SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One)
[X] Annual report pursuant to section 15(d) of the Securities Exchange Act of
1934 (fee required)
For the fiscal year ended December 31, 1994
or
[ ] Transition report pursuant to section 15(d) of the Securities Exchange Act
of 1934 (no fee required)
For the transition period from ____________ to ____________ .
Commission file number: 33-18791
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Jason Employee Savings and Profit Sharing Plan.
B. Name of issuer of securities held pursuant to the plan and the
address of its principal executive office:
Jason Incorporated
411 East Wisconsin Avenue,
Suite 2500
Milwaukee, Wisconsin 53202
- - ------------------------------------------------------------------------------
The following financial statements are furnished herewith:
Report of Independent Accountants.
Statement of Net Assets Available for Plan
Benefits at December 31, 1994 and 1993.
Statement of Changes in Net Assets Available
for Plan Benefits for the years ended
December 31, 1994 and December 31, 1993.
Notes to Financial Statements
Supplemental schedules as of and for the year
ended December 31, 1994.
The following exhibit is furnished herewith:
Exhibit 23.1. Consent of Price Waterhouse.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
JASON EMPLOYEE SAVINGS AND
PROFIT SHARING PLAN
BY /s/Mark Train
Mark Train,
Plan Administrative Committee
June 28, 1995.
- - ------------------------------------------------------------------------------
EXIBIT 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-18791) of Jason Incorporated of our report
dated May 8, 1995 appearing on page 2 of the Financial Statements and Report
of the Jason Employee Savings and Profit Sharing Plan included in this Annual
Report on Form 11-K.
PRICE WATERHOUSE LLP
Milwaukee, Wisconsin
June 27, 1995
- - ------------------------------------------------------------------------------
JASON EMPLOYEE
--------------
SAVINGS AND PROFIT SHARING PLAN
-------------------------------
FINANCIAL STATEMENTS AND REPORT
-------------------------------
DECEMBER 31, 1994 AND 1993
--------------------------
- - ------------------------------------------------------------------------------
JASON EMPLOYEE
--------------
SAVINGS AND PROFIT SHARING PLAN
-------------------------------
INDEX
-----
Page
Report of Independent Accountants 2
Financial Statements:
Statements of Net Assets Available for
Plan Benefits with Fund Information at
December 31, 1994 and 1993 3-4
Statements of Changes in Net Assets Available
for Plan Benefits with Fund Information for the
year ended December 31, 1994 and 1993 5-6
Notes to Financial Statements 7-10
Supplemental schedules as of and for the year
ended December 31, 1994:
Assets Held for Investment 11
Reportable Transactions 12
Loans in Default 13
- - ------------------------------------------------------------------------------
Report of Independent Accountants
---------------------------------
To the Participants and Administrator of the
Jason Employee Savings and Profit Sharing Plan
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statements of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
plan benefits of the Jason Employee Savings and Profit Sharing Plan at December
31, 1994 and 1993, and the changes in its net assets available for plan benefits
for the years then ended, in conformity with generally accepted accounting
principles. 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 of these statements in
accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets
Held for Investment, Reportable Transactions, and Loans in Default 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 and the statements of
changes in net assets available for plan benefits 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.
PRICE WATERHOUSE LLP
May 8, 1995
- - ------------------------------------------------------------------------------
<TABLE>
JASON EMPLOYEE
--------------
SAVINGS AND PROFIT SHARING PLAN
-------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------
DECEMBER 31, 1994
-----------------
<CAPTION>
Principal Jason Inc. Stable Sackner
Preservation Equity Balanced Bond Stock Principal Loan
Fund Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
Assets held for investment,
at market:
Cash equivalents $ 3,471,887 $ - $ - $ - $ 4,949 $ - $ - $ 3,476,836
Equity instruments - 3,221,803 3,012,509 - 5,603,274 - - 11,837,586
Fixed income
securitie - - - 997,309 - 4,401,835 - 5,399,144
Loans receivable
from participants - - - - - - 8,293 8,293
----------- ----------- ----------- ----------- ----------- ------------ ---------- -----------
3,471,887 3,221,803 3,012,509 997,309 5,608,223 4,401,835 8,293 20,721,859
----------- ----------- ----------- ----------- ----------- ------------ ---------- -----------
Contributions receivable
Employer 163,357 124,847 104,553 40,746 318,161 100,478 - 852,142
Employee 28,025 39,383 34,501 11,315 81,344 30,304 - 224,872
Accrued interest
receivable 15,837 11 14 5 206 23,161 - 39,234
----------- ----------- ----------- ----------- ----------- ------------ ---------- -----------
Net assets available
for Plan benefits $ 3,679,106 $ 3,386,044 $ 3,151,577 $ 1,049,375 $ 6,007,934 $ 4,555,778 $ 8,293 $ 21,838,107
=========== =========== =========== =========== =========== =========== ========== ============
The accompanying notes are an integral
part of the financial statements.
