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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1993
COMMISSION FILE NUMBER 1-815
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
CONSOL PLAZA
1800 WASHINGTON ROAD
PITTSBURGH, PENNSYLVANIA 15241
(FULL TITLE OF THE PLAN)
E. I. DU PONT DE NEMOURS AND COMPANY
1007 MARKET STREET
WILMINGTON, DELAWARE 19898
(NAME AND ADDRESS OF PRINCIPAL EXECUTIVE OFFICE OF ISSUER)
=============================================================================
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INDEX
INVESTMENT PLAN FOR SALARIED EMPLOYEES OF CONSOL INC.
Index to Financial Statements and Additional Information
Page(s)
-------
Report of Independent Auditors ................................ 4
Financial Statements:
Statements of Net Assets Available for Plan 5 - 6
Benefits at December 31, 1993 and 1992 ....................
Statements of Changes in Net Assets Available 7 - 10
for Plan Benefits for the Years Ended December 31,
1993 and 1992 .............................................
Notes to Financial Statements ............................... 11 - 17
Additional Information:
Schedule of Assets Held for Investment Purposes at
December 31, 1993 (Schedule I) ............................ 18 - 19
Schedule of Reportable Transactions for the
Year Ended December 31, 1993 (Schedule II) ................ 20
EXHIBITS
Exhibit
Number
24 Consent of Independent Auditors ..................... 22
2
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Investment Plan Committee has duly caused this Annual Report to
be signed on its behalf by the undersigned hereunto duly authorized.
Investment Plan for Salaried Employees
of CONSOL Inc.
(Name of Plan)
Date: June 28, 1994
Michael F. Nemser
Vice President & Treasurer
CONSOL Inc.
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SIGNATURE
REPORT OF INDEPENDENT AUDITORS
To the Investment Plan Committee of the
Investment Plan for Salaried Employees of CONSOL Inc.
We have audited the accompanying statements of net assets available for plan
benefits of the Investment Plan for Salaried Employees of CONSOL Inc. as of
December 31, 1993 and 1992, and the related statements of changes in net
assets available for plan benefits 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 accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
at December 31, 1993 and 1992, and the changes in its net assets available
for plan benefits for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental
schedules of assets held for investment purposes and reportable transactions,
as of and for the year ended December 31, 1993, are presented for purposes of
complying with the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974, and
are not a required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit
of the 1993 financial statements and, in our opinion, are fairly stated in
all material respects in relation to the 1993 basic financial statements
taken as a whole.
ERNST & YOUNG
Pittsburgh, Pennsylvania
June 2, 1994
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INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993
(Dollars In Thousands, Except for Share and Unit Amounts)
Investments (Notes 1, 2 and 3):
Fixed Income Fund, 6,545,989 units,
(participants' cost $520,242), unit value $79.475 .... $520,242
Family of Mutual Funds, 330,174 shares
(participants' cost $21,799), share value $70.85 ..... 23,393
Wells Fargo Asset Allocation Fund, 974,447 units
(participants' cost $9,952), unit value $11.49 ....... 11,196
E. I. DuPont de Nemours & Company Common Stock
2,947,128 shares (participants' cost $103,182)
share value $48.25 ................................... 142,199
ML Equity Index Trust CL A, 105,488 shares,
(participants' cost $2,774), share value $28.92 ...... 3,051
ML Global Holdings Fund CL A, 309,571 shares,
(participants' cost $3,886), share value $13.14 ...... 4,068
ML Balanced Fund for Investment & Retirement CL A,
131,347 shares, (participants' cost $1,599), share
value $12.33 ......................................... 1,620
ML Capital Fund CL A, 81,433 shares,
(participants' cost $2,184), share value $27.97 ...... 2,278
ML Basic Value Fund CL A, 72,994 shares,
(participants' cost $1,691), share value $23.37 ...... 1,706
Chrysler Corporation Common Stock, 7,828 shares
(participants' cost $118) share value $53.25 ......... 417
Loans to participants (principal balance) .............. 16,799
--------
Total Investments .................................. 726,969
Receivables (including $3,301 from CONSOL) ............... 3,704
Net Assets Available for Plan Benefits ............. $730,673
========
The accompanying notes are an integral part
of these financial statements.
