<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, 1995
Commission File No. 0-14139
A: Full title of the Plan:
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
B: Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
VWR SCIENTIFIC PRODUCTS CORPORATION
Goshen Corporate Park West
1310 Goshen Parkway
West Chester, PA 19380
<PAGE>2
REQUIRED INFORMATION
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
Financial Statements, Schedules, and Exhibits
December 31, 1995
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 Purposes........................16
Schedule II--Reportable Transactions...................................18
Exhibits
Consent of Independent Auditors..........................................19
<PAGE>3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
VWR SCIENTIFIC PRODUCTS CORPORATION
---------------
(Registrant)
Date: June 28, 1996 BY (SIGNATURE)
David M. Bronson
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
<PAGE>4
REPORT OF INDEPENDENT AUDITORS
VWR Scientific Products Pension Plan Committee
VWR Scientific Products Corporation Inve$tor Tax Savings Plan
We have audited the accompanying statements of net assets available for
benefits of the VWR Scientific Products Corporation (formerly VWR
Corporation) Inve$tor Tax Savings 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 Plans 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, 1995 and 1994, 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 performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplemental
schedules of assets held for investment purposes as of December 31, 1995,
and 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 audits of the financial statements
and, in our opinion, are fairly stated in all material respects in
relation to the financial statements taken as a whole.
Philadelphia, Pennsylvania
June 7, 1996
BY (SIGNATURE)
ERNST & YOUNG LLP
<PAGE>5
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
1995 1994
---- ----
ASSETS
Investments, at fair value $24,091,878 $16,453,386
Dividends receivable 21,130
Receivable-Miscellaneous 4,695
------------ -----------
TOTAL ASSETS 24,091,878 16,479,211
LIABILITIES - Miscellaneous 54,873 17,673
------------ -----------
NET ASSETS AVAILABLE FOR BENEFITS $24,037,005 $16,461,538
=========== ===========
See notes to financial statements.
<PAGE>6
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31,
1995 1994
---- ----
ADDITIONS:
Investment income:
Interest $ 149,170 $ 104,465
Dividends 45,504 168,664
----------- ------------
194,674 273,129
Contributions to the Plan:
Employee 2,249,954 2,131,203
Employer 548,805 527,273
Employee rollovers 689,793 235,856
----------- ------------
3,683,226 3,167,461
DEDUCTION:
Payments to participants 1,494,349 1,529,431
------------ ------------
2,188,877 1,638,030
Net appreciation(depreciation) in fair
value of investments 5,386,590 (2,081,481)
------------ ------------
INCREASE(DECREASE) IN NET ASSETS 7,575,467 (443,451)
Net assets available for benefits at
beginning of year 16,461,538 16,904,989
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $24,037,005 $16,461,538
============ ============
See notes to financial statements.
<PAGE>7
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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
Scientific Products Corporation (formerly VWR Corporation) Inve$tor Tax
Savings 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.
Use of Estimates: The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements
and accompanying notes. Actual results could differ from those estimates.
Administrative Expenses: Substantially all administrative expenses and trustee
fees were paid by the Plan's sponsor, VWR Scientific Products 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 Scientific Products Corporation Stock Fund, the Asset
Allocation Fund, the Bond Index Fund, the Daily Money Market Fund, the S&P 500
Stock Fund, or the U. S. Treasury Allocation Fund (collectively, the Funds).
Employer contributions are invested solely in the VWR Scientific Products
Corporation Stock Fund. Participants over age 55 may elect to have employer
contributions transferred from the VWR Scientific Products Corporation Stock
Fund to an alternative Fund. All Fund investments are managed by a trustee at
the direction of the plan administrator and the Pension Committee of VWR.
<PAGE>8
NOTE B -- DESCRIPTION OF THE PLAN - continued
Employee contributions vest immediately while VWRs 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%.
Refer to the Plan agreement for a more complete description of the Plans
provisions.