</TABLE>
- - ------------------------------------------------------------------------------
<TABLE>
JASON EMPLOYEE
--------------
SAVINGS AND PROFIT SHARING PLAN
-------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------
DECEMBER 31, 1993
-----------------
Principal Jason Inc. Stable Sackner
Preservation Equity Balanced Bond Stock Principal Loan
Fund Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
Assets held for
investment,at market:
Cash equivalents $ 3,368,924 $ - $ - $ - $ 30,776 $ 13 $ - $ 3,399,713
Equity instruments - 2,596,593 2,141,487 - 4,658,064 - - 9,396,144
Fixed income
securities - - - 821,972 - 3,445,096 - 4,267,068
Loans receivable
from participants - - - - - - 22,292 22,292
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
3,368,924 2,596,593 2,141,487 821,972 4,688,840 3,445,109 22,292 17,085,217
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Contributions receivable
Employer 111,871 99,898 75,323 29,738 191,472 97,476 - 605,778
Employee 25,825 25,048 19,112 7,087 47,196 23,126 - 147,394
Accrued interest
receivable 8,830 11 9 6 53 16,973 - 25,882
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Net assets available
for Plan benefits $ 3,515,450 $ 2,721,550 $ 2,235,931 $ 858,803 $ 4,927,561 $ 3,582,684 $ 22,292 $ 17,864,271
=========== =========== =========== =========== =========== =========== ========== ============
The accompanying notes are an integral
part of the financial statements.
</TABLE>
- - ------------------------------------------------------------------------------
<TABLE>
JASON EMPLOYEE
--------------
SAVINGS AND PROFIT SHARING PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------
AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------
<CAPTION>
Principal Jason Inc. Stable Sackner
Preservation Equity Balanced Bond Stock Principal Loan
Fund Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
Investment
income (loss):
Interest $ 139,780 $ 97 $ 136 $ 33 $ 2,780 $ 220,507 $ 881 $ 364,214
Dividends - 24,787 111,424 63,282 - - - 199,493
Net unrealized/
realized loss
on investments - (272,883) (132,316) (108,297) (833,597) - - (1,347,093)
Administrative
expenses (18,177) (9,404) (7,908) (3,643) (15,506) (25,178) - (79,816)
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Net investment
income (loss) 121,603 (257,403) (28,664) (48,625) (846,323) 195,329 881 (863,202)
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Contributions:
Employer 242,395 176,891 147,016 57,545 453,701 151,057 - 1,228,605
Employee 296,239 389,197 313,668 100,607 835,933 379,098 - 2,314,742
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Total contributions 538,634 566,088 460,684 158,152 1,289,634 530,155 - 3,543,347
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Participant
reallocations (362,523) 139,306 59,493 (63,629) 345,564 (107,703) (10,508) -
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Participant
withdrawals (432,218) (101,610) (204,806) (66,005) (270,945) (252,354) (4,372) (1,332,310)
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
(Decrease) increase
in net assets
during the year (134,504) 346,381 286,707 (20,107) 517,930 365,427 (13,999) 1,347,835
Transfer from Metalex
Industries, Inc.
401(K) Profit-Sharing
Plan (See Note 1) 241,344 257,495 509,093 170,533 455,388 491,875 - 2,125,728
Transfer from Koller
Manufacturing Corp.
401(K) Plan
(See Note 1) 56,816 60,618 119,846 40,146 107,055 115,792 - 500,273
Net assets available
for Plan benefits,
beginning of year 3,515,450 2,721,550 2,235,931 858,803 4,927,561 3,582,684 22,292 17,864,271
----------- ----------- ----------- ----------- ----------- ------------ ---------- -----------
Net assets available
for Plan benefits,
end of year $ 3,679,106 $ 3,386,044 $ 3,151,577 $ 1,049,375 $ 6,007,934 $ 4,555,778 $ 8,293 $ 21,838,107
=========== =========== =========== =========== =========== =========== ========= ============
The accompanying notes are an integral
part of the financial statements.
