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, 1994
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 number 0-6547
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below: Western Union International, Inc.
401(k) Plan for Collectively Bargained Employees, 201 Centennial
Avenue, Piscataway, NJ 08854
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office: MCI Communications
Corporation, 1801 Pennsylvania Avenue, NW, Washington, DC 20006
Page 1
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WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
Page(s)
-------
Report of Independent Accountants 3
Statements of Net Assets Available for Benefits at
December 31, 1994 and 1993 4
Statements of Changes in Net Assets Available for
Benefits for the years ended December 31, 1994 and 1993 5
Notes to Financial Statements 6-14
Additional Information:
Schedule I. Schedule of Assets Held for Investment
Purposes at December 31, 1994 15
Schedule II. Schedule of Reportable Transactions
for the year ended December 31, 1994 16
Signature 17
Exhibits:
23. Consent of Independent Accountants 18
99. Certification Regarding Certain Investment
Arrangements 19
Page 2
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrative
Committee of the Western Union International, Inc.
401(k) Plan for Collectively Bargained Employees
In our opinion, the accompanying statements of net assets available for benefits
and related statement of changes in net assets available for benefits present
fairly, in all material respects, the net assets available for benefits of the
Western Union International, Inc. 401(k) Plan for Collectively Bargained
Employees at December 31, 1994 and 1993, and the changes in net assets available
for benefits for the years then ended, in conformity with generally accepted
accounting principles. 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 of these
statements in accordance with generally accepted auditing standards which
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, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by the Employee Retirement Income Security Act of 1974 ("ERISA"). Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/S/ PRICE WATERHOUSE LLP
- ------------------------
PRICE WATERHOUSE LLP
Washington, D.C.
June 16, 1995
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<PAGE>
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
-----------------------------
1994 1993
------------- ------------
Non-interest bearing cash $ 16,785 $ 198
Employer contribution receivable 46 8
----------- -----------
Total 16,831 206
----------- -----------
General investments:
Loans to participants 342,151 177,411
Value of interest in collective
investment funds of trustee 980,554 348,021
Value of interest in registered
investment company 2,176,567 1,706,589
Value of guaranteed investment
contracts 2,886,044 2,671,620
----------- -----------
Total general investments 6,385,316 4,903,641
----------- -----------
Employer related investments:
Employer securities 2,439,134 3,051,198
----------- -----------
Net assets available for benefits $ 8,841,281 $ 7,955,045
=========== ===========
See accompanying notes to the financial statements.
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<PAGE>
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED:
December 31,
-----------------------------
1994 1993
----------- -----------
ADDITIONS
- ---------
Contributions:
Non-cash employer $ 547,589 $ 459,008
Participants 1,334,064 1,317,963
Rollovers 128,241 368,354
------------ ------------
Total contributions 2,009,894 2,145,325
------------ ------------
Earnings on investments:
Interest on guaranteed investment
contracts 244,282 184,108
Interest on participant loans 15,986 3,143
Dividends on common stock 6,160 4,942
Unrealized (depreciation)
appreciation of assets (1,182,737) 762,856
Net investment gain from collective
investment funds of trustee 14,092 59,850
Net investment gain from registered
investment company 12,909 145,773
------------ ------------
Total (losses) earnings on investments (889,308) 1,160,672
------------ ------------
Total additions 1,120,586 3,305,997
DEDUCTIONS
- ------------
Participant benefit payments (123,229) (52,757)
------------ ------------
Net increase 997,357 3,253,240
Transfer (to) from MCI Communications
Retirement Savings Plan (111,121) 72,857
Net assets available for benefits, at
beginning of year 7,955,045 4,628,948
------------ ------------
Net assets available for benefits, at
end of year $ 8,841,281 $ 7,955,045
============ ============
See accompanying notes to the financial statements.
Page 5
<PAGE>
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
NOTES TO FINANCIAL STATEMENTS ON FORM 11-K
DECEMBER 31, 1994
NOTE 1 - DESCRIPTION OF THE PLAN
The following brief description of the Western Union International, Inc. 401(k)
Plan for Collectively Bargained Employees (the "Plan") is provided for general
information purposes only. Participants should refer to the Plan document for
more complete information. The Plan is subject to the applicable provisions of
the Employee Retirement Income Security Act of 1974 ("ERISA").
