<PAGE> 1
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the Fiscal Year Ended
December 31, 1996 Commission File Number (33-61893)
- --------------------------------- ----------------------------------
ROBBINS & MYERS, INC. EMPLOYEE SAVINGS PLAN
(Name of Plan)
- -------------------------------------------------------------------------------
ROBBINS & MYERS, INC.
1400 Kettering Tower
Dayton, Ohio 45423
(937) 222-2610
(Name of Issuer of Security, held pursuant to Plan and address of its principal
executive office)
===============================================================================
<PAGE> 2
REQUIRED INFORMATION
--------------------
The Robbins & Myers, Inc. Employee Savings Plan (the "Plan") is subject to
the Employee Retirement Income Security Act of 1974.
ITEM 4. In lieu of the requirements of Items 1, 2 and 3 of this Form 11-K,
the following financial statements of the Plan, notes thereto, and Report of
Independent Auditors thereon are being filed as Exhibit 99.1 to this Report:
(a) Statement of Assets Available for Plan Benefits - December 31, 1996
and 1995;
(b) Statement of Changes in Assets Available for Plan Benefits - for the
years ended December 31, 1996 and 1995;
(c) Notes to Financial Statements; and
(d) Schedule of Transactions or Series of Transactions in Excess of 5
percent of the Current Value of Plan Assets for the year ended December 31,
1996.
The consent of Independent Auditors to the incorporation by reference of
the foregoing financial statements in Registration statement on Form S-8 (No.
33-61893) pertaining to the Plan is being filed as Exhibit 23.1 to this Report.
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the persons who administer the Robbins & Myers, Inc. Employee Savings Plan
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
ROBBINS & MYERS, INC. EMPLOYEE
SAVINGS PLAN
By /s/ George M. Walker
Name: George M. Walker
Title: Member, Corporate Benefits
Committee
Dated: June 27, 1997
<PAGE> 3
INDEX TO EXHIBITS
-----------------
The following Exhibits are being filed with this Annual Report on Form
11-K:
EXHIBIT
(23) CONSENT OF EXPERTS AND COUNSEL
23.1 Consent of Ernst & Young LLP.
(99) ADDITIONAL EXHIBITS
99.1 Audited Financial Statement of Robbins & Myers, Inc.
Employee Savings Plan as of and for the years ended December
31, 1996 and 1995.
<PAGE> 1
EXHIBIT 23.1
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-61893) pertaining to the Robbins & Myers, Inc. Employee
Savings Plan of our report dated May 15, 1997, with respect to the financial
statements of the Robbins & Myers, Inc. Employee Savings Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1996.
/s/ ERNST & YOUNG LLP
Dayton, Ohio
June 23, 1997
<PAGE> 1
Audited Financial Statements
and Other Financial Information
Robbins & Myers, Inc.
Employee Savings Plan
Years ended December 31, 1996 and 1995
with Report of Independent Auditors
<PAGE> 2
Robbins & Myers, Inc.
Employee Savings Plan
Audited Financial Statements
and Other Financial Information
Years ended December 31, 1996 and 1995
<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
Report of Independent Auditors........................................................1
Audited Financial Statements
Statements of Assets Available for Plan Benefits .....................................2
Statements of Changes in Assets Available for Plan Benefits ..........................3
Notes to Financial Statements.........................................................4
Other Financial Information
Schedule of Assets Held for Investment...............................................12
Schedule of Transactions or Series of Transactions in Excess of 5 Percent of the
Current Value of Plan Assets......................................................13
</TABLE>
<PAGE> 3
[Ernst & Young LLP Letterhead]
Report of Independent Auditors
Corporate Benefits Committee
Robbins & Myers, Inc. Employee Savings Plan
We have audited the accompanying financial statements of the Robbins & Myers,
Inc. Employee Savings Plan (the Plan) as of December 31, 1996 and 1995 and the
years then ended, as listed in the table of contents. 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 assets available for plan benefits of the Plan at
December 31, 1996 and 1995, and the changes in its assets available for plan
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 for the year ending December 31, 1996, and transactions or
series of transactions in excess of 5 percent of the current value of plan
assets for the year ending December 31, 1996 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
/s/ Ernst & Young LLP
May 15, 1997
1
<PAGE> 4
<TABLE>
<CAPTION>
Robbins & Myers, Inc.