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INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF
CONSOL INC.
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1992
(Dollars In Thousands, Except for Share and Unit Amounts)
Investments (Notes 1, 2 and 3):
Fixed Income Fund, 6,283,269 units
(participants' cost $458,253, exclusive of
accrued interest) unit value $72.932 ................ $458,253
Family of Mutual Funds
(participants' cost $19,240) ........................ 24,145
Wells Fargo Asset Allocation Fund, 574,364 units
(participants' cost $8,493) unit value $15.45 ....... 8,876
E. I. DuPont de Nemours & Company Common Stock,
2,923,190 shares (participants' cost $97,546)
share value $47.125 ................................. 137,755
Chrysler Corporation Common Stock, 8,620 shares
(participants' cost $130) share value $32.00 ........ 276
Loans to participants (principal balance) 10,081
Cash (Note 4) ........................................... 362
--------
Net assets available for plan benefits ............ $639,748
========
The accompanying notes are an integral part
of these financial statements.
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INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1993
(Dollars in Thousands)
Fixed Family Wells DuPont ML ML ML
Income of Mutual Fargo Stock Equity Index Global Balanced
Fund Funds Fund Fund Trust Holdings Fund
========= ========== ========= ========== ============ ======== =========
Investment income $ 42,626 $ 1,963 $ 1 $ 5,140 $ - $ 224 $ 188
(dividends and interest)
Net realized and unrealized
appreciation (depreciation)
of investments - 2,139 1,406 4,078 320 196 34
Deposits and withdrawals:
Employee deposits 10,417 1,045 537 5,711 107 98 62
Employer contributions 6,351 561 275 3,431 65 48 35
Rollover contributions 10,260 605 235 233 7 132 19
Employee withdrawals (25,801) (371) (213) (3,480) (170) (29) (12)
Transfers between investment
options (net) 5,183 (6,678) 107 (9,247) 2,790 3,430 1,335
Loan issues (6,970) (331) (133) (3,519) (115) (61) (66)
Loan repayments 2,492 264 84 1,562 39 24 19
Loan interest 558 51 21 393 8 6 6
Trust to Trust transfers 16,873 - - 142 - - -
_________ _________ _________ _________ ________ ________ _______
Change in net assets available
for plan benefits for year 61,989 (752) 2,320 4,444 3,051 4,068 1,620
Net assets available for plan
benefits at beginning of year 458,253 24,145 8,876 137,755 - - -
_________ _________ _________ _________ ________ ________ _______
Net assets available for plan
benefits at end of year $520,242 $ 23,393 $ 11,196 $142,199 $ 3,051 $ 4,068 $ 1,620
========= ========= ========= ========= ======== ======== =======
The accompanying notes are an integral part of these financial statements.
Continued on next page 7
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INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1993 (Continued)
(Dollars in Thousands)
Cash Fund
ML ML Chrysler & Receivable
Capital Basic Value Stock Loan Pending From Total
Fund Fund Fund Fund Settlement CONSOL All Funds
======= =========== ======== ======== ========== ========== =========
Investment income $ 140 $ 82 $ 4 $ 1,172 $ - 13 $51,553
(dividends and interest)
Net realized and unrealized
appreciation (depreciation)
of investments 118 66 175 - - - 8,532
Deposits and withdrawals:
Employee deposits 141 137 - - - 1,724 19,979
Employer contributions 74 63 - - - 1,050 11,953
Rollover contributions 40 138 - - - - 11,669
Employee withdrawals (32) (76) (18) (418) - - (30,620)
Transfers between investment
options (net) 1,785 1,287 (20) - (362) 390 -
Loan issues (37) (25) - 11,257 - - -
Loan repayments 42 27 - (4,965) - 412 -
Loan interest 7 7 - (1,172) - 115 -
Trust to Trust transfers - - - 844 - - 17,859
________ ________ ______ ________ ______ ______ _________
Change in net assets available
for plan benefits for year 2,278 1,706 141 6,718 (362) 3,704 90,925
Net assets available for plan
benefits at beginning of year - - 276 10,081 362 - 639,748
________ ________ ______ ________ ______ ______ _________
Net assets available for plan
benefits at end of year $ 2,278 $ 1,706 $ 417 $16,799 $ - $3,704 $730,673
======== ======== ====== ======== ====== ====== =========
The accompanying notes are an integral part of these financial statements.
