FORM 10-K/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
(Mark one)
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 1-8608
NYNEX CORPORATION
A Delaware I.R.S. Employer
Corporation Identification No. 13-3180909
1095 Avenue of the Americas, New York, New York 10036
Telephone Number (212) 395-2121
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
Common Stock (par value New York, Boston, Chicago, Pacific
$1.00 per share) and Philadelphia Stock Exchange
Twenty year 9.55% Debentures
due May 1, 2010 New York Stock Exchange, Inc.
Securities registered pursuant to Section 12(g) of the Act: None.
At February 29, 1996, approximately 435,379,000 shares of Common Stock were
outstanding.
At February 29, 1996, the aggregate market value of the voting stock held
by nonaffiliates was approximately $22,404,517,000.
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes..X.. No.......
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
DOCUMENTS INCORPORATED BY REFERENCE:
(1) Portion of the Registrant's 1995 Annual Report of Stockholders (Part II).
(2) Portion of the Registrant's Proxy Statement dated March 18, 1996 issued
in connection with the 1996 Annual Meeting of Stockholders (Part III).
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report for 1995 on Form
10-K as set forth in the pages attached hereto:
Exhibit (99)a Annual Report on Form 11-K of the NYNEX Corporation Savings
Plan for Salaried Employees for the year ended December 31,
1995.
Exhibit(99)b Annual Report on Form 11-K of the NYNEX Corporation Savings
and Security Plan (Non-Salaried Employees) for the year
ended December 31, 1995.
In addition, the Registrant hereby amends the number of shares of Common
Stock outstanding and the aggregate market value of the voting stock held
by nonaffiliates at February 29, 1996 to correct a computational error
set forth on the cover page.
Pursuant to the requirements 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.
NYNEX Corporation
(Registrant)
By s/F. V. Salerno
-----------------
(Frederic Salerno,
Dated: June 27, 1996 Vice Chairman-CFO/Business Development
and Chief Financial Officer)
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, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 1-8608
-------------
NYNEX Corporation Savings Plan
for Salaried Employees
-------------
NYNEX Corporation
1095 Avenue of the Americas, New York, New York 10036
<PAGE>
Item 1. Financial Statements and Exhibits.
(a) Financial Statements of the Plan* included herein:
Report of Independent Accountants
Financial Statements:
Statements of Net Assets Available for Plan Benefits as of
December 31, 1995 and 1994
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 1995 and 1994
Notes to Financial Statements
Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes as
of December 31, 1995
Item 27d - Schedule of Reportable (5%) Transactions as of
December 31, 1995
Other schedules are omitted because the information required is
contained in the financial statements or is not applicable.
(b) Exhibits:
(23) Consent of Coopers & Lybrand L.L.P.
- -------------------------
* This and certain other capitalized terms used but not defined herein shall
have their respective meanings as defined in the Plan Prospectus.
2
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Employees' Benefit Committee
of NYNEX Corporation:
We have audited the Statements of Net Assets Available for Plan Benefits of the
NYNEX Corporation Savings Plan for Salaried Employees as of December 31, 1995
and 1994, and the related Statements of Changes in Net Assets Available for Plan
Benefits for each of the two years in the period ended December 31, 1995. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the NYNEX
Corporation Savings Plan for Salaried Employees as of December 31, 1995 and 1994
and the changes in net assets available for plan benefits for each of the two
years in the period ended December 31, 1995, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes as of December 31, 1995 and reportable (5%) transactions
as of December 31, 1995 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 Statements of Net Asset Available for Plan
Benefits as of December 31, 1995 and 1994 and the Statements of Changes in Net
Assets Available for Plan Benefits for each of the two years in the period ended
December 31, 1995 is presented for purposes of additional analysis rather than
to present the net asset available for plan benefits and changes in net assets
available for plan 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.
New York, New York
June 24, 1996
3
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Net Assets Available for Plan Benefits
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
---------------------------------------------------------------------------
NYNEX Diversified Interest
Shares Telecommunications Government Equity Income
Fund Fund Obligations Portfolio Fund
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair market value (cost $2,518,598)
(see Notes 2 and 3)
NYNEX Corporation common shares $708,150 $ 8,565 $ - $ - $ -
Government Obligations pooled fund - - 128,745 - -
Contracts with insurance companies
and other financial institutions - - - - 811,786
Telecommunications Fund common shares,
excluding NYNEX Corporation common shares - 157,087 - - -
Value of Plan's participation in
Master Trust (Note 3) - - - 595,733 -
Temporary cash investments 4,978 1,238 - - 6,380
Receivable for loan to participants - - - - -
--------------------------------------------------------------------------
Total Investments 713,128 166,890 128,745 595,733 818,166
Allotments and contributions receivable (Note 1) (149) 16 (96) 184 (208)
InterFund, interPlan and other
transfers receivable - net - 545 - 562 -
Dividends and interest receivable 27 652 - - -
Other receivables 97 36 - 24 143
----------------------------------------------------------------------------
Total Assets 713,103 168,139 128,649 596,503 818,101
LIABILITIES
Expenses payable & other payables 37 9 6 40 45
InterFund, interPlan and other transfers payable - net 856 - 18 - 572
Payable for securities purchased - 166 - - -
Note payable (Note 6) - - - - -
Accrued interest on note payable - - - - -
--------------------------------------------------------------------------
Total Liabilities 893 175 24 40 617
---------------------------------------------------------------------------
Net Assets Available for Plan Benefits
(Notes 1 and 2) $712,210 $167,964 $128,625 $596,463 $817,484
===========================================================================
See notes to financial statements.
</TABLE>
4
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Net Assets Available for Plan Benefits (Continued)
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
--------------------------------------------------------------------
Employee Stock Active U.S. U.S.
Loan Ownership Plan Equity Balanced
Fund Allocated Unallocated Fund Fund
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair market value (cost $2,518,598)
(see Notes 2 and 3)
NYNEX Corporation common shares $ - $286,243 $464,843 $ - $ -
Government Obligations pooled fund - - - - -
Contracts with insurance companies
and other financial institutions - - - - -
Telecommunications Fund common shares,
excluding NYNEX Corporation common shares - - - - -
Value of Plan's participation in
Master Trust (Note 3) - - - 32,077 24,194
Temporary cash investments - 1,670 24 - -
Receivable for loan to participants 82,556 - - - -
------------------------------------------------------------------
Total Investments 82,556 287,913 464,867 32,077 24,194
Allotments and contributions receivable (Note 1) - 96 - 23 16
InterFund, interPlan and other
transfers receivable - net - - - 62 -
Dividends and interest receivable - 6 - - -
Other receivables - - - 1 -
------------------------------------------------------------------
Total Assets 82,556 288,015 464,867 32,163 24,210
LIABILITIES
Expenses payable & other payables - 29 - 30 26
InterFund, interPlan and other transfers payable - net - - - - 63
Payable for securities purchased - - - - -
Note payable (Note 6) - - 414,079 - -
Accrued interest on note payable - - 7,244 - -
------------------------------------------------------------------
Total Liabilities - 29 421,323 30 89
-------------------------------------------------------------------
Net Assets Available for Plan Benefits
(Notes 1 and 2) $82,556 $287,986 $43,544 $32,133 $24,121
===================================================================
See notes to financial statements.
</TABLE>
5
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Net Assets Available for Plan Benefits (Continued)
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
--------------------------------------------------
Global International
Balanced Equity U.S. Small
Fund Fund Cap Fund Total
<S> <C> <C> <C> <C>
ASSETS
Investments at fair market value (cost $2,518,598)
(see Notes 2 and 3)
NYNEX Corporation common shares $ - $ - $ - $1,467,801
Government Obligations pooled fund - - - 128,745
Contracts with insurance companies
and other financial institutions - - - 811,786
Telecommunications Fund common shares,
excluding NYNEX Corporation common shares - - - 157,087
Value of Plan's participation in
Master Trust (Note 3) 19,796 22,087 27,798 721,685
Temporary cash investments - - - 14,290
Receivable for loan to participants - - - 82,556
----------------------------------------------------------
Total Investments 19,796 22,087 27,798 3,383,950
Allotments and contributions receivable (Note 1) 16 25 30 (47)
InterFund, interPlan and other
transfers receivable - net 119 - 246 1,534
Dividends and interest receivable - - - 685
Other receivables - 1 - 302
----------------------------------------------------------
Total Assets 19,931 22,113 28,074 3,386,424
LIABILITIES
Expenses payable & other payables 25 25 76 348
InterFund, interPlan and other transfers payable - net - 85 - 1,594
Payable for securities purchased - - - 166
Note payable (Note 6) - - - 414,079
Accrued interest on note payable - - - 7,244
----------------------------------------------------------
Total Liabilities 25 110 76 423,431
----------------------------------------------------------
Net Assets Available for Plan Benefits
(Notes 1 and 2) $19,906 $22,003 $27,998 $2,962,993
==========================================================
See notes to financial statements.
</TABLE>
6
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Net Assets Available for Plan Benefits
December 31, 1994
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
-----------------------------------------------------------------------
Diversified
NYNEX Telephone Diversified
Shares Portfolio Government Equity
Fund ("DTP") Obligations Portfolio
<S> <C> <C> <C> <C>
ASSETS
Investments at fair market value (cost $2,055,712)
(see Note 2)
NYNEX Corporation common shares $551,371 $ 11,197 $ - $ -
DTP common shares, excluding NYNEX
Corporation common shares - 127,005 - -
Government Obligations pooled fund - - 131,807 -
Contracts with insurance companies
and other financial institutions - - - -
Temporary cash investments 6,391 420 - -
Receivable for loans to Plan participants - - - -
----------------------------------------------------------------------
Total Investments 557,762 138,622 131,807 -
Allotments and contributions receivable (Note 1) 2 - - 7
Interfund, interPlan and other
transfers receivable - net 2,044 174 - -
Receivable for securities sold - - - 426,219
Dividends and interest receivable 8,871 822 - -
Other receivables 394 150 149 269
-----------------------------------------------------------------------
Total Assets 569,073 139,768 131,956 426,495
LIABILITIES
Expenses payable & other payables 33 13 9 24
InterFund, interPlan and other
transfers payable - net - - 58 569
Payable for securities purchased 288 - - -
Notes payable (Note 6) - - - -
Accrued Interest on note payable - - - -
----------------------------------------------------------------------
Total Liabilities 321 13 67 593
----------------------------------------------------------------------
Net Assets Available for Plan
Benefits (Notes 1 and 2) $568,752 $139,755 $131,889 $425,902
=======================================================================
See notes to financial statements.
</TABLE>
7
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Net Assets Available for Plan Benefits (Continued)
December 31, 1994
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
------------------------------------------------------------
Interest Employee Stock
Income Loan Ownership Plan
Fund Fund Allocated Unallocated Total
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair market value (cost $2,055,712)
(see Note 2)
NYNEX Corporation common shares $ - $ - $166,758 $335,120 $1,064,446
DTP common shares, excluding NYNEX
Corporation common shares - - - - 127,005
Government Obligations pooled fund - - - - 131,807
Contracts with insurance companies
and other financial institutions 786,959 - - - 786,959
Temporary cash investments 23,544 - 3,540 19 33,914
Receivable for loans to Plan participants - 77,812 - - 77,812
----------------------------------------------------------------------------
Total Investments 810,503 77,812 170,298 335,139 2,221,943
Allotments and contributions receivable (Note 1) 13 - - - 22
Interfund, interPlan and other
transfers receivable - net - - - - 2,218
Receivable for securities sold - - - - 426,219
Dividends and interest receivable 80 - 2,671 5,380 17,824
Other receivables 390 - 56 - 1,408
----------------------------------------------------------------------------
Total Assets 810,986 77,812 173,025 340,519 2,669,634
LIABILITIES
Expenses payable & other payables 48 - 17 - 144
InterFund, interPlan and other
transfers payable - net 135 - 968 - 1,730
Payable for securities purchased - - 795 - 1,083
Notes payable (Note 6) - - - 427,427 427,427
Accrued Interest on note payable - - - 7,026 7,026
----------------------------------------------------------------------------
Total Liabilities 183 - 1,780 434,453 437,410
----------------------------------------------------------------------------
Net Assets Available for Plan
Benefits (Notes 1 and 2) $810,803 $77,812 $171,245 $(93,934) $2,232,224
============================================================================
See notes to financial statements.
</TABLE>
8
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Changes in Net Assets Available for Plan Benefits
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
--------------------------------------------------------------------------
NYNEX Diversified Interest
Shares Telecommunications Government Equity Income
Fund Fund Obligations Portfolio Fund
<S> <C> <C> <C> <C> <C>
Additions:
Allotments, Contributions, Allocations and Transfers:
Employee allotments $ 22,355 $ 667 $ 3,188 $ 33,213 $ 31,365
Employing company contributions (Note 1) 1,163 37 468 2,173 3,025
Allocation of shares to participants - - - - -
Supplemental contributions - - - - -
Loans to participants, net of transfers of
participants' balances (84,787) (8,970) (8,739) 10,747 (13,340)
Transfer for loan repayment - - - - -
-------------------------------------------------------------------------
Total allotments, contributions,
allocations and transfers (61,269) (8,266) (5,083) 46,133 21,050
Investment Income:
Dividends on NYNEX Corporation common shares 24,548 238 - - -
Other dividends - 5,126 - - -
Interest 230 65 - - 55,049
Net appreciation in the fair value of investments 233,978 44,350 13,245 - -
Allocated share of Master Trust investment activities - - - 155,917 -
--------------------------------------------------------------------------
Total additions 197,487 41,513 8,162 202,050 76,099
---------------------------------------------------------------------------
Deductions:
Administrative expenses 108 39 114 108 147
Distributions to participants 53,921 13,265 11,312 31,381 69,271
Interest on loan - - - - -
--------------------------------------------------------------------------
Total deductions 54,029 13,304 11,426 31,489 69,418
---------------------------------------------------------------------------
Net increase (decrease) 143,458 28,209 (3,264) 170,561 6,681
Net Assets Available for Plan Benefits:
Beginning of year - January 1, 1995 568,752 139,755 131,889 425,902 810,803
---------------------------------------------------------------------------
End of year - December 31, 1995 (Note 2 and 3) $712,210 $167,964 $128,625 $596,463 $817,484
===========================================================================
See notes to financial statements.
</TABLE>
9
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Changes in Net Assets Available for Plan Benefits(Continued)
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
-------------------------------------------------------------------
Employee Stock Active U.S. U.S.
Loan Ownership Plan Equity Balanced
Fund Allocated Unallocated Fund Fund
<S> <C> <C> <C> <C> <C>
Additions:
Allotments, Contributions, Allocations and Transfers:
Employee allotments $ - $ - $ - $ 2,341 $ 1,289
Employing company contributions (Note 1) - 19,971 - 126 80
Allocation of shares to participants - 20,392 (20,392) - -
Supplemental contributions - - 25,887 - -
Loans to participants, net of transfers of
participants' balances 4,744 (931) - 25,271 20,046
Transfer for loan repayment - (4,858) 4,858 - -
-------------------------------------------------------------------
Total allotments, contributions,
allocations and transfers 4,744 34,574 10,353 27,738 21,415
Investment Income:
Dividends on NYNEX Corporation common shares - 8,904 15,640 - -
Other dividends - - - - -
Interest - 111 4 - -
Net appreciation in the fair value of investments - 88,370 150,116 - -
Allocated share of Master Trust investment activities - - - 5,827 3,410
-------------------------------------------------------------------
Total additions 4,744 131,959 176,113 33,565 24,825
-------------------------------------------------------------------
Deductions:
Administrative expenses - 61 - 73 73
Distributions to participants - 15,157 - 1,359 631
Interest on loan - - 38,635 - -
-------------------------------------------------------------------
Total deductions - 15,218 38,635 1,432 704
-------------------------------------------------------------------
Net increase 4,744 116,741 137,478 32,133 24,121
Net Assets Available for Plan Benefits:
Beginning of year - January 1, 1995 77,812 171,245 (93,934) - -
-------------------------------------------------------------------
End of year - December 31, 1995 (Note 2 and 3) $82,556 $287,986 $43,544 $32,133 $24,121
===================================================================
See notes to financial statements.
</TABLE>
10
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Changes in Net Assets Available for Plan Benefits (Continued)
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------
Global International
Balanced Equity U.S. Small
Fund Fund Cap Fund Total
<S> <C> <C> <C> <C>
Additions:
Allotments, Contributions, Allocations and Transfers:
Employee allotments $ 1,598 $ 2,590 $ 2,494 $ 101,100
Employing company contributions (Note 1) 87 116 131 27,377
Allocation of shares to participants - - - -
Supplemental contributions - - - 25,887
Loans to participants, net of transfers of
participants' balances 15,846 18,776 24,043 2,706
Transfer for loan repayment - - - -
--------------------------------------------------------
Total allotments, contributions,
allocations and transfers 17,531 21,482 26,668 157,070
Investment Income:
Dividends on NYNEX Corporation common shares - - - 49,330
Other dividends - - - 5,126
Interest - - - 55,459
Net appreciation in the fair value of investments - - - 530,059
Allocated share of Master Trust investment activities 3,185 1,412 2,516 172,267
----------------------------------------------------------
Total additions 20,716 22,894 29,184 969,311
----------------------------------------------------------
Deductions:
Administrative expenses 68 54 178 1,023
Distributions to participants 742 837 1,008 198,884
Interest on loans - - - 38,635
----------------------------------------------------------
Total deductions 810 891 1,186 238,542
-----------------------------------------------------------
Net increase 19,906 22,003 27,998 730,769
Net Assets Available for Plan Benefits:
Beginning of year - January 1, 1995 - - - 2,232,224
----------------------------------------------------------
End of year - December 31, 1995 (Note 2 and 3) $19,906 $22,003 $27,998 $2,962,993
==========================================================
See notes to financial statements.
</TABLE>
11
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Changes in Net Assets Available for Plan Benefits
December 31, 1994
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
-----------------------------------------------------------------
NYNEX Diversified
Shares Government Equity
Fund DTP Obligations Portfolio
<S> <C> <C> <C> <C>
Additions:
Allotments, Contributions, Allocations and Transfers:
Employee allotments $30,463 $ - $ 5,504 $ 37,045
Employing company contributions (Note 1) 3,395 - 743 2,962
Allocation of shares to participants - - - -
Supplemental contributions - - - -
Loans to participants, net of transfers of
participants' balances (14,511) (17,591) (27,344) 17,620
Transfer for loan repayment - - - -
-----------------------------------------------------------------
Total allotments, contributions,
allocations and transfers 19,347 (17,591) (21,097) 57,627
Investment Income:
Dividends on NYNEX Corporation
common shares 35,714 753 - -
Other dividends - 6,035 - 8
Interest 1,612 10 243 1,400
Net appreciation (depreciation)
in the fair value of investments (49,284) (10,581) 1,133 5,908
-----------------------------------------------------------------
Total additions (deductions) 7,389 (21,374) (19,721) 64,943
-----------------------------------------------------------------
Deductions:
Administrative expenses 199 75 159 255
Distributions to participants 41,431 10,274 11,109 27,830
Interest on loan - - - -
-------------------------------------------------------------------
Total deductions 41,630 10,349 11,268 28,085
-------------------------------------------------------------------
Net (decrease) increase (34,241) (31,723) (30,989) 36,858
Net Assets Available for Plan Benefits:
Beginning of year - January 1, 1994 602,993 171,478 162,878 389,044
------------------------------------------------------------------
End of year - December 31, 1994 (Note 2) $568,752 $139,755 $131,889 $425,902
==================================================================
See notes to financial statements.
</TABLE>
12
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
Statement of Changes in Net Assets Available for Plan Benefits(Continued)
December 31, 1994
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
-------------------------------------------------------------
Interest Employee Stock
Income Loan Ownership Plan
Fund Fund Allocated Unallocated Total
<S> <C> <C> <C> <C> <C>
Additions:
Allotments, Contributions, Allocations and Transfers:
Employee allotments $ 36,397 $ - $ - $ - $ 109,409
Employing company contributions (Note 1) 4,752 - 28,764 - 40,616
Allocation of shares to participants - - 16,122 (16,122) -
Supplemental contributions - - - 15,895 15,895
Loans to participants, net of transfers of
participants' balances 26,441 16,210 (933) - (108)
Transfer for loan repayment - - (4,053) 4,053 -
--------------------------------------------------------------------------
Total allotments, contributions,
allocations and transfers 67,590 16,210 39,900 3,826 165,812
Investment Income:
Dividends on NYNEX Corporation
common shares - - 9,713 21,857 68,037
Other dividends - - - - 6,043
Interest 53,237 - 116 11 56,629
Net appreciation (depreciation)
in the fair value of investments - - (13,285) (30,853) (96,962)
--------------------------------------------------------------------------
Total additions (deductions) 120,827 16,210 36,444 (5,159) 199,559
--------------------------------------------------------------------------
Deductions:
Administrative expenses 273 - 132 - 1,093
Distributions to participants 54,257 - 6,470 - 151,371
Interest on loan - - - 46,452 46,452
--------------------------------------------------------------------------
Total deductions 54,530 - 6,602 46,452 198,916
--------------------------------------------------------------------------
Net increase (decrease) 66,297 16,210 29,842 (51,611) 643
Net Assets Available for Plan Benefits:
Beginning of year - January 1, 1994 744,506 61,602 141,403 (42,323) 2,231,581
--------------------------------------------------------------------------
End of year - December 31, 1994 (Note 2) $810,803 $77,812 $171,245 $(93,934) $2,232,224
==========================================================================
See notes to financial statements.
</TABLE>
13
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
(Dollars in Thousands)
1. Plan Description
The Plan* was established by NYNEX Corporation ("NYNEX")on January 1, 1984
to provide a convenient way for salaried employees to save on a regular
and long-term basis. Participants are able to invest in one or more
combinations of the following funds (referred to herein individually as a
"Fund" and collectively as the "Funds"): NYNEX Shares Fund,
Telecommunications Fund, Government Obligations, Diversified Equity
Portfolio, Interest Income Fund, Active U.S. Equity Fund, U.S. Balanced
Fund, Global Balanced Fund, International Equity Fund and U.S. Small Cap
Fund. The Plan also contains an Employee Stock Ownership component
("ESOP") described below.
Allotments and Contributions
An Eligible Employee may authorize a basic pre-tax allotment from 1% to 6%
of Salary. An after-tax supplementary allotment of not more than 10% of
Salary may be authorized by employees electing the maximum 6% basic
allotment. Employing Company matching contributions are made based upon an
amount equal to 66 2/3% of the authorized Basic After-tax Allotment and
75% of the authorized Basic Pre-Tax Allotment of each Participating
Employee. Such matching contributions on authorized Basic Pre-tax
Allotments are invested only in NYNEX shares and are placed in an Employee
Stock Ownership Plan account within the Plan. Eligible Employees of
certain of the companies which participate in the Plan are subject to
different rules concerning allotments, company matching contributions and
participation in the ESOP. For a detailed discussion of these differences,
participants should refer to the Plan Document.
Contributions are subject to applicable rules set forth in the Internal
Revenue Code (the "Code") and the regulations thereunder.
Participating Employees are immediately vested in their contributions plus
actual earnings there on. A Participating Employee shall be vested in
his/her accrued benefit derived from Employing Company contributions and
Employing Company ESOP contributions after completing three years of
service. Non-vested Employing Company contributions are forfeited and
applied as a credit to reduce subsequent contributions of the Employing
Company. At December 31, 1995, forfeited non-vested accounts were $110.
- -----------------------------
* This and certain other capitalized terms used but not defined herein shall
have their respective meanings as defined in the Plan Prospectus.