Employee Savings Plan
Statements of Assets Available for Plan Benefits
DECEMBER 31
<S> <C> <C>
1996 1995
---------------------------
ASSETS
Investments at fair value:
Robbins & Myers, Inc. Common Stock $7,031,401 $3,434,942
Vanguard Wellington Fund 3,701,946 3,168,100
Vanguard Windsor Fund 7,393,496 6,297,658
VMMR Prime Portfolio 661,137 830,497
Vanguard Index Small Capitalization Portfolio 1,063,535 887,509
Vanguard Windsor II 2,024,951 1,977,100
Vanguard Index 500 Portfolio 649,267 12,849
Vanguard U.S. Growth Fund 1,674,801 1,464,812
Vanguard International Growth Portfolio 285,061 -
Vanguard VBIF Total Bond Market Fund 142,185 -
T. Rowe Price Stable Value Fund - 1,973,316
Vanguard Investment Contract Trust 5,492,180 2,921,230
---------------------------
Total investments 30,119,960 22,968,013
Receivables:
Employer contribution receivable 392,811 85,315
Employee contribution receivable 187,912 265,164
Loans receivable from participants 615,112 380,876
---------------------------
Total receivables 1,195,835 731,355
---------------------------
Assets available for plan benefits $31,315,795 $23,699,368
===========================
</TABLE>
See accompanying notes.
2
<PAGE> 5
<TABLE>
<CAPTION>
Robbins & Myers, Inc.
Employee Savings Plan
Statements of Changes in Assets Available for Plan Benefits
YEARS ENDED DECEMBER 31
<S> <C> <C>
1996 1995
-----------------------
ADDITIONS
Contributions from employees $2,731,442 $1,574,166
Contributions from employer 1,003,187 503,518
Dividend income--Robbins & Myers, Inc.
Common Stock 47,197 -
Dividends and interest 1,725,540 814,395
Transfer of assets from the Robbins & Myers, Inc.
Employee Savings Plan (Note 1) - 10,674,170
-----------------------
Total additions 5,507,366 13,566,249
DEDUCTIONS
Withdrawals 2,445,396 1,375,496
Administrative expenses 2,781 1,960
-----------------------
Total deductions 2,448,177 1,377,456
Unrealized and realized appreciation
in fair value of investments 4,557,238 1,410,668
-----------------------
Net additions 7,616,427 13,599,461
Assets available for plan benefits at
beginning of year 23,699,368 10,099,907
-----------------------
Assets available for plan benefits at end of year $31,315,795 $23,699,368
=======================
</TABLE>
See accompanying notes.
3
<PAGE> 6
Robbins & Myers, Inc.
Employee Savings Plan
Notes to Financial Statements
December 31, 1996
1. DESCRIPTION OF PLAN
The Robbins & Myers, Inc. Savings Plan for Salaried Employees of Chemineer,
Edlon, and Pfaudler merged with the Robbins & Myers, Inc. Employee Savings Plan
effective December 31, 1995. As a result of this merger, $10,674,170 of assets
formerly held in the Robbins & Myers Inc. Employee Savings Plan were transferred
to the Robbins & Myers, Inc. Savings Plan for Salaried Employees of Chemineer,
Edlon, and Pfaudler and the Plan name was changed to the Robbins & Myers, Inc.
Employee Savings Plan (the Plan).
The Plan is a defined contribution plan which covers salaried employees of
Robbins & Myers, Inc. (the Company) and its U.S. subsidiaries. Each year,
participants can make contributions of between 1 percent and 12 percent of
pretax annual compensation, as defined by the Plan. The Company contributes a
minimum of 40 percent of an employee's annual contribution and may elect to make
an additional 20 percent contribution at year end. Only the first 6 percent of
an employee's annual compensation is eligible for the employer's match.
Participants are immediately vested in their contributions and any earnings on
these contributions. Matching contributions made by the Company become vested as
follows:
<TABLE>
<CAPTION>
VESTING
YEARS OF VESTING SERVICE PERCENTAGE
---------------------------------------------
<S> <C>
Less than 1 year 0%
1 year but less than 2 years 20%
2 years but less than 3 years 40%
3 years but less than 4 years 60%
4 years but less than 5 years 80%
5 years or more 100%
</TABLE>
Brokerage fees and other direct costs of investment are paid by the fund to
which the costs are attributable. All other expenses are paid by the Company.
Although it has not expressed an intent to do so, the Company has the right to
discontinue its contributions at any time and terminate the Plan subject to the
provisions of ERISA.
4
<PAGE> 7
Robbins & Myers, Inc.
Employee Savings Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF PLAN (CONTINUED)
The foregoing description of the Plan provides only general information.
Additional information about the plan agreement is contained in the Summary Plan
Description. Copies are available from the Corporate Benefits Committee.
2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Plan maintains its accounting records on the accrual basis of accounting.