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INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1992
(Dollars in Thousands)
Fixed Family Wells DuPont
Income of Mutual Fargo Stock
Fund Funds Fund Fund
========= ========== ========= ==========
Investment income (dividends and interest) $ 40,004 $ 2,840 $ 456 $ 4,941
Net realized and unrealized appreciation
(depreciation) of investments - (1,877) 217 3,245
Deposits and withdrawals:
Employee deposits 9,881 1,335 407 6,510
Employer contributions 6,133 718 203 3,770
Rollover contributions 8,025 - 31 25
Employee withdrawals (27,440) (577) (403) (4901)
Transfers between investment options (net) 4,910 3,109 (603) (7,006)
Loan issues (3,348) (271) (67) (1,408)
Loan repayments 1,590 210 44 1,205
Loan interest 512 67 14 388
Trust to Trust transfers - - - 341
_________ ________ _______ _________
Change in net assets available for plan benefits for year 40,267 5,554 299 7,110
Net assets available for plan benefits at beginning of year 417,986 18,591 8,577 130,645
_________ ________ _______ _________
Net assets available for plan benefits at end of year $458,253 $24,145 $8,876 $137,755
========= ======== ======= =========
The accompanying notes are an integral part of these financial statements.
Continued on next page 9
PAGE 10
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1992 (Continued)
(Dollars in Thousands)
Cash Fund United
Chrysler & States
Stock Loan Pending Savings Total
Fund Fund Settlement Bonds All Funds
======== ======== ========== ========= =========
Investment income $ 5 $ 981 $ 123 $ 13 $ 49,363
(dividends and interest)
Net realized and unrealized
appreciation (depreciation)
of investments 176 - - - 1,761
Deposits and withdrawals:
Employee deposits - - - - 18,133
Employer contributions - - - - 10,824
Rollover contributions - - - - 8,081
Employee withdrawals (4) (801) (855) (16) (34,997)
Transfers between investment
options (net) (13) - 24 (421) -
Loan issues - 5,145 (49) (2) -
Loan repayments - (3,180) 131 - -
Loan interest - (981) - - -
Trust to Trust transfers - - - - 341
______ ________ ______ _____ _________
Change in net assets available
for plan benefits for year 164 1,164 (626) (426) 53,506
Net assets available for plan
benefits at beginning of year 112 8,917 988 426 586,242
______ ________ ______ _____ _________
Net assets available for plan
benefits at end of year $ 276 $10,081 $ 362 $ - $639,748
====== ======== ====== ===== =========
The accompanying notes are an integral part of these financial statements.
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INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL Inc.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - DESCRIPTION OF THE INVESTMENT PLAN:
THE PLAN
The Investment Plan for Salaried Employees of CONSOL Inc. (the
"Plan") is a defined contribution plan established in 1953. The Investment
Plan Committee, appointed by the Board of Directors of CONSOL Inc. ("CONSOL")
administers the Plan. Salaried, operations and maintenance, and, in certain
circumstances, production and maintenance employees of CONSOL and
participating employers are eligible to participate in the Plan on the first
of the month following regular full-time employment. In addition, temporary
employees are eligible to participate in the plan upon completion of a period
of 12 consecutive months, commencing upon their employment date or
anniversary date thereof, during which the employee completes 1,000 or more
hours of service. An eligible employee may, with certain restrictions,
contribute up to 16 percent of monthly base pay to the Plan exclusive of
supplemental make-up deposits. CONSOL and participating employers match
these contributions, dollar for dollar, up to 6 percent of base pay (as
defined by the Plan). Forfeitures of company matching contributions as a
result of withdrawals by nonvested employees are used to offset future
company matching contributions. Contributions may be made with before-tax or
after-tax dollars. Nondis-crimination rules of the Internal Revenue Code
require that the average contribution rates in both the before-tax and
after-tax accounts of "Highly Compensated" employees (as defined by the IRS)
should be limited by the average contribution rates of "Non-highly
Compensated" employees. For the years ending December 31, 1993 and 1992, the
after-tax contribution maximum including supplemental make-up deposits was
19% and the before-tax contribution maximum was 15%. In addition, subject to
certain limitations, a participant is allowed to make lump sum savings
deposits in cash to the Plan at any time.
