FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
Commission file no. 1-924
A. Full title of the plan:
TRINOVA CORPORATION
RETIREMENT SAVINGS AND PROFIT-SHARING PLAN
B. Name of issuer of the securities
held pursuant to the plan and the
address of its principal executive office:
TRINOVA CORPORATION
3000 Strayer
Maumee, Ohio 43537-0050
This document, including exhibits, contains 28 pages.
The cover page consists of 1 page.
The Exhibit Index is located on page 27.
<PAGE>
REQUIRED INFORMATION
The following financial statements are furnished for the TRINOVA
Corporation Retirement Savings and Profit-Sharing Plan:
Page
Report of Independent Auditors 3
Statements of Assets Available for
Plan Benefits 4
Statements of Changes in Assets Available
for Plan Benefits 5
Notes to Financial Statements 6
Exhibit
The following exhibit is filed herewith:
Exhibit
Number
(1) Consent of Independent Auditors
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRINOVA CORPORATION
RETIREMENT SAVINGS AND PROFIT-SHARING PLAN
By: /S/ WILLIAM R. AMMANN
William R. Ammann
Vice President - Administration and
Treasurer
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<PAGE>
REPORT OF INDEPENDENT AUDITORS
Administrative Committee
TRINOVA Corporation
Retirement Savings and Profit-Sharing Plan
We have audited the accompanying statements of assets available for plan
benefits of the TRINOVA Corporation Retirement Savings and Profit-Sharing Plan
as of December 31, 1995 and 1994, and the related statements of changes in
assets available for plan benefits for each of the three years in the period
ended December 31, 1995. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for plan benefits of the Plan at
December 31, 1995 and 1994, and the changes in its assets available for plan
benefits for each of the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.
/S/ ERNST & YOUNG LLP
Toledo, Ohio
May 31, 1996
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<PAGE>
STATEMENTS OF ASSETS AVAILABLE FOR PLAN BENEFITS
TRINOVA CORPORATION
RETIREMENT SAVINGS AND PROFIT-SHARING PLAN
December 31
1995 1994
ASSETS - Note 1
Contributions receivable from employer $25,123,673 $20,063,389
Contributions receivable from employees 594,798 1,736
Investments - Note 5
Fixed Income Fund 253,280,476 255,902,476
Vanguard Mutual Funds 206,811,782 146,962,206
TRINOVA Stock Fund 24,656,070 14,469,415
Loans receivable from plan participants 13,184,364 9,415,580
497,932,692 426,749,677
ASSETS AVAILABLE FOR PLAN BENEFITS $523,651,163 $446,814,802
See accompanying notes
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<PAGE>
STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS
TRINOVA CORPORATION
RETIREMENT SAVINGS AND PROFIT-SHARING PLAN
Year Ended December 31
1995 1994 1993
ADDITIONS
Assets at April 1, 1994 transferred
from merged plans (Note 1) $ $407,661,558 $
Contributions by employees 19,075,293 14,081,847 571,110
Contributions by employer 31,964,065 25,523,448 732,516
Net investment income
Interest 16,767,116 12,559,652 266,324
Dividends 11,771,083 6,808,153 126,128
Other - principally realized and
unrealized gains (losses)
on investments 34,636,073 (4,226,014) 891,501
63,174,272 15,141,791 1,283,953
114,213,630 462,408,644 2,587,579
DEDUCTIONS
Benefits paid to participants 37,292,958 25,979,573 854,447
Investment management fees 84,311 62,869 18,206
Other - principally net
transfers to affiliated
benefit plans __________ 15,558 12,189
37,377,269 26,058,000 884,842
NET ADDITIONS 76,836,361 436,350,644 1,702,737
Assets available for plan benefits
at beginning of year 446,814,802 10,464,158 8,761,421
ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR $523,651,163 $446,814,802 $10,464,158
See accompanying notes
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<PAGE>
NOTES TO FINANCIAL STATEMENTS
TRINOVA CORPORATION
RETIREMENT SAVINGS AND PROFIT-SHARING PLAN
December 31, 1995
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Merger of Plans
Effective April 1, 1994, the Vickers, Incorporated Retirement Savings and
Profit Sharing Plan, the Aeroquip Corporation Retirement Savings and Profit
Sharing Plan, the Aeroquip Corporation Retirement Savings and Profit Sharing
Plan for Hourly Employees and the Retirement Savings Plan for Spring Arbor
Hourly Employees were merged into the Plan. Hazlehurst and Associates was
terminated as recordkeeper of the plan assets and The Vanguard Group was added
as trustee and recordkeeper.
