<PAGE>
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 December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 1-8519
__________________________
CBIS RETIREMENT AND SAVINGS PLAN
__________________________
CINCINNATI BELL INC.
201 East Fourth Street
Cincinnati, Ohio 45202
<PAGE>
Report of Independent Accountants
Financial Statements:
Statements of Net Assets Available for Benefits as of
December 31, 1996 and 1995
Statement of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1996
Notes to Financial Statements
Schedules:
Item 27(a)-Schedule of Assets Held for Investments as of December 31, 1996
Item 27(d)-Schedule of Reportable Transactions for the Year Ended
December 31, 1996
Other schedules are omitted because the information required is contained in
the financial statements.
2
<PAGE>
[LETTERHEAD]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Benefits Committee of the
CBIS Retirement and Savings Plan
We have audited the accompanying statements of net assets available for
benefits of the CBIS Retirement and Savings Plan as of December 31, 1996 and
1995, and the related statement of changes in net assets available for
benefits for the year ended December 31, 1996. These financial statements
are the responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as
of December 31, 1996 and 1995, and the changes in net assets available for
benefits for the year ended December 31, 1996, in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets
held for investment purposes as of December 31, 1996 and schedule of
reportable transactions for the year ended December 31, 1996 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. The fund
information in the statement of net assets available for benefits and the
statement of changes in net assets available for benefits is presented for
purposes of additional analysis rather than to present the net assets
available for benefits and changes in net assets available for benefits of
each fund. The supplemental schedules and fund information have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Coopers & Lybrand L. L. P.
Cincinnati, Ohio
May 16, 1997
3
<PAGE>
CBIS RETIREMENT AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
CINCINNATI
BELL INC. FIDELITY SUNTRUST SUNTRUST
COMMON FIDELITY GROWTH CAPITAL SHORT-
SHARES STOCK BALANCED COMPANY FIXED INCOME GROWTH TERM BOND
ASSETS FUND FUND FUND FUND FUND FUND
- ---------------------------------- ------------ ------------ ------------ ------------ ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
Investments (cost of $60,921,822):
Temporary cash investments
Cincinnati Bell Inc. shares $76,691,858
Mutual funds $ 8,087,008 $20,533,579 $ 9,591,234 $ 9,008,543 $407,858
Contracts with insurance companies 457,510
Loans to participants
------------ ------------ ------------ ------------ ------------ --------
Total investments 76,691,858 8,087,008 20,533,579 10,048,744 9,008,543 407,858
Contributions receivable:
Employer 154,835
Employee
Dividends and interest receivable 1,399
------------ ------------ ------------ ------------ ------------ --------
Total assets 76,846,693 8,087,008 20,533,579 10,050,143 9,008,543 407,858
LIABILITIES
Accrued expenses
------------ ------------ ------------ ------------ ------------ --------
Net assets available for benefits $76,846,693 $ 8,087,008 $20,533,579 $10,050,143 $ 9,008,543 $407,858
------------ ------------ ------------ ------------ ------------ --------
------------ ------------ ------------ ------------ ------------ --------
SUNTRUST
SUNTRUST SUNBELT
BALANCED EQUITY
ASSETS FUND FUND
- ---------------------------------- ---------- -----------
<S> <C> <C>
Investments (cost of $60,921,822):
Temporary cash investments
Cincinnati Bell Inc. shares
Mutual funds $1,000,544 $2,253,623
Contracts with insurance companies
Loans to participants
--------- ----------
Total investments 1,000,544 2,253,623
Contributions receivable:
Employer
Employee
Dividends and interest receivable
--------- ----------
Total assets 1,000,544 2,253,623
LIABILITIES
Accrued expenses
--------- ----------
Net assets available for benefits $1,000,544 $2,253,623
--------- ----------
--------- ----------
</TABLE>
CONTINUED
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
<PAGE>
CBIS RETIREMENT AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, CONTINUED
AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
SUNTRUST
VALUE TEMPLETON
INCOME FOREIGN
ASSETS FUND FUND LOAN FUND UNALLOCATED TOTAL
