<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED 1995 or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
COMMISSION FILE NUMBER 33-92860
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Borg-Warner Automotive Diversified Transmission Products Corporation,
Muncie Plant Local 287 Retirement Investment Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Borg-Warner Automotive, Inc.
200 South Michigan Avenue
Chicago, Illinois 60604
REQUIRED INFORMATION
ITEM 4.
Financial Statements as of December 31, 1995 and 1994 and for the year ended
December 31, 1995 and Supplemental Schedule as of December 31, 1995
and Independent Auditors' Report.
<PAGE> 2
BORG-WARNER AUTOMOTIVE DIVERSIFIED
TRANSMISSION PRODUCTS CORPORATION,
MUNCIE PLANT LOCAL 287 RETIREMENT
INVESTMENT PLAN
FINANCIAL STATEMENTS AS OF
DECEMBER 31, 1995 AND 1994 AND FOR THE
YEAR ENDED DECEMBER 31, 1995 AND
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31,
1995 AND INDEPENDENT AUDITORS' REPORT
<PAGE> 3
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
<TABLE>
TABLE OF CONTENTS
- ------------------------------------------------------------------------------------------
PAGE
<S> <C>
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits,
December 31, 1995 and 1994 2
Statement of Changes in Net Assets Available for Benefits,
Years Ended December 31, 1995 3
Notes to Financial Statements,
Years Ended December 31, 1995 and 1994 4-11
SUPPLEMENTAL SCHEDULE:
Item 27a - Schedule of Assets Held for Investment Purposes, December 31, 1995 12
</TABLE>
(Supplemental schedules not listed are omitted due to the absence of conditions
under which they are required.)
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
Borg-Warner Automotive Diversified Transmission
Products Corporation, Muncie Plant Local 287
Retirement Investment Plan:
We have audited the accompanying statements of net assets available for benefits
of the Borg-Warner Automotive Diversified Transmission Products Corporation,
Muncie Plant Local 287 Retirement Investment Plan (the "Plan") as of December
31, 1995 and 1994 and the related statement of changes in net assets available
for benefits for the year ended December 31, 1995. 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 required 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 Plan's financial statements referred to above present
fairly, in all material respects, the net assets available for benefits as of
December 31, 1995 and 1994, and the changes in net assets available for benefits
for the year ended December 31, 1995 in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental schedule of assets held for
investment purposes as of December 31, 1995 is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements, but is 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 supplemental schedule has been
subjected to the auditing procedures applied in the audit of the basic 1995
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ DELOITTE & TOUCHE LLP
- -------------------------
DELOITTE & TOUCHE LLP
Chicago, Illinois
June 26, 1996
<PAGE> 5
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
(IN THOUSANDS OF DOLLARS)
- -----------------------------------------------------------------
NET ASSETS 1995 1994
<S> <C> <C>
INVESTMENT IN MASTER TRUST $35,881 $25,456
------- -------
NET ASSETS AVAILABLE FOR BENEFITS $35,881 $25,456
======= =======
</TABLE>
See notes to financial statements.
- 2 -
<PAGE> 6
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1995
(IN THOUSANDS OF DOLLARS)
- ---------------------------------------------------------------------------------
1995
<S> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income from Master Trust $ 7,373
Contributions from participants 3,384
Contributions from the Company 1,312
-------
Total additions 12,069
-------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Participants' withdrawals 1,182
Transfer to other Borg-Warner Automotive, Inc. plans 420
Miscellaneous expense 42
-------
Total deductions 1,644
-------
NET INCREASE 10,425
NET ASSETS AVAILABLE FOR BENEFITS - Beginning of year 25,456
-------
NET ASSETS AVAILABLE FOR BENEFITS - End of year $35,881
=======
</TABLE>
See notes to financial statements.