</TABLE>
- - ------------------------------------------------------------------------------
<TABLE>
JASON EMPLOYEE
--------------
SAVINGS AND PROFIT SHARING PLAN
-------------------------------
STATEMENT OF CHANGES IN NET ASSETS
----------------------------------
AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
-------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1993
------------------------------------
<CAPTION>
Principal Jason Inc. Stable Sackner
Preservation Equity Balanced Bond Stock Principal Loan
Fund Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ------------ ----------- ----------
<C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest $ 108,920 $ 360 $ 313 $ 46,750 $ 1,283 $ 196,223 $ 4,777 $ 358,626
Dividends - 25,051 86,358 - - - - 111,409
Net unrealized/
realized gain
on investments - 293,043 146,452 38,047 1,674,392 - - 2,151,934
Administrative
expenses (21,027) (9,239) (7,424) (3,318) (11,773) (23,961) - (76,742)
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Net investment
income 87,893 309,215 225,699 81,479 1,663,902 172,262 4,777 2,545,227
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Contributions:
Employer 199,315 142,578 109,783 43,919 306,678 147,700 - 949,973
Employee 280,505 272,595 209,586 70,273 543,515 287,083 - 1,663,557
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Total contributions 479,820 415,173 319,369 114,192 850,193 434,783 - 2,613,530
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Participant
reallocations (408,844) 19,792 157,809 100,068 (12,482) 169,794 (26,137) -
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Participant withdrawals (329,411) (114,988) (70,159) (15,734) (263,269) (143,870) (1,034) (938,465)
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
(Decrease) increase
in net assets
during the year (170,542) 629,192 632,718 280,005 2,238,344 632,969 (22,394) 4,220,292
Net assets available
for Plan benefits,
beginning of year 3,685,992 2,092,358 1,603,213 578,798 2,689,217 2,949,715 44,686 13,643,979
----------- ----------- ----------- ----------- ----------- ------------ ----------- -----------
Net assets available
for Plan benefits,
end of year $ 3,515,450 $ 2,721,550 $ 2,235,931 $ 858,803 $ 4,927,561 $ 3,582,684 $ 22,292 $ 17,864,271
=========== =========== =========== =========== =========== =========== ========== ===========
The accompanying notes are an integral
part of the financial statements.
</TABLE>
- - ------------------------------------------------------------------------------
JASON EMPLOYEE
--------------
SAVINGS AND PROFIT SHARING PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - DESCRIPTION OF THE PLAN
- - --------------------------------
Participation and Administration
- - --------------------------------
The Jason Employee Savings and Profit Sharing Plan (the "Plan") is a defined
contribution plan. Certain hourly and all salaried employees are eligible for
participation as of the first business day of the month following the completion
of six months of employment and 500 hours of service. An Administrative
Committee comprised of three officers (the "Administrative Committee") of Jason
Incorporated (the "Company") is responsible for the administration of the Plan.
Effective October 1, 1994 the Metalex Industries, Inc. 401(k) Profit Sharing
Plan (the "Metalex Plan") and the Koller Manufacturing Corporation 401(k) Plan
(the "Koller Plan") were merged into the Plan. Assets of the Metalex Plan and
the Koller Plan were transferred to the Plan in October 1994 at which time the
assets were reallocated to the six investment funds in accordance with
participant elections.
Contributions
- - -------------
Subject to certain limitations, the Company makes contributions to the Plan's
trust fund as follows:
(a) an amount equal to 1% of a participant's defined compensation;
(b) a matching contribution percentage equal to 25% of the amount of pre-tax
contributions made by a participant, not to exceed 1.50% (1.25% in 1993) of
the participant's defined compensation; and
(c) an additional amount determined by, and at the discretion of the
Company's Board of Directors providing for up to a 50% matching
contribution percentage, not to exceed 3.0% (2.5% in 1993) of the
participant's defined compensation.
A participant's basic (pre-tax) contribution is one percent of defined annual
compensation, or any whole multiple thereof, limited to a maximum contribution
of fifteen percent. Individuals employed by the Company may transfer all
employer contributions from a prior qualified retirement plan or trust into the
Plan within 60 days following receipt of these funds.
Investment Alternatives
- - -----------------------
Contributions to the Plan are invested in one or more of the defined available
investment funds as maintained by Marshall and Ilsley Trust Company ("Trustee").
Each participant is responsible for designating multiples of one percent of
their contributions and their share of Company contributions for investment
among the available investment funds; such designations may be changed
quarterly, on dates designated by the Administrative Committee.
- - ------------------------------------------------------------------------------
The available investment funds are:
1. Principal Preservation Fund. This fund is invested in treasury bills,
certificates of deposit and short-term corporate bonds or other investments
intended to assure preservation of principal rather than maximization of income.
