SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 1995
[ ] TRANSACTION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from __________ to __________
Commission file number 1-7283
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
REGAL-BELOIT CORPORATION
B. Name of the issuer of the securities held pursuant to the plan and
the address of its principal executive office:
REGAL-BELOIT CORPORATION
200 STATE STREET
BELOIT, WI 53511
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator had duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
Robert C. Burress
By -----------------------------------------
Robert C. Burress
Vice President, CFO and Secretary
Date: June 28, 1996
<PAGE>
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1995 AND 1994
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE>
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
TABLE OF CONTENTS
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS
Statements of Net Assets Available for Plan Benefits
December 31, 1995 and 1994
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 1995 and 1994
NOTES TO FINANCIAL STATEMENTS
SCHEDULES SUPPORTING FINANCIAL STATEMENTS
Schedule I Item 27a--Schedule of Assets Held for Investment Purposes
December 31, 1995
Schedule II Item 27d--Schedule of Reportable Transactions for the Year Ended
December 31, 1995
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of the
Regal-Beloit Corporation Personal Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits, with fund information, of Regal-Beloit Corporation Personal Savings
Plan (the "Plan") as of December 31, 1995 and 1994, and the related statements
of changes in net assets available for plan benefits, with fund information,
for the years then ended. These financial statements and the schedules
referred to in the accompanying index are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits, with fund
information, of the Plan as of December 31, 1995 and 1994, and the changes in
its net assets available for plan benefits, with fund information, 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 basic
financial statements taken as a whole. The supplemental schedules referred to
in the accompanying index 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 statement of net assets
available for plan benefits and the statement 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.
ARTHUR ANDERSEN LLP
---------------------------------------------
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
May 30, 1996.
<PAGE>
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
(1) Description of the Plan-
The Regal-Beloit Corporation Personal Savings Plan (the "Plan") is a defined
contribution plan established on July 1, 1988, to allow eligible employees to
defer compensation as permitted under Section 401(k) of the Internal Revenue
Code. The Plan covers substantially all employees of Regal-Beloit Corporation
(the "Company") with at least six months of service with the Company and who
are not covered under separate plans. The Plan is subject to the U.S. Employee
Retirement Income Security Act of 1974 ("ERISA").
Participants of the Plan may direct their contributions into the following
funds with Marshall & Ilsley Trust Company (the "Trustee"):
(a) Fixed Income Fund-
Amounts allocated to the Fixed Income Fund are invested in a mutual fund with
securities and obligations which produce a fixed rate of investment return,
including but not limited to, United States government securities, corporate
bonds, notes, debentures or any fixed income trust fund or funds maintained by
the Trustee or its affiliates or other banks, or any contracts issued by
insurance companies or other financial institutions.
(b) Equity Fund-
Amounts allocated to the Equity Fund are invested in a mutual fund with equity
type securities, without regard to whether such investments pay dividends or
other forms of return, including but not limited to, common stock or other
securities or obligations convertible or exercisable into equity securities or
any mutual fund or equity common trust fund or funds maintained by the Trustee
or its affiliate or other banks.
(c) Company Stock Fund-
Amounts allocated to the Company Stock Fund are invested in Regal-Beloit
Corporation common stock. Investments in, sales of, and reinvestment in
Company Stock shall be made on the open market, from the Company or its
affiliates or in negotiated transactions with independent parties pursuant to
the direction of the Plan Administrator.
(d) Bond Fund-
This fund invests in a mutual fund which holds Government and Corporate bonds to
generate a high level of current income while minimizing market volatility.
<PAGE>
(e) Balanced Fund-
Effective April 1994, this fund was made available for participant's election.
Amounts allocated to the Balanced Fund seek income, consistent with
preservation of capital. The Fund invests in a mutual fund with a diversified
portfolio of high yielding securities, including common and preferred stocks,
and bonds. At least 25% of its assets will always be invested in fixed income
securities.
(f) Opportunity Fund-
Effective April 1994, this fund was made available for participant's election.
