<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the Securities Exchange Act of 1934
----------------------------------------------------------------
For the fiscal year ended December 31, 1993
Commission File No. 0-14139
A: Full title of the Plan:
VWR CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
B: Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
VWR CORPORATION
Goshen Corporate Park West
1310 Goshen Parkway
West Chester, PA 19380
<PAGE> 2
REQUIRED INFORMATION
VWR CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
Financial Statements, Schedules, and Exhibits
December 31, 1993
Financial Statements, and Schedules PAGE
Report of Independent Auditors............................................4
Statements of Net Assets Available for Benefits...........................5
Statements of Changes in Net Assets Available for Benefits ..............6
Notes to Financial Statements.............................................7
Supplemental Schedules
Schedule I--Assets Held For Investment.................................14
Schedule II--5% Reportable Transactions................................16
Exhibits
Consent of Independent Auditors..........................................17
<PAGE> 3
SIGNATURE
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.
VWR CORPORATION
---------------
(Registrant)
Date: June 28,1994 BY (SIGNATURE)
Walter S. Sobon
Vice President Finance
(Principal Financial Officer)
<PAGE> 4
REPORT OF INDEPENDENT AUDITORS
VWR Pension Plan Committee
VWR Corporation Inve$tor Tax Savings Investment Plan
We have audited the accompanying statements of net assets
available for benefits of the VWR Corporation Inve$tor Tax
Savings Investment Plan (the Plan) as of December 31, 1993 and
1992, 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, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Plan at December 31, 1993 and
1992, and the changes in its net assets available for benefits
for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on
the financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment as of
December 31, 1993, and of 5% reportable transactions for the
year then ended are presented for purposes of complying with the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974, and are not a required part of the financial statements.
The supplemental schedules have been subjected to the auditing
procedures applied in our audit of the 1993 financial statements
and, in our opinion, are fairly stated in all material respects
in relation to the 1993 financial statements taken as a whole.
Philadelphia, Pennsylvania
June 8, 1994
BY (SIGNATURE)
ERNST & YOUNG
<PAGE> 5
VWR CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
1993 1992
---- ----
ASSETS
Investments, at fair value $16,895,563 $14,150,786
Contributions receivable 148,793
Dividends receivable 44,735 37,173
---------- ----------
TOTAL ASSETS 16,940,298 14,336,752
LIABILITIES - Miscellaneous 35,309 230,007
--------- ---------
NET ASSETS AVAILABLE FOR BENEFITS $16,904,989 $14,106,745
=========== ===========
See notes to financial statements.
<PAGE> 6
VWR CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31,
1993 1992
---- ----
ADDITIONS:
Investment income:
Interest $ 74,034 $ 92,020
Dividends 168,222 174,392
---------- ----------
242,256 266,412
Contributions to the Plan:
Employee 1,762,042 1,757,110
Employer 639,028 583,257
Employee rollovers 159,101 179,890
--------- ----------
2,802,427 2,786,669
DEDUCTION:
Payments to participants 559,875 598,744
--------- ----------
2,242,552 2,187,925
Net appreciation in fair
value of investments 555,692 1,741,065
--------- ----------
INCREASE IN NET ASSETS 2,798,244 3,928,990
Net assets available for benefits at
beginning of year 14,106,745 10,177,755
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $16,904,989 $14,106,745
=========== ===========
See notes to financial statements.
<PAGE> 7
VWR CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993
NOTE A -- SIGNIFICANT ACCOUNTING POLICIES
Valuation of Investments: Investments are stated at fair value. Securities
traded on a national securities exchange, and government securities are
valued at the last reported sales price on the last business day of the VWR
Corporation Inve$tor Tax Savings Investment Plan (the Plan) year. The fair
value of the participation units owned by the Plan in common trust funds is
based on quoted redemption values on the last business day of the Plan year.
Administrative Expenses: Substantially all administrative expenses and
trustee fees were paid by the Plan's sponsor, VWR Corporation (VWR).
NOTE B -- DESCRIPTION OF THE PLAN
The Plan is a contributory, defined contribution investment plan for all
salaried personnel. Union employees are also eligible, provided the union
also participates in VWR's health insurance and pension plans.
Employees may contribute up to 12% of their compensation to the Plan. VWR
contributes an amount equal to 50% (after deducting VWR's health care
contribution) of each employee's contribution up to 3% of each employee's
compensation. Employees may elect to allocate a portion of their
contribution to a health care fund, to meet future medical expenses. VWR will
match 100% of any amounts that participants allocate to the health care fund,
limited to 20% of the first 3% of each employee's compensation. Depending on
VWR's profitability in any year, VWR may make an additional employer
contribution on behalf of each participant who is employed on March 31 of the
following year. The additional employer contribution shall equal a specified
percentage, determined by VWR each year, of the participant's contribution
for the previous Plan year.