2. Equity Fund. This fund is invested in equity securities such as common
stocks, real estate limited partnerships, mutual funds and other investments
intended to produce long-term capital appreciation and/or dividend income. From
time to time, significant short-term cash equivalent investments may be made for
a variety of reasons, including market timing and reinvestment strategy.
3. Balanced Fund. This fund is invested in a mixture of equity securities
and fixed income investments.
4. Bond Fund. This fund is invested in fixed income investments such as
corporate bonds, treasury notes, mortgage pools or other investments intended to
maximize income as opposed to capital appreciation. Unlike the Principal
Preservation Fund, the duration of the instruments may be long-term.
5. Jason Incorporated Stock Fund. This fund is invested in the Company's
common stock. A participant is entitled to direct the Trustee how to vote the
number of whole shares held by the Trustee and attributable to the participant's
Company stock account as of the record date for the vote.
6. Stable Principal Fund. This fund, previously the GIC Fund, is invested
primarily in a pooled fund of individual guaranteed investment contracts.
Maintenance of price stability and safety of principal are the primary
objectives of the fund.
7. Sackner Loan Fund. This fund administers loans to participants in the
Sackner Plan which were outstanding at December 31, 1992 (date of merger);
however, no new loans are allowed.
Vesting
- - -------
A participant's share of the Company contribution for each year shall vest over
five years at the rate of 20% for each completed year of vesting service, with
full vesting upon death or disability. Vesting service includes years of
service with both Jason Incorporated and its predecessors. Participants are
fully vested in their Participant Contribution Account.
Withdrawals During Employment
- - -----------------------------
Participants are eligible to withdraw all or a portion of contributions, and the
accumulated earnings thereon, upon written request and approval of the
Administrative Committee. Withdrawals of all or a portion of contributions, and
the accumulated earnings thereon are limited to the amount required to meet the
need created by a financial hardship of the participant which cannot be met from
existing resources.
Distributions Upon Termination of Employment
- - --------------------------------------------
Participants are entitled to receive, in a lump sum, the entire value of their
Company and participant accounts upon normal retirement age (which varies by
division), disability, or death. Participants who terminate for any other
reason are entitled to receive the entire value in their participant account and
the vested portion of their Company account.
- - ------------------------------------------------------------------------------
Forfeitures
- - -----------
The Plan provides that upon termination of employment a participant's nonvested
funds are provisionally forfeited and allocated with the Company's matching
contribution at the end of the Plan year. After a five year break in service
the forfeiture is final. However, if a participant resumes employment with the
Company prior to expiration of the five year break in service, the forfeited
amount shall be reinstated from current forfeitures and income, if available, or
from a special Company contribution.
Termination of the Plan
- - -----------------------
The Company anticipates and believes that the Plan will continue without
interruption but reserves the right, by action of the Board of Directors, to
terminate the Plan, in whole or in part. In the event of such termination, the
accounts of all affected participants thereby become fully vested and will be
distributed in accordance with the provisions of the Plan.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- - ---------------------------------------------------
Accounting Method - The accounts of the Plan are maintained on an accrual
basis.
Investment Valuation - Investments, except for the Stable Principal Fund
(previously the GIC Fund), are stated at market value based on the quoted net
asset values on the last business day of the Plan year. The Stable Principal
Fund investments are valued at contract value.
Income Recognition - Since the Plan's assets are reported at current market
value in the financial statements, the Statement of Changes in Net Assets
Available for Plan Benefits reflects both realized gains and losses and
unrealized appreciation and depreciation of Plan assets.
Expenses of the Plan - Trustee fees and certain other administrative expenses
are paid by the Plan. Accounting fees are paid by the Company.
NOTE 3 - FEDERAL INCOME TAXES
- - -----------------------------
A favorable determination letter has been received from the Internal Revenue
Service as to the qualified tax status of the Plan. As a participant in a
qualified plan, the employee will not be subject to federal income taxes on
pre-tax contributions, employer contributions and earnings of the Plan until
distributed.
- - ------------------------------------------------------------------------------
NOTE 4 - INVESTMENTS
- - --------------------
Certain amounts maintained by the various funds have been invested in units of
mutual funds which in turn invest in common stocks and other investments. Units
represent the Plan's undivided interest in these mutual funds. The Plan
receives dividends from its investments in such funds.
