1
As filed with the Securities and Exchange Commission on June 30, 1997
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 1-10070
THE GENIX GROUP RETIREMENT SAVINGS PLAN
1 Marquis Plaza
5315 Campbells Run Road
Pittsburgh, PA 15205
(Full title of the plan and the address of the
plan, if different from that of the issuer
named below)
MCN CORPORATION (MCN)
500 Griswold Street
Detroit, Michigan 48226
(Name of issuer of the common stock issued pursuant to the
plan and the address of its principal executive office)
2
REQUIRED INFORMATION
- --------------------------------------------------------------------------------
The financial statements listed in the accompanying table of contents on page 3
of this document are filed as part of this Form 11-K.
SIGNATURES
- --------------------------------------------------------------------------------
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
persons who administer the Genix Group Retirement Savings Plan have duly
caused this annual report on Form 11-K to be signed on its behalf by the
undersigned thereunto duly authorized.
THE GENIX GROUP RETIREMENT SAVINGS PLAN
BY: Bruce Neeley and Thomas Solomon
--------------------------------------
as Administrators of the Plan
/s/ BRUCE NEELEY
--------------------------------------
Bruce Neeley, Controller,
Affiliated Computer Services, Inc.
/s/ THOMAS SOLOMON
--------------------------------------
Thomas Solomon, Senior Vice President,
Affiliated Computer Services, Inc.
DATE: June 30, 1997
Page 2 of 15
3
THE GENIX GROUP RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 4
FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995:
Statements of Net Assets Available for Benefits 5
Statements of Changes in Net Assets Available for Benefits 6 - 7
Notes to Financial Statements 8 - 11
SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1996:
Item 27(a) - Schedule of Assets Held for Investment Purposes 12
Item 27(d) - Schedule of Reportable Transactions 13
Schedules not filed herewith are omitted because of the absence of conditions
under which they are required.
Page 3 of 15
4
INDEPENDENT AUDITORS' REPORT
To the Retirement Administrative Committee of
The Genix Group, Inc.:
We have audited the accompanying statements of net assets available for
benefits of The Genix Group Retirement Savings Plan as of December 31, 1996 and
1995 and the related statements of changes in net assets available for 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of 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 of (1) assets
held for investment purposes as of December 31, 1996, and (2) 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 supplemental
information by fund in the statements of changes in net assets available for
benefits is presented for the purpose of additional analysis rather than to
present the changes in net assets available for benefits of the individual
funds. The supplemental schedules and supplemental information by fund is the
responsibility of the Plan's management. Such supplemental schedules and
supplemental information by fund 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.
/s/ DELOITTE & TOUCHE LLP
May 28, 1997
Pittsburgh, Pennsylvania
Page 4 of 15
5
THE GENIX GROUP RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996 AND 1995
- --------------------------------------------------------------------------------
1996 1995
INVESTMENTS, AT FAIR VALUE:
Cash Reserves Fund $ 2,007,523 $ 2,055,610
Intermediate Bond Fund 682,735 878,642
Equity Income Fund 2,551,991 2,649,732
Retirement Growth Fund 2,223,636 2,295,277
Magellan Fund 4,687,716 5,374,329
Puritan Fund 1,766,200 1,981,977
Growth and Income Fund 4,154,372 4,447,324
MCN Common Stock Fund 2,355,655 2,405,208
Participant Loans 562,637 541,713
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $20,992,465 $22,629,812
=========== ===========
See notes to financial statements.