Basis of Accounting
The accounting records of the TRINOVA Corporation Retirement Savings and
Profit-Sharing Plan (the Plan) are maintained on the accrual basis.
Investment Valuation and Income Recognition
Marketable securities are stated at aggregate fair value and are valued at the
last sales price quoted by a national securities exchange on the last business
day of the plan year. Mutual funds are stated at the net asset value on the
last business day of the plan year. The difference between fair value and the
cost of investments is reflected in the statement of changes in assets
available for plan benefits as unrealized gains (losses) on investments.
Guaranteed investment contracts are stated at contract value. The contract
value of these fully benefit-responsive contracts approximates the fair value.
Realized gains or losses on the sales of investments represent the differences
between the proceeds received upon the sale and the cost of investments sold,
determined on an average cost basis.
The Plan's assets, along with assets of other plans, were maintained under a
Master Trust agreement with The Northern Trust Company (the "Master Trust")
through March 31, 1994. Therefore, the Plan had combined interest, dividends,
realized gains and losses on sales of investments, and other-principally
unrealized gains and losses on investments and reported the net amount on line
b(viii) of Item 32 on Form 5500 for the year ended December 31, 1993. With
the merger of the plans (as described above), on April 1, 1994, TRINOVA
Corporation ("TRINOVA" or the "Company") entered into a Trust Agreement with
Vanguard Fiduciary Trust Company (the "Trust") and the Plan's assets were
transferred from the Master Trust to the Trust.
Reclassification
Certain balances from the prior year were reclassified to conform to the
current year presentation.
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<PAGE>
NOTE 2 - DESCRIPTION OF THE PLAN
The Plan is a defined contribution plan. Eligible participants include all
U.S. regular full-time salaried employees and non-bargaining hourly employees
of TRINOVA and its subsidiaries, Aeroquip Corporation ("Aeroquip") and
Vickers, Incorporated ("Vickers"), as well as certain part-time employees who
worked more than 1,000 hours during the 12-month period. Bargaining unit
employees are eligible to participate only if the bargaining agreement permits
participation. Temporary employees who work less than 1000 hours during a 12-
month period and interns are not eligible to participate in the Plan.
Participants may contribute to the Plan on a pretax basis by salary reduction
up to 15 percent of their annual compensation (in increments of 1 percent).
After-tax voluntary contributions up to 10 percent of annual wages were
allowed through October 31, 1994.
Information concerning the Plan document, matching and profit-sharing
contributions and vesting is contained in the summary plan description ("SPD")
for the plan. Copies of the SPD are available from the employee benefits
administration department of the Company.
Each participant individually directs his or her contributions and TRINOVA's
contributions, except for 25 percent of TRINOVA's profit-sharing contribution,
into one or more of the following investment funds (in multiples of 1
percent).
