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Previous: AMERISTAR CASINOS INC, 8-K, 1997-06-27 |
Next: LOUIS DREYFUS NATURAL GAS CORP, 10-Q/A, 1997-06-27 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE
ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______________________ TO _____________________
Commission file number: 1-12552
THE TALBOTS, INC. RETIREMENT SAVINGS VOLUNTARY PLAN
(Title of the Plan)
THE TALBOTS, INC.
(Issuer of the securities held)
DELAWARE 41-1111318
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
175 Beal Street, Hingham, Massachusetts 02043
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(617) 749-7600
----------------------------------------------------
(Registrant's telephone number, including area code)
1
-
<PAGE> 2
THE TALBOTS, INC.
RETIREMENT SAVINGS VOLUNTARY PLAN
<TABLE>
TABLE OF CONTENTS
-----------------
<CAPTION>
PAGE
----
<S> <C>
INDEPENDENT AUDITORS' REPORT.............................................................3
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 1996 AND 1995:
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION..........4
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND
INFORMATION............................................................5
NOTES TO FINANCIAL STATEMENTS.................................................6-9
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED
DECEMBER 31, 1996:
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES..................10-14
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS.................................15
</TABLE>
Schedules required under the Employee Retirement Income Security Act of
1974, other than the schedules listed above, are omitted because of the
absence of the conditions under which the schedules are required.
2
-
<PAGE> 3
INDEPENDENT AUDITORS' REPORT
Trustees of The Talbots, Inc.
Retirement Savings Voluntary Plan:
We have audited the accompanying statements of net assets available for
benefits, with fund information, of The Talbots, Inc. Retirement Savings
Voluntary Plan (the "Plan") as of December 31, 1996 and 1995, and the related
statements of changes in net assets available for benefits, with fund
information, for the years then ended. 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 overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31, 1996
and 1995, and the changes in net assets available for benefits for the years
then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
Table of Contents are presented for the purpose of additional analysis and are
not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The fund information in the statements of net assets available for
benefits and the statements of changes in net assets available for 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. Such supplemental schedules and fund information have
been subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects when considered in relation to the basic financial statements taken as
a whole.
Deloitte & Touche LLP
Boston, Massachusetts
June 13, 1997
3
-
<PAGE> 4
THE TALBOTS, INC.
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
<TABLE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996 AND 1995
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1996
---------------------------------------------------------------------
FUND INFORMATION
------------------------------------------------------
FIXED INCOME EQUITY TALBOTS STOCK BALANCED
FUND FUND FUND FUND TOTAL
------------ ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value:
Participant loans $ 1,389,986 $ 1,389,986
Other 8,835,904 $20,937,923 $6,593,455 $9,193,081 45,560,363
------------ ------------ ---------- ---------- -----------
Total Investments 10,225,890 20,937,923 6,593,455 9,193,081 46,950,349
Receivables:
Employer contributions receivable 88,366 233,983 82,894 113,596 518,839
Due from broker for investments sold
Dividends and interest receivable 34,895 163 56,799 91,857
------------ ------------ ---------- ---------- -----------
Total assets 10,314,256 21,206,801 6,676,512 9,363,476 47,561,045
LIABILITIES:
Accrued management fee 2,780 34,922 1,666 26,647 66,015
------------ ------------ ---------- ---------- -----------
Total liabilities 2,780 34,922 1,666 26,647 66,015
------------ ------------ ----------- ---------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $10,311,476 $21,171,879 $6,674,846 $9,336,829 $47,495,030
============ ============ ========== ========== ===========
<CAPTION>
1995
----------------------------------------------------------------------
FUND INFORMATION
------------------------------------------------------
FIXED INCOME EQUITY TALBOTS STOCK BALANCED
FUND FUND FUND FUND TOTAL
------------ ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value:
Participant loans $ 899,482 $ 899,482
Other 5,222,239 $13,236,676 $6,505,718 $6,322,564 31,287,197
Investments, at contract value 3,496,508 3,496,508
---------- ----------- ---------- ---------- -----------
Total Investments 9,618,229 13,236,676 6,505,718 6,322,564 35,683,187
Receivables:
Employer contributions receivable 100,090 171,449 93,398 89,262 454,199
Due from broker for investments sold 10,281 10,281
Dividends and interest receivable 31,487 371 38,344 70,202
---------- ----------- ---------- ---------- -----------
Total assets 9,718,319 13,439,612 6,609,768 6,450,170 36,217,869
LIABILITIES:
Payable for investments purchased 315,568 125,878 441,446
Accrued management fee 23,140 1,666 10,036 34,842
---------- ----------- ---------- ---------- -----------
Total liabilities 338,708 1,666 135,914 476,288
---------- ----------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $9,718,319 $13,100,904 $6,608,102 $6,314,256 $35,741,581
========== =========== ========== ========== ===========
</TABLE>
See notes to financial statements.