Page 5 of 15
6
THE GENIX GROUP RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1996
- --------------------------------------------------------------------------------
SUPPLEMENTAL FUND INFORMATION
-------------------------------------------------------------------------------------
CASH INTERMEDIATE EQUITY RETIREMENT
RESERVES BOND INCOME GROWTH MAGELLAN PURITAN
FUND FUND FUND FUND FUND FUND
INCREASES:
Contributions:
Employer $ 70,928 $ 31,885 $ 60,751 $ 67,181 $ 192,361 $ 64,541
Employee 92,804 55,014 101,816 115,518 277,184 114,183
----------- --------- ----------- ----------- ----------- -----------
Total contributions 163,732 86,899 162,567 182,699 469,545 178,724
----------- --------- ----------- ----------- ----------- -----------
Investment income:
Dividends and interest - net 115,248 62,938 192,811 278,643 907,031 273,968
Net appreciation (depreciation) -- (27,436) 379,870 (85,237) (284,585) 33,994
----------- --------- ----------- ----------- ----------- -----------
Net investment income 115,248 35,502 572,681 193,406 622,446 307,962
----------- --------- ----------- ----------- ----------- -----------
Total 278,980 122,401 735,248 376,105 1,091,991 486,686
DECREASES:
Distributions to participants (525,360) (245,086) (1,033,588) (363,986) (1,468,535) (688,080)
Expenses (90) (40) (20) (40) (50) (110)
Net loans to participants 8,840 (6,817) 14,480 (10,386) (71,101) 9,857
Transfers between funds 189,543 (66,365) 186,139 (73,334) (238,918) (24,130)
----------- --------- ----------- ----------- ----------- -----------
Total (327,067) (318,308) (832,989) (447,746) (1,778,604) (702,463)
----------- --------- ----------- ----------- ----------- -----------
Net increase (decrease) (48,087) (195,907) (97,741) (71,641) (686,613) (215,777)
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 2,055,610 878,642 2,649,732 2,295,277 5,374,329 1,981,977
----------- --------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 2,007,523 $ 682,735 $ 2,551,991 $ 2,223,636 $ 4,687,716 $ 1,766,200
=========== ========= =========== =========== =========== ===========
SUPPLEMENTAL FUND INFORMATION
-----------------------------------------------------------
MCN
GROWTH & COMMON
INCOME STOCK PARTICIPANT
FUND FUND LOANS TOTAL
INCREASES:
Contributions:
Employer $ 111,647 $ 86,588 $ -- $ 685,882
Employee 187,894 74,511 -- 1,018,924
----------- ----------- --------- ------------
Total contributions 299,541 161,099 -- 1,704,806
----------- ----------- --------- ------------
Investment income:
Dividends and interest - net 276,914 98,883 -- 2,206,436
Net appreciation (depreciation) 632,995 557,629 -- 1,207,230
----------- ----------- --------- ------------
Net investment income 909,909 656,512 -- 3,413,666
----------- ----------- --------- ------------
Total 1,209,450 817,611 -- 5,118,472
DECREASES:
Distributions to participants (1,666,007) (677,003) (87,713) (6,755,357)
Expenses (110) (1) -- (460)
Net loans to participants (48,269) (5,241) 108,637 --
Transfers between funds 211,984 (184,919) -- --
----------- ----------- --------- ------------
Total (1,502,402) (867,163) 20,924 (6,755,817)
----------- ----------- --------- ------------
Net increase (decrease) (292,952) (49,553) 20,924 1,637,347
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 4,447,324 2,405,208 541,713 22,629,812
----------- ----------- --------- ------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 4,154,372 $ 2,355,655 $ 562,637 $ 20,992,465
=========== =========== ========= ============
See notes to financial statements.
