FORM 10-K/A
(AMENDMENT NO. 1)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------
Amendment No. 1 to annual report pursuant to Section 13 or 15(d) of the
Securities Act of 1934 for the fiscal year ended April 30, 1999.
Commission File No. 1-7707
MEDTRONIC, INC.
Minnesota 41-0793183
(State of Incorporation) (I.R.S. Employer Identification No.)
7000 Central Avenue N.E.
Minneapolis, Minnesota 55432
(Address of principal executive offices)
Telephone number: (612) 514-4000
The undersigned registrant hereby amends Part IV, Item 14(a)3, entitled
"Exhibits", of its Annual Report on Form 10-K for fiscal 1999 to add the
following exhibits:
Exhibit No.
- -----------
99.1 Form 11-K for the Medtronic, Inc. and Participating Employers
Supplemental Retirement Plan for the year ended April 30, 1999.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this amendment to be signed on its
behalf by the undersigned, thereunto duly authorized.
MEDTRONIC, INC.
Dated: October 26, 1999 By: /s/ William W. George
-------------------------------
William W. George, Chairman
and Chief Executive Officer
<PAGE>
INDEX OF EXHIBITS
EXHIBITS
- --------
99.1 Form 11-K for the Medtronic, Inc. and Participating Employers
Supplemental Retirement Plan for the year ended April 30, 1999.
EXHIBIT 99.1
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
For the fiscal year ended April 30, 1999
Or
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Commission File Nos.: 33-37529 and 33-44230
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS
SUPPLEMENTAL RETIREMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Medtronic, Inc.
7000 Central Avenue N.E.
Minneapolis, MN 55432
SIGNATURES
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.
MEDTRONIC, INC. AND PARTICIPATING
EMPLOYERS SUPPLEMENTAL RETIREMENT
PLAN
Dated: October 26, 1999 By: /s/ Janet S. Fiola
----------------------------------
Janet S. Fiola
Senior Vice President,
Human Resources
<PAGE>
MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS
SUPPLEMENTAL RETIREMENT PLAN
FINANCIAL STATEMENTS
AND ADDITIONAL INFORMATION
APRIL 30, 1999 AND 1998
TABLE OF CONTENTS TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
- --------------------------------------------------------------------
PAGE
----
Financial Statements:
Report of Independent Accountants 1
Statement of Net Assets Available for Benefits 2
Statement of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-8
Additional Information:*
Schedule I - Item 27a Form 5500 - Schedule of Assets Held for
Investment Purposes 9
Schedule II - Item 27d Form 5500 - Schedule of Reportable Transactions 10
* Other schedules required by Section 2520.103-10 of the Department of Labor
Rules and Regulations for Reporting and Disclosure under ERISA have been
omitted because they are not applicable.