4
-
<PAGE> 5
THE TALBOTS, INC.
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1996
--------------------------------------------------------------------------
FUND INFORMATION
----------------------------------------------------------
FIXED INCOME EQUITY TALBOTS STOCK BALANCED
FUND FUND FUND FUND TOTAL
------------ ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS:
Transfers $(1,468,820) $ 1,625,084 $ (837,195) $ 680,931
Employer contributions 384,307 892,476 362,311 441,590 $ 2,080,684
Employee contributions 1,230,640 2,379,781 1,138,886 1,234,008 5,983,315
Rollover contributions 12,960 28,171 21,013 12,191 74,335
Dividend and interest income 568,043 484,992 81,074 290,942 1,425,051
Net appreciation in fair value of investments 4,120,058 1,065,390 5,185,448
----------- ----------- ---------- ---------- -----------
Total additions 727,130 9,530,562 766,089 3,725,052 14,748,833
----------- ----------- ---------- ---------- -----------
DEDUCTIONS:
Benefit payments 120,939 1,334,154 572,452 646,323 2,673,868
Investment management fee 13,034 125,433 9,164 56,156 203,787
Net depreciation in fair value of investments 117,729 117,729
----------- ----------- ---------- ---------- -----------
Total deductions 133,973 1,459,587 699,345 702,479 2,995,384
----------- ----------- ---------- ---------- -----------
INCREASE 593,157 8,070,975 66,744 3,022,573 11,753,449
NET ASSETS AVAILABLE FOR BENEFITS:
BEGINNING OF YEAR 9,718,319 13,100,904 6,608,102 6,314,256 35,741,581
----------- ----------- ---------- ---------- -----------
END OF YEAR $10,311,476 $21,171,879 $6,674,846 $9,336,829 $47,495,030
=========== =========== ========== ========== ===========
<CAPTION>
1995
------------------------------------------------------------------------
FUND INFORMATION
---------------------------------------------------------
FIXED INCOME EQUITY TALBOTS STOCK BALANCED
FUND FUND FUND FUND TOTAL
------------ ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ADDITIONS:
Transfers $ 55,487 $ 274,861 $ (255,820) $ (74,528)
Employer contributions 429,699 679,395 370,322 370,699 $ 1,850,115
Employee contributions 1,371,593 1,864,152 1,014,444 990,005 5,240,194
Rollover contributions 11,233 28,714 9,484 20,355 69,786
Dividend and interest income 541,218 228,851 59,101 210,262 1,039,432
Net appreciation in fair value of investments 3,221,672 1,025,914 4,247,586
---------- ----------- ---------- ---------- -----------
Total additions 2,409,230 6,297,645 1,197,531 2,542,707 12,447,113
---------- ----------- ---------- ---------- -----------
DEDUCTIONS:
Benefit payments 555,177 556,741 270,208 241,468 1,623,594
Investment management fee 23,140 1,666 10,037 34,843
Net depreciation in fair value of investments 610,219 610,219
---------- ----------- ---------- ---------- -----------
Total deductions 555,177 579,881 882,093 251,505 2,268,656
---------- ----------- ---------- ---------- -----------
INCREASE 1,854,053 5,717,764 315,438 2,291,202 10,178,457
NET ASSETS AVAILABLE FOR BENEFITS:
BEGINNING OF YEAR 7,864,266 7,383,140 6,292,664 4,023,054 25,563,124
---------- ----------- ---------- ---------- -----------
END OF YEAR $9,718,319 $13,100,904 $6,608,102 $6,314,256 $35,741,581
========== =========== ========== ========== ===========
</TABLE>
See notes to financial statements.
5
-
<PAGE> 6
THE TALBOTS, INC.
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following brief description of The Talbots, Inc. Retirement Savings
Voluntary Plan (the "Plan") is to provide general information only.
Participants should refer to the Plan document for more complete
information.