Page 6 of 15
7
THE GENIX GROUP RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------
SUPPLEMENTAL FUND INFORMATION
-------------------------------------------------------------------------------------
CASH INTERMEDIATE EQUITY RETIREMENT
RESERVES BOND INCOME GROWTH MAGELLAN PURITAN
FUND FUND FUND FUND FUND FUND
INCREASES:
Contributions:
Employer $ 92,506 $ 58,550 $ 109,715 $ 129,784 $ 342,399 $ 133,070
Employee 176,956 101,956 122,062 165,049 370,883 211,805
----------- --------- ----------- ----------- ----------- -----------
Total contributions 269,462 160,506 231,777 294,833 713,282 344,875
----------- --------- ----------- ----------- ----------- -----------
Investment income:
Dividends and interest - net 119,346 50,641 161,009 222,915 314,331 108,704
Net appreciation -- 42,359 470,342 234,427 930,592 229,199
----------- --------- ----------- ----------- ----------- -----------
Net investment income 119,346 93,000 631,351 457,342 1,244,923 337,903
----------- --------- ----------- ----------- ----------- -----------
Total 388,808 253,506 953,128 752,175 1,958,205 682,778
DECREASES:
Distributions to participants (77,991) (17,391) (5,716) (43,966) (119,409) (48,278)
Expenses (210) (70) (30) (30) (80) (140)
Net loans to participants (10,273) 910 5,813 (1,329) (10,442) 7,844
Transfers between funds (139,476) 1,383 (79,101) (315,774) 425,756 (122,559)
----------- --------- ----------- ----------- ----------- -----------
Total (227,950) (15,168) (79,168) (361,099) 295,825 (163,133)
----------- --------- ----------- ----------- ----------- -----------
Net increase (decrease) 160,858 238,338 784,094 391,076 2,254,030 519,645
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 1,894,752 640,304 1,865,638 1,904,201 3,120,299 1,462,332
----------- --------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $2,055,610 $ 878,642 $ 2,649,732 $ 2,295,277 $ 5,374,329 $ 1,981,977
========== ========= =========== =========== =========== ===========
SUPPLEMENTAL FUND INFORMATION
-------------------------------------------------------
MCN
GROWTH & COMMON
INCOME STOCK PARTICIPANT
FUND FUND LOANS TOTAL
INCREASES:
Contributions:
Employer $ 200,181 $ 159,975 $ -- $ 1,226,180
Employee 249,936 138,703 -- 1,537,350
----------- ----------- --------- ------------
Total contributions 450,117 298,678 -- 2,763,530
----------- ----------- --------- ------------
Investment income:
Dividends and interest - net 215,078 89,276 -- 1,281,300
Net appreciation 860,393 520,584 -- 3,287,896
----------- ----------- --------- ------------
Net investment income 1,075,471 609,860 -- 4,569,196
----------- ----------- --------- ------------
Total 1,525,588 908,538 -- 7,332,726
DECREASES:
Distributions to participants (30,291) (19,286) -- (362,328)
Expenses (70) -- -- (630)
Net loans to participants 1,994 (7,337) (15,582) (28,402)
Transfers between funds 238,747 (8,976) -- --
----------- ----------- --------- ------------
Total 210,380 (35,599) (15,582) (391,360)
----------- ----------- --------- ------------
Net increase (decrease) 1,735,968 872,939 (15,582) 6,941,366
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 2,711,356 1,532,269 557,295 15,688,446
----------- ----------- --------- ------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $ 4,447,324 $ 2,405,208 $ 541,713 $ 22,629,812
=========== =========== ========= ============
See notes to financial statements.
Page 7 of 15
8
THE GENIX GROUP RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1996 AND 1995
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1. SIGNIFICANT ACCOUNTING POLICIES
a. Basis of Accounting - The accounting records of The Genix Group
Retirement Savings Plan (the "Plan"), sponsored by The Genix Group,
Inc. (the "Corporation"), formerly a wholly-owned subsidiary of MCN
Investment Corporation ("MCN"), are maintained on the accrual basis
of accounting. On June 21, 1996, the Corporation was purchased by
Affiliated Computer Services, Inc. ("ACS"), a leading nationwide
provider of information technology services, and as further
discussed in Notes 2 and 5 and as a result of the acquisition of
ACS, the Plan was terminated by the Corporation as of March 31,
1997.
b. Basis of Presentation - The accompanying financial statements were
prepared in conformity with generally accepted accounting
principles. In connection with their preparation, management was
required to make estimates and assumptions that affect the reported
amounts of assets, revenues and expenses. Actual results could
differ from those estimates.
c. Investments - Plan investments are stated at fair market value.
