless, 25P 118,000 630,999 909,188 0.48
Caradon, 25P 140,000 $660,177 $855,519 0.46%
Clyde Petroleum, 25P 62,000 51,216 43,012 0.02
Coats Viyella, 20P 43,000 150,998 163,436 0.09
De La Rue Co., 25P 18,000 172,180 227,828 0.12
East Midlands Electricity, 50P 13,000 99,428 124,726 0.07
Eastern Electricity, 50P 21,000 164,073 209,230 0.11
First National Finance Corp., 10P 27,000 30,435 23,912 0.01
Five Arrows Chile, NPV 5,040 80,010 119,700 0.06
FR Group, 25P 105,600 302,503 366,297 0.19
Genesis Chile Fund, NPV 4,980 90,263 124,500 0.07
Gerrard & National Holdings, 25P 16,300 117,566 112,479 0.06
Glaxo Holdings, 25P 56,000 571,196 599,276 0.32
Grand Metropolitan, 25P 94,000 633,736 659,750 0.35
Guinness, 25P 74,000 561,307 521,562 0.28
Heath (C.E.), 20P 11,000 54,688 65,271 0.03
Hillsdown Holdings, 10P 42,000 94,444 98,571 0.05
Invesco Mim, 25P 50,100 82,416 139,766 0.07
Kingfisher, 25P 66,000 613,647 754,025 0.40
Kwik-Fit Holdings, 10P 86,700 351,995 207,317 0.11
Ladbroke Group, 10P 55,000 152,623 131,922 0.07
Laing, John, Class A Non-Voting, 25P 36,000 115,237 162,070 0.09
Lex Service, 25P 76,908 195,320 509,137 0.27
London Electricity, 50P 46,000 321,018 448,129 0.24
Marley Ltd., 25P 197,400 475,385 544,866 0.29
Medeva, 10P 62,700 293,614 127,254 0.07
Next, 10P 166,000 428,754 567,231 0.30
National Westminster Bank, 1P 103,000 732,584 942,606 0.50
Northern Electric, 50P 14,400 87,657 153,356 0.08
Northumbrian Water, 0.01P 44,100 250,345 472,256 0.25
Norweb, 50P 51,000 413,227 569,106 0.30
Pentland Group, 25P 17,300 27,026 26,046 0.01
Premier Consolidated Oil, 5P 189,700 81,661 61,601 0.03
Provident Financial, 10P 60,087 339,748 402,659 0.21
Rank Organization, 25P 26,000 250,369 378,208 0.20
Reed International, 25P 61,000 590,904 806,300 0.43
Rolls-Royce, 20P 32,500 72,372 77,954 0.04
RMC Group, 25P 11,600 135,620 159,493 0.08
RTZ Corporation, 10P 41,000 $390,684 $491,407 0.26%
Rugby Group, 25P 13,400 52,809 66,655 0.04
Seeboard, 50P 53,700 387,110 586,949 0.31
Shell Transport & Trading Co., 25P 59,000 515,236 633,122 0.34
Slough Estates, 25P 118,200 446,263 479,790 0.26
Smith, David S., Holdings, 20P 31,250 161,344 183,353 0.10
SmithKline Beecham/SmithKline Beckman, NPV 110,000 615,131 591,822 0.31
Smith W. H. Group, Class A, 50P 66,200 472,209 497,855 0.26
South Western Electricity, 50P 67,200 478,461 689,374 0.37
Southern Water, 0.01P 33,100 247,572 331,741 0.18
Tarmac, 50P 230,900 453,962 587,914 0.31
Tate & Lyle, 25P 43,600 253,627 257,423 0.14
Tesco, 5P 43,000 148,018 135,509 0.07
T & N, 1P 83,000 222,283 249,925 0.13
Tomkins, 5P 194,000 739,724 668,626 0.36
United Newspapers, 25P 44,400 376,810 425,005 0.23
Vinten Group, 20P 8,300 48,037 57,213 0.03
Vsel Consortium, 0.01P 24,700 261,826 321,744 0.17
19,113,561 22,612,350 12.01
United States
Grupo Televisa, NPV 1,652 108,619 115,640 0.06
Telefonica De Argentina SA, NPV 2,250 81,563 165,971 0.09
190,182 281,611 0.15
Total Common Stocks 102,130,608 120,612,604 64.15
Preferred Shares
International Nederlanden Groep, FL2.50 2,457 10,037 10,352 0.01
Herlitz AG, Non-Voting Preferred, DM50 2,500 315,678 491,521 0.26
Nokia Oy, Cumulative Preferred, FIN20 3,150 88,489 157,065 0.08
Roche Holdings AG, NPV 208 584,316 884,421 0.47
Unipol, Lire2000 26,000 $100,322 $109,059 0.06%
Total Preferred Stocks 1,098,842 1,652,418 0.88
Warrants and Rights
AG Fin, Rights, September 12, 1993, NPV 10 0 11 0.00
Commerce Asset Holdings Berhad
Warrants June 27, 1998, NPV 42,000 14,044 13,340 0.01
Montedison, Sub-rights, January 19, 1994, NPV 148,222 0 7,772 0.00
United Overseas Bank, Warrants June 17, 1997, NPV 12,375 26,181 61,625 0.03
Total Warrants and Rights 40,225 82,748 0.04
Total Corporate Equity Securities 103,269,675 122,347,770 65.07
BONDS AND NOTES
Convertible Corporate Bonds
Kredietbank
5.75% Convertible Bond Due November 30, 2003 114 23,288 23,362 0.01
Total Bonds and Notes 23,288 23,362 0.01
OTHER INVESTMENTS
Commingled Pension Investment Funds
European Discovery Trust Fund 531,873 6,618,000 8,010,314 4.26
Morgan Stanley Asset Management
Emerging Market Trust 2,848,845 31,897,079 39,857,018 21.20
Pacific Discovery Trust Fund 610,354 9,397,000 13,264,826 7.06