14
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
1. Plan Description (Continued)
Termination Priorities
Although it has not expressed an interest to do so, in the event that the
Plan is terminated by NYNEX, subject to conditions set forth in the
Employee Retirement Income Security Act of 1974, as amended, the Plan
provides that the net assets shall be distributed to Participating
Employees in an amount equal to their respective vested interests in such
assets.
Fund Options
The NYNEX Shares Fund invests primarily in the common stock of NYNEX.
The Telecommunications Fund replaced the Diversified Telephone Portfolio
("DTP") on May 1, 1995. The Telecommunications Fund opened with a
beginning unit value of 11.6230, which was the closing unit value of the
DTP fund on April 28, 1995. Investment assets in the DTP fund were
transferred from Bankers Trust Company to Mellon Bank, N.A. on May 2,
1995. The Fund's portfolio was restructured and is now comprised of
twenty-six North American telephone utility and telecommunications
companies each with a minimum market value of approximately $1 billion.
Among the twenty-six companies are the eight companies that comprised the
DTP. Unlike the DTP, the Telecommunications Fund is open to new
contributions and allotments and its earnings are reinvested in the Fund.
The Fund is a market weighted index fund and since May 2, 1995, has been
managed by NYNEX Asset Management Company ("NAMCO").
The Diversified Equity Portfolio invests in an equity index fund which,
since January 3, 1995, has been managed by NAMCO. Only the Plan and the
NYNEX Corporation Savings and Security Plan (Non-Salaried Employees) have
interests in this Fund. This Fund is principally a portfolio of common
stocks constructed and maintained with the objective of providing
investment results which approximate the overall performance of the common
stocks included in the Standard and Poors Composite Index of 500 stocks.
The Government Obligations Fund invests in a Bankers Trust Company pooled
Short Government Bond Index Fund. This Fund invests primarily in fixed
income securities of the United States Government or any agency thereof
with the objective of providing investment results which approximate the
overall performance of the securities included in the Lehman Brothers Inc.
1 - 3 year Government Index. The Fund is managed by Bankers Trust Company.
15
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
1. Plan Description (Continued)
The Interest Income Fund, invests primarily in a diversified portfolio of
guaranteed insurance contracts issued by insurance companies ("GICs").
Some of the assets of the Fund are also invested in pools of asset-backed
securities, corporate bonds, and obligations of the United States
Government and its agencies ("Synthetic Guaranteed Investment Contract").
As an integral part of the purchase of each pool of these investments, a
financial institution agrees to protect the pool, via a wrapper contract,
to the extent its market value and/or interest return fluctuates but not
in the event of a default of any security in the pool. The Plan is exposed
to credit risk in the event of nonperformance by the entities with whom
the contracts are placed. The Plan seeks to minimize credit risk by
diversifying among a group of GIC issuers and other financial institutions
which meet certain investment criteria established by NAMCO. These
contracts guarantee (i) a fixed rate of interest for a fixed period of
time or (ii) a fixed rate of interest for a fixed or indefinite period of
time combined with the right to participate in income earned above such
fixed rate. Such interest is not guaranteed by any of the Employing
Companies. Effective September 1, 1993, the Plan was changed to allow
greater flexibility for investments in a wider range of interest-bearing
investments by redefining the types of investments permitted under this
Fund. The Fund is managed by NAMCO.
The following five Funds commenced operations on January 3, 1995: U.S.
Balanced Fund, Global Balanced Fund, Active U.S. Equity Fund,
International Equity Fund and U.S. Small Cap Fund. In addition to the
Diversified Equity Portfolio, each of these Funds invests in the assets of
unitized investment advisor account(s) of the NYNEX Master Pension Trust
("Master Trust") as delegated by NAMCO.
The U.S. Balanced Fund invests in stocks and bonds of U.S. corporations in
a variety of industries. This Fund targets approximately 60 percent in
stocks with most of the remainder in bonds. As of December 31, 1995, NAMCO
had selected the following unitized investment advisor account(s) of the
Master Trust ("Master Trust pooled accounts") for the Fund: Fidelity
Management Trust Company, Franklin Portfolio Associates, Inc., State
Street Research and Management Company, TCW Asset Management Company, and
Western Asset Management Company.
The Global Balanced Fund primarily invests in a diversified array of
international capital market stocks and bonds. The Fund has investments in
a variety of developed countries in Europe and the Pacific. The Fund
targets approximately 65 percent in stocks with most of the remainder in
bonds. As of December 31, 1995, NAMCO had selected the following Master
Trust pooled accounts for the Fund: Fidelity Management Trust Company,
Franklin Portfolio Associates, Inc., State Street Global Advisors, State
Street Research and Management Company, TCW Asset Management Company,
Western Asset Management Company, and World Invest Limited.
16
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
1. Plan Description (Continued)
The Active U.S. Equity Fund invests primarily in domestic common stocks.
As of December 31, 1995, NAMCO had selected the following Master Trust
pooled accounts for the Fund: Fidelity Management Trust Company, Franklin
Portfolio Associates, Inc., and TCW Asset Management Company.
The International Equity Fund invests in twenty international equity
markets of developed countries in Europe and the Pacific; it has
investments in many industries. The portfolio held may include both large
and small capitalization stocks. As of December 31, 1995, NAMCO had
selected State Street Global Advisors as the Master Trust pooled account
for the Fund.
The U.S. Small Cap Fund invests in the domestic stocks of smaller-sized
companies, generally with market capitalization under $1 billion at the
time of purchase. As of December 31, 1995, NAMCO had selected the
following as the Master Trust pooled accounts for the Fund: Gardner Lewis
Asset Management, L.P. and Investment Counselors of Maryland, Inc.
The Master Trust pooled accounts selected as of May 31, 1996, were the
same as those as of December 31, 1995, except for the addition of Morgan
Stanley Asset Management and Capital Guardian Trust Company for both the
Global Balanced Fund and International Equity Fund.
The ESOP is a leveraged Fund that invests primarily in NYNEX shares. The
ESOP component of the Plan is a stock bonus plan intended to qualify under
Sections 401(a)(4) and 4975(e)(7) of the Code. An employee's Employing
Company ESOP Contribution Account reflects all amounts released from the
ESOP Suspense Account and any additional Employing Company contributions
that are made on and after July 1, 1990 to match the employee's Employee
Basic Pre-Tax Allotments, together with the earnings thereon. The employee
may not withdraw or transfer funds out of the ESOP Fund except for
hardship withdrawals and during certain election periods commencing with
the plan year in which the latest of the (a) employee's attainment of age
55 or (b) completion of 10 years of participation in the Plan. The amounts
allowed to be transferred during any election period are subject to
certain limitations under the terms of the Plan. The ESOP Suspense Account
(the "Unallocated Fund") which is part of the ESOP Fund consists of NYNEX
Shares that were acquired with the proceeds of an acquisition loan and
have not yet been released and allocated to participating employees.
Pursuant to the Plan, loans were initially made available to certain
Participating Employees effective January 1, 1987. The amount that a
Participating Employee may borrow is limited by certain factors, including
the Employee's vested interest in the respective Employee's pre-tax
account. Generally, the amount can be no less than $1 and no
17
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
1. Plan Description (Continued)
greater than $50. An employee may not have more than two loans
outstanding. Except under certain circumstances, the loans provide for
periodic repayments over a period not to exceed five years, at an interest
rate determined under the Plan. Effective September 1, 1993, Participating
Employees also may prepay the entire loan at any time, after the first of
the month following the loan effective date. Loans are collateralized by
the Participating Employee's vested account and are recorded in the Loan
Fund. In the event of a default, all of the Participating Employee's
contributions to the Plan shall be suspended. In addition, the Employees'
Benefit Committee (the "Committee") shall cause the amount of unpaid debt
to be deducted from any interest in, or payment or distribution from, the
employee's account, subject to certain limitations. If the amount of such
interest, payment or distribution is not sufficient to repay the unpaid
balance of said debt, the Committee may exercise the Plan's right, if any,
to any non-Plan assets and to the extent a loan balance remains, take
whatever collection action, including suit, the Committee determines
necessary.
During 1995, Bankers Trust Company and Mellon Bank, N.A. were the Trustees
for the Plan. Mellon Bank, N.A. was custodian of the assets for the
Diversified Equity Portfolio, the U.S. Balanced Fund, the Global Balanced
Fund, the Active U.S. Equity Fund, the International Equity Fund and the
U.S. Small Cap Fund. Mellon Bank, N.A. was also custodian of the assets
for the Telecommunications Fund beginning May 2, 1995. Bankers Trust
Company was custodian of the assets for all other funds during 1995,
including the DTP, until its assets were transferred to Mellon Bank, N.A.
on May 2, 1995 as the Telecommunications Fund. Beginning January 1, 1996,
all of the assets of the Plan were transferred to the Master Trust (see
Note 3) for which Mellon Bank, N.A. is the Trustee and custodian of all
Master Trust assets.
Watson Wyatt Worldwide was the recordkeeper for the Plan during 1995.
For a complete description of the Plan, participants should refer to the
Plan Documents.
2. Accounting Policies
Value of Investments Held Outside of the Master Trust
The value of NYNEX shares, throughout the respective Funds, and the value
of the shares of each company in the Telecommunications Fund (DTP for 1994
and through April 28, 1995) are determined on the basis of the closing
price per share as quoted by the New York Stock Exchange Composite
Transactions listing on December 31 or, if no sales were made on that
date, at the closing price on the first preceding day on which sales were
made.
18
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
2. Accounting Policies (Continued)
The value of the Plan's investment in the pooled Short Government Bond
Index Fund included in the Government Obligations Fund is based on the
pooled fund's respective per share value. The Trustee of the pooled funds
determines per share value based upon fair market value of the underlying
securities held by the Funds at December 31.
The value of each contract with an insurance company or other financial
institution included in the Interest Income Fund is reported at contract
value in the Statements of Net Assets Available for Plan Benefits based
upon the principal then invested in by the Fund plus the interest then
accrued on such principal, which approximates the fair market value. In
accordance with Statement of Position 94-4 "Reporting of Investment
Contracts by Health and Welfare and Defined Contribution Pension Plans"
and in connection with the fully benefit-responsive investment contracts,
the following information is presented:
(i) The asset weighted crediting interest rate yielded a return of 6.8%.
(ii) The crediting interest rates at December 31, 1995 ranged from 5.0%
to 8.8%.
(iii) The fair market value, as determined either by discounting future
cash flows or by the market value of the underlying investments, at
December 31, 1995 was approximately $811,852.
Value of Investments Held In the Master Trust (See Note 3)
The Trustee of the Master Trust values the investments in the Master Trust
as follows:
Investments in securities traded on national and foreign securities
exchanges are valued by the Trustee at the last reported sale prices on
the last business day of the year or, if no sales were reported on that
date, at the last reported bid prices. Over-the-counter securities and
government obligations are valued at the bid prices or the average of the
bid and asked prices on the last business day of the year from published
sources where available or, if not available, from other sources
considered reliable, generally broker quotes.
Forward currency contracts are valued by the Trustee at the exchange rate
prevailing on the last business day of the year. Index futures contracts
are valued by the Trustee at the closing index futures price prevailing on
the last business day of the year. Both exchange rates and index futures
prices are readily available from published sources.
19
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
2. Accounting Policies (Continued)
Temporary cash investments are stated at cost which approximates fair
market value.
Purchases and Sales of Investments
Purchases and sales of investments are reflected as of the trade date.
Realized gains and losses on sales of investments are determined on the
basis of average cost.
Investment Income
Dividend income is recorded on the ex-dividend date. Interest earned on
investments is recorded on the accrual basis.
Appreciation (Depreciation) of Investments
The Statements of Changes in Net Assets Available for Plan Benefits
reflects the net appreciation (depreciation) in the fair market value of
the Plan's investments, which consists of the realized gains or losses and
the unrealized appreciation (depreciation) on those investments.
Plan Expenses
Effective January 1, 1993, the Plan pays certain administrative fees out
of Fund assets held in the Master Trust and, effective March 1, 1995, out
of interest income earned from the Plan's disbursement account, as held by
the Trustee, in accordance with Plan provisions and to the extent
permitted by law. Any fees not paid by the Plan are paid by NYNEX.
Distributions
Distributions elected to be withdrawn and distributed from the Plan by
participants are recorded when paid.
NYNEX's Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires NYNEX, as Plan administrator, to
make estimates and assumptions on behalf of the Plan that affect the
reported amounts of assets and liabilities at the date of financial
statements and the reported amounts of income and expenses during the
reporting period. Actual results could differ from those estimates.
20
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investments
The following table reflects the investments that represent 5% or more of
the Plan's net assets:
1995 1994
---- ----
NYNEX Corporation common shares $1,467,801 $1,064,446
New York Life Insurance Company $ 164,511 $ 164,612
Investment in Master Trust
The Master Trust was established on January 1, 1984, and prior to January
1, 1995, it served as the vehicle for the investment of the assets of two
defined benefit pension plans of NYNEX, the NYNEX Pension Plan and the
NYNEX Management Pension Plan. Effective January 1, 1995, the Master Trust
was amended to incorporate, in addition to the assets of such defined
benefit pension plans, the following: (1) as of January 1, 1995, certain
of the assets of the Plan and the NYNEX Corporation Savings and Security
Plan (Non-Salaried Employees) and (2) as of January 1, 1996, all of the
assets of the Plan and the NYNEX Corporation Savings and Security Plan
(Non-Salaried Employees).
All of the investment assets in the Master Trust are managed by investment
advisors. Certain investments held in the Master Trust are unitized,
aggregated and reported by the Master Trust as pooled accounts with a
carrying value of $4,340,668 at December 31, 1995 and with investment
earnings of $1,741,698 for the year ended December 31, 1995.
21
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investment in Master Trust (Continued)
The investments held in the Master Trust pooled accounts at December 31,
1995 are as follows:
Description Fair Value (Note 2)
----------- --------------------
Bonds and notes:
U. S. Government Obligations $ 328,728
Mortgages and other
corporate 264,296 $ 593,024
---------
Preferred stocks 8,938
Common stocks:
NYNEX Corporation 16,679
Other corporate 3,173,098 3,189,777
----------
Real estate --
Venture capital limited partnership --
Pooled funds and registered
investment companies 14,156
Forward currency sell contracts 151,124
Master Trust pooled accounts
Receivables for securities sold 17,386
Other investments* 310,098
Temporary cash investments and
accrued income 259,172
------------
4,543,675
Payables for securities purchased (50,667)
Forward currency purchase contracts (152,340)
Other liabilities --
------------
Net investments $ 4,340,668
============
The Plan's sole investment in the Master Trust is its Fund Options'
undivided interest in the Master Trust pooled accounts. The Plan's
interests in the Master Trust pooled accounts' carrying value and
investment income are reported in each respective Fund Option as the
"Value of the Plan's participation in the Master Trust" and
* Other investments include foreign investments, principally foreign
government debt.
22
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investment in NYNEX Master Trust (Continued)
"Allocated share of Master Trust investment activities" in the Statement
of Net Assets at December 31, 1995 and the Statement of Changes in Net
Assets Available for Plan Benefits as of December 31, 1995, respectively.
The Master Trust pooled accounts also hold interests of the NYNEX Savings
and Security Plan (Non-Salaried Employees) and the NYNEX defined benefit
pension plans and, accordingly, the totals in each statement do not equal
the carrying value or net investment income of/from the Master Trust
pooled accounts in this accompanying footnote.
Investments are allocated to the Plan's Fund Options in accordance with
their respective percentages of interest. The proportionate interests of
the Plan's Fund Options in the carrying value of the Master Trust pooled
accounts at December 31, 1995 are as follows:
Active U.S. Global International U.S. Diversified
Equity Balanced Balanced Equity Small Cap Equity
Fund Fund Fund Fund Fund Portfolio
---- ----- ---- ---- ---- --------
0.7390% 0.5574% 0.4561% 0.5088% 0.6404% 13.7245%
23
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investment in Master Trust (Continued)
Investment income and expenses are allocated to the Plan's Fund Options
daily in accordance with their respective daily percentages of interest in
the Master Trust's pooled accounts. Percentages of interest are based on
the daily ratio of units owned by each Plan's Fund Options to the total
units in the Master Trust pooled accounts. The allocated net investment
income from the Master Trust pooled accounts to the Plan's Fund Options
for the year ended December 31, 1995 is as follows:
<TABLE>
<CAPTION>
Fair Market Value
----------------------------------------------------------------------------------------
Active U.S. Balanced Global International U.S. Small Diversified
Equity Fund Fund Balanced Fund Equity Fund Cap Fund Equity Portfolio
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Interest $ 3 $ 273 $ 358 $ 18 $ 74 $ 4,882
Dividends 426 201 176 335 174 10,710
Net Appreciation (Depreciation)
in the fair value of investments 5,398 2,933 2,638 1,058 2,268 140,320
Other income/(expenses) - net - 3 13 1 - 5
------ ------ ------ ----- ------ --------
Net Investment Income $5,827 $3,410 $3,185 $1,412 $2,516 $155,917
====== ====== ====== ====== ====== ========
</TABLE>
24
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investment in Master Trust (continued)
Derivative Financial Instruments
Derivative financial instruments are used in the Master Trust's pooled
accounts primarily to rebalance fixed income/equity allocations, to
efficiently gain exposure to a specific underlying market, and to hedge
the currency risk associated with foreign investments. Leveraging of the
Plan's assets and speculation are prohibited as stated in the Plan
documents. Currency hedge positions are not permitted to exceed the level
of exposure in the Plan's foreign asset base. The derivatives most
commonly used by investment managers are highly liquid exchange traded
equity and fixed income futures and over-the-counter foreign exchange
forward contracts.
NYNEX's use of financial instruments for risk management purposes is
represented by notional amounts. These notional values represent solely
contractual amounts that serve as the basis or reference amounts upon
which contractually stipulated calculations are based. Therefore, these
amounts are intended to serve as general volume indicators only and do not
represent the potential gain or loss from market or credit risks.
The credit risk and amount of accounting loss of the Plan's forward
contracts is equal to any gains which have not yet settled as of the
Plan's year end. The credit risk of the Plan's futures contracts is equal
to the posted margin plus any unsettled positive variation margin. The
amount of accounting loss at year end is equal to any variation margin
owed to the Plan's. The Plan's interest in foreign exchange forward
contracts represent less than 5% of the Plan's net assets at December 31,
1995.
Held for Trading Purposes
The Plan's total interests in the notional and fair market values at
December 31, 1995 and the average fair market values during the year of
the equity and income futures contracts held by the Master Trust pooled
accounts for trading purposes are as follows:
Notional Fair Average
Amount Market Value Fair Market Value
-------- ------------ -----------------
Index future contracts $38,931 $40,919 $98,369
The Plan was allocated $35,003 of net trading gains from futures
contracts.
25
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
4. Number and Value of Units
The interest of an employee in each Fund of the Plan, with the exception
of the Loan Fund, is represented by units as described in Section 8 of the
Plan. Effective August 1, 1994, a Participant's unit value is determined
daily by dividing each Fund's adjusted net assets, as defined in the Plan,
by the number of outstanding units. The number and value of units at each
month end in 1995 and 1994, which are all unaudited except at December 31,
1995 and 1994, carried to the fourth decimal place, were as follows:
<TABLE>
<CAPTION>
December 31, 1995 December 31, 1994
----------------- -----------------
Number Value Number Value
of Units per Unit of Units per Unit
-------- -------- -------- ---------
<S> <C> <C> <C> <C>
NYNEX Shares Fund 103,411,902 $ 6.8871 125,492,349 $ 4.5322
Telecommunications Fund* 11,260,222 14.9168 12,906,877 10.8279
Government Obligations 14,314,312 8.9858 16,211,961 8.1353
Diversified Equity Portfolio 41,590,681 14.3413 40,885,238 10.4170
Interest Income Fund 173,299,772 4.7172 183,779,017 4.4118
Employee Stock Ownership Plan 152,926,708 1.8832 138,154,097 1.2395
Active U.S. Equity Fund 23,635,232 1.3595 - -
U.S. Balanced Fund 18,615,462 1.2958 - -
Global Balanced Fund 15,586,008 1.2772 - -
International Equity Fund 20,236,160 1.0873 - -
U.S. Small Cap Fund 21,938,069 1.2762 - -
</TABLE>
* Unit value for December 31, 1994 is representative of the DTP Fund
which was replaced by the Telecommunications Fund on May 1, 1995
(See Note 1).
26
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
<TABLE>
<CAPTION>
NYNEX Shares Fund Telecommunications Fund* Government Obligations Diversified Equity Portfolio
----------------- ------------------------ ---------------------- ----------------------------
Number Value Number Value Number Value Number Value
1995 of Units Per Unit of Units Per Unit of Units Per Unit of Units Per Unit
- ---- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
January 122,335,539 4.8567 12,581,184 11.3962 15,883,393 8.2224 39,573,993 10.7099
February 119,979,865 4.8269 12,335,992 11.3786 15,569,807 8.3270 39,246,019 11.1356
March 117,738,445 4.9407 12,090,183 11.4243 15,402,445 8.3762 39,310,566 11.4566
April 115,583,924 5.0911 11,044,589 11.7433 15,247,665 8.4470 39,440,229 11.7870
May 113,698,049 5.1973 10,902,219 11.6230 15,011,629 8.5926 39,469,241 12.2637
June 112,709,099 5.0846 10,801,995 11.9259 14,910,651 8.6389 39,512,942 12.5506
July 110,851,472 5.2092 10,797,750 12.3775 14,760,138 8.6753 40,007,192 12.9537
August 108,163,723 5.6763 10,883,747 12.9504 14,599,049 8.7236 40,355,124 12.9957
September 106,886,336 6.0209 10,991,580 13.8801 14,524,774 8.7639 40,955,178 13.5431
October 106,139,502 6.0015 11,043,609 13.9432 14,373,344 8.8389 41,126,020 13.4922
November 103,780,785 6.3308 11,098,803 14.3061 14,291,321 8.9139 41,239,861 14.0767
</TABLE>
<TABLE>
<CAPTION>
Interest Income Fund Employee Stock Ownership Plan - Allocated Active U.S. Equity Fund
-------------------- ----------------------------------------- -----------------------
Number Value Number Value Number Value
1995 of Units Per Unit of Units Per Unit of Units Per Unit
---- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
(Unaudited) (Unaudited) (Unaudited)
January 183,833,695 4.4397 139,880,696 1.3193 6,630,564 1.0149
February 184,661,643 4.4620 141,619,158 1.3114 9,916,918 1.0566
March 185,783,218 4.4867 145,253,885 1.3514 12,453,722 1.0849
April 186,202,656 4.5094 146,693,374 1.3927 14,286,713 1.1168
May 185,627,174 4.5363 148,198,852 1.4243 16,131,150 1.1560
June 185,082,471 4.5611 149,194,449 1.3878 16,810,328 1.1889
July 182,631,898 4.5869 150,756,432 1.4219 19,119,909 1.2449
August 180,308,343 4.6130 150,878,723 1.5498 20,999,747 1.2582
September 179,559,559 4.6376 153,154,061 1.6442 22,825,410 1.3006
October 178,579,083 4.6639 154,202,498 1.6387 22,733,525 1.2819
November 175,288,973 4.6894 151,504,722 1.7285 23,152,390 1.3365
</TABLE>
<TABLE>
<CAPTION>
U.S. Balanced Fund Global Balanced Fund International Equity Fund U.S. Small Capital Fund
------------------ -------------------- ------------------------- -----------------------
Number Value Number Value Number Value Number Value
1995 of Units Per Unit of Units Per Unit of Units Per Unit of Units Per Unit
---- -------- -------- -------- -------- -------- ----- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
January 3,094,661 1.0153 5,743,907 1.0094 7,638,124 0.9794 4,411,080 0.9841
February 5,031,431 1.0506 7,558,036 1.0392 10,141,849 0.9778 6,470,864 1.0362
March 7,217,502 1.0708 9,272,698 1.0650 11,744,775 1.0270 8,472,178 1.0839
April 10,016,306 1.0962 10,685,292 1.0930 13,799,797 1.0621 10,430,844 1.1303
May 11,573,870 1.1388 12,071,394 1.1263 15,033,260 1.0512 12,073,043 1.1600
June 12,347,962 1.1628 12,590,398 1.1440 15,730,112 1.0378 13,703,044 1.2359
July 13,953,570 1.1933 13,491,680 1.1832 16,291,386 1.0944 17,522,528 1.3434
August 15,163,403 1.2073 14,272,893 1.1882 16,788,045 1.0535 20,239,954 1.3310
September 16,113,314 1.2378 14,779,295 1.2155 17,283,348 1.0570 21,807,004 1.3523
October 16,654,708 1.2340 15,138,745 1.2051 17,852,144 1.0205 21,757,668 1.2872
November 18,029,164 1.2737 15,108,514 1.2443 18,900,673 1.0436 21,462,127 1.3037
* Unit values for January through April reflect the DTP Fund which was replaced by the Telecommunications Fund on May 1, 1995
(see Note 1).