<PAGE>
Report of Independent Accountants
---------------------------------
To the Participants and Administrator
of the Medtronic, Inc. and Participating
Employers Supplemental Retirement Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan
(the "Plan") at April 30, 1999 and 1998, and the changes in net assets available
for benefits for the years then ended April 30, 1999 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 conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules I and II are
presented for the purpose of additional analysis and are not a required part of
the basic financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Plan's management. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
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/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Minneapolis, Minnesota
September 20, 1999
1
<PAGE>
MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS
SUPPLEMENTAL RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
----------------------------------------------
($ IN 000'S)
------------
<TABLE>
<CAPTION>
April 30,
----------------------------
1999 1998
------------ ------------
<S> <C> <C>
Assets:
- -------
Investments at Fair Value:
Medtronic, Inc. Stock Fund $ 529,778 $ 355,373
Vanguard Wellington Fund 98,627 94,442
Vanguard Explorer Fund 13,344 16,570
Vanguard Wellesley Income Fund 16 67
VMMR Prime Portfolio -- 412
Vanguard 500 Portfolio Index Trust 117,602 87,693
Vanguard Prime Cap Fund 62,110 57,264
Vanguard Windsor II Fund 62,045 55,687
Vanguard U.S. Growth Portfolio 11,210 2,699
Vanguard International Growth Fund 21,906 16,254
Vanguard Total Bond Market Fund 7,550 4,047
Vanguard Index Trust - Extended Market Portfolio 2,433 1,156
Participant Loans 12,318 11,695
------------ ------------
938,939 703,359
Deposits with Insurance Companies, at Contract Value 118,529 109,847
------------ ------------
Total Investments 1,057,468 813,206
Contributions Receivable:
Employer, net of forfeitures -- 7,668
Employee 4,020 2,247
------------ ------------
Net Assets Available for Benefits $ 1,061,488 $ 823,121
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS
SUPPLEMENTAL RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
---------------------------------------------------------
($ IN 000'S)
------------
<TABLE>
<CAPTION>
Years ended April 30,
-----------------------------
1999 1998
------------ ------------
<S> <C> <C>
Additions:
- ----------
Contributions:
Employer, net of forfeitures $ -- $ 12,683
Employee 45,224 38,925
Investment Activity:
Interest and Dividend Income 30,748 27,981
Net Appreciation in Fair Value of Investments 162,365 181,924
------------ ------------
Total Investment Income 193,113 209,905
Net Assets Transferred from Other Plans 45,168 743
------------ ------------
Total Additions 283,505 262,256
Deductions:
- -----------
Benefit Payments (45,138) (32,416)
------------ ------------
Increase in Net Assets 238,367 229,840
Net Assets Available for Benefits:
- ----------------------------------
Beginning of Year 823,121 593,281
------------ ------------
End of Year $ 1,061,488 $ 823,121
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS
SUPPLEMENTAL RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1--DESCRIPTION OF THE PLAN
- -------------------------------
The Medtronic, Inc. and Participating Employers Supplemental Retirement Plan
(the Plan) is a defined contribution plan created by Medtronic, Inc. (the
Company). It is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA). The Plan provides for a regular savings program
whereby participants may deposit between 2% and 12% of their monthly salary. The
trustee of the Plan is Vanguard Fiduciary Trust Company (Vanguard Trust),
hereinafter referred to as the "Trustee". In fiscal 1999 and 1998, the company
paid certain administrative expenses of the Plan.
Through April 30, 1998, the Company matched at least 25% of the employee
contribution, up to 6% of compensation. The Company contributed additional
amounts, up to an additional 75% of the amount contributed by the employee (up
to 6% of compensation), if certain performance goals were achieved.
Effective May 1, 1998, the Plan was amended to provide Company matches to be
received by participants in the form of an annual allocation of Medtronic stock
to the Participants' Employee Stock Ownership Plan account and increase the
Company minimum match from 25% to 50% of the employee contribution, up to 6% of
compensation. In addition, the maximum Company contribution was increased from
100% of the first 6% of compensation to 150% of the first 6% of compensation,
depending on Company performance.
Participants are 20% vested in the Company contributions upon completing one
year of service. Additional vesting accrues at the rate of 20% per year
thereafter. Participants are 100% vested in their own contributions at all
times. Participant forfeiture of nonvested amounts reduce the Company
contribution. During fiscal 1999 and 1998, $405,132 and $400,000 were forfeited
by terminating employees before these amounts became vested.
Participants direct investment of funds allocated to their account among
thirteen investments. The Vanguard Wellington Fund, a balanced fund, consists of
common stocks and fixed income securities. The Interest Income Fund consists of
deposits with insurance companies at fixed rates of return. The Medtronic, Inc.