GENERAL INFORMATION - The Plan is a defined contribution 401(k) plan
established by The Talbots, Inc. (the "Company") on January 1, 1989 and
amended and restated effective as of November 1, 1993 for the employees of
the Company. The Plan replaced the General Mills VIP Program which was
discontinued on June 27, 1988. State Street Bank and Trust Company serves
as trustee of the Plan. Watson Wyatt Worldwide serves as the record keeper
for the Plan. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA").
PARTICIPATION - Once an employee becomes eligible to participate in the
Plan, he/she may elect to become a participant by entering into a
compensation reduction authorization agreement. This agreement provides
that the participant accepts a reduction in compensation in an amount equal
to 1% to 15% of his/her compensation. The maximum employee deferral is the
lesser of 15% of the participant's compensation or $9,500 (for 1996)
indexed for inflation in accordance with the Internal Revenue Code.
CONTRIBUTIONS - During each Plan year, the Company makes matching
contributions. The Company will determine each quarter the rate at which
the matching contribution, if any, will be made. The Company matching
contribution for the periods covered by these financial statements was 50%
of the employee contribution up to 6% of the employee compensation.
VESTING - All employee contributions are 100% vested. Company contributions
vest 20% after each year of service. Forfeitures are reallocated on a pro
rata basis to active participants, as employer contributions, based on the
participant's compensation.
BENEFIT ARRANGEMENTS - The Plan provides for the payment of a participant's
account balance to participants who have reached the later of the normal
retirement age of 65 or who have completed 5 years of vesting service. A
Participant may also choose to withdraw their vested account balance upon
attainment of the early retirement age, or age 59 1/2. If the participant's
service with the Company terminates other than by reason of retirement, the
participant may elect to receive his/her vested account balance as soon as
possible following termination of employment. Distributions will be made in
a lump sum, provided that no payment may be made without the participant's
consent before his/her normal or early retirement age, if such payment
would be in excess of $3,500.
6
-
<PAGE> 7
1. DESCRIPTION OF THE PLAN (continued)
INVESTMENT OPTIONS - Employee and employer contributions are invested in
the following options:
Fixed Income Fund - Funds are invested in the Fidelity Managed Income
Portfolio. The fixed income fund also includes participant
loans.
Equity Fund - Funds are invested in common stock, with residual amounts
invested in a short-term investment fund.
Talbots Stock Fund - Funds are invested in Talbots, Inc. common stock,
with residual amounts invested in a short-term investment
fund.
Balanced Fund - Funds are invested in fixed income securities,
corporate debt and common stock, with remaining amounts
invested in a short-term investment fund.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING - The financial statements of the Plan are prepared on
the accrual basis of accounting. Purchases and sales of securities are
recorded on the trade date basis. Interest income is recorded on the
accrual basis. Dividends are recorded on the ex-dividend date on the
accrual basis.
VALUATION OF INVESTMENTS - The investments of the Plan, other than
investment contracts, are stated at fair value. Fair values of other
investments were determined by closing prices for those securities traded
on national stock exchanges, at the average of bid and ask quotations for
those securities traded in the over-the-counter market and at fair value as
determined by the trustee for any restricted securities. Participant loans
are recorded at cost, which approximates fair value. Investment contracts
are stated at contract value, which approximates fair value.
BENEFIT PAYMENTS - Benefit payments to participants are recorded when paid.
ADMINISTRATIVE PLAN EXPENSES - All expenses incurred in administering the
Plan, including those necessary for the administration of the Trust, are
paid out of the principal or income of the Trust unless paid by the Company
at its sole discretion. For the year ended December 31, 1995, the Company
paid all administrative expenses of the Plan which were approximately
$128,300. Effective October 1, 1995, the investment management fees
incurred by the funds were paid out of the assets of the individual funds.
In the case of the Fixed Income Fund, such expenses are recorded as an
offset to income.
ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires the plan administrator to
make estimates and assumptions that affect certain reported amounts and
disclosures. Accordingly, actual results may differ from those estimates.