</TABLE>
27
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
5. Federal Income Taxes
The Internal Revenue Service has determined and informed NYNEX by a letter
dated October 12, 1995, that the Plan, as submitted, is qualified and the
Master Trust established under the Plan is tax-exempt, under the
appropriate sections of the Code. The Plan has been amended since
receiving the determination letter. However, the Plan administrator and
the Plan's tax counsel believe that the Plan is currently designed and
being operated in compliance with the applicable requirements of the Code.
Therefore, they believe that the Plan was qualified and the related Master
Trust was tax-exempt as of the date of the financial statements.
6. Indebtedness
During 1990, pursuant to the NYNEX Employee Stock Ownership Trust, the
ESOP Trust issued a Secured Promissory Note of $449,297 to NYNEX for the
purpose of purchasing shares of common stock of NYNEX. The Secured
Promissory Note is collateralized by all shares of common stock of NYNEX
acquired by the ESOP Trust. The borrowings bear interest at 9.778% and
have maturities from February 1, 1996 through February 1, 2015. Principal
amounts of $12,236, $14,519, $15,708, $16,820 and $17,862 will be payable
in 1996 to 2000, respectively. Employing Company supplemental
contributions to the ESOP Fund and dividends earned on unallocated and
allocated shares for 1995 of $25,887, $15,641, and $3,735 and for 1994 of
$15,895, $21,857 and $4,243 respectively, were used to pay principal and
interest on the debt. Interest credits earned from principal prepayments
were used to pay interest on the debt of $2,669 and $2,626 in 1995, and
1994, respectively. The fair market value of the Note, $418,738 at
December 31, 1995, is estimated based on the quoted market price of
similar issues with a similar remaining maturity.
7. Related Party Transactions
NAMCO, a wholly owned subsidiary of NYNEX, is the investment adviser for
the Telecommunications Fund, Diversified Equity Portfolio and Interest
Income Fund and therefore qualifies as a related party-in-interest. NAMCO
received no compensation from the Plan for the investment advisory
services rendered to the Plan.
28
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
8. Concentrations of Credit Risk
Financial instruments which potentially subject the Plan to concentrations
of credit risk consist principally of investment contracts with insurance
companies and other financial institutions.
The Plan places its investment contracts with high-credit quality
insurance companies and financial institutions in order to limit credit
exposure.
9. Plan Amendments
On December 22, 1995, the Plan was amended to adopt amendments required by
the Internal Revenue Service as part of the determination letter process.
The amendments pertain to several topics, including the family aggregation
rules, the actual deferral percentage test rules, the actual contribution
percentage test rules, correcting excess allotments and contributions, and
the employee stock ownership plan rules.
Effective January 1, 1996, the Plan was changed in certain respects,
including the following:
- to expand the "deemed" hardship withdrawals to include payment of room
and board expenses.
Effective August 1, 1995, the Plan was changed in certain respects,
including the following:
- to change the definition of compensation to include amounts deferred
under the NYNEX Executive Incentive Award Deferral.
Effective May 1, 1995, the Plan was changed in certain respects including
the following:
- to eliminate the DTP and replace it with the Telecommunications Fund.
Effective April 1, 1995, the Plan was changed in certain respects
including the following:
- to reduce the minimum Employee Basic Allotment from 2% to 1%.
Effective January 3, 1995, the Plan was changed in certain respects
including the addition of five new investment options. The new options are
as follows:
- The U.S. Balanced Fund,
- The Global Balanced Fund,
- The Active U.S. Equity Fund,
- The International Equity Fund and
- The U.S. Small Cap Fund.
29
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
10. Reconciliation of Form 11-K to Form 5500
The Department of Labor requires that amounts allocated to accounts of
persons who have elected to withdraw from the Plan but have not yet been
paid be reported as liabilities on the Plan's Form 5500. In accordance
with the relevant American Institute of Certified Public Accountants audit
and accounting guide, benefit amounts should not be accrued as liabilities
of the Plan. The following is a reconciliation of distributions to
participants and net assets available for Plan benefits in the financial
statements to the amounts reported in Form 5500.
<TABLE>
<CAPTION>
December 31,
1995 1994
---- ----
<S> <C> <C>
Aggregate distributions to participants
as presented in the Statement of Changes
in Net Assets Available for Plan
Benefits $ 198,884 $ 151,371
Add: Current year benefits claims payable
presented in the Statement of Net Assets Available
for Plan Benefits in Form 5500 (see Note 2) 681 670
Less: Prior year benefits claims payable
presented in the Statement of Net Assets Available
for Plan Benefits in Form 5500 (see Note 2) 670 8,980
--------- ---------
Benefit payments and payments to provide
benefits directly to Participants and
beneficiaries presented in the Statement of
Changes in Net Assets Available for Plan
Benefits in Form 5500 $ 198,895 $ 143,061
========== ==========
Net assets available for Plan benefits
presented in the Statement of Net Assets
Available for Plan Benefits for the year
ended 2,962,993 2,232,224
Less: Benefits claims payable presented
in the Statement of Net Assets Available
for Plan Benefits in Form 5500
(see Note 2) 681 670
--------- ---------
Net assets available for Plan Benefits presented
in the Statement of Net Assets Available for Plan
Benefits in Form 5500 $2,962,312 $2,231,554
========== ==========
</TABLE>
30
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, 1995
----------------------------------------------
Number of
Shares or Fair
Principal Market
Name of Issuer and Title of Issue Amount Cost Value
- --------------------------------- --------- ---- -------
NYNEX SHARES FUND
<S> <C> <C> <C>
NYNEX Corporation common shares*--(99.3%) 13,113,880 shs $403,541 $708,150
-------- --------
Temporary Cash Investments--(.7%) $4,978 4,978 4,978
------- -------
Total NYNEX Shares Fund--(100.0%) 408,519 713,128
------- -------
TELECOMMUNICATIONS FUND
NYNEX Corporation common shares--(5.1%) 158,612 shs 2,562 8,565
----- -----
Other common shares:
Airtouch Communications Inc.................. 183,935 shs 5,487 5,196
Alltel Corp.................................. 70,361 1,913 2,076
Ameritech Corp New........................... 205,672 2,474 12,135
AT&T Corp.................................... 590,275 10,746 38,220
BCE Inc...................................... 115,180 3,566 3,974
Bell Atlantic Corp........................... 162,510 2,966 10,868
BellSouth Corp............................... 368,765 3,874 16,041
Century Tel Enterprises Inc.................. 21,526 606 683
Cincinnati Bell Inc.......................... 23,989 632 834
Frontier Corp................................ 58,259 1,515 1,748
GTE Corp..................................... 360,426 12,589 15,859
MCI Communications Corp...................... 252,368 5,696 6,593
MFS Communications Co Inc.................... 23,775 927 1,266
Nextel Communications Inc CL A............... 71,807 1,256 1,059
Pacific Telesis Group........................ 159,533 1,359 5,364
Paging Network Inc........................... 37,376 741 911
Rogers Cantel Mobile Commn Inc CL B Sub Vtg.. 6,693 158 177
SBC Communications Inc....................... 226,746 2,690 13,038
Southern New England Telecommunications Corp 23,989 800 954
Sprint Corp.................................. 129,798 4,391 5,176
Telefonos De Mexico S A Sponsored Adr Repstg
Sh Ord L.................................... 147,630 4,607 4,706
Telephone & Data Sys Inc..................... 21,205 833 838
U S West Communications Group................ 175,310 2,482 6,267
United States Cellular Corp.................. 17,938 593 605
Worldcom Inc................................. 70,896 2,105 2,499
------- -------
Total Other common shares--(93.5%) 75,006 157,087
------- -------
Temporary Cash Investments--(.7%) $1,238 1,238 1,238
----- -----
Total Telecommunications Fund--(99.3%) 78,806 166,890
------- -------
GOVERNMENT OBLIGATIONS FUND
Pooled Short Government Bond
Index Fund*--(100.1%)........................ 96,265,026 shs 100,187 128,745
------- -------
Total Government Obligations--(100.1%).... 100,187 128,745
------- -------
</TABLE>
31
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
(Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, 1995
------------------------------------------
Number of
Shares or Fair
Principal Market
Name of Issuer and Title of Issue Amount Cost Value
--------------------------------- ------ ---- ------
<S> <C> <C> <C>
INTEREST INCOME FUND
Contracts with Insurance Companies and Other Financial Institutions:+
American International Life Assurance Company, 5.63%-7.64%, matures 6/30/96-3/31/98 48,147 shs 48,147 48,147
Brundage Story & Rose, 6.79%, matures 1/1/99-7/01/99 ............................... 78,376 78,376 78,376
CDC Investment Management Corporation, 5.69%-7.05%, matures 3/31/96-7/1/97 ......... 106,875 106,875 106,875
Connecticut General Life Insurance Company, 6.33%-6.47%, matures 9/30/96-10/1/97.... 19,633 19,633 19,633
John Hancock Mutual Life Insurance Company, 5.06%-6.97%, matures 6/30/96-1/1/99..... 72,847 72,847 72,847
Metropolitan Life Insurance Company, 5.65%-8.37%, matures 12/31/95-4/1/98........... 116,737 116,737 116,757
Mutual Benefit Life Insurance Company**, matures 12/31/00-12/31/04.................. 4,317 4,317 4,317
New York Life Insurance Company*, 4.99%-7.65%, matures 12/31/96-12/31/98............ 164,511 164,511 164,511
The Principal Financial Group, 6.15%, matures 7/1/96-7/1/97......................... 25,407 25,407 25,407
The Prudential Insurance Company of America, 5.80%-8.85%, matures 12/31/95-3/31/98.. 72,166 72,166 72,166
Sanford Bernstein, 6.10%, matures 7/1/96-7/1/97..................................... 67,821 67,821 67,821
State Mutual Company, 8.40%, matures 3/31/96........................................ 10,625 10,625 10,625
Union Bank of Switzerland, 5.08%, matures 9/30/98................................... 24,304 24,304 24,304
------- -------
Total Contracts with Insurance Companies and other Financial Institutions:--(99.3%) 811,766 811,786
Temporary Cash Investments--(0.8%)................................................... $6,400 6,400 6,380
----- -----
Total Interest Income Fund:--(100.1%) 818,166 818,166
------- -------
LOAN FUND
Receivable for Loans to Plan Participants--(100%) $82,556 82,556 82,556
------ ------
Total Loan Fund--(100%).......................................................... 82,556 82,556
------ ------
</TABLE>
32
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
(Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, 1995
--------------------------------------------------
Number of
Shares or Fair
Principal Market
Name of Issuer and Title of Issue Amount Cost Value
--------------------------------- --------- ---- ------
<S> <C> <C> <C>
EMPLOYEE STOCK OWNERSHIP PLAN
Allocated
NYNEX Corporation common shares*--(99.4%)............. 5,300,788 shs $ 210,921 $ 286,243
Temporary Cash Investments--(0.6%)..................... $1,670 1,670 1,670
----- -----
Total Allocated:--(100%).......................... 212,591 287,913
---------- ----------
Unallocated
NYNEX Corporation common shares*...................... 8,608,203 shs 343,794 464,843
Temporary Cash Investments............................ $ 24 24 24
----- -----
Total Unallocated.................................. 343,818 464,867
---------- ----------
Total Employee Stock Ownership Plan.................... 556,409 752,780
---------- ----------
Grand Total:--(89.9%)........................ $2,044,643 $2,662,265
---------- ----------
- --------------------
* Investment represents 5% or more of the Plan's Net Assets Available for Plan
Benefits.
+ The contracts with insurance companies and other financial institutions
guarantee the crediting of interest at a stated rate on monies placed with
them. Collectively, these contracts result in a composite interest rate. The
composite interest rate for the calendar year 1995 was approximately 6.8%.
The amount of interest credited to the Fund is a function of the timing and
size of the remittance of participants' allotments, company contributions
and proceeds from maturing contracts.
** The financial institution was assigned an "E" rating by major rating
agencies due to a deteriorating financial condition. The institution is
currently in a plan of rehabilitation under state supervision. Interest has
been earned and accrued on the value of the contract during the period
ending December 13, 1995.
NOTE: Percentages in parentheses represent the percentage of each fund's net
assets available for Plan benefits.
</TABLE>
33
<PAGE>
<TABLE>
<CAPTION>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
<S> <C> <C> <C> <C> <C>
MISCELLANEOUS
MELLON S&P 500
PURCHASED ON 01/03/1995 100,244.400 NET 425,979,269.93
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
PURCHASED ON 07/10/1995 100.000 NET 65,000,000.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 04/03/1995 100.000 NET 50,000,000.00
METLIFE GAC#13960 8.25% 03/31/1998
PURCHASED ON 01/04/1995 100.000 NET 42,000,000.00
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 04/03/1995 100.000 NET 35,000,000.00
PARTN IN GROUP ANNUITY CONTRACT #
GA 9385 WITH HARTFORD LIFE INSURANCE
COMPANY 5.720% 01/31/1994
SOLD ON 03/20/1995 100.000 NET 33,347,727.28 33,347,727.28 0.00
PARTN IN GROUP ANNUITY CONTRACT
FM-22020 (A) WITH CONNECTICUT GENERAL
LIFE INS CO 4.52% WITH 5.25 YEAR AVG
SOLD ON 06/30/1995 100.000 NET 29,503,425.73 29,503,425.73 0.00
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
PURCHASED ON 10/03/1995 100.000 NET 25,000,000.00
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
SOLD ON 10/02/1995 100.000 NET 23,843,919.90 23,843,919.90 0.00
CIGNA #25190 6.330% 06/30/1999
PURCHASED ON 10/03/1995 100.000 NET 21,800,000.00
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
SOLD ON 01/04/1995 100.000 NET 21,242,586.13 21,242,586.13 0.00
34
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#FM-22020 (B) WITH CONNECTICUT
GENERAL 4.93% 06/30/1995
SOLD ON 07/03/1995 100.000 NET 18,334,154.43 18,334,154.43 0.00
SOLD ON 03/31/1995 100.000 NET 18,121,960.37 18,121,960.37 0.00
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
PURCHASED ON 10/03/1995 100.000 NET 15,000,000.00
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
PURCHASED ON 07/05/1995 100.000 NET 14,000,000.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
SOLD ON 05/09/1995 100.000 NET 11,690,344.15 11,690,344.15 0.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
SOLD ON 10/02/1995 100.000 NET 10,412,860.80 10,412,860.80 0.00
PARTN IN GROUP ANNUITY CONTRACT #
2003 WITH UNION BANK OF SWITZERLAND
6.860% 10/01/1994
SOLD ON 01/03/1995 100.000 NET 10,155,720.22 10,155,720.22 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 06/05/1995 100.000 NET 9,851,755.97
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
SOLD ON 10/02/1995 100.000 NET 9,010,761.39 9,010,761.39 0.00
PARTN IN GROUP ANNUITY CONTRACT #
2003 WITH UNION BANK OF SWITZERLAND
6.860% 10/01/1994
SOLD ON 04/03/1995 100.000 NET 8,338,703.56 8,338,703.56 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 02/17/1995 100.000 NET 8,334,410.74
35
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
SOLD ON 10/02/1995 100.000 NET 8,269,054.99 8,269,054.99 0.00
PARTN IN GROUP ANNUITY CONTRACT
METROPOLITAN LIFE CONTRACT
#10326-4 8.80% MATURING FROM
7/05/89 TO 03/15/95
SOLD ON 02/15/1995 100.000 NET 8,060,875.38 8,060,875.38 0.00
PARTN IN GROUP ANNUITY CONTRACT
METROPOLITAN LIFE CONTRACT
#10326-4 8.80% MATURING FROM
7/05/89 TO 03/15/95
SOLD ON 01/17/1995 100.000 NET 8,005,838.42 8,005,838.42 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 01/23/1995 100.000 NET 8,005,838.42
CIGNA #25190
6.330% 06/30/1999
SOLD ON 12/01/1995 100.000 NET 8,000,000.00 8,000,000.00 0.00
PARTN IN GROUP ANNUITY CONTRACT
METROPOLITAN LIFE CONTRACT
#10326-4 8.80% MATURING FROM
7/05/89 TO 03/15/95
SOLD ON 03/15/1995 100.000 NET 7,945,253.32 7,945,253.32 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
SOLD ON 06/30/1995 100.000 NET 7,850,755.97 7,850,755.97 0.00
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
SOLD ON 07/03/1995 100.000 NET 7,083,177.99 7,083,177.99 0.00
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
SOLD ON 07/03/1995 100.000 NET 6,911,926.33 6,911,926.33 0.00
CIGNA #25190
6.330% 06/30/1999
PURCHASED ON 10/10/1995 100.000 NET 6,674,504.40
36
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
CIGNA #25190
6.330% 06/30/1999
SOLD ON 10/31/1995 100.000 NET 5,000,000.00 5,000,000.00 0.00
SOLD ON 11/13/1995 100.000 NET 5,000,000.00 5,000,000.00 0.00
SOLD ON 12/11/1995 100.000 NET 5,000,000.00 5,000,000.00 0.00
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
SOLD ON 08/09/1995 100.000 NET 5,000,000.00 5,000,000.00 0.00
SOLD ON 08/31/1995 100.000 NET 5,000,000.00 5,000,000.00 0.00
SOLD ON 09/19/1995 100.000 NET 5,000,000.00 5,000,000.00 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 04/03/1995 100.000 NET 4,700,000.00
PARTN IN GROUP ANNUITY CONTRACT
#06533 WITH NEW YORK LIFE INS CO
GTD PENSION INVT 7.650% 06/30/1997
SOLD ON 06/30/1995 100.000 NET 4,512,601.20 4,512,601.20 0.00
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
SOLD ON 01/03/1995 100.000 NET 4,000,000.00 4,000,000.00 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 01/09/1995 100.000 NET 4,000,000.00
CIGNA #25190
6.330% 06/30/1999
SOLD ON 11/08/1995 100.000 NET 4,000,000.00 4,000,000.00 0.00
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
SOLD ON 02/15/1995 100.000 NET 3,548,676.79 3,548,676.79 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 01/17/1995 100.000 NET 3,483,110.15
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
SOLD ON 07/05/1995 100.000 NET 3,360,579.39 3,360,579.39 0.00
37
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 05/12/1995 100.000 NET 3,043,226.44
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
SOLD ON 07/11/1995 100.000 NET 3,000,000.00 3,000,000.00 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 02/02/1995 100.000 NET 2,859,315.06
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
SOLD ON 12/29/1995 100.000 NET 2,501,872.71 2,501,872.71 0.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
SOLD ON 10/02/1995 100.000 NET 2,500,533.53 2,500,533.53 0.00
PARTN IN GROUP ANNUITY CONTRACT
#06533003 WITH NEW YORK LIFE INS CO
6.050% 10/01/1997
SOLD ON 10/02/1995 100.000 NET 2,299,000.00 2,299,000.00 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 05/08/1995 100.000 NET 2,255,773.56
PARTN IN GROUP ANNUITY CONTRACT #
06533002 WITH NEW YORK LIFE INS CO
7.050% 09/30/1997
SOLD ON 10/02/1995 100.000 NET 2,150,026.53 2,150,026.53 0.00
CIGNA #25190 6.330% 06/30/1999
SOLD ON 12/21/1995 100.000 NET 2,000,000.00 2,000,000.00 0.00
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
SOLD ON 07/12/1995 100.000 NET 2,000,000.00 2,000,000.00 0.00
SOLD ON 07/18/1995 100.000 NET 2,000,000.00 2,000,000.00 0.00
SOLD ON 07/20/1995 100.000 NET 2,000,000.00 2,000,000.00 0.00
SOLD ON 07/26/1995 100.000 NET 2,000,000.00 2,000,000.00 0.00
SOLD ON 08/04/1995 100.000 NET 2,000,000.00 2,000,000.00 0.00
38
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
SOLD ON 06/20/1995 100.000 NET 2,000,000.00 2,000,000.00 0.00
CDC INVESTMENT MTMT CORP
#106-02
SOLD ON 10/02/1995 100.000 NET 1,942,856.65 1,942,856.65 0.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
SOLD ON 07/05/1995 100.000 NET 1,927,085.00 1,927,085.00 0.00
CDC INVESTMENT MTMT CORP
#106-02
SOLD ON 03/31/1995 100.000 NET 1,898,460.88 1,898,460.88 0.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
SOLD ON 10/02/1995 100.000 NET 1,642,439.55 1,642,439.55 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/27/1995 100.000 NET 1,511,507.88 1,511,507.88 0.00
SOLD ON 12/27/1995 100.000 NET 1,506,052.80 1,506,052.80 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/01/1995 100.000 NET 1,501,837.70 1,501,837.70 0.00
SOLD ON 09/05/1995 100.000 NET 1,494,770.64 1,494,770.64 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/30/1995 100.000 NET 1,490,205.06 1,490,205.06 0.00
SOLD ON 03/31/1995 100.000 NET 1,486,500.45 1,486,500.45 0.00
SOLD ON 02/27/1995 100.000 NET 1,483,252.86 1,483,252.86 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/26/1995 100.000 NET 1,482,015.86 1,482,015.86 0.00
SOLD ON 04/28/1995 100.000 NET 1,481,187.09 1,481,187.09 0.00
SOLD ON 07/28/1995 100.000 NET 1,481,039.91 1,481,039.91 0.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
SOLD ON 01/04/1995 100.000 NET 1,474,450.78 1,474,450.78 0.00
39
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/29/1995 100.000 NET 1,457,372.81 1,457,372.81 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/30/1995 100.000 NET 1,451,665.06 1,451,665.06 0.00
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
SOLD ON 03/31/1995 100.000 NET 1,425,095.08 1,425,095.08 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 03/06/1995 100.000 NET 1,316,325.63
CIGNA #25190
6.330% 06/30/1999
PURCHASED ON 10/13/1995 100.000 NET 1,271,695.13
PARTN IN GROUP ANNUITY CONTRACT
#2068 WITH UNION BANK OF SWITZERLAND
5.08% 08/99
SOLD ON 10/02/1995 100.000 NET 1,215,859.73 1,215,859.73 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
SOLD ON 10/02/1995 100.000 NET 1,196,292.48 1,196,292.48 0.00
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
SOLD ON 03/31/1995 100.000 NET 1,182,150.00 1,182,150.00 0.00
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
SOLD ON 06/30/1995 100.000 NET 1,019,877.16 1,019,877.16 0.00
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
SOLD ON 08/08/1995 100.000 NET 1,000,000.00 1,000,000.00 0.00
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
PURCHASED ON 07/11/1995 100.000 NET 1,000,000.00
40
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
SOLD ON 10/02/1995 100.000 NET 900,143.85 900,143.85 0.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
SOLD ON 05/09/1995 100.000 NET 840,959.18 840,959.18 0.00
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
SOLD ON 10/02/1995 100.000 NET 811,009.67 811,009.67 0.00
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
SOLD ON 03/31/1995 100.000 NET 632,910.04 632,910.04 0.00
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
SOLD ON 10/02/1995 100.000 NET 571,349.20 571,349.20 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/27/1995 100.000 NET 541,527.29 541,527.29 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 11/29/1995 100.000 NET 500,286.60
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 09/26/1995 100.000 NET 493,702.32
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 08/11/1995 100.000 NET 490,389.49
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 12/27/1995 100.000 NET 487,366.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 06/26/1995 100.000 NET 483,935.46
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 10/30/1995 100.000 NET 480,951.77
41
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 04/24/1995 100.000 NET 476,131.22
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
SOLD ON 01/03/1995 100.000 NET 473,101.59 473,101.59 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 07/26/1995 100.000 NET 471,437.16
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 05/26/1995 100.000 NET 465,232.56
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 11/29/1995 100.000 NET 431,031.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 09/26/1995 100.000 NET 426,327.00
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 01/30/1995 100.000 NET 425,294.15
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 08/11/1995 100.000 NET 423,958.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 06/26/1995 100.000 NET 421,473.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 12/27/1995 100.000 NET 419,422.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 10/30/1995 100.000 NET 414,845.00
42
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/06/1995 100.000 NET 411,400.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 07/26/1995 100.000 NET 409,736.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/25/1995 100.000 NET 406,254.09 406,254.09 0.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 03/24/1995 100.000 NET 391,084.69
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/22/1995 100.000 NET 389,014.29 389,014.29 0.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 05/26/1995 100.000 NET 386,898.00
PARTN IN GROUP ANNUITY CONTRACT
#06533 WITH NEW YORK LIFE INS CO
GTD PENSION INVT 7.650% 06/30/1997
PURCHASED ON 01/30/1995 100.000 NET 383,262.02
PURCHASED ON 02/24/1995 100.000 NET 383,262.02
PURCHASED ON 04/24/1995 100.000 NET 383,262.02
PURCHASED ON 06/26/1995 100.000 NET 383,262.02
PARTN IN GROUP ANNUITY CONTRACT
#06533 WITH NEW YORK LIFE INS CO
GTD PENSION INVT 7.650% 06/30/1997
PURCHASED ON 08/11/1995 100.000 NET 382,214.86
PURCHASED ON 09/26/1995 100.000 NET 382,214.85
PURCHASED ON 11/29/1995 100.000 NET 382,214.85
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 07/21/1995 100.000 NET 374,505.74 374,505.74 0.00
43
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#06533 WITH NEW YORK LIFE INS CO
GTD PENSION INVT 7.650% 06/30/1997
PURCHASED ON 05/26/1995 100.000 NET 370,898.73
PURCHASED ON 07/26/1995 100.000 NET 370,898.73
PURCHASED ON 10/30/1995 100.000 NET 369,885.35
PURCHASED ON 12/27/1995 100.000 NET 369,885.35
PARTN IN GROUP ANNUITY CONTRACT
#06533 WITH NEW YORK LIFE INS CO
GTD PENSION INVT 7.650% 06/30/1997
PURCHASED ON 03/24/1995 100.000 NET 346,172.14
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
SOLD ON 01/03/1995 100.000 NET 338,570.05 338,570.05 0.00
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 04/24/1995 100.000 NET 333,272.79
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
SOLD ON 06/30/1995 100.000 NET 332,822.39 332,822.39 0.00
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
PURCHASED ON 11/29/1995 100.000 NET 331,997.80
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 09/26/1995 100.000 NET 331,719.96
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 08/11/1995 100.000 NET 329,874.28
PURCHASED ON 02/24/1995 100.000 NET 329,752.49
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/20/1995 100.000 NET 329,700.58 329,700.58 0.00
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 01/30/1995 100.000 NET 327,917.76