- 3 -
<PAGE> 7
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
1. DESCRIPTION OF PLAN
Borg-Warner Automotive, Inc. (the "Company") established the Borg-Warner
Automotive, Inc. Retirement Savings Master Trust (the "Master Trust") with
Putnam Fiduciary Trust, Boston, Massachusetts on April 1, 1994, pursuant to
the Benefits Agreement entered into in accordance with the January 27, 1993
distribution of the Company's stock to the stockholder's of its then parent
company, Borg-Warner Security Corporation ("BW-Security"). The BW-Security
Master Trust (the "Prior Master Trust") was originally established on April
5, 1988 while the Company was a wholly owned subsidiary of BW-Security with
eligible employees participating in the Prior Master Trust through the
Borg-Warner Automotive Diversified Transmission Products Corporation, Muncie
Local 287, Retirement Investment Plan (the "Plan").
The Plan was established on January 1, 1987. Effective May 31, 1994, the
Prior Master Trust transferred to the Master Trust assets equal to
participant balances in the Plan under the Prior Master Trust as of
March 31, 1994 pursuant to the Benefits Agreement.
The Plan is a defined contribution plan under section 401(a) of the Internal
Revenue Code designed to provide eligible employees of the Borg-Warner
Automotive Diversified Transmission Products Corporation, Muncie Plant (the
"Muncie Plant"), the Plan sponsor, with systematic savings and
tax-advantaged long-term savings for retirement. The Muncie Plant has a
Retirement Savings Plan Committee (the "Committee") to oversee the Plan.
The Committee has appointed Putnam Investor Services, Inc. and Putnam
Fiduciary Trust to perform the administrative, investment, and trustee
services for the Plan.
A complete description of the Plan procedures and provisions are contained
in the Plan document. Significant Plan features include:
ELIGIBILITY - Employees of the Muncie Plant, who are covered by the
collective bargaining agreement between the Company and UAW Local 287
("Represented Employees"), may participate in the Plan if they were employed
on September 7, 1989 and have attained the earlier of (i) seniority as
defined in the collective bargaining agreement, or (ii) one year of vested
service with the Muncie Plant.
PARTICIPANT'S ACCOUNTS - A Represented Employee who elects to participate in
the Plan may contribute to the following two accounts:
Matched Contribution Account - Participants may contribute on a pretax basis
from 2-6% of their compensation to this account. The Muncie Plant makes
contributions equal to 50% of such participants' contributions.
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<PAGE> 8
Savings Account - Participants may contribute an additional 1-10% of their
compensation to this account. No Muncie Plant contributions are made to
this account.
MASTER TRUST - Participants may elect to invest their Matched Contribution
Account and Savings Account in one or more of the funds of the Master Trust
maintained by Putnam Fiduciary Trust, other than the pending account and
loan fund which are not fund elections available to participants. The funds
of the Master Trust are as follows:
Investment Contracts Fund - Invests in investment contracts with either
highly rated insurance companies or major banks and also in short-term
investments which provide liquidity.
Putnam Voyager Fund - Invests a significant portion of its assets in
securities of smaller and newer issuers. The fund may borrow money to
purchase additional portfolio securities. The fund also trades
securities for short-term profits.
Putnam S&P 500 Index Fund - Invests primarily in publicly traded
common stocks either directly or through collective investment trusts
having a similar investment objective. A small portion of the fund's
assets are invested in high-quality money market instruments and
financial futures contracts.
Putnam U.S. Government Bond Fund - Invests exclusively in
securities backed by the full faith and credit of the United States
Government, repurchase agreements, and forward committments with respect
to such securities. Effective December 29, 1995, the Master Trust
discontinued this fund as an investment option and participants'
investments in this fund were transfered to other participant elected
investment options. No balance existed in this fund at December 31,
1995.
The George Putnam Fund of Boston - Invests in a well-diversified
portfolio of stocks and bonds.
Borg-Warner Automotive, Inc. Stock Fund - Invests in the common stock of
Borg-Warner Automotive, Inc.
Putnam Income Fund - Invests primarily in quality corporate and government
bonds that pay a rate of interest in regularly scheduled payments. The
fund became an eligible investment option in the Master Trust effective
October 1, 1995.
