SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
/X/ Annual report pursuant to Section 15(d) of the Securities and Exchange
Act of 1934 For the fiscal year ended December 31, 1995
/_/ Transition report pursuant to Section 15(d) of the Securities Exchange
Act of 1934 for the transition period from _____ to _____
Commission file number: 1-3122
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
Ogden Projects Profit Sharing Plan
40 Lane Road
P.O. Box 2615
Fairfield, New Jersey 07007-2615
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
Ogden Corporation
Two Pennsylvania Plaza
New York, New York 10121
<PAGE>
Financial Statements and Exhibits
a) Financial Statements
Page
----
- Independent Auditors' Report 1
- Statements of Net Assets Available for Benefits
as of December 31, 1995 and 1994 2
- Statements of Changes in Net Assets Available
for Benefits for the Years Ended
December 31, 1995 and 1994 3
- Notes to Financial Statements 4 - 12
b) Exhibits
None
<PAGE>
Signature
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Ogden Projects Profit Sharing
Plan) have duly caused this annual report to be signed by the undersigned
thereunto duly authorized.
OGDEN PROJECTS PROFIT SHARING PLAN
ADMINISTRATIVE COMMITTEE
BY /s/ William C. Mack
-------------------
William C. Mack
Chairman of the Ogden Projects Profit
Sharing Plan Administrative Committee
Date: June 28, 1996
<PAGE>
OGDEN PROJECTS
PROFIT SHARING PLAN
Financial Statements for the
Years Ended December 31, 1995 and 1994, and
Independent Auditors' Report
<PAGE>
OGDEN PROJECTS PROFIT SHARING PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page
----
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS FOR THE YEARS ENDED
DECEMBER 31, 1995 AND 1994:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-12
<PAGE>
INDEPENDENT AUDITORS' REPORT
Ogden Projects Profit Sharing Plan:
We have audited the accompanying statements of net assets available for benefits
of the Ogden Projects Profit Sharing Plan (the "Plan") as of December 31, 1995
and 1994 and the related statements of changes in net assets available for
benefits for the years then ended. 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1995 and 1994 and the changes in net assets available for benefits for the years
then ended in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche, LLP
New York, New York
June 20, 1996
<PAGE>
OGDEN PROJECTS PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
ASSETS 1995 1994
INVESTMENTS - Value of interest in master trust
(Note 3) $24,886,422 $20,764,585
RECEIVABLES - Employer contributions 1,446,155 48,877
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS (Note 4) $26,332,577 $20,813,462
=========== ===========
See notes to financial statements
-2-
<PAGE>
OGDEN PROJECTS PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
1995 1994
---- ----
EARNINGS (LOSSES) ON INVESTMENTS (Note 5):
Interest and dividends $ 1,043,572 $ 864,161
Net realized and unrealized appreciation
(depreciation) 3,162,837 (395,074)
Administrative expenses (150,131) (98,361)
------------ ------------
Net investment gain from master trust 4,056,278 370,726
------------ ------------
CONTRIBUTIONS (Note 5):
Employer 1,448,177 2,148,878
Employee 1,338,154 1,120,469
------------ ------------
Total contributions 2,786,331 3,269,347
------------ ------------
DISTRIBUTIONS TO PARTICIPANTS (Note 5) (1,323,494) (487,175)
------------ ------------
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 5,519,115 3,152,898
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR (Note 5) 20,813,462 17,660,564
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR (Note 4) $ 26,332,577 $ 20,813,462
============ ============
See notes to financial statements.
-3-
<PAGE>
OGDEN PROJECTS PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies followed in the preparation of the
financial statements of the Ogden Projects Profit Sharing Plan (the
"Plan") are in conformity with generally accepted accounting principles.
The following is a description of the more significant of these policies:
a. Investment Funds - During 1995 and 1994, the Plan included the
following funds in which participants could elect to invest their
Plan assets:
o Equity Fund - Investments in a diversified portfolio of equity
securities.
o Stock Fund - Investments in common stock of Ogden Corporation.
o Fixed Income Fund - Investment contracts with insurance
companies and banks which provide for a guaranteed return on
principal invested over a specified time period.
o Merrill Lynch Treasury Fund ("Treasury Fund") - Investments in
U.S. Treasury bills and notes generally with maturities of one
year or less.