All assets of the Plan are held by the trustee.
INVESTMENT VALUATION
The Plan's investments are stated at fair value. The shares of registered
investment companies are valued at quoted market prices which represent the net
asset values of shares held by the Plan at year-end. The units of the Vanguard
Investment Contract Trust are valued at their contract value which approximate
fair value.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date. Realized gains and losses on securities represent the
difference between the proceeds received and the average cost of securities
sold. Unrealized appreciation (depreciation) on securities represents the
difference between the current value and the cost of the investment and is
reflected in the statement of changes in assets available for plan benefits as a
part of unrealized and realized appreciation (depreciation) in fair value of
investments.
MANAGEMENT'S 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 reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements.
Estimates also affect the reported amounts of changes in net assets during the
reporting period. Actual results could differ from those estimates.
5
<PAGE> 8
Robbins & Myers, Inc.
Employee Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS
The fair value of individual investments that represent 5 percent or more of the
Plan's fair value of net assets available for plan benefits is as follows:
<TABLE>
<CAPTION>
DECEMBER 31
1996 1995
------------------------------
<S> <C> <C>
Robbins & Myers, Inc. Common Stock $7,031,401 $3,434,942
Vanguard Wellington Fund 3,701,946 3,168,100
Vanguard Windsor Fund 7,393,496 6,297,658
Vanguard Windsor II 2,024,951 1,977,100
Vanguard U.S. Growth Fund 1,674,801 1,464,812
T. Rowe Price Stable Value Fund - 1,973,316
Vanguard Investment Contract Trust 5,492,180 2,921,230
</TABLE>
6
<PAGE> 9
<TABLE>
Robbins & Myers, Inc.
Employees Savings Plan
Notes to Financial Statements (continued)
4. INVESTMENT FUND ACTIVITY
The Plan provides that participants may direct their contributions and the Company's contributions to various types of investment
funds. The changes in assets available for plan benefits of the various funds for the year ended December 31, 1996 are summarized in
the following tables:
<CAPTION>
YEAR ENDED DECEMBER 31, 1996
--------------------------------------------------------------------------------------
ROBBINS & VANGUARD
MYERS, INC. VANGUARD VANGUARD VMMR INDEX SMALL VANGUARD
COMMON WELLINGTON WINDSOR PRIME CAPITALIZATION VANGUARD INDEX 500
STOCK FUND FUND PORTFOLIO PORTFOLIO WINDSOR II PORTFOLIO
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Contributions from employees $ 311,570 $ 525,623 $ 752,583 $ 138 $ 148,346 $ 36,781 $331,244
Contributions from employer 1,003,187 - - - - - -
Dividend income-
Robbins & Myers, Inc. Common Stock 47,197 - - - - - -
Dividends and interest - 285,417 706,247 34,770 85,222 144,984 10,986
Transfers in 103,735 - - - - - 253,482
--------------------------------------------------------------------------------------
Total additions 1,465,689 811,040 1,458,830 34,908 233,568 181,765 595,712
DEDUCTIONS
Withdrawals 396,279 372,753 527,439 100,390 73,183 218,832 13,657
Administrative expenses - - - - 2,781 - -
Transfers out - 131,053 682,489 103,862 56,261 213,631 -
--------------------------------------------------------------------------------------
Total deductions 396,279 503,806 1,209,928 204,252 132,225 432,463 13,657
Unrealized and realized appreciation
in fair value of investments 2,830,485 223,059 831,691 - 75,738 298,567 61,609
--------------------------------------------------------------------------------------
Net additions 3,899,895 530,293 1,080,593 (169,344) 177,081 47,869 643,664
Assets available for plan
benefits at beginning of year 3,550,300 3,203,285 6,364,900 830,497 895,810 1,977,100 27,649
Assets available for plan --------------------------------------------------------------------------------------
benefits at end of year $7,450,195 $3,733,578 $7,445,493 $661,153 $1,072,891 $2,024,969 $671,313
======================================================================================
</TABLE>
7
<PAGE> 10
<TABLE>
Robbins & Myers, Inc.