Loan Fund - Invests in plan participant loans. Participant borrowings
increase the Fund balance and principal repayments decrease the Fund
balance with proceeds reinvested in participant directed fund investment
elections. The Loan Fund does not share in the dividends, earnings, and
gains of the Master Trust.
Pending Account - Represents (1) forfeitures of nonvested account
balances until applied against future Company contributions; (2)
proceeds from the sale of assets prior to distribution to the newly
elected investment fund.
- 5 -
<PAGE> 9
Participant interests in each of the funds under the Master Trust are
accounted for in units of value. The following is a summary by fund of the
number of units and net asset value per unit:
<TABLE>
<CAPTION>
DECEMBER 31, 1995
NUMBER NET ASSET
OF VALUE
UNITS PER UNIT
<S> <C> <C>
Investment Contracts Fund 4,692,593 $ 1.00
Putnam Voyager Fund 832,901 15.34
Putnam S&P 500 Index Fund 293,787 13.88
The George Putnam Fund of Boston 855,413 15.52
Borg-Warner Automotive, Inc. Stock Fund 9,936 32.00
Putnam Income Fund 77,468 7.23
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1994
NUMBER NET ASSET
OF VALUE
UNITS PER UNIT
<S> <C> <C>
Investment Contracts Fund 3,740,277 $ 1.00
Putnam Voyager Fund 596,291 11.56
Putnam S&P 500 Index Fund 233,535 10.12
Putnam U.S. Government Bond Fund 521,502 12.20
The George Putnam Fund of Boston 471,527 12.93
</TABLE>
Contributions to, and earnings of, each fund are invested in appropriate
holdings on a timely basis. All purchases of Borg-Warner Automotive, Inc.
stock are made on the open market.
VESTING - Fund assets attributable to voluntary participant contributions
are fully vested at all times. Fund assets attributable to Muncie Plant
contributions vest 100% upon completion of five years of vested service or
upon permanent disability, death or attaining age 65 provided, however, the
participant is employed by the Muncie Plant on that date.
WITHDRAWALS - While participants are actively employed, no withdrawals may
be made from the Matched Contribution Account. Withdrawals may be made from
the Savings Account at the participants' option subject to certain
limitations. Upon termination of employment, participants may elect an
immediate or future distribution of the participants' vested account
balances as permitted by the Plan subject to ERISA regulations.
LOANS - Participants may borrow up to 50% of their Savings Account balance
with a minimum of $500 and a maximum of $50,000 limited to a single loan
outstanding at any time. Loan terms range from six months to five years,
with interest charged at the rate established by the trustee for similar
loans on the origination date. No loans are permitted from the Matched
Contribution Account.
PRIORITIES UPON TERMINATION - Although the Company has not expressed any
intent to discontinue the Plan, it may do so at any time. In the event of
termination, the interests of the affected participants
- 6 -
<PAGE> 10
shall become fully vested. The Plan assets then remaining shall be
used to pay administrative expenses and benefits equal to the balance in the
participants' accounts.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS - The Investment Contracts Fund of the Master Trust is stated at
cost plus interest earned to date (i.e., contract value) as reported by the
Trustee. The contract value of the Investment Contract Fund approximates the
fair value. The average yield for the Investment Contracts Fund was 6.9% for
the years ended December 31, 1995 and 1994. The Investment Contracts Fund is
fully benefit responsive. Investments in all other funds are stated at market
value as reported by the Trustee.
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 net assets
available for benefits as of the date of the financial statements and the
reported amounts of changes in net assets available for benefits during the
reporting period. Actual results could differ from those estimates.
MISCELLANEOUS EXPENSES - Transfer taxes and brokerage expenses attributable
to the Master Trust assets are charged to the applicable fund. Any other
expenses incurred in respect of Master Trust income or property are charged
to the accounts of the participants, where applicable, or are paid in such
manner as the Company determines.
BENEFITS PAYABLE - In accordance with the AICPA Audit and Accounting Guide,
Audits of Employee Benefit Plans, the Plan does not record benefits payable
to participants who have withdrawn from the plan. As of December 31, 1995,
no benefits were due to participants withdrawn from the Plan.