Effective October 1, 1994, the Plan announced the addition of the
following funds in which participants could elect to invest their
assets:
o Fidelity Magellan Mutual Fund ("Magellan Fund") - Investments
in the Magellan Fund, consisting primarily of common stocks
and securities convertible to common stock, under the
management of Fidelity Investments.
o T. Rowe Price International Stock Fund ("International Fund")
- Investments in the International Fund, consisting of stocks
of established, non-U.S. companies, under the management of T.
Rowe Price Associates.
The Plan's beneficial interest in the Ogden Corporation Profit
Sharing Group Trust ("Trust") represents its share of the master
trust assets held by The Bank of New York Trust Company as trustee
(the "Trustee") for the benefit of various Ogden Corporation
subsidiary plans (see Note 3). The common stock of Ogden Corporation
held as a result of investments in the Stock Fund is held on behalf
of the Trust at the Trustee.
Shares in group trust funds are determined on the basis of the
initial asset contribution to the Trust by each participating plan,
adjusted for subsequent contributions, distributions and allocated
income and realized and unrealized gains and losses. Allocation of
income, realized and unrealized gains and losses, and administrative
expenses are determined monthly on the basis of each plan's
proportionate share in the Trust assets stated at fair value.
-4-
<PAGE>
b. Investment Valuation - Investments in securities listed on national
securities exchanges are valued at closing composite prices
published for the last business day of the year. Investments in
guaranteed investment contracts included in the Fixed Income Fund
are stated at cost plus accrued income. Investments in the Treasury
Fund are stated at cost plus investment income which approximates
fair value. Other investments are stated at fair value as determined
by the Trustee.
c. Investment Transactions and Investment Income - Investment
transactions are accounted for on the date purchases or sales are
executed. Realized and unrealized gains and losses are determined
based on the fair value of assets at the beginning of the Plan year.
Dividend income is accounted for on the ex-dividend date. Interest
income is recorded on the accrual basis as earned. Total income of
each fund is allocated monthly to participants' accounts within the
fund based on the participants' relative balances at the beginning
of the month.
d. United States Federal Income Taxes - The Plan is intended to be
qualified under Section 401(a) and tax exempt under Section 501(a)
of the Internal Revenue Code (the "Code"). The Plan has received a
favorable determination letter from the Internal Revenue Service
dated June 16, 1995. The Plan Administrator believes that the Plan
is currently designed and being operated in compliance with the
applicable requirements of the Code. Therefore, no provision for
income taxes has been included in the Plan's financial statements.
e. General - The financial statements are prepared in conformity with
generally accepted accounting principles. These require management
to make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial statements,
and the reported amounts of revenues and expenses during the
reporting period.
2. DESCRIPTION OF THE PLAN
The following is a brief description of the Plan. Participants should
refer to the Plan document for more complete information.
a. General Information - The Plan is an employee savings plan providing
for both employer and employee contributions. The Plan includes
pre-tax and after-tax savings features which are intended to qualify
under Sections 401(k) and 401(m) of the Code, respectively. The Plan
is intended to conform with the requirements of the Tax Reform Act
of 1986 (TRA) and the Technical and Miscellaneous Revenue Act of
1988 (TAMRA).
b. Administration of the Plan - The Administrative Committee, which is
appointed by the Board of Directors (the "Board") of Ogden
Corporation ("Ogden"), has responsibility for administration of the
Plan and serves as a fiduciary of the Plan. The Investment Committee
is appointed by the Board and has the authority to appoint
investment advisors. The Investment Committee reviews the
performance of the Plan's investments. Costs related to the
administration of the Plan are paid by Ogden Projects, Inc. (the
"Company"), however these costs may be paid out of Plan assets if
the Company does not pay such expenses directly.