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/23/1995 100.000 NET 327,681.42 327,681.42 0.00
44
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
PURCHASED ON 12/27/1995 100.000 NET 327,614.08
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 06/26/1995 100.000 NET 326,272.39
PURCHASED ON 11/29/1995 100.000 NET 325,214.67
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/05/1995 100.000 NET 324,600.00
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 10/30/1995 100.000 NET 322,786.37
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 07/26/1995 100.000 NET 317,485.51
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
PURCHASED ON 09/26/1995 100.000 NET 316,447.71
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 12/27/1995 100.000 NET 315,775.87
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 05/26/1995 100.000 NET 314,018.90
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/25/1995 100.000 NET 307,900.00
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 02/24/1995 100.000 NET 303,250.99
CDC INVESTMENT MTMT CORP
#106-02
PURCHASED ON 03/24/1995 100.000 NET 299,426.48
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/12/1995 100.000 NET 297,495.14
45
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 09/26/1995 100.000 NET 296,268.68
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 08/11/1995 100.000 NET 294,252.97
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 02/24/1995 100.000 NET 292,108.79
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 06/26/1995 100.000 NET 291,239.62
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 06/26/1995 100.000 NET 290,326.54
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 10/30/1995 100.000 NET 288,643.85
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 04/24/1995 100.000 NET 287,978.52
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 04/24/1995 100.000 NET 286,452.50
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/24/1995 100.000 NET 285,752.10 285,752.10 0.00
SOLD ON 03/09/1995 100.000 NET 285,113.23 285,113.23 0.00
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 02/24/1995 100.000 NET 284,859.09
46
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/06/1995 100.000 NET 284,559.56
PURCHASED ON 07/07/1995 100.000 NET 284,362.96
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 07/26/1995 100.000 NET 283,436.10
PURCHASED ON 01/30/1995 100.000 NET 283,233.63
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 07/26/1995 100.000 NET 282,854.64
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/03/1995 100.000 NET 282,600.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/09/1995 100.000 NET 281,356.76 281,356.76 0.00
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 05/26/1995 100.000 NET 280,262.38
PURCHASED ON 11/29/1995 100.000 NET 279,980.49
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 05/26/1995 100.000 NET 279,080.30
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/18/1995 100.000 NET 278,500.00
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 08/11/1995 100.000 NET 277,746.23
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/17/1995 100.000 NET 277,163.50 277,163.50 0.00
47
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 09/26/1995 100.000 NET 276,845.46
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/02/1995 100.000 NET 274,100.00
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 12/27/1995 100.000 NET 272,478.64
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 10/30/1995 100.000 NET 269,427.62
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/29/1995 100.000 NET 269,100.00
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
PURCHASED ON 10/30/1995 100.000 NET 267,857.72
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/07/1995 100.000 NET 264,600.00
PURCHASED ON 10/04/1995 100.000 NET 264,300.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/15/1995 100.000 NET 263,165.93 263,165.93 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/09/1995 100.000 NET 262,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/05/1995 100.000 NET 261,700.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/28/1995 100.000 NET 259,600.00
48
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN CTF GROUP ANNUITY CONTRACT
GAC # 7469 WITH JOHN HANCOCK
6.970% 12/31/1998
PURCHASED ON 03/24/1995 100.000 NET 258,696.95
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/07/1995 100.000 NET 257,200.00
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 03/24/1995 100.000 NET 257,055.79
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/11/1995 100.000 NET 255,571.91
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/24/1995 100.000 NET 252,600.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/27/1995 100.000 NET 250,881.24 250,881.24 0.00
SOLD ON 05/22/1995 100.000 NET 250,433.02 250,433.02 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/11/1995 100.000 NET 248,079.00 248,079.00 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/03/1995 100.000 NET 244,870.99 244,870.99 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/24/1995 100.000 NET 243,500.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/27/1995 100.000 NET 242,537.15 242,537.15 0.00
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 01/30/1995 100.000 NET 239,586.48
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/29/1995 100.000 NET 238,283.32
49
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
GIC #1 WITH SANFORD BERNSTEIN
SYNTHETIC 6.440% 09/30/2000
PURCHASED ON 08/11/1995 100.000 NET 237,311.05
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/08/1995 100.000 NET 232,100.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/02/1995 100.000 NET 230,800.00
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 11/29/1995 100.000 NET 230,323.81
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/27/1995 100.000 NET 230,017.99 230,017.99 0.00
SOLD ON 07/14/1995 100.000 NET 229,759.62 229,759.62 0.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
SOLD ON 03/31/1995 100.000 NET 227,281.17 227,281.17 0.00
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 09/26/1995 100.000 NET 227,236.42
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 08/11/1995 100.000 NET 225,683.31
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/02/1995 100.000 NET 225,467.11
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 12/27/1995 100.000 NET 224,403.08
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/30/1995 100.000 NET 224,200.00
50
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 06/26/1995 100.000 NET 222,658.13
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/14/1995 100.000 NET 221,500.00
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 10/30/1995 100.000 NET 221,395.05
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/05/1995 100.000 NET 221,004.68
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/01/1995 100.000 NET 220,100.00
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 04/24/1995 100.000 NET 219,673.49
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/28/1995 100.000 NET 219,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/13/1995 100.000 NET 219,147.79
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 02/24/1995 100.000 NET 218,394.60
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/15/1995 100.000 NET 217,400.00
SOLD ON 08/18/1995 100.000 NET 217,332.64 217,332.64 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/04/1995 100.000 NET 217,200.00
51
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 07/26/1995 100.000 NET 216,934.44
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/09/1995 100.000 NET 215,100.00
PURCHASED ON 05/22/1995 100.000 NET 215,000.00
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 05/26/1995 100.000 NET 214,026.52
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 04/24/1995 100.000 NET 212,796.29 212,796.29 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/28/1995 100.000 NET 212,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/06/1995 100.000 NET 211,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/18/1995 100.000 NET 210,400.00
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 09/26/1995 100.000 NET 207,659.48
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/01/1995 100.000 NET 207,500.00
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 08/11/1995 100.000 NET 206,461.43
52
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/01/1995 100.000 NET 206,400.00
PURCHASED ON 05/19/1995 100.000 NET 206,300.00
PURCHASED ON 07/06/1995 100.000 NET 205,959.21
SOLD ON 03/31/1995 100.000 NET 205,513.11 205,513.11 0.00
PURCHASED ON 06/21/1995 100.000 NET 205,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/20/1995 100.000 NET 204,800.00
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 06/26/1995 100.000 NET 204,124.11
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/02/1995 100.000 NET 203,700.00
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 11/29/1995 100.000 NET 203,544.51
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 10/30/1995 100.000 NET 202,108.04
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/05/1995 100.000 NET 200,100.00
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 07/26/1995 100.000 NET 198,667.18
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 12/27/1995 100.000 NET 197,668.53
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/01/1995 100.000 NET 197,271.67
53
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#5779-214 WITH PRUDENTIAL
8.41% 4.25YEARS
PURCHASED ON 03/24/1995 100.000 NET 197,123.97
PARTN IN GROUP ANNUITY CONTRACT
#06533003 WITH NEW YORK LIFE INS CO
6.050% 10/01/1997
PURCHASED ON 02/24/1995 100.000 NET 195,257.54
PURCHASED ON 09/26/1995 100.000 NET 195,257.54
PURCHASED ON 01/30/1995 100.000 NET 195,257.53
PURCHASED ON 04/24/1995 100.000 NET 195,257.53
PURCHASED ON 06/26/1995 100.000 NET 195,257.53
PURCHASED ON 08/11/1995 100.000 NET 195,257.53
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/28/1995 100.000 NET 195,100.00
PARTN IN GROUP ANNUITY CONTRACT
#06533003 WITH NEW YORK LIFE INS CO
6.050% 10/01/1997
PURCHASED ON 11/29/1995 100.000 NET 194,724.04
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/17/1995 100.000 NET 194,100.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/14/1995 100.000 NET 193,800.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/08/1995 100.000 NET 193,321.30 193,321.30 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/15/1995 100.000 NET 190,799.54
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/25/1995 100.000 NET 189,500.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/12/1995 100.000 NET 189,000.00
54
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#06533003 WITH NEW YORK LIFE INS CO
6.050% 10/01/1997
PURCHASED ON 05/26/1995 100.000 NET 188,958.91
PURCHASED ON 07/26/1995 100.000 NET 188,958.91
PURCHASED ON 10/30/1995 100.000 NET 188,958.90
PARTN IN GROUP ANNUITY CONTRACT
#06533003 WITH NEW YORK LIFE INS CO
6.050% 10/01/1997
PURCHASED ON 12/27/1995 100.000 NET 188,442.63
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/12/1995 100.000 NET 188,300.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/27/1995 100.000 NET 187,573.58
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/12/1995 100.000 NET 184,905.11 184,905.11 0.00
PURCHASED ON 05/05/1995 100.000 NET 184,900.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/16/1995 100.000 NET 183,839.96
PURCHASED ON 08/08/1995 100.000 NET 183,700.00
PARTN IN GROUP ANNUITY CONTRACT #
06533002 WITH NEW YORK LIFE INS CO
7.050% 09/30/1997
PURCHASED ON 09/26/1995 100.000 NET 182,605.01
PURCHASED ON 02/24/1995 100.000 NET 182,605.00
PURCHASED ON 08/11/1995 100.000 NET 182,605.00
PURCHASED ON 01/30/1995 100.000 NET 182,604.99
PURCHASED ON 04/24/1995 100.000 NET 182,604.99
PURCHASED ON 06/26/1995 100.000 NET 182,604.99
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/22/1995 100.000 NET 182,300.00
PARTN IN GROUP ANNUITY CONTRACT #
06533002 WITH NEW YORK LIFE INS CO
7.050% 09/30/1997
PURCHASED ON 11/29/1995 100.000 NET 182,106.07
55
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
GA 9385 WITH HARTFORD LIFE INSURANCE
COMPANY 5.720% 01/31/1994
PURCHASED ON 01/30/1995 100.000 NET 181,943.75
PURCHASED ON 02/24/1995 100.000 NET 181,943.75
PURCHASED ON 03/20/1995 100.000 NET 181,943.75
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/16/1995 100.000 NET 181,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/10/1995 100.000 NET 181,200.00
PURCHASED ON 09/14/1995 100.000 NET 181,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/11/1995 100.000 NET 180,700.00
PURCHASED ON 10/20/1995 100.000 NET 180,700.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/19/1995 100.000 NET 180,300.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/27/1995 100.000 NET 179,800.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/07/1995 100.000 NET 179,429.66
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/11/1995 100.000 NET 178,600.00
PURCHASED ON 10/27/1995 100.000 NET 178,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/05/1995 100.000 NET 177,345.87 177,345.87 0.00
SOLD ON 02/10/1995 100.000 NET 177,337.45 177,337.45 0.00
SOLD ON 10/16/1995 100.000 NET 177,337.23 177,337.23 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#BRIC #106-03 WITH CDC INVESTMENT
MGMT CORP 7.050%
PURCHASED ON 05/26/1995 100.000 NET 176,825.75
56
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
06533002 WITH NEW YORK LIFE INS CO
7.050% 09/30/1997
PURCHASED ON 05/26/1995 100.000 NET 176,714.51
PURCHASED ON 07/26/1995 100.000 NET 176,714.51
PURCHASED ON 10/30/1995 100.000 NET 176,714.51
PARTN IN GROUP ANNUITY CONTRACT
#06533003 WITH NEW YORK LIFE INS CO
6.050% 10/01/1997
PURCHASED ON 03/24/1995 100.000 NET 176,361.64
PARTN IN GROUP ANNUITY CONTRACT #
06533002 WITH NEW YORK LIFE INS CO
7.050% 09/30/1997
PURCHASED ON 12/27/1995 100.000 NET 176,231.65
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/19/1995 100.000 NET 176,185.59 176,185.59 0.00
SOLD ON 05/19/1995 100.000 NET 176,057.42 176,057.42 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/05/1995 100.000 NET 175,500.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/18/1995 100.000 NET 174,500.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 04/07/1995 100.000 NET 173,833.44 173,833.44 0.00
PURCHASED ON 02/15/1995 100.000 NET 173,800.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/13/1995 100.000 NET 173,660.11 173,660.11 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/28/1995 100.000 NET 172,983.50
PARTN IN GROUP ANNUITY CONTRACT
METROPOLITAN LIFE CONTRACT #10326-4
8.80% MATURING FROM 7/05/89 TO 03/15/95
PURCHASED ON 01/30/1995 100.000 NET 172,696.25
57
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/03/1995 100.000 NET 172,100.00
PURCHASED ON 05/01/1995 100.000 NET 172,100.00
SOLD ON 04/21/1995 100.000 NET 171,989.36 171,989.36 0.00
PURCHASED ON 08/30/1995 100.000 NET 171,655.65
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/07/1995 100.000 NET 170,100.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/03/1995 100.000 NET 170,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/05/1995 100.000 NET 169,957.78
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/19/1995 100.000 NET 169,533.06
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/24/1995 100.000 NET 169,107.09
PURCHASED ON 09/29/1995 100.000 NET 169,100.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/02/1995 100.000 NET 169,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/24/1995 100.000 NET 168,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/21/1995 100.000 NET 167,800.00
PARTN IN GROUP ANNUITY CONTRACT
METROPOLITAN LIFE CONTRACT #10326-4
8.80% MATURING FROM 7/05/89 TO 03/15/95
SOLD ON 03/03/1995 100.000 NET 167,480.01 167,480.01 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/29/1995 100.000 NET 166,297.01 166,297.01 0.00
PURCHASED ON 11/01/1995 100.000 NET 166,200.00
SOLD ON 11/13/1995 100.000 NET 166,176.62 166,176.62 0.00
58
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/08/1995 100.000 NET 165,475.17
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/01/1995 100.000 NET 165,161.64
PURCHASED ON 04/04/1995 100.000 NET 165,055.14
PARTN IN GROUP ANNUITY CONTRACT #
06533002 WITH NEW YORK LIFE INS CO
7.050% 09/30/1997
PURCHASED ON 03/24/1995 100.000 NET 164,933.54
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/10/1995 100.000 NET 164,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/26/1995 100.000 NET 163,117.58
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/18/1995 100.000 NET 162,800.00
PURCHASED ON 05/10/1995 100.000 NET 162,560.56
SOLD ON 07/10/1995 100.000 NET 162,438.14 162,438.14 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/11/1995 100.000 NET 162,117.31 162,117.31 0.00
PURCHASED ON 07/20/1995 100.000 NET 162,100.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/07/1995 100.000 NET 160,200.00
PURCHASED ON 07/27/1995 100.000 NET 160,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/29/1995 100.000 NET 159,630.88
PURCHASED ON 12/08/1995 100.000 NET 159,600.00
PURCHASED ON 06/23/1995 100.000 NET 159,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/13/1995 100.000 NET 158,700.00
PURCHASED ON 08/28/1995 100.000 NET 158,700.00
59
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/19/1995 100.000 NET 158,261.53
PURCHASED ON 02/23/1995 100.000 NET 158,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/06/1995 100.000 NET 157,100.00
PURCHASED ON 04/28/1995 100.000 NET 157,100.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/12/1995 100.000 NET 155,950.41
PURCHASED ON 10/17/1995 100.000 NET 155,800.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/06/1995 100.000 NET 155,046.11 155,046.11 0.00
PURCHASED ON 05/31/1995 100.000 NET 154,954.38
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/06/1995 100.000 NET 154,500.00
PURCHASED ON 01/12/1995 100.000 NET 154,173.58
SOLD ON 02/17/1995 100.000 NET 154,172.38 154,172.38 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/07/1995 100.000 NET 153,599.63
SOLD ON 03/22/1995 100.000 NET 153,503.56 153,503.56 0.00
SOLD ON 02/06/1995 100.000 NET 153,127.08 153,127.08 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/08/1995 100.000 NET 152,026.68
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 04/17/1995 100.000 NET 151,824.04 151,824.04 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/21/1995 100.000 NET 151,600.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/17/1995 100.000 NET 150,018.03
60
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 04/24/1995 100.000 NET 148,044.52
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/13/1995 100.000 NET 147,900.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/11/1995 100.000 NET 147,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/11/1995 100.000 NET 147,300.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/14/1995 100.000 NET 147,031.35
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/10/1995 100.000 NET 146,600.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/21/1995 100.000 NET 146,400.00
SOLD ON 01/17/1995 100.000 NET 146,209.80 146,209.80 0.00
PURCHASED ON 12/20/1995 100.000 NET 146,200.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 02/24/1995 100.000 NET 146,126.86
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 01/30/1995 100.000 NET 145,129.28
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/13/1995 100.000 NET 145,000.00
PARTN IN GROUP ANNUITY CONTRACT
METROPOLITAN LIFE CONTRACT #10326-4
8.80% MATURING FROM 7/05/89 TO 03/15/95
PURCHASED ON 02/24/1995 100.000 NET 144,543.16
61
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
METROPOLITAN LIFE CONTRACT #10326-4
8.80% MATURING FROM 7/05/89 TO 03/15/95
SOLD ON 01/10/1995 100.000 NET 144,250.96 144,250.96 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/28/1995 100.000 NET 144,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/20/1995 100.000 NET 142,713.42 142,713.42 0.00
PURCHASED ON 07/24/1995 100.000 NET 142,600.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 09/26/1995 100.000 NET 142,560.78
PARTN IN GROUP ANNUITY CONTRACT
#FM-22020 (B) WITH CONNECTICUT GENERAL
4.93% 06/30/1995
PURCHASED ON 02/24/1995 100.000 NET 142,386.91
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 11/29/1995 100.000 NET 142,225.12
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/31/1995 100.000 NET 142,000.00
PARTN IN GROUP ANNUITY CONTRACT
#FM-22020 (B) WITH CONNECTICUT GENERAL
4.93% 06/30/1995
PURCHASED ON 01/30/1995 100.000 NET 141,823.37
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 08/11/1995 100.000 NET 141,672.15
PARTN IN GROUP ANNUITY CONTRACT
#FM-22020 (B) WITH CONNECTICUT GENERAL
4.93% 06/30/1995
PURCHASED ON 04/24/1995 100.000 NET 141,147.25
62
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 04/20/1995 100.000 NET 140,669.64 140,669.64 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/20/1995 100.000 NET 140,200.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 06/26/1995 100.000 NET 139,939.70
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/23/1995 100.000 NET 139,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/24/1995 100.000 NET 139,278.52
PURCHASED ON 07/18/1995 100.000 NET 139,200.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 10/30/1995 100.000 NET 138,813.39
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/09/1995 100.000 NET 138,500.00
PURCHASED ON 04/20/1995 100.000 NET 138,400.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 04/24/1995 100.000 NET 138,228.43
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/06/1995 100.000 NET 138,000.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 02/24/1995 100.000 NET 136,593.19
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 07/26/1995 100.000 NET 136,261.21
63
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/23/1995 100.000 NET 135,900.00
PURCHASED ON 08/11/1995 100.000 NET 135,900.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 01/30/1995 100.000 NET 135,741.76
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/10/1995 100.000 NET 135,700.00
PURCHASED ON 06/07/1995 100.000 NET 135,700.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/24/1995 100.000 NET 134,900.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 11/29/1995 100.000 NET 134,690.19
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 05/26/1995 100.000 NET 134,594.92
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/21/1995 100.000 NET 134,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/15/1995 100.000 NET 134,200.00
CIGNA #25190
6.330% 06/30/1999
PURCHASED ON 11/29/1995 100.000 NET 134,166.43
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/18/1995 100.000 NET 134,100.00
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 05/04/1995 100.000 NET 133,646.00
64
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
12541 WITH METROPOLITAN LIFE
8.370% 12/31/1995
PURCHASED ON 12/27/1995 100.000 NET 133,449.53
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/05/1995 100.000 NET 133,300.00
PURCHASED ON 05/04/1995 100.000 NET 133,100.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 03/24/1995 100.000 NET 132,848.72
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/09/1995 100.000 NET 132,597.25
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 02/24/1995 100.000 NET 132,369.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/23/1995 100.000 NET 132,142.32
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 01/30/1995 100.000 NET 131,701.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/25/1995 100.000 NET 131,600.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/14/1995 100.000 NET 131,300.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/01/1995 100.000 NET 131,174.88
PURCHASED ON 11/22/1995 100.000 NET 130,780.85
65
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/03/1995 100.000 NET 130,700.00
PURCHASED ON 02/17/1995 100.000 NET 130,700.00
PURCHASED ON 12/04/1995 100.000 NET 130,700.00
PURCHASED ON 02/27/1995 100.000 NET 130,638.22
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 12/27/1995 100.000 NET 130,504.66
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/22/1995 100.000 NET 129,469.49
PURCHASED ON 08/31/1995 100.000 NET 129,400.00
PURCHASED ON 01/23/1995 100.000 NET 129,300.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 01/30/1995 100.000 NET 129,252.53
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/16/1995 100.000 NET 129,211.77 129,211.77 0.00
PARTN IN GROUP ANNUITY CONTRACT
#FM-22020 (B) WITH CONNECTICUT GENERAL
4.93% 06/30/1995
PURCHASED ON 03/24/1995 100.000 NET 129,093.77
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/17/1995 100.000 NET 128,878.68
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/03/1995 100.000 NET 128,500.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/03/1995 100.000 NET 128,300.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 11/29/1995 100.000 NET 127,896.87
66
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 09/26/1995 100.000 NET 126,532.07
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/24/1995 100.000 NET 126,473.55
PURCHASED ON 02/14/1995 100.000 NET 126,325.04
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/26/1995 100.000 NET 126,176.65
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 08/11/1995 100.000 NET 125,844.08
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/26/1995 100.000 NET 125,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/09/1995 100.000 NET 124,600.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 06/26/1995 100.000 NET 124,501.18
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 12/27/1995 100.000 NET 124,436.88
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/12/1995 100.000 NET 124,286.50
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/08/1995 100.000 NET 124,200.00
PARTN IN GROUP ANNUITY CONTRACT #
18109 WITH AMERICAN INTL LIFE ASSUR
CO OF N Y 7.640% 10/01/1996
PURCHASED ON 03/24/1995 100.000 NET 124,110.76
67
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 04/24/1995 100.000 NET 124,091.57
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/13/1995 100.000 NET 124,000.00
PURCHASED ON 08/16/1995 100.000 NET 123,800.00
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58% SOLD ON 05/23/1995 100.000 NET 123,518.79 123,518.79 0.00
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
PURCHASED ON 12/27/1995 100.000 NET 123,364.36
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 04/24/1995 100.000 NET 123,172.63
PURCHASED ON 10/30/1995 100.000 NET 123,109.00
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 02/24/1995 100.000 NET 122,997.76
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 01/30/1995 100.000 NET 122,426.92