(1) TRINOVA Stock Fund is invested in TRINOVA common stock. Cash dividends
paid on shares held by the Trust are used to purchase additional shares
for participant accounts. Twenty-five percent of each participant's
profit-sharing allocation is automatically invested in the TRINOVA Stock
Fund until distribution to the participant or until the participant
reaches age 55. Upon reaching age 55, the participant has the option to
redirect the investment of the 25 percent portion from the TRINOVA Stock
Fund into any of the other available funds. Participants may elect to
have additional amounts over TRINOVA's 25 percent profit-sharing
contribution invested in the TRINOVA Stock Fund. TRINOVA common stock
is acquired in open market purchases at fair market value. Participant
directed contributions to the TRINOVA Stock Fund amounted to $1,688,543
and $742,527 for the year ended December 31, 1995 and 1994, with
accumulated participant contributions and earnings of $14,833,389 and
$8,754,104 at December 31, 1995 and 1994.
(2) The Fixed Income Fund is invested in fully benefit-responsive insurance
company investment contracts, bank investment contracts and their
equivalents. These contracts pay a negotiated interest rate for a
period of one to five years. At December 31, 1995 and 1994, the
investment contracts had a weighted average crediting interest rate of
6.21% and 6.47% respectively. The average yield on these contracts was
6.34% and 6.78% for the years ended December 31, 1995 and 1994
respectively.
Contracts are negotiated with insurance companies or financial
institutions rated AA+ by Standard and Poor's or its equivalent and have
a maximum average contract life of five years.
-7-
<PAGE>
NOTE 2 - DESCRIPTION OF THE PLAN (Continued)
(3) The Multi-Asset Fund was invested in nine major world capital classes,
including stocks and bonds of U.S. and international companies, venture
capital, real estate and cash equivalents. This fund was terminated
March 31, 1994 and all assets under this fund were transferred to the
Vanguard STAR Fund. Brinson Partners, Inc. was the investment manager
of the Multi-Asset Fund.
(4) The Government Securities Fund was invested in fixed income
securities issued or guaranteed by the U.S. Government, or its
agents or instrumentalities. These securities included U.S.
Treasury bills, notes and bonds. This fund was terminated March
31, 1994 and all assets under this fund were transferred to the
Vanguard Money Market Reserve U.S. Treasury Portfolio Fund. Ryan
Labs., Inc. was the investment manager of the Government
Securities Fund.
(5) Vanguard Mutual Funds are managed by The Vanguard Group of Investment
Companies. There are seven individual mutual funds in which participants
may invest:
(a) Vanguard Money Market Reserves - U.S. Treasury Portfolio Fund
(Money Market Fund): Money in the Money Market Fund is 100
percent invested in securities backed by the full faith and credit
of the U.S. government. It seeks the maximum current income that
is consistent with the preservation of capital and liquidity.
Average maturities for the securities held by the Money Market
Fund are normally maintained in the range of 30 - 60 days and no
longer than one year.
(b) Vanguard Index Trust - 500 Portfolio Fund (Index Fund): Money in
the Index Fund is invested in stocks of the companies which make
up the Standard & Poor's 500 Composite Stock Price Index. The
objective of the Index Fund is to match the performance of the
Standard & Poor's 500 Index.
` (c) Vanguard Windsor II Fund (Windsor II Fund): Money in the Windsor
II Fund is invested in stocks which, in the opinion of the fund's
investment manager, are undervalued in the marketplace. The
stocks held in the Windsor II Fund tend to offer above-average
dividend yields and will normally have below-average price-to
earnings ratios and below-average price-to-book value ratios
relative to the stock market in general.
(d) Vanguard/Morgan Growth Fund (Morgan Growth Fund): Money in the
Morgan Growth Fund is invested primarily in stocks of "established
growth" companies. The companies will normally be medium and
larger size companies with above-average growth in sales and
earnings over extended periods.
(e) Vanguard International Growth Portfolio Fund (International Growth
Fund): Money in the International Growth Fund is invested in non-
U.S. stocks that have been selected for their growth potential.
The International Growth Fund tends to be widely diversified both
geographically and in terms of size of companies.
