1
As filed with the Securities and Exchange Commission on March 31, 1998
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, 1997
- OR -
[ ] Transition report pursuant to Section 15(d)
of the Securities Exchange Act of 1934
For the transition period from to
------- -------
COMMISSION FILE NUMBER 1-10070
THE GENIX GROUP RETIREMENT SAVINGS PLAN
One Marquis Plaza
5315 Campbell's 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, MI 48226
(Name of issuer of the common stock issued pursuant to the
plan and the address of its principal executive office)
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REQUIRED INFORMATION
- --------------------------------------------------------------------------------
The financial statements listed in the accompanying table of contents on page
iii of this document are filed as part of this Form 11-K.
SIGNATURE
- --------------------------------------------------------------------------------
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 E. Neeley and Thomas E. Solomon
as Administrators of the Plan
-------------------------------------------
Bruce E. Neeley, Controller
Affiliated Computer Services, Inc.
-------------------------------------------
Thomas E. Solomon, Senior Vice President of
Commercial Outsourcing
Affiliated Computer Services, Inc.
DATE: March 31, 1998
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THE GENIX GROUP RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
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PAGE
----
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 1997
AND FOR THE YEAR ENDED DECEMBER 31, 1996
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3 - 4
Notes to Financial Statements 5 - 8
SUPPLEMENTAL SCHEDULES FOR THE THREE MONTHS ENDED MARCH 31, 1997
Item 27(d) - Schedules of Reportable Series and Single Transactions 9 - 10
INDEPENDENT AUDITORS' CONSENT 11
Schedules not filed herewith are omitted because of the absence of conditions
under which they are required.
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INDEPENDENT AUDITORS' REPORT
To The Retirement Administrative Committee of
The Genix Group, Inc.:
We have audited the financial statements of The Genix Group Retirement Savings
Plan as of March 31, 1997 and December 31, 1996 and for the period and the year
then ended, as listed in the accompanying Table of Contents. 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 principals 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.
As described in Note 5 to the financial statements, the Plan was terminated on
March 31, 1997.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of March 31, 1997
and December 31, 1996, and the changes in net assets available for benefits for
the three months ended March 31, 1997 and for the year ended December 31, 1996
in conformity with generally accepted accounting principles.
Our audits were conducted of the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of reportable
transactions for the three months ended March 31, 1997, 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
December 30, 1997
Pittsburgh, Pennsylvania
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THE GENIX GROUP RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 1997 AND DECEMBER 31, 1996
- --------------------------------------------------------------------------------
MARCH 31, DECEMBER 31,
1997 1996
---------- ---------------
INVESTMENTS, AT FAIR VALUE:
Cash Reserves Fund $ 0 $ 2,007,523
Intermediate Bond Fund 0 682,735
Equity Income Fund 0 2,551,991
Retirement Growth Fund 0 2,223,636
Magellan Fund 0 4,687,716
Puritan Fund 0 1,766,200
Growth and Income Fund 0 4,154,372
MCN Common Stock Fund 0 2,355,655
Participant Loans 0 562,637
---------- ---------------
NET ASSETS AVAILABLE FOR BENEFITS $ 0 $ 20,992,465
========== ===============
See notes to financial statements.
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THE GENIX GROUP RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE THREE MONTHS ENDED MARCH 31, 1997
Supplemental Fund Information
-----------------------------
CASH INTERMEDIATE EQUITY RETIREMENT
RESERVES BOND INCOME GROWTH MAGELLAN
FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------
INCREASES:
Investment Income:
Dividends and interest - net $ 31,424 $ 10,845 $ 45,407 $ 306 $ 1,793
Net appreciation (depreciation) -- (11,902) 17,245 (35,132) (3,886)
------------ ------------ ------------ ------------ ------------
Total 31,424 (1,057) 62,652 (34,826) (2,093)
------------ ------------ ------------ ------------ ------------
DECREASES:
Distributions to participants (48,268) (28,891) (229,207) (142,156) (535,419)
Expenses (60) -- (10) (20) --
Net Loans to participants (8,275) (2,011) (5,434) (6,745) (22,773)
Transfers between funds 2,651,996 (3,370) 99,399 (58,968) (135,853)
Transfers to the ACS 401(k)
Plan (4,634,340) (647,406) (2,479,391) (1,980,921) (3,991,578)
------------ ------------ ------------ ------------ ------------
Total (2,038,947) (681,678) (2,614,643) (2,188,810) (4,685,623)
------------ ------------ ------------ ------------ ------------
NET (DECREASE) (2,007,523) (682,735) (2,551,991) (2,223,636) (4,687,716)