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 Scientific Products 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 invested 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. The Money Market Fund
investments were liquidated in 1995 and invested in the Daily Money
Market Fund.
Daily 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: This fund consists of the principal balance of loans outstanding
to plan participants.
<PAGE>9
NOTE D -- INVESTMENTS
The Plan purchased 154,582 shares of VWR Common Stock for $1,701,927 during
1995 and 130,665 shares for $1,325,319 during 1994. The Plan purchased
securities from Wells Fargo Bank, a party in interest, for $9,209,777 during
1995 and for $4,560,282 during 1994.
During 1995 and 1994, the Plan's investments, including investments bought and
sold as well as held during the year, appreciated (depreciated) in fair value
as follows:
Net
Appreciation
(Depreciation) Fair Value
in Fair Value at End
During Year of Year
------------- ----------
Year ended December 31, 1995
VWR Scientific Products Corporation
Stock Fund $2,626,567 $ 7,796,843
Daily Money Market Fund 1,658,737
Asset Allocation Fund 1,314,161 6,044,493
Bond Index Fund 127,993 1,036,491
S&P 500 Stock Fund 1,002,713 4,189,161
U.S. Treasury Allocation Fund 315,156 2,441,854
Sweep Account 44,784
Loan Fund 879,515
----------- ------------
$5,386,590 $24,091,878
=========== ============
Year ended December 31, 1994
VWR Scientific Products Corporation
Stock Fund $(1,813,049) $ 4,586,074
Money Market Fund 1,646,370
Asset Allocation Fund (123,718) 4,443,650
Bond Index Fund (19,534) 576,126
S&P 500 Stock Fund 27,169 2,477,884
U.S. Treasury Allocation Fund (152,349) 2,063,382
Sweep Account 17,673
Loan Fund 642,227
----------- -----------
$(2,081,481) $16,453,386
=========== ===========
The fair values of individual investments that represent 5% or more
of the Plan's net assets are as follows:
December 31,
1995 1994
---- ----
VWR Scientific Products Corporation
-- common stock $7,627,482 $4,490,066
Asset Allocation Fund 6,044,493 4,443,650
Money Market Fund 1,646,370
Daily Money Market Fund 1,826,589
S&P 500 Stock Fund 4,189,161 2,477,884
U.S. Treasury Allocation Fund 2,441,854 2,063,382
At December 31, 1995, the Plan held 570,279 shares of VWR Scientific Products
Corporation common stock at a market price of $13.375 per share.
<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 1994,
qualifies under Section 401(a) of the Internal Revenue Code (IRC) and is,
therefore, not subject to tax under present income tax law. 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 Plans
qualified status.
<PAGE 11>
<TABLE>
NOTE G--NET ASSETS AVAILABLE FOR BENEFITS BY FUND
December 31, 1995
<CAPTION>
VWR Scientific
Products Daily Asset Bond
Corporation Money Allocation Index S&P 500
Stock Fund Market Fund Fund Fund Stock Fund
---------- ----------- --------- --------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $7,796,843 $1,658,737 $6,044,493 $1,036,491 $4,189,161
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS 7,796,843 1,658,737 6,044,493 1,036,491 4,189,161
LIABILITIES-Miscellaneous 10,089
---------- ---------- ---------- ----------- ---------
NET ASSETS AVAILABLE
FOR BENEFITS $7,786,754 $1,658,737 $6,044,493 $1,036,491 $4,189,161
=========== ========== ========== ========== ==========
December 31, 1994
<CAPTION>
VWR Scientific
Products Asset Bond
Corporation Money Allocation Index S&P 500
Stock Fund Market Fund Fund Fund Stock Fund
---------- ------------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $4,586,074 $1,646,370 $4,443,650 $ 576,126 $2,477,884
