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 EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number 1-8519
--------------------------
MATRIXX MARKETING INC.
PROFIT SHARING/401(k) PLAN
CINCINNATI BELL INC.
201 East Fourth Street
Cincinnati, Ohio 45202
INDEX
Report of Independent Accountants
Financial Statements:
Statements of Net Assets Available for Plan Benefits as of
December 31, 1996
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 1996
Statement of Net Assets Available for Plan Benefits as of
December 31, 1995
Notes to Financial Statements
Schedules:
Item 27(a) -- Schedule of Assets Held for Investment Purposes as of
December 31, 1996
Item 27(d) -- Schedule of Reportable Transactions for the Year
Ended December 31, 1996
Other Schedules Are Omitted Because the Information Required is
Contained in the Financial Statements.
REPORT OF INDEPENDENT ACCOUNTANTS
Plan Committee of the
MATRIXX Marketing Inc.
Profit Sharing/401(k) Plan
We have audited the accompanying statement of net assets available for benefits
of the MATRIXX Marketing Inc. Profit Sharing/401(k) Plan as of December 31, 1996
and 1995, and the related statement of changes in net assets available for
benefits for the year ended December 31, 1995. These financial statements are
the responsibility of the Plan's Management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the MATRIXX
Marketing Inc. Profit Sharing/401(k) Plan as of December 31, 1996 and 1995, and
the changes in net assets available for benefits for the year ended December 31,
1996, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of Assets Held
for Investment Purposes as of December 31, 1996 and Schedule of Reportable
Transactions for the year ended December 31, 1996 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 statement
of net assets available for benefits and the statement 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. The supplemental schedules and
Fund Information have been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial statements taken as
a whole.
/s/ Coopers & Lybrand L.L.P.
Cincinnati, Ohio
June 14, 1997
1
MATRIXX MARKETING INC.
PROFIT SHARING/401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1996
Inter- U.S.
Cincinnati Stable national Treasury
Bell Inc. Value Stock Money G.N.M.A.
ASSETS Shares Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
Employer contribution receivable $ 2,061,161
Investments (cost of$16,446,822) :
Cincinnati Bell Inc. shares 10,710,125
Mutual funds $ 1,799,308 $ 504,052 $ 1,540,432 $ 169,991
Participant loans receivable
------------ ------------ ------------ ------------ ------------
Total investments 10,710,125 1,799,308 504,052 1,540,432 169,991
Total assets 12,771,286 1,799,308 504,052 1,540,432 169,991
------------ ------------ ------------ ------------ ------------
Net assets available for benefits $ 12,771,286 $ 1,799,308 $ 504,052 $ 1,540,432 $ 169,991
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Capital
Equity Apprec- Spectrum
Income iation Other Participant Income
ASSETS Fund Fund Funds Loans Funds
------------- ------------- ------------- ------------------- -------------
Employer contribution receivable
Investments (cost of$16,446,822):
Cincinnati Bell Inc. shares
Mutual funds $ 3,438,120 $ 406,803 $ 1,417,966 $ 1,121,832
Participant loans receivable $ 931,372
------------ ------------ ------------ ------------ ------------
Total investments 3,438,120 406,803 1,417,966 931,372 1,121,832
Total assets 3,438,120 406,803 1,417,966 931,372 1,121,832
------------ ------------ ------------ ------------ ------------
Net assets available for benefits $ 3,438,120 $ 406,803 $ 1,417,966 $ 931,372 $ 1,121,832
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Spectrum
Growth
ASSETS Fund Total
------------ ------------
Employer contribution receivable $ 2,061,161
Investments (cost of$16,446,822):
Cincinnati Bell Inc. shares 10,710,125
Mutual funds $ 1,907,282 12,305,786
Participant loans receivable 931,372
------------ ------------
Total investments 1,907,282 23,947,283
Total assets 1,907,282 26,008,444
------------ ------------
Net assets available for benefits $ 1,907,282 $ 26,008,444
------------ ------------
------------ ------------
SEE NOTES TO FINANCIAL STATEMENTS.
2
MATRIXX MARKETING INC.
PROFIT SHARING/401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1996
Inter- U.S.
Cincinnati Stable national Treasury
Bell Inc. Value Stock Money G.N.M.A.