RECLASSIFICATIONS - Certain 1994 amounts have been reclassified to conform
with the 1995 presentation.
3. TAX STATUS
The Plan obtained a determination letter on September 29, 1995 in which the
Internal Revenue Service determined that the Plan was in compliance with
applicable requirements of the Internal Revenue Code. The Plan's management
believes it is designed and being operated in accordance with the
applicable rules and regulations of the Internal Revenue Code; therefore,
no provision for income taxes has been made in the Plan's financial
statements.
4. FUND INFORMATION
Fair value of Plan investments in the Master Trust as of December 31, 1995
and 1994, investment income from Master Trust, contributions from
participants' contributions from the Company, and participants'
withdrawals are as follows:
- 7 -
<PAGE> 11
<TABLE>
<CAPTION>
DECEMBER 31,
1995 1994
<S> <C> <C>
Fair value of Plan investments in Master Trust (in thousands):
Investment Contracts Fund $ 4,693* $ 3,740*
Putnam Voyager Fund 12,777* 6,894*
Putnam S&P 500 Index Fund 4,078* 2,363*
Putnam U.S. Government Bond Fund 6,362*
The George Putnam Fund of Boston 13,276* 6,097*
Borg-Warner Automotive, Inc. Stock Fund 318
Putnam Income Fund 560
Loan Fund 144
Pending Account 35
------- -------
Total $35,881 $25,456
======= =======
</TABLE>
*Represents 5% or more of plan assets.
<TABLE>
<S> <C>
Investment Income from Master Trust, for the year ended December 31, 1995 (in thousands):
Investment Contracts Fund $ 290
Putnam Voyager Fund 3,143
Putnam S&P 500 Index Fund 947
Putnam U.S. Government Bond Fund 967
The George Putnam Fund of Boston 2,001
Borg-Warner Automotive, Inc. Stock Fund 14
Putnam Income Fund 7
Loan Fund 4
------
Total $7,373
======
</TABLE>
<TABLE>
<S> <C>
Contributions from participants, for the year-ended December 31, 1995 (in thousands):
Investment Contracts Fund $ 488
Putnam Voyager Fund 1,018
Putnam S&P 500 Index Fund 390
Putnam U.S. Government Bond Fund 380
The George Putnam Fund of Boston 1,098
Borg-Warner Automotive, Inc. Stock Fund 7
Putnam Income Fund 3
-------
Total $ 3,384
=======
</TABLE>
- 8 -
<PAGE> 12
<TABLE>
<S> <C>
Contributions from the Company for the year-ended December 31, 1995 (In thousands):
Investment Contracts Fund $ 189
Putnam Voyager Fund 373
Putnam S&P 500 Index Fund 153
Putnam U.S. Government Bond Fund 148
The George Putnam Fund of Boston 446
Borg-Warner Automotive, Inc. Stock Fund 2
Putnam Income Fund 1
------
Total $1,312
======
</TABLE>
<TABLE>
<S> <C>
Paricipants' withdrawals, for the year-ended December 31, 1995 (in thousands):
Investment Contracts Fund $ 158
Putnam Voyager Fund 224
Putnam S&P 500 Index Fund 64
Putnam U.S. Government Bond Fund 415
The George Putnam Fund of Boston 321
------
Total $1,182
======
</TABLE>
5. MASTER TRUST
The plans participating in the Master Trust are the Borg-Warner Automotive,
Inc. Retirement Savings Plan ("BWARSP"), the Ithaca Retirement Savings Plan
("IRSP"), the Borg-Warner Retirement Savings Plan, Dixon Plant ("DRSP"), the
Borg-Warner Retirement Savings Plan, Blytheville Plant ("BRSP"), the
Borg-Warner Automotive Diversified Transmission Products Corporation, Muncie
Plant Retirement Savings Plan ("MRSP"), the Borg-Warner Automotive
Diversified Transmission Products Corporation, Muncie Plant, Local 287
Retirement Investment Plan ("MRIP"), the Borg-Warner Automotive Automatic
Transmission Systems Corporation, Coldwater Plant Retirement Savings Plan
("CRSP"), the Borg-Warner Automotive Automatic Transmission Systems
Corporation, Sterling Heights Plant Savings Plan ("SHSP"), the Borg-Warner
Automotive Automatic Transmission Systems Corporation, Plymouth Plant
Retirement Savings Plan ("PRSP"), and the Borg-Warner Automotive Automatic
Transmission Systems Corporation, Romulus Plant Retirement Savings Plan
("RRSP").