Effective July 1, 1990, Western Union International, Inc. (the "Company")
established a defined contribution, deferred savings plan called the Western
Union International, Inc. 401(k) Plan for Collectively Bargained Employees. The
Plan sponsor is Western Union International, Inc., a wholly-owned subsidiary of
MCI International, Inc., which is a wholly-owned subsidiary of MCI
Communications Corporation. Employees of the Company who are represented by
American Communications Association Locals 9 or 111 and the Communications Trade
Division affiliated with the International Brotherhood of Teamsters are
generally eligible to participate in the Plan. Participants may contribute up to
10% of compensation ("Elective Contribution") under the Plan. The Plan was
amended and the Elective Contribution was changed from 10% to 15% effective
November 10, 1994. The first 6% of the Elective Contribution is eligible for a
Company matching contribution in the form of MCI Communications Corporation
common stock or cash at a rate of $.50 for each dollar contributed by the
employee. The Company's matching contribution is made monthly and, when made in
the form of Company common stock is determined by the closing price of MCI
Communications Corporation common stock on the last trading day of the month.
Participants' Elective Contributions are withheld from their weekly paychecks.
The Company contributes the amounts withheld to the Plan on behalf of each
applicable participant after each pay period. Participants vest in the Company's
matching contributions at a rate of 20% per year of service and are always 100%
vested in their Elective Contributions. Participants receive a year of service
for vesting purposes for each Plan year during which they complete at least
1,000 hours of service. Participants also receive credit for years of service
for each calendar year prior to July 1, 1990 during which they completed 1,000
hours of service. Elective Contributions may be invested in any of four
investment funds available under the Plan.
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<PAGE>
The available investment funds as of December 31, 1994 are:
- Fund A - Aggressive Equity Fund
The aggressive equity fund is invested primarily in the Putnam
Voyager Fund, which is a long term growth fund invested in a
diversified portfolio of emerging growth stocks and
opportunity stocks. The fund is managed by Putnam Investment
Management, Inc.
- Fund B - MCI Common Stock Fund
A fund investing in MCI Communications Corporation common
stock. These shares of stock are qualified employer securities
as defined by the Employee Retirement Income Security Act of
1974.
- Fund C - Equity Index Fund
An equity index mutual fund invested in common stock which is
comparable to the Standard & Poor's 500 Composite Stock Index.
All investment decisions are made by Dreyfus Corporation, an
affiliate of the Plan trustee. The trustee oversees the fund
in accordance with the trust agreement.
- Fund D - Long-Term Fixed Income Fund
A long-term fixed income fund which guarantees both principal
and interest through investments in guaranteed interest
contracts. The guaranteed rates of interest ranged from 5.9%
to 9.1% at December 31, 1994 and 1993.
Each individual's investment in Fund B is recorded in his/her participant
account on a per share basis of the MCI Communications Corporation common stock
according to their pro rata portion of the share activity in the fund. All other
funds are tracked on a dollar value basis with each fund's activity allocated to
participants on a pro rata basis. Therefore, the Plan does not record activity
on a unit value basis.
Participants may change the allocation of their future contributions among funds
at any time.
Distribution of the benefits in a participant's Plan account is normally made
only after the participant ceases to be an employee of the Company. However, the
account balance of a participant's Elective Contributions may be withdrawn by a
participant who has not attained age 59 1/2 prior to termination of employment
if the participant can demonstrate an economic hardship (as defined in the
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Plan). After the age of 59 1/2, a participant may withdraw all or any portion of
his elective contribution account. Upon termination of employment, a participant
receives all vested assets in the accounts established on behalf of such
participant under the Plan. Non-vested portions of a terminated participant's
account are forfeited and used to offset future Company matching contributions.
For the years ended 1994 and 1993, the amount of forfeitures were $3,343 and
$7,819, respectively.
The Plan is not a defined benefit plan and, accordingly, Plan benefits are not
guaranteed by the Pension Benefit Guaranty Corporation. Plan assets are held by
the trustee, Mellon Bank, N.A. of Pittsburgh, Pennsylvania.