- ------------------------------------- ------------ ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Investments :
Temporary cash investments $ 66,138 $ 66,138
Cincinnati Bell Inc. shares 76,691,858
Mutual funds $2,977,322 $2,867,083 56,726,794
Contracts with insurance companies 457,510
Loans to participants $3,700,235 3,700,235
----------- ---------- ---------- ---------- ------------
Total investments 2,977,322 2,867,083 3,700,235 66,138 137,642,535
Contributions receivable:
Employer 154,835
Employee 332,864 332,864
Dividends and interest receivable 1,399
----------- ---------- ---------- ---------- ------------
Total assets 2,977,322 2,867,083 3,700,235 399,002 138,131,633
LIABILITIES
Accrued expenses 45,585 45,585
------------ ----------- ---------- ---------- ------------
Net assets available for benefits $2,977,322 $2,867,083 $3,700,235 $ 353,417 $138,086,048
------------ ----------- ---------- ---------- ------------
------------ ----------- ---------- ---------- ------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
5
<PAGE>
CBIS RETIREMENT AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
CINCINNATI
BELL INC. FIDELITY SUNTRUST SUNTRUST
COMMON FIDELITY GROWTH CAPITAL SHORT-
SHARES STOCK BALANCED COMPANY FIXED GROWTH TERM BOND
ASSETS FUND FUND FUND INCOME FUND FUND FUND
- --------------------------------- ------------ ---------- --------- ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investments (cost of $60,921,822):
Temporary cash investments $ 144,066
Cincinnati Bell Inc. shares 47,401,224
Mutual funds $7,466,606 $15,740,121 $ 8,025,709 $6,938,323 $265,303
Contracts with insurance
companies 921,167
Loans to participants
------------ ---------- ---------- ------------ ---------- --------
Total investments 47,545,290 7,466,606 15,740,121 8,946,876 6,938,323 265,303
Contributions receivable:
Employer 1,245,865
Employee
Dividends and interest receivable 273,250 909
------------ ---------- ---------- ------------ ---------- --------
Total assets 49,064,405 7,466,606 15,740,121 8,947,785 6,938,323 265,303
LIABILITIES
Accrued expenses 37
------------ ---------- ---------- ------------ ---------- --------
Net assets available for benefits $49,064,368 $7,466,606 $15,740,121 $ 8,947,785 $6,938,323 $265,303
------------ ---------- ---------- ------------ ---------- --------
------------ ---------- ---------- ------------ ---------- --------
</TABLE>
<TABLE>
<CAPTION>
SUNTRUST
SUNTRUST SUNBELT
BALANCED EQUITY
FUND FUND
-------- ----------
<S> <C> <C>
Investments (cost of $60,921,822):
Temporary cash investments
Cincinnati Bell Inc. shares
Mutual funds $342,220 $1,147,384
Contracts with insurance
companies
Loans to participants -------- ----------
Total investments 342,220 1,147,384
Contributions receivable:
Employer
Employee
Dividends and interest receivable -------- ---------
Total assets 342,220 1,147,384
LIABILITIES
Accrued expenses 37
-------- ----------
Net assets available for benefits $342,220 $1,147,384
-------- ----------
-------- ----------
CONTINUED
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
6
<PAGE>
CBIS Retirement and Savings Plan
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, CONTINUED
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
SUNTRUST
VALUE TEMPLETON
INCOME FOREIGN
ASSETS FUND FUND LOAN FUND UNEDUCATED TOTAL
- -------------------------------------- ------------ ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Investments:
Temporary cash investments $ 4,061 $ 33,399 $ 181,526
Cincinnati Bell Inc. shares 47,401,224
Mutual funds $1,230,012 $ 1,597,607 42,753,285
Contracts with insurance companies 921,167
Loans to participants 2,868,526 2,868,526
---------- ----------- ---------- --------- -----------
Total investments 1,230,012 1,597,607 2,872,587 33,399 94,125,728
Contributions receivable:
Employer 1,245,865
Employee 32,068 32,068
Dividends and interest receivable 18 84 274,261
---------- ----------- ---------- --------- -----------
Total assets 1,230,012 1,597,607 2,872,605 65,551 95,677,922
LIABILITIES
Accrued expenses 28,304 28,341
---------- ----------- ---------- --------- -----------
Net assets available for benefits $1,230,012 $ 1,597,607 $2,872,605 $ 37,247 $94,159,977
---------- ----------- ---------- --------- -----------
---------- ----------- ---------- --------- -----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
7
<PAGE>
CBIS RETIREMENT AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
CINCINNATI