Dividend receivable 21,130
Receivable-Miscellaneous 4,695
---------- --------- ---------- ---------- ----------
TOTAL ASSETS 4,611,899 1,646,370 4,443,650 576,126 2,477,884
LIABILITIES-Miscellaneous
---------- --------- ---------- ----------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $4,611,899 $1,646,370 $4,443,650 $ 576,126 $2,477,884
========== ========== ========== ========== ==========
</TABLE>
<PAGE 12>
<TABLE>
NOTE G--NET ASSETS AVAILABLE FOR BENEFITS BY FUND
December 31, 1995
<CAPTION>
U.S. Treasury
Allocation Sweep
Fund Account Loan Fund Total
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $2,441,854 $ 44,784 $879,515 $24,091,878
---------- ---------- -------- -----------
TOTAL ASSETS 2,441,854 44,784 879,515 24,091,878
LIABILITIES-Miscellaneous 44,784 54,873
--------- ---------- -------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $2,441,854 $ - $879,515 $24,037,005
========== ========== ======== ===========
December 31, 1994
<CAPTION>
U.S. Treasury
Allocation Sweep
Fund Account Loan Fund Total
--------- -------- ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $2,063,382 $ 17,673 $642,227 $16,453,386
Dividend receivable 21,130
Receivable-Miscellaneous 4,695
---------- -------- -------- -----------
TOTAL ASSETS 2,063,382 17,673 642,227 16,479,211
LIABILITIES-Miscellaneous 17,673 17,673
---------- -------- -------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $2,063,382 $ - $642,227 $16,461,538
========== ======== ======== ===========
</TABLE>
<PAGE>13
<TABLE>
NOTE H - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
Year Ended December 31, 1995
<CAPTION>
VWR Scientific
Products Money Daily Asset Bond
Corporation Market Money Market Allocation Index S&P 500
Stock Fund Fund Fund Fund Fund Fund
----------- -------- --------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment income:
Interest $ 12,413 $ 59,494 $ 36,833 $ 14,465 $ 2,202 $ 10,447
Dividend income 45,504
--------- -------- ---------- ---------- --------- ---------
57,917 59,494 36,833 14,465 2,202 10,447
Contributions to the Plan:
Employee 343,351 158,749 133,350 644,838 106,467 565,259
Employer 548,805
Employee rollovers 172,195 2,047 99,716 155,046 83,811 157,620
-------- -------- ---------- --------- --------- ---------
1,122,268 220,290 269,899 814,349 192,480 733,326
DEDUCTION:
Payments to participants 345,994 119,721 149,226 496,205 15,714 171,237
--------- -------- ---------- --------- --------- ---------
776,274 100,569 120,673 318,144 176,766 562,089
Loans to participants (111,056) (57,745) (37,683) (186,475) (23,983) (118,947)
Loan payments from
participants 79,300 35,003 13,750 92,401 14,069 66,672
Net appreciation
in fair value
of investments 2,626,567 1,314,161 127,993 1,002,713
Interfund transfers (196,230) (1,724,197) 1,561,997 62,612 165,520 198,750
---------- ---------- --------- --------- --------- ---------
INCREASE(DECREASE) in
NET ASSETS 3,174,855 (1,646,370) 1,658,737 1,600,843 460,365 1,711,277
Net assets available for
benefits at beginning
of year 4,611,899 1,646,370 4,443,650 576,126 2,477,884
--------- --------- ---------- --------- --------- ---------
Net assets available for
benefits at end
of year $7,786,754 $ - $1,658,737 $6,044,493 $1,036,491 $4,189,161
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE>14
<TABLE>
NOTE H - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
Year Ended December 31, 1995
<CAPTION>
U.S. Treasury
Allocation Sweep Loan
Fund Account Fund Total
---------- -------- ------ --------
<S> <C> <C <C> <C>
ADDITIONS:
Investment income:
Interest $ 9,771 $ 3,545 $ - $ 149,170
Dividend income 45,504
--------- ------- -------- ---------