Investments in mutual funds are stated at the funds' net asset
values per share on the last business day of the Plan's year end.
Investments in common stock of MCN are valued at the last reported
sales price on the last business day of the year. Participant loans
are valued at cost, which approximates fair value.
d. Expenses - Expenses incurred by the Trustee, Fidelity Management
Trust Company ("Fidelity"), a subsidiary of FMR Corporation,
Boston, Massachusetts, in connection with the purchase or sale of
MCN's common stock are paid by the Plan. All other expenses of the
Plan are paid from the Plan to the extent not paid by the
Corporation.
2. DESCRIPTION OF THE PLAN
The following brief description of the Plan is provided for general
information purposes only. Participants should refer to the Plan document
for a more complete description of the Plan's provisions.
a. Plan Organization, Amendments and General Provisions - The Plan is
a defined contribution plan, the purpose of which is to provide
regular salaried and hourly employees of the Corporation, an
opportunity to accumulate savings for their retirement through
several investment options, including the common stock of MCN
Corporation, the parent of MCN. The Plan was adopted by the
corporation effective October 1, 1987.
Bruce Neeley, ACS Controller-Eastern Region, and Thomas Solomon,
ACS Senior Vice President of Commercial Outsourcing, serve as
administrators of the Plan. Fidelity Investments Institutional
Operations Company is the recordkeeper of the Plan. The Plan is
subject to the provisions of the Employee Retirement Income Security
Act of 1974 ("ERISA").
Page 8 of 15
9
b. Contributions -Contributions to the Plan consisted of participant
contributions and employer regular and matching contributions.
A participant was able to elect to make monthly salary reduction
contributions in any fixed percentage ranging from 1% to 14% in
.25% increments, of the participant's monthly compensation
("monthly compensation"), as defined in the Plan, which are
referred to as monthly elective contributions. Effective September
1, 1996, monthly elective contributions into the Plan were
discontinued in connection with the termination of the Plan as
further discussed in Note 5. The Plan document provides for
limitations on salary reduction contributions in the event of a
hardship withdrawal. A participant's elective contributions were
limited to $9,500 and $9,240 in calendar years 1996 and 1995,
respectively. The participants could also make after-tax
contributions in any fixed percentage ranging from 1% to 14% in
.25% increments, but only in combination with monthly elective
contributions.
Participants may also make rollover contributions to the Plan,
provided such rollover monthly compensation earned the criteria for
transfer as established under the Internal Revenue Code.
Effective July 1, 1996, all employer contributions were
discontinued on any monthly compensation earned after June 30,
1996. (See Note 5.) Prior to July 1, 1996, the Corporation matched
100% of a participant's monthly elective contributions not in
excess of 5% of the participant's monthly compensation. Employer
regular contributions to a participant's account equaled 2% of a
participant's monthly compensation plus 2% of a participant's
monthly compensation in excess of the Social Security taxable wage
base, as computed on a monthly basis. The Corporation could make a
discretionary contribution in any amount as it might determine.
There were no discretionary contributions in 1996 or 1995.
c. Vesting - Participant monthly elective contributions, employer
matching contributions and rollover contributions made by or on
behalf of a participant are fully vested at all times. Employer
regular and discretionary contributions are 100% vested upon the
earliest of (1) a participant's completion of five years of
service, (2) the attainment of certain age, death or disability
criteria or (3) in the event of a change in control of the
Corporation. A participant forfeits his or her employer regular and
discretionary contributions if he or she terminates employment
prior to vesting and either (1) incurs a five year break in
service, (2) dies or (3) receives a distribution of vested
contributions and does not return to employment before a five year
break in service. Forfeitures occurring in a Plan year shall be
applied (i) first to restore forfeitures with respect to certain
participants who return to employment during the Plan year, and
(ii) second, to reduce Corporate regular and matching
contributions.