BELL INC. FIDELITY SUNTRUST SUNTRUST SUNTRUST
COMMON FIDELITY GROWTH FIXED CAPITAL SHORT- SUNTRUST SUNBELT
SHARES STOCK BALANCED COMPANY INCOME GROWTH TERM BOND BALANCED EQUITY
ASSETS FUND FUND FUND FUND FUND FUND FUND FUND
- ------------------------ ------------ ----------- ------------ ------------ ----------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Employee contributions $ 955,927 $ 980,160 $ 2,611,387 $ 888,995 $ 980,361 $ 88,351 $ 150,812 $ 432,594
Company contributions 2,457,792
Investment income:
Interest 27,093 66,487 32,132 26,441 1,147 3,041 10,418
Dividends 781,457 368,420 135,783 490 63,864 16,926 17,899
Net appreciation
(depreciation) in fair
value of investments 34,915,467 301,179 2,701,719 620,689 1,379,839 (3,544) 88,238 229,809
------------ ----------- ------------ ------------ ----------- --------- ---------- ----------
Total additions 39,110,643 1,676,852 5,515,376 1,542,306 2,450,505 102,880 259,990 672,821
Deductions:
Distributions to
participants 6,226,399 940,568 1,471,530 1,431,999 398,099 16,715 45,731 97,124
Administrative expenses 31,844 4,048 8,758 36,648 2,838 115 266 655
------------ ----------- ------------ ------------ ----------- --------- ---------- ----------
Total deductions 6,258,243 944,616 1,480,288 1,468,647 400,937 16,830 45,997 97,779
Fund transfers (5,070,075) (111,834) 758,370 1,028,699 20,652 56,505 444,331 531,197
------------ ----------- ------------ ------------ ----------- --------- ---------- ----------
Net increase 27,782,325 620,402 4,793,458 1,102,358 2,070,220 142,555 658,324 1,106,239
------------ ----------- ------------ ------------ ----------- --------- ---------- ----------
Net assets available
for benefits
December 31, 1995 $49,064,368 $7,466,606 $15,740,121 $ 8,947,785 $6,938,323 $265,303 $ 342,220 $1,147,384
------------ ----------- ------------ ------------ ----------- --------- ---------- ----------
------------ ----------- ------------ ------------ ----------- --------- ---------- ----------
Net assets available
for benefits
December 31, 1996 $76,846,693 $8,087,008 $20,533,579 $10,050,143 $9,008,543 $407,858 $1,000,544 $2,253,623
----------- ----------- ------------ ------------ ----------- --------- ---------- ----------
----------- ----------- ------------ ------------ ----------- --------- ---------- ----------
</TABLE>
CONTINUED
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
8
<PAGE>
CBIS RETIREMENT AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSET AVAILABLE FOR BENEFITS, CONTINUED
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
SUNTRUST
VALUE TEMPLETON
INCOME FOREIGN UNALLO-
FUND FUND LOAN FUND CATED TOTAL
---------- ---------- --------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Additions:
Employee contributions $ 493,224 $ 567,902 $ 8,149,713
Company contributions 2,457,792
Investment income:
Interest 11,119 9,860 $ 83,972 271,710
Dividends 46,557 10,215 $ 325,113 1,766,724
Net appreciation in fair value of investments 317,220 339,457 40,890,073
---------- ---------- --------- ---------- ------------
Total additions 868,120 927,434 83,972 325,113 53,536,012
Deductions:
Distributions to participants 49,963 156,462 168,031 11,002,621
Administrative expenses 723 2,086 8,943 96,924
---------- ---------- --------- ---------- ------------
Total deductions 50,686 158,548 168,031 8,943 11,099,545
Fund transfers 929,876 500,590 911,689 - -
---------- ---------- --------- ---------- ------------
Net increase 1,747,310 1,269,476 827,630 316,170 42,436,467
---------- ---------- --------- ---------- ------------
Net assets available for benefits December 31, 1995 $1,230,012 $ 1,597,607 $ 2,872,605 $ 37,247 $ 95,649,581
---------- ---------- --------- ---------- ------------
---------- ---------- --------- ---------- ------------
Net assets available for benefits December 31, 1996 $2,977,322 $ 2,867,083 $ 3,700,235 $ 353,417 $138,086,048
---------- ---------- --------- ---------- ------------
---------- ---------- --------- ---------- ------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
9
<PAGE>
CBIS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. PLAN DESCRIPTION AND ACCOUNTING POLICIES:
a. GENERAL: The CBIS Retirement and Savings Plan (the "Plan") is
available to eligible employees at Cincinnati Bell Information
Systems Inc. ("CBIS"), CBIS International Inc. and CBIS
International Services Inc.. Effective January 1, 1994, the Plan
amended, restated and superseded the CBIS 401(k) Retirement Plan.