Shares Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
Net assets available for benefits
at beginning of year $ 6,937,543 $ 1,720,383 $ 240,741 $ 719,229 $ 219,299
Additions:
Employer contributions 2,362,674
Participant contributions 227,048 229,181 129,072 64,301 -
Dividend and other income 134,701 105,375 13,503 42,515 13,149
Net transfer from affiliated plans 31,268 2,362 829 (30) -
Net transfer of participants
balances (585,636) (112,350) 90,602 570,543 (21,002)
Net appreciation (depreciation)
of investments 4,546,408 - 41,736 - (8,011)
------------ ------------ ------------ ------------ ------------
Total additions 6,716,463 224,568 275,742 677,329 -15,864
Deductions:
Distributions to participants 882,720 145,643 12,431 -143,874 33,444
------------ ------------ ------------ ------------ ------------
Total deductions 882,720 145,643 12,431 -143,874 33,444
------------ ------------ ------------ ------------ ------------
Net increase (decrease) 5,833,743 78,925 263,311 821,203 -49,308
------------ ------------ ------------ ------------ ------------
Net assets available for
benefits at end of year $12,771,286 $1,799,308 $504,052 $1,540,432 $169,991
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Capital
Equity Apprec- Spectrum
Income iation Other Participant Income
Fund Fund Funds Loans Funds
------------- ------------- ------------- ------------------- -------------
Net assets available for benefits
at beginning of year $ 2,714,573 $ 261,835 $ 1,293,448 $ 742,223 $ 1,055,916
Additions:
Employer contributions
Participant contributions 495,759 135,597 43,228 - 164,247
Dividend and other income 215,770 38,212 15,972 61,045 83,202
Net transfer from affiliated plans 5,438 3,332 607 23,145 366
Net transfer of participant
balances (28,386) (5,162) (34,620) 179,494 (32,124)
Net appreciation (depreciation)
of investments 355,349 13,828 251,088 - (4,595)
------------ ------------ ------------ ------------ ------------
Total additions 1,043,930 185,807 276,275 263,684 211,096
Deductions:
Distributions to participants 320,383 40,839 151,757 74,535 145,180
------------ ------------ ------------ ------------ ------------
Total deductions 320,383 40,839 151,757 74,535 145,180
------------ ------------ ------------ ------------ ------------
Net increase (decrease) 723,547 144,968 124,518 189,149 65,916
------------ ------------ ------------ ------------ ------------
Net assets available for
benefits at end of year $ 3,438,120 $ 406,803 $ 1,417,966 $ 931,372 $ 1,121,832
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Spectrum
Growth
Fund Total
------------- ------------
Net assets available for benefits $ 1,499,127 $ 17,404,317
at beginning of year
Additions: 2,362,674
Employer contributions 278,066 1,766,499
Participant contributions 132,554 855,998
Dividend and other income 5,422 72,739
Net transfer from affiliated plans
Net transfer of participant (21,359) -
balances
Net appreciation (depreciation) 180,575 5,376,378
of investments ------------ ------------
575,258 10,434,288
Total additions
Deductions: 167,103 1,830,161
Distributions to participants ------------ ------------
167,103 1,830,161
Total deductions ------------ ------------
408,155 8,604,127
Net increase (decrease) ------------ ------------
Net assets available for $ 1,907,282 $ 26,008,444
benefits at end of year ------------ ------------
------------ ------------
SEE NOTES TO FINANCIAL STATEMENTS.
3
MATRIXX MARKETING INC.
PROFIT SHARING/401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1996
Inter- U.S.
Cincinnati Stable national Treasury
Bell Inc. Value Stock Money G.N.M.A.
ASSETS Shares Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
Employer contribution receivable $ 1,650,050
Investments (cost of$12,466,084) :
Cincinnati Bell Inc. shares 5,287,493
Mutual funds $ 1,720,383 $ 240,741 $ 719,229 $ 219,299
Participant loans receivable
------------ ------------ ------------ ------------ ------------
Total investments 5,287,493 1,720,383 240,741 719,229 219,299
Total assets 6,937,543 1,720,383 240,741 719,229 219,299
------------ ------------ ------------ ------------ ------------
Net assets available for benefits $ 6,937,543 $ 1,720,383 $ 240,741 $ 719,229 $219,299
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Capital
Equity Apprec- Spectrum
Income iation Other Participant Income
ASSETS Fund Fund Funds Loans Funds
------------- ------------- ------------- ----------------- -------------
Employer contribution receivable
Investments (cost of$12,466,084) :
Cincinnati Bell Inc. shares
Mutual funds $2,714,573 $261,835 $1,293,448 $1,055,916
Participant loans receivable 742,223
------------ ------------ ------------ ------------ ------------
Total investments 2,714,573 261,835 1,293,448 742,223 1,055,916
Total assets 2,714,573 261,835 1,293,448 742,223 1,055,916
------------ ------------ ------------ ------------ ------------
Net assets available for benefits $2,714,573 $261,835 $1,293,448 $742,223 $1,055,916
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Spectrum
Growth
ASSETS Fund Total
------------- -------------
Employer contribution receivable $ 1,650,050
Investments (cost of$12,466,084) :
Cincinnati Bell Inc. shares 5,287,493
Mutual funds $ 1,499,127 9,724,551
Participant loans receivable 742,223
------------ ------------
Total investments 1,499,127 15,754,267
Total assets 1,499,127 17,404,317
------------ ------------
Net assets available for benefits $ 1,499,127 17,404,317
------------ ------------
------------ ------------
SEE NOTES TO FINANCIAL STATEMENTS.
