Exhibit 99(c)
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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 [Fee Required]
For the Fiscal Year Ended December 31, 1993
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 (No Fee Required]
For the transition period from _____ to _____
Commission File Number 1-768
SAVINGS AND INVESTMENT PLAN
(Full title of the Plan)
CATERPILLAR INC.
(Name of issuer of the securities held
pursuant to the Plan)
100 NE ADAMS STREET, PEORIA, ILLINOIS 61629
(Address of principal executive offices)
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REQUIRED INFORMATION
Item 1.
The audited statement of financial condition as of the end of the
latest two fiscal years of the Plan is attached hereto as Exhibit A.
Item 2.
The audited statement of income and changes in plan equity for each of the
latest three fiscal years of the Plan is attached hereto as Exhibit B.
Item 3.
The statements required by Items 1 and 2 have been prepared in accordance with
the applicable provisions of Article 6A of Regulation S-X.
Item 4.
The Consent of Independent Accountants is attached hereto as Exhibit C.
SAVINGS AND INVESTMENT PLAN
---------------------------
FINANCIAL STATEMENTS
--------------------
DECEMBER 31, 1993 ANNUAL REPORT
-------------------------------
[PRICE WATERHOUSE LETTER HEAD]
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
February 11, 1994
To the Participants and
Plan Administrator of the
Savings and Investment Plan
for Eligible Employees of
Solar Turbines Incorporated
In our opinion, the accompanying statements of net assets
available for plan benefits of the Savings and Investment
Plan (for Eligible Employees of Solar Turbines Incorporated)
and the related statements of changes in net assets avail-
able for plan benefits present fairly, in all material
respects, the net assets available for plan benefits as of
December 31, 1993 and 1992, and the changes in net assets
available for plan benefits for the years ended December 31,
1993, 1992 and 1991 in conformity with generally accepted
accounting principles. 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 of these statements
in accordance with generally accepted auditing standards
which 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, assessing the
accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reason-
able basis for the opinion expressed above.
/s/ Price Waterhouse
EXHIBIT A
---------
SAVINGS AND INVESTMENT PLAN
---------------------------
FOR ELIGIBLE EMPLOYEES OF SOLAR TURBINES INCORPORATED
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
DECEMBER 31, 1993
-----------------
(in 000's)
----------
Preferred Group of Mutual Funds
Caterpillar Guaranteed -----------------------------------------------------------------
Common Investment Stable Short-
Stock Contract Principal Term Money Asset Fixed Loan
Fund Fund Fund Government Market Value International Growth Allocation Income Fund Total
----------- ---------- --------- ---------- ------ ------- ------------- ------- ---------- ------ ------ -------
Investment in
Caterpillar
Inc. 401(K)
Master Trust
(Note 5) $701 $2,523 $1,104 $372 $819 $953 $442 $1,602 $131 $109 $485 $9,241
==== ====== ====== ==== ==== ==== ==== ====== ==== ==== ==== ======
(See notes to financial statements)
SAVINGS AND INVESTMENT PLAN
---------------------------
FOR ELIGIBLE EMPLOYEES OF SOLAR TURBINES INCORPORATED
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
DECEMBER 31, 1992
-----------------
(in 000's)
Preferred Group of Mutual Funds
Caterpillar Guaranteed ------------------------------------------------------------------------
Common Investment Short-
Stock Contract Term Money Asset Fixed Loan
Fund Fund Government Market Value International Growth Allocation Income Fund Total
----------- ---------- ---------- ------ ------- ------------- ------- ---------- ------ ------ -------
Investment in
Caterpillar Inc.