The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA). Participants should refer to
the Plan document for a complete description of the Plan.
b. EMPLOYEE CONTRIBUTIONS: Participants in the Plan may contribute up to
16% of their compensation to the Plan in before-tax dollars.
Participants' before-tax contributions could not exceed $9,500 and
$9,240 for each of the calendar years ending 1996 and 1995,
respectively. Participants may contribute to the Plan on an
after-tax basis. Total before-tax and after-tax contributions
may not exceed 16% of a participant's compensation. The participants
specify the manner in which their own contribution shall be invested
in the available funds. Participants may elect to change the manner in
which contributions are allocated and may also transfer contributions
from one fund to another.
c. EMPLOYER CONTRIBUTIONS: The Company was required to make monthly
matching contributions of the lesser of 66 2/3% in 1996 and 50% in
1995 of the before-tax contributions of the participants or 4% of
the participant's covered compensation. All employer contributions
are allocated to the Cincinnati Bell Inc. Common Shares Stock Fund.
Participants vest in employer contributions as follows:
YEARS OF SERVICE VESTING PERCENTAGE
- ------------------------ -------------------
Less than 2 years 0%
2 30%
3 50%
4 75%
5 100%
d. DISTRIBUTIONS TO PARTICIPANTS: Distributions are made to
participants, or their beneficiary, upon termination of employment,
attainment of age 70-1/2, death, disability, or financial hardship.
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS, CONTINUED
1. PLAN DESCRIPTION AND ACCOUNTING POLICIES, CONTINUED:
e. PARTICIPANT LOANS: Loans are available to participants from their
individual accounts. For each participant, the number of loans
outstanding is limited to two, and no more than two loans are allowed to
originate during a single Plan year. The minimum amount of any loan is
$1,000, while the maximum amount cannot exceed the lesser of 50% of the
vested value of the participant's Plan account or $50,000, reduced by any
outstanding loan balances. The interest rate charged is determined by
the Plan Committee. For the year ended December 31, 1996 the loan rate
was 9.25% and for the year ended December 31, 1995, loan rates ranged
from 9.5% - 10.0%. The minimum term of a loan is one year and the
maximum term is five years, unless the loan is used to acquire the
participant's principal residence, in which case the term of the loan may
not exceed fifteen years.
f. TEMPORARY CASH INVESTMENTS: Temporary cash investments include all
cash balances and highly liquid investments with maturity of three months
or less at the time of purchase. Temporary cash investments are placed
in short-term investment funds with the Trustee.
g. INVESTMENTS: The Plan currently has the following investment
options, which may be selected by each participant. These options are:
Cincinnati Bell Inc. Common Shares Stock Fund; Fidelity Balanced Fund -
which consists mostly of common and preferred stock and fixed income
securities; Fidelity Growth Company Fund - which consists of common stock
in small and medium size companies; Fixed Income Fund - which consists of
guaranteed insurance contracts and mutual funds which invest principally
in guaranteed insurance contracts; Suntrust Capital Growth Fund - which
consists mostly of common and preferred stock; Suntrust Short-Term Bond
Fund - which consists of short-term fixed-income securities; Suntrust
Balanced Fund - which consists of common and preferred stock and fixed
income securities; Suntrust Sun Belt Equity Fund - which consists mostly
of common stock in small and medium size companies located in the
southern region of the U.S.; Suntrust Value Income Fund - which consists
of common stock paying higher dividend yields; Templeton Foreign Fund -
which consists mostly of stocks and debt securities of companies and
governments outside the U.S.. The unallocated funds in the statement of
net assets available for benefits represent amounts held in temporary
cash investments awaiting selection of investment options by participants.