9,771 3,545 194,674
Contributions to the Plan:
Employee 297,940 2,249,954
Employer 548,805
Employee rollovers 19,358 689,793
-------- ------- -------- ---------
327,069 3,545 3,683,226
DEDUCTION:
Payments to participants 178,291 17,961 1,494,349
-------- ------- -------- ---------
148,778 (14,416) 2,188,877
Loans to participants (79,431) 615,320
Loan payments from
participants 62,421 14,416 (378,032)
Net appreciation
in fair value
of investments 315,156 5,386,590
Interfund transfers (68,452)
--------- ------- -------- ---------
INCREASE(DECREASE) in
NET ASSETS 378,472 237,288 7,575,467
Net assets available for
benefits at beginning
of year 2,063,382 642,227 16,461,538
--------- -------- -------- -----------
Net assets available for
benefits at end
of year $2,441,854 $ - $879,515 $24,037,005
========== ======== ======== ===========
</TABLE>
<PAGE>15
<TABLE>
NOTE H - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND - CONTINUED
Year ended December 31, 1994
<CAPTION>
VWR Scientific
Products Money Asset Bond U.S. Treasury
Corporation Market Allocation Index S&P 500 Allocation Sweep Loan
Stock Fund Fund Fund Fund Fund Fund Account Fund Total
----------- -------- --------- ------- --------- --------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment income:
Interest $ 7,339 $ 62,796 $ 13,086 $ 2,671 $ 7,631 $ 8,932 $ 2,010 $ - $ 104,465
Dividend income 168,664 168,664
--------- -------- --------- ------- ---------- -------- ------- -------- ---------
176,003 62,796 13,086 2,671 7,631 8,932 2,010 273,129
Contributions to the Plan:
Employee 302,024 360,909 648,609 90,572 382,226 346,863 2,131,203
Employer 527,273 527,273
Employee rollovers 98,491 5,074 30,107 12,000 68,685 21,499 235,856
--------- -------- --------- ------- --------- -------- ------- -------- ---------
1,103,791 428,779 691,802 105,243 458,542 377,294 2,010 3,167,461
DEDUCTION:
Payments to participants 318,598 433,743 265,015 66,430 180,466 253,384 11,795 1,529,431
--------- -------- --------- ------- --------- -------- ------- -------- ---------
785,193 (4,964) 426,787 38,813 278,076 123,910 (9,785) 1,638,030
Loans to participants (84,208) (49,650) (119,269) (25,545) (76,493) (92,837) 448,002
Loan payments from
participants 50,214 29,056 89,538 18,274 52,215 61,113 9,785 (310,195)
Net appreciation
(depreciation) in fair
value of investments (1,813,049) (123,718) (19,534) 27,169 (152,349) (2,081,481)
Interfund transfers 164,670 263,937 (358,543) 34,153 47,566 (151,783)
------- -------- --------- ------- --------- -------- ------- -------- ----------
INCREASE(DECREASE) in
NET ASSETS (897,180) 238,379 (85,205) 46,161 328,533 (211,946) 137,807 (443,451)
Net assets available for
benefits at beginning
of year 5,509,079 1,407,991 4,528,855 529,965 2,149,351 2,275,328 504,420 16,904,989
--------- --------- --------- -------- --------- --------- ------- -------- ----------
Net assets available for
benefits at end
of year $4,611,899 $1,646,370 $4,443,650 $576,126 $2,477,884 $2,063,382 $ - $642,227 $16,461,538
========== ========== ========== ======== ========== ========== ======= ======== ===========
</TABLE>
<PAGE>16
SCHEDULE I--ASSETS HELD FOR INVESTMENT PURPOSES
<TABLE>
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
December 31, 1995
<CAPTION>
Daily
VWR Scientific Products Money Asset Bond S&P 500
Corporation 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 Scientific
Products Common
Stock
570,279 shares $5,855,704 $7,627,482
*Wells Fargo Bank
Daily Money
Market Fund
1,826,589 units 123,068 123,068 $1,658,737 $1,658,737
*Wells Fargo Bank
Asset Allocation Fund
314,163 units $4,414,641 $6,044,493