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 02/24/1995 100.000 NET 122,419.66
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/02/1995 100.000 NET 121,696.64 121,696.64 0.00
PURCHASED ON 05/30/1995 100.000 NET 121,676.27
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 11/29/1995 100.000 NET 121,311.37
68
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/26/1995 100.000 NET 121,300.00
PARTN IN GROUP ANNUITY CONTRACT #
GA 9385 WITH HARTFORD LIFE INSURANCE
COMPANY 5.720% 01/31/1994
PURCHASED ON 03/20/1995 100.000 NET 121,295.83
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 07/26/1995 100.000 NET 121,133.06
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/15/1995 100.000 NET 121,019.54
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
SOLD ON 05/23/1995 100.000 NET 120,797.00 120,797.00 0.00
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 09/26/1995 100.000 NET 120,205.99
PARTN IN GROUP ANNUITY CONTRACT
W/BRUNDAGE STORY & ROSE # 11A
6.55% 03/99
PURCHASED ON 03/24/1995 100.000 NET 120,134.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/13/1995 100.000 NET 119,900.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 05/26/1995 100.000 NET 119,840.43
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL LIFE
5.630% 03/31/1998
PURCHASED ON 08/11/1995 100.000 NET 119,648.10
69
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/25/1995 100.000 NET 119,400.00
PURCHASED ON 10/19/1995 100.000 NET 119,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/14/1995 100.000 NET 119,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/16/1995 100.000 NET 118,784.42
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/10/1995 100.000 NET 118,700.00
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
PURCHASED ON 11/29/1995 100.000 NET 118,691.90
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/08/1995 100.000 NET 118,627.61
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 06/26/1995 100.000 NET 118,557.87
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/25/1995 100.000 NET 118,500.00
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 12/27/1995 100.000 NET 117,936.64
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/13/1995 100.000 NET 117,700.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/11/1995 100.000 NET 117,400.00
70
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 10/30/1995 100.000 NET 116,862.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/26/1995 100.000 NET 116,188.73
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 07/26/1995 100.000 NET 115,259.74
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/02/1995 100.000 NET 115,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/14/1995 100.000 NET 115,000.00
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 05/26/1995 100.000 NET 114,209.50
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/28/1995 100.000 NET 113,200.00
PURCHASED ON 08/24/1995 100.000 NET 113,179.19
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/27/1995 100.000 NET 112,800.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/30/1995 100.000 NET 112,600.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/03/1995 100.000 NET 111,849.26
PURCHASED ON 07/12/1995 100.000 NET 111,800.00
PARTN IN GROUP ANNUITY CONTRACT
#18164 WITH AMERICAN INTERNATIONAL
LIFE 5.630% 03/31/1998
PURCHASED ON 03/24/1995 100.000 NET 111,587.62
71
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
5779-216 WITH PRUDENTIAL ASSET
MANAGEMENT COMPANY 6.630% 03/31/1998
PURCHASED ON 03/24/1995 100.000 NET 110,676.94
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/03/1995 100.000 NET 110,500.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/06/1995 100.000 NET 110,300.00
SOLD ON 07/07/1995 100.000 NET 109,922.10 109,922.10 0.00
PURCHASED ON 09/27/1995 100.000 NET 109,800.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/29/1995 100.000 NET 109,600.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/14/1995 100.000 NET 109,118.69 109,118.69 0.00
PURCHASED ON 07/31/1995 100.000 NET 108,900.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/16/1995 100.000 NET 108,639.14
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/22/1995 100.000 NET 107,900.00
PARTN IN GROUP ANNUITY CONTRACT
FM-22020 (A) WITH CONNECTICUT GENERAL
LIFE INS CO 4.52% WITH 5.25 YEAR AVG
PURCHASED ON 06/26/1995 100.000 NET 106,619.66
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/09/1995 100.000 NET 106,500.00
PURCHASED ON 11/16/1995 100.000 NET 106,400.00
PARTN IN GROUP ANNUITY CONTRACT
FM-22020 (A) WITH CONNECTICUT GENERAL
LIFE INS CO 4.52% WITH 5.25 YEAR AVG
PURCHASED ON 04/24/1995 100.000 NET 105,860.24
72
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/25/1995 100.000 NET 105,650.79 105,650.79 0.00
PARTN IN GROUP ANNUITY CONTRACT
FM-22020 (A) WITH CONNECTICUT GENERAL
LIFE INS CO 4.52% WITH 5.25 YEAR AVG
PURCHASED ON 02/24/1995 100.000 NET 105,130.86
PARTN IN GROUP ANNUITY CONTRACT
FM-22020 (A) WITH CONNECTICUT GENERAL
LIFE INS CO 4.52% WITH 5.25 YEAR AVG
PURCHASED ON 01/30/1995 100.000 NET 104,749.65
PARTN IN GROUP ANNUITY CONTRACT
METROPOLITAN LIFE CONTRACT #10326-4
8.80% MATURING FROM 7/05/89 TO 03/15/95
PURCHASED ON 03/15/1995 100.000 NET 103,927.59
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/21/1995 100.000 NET 103,766.52
PARTN IN GROUP ANNUITY CONTRACT
#2068 WITH UNION BANK OF SWITZERLAND
5.08% 08/99
PURCHASED ON 01/30/1995 100.000 NET 103,548.49
PURCHASED ON 02/24/1995 100.000 NET 103,548.49
PURCHASED ON 04/24/1995 100.000 NET 103,548.49
PURCHASED ON 06/26/1995 100.000 NET 103,548.49
PURCHASED ON 08/11/1995 100.000 NET 103,548.49
PURCHASED ON 09/26/1995 100.000 NET 103,548.49
PURCHASED ON 11/29/1995 100.000 NET 103,548.49
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 04/24/1995 100.000 NET 103,199.40
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/29/1995 100.000 NET 103,100.00
PARTN IN GROUP ANNUITY CONTRACT
FM-22020 (A) WITH CONNECTICUT GENERAL
LIFE INS CO 4.52% WITH 5.25 YEAR AVG
PURCHASED ON 05/26/1995 100.000 NET 102,812.19
73
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/07/1995 100.000 NET 102,436.51
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 02/24/1995 100.000 NET 102,336.10
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 01/30/1995 100.000 NET 101,777.23
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 02/15/1995 100.000 NET 101,583.06 101,583.06 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/10/1995 100.000 NET 101,200.00
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 11/29/1995 100.000 NET 100,686.42
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/05/1995 100.000 NET 100,413.64
PURCHASED ON 04/10/1995 100.000 NET 100,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/09/1995 100.000 NET 100,300.00
PARTN IN GROUP ANNUITY CONTRACT
#2068 WITH UNION BANK OF SWITZERLAND
5.08% 08/99
PURCHASED ON 05/26/1995 100.000 NET 100,208.22
PURCHASED ON 07/26/1995 100.000 NET 100,208.22
PURCHASED ON 10/30/1995 100.000 NET 100,208.22
PURCHASED ON 12/27/1995 100.000 NET 100,208.22
PARTN IN GROUP ANNUITY CONTRACT
FM-22020 (A) WITH CONNECTICUT GENERAL
LIFE INS CO 4.52% WITH 5.25 YEAR AVG
PURCHASED ON 06/30/1995 100.000 NET 100,092.23
74
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 09/26/1995 100.000 NET 99,607.31
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/16/1995 100.000 NET 99,440.64 99,440.64 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 07/26/1995 100.000 NET 99,180.27
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 08/11/1995 100.000 NET 99,063.34
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/25/1995 100.000 NET 98,600.00
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 06/26/1995 100.000 NET 98,001.62
PURCHASED ON 12/27/1995 100.000 NET 97,964.86
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/20/1995 100.000 NET 97,700.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/18/1995 100.000 NET 97,395.88 97,395.88 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/17/1995 100.000 NET 97,175.58
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 10/30/1995 100.000 NET 96,914.91
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/21/1995 100.000 NET 96,500.00
75
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/30/1995 100.000 NET 95,581.07
PRTN IN GROUP ANNUITY CONTRACT #
2003 WITH UNION BANK OF SWITZERLAND
6.860% 10/01/1994
PURCHASED ON 01/30/1995 100.000 NET 95,551.34
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 07/26/1995 100.000 NET 95,352.63
PARTN IN GROUP ANNUITY CONTRACT
FM-22020 (A) WITH CONNECTICUT GENERAL
LIFE INS CO 4.52% WITH 5.25 YEAR AVG
PURCHASED ON 03/24/1995 100.000 NET 95,285.72
CIGNA #25190 6.330% 06/30/1999
PURCHASED ON 12/27/1995 100.000 NET 94,913.10
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 05/26/1995 100.000 NET 94,330.67
PARTN IN GROUP ANNUITY CONTRACT
#2068 WITH UNION BANK OF SWITZERLAND
5.08% 08/99
PURCHASED ON 03/24/1995 100.000 NET 93,527.67
PARTN IN GROUP ANNUITY CONTRACT #
GIC-25143 WITH CIGNA
6.660% 01/31/1996
PURCHASED ON 03/24/1995 100.000 NET 92,915.51
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/22/1995 100.000 NET 92,900.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/26/1995 100.000 NET 92,300.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/13/1995 100.000 NET 91,802.38 91,802.38 0.00
76
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/16/1995 100.000 NET 91,169.38 91,169.38 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/06/1995 100.000 NET 90,800.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/11/1995 100.000 NET 89,500.00
PURCHASED ON 12/19/1995 100.000 NET 89,400.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/20/1995 100.000 NET 89,078.18 89,078.18 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/20/1995 100.000 NET 88,700.00
SOLD ON 07/18/1995 100.000 NET 88,680.84 88,680.84 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/08/1995 100.000 NET 86,075.56
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/21/1995 100.000 NET 86,000.00
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 04/24/1995 100.000 NET 85,928.73
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 09/22/1995 100.000 NET 85,800.00
SOLD ON 12/27/1995 100.000 NET 85,711.00 85,711.00 0.00
SOLD ON 05/24/1995 100.000 NET 85,591.63 85,591.63 0.00
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 02/24/1995 100.000 NET 85,181.74
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/15/1995 100.000 NET 84,800.00
77
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 01/30/1995 100.000 NET 84,791.86
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 06/26/1995 100.000 NET 83,796.86
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/31/1995 100.000 NET 83,700.00
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 01/30/1995 100.000 NET 83,519.50
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/27/1995 100.000 NET 82,438.74 82,438.74 0.00
SOLD ON 03/17/1995 100.000 NET 82,315.25 82,315.25 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/26/1995 100.000 NET 82,011.66
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 07/26/1995 100.000 NET 81,448.32
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/26/1995 100.000 NET 81,029.93 81,029.93 0.00
SOLD ON 06/20/1995 100.000 NET 80,983.39 80,983.39 0.00
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 05/26/1995 100.000 NET 80,740.69
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/13/1995 100.000 NET 80,606.24
PURCHASED ON 05/17/1995 100.000 NET 80,500.00
78
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/27/1995 100.000 NET 79,637.12 79,637.12 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/17/1995 100.000 NET 79,095.94
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 09/26/1995 100.000 NET 78,117.57
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 08/11/1995 100.000 NET 77,731.94
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 09/26/1995 100.000 NET 77,345.21
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 03/24/1995 100.000 NET 77,274.95
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 08/11/1995 100.000 NET 77,015.69
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 06/26/1995 100.000 NET 76,978.65
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/13/1995 100.000 NET 76,519.78 76,519.78 0.00
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 04/24/1995 100.000 NET 76,232.66
79
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 10/30/1995 100.000 NET 75,966.63
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 02/24/1995 100.000 NET 75,518.01
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 11/29/1995 100.000 NET 75,341.73
PURCHASED ON 10/30/1995 100.000 NET 75,165.28
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 01/30/1995 100.000 NET 75,145.21
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 07/26/1995 100.000 NET 74,859.07
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 11/29/1995 100.000 NET 74,560.68
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
SOLD ON 03/03/1995 100.000 NET 74,219.92 74,219.92 0.00
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 05/26/1995 100.000 NET 74,133.62
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 04/24/1995 100.000 NET 73,839.83
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/10/1995 100.000 NET 73,800.00
80
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#06798 WITH NEW YORK LIFE INSURANCE
CO 6.360%
PURCHASED ON 12/27/1995 100.000 NET 73,207.82
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 08/17/1995 100.000 NET 73,200.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 02/24/1995 100.000 NET 72,885.54
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 04/26/1995 100.000 NET 72,765.26 72,765.26 0.00
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
SOLD ON 03/03/1995 100.000 NET 72,714.79 72,714.79 0.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 01/30/1995 100.000 NET 72,389.09
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 12/27/1995 100.000 NET 72,367.94
PARTN IN GROUP ANNUITY CONTRACT
#FM-22020 (B) WITH CONNECTICUT GENERAL
4.93% 06/30/1995
PURCHASED ON 06/26/1995 100.000 NET 72,294.78
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 05/26/1995 100.000 NET 71,483.49
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/12/1995 100.000 NET 71,400.00
81
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 11/29/1995 100.000 NET 71,371.77
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/15/1995 100.000 NET 71,300.00
PURCHASED ON 05/23/1995 100.000 NET 71,300.00
PURCHASED ON 01/25/1995 100.000 NET 71,200.00
PURCHASED ON 02/16/1995 100.000 NET 71,036.45
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 10/02/1995 100.000 NET 70,733.26
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 04/24/1995 100.000 NET 70,529.75
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 09/26/1995 100.000 NET 70,418.75
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 09/26/1995 100.000 NET 70,252.78
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 08/11/1995 100.000 NET 69,939.30
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 02/24/1995 100.000 NET 69,916.63
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/26/1995 100.000 NET 69,800.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 08/11/1995 100.000 NET 69,775.56
82
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#FM-22020 (B) WITH CONNECTICUT GENERAL
4.93% 06/30/1995
PURCHASED ON 05/26/1995 100.000 NET 69,690.25
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 01/30/1995 100.000 NET 69,596.62
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 12/27/1995 100.000 NET 69,535.27
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 06/26/1995 100.000 NET 69,005.41
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 07/25/1995 100.000 NET 68,917.16 68,917.16 0.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 06/26/1995 100.000 NET 68,845.96
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 06/26/1995 100.000 NET 68,779.93
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 10/30/1995 100.000 NET 68,606.76
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/19/1995 100.000 NET 68,565.25
PARTN IN GROUP ANNUITY CONTRACT
#6362 WITH JOHN HANCOCK MUTUAL LIFE
6.000% 10/01/1997
PURCHASED ON 03/24/1995 100.000 NET 68,531.79
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/17/1995 100.000 NET 68,135.41 68,135.41 0.00
PURCHASED ON 07/17/1995 100.000 NET 68,100.00
83
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/11/1995 100.000 NET 68,018.23 68,018.23 0.00
PARTN IN GROUP ANNUITY CONTRACT
#FM-22020 (B) WITH CONNECTICUT GENERAL
4.93% 06/30/1995
PURCHASED ON 06/30/1995 100.000 NET 67,890.62
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/19/1995 100.000 NET 67,800.00
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 09/26/1995 100.000 NET 67,266.43
PARTN IN GROUP ANNUITY CONTRACT #
91479-B02 WITH STATE MUTUAL CO
8.40% 12/31/1995
PURCHASED ON 07/26/1995 100.000 NET 67,229.79
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 07/26/1995 100.000 NET 67,073.42
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 08/11/1995 100.000 NET 66,979.07
PURCHASED ON 07/26/1995 100.000 NET 66,852.26
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/23/1995 100.000 NET 66,696.18 66,696.18 0.00
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 05/26/1995 100.000 NET 66,549.55
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 05/26/1995 100.000 NET 66,271.44
PARTN IN GROUP ANNUITY CONTRACT #
91479-B01 WITH STATE MUTUAL CO
8.38% 12/31/1995
PURCHASED ON 03/24/1995 100.000 NET 66,261.65
84
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/18/1995 100.000 NET 66,100.00
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 10/30/1995 100.000 NET 65,371.32
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/15/1995 100.000 NET 64,900.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/30/1995 100.000 NET 64,400.00
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 03/24/1995 100.000 NET 63,426.78
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/31/1995 100.000 NET 62,400.00
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 11/29/1995 100.000 NET 62,102.60
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 10/05/1995 100.000 NET 60,253.10
PARTN IN GP ANN CONT# 6829
WITH NY LIFE 12/31/1995
PURCHASED ON 12/27/1995 100.000 NET 60,238.82
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 11/29/1995 100.000 NET 60,221.91
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 07/12/1995 100.000 NET 60,115.05 60,115.05 0.00
PURCHASED ON 10/18/1995 100.000 NET 60,100.00
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 10/05/1995 100.000 NET 59,861.78
85
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 09/26/1995 100.000 NET 59,850.20
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 09/26/1995 100.000 NET 59,538.29
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 08/11/1995 100.000 NET 59,449.99
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 09/26/1995 100.000 NET 59,429.46
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 08/11/1995 100.000 NET 59,193.86
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 08/11/1995 100.000 NET 58,999.23
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 02/24/1995 100.000 NET 58,897.21
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/10/1995 100.000 NET 58,719.88 58,719.88 0.00
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 06/26/1995 100.000 NET 58,670.29
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 12/27/1995 100.000 NET 58,612.89
86
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 06/26/1995 100.000 NET 58,161.71
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/30/1995 100.000 NET 58,131.34 58,131.34 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 10/30/1995 100.000 NET 57,947.54
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 04/24/1995 100.000 NET 57,900.81
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 01/30/1995 100.000 NET 57,679.09
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 06/26/1995 100.000 NET 57,391.23
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 04/24/1995 100.000 NET 57,336.10
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 07/26/1995 100.000 NET 57,153.72
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 11/29/1995 100.000 NET 57,148.10
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 04/24/1995 100.000 NET 56,862.88
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 07/26/1995 100.000 NET 56,689.32
87
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 09/26/1995 100.000 NET 56,622.00
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 02/24/1995 100.000 NET 56,548.69
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 02/24/1995 100.000 NET 56,510.46
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 05/26/1995 100.000 NET 56,404.13
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 08/11/1995 100.000 NET 56,356.49
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 01/30/1995 100.000 NET 56,139.32
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 05/26/1995 100.000 NET 55,884.61
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 07/26/1995 100.000 NET 55,797.32
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 12/27/1995 100.000 NET 55,560.95
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 04/24/1995 100.000 NET 55,481.46
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/13/1995 100.000 NET 55,451.02 55,451.02 0.00
88
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 05/26/1995 100.000 NET 55,283.65
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 02/24/1995 100.000 NET 55,075.01
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 10/30/1995 100.000 NET 55,049.46
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 01/30/1995 100.000 NET 54,811.91
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
PURCHASED ON 06/26/1995 100.000 NET 54,448.55
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
PURCHASED ON 03/24/1995 100.000 NET 54,422.92
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 11/29/1995 100.000 NET 54,321.63
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
PURCHASED ON 04/24/1995 100.000 NET 54,300.18
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
PURCHASED ON 05/26/1995 100.000 NET 54,276.43
PURCHASED ON 01/30/1995 100.000 NET 54,202.71
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
PURCHASED ON 02/24/1995 100.000 NET 54,114.08
89
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
PURCHASED ON 06/30/1995 100.000 NET 54,040.13
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 09/26/1995 100.000 NET 53,812.20
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
SOLD ON 03/29/1995 100.000 NET 53,644.42 53,644.42 0.00
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 08/11/1995 100.000 NET 53,555.13
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/27/1995 100.000 NET 53,202.06 53,202.06 0.00
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 06/26/1995 100.000 NET 53,052.88
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 12/27/1995 100.000 NET 52,817.57
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
SOLD ON 03/29/1995 100.000 NET 52,534.28 52,534.28 0.00
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 10/30/1995 100.000 NET 52,322.24
PARTN IN GROUP ANNUITY CONTRACT #
12391 WITH METROPOLITAN LIFE
8.22% 04/01/1995
PURCHASED ON 03/24/1995 100.000 NET 51,964.65
90
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 07/26/1995 100.000 NET 51,583.95
PARTN IN GROUP ANNUITY CONTRACT
WITH BANKERS TRUST
8.950% 10/01/1993
PURCHASED ON 03/24/1995 100.000 NET 51,430.59
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/04/1995 100.000 NET 51,400.00
SOLD ON 02/03/1995 100.000 NET 51,375.03 51,375.03 0.00
CASSIE DES DEPOTS ET CONSIGNATIONS
CONTRACT # 106 5.69% 12/31/1998
PURCHASED ON 03/24/1995 100.000 NET 51,130.81
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 05/26/1995 100.000 NET 51,100.18
PARTN IN GROUP ANNUITY CONTRACT #
2003 WITH UNION BANK OF SWITZERLAND
6.860% 10/01/1994
PURCHASED ON 02/24/1995 100.000 NET 50,857.97
PURCHASED ON 04/03/1995 100.000 NET 50,857.95
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
PURCHASED ON 06/26/1995 100.000 NET 50,222.87
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
PURCHASED ON 01/30/1995 100.000 NET 50,171.30
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
PURCHASED ON 04/24/1995 100.000 NET 50,139.85
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
PURCHASED ON 02/24/1995 100.000 NET 50,065.30
91
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
W/PRUDENTIAL 5779-217
5.800% 01/97
PURCHASED ON 03/24/1995 100.000 NET 49,972.36
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 09/26/1995 100.000 NET 49,523.35
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 08/11/1995 100.000 NET 49,292.72
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/20/1995 100.000 NET 49,214.65 49,214.65 0.00
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 06/26/1995 100.000 NET 49,059.73
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 06/26/1995 100.000 NET 48,842.02
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
PURCHASED ON 05/26/1995 100.000 NET 48,502.56
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 04/24/1995 100.000 NET 48,395.44
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
SOLD ON 06/20/1995 100.000 NET 48,375.65 48,375.65 0.00
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 10/30/1995 100.000 NET 48,146.44
92
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 02/24/1995 100.000 NET 47,967.39
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/30/1995 100.000 NET 47,800.00
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 01/30/1995 100.000 NET 47,744.00
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 07/26/1995 100.000 NET 47,484.05
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 11/29/1995 100.000 NET 47,393.50
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
SOLD ON 06/20/1995 100.000 NET 47,248.12 47,248.12 0.00
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 05/26/1995 100.000 NET 47,049.89
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
PURCHASED ON 06/30/1995 100.000 NET 46,621.25
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/13/1995 100.000 NET 46,007.74
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 12/27/1995 100.000 NET 45,992.16
93
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 04/05/1995 100.000 NET 45,833.90 45,833.90 0.00
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
PURCHASED ON 03/24/1995 100.000 NET 45,452.09
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/27/1995 100.000 NET 43,901.21
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 01/30/1995 100.000 NET 43,814.89