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF PERIOD 2,007,523 682,735 2,551,991 2,223,636 4,687,716
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF PERIOD $ -- $ -- $ -- $ -- $ --
============ ============ ============ ============ ============
Supplemental Fund Information
-----------------------------
MCN
GROWTH & COMMON
PURITAN INCOME STOCK PARTICIPANT
FUND FUND FUND LOANS TOTAL
------------ ------------ ------------ ------------ ------------
INCREASES:
Investment Income:
Dividends and interest - net $ 16,581 $ 13,492 $ 19,600 $ -- $ 139,448
Net appreciation (depreciation) 12,843 55,286 87,936 -- 122,390
------------ ------------ ------------ ------------ ------------
Total 29,424 68,778 107,536 -- 261,838
------------ ------------ ------------ ------------ ------------
DECREASES:
Distributions to participants (121,947) (291,975) (99,027) (33,256) (1,530,146)
Expenses (10) (30) -- -- (130)
Net Loans to participants (7,520) (7,104) (5,793) 65,655 --
Transfers between funds 4,284 (199,117) (2,358,371) -- --
Transfers to the ACS 401(k)
Plan (1,670,431) (3,724,924) -- (595,036) (19,724,027)
------------ ------------ ------------ ------------ ------------
Total (1,795,624) (4,223,150) (2,463,191) (562,637) (21,254,303)
------------ ------------ ------------ ------------ ------------
NET (DECREASE) (1,766,200) (4,154,372) (2,355,655) (562,637) (20,992,465)
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF PERIOD 1,766,200 4,154,372 2,355,655 562,637 20,992,465
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF PERIOD $ -- $ -- $ -- $ -- $ --
============ ============ ============ ============ ============
See Notes to Financial Statements.
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THE GENIX GROUP RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1996
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Supplemental Fund Information
-----------------------------
CASH INTERMEDIATE EQUITY RETIREMENT
RESERVES BOND INCOME GROWTH MAGELLAN
FUND FUND FUND FUND FUND
------------ ------------ ------------ ----------- ------------
INCREASES:
Contributions:
Employer $ 70,928 $ 31,885 $ 60,751 $ 67,181 $ 192,361
Employee 92,804 55,014 101,816 115,518 277,184
------------ ------------ ------------ ------------ ------------
Total contributions 163,732 86,899 162,567 182,699 469,545
------------ ------------ ------------ ------------ ------------
Investment income:
Dividends and interest-net 115,248 62,938 192,811 278,643 907,031
Net appreciation -- (27,436) 379,870 (85,237) (284,585)
------------ ------------ ------------ ------------ ------------
Net investment income 115,248 35,502 572,681 193,406 622,446
------------ ------------ ------------ ------------ ------------
Total 278,980 122,401 735,248 376,105 1,091,991
DECREASES:
Distribution to participants (525,360) (245,086) (1,033,588) (363,986) (1,468,535)
Expenses (90) (40) (20) (40) (50)
Net loans to participants 8,840 (6,817) 14,480 (10,386) (71,101)
Transfer between funds 189,543 (66,365) 186,139 (73,334) (238,918)
------------ ------------ ------------ ------------ ------------
Total (327,067) (318,308) (832,989) (447,746) (1,778,604)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) (48,087) (195,907) (97,741) (71,641) (686,613)
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF PERIOD 2,055,610 878,642 2,649,732 2,295,277 5,374,329
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF PERIOD $ 2,007,523 $ 682,735 $ 2,551,991 $ 2,223,636 $ 4,687,716
============ ============ ============ ============ ============
Supplemental Fund Information
-----------------------------
MCN
GROWTH & COMMON
PURITAN INCOME STOCK PARTICIPANT
FUND FUND FUND LOANS TOTAL
------------ ------------ ------------ ------------ ------------
INCREASES:
Contributions:
Employer $ 64,541 $ 111,647 $ 86,588 $ -- $ 685,882
Employee 114,183 187,894 74,511 -- 1,018,924
------------ ------------ ------------ ------------ ------------
Total contributions 178,724 299,541 161,099 -- 1,704,806
------------ ------------ ------------ ------------ ------------
Investment income:
Dividends and interest-net 273,968 276,914 98,883 -- 2,206,436
Net appreciation 33,994 632,995 557,629 -- 1,207,230
------------ ------------ ------------ ------------ ------------
Net investment income 307,962 909,909 656,512 -- 3,413,666
------------ ------------ ------------ ------------ ------------
Total 486,686 1,209,450 817,611 -- 5,118,472
DECREASES:
Distribution to participants (688,080) (1,666,007) (677,003) (87,713) (6,755,358)
Expenses (110) (110) (1) -- (461)
Net loans to participants 9,857 (48,269) (5,241) 108,637 --
Transfer between funds (24,130) 211,984 (184,919) -- --
------------ ------------ ------------ ------------ ------------
Total (702,463) (1,502,402) (867,164) 20,924 (6,755,819)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) (215,777) (292,952) (49,553) 20,924 (1,637,347)
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF PERIOD 1,981,977 4,447,324 2,405,208 541,713 22,629,812
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF PERIOD $ 1,766,200 $ 4,154,372 $ 2,355,655 $ 562,637 $ 20,992,465
============ ============ ============ ============ ============
See Notes to Financial Statements.