Plan participants generally become vested upon completion of five
consecutive years of participation in the Plan or five cumulative years of
service. Participants who retire from active service may elect to withdraw
their entire account in a lump sum, to defer withdrawal until April 1 of the
calendar year following the year in which the participant attains age 70
1/2, or to elect an irrevocable option to have their account distributed
over a period of not less than 2 years or more than a period which would pay
the account balance during the employee's actuarial life in either a fixed
or variable amount. Before-tax deposits may be withdrawn only in the event
of an employee's retirement, death, termination, attainment of age 59 1/2 or
defined hardship.
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The Tax Reform Act of 1986 (the "Act") included a number of pro-
visions affecting employee benefit plans that generally became effective on
or after January 1, 1987. The Plan was amended effective January 1, 1987,
to limit the amount of annual contributions an employee can make to his
before-tax account in accordance with limits established by the Act ($8,994
in 1993 and $8,728 in 1992); to provide for separation-from-service
distributions after age 55; and to modify the maximum loan amount and
definition of tax-free participant loans. It is CONSOL's intention to make
additional amendments to the Plan, where necessary, to comply with technical
corrections and Treasury Regulations that are issued under the Act.
Participants may borrow up to one-half of their nonforfeitable
account balances subject to certain minimum and maximum loan limitations.
Such loans are repayable over periods of 12 to 60 months (120 months maximum
if for the purchase of a principal residence) and bear an interest rate equal
to the average rate charged by selected major banks for secured personal
loans. A participant has the right to repay the loan in full at any time
without penalty.
INVESTMENT FUNDS
The following investment funds have been established with trustees
for the investment of employee savings and CONSOL's and participating
employers' contributions. The nature of the investments maintained in each
fund is described below:
U. S. Savings Bond Fund United States Savings Bonds, Series EE in
$100 denominations. This fund was
eliminated as of June, 1992.
Fixed Income Fund Investments under agreement with one or
more financial institutions, including
insurance companies, banks and other
investment companies which provide for the
return of principal in full plus the
payment of interest at a predetermined rate
for a specific period of time. The fund's
blended rate of return for the 12 months
ending December 31, 1993 and December 31,
1992 was 8.97% and 9.38%, respectively.
Family of Mutual Funds A group of seven different mutual funds,
each with its own investment objectives,
offered through Fidelity Investments
Institutional Operations Company. As of
January 13, 1993, these funds were
transferred to similar mutual funds at
Merrill Lynch with the exception of
Magellan and Retirement Growth which were
combined into the Magellan Fund. The
Magellan Fund continues to be shown under
the caption Family of Mutual Funds.
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Wells Fargo Asset Allocation Fund Asset Allocation Fund with money invested
by Wells Fargo Nikko Investment Advisors
among stocks, bonds and cash (money
market).
DuPont Common Stock Fund Common stock of E. I. DuPont de Nemours and
Company ("DuPont"). DuPont owns 50% of the
stock of CONSOL Energy Inc., the parent of
CONSOL.
Loan Fund Participant loans - amounts transferred
from the United States Savings Bond Fund,
the Fixed Income Fund, the Family of Mutual
Funds, Merrill Lynch Mutual Funds, the
DuPont Common Stock Fund and/or the Wells
Fargo Asset Allocation Fund that are loaned
to participants.
Merrill Lynch Mutual Funds A group of five (5) different mutual funds
each with its own investment objective
offered through Merrill Lynch.
The shares of Chrysler Corporation Common Stock are held by some
CONSOL Plan participants who elected to exercise their right as Plan
participants to retain the stock as of September 15, 1966. This investment
option is no longer available to Plan participants.
