|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal period ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to ____________
Commission file number 1-9305
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN
STIFEL FINANCIAL CORP.
One Financial Plaza
501 N. Broadway
St. Louis, Missouri 63102-2188
Issuer's telephone number, including area code 314-342-2000
Stifel, Nicolaus Profit Sharing 401(k) Plan Financial Statements as of |
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN
TABLE OF CONTENTS
Page
Independent Auditors' Report 1-2
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997
AND FOR THE YEAR ENDED DECEMBER 31, 1998:
Statements of Net Assets Available for Benefits 3
Statements of Changes in Net Assets Available for Benefits 4
Notes to Financial Statements 5-11
SUPPLEMENTAL SCHEDULES AS OF AND
FOR THE YEAR ENDED DECEMBER 31, 1998:
Item 27a - Schedule of Assets Held for Investment Purposes 12
Item 27d - Schedule of Reportable Transactions 13
The following schedules required by the Department of Labor Regulations are omitted because of the absence of conditions under which they are required:
Item 27b - Schedule of Loans in Default
Item 27c - Schedule of Leases in Default
Item 27e - Schedule of Nonexempt Transactions
SIGNATURES
The Plan, Pursuant to the requirements of 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 thereunto duly authorized. Stifel, Nicolaus Profit Sharing 401(K) Plan (Name of Plan)
Date: July 14, 1999 By /S/ Bernard N. Burkemper
Bernard N. Burkemper (Trustee)
[Deloitte & Touche letterhead]
INDEPENDENT AUDITORS' REPORT
To the Administrative Committee and Trustees of
Stifel, Nicolaus Profit Sharing 401(k) Plan
St. Louis, Missouri:
We have audited the accompanying statements of net assets available for benefits of Stifel, Nicolaus Profit Sharing 401(k) Plan (the "Plan") as of December 31, 1998 and 1997, and the related statement of changes in net assets available for benefits for the year ended December 31, 1998. 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 o ial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1998 and 1997, and the changes in net assets available for benefits for the year ended December 31, 1998 in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) assets held for investment purposes as of December 31, 1998 and (2) transactions in excess of five percent of plan assets for the year ended December 31, 1998 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 Re Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan's management. Such supplemental schedules have been subjected to the auditing procedures applied in our audit of the basic 1998 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.
The Plan has not presented all of the information relative to the historical cost of investment purchase and sale transactions and gain or loss on sale transactions in the schedule of reportable transactions and historical cost information for certain of the investments in the schedule of assets held for investment purposes. Disclosure of this information is required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.
/s/ Deloitte & Touche LLP
June 4, 1999
|
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN |
||
|
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS |
||
|
YEARS ENDED DECEMBER 31, 1998 AND 1997 |
||
|
1998 |
1997 |
|
|
ASSETS: |
||
|
Cash |
$ 4,043 |
$ 4,043 |
|
Investments, at fair value |
37,056,871 |
31,288,396 |
|
Employee loans receivables |
596,783 |
485,601 |
|
Accrued interest on employee loans |
1,121 |
837 |
|
Employer's contribution receivable |
1,052 |
765 |
|
Participants' contribution receivable |
32,250 |
35,313 |
|
37,692,120 |
31,814,955 |
|
|
LIABILITIES - Excess contributions refundable |
4,755 |
- |
|
NET ASSETS AVAILABLE FOR BENEFITS |
$ 37,687,365 |
$ 31,814,955 |
|
See notes to financial statements. |
||
|
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS |
|
|
YEAR ENDED DECEMBER 31, 1998 |
|
|
ADDITIONS TO NET ASSETS: |
|
|
Net appreciation in fair value of investments |
$ 3,525,133 |
|
Employer's contributions |
160,737 |
|
Participants' contributions |
3,012,328 |
|
Dividends |
20,774 |
|
Interest income |
318,231 |
|
Other |
11 |
|
Total additions |
7,037,214 |
|
DEDUCTIONS: |
|
|
Benefits paid to participants |
(1,091,512) |
|
Other |
(73,292) |
|
Total deductions |
(1,164,804) |
|
Net increase |
5,872,410 |
|
NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR |
31,814,955 |
|
NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR |
$ 37,687,365 |
|
See notes to financial statements. |
|
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
1. DESCRIPTION OF THE PLAN
The following description of the Stifel, Nicolaus Profit Sharing 401(k) Plan (formerly the Stifel, Nicolaus Profit Sharing Fund) provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan's provisions.