The Company reserves the right under the Plan to discontinue its contributions
and/or to terminate the Plan at any time. Upon termination, all amounts funded
shall become nonforfeitable and shall be provided for and paid from the Plan's
trust in accordance with the order of priority set forth in Section 4044 of
ERISA. The Company has not expressed any intention to discontinue its
contributions nor to terminate the Plan.
The Plan's holdings of MCI Communications Corporation Common Stock, a Putnam
Investment, Inc. mutual fund, and a Mellon Bank collective trust account are
party-in-interest investments. The Plan Committee, the administrator of the
Plan, is also a party-in-interest.
NOTE 2 - DESCRIPTION OF ACCOUNTING PRINCIPLES AND PRACTICES
The financial statements for the Plan are prepared on the accrual basis of
accounting.
The Plan's distribution of MCI Communications Corporation common stock to
participants is the fair market value as of the distribution date. Purchases and
sales of securities are recorded on the trade date.
The Plan's interest in registered investment companies and employer securities
are stated at fair value, measured by the quoted current market price. Units in
collective investment funds are valued at the net asset value as reported by
such funds at the end of each period. Funds invested in guaranteed investment
contracts are stated at contract value, measured as cost plus earned interest
income.
Administrative expenses of the Plan are paid by the Company.
Page 8
<PAGE>
NOTE 3 - NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
The allocation of net assets available for benefits and the changes in net
assets available for benefits among the Plan's investment funds for years ended
December 31, 1994 and 1993 are presented on the following pages. Certain prior
year information has been reclassified to conform to the current year
presentation.
<TABLE>
<CAPTION>
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED: DECEMBER 31, 1994
Long-Term
Aggressive MCI Common Equity Fixed
Equity Stock Index Income Loan Total
Fund Fund Fund Fund Fund Funds
---------- ---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Non-interest bearing
cash $ 273 $ 99 $ 635 $ 15,778 $ 0 $ 16,785
Employer contribution
receivable 0 46 0 0 0 46
---------- ---------- --------- --------- --------- ---------
Total 273 145 635 15,778 0 16,831
---------- ---------- --------- --------- --------- ---------
General Investments:
Loans to participants 0 0 0 0 342,151 342,151
Value of interest in
collective investment
funds of trustee 7,000 29,129 4,364 940,061* 0 980,554
Value of interest
in registered
investment companies 1,217,730* 0 958,837* 0 0 2,176,567
Value of guaranteed
investment contracts 0 0 0 2,886,044* 0 2,886,044
---------- ---------- --------- --------- --------- ---------
Total general investments 1,224,730 29,129 963,201 3,826,105 342,151 6,385,316
Employer related investments
Employer securities 0 2,439,134* 0 0 0 2,439,134
---------- ---------- --------- --------- --------- ---------
Net assets available for
benefits $1,225,003 $2,468,408 $ 963,836 $3,841,883 $ 342,151 $8,841,281
========== ========== ========= ========== ========= ==========
<FN>
* Investment represents 5% or more of the Plan's net assets.
</FN>
</TABLE>
Page 9
<PAGE>
<TABLE>
<CAPTION>
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED: DECEMBER 31, 1993
Long-Term
Aggressive MCI Common Equity Fixed
Equity Stock Index Income Loan Total
Fund Fund Fund Fund Fund Funds
---------- ---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Non-interest bearing
cash $ 0 $ 13 $ 0 $ 185 $ 0 $ 198
Employer contribution
receivable 0 8 0 0 0 8
---------- ---------- --------- --------- --------- ---------
Total 0 21 0 185 0 206
---------- ---------- --------- --------- --------- ---------
General Investments:
Loans to participants 0 0 0 0 177,411 177,411
Value of interest in
collective investment
funds of trustee 0 24,883 74,226 248,912 0 348,021
Value of interest in
registered
investment companies 953,962* 0 752,627* 0 0 1,706,589
Value of guaranteed investment
contracts 0 0 0 2,671,620* 0 2,671,620
---------- ---------- --------- --------- --------- ---------
Total general investments 953,962 24,883 826,853 2,920,532 177,411 4,903,641
Employer related investments
Employer securities 0 3,051,198* 0 0 0 3,051,198
---------- ---------- --------- --------- --------- ---------
Net assets available for
benefits $ 953,962 $3,076,102 $ 826,853 $2,920,717 $ 177,411 $7,955,045
========== ========== ========= ========== ========= ==========
<FN>
* Investment represents 5% or more of the Plan's net assets.