Amounts allocated to the Opportunity Fund are invested in a mutual fund which
seeks to provide capital appreciation by investing in growth and aggressive
growth stocks. At least 70% of the fund's assets will always be invested in
the common stocks of growth companies, generally described as small to mid-
size.
Investments in the Equity Fund, Fixed Income Fund, Balanced Fund and
Opportunity Fund are effected in the open market or through collective
investment funds of the Trustee.
(g) Loan Fund-
This fund permits a participant to borrow from their individual account an
amount limited to 50% of their account balance to a maximum of $50,000.
Interest at prevailing market rates (ranging from 8% to 11% as of December 31,
1995) is charged on the loan, but is credited as income to the individual
participant's account. Only one loan is allowed at any one time, and the
maximum term is five years, unless the loan is used for the acquisition of the
participant's primary residence, for which the term of the loan may be extended
beyond the five year period.
Participants at all times have a fully vested interest in their individual and
Company contribution accounts. Distributions of participants' accounts can be
made in lump-sum amounts upon normal retirement from the Company, upon the
death of the participant and upon termination of employment. Withdrawals for
financial hardship can be made in accordance with certain governmental
regulations.
Earnings on the investments of the Trust are allocated to the participants'
accounts based on the proportion of the participant's account to the total of
all participants' accounts in each particular investment fund as of the
quarterly valuation dates of March 31, June 30, October 31 and December 31.
The Company may terminate the Plan at any time. In the event of termination,
or complete discontinuance of contributions, the rights of all participants to
their accounts shall become fully vested and nonforfeitable. Distribution upon
termination or complete discontinuance of contributions will be made in a
manner selected by the Trustee. Presently, the Company has no intention to
terminate the Plan.
(2) Significant Accounting Policies-
Basis of accounting-
The financial statements have been prepared on the accrual basis of accounting.
<PAGE>
Use of accounting estimates-
The preparation of financial statements in conformity with generally accepted
accounting principles requires the Plan's management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from these estimates.
(3) Funding Policy-
The Plan provides for discretionary Company contributions subject to the Board
of Director's authorization to be allocated to the individual participant's
account based on the proportion of a participant's compensation to the total
compensation of all participants. In October 1995 and 1994, the Company's
Board of Directors approved an incentive contribution of $100 to each employee
participating or enrolled to participate in the Plan as of December 31, 1995
and 1994, respectively. These contributions were to encourage employees pre-
tax retirement savings.
All other contributions have been made on a voluntary basis by employees.
Participants who contribute may elect to have their contributions invested in
increments of 10% among any combination of the Fixed Income Fund, the Equity
Fund, the Balanced Fund, the Opportunity Fund, the Company Stock Fund or the
Bond Fund. This election can be changed on any January 1, April 1, July 1 or
October 1.
(4) Investments-
Investments are stated at fair market value as determined by the Trustee by
reference to published market data.
The fair market value of individual investments that represent 5% or more of
the Plan's total assets as of December 31, 1995 and 1994 are as follows:
1995 1994
---------- ----------
Regal-Beloit Corporation Common Stock $4,890,792 $2,661,071
Marshall Stock Fund 1,379,462 968,784
M&I Employee Benefit Stable Principal Fund 3,819,912 3,315,416
Fidelity Balanced Fund 914,930 792,353
Strong Opportunity Fund 1,830,176 1,152,935
Net realized and unrealized appreciation (depreciation) is recorded in the
accompanying statements of changes in net assets as net appreciation in fair
market value of investments.
<PAGE>
(5) Income Tax Status-
The Plan has received a favorable tax determination letter dated November 29,
1989, indicating that the Plan is a qualified plan under Sections 401(a) and
401(k) of the Internal Revenue Code and is exempt from Federal income taxes
under Section 501(a) of the Code. Plan amendments adopted since the last tax
determination letter will be included in the Plan's next filing (see footnote
7). In the opinion of the Company's management, the Plan, as currently
amended, remains tax-exempt.
(6) Related Party Transactions-
(a) Cash and investments of the Plan are held in accounts of the Trustee.