Stock Fund consists of holdings in Medtronic, Inc. common stock. The Vanguard
500 Portfolio Index Trust consists of stocks comprising the Standard and Poor's
500 Index. The Vanguard Explorer Fund is an aggressive growth fund consisting of
common stocks of small companies. The VMMR Prime Portfolio consists of
high-quality money market instruments. The Vanguard Windsor II Fund, a growth
and income fund, consists of common stocks that, in the opinion of the
investment advisor, are undervalued in the marketplace. The Vanguard Total Bond
Market Fund is a bond fund that seeks to parallel the performance of an
established Bond Index. The Vanguard Wellesley Income Fund, a balanced fund,
invests in corporate bonds and stocks with above average dividend yields. The
Vanguard Prime Cap Fund consists of stock, that in the opinion of the investment
advisor, have strong earnings growth potential. The Vanguard International
Growth Fund, an international stock fund, consists of non-U.S. stocks selected
for their appreciation potential. The Vanguard U.S. Growth Portfolio consists of
investments in large U.S. companies that, in the opinion of the investment
advisor, have records of exceptional growth and above average prospects for
future growth. The Vanguard Index Trust - Extended Market Portfolio attempts to
match the performance of the Wilshire 4500 Equity Index, an unmanaged index made
up mostly of mid- and small capitalization
4
<PAGE>
NOTE 1--DESCRIPTION OF PLAN (CONTINUED)
- ---------------------------------------
companies. Effective April 1,1998, the VMMR Prime Portfolio and the Vanguard
Wellesley Income Fund are no longer available to participants in the plan.
Termination or retirement benefits are paid by the Trustees in accordance with
the provisions of the Plan and the instructions of Medtronic, Inc., acting as
plan administrator. In the event the Plan were terminated, participants become
fully vested and the Company would cause all amounts in the hands of the
Trustees to be allocated and distributed to the participants based upon their
investment balance.
NOTE 2--SUMMARY OF ACCOUNTING PRINCIPLES
- ----------------------------------------
Basis of Presentation
- ---------------------
The financial statements of the Plan are prepared on the accrual basis of
accounting.
Valuation of Investments
- ------------------------
As determined by the Trustee, investments are stated at fair value based upon
quoted market prices, except deposits with insurance companies guaranteed
investment contracts which are valued at contract value, which approximates fair
market value. Contract value represents contributions made under the contract,
plus earnings, less plan withdrawals, and administrative expenses.
Valuation of Participant Loans
- ------------------------------
Participant loans are valued at cost which approximates fair value. Participants
can have only one loan outstanding at a time and can borrow up to 50% of their
vested balance not to exceed the maximum loan amount of $50,000. The minimum
loan amount is $1,000. Loans are repaid through payroll deduction in equal
amounts over a 1 to 5 year period. The interest rate is calculated as one
percentage point over the prime rate in effect at US Bank, St. Paul, N.A., on
the first work day of the month in which the loan is made and remains fixed for
the duration for the loan.
Investment Activity
- -------------------
Interest and dividend income consists of amounts earned on investments in the
Plan's separate trust held by Vanguard Trust.
Use of Estimates
- ----------------
The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.
5
<PAGE>
NOTE 3--TRUSTEE
- ---------------
Vanguard Trust maintains all assets and is the recordkeeper of the Plan.
Vanguard Trust maintains a separate account in the name of each participant in
the Plan to record the assets allocated to the participant and the earnings,
losses, disbursements and expenses credited thereto.