7
-
<PAGE> 8
3. INVESTMENTS
Investments that represent 5% or more of net assets available for benefits
at December 31, 1996 and 1995 were as follows:
<TABLE>
<CAPTION>
IDENTITY OF ISSUE 1996 1995
----------------- ---------- ----------
<S> <C> <C>
New York Life Insurance Co.(6.2%, 1/1/97) $2,255,634
State Street Short Term Investment 1,945,646
Fidelity Managed Income Portfolio $8,835,904 5,218,167
The Talbots, Inc. Common Stock 6,568,828 6,215,693
</TABLE>
During 1996 and 1995, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) appreciated
in value by $5,067,719 and $3,637,367, respectively, as follows:
<TABLE>
<CAPTION>
NET
--------------------------------
APPRECIATION/(DEPRECIATION)
--------------------------------
1996 1995
---------- ----------
<S> <C> <C>
At Fair Value:
Government Notes and Bonds $ (42,156) $ 25,933
Corporate Notes and Bonds (10,768) 75,678
Common Stock 5,120,643 3,535,756
---------- ----------
Total $5,067,719 $3,637,367
========== ==========
</TABLE>
4. PLAN TERMINATION
In the event of termination of the Plan, or complete discontinuance of
contributions thereto by the Company, the rights of all employees shall be
fully vested and nonforfeitable. Following termination of the Plan, subject
to reasonable administrative delays, all benefits under the Plan shall be
paid in conformity with the standard benefit distribution policies of the
Plan.
5. TAX STATUS OF THE PLAN
The Plan obtained a favorable determination letter in 1995 in which the
Internal Revenue Service stated that the Plan as then designed was in
compliance with the applicable requirements of the Internal Revenue Code
(the "Code"). The Plan administrator believes that the Plan is currently
designed and being operated in compliance with the applicable requirements
of the Code. Accordingly, no provision for income taxes has been included
in the Plan's financial statements.
8
-
<PAGE> 9
6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500:
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------------------
1996 1995
----------- -----------
<S> <C> <C>
Net assets available for benefits per the
financial statements $47,495,030 $35,741,581
Benefits payable 114,126
----------- -----------
Net assets available for benefits per the Form 5500 $47,495,030 $35,627,455
=========== ===========
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1996
-----------------
<S> <C>
Benefits paid to participants per the financial statements $2,673,868
Less--amounts currently payable at December 31, 1995 (114,126)
----------
Benefits paid to participants per the Form 5500 $2,559,742
==========
</TABLE>
9
-
<PAGE> 10
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
<TABLE>
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
(c) UNITS/ (e) CURRENT
(a) (b) IDENTITY OF ISSUE SHARES (d) COST VALUE
- -------------------------------------------------------- --------- ----------- -----------
<S> <C> <C> <C>
FIXED INCOME FUND
=================
*Participant Loans --- $ 1,389,986 $ 1,389,986
(ranging from 7.0% to 10.0% interest
rates; various maturity dates through
July 1, 2007)
----------- -----------
TOTAL PARTICIPANT LOANS 1,389,986 1,389,986
----------- -----------
REGISTERED INVESTMENT COMPANY
Fidelity Managed Income Portfolio 8,835,904 8,835,904 8,835,904
----------- -----------
TOTAL REGISTERED INVESTMENT COMPANY 8,835,904 8,835,904
----------- -----------
TOTAL FIXED INCOME FUND 10,225,890 10,225,890
----------- -----------
EQUITY FUND
===========
SHORT TERM INVESTMENT FUND
* State Street Short Term Investment Fund 1,893,187 1,893,187 1,893,187
----------- -----------
TOTAL SHORT TERM INVESTMENT FUND 1,893,187 1,893,187
----------- -----------
COMMON STOCK
ADT Ltd 11,200 142,361 256,200