c. Participation - Each employee who was, as of December 31, 1988, a
participant in the Plan continued to be a participant if he/she was
in the employ of the Company on such date. Each other employee who
performs an hour of service after December 31, 1988 becomes a
participant on the first day of the month coinciding with or next
following the earlier of (i) the last day of a period of 6
-5-
<PAGE>
months of continuous employment and (ii) the close of (a) a
twelve-month period if he/she has at least 1,000 hours of service or
(b) a Plan year during which he/she has at least 1,000 hours of
service.
d. Vesting - Vesting of Company contributions in the Plan is determined
based on the period of vesting service by participants commencing on
their date of hire to their date of termination of service in
accordance with the following schedule:
Percent
Years of Vesting Service in the Plan Vested
Less than one year of vesting service 0%
One but less than two years of vesting service 20
Two but less than three years of vesting service 40
Three but less than four years of vesting service 60
Four but less than five years of vesting service 80
Five or more years of vesting service 100
Participant contributions are immediately 100 percent vested.
e. Contributions - Contributions paid by the Company are determined by
the Board. The Board's determination may be expressed in terms of a
stated percentage of the Company's annual net profit, as a fixed
dollar amount or as a percentage of total compensation paid to each
participant. The contribution may not exceed the amount deductible
by the Company for Federal income tax purposes and may be made only
out of its current or accumulated earnings and profits. The
allocation of the contributions to individual participants is based
on the relationship of compensation paid to each participant to the
compensation paid to all participants. Participants may contribute
one to ten percent of their annual compensation on a pre-tax and/or
after-tax basis. For 1995 and 1994, participant pre-tax
contributions could not exceed $9,240 in accordance with IRS
Regulations.
f. Distribution from the Plan because of Hardship - Withdrawals are
permitted if a participant establishes to the satisfaction of the
Administrative Committee a financial need for funds for which there
is no other money available such as (i) to purchase a primary
residence, (ii) to pay uninsured medical expenses for the
participant or immediate family, (iii) to prevent mortgage
foreclosure on, or eviction from his/her primary residence or (iv)
to pay post-secondary educational expenses for the participant,
spouse, children or dependents.
g. Payments from the Plan's Trust - The value of a participant's
interest in the Plan is payable upon retirement, disability, death,
or termination of employment, as follows:
i) Upon termination of service of a participant on or after
his/her retirement date or by reason of his/her death or
disability, an amount equal to the value of the participant's
account as of the valuation date next following the date of
his/her termination of service, whether or not such
participant has a vested interest in such account, is paid
from the Trust. Participants may elect to receive the
distribution valued as of any month after the date of
termination of service but not later than the April 1st of the
year following the year the participant attains age 70-1/2.
ii) Upon the termination of service of any participant which
occurs other than on his/her retirement date and for any
reason other than death or disability, the terminated
participant is
-6-
<PAGE>
paid in a lump sum amount equal to the value, as of the
valuation date coincident with or following the date of
his/her termination of service, of his/her vested interest, if
any, in his/her account. Such payment is made to the
participant as soon as practicable after his/her termination
of service. Participants may elect to receive the distribution
valued as of any month after the date of termination of
service but not later than April 1st of the year following the
year the participant attains age 70-1/2.
Any benefit payable under the Plan pursuant to (i) above is
paid as one lump sum payment from the Trust, with a
supplemental payment to be made as promptly as possible in
respect to any contribution allocated to the participant's
account for the Plan year.
h. Loans - In accordance with Plan policy, participants can borrow
against the vested portion of their account balance. Borrowings are
limited to the lessor of $50,000 or 50 percent of the participant's
vested balance (not to exceed certain limitations). While such loans
do not represent a reduction of the participant's account balance,
participants are prohibited from receiving allocations (earnings)
based on the loan amounts, although when the loans are repaid, the
interest expense incurred by the participant is added to the
participant's account balance. The interest rate on such loans is
the Trustee's prime lending rate plus one percent.
i. Amendment, Suspension and Termination - The Board or the
Administrative Committee may amend the Plan at any time. No such
amendment, however, may have the effect of diverting to the Company
any part of the Plan or of diverting any part of the Plan for any
purpose other than for the exclusive benefit of the participants.