4
MATRIXX MARKETING INC.
NOTES TO FINANCIAL STATEMENTS
1. PLAN DESCRIPTION
The following is a description of the MATRIXX Marketing Inc. Profit
Sharing/401(k) Plan (the "Plan"). The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974. Reference is made to
the plan document and the related Trust Agreement for complete information.
a. GENERAL: The Plan is a defined contribution plan covering
substantially all domestic employees of MATRIXX Marketing Inc. (the
"Company"), a wholly-owned subsidiary of Cincinnati Bell Inc. ("CBI").
The Plan is administered by a Committee ("Plan Committee") appointed
in accordance with the provisions of the Plan. The trustee to the
Plan is T. Rowe Price Trust Company. Administrative expenses are paid
by the Company and are not included in the accompanying statements.
b. CONTRIBUTIONS AND PARTICIPANT LOANS: Participating employees may
defer, pursuant to Section 401(k) of the Internal Revenue
Code of 1986 (the "Code"), a percentage of pre-tax compensation,
subject to certain limitations. Contributions made by participants
in excess of allowable percentages are refunded to participants.
The participants may also make after-tax voluntary contributions.
Through 1996 the contributions are invested by the Trustee, as
directed by each participant, in one or more investment funds.
Periodically, participants may change their investment option.
Participants are permitted to borrow against their pre-tax
contribution accounts. The maximum loan amount available is fifty
percent of the vested account balance; provided, however, that the
total amount borrowed at any time may not exceed $50,000.
Participant loans bear interest at the prime lending rate at the
time the loan is made and generally must be repaid within five
years.
The Company makes discretionary "profit sharing" contributions
which are allocated among participant accounts generally in the
proportion that each participant's compensation bears to all
participants' compensation. The Company also makes "matching"
contributions with respect to participants 401(K) contributions.
Participants vest in Company contributions based on years of
service. Company contributions are invested in CBI shares.
c. ELIGIBILITY: Domestic employees who have completed at least one year
of service and who have attained the age of twenty-one are eligible to
participate in the Plan.
d. DISTRIBUTIONS AND TERMINATIONS: Distribution of a participant's
vested account balance will be made in one lump sum payment upon the
attainment of age sixty-five, termination of employment, permanent
disability or death. Participants may apply for hardship withdrawals,
subject to approval by the Plan Committee. Forfeited amounts related
to terminated employees who were not fully vested when they left the
Company are included in the accompanying financial statements in
distributions.
5
NOTES TO FINANCIAL STATEMENTS, CONTINUED
1. PLAN DESCRIPTION, CONTINUED:
d. DISTRIBUTIONS AND TERMINATIONS, CONTINUED: The Company may, at any
time, suspend or eliminate contributions to the Plan or terminate the
Plan without the consent of any participant. Should the Plan be
terminated, the interests of all participants would immediately vest
and become non-forfeitable.
2. SIGNIFICANT ACCOUNTING POLICIES:
a. BASIS OF ACCOUNTING: The Plan uses the accrual method of accounting.
Purchases and sales of securities are reflected as of the trade date.
Dividend income is recorded on the ex-dividend date.
b. INVESTMENTS AND INVESTMENT VALUATION: Participants are permitted to
direct the investment of their pre-tax salary deferral and after-tax
voluntary contributions into the following investment programs
approved by the Plan Committee: CBI Shares Fund, various T. Rowe
Price mutual funds (the Stable Value Fund, International Stock Fund,
U.S. Treasury Money Fund, Equity Income Fund, Capital Appreciation
Fund, Spectrum Growth Fund, Spectrum Income Fund, Government National
Mortgage Association (G.N.M.A.) Fund, the New Income Fund and funds
investing directly in common stock. Investments in the New Income
Fund and funds investing directly in common stock other than CBI's
shares are included in Other Funds in the accompanying financial
statements as they individually represent less than 5% of net assets
available for benefits. Company contributions are invested in the CBI
Shares Fund.