General - The Plan is a defined contribution plan covering all employees of Stifel, Nicolaus & Company, Incorporated (the "Company") and affiliates who meet the eligibility provisions of the Plan. The Plan meets the requirements of a 401(k) plan under the Internal Revenue Code of 1954, as amended. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions - Employees are eligible to contribute up to 15% of their eligible compensation in increments of 1%.
Eligible Participants - Employees are eligible to participate in the Plan as of the first day of the calendar month following the later of the date of attainment of age 21, or the date six months after the date of employment.
Loans to Participants - The Plan has a provision to make loans to participants of the Plan whereby the Trustees shall determine whether a participant qualifies for such loan. The loans are limited to the lesser of $50,000 or 50% of the vested portion of the participant's accounts under the Plan. The repayment period shall not exceed five years, unless such loan is used to acquire a dwelling unit which will be used as the principal residence of the participant, in which case the repayment period shall not exceed ten years, and interest is charged at prime rate plus one percent. The borrowing participants are charged an initial processing fee and a monthly service charge for each month the loan is outstanding.
Participant Accounts - Effective May 1, 1997, as a result of change in plan administrator and trustee, each participant could designate the percentage of their account to be invested in the CIGNA Charter Short-Term Fixed Income Fund, CIGNA Charter Actively Managed Fixed Income Fund, CIGNA Lifetime 60 Fund, CIGNA Lifetime 50 Fund, CIGNA Lifetime 40 Fund, CIGNA Lifetime 30 Fund, CIGNA Lifetime 20 Fund, Charter Large Co. Stock Index Fund, Neuberger & Berman Guardian Trust Fund, AIM Value Fund, PBHG Growth Fund, Templeton Foreign Fund, SEI Capital Appreciation Fund, SEI Small Cap Growth Fund, Stifel Financial Corp. Stock and the CIGNA Direct Fund. Effective December 18, 1997, the CIGNA Guaranteed Income Fund was added as an investment option. Effective May 1, 1998, the CIGNA Charter Short-Term Fixed Income Fund, SEI Capital Appreciation Fund and the SEI Small Cap Growth Fund were replaced with the CIGNA Charter Large Company Stock-Growth Fund and the CIGNA Charter Small Company Stock-Growth Fund. All other funds remain available. Additionally, the participants have the option to invest in any of the funds of the Plan and allocate their money in 1% increments. The participants are given the option to change the allocation of their contributions and transfer money between the funds daily.
Vesting - The vesting period for Company contributions is based on a four year cliff vesting schedule. Participants are fully vested in their individual contributions at all times.
Company Contributions - The Plan includes a matching contribution by the Company which is determined at the beginning of each plan year by the Board of Directors of the Company. The matching contribution for the plan year beginning January 1, 1998, is 50% of the first $500 contributed by the participant.
Discretionary contributions by the Company above the aforementioned matching contributions are allocated to the participants using a combination of two methods: on a per capita basis and on the basis of participants' contributions.
Payment of Benefits - Retiring participants, participants leaving the employment of the Company due to disabling illness or injury, and participants whose employment is terminated prior to retirement, disability, or death will receive the vested balance in their individual account in a lump sum, net of any outstanding loan balance. Upon death, a participant's account is paid in a lump sum to the designated beneficiary.
Forfeited Plan Assets - If a participant forfeits any unvested balances in their account, these Plan assets are reallocated, on the last day of the Plan year, first to restore forfeited Plan accounts of former participants who are reemployed and become a participant again prior to incurring five consecutive one-year breaks-in-service then to active participants in equal amounts.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The financial statements of the Plan are prepared on an accrual basis.
Investment Valuation - All investments are stated at fair value based upon quoted market prices.
Other - The Plan presents in the statement of changes in net assets, the net appreciation/(depreciation) in the fair value of its investments, which consist of the realized gains or losses and the unrealized appreciation/(depreciation) on those investments.