*Wells Fargo Bank
Bond Index Fund
72,381 units $898,631 $1,036,491
*Wells Fargo Bank
S&P 500 Stock Fund
185,607 units $3,025,803 $4,189,161
*Wells Fargo Bank
U.S. Treasury
Allocation Fund
154,157 units
Loans outstanding to
fund participants,
bearing interest
ranging from 7%
to 10.83%
Cash 46,293 46,293
---------- ---------- ---------- ---------- ---------- ---------- -------- -------- ---------- ----------
$6,025,065 $7,796,843 $1,658,737 $1,658,737 $4,414,641 $6,044,493 $898,631 $1,036,491 $3,025,803 $4,189,161
========== ========== ========== ========== ========== ========== ======== ========= ========== ==========
* Party in interest
</TABLE>
<PAGE>17
SCHEDULE I--ASSETS HELD FOR INVESTMENT PURPOSES - CONTINUED
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
<TABLE>
December 31, 1995
<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 Scientific
Products Common Stock
570,279 shares $5,855,704 $7,627,482
*Wells Fargo Bank
Daily Money Market Fund
1,826,589 units $44,784 $44,784 1,826,589 1,826,589
*Wells Fargo Bank
Asset Allocation Fund
314,163 units 4,414,641 6,044,493
*Wells Fargo Bank
Bond Index Fund
72,381 units 898,631 1,036,491
*Wells Fargo Bank
S&P 500 Stock Fund
185,607 units 3,025,803 4,189,161
*Wells Fargo Bank
U.S. Treasury
Allocation Fund
154,157 units $2,000,686 $2,441,854 2,000,686 2,441,854
Loans outstanding to
fund participants
bearing interest
ranging from 7%
to 10.83% $879,515 $879,515 879,515 879,515
Cash 46,293 46,293
----------- ---------- -------- -------- -------- -------- ----------- -----------
$2,000,686 $2,441,854 $ 44,784 $ 44,784 $879,515 $879,515 $18,947,862 $24,091,878
========== ========== ======== ======== ======== ======== =========== ===========
</TABLE>
* Party in interest
<PAGE>18
SCHEDULE II -- REPORTABLE TRANSACTIONS
<TABLE>
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
Year Ended December 31, 1995
<CAPTION>
Number Gain
Number of Total of Total (Loss)
Purchases Purchases Sales Sales on Sale
--------- --------- ------ ----- -------
<S> <C> <C> <C> <C> <C>
Category (i) -- Individual transactions in excess of 5% of Plan Assets
- ------------------------------------------------------------------------
*Wells Fargo Bank
Money Market Fund $1,639,359
*Wells Fargo Bank
Daily Money Market Fund $1,698,530
Category (iii) -- A series of transactions in excess of 5% of Plan Assets
- -------------------------------------------------------------------------
*VWR Scientific
Products Corporation
Common Stock 88 $1,701,927 95 $1,182,203 $56,505
*Wells Fargo Bank
Asset Allocation Fund 98 1,221,530 92 934,846 199,886
*Wells Fargo Bank
S&P 500 Stock Fund 110 1,231,447 74 522,882 110,078
*Wells Fargo Bank
U.S. Treasury
Allocation Fund 90 537,714 88 474,398 71,642
*Wells Fargo Bank
Money Market Fund 53 701,436 53 2,347,806
*Wells Fargo Bank
Daily Money Market Fund 161 4,983,171 135 3,227,090
</TABLE>
There were no category (ii) or (iv) reportable transactions during
the year ended December 31, 1995.
- -----------------------------------------------------------------------
* Party in interest transactions but not prohibited transactions.
[DESCRIPTION] Consents of Experts and Counsel
<PAGE> 19
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8) pertaining to the VWR Scientific Products Corporation Inve$tor Tax
Savings Plan and in the related Prospectus of our report dated June 7, 1996,
with respect to the financial statements and schedules of the VWR Scientific
Products Corporation Inve$tor Tax Savings Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 1995.
BY (SIGNATURE)
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
June 24, 1996