Investments, with the exception of the Plan's investment in the Stable
Value Fund, are valued at market value and determined as follows: CBI
shares in the CBI Shares Fund and other common stock investments
included in Other Funds on the basis of the last published sales price
on December 31 on the New York Stock Exchange; shares in the T. Rowe
Price mutual funds on the basis of the last published net asset value
on December 31, 1996 and loans to participants at the principal owed
by the participants on December 31, 1996.
The Stable Value Fund is a pooled fund investing in guaranteed
insurance contracts. All investment contracts held by the Stable
Value Fund are fully benefit-responsive and, accordingly, are stated
at contract value in the accompanying financial statements.
The Plan presents in the statement of changes in net assets the net
appreciation (depreciation) in the fair value of the investments which
consists of the realized gains or losses and the unrealized
appreciation (depreciation) on those investments.
6
2. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
c. USE OF ESTIMATES: The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reporting
amounts of Net Assets Available for Plan Benefits as of the date of
the Plan's financial statements and the reported changes in Net Assets
Available for Plan Benefits during the reporting period. Actual
results could differ from these estimates.
3. INCOME TAX STATUS:
The Internal Revenue Service has issued a determination that the Plan meets
the requirements of Section 401(a) of the Code and is exempt from federal
income tax under Section 501(a) of the Code. The Plan obtained its latest
determination letter on June 12, 1996, 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 Plan has been
amended since receiving the determination letter. However, the Plan
administrator and the plan's tax counsel believes that the Plan is
currently designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, no provision for
income taxes has been included in the Plan's financial statements.
4. PLAN AMENDMENTS:
The following Plan amendments were approved in 1996:
1. Effective January 1, 1991, if the Company's contributions for
highly compensated employees exceed Plan limitations,
distributions will be made to such participants prior to the end
of the following Plan year. Distributions shall be made by
reducing the individual deferral percentages by increments of
1/10 of 1%, beginning with the highest individual deferral
percentage.
2. Effective January 1, 1991, if the Company's contributions to
highly compensated employees exceed limitations, special
contributions may be allocated to participants who are not
highly compensated in the proportion that each participant's
compensation for the Plan year bears to all participants'
compensation for the Plan year.
7
4. PLAN AMENDMENTS, CONTINUED:
3. Effective July 1, 1996, a separate bookkeeping account was
established for each participant who was previously a participant
in the CBIS Retirement and Savings Plan and who elected to have
their CBIS plan account balance transferred to the Plan. Each
participant's CBIS account balance is fully vested and
nonforfeitable. Distributions of these CBIS account balances
will remain subject to provisions of the CBIS plan.
4. Effective August 1, 1996, "Covered Compensation" no longer
specifically excludes bonuses in excess of targeted bonuses,
special incentives and other special extra compensation.
5. Effective August 1, 1996, if a former participant returns to
employment as a covered employee on or after August 1, 1996, he
shall be reinstated as a Participant as of the date of rehire.
5. INVESTMENTS:
The interest of an employee in each type of investment of the Plan on
December 31, 1996 and 1995, is represented by shares. The number and value
of shares was:
DECEMBER 31, 1996 DECEMBER 31, 1995
------------------------- ---------------------------
NUMBER OF VALUE PER NUMBER OF VALUE PER
SHARES SHARE SHARES SHARE
---------- ---------- ---------- ----------
Cincinnati Bell Inc. Shares Fund 173,794 $61.62 152,156 $34.75
Stable Value Fund 1,799,308 1.00 1,720,383 1.00
International Stock Fund 36,526 13.80 19,685 12.23
U.S. Treasury Money Fund 1,540,432 1.00 719,229 1.00
G.N.M.A. Fund 18,142 9.37 22,515 9.74
Equity Income Fund 152,534 22.54 135,661 20.01
Capital Appreciation Fund 28,114 14.47 19,154 13.67
Spectrum Growth Fund 126,060 15.13 111,129 13.49
Spectrum Income Fund 100,164 11.20 93,943 11.24
8
5. INVESTMENTS, CONTINUED:
At December 31, 1996, the number of participants with balances by
investment fund was:
Cincinnati Bell Inc. Shares Fund 3,512
T. Rowe Price Stable Value Fund 677
T. Rowe Price International Stock Fund 302
T. Rowe Price U.S. Treasury Money Fund 541
T. Rowe Price G.N.M.A. Fund 288
T. Rowe Price Equity Income Fund 887
T. Rowe Price Capital Appreciation Fund 284
T. Rowe Price Spectrum Growth Fund 813
T. Rowe Price Spectrum Income Fund 653
Other funds 1,175
9
MATRIXX MARKETING INC.