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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Excess Contribution Payable - At December 31, 1998, a payable of $4,755 was recorded for amounts refundable by the Plan to participants for contributions made in excess of amounts allowed by the Internal Revenue Service.
3. RIGHT TO TERMINATE THE PLAN
Although the Company has not expressed any intent to do so, the Company has the right to terminate the Plan at any time, subject to the provisions of ERISA. In the event of Plan termination, all participants become 100% vested in their accounts and the assets are distributed to the participants on the basis of the value of each participant's account as of the date of termination.
4. TRANSACTIONS WITH PARTIES-IN-INTEREST
The Plan is administered by the Company. Employees of the Company serve as Trustees of the Plan and participate in the Plan. The Company pays all administrative expenses related to the Plan.
5. INVESTMENTS
The fair value of individual investments that represent five percent or more of the Plan's net assets available for plan benefits are as follows:
|
1998 |
1997 |
|
|
CIGNA Short-Term Fixed Fund |
$ - |
$ 4,953,490 |
|
Neuberger & Berman Guardian Trust Fund |
6,922,448 |
6,776,331 |
|
AIM Value Fund |
7,290,199 |
4,839,647 |
|
Templeton Foreign Fund |
2,915,269 |
2,900,906 |
|
SEI Cap Appreciation Fund |
3,356,752 |
|
|
SEI Small Cap Growth Fund |
3,705,144 |
|
|
CIGNA Direct Fund |
3,013,498 |
2,050,851 |
|
CIGNA Guaranteed Income Fund |
5,882,071 |
|
|
CIGNA Charter Large Company Stock - Growth |
4,173,135 |
|
|
CIGNA Charter Small Company Stock - Growth |
3,289,010 |
6. INCOME TAX STATUS
The Internal Revenue Service has ruled, as of the most recent determination letter dated August 15, 1995, that the Plan qualifies under Section 401(a) of the Internal Revenue Code and is, therefore, not subject to tax under present income tax laws. The Plan has been amended since receiving the determination letter. However, the Company believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Internal Revenue Code.
7. INVESTMENT FUNDS
Net assets available for benefits by fund at December 31, 1998 and 1997 and changes in net assets available for benefits by fund for the year ended December 31, 1998 are as follows:
|
CIGNA |
CIGNA |
CIGNA |
|||||||||
|
Charter |
Charter |
Charter |
Neuberger & |
||||||||
|
Short-Term |
Actively |
Large Co. |
Berman |
||||||||
|
Net Assets Available for Benefits |
Fixed |
Managed |
CIGNA |
CIGNA |
CIGNA |
CIGNA |
CIGNA |
Stock |
Guardian |
AIM |
PBHG |
|
as of December 31, 1998 |
Income |
Fixed Income |
Lifetime 60 |
Lifetime 50 |
Lifetime 40 |
Lifetime 30 |
Lifetime 20 |
Index |
Trust |
Value |
Growth |
|
Cash |
$ - |
$ 135 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 925 |
$ 578 |
$ - |
|
Investments, at market value |
836,929 |
1,295 |
382,792 |
67,415 |
37,996 |
73,175 |
751,480 |
6,922,448 |
7,290,199 |
1,242,625 |
|
|
Employee loans receivable |
|||||||||||
|
Accrued interest on employee loans |
72 |
1 |
26 |
251 |
343 |
230 |
|||||
|
Employer's contribution receivable |