-8-
<PAGE>
NOTE 2 - DESCRIPTION OF THE PLAN (Continued)
(f) Vanguard STAR Fund (STAR Fund): Money in the STAR Fund
is invested in a portfolio of Vanguard mutual funds
that emphasizes either equity, fixed income or money
market securities. It is designed as a balanced "fund
of funds" for long-term investors.
(g) Vanguard Fixed Income Securities - Long-term Corporate
Portfolio Fund (Fixed Income Securities Fund): Money
in the Fixed Income Securities Fund is invested in a
diversified portfolio of long-term investment grade
bonds which seeks to provide a high and sustainable
level of current income consistent with the maintenance
of principal and liquidity.
Participants of the Plan have general purpose and home loans available. The
minimum loan permitted is $1,000. Under a general purpose or home loan, a
participant may borrow up to the lesser of one-half of his or her vested
account balance or the total of his or her pretax, matching and roll-in
contributions to the Plan, up to a maximum of $50,000. In no event may the
aggregate amount of loans exceed $50,000. All loans are repaid to the Plan in
equal installments through payroll deductions over a period not to exceed five
years for general purpose and twenty years for home loans. Interest is
charged at the prime rate, plus 1 percent.
TRINOVA reserves the right to amend, modify or terminate the Plan at any time.
NOTE 3 - BENEFITS
A participant is entitled to the benefit provided by the contributions and
income thereon (including realized and unrealized gains and losses) allocated
to the participant's account.
Upon termination of employment due to retirement, total and permanent
disability or death, a participant or his or her spousal beneficiary will be
entitled to receive a distribution of the participant's entire account without
regard to the Plan's vesting rules: (i) in one lump sum amount; or (ii) in
monthly installments of a fixed amount or over a specified period of time in
an amount of at least $100 per month. Distribution payments to non-spousal
beneficiaries will be made in a lump sum only. If the value of a
participant's account is less than $3,500, the plan administrator will
distribute the participant's entire interest in one lump sum payment.
Withdrawals of pretax contributions, profit-sharing allocations and matching
contributions during a participant's employment are not permitted prior to age
59-1/2, unless the participant can show financial hardship for which he or she
has no other available resources. Such situations are limited to: (i) certain
medical expenses; (ii) payment of tuition and related educational fees for
post-secondary education for the next year; (iii) costs related to the
purchase of a principal residence; or (iv) payments necessary to avoid
eviction from, or a foreclosure on the mortgage of, the participant's
principal residence.
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<PAGE>
NOTE 4 - INCOME TAX STATUS
The Plan has received a favorable determination letter from the Internal
Revenue Service as to the tax qualified status of the Plan under Section
401(a) of the Internal Revenue Code and is, therefore, not subject to Federal
income tax. This letter does not express an opinion as to whether the Plan
satisfies the provisions of the Tax Reform Act of 1986. Such a letter has
been requested. TRINOVA believes that the Plan is in operational compliance
with the Internal Revenue Code of 1986 and the trust will remain qualified and
exempt from Federal income tax.
NOTE 5 - INVESTMENTS
The fair values of individual investments that represent 5% or more of the
Plan's assets are as follows:
December 31
1995 1994
_________________________________
Index Fund $ 45,832,054 $ 28,031,705
Windsor II Fund 35,722,568 23,322,538
STAR Fund 80,788,703 63,439,180
Bankers Trust Delaware Contract 26,913,111 29,353,871
Mutual Benefit Life Insurance Contract 26,226,637 25,720,078
The Plan's investments, except for loans, were held in safekeeping by the
Northern Trust Company as Trustee under a Master Trust agreement through March
31, 1994. The Master Trust held the investment assets for the Plan and other
designated defined contribution plans of TRINOVA, Aeroquip and Vickers.