401(K) Master Trust
(Note 5) $390 $3,667 $297 $762 $858 $142 $952 $106 $ 7 $320 $7,501
==== ====== ==== ==== ==== ==== ==== ==== === ==== ======
(See notes to financial statements)
EXHIBIT B
---------
SAVINGS AND INVESTMENT PLAN
---------------------------
FOR ELIGIBLE EMPLOYEES OF SOLAR TURBINES INCORPORATED
----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1993
------------------------------------
(in 000's)
Preferred Group of Mutual Funds
Caterpillar Guaranteed -----------------------------------------------------------------
Common Investment Stable Short-
Stock Contract Principal Term Money Asset Fixed Loan
Fund Fund Fund Government Market Value International Growth Allocation Income Fund Total
----------- ---------- --------- ---------- ------ ------- ------------- ------- ---------- ------ ------ -------
Contributions on
behalf of partic-
ipating employees $ 145 $ $ 617 $ 94 $ 88 $ 166 $ 80 $ 368 $ 25 $ 21 $ $ 1,604
------- -------- ------- ------ ------ ------- ------ ------- ------ ------ ------ -------
Plan interest in
net investment
gain (loss) of
Master Trust
(Note 5) 351 211 49 23 22 83 105 197 11 4 1,056
------- -------- ------- ------ ------ ------- ------ ------- ------ ------ ------ -------
Withdrawals (155) (313) (122) (43) (43) (69) (37) (78) (21) (39) (920)
Net transfers
between funds 39 (938) 543 11 (1) (75) 153 181 9 78
------- -------- ------- ------ ------ ------- ------ ------- ------ ------ ------ -------
Withdrawals
and trans-
fers, net (116) (1,251) 421 (32) (44) (144) 116 103 (12) 78 (39) (920)
------- -------- ------- ------ ------ ------- ------ ------- ------ ------ ------ -------
Loan repayments 17 51 8 2 17 7 68 1 (171)
New loans (86) (104) (34) (18) (11) (27) (8) (86) (2) 375
------- -------- ------- ------ ------ ------- ------ ------- ------ ------ ------ -------
Net loan
activity (69) (104) 17 (10) (9) (10) (1) (18) 1 (1) 204
------- -------- ------- ------ ------ ------- ------ ------- ------ ------ ------ -------
Increase (decrease)
in net assets 311 (1,144) 1,104 75 57 95 300 650 25 102 165 1,740
Net assets:
Beginning of
year 390 3,667 297 762 858 142 952 106 7 320 7,501
------- -------- ------- ------ ------ ------- ------ ------- ------ ------ ------ -------
End of year $ 701 $ 2,523 $ 1,104 $ 372 $ 819 $ 953 $ 442 $ 1,602 $ 131 $ 109 $ 485 $ 9,241
======= ======== ======= ====== ====== ======= ====== ======= ====== ====== ====== =======
(See notes to financial statements)
SAVINGS AND INVESTMENT PLAN
---------------------------
FOR ELIGIBLE EMPLOYEES OF SOLAR TURBINES INCORPORATED
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1992
------------------------------------
(in 000's)
Preferred Group of Mutual Funds
Caterpillar Guaranteed -----------------------------------------------------------------
Common Investment Short-
Stock Equity Contract Term Money Inter- Asset Fixed Loan
Fund Fund Fund Government Market Value national Growth Allocation Income Fund Total
---------- ------- ---------- ---------- ------ ------- -------- ------ ---------- ------ ------ -------
Contributions on
behalf of partici-
pating employees $ 121 $ 177 $ 782 $ 86 $ 91 $ 85 $ 29 $190 $ 6 $ 6 $ $1,573
----- ------- ------ ---- ----- ----- ------ ---- ---- ---- ---- ------
Plan interest in net
investment gain
(loss) of Master
Trust (Note 5) 77 69 259 21 34 73 (24) 134 9 652
----- ------- ------ ---- ----- ----- ------ ---- ---- ---- ---- ------
Withdrawals (43) (78) (425) (40) (101) (7) (5) (16) (2) (25) (742)
Net transfers between
funds (64) (1,598) 116 (18) (61) 720 145 666 93 1
----- ------- ------ ---- ----- ----- ------ ---- ---- ---- ---- ------
Withdrawals and
transfers, net (107) (1,676) (309) (58) (162) 713 140 650 91 1 (25) (742)
----- ------- ------ ---- ----- ----- ------ ---- ---- ---- ---- ------
Loan repayments 7 11 31 2 4 6 12 (73)
New loans (14) (10) (100) (10) (9) (17) (9) (34) 203
----- ------- ------ ---- ----- ----- ------ ---- ---- ---- ---- ------
Net loan activity (7) 1 (69) (8) (9) (13) (3) (22) 130
----- ------- ------ ---- ----- ----- ------ ---- ---- ---- ---- ------
Increase (decrease)
in net assets 84 (1,429) 663 41 (46) 858 142 952 106 7 105 1,483
Net assets:
Beginning of year 306 1,429 3,004 256 808 215 6,018
----- ------- ------ ---- ----- ----- ------ ---- ---- ---- ---- ------
End of year $ 390 $ - $3,667 $297 $ 762 $ 858 $ 142 $952 $106 $ 7 $320 $7,501
===== ======= ====== ==== ===== ===== ====== ==== ==== ==== ==== ======
(See notes to financial statements)
SAVINGS INVESTMENT PLAN
FOR ELIGIBLE EMPLOYEES OF SOLAR TURBINES INCORPORATED