20 |
7 |
35 |
6 |
20 |
20 |
97 |
174 |
98 |
||
|
Participants' contributions receivable |
3,636 |
28 |
171 |
215 |
113 |
85 |
1,401 |
4,964 |
7,308 |
3,692 |
|
|
Excess contribution refundable |
|
|
|
|
|
|
|
|
|
|
|
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
|
|
Net assets available for plan benefits |
$ - |
$ 840,792 |
$ 1,323 |
$ 382,970 |
$ 67,665 |
$ 38,115 |
$ 73,281 |
$ 752,927 |
$ 6,928,685 |
$ 7,298,602 |
$ 1,246,645 |
|
(Continued) |
|
Stifel |
CIGNA |
CIGNA |
|||||||||
|
Financial |
CIGNA |
Charter Large |
Charter Small |
Employee |
Excess |
||||||
|
Net Assets Available for Benefits |
Templeton |
SEI Cap |
SEI Small |
Corp. |
CIGNA |
Guaranteed |
Company |
Company |
Loans |
Contribution |
|
|
as of December 31, 1998 |
Foreign |
Appreciation |
Cap Growth |
Stock |
Direct |
Income |
Stock-Growth |
Stock-Growth |
Receivable |
Refundable |
Total |
|
Cash |
$ 343 |
$ - |
$ - |
$ - |
$ - |
$ 820 |
$ 530 |
$ 712 |
$ - |
$ - |
$ 4,043 |
|
Investments, at market value |
2,915,269 |
177,534 |
3,013,498 |
5,882,071 |
4,173,135 |
3,289,010 |
37,056,871 |
||||
|
Employee loans receivable |
596,783 |
596,783 |
|||||||||
|
Accrued interest on employee loans |
57 |
48 |
27 |
49 |
17 |
1,121 |
|||||
|
Employer's contribution receivable |
65 |
226 |
31 |
80 |
173 |
1,052 |
|||||
|
Participants' contributions receivable |
3,182 |
608 |
|
1,838 |
1,399 |
3,610 |
|
32,250 |
|||
|
Excess contribution refundable |
|
|
|
|
|
|
|
(4,755) |
(4,755) |
||
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
|
|
Net assets available for plan benefits |
$ 2,918,916 |
$ - |
$ - |
$ 178,416 |
$ 3,013,498 |
$ 5,884,787 |
$ 4,175,193 |
$ 3,293,522 |
$ 596,783 |
$ (4,755) |
$ 37,687,365 |
|
(Continued) |
|
CIGNA |
CIGNA |
CIGNA |
||||||||
|
Charter |
Charter |
Charter |
Neuberger & |
|||||||
|
Short-Term |
Actively |
Large Co. |
Berman |
|||||||
|
Net Assets Available for Benefits |
Fixed |
Managed |
CIGNA |
CIGNA |
CIGNA |
CIGNA |
Stock |
Guardian |
AIM |
PBHG |
|
as of December 31, 1997 |
Income |
Fixed Income |
Lifetime 50 |
Lifetime 40 |
Lifetime 30 |
Lifetime 20 |
Index |
Trust |
Value |
Growth |
|
Investments, at market value |
$ 4,953,490 |
$ 988,294 |
$ 329,768 |
$ 68,639 |
$ 6,308 |
$ 21,001 |
$ 358,321 |
$ 6,776,331 |
$ 4,839,647 |
$ 828,277 |
|
Employer's contribution receivable |
34 |
25 |
4 |
13 |
36 |
40 |
147 |
198 |
126 |
|
|
Participants' contributions receivable |
68 |
1,857 |
151 |
109 |
83 |
84 |
1,056 |
6,968 |
7,519 |
4,464 |
|
Employee loans receivable |
|
|
|
|||||||
|
Accrued interest on employee loans |
39 |
2 |
|
1 |
32 |
289 |
231 |
192 |
||
|
Cash |
820 |
135 |
|
|
|
|
|
925 |
578 |
|
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
|
|
Net assets available for plan benefits |
$ 4,954,412 |
$ 990,350 |
$ 329,919 |
$ 68,754 |
$ 6,404 |
$ 21,122 |
$ 359,449 |
$ 6,784,660 |
$ 4,848,173 |
$ 833,059 |
|
(Continued) |
|
Stifel |
||||||||
|
Financial |
CIGNA |
Employee |
||||||
|
Net Assets Available for Benefits |
Templeton |
SEI Cap |
SEI Small |
Corp. |
CIGNA |
Guaranteed |
Loans |
|
|
as of December 31, 1997 |
Foreign |