Net investment income of the Master Trust for the year ended December 31, 1993
and the period from January 1 through March 31, 1994 is as follows:
Period of three Year Ended
months ended December 31
March 31, 1994 1993
______________ ____________
Interest earned $ 5,410,175 $21,924,851
Dividends received 172,192 2,182,874
Other-principally realized
and unrealized gains (losses) (1,825,874) 11,992,838
____________ ___________
$ 3,756,493 $36,100,563
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<PAGE>
<TABLE>
NOTE 6 - CHANGES IN ASSETS BY INVESTMENT OPTION
<CAPTION>
Vanguard
Fixed Income Mutual TRINOVA Stock
Fund Funds Fund
<S> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994 $255,902,476 $146,962,206 $14,469,415
ADDITIONS
Contributions
Employees 6,876,072 10,791,304 814,855
Employer 10,021,894 10,849,801 6,032,086
16,897,966 21,641,105 6,846,941
Net investment income
Interest 15,851,574
Dividends 11,180,523 590,560
Other - principally realized and
unrealized gains (losses) on
investments 33,558,023 1,078,050
15,851,574 44,738,546 1,668,610
32,749,540 66,379,651 8,515,551
DEDUCTIONS
Benefits paid to participants 25,439,603 9,639,872 1,432,871
Investment management fees 40,191 35,751 8,369
Other - net transfers
among investment funds 9,891,746 (3,145,548) (3,112,344)
35,371,540 6,530,075 (1,671,104)
NET ADDITIONS (DEDUCTIONS) (2,622,000) 59,849,576 10,186,655
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1995 $253,280,476 $206,811,782 $24,656,070
</TABLE>
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<PAGE>
<TABLE>
NOTE 6 - CHANGES IN ASSETS BY INVESTMENT OPTION (Continued)
<CAPTION>
Contributions
Loans Receivable Total
<S> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994 $9,415,580 $20,065,125 $446,814,802
ADDITIONS
Contributions
Employees 593,062 19,075,293
Employer 5,060,284 31,964,065
5,653,346 51,039,358
Net investment income
Interest 915,542 16,767,116
Dividends 11,771,083
Other - principally realized and
unrealized gains(losses) on investments 34,636,073
915,542 63,174,272
915,542 5,653,346 114,213,630
DEDUCTIONS
Benefits paid to participants 780,612 37,292,958
Investment management fees 84,311
Other - net transfers
among investment funds (3,633,854) __________
(2,853,242) 37,377,269
NET ADDITIONS (DEDUCTIONS) 3,768,784 5,653,346 76,836,361
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1995 $13,184,364 $25,718,471 $523,651,163
</TABLE>
- -12-
<PAGE>
<TABLE>
NOTE 6 - CHANGES IN ASSETS BY INVESTMENT OPTION
<CAPTION>
Vanguard
Fixed Income Mutual Multi-Asset TRINOVA Stock
Fund Funds Fund Fund
<S> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $3,288,535 $2,487,309 $2,726,582 $1,138,707
ADDITIONS
Assets at April 1, 1994
transferred from merged plans (Note 1) 249,823,573 137,716,170 14,401,889
Contributions
Employees 5,625,494 7,926,612 55,629 477,243
Employer 2,550,463 2,912,692 107,258 366,032
8,175,957 10,839,304 162,887 843,275
Net investment income
Interest 12,131,215 20,986
Dividends 6,567,058 0 241,095
Other - principally realized and
unrealized gains (losses) on
investments (1,946,681) 973 (2,277,608)
12,131,215 4,620,377 21,959 (2,036,513)
270,130,745 153,175,851 184,846 13,208,651
DEDUCTIONS
Benefits paid to participants 17,426,733 7,178,963 843,023
Investment management fees 30,484 20,329 7,238 4,776
Other - principally net transfers
among investment funds and net
transfers to benefit plans