AES Corp 7,900 202,099 367,350
Allegiance Corp 22,800 380,943 629,850
Amdahl Corp 17,900 179,338 217,037
Bankers Trust NY Corp 4,500 304,149 388,125
Chris Craft Inds Inc 12,394 439,676 511,253
Cigna Corp 2,950 251,137 403,044
Conseco Inc 13,463 435,000 858,256
Duke Rlty Invts Inc 15,200 445,426 585,200
Elcor Chem Corp 10,400 232,962 222,300
Enserch Corp 20,100 379,292 462,300
Entergy Corp 8,100 198,134 223,762
Federal Home Loan Mtg Corp 5,300 346,155 584,988
Fleetwood Enterprises Inc 19,500 481,366 536,250
Harnischfeger Inds Inc 15,200 544,862 731,500
Homestead Vlg Pptys Inc (Com) 1,759 31,662
Homestead Vlg Pptys Inc (Warrants) 1,180 9,587
MBIA Inc 7,800 561,043 789,750
Modine Mfg Co 8,100 210,524 216,675
Moore Corp Ltd 10,800 233,023 221,400
New England Elec Sys 7,700 261,023 268,537
OM Group Inc 19,200 386,257 518,400
Parker Drilling Co 51,000 300,373 490,875
Pinnacle West Cap Corp 14,000 380,539 444,500
Reinsurance Group Amer Inc 8,200 249,614 386,425
Rhone Poulnec S A 19,500 522,774 660,563
Salomon Inc 8,100 364,999 381,713
Santa Fe Energy Res Inc 26,500 259,678 367,688
Sbarro Inc 12,800 340,193 326,400
Seagate Technology 13,200 321,013 521,400
Security Cap Pac Tr 14,000 301,093 320,250
Southdown Inc 15,300 337,434 476,212
</TABLE>
10
--
<PAGE> 11
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
<TABLE>
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
(c) UNITS/ (e) CURRENT
(a) (b) IDENTITY OF ISSUE SHARES (d) COST VALUE
- -------------------------------------------------------- --------- ----------- -----------
<S> <C> <C> <C>
SunAmerica Inc 19,100 364,318 852,338
Tidewater Inc 14,100 436,246 638,024
Triton Energy LTD 11,900 571,761 577,150
Trizec Hahn Corp 38,600 552,391 849,200
UICI 12,800 286,838 416,000
Unifi Inc 13,000 359,342 417,625
USX Marathon Group 23,100 461,449 551,513
Warnaco Group Inc 21,400 476,445 633,975
Washington Real Estate Invt Tr 17,700 282,987 309,750
Wellpoint Health Networks Inc 11,337 483,799 389,709
---------- ----------
TOTAL COMMON STOCK 14,268,056 19,044,736
---------- ----------
TOTAL EQUITY FUND 16,161,243 20,937,923
---------- ----------
TALBOTS STOCK FUND
==================
SHORT TERM INVESTMENT FUND
* State Street Short Term Investment Fund 24,627 24,627 24,627
---------- ----------
TOTAL SHORT TERM INVESTMENT FUND 24,627 24,627
---------- ----------
COMMON STOCK
* Talbots Inc 228,481 5,371,620 6,568,828
---------- ----------
TOTAL COMMON STOCK 5,371,620 6,568,828
---------- ----------
TOTAL TALBOTS STOCK FUND 5,396,247 6,593,455
---------- ----------
BALANCED FUND
=============
SHORT TERM INVESTMENT FUND
* State Street Short Term Investment Fund 239,119 239,119 239,119
---------- ----------
TOTAL SHORT TERM INVESTMENT FUND 239,119 239,119
---------- ----------
FIXED INCOME
Fed Hm Ln Pc 34,809 36,615 36,299
(9.0%, 1/1/07)
Fed Hm Ln Pc 41,344 42,390 42,637
(8.0%, 8/1/17)
Fed Hm Ln Pc GTD 85,000 82,676 84,363
(6.0%, 11/15/05)
FNMA Pool 44,473 42,208 41,499
(6.0%, 4/1/24)
ContiMortgage Home Equity Ln 90,000 89,142 89,712
(6.33%, 10/15/10)
Govt Natl Mtg Assn GTD Remic 90,000 90,661 90,731
(7.0%, 1/16/07)
United States Treasury Notes 75,000 81,094 78,950
(7.5%, 11/15/01)
United States Treasury Notes 300,000 299,109 300,093
(5.625%, 8/31/97)
United States Treasury Notes 20,000 19,849 19,975
(6.25%, 2/15/03)
</TABLE>
11
--
<PAGE> 12
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
<TABLE>
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
(c) UNITS/ (e) CURRENT
(a) (b) IDENTITY OF ISSUE SHARES (d) COST VALUE
- -------------------------------------------------------- --------- ----------- -----------
<S> <C> <C> <C>
United States Treasury Notes 200,000 196,828 198,468
(5.25%, 4/30/98)
United States Treasury Notes 265,000 262,466 263,633