- 9 -
<PAGE> 13
Each plan's interest in the net assets of the Master Trust as of December
31, 1995 and 1994 is as follows:
<TABLE>
<CAPTION>
PERCENT OF MASTER TRUST NET ASSETS
DECEMBER 31, 1995
--------------------------------------------------------------------------------------------------------------------
NAME INVESTMENT PUTNAM PUTNAM THE GEORGE BORG-WARNER PUTNAM
OF CONTRACTS VOYAGER S&P 500 PUTNAM FUND AUTOMOTIVE, INC. INCOME LOAN PENDING TOTAL
PLAN FUND FUND INDEX FUND OF BOSTON STOCK FUND FUND FUND ACCOUNT PLAN
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BWARSP 26.94% 20.70% 8.10% 19.68% 3.37% 0.77% 0.73% 0.11% 80.40%
IRSP 1.72 1.28 0.48 1.20 0.42 0.01 0.06 0.00 5.17
DRSP 0.50 0.42 0.08 0.37 0.13 0.00 0.01 0.00 1.51
BRSP 0.23 0.21 0.09 0.23 0.08 0.00 0.01 0.00 0.85
MRSP 0.09 0.31 0.13 0.32 0.07 0.00 0.04 0.00 0.96
MRIP 1.41 3.84 1.23 3.99 0.10 0.17 0.04 0.01 10.79
SHSP 0.02 0.02 0.01 0.03 0.02 0.00 0.00 0.00 0.10
CRSP 0.01 0.02 0.02 0.02 0.01 0.00 0.00 0.00 0.08
RRSP 0.01 0.03 0.01 0.02 0.03 0.00 0.00 0.00 0.10
PRSP 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.04
----- ----- ----- ----- ---- ---- ---- ---- ------
Total by
fund 30.94% 26.84% 10.16% 25.87% 4.23% 0.95% 0.89% 0.12% 100.00%
===== ===== ===== ===== ==== ==== ==== ==== ======
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF MASTER TRUST NET ASSETS
DECEMBER 31, 1994
----------------------------------------------------------------------------------------------------------------------
NAME INVESTMENT PUTNAM PUTNAM PUTNAM U.S. THE GEORGE BORG-WARNER
OF CONTRACTS VOYAGER S&P 500 GOVERNMENT PUTNAM FUND AUTOMOTIVE, INC. LOAN PENDING TOTAL
PLAN FUND FUND INDEX FUND BOND FUND OF BOSTON STOCK FUND FUND ACCOUNT PLAN
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BWARSP 33.61% 16.99% 6.92% 3.52% 17.63% 3.16% 0.82% 0.01% 82.66%
IRSP 1.97 1.01 0.38 0.18 0.92 0.35 0.06 0.01 4.88
DRSP 0.54 0.30 0.06 0.03 0.28 0.11 0.01 0.00 1.33
BRSP 0.25 0.13 0.08 0.04 0.17 0.07 0.00 0.00 0.74
MRSP 0.08 0.16 0.09 0.09 0.11 0.08 0.02 0.00 0.63
MRIP 1.43 2.64 0.91 2.44 2.34 0.00 0.00 0.00 9.76
----- ----- ---- ---- ----- ---- ---- ---- ------
Total by
fund 37.88% 21.23% 8.44% 6.30% 21.45% 3.77% 0.91% 0.02% 100.00%
===== ===== ==== ==== ===== ==== ==== ==== ======
</TABLE>
The net assets of the Master Trust are allocated to each plan based on the
above percentages. Investments in the Master Trust at December 31, 1995 and
1994 and components of investment income for the Master Trust for the year
ended December 31, 1995 are summarized in Note 6.