Employees Savings Plan
Notes to Financial Statements (continued)
4. INVESTMENT FUND ACTIVITY (CONTINUED)
<CAPTION>
YEAR ENDED DECEMBER 31, 1996
---------------------------------------------------------------------------------------
VANGUARD T. ROWE
INVESTMENT VANGUARD INTERNATIONAL PRICE
CONTRACT U.S. GROWTH GROWTH TOTAL BOND STABLE VALUE PARTICIPANT
TRUST FUND PORTFOLIO MARKET FUND LOANS TOTAL
---------------------------------------------------------------------------------------
ADDITIONS
<S> <C> <C> <C> <C> <C> <C> <C>
Contributions from employees $ 191,938 $ 194,884 $145,553 $ 92,782 $ - $ - $ 2,731,442
Contributions from employer - - - - - - 1,003,187
Dividend income-
Robbins & Myers, Inc. Common Stock - - - - - - 47,197
Dividends and interest 219,993 124,779 12,275 4,662 50,070 46,135 1,725,540
Transfers in 2,477,019 - 133,430 46,422 - 483,890 3,497,978
---------------------------------------------------------------------------------------
Total additions 2,888,950 319,663 291,258 143,866 50,070 530,025 9,005,344
DEDUCTIONS
Withdrawals 324,937 228,091 13,406 2,485 166,467 7,477 2,445,396
Administrative expenses - - - - - - 2,781
Transfers out - 138,323 - - 1,884,047 288,312 3,497,978
---------------------------------------------------------------------------------------
Total deductions 324,937 366,414 13,406 2,485 2,050,514 295,789 5,946,155
Unrealized and realized appreciation
in fair value of investments - 226,943 8,461 685 - - 4,557,238
---------------------------------------------------------------------------------------
Net (deductions) additions 2,564,013 180,192 286,313 142,066 (2,000,444) 234,236 7,616,427
Assets available for plan
benefits at beginning of year 2,942,595 1,513,746 6,460 5,706 2,000,444 380,876 23,699,368
Assets available for plan ---------------------------------------------------------------------------------------
benefits at end of year $5,506,608 $1,693,938 $292,773 $147,772 $ - $615,112 $31,315,795
=======================================================================================
</TABLE>
8
<PAGE> 11
<TABLE>
Robbins & Myers, Inc.
Employees Savings Plan
Notes to Financial Statements (continued)
4. INVESTMENT FUND ACTIVITY (CONTINUED)
<CAPTION>
YEAR ENDED DECEMBER 31, 1995
--------------------------------------------------------------------------------------
ROBBINS & VANGUARD
MYERS, INC. VANGUARD VANGUARD VMMR INDEX SMALL VANGUARD
COMMON WELLINGTON WINDSOR PRIME CAPITALIZATION VANGUARD INDEX 500
STOCK FUND FUND PORTFOLIO PORTFOLIO WINDSOR II PORTFOLIO
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Contributions from employees $ 42,130 $ 428,679 $ 361,323 $ 77,142 $128,875 $ 186,004 $27,609
Contributions from employer 66,671 104,785 102,660 32,511 39,707 58,648 -
Dividends and interest 1,620 149,594 288,571 47,003 31,273 112,172 -
Transfers in 483,525 - 4,243 1,082 - 51,450 -
Transfer of assets from the
Robbins & Myers, Inc.
Employee Savings Plan 2,942,046 - 3,732,881 - - - -
--------------------------------------------------------------------------------------
Total additions 3,535,992 683,058 4,489,678 157,738 199,855 408,274 27,609
DEDUCTIONS
Withdrawals 32 253,813 171,320 61,897 28,327 167,059 -
Administrative expenses - - - - 1,960 - -
Transfers out - 13,432 - - 78,730 - -
---------------------------------------------------------------------------------------
Total deductions 32 267,245 171,320 61,897 109,017 167,059 -
Unrealized and realized
appreication in fair
value of investments 14,340 578,146 259,915 - 153,917 404,310 40
---------------------------------------------------------------------------------------
Net additions 3,550,300 993,959 4,578,273 95,841 244,755 645,525 27,649
Assets available for plan
benefits at beginning of year - 2,209,326 1,786,627 734,656 651,055 1,331,575 -
Assets available for plan --------------------------------------------------------------------------------------
benefits at end of year $3,550,300 $3,203,285 $6,364,900 $830,497 $895,810 $1,977,100 $27,649
======================================================================================
</TABLE>
9
<PAGE> 12
<TABLE>
Robbins & Myers, Inc.
Employees Savings Plan
Notes to Financial Statements (continued)
4. INVESTMENT FUND ACTIVITY (CONTINUED)
<CAPTION>
YEAR ENDED DECEMBER 31, 1996
------------------------------------------------------------------------------------------------
VANGUARD T. ROWE
INVESTMENT VANGUARD INTERNATIONAL PRICE
CONTRACT U.S. GROWTH GROWTH TOTAL BOND STABLE VALUE PARTICIPANT
TRUST FUND PORTFOLIO MARKET FUND LOANS TOTAL
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Contributions from employees $ 294,762 $ 15,476 $6,460 $5,706 $ - $ - $ 1,574,166
Contributions from employer 98,536 - - - - - 503,518
Dividends and interest 184,162 - - - - - 814,395
Transfers in - - - - - - 540,300
Transfer of assets from the
Robbins & Myers, Inc.