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1991
(in 000's)
Short- Caterpillar Government Guaranteed
Term Common Fixed Investment
Investment Stock Equity Income Contract Loan
Fund Fund Fund Fund Fund Fund Total
---------- ---------- ------- ---------- ---------- ------ ------
Contributions on behalf of participating employees $ 377 $ 96 $ 312 $ 44 $ 820 $ $ 1,649
------ ------ ------- ------ ------- ------ -------
Plan interest in net investment gain (loss) of Master
Trust (Note 5) 25 (13) 267 24 241 544
------ ------ ------- ------ ------- ------ -------
Withdrawals (34) (18) (41) (1) (126) (220)
Net transfers between plans (Note 3) (56) (2) (45) (11) (57) (171)
Net transfers between funds 171 17 (9) 28 (207)
------ ------ ------- ------ ------- ------ -------
Withdrawals and transfers, net 81 (3) (95) 16 (390) (391)
------ ------ ------- ------ ------- ------ -------
Loan repayments 3 10 2 32 (47)
New loans (7) (8) (41) (8) (111) 175
------ ------ ------- ------ ------- ------ -------
Net loan activity (7) (5) (31) (6) (79) 128
------ ------ ------- ------ ------- ------ -------
Increase in net assets 476 75 453 78 592 128 1,802
Net assets:
Beginning of year 332 231 976 178 2,412 87 4,216
------ ------ ------- ------ ------- ------ -------
End of year $ 808 $ 306 $ 1,429 $ 256 $ 3,004 $ 215 $ 6,018
====== ====== ======= ====== ======= ====== =======
(See notes to financial statements)
SAVINGS AND INVESTMENT PLAN
---------------------------
FOR ELIGIBLE EMPLOYEES OF SOLAR TURBINES INCORPORATED
-----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - PLAN DESCRIPTION:
- --------------------------
The following description of the Savings and Investment Plan (Plan) provides
only general information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions.
General
- -------
The Plan is a defined contribution plan established by the Company to enable
eligible employees to defer a portion of their compensation until retirement.
Participation
- -------------
Employees meeting certain age, service and citizen or residency requirements are
eligible to participate in the Plan. Participation commences upon an eligible
employee's filing of an application with the Company.
At December 31, 1993, 1,441 employees are participating in the Plan. At
December 31, 1992, 1,491 employees were participating in the Plan.
Participant accounts
- --------------------
Accounts are maintained separately for each participant. The participant's
separate account is credited with the Company's contribution as defined below
and an allocation of Plan earnings. Allocations of earnings are based on
participant account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's account.
Loan provisions
- ---------------
The Plan provides for participant loans against eligible participants'
separate account balances. Eligible employees obtain participant loans by
filing a loan application with the Company and receiving approval thereof. Loan
amounts are generally limited to the lesser of $50,000 or 50% of the individual
participant's account balance. Loan repayment terms may range from 6 to 117
months depending on the type of loan and bear interest at the prime interest
rate plus 1%. Repayments, including interest, are made through payroll
deductions and are credited to the individual participant's account balance.
Contributions
- -------------
The employer contributes the amount of compensation deferral, as elected by the
participating employee, to the plan. During 1993, the reduction in compensation
was limited to (a) the greater of $4,500 or 4% of the employee's compensation
(limited by the Internal Revenue Code to $8,994 in 1993) for participants
earning in excess of $60,530 or (b) $8,994 for participants earning less than
$60,530.
In 1993, the Plan was amended whereby the Company was not required to contribute
an additional amount equal to 1% of each employee's gross earnings. In 1992,
the Company was required to match participant deferrals up to 1% of the
participant's earnings.
Investment programs
- -------------------
Employees may elect to have contributions on their behalf invested in any
combination of the funds shown on the accompanying statements of changes in net
assets available for plan benefits.
Vesting, distribution and
- -------------------------
plan termination
- ----------------
Participants are fully vested in contributions made on their behalf. Upon
termination of employment for any reason, including death, retirement or because
of total and permanent disability, or upon Plan termination, the balances in a
participant's account are distributable.