(b) The Plan invests in securities of the Company.
(c) The Plan permits loans to participants.
These transactions are not considered prohibitive transactions by statutory
exemptions under the ERISA regulations.
(7) Subsequent Events-
Subsequent to December 31, 1995, the Plan obtained a new determination letter
from the Internal Revenue Service dated April 12, 1996, approving the Plan as
qualified for tax-exempt status.
<PAGE>
Consent of Independent Public Accountants
As independent public accountants, we hereby consent to the incorporation of
our report included in this Form 11-K into the previously filed Form S-8
Registration Statement of Regal-Beloit Corporation (File No. 1-7283).
ARTHUR ANDERSEN LLP
------------------------------------------
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
June 24, 1996.
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE I
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
<S> <C> <C> <C>
Number
of Market
Shares Description of Security Cost Value
- --------- -------------------------------------------- ----------- ----------
226,646 Regal-Beloit Corporation Common Stock(*) $ 2,633,764 $ 4,890,792
111,641 Marshall Stock Fund 1,180,873 1,379,462
3,819,912 M&I Employee Benefit Stable Principal Fund 3,819,912 3,819,912
59,152 Marshall Money Market Fund 59,152 59,152
60,151 Marshall Intermediate Bond Fund 612,471 611,098
67,100 Fidelity Balanced Fund 863,966 914,930
54,203 Strong Opportunity Fund 1,563,295 1,830,176
----------- -----------
Total Investments 10,733,433 13,505,522
Loans to Participants
(Interest Rates: 8% - 11%)(*) 0 530,254
----------- -----------
Total Assets Held for Investment $10,733,433 $14,035,776
=========== ===========
</TABLE>
(*) Represents a party-in-interest
<PAGE>
SCHEDULE II
<TABLE>
<CAPTION>
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
ITEM 27d -- SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<S> <C> <C> <C> <C> <C> <C>
Identity of Party Number Number Net
Involved/Description of Purchase of Selling Cost of Gain
of Asset Purchases Price Sales Price Asset Sold (Loss)
- -------------------------------------------- --------- ---------- ------- ---------- ---------- -------
Regal-Beloit Corporation Common Stock(*) 29 $ 698,995 9 $ 114,947 $ 81,926 $33,021
M&I Employee Benefit Stable Principal Fund 88 1,063,143 27 558,648 558,648 0
Marshall Money Market Fund 520 3,003,461 441 2,976,340 2,976,340 0
Strong Opportunity Fund 72 523,138 15 130,199 114,696 15,503
</TABLE>
(*) Represents a party-in-interest
<PAGE>
<TABLE>
<CAPTION>
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund Information
---------------------------------------------------------------------------------
Fixed Company
Income Equity Stock Bond Balanced Opportunity Loan Combined
Fund Fund Fund Fund Fund Fund Fund Plan Total
------------- ------------- ---------- ---------- ---------- ----------- -------- -------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Employee contributions $ 557,375 $ 204,326 $ 342,230 $ 89,528 $ 114,682 $ 143,783 $ 0 $ 1,451,924
Employee rollovers 31,342 1,525 11,399 66 2,296 7,768 0 54,396
Employer contributions
(Note 3) 43,720 10,120 24,225 5,995 7,000 13,640 0 104,700
Investment income-
Interest and dividends 194,456 17,633 57,693 37,782 16,803 4,708 38,477 367,552
Net appreciation
(depreciation)in fair
market value of
investments 0 (109,458) 56,480 (56,060) (26,883) 57,260 0 (78,661)
------------- ------------- ----------- --------- ---------- ----------- --------- ------------
Total additions 826,893 124,146 492,027 77,311 113,898 227,159 38,477 1,899,911
------------- ------------- ----------- --------- ---------- ----------- --------- ------------
DEDUCTIONS FROM NET
ASSETS ATTRIBUTED TO:
Administrative fees 28,700 13,524 6,866 4,296 2,015 2,466 0 57,867
Benefits paid to
participants 249,757 118,817 87,218 18,798 17,231 60,470 23,693 575,984
------------- ------------- ----------- --------- ---------- ----------- --------- ------------
Total deductions 278,457 132,341 94,084 23,094 19,246 62,936 23,693 633,851
------------- ------------- ----------- --------- ---------- ----------- --------- ------------
TRANSFERS BETWEEN FUNDS (603,476) (802,001) 15,301 (391,580) 709,573 1,008,620 63,563 0
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of year 3,434,566 1,789,723 2,323,034 813,764 0 0 484,808 8,845,895
------------ ------------ ---------- --------- ---------- ----------- -------- -------------
End of year $ 3,379,526 $ 979,527 $2,736,278 $ 476,401 $ 804,225 $1,172,843 $563,155 $ 10,111,955
============ ============ ========== ========= ========== =========== ======== =============
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
<TABLE>
<CAPTION>
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund Information
----------------------------------------------------------------------------------
Fixed Company
Income Equity Stock Bond Balanced Opportunity Loan Combined
Fund Fund Fund Fund Fund Fund Fund Plan Total
------------ ------------ ---------- ---------- ---------- ------------ ---------- -----------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Employee contributions $ 645,378 $ 165,364 $ 493,157 $ 81,512 $ 147,293 $ 271,763 $ 0 $ 1,804,467
Employee rollovers 7,371 34,336 25,901 10,381 1,569 25,449 0 105,007
Employer contributions
(Note 3) 41,610 11,180 29,865 6,000 7,195 17,350 0 113,200
Investment income-
Interest and dividends 228,029 19,647 87,259 37,035 37,052 10,387 46,705 466,114
Net appreciation in fair
market value of
investments 0 321,903 1,729,938 42,080 78,792 345,657 0 2,518,370
------------ ------------ ---------- ---------- ---------- ------------ ---------- -----------
Total additions 922,388 552,430 2,366,120 177,008 271,901 670,606 46,705 5,007,158
------------ ------------ ---------- ---------- ---------- ------------ ---------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Administrative fees 29,350 13,992 11,306 4,377 3,388 5,920 0 68,333
Benefits paid to
participants 343,922 120,147 185,056 20,768 43,136 34,141 45,408 792,578
------------ ------------ ---------- ---------- ---------- ------------ ---------- -----------
Total deductions 373,272 134,139 196,362 25,145 46,524 40,061 45,408 860,911
------------ ------------ ---------- ---------- ---------- ------------ ---------- -----------
TRANSFERS BETWEEN FUNDS (28,154) (5,093) 113,305 (4,794) (100,347) 55,890 (30,807) 0
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of year 3,379,526 979,527 2,736,278 476,401 804,225 1,172,843 563,155 10,111,955
------------ ------------ ---------- ---------- ---------- ------------ ---------- -----------
End of year $ 3,900,488 $ 1,392,725 $5,019,341 $ 623,470 $ 929,255 $1,859,278 $ 533,645 $14,258,202
============ ============ ========== ========== ========== ============ ==========
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
<TABLE>
<CAPTION>
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund Information
---------------------------------------------------------------------
Fixed Company
Income Equity Stock Bond Balanced Opportunity Loan Combined
Fund Fund Fund Fund Fund Fund Fund Plan Fund
---------- -------- ---------- -------- -------- ----------- -------- -----------
ASSETS
- -----------------------------------------
CASH $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 366 $ 366
RECEIVABLES:
Accrued interest and dividends 17,572 0 15,784 0 5 6 1,808 35,175
Employee contributions 8,541 3,215 7,995 3,342 4,114 5,458 0 32,665