Employee Savings Plan 119,653 1,498,270 - - 2,000,444 380,876 10,674,170
------------------------------------------------------------------------------------------------
Total additions 697,113 1,513,746 6,460 5,706 2,000,444 380,876 14,106,549
DEDUCTIONS
Withdrawals 693,048 - - - - - 1,375,496
Administrative expenses - - - - - - 1,960
Transfers out 448,138 - - - - - 540,300
------------------------------------------------------------------------------------------------
Total deductions 1,141,186 - - - - - 1,917,756
Unrealized and realized
appreciation in fair
value of investments - - - - - - 1,410,668
------------------------------------------------------------------------------------------------
Net (deductions) additions (444,073) 1,513,746 6,460 5,706 2,000,444 380,876 13,599,461
Assets available for plan
benefits at beginning of year 3,386,668 - - - - - 10,099,907
Assets available for plan ------------------------------------------------------------------------------------------------
benefits at end of year $2,942,595 $1,513,746 $6,460 $5,706 $2,000,444 $380,876 $23,699,368
================================================================================================
</TABLE>
10
<PAGE> 13
Robbins & Myers, Inc.
Employee Savings Plan
Notes to Financial Statements (continued)
5. INCOME TAX STATUS
The Internal Revenue Service has ruled that the Plan 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 administration is not
aware of events that have occurred that might adversely affect the Plan's
qualified status.
6. TRANSACTIONS WITH PARTIES-IN-INTEREST
As of December 31, 1996, the Plan held 281,256 shares of Robbins & Myers, Inc.
common stock in a company stock fund. During 1996, 52,260 shares were purchased
at a cost of $2,393,631.
11
<PAGE> 14
Other Financial Information
<PAGE> 15
<TABLE>
<CAPTION>
Robbins & Myers, Inc. Employee Savings Plan
Schedule of Assets Held for Investment
December 31, 1996
SHARES/ CURRENT
DESCRIPTION OF INVESTMENT UNITS COST VALUE
----------------------------------------------------------------------------
<S> <C> <C> <C>
Robbins & Myers, Inc.
Common Stock 281,256 $ 3,774,050 $ 7,031,401
Vanguard Wellington Fund 141,556 3,158,037 3,701,946
Vanguard Windsor Fund 445,660 6,679,923 7,393,496
VMMR Prime Portfolio 661,137 661,137 661,137
Vanguard Index Small Capitalization
Portfolio 52,572 912,731 1,063,535
Vanguard Windsor II 84,975 1,552,077 2,024,951
Vanguard Index 500 Portfolio 9,388 590,267 649,267
Vanguard U.S. Growth Fund 70,548 1,500,093 1,674,801
Vanguard VBIF Total Bond Market Fund 14,450 141,612 142,185
Vanguard Investment Contract Trust 5,492,180 5,492,180 5,492,180
Vanguard International Growth
Portfolio 17,318 277,203 285,061
-------------------------
$24,739,310 $30,119,960
=========================
</TABLE>
12
<PAGE> 16
<TABLE>
Robbins & Myers, Inc. Employee Savings Plan
Schedule of Transactions or Series of Transactions in Excess
of 5 Percent of the Current Value of Plan Assets
Year ended December 31, 1996
<CAPTION>
IDENTITY NUMBER NUMBER NET
OF DESCRIPTION OF PURCHASE OF SELLING HISTORICAL CURRENT GAIN
PARTY INVOLVED OF ASSETS PURCHASES PRICE SALES PRICE COST VALUE (LOSS)
- -----------------------------------------------------------------------------------------------------------------------------------
CATEGORY (III)--A SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Robbins & Myers, Inc.
Common Stock
Shares 99 $2,393,631 111 $1,625,634 $1,151,088 $1,625,634 $474,546
Vanguard Wellington Participating
Fund Units 56 1,047,954 90 736,474 623,103 736,474 113,371
Vanguard Windsor Participating
Fund Units 80 1,995,391 123 1,731,243 1,623,954 1,731,243 107,289
T. Rowe Price Stable Participating
Value Fund Units 25 77,198 25 2,050,514 2,050,514 2,050,514 -
Vanguard Investment Participating
Contract Trust Units 99 3,412,122 88 840,551 840,551 840,551 -
There were no category (i), (ii), or (iv) reportable transactions for the year.
</TABLE>
13