Appreciation |
Cap Growth |
Stock |
Direct |
Income |
Receivable |
Total |
|
Investments, at market value |
$ 2,900,906 |
$ 3,356,752 |
$ 3,705,144 |
$ 104,667 |
$ 2,050,851 |
$ - |
$ - |
$ 31,288,396 |
|
Employer's contribution receivable |
72 |
14 |
56 |
765 |
||||
|
Participant's contributions receivable |
3,270 |
143 |
7,430 |
2,111 |
|
35,313 |
||
|
Employee loans receivable |
|
485,601 |
485,601 |
|||||
|
Accrued interest on employee loans |
32 |
|
19 |
837 |
||||
|
Cash |
343 |
530 |
712 |
|
|
|
|
4,043 |
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
|
|
Net assets available for plan benefits |
$ 2,904,623 |
$ 3,357,282 |
$ 3,705,999 |
$ 112,111 |
$ 2,050,851 |
$ 2,186 |
$ 485,601 |
$ 31,814,955 |
|
(Continued) |
|
Changes in Net Assets Available for Benefits for the Year |
CIGNA |
CIGNA |
CIGNA |
||||||||
|
Ended December 31, 1998 |
Charter |
Charter |
Charter |
Neuberger & |
|||||||
|
Short-Term |
Actively |
Large Co. |
Berman |
||||||||
|
Fixed |
Managed |
CIGNA |
CIGNA |
CIGNA |
CIGNA |
CIGNA |
Stock |
Guardian |
AIM |
PBHG |
|
|
Additions to Net Assets Attributed to: |
Income |
Fixed Income |
Lifetime 60 |
Lifetime 50 |
Lifetime 40 |
Lifetime 30 |
Lifetime 20 |
Index |
Trust |
Value |
Growth |
|
Net appreciation (depreciation) in fair value of investments |
$ 37,979 |
$ 62,793 |
$ 76 |
$ 44,846 |
$ 11,579 |
$ 4,798 |
$ 3,748 |
$ 155,571 |
$ 211,586 |
$ 1,779,720 |
$ 17,522 |
|
Employer's contributions |
282 |
5,148 |
610 |
504 |
720 |
376 |
1,047 |
4,711 |
31,329 |
38,494 |
34,562 |
|
Participants' contributions |
2,484 |
93,442 |
637 |
7,667 |
6,545 |
4,352 |
8,953 |
117,916 |
515,014 |
768,678 |
551,830 |
|
Dividends |
|||||||||||
|
Interest income |
9 |
1,791 |
34 |
105 |
21 |
1,183 |
10,900 |
13,154 |
7,507 |
||
|
Other |
(15,576) |
|
|
|
|
|
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
|
|
Total additions |
25,178 |
163,174 |
1,323 |
53,017 |
18,878 |
9,631 |
13,769 |
279,381 |
768,829 |
2,600,046 |
611,421 |
|
Deductions from Net Assets Attributed to: |
|||||||||||
|
Benefits paid to participants |
(8,798) |
(86,282) |
- |
- |
(4,624) |
(217) |
(1,107) |
(12,413) |
(171,393) |
(164,587) |
(169,535) |
|
Other |
1,522 |
(14,199) |
|
34 |
54 |
(76) |
(376) |
(41) |
1,881 |
965 |
2,044 |
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
|
|
Total deductions |
(7,276) |
(100,481) |
- |
34 |
(4,570) |
(293) |
(1,483) |
(12,454) |
(169,512) |
(163,622) |
(167,491) |
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
|
|
Net increase/decrease |
17,902 |
62,693 |
1,323 |
53,051 |
14,308 |
9,338 |
12,286 |
266,927 |
599,317 |
2,436,424 |
443,930 |
|
Inter-fund transfers |
(4,972,314) |
(212,251) |
|
|
(15,397) |
22,373 |
39,873 |
126,551 |
(455,292) |
14,005 |
(30,344) |
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
|
|
Net increase (decrease) |
(4,954,412) |
(149,558) |
1,323 |
53,051 |
(1,089) |
31,711 |
52,159 |
393,478 |
144,025 |
2,450,429 |
413,586 |
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
|
|
Net assets available for benefits, Beginning of year |
4,954,412 |
990,350 |
|
329,919 |
68,754 |