At December 31, 1993, Plan participants were invested in the follow-
ing options (number of participants in each option): Du Pont Common Stock
(3,314); Family of Mutual Funds (976); Fixed Income Fund (6,166); Wells Fargo
Asset Allocation Fund (632); Merrill Lynch (ML) Global Holdings Fund (226);
ML Balanced Fund (140); ML Equity Index Trust (208); ML Capital Fund (240);
ML Basic Value Fund (196); Chrysler Corporation Common Stock (61) and
Participant Loans (1,885). The numbers reflect participation in multiple
options as permitted by the Plan.
While CONSOL has not expressed any intent to terminate the Plan, it
is free to do so at any time. In the event of termination, each participant
automatically becomes vested to the extent of the balance in his or her
individual account.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Investments are accounted for at fair value as determined by the
Trustee. Investments in DuPont Common Stock Fund, Chrysler Corporation
Common Stock Fund, Family of Mutual Funds and Merrill Lynch Mutual Funds
(except for the Merrill Lynch Equity Index Trust) are recorded at the latest
quoted price on the last business day of the Plan year. Guaranteed
investment contracts and separate account portfolios maintained in the Fixed
Income Fund are stated at cost plus accrued interest, using the contracted
interest rates applied to the daily account balances. Investments in the
Wells Fargo Asset Allocation Fund and the Merrill Lynch Equity Index Trust
are recorded at the fair value of the underlying assets in the Fund as
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reported on the last business day of the Plan year. The fair value of loans
to participants in the Loan Fund represents the outstanding principal
balances of the loans.
The cost of investments sold is determined on the basis of average
cost. Dividend income is recorded on the ex-dividend date and interest
income is recorded on the accrual basis. Brokerage commissions and
Securities Exchange Commission fees in connection with the purchase and sale
of Du Pont Common Stock and the sale of Chrysler Corporation Common Stock are
added to the cost thereof or deducted from the sales proceeds derived
therefrom. All other expenses of the Plan are paid by CONSOL and
participating employers.
In fiscal year 1993, December contributions were recorded on the
accrual basis. In fiscal year 1992, these contributions were received by the
Trust prior to closing the books and are included in the corresponding
investments.
Certain reclassifications have been made to the Plan's 1992
financial statements to conform with 1993's presentation.
NOTE 3 - INVESTMENTS
The following presents the Plan's investments at fair value:
December 31, 1993 December 31, 1992
Fixed Income (guaranteed
investment contracts, separate
account portfolios) .......... $520,242 $458,253
DuPont Common Stock ............ 142,199 137,755
Family of Mutual Funds ......... 23,393 24,145
Wells Fargo Asset Allocation ... 11,196 8,876
Merrill Lynch Mutual Funds ..... 12,723 -
Chrysler Common Stock .......... 417 276
Loans to Participants .......... 16,799 10,081
Cash ........................... - 362
-------- --------
Total Investments at Fair Value $726,969 $639,748
======== ========
The guaranteed investment contracts and separate account portfolios
for the CONSOL Plan Fixed Income Fund consist of the following (dollars in
thousands):
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Description December 31, 1993 December 31, 1992
----------- ----------------- -----------------
Aetna Life Insurance Company--9.01%, 6/1/01 ............... $ 26,736 $ 24,729
Aetna Life Insurance Company--9.32%, 6/1/99 ............... 30,354 27,995
Aetna Life Insurance Company--9.89%, 6/1/00 .............. 23,773 21,812
Bankers Trust--5.9%, 12/31/01 ............................. 24,818 -