Likewise, an amendment may not reduce the interest of any
participant in the Plan accrued prior to such amendment. The Board
or the Administrative Committee may, however, make such amendments
to the extent required to conform the Plan to ERISA or to maintain
the continued qualified status of the Plan under the Internal
Revenue Code.
Effective January 1, 1994, 103 participants of the Plan were
suspended from making any additional contributions so the Plan would
meet the coverage requirements of Section 410 of the Code. Effective
July 22, 1994, it was determined that the Plan would meet the
requirements of section 410 of the Code and the suspension was
lifted. Employees who had contributions suspended were given the
option of making a retroactive contribution.
The Company expects to continue the Plan indefinitely, but reserves
the right to suspend contributions or to modify or terminate the
Plan at any time. Upon termination of the Plan or discontinuance of
contributions thereunder, the interest of each participant is fully
vested and nonforfeitable.
-7-
<PAGE>
3. INVESTMENTS
The following is a summary of the Trust's investments as prepared by the
Trustee and the Plan's beneficial interest in such investments at December
31, 1995 and 1994:
1995 1994
---- ----
Investments at fair value as determined
by quoted market price:
Equity Fund $ 54,095,203 $ 37,946,807
Stock Fund 18,853,293 16,545,061
Magellan Fund 13,196,751 6,820,729
International Fund 6,154,320 4,948,943
Investments at contract value as determined
by the Trustee:
Fixed Income Fund 54,508,160 53,151,736
Investments at estimated fair value as determined
by the Trustee:
Treasury Fund 8,641,058 7,227,125
Loan Fund 8,944,510 8,632,328
------------- -------------
Total Trust assets $ 164,393,295 $ 135,272,729
============= =============
Plan's beneficial interest therein $ 24,886,422 $ 20,764,585
============= =============
Plan's beneficial interest percentage therein 15.1% 15.4%
============= =============
Total Trust net realized and unrealized
appreciation (depreciation) $ 18,999,903 $ (4,163,963)
============= =============
Plan's beneficial interest therein (Note 5) $ 3,162,837 $ (395,074)
============= =============
Total Trust interest and dividend income
as determined by the Trustee $ 7,396,282 $ 6,558,453
============= =============
Plan's beneficial interest therein (Note 5) $ 1,043,572 $ 864,161
============= =============
Administrative expenses charged to the Trust $ (630,274) $ (612,989)
============= =============
Plan's beneficial interest therein (Note 5) $ (150,131) $ (98,361)
============= =============
-8-
<PAGE>
The following is a summary of the Plan's beneficial interest in the
investments held by the Trust as of December 31, 1995 and 1994:
1995 1994
---- ----
Investments at fair value as determined by
quoted market prices:
Equity Fund $ 8,648,152 $ 5,994,850
Stock Fund 1,234,959 1,152,866
Magellan Fund 3,566,377 1,946,348
International Fund 1,478,981 1,341,897
Investments at contract value as determined
by the Trustee:
Fixed Income Fund 7,684,253 8,072,699
Investments at estimated fair value as determined by
The Trustee:
Treasury Fund 1,110,237 1,160,469
Loan Fund 1,163,463 1,095,456
----------- -----------
Total $24,886,422 $20,764,585
=========== ===========
The following is a summary of the Plan's beneficial interest in the cost
of investments held by the Trust as of December 1995 and 1994:
1995 1994
---- ----
Equity Fund $ 6,161,255 $ 5,147,577
Stock Fund 1,325,224 1,417,457
Fixed Income Fund 7,684,253 8,072,699
Treasury Fund 1,110,237 1,160,469
Loan Fund 1,163,463 1,095,456
Magellan Fund 3,031,534 1,950,380
International Fund 1,454,221 1,426,761
----------- -----------
Total $21,930,187 $20,270,799
=========== ===========
Loans to participants at December 31, 1995 and 1994, which comprise the
Loan Fund, are reported at cost which approximates fair value.
The Fixed Income Fund primarily invests in investment contracts providing
a guaranteed return on principal invested over a specified time period.