6,404 |
21,122 |
359,449 |
6,784,660 |
4,848,173 |
833,059 |
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
|
|
Net assets available for benefits, End of year |
$ - |
$ 840,792 |
$ 1,323 |
$ 382,970 |
$ 67,665 |
$ 38,115 |
$ 73,281 |
$ 752,927 |
$ 6,928,685 |
$ 7,298,602 |
$ 1,246,645 |
|
(Continued) |
|
Stifel |
CIGNA |
CIGNA |
||||||||||
|
Financial |
CIGNA |
Charter Large |
Charter Small |
Employee |
Excess |
|||||||
|
Templeton |
SEI Cap |
SEI Small |
Corp. |
CIGNA |
Guaranteed |
Company |
Company |
Loans |
Contributions |
|||
|
Additions to Net Assets Attributed to: |
Foreign |
Appreciation |
Cap Growth |
Stock |
Direct |
Income |
Stock-Growth |
Stock-Growth |
Receivable |
Refundable |
Total |
|
|
Net appreciation (depreciation) in fair value of investments |
$ (133,491) |
$ 435,966 |
$ 386,876 |
$ (84,268) |
$ 81,701 |
$ - |
$ 609,732 |
$ (101,601) |
$ - |
$ - |
$ 3,525,133 |
|
|
Employer's contributions |
20,405 |
159 |
5,718 |
12,956 |
2,249 |
1,467 |
160,737 |
|||||
|
Participants' contributions |
422,986 |
(87) |
3,996 |
58,653 |
367,049 |
56,633 |
25,580 |
3,012,328 |
||||
|
Dividends |
19,539 |
1,235 |
20,774 |
|||||||||
|
Interest income |
3,271 |
536 |
278,598 |
957 |
165 |
318,231 |
||||||
|
Other |
|
|
|
2 |
|
15,585 |
|
|
|
|
11 |
|
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
||
|
Total additions |
313,171 |
455,418 |
391,031 |
(18,124) |
81,701 |
674,188 |
669,571 |
(74,389) |
- |
- |
7,037,214 |
|
|
Deductions from Net Assets Attributed to: |
||||||||||||
|
Benefits paid to participants |
(48,334) |
(14,330) |
(5,467) |
(2,152) |
- |
(323,737) |
(20,424) |
(58,112) |
- |
- |
(1,091,512) |
|
|
Other |
873 |
(259) |
(464) |
(437) |
(29,454) |
6,425 |
(365) |
(1,068) |
(35,596) |
(4,755) |
(73,292) |
|
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
||
|
Total deductions |
(47,461) |
(14,589) |
(5,931) |
(2,589) |
(29,454) |
(317,312) |
(20,789) |
(59,180) |
(35,596) |
(4,755) |
(1,164,804) |
|
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
||
|
Net increase/decrease |
265,710 |
440,829 |
385,100 |
(20,713) |
52,247 |
356,876 |
648,782 |
(133,569) |
(35,596) |
(4,755) |
5,872,410 |
|
|
Inter-fund transfers |
(251,417) |
(3,798,111) |
(4,091,099) |
87,018 |
910,400 |
5,525,725 |
3,526,411 |
3,427,091 |
146,778 |
|
|
|
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
||
|
Net increase (decrease) |
14,293 |
(3,357,282) |
(3,705,999) |
66,305 |
962,647 |
5,882,601 |
4,175,193 |
3,293,522 |
111,182 |
(4,755) |
5,872,410 |
|
|
Net assets available for benefits, Beginning of year |
2,904,623 |
3,357,282 |
3,705,999 |
112,111 |
2,050,851 |
2,186 |
- |
- |
485,601 |
- |
31,814,955 |
|
|
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
------------- |
||
|
Net assets available for benefits, End of year |
$ 2,918,916 |
$ - |
$ - |
$ 178,416 |
$ 3,013,498 |
$ 5,884,787 |
$ 4,175,193 |
$ 3,293,522 |
$ 596,783 |
$ (4,755) |
$ 37,687,365 |
|
|
(Concluded) |
||||||||||||
* * * * * *
|
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN |
|||
|
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES |
|||
|