<TABLE>
<CAPTION>
Units or Percent
Principal Market of Net
Amount Cost Value Assets
----------- ----------- ----------- ------
Cash Equivalents
----------------
<C> <C> <C> <C> <C>
$ 3,476,836 Marshall Money Market Fund $ 3,476,836 $ 3,476,836 16%
=========== =========== ==
Common Stocks
-------------
97,335.423 Twentieth Century Invs. Inc. $ 3,567,728 $ 3,221,803
622,586 Jason Incorporated 4,673,114 5,603,274
155,364 Wellington Fund 2,927,379 3,012,509
------------ ------------
$ 11,168,221 $ 11,837,586 54%
============ ============ ==
Fixed Income Securities
-----------------------
Vanguard Fixed Income
123,889.344 Securities Fund Inc. $ 1,061,345 $ 997,309
4,401,835.250 Stable Principal Fund 4,401,835 4,401,835
----------- -----------
$ 5,463,180 $ 5,399,144 25%
=========== =========== ==
</TABLE>
- - ------------------------------------------------------------------------------
<TABLE>
JASON EMPLOYEE
--------------
SAVINGS AND PROFIT SHARING PLAN
-------------------------------
ASSETS HELD FOR INVESTMENT
--------------------------
DECEMBER 31, 1994
-----------------
<CAPTION>
Market Cost of Proceeds of
Cost Value Acquisitions Dispositions
----------- ----------- ----------- -----------
<C> <C> <C> <C> <C>
Cash Equivalents
Marshall Money
Market Fund $ 3,476,836 $ 3,476,836 $ 6,130,368 $ 6,053,248
=========== =========== =========== ===========
Common Stocks
Twentieth Century
Invs. Inc. $ 3,567,728 $ 3,221,803 $ 1,306,906 $ 155,244
Jason Incorporated 4,673,114 5,603,274 1,970,524 178,309
Wellington Fund 2,927,379 3,012,509 1,315,030 307,154
----------- ----------- ----------- -----------
$ 11,168,221 $ 11,837,586 $ 4,592,460 $ 640,707
=========== =========== =========== ===========
Fixed Income Securities
Vanguard Fixed Income
Securities Fund Inc. $ 1,061,345 $ 997,309 $ 460,536 $ 169,840
Stable Principal Fund 4,401,835 4,401,835 1,523,470 566,731
----------- ----------- ----------- -----------
$ 5,463,180 $ 5,399,144 $ 1,984,006 $ 736,571
=========== =========== =========== ===========
</TABLE>
- - ------------------------------------------------------------------------------
JASON EMPLOYEE SAVINGS AND PROFIT SHARING PLAN
----------------------------------------------
SCHEDULE OF REPORTABLE TRANSACTIONS
-----------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------
The following transactions exceeded 5% of the market value of Plan assets at
January 1, 1994:
<TABLE>
<CAPTION>
Expense Current Value
Incurred of Asset on
Identity of Purchase Selling With Cost of Transaction Net (Loss)
Party Involved Description of Asset Price Price Transaction Asset Date or Gain
- - --------------- ------------------------ ----------- ----------- ----------- ----------- ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
Marshall Ilsley
Trust Company
414 Sales Marshall Money Market
Fund $ - $ 6,053,248 $ - $ 6,053,248 $ 6,053,248 $ -
369 Purchases Marshall Money Market
Fund $ 6,130,368 - - 6,130,368 6,130,368 -
26 Sales Twentieth Century Invs.
Inc. - 155,244 - 157,896 155,244 (2,652)
34 Purchases Twentieth Century Invs.
Inc. 1,306,906 - - 1,306,906 1,306,906 -
13 Sales Jason, Incorporated - 178,309 - 123,043 178,309 55,266
34 Purchases Jason, Incorporated 1,970,524 - - 1,970,524 1,970,524 -
26 Sales Wellington Fixed Income
Fund - 307,154 - 287,036 307,154 20,118
27 Purchases Wellington Fixed Income
Fund 1,315,030 - - 1,315,030 1,315,030 -
42 Sales Stable Principal Fund - 566,731 - 566,731 566,731 -
61 Purchases Stable Principal Fund 1,523,470 - - 1,523,470 1,523,470 -
</TABLE>
- - ------------------------------------------------------------------------------
<TABLE>
JASON EMPLOYEE SAVINGS AND PROFIT SHARING PLAN
----------------------------------------------
SCHEDULE OF LOANS IN DEFAULT
----------------------------
<CAPTION>
Loan Description
------------------
Original Balance Original Interest Maturity Amount Overdue
--------------
Loan 12/31/94 Date Rate Date Principal Interest
- - ---------- ---------- ------- ------ ------- ---------- --------
<C> <C> <C> <C> <C> <C> <C>
$ 2,500.00 $ 1,493.42 2/09/88 10.00% 2/09/93 $ 1,129.50 $ 363.92
</TABLE>
- - ------------------------------------------------------------------------------