The crediting interest rates at December 31, 1995 and 1994 for the various
investment contracts ranged from 4.75% to 8.25%. The average yields of the
Fixed Income Fund for the years ended December 31, 1995 and 1994 were
6.37% and 5.95%, respectively. All investment contracts in the Fixed
Income Fund are fully benefit-responsive and are recorded at contract
value which equals principal plus accrued interest. The Fixed Income Fund
balances at December 31, 1995 and 1994 were $54,508,160 and $53,151,736,
respectively. If the investment contracts were reported at fair value, the
December 31, 1995 and 1994 Fixed Income Fund balances would have
approximated $55,994,751 and $51,781,618, respectively, and the Plan's
beneficial interest therein would have approximated $7,893,824 and
$7,864,605, respectively.
-9-
<PAGE>
4. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS
The following is a summary of the allocation by fund of net assets
available for benefits at December 31, 1995 and 1994:
<TABLE>
<CAPTION>
December 31, 1995
Fixed
Equity Stock Income Treasury Loan Magellan International
Fund Fund Fund Fund Fund Fund Fund Total
---- ---- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS - Value of interest
in master trust $8,648,152 $1,234,959 $7,684,253 $1,110,237 $1,163,463 $3,566,377 $1,478,981 $24,886,422
RECEIVABLES - Employer
contributions 419,171 92,461 430,625 73,002 -- 303,739 127,157 1,446,155
TRANSFERS - Receivables (payables)
from (to) other funds 5,295 (9,911) (33,634) (4,437) -- 48,633 (5,946) --
---------- ---------- ---------- ---------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $9,072,618 $1,317,509 $8,081,244 $1,178,802 $1,163,463 $3,918,749 $1,600,192 $26,332,577
========== ========== ========== ========== ========== ========== ========== ===========
<CAPTION>
December 31, 1995
Fixed
Equity Stock Income Treasury Loan Magellan International
Fund Fund Fund Fund Fund Fund Fund Total
---- ---- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS - Value of interest
in master trust $5,994,850 $1,152,866 $8,072,699 $1,160,469 $1,095,456 $1,946,348 $1,341,897 $20,764,585
RECEIVABLES - Employer
contributions 29,336 (8,843) 69,701 (2,216) -- (18,019) (21,082) 48,877
TRANSFERS - Receivables (payables)
from (to) other funds 65,340 (12,620) 4,712 (14,427) -- (43,598) 593 --
---------- ---------- ---------- ---------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $6,089,526 $1,131,403 $8,147,112 $1,143,826 $1,095,456 $1,884,731 $1,321,408 $20,813,462
========== ========== ========== ========== ========== ========== ========== ===========
</TABLE>
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<PAGE>
5. INFORMATION RELATED TO CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
The changes in net assets available for benefits, by fund, for the year
ended December 31, 1995, were as follows:
<TABLE>
<CAPTION>
Fixed
Equity Stock Income Treasury Loan Magellan
Fund Fund Fund Fund Fund Fund
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
EARNINGS (LOSSES) ON INVESTMENTS:
Interest and dividends $ 246,223 $ 77,331 $ 524,435 $ 64,006 $ 92,497 $ 19,249
Net realized and unrealized
appreciation 2,135,238 174,195 -- -- -- 722,493
Administrative expenses (73,986) (6,033) (48,516) (4,955) -- (11,008)
----------- ----------- ----------- ----------- ----------- -----------
Net investment gain from
master trust 2,307,475 245,493 475,919 59,051 92,497 730,734
----------- ----------- ----------- ----------- ----------- -----------
CONTRIBUTIONS:
Employer 419,171 93,091 430,626 73,002 -- 304,477
Employee 388,069 75,506 414,034 72,764 -- 242,756
----------- ----------- ----------- ----------- ----------- -----------
Total contributions 807,240 168,597 844,660 145,766 -- 547,233
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO PARTICIPANTS (625,143) (103,663) (360,640) (73,595) (13,051) (66,849)
----------- ----------- ----------- ----------- ----------- -----------
TRANSFERS (TO) FROM OTHER FUNDS 493,520 (124,321) (1,025,807) (96,246) (11,439) 822,900