(5.375%, 5/31/98)
United States Treasury Notes 495,000 505,038 505,053
(6.875%, 7/31/99)
United States Treasury Notes 175,000 191,242 183,040
(7.75%, 12/31/99)
United States Treasury Notes 100,000 105,788 104,641
(7.75%, 1/31/00)
United States Treasury Notes 260,000 260,138 261,056
(6.25%, 5/31/00)
United States Treasury Notes 205,000 206,745 204,551
(5.375%, 11/30/97)
United States Treasury Notes 150,000 151,359 151,008
(6.25%, 6/30/98)
--------- ---------
TOTAL FIXED INCOME 2,663,348 2,655,709
--------- ---------
CORPORATE DEBT
Premier Auto Tr 85,000 84,954 85,159
(6.2%, 11/6/00)
Associates Corp North America 50,000 53,486 52,531
(7.75%, 2/15/05)
Ford Motor Credit Co 100,000 98,739 100,582
(6.8%, 8/15/97)
US West Cap Fdg Inc 40,000 40,000 39,255
(6.31%, 11/1/05)
International Business Machines 100,000 97,583 100,361
(6.375%, 11/1/97)
WMX Technologies Inc 95,000 97,969 100,830
(6.22%, 4/30/04)
BellSouth Telecomm Inc 65,000 63,515 64,020
(5.85%, 11/15/45)
--------- ---------
TOTAL CORPORATE DEBT 536,246 542,738
--------- ---------
COMMON STOCK
Allegiance Corp 500 7,886 13,813
Allmerica Finl Corp 1,000 31,810 33,500
American Express Co 1,400 54,047 79,100
American Greetings Corp 4,300 113,218 122,013
American Intl Group Inc 600 41,174 64,950
American Stores Co New 1,900 75,639 77,663
Ameritech Corp 1,000 51,810 60,624
Amoco Corp 1,100 79,266 88,688
Anheuser Busch Cos Inc 1,000 27,777 40,000
Arrow Electrs Inc 500 21,030 26,750
Atmel Corp 1,350 35,277 44,719
AT&T Corp 1,200 46,173 52,050
Bankers Tr NY Corp 300 19,143 25,875
Baxter Intl Inc 2,500 96,651 102,500
BellSouth Corp 2,800 88,808 113,400
Cadence Design Sys Inc 1,100 40,766 43,450
Caterpillar Inc 1,700 128,452 127,925
Chase Manhattan Corp New 1,540 73,079 137,638
</TABLE>
12
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<PAGE> 13
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
<TABLE>
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
(c) UNITS/ (e) CURRENT
(a) (b) IDENTITY OF ISSUE SHARES (d) COST VALUE
- -------------------------------------------------------- --------- ----------- -----------
<S> <C> <C> <C>
Chrysler Corp 2,800 65,959 92,400
Cigna Corp 600 54,036 81,975
Coastal Corp 900 27,054 43,987
Coca Cola Co 1,900 64,071 99,988
Computer Assoc Intl Inc 675 14,328 33,580
Dentsply Intl Inc New 2,400 102,144 114,000
Dow Chem Co 1,400 103,459 109,725
Eastman Kodak Co 400 24,974 32,100
First Amer Bk Corp 1,900 103,189 114,238
Ford Mtr Co Del 700 22,530 22,575
General Electric Co 750 46,708 74,156
GPU Inc 1,500 48,340 50,437
GTE Corp 1,100 37,465 49,912
Harris Corp Del 1,300 72,065 89,212
HFS Inc 1,500 91,590 89,625
Illinois Cent Corp 1,950 45,253 62,400
Intel Corp 1,150 54,583 150,578
International Business Machines 1,100 102,679 166,650
Johnson & Johnson 2,600 97,415 129,350
Kimberly Clark Corp 400 38,624 38,100
Loews Corp 1,000 79,060 94,250
Lowes Cos Inc 2,100 69,651 74,813
Lucent Technologies Inc 388 17,906 17,945
Mallinckrodt Inc New 2,100 85,438 92,662
MCN Corp 1,200 28,571 34,650
Merck & Co Inc 2,600 147,594 207,025
Microsoft Corp 800 40,750 66,100
MidAmerican Energy Hldgs Co 2,000 33,620 31,750
Minerals Technologies Inc 2,500 97,338 102,500
Mobil Corp 1,200 120,322 146,700
Morgan Stanley Group Inc 2,100 105,126 119,963
Morton Intl Inc Ind 600 17,286 24,450
Northrop Grumman Corp 1,350 94,919 111,711
Olin Corp 1,500 38,951 56,438
Oracle Sys Corp 175 4,667 7,305
Ornda Healthcorp 1,500 39,465 43,875
Owens Ill Inc 6,000 93,360 136,500
PacifiCorp 1,700 34,740 34,850
Pfizer Inc 1,100 40,560 91,300
Philip Morris Cos Inc 1,500 96,315 169,500
Reynolds & Reynolds Co 1,200 17,961 31,200
Robert Half Intl Inc 1,400 56,259 47,775
Royal Dutch Pete Co 800 97,548 136,600