Employee contributions to the Plan are invested at the discretion of the
participants in any or all of the following funds in a minimum of 1%
increments: The VWR Corporation Stock Fund, the Asset Allocation Fund, the
Bond Index Fund, the Money Market Fund, the S&P 500 Stock Fund, or the U. S.
Treasury Allocation Fund (the Funds). Employer contributions are invested
solely in the VWR Corporation Stock Fund. Participants over age 55 may elect
to have employer contributions transferred from the VWR Corporation Stock
Fund to an alternative Fund(s). All Fund investments are managed by a
trustee at the direction of the plan administrator and the Pension Committee
of the Plan.
<PAGE> 8
NOTE B -- DESCRIPTION OF THE PLAN - continued
Employee contributions vest immediately while VWR's contributions vest at a
rate of 20% per year of service. Should the Plan terminate at some future
time, all assets of the Plan will be available to participants, and the
rights of all participants shall become 100% vested at that time.
Participants who are employees are eligible to borrow from their account as
limited by Section 72(P)(2) of the Internal Revenue Code and certain other
conditions as described in the Plan document. Interest is accrued at the
prime lending rate on the date of loan disbursement plus 1%.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current
year's presentation.
NOTE C -- DESCRIPTION OF FUNDS
Individual accounts are maintained for Plan participants that reflect their
respective contributions and related employer contributions and any earnings
or losses on the Plan's investments.
The Plan is divided into six investment funds and a loan fund:
VWR Corporation Stock Fund: This fund invests in VWR Common Stock.
Asset Allocation Fund: This fund invests in common stocks, U. S. Treasury
bonds, and money market instruments.
Bond Index Fund: This fund invests in high-grade bonds issued by the U.S.
Government, domestic corporations, and other issuers.
Money Market Fund: This Fund invests in instruments with maturities of
less than one year, including: U. S. Government and Agency
obligations, fixed time deposits, bankers' acceptances, bank
obligations, short-term corporate debt instruments, repurchase
agreements, and loan participations.
S&P 500 Stock Fund: This Fund invests in substantially the same stocks in
the same proportions that comprise the S&P 500 Index itself.
U.S. Treasury Allocation Fund: This Fund invests in three types of fixed-
income securities: long-term U. S. Treasury bonds, intermediate-
term U. S. Treasury notes, and 90-day U. S. Treasury bills.
Loan Fund: The loan fund consists of the principal balance of loans
outstanding to plan participants.
NOTE D -- INVESTMENTS
The Plan purchased 108,110 shares of VWR Common Stock for $1,431,128 during
1993 and 98,861 shares for $1,414,063 during 1992. The Plan purchased
securities from Wells Fargo Bank, a party in interest, for $4,318,267 during
1993 and $6,328,412 during 1992.
<PAGE> 9
NOTE D - INVESTMENTS (Continued)
During 1993 and 1992, the Plan's investments, including investments bought and
sold as well as held during the year, appreciated in fair value as follows:
Net
Appreciation
(Depreciation) Fair Value
in Fair Value at End
During Period of Period
------------- ----------
Year ended December 31, 1993
VWR Corporation Stock Fund $ (519,369) $ 5,485,040
Money Market Fund 1,407,991
Asset Allocation Fund 541,589 4,528,855
Bond Index Fund 47,199 529,965
S&P 500 Stock Fund 177,536 2,149,351
U.S. Treasury Allocation Fund 308,737 2,275,328
Sweep Account 14,613
Loan Fund 504,420
---------- -----------
$ 555,692 $16,895,563
========== ===========
Year ended December 31, 1992
VWR Corporation Stock Fund $1,209,145 $ 5,126,864
Money Market Fund 1,403,203
Asset Allocation Fund 221,072 3,406,066
Bond Index Fund 31,324 410,768
S&P 500 Stock Fund 128,285 1,725,556
U.S. Treasury Allocation Fund 151,239 1,680,678
Sweep Account 6,465
Loan Fund 391,186
---------- -----------
$1,741,065 $14,150,786
========== ===========
The fair values of individual investments that represent 5% or more
of the Plan's net assets are as follows:
December 31,
1993 1992
---- ----
VWR Corporation -- common stock $5,387,048 $5,018,409
Asset Allocation Fund 4,528,855 3,406,066
Money Market Fund 1,407,991 1,403,203
S&P 500 Stock Fund 2,149,351 1,725,556
U.S. Treasury Allocation Fund 2,275,328 1,680,678
At December 31, 1993 the Plan held 439,759 shares of VWR Corporation common
stock at a market price of $12.25 per share. On June 8, 1994 the market
price per share of VWR's common stock was $10.75.