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THE GENIX GROUP RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 1997 AND YEAR ENDED DECEMBER 31, 1996
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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,
Senior Vice President of Commercial Outsourcing, served as
administrators of the Plan. Fidelity Investments Institutional
Operations Company was the recordkeeper of the Plan. The Plan is
subject to the provisions of the Employee Retirement Income Security
Act of 1974 ("ERISA").
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
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limited to $9,500 in calendar year 1996. No contributions were made
to the Plan for the three months ended March 31, 1997. 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 1997 or 1996.
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.
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.
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3. PLAN INVESTMENTS
Under the terms of the Plan, participants could invest in any one of the
following mutual funds or in the MCN Common Stock Fund. At December 31,
1996 and through the date of transfer, March 31, 1997, 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.
e. Fidelity Magellan Fund - An aggressive growth fund which invests in
stocks of both well-known and lesser-known companies with above
average growth potential.
f. 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.
g. Fidelity Growth and Income Fund - A fund which invests primarily in
common stocks of companies with earnings growth potential while
paying current dividends.
h. MCN Common Stock Fund - A fund which invests in the common stock of
MCN.
i. 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 is as
follows:
UNIT PARTICIPANT MARKET
FUND VALUATION ACCOUNTS VALUE
Fidelity Mutual 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
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
administrators believe that the Plan was designed and operated in
compliance with the applicable requirements of the Code. Therefore, the
plan administrators believe that the Plan was qualified, and investment
income earned by the Plan was not subject to federal income tax.
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5. PLAN TERMINATION
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 that time, in accordance with the Plan
document, all active and inactive participants became one hundred percent
(100%) vested in their accounts.
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THE GENIX GROUP RETIREMENT SAVINGS PLAN
ITEM 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS
THREE MONTHS ENDED MARCH 31, 1997
- --------------------------------------------------------------------------------
SERIES OF TRANSACTIONS, WHEN AGGREGATED,
INVOLVING AN AMOUNT IN EXCESS OF 5% OF THE
CURRENT VALUE OF THE PLAN ASSETS
CURRENT
NUMBER NUMBER VALUE ON
PURCHASE OF SALES OF ASSET TRANSACTION GAIN
IDENTITY OF ISSUER PRICE PURCHASES PRICE SALES COST DATE (LOSS)
------------------ -------- --------- ----- ------ ----- ----------- ------
FIDELITY MUTUAL FUNDS:
Cash Reserves $ 2,861,146 23 $ -- $ -- $ 2,861,146 $ --
Cash Reserves -- 4,868,669 23 4,868,669 -- --
Growth & Income 168,322 27 -- -- 168,322 --
Growth & Income -- 4,377,980 22 3,238,061 -- 1,139,919
Equity Income 162,459 23 -- -- 162,459 --
Equity Income -- 2,731,694 16 2,066,468 -- 665,226
Magellan 40,719 25 -- -- 40,719 --
Magellan -- 4,724,548 20 4,219,493 -- 505,055
Puritan 34,309 20 -- -- 34,309 --
Puritan -- 1,813,352 15 1,648,841 -- 164,511
MCN Stock Fund 26,594 15 -- -- 26,594 --
MCN Stock Fund -- 2,470,184 10 1,338,435 -- 1,131,749
Retirement Growth 2,243 19 -- -- 2,243 --
Retirement Growth -- 2,190,747 18 2,191,569 -- (822)
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THE GENIX GROUP RETIREMENT SAVINGS PLAN
ITEM 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS
- --------------------------------------------------------------------------------
THREE MONTHS ENDED MARCH 31, 1997
SINGLE TRANSACTIONS 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 $ - $4,634,340 $4,634,340 $4,634,340 $ -
Growth & Income - 3,724,924 2,730,211 3,724,924 994,713
Equity Income - 2,479,391 1,839,114 2,479,391 640,277
Magellan - 3,991,578 3,578,193 3,991,578 413,385
Puritan - 1,670,431 1,518,177 1,670,431 152,254
MCN Stock Fund - 2,358,371 1,268,200 2,358,371 1,090,171
Retirement Growth - 1,980,921 1,988,307 1,980,921 (7,386)
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INDEX TO EXHIBITS
- --------------------------------------------------------------------------------
Exhibit # Description Page
- --------- ----------- ----
23 Consent of Independent Accountants 12
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