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 11/29/1995 100.000 NET 43,591.99
PARTN IN GROUP ANNUITY CONTRACT
#13553 WITH METROPOLITAN LIFE
INSURANCE CO 5.650%
PURCHASED ON 03/24/1995 100.000 NET 43,518.26
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 09/26/1995 100.000 NET 43,233.86
PARTN IN GROUP ANNUITY CONTRACT #
2003 WITH UNION BANK OF SWITZERLAND
6.860% 10/01/1994
PURCHASED ON 03/24/1995 100.000 NET 43,152.22
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 08/11/1995 100.000 NET 43,052.98
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/09/1995 100.000 NET 42,907.94 42,907.94 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/13/1995 100.000 NET 42,700.00
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 06/26/1995 100.000 NET 42,699.28
94
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
PROVIDENT NATIONAL #020-3953-02A
9.58%
SOLD ON 01/11/1995 100.000 NET 42,540.15 42,540.15 0.00
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 12/27/1995 100.000 NET 42,360.16
PURCHASED ON 04/24/1995 100.000 NET 42,348.49
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/19/1995 100.000 NET 42,299.67 42,299.67 0.00
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 02/24/1995 100.000 NET 42,139.88
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 10/30/1995 100.000 NET 42,012.15
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/09/1995 100.000 NET 41,943.35 41,943.35 0.00
PARTN IN GROUP ANNUITY CONTRACT
PRUDENTIAL CONTRACT #5779-212 8.85%
06/30/89 06/30/89 06/30/90 06/30/95
SOLD ON 01/10/1995 100.000 NET 41,677.46 41,677.46 0.00
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 07/26/1995 100.000 NET 41,492.68
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/30/1995 100.000 NET 41,400.00 41,400.00 0.00
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 05/26/1995 100.000 NET 41,151.79
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 07/10/1995 100.000 NET 40,000.00 40,000.00 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/05/1995 100.000 NET 39,295.81 39,295.81 0.00
SOLD ON 04/06/1995 100.000 NET 39,225.31 39,225.31 0.00
95
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/22/1995 100.000 NET 39,200.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/08/1995 100.000 NET 38,963.50 38,963.50 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/10/1995 100.000 NET 38,728.65 38,728.65 0.00
GROUP ANNUITY CONTRACT #7270
WITH JOHN HANCOCK 5.060%
PURCHASED ON 03/24/1995 100.000 NET 38,097.95
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/02/1995 100.000 NET 35,266.99 35,266.99 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/30/1995 100.000 NET 35,255.82 35,255.82 0.00
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
PURCHASED ON 08/11/1995 100.000 NET 34,505.01
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 04/24/1995 100.000 NET 34,423.31
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/31/1995 100.000 NET 34,367.28 34,367.28 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/20/1995 100.000 NET 34,110.13
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 09/26/1995 100.000 NET 34,067.26
PURCHASED ON 02/24/1995 100.000 NET 34,040.54
96
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 08/11/1995 100.000 NET 33,842.66
PURCHASED ON 01/30/1995 100.000 NET 33,816.10
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 06/26/1995 100.000 NET 33,404.99
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 10/30/1995 100.000 NET 33,183.59
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/01/1995 100.000 NET 32,600.80 32,600.80 0.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 07/26/1995 100.000 NET 32,538.48
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/02/1995 100.000 NET 32,328.54 32,328.54 0.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 05/26/1995 100.000 NET 32,117.69
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/06/1995 100.000 NET 32,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/27/1995 100.000 NET 31,886.12 31,886.12 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 02/28/1995 100.000 NET 31,589.16 31,589.16 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/08/1995 100.000 NET 31,196.26 31,196.26 0.00
97
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 03/24/1995 100.000 NET 30,940.44
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 07/06/1995 100.000 NET 30,856.11 30,856.11 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 07/20/1995 100.000 NET 30,431.19
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/17/1995 100.000 NET 30,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/21/1995 100.000 NET 29,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 02/07/1995 100.000 NET 27,800.00 27,800.00 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/27/1995 100.000 NET 27,500.00
PARTN CTF GROUP ANNUITY CONTRACT
#14072 WITH METROPOLITAN LIFE
7.070%
PURCHASED ON 05/26/1995 100.000 NET 24,694.63
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/06/1995 100.000 NET 24,652.50 24,652.50 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/27/1995 100.000 NET 24,431.05 24,431.05 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/03/1995 100.000 NET 24,285.40 24,285.40 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/04/1995 100.000 NET 23,896.42 23,896.42 0.00
98
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/10/1995 100.000 NET 23,400.00 23,400.00 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/08/1995 100.000 NET 22,379.89 22,379.89 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/28/1995 100.000 NET 21,996.11 21,996.11 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/10/1995 100.000 NET 20,700.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/10/1995 100.000 NET 20,115.77 20,115.77 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/05/1995 100.000 NET 20,005.48 20,005.48 0.00
SOLD ON 07/28/1995 100.000 NET 20,000.00 20,000.00 0.00
PURCHASED ON 10/05/1995 100.000 NET 20,000.00
SOLD ON 10/10/1995 100.000 NET 20,000.00 20,000.00 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/27/1995 100.000 NET 19,000.00
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 11/29/1995 100.000 NET 18,454.76
PARTN IN GROUP ANNUITY CONTRACT #
5779-215 WITH PRUDENTIAL
8.10% 12/31/1994
PURCHASED ON 12/27/1995 100.000 NET 17,456.37
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 06/26/1995 100.000 NET 16,547.53 16,547.53 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 02/13/1995 100.000 NET 15,400.00 15,400.00 0.00
99
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/06/1995 100.000 NET 15,196.74 15,196.74 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/27/1995 100.000 NET 14,473.83 14,473.83 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/01/1995 100.000 NET 14,352.84 14,352.84 0.00
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL
BENEFITS 3.00%
PURCHASED ON 11/29/1995 100.000 NET 14,219.44
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL
BENEFITS 3.00%
PURCHASED ON 09/26/1995 100.000 NET 14,124.11
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL
BENEFITS 3.00%
PURCHASED ON 08/11/1995 100.000 NET 14,075.97
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/29/1995 100.000 NET 14,000.00 14,000.00 0.00
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 06/26/1995 100.000 NET 13,981.64
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 04/24/1995 100.000 NET 13,888.00
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 12/27/1995 100.000 NET 13,807.04
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 02/24/1995 100.000 NET 13,797.86
100
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 10/30/1995 100.000 NET 13,714.48
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 01/30/1995 100.000 NET 13,628.96
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/09/1995 100.000 NET 13,585.03 13,585.03 0.00
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 07/26/1995 100.000 NET 13,576.17
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 05/26/1995 100.000 NET 13,485.15
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/09/1995 100.000 NET 13,095.46 13,095.46 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/31/1995 100.000 NET 12,790.99
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 07/31/1995 100.000 NET 12,610.66 12,610.66 0.00
PARTN IN GROUP ANNUITY CONTRACT
GA #04522-0066 WITH MUTUAL BENEFITS
3.00%
PURCHASED ON 03/24/1995 100.000 NET 12,503.30
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/08/1995 100.000 NET 12,437.64
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 09/18/1995 100.000 NET 12,283.79 12,283.79 0.00
101
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/07/1995 100.000 NET 10,414.86 10,414.86 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/05/1995 100.000 NET 10,000.00
SOLD ON 05/23/1995 100.000 NET 10,000.00 10,000.00 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/22/1995 100.000 NET 9,349.95 9,349.95 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/27/1995 100.000 NET 8,500.00
SOLD ON 04/04/1995 100.000 NET 8,500.00 8,500.00 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/30/1995 100.000 NET 7,543.33 7,543.33 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/05/1995 100.000 NET 7,282.55
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/10/1995 100.000 NET 7,154.95
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/07/1995 100.000 NET 5,980.75 5,980.75 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 02/14/1995 100.000 NET 4,965.10 4,965.10 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/04/1995 100.000 NET 4,708.42 4,708.42 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 08/14/1995 100.000 NET 4,587.49 4,587.49 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 04/06/1995 100.000 NET 4,250.89 4,250.89 0.00
102
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/27/1995 100.000 NET 3,551.84 3,551.84 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 12/27/1995 100.000 NET 3,269.76 3,269.76 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/03/1995 100.000 NET 3,255.02 3,255.02 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 05/30/1995 100.000 NET 2,839.40 2,839.40 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 11/28/1995 100.000 NET 2,707.76 2,707.76 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/26/1995 100.000 NET 2,489.74 2,489.74 0.00
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
PURCHASED ON 09/26/1995 100.000 NET 2,304.60
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/19/1995 100.000 NET 2,125.38 2,125.38 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 03/21/1995 100.000 NET 2,062.04
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 11/08/1995 100.000 NET 2,015.05
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/17/1995 100.000 NET 1,821.36
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 02/10/1995 100.000 NET 1,714.20 1,714.20 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 03/01/1995 100.000 NET 1,670.06 1,670.06 0.00
103
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/05/1995 100.000 NET 1,569.20
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/13/1995 100.000 NET 1,403.28
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/27/1995 100.000 NET 1,232.10
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/21/1995 100.000 NET 1,151.45
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 05/09/1995 100.000 NET 1,032.99
PURCHASED ON 07/28/1995 100.000 NET 1,009.24
METLIFE GAC#13960
8.25% 03/31/1998
PURCHASED ON 03/31/1995 100.000 NET 1,000.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/08/1995 100.000 NET 857.14
PURCHASED ON 04/12/1995 100.000 NET 844.58
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/19/1995 100.000 NET 781.50
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/06/1995 100.000 NET 699.21
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/28/1995 100.000 NET 689.04
SOLD ON 12/29/1995 100.000 NET 687.02 687.02 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/09/1995 100.000 NET 592.36
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/31/1995 100.000 NET 587.06 587.06 0.00
104
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
================================= ============== ============= ================ ================= ===============
MISCELLANEOUS
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 06/06/1995 100.000 NET 538.66
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/24/1995 100.000 NET 527.53
PURCHASED ON 03/08/1995 100.000 NET 512.91
PURCHASED ON 04/07/1995 100.000 NET 512.91
PURCHASED ON 10/06/1995 100.000 NET 494.23
PURCHASED ON 04/18/1995 100.000 NET 479.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/06/1995 100.000 NET 370.85
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 10/06/1995 100.000 NET 331.60
PURCHASED ON 03/23/1995 100.000 NET 322.05
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/09/1995 100.000 NET 300.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 12/27/1995 100.000 NET 216.68
PURCHASED ON 09/27/1995 100.000 NET 207.97
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 01/23/1995 100.000 NET 185.84
PARTN IN GROUP ANNUITY CONTRACT
#4-19126 WITH PRINCIPAL MUTUAL
6.150% 09/30/1999
PURCHASED ON 10/30/1995 100.000 NET 180.51
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 04/05/1995 100.000 NET 176.58
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 01/12/1995 100.000 NET 132.46 132.46 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
SOLD ON 10/06/1995 100.000 NET 84.55 84.55 0.00
NYNEX SAVINGS PLAN OUTSTANDING
LOANS TO PARTICIPANTS
PURCHASED ON 02/14/1995 100.000 NET 0.37
*TOTAL-MISCELLANEOUS NET 1,227,309,155.27
105
<PAGE>
NYNEX CORPORATION SAVINGS PLAN FOR SALARIED EMPLOYEES
ITEM 27D PART 2- SCHEDULE OF REPORTABLE TRANSACTIONS
-----------------D I S P O S E D----------------- ---------A C Q U I R E D------
SECURITY DESCRIPTION SALES PROCEEDS GAIN OR LOSS- PURCHASES COST
============================================= ============== ============== ========= ==============
0BT PYRAMID DISCRETIONARY 464 504,270,262.83 0.00 238 485,281,017.04
CASH FUND
0MELLON S&P 500 0 0.00 0.00 1 425,979,269.93
0NYNEX CORP COM 609 99,199,304.46 24,667,982.82 347 46,414,277.07
</TABLE>
106
<PAGE>
Exhibit (23)
CONSENT OF INDEPENDENT ACCOUNTANTS
---------------------
We consent to the incorporation by reference in the registration statements on
Form S-8 (File Nos. 33-53477, 33-21635, 2-95634, 2-95780, 33-51897, 2-94110,
33-27802 and 33-16570) of NYNEX Corporation of our reports dated June 24, 1996,
on our audits of the financial statements of the NYNEX Corporation Savings Plan
for Salaried Employees and NYNEX Corporation Savings and Security Plan
(Non-Salaried Employees) as of December 31, 1995 and 1994, and for each of the
two years in the period ended December 31, 1995 and the accompanying schedules
of assets held for investment purposes and reportable (5%) transaction as of
December 31, 1995, which are included in the Annual Reports on Form 11-K for the
above referenced Plans filed, by amendment, as exhibits to the Annual Report on
Form 10-K of NYNEX Corporation for the year ended December 31, 1995.
/s/ COOPERS & LYBRAND L.L.P.
New York, New York
June 27, 1996
107
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Savings
Plan Committee of NYNEX Corporation has duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
NYNEX CORPORATION SAVINGS
PLAN FOR SALARIED EMPLOYEES
By /s/ D. J. Sacco
--------------------------
(D. J. Sacco, Chairman,
Employees' Benefit Plan
Committee)
Date: June 27, 1996
108
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, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 1-8608
-------------
NYNEX Corporation Savings and Security Plan
(Non-Salaried Employees)
-------------
NYNEX Corporation
1095 Avenue of the Americas, New York, New York 10036
<PAGE>
Item 1. Financial Statements and Exhibits.
(a) Financial Statements of the Plan* included herein:
Report of Independent Accountants
Financial Statements:
Statements of Net Assets Available for Plan Benefits as of
December 31, 1995 and 1994
Statements of Changes in Net Assets Available for Plan
Benefits for the Years Ended December 31, 1995 and 1994
Notes to Financial Statements
Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes as
of December 31, 1995
Item 27d - Schedule of Reportable (5%) Transactions as of
December 31, 1995
Other schedules are omitted because the information required
is contained in the financial statements or is not applicable.
(b) Exhibits:
(23) Consent of Coopers & Lybrand L.L.P.
___________________________
* This and certain other capitalized terms used but not defined herein shall
have their respective meanings as defined in the Plan Prospectus.
2
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Employees' Benefit Committee of NYNEX Corporation:
We have audited the Statements of Net Assets Available for Plan Benefits of the
NYNEX Corporation Savings and Security Plan (Non-Salaried Employees) as of
December 31, 1995 and 1994, and the related Statements of Changes in Net Assets
Available for Plan Benefits for each of the two years in the period ended
December 31, 1995. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the NYNEX
Corporation Savings and Security Plan (Non-Salaried Employees) as of December
31, 1995 and 1994 and the changes in net assets available for plan benefits for
each of the two years in the period ended December 31, 1995, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes as of December 31, 1995 and reportable (5%) transactions
as of December 31, 1995 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 Statements of Net Assets Available for Plan
Benefits as of December 31, 1995 and 1994 and the Statements of Changes in Net
Assets Available for Plan Benefits for each of the two years in the period ended
December 31, 1995 is presented for purposes of additional analysis rather than
to present the net assets available for plan benefits and changes in net assets
available for plan 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.
New York, New York
June 24, 1996
3
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
Statement of Net Assets Available for Plan Benefits
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------------------------------
NYNEX Diversified
Shares Telecommunications Government Equity
Fund Fund Obligations Portfolio
----- ------------------ ----------- -----------
<S> <C> <C> <C> <C>
ASSETS
Investments at fair market value
(cost $1,585,056) (see Notes 2 and 3)
NYNEX Corporation common shares $1,344,336 $ 7,430 $ - $ -
Government Obligations pooled fund - - 4,719 -
Contracts with insurance companies
and other financial institutions - - - -
Telecommunications Fund common shares,
excluding NYNEX Corporation common shares - 136,274 - -
Value of Plan's participation in
Master Trust (Note 3) - - - 87,630
Temporary cash investments 9,197 1,074 - -
Receivable for loan to participants - - - -
------------------------------------------------------------------------
Total Investments 1,353,533 144,778 4,719 87,630
Allotments and contributions receivable (Note 1) 2,042 52 15 376
InterFund, interPlan and other
transfers receivable-net - 115 69 109
Dividends and interest receivable 38 569 - -
Other receivables - - - -
------------------------------------------------------------------------
Total Assets $1,355,613 145,514 4,803 88,115
LIABILITIES
Expenses payable & other payables 173 15 - 12
InterFund, interPlan and other transfers
payable - net 370 - - -
Payable for securities purchased - 144 - -
------------------------------------------------------------------------
Total Liabilities 543 159 - 12
--------------------------------------------------------------------------
Net Assets Available for Plan Benefits
(Notes 1 and 2) $1,355,070 $145,355 $4,803 $88,103
========================================================================
</TABLE>
See notes to financial statements.
4
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
Statement of Net Assets Available for Plan Benefits (Continued)
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
-----------------------------------------------------------
Active U.S.
Interest Income Loan Equity U.S. Balanced
Fund Fund Fund Fund
--------------- ---- ------ --------------
<S> <C> <C> <C> <C>
ASSETS
Investments at fair market value
(cost $1,585,056) (see Notes 2 and 3)
NYNEX Corporation common shares $ - $ - $ - $ -
Government Obligations pooled fund - - - -
Contracts with insurance companies
and other financial institutions 454,530 - - -
Telecommunications Fund common shares,
excluding NYNEX Corporation common shares - - - -
Value of Plan's participation in
Master Trust (Note 3) - - 11,734 7,316
Temporary cash investments 5,203 - - -
Receivable for loan to participants - 90,237 - -
-----------------------------------------------------
Total Investments 459,733 90,237 11,734 7,316
Allotments and contributions receivable (Note 1) 1,155 - 51 29
InterFund, interPlan and other
transfers receivable-net - - - -
Dividends and interest receivable 29 - - -
Other receivables 5 - - -
-----------------------------------------------------
Total Assets 460,922 90,237 11,785 7,345
LIABILITIES
Expenses payable & other payables 54 - 11 8
InterFund, interPlan and other transfers
payable - net 65 - 50 19
Payable for securities purchased - - - -
-----------------------------------------------------
Total Liabilities 119 - 61 27
-----------------------------------------------------
Net Assets Available for Plan Benefits
(Notes 1 and 2) $460,803 $90,237 $11,724 $7,318
====================================================
</TABLE>
See notes to financial statements.
5
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
Statement of Net Assets Available for Plan Benefits (Continued)
December 31,1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
--------------------------------------------------------
Global International
Balanced Equity U.S. Small
Fund Fund Cap Fund Total
-------- ------------- ---------- -----
<S> <C> <C> <C> <C>
ASSETS
Investments at fair market value (cost $1,585,056)
(see Notes 2 and 3)
NYNEX Corporation common shares $ - $ - $ - $1,351,766
Government Obligations pooled fund - - - 4,719
Contracts with insurance companies
and other financial institutions - - - 454,530
Telecommunications Fund common shares,
excluding NYNEX Corporation common shares - - - 136,274
Value of Plan's participation in
Master Trust (Note 3) 6,871 6,279 10,148 129,978
Temporary cash investments - - - 15,474
Receivable for loan to participants - - - 90,237
--------------------------------------------------------
Total Investments 6,871 6,279 10,148 2,182,978
Allotments and contributions receivable (Note 1) 31 36 55 3,842
InterFund, interPlan and other
transfers receivable-net - 26 - 319
Dividends and interest receivable - - - 636
Other receivables - - - 5
--------------------------------------------------------
Total Assets 6,902 6,341 10,203 2,187,780
LIABILITIES
Expenses payable & other payables 8 8 29 318
InterFund, interPlan and other transfers
payable - net 16 - 33 553
Payable for securities purchased - - - 144
--------------------------------------------------------
Total Liabilities 24 8 62 1,015
--------------------------------------------------------
Net Assets Available for Plan Benefits
(Notes 1 and 2) $6,878 $6,333 $10,141 $2,186,765
=======================================================
</TABLE>
See notes to financial statements.
6
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
Statement of Net Assets Available for Plan Benefits
December 31, 1994
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
---------------------------------------------------------
Diversified
NYNEX Telephone Interest
Shares Portfolio Income Loan
Fund ("DTP") Fund Fund
------ ---------- ---------- --------
<S> <C> <C> <C> <C>
ASSETS
Investments at fair market value
(cost $1,349,183) (see Note 2)
NYNEX Corporation common shares $877,428 $ 9,637 $ - $ -
DTP common shares, excluding NYNEX
Corporation common shares - 104,556 - -
Government Obligations pooled fund - - - -
Contracts with insurance companies
and other financial institutions - - 418,398 -
Temporary cash investments 11,259 164 15,861 -
Receivable for loans to Plan
participants - - - 71,243
-----------------------------------------------------------
Total Investments 888,687 114,357 434,259 71,243
Allotments and contributions receivable
(Note 1) 4 - 3 -
InterFund, interPlan and other
transfers receivable-net 216 - -
Receivable for securities sold - - - -
Dividends and interest receivable 14,088 683 34 -
Other receivables - - - -
------------------------------------------------------------
Total Assets 902,779 115,256 434,296 71,243
------------------------------------------------------------
LIABILITIES
Expenses Payable & other payables 186 44 79 -
InterFund, interPlan and other
transfers payable-net 13 - 766 -
Payable for securities purchased 1,823 - - -
------------------------------------------------------------
Total Liabilities 2,022 44 845 -
------------------------------------------------------------
Net Assets Available for
Plan Benefits (Notes 1 and 2) $900,757 $115,212 $433,451 $71,243
============================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Fund Information
-------------------------------------------
Diversified
Government Equity
Obligations Portfolio Total
----------- -------------- -----
<S> <C> <C> <C>
ASSETS
Investments at fair market value
(cost $1,349,183) (see Note 2)
NYNEX Corporation common shares $ - $ - $887,065
DTP common shares, excluding NYNEX
Corporation common shares - - 104,556
Government Obligations pooled fund 2,795 - 2,795
Contracts with insurance companies
and other financial institutions - - 418,398
Temporary cash investments - - 27,284
Receivable for loans to Plan
participants - - 71,243
------------------------------------------------
Total Investments 2,795 - 1,511,341
Allotments and contributions receivable
(Note 1) - 1 8
InterFund, interPlan and other
transfers receivable-net - - 216
Receivable for securities sold - 40,405 40,405
Dividends and interest receivable - - 14,805
Other receivables 3 - 3
------------------------------------------------
Total Assets 2,798 40,406 1,566,778
------------------------------------------------
LIABILITIES
Expenses Payable & other payables 1 6 316
InterFund, interPlan and other
transfers payable-net 110 315 1,204
Payable for securities purchased - - 1,823
------------------------------------------------
Total Liabilities 111 321 3,343
------------------------------------------------
Net Assets Available for
Plan Benefits (Notes 1 and 2) $2,687 $40,085 $1,563,435
================================================
</TABLE>
See notes to financial statements.