Employer contributions (Note 3) 43,720 10,120 24,225 5,995 7,000 13,640 0 104,700
---------- -------- ---------- -------- -------- ----------- -------- -----------
69,833 13,335 48,004 9,337 11,119 19,104 1,808 172,540
INVESTMENTS AT FAIR VALUE
(Cost of $8,857,777):
Regal-Beloit Corporation Common Stock 0 0 2,661,071 0 0 0 0 2,661,071
Marshall Stock Fund 0 968,784 0 0 0 0 0 968,784
M&I Employee Benefit Stable Principal Fund 3,315,416 0 0 0 0 0 0 3,315,416
Marshall Money Market Fund 0 0 28,985 0 1,416 1,631 0 32,032
Marshall Intermediate Bond Fund 0 0 0 467,933 0 0 0 467,933
Fidelity Balanced Fund 0 0 0 0 792,353 0 0 792,353
Strong Opportunity Fund 0 0 0 0 0 1,152,935 0 1,152,935
---------- -------- ---------- -------- -------- ----------- -------- -----------
3,315,416 968,784 2,690,056 467,933 793,769 1,154,566 0 9,390,524
LOANS TO PARTICIPANTS 0 0 0 0 0 0 560,981 560,981
---------- -------- ---------- -------- -------- ----------- -------- -----------
Total assets 3,385,249 982,119 2,738,060 477,270 804,888 1,173,670 563,155 10,124,411
LIABILITIES
- ------------------------------------------
ACCRUED ADMINISTRATIVE FEES 5,723 2,592 1,782 869 663 827 0 12,456
---------- -------- ---------- -------- -------- ----------- -------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,379,526 $979,527 $2,736,278 $476,401 $804,225 $ 1,172,843 $563,155 $10,111,955
========== ======== ========== ======== ======== =========== ======== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE>
<TABLE>
<CAPTION>
REGAL-BELOIT CORPORATION
PERSONAL SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund Information
-----------------------------------------------------------------------
Fixed Company
Income Equity Stock Bond Balanced Opportunity Loan Combined
Fund Fund Fund Fund Fund Fund Fund Plan Total
---------- ---------- ---------- -------- -------- ----------- -------- -----------
ASSETS
- -----------------------------------------
CASH $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 366 $ 366
RECEIVABLES:
Accrued interest and dividends 19,950 1 22,672 3,270 4 19 3,025 48,941
Employee contributions 31,766 7,260 22,177 4,579 8,452 14,488 0 88,722
Employer contributions (Note 3) 41,610 11,180 29,865 6,000 7,195 17,350 0 113,200
---------- ---------- ---------- -------- -------- ----------- -------- -----------
93,326 18,441 74,714 13,849 15,651 31,857 3,025 250,863
INVESTMENTS AT FAIR VALUE
(cost of $10,733,433):
Regal-Beloit Corporation Common Stock 0 0 4,890,792 0 0 0 0 4,890,792
Marshall Stock Fund 0 1,379,462 0 0 0 0 0 1,379,462
M&I Employee Benefit Stable Principal
Fund 3,819,912 0 0 0 0 0 0 3,819,912
Marshall Money Market Fund 0 0 59,147 0 5 0 0 59,152
Marshall Intermediate Bond Fund 0 0 0 611,098 0 0 0 611,098
Fidelity Balanced Fund 0 0 0 0 914,930 0 0 914,930
Strong Opportunity Fund 0 0 0 0 0 1,830,176 0 1,830,176
---------- ---------- ---------- -------- -------- ----------- -------- -----------
3,819,912 1,379,462 4,949,939 611,098 914,935 1,830,176 0 13,505,522
LOANS TO PARTICIPANTS 0 0 0 0 0 0 530,254 530,254
---------- ---------- ---------- -------- -------- ----------- -------- -----------
Total assets 3,913,238 1,397,903 5,024,653 624,947 930,586 1,862,033 533,645 14,287,005
---------- ---------- ---------- -------- -------- ----------- -------- -----------
LIABILITIES
- -----------------------------------------
ACCRUED ADMINISTRATIVE FEES 12,750 5,178 5,312 1,477 1,331 2,755 0 28,803
---------- ---------- ---------- -------- -------- ----------- -------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,900,488 $1,392,725 $5,019,341 $623,470 $929,255 $ 1,859,278 $533,645 $14,258,202
========== ========== ========== ======== ======== =========== ======== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