<PAGE> 10
NOTE E -- PAYMENTS TO PARTICIPANTS
Participants are entitled to their vested benefits upon termination from the
Plan. Unvested employer contributions are forfeited upon termination and
offset against employer contributions. However, if participants re-enter the
Plan within a five-year period, the unvested amount is added back to their
respective accounts upon repayment of amounts previously distributed to
participants.
NOTE F -- INCOME TAX STATUS
The Internal Revenue Service has ruled that the Plan, as amended in 1990,
qualifies under Section 401(a) of the Internal Revenue Code (IRC) and is,
therefore, not subject to tax under present income tax law. The plan
administrator believes the Plan, as amended in 1991, also qualifies under
Section 401(a) of the IRC. Once qualified, the Plan is required to operate in
conformity with the IRC to maintain its qualification. The Pension Committee
is not aware of any course of action or series of events that might adversely
affect the Plan's qualified status.
<TABLE>
NOTE G--NET ASSETS AVAILABLE FOR BENEFITS BY FUND
December 31, 1993
<CAPTION>
Asset Bond U.S. Treasury
VWR Corporation Money Allocation Index S&P 500 Allocation Sweep
Stock Fund Market Fund Fund Fund Stock Fund Fund Account Loan Fund Total
---------- ------------ ---------- -------- ---------- ---------- ------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $5,485,040 $1,407,991 $4,528,855 $ 529,965 $2,149,351 $2,275,328 $ 14,613 $504,420 $16,895,563
Dividend receivable 44,735 44,735
---------- --------- ---------- --------- ---------- ---------- ---------- -------- -----------
TOTAL ASSETS BY FUND 5,529,775 1,407,991 4,528,855 529,965 2,149,351 2,275,328 14,613 504,420 16,940,298
LIABILITIES-Miscellaneous 20,696 14,613 35,309
---------- --------- ---------- ---------- ----------- ---------- ---------- -------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $5,509,079 $1,407,991 $4,528,855 $ 529,965 $2,149,351 $2,275,328 $ $504,420 $16,904,989
========== ========== ========== ========== ========== ========== ========= ======== ===========
</TABLE>
<PAGE> 11
<TABLE>
NOTE G - NET ASSETS AVAILABLE FOR BENEFITS BY FUND - continued
December 31, 1992
<CAPTION>
Asset Bond U.S. Treasury
VWR Corporation Money Allocation Index S&P 500 Allocation Sweep
Stock Fund Market Fund Fund Fund Stock Fund Fund Account Loan Fund Total
---------- ----------- ---------- ------- ---------- --------- ------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments,
at fair value $5,126,864 $1,403,203 $3,406,066 $410,768 $1,725,556 $1,680,678 $6,465 $391,186 $14,150,786
Contributions receivable 141,329 1,277 2,751 372 1,584 1,480 148,793
Dividend receivable 37,173 37,173
---------- ---------- ---------- -------- ---------- ---------- ------ -------- -----------
TOTAL ASSETS BY FUND 5,305,366 1,404,480 3,408,817 411,140 1,727,140 1,682,158 6,465 391,186 14,336,752
LIABILITIES-Miscellaneous 104,944 36,027 35,818 4,499 22,404 19,850 6,465 230,007
--------- ---------- ---------- -------- ---------- --------- ------ -------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $5,200,422 $1,368,453 $3,372,999 $406,641 $1,704,736 $1,662,308 $ $391,186 $14,106,745
========== ========== ========== ======== ========== ========== ====== ======== ===========
</TABLE>
<PAGE> 12
<TABLE>
NOTE H - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
Year Ended December 31, 1993
<CAPTION>
VWR Asset Bond U.S. Treasury
Corporation Money Allocation Index S&P 500 Allocation Sweep Loan
Stock Fund Market Fund Fund Fund Fund Fund Account Fund Total
---------- ----------- ---------- --------- --------- ---------- -------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment income:
Interest $ 4,597 $ 41,400 $ 10,423 $ 1,334 $ 5,935 $ 6,247 $ 4,098 $ $ 74,034
Dividend income 168,222 168,222
--------- -------- --------- ------- ---------- -------- ------- -------- ----------
172,819 41,400 10,423 1,334 5,935 6,247 4,098 242,256
Contributions to the Plan:
Employee 170,799 239,588 599,320 86,154 337,354 328,827 1,762,042