7
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
Statement of Changes in Net Assets Available for Plan Benefits
December 31,1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------------------------------
NYNEX Diversified
Shares Telecommunications Government Equity
Fund Fund Obligations Portfolio
------ ------------------ ----------- -----------
<S> <C> <C> <C> <C>
Additions:
Allotments, Contributions and Transfers:
Employee allotments $ 48,883 $ 872 $ 1,014 $ 17,014
Employing company contributions (Note 1) 61,983 - - -
Loans to participants, net of transfers of
participants' balances (47,532) (2,903) 1,092 15,649
------------------------------------------------------------------------
Total allotments, contributions
and transfers 63,334 (2,031) 2,106 32,663
Investment Income:
Dividends on NYNEX Corporation common shares 43,080 219 - -
Other dividends - 4,564 - -
Interest 450 57 - -
Net appreciation in the fair value
of investments 422,947 38,607 355 -
Allocated share of Master Trust investment
activities - - - 17,961
--------------------------------------------------------------------------
Total additions 529,811 41,416 2,461 50,624
------------------------------------------------------------------------
Deductions:
Administrative expenses 462 64 5 29
Distributions to participants 75,036 11,209 340 2,577
------------------------------------------------------------------------
Total deductions 75,498 11,273 345 2,606
------------------------------------------------------------------------
Net increase 454,313 30,143 2,116 48,018
Net Assets Available for Plan Benefits:
Beginning of year - January 1, 1995 900,757 115,212 2,687 40,085
------------------------------------------------------------------------
End of year - December 31, 1995 (Note 1 and 2) $1,355,070 $145,355 $4,803 $88,103
========================================================================
</TABLE>
See notes to financial statements.
8
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
Statement of Changes in Net Assets Available for Plan Benefits (Continued)
December 31, 1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
---------------------------------------------------------
Active U.S.
Interest Income Loan Equity U.S. Balanced
Fund Fund Fund Fund
--------------- ---- ----------- -------------
<S> <C> <C> <C> <C>
Additions:
Allotments, Contributions and Transfers:
Employee allotments $ 59,527 $ - $ 1,956 $ 1,136
Employing company contributions (Note 1) - - - -
Loans to participants, net of transfers of
participants' balances (20,290) 18,994 8,138 5,341
--------------------------------------------------------
Total allotments, contributions
and transfers 39,237 18,994 10,094 6,477
Investment Income:
Dividends on NYNEX Corporation common shares - - - -
Other dividends - - - -
Interest 29,115 - - -
Net appreciation in the fair
value of investments - - - -
Allocated share of Master Trust investment
activities - - 1,906 1,022
--------------------------------------------------------
Total additions 68,352 18,994 12,000 7,499
--------------------------------------------------------
Deductions:
Administrative expenses 191 - 26 23
Distributions to participants 40,809 - 250 158
--------------------------------------------------------
Total deductions 41,000 - 276 181
--------------------------------------------------------
Net increase 27,352 18,994 11,724 7,318
Net Assets Available for Plan Benefits:
Beginning of year - January 1, 1995 433,451 71,243 - -
------------------------------------------------------
End of year - December 31, 1995 (Note 1 and 2) $460,803 $90,237 $11,724 $7,318
========================================================
</TABLE>
See notes to financial statements.
9
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
Statement of Changes in Net Assets Available for Plan Benefits (Continued)
December 31,1995
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------------------------------
Global
Balanced International U.S. Small
Fund Equity Fund Cap Fund Total
-------- ------------- ---------- -----
<S> <C> <C> <C> <C>
Additions:
Allotments, Contributions and Transfers:
Employee allotments $ 1,429 $ 2,067 $ 2,081 $ 135,979
Employing company contributions (Note 1) - - - 61,983
Loans to participants, net of transfers of
participants' balances 4,593 4,025 7,545 (5,348)
----------------------------------------------------------------------
Total allotments, contributions
and transfers 6,022 6,092 9,626 192,614
Investment Income:
Dividends on NYNEX Corporation common shares - - - 43,299
Other dividends - - - 4,564
Interest - - - 29,622
Net appreciation in the fair
value of investments - - - 461,909
Allocated share of Master Trust investment
activities 1,009 424 846 23,168
----------------------------------------------------------------------
Total additions 7,031 6,516 10,472 755,176
---------------------------------------------------------------------
Deductions:
Administrative expenses 23 19 67 909
Distributions to participants 130 164 264 130,937
----------------------------------------------------------------------
Total deductions 153 183 331 131,846
----------------------------------------------------------------------
Net increase 6,878 6,333 10,141 623,330
Net Assets Available for Plan Benefits:
Beginning of year - January 1, 1995 - - - 1,563,435
----------------------------------------------------------------------
End of year - December 31, 1995 (Note 1 and 2) $6,878 $6,333 $10,141 $2,186,765
=====================================================================
</TABLE>
See notes to financial statements.
10
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
Statement of Changes in Net Assets
Available for Plan Benefits
December 31,1994
(Dollars in Thousands)
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------------------
NYNEX Diversified
Shares Government Equity
Fund DTP Obligations Portfolio
---- --- ----------- -----------
<S> <C> <C> <C> <C>
Additions:
Allotments, Contributions and Transfers:
Employee allotments $ 56,743 $ - $1,013 $14,315
Employing company contributions (Note 1) 60,076 - - -
Loans to participants, net of transfers
of participants' balances (12,648) (12,310) (59) 6,507
-------------------------------------------------------------
Total allotments, contributions
and transfers 104,171 (12,310) 954 20,822
Investment Income:
Dividends on NYNEX Corporation
common shares 54,240 639 - -
Other dividends - 4,904 - -
Interest 2,665 8 25 288
Net appreciation (depreciation)
in the fair value of investments (74,166) (8,775) 19 539
-------------------------------------------------------------
Total additions (deductions) 86,910 (15,534) 998 21,649
Deductions:
Administrative expenses 619 110 8 33
Distributions to participants 51,569 6,893 184 1,168
-------------------------------------------------------------
Total deductions 52,188 7,003 192 1,201
-------------------------------------------------------------
Net increase (decrease) 34,722 (22,537) 806 20,448
Net Assets Available for Plan Benefits:
Beginning of year-January 1, 1994 866,035 137,749 1,881 19,637
-------------------------------------------------------------
End of year-December 31, 1994 (Note 1 and 2) $900,757 $115,212 $2,687 $40,085
=============================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Fund Information
----------------------------------------
Interest
Income Loan
Fund Fund Total
---- ---- -----
<S> <C> <C> <C>
Additions:
Allotments, Contributions and Transfers:
Employee allotments $ 58,914 $ - $130,985
Employing company contributions (Note 1) - - 60,076
Loans to participants, net of transfers
of participants' balances (5,158) 21,831 (1,837)
-----------------------------------------------
Total allotments, contributions
and transfers 53,756 21,831 189,224
Investment Income:
Dividends on NYNEX Corporation
common shares - - 54,879
Other dividends - - 4,904
Interest 27,958 - 30,944
Net appreciation (depreciation)
in the fair value of investments - - (82,383)
-----------------------------------------------
Total additions (deductions) 81,714 21,831 197,568
Deductions:
Administrative expenses 300 - 1,070
Distributions to participants 31,179 - 90,993
----------------------------------------------
Total deductions 31,479 - 92,063
----------------------------------------------
Net increase (decrease) 50,235 21,831 105,505
Net Assets Available for Plan Benefits:
Beginning of year-January 1, 1994 383,216 49,412 1,457,930
----------------------------------------------
End of year-December 31, 1994 (Note 1 and 2) $433,451 $71,243 $1,563,435
==============================================
</TABLE>
See notes to financial statements.
11
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS
(Dollars in Thousands)
1. Plan Description
The Plan* was established by NYNEX Corporation ("NYNEX") on January 1,
1984 to provide a convenient way for non-salaried employees to save on a
regular and long-term basis. Participants are able to invest in one or
more combinations of the following funds (referred to herein individually
as a "Fund" and collectively as the "Funds"): NYNEX Shares Fund,
Telecommunications Fund, Government Obligations, Diversified Equity
Portfolio, Interest Income Fund, Active U.S. Equity Fund, U.S. Balanced
Fund, Global Balanced Fund, International Equity Fund and U.S. Small Cap
Fund.
Allotments and Contributions
An Eligible Employee may authorize a basic pre-tax allotment from 1% to
6% of such Eligible Employee's Compensation. An after-tax supplementary
allotment of not more than 10% of such Eligible Employee's Compensation
may be authorized by employees electing the maximum 6% basic allotment.
Employing Company matching contributions are made based upon an amount
equal to 66 2/3% of the Basic Allotment of each Participating Employee.
Such matching contributions are invested only in the NYNEX Shares Fund.
Contributions are subject to applicable rules set forth in the Internal
Revenue Code (the "Code") and the regulations thereunder.
Participating Employee's are immediately vested in their contributions
plus actual earnings thereon. A Participating Employee shall be vested in
his/her accrued benefit derived from Employing Company contributions
after completing three years of service. Non-vested Employing Company
contributions are forfeited and applied as a credit to reduce subsequent
contributions of the Employing Company. At December 31, 1995, forfeited
non-vested accounts were $34.
Termination Priorities
Although it has not expressed any interest to do so, in the event that
the Plan is terminated by NYNEX, subject to conditions set forth in the
Employee Retirement Income Security Act of 1974, as amended, the Plan
provides that the net assets shall be distributed to Participating
Employees in an amount equal to their respective vested interests in such
assets.
_______________________
* This and certain other capitalized terms used but not defined herein shall
have their respective meanings as defined in the Plan Prospectus.
12
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
1. Plan Description (Continued)
Fund Options
The NYNEX Shares Fund invests primarily in the common stock of NYNEX.
The Telecommunications Fund replaced the Diversified Telephone Portfolio
("DTP") on May 1, 1995. The Telecommunications Fund opened with a
beginning unit value of 5.4210 which was the closing unit value of the
DTP Fund on April 28, 1995. Investment assets in the DTP Fund were
transferred from Bankers Trust Company to Mellon Bank, N.A. on May 2,
1995. The Fund's portfolio was restructured and is now comprised of
twenty-six North American telephone utility and telecommunications
companies each with a minimum market value of approximately $1 billion.
Among the twenty-six companies are the eight companies that comprised the
DTP. Unlike the DTP, the Telecommunications Fund is open to new
contributions and allotments and its earnings are reinvested in the Fund.
The Fund is a market weighted index fund and since May 1, 1995, has been
managed by NYNEX Asset Management Company ("NAMCO").
The Diversified Equity Portfolio invests in an equity index fund which,
since January 3, 1995, has been managed by NAMCO. Only the Plan and the
NYNEX Corporation Savings Plan for Salaried Employees have interests in
this Fund. This Fund is principally a portfolio of common stocks
constructed and maintained with the objective of providing investment
results which approximate the overall performance of the common stocks
included in the Standard and Poors Composite Index of 500 stocks.
The Government Obligations Fund invests in a Bankers Trust Company pooled
Short Government Bond Index Fund. This Fund invests primarily in fixed
income securities of the United States Government or any agency thereof
with the objective of providing investment results which approximate the
overall performance of the securities included in the Lehman Brothers
Inc. 1-3 year Government Index. The Fund is managed by Bankers Trust
Company.
The Interest Income Fund invests primarily in a diversified portfolio of
guaranteed insurance contracts issued by insurance companies ("GICs").
Some of the assets of the Fund are also invested in pools of asset-backed
securities, corporate bonds, and obligations of the United States
Government and its agencies ("Synthetic Guaranteed Investment Contract").
As an integral part of the purchase of each pool of these investments, a
financial institution agrees to protect the pool, via a wrapper contract,
to the extent its market value and/or interest return fluctuates but not
in the event of a default of any security in the pool. The Plan is
exposed to credit risk in the event of nonperformance by the entities
with whom the contracts are placed. The Plan seeks to minimize credit
risk by
13
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
1. Plan Description (Continued)
diversifying among a group of GIC issuers and other financial
institutions which meet certain investment criteria established by NAMCO.
These contracts guarantee (i) a fixed rate of interest for a fixed period
of time or (ii) a fixed rate of interest for a fixed or indefinite period
of time combined with the right to participate in income earned above
such fixed rate. Such interest is not guaranteed by any of the Employing
Companies. Effective September 1, 1993, the Plan was changed to allow
greater flexibility for investments in a wider range of interest-bearing
investments by redefining the types of investments permitted under this
Fund. The Fund is managed by NAMCO.
The following five Funds commenced operations on January 3, 1995: U.S.
Balanced Fund, Global Balanced Fund, Active U.S. Equity Fund,
International Equity Fund and U.S. Small Cap Fund. In addition to the
Diversified Equity Portfolio, each of these Funds invests in the assets
of the NYNEX Master Pension Trust ("Master Trust") as delegated by
NAMCO.
The U.S. Balanced Fund invests in stocks and bonds of U.S. corporations
in a variety of industries. This Fund targets approximately 60 percent in
stocks with most of the remainder in bonds. As of December 31, 1995,
NAMCO had selected the following Master Trust pooled accounts for the
Fund: Fidelity Management Trust Company, Franklin Portfolio Associates,
Inc., State Street Research and Management Company, TCW Asset Management
Company, and Western Asset Management Company.
The Global Balanced Fund primarily invests in a diversified array of
international capital market stocks and bonds. The Fund has investments
in a variety of developed countries in Europe and the Pacific. The Fund
targets approximately 65 percent in stocks with most of the remainder in
bonds. As of December 31, 1995, NAMCO had selected the following unitized
investment advisor account(s) of the Master Trust ("Master Trust pooled
accounts") for the Fund: Fidelity Management Trust Company, Franklin
Portfolio Associates, Inc., State Street Global Advisors, State Street
Research and Management Company, TCW Asset Management Company, Western
Asset Management Company and World Invest Limited.
The Active U.S. Equity Fund invests primarily in domestic common stocks.
As of December 31, 1995, NAMCO had selected the following Master Trust
pooled accounts for the Fund: Fidelity Management Trust Company, Franklin
Portfolio Associates, Inc., and TCW Asset Management Company.
The International Equity Fund invests in twenty international equity
markets of developed countries in Europe and the Pacific; it has
investments in many industries. The portfolio held may include both large
and small capitalization stocks. As of
14
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
1. Plan Description (Continued)
December 31, 1995, NAMCO had selected State Street Global Advisors as the
Master Trust pooled account for the Fund.
The U.S. Small Cap Fund invests in the domestic stocks of smaller-sized
companies, generally with market capitalization under $1 billion at the
time of purchase. As of December 31, 1995, NAMCO had selected the
following Master Trust pooled accounts for the Fund: Gardner Lewis Asset
Management, L.P. and Investment Counselors of Maryland, Inc.
The Master Trust pooled accounts selected as of May 31, 1996, were the
same as those as of December 31, 1995, except for the addition of Morgan
Stanley Asset Management and Capital Guardian Trust Company for both the
Global Balanced Fund and International Equity Fund.
Pursuant to the Plan, loans were initially made available to certain
Participating Employees effective January 1, 1989. The amount that a
Participating Employee may borrow is limited by certain factors,
including the Employee's vested interest in the respective Employee's
pre-tax account. Generally, the amount can be no less than $1 and no
greater than $50. An Employee may not have more than two loans
outstanding. Except under certain circumstances, the loans provide for
periodic repayments over a period not to exceed five years, at an
interest rate determined under the Plan. Effective September 1, 1993,
Participating Employees also may prepay the entire loan at any time,
after the first of the month following the loan effective date. Loans are
collateralized by the Participating Employee's vested account and are
recorded in the Loan Fund. In the event of a default, all of the
Participating Employee's contributions to the Plan shall be suspended. In
addition, the Employees' Benefit Committee (the "Committee") shall cause
the amount of unpaid debt to be deducted from any interest in, or payment
or distribution from, the Employee's account, subject to certain
limitations. If the amount of such interest, payment or distribution is
not sufficient to repay the unpaid balance of said debt, the Committee
may exercise the Plan's right, if any, to any non-Plan assets and to the
extent a loan balance remains, take whatever collection action, including
suit, the Committee determines necessary.
During 1995, Bankers Trust Company and Mellon Bank, N.A. were the
Trustees for the Plan. Mellon Bank, N.A. was custodian of the assets for
the Diversified Equity Portfolio, the U.S. Balanced Fund, the Global
Balanced Fund, the Active U.S. Equity Fund, the International Equity Fund
and the U.S. Small Cap Fund. Mellon Bank, N.A. was also custodian of the
assets for the Telecommunications Fund beginning May 2, 1995. Bankers
Trust Company was custodian of the assets for all other Funds during
15
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
1. Plan Description (Continued)
1995, including the DTP, until its assets were transferred to Mellon
Bank, N.A. on May 2, 1995 as the Telecommunications Fund. Beginning
January 1, 1996, all of the assets of the Plan were transferred to the
Master Trust (see Note 3) for which Mellon Bank, N.A. is the Trustee and
custodian of all Master Trust assets.
Watson Wyatt Worldwide was the recordkeeper for the Plan during 1995.
For a complete description of the Plan, participants should refer to the
Plan Documents.
2. Accounting Policies
Value of Investments Held Outside of the Master Trust
The value of NYNEX shares, throughout the respective Funds, and the value
of the shares of each company in the Telecommunications Fund (DTP for
1994 and through April 28, 1995) are determined on the basis of the
closing price per share as quoted by the New York Stock Exchange
Composite Transactions listing on December 31 or, if no sales were made
on that date, at the closing price on the first preceding day on which
sales were made.
The value of the Plan's investment in the pooled Short Government Bond
Index Fund included in the Government Obligations Fund is based on the
pooled Fund's respective per share value. The Trustee of the pooled Funds
determines per share value based upon fair market value of the underlying
securities held by the Funds at December 31.
The value of each contract with an insurance company or other financial
institution included in the Interest Income Fund is reported at contract
value in the Statements of Net Assets Available for Plan Benefits based
upon the principal then invested in by the Fund plus the interest then
accrued on such principal, which approximates the fair market value. In
accordance with Statement of Position 94-4 "Reporting of Investment
Contracts Held by Health and Welfare and Defined Contribution Pension
Plans" and in connection with fully benefit-responsive investment
contracts, the following information is presented:
(i) The asset weighted crediting interest rate yielded a return of
6.6%.
(ii) The crediting interest rates at December 31, 1995 ranged from
5.1% to 9.1%.
(iii) The fair market value, as determined either by discounting
future cash flows or by the market value of the underlying
investments, at December 31, 1995 was approximately $452,738.
16
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
2. Accounting Policies (Continued)
Value of Investments Held In the Master Trust (see Note 3)
The Trustee of the Master Trust values the investments in the Master
Trust as follows:
Investments in securities traded on national and foreign securities
exchanges are valued by the Trustee at the last reported sale prices on
the last business day of the year or, if no sales were reported on that
date, at the last reported bid prices. Over-the-counter securities and
government obligations are valued at the bid prices or the average of the
bid and asked prices on the last business day of the year from published
sources where available or, if not available, from other sources
considered reliable, generally broker quotes.
Forward currency contracts are valued by the Trustee at the exchange rate
prevailing on the last business day of the year. Index futures contracts
are valued by the Trustee at the closing index futures price prevailing
on the last business day of the year. Both exchange rates and index
futures prices are readily available from published sources.
Temporary cash investments are stated at cost which approximates fair
market value.
Purchases and Sales of Investments
Purchases and sales of investments are reflected as of the trade date.
Realized gains and losses on sales of investments are determined on the
basis of average cost.
Investment Income
Dividend income is recorded on the ex-dividend date. Interest earned on
investments is recorded on the accrual basis.
Appreciation (Depreciation) of Investments
The Statements of Changes in Net Assets Available for Plan Benefits
reflects the net appreciation (depreciation) in the fair market value of
the Plan's investments, which consists of the realized gains or losses
and the unrealized appreciation (depreciation) on those investments.
Distributions
Distributions elected to be withdrawn and distributed from the Plan by
participants are recorded when paid.
17
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
2. Accounting Policies (Continued)
Plan Expenses
Effective January 1, 1993, the Plan pays certain administrative fees out
of Fund assets held in the Master Trust and, effective March 1, 1995, out
of interest income earned from the Plan's disbursement account, as held
by the Trustee, in accordance with Plan provisions and to the extent
permitted by law. Any fees not paid by the Plan are paid by NYNEX.
NYNEX's Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires NYNEX, as Plan administrator, to
make estimates on behalf of the Plan and assumptions that affect the
reported amounts of assets and liabilities at the date of financial
statements and the reported amounts of income and expenses during the
reporting period. Actual results could differ from those estimates.
3. Investments
The following table reflects the investments that represent 5% or more of
the Plan's net assets:
1995 1994
---- ----
NYNEX Corporation common shares $1,351,776 $887,065
New York Life Insurance Company - $ 90,952
Investment in NYNEX Master Trust
The Master Trust was established on January 1, 1984, and prior to January
1, 1995, it served as the vehicle for the investment of the assets of the
two NYNEX defined benefit pension plans, the NYNEX Pension Plan and the
NYNEX Management Pension Plan. Effective January 1, 1995, the Master
Trust was amended to incorporate, in addition to the assets of such
defined benefit pension plans, the following: (1) as of January 1, 1995,
certain of the assets of the Plan and the NYNEX Corporation Savings Plan
for Salaried Employees and (2) as of January 1, 1996, all of the assets
of the Plan and the NYNEX Corporation Savings Plan for Salaried
Employees.
All of the investment assets in the Master Trust are managed by
investment advisors. Certain investments held in the Master Trust are
unitized, aggregated and reported by the Master Trust as pooled accounts
with a carrying value of $4,340,668 at December 31, 1995 and with
investment earnings of $1,741,698 for the year ended December 31, 1995.
18
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investment in Master Trust (Continued)
The investments held in the Master Trust pooled accounts at December 31,
1995 are as follows:
Description Fair Market Value (Note 2)
----------- ---------------------------
Bonds and notes:
U. S. Government Obligations $ 328,728
Mortgages and other
corporate 264,296 $ 593,024
----------
Preferred stocks 8,938
Common stocks:
NYNEX Corporation 16,679
Other corporate 3,173,098 3,189,777
----------
Real estate --
Venture capital limited partnership --
Pooled funds and registered
investment companies 14,156
Forward currency sell contracts 151,124
Receivables for securities sold 17,386
Other investments* 310,098
Temporary cash investments and
accrued income 259,172
4,543,675
Payables for securities purchased (50,667)
Forward currency purchase contracts (152,340)
Other liabilities --
------------
Net investments $ 4,340,668
============
The Plan's sole investment in the Master Trust is its Fund Options'
undivided interest in the Master Trust pooled accounts. The Plan's
interests in the Master Trust pooled accounts' carrying value and
investment income are reported in each respective Fund Options as the
"Value of the Plan's participation in the Master
* Other investments include foreign investments, principally foreign
government debt.