Metropolitan Life Insurance Company--7.78%, 6/30/00 ....... 49,667 46,231
New York Life Insurance Company--9.11%, 6/1/99 ............ 30,254 27,957
New York Life Insurance Company--9.71%, 6/1/99 ............ 31,002 28,491
New York Life Insurance Company--9.85%, 12/31/93 .......... - 3,009
Peoples Security Life Insurance Company, a member of the
Capital Holdings Family--6.1%, 1/4/99 ................... 4,929 -
Principal Mutual Life Insurance Company--9.10%, 6/1/99 .... 29,287 27,065
Principal Mutual Life Insurance Company--9.50%, 6/1/98 .... 43,046 44,040
Provident National Assurance Company--9.52%, 6/30/95 ...... 3,629 5,905
Prudential Insurance Company of America--7.02%, 7/01/98 ... 47,237 33,147
Prudential Insurance Company of America--8.87%, 7/01/98 ... 46,217 -
Prudential Insurance Company of America--9.22%, 6/1/01 .... - 42,742
Prudential Insurance Company of America--9.66%, 6/1/98 .... 43,368 44,305
Prudential Insurance Company of America--9.96%, 6/1/98 .... 43,995 44,822
-
Prudential Insurance Company of America--10.59%, 6/30/93 .. - 1,401
The Travelers Insurance Companies--9.66%, 6/01/00 ......... 22,620 20,798
-
The Travelers Insurance Companies--10.13%, 12/31/94 ....... 2,380 4,361
Scudder Institutional Fund ................................ - 9,443
-------- --------
Total Investment in Fixed Income $503,312 $458,253
Short Term Investments 16,930 -___
TOTAL INVESTMENT $520,242 $458,253
======== ========
Participants investing in the Fixed Income Fund, Wells Fargo Asset
Allocation Fund and the Merrill Lynch Equity Index Trust are assigned units
at the time of investment based on the net asset value per unit. The
following table presents the number of units outstanding and related net
asset value per unit at each month-end.
Wells Fargo Merrill Lynch
Fixed Income Fund Asset Allocation Fund Equity Index Trust_
Units Unit Units Unit Units Unit
Outstanding Value Outstanding Value Outstanding Value
January 31, 1993 6,285,318 $73.478 894,479 $10.13 119,864 $26.58
February 28, 1993 6,261,148 73.973 940,947 10.42 120,509 26.93
March 31, 1993 6,262,337 74.524 898,566 10.49 110,788 27.49
April 30, 1993 6,357,985 75.061 877,242 10.47 110,017 26.82
May 31, 1993 6,375,794 75.617 900,906 10.61 110,248 27.53
June 30, 1993 6,338,210 76.160 861,581 10.89 110,270 27.60
July 31, 1993 6,350,816 76.712 869,193 11.00 108,219 27.48
August 31, 1993 6,329,520 77.267 878,891 11.43 108,219 28.52
September 30, 1993 6,316,158 77.806 896,471 11.39 107,793 28.29
October 31, 1993 6,506,124 78.366 914,814 11.56 103,017 28.87
November 30, 1993 6,504,056 78.910 927,559 11.39 104,725 28.58
December 31, 1993 6,545,989 79.475 974,447 11.49 105,488 28.92
15
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Prior to January 1, 1993, the DuPont Common Stock Fund, Wells Fargo
Asset Allocation Fund and Fixed Income Fund investment options provided by
the Plan were available to participants in the Thrift Plan for Employees of
Conoco Inc. (the "Conoco Plan") administered by Conoco, a wholly-owned
subsidiary of DuPont. Accordingly, the investments in these funds by
participants in the Plan and the Conoco Plan were commingled by the common
Trustee (Wilmington Trust Company) for the plans. Participation in the funds
by the plans is summarized below at December 31, 1992 (dollars in thousands):
NUMBER OF VALUE OF
UNITS FUND ASSETS
Commingled funds as of December 31, 1992:
DuPont Common Stock Fund:
Conoco Plan 5,346,150 $ 251,937
CONSOL Plan 2,923,190 137,755
8,269,340 $ 389,692
========= ==========
Fixed Income Fund:
Conoco Plan 19,682,682 $1,435,503
CONSOL Plan 6,283,269 458,253
25,965,951 $1,893,756
========== ==========
Wells Fargo Asset Allocation Fund:
Conoco Plan 2,567,797 $ 39,681
CONSOL Plan 574,364 8,876
3,142,161 $ 48,557
========== ==========
Effective January 1, 1993, the Plan assets were maintained separately by
Merrill Lynch.