The Northern Trust Company
Collective Equity Index Financial Future 3,604 $1,408,784 $1,422,677 0.76%
Total Commingled Pension Investment Funds 49,320,863 62,554,835 33.28
Commingled Short-Term Investment Funds
The Northern Trust Company
Commingled Short-Term Investment Fund 18,650 18,650 18,650 0.01
Total Other Investments 49,339,513 62,573,485 33.29
Total International Account $152,632,476 $184,944,617 98.37%
</TABLE>
<TABLE>
Schedule 1
FLUOR CORPORATION SALARIED EMPLOYEES' SAVINGS INVESTMENT PLAN
FLUOR CORPORATION MASTER RETIREMENT TRUST
SPECIAL ASSETS ACCOUNT
SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1993
<CAPTION>
Number of
Units, Shares
or Dollar Fair Market FMV % to
Security Description Face Value Cost Value Net Assets
<S> <C> <C> <C> <C>
Interest in Limited Partnerships
Gateway Venture Partners II 1,308,511 $1,308,511 $821,524 2.55%
G. E. Private Placement Partners Limited 6,179,028 6,179,028 6,769,966 21.00
Narragansett First Fund 449,436 537,322 170,724 0.53
Water Street Corp. Recovery Fund 3,980,963 3,980,963 5,841,011 18.11
Total Interest in Limited Partnerships 12,005,824 13,603,225 42.19
Commingled Pension Investment Funds
J. P. Morgan Multi Market Special Investment Fund 133,566 16,127,210 18,264,883 56.65
The Northern Trust Company
Collective Equity Index Financial Future 667 251,576 263,299 0.82
Total Commingled Pension Investment Funds 16,378,786 18,528,182 57.47
Commingled Short-Term Investment Funds
The Northern Trust Company
Commingled Short-Term Investment Fund 109,681 109,681 109,681 0.34
Total Special Assets Account $28,494,291 $32,241,088 100.00%
</TABLE>
<TABLE>
Schedule II
Fluor Corporation Salaried Employees' Savings Investment Plan
Schedule of Assets Held for Direct Investment
December 31, 1993
<CAPTION>
Fair market
value % to
Number of Fair market net plan
Security description shares Cost value assets
<S> <C> <C> <C> <C>
Fluor Common Stock Fund:
Fluor Corporation common stock* 1,809,133 $58,642,086 $73,269,887 17.28%
Diversified Investment Fund:
Fluor Corporation common stock* 63,927 2,086,309 2,589,044 .61%
* Party-in-interest investment that is not a "prohibited
investment" under ERISA.
</TABLE>
76
<TABLE>
Schedule III
Fluor Corporation Salaried Employees' Savings Investment Plan
Schedule of Reportable Transactions
Year ended December 31, 1993
<CAPTION>
Current value
Sale or of asset at
Parties to the Description of Number Purchase redemption Cost of transaction Net gain
transaction the asset of shares price price assets date (loss)
<S> <C> <C> <C> <C> <C> <C> <C>
Fluor Common Stock Fund
Various brokers Fluor Corporation
common stock 647,866 $26,840,558 $ - $ - $26,840,558 $ -
Various brokers Fluor Corporation
common stock 630,473 - 26,914,680 19,844,562 26,914,680 7,070,118
Diversified Fund
Various brokers Fluor Corporation
common stock 9,369 384,214 - - 384,214 -
</TABLE>
77
Schedule IV
Fluor Corporation Salaried Employees' Savings Investment Plan
Schedule of Party-In-Interest Transactions
Year ended December 31, 1993
A schedule of party-in-interest transactions has not been
presented because there were no party-in-interest transactions
which are prohibited by Employee Retirement Income Security Act
of 1974 Section 406, and for which there is no statutory or
administrative exemption.
78
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Plan Administrative Committee has duly caused this
annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
Fluor Corporation Salaried Employees'
Savings Investment Plan
Dated: June 27, 1994 By: JAMES KIKENDALL
James Kikendall, Secretary
Plan Administrative Committee
79
Index To Exhibits
Sequentially
Exhibit No. Description numbered page
23 Consent of Independent Auditors 81
80
Exhibit 23
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 2-72712) pertaining to the Fluor
Corporation Salaried Employees' Savings Investment Plan of our
report dated June 3, 1994, with respect to the financial
statements and financial statement schedules of the Fluor
Corporation Salaried Employees' Savings Investment Plan included
in this Annual Report (Form 11-K) for the year ended December 31,
1993.
ERNST & YOUNG
Orange County, California
June 27, 1994
81