Administration
- --------------
The Plan is administered by the Vice President - Human Services Division of
Caterpillar Inc. The Plan Administrator has entered into a trust agreement with
The Northern Trust Company to receive contributions, administer the assets of
the trust and distribute withdrawals pursuant to the Plan. The Benefits Funds
Committee of Caterpillar Inc. is responsible for financial aspects of the Plan.
Federal income tax status
- -------------------------
The Plan is a qualified plan under the Internal Revenue Code and has received a
favorable determination letter.
NOTE 2 - SUMMARY OF SIGNIFICANT
----------------------
ACCOUNTING POLICIES:
--------------------
Investments
- -----------
The Guaranteed Investment Contracts are stated at contract value, which
approximates market, on December 31, 1993 and 1992, respectively. Other
investments are stated at quoted market prices, or unit values based on quoted
market values, at the close of business on December 31, 1993 and 1992,
respectively. Income from investments is recorded as earned.
The statement of changes in net assets available for plan benefits for the year
ended December 31, 1992 combines activity of the Government Fixed Income Fund
prior to July 1, 1992 and activity of the Preferred Short-Term Government Fund
after July 1, 1993. Likewise, activity of the Short-Term Investment Fund before
July 1, 1992 and activity of the Preferred Money Market Fund after July 1, 1992
are combined. The investment objectives of the funds combined are consistent.
Administrative expenses
- -----------------------
Trustee fees and certain investment costs are paid by Caterpillar Inc.
Administrative costs are paid by Solar Turbines Incorporated.
NOTE 3 - TRANSFERS BETWEEN PLANS:
- ---------------------------------
In April 1991, transfers of assets occurred between the Caterpillar Inc.
Employees' Investment Plan Part II and Solar Turbines Incorporated's Savings and
Investment Plan. The transfers reflect the cumulative differences in the net
assets arising from changes in employee eligibility and transfers of
participating employees between the various companies sponsoring the Plans.
Transfers between the Plans are reported net on the statement of changes in net
assets available for plan benefits.
NOTE 4 - UNIT VALUES:
- ---------------------
The Plan assigns units to participants directing investments to any of the
Preferred Group of Mutual Funds, the Caterpillar Common Stock Fund and the
Stable Principal Fund. The unit values assigned by the Plan reflect the current
values of the individual funds. Total units held (in thousands) by the Plan and
their respective unit values at each month end are shown on the accompanying
schedule on page 11.
NOTE 5 - MASTER TRUST:
- ----------------------
Under a Master Trust agreement with The Northern Trust Company, Caterpillar
Inc.'s Employees' Investment Plan Part II, Solar Turbines Incorporated's Savings
and Investment Plan and the Tax Deferred Savings Plan (for Eligible Employees of
Caterpillar Inc.) pool their investments in the Caterpillar Inc. 401(K) Master
Trust in exchange for a percentage of participation in the Trust.
Effective in July 1992, the Master Trust began investing in the Preferred Group
of Mutual Funds which are sponsored by Caterpillar Investment Management Ltd.
(CIML), a wholly-owned subsidiary of the Company. The Preferred Group of Mutual
Funds comprise the following:
Preferred Short-Term Government Fund
Preferred Money Market Fund
Preferred Value Fund
Preferred International Fund
Preferred Growth Fund
Preferred Asset Allocation Fund
Preferred Fixed Income Fund
CIML manages the Preferred Short-Term Government Fund. All other funds are
managed by unrelated investment managers. Caterpillar Securities, Inc. a
wholly-owned subsidiary of CIML, distributes the shares of the mutual funds to
the Master Trust.
The percentage of the Plan's participation in the Master Trust was determined
based on the December 31, 1993 and 1992 market values of net assets, as
accumulated by the Trustee for the investment funds of each plan. At December
31, 1993 and 1992, the Plan's pro rata interest in the quoted market values of
net assets of each of the funds of the Master Trust was as follows:
December 31,
------------
1993 1992
---- ----
Caterpillar Inc. Common Stock Fund 0.84% 1.47%
Guaranteed Investment Contract Fund 2.97% 3.16%
Stable Principal Fund 2.71%
Preferred Short-Term Government Fund 2.78% 2.99%
Preferred Money Market Fund 4.15% 4.89%
Preferred Value Fund 1.11% 1.13%
Preferred International Fund 1.10% 1.46%
Preferred Growth Fund 1.68% 1.50%
Preferred Asset Allocation Fund 0.83% 1.36%
Preferred Fixed Income Fund 1.04% .26%
Loan Fund 4.09% 3.75%
The net investment gain or loss of the Master Trust is reflected in the
financial statements of the Plan based on the actual earnings of each investment
fund. Refer to pages 12 and 13 for an analyses of the net assets and changes in
net assets of the investments of the Master Trust as of December 31, 1993.
