<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 1955 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
COMMISSION FILE NUMBER 33-92428 33-75574
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 Retirement Savings Plan as Amended and Restated
B. Name of issuer of the securities held purusant 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
RETIREMENT SAVINGS 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 RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
PAGE
1
INDEPENDENT AUDITORS' REPORT
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits,
December 31, 1995 and 1994
2
Statement of Changes in Net Assets Available for Benefits,
Year Ended December 31, 1995 3
Notes to Financial Statements,
Years Ended December 31, 1995 and 1994 4-12
SUPPLEMENTAL SCHEDULE:
Item 27a - Schedule of Assets Held for Investment Purposes,
December 31, 1995 13
(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 Retirement Savings Plan:
We have audited the accompanying statements of net assets available for
benefits of the Borg-Warner Diversified Transmission Products Corporation,
Muncie Plant Retirement Savings 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 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 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 RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
(IN THOUSANDS OF DOLLARS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSETS 1995 1994
<S> <C> <C>
Investment in Master Trust $ 3,189 $ 1,630
------- -------
Net Assets Available for Benefits $ 3,189 $ 1,630
======= =======
</TABLE>
See notes to financial statements.
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<PAGE> 6
BORG-WARNER AUTOMOTIVE
DIVERSIFIED TRANSMISSION PRODUCTS CORPORATION,
MUNCIE PLANT RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1995
(IN THOUSANDS OF DOLLARS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income from Master Trust $ 852
Contributions from participants 436
Contributions from the Company 623
------
Total additions 1,911
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Transfers to Other Borg-Warner Automotive, Inc. Plans 221
Participants' withdrawals 109
Miscellaneous expense 22
------
Total deductions 352
------
NET INCREASE 1,559
NET ASSETS AVAILABLE FOR BENEFITS - Beginning of year 1,630
------
NET ASSETS AVAILABLE FOR BENEFITS - End of year $3,189
======
</TABLE>
See notes to financial statements.
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<PAGE> 7
BORG-WARNER AUTOMOTIVE
DIVERSIFIED TRANSMISSION PRODUCTS CORPORATION,
MUNCIE PLANT RETIREMENT SAVINGS 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 Plant
Retirement Savings Plan, (the "Plan").
The Plan was established on January 1, 1992 as a participant in the
Prior Master Trust. Effective May 31, 1994, the Prior Master Trust
transferred to the Master Trust assets equal to Plan 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 with
systematic savings and tax-advantaged long-term savings for retirement.
Borg-Warner Automotive Diversified Transmission Products Corporation,
Muncie Plant (the "Muncie Plant") is the Plan sponsor. Muncie Plant has
assigned the Retirement Savings Plan Committee (the "Committee") to
oversee the Plan and the Master Trust. The Committee has appointed
Putnam Investor Services, Inc. and Putnam Fiduciary Trust to perform the
administrative, investment, and trustee services for the Plan and the
Master Trust.
A complete description of the Plan procedures and provisions is
contained in the Plan document. Significant Plan features include:
Eligibility - Employees of the Muncie Plant may participate in the Plan
if they have attained the earlier of (i) seniority as defined in the
Collective Bargaining Agreement, or (ii) one year of vested service,
provided, however, in either case, such employee is not eligible to
retire as of December 31, 1990 under the Retirement Income Program.
Participant's Account - A Retirement Savings Plan account is established
for each participant in the Plan. The participants' account consists of
the following:
Company Retirement Account - The Company makes contributions to this
account on behalf of each eligible participant based on the number of
hours for which such participant receives compensation, years of vested
service and age. No employee contributions are made to this account.
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<PAGE> 8
Employee Retirement Account - Participants may voluntarily contribute
from one to four percent of their compensation to this account. The
Company makes contributions equal to 75 percent of participants'
contributions to this account.
Savings Account - Participants may voluntarily contribute an additional
one to twelve percent of their compensation to this account. No Company
contributions are made to this account.
Retiree Health Account - Participants may voluntarily contribute from
one to three percent of their compensation to this account. The Company
makes contributions equal to 100 percent of participants' contributions to
this account, up to $400 per year.
CONTRIBUTIONS TO THE PLAN -
Prior to March 12, 1995:
The Company made contributions to the Company Retirement Account for
all eligible employees based on the following:
- $.28 for each hour for which the participant receives compensation
from the Company, plus
- $.20 for each hour for which the participant receives
compensation from the Company, if the participant is (i) age 35 or
older as of the preceding January 1; or (ii) has ten or more years
of vested service as of the preceding January 1.
Effective March 12, 1995:
- $.30 for each hour for which the participant receives
compensation from the Company, if the participant has not attained
(i) age 35 as of the preceding January 1; or (ii) has completed ten
years of vested service;
- $.50 for each hour for which the participant receives
compensation from the Company, if the participant is (i) age 35, but
less than age 40, as of the preceding January 1; or (ii) completed
ten but less than twenty years of vested service;
- $.60 for each hour for which the participant receives
compensation from the Company, if the participant is (i) age 40 as
of the preceding January 1; or (ii) completed twenty or more years
of vested service.
MASTER TRUST - Participants may elect to invest their Company
Retirement Account, Employee Retirement Account, Savings Account and
Retiree Health 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
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<PAGE> 9
discontinued this fund as an investment option and participant's
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.