NOTE 4--BENEFIT OBLIGATIONS
- ---------------------------
Differences in the amounts reported in the financial statements and the Form
5500 relate to benefit obligations at April 30, 1999 and 1998, for persons who
have withdrawn from participation in the Plan are as follows: ($ in 000's)
April 30,
----------------------------
1999 1998
------------- -------------
Medtronic, Inc. Stock Fund $ 1,272 $ 673
Interest Income Fund 674 312
Vanguard Wellington Fund 209 364
Vanguard Explorer Fund 26 112
Vanguard 500 Portfolio Index Trust 232 281
Vanguard Prime Cap Fund 91 389
Vanguard Windsor II Fund 80 391
Vanguard International Growth Fund 10 205
Vanguard Total Bond Market Fund 90 --
Participant Loans 185 21
------------- -------------
$ 2,869 $ 2,748
============= =============
NOTE 5 -- RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
- -------------------------------------------------------------
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500: ($ in 000's)
April 30,
----------------------------
1999 1998
------------- -------------
Net assets available for benefits per the
financial statements $ 1,061,488 $ 823,121
Amounts allocated to withdrawing participants (2,869) (2,748)
------------- -------------
Net assets available for benefits per the
Form 5500 $ 1,058,619 $ 820,373
============= =============
6
<PAGE>
NOTE 5 -- RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (CONTINUED)
- -------------------------------------------------------------------------
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500: ($ in 000's)
Year Ended April 30, 1999
-------------------------
Benefits paid to participants per the financial
statements $ 45,138
Add: Amounts allocated to withdrawing
participants at April 30, 1999 2,869
Less: Amounts allocated to withdrawing
participants at April 30, 1998 (2,748)
----------
Benefits paid to participants per the Form 5500 $ 45,259
==========
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to April
30 but not yet paid as of that date.
NOTE 6 -- TAX STATUS
- --------------------
The Plan has received a favorable determination letter of tax qualification from
the Internal Revenue Service. The Plan administrator believes the Plan continues
to qualify under the provision of Section 401(a) of the Internal Revenue Code,
and that the related trust is exempt from federal income tax.
NOTE 7--NET ASSETS TRANSFERRED FROM OTHER PLANS
- -----------------------------------------------
During fiscal 1999, the Company acquired or merged with various companies,
including Physio-Control International Corporation, Arterial Vascular
Engineering, Inc., Sofamor Danek Group, Inc. and AVECOR Cardiovascular, Inc. In
connection with mergers and acquisitions, $45.2 million of benefit plan assets
were transferred to the Plan during fiscal 1999.
NOTE 8--INVESTMENTS
- -------------------
During the years ended April 30, 1999 and 1998 the Plan had transactions with
Vanguard Trust, the Plan's trustee, which are allowed by the Plan and are
acceptable under the Internal Revenue Code. These transactions are classified as
party-in-interest transactions. The investments held by Vanguard Trust as of
April 30, 1999 and 1998 and the statement of changes for the periods then ended
are presented in the following table:
7
<PAGE>
NOTE 8--INVESTMENTS (CONTINUED)
- -------------------------------
<TABLE>
<CAPTION>
Vanguard
Interest Vanguard Vanguard Wellesley VMMR Vanguard Vanguard
Medtronic, Inc. Income Wellington Explorer Income Prime 500 Portfolio Prime Cap
1999 Stock Fund Fund Fund Fund Fund Portfolio Index Trust Fund
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance, April 30, 1998 $ 355,373 $ 109,847 $ 94,442 $ 16,570 $ 67 $ 412 $ 87,693 $ 57,264
Net Assets Transferred
from Other Plans 1,458 6,480 6,914 445 -- -- 8,739 15
Contributions 21,197 4,982 4,363 1,580 17 -- 6,739 4,840
Inter-Fund Transfers 28,587 (2,227) (10,054) (3,489) -- (2) (205) (7,402)
Interest and Dividend Income 1,862 7,328 10,390 118 (60) (410) 1,780 2,432