Plan investments other than guaranteed insurance contracts are valued at
the fair market value, based upon quoted market prices as of the last
business day of the year. Guaranteed insurance contracts that are
benefit responsive are stated at contract value plus accrued interest
earnings which approximates their fair market value. Guaranteed
insurance contract that are not benefit responsive are stated at fair
market value based on acceptable pricing models. Investment income is
recorded as earned, on the accrual basis.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS, CONTINUED
1. PLAN DESCRIPTION AND ACCOUNTING POLICIES, CONTINUED:
g. INVESTMENTS, CONTINUED: The Plan presents, in the statement of
changes in net assets available for plan benefits, the net appreciation
(depreciation) in the fair value of its investments, which consists of
the realized gains or losses and the unrealized appreciation
(depreciation) on those investments.
h. USE OF ESTIMATES: The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reporting
amounts of Net Assets Available for Benefits as of the date of the Plan's
financial statements and the reported Changes in Net Assets Available for
Benefits during the reporting period. Actual results could differ from
these estimates.
i. ADMINISTRATIVE EXPENSES: Administrative expenses are paid by the Plan.
2. TAX STATUS:
The Plan is qualified as a profit sharing plan under Section 401(a) of
the Internal Revenue Code and is exempt from Federal income taxes under
Section 501(a) of the Code.
3. TERMINATION:
While the Company has not expressed any intent to terminate the Plan, it
reserves the right to terminate the Plan at any time. In the event of
such termination, all participant's accounts would become 100% vested and
subject to distribution under the provisions of the Plan.
12
<PAGE>
4. SHARE VALUES:
The interest of all employees in each type of investment of the Plan on
December 31, 1996 and 1995 is represented by shares. The number and
value of shares were:
<TABLE>
<CAPTION>
DECEMBER 31, 1996 DECEMBER 31, 1995
---------------------- -----------------------
NUMBER OF VALUE PER NUMBER OF VALUE PER
SHARES SHARE SHARES SHARE
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Cincinnati Bell Inc. Common
Shares Fund 1,242,401 $ 61.82 1,364,064 $ 34.75
Fidelity Balanced Fund 574,361 14.08 552,264 13.52
Fidelity Growth Company Fund 507,503 40.46 433,732 36.29
Fixed Income Fund 885,714 11.34 844,864 10.58
Suntrust Capital Growth Fund 681,949 13.21 513,190 13.52
Suntrust Short-Term Bond Fund 41,032 9.94 26,216 10
Suntrust Balanced Fund 90,302 11.08 30,692 11.16
Suntrust Sun Belt Equity Fund 176,893 12.74 98,912 11.60
Suntrust Value Income Fund 242,651 12.27 102,160 12.04
Templeton Foreign Fund 276,746 10.38 174,031 9.18
</TABLE>
13
<PAGE>
CBIS RETIREMENT AND SAVINGS PLAN
ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENTS
AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
NUMBER OF
SHARES OR
PRINCIPAL
NAME OF ISSUER AND TYPE OF ISSUE AMOUNT VALUE COST
- --------------------------------------------- --------- ------------- ------------
<S> <C> <C> <C>
CINCINNATI BELL INC. COMMON SHARES STOCK FUND
Cincinnati Bell Common shares * 1,242,401 $ 76,691,858 $ 21,722,638
FIDELITY BALANCED FUND
Fidelity Balanced Fund* 574,361 8,087,008 7,490,685
FIDELITY GROWTH COMPANY FUND
Fidelity Mt. Vernon Growth Fund * 507,503 20,533,579 16,437,036
FIXED INCOME FUND
Contract with Hartford Life Insurance Company+ 184,577 184,577 184,577
Contracts with Hartford Life Insurance Company+ 272,933 272,933 272,933
Suntrust Stable Asset Fund* 394,784 9,131,357 8,630,566