Page 9 of 15
10
d. Distributions and Withdrawals from the Plan - Vested benefits are
distributed upon a participant's retirement, disability (in certain
circumstances), death or termination from employment. Prior to age
59-1/2, a participant, while employed, may make a withdrawal once
during each 12 month period, from his or her monthly and annual
elective contributions in the event the participant has an
immediate and heavy financial need, as defined in section 401(k) of
the Code, subject to certain conditions contained in the Plan
document, and also may make a withdrawal once during each 12 month
period of rollover contributions that have been held under the Plan
for at least two years. Upon attainment of age 59-1/2, a
participant, while employed, may separately withdraw once during
each 12 month period, monthly contributions, employer matching
contributions, rollover contributions and vested employer regular
contributions. Generally, distributions or withdrawals under the
Plan shall be paid to the participant or his or her beneficiary in
the form of a lump-sum payment, however, certain account balances
transferred prior to October 1, 1987 may be distributed in
installment payments to participants in certain instances of
retirement or disability.
e. Plan Amendment or Termination - The Corporation has reserved the
right to amend or terminate the Plan at any time, subject to
provisions of the Plan document and ERISA. In the event of a
complete or partial termination of the Plan or complete
discontinuance of employee contributions, all participants shall be
100% vested in contributions made by them or on their behalf (see
Note 5).
f. Participant Loans - The Plan document provided for participant
loans up to 50% of the participant's vested account balance not to
exceed $50,000. Interest rates on the loans were set quarterly at
3% above the prime rate. Payment terms of the participant loans
ranged from four to eight years depending on the reason for the
loans.
3. PLAN INVESTMENTS
Under the terms of the Plan, participants may elect to invest in any one
of the following mutual funds or in the MCN Common Stock Fund. At December
31, 1996 and 1995, all Plan investments, except participant loans, were
held by Fidelity, as Trustee.
a. Fidelity Cash Reserves - A money market fund which invests in
high-quality, short-term money market instruments.
b. Fidelity Intermediate Bond Fund - A fund which invests in
high-quality, fixed income obligations.
c. Fidelity Equity Income Fund - A growth and income fund which invests
primarily in stock, but can also invest in bonds and convertible
securities.
d. Fidelity Retirement Growth Fund - A diversified fund which invests
primarily in common stocks, although it can invest in all types of
securities.
f. Fidelity Magellan Fund - An aggressive growth fund which invests in
stocks of both well-known and lesser-known companies with above
average growth potential.
g. Fidelity Puritan Fund - A growth and income fund which invests in a
broadly diversified portfolio of high-yielding securities. These
securities include common stock, preferred stock, and bonds.
h. Fidelity Growth and Income Fund - A fund which invests primarily in
common stocks of companies with earnings growth potential while
paying current dividends.
Page 10 of 15
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i. MCN Common Stock Fund - A fund which invests in the common stock of
MCN.
j. Participant Loans - Loans with participants maturing in one to eight
years with interest payable at prime plus 3%. The loans are held by
the Corporation as trustee.