PROFIT SHARING/401(K) PLAN
ITEM 27(a) -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
SHARES/ MARKET
IDENTITY OF ISSUER/ASSET DESCRIPTION PAR VALUE COST VALUE
--------- --------- ----------
Cincinnati Bell Inc. Common Shares* 173,794 4,992,143 10,710,125
T. Rowe Price Stable Value Fund+* 1,799,308 1,799,308 1,799,308
T. Rowe price International Stock Fund 36,526 456,941 504,052
T. Rowe Price U.S. Treasury Stock Fund* 1,540,432 1,540,432 1,540,432
T. Rowe Price G.N.M.A. Fund 18,142 171,976 169,991
T. Rowe Price Equity Income Fund* 152,534 2,769,737 3,438,120
T. Rowe Price Capital Appreciation Fund 28,114 391,526 406,803
T. Rowe Price Spectrum Income Fund 100,164 1,065,182 1,121,832
T. Rowe Price Spectrum Growth Fund* 126,060 1,627,965 1,907,282
Other funds 700,240 1,417,966
Participant loans 931,372 931,372
----------- -----------
Total $16,446,822 $23,947,283
----------- -----------
----------- -----------
* INVESTMENT REPRESENTS FIVE PERCENT OR MORE OF THE NET ASSETS AVAILABLE FOR
BENEFITS AT DECEMBER 31, 1996.
+ DURING 1996, THE COMPOSITE EFFECTIVE INTEREST RATE EARNED UNDER THESE
CONTRACTS WAS APPROXIMATELY 6.09% THE CREDITED INTEREST RATES ON THESE
CONTRACTS RANGED FROM 4.75% TO 9.875% AS OF DECEMBER 31, 1996. THE RATE AT
WHICH INTEREST WILL BE CREDITED IN FUTURE YEARS MAY BE EITHER HIGHER OR LOWER.
10
MATRIXX MARKETING INC.
PROFIT SHARING/401(K) PLAN
ITEM 27(D) -- SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
CURRENT
VALUE ON
DATE OF
DESCRIPTION OF PURCHASE SELLING COST OF TRANS- NET GAIN
IDENTITY OF PARTY INVOLVED TRANSACTION PRICE PRICE ASSET ACTIONS OR (LOSS)
- --------------------------- -------------- --------- ------- --------- --------- ---------
Cincinnati Bell Shares Fund Company Stock 2,484,619 2,484,619 2,484,619
Cincinnati Bell Shares Fund Company Stock 1,608,442 736,006 1,608,442 872,436
First Data Corp. Company Stock 932 932 932
First Data Corp. Company Stock 125,102 62,045 125,102 63,057
American Express Stock Company Stock 10,989 10,989 10,989
American Express Stock Company Stock 52,444 26,798 52,444 25,646
Stable Value Fund GIC 516,985 516,985 516,985
Stable Value Fund GIC 438,060 438,060 438,060
U.S. Treasury Fund Mutual Fund 753,259 753,259 753,259
U.S. Treasury Fund Mutual Fund 102,719 102,719 102,719
Equity Income Fund Mutual Fund 846,641 846,641 846,641
Equity Income Fund Mutual Fund 477,873 389,931 477,873 87,942
Capital Appreciation Fund Mutual Fund 204,032 204,032 204,032
Capital Appreciation Fund Mutual Fund 72,839 65,419 72,839 7,420
International Stock Fund Mutual Fund 292,726 292,726 292,726
International Stock Fund Mutual Fund 70,854 67,452 70,854 3,402
New Income Fund Mutual Fund 50,338 50,338 50,338
New Income Fund Mutual Fund 11,283 11,207 11,283 76
Ginnie Mae Fund Mutual Fund 13,049 13,049 13,049
Ginnie Mae Fund Mutual Fund 54,346 54,705 54,346 (359)
11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the MATRIXX
Marketing Inc. Profit Sharing/401(k) Plan Committee has duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
MATRIXX MARKETING INC.
PROFIT SHARING/4O1(k) PLAN
By /s/ Karen R. Bowman
-------------------------
Karen R. Bowman
June 21, 1997
12