</FN>
</TABLE>
Page 10
<PAGE>
<TABLE>
<CAPTION>
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED: DECEMBER 31, 1994
Long-Term
Aggressive MCI Common Equity Fixed
Equity Stock Index Income Loan Total
Fund Fund Fund Fund Fund Funds
ADDITIONS ---------- ---------- --------- --------- --------- ---------
- ---------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Non-cash employer $ 0 $ 547,589 $ 0 $ 0 $ 0 $ 547,589
Participants 346,455 116,288 231,497 639,824 0 1,334,064
Rollovers 0 0 0 128,241 0 128,241
---------- ---------- --------- --------- --------- ---------
Total contributions 346,455 663,877 231,497 768,065 0 2,009,894
---------- ---------- --------- --------- --------- ---------
Earnings on investments:
Interest on guaranteed
investment contracts 0 0 0 244,282 0 244,282
Interest on participant loans 0 0 0 0 15,986 15,986
Dividends on common stock 0 6,160 0 0 0 6,160
Unrealized (depreciation)of assets 0 (1,182,737) 0 0 0 (1,182,737)
Net investment gain from collective
investment funds of trustee 34 904 13,154 0 0 14,092
Net investment gain from registered
investment company 12,909 0 0 0 0 12,909
---------- ---------- --------- --------- --------- ---------
Total earnings (losses)on investments 12,943 (1,175,673) 13,154 244,282 15,986 (889,308)
---------- ---------- --------- --------- --------- ---------
Total additions (losses) 359,398 (511,796) 244,651 1,012,347 15,986 1,120,586
DEDUCTIONS
- ----------
Participant benefit payments ( 13,724) ( 49,211) ( 3,291) ( 57,003) 0 (123,229)
---------- ---------- --------- --------- --------- ---------
Net increase (decrease) 345,674 (561,007) 241,360 955,344 15,986 997,357
Transfers to MCI Communications
Retirement Savings Plan (8,763) (52,239) ( 10,329) ( 36,511) ( 3,279) (111,121)
Interfund transfers (from) to ( 36,409) 23,161 ( 55,582) 68,830 0 0
Net loans (29,461) ( 17,609) (38,466) ( 66,497) 152,033 0
Net assets available for benefits, at
beginning of year 953,962 3,076,102 826,853 2,920,717 177,411 7,955,045
---------- ---------- --------- --------- --------- ---------
Net assets available for benefits, at
end of year $1,225,003 $2,468,408 $ 963,836 $3,841,883 $ 342,151 $8,841,281
========== ========== ========= ========== ========= ==========
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED: DECEMBER 31, 1993
Long-Term
Aggressive MCI Common Equity Fixed
Equity Stock Index Income Loan Total
Fund Fund Fund Fund Fund Funds
ADDITIONS ---------- ---------- --------- --------- --------- ---------
- ---------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Non-cash employer $ 0 $ 459,008 $ 0 $ 0 $ 0 $ 459,008
Participants 296,365 129,841 219,132 672,625 0 1,317,963
Rollovers 0 13,000 13,733 341,621 0 368,354
Transfers from MCI Communications
Retirement Savings Plan 3,171 0 0 69,686 0 72,857
---------- ---------- --------- --------- --------- ---------
Total contributions 299,536 601,849 232,865 1,083,932 0 2,218,182
---------- ---------- --------- --------- --------- ---------
Earnings on investments:
Interest on guaranteed investment contracts 0 0 0 184,108 0 184,108
Interest on participant loans 0 0 0 0 3,143 3,143
Dividends on common stock 0 4,942 0 0 0 4,942
Unrealized appreciation of assets 0 762,856 0 0 0 762,856
Net investment gain from collective
investment funds of trustee 19 99 57,029 2,703 0 59,850
Net investment gain from registered
investment company 145,773 0 0 0 0 145,773
---------- ---------- --------- --------- --------- ---------
Total earnings on investments 145,792 767,897 57,029 186,811 3,143 1,160,672
---------- ---------- --------- --------- --------- ---------