of affiliated companies 59,587 1,501,662 2,904,190 (969,856)
17,516,804 8,700,954 2,911,428 (122,057)
NET ADDITIONS (DEDUCTIONS) 252,613,941 144,474,897 (2,726,582) 13,330,708
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994 $255,902,476 $146,962,206 $ 0 $14,469,415
</TABLE>
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<PAGE>
<TABLE>
NOTE 6 - CHANGES IN ASSETS BY INVESTMENT OPTION (Continued)
<CAPTION>
Government
Securities Contributions
Fund Loans Receivable Total
<S> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $ 134,082 $ 173,833 $ 515,110 $10,464,158
ADDITIONS
Assets at April 1, 1994 transferred
from merged plans (Note 1) 5,719,926 407,661,558
Contributions
Employees 13,578 (16,709) 14,081,847
Employer 20,279 19,566,724 25,523,448
33,857 19,550,015 39,605,295
Net investment income
Interest 2,798 404,653 12,559,652
Dividends 6,808,153
Other - principally realized and
unrealized gains(losses) on
investments (2,698) (4,226,014)
100 404,653 15,141,791
33,957 6,124,579 19,550,015 462,408,644
DEDUCTIONS
Benefits paid to participants 530,854 25,979,573
Investment management fees 42 62,869
Other - principally net transfers
among investment funds and
net transfers to benefit plans
of affiliated companies 167,997 (3,648,022) 15,558
168,039 (3,117,168) 19,550,015 26,058,000
NET ADDITIONS (DEDUCTIONS) (134,082) 9,241,747 19,550,015 436,350,644
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994 $ 0 $9,415,580 $20,065,125 $446,814,802
</TABLE>
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<PAGE>
<TABLE>
NOTE 6 - CHANGES IN ASSETS BY INVESTMENT OPTION (Continued)
<CAPTION>
Vanguard
Fixed Income Mutual Multi-Asset TRINOVA Stock
Fund Funds Fund Fund
<S> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1992 $3,796,406 $1,571,316 $2,194,948 $ 789,379
ADDITIONS
Contributions
Employees 120,588 194,076 155,703 59,393
Employer 81,088 110,541 85,320 76,180
201,676 304,617 241,023 135,573
Net investment income
Interest 241,855 1,635 335
Dividends 100,914 25,214
Realized gains on sales
of investments 45,921 33,585 41,223
Other - principally realized and
unrealized gains (losses) on
investments 220,070 291,341 378,756
241,855 320,984 292,976 404,305
443,531 625,601 533,999 539,878
DEDUCTIONS
Benefits paid to participants 316,079 197,203 308,019 30,710
Investment management fees 2,014 16,042
Other - principally net transfers
among investment funds and net
transfers to benefit plans
of affiliated companies 635,323 (489,609) (321,696) 159,840
951,402 (290,392) 2,365 190,550
NET ADDITIONS (DEDUCTIONS) (507,871) 915,993 531,634 349,328
ASSETS AVAILABLE FOR PLAN BENEFITS $ 3,288,535 $2,487,309 $ 2,726,582 $ 1,138,707
AT DECEMBER 31, 1993
</TABLE>
- -15-
<PAGE>
<TABLE>
NOTE 6 - CHANGES IN ASSETS BY INVESTMENT OPTION (Continued)
<CAPTION>
Government
Securities Contributions
Fund Loans Receivable Total
<S> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1992 $ 111,067 $172,729 $125,576 $8,761,421
ADDITIONS
Contribution
Employees 19,816 21,534 571,110
Employer 11,387 368,000 732,516
31,203 389,534 1,303,626
Net investment income
Interest 6,311 16,188 266,324
Dividends 126,128
Other - principally realized and
unrealized gains(losses) on
investments 1,334 891,501
7,645 16,188 1,283,953
38,848 16,188 389,534 2,587,579
DEDUCTIONS
Benefits paid to participants 2,436 854,477
Investment management fees 150 18,206
Other - principally net transfers