Realized/Unrealized Gain/(Loss) 139,333 -- (1,512) (1,152) (8) -- 16,839 7,907
Distributions (18,032) (7,881) (5,916) (728) -- -- (3,983) (2,946)
- -------------------------------------------------------------------------------------------------------------------------------
Balance, April 30, 1999 $ 529,778 $ 118,529 $ 98,627 $ 13,344 $ 16 $ -- $ 117,602 $ 62,110
===============================================================================================================================
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
Vanguard
Vanguard Vanguard Vanguard Index Fund- Vanguard
Windsor II International Bond Extended U.S. Growth Participant
1999 Fund Growth Fund Market Fund Market Portfolio Loans Fund Total
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, April 30, 1998 $ 55,687 $ 16,254 $ 4,047 $ 1,156 $ 2,699 $ 11,695 $ 813,206
Net Assets Transferred
from Other Plans 12,008 7,834 123 1,116 36 -- 45,168
Contributions 3,916 1,641 646 147 1,051 -- 51,119
Inter-Fund Transfers (11,922) (3,527) 2,864 10 6,760 607 --
Interest and Dividend Income 5,051 290 452 139 450 926 30,748
Realized/Unrealized Gain/(Loss) 20 344 (124) (106) 824 -- 162,365
Distributions (2,715) (930) (458) (29) (610) (910) (45,138)
- ---------------------------------------------------------------------------------------------------------------------
Balance, April 30, 1999 $ 62,045 $ 21,906 $ 7,550 $ 2,433 $ 11,210 $ 12,318 $ 1,057,468
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Vanguard
Interest Vanguard Vanguard Wellesley VMMR Vanguard Vanguard
Medtronic, Inc. Income Wellington Explorer Income Prime 500 Portfolio Prime Cap
1998 Stock Fund Fund Fund Fund Fund Portfolio Index Trust Fund
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance, April 30, 1997 $ 232,225 $ 114,155 $ 64,539 $ 11,460 $ 7,700 $ 10,393 $ 55,000 $ 29,842
Net Assets Transferred
from Other Plans 257 24 29 19 28 79 102 85
Contributions 20,269 5,939 4,330 2,227 877 1,073 5,996 5,180
Inter-Fund Transfers (11,757) (6,364) 10,291 (836) (10,147) (10,208) 5,869 10,236
Interest and Dividend Income 1,478 7,571 6,647 1,536 1,110 466 1,585 1,894
Realized/Unrealized Gain/(Loss) 119,960 -- 12,144 2,840 800 -- 22,133 11,641
Distributions (7,059) (11,478) (3,538) (676) (301) (1,391) (2,992) (1,614)
- ------------------------------------------------------------------------------------------------------------------------------------
Balance, April 30, 1998 $ 355,373 $ 109,847 $ 94,442 $ 16,570 $ 67 $ 412 $ 87,693 $ 57,264
====================================================================================================================================
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
Vanguard
Vanguard Vanguard Vanguard Index Trust- Vanguard
Windsor II International Bond Extended U.S. Growth Participant
1998 Fund Growth Fund Market Fund Market Portfolio Loans Fund Total
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, April 30, 1997 $ 32,620 $ 11,754 $ 2,439 $ -- $ -- $ 10,583 $ 582,710
Net Assets Transferred
from Other Plans 46 71 3 -- -- -- 743
Contributions 4,077 1,796 493 1 6 -- 52,264
Inter-Fund Transfers 5,775 1,535 935 1,154 2,675 842 --
Interest and Dividend Income 4,006 575 180 (3) -- 936 27,981
Realized/Unrealized Gain/(Loss) 11,001 1,292 91 4 18 -- 181,924
Distributions (1,838) (769) (94) -- -- (666) (32,416)
- -------------------------------------------------------------------------------------------------------------------------
Balance, April 30, 1998 $ 55,687 $ 16,254 $ 4,047 $ 1,156 $ 2,699 $ 11,695 $ 813,206
=========================================================================================================================
</TABLE>
8
<PAGE>
MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS
SUPPLEMENTAL RETIREMENT PLAN
SCHEDULE I-ITEM 27A FORM 5500
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
-----------------------------------------------
(IN 000'S EXCEPT FOR NUMBER OF PARTICIPANTS/SHARES)