19
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investment in Master Trust (Continued)
Trust" and "Allocated share of Master Trust investment activities" in the
Statement of Net Assets at December 31, 1995 and Statement of Changes in
Net Assets Available for Plan Benefits as of December 31, 1995,
respectively. The Master Trust pooled accounts also hold interests of the
NYNEX Savings Plan for Salaried Employees and the NYNEX defined benefit
pension plans and accordingly, the totals in each statement do not equal
the carrying value or net investment income of/from the Master Trust
pooled accounts in this accompanying footnote.
Investments are allocated to the Plan's Fund Options in accordance with
their respective percentages of interest. The proportionate interests of
the Plan's Fund Options at December 31, 1995 are as follows:
<TABLE>
<CAPTION>
Active U.S. Global International U.S. Diversified
Equity Balanced Balanced Equity Small Cap Equity
Fund Fund Fund Fund Fund Portfolio
------ -------- -------- ------------- --------- ----------
<S> <C> <C> <C> <C> <C>
0.2703% 0.1685% 0.1583% 0.1447% 0.2338% 2.0188%
</TABLE>
20
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investment in Master Trust (Continued)
Investment income and expenses are allocated to the Plan's Fund Options
daily in accordance with their respective daily percentages of interest
in the Master Trust's pooled accounts. Percentages of interest are based
on the daily ratio of units owned by each Plan's Fund Options to the
total units in the Master Trust pooled accounts. The allocated net
investment income from the Master Trust pooled accounts to the Plan's
Fund Options for the year ended December 31, 1995 is as follows:
<TABLE>
<CAPTION>
Description Fair Market Value
----------- ---------------------------------------------------------------------------------------------
Active U.S. Balanced Global International U.S. Small Diversified
Equity Fund Fund Balanced Fund Equity Fund Cap Fund Equity Portfolio
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Interest $ 1 $ 87 $ 108 $ 5 $ 27 $ 576
Dividends 142 65 53 105 64 1,289
Net Appreciation in the fair
value of investments 1,763 868 845 314 755 16,095
Other income/(expenses) - net - 2 3 - - 1
------ ------ ------ ---- ---- -------
Net Investment Income $1,906 $1,022 $1,009 $424 $846 $17,961
====== ====== ====== ==== ==== =======
</TABLE>
21
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
3. Investment in Master Trust (Continued)
Derivative Financial Instruments
Derivative financial instruments are used by the Master Trust's pooled
accounts primarily to rebalance fixed income/equity allocations, to
efficiently gain exposure to a specific underlying market, and to hedge
the currency risk associated with foreign investments. Leveraging of the
Plan's assets and speculation are prohibited as stated in the Plan
documents. Currency hedge positions are not permitted to exceed the level
of exposure in the Plan's foreign asset base. The derivatives most
commonly used by investment managers are highly liquid exchange traded
equity and fixed income futures and over-the-counter foreign exchange
forward contracts.
NYNEX's use of financial instruments for risk management purposes is
represented by notional amounts. These notional values represent solely
contractual amounts that serve as the basis or reference amounts upon
which contractually stipulated calculations are based. Therefore, these
amounts are intended to serve as general volume indicators only and do
not represent the potential gain or loss from market or credit risks.
The credit risk and amount of accounting loss of the Plan's forward
contracts is equal to any gains which have not yet settled as of the
Plan's year end. The credit exposure of the Plan's futures contracts is
equal to the posted margin plus any unsettled positive variation margin.
The amount of accounting loss at year end is equal to any variation
margin owed to the Plans. The Plan's interest in foreign exchange forward
contracts represent less than 5% of the Plan's net assets at December 31,
1995.
Held for Trading Purposes
The Plan's total interests in the notional and fair market values at
December 31, 1995 and the average fair market values during the year of
the equity and income futures contracts held by the Master Trust pooled
accounts for trading purposes are as follows:
Notional Fair Average
Amount Market Value Fair Market Value
Index future contracts $5,415 $5,704 $14,221
The Plan was allocated $4,455 of net trading gains from futures
contracts.
22
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
4. Number and Value of Units
The interest of an employee in each Fund of the Plan, with the exception
of the Loan Fund, is represented by units as described in Section 8 of
the Plan. Effective August 1, 1994, a Participant's unit value is
determined daily by dividing each Fund's adjusted net assets, as defined
in the Plan, by the number of outstanding units. The number and value of
units at each month end in 1995 and 1994, which are all unaudited except
at December 31, 1995 and 1994, carried to the fourth decimal place, were
as follows:
<TABLE>
<CAPTION>
December 31,1995 December 31,1994
---------------- ----------------
Number Value Number Value
of Units per Unit of Units per Unit
-------- -------- -------- --------
<S> <C> <C> <C> <C>
NYNEX Shares Fund 193,609,757 $6.9990 196,372,800 $4.5870
Telecommunications Fund* 21,091,705 6.8916 23,059,479 4.9963
Government Obligations 3,663,503 1.3110 2,288,845 1.1731
Diversified Equity Portfolio 49,045,888 1.7963 30,802,010 1.3014
Interest Income Fund 93,007,915 4.9544 93,447,923 4.6384
Active U.S. Equity Fund 8,584,517 1.3657 - -
U.S. Balanced Fund 5,671,039 1.2904 - -
Global Balanced Fund 5,417,434 1.2696 - -
International Equity Fund 5,789,153 1.0939 - -
U.S. Small Cap Fund 7,951,932 1.2753 - -
</TABLE>
* Unit value for December 31,1994 is representative of the DTP Fund
which was replaced by the Telecommunications Fund on May 1, 1995
(See Note 1)
23
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
<TABLE>
<CAPTION>
NYNEX Telecommunications Government Diversified
Shares Fund Fund * Obligations Equity Portfolio
----------- ------------------ ----------- ----------------
Number Value Number Value Number Value Number Value
1995 of Units Per Unit of Units Per Unit of Units Per Unit of Units Per Unit
- ---- -------- -------- -------- -------- -------- -------- -------- --------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
January 195,434,335 4.9201 22,847,852 5.2602 2,387,847 1.1931 30,215,204 1.3372
February 194,855,081 4.8904 22,604,453 5.2473 2,440,536 1.2097 30,805,187 1.3905
March 194,563,283 5.0084 22,325,385 5.2674 2,559,527 1.2176 31,896,349 1.4303
April 193,898,152 5.1634 21,723,244 5.4210 2,628,026 1.2284 32,999,731 1.4715
May 193,689,979 5.2722 21,381,002 5.3689 2,731,774 1.2493 34,235,583 1.5308
June 194,329,895 5.1578 21,185,884 5.5087 2,771,778 1.2559 36,004,387 1.5665
July 193,667,969 5.2838 21,059,650 5.7173 2,868,396 1.2613 38,176,589 1.6167
August 193,378,077 5.7593 21,056,810 5.9820 2,876,218 1.2683 40,974,404 1.6220
September 193,520,953 6.1094 21,067,900 6.4117 3,016,078 1.2741 43,061,420 1.6903
October 193,192,325 6.0893 20,964,829 6.4404 3,304,803 1.2849 44,780,236 1.6839
November 193,282,111 6.4247 21,025,261 6.6080 3,435,117 1.2958 47,592,023 1.7569
</TABLE>
<TABLE>
<CAPTION>
Interest Income Fund Active U.S. Equity Fund U.S. Balanced Fund
-------------------- ----------------------- -------------------
Number Value Number Value Number Value
1995 of Units Per Unit of Units Per Unit of Units Per Unit
- ---- -------- -------- -------- -------- -------- --------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
January 93,386,880 4.6612 1,803,717 1.0164 1,078,303 1.0090
February 94,202,680 4.6837 2,788,543 1.0580 1,674,723 1.0440
March 94,887,711 4.7086 3,629,404 1.0858 2,240,320 1.0634
April 95,000,033 4.7311 4,388,868 1.1182 2,791,775 1.0886
May 94,743,807 4.7580 5,135,150 1.1574 3,372,860 1.1305
June 94,808,395 4.7828 5,647,241 1.1902 3,712,033 1.1543
July 94,644,217 4.8078 6,424,600 1.2464 4,155,240 1.1848
August 94,181,735 4.8351 6,955,457 1.2597 4,696,009 1.1987
September 93,609,740 4.8605 7,462,977 1.3021 5,011,787 1.2287
October 93,700,171 4.8883 7,760,889 1.2831 5,215,075 1.2249
November 93,504,457 4.9152 8,422,898 1.3377 5,506,894 1.2643
Global Balanced Fund Int'l Equity Fund US Small Capital Fund
-------------------- ----------------- ---------------------
Number Value Number Value Number Value
1995 of Units Per Unit of Units Per Unit of Units Per Unit
- ---- -------- -------- -------- -------- -------- --------
(Unaudited) (Unaudited) (Unaudited)
January 1,564,187 1.0065 2,397,388 0.9821 1,225,075 0.9801
February 2,771,015 1.0361 3,124,160 0.9804 1,872,985 1.0318
March 2,770,827 1.0608 3,713,345 1.0295 2,675,109 1.0787
April 3,369,989 1.0891 4,419,685 1.0648 3,560,214 1.1250
May 3,850,718 1.1221 5,137,992 1.0540 4,417,851 1.1537
June 4,061,438 1.1397 5,164,815 1.0404 5,264,843 1.2289
July 4,463,462 1.1786 5,015,326 1.0966 6,771,951 1.3363
August 4,626,010 1.1837 4,994,783 1.0557 8,021,289 1.3240
September 4,728,230 1.2107 5,047,973 1.0592 8,287,919 1.3460
October 4,869,604 1.2002 5,133,746 1.0227 7,999,866 1.2813
November 5,221,949 1.2392 5,380,897 1.0456 8,079,406 1.2976
</TABLE>
* Unit values for January through April reflect the DTP fund which was
replaced by the Telecommunications Fund on May 1, 1995 (see Note 1).
24
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
5. Federal Income Taxes
The Internal Revenue Service has determined and informed NYNEX by a
letter dated September 25, 1995, that the Plan, as submitted, is
qualified and the Master Trust established under the Plan is tax-exempt,
under the appropriate sections of the Code. The Plan has been amended
since receiving the determination letter. However, the Plan administrator
and the Plan's tax counsel believe that the Plan is currently designed
and being operated in compliance with the applicable requirements of the
Code. Therefore, they believe that the Plan was qualified and the related
Master Trust was tax-exempt as of the date of the financial statements.
6. Related Party Transactions
NAMCO, a wholly owned subsidiary of NYNEX, is the investment adviser for
the Telecommunications Fund, Diversified Equity Portfolio and the
Interest Income Fund and therefore qualifies as a party-in-interest.
NAMCO received no compensation from the Plan for the investment advisory
services rendered to the Plan.
7. Concentrations of Credit Risk
Financial instruments which potentially subject the Plan to
concentrations of credit risk consist principally of investment contracts
with insurance companies and other financial institutions.
The Plan places its investment contracts with high-credit quality
insurance companies and financial institutions in order to limit credit
exposure.
25
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON -SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
8. Plan Amendments
On December 22, 1995, the Plan was amended to adopt amendments required
by the Internal Revenue Service as part of the determination letter
process. The amendments pertain to the family aggregation rules and the
rules for cash or deferred arrangements.
Effective January 1, 1996, the Plan was changed in certain respects,
including the following:
- to expand the "deemed" hardship withdrawals to include payment of room
and board expenses.
Effective May 1, 1995, the Plan was changed in certain respects including
the following:
- to eliminate the DTP and replace it with the Telecommunications Fund.
Effective April 1, 1995, the Plan was changed in certain respects
including the following:
- to reduce the minimum Employee Basic Allotment from 2% to 1%.
Effective January 3, 1995, the Plan was changed in certain respects
including the addition of five new investment options. The new options
are as follows:
- The U.S. Balanced Fund,
- The Global Balanced Fund,
- The Active U.S. Equity Fund,
- The International Equity Fund and
- The U.S. Small Cap Fund.
26
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Dollars in Thousands)
9. Reconciliation of Form 11-K to Form 5500
The Department of Labor requires that amounts allocated to accounts of
persons who have elected to withdraw from the Plan but have not yet been
paid be reported as liabilities on the Plan's Form 5500. In accordance
with the relevant American Institute of Certified Public Accountants
audit and accounting guide, benefit amounts should not be accrued as
liabilities of the Plan. The following is a reconciliation of
distributions to participants and net assets available for Plan benefits
in the financial statements to the amounts reported in Form 5500.
<TABLE>
<CAPTION>
December 31,
1995 1994
---- ----
<S> <C> <C>
Aggregate distributions to participants
as presented in the Statement of Changes
in Net Assets Available for Plan Benefits $ 130,937 $ 90,993
Add: Current year benefits claims payable
presented in the Statement of Net Assets Available
for Plan Benefits in Form 5500 (see Note 2) 428 858
Less: Prior year benefits claims payable
presented in the Statement of Net Assets Available
for Plan Benefits in Form 5500 (see Note 2) 58 4,354
---------- ----------
Benefit payments and payments to provide
benefits directly to Participants and
beneficiaries presented in the Statement of
Changes in Net Assets Available for Plan
Benefits in Form 5500 $ 131,307 $ 87,497
========== ==========
Net assets available for Plan benefits
presented in the statement of Net Assets
Available for Plan Benefits $2,186,765 $1,563,435
Less: Benefits claims payable presented
in the Statement of Net Assets Available
for Plan Benefits in Form 5500 (see Note 2) 428 858
---------- ----------
Net assets available for Plan benefits presented
in the Statement of Net Assets Available for Plan
Benefits in Form 5500 $2,186,337 $1,562,577
========== ==========
</TABLE>
27
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, 1995
-----------------------------------------
Number of
Shares or Fair
Principal Market
Name of Issuer and Title of Issue Amount Cost Value
- --------------------------------- --------- ---- -----
<S> <C> <C> <C>
NYNEX SHARES FUND
NYNEX Corporation common shares*--(99.2%)....... 24,895,116 shs $841,518 $1,344,336
Temporary Cash Investments--(0.7%).............. $9,197 9,197 9,197
-------- ----------
Total NYNEX Shares Fund--(99.9%)........... 850,715 1,353,533
-------- ----------
TELECOMMUNICATIONS FUND
NYNEX Corp. common shares--(5.1%)............... 137,597 shs 2,352 7,430
-------- ----------
Other common stock:
Airtouch Communications Inc................... 159,565 shs 5,045 4,508
Alltel Corp................................... 61,039 1,759 1,801
Ameritech Corp New............................ 178,423 2,274 10,527
AT&T Corp .................................... 512,071 9,880 33,156
BCE Inc....................................... 99,920 3,279 3,447
Bell Atlantic Corp............................ 140,979 2,727 9,428
BellSouth Corp................................ 319,907 3,562 13,916
Century Tel Enterprises Inc................... 18,674 557 593
Cincinnati Bell Inc........................... 20,811 581 723
Frontier Corp................................. 50,541 1,393 1,516
GTE Corp...................................... 312,674 11,574 13,758
MCI Communications Corp....................... 218,932 5,237 5,720
MFS Communications Co Inc..................... 20,625 853 1,098
Nextel Communications Inc CL A................ 62,293 1,154 919
Pacific Telesis Group......................... 138,396 1,249 4,654
Paging Network Inc............................ 32,424 681 790
Rogers Cantel Mobile Commn Inc CL B Sub Vtg... 5,807 146 154
SBC Communications Inc........................ 196,705 2,473 11,310
Southern New England Telecommunications Corp.. 20,811 736 827
Sprint Corp................................... 112,602 4,037 4,490
Telefonos De Mexico S A Sponsored Adr
Repstg Sh Ord L.............................. 128,070 4,235 4,082
Telephone & Data Sys Inc...................... 18,395 766 727
U S West Communications Group................. 152,084 2,282 5,437
United States Cellular Corp................... 15,562 545 525
Worldcom Inc.................................. 61,504 1,935 2,168
-------- ----------
Total Other common stock--(93.8%)......... 68,960 136,274
-------- ----------
Temporary Cash Investments--(.7%)............... $1,074 1,074 1,074
-------- ----------
Total Telecommunications Fund--(99.6%)..... 72,386 144,778
-------- ----------
GOVERNMENT OBLIGATIONS
Pooled Short Government Bond Index Fund--(98.3%) 3,529,635 shs 4,338 4,719
-------- ----------
Total Government Obligations--(98.3%)...... 4,338 4,719
-------- ----------
</TABLE>
28
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
(Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, 1995
---------------------------------------
Number of
Shares or Fair
Principal Market
Name of Issuer and Title of Issue Amount Cost Value
--------------------------------- --------- ---- -----
<S> <C> <C> <C>
INTEREST INCOME FUND
Contracts with Insurance Companies and Other Financial Institutions:+
Aetna**, 6.00%, matures 4/1/96..................................................... 13,374 shs $13,374 $13,374
American International Life Assurance Company, 5.84%-7.64%, matures 6/30/96-12/31/96 23,582 23,582 23,582
Brundage Story & Rose, 6.65%, matures 4/1/99-6/30/00 .............................. 26,054 26,054 26,054
CDC Investment Management Corporation, 5.70%-7.51%, matures 6/30/96-9/3/99 ........ 62,409 62,409 62,409
John Hancock Mutual Life Insurance Company, 6.00%-7.05%, matures 10/1/97-10/1/98... 30,773 30,773 30,773
Metropolitan Life Insurance Company, 5.67%-9.05%, matures 12/31/95-3/31/99......... 74,803 74,803 74,803
New York Life Insurance Company, 5.15%-7.6%, matures 12/31/96-6/30/99.............. 90,886 90,886 90,886
The Principal Financial Group, 6.25%, matures 6/30/96-12/31/99...................... 37,911 37,911 37,911
Provident National Assurance Company, 6.34%, matures 4/1/96........................ 10,447 10,447 10,447
The Prudential Insurance Company of America, 5.71%-7.00%, matures 3/31/96-12/31/98. 61,860 61,860 61,860
Union Bank of Switzerland, 5.10%-5.59%, matures 2/15/98-9/30/98.................... 22,431 22,431 22,431
---------- ----------
Total Contracts with Insurance Companies and other Financial Institutions:-(98.6%) 454,530 454,530
Temporary Cash Investments-(1.1%)................................................... $ 5,232 5,203 5,203
---------- ----------
Total Interest Income Fund:-(99.7%)............................................ 459,733 459,733
---------- ----------
LOAN FUND
Receivable for Loans to Plan Participants-(100%).................................. $90,237 90,237 90,237
---------- ----------
Total Loan Fund-(100%)......................................................... 90,237 90,237
---------- ----------
Grand Total:-(93.9%).................................................. $1,477,409 $2,053,000
========== ==========
</TABLE>
29
<PAGE>
NYNEX CORPORATION SAVINGS AND SECURITY PLAN (NON-SALARIED EMPLOYEES)
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(Dollars in Thousands)
- --------------------
* Investment represents 5% or more of the Plan's Net Assets Available for
Plan Benefits.
+ The contracts with insurance companies and other financial institutions
guarantee the crediting of interest at a stated rate on monies placed with
them. Collectively, these contracts result in a composite interest rate.
The composite interest rate for the calendar year 1995 was approximately
6.61%.
The amount of interest credited to the Fund is a function of the timing and
size of the remittance of participants' allotments, company contributions
and proceeds from maturing contracts.
** The Confederation Life Insurance contract was restructured by the Deputy
Rehabilitator appointed by the Georgia Commissioner of Insurance in the
last quarter of 1995 and assumed by Aetna Life Insurance and Annuity
Company on October 1, 1995. The Aetna contract provides for full payment of
principal plus interest at 6% from August 12, 1994 to the maturity date of
April 1, 1996.
NOTE: Percentages in parentheses represent the percentage of each Fund's net
assets available for Plan benefits.
30
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE IV
------------
BANKERS TRUST COMPANY GLOBAL ASSETS - EB
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
NEW YORK INDIVIDUAL TRANSACTIONS AND ASSOCIATED TRANSACTIONS BY PERSON
FROM 01/01/1995 TO 12/31/1995 PREPARED ON ACCRUAL BASIS (TRADE-DATED)
ACCOUNT 125844 - COMBINED 06/12/96 PAGE 1
NYNEX CORPORATION
SAVINGS PLAN (NON-SALARIED EMPLOYEES)
COMBINED ACCOUNT
MARKET VALUE 12/31/1994 $1,564,849,677.69
PARTY INVOLVED/ PURCHASE OR COST OF CURRENT VALUE NET GAIN
SECURITY NAME SELLING PRICE EXPENSES ASSET OF ASSET OR LOSS
======================================== ============== ================= ================= ================= ==============
<S> <C> <C> <C> <C> <C>
NO REPORTABLE TRANSACTIONS ***NET***
</TABLE>
<TABLE>
<CAPTION>
SCHEDULE V
------------
NEW YORK ITEM 27D PART 2 - SCHEDULE OF REPORTABLE TRANSACTIONS
BANKERS TRUST COMPANY CUMULATIVE TRANSACTIONS BY ISSUE GLOBAL ASSETS - EB
FROM 01/01/1995 TO 12/31/1995 PREPARED ON ACCRUAL BASIS (TRADE-DATED)
ACCOUNT 125844 - COMBINED 06/12/96 PAGE 1
NYNEX CORPORATION
SAVINGS PLAN (NON-SALARIED EMPLOYEES)
COMBINED ACCOUNT
MARKET VALUE 12/31/1994 $1,564,849,677.69
-----------------D I S P O S E D----------------- ---------A C Q U I R E D------
SECURITY DESCRIPTION SALES PROCEEDS GAIN OR LOSS- PURCHASES COST
======================================== ===== ============== ============== ========= ============
<S> <C> <C> <C> <C> <C>
BT PYRAMID DISCRETIONARY 477 311,349,506.38 0.00 185 298,465,971.38
CASH FUND
NYNEX NON SALARIED SAVINGS PLAN 152 34,712,016.27 0.00 284 53,770,073.49
OUTSTANDING LNS TO PARTICIPANTS
</TABLE>
31
<PAGE>
Exhibit (23)
CONSENT OF INDEPENDENT ACCOUNTANTS
---------------------
We consent to the incorporation by reference in the registration statements on
Form S-8 (File Nos. 33-53477, 33-21635, 2-95634, 2-95780, 33-51897, 2-94110,
33-27802 and 33-16570) of NYNEX Corporation of our reports dated June 24, 1996
on our audits of the financial statements of the NYNEX Corporation Saving Plan
for Salaried Employees and the NYNEX Corporation Savings and Security Plan
(Non-Salaried Employees) as of December 31, 1995 and 1994, and for each of the
two years in the period ended December 31, 1995 and the accompanying schedules
of assets held for investment purposes and reportable (5%) transactions as of
December 31, 1995, which are included in the Annual Reports on Form 11-K for the
above referenced Plans filed, by amendment, as exhibits to the Annual Report on
Form 10K of NYNEX Corporation for the year ended December 31, 1995.
/s/ COOPERS & LYBRAND L.L.P.
New York, New York
June 27, 1996
32
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Savings
and Security Plan Committee of NYNEX Corporation has duly caused this annual
report to be signed by the undersigned thereunto duly authorized.
NYNEX CORPORATION SAVINGS
PLAN (NON-SALARIED EMPLOYEES)
By /s/ D. J. Sacco
_____________________________
(D. J. Sacco, Chairman,
Employees' Benefit Committee)
Date: June 27, 1996
33