A breakdown of investments held by the Plan at December 31, 1996
and 1995, is as follows:
December 31, 1996 NUMBER OF
UNITS HELD IN
UNIT PARTICIPANT MARKET
FUND VALUATION ACCOUNTS VALUE
Fidelity Mututal Funds:
Cash reserves $ 1.00 2,007,523 $ 2,007,523
Intermediate Bond Fund 10.08 67,732 682,735
Equity Income Fund 42.83 59,584 2,551,991
Retirement Growth Fund 17.29 128,608 2,223,636
Magellan Fund 80.65 58,124 4,687,716
Puritan Fund 17.24 102,448 1,766,200
Growth and Income Fund 30.73 135,189 4,154,372
MCN Common Stock Fund 28.87 81,581 2,355,655
Participant loans -- -- 562,637
December 31, 1995 NUMBER OF
UNITS HELD IN
UNIT PARTICIPANT MARKET
FUND VALUATION ACCOUNTS VALUE
Fidelity Mututal Funds:
Cash reserves $ 1.00 2,055,610 $ 2,055,610
Intermediate Bond Fund 10.41 84,404 878,642
Equity Income Fund 37.93 69,858 2,649,732
Retirement Growth Fund 18.19 126,183 2,295,277
Magellan Fund 85.98 62,507 5,374,329
Puritan Fund 17.01 116,518 1,981,977
Growth and Income Fund 27.05 164,411 4,447,324
MCN Common Stock Fund 23.25 103,450 2,405,208
Participant loans -- -- 541,713
4. INCOME TAX STATUS
The Plan obtained its latest determination letter dated June 27, 1996, in
which the Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements of the Code.
The plan administrator believes that the Plan is currently designed and
being operated in compliance with the applicable requirements of the
Code. Therefore, they believe that the Plan is qualified, and investment
income earned by the Plan is not subject to federal income tax.
5. SUBSEQUENT EVENT
On March 31, 1997, the Plan was terminated and the net assets of the Plan
were transferred to the ACS 401(k) Plan. The Internal Revenue Service has
been appropriately notified. At this time, in accordance with the Plan
document, all active and inactive participants became one hundred percent
(100%) vested in their accounts.
Page 11 of 15
12
THE GENIX GROUP RETIREMENT SAVINGS PLAN
ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
NUMBER
OF CURRENT
UNITS DESCRIPTION COST VALUE
2,007,523 * Fidelity Cash Reserves $ 2,007,523 $ 2,007,523
67,732 * Fidelity Intermediate Bond Fund 693,131 682,735
59,584 * Fidelity Equity Income Fund 1,904,009 2,551,991
128,608 * Fidelity Retirement Growth Fund 2,189,325 2,223,636
58,124 * Fidelity Magellan Fund 4,178,775 4,687,716
102,448 * Fidelity Puritan Fund 1,614,532 1,766,200
135,189 * Fidelity Growth and Income Fund 3,069,740 4,154,372
81,581 * MCN Common Stock 1,311,842 2,355,655
- * Participant Loans 562,637 562,637
----------- -----------
$17,531,514 $20,992,465
=========== ===========
* Party-in-interest
Page 12 of 15
13
THE GENIX GROUP RETIREMENT SAVINGS PLAN
ITEM 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
- --------------------------------------------------------------------------------
SERIES OF TRANSACTIONS, WHEN AGGREGATED,
INVOLVING AN AMOUNT IN EXCESS OF 5% OF THE
CURRENT VALUE OF THE PLAN ASSETS
CURRENT
VALUE ON
PURCHASE SALES ASSET TRANSACTION GAIN
IDENTITY OF ISSUER PRICE PRICE COST DATE (LOSS)
FIDELITY MUTUAL FUNDS:
Cash Reserves $ 970,600 $ 970,600 --
Cash Reserves -- $1,018,685 $1,018,685 -- --
Magellan 1,635,935 -- -- 1,635,935 --
Magellan -- 2,037,964 1,914,136 -- $123,828
Growth & Income 1,084,234 -- -- 1,084,234 --
Growth & Income -- 2,010,180 1,532,146 -- 478,034
Equity Income 612,701 -- -- 612,701 --
Equity Income -- 1,090,313 800,567 -- 289,746
Puritan 596,856 -- -- 596,856 --
Puritan -- 846,628 773,316 -- 73,312
MCN Stock Fund 296,057 903,239 523,465 296,057 379,774
Page 13 of 15
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INDEX TO EXHIBITS
- --------------------------------------------------------------------------------
Exhibit # Description Page
- --------- ----------- ----
23 Consent of Independent Accountants 15
Page 14 of 15