- 10 -
<PAGE> 14
6. MASTER TRUST INFORMATION
The following tables present the fair value of investments of the Master
Trust as of December 31, 1995 and 1994 and the components of investment
income for the Master Trust for the year ended December 31, 1995.
<TABLE>
<CAPTION>
DECEMBER 31
1995 1994
<S> <C> <C>
Fair value of investments (in thousands):
Investment Contracts Fund $102,880 $98,800
Putnam Voyager Fund 89,247 55,395
Putnam S&P 500 Index Fund 33,768 21,994
Putnam U.S. Government Bond Fund 0 16,452
The George Putnam Fund of Boston 86,070 55,935
Borg-Warner Automotive, Inc. Stock Fund 14,053 9,804
Putnam Income Fund 3,204
Loan Fund 2,971 2,364
Pending Account 422 46
-------- ---------
Total $332,615 $260,790
======== =========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1995
NET APPRECIATION
IN FAIR VALUE DIVIDEND INTEREST
OF INVESTMENTS INCOME INCOME
-------------- ------- --------
<S> <C> <C> <C>
Investment Income (in thousands):
Investment Contracts Fund $6,829
Putnam Voyager Fund $ 19,172 4,634
Putnam S&P 500 Index Fund 8,460 1
Putnam U.S. Government Bond Fund 1,236 1,191
The George Putnam Fund of Boston 11,609 5,659
Borg-Warner Automotive, Inc. Stock Fund 2,837 558
Putnam Income Fund 60 28
Loan Fund 0 $186
Pending Account 0 12
------- ------- ----
Total $43,374 $18,912 $186
======= ======= ====
</TABLE>
*****
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<PAGE> 15
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION, MUNCIE PLANT LOCAL 287
RETIREMENT INVESTMENT PLAN
<TABLE>
<CAPTION>
ITEM 27a- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
(IN THOUSANDS OF DOLLARS)
- ---------------------------------------------------------------------------------------
COST
DESCRIPTION (ESTIMATED) MARKET
<S> <C> <C>
INVESTMENT IN MASTER TRUST $ 31,041 $ 35,737
LOANS RECEIVABLE FROM PARTICIPANTS (Bearing interest from
9% to 10% maturing September 1996 through December 2000) 144 144
-------- --------
TOTAL $ 31,185 $ 35,881
======== ========
</TABLE>
- 12 -
<PAGE> 16
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
BORG-WARNER AUTOMOTIVE DIVERSIFIED TRANSMISSION
PRODUCTS CORPORATION MUNCIE PLANT LOCAL 287 RETIREMENT
INVESTMENT PLAN
Date: June 28, 1996 SIGNATURE TITLE
By:/s/ ROBIN J. ADAMS Retirement Savings Plan Committee
Member
Robin J. Adams
/s/ WILLIAM C. CLINE Retirement Savings Plan Committee
Member
William C. Cline
/s/ GERALDINE KINSELLA Retirement Savings Plan Committee
Member
Geraldine Kinsella
/s/ REGIS J. TRENDA Retirement Savings Plan Committee
Member
Regis J. Trenda
<PAGE> 17
EXHIBIT INDEX
Exhibit Number Page
(23.1) Consent of Deloitte & Touche LLP
<PAGE> 1
Exhibit 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-92860 on Form S-8 of Borg-Warner Automotive, Inc. of our report dated June
26, 1996, appearing in this annual report on Form 11-K of the Borg-Warner
Automotive Automatic Transmission Systems Corporation, Muncie Plant Local 287
Retirement Investment Plan for the year ended December 31, 1995.
/s/ DELOITTE & TOUCHE LLP
- ---------------------------
DELOITTE & TOUCHE LLP
Chicago, Illinois
June 26, 1996