Effective September 1, 1993, the Employees' Investment Plan was amended to allow
retirees or those participants eligible to retire to transfer funds from Part I
of the Employees' Investment Plan to investment funds within the Master Trust.
CATERPILLAR INC. - SAVINGS AND INVESTMENT PLAN
----------------------------------------------
NOTE 4 - UNIT VALUES
--------------------
DECEMBER 31, 1993
-----------------
(units in 000's)
----------------
January February March April May June July August September October November December
------- -------- ----- ----- --- ---- ---- ------ --------- ------- -------- --------
CATERPILLAR COMMON
STOCK FUND:
Units 40 39 42 40 40 37 40 39 41 41 41 44
Unit value 10.43 10.76 10.96 12.73 13.15 13.72 14.07 15.00 14.44 16.58 15.51 16.15
STABLE PRINCIPAL
FUND:
Units 65 71 75 78 82 83 91 93 96 104 104 209
Unit value 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
PREFERRED GROUP OF
MUTUAL FUNDS:-
Money Market:
Units 741 715 698 742 786 790 848 837 857 842 844 849
Unit value 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Short-Term
Government:
Units 32 31 32 32 32 35 33 34 37 40 38 38
Unit value 9.99 10.05 10.04 10.09 10.04 10.08 10.07 10.13 10.13 10.13 10.08 10.06
Value:
Units 78 76 75 77 77 79 79 81 83 83 82 85
Unit value 10.96 10.94 11.39 11.14 11.47 11.52 11.36 11.96 11.80 11.83 11.48 11.56
Growth:
Units 96 101 105 101 100 103 102 102 101 103 106 124
Unit value 12.03 11.47 11.98 11.55 12.42 12.42 12.35 13.09 13.46 13.61 13.19 13.82
International:
Units 18 19 21 25 26 28 29 36 36 37 37 41
Unit value 8.52 8.68 9.24 9.61 9.71 9.59 9.91 10.52 10.24 10.74 10.73 11.75
Asset Allocation:
Units 10 13 11 11 12 12 10 10 11 11 11 14
Unit value 10.58 10.74 10.88 10.63 10.81 10.90 10.89 11.23 11.12 11.32 11.15 11.02
Fixed Income:
Units 2 2 2 3 3 9 4 5 6 6 8 12
Unit value 10.27 10.44 10.44 10.48 10.44 10.60 10.61 10.76 10.75 10.76 10.62 10.34
CATERPILLAR INC. - SAVINGS AND INVESTMENT PLAN
NOTE 5 - MASTER TRUST - SUMMARY OF NET ASSETS
DECEMBER 31, 1993
(in 000's)
Caterpillar Guaranteed
Common Investment Stable
Stock Contract Principal
Fund Fund Fund
----------- ---------- ---------
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Caterpillar Inc. common stock,
5,162 units $79,404 $ $
Preferred Short-Term Government
Securities, 1,331 units
Provident National Assurance Com-
pany Investment Contract, 6.92%,
matures December 31, 1994 31,180
Prudential Asset Management Company
Investment Contract, 8.68%, matures
January 2, 1994 53,688
Stable Principal Fund, 4,073 units 36,820
Preferred Value Fund, 7,451 units
Preferred International Fund, 3,417
units
Preferred Growth Fund, 6,893 units
Preferred Asset Allocation Fund,
1,440 units
Preferred Fixed Income Fund, 1,004
units
Invested cash 3,975 3,914
Participant loans ------- ------- -------
Total investments $83,379 $84,868 $40,734
======= ======= =======
Preferred Group of Mutual Funds
-------------------------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------ ------- ------------- ------- ---------- ------- ------- --------
Investments, stated principally at
quoted market values or unit values
based on quoted market values:
Caterpillar Inc. common stock,
5,162 units $ $ $ $ $ $ $ $ $ 79,404
Preferred Short-Term Government
Securities, 1,331 units 13,247 13,247
Provident National Assurance Com-
pany Investment Contract, 6.92%,
matures December 31, 1994 31,180
Prudential Asset Management Company
Investment Contract, 8.68%, matures
January 2, 1994 53,688
Stable Principal Fund, 4,073 units 36,820
Preferred Value Fund, 7,451 units 85,180 85,180
Preferred International Fund, 3,417