NOTE 4 - CASH
Prior to January, 1993, the Plan provided authorization for the
Trustee to invest cash in an overnight interest-bearing account awaiting
investment in one of the Plan options or distribution to Plan participants.
In accordance with the terms of the Plan, the resultant interest income
earned on such investments was credited equally on a quarterly basis to each
active participant's account without regard to balances, contributions or
length of participation and was invested in accordance with the
participant's most recent investment direction.
16
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NOTE 5 - INCOME TAXES STATUS
The Plan received a favorable determination letter with respect to
the 1987 amended plan from the Internal Revenue Service. Since that time,
the Plan has been amended to reflect changes required by the Tax Reform Act
of 1986. Management believes the Plan is qualified under Section 401(a) of
the Internal Revenue Code and therefore the trust is exempt from taxation
under Section 501(a).
Participants in the Plan are not subject to federal income taxes on
account balances arising from employer contributions, before-tax employee
deposits or accrued income until distributions or withdrawals are made.
NOTE 6 - CHANGE OF TRUSTEE AND RECORDKEEPER
Effective January, 1993 the recordkeeping of the Investment Plan was
transferred to Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill
Lynch). Concurrently with this move, Merrill Lynch became the Trustee for
the Fixed Income, Family of Mutual Funds, Wells Fargo Asset Allocation,
DuPont Common Stock, Loan and the Merrill Lynch Mutual Funds. The Family of
Mutual Funds at Fidelity Investments Institutional Operations Company
(Fidelity) were transferred to similar mutual funds at Merrill Lynch with the
exception of the Magellan and Retirement Growth Funds which were combined
into the Magellan Fund.
NOTE 7 - WELLS FARGO CONVERSION
In November, 1992 the Plan's position in the Wells Fargo Three Way
Asset Allocation Fund was converted from Monthly (U. S. Tactical Asset
Allocation Fund) to Daily (U. S. Tactical Asset Allocation Fund E). This
conversion resulted in a change of the base unit value to $10 per share with
a relative change in shares held to ensure no gain or loss for participants.
The conversion was necessary to allow daily trading of the Wells Fargo Fund.
NOTE 8 - ISLAND CREEK ACQUISITION
On July 1, 1993 CONSOL acquired Island Creek Coal, Inc. (Island
Creek) from a subsidiary of Occidental Petroleum Company. Island Creek
active employees participating in the Occidental Petroleum Corporation
Savings Plan were given the opportunity to make a one-time election for a
trust-to-trust transfer of their account to the Investment Plan for Salaried
Employees of CONSOL Inc. The trust-to-trust transfer included $16,522 which
was invested in the Fixed Income Fund and $852 of outstanding participants'
loans.
17
PAGE 18
SCHEDULE I
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
(Dollars in Thousands)
- - --------------------------------------------------------------------------------------------------------
Identity of Issue, Borrower Current
Lessor or Similar Party Description of Investment Cost Value
- - --------------------------------------------------------------------------------------------------------
E. I. DuPont de Nemours & Company Common Stock $ 103,182 $ 142,199
========= =========
Chrysler Corporation Common Stock $ 118 $ 417
========= =========
Family of Mutual Funds Fidelity Magellan Fund $ 21,799 $ 23,393
========= =========
Merrill Lynch Funds Equity Index Trust $ 2,774 $ 3,051
Global Holdings Fund 3,886 4,068
Balanced Fund 1,599 1,620
Capital Fund 2,184 2,278
Basic Value Fund 1,691 1,706
$ 12,134 $ 12,723
========= =========
Aetna Life Insurance Company GIC<Fa>, 9.01%, 6/1/01 $ 26,736
GIC<Fa>, 9.32%, 6/1/99 30,354