Employer 639,028 639,028
Employee rollovers 43,116 19,958 70,946 1,001 8,450 15,630 159,101
--------- -------- --------- ------- --------- -------- ------- -------- ----------
1,025,762 300,946 680,689 88,489 351,739 350,704 4,098 2,802,427
DEDUCTION:
Payments to participants 172,212 111,672 136,298 20,579 25,098 65,401 28,615 559,875
--------- -------- --------- ------- --------- -------- ------- -------- ---------
853,550 189,274 544,391 67,910 326,641 285,303 (24,517) 2,242,552
Loans to participants (57,635) (32,471) (103,828) (17,531) (65,159) (70,658) (745) 348,027
Loan payments from
participants 30,301 21,435 68,697 8,794 39,124 41,180 25,262 (234,793)
Net appreciation
(depreciation) in fair
value of investments (519,369) 541,589 47,199 177,536 308,737 555,692
Transfers among funds at
the request of participants 1,810 (138,700) 105,007 16,952 (33,527) 48,458
------- -------- -------- ------- ---------- -------- ------- -------- ----------
INCREASE IN NET ASSETS 308,657 39,538 1,155,856 123,324 444,615 613,020 113,234 2,798,244
Net assets available for
benefits at beginning
of year 5,200,422 1,368,453 3,372,999 406,641 1,704,736 1,662,308 391,186 14,106,745
--------- --------- --------- -------- --------- --------- ------- -------- ----------
Net assets available for
benefits at end
of year $5,509,079 $1,407,991 $4,528,855 $529,965 $2,149,351 $2,275,328 $ $ 504,420 $16,904,989
========== ========== ========== ======== ========== ========== ======== ========= ===========
</TABLE>
<PAGE> 13
<TABLE>
NOTE H - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND - CONTINUED
Year ended December 31, 1992
<CAPTION>
Asset U.S. Treasury
VWR Corporation Money Allocation Bond Index S & P 500 Allocation Sweep
Stock Fund Market Fund Fund Fund Stock Fund Fund Account Loan Fund Total
---------- ----------- --------- ---------- ----------- ----------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment Income:
Interest $ 4,432 $ 65,025 $ 10,690 $ 424 $ 4,361 $ 3,474 $ 3,614 $ $ 92,020
Dividends 174,392 174,392
---------- --------- -------- ------- ---------- ---------- -------- --------- -----------
178,824 65,025 10,690 424 4,361 3,474 3,614 266,412
Contributions to
the Plan:
Employee 225,829 261,953 564,529 75,941 325,188 303,670 1,757,110
Employer 583,257 583,257
Employee rollovers 55,912 15,944 45,886 1,490 47,182 13,476 179,890
---------- --------- -------- ------- ---------- ---------- -------- --------- -----------
1,043,822 342,922 621,105 77,855 376,731 320,620 3,614 2,786,669
DEDUCTION:
Payments to
participants 184,876 88,919 145,682 9,512 76,923 74,273 18,559 598,744
---------- ---------- --------- ------- ---------- ---------- --------- --------- -----------
858,946 254,003 475,423 68,343 299,808 246,347 (14,945) 2,187,925
Loans to participants (46,610) (101,322) (110,136) (11,671) (46,726) (52,926) (810) 370,201
Loan payments from
participants 4,951 55,068 74,628 2,626 30,790 23,781 3,612 (195,456)
Net appreciation
in fair value of
investments 1,209,145 221,072 31,324 128,285 151,239 1,741,065
Transfers among funds
at the request of
participants (498,593) (1,444,152) 60,660 316,019 1,292,579 1,293,867 (1,020,380)
---------- ---------- --------- -------- ---------- ---------- ---------- --------- ----------
INCREASE (DECREASE)
IN NET ASSETS 1,527,839 (1,236,403) 721,647 406,641 1,704,736 1,662,308 (1,032,523) 174,745 3,928,990
Net assets available
for benefits at
beginning of year 3,672,583 2,604,856 2,651,352 1,032,523 216,441 10,177,755
---------- ---------- ---------- -------- ---------- ---------- ---------- --------- -----------
Net assets available
for benefits at
end of year $5,200,422 $1,368,453 $3,372,999 $406,641 $1,704,736 $1,662,308 $ $ 391,186 $14,106,745
========== ========== ========== ======== ========== ========== ========== ========= ===========
</TABLE>
<PAGE> 14
SCHEDULE I--ASSETS HELD FOR INVESTMENT
<TABLE>
VWR CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
December 31, 1993
<CAPTION>
VWR Corporation Money Asset Bond S&P 500
Stock Fund Market Fund Allocation Fund Index Fund Stock Fund