units 39,601 39,601
Preferred Growth Fund, 6,893 units 93,662 93,662
Preferred Asset Allocation Fund,
1,440 units 15,572 15,572
Preferred Fixed Income Fund, 1,004
units 10,188 10,188
Invested cash 138 19,727 954 548 1,603 292 195 8 31,354
Participant loans 11,862 11,862
------- ------- ------- ------- ------- ------- ------- ------- --------
Total investments $13,385 $19,727 $86,134 $40,149 $95,265 $15,864 $10,383 $11,870 $501,758
======= ======= ======= ======= ======= ======= ======= ======= ========
CATERPILLAR INC. - SAVINGS AND INVESTMENT PLAN
NOTE 5 - MASTER TRUST - SUMMARY OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1993
(in 000's)
Caterpillar Guaranteed
Common Investment Stable
Stock Contract Principal
Fund Fund Fund
----------- ---------- ---------
Investment income $ 17,551 $ 6,511 $ 1,946
Change in unrealized appreciation
of investments 576 (75)
-------- -------- -------
Net investment gain 18,127 6,511 1,871
-------- -------- -------
Contributions from all plans 3,358 662 11,285
-------- -------- -------
Withdrawals from all plans (2,670) (4,102) (1,988)
-------- -------- -------
Transfers from EIP I (Note 5) 74,749
-------- -------- -------
Net transfers for all plans (35,251) (32,739) 28,973
-------- -------- -------
Loan repayments 330 1,418
New loans (1,814) (1,664) (825)
-------- -------- -------
Net loan activity (1,484) (1,664) 593
-------- -------- -------
Increase (decrease) in assets for
the year 56,829 (31,332) 40,734
Net assets:
Beginning of year 26,550 116,200
-------- -------- -------
End of year $ 83,379 $ 84,868 $40,734
======== ======== =======
Preferred Group of Mutual Funds
-------------------------------------------------------------------------
Short-
Term Money Asset Fixed Loan
Government Market Value International Growth Allocation Income Fund Total
---------- ------- ------- ------------- ------- ---------- ------- ------- --------
Investment income $ 633 $ 456 $ 3,696 $ 588 $ 2,231 $ 744 $ 623 $ $ 34,979
Change in unrealized appreciation
of investments 108 3,761 6,946 9,587 290 (190) 21,003
------- ------- ------- ------- ------- ------- ------- ------- --------
Net investment gain 741 456 7,457 7,534 11,818 1,034 433 55,982
------- ------- ------- ------- ------- ------- ------- ------- --------
Contributions from all plans 1,390 1,932 8,485 3,642 14,192 2,510 1,413 48,869
------- ------- ------- ------- ------- ------- ------- ------- --------
Withdrawals from all plans (429) (791) (2,345) (311) (1,559) (403) (73) (174) (14,845)
------- ------- ------- ------- ------- ------- ------- ------- --------
Transfers from EIP I (Note 5) 898 75,647
------- ------- ------- ------- ------- ------- ------- ------- --------
Net transfers for all plans 1,802 1,877 (2,712) 19,668 7,525 4,873 5,984
------- ------- ------- ------- ------- ------- ------- ------- --------
Loan repayments 121 254 950 375 1,552 191 122 (5,313)
New loans (184) (467) (1,342) (468) (1,757) (160) (154) 8,835
------- ------- ------- ------- ------- ------- ------- ------- --------
Net loan activity (63) (213) (392) (93) (205) 31 (32) 3,522
------- ------- ------- ------- ------- ------- ------- ------- --------
Increase (decrease) in assets for
the year 3,441 4,159 10,493 30,440 31,771 8,045 7,725 3,348 165,653
Net assets:
Beginning of year 9,944 15,568 75,641 9,709 63,494 7,819 2,658 8,522 336,105
------- ------- ------- ------- ------- ------- ------- ------- --------
End of year $13,385 $19,727 $86,134 $40,149 $95,265 $15,864 $10,383 $11,870 $501,758
======= ======= ======= ======= ======= ======= ======= ======= ========