among investment funds and
net transfers to benefit plans
of affiliated companies 13,247 15,084 12,189
15,833 15,084 884,842
NET ADDITIONS (DEDUCTIONS) 23,015 1,104 389,534 1,702,737
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $ 134,082 $ 173,833 $ 515,110 $10,464,158
</TABLE>
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<PAGE>
<TABLE>
NOTE 7 - VANGUARD MUTUAL FUNDS
A summary of the activity within the separate Vanguard Mutual Fund options
for the year ended December 31, 1995 is as follows:
<CAPTION>
Morgan International
Growth Fund Index Fund Windsor II Fund Growth Fund
<S> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994 $8,620,791 $28,031,705 $23,322,538 $18,248,898
Contributions and transfers from other
investment options 1,796,591 5,092,941 3,836,403 2,538,041
Net investment income
Dividends 1,260,913 1,025,313 2,048,964 512,813
Realized and unrealized
gains/(losses) 2,083,996 10,319,351 7,069,389 1,923,784
3,344,909 11,344,664 9,118,353 2,436,597
Net Intra-Vanguard Transfers 2,178,263 4,385,899 1,480,418 (2,804,258)
7,319,763 20,823,504 14,435,174 2,170,380
Benefit payments and transfer to
other investment options 821,444 3,017,620 2,030,855 1,345,531
Expenses 1,941 5,535 4,289 2,913
823,385 3,023,155 2,035,144 1,348,444
NET ADDITIONS 6,496,378 17,800,349 12,400,030 821,936
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1995 $15,117,169 $45,832,054 $35,722,568 $19,070,834
</TABLE>
- -17-
<PAGE>
<TABLE>
NOTE 7 - VANGUARD MUTUAL FUNDS (Continued)
<CAPTION>
Total
Money STAR Fixed Income Vanguard
Market Fund Fund Securities Fund Mutual Fund
<S> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994 $4,527,146 $63,439,180 $ 771,948 $146,962,206
Contributions and transfers from other
investment options 2,633,073 7,907,452 317,523 24,122,024
Net investment income
Dividends 371,073 5,834,835 126,612 11,180,523
Realized and unrealized
gains/(losses) 11,878,924 282,579 33,558,023
371,073 17,713,759 409,191 44,738,546
Net Intra-Vanguard Transfers 106,959 (2,523,583) 1,631,931 4,455,629
3,111,105 23,097,628 2,358,645 73,316,199
Benefit payments and transfer to
other investment options 427,597 5,734,394 53,431 13,430,872
Expenses 7,048 13,711 314 35,751
434,645 5,748,105 53,745 13,466,623
NET ADDITIONS 2,676,460 17,349,523 2,304,900 59,849,576
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1995 $7,203,606 $80,788,703 $3,076,848 $206,811,782
</TABLE>
-18-
<PAGE>
<TABLE>
NOTE 7 - VANGUARD MUTUAL FUNDS (Continued)
A summary of the activity within the separate Vanguard Mutual Fund options
for the year ended December 31, 1994 is as follows:
<CAPTION>
Morgan International
Growth Fund Index Fund Windsor II Fund Growth Fund
<S> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $289,658 $781,093 $768,412 $648,067
Assets at April 1, 1994 transferred
from merged plans (Note 1) 8,131,373 25,306,737 20,305,837 15,050,725
Contributions and transfers from other
investment options 936,772 2,767,667 2,343,155 1,766,176
Net investment income
Dividends 261,057 692,562 1,421,359 244,932
Realized and unrealized
gains/(losses) (67,963) 642,657 (744,245) 73,878
193,094 1,335,219 677,114 318,810
Net Intra-Vanguard Transfers (428,911) (440,654) 534,057 1,430,332
8,832,328 28,968,969 23,860,163 18,566,043
Benefit payments and transfer to
other investment options 499,862 1,714,550 1,303,316 963,251
Expenses 1,333 3,807 2,721 1,961
501,195 1,718,357 1,306,037 965,212