Participant interests in each of the funds 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 306,426 $ 1.00
Putnam Voyager Fund 66,239 15.34
Putnam S&P 500 Index Fund 30,075 13.88
The George Putnam Fund of Boston 68,634 15.52
Borg-Warner Automotive, Inc. Stock Fund 7,478 32.00
Putnam Income Fund 1,668 7.23
DECEMBER 31, 1994
NUMBER NET ASSET
OF VALUE
UNITS PER UNIT
Investment Contracts Fund 199,193 $ 1.00
Putnam Voyager Fund 36,606 11.56
Putnam S&P 500 Index Fund 23,180 10.12
Putnam U.S. Government Bond Fund 19,977 12.20
The George Putnam Fund of Boston 21,413 12.93
Borg-Warner Automotive, Inc. Stock Fund 7,878 25.12
</TABLE>
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<PAGE> 10
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
Company contributions vest 100 percent 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 Company on that
date.
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<PAGE> 11
WITHDRAWALS - While participants are actively employed, no withdrawals
may be made from either the Company Retirement Account, the Employee
Retirement Account or the Retiree Health Account. Withdrawals may be
made from the Savings Account at the participant's 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 Company Retirement Account, the Employee Retirement Account, or
Retiree Health 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 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.
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<PAGE> 12
3. TAX STATUS
The Plan obtained a determination letter on April 6, 1995 in which the
Internal Revenue Service stated that the Plan, as then designed, was in
compliance with applicable requirements of the Internal Revenue Code.
The Plan's management believes it is currently designed and is 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:
<TABLE>
<CAPTION>
DECEMBER 31,
Fair value of Plan investments in Master Trust (in thousands): 1995 1994
<S> <C> <C>
Investment Contracts Fund $ 306* $ 199*
Putnam Voyager Fund 1,016* 422*
Putnam S&P 500 Index Fund 418* 235*
Putnam U.S. Government Bond Fund 244*
The George Putnam Fund of Boston 1,065* 277*
Borg-Warner Automotive, Inc. Stock Fund 239* 198*
Putnam Income Fund 12
Loan Fund 126 55
Pending Account 7
-------- --------
Total $ 3,189 $ 1,630
======== ========
* Represents 5% or more of Plan assets
Investment income from Master Trust, for the year ended December 31, 1995
Investment Contracts Fund $ 71
Putnam Voyager Fund 304
Putnam S&P 500 Index Fund 126
Putnam U.S. Government Bond Fund 33
The George Putnam Fund of Boston 250
Borg-Warner Automotive, Inc. Stock Fund 57
Putnam Income Fund 3
Pending Account 8
-------
Total $ 852
=======
</TABLE>
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<PAGE> 13
Contributions from participants, for the year ended December 31, 1995
(in thousands):
Investment Contracts Fund $ 37
Putnam Voyager Fund 118
Putnam S&P 500 Index Fund 56
Putnam U.S. Government Bond Fund 25
The George Putnam Fund of Boston 160
Borg-Warner Automotive, Inc. Stock Fund 39
Putnam Income Fund 1
----------
Total $ 436
==========
Contributions from Company, for the year ended December 31, 1995
(in thousands):
Investment Contracts Fund $ 34
Putnam Voyager Fund 88
Putnam S&P 500 Index Fund 55
Putnam U.S. Government Bond Fund 22
The George Putnam Fund of Boston 387
Borg-Warner Automotive, Inc. Stock Fund 37
----------
Total $ 623
==========
Participants' withdrawals, for the year ended December 31, 1995
(in thousands):
Investment Contracts Fund $ 46
Putnam Voyager Fund 19
Putnam S&P 500 Index Fund 18
Putnam U.S. Government Bond Fund 1
The George Putnam Fund of Boston 17
Borg-Warner Automotive, Inc. Stock Fund 8
----------
Total $ 109
==========
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").
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<PAGE> 14
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.
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<PAGE> 15
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> 16
DIVERSIFIED TRANSMISSION PRODUCTS CORPORATION
MUNCIE PLANT RETIREMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
COST
DESCRIPTION (ESTIMATED) MARKET
<S> <C> <C>
INVESTMENT IN MASTER TRUST $2,697 $3,063
LOANS RECEIVABLE FROM PARTICIPANTS (Bearing interest
from 6% to 10% maturing January 1996 through December 2000) 126 126
------ ------
TOTAL $2,823 $3,189
====== ======
</TABLE>
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<PAGE> 17
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 RETIREMENT SAVINGS
PLAN AS AMENDED AND RESTATED
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> 18
EXHIBIT INDEX
Exhibit Number Page
(23.1) Consent of Deloitte & Touche LLP
<PAGE> 1
EXHIBIT 23.1
[DELOITTE & TOUCHE LLP LETTERHEAD]
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statements
Nos. 33-92428 and 33-75574 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 Diversified Transmission Products Corporation, Muncie
Plant Retirement Savings Plan as Amended and Restated for the year ended
December 31, 1995.
/s/ DELOITTE & TOUCHE LLP
Deloitte & Touche LLP
Chicago, Illinois
June 26, 1996