---------------------------------------------------
APRIL 30, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Fund Investment Type Participants Shares Cost Market Value
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Medtronic, Inc. Stock Fund Company Stock Fund 8,308 8,991,468 $ 225,122 $ 529,778
Interest Income Fund Unallocated Insurance Contracts 5,626 118,529,978 118,530 118,529
Vanguard Wellington Fund Registered Investment Company 3,855 3,154,064 80,895 98,627
Vanguard Explorer Fund Registered Investment Company 1,710 235,358 12,364 13,344
Vanguard Wellesley Income Fund Registered Investment Company 1 802 17 16
Vanguard 500 Portfolio Index Trust Registered Investment Company 4,477 952,424 71,304 117,602
Vanguard Prime Cap Fund Registered Investment Company 3,370 1,196,674 41,743 62,110
Vanguard Windsor II Fund Registered Investment Company 3,356 1,888,179 50,506 62,045
Vanguard U.S. Growth Portfolio Registered Investment Company 807 290,311 10,501 11,210
Vanguard International Registered Investment Company 1,950 1,126,128 19,812 21,906
Vanguard Bond Market Fund Registered Investment Company 907 751,090 7,591 7,550
Vanguard Index Trust-Ext. Mkt Registered Investment Company 312 78,171 2,481 2,433
Participant Loans Fund Registered Investment Company 1,635 -- 12,319 12,318
(interest rates: 5.25% to 10.0%) Loans Other Than Mortgages
- ----------------------------------------------------------------------------------------------------------------------------------
Totals $ 653,185 $ 1,057,468
==================================================================================================================================
</TABLE>
The above data was prepared from information certified as complete and accurate
by Vanguard Fiduciary Trust Company, the Plan's Trustee.
9
<PAGE>
ADDITIONAL INFORMATION
----------------------
MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS
SUPPLEMENTAL RETIREMENT PLAN
SCHEDULE II-ITEM 27D FORM 5500
SCHEDULE OF REPORTABLE TRANSACTIONS
-----------------------------------
(IN 000'S EXCEPT FOR NUMBER OF PURCHASES/SALES)
-----------------------------------------------
YEAR ENDED APRIL 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
No. of Proceeds No. of Historical
Fund Cost of Purchase Purchases from Sale Sales Cost of Sales Gain or (Loss)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Medtronic, Inc. Stock Fund $ 155,475 223 $ 121,093 248 $ 83,324 $ 37,769
Interest Income Fund 111,618 255 103,348 249 103,348 --
Vanguard Wellington Fund 28,752 183 23,087 235 20,738 2,349
Vanguard Explorer Fund 6,699 132 8,765 219 8,859 (94)
Vanguard Wellesley Income Fund 17 1 -- -- -- --
VMMR Prime Portfolio 185 2 185 1 185 --
Vanguard 500 Portfolio Index Trust 39,578 223 26,476 242 22,186 4,290
Vanguard Prime Cap Fund 18,180 201 21,177 236 18,004 3,173
Vanguard Windsor II Fund 28,464 188 22,066 233 19,253 2,813
Vanguard International 11,967 139 6,656 209 6,353 303
Vanguard Bond Market Fund 11,178 182 7,549 153 7,569 (20)
Vanguard Index Trust-Extended Mk 1,852 81 466 109 523 (57)
Vanguard U.S. Growth Portfolio 12,800 187 5,112 108 4,978 134
- -------------------------------------------------------------------------------------------------------------------------
Totals $ 426,765 $ 345,980 $ 295,320 $ 50,660
=========================================================================================================================
</TABLE>
The above data was prepared from information certified as complete and accurate
by Vanguard Fiduciary Trust Company, the Plan's Trustee.
10
<PAGE>
Consent of Independent Accountants
----------------------------------
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (Nos. 33-37529 and 33-44230) of Medtronic, Inc. of our
report dated September 20, 1999 relating to the financial statements of the
Medtronic, Inc. and Participating Employers Supplemental Retirement Plan, which
appears in this Form 11-K.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Minneapolis, Minnesota
October 25, 1999