Total additions (losses) 445,328 1,369,746 289,894 1,270,743 3,143 3,378,854
DEDUCTIONS
- ----------
Participant benefits payments ( 5,801) ( 10,712) ( 8,722) ( 27,522) 0 (52,757)
---------- ---------- --------- --------- --------- ---------
Net increase 439,527 1,359,034 281,172 1,243,221 3,143 3,326,097
Interfund transfers (from) to ( 70,801) 70,130 23,591 ( 22,920) 0 0
Net loans ( 46,698) ( 2,260) ( 16,873) (108,437) 174,268 0
Net assets available for benefits, at
beginning of year 631,934 1,649,198 538,963 1,808,853 0 4,628,948
---------- ---------- --------- --------- --------- ---------
Net assets available for benefits, at
end of year $ 953,962 $3,076,102 $ 826,853 $2,920,717 $ 177,411 $7,955,045
========== ========== ========== ========== ========= ==========
</TABLE>
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<PAGE>
NOTE 4 - PARTICIPANTS' ACCOUNTS
As of December 31, 1994 and 1993, the Plan held 132,742 and 108,007 shares of
MCI Communications Corporation common stock at a fair market value of
$2,439,134 and $3,051,198, respectively. Of these shares, 21,870 and 14,274
were contributed by the Company during the Plan years ended December 31, 1994
and 1993, respectively, as the Company's matching contribution. During the Plan
years ended December 31, 1994 and 1993, 4,340 and 691 shares, respectively, of
MCI Communications Corporation common stock were distributed to participants.
As of December 31, 1994 and 1993 the Plan's benefit claims payable was $209,527
and $231,647, respectively, which includes 2,505 and 3,048 shares,
respectively, of MCI Communications Corporation common stock at fair market
values of $46,029 and $86,106, respectively. Net assets include the account
balances of participants who have terminated from the Company and have not
received a distribution as of year end.
NOTE 5 - FEDERAL INCOME TAX STATUS
The Plan Administrator has received a favorable determination letter from the
Internal Revenue Service covering the Plan as amended through July 1, 1990
stating that the Plan, as designed is a qualified plan in accordance with
section 401(a) of the Internal Revenue Code ("code"), and its corresponding
trust is exempt from taxation under section 501(a) of the code. The Plan
Administrator believes the Plan is being operated as designed and therefore
maintains its tax-qualified status.
NOTE 6 - PARTICIPANTS' LOANS
Effective April 1, 1993, a loan feature was added to the Plan which allows
employees to borrow up to 50% of their vested balance from their Plan accounts
(or $50,000, whichever is less). The minimum loan amount is $1,000 and the
minimum term of a loan is one year. The maximum term of a loan is five years
for a general purpose loan and fifteen years for a primary residence loan. Only
one loan of each type, general purpose and primary residence, may be
outstanding at any time. Loan proceeds are disbursed pro rata from each of the
borrowers' investment funds, and are repaid through weekly payroll deductions.
Loan repayments of principal and interest are invested based on the borrowers'
current investment election. Interest rates for new loans are determined
quarterly by the Plan Administrative Committee, based on the prime rate as
published on the first day of each quarter in THE WALL STREET JOURNAL, plus one
percentage point. The interest rate is fixed
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<PAGE>
for the term of the loan. Loans can be repaid in full, with one month's notice.
During the Plan years ended December 31, 1994 and 1993, $232,075 and $188,767
in loans were disbursed and principal repayments of $64,056 and $11,356,
respectively, were made.