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS 2,983,092 186,106 (65,868) 34,976 68,007 2,034,018
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 6,089,526 1,131,403 8,147,112 1,143,826 1,095,456 1,884,731
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 9,072,618 $ 1,317,509 $ 8,081,244 $ 1,178,802 $ 1,163,463 $ 3,918,749
=========== =========== =========== =========== =========== ===========
</TABLE>
International
Fund Total
---- -----
EARNINGS (LOSSES) ON INVESTMENTS:
Interest and dividends $ 19,831 $ 1,043,572
Net realized and unrealized
appreciation 130,911 3,162,837
Administrative expenses (5,633) (150,131)
----------- ------------
Net investment gain from
master trust 145,109 4,056,278
----------- ------------
CONTRIBUTIONS:
Employer 127,810 1,448,177
Employee 145,025 1,338,154
----------- ------------
Total contributions 272,835 2,786,331
----------- ------------
DISTRIBUTIONS TO PARTICIPANTS (80,553) (1,323,494)
----------- ------------
TRANSFERS (TO) FROM OTHER FUNDS (58,607) --
----------- ------------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS 278,784 5,519,115
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 1,321,408 20,813,462
----------- ------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 1,600,192 $ 26,332,577
=========== ============
-11-
<PAGE>
The changes in net assets available for benefits, by fund, for the year
ended December 31, 1994, were as follows:
<TABLE>
<CAPTION>
Fixed
Equity Stock Income Treasury Loan Magellan
Fund Fund Fund Fund Fund Fund
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
EARNINGS (LOSSES) ON INVESTMENTS:
Interest and dividends $ 256,240 $ 76,052 $ 409,258 $ 41,360 $ 72,876 $ --
Net realized and unrealized depreciation (98,679) (250,767) -- -- -- (4,033)
Administrative expenses (60,800) (4,072) (29,330) (3,230) -- (554)
----------- ----------- ----------- ----------- ----------- -----------
Net investment gain (loss) from
master trust 96,761 (178,787) 379,928 38,130 72,876 (4,587)
----------- ----------- ----------- ----------- ----------- -----------
CONTRIBUTIONS:
Employer 617,336 180,157 783,702 102,784 -- 296,981
Employee 421,040 120,191 418,361 58,425 -- 65,263
----------- ----------- ----------- ----------- ----------- -----------
Total contributions 1,038,376 300,348 1,202,063 161,209 -- 362,244
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO PARTICIPANTS (188,834) (44,286) (232,788) (8,931) (5,336) (3,500)
----------- ----------- ----------- ----------- ----------- -----------
TRANSFERS (TO) FROM OTHER FUNDS (2,321,619) (370,231) 200,710 (337,363) 144,533 1,530,574
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS (1,375,316) (292,956) 1,549,913 (146,955) 212,073 1,884,731
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 7,464,842 1,424,359 6,597,199 1,290,781 883,383 --
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 6,089,526 $ 1,131,403 $ 8,147,112 $ 1,143,826 $ 1,095,456 $ 1,884,731
=========== =========== =========== =========== =========== ===========
</TABLE>
International
Fund Total
---- -----
EARNINGS (LOSSES) ON INVESTMENTS:
Interest and dividends $ 8,375 $ 864,161
Net realized and unrealized depreciation (41,595) (395,074)
Administrative expenses (375) (98,361)
----------- ------------
Net investment gain (loss) from
master trust (33,595) 370,726
----------- ------------
CONTRIBUTIONS:
Employer 167,918 2,148,878
Employee 37,189 1,120,469
----------- ------------
Total contributions 205,107 3,269,347
----------- ------------
DISTRIBUTIONS TO PARTICIPANTS (3,500) (487,175)
----------- ------------
TRANSFERS (TO) FROM OTHER FUNDS 1,153,396 --
----------- ------------
NET INCREASE (DECREASE) IN NET
ASSETS AVAILABLE FOR BENEFITS 1,321,408 3,152,898
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR -- 17,660,564
----------- ------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 1,321,408 $ 20,813,462
=========== ============
* * * * * *
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