---------- ----------- --------------- ---------- -----------
Identity of Issuer, Current Current Current Current Current
Fund, or Borrower Cost Value Cost Value Cost Value Cost Value Cost Value
- ------------------- ---- ------- ---- ------- ---- ---- ---- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
*VWR Common Stock
439,759 shares $4,376,768 $5,387,048
*Wells Fargo Bank
Money Market Fund
118,205 units $1,407,991 $1,407,991
*Wells Fargo Bank
Asset Allocation Fund
296,197 units $3,816,124 $4,528,855
*Wells Fargo Bank
Bond Index Fund
42,296 units $463,080 $529,965
*Wells Fargo Bank
S&P 500 Stock Fund
132,105 units $1,864,867 $2,149,351
*Wells Fargo Bank
U.S. Treasury
Allocation Fund
154,574 units
Loans outstanding to
fund participants,
bearing interest
ranging from 7%
to 11.33%
*Wells Fargo
Bank Daily
Money Market Fund 97,992 97,992
---------- ---------- ---------- ---------- ---------- ---------- -------- -------- ---------- ----------
$4,474,760 $5,485,040 $1,407,991 $1,407,991 $3,816,124 $4,528,855 $463,080 $529,965 $1,864,867 $2,149,351
========== ========== ========== ========== ========== ========== ======== ======== ========== ==========
* Party in interest
</TABLE>
<PAGE> 15
SCHEDULE I--ASSETS HELD FOR INVESTMENT - CONTINUED
VWR CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
<TABLE>
December 31, 1993
<CAPTION>
U.S. Treasury Sweep
Allocation Fund Account Loan Fund Total
Identity of Issuer, --------------- ---------- --------- -----
Fund, or Borrower Current Current Current Current
- ------------------- Cost Value Cost Value Cost Value Cost Value
---- ------- ---- ------- ---- ------- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
*VWR Common Stock
439,759 shares $ 4,376,768 $5,387,048
*Wells Fargo Bank
Money Market Fund
118,205 units 1,407,991 1,407,991
*Wells Fargo Bank
Asset Allocation Fund
296,197 units 3,816,124 4,528,855
*Wells Fargo Bank
Bond Index Fund
42,296 units 463,080 529,965
*Wells Fargo Bank
S&P 500 Stock Fund
132,105 units 1,864,867 2,149,351
*Wells Fargo Bank
U.S. Treasury
Allocation Fund
154,574 units $1,862,172 $2,275,328 1,862,172 2,275,328
Loans outstanding to
fund participants
bearing interest
ranging from 7%
to 11.33% $504,420 $504,420 504,420 504,420
*Wells Fargo
Bank Daily
Money Market Fund $ 14,613 $ 14,613 112,605 112,605
----------- ---------- -------- -------- -------- -------- ---------- ----------
$1,862,172 $2,275,328 $ 14,613 $ 14,613 $504,420 $504,420 $14,408,027 $16,895,563
========== ========== ======== ======== ======== ======== ========== ==========
</TABLE>
* Party in interest
<PAGE> 16
SCHEDULE II -- 5% REPORTABLE TRANSACTIONS
<TABLE>
VWR CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
Year Ended December 31, 1993
<CAPTION>
Number Gain
Number of Total of Total (Loss)
Purchases Purchases Sales Sales on Sale
--------- --------- ------ ----- -------
<S> <C> <C> <C> <C> <C>
Category (iii) -- A series of transactions in excess of 5% of Plan Assets
- -------------------------------------------------------------------------
*VWR Corporation
Common Stock 103 $1,431,128 72 $538,529 $157,431
*Wells Fargo Bank
Asset Allocation Fund 97 980,774 62 399,573 50,966
*Wells Fargo Bank
U.S. Treasury
Allocation Fund 86 531,689 59 245,777 41,476
*Wells Fargo Bank Daily
Money Market Fund 168 1,911,833 174 1,914,148
</TABLE>
There were no category (i), (ii), or (iv) reportable transactions during
the year ended December 31, 1993.
- -----------------------------------------------------------------------
* Party in interest transactions but not prohibited transactions.
<PAGE> 17
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8) pertaining to the VWR Corporation Inve$tor Tax Savings Investment
Plan and in the related Prospectus of our report dated June 8, 1994, with
respect to the financial statements and schedules of the VWR Corporation
Inve$tor Tax Savings Investment Plan included in this Annual Report (Form 11-
K) for the year ended December 31, 1993.
BY (SIGNATURE)
ERNST & YOUNG
Philadelphia, Pennsylvania
June 24, 1994