NET ADDITIONS 8,331,133 27,250,612 22,554,126 17,600,831
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994 $8,620,791 $28,031,705 $23,322,538 $18,248,898
</TABLE>
-19-
<PAGE>
<TABLE>
NOTE 7 - VANGUARD MUTUAL FUNDS (Continued)
<CAPTION>
Total
Money STAR Fixed Income Trustee Vanguard
Market Fund Fund Securities Fund Cash Account Mutual Fund
<S> <C> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $0 $0 $0 $79 $2,487,309
Assets at April 1, 1994 transferred
from merged plans (Note 1) 3,395,392 65,526,106 137,716,170
Contribution and transfers from other
investment options 1,120,536 6,124,544 62,926 15,121,776
Net investment income
Dividends 137,900 3,781,984 27,343 (79) 6,567,058
Realized and unrealized
gains/(losses) (1,820,488) (30,520) (1,943,681)
137,900 1,961,496 (3,177) (79) 4,620,377
Net Intra-Vanguard Transfers 93,545 (5,055,543) 725,223 (3,141,951)
4,747,373 68,556,603 784,972 (79) 154,316,372
Benefit payments and transfer to
other investment option
Expenses 2,244 8,209 54 20,329
220,227 5,117,423 13,024 9,841,475
NET ADDITIONS (DEDUCTIONS) 4,527,146 63,439,180 771,948 (79) 144,474,897
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994 $4,527,146 $63,439,180 $771,948 $ 0 $146,962,206
</TABLE>
-20-
<PAGE>
<TABLE>
NOTE 7 - VANGUARD MUTUAL FUNDS (Continued)
A summary of the activity within the separate Vanguard Mutual Fund options
for the year ended December 31, 1993 is as follows:
<CAPTION>
Morgan International
Growth Fund Index Fund Windsor II Fund Growth Fund
<S> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1992 $256,610 $631,953 $550,526 $134,720
Contributions and transfers from other
investment options 188,000 306,534 225,521 289,918
Net investment income
Dividends 32,027 20,752 42,917 5,218
Realized and unrealized
gains/(losses) (8,987) 52,271 42,566 134,220
23,040 73,023 85,483 139,438
Net Intra-Vanguard Transfers (61,863) (110,206) 54,658 117,411
149,177 269,351 365,392 546,767
Benefit payments and transfer to
other investment options 115,727 119,292 147,059 33,174
Expenses 402 919 447 246
116,129 120,211 147,506 33,402
NET ADDITIONS (DEDUCTIONS) 33,048 149,140 217,886 513,347
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $289,658 $781,093 $768,412 $648,067
</TABLE>
-21-
<PAGE>
<TABLE>
NOTE 7 - VANGUARD MUTUAL FUNDS (Continued)
<CAPTION>
Total
Trustee Benefits Vanguard
Cash Account Payable Mutual Fund
<S> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1992 $ 2,505 ($ 4,998) $1,571,316
Contribution and transfers from other
investment options 1,009,703
Net investment income
Dividends 100,914
Realized and unrealized
gains/(losses) 220,070
320,984
Net Intra-Vanguard Transfer
1,330,687
Benefit payments and transfer to
other investment options 2,426 (4,998) 412,680
Expenses 2,014
2,426 (4,998) 414,694
NET ADDITIONS (DEDUCTIONS) ( 2,426) 4,998 915,993
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $ 79 $ 0 $2,487,309
</TABLE>
-22-
EXHIBIT INDEX
Exhibit
Number Page
(1) Consent of Independent Auditors 24
-23-
Exhibit (1)
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Registration Statement No.
333-55399 on Form S-8 of our report dated May 31, 1996 with respect to the
financial statements of the TRINOVA Corporation Retirement Savings and Profit-
Sharing Plan included in this Annual Report (Form 11-K) for the plan year
ended December 31, 1995.
/S/ ERNST & YOUNG LLP
Toledo, Ohio
June 25, 1996
-24-