Temporary Cash Investments 459,877 459,877 459,877
--------- ------------- ------------
Total Fixed Income Fund 10,048,744 9,547,953
------------- ------------
SUNTRUST CAPITAL GROWTH FUND
Suntrust Capital Growth Fund* 681,949 9,008,543 8,412,742
SUNTRUST SHORT-TERM BOND FUND
Suntrust Short-Term Bond Fund 41,032 407,858 405,361
SUNTRUST BALANCED FUND
Suntrust Balanced Fund 90,302 1,000,544 1,006,103
SUNTRUST SUN BELT EQUITY FUND
Suntrust Sunbelt Equity Fund 176,893 2,253,623 2,083,428
SUNTRUST VALUE INCOME FUND
Suntrust Value Income Fund 242,651 2,977,322 2,995,503
TEMPLETON FOREIGN FUND
Templeton Foreign Fund 276,746 2,867,083 2,616,650
LOAN FUND
Loans to participants 3,700,235 3,700,235 3,700,235
UNALLOCATED
Temporary cash investmentsTemporary
cash investments 66,138 66,138 66,138
------------- ------------
Total $ 137,642,534 $ 76,484,472
------------- ------------
------------- ------------
</TABLE>
* Investments represents 5% or more of the Net Assets Available for Benefits.
+ The contracts with these insurance companies guarantee the repayment of
principal and the crediting of interest. During 1996, the
composite effective annual interest rate earned under their contracts was
approximately 7.7%. The credited interest rates on these contracts ranged from
8.6% to 8.8% as of December 31, 1996. The rate at which interest will be
credited in future years may be either higher or lower.
14
<PAGE>
CBIS RETIREMENT AND SAVINGS PLAN
ITEM 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
CURRENT
VALUE ON
NUMBER OF PURCHASE COST OF DATE OF
TRANSACTIONS DESCRIPTION OF ASSET PRICE SELLING PRICE ASSET TRANSACTIONS NET GAIN
- ------------ -------------------- --------- ------------- --------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
385 Cincinnati Bell Inc.
Common Shares Stock Fund 6,830,023 6,830,023 6,830,023
463 Cincinnati Bell Inc.
Common Shares Stock Fund 13,897,098 4,753,117 13,897,098 9,143,981
503 Fidelity Growth Company Fund 6,800,215 6,800,215 6,800,215
363 Fidelity Growth Company Fund 3,916,946 3,071,893 3,916,946 845,053
385 Fixed Income Fund 4,085,041 4,085,041 4,085,041
296 Fixed Income Fund 3,626,028 3,380,992 3,626,028 245,036
384 Fidelity Balanced Fund 2,528,927 2,528,927 2,528,927
296 Fidelity Balanced Fund 2,221,922 2,156,370 2,221,922 65,552
410 Suntrust Capital Growth Fund 3,741,913 3,741,913 3,741,913
268 Suntrust Capital Growth Fund 1,420,652 1,122,768 1,420,652 297,884
</TABLE>
15
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the members
of the CBIS Retirement and Savings Plan Committee have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
CBIS RETIREMENT AND SAVINGS PLAN
By /s/ Robert T. Enos
----------------------------
Robert T. Enos
June 16, 1997
16
<PAGE>
Exhibit 23
Consent of Independent Accountants
We consent to the incorporation by reference in the registration statements of
Cincinnati Bell Inc. on Form S-8 (File No. 33-39385), Form S-8 (File No.
33-29332), Form S-8 (File No. 33-3195, Form S-8 (File No. 33-1462, Form S-8
(File No. 33-1487), Form S-8 (File No. 33-15467), Form S-8 (File No. 33-23159),
Form S-8 (File No. 3329331), Form S-8 (File No. 33-36381), Form S-8 (File No.
33-36380), Form S-8 (File No. 33-39654), Form S-8 (File No. 33-43775), and Form
S-14 (File No. 2-82253) of our report dated May 10, 1996, on our audits of the
financial statements of the CBIS Retirement and Savings Plan as of December 31,
1995 and 1994, and for the year ended December 31, 1995, which report is
included in this Form 11-K.
/s/ Coopers & Lybrand L.L.P.
Cincinnati, Ohio
June 19, 1996