Ryans Family Steak Houses Inc 6,900 56,114 47,438
Sara Lee Corp 3,400 100,754 126,650
Schuller Corp 3,500 33,023 37,188
Seagate Technology 1,600 42,848 63,200
Southtrust Corp 2,100 71,526 73,238
Sprint Corp 1,700 48,874 67,787
Standard Fed Bancorporation 1,900 77,577 108,063
Textron Inc 400 28,024 37,700
Tupperware Corp 800 30,256 42,900
United Technologies Corp 1,200 47,286 79,500
USLife Corp 750 21,718 24,938
</TABLE>
13
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<PAGE> 14
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
<TABLE>
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
(c) UNITS/ (e) CURRENT
(a) (b)IDENTITY OF ISSUE SHARES (d) COST VALUE
- -------------------------------------------------------- --------- ----------- -----------
<S> <C> <C> <C>
Valero Energy Corp 1,000 23,511 28,625
VF Corp 1,200 71,197 81,000
Vons Cos Inc 1,300 35,503 77,837
------------ -----------
TOTAL COMMON STOCK 4,394,090 5,675,572
------------ -----------
MORTGAGE-BACKED LOANS
GNMA Pool 83,819 77,991 79,943
(6.5%, 2/15/26)
------------ -----------
TOTAL MORTGAGE-BACKED LOANS 77,991 79,943
------------ -----------
TOTAL BALANCED FUND 7,910,794 9,193,081
------------ -----------
TOTAL INVESTMENTS $39,694,174 $46,950,349
============ ===========
</TABLE>
* Party-in-interest
14
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<PAGE> 15
THE TALBOTS, INC.
RETIREMENT SAVINGS VOLUNTARY PLAN
- --------------------------------------------------------------------------------
<TABLE>
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1996
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
(a) IDENTITY (c) PURCHASE (d) SELLING (g) COST OF
OF PARTY INVOLVED (b) DESCRIPTION OF ASSETS PRICE PRICE ASSET
- ----------------------------------- -------------------------------------------- ------------ ----------- -----------
Series of Transactions
- -----------------------------------
<S> <C> <C> <C> <C>
Fidelity Investments Fidelity Managed Income Portfolio $ 5,789,164 $ 5,789,164
$ 2,171,426 2,171,426
State Street Bank and Trust Company Short Term Investment Fund 14,320,664 14,320,664
14,109,352 14,109,352
Allstate Life Insurance Co. Guaranteed Investment Contract (8.3% 4/1/96) 1,265,512 1,265,512
2,506,386 2,506,386
New York Life Insurance Co. Guaranteed Investment Contract (6.2% 1/1/97) 69,603 69,603
2,325,237 2,325,237
<CAPTION> (h) CURRENT VALUE
(a) IDENTITY OF ASSET ON (i) NET GAIN
OF PARTY INVOLVED (b) DESCRIPTION OF ASSETS TRANSACTION DATE OR (LOSS)
- ----------------------------------- -------------------------------------------- ----------------- ------------
Series of Transactions
- -----------------------------------
<S> <C> <C> <C>
Fidelity Investments Fidelity Managed Income Portfolio $ 5,789,164 -
2,171,426 -
State Street Bank and Trust Company Short Term Investment Fund 14,320,664 -
14,109,352 -
Allstate Life Insurance Co. Guaranteed Investment Contract (8.3% 4/1/96) 1,265,512 -
2,506,386 -
New York Life Insurance Co. Guaranteed Investment Contract (6.2% 1/1/97) 69,603 -
2,325,237 -
</TABLE>
15
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<PAGE> 16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this report to be signed on its behalf by the
undersigned.
THE TALBOTS, INC. RETIREMENT SAVINGS
VOLUNTARY PLAN
Dated: June 25, 1997 PLAN ADMINISTRATOR
By Administrative Committee
By: /s/ Edward L.Larsen
----------------------------------
Edward L. Larsen
Administrative Committee Member
By: /s/ Richard T. O'Connell, Jr.
----------------------------------
Richard T. O'Connell, Jr.
Administrative Committee Member
By: /s/ Stuart M. Stolper
----------------------------------
Stuart M. Stolper
Administrative Committee Member
16
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