GIC<Fa>, 9.89%, 6/1/00 23,773
Banker's Trust SYNGIC<Fa>, 5.9%, 12/31/01 24,818
Metropolitan Life Insurance Company SAGIC<Fa>, 7.78%, 6/30/00 49,667
New York Life Insurance Company GIC<Fa>, 9.11%, 6/1/99 30,254
GIC<Fa>, 9.71%, 6/1/99 31,002
Peoples Security Life Insurance Company SYNGIC<Fa>, 6.1%, 1/4/99 4,929
Principal Mutual Life Insurance Company GIC<Fa>, 9.10%, 6/1/99 29,287
GIC<Fa>, 9.50%, 6/1/98 43,046
Provident National Assurance Company GIC<Fa>, 9.52%, 6/30/95 3,629
Prudential Insurance Company of
America SAGIC<Fa>, 7.02%, 7/1/98 47,237
SAGIC<Fa>, 8.87%, 7/1/98 46,217
GIC<Fa>, 9.66%, 6/1/98 43,368
GIC<Fa>, 9.96%, 6/1/98 43,995
The Travelers Insurance Companies GIC<Fa>, 9.66%, 6/01/00 22,620
GIC<Fa>, 10.13%, 12/31/94 2,380
Short Term Investments 16,930
________
Total $ 520,242 $ 520,242
========= =========
18
PAGE 19
SCHEDULE I
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued)
DECEMBER 31, 1993
(Dollars in Thousands)
- - --------------------------------------------------------------------------------------------------------
Identity of Issue, Borrower Current
Lessor or Similar Party Description of Investment Cost Value
- - --------------------------------------------------------------------------------------------------------
Wells Fargo Company Wells Fargo Asset Allocation Fund $ 9,952 $ 11,196
========= =========
Plan Participants Loans $ 16,799 $ 16,799
========= =========
________________________________________________________________________________________________________
<FN>
<Fa>- GIC = Guaranteed Investment Contract
- SAGIC = Separate Account Guaranteed Investment Contract
- SYNGIC = Synthetic Guaranteed Investment Contract
19
PAGE 20
SCHEDULE II
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF CONSOL INC.
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1993
(Dollars in Thousands)
________________________________________________________________________________________________________________________
Expense Current Value Net
Incurred Cost of Asset on Gain
Identity of Description Purchase Selling Lease with of Transaction or
Party Involved of Security Price Price Rental Transaction Asset Date Loss
____________________ _____________________ ________ ________ ______ ___________ ________ ___________ _____
Category (iii)--
series of transactions
in excess of 5 percent
of plan assets
Merrill Lynch ML Government Fund $243,493 $ 0 $ 0 $ 0 $243,493 $243,493 $ 0
Merrill Lynch ML Government Fund 0 214,771 0 0 214,771 214,771 0
Bankers Trust Company Policy #B93607 146,715 0 0 0 146,715 146,715 0
Bankers Trust Company Policy #B93607 0 45,231 0 0 45,231 45,231 0
Prudential Insurance Prudential GA7408 79,414 0 0 0 79,414 79,414 0
Company of America
Prudential Insurance Prudential GA7408 0 28,326 0 0 28,326 28,326 0
Company of America
Scudder Scudder Institutional 7,639 0 0 0 7,639 7,639 0
Fund
Scudder Scudder Institutional 0 39,085 0 0 39,085 39,085 0
Fund
Merrill Lynch E.I. DuPont de Nemours 23,637 0 0 0 23,637 23,637 0
& Company Stock Fund<FA>
Merrill Lynch E.I. DuPont de Nemours 0 23,197 0
& Company Stock Fund<FA>
<FN>
<FA> Note - All funds except for the DuPont Stock Fund represent transactions
for the Conoco & Consol Plans on a commingled basis.
There were no category (i), (ii) or (iv) reportable transactions during 1993.
20
PAGE 21
EXHIBIT INDEX
Exhibit
Number Description
------- -----------
24 Consent of Independent Auditors
21
PAGE 22
SIGNATURE
Exhibit 24
CONSENT OF INDEPENDENT AUDITORS
We hereby consent to the incorporation by reference in the
Prospectus constituting part of the Registration Statement on Form S-8
(No. 33-26216) of E. I. du Pont de Nemours and Company of our report dated
June 2, 1994 appearing on Page 4 of the Investment Plan for Salaried
Employees of CONSOL Inc. Annual Report on this Form 11-K for the year
ended December 31, 1993.
ERNST & YOUNG
Pittsburgh, Pennsylvania
June 27, 1994
22