DECEMBER 31, 1998 |
|||
|
Number of |
Fair |
||
|
Description of Investments |
Shares |
Cost |
Value |
|
*CIGNA Charter Actively Managed Fixed Income Fund |
6,440 |
$ 773,380 |
$ 836,929 |
|
*CIGNA Lifetime 60 Fund |
78 |
1,218 |
1,295 |
|
*CIGNA Lifetime 50 Fund |
21,156 |
332,834 |
382,792 |
|
*CIGNA Lifetime 40 Fund |
3,637 |
59,425 |
67,415 |
|
*CIGNA Lifetime 30 Fund |
1,988 |
33,356 |
37,996 |
|
*CIGNA Lifetime 20 Fund |
3,805 |
69,226 |
73,175 |
|
*CIGNA Charter Large Co. Stock Index Fund |
11,517 |
637,893 |
751,480 |
|
Neuberger & Berman Guardian Trust Fund |
353,223 |
6,462,014 |
6,922,448 |
|
AIM Value Fund |
144,290 |
(1) |
7,290,199 |
|
PBHG Growth Fund |
48,654 |
1,212,924 |
1,242,625 |
|
Templeton Foreign Fund |
265,319 |
(1) |
2,915,269 |
|
Stifel Financial Corp. Stock |
17,009 |
232,508 |
177,534 |
|
*CIGNA Direct Fund |
(1) |
(1) |
3,013,498 |
|
*CIGNA Guaranteed Income Fund |
209,303 |
5,882,071 |
5,882,071 |
|
*CIGNA Charter Large Company Stock-Growth |
304,098 |
3,571,744 |
4,173,135 |
|
*CIGNA Charter Small Company Stock-Growth |
295,055 |
3,358,491 |
3,289,010 |
|
37,056,871 |
|||
|
Employee loans receivable |
596,783 |
||
|
Total |
$ 37,653,654 |
||
|
(1) The historical cost and/or number of shares information is not available. |
|||
|
* Represents party-in-interest transactions. |
|||
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN
|
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS |
||||||
|
YEAR ENDED DECEMBER 31, 1998 |
||||||
|
Gain |
||||||
|
Number |
Number of |
or (Loss) |
||||
|
of Purchase |
Purchase |
Sales |
Selling |
Cost |
on Sale |
|
|
Investment |
Transactions |
Price |
Transactions |
Price |
of Asset |
of Asset |
|
Category (i) - Single Transactions in Excess of 5% of Plan Assets |
||||||
|
CIGNA Charter Small Company Stock-Growth Fund |
1 |
$ 3,713,966 |
$ - |
|||
|
CIGNA Charter Large Company Stock-Growth Fund |
1 |
3,456,080 |
||||
|
CIGNA Guaranteed Income Fund |
1 |
4,609,344 |
||||
|
SEI Capital Appreciation Fund |
1 |
3,456,080 |
(1) |
(1) |
||
|
SEI Small Cap Growth Fund |
1 |
3,713,966 |
(1) |
(1) |
||
|
CIGNA Charter Short-Term Fixed Fund |
1 |
4,609,344 |
(1) |
(1) |
||
|
Category (iii) - Series of Transactions in Excess of 5% of Plan Assets |
||||||
|
SEI Capital Appreciation Fund |
3 |
$ 19,539 |
28 |
$ 3,812,257 |
(1) |
(1) |
|
CIGNA Guaranteed Income Fund |
92 |
7,817,613 |
82 |
2,207,936 |
$ 2,207,936 |
$ - |
|
Charter Large Company Stock-Growth Fund |
61 |
3,984,908 |
37 |
420,023 |
413,164 |
6,859 |
|
SEI Small Cap Growth Fund |
12 |
4,321 |
30 |
4,096,342 |
(1) |
(1) |
|
PBHG Growth Fund |
69 |
1,129,184 |
75 |
732,071 |
751,391 |
(19,320) |
|
Charter Small Company Stock-Growth Fund |
48 |
3,900,275 |
37 |
508,098 |
541,784 |
(33,686) |
|
AIM Value Fund |
80 |
1,571,135 |
77 |
899,908 |
701,646 |
198,262 |
|
CIGNA Charter Short-Term Fixed Fund |
19 |
92,107 |
18 |
5,083,576 |
4,919,555 |
164,021 |
|
Neuberger & Berman Guardian Trust Fund |
67 |
965,291 |
85 |
1,030,445 |
898,638 |
131,807 |
(1) The historical cost information is not available and thus a gain or loss has not been computed.
|
|