Page 14
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE I
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
ITEM 27a SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
NUMBER CURRENT
OF VALUE AT
SHARES COST 12/31/94
------- ----- ----------
DESCRIPTION/ISSUER
- -------------------
<S> <C> <C> <C>
LOANS TO PARTICIPANTS
Participants loan accounts (rates range 7%-10%) $ 0 $ 342,151
---------
INTEREST IN COLLECTIVE INVESTMENT
FUNDS OF TRUSTEE
* Mellon Bank Temporary
Investment Fund 46,500 46,500
* Putnam Long-Term Fixed 934,054 934,054
---------
Total interest in collective
investment funds of trustee 980,554
---------
INTEREST IN REGISTERED INVESTMENT
COMPANY
* Putnam Voyager Fund 105,706 1,079,074 1,217,729
* Dreyfus Funds Inc. S&P
500 Stock Index 95,597 975,621 958,838
----------
Total interests in registered investment companies 2,176,567
----------
GUARANTEED INVESTMENT CONTRACTS
John Hancock Mutual Life
Insurance (8.05% matures 6/30/99) 810,680 810,680
Allstate Life Insurance (5.90% matures 7/1/98) 656,258 656,258
Metropolitan Life Insurance (8.96% matures 6/30/96) 767,056 767,056
Principal Mutual Life Insurance (9.10% matures 12/31/96) 652,050 652,050
---------
Total guaranteed investment contracts 2,886,044
---------
COMMON STOCK
* MCI Communications Corporation 132,742 2,487,015 2,439,134
---------
TOTAL INVESTMENTS $8,824,450
==========
<FN>
* Denotes a party-in-interest
</FN>
</TABLE>
Page 15
<PAGE>
SCHEDULE II
<TABLE>
<CAPTION>
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
ITEM 27d SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
Transaction or series of transactions exceeding 5% of beginning fair
value of plan assets for the plan year January 1, 1994 to December 31,
1994 are considered reportable transactions. Fair value at January 1,
1994 is $7,955,045. Five percent (5%) of fair value is $397,752.
Identity Expense Current
of incurred value of asset
Party Purchase Selling Lease with Cost of on transaction Net gain
Involved Description of asset Price Price rental transaction Asset date or (loss)
-------- -------------------- ----------- --------- ------ ----------- --------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
*Mellon Bank Deposit $416,000 $416,000 $416,000 $ 0
Interest Fund (37 sales)
*Putnam Long-Term $969,707 $969,707 $969,707 $ 0
Fixed Income (52 purchases)
*Mellon Bank $755,701 $875,222 $755,701 $755,701 $ 0
Temporary (286 purchases)(120 sales) $875,222 $875,222 $ 0
Investment Fund
<FN>
* Denotes a party-in-interest
</FN>
</TABLE>
Page 16
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan sponsor of the Western Union International, Inc. 401(k) Plan
for Collectively Bargained Employees has duly caused this annual report
to be signed on its behalf by the undersigned, thereunto duly
authorized.
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY
BARGAINED EMPLOYEES
Date: June 28, 1995
By /s/ Frank R. Conrad
Frank R. Conrad
Controller
Western Union International, Inc.
Page 17
Exhibit 23
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
EIN: 13-1989550
CONSENT OF INDEPENDENT ACCOUNTANTS
-----------------------------------
We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-8 (No.
33-35339) of MCI Communications Corporation of our report dated June
16, 1995, appearing on page 3 of this Form 11-K.
/s/ PRICE WATERHOUSE LLP
------------------------
PRICE WATERHOUSE LLP
Washington, D.C.
June 30, 1995
Page 18
Exhibit 99
DOL FILING CONFIRMATION
I certify that the Plan Administrator of the Western Union
International, Inc. 401(k) Plan for Collectively Bargained Employees
has received a Statement of Assets and Liabilities and also that this
statement has been filed directly with the United States Department of
Labor by Mellon Bank, N.A. (EIN # 25-0659206) for the following
investment arrangements:
EIN#
--------------
Mellon Bank Temporary Investment Fund 25-6078093-980
WESTERN UNION INTERNATIONAL, INC.
401(k) PLAN FOR COLLECTIVELY
BARGAINED EMPLOYEES
Date: June 30, 1995
By /s/ Frank R. Conrad
Frank R. Conrad
Controller
Western Union International, Inc.
Page 19
