1
INDEX OF EXHIBITS PAGE ___ OF ____
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 1998.
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES ACT OF
1934
For the transition period from ___________________ to _______________________
Commission file number:
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
Met-Coil Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Met-Coil Systems Corporation
5486 Sixth Street SW
Cedar Rapids, IA 52404
2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
REQUIRED INFORMATION
(a) Financial Statements. Filed as part of this Report on Form 11-K are the
financial statements and the schedules thereto of the Met-Coil
Retirement Plan as required by Form 11-K together with the report
thereon of McGladrey & Pullen, LLP, independent auditors, dated June
26, 1999.
(b) Exhibits: A consent of McGladrey & Pullen, LLP is being filed as
Exhibit 24 to this report.
3
MET-COIL RETIREMENT PLAN
FORM 11-K
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the Trustees have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
MET-COIL RETIREMENT PLAN
Date: June 25, 1999 By: /s/ Katie M. Michael
-------------------
Katie M. Michael
Trustee/Plan Administrator
4
MET-COIL RETIREMENT PLAN
FORM 11-K
EXHIBIT INDEX
Exhibit Page
Number Exhibit Number
- ------ ------------------------------------------------ ------
23 Consent of McGladrey & Pullen, LLP.
5
INDEPENDENT AUDITORS' CONSENT
To the Plan Administrator
Met-Coil Retirement Plan
Cedar Rapids, Iowa
We consent to the incorporation by reference in Registration Statement No.
33-7213B of Met-Coil Systems Corporation on Form S-8 of our report dated June 6,
1999, appearing in this Annual Report on Form 11-K of Met-Coil Retirement Plan
for the year ended December 31, 1998.
McGLADREY & PULLEN, LLP
Cedar Rapids, Iowa
June 24, 1999
6
MET-COIL RETIREMENT PLAN
FINANCIAL REPORT
DECEMBER 31, 1998
7
CONTENTS
- --------------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT 1
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
Statements of net assets available for benefits
(with fund information) 2 - 5
Statements of changes in net assets available
for benefits (with fund information) 6 - 9
Notes to financial statements 10 - 13
- --------------------------------------------------------------------------------
SCHEDULES
Item 27a - Schedule of assets held for investment purposes 14
Item 27d - Schedule of reportable transactions 15
- --------------------------------------------------------------------------------
8
INDEPENDENT AUDITOR'S REPORT
To the Plan Administrator
Met-Coil Retirement Plan
Cedar Rapids, Iowa
We have audited the accompanying statements of net assets available for benefits
of Met-Coil Retirement Plan as of December 31, 1998 and 1997, 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, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of Met-Coil
Retirement Plan as of December 31, 1998 and 1997, and the changes in net assets
available for 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 supplemental schedules of (1) assets
held for investment purposes and (2) reportable transactions as of and for the
year ended December 31, 1998 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 Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The fund information in the statements of net assets
available for benefits and changes in net assets available for benefits is
presented for purposes of additional analysis rather than to present the net
assets available and changes in net assets available 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.
McGLADREY & PULLEN, LLP
Cedar Rapids, Iowa
June 6, 1999
1
9
MET-COIL RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
DECEMBER 31, 1998
LARGE
CAP
INTERNATIONAL VALUE
BALANCED EQUITY EQUITY
FUND FUND FUND
- --------------------------------------------------------------------------------------------
ASSETS
Investments:
Investments at fair value (Note 3) $ 3,138,666 $ 205,584 $ 892,818
Loans to participants (Note 2) - - -
------------------------------------------
TOTAL INVESTMENTS 3,138,666 205,584 892,818
------------------------------------------
Receivables:
Employer contributions 109,085 - -
Participants' contributions 16,274 4,068 11,392
------------------------------------------
TOTAL RECEIVABLES 125,359 4,068 11,392
------------------------------------------
TOTAL ASSETS 3,264,025 209,652 904,210
LIABILITIES, excess employer contributions 20,078 - -
------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $ 3,243,947 $ 209,652 $ 904,210
==========================================
See Notes to Financial Statements.
2
10
MET-COIL
LARGE CAP SMALL CAP SYSTEMS
GROWTH GROWTH STABLE CORPORATION
EQUITY EQUITY VALUE PARTICIPANT COMMON
FUND FUND FUND LOANS STOCK TOTAL
- --------------------------------------------------------------------------------------------
$ 2,077,241 $ 1,120,422 $ 2,950,122 $ - $ 936,824 $ 11,321,677
- - - 52,421 - 52,421
- --------------------------------------------------------------------------------------------
2,077,241 1,120,422 2,950,122 52,421 936,824 11,374,098
- --------------------------------------------------------------------------------------------
109,085
- - - - -
21,156 17,901 10,578 - - 81,369
- --------------------------------------------------------------------------------------------
21,156 17,901 10,578 - - 190,454
- --------------------------------------------------------------------------------------------
2,098,397 1,138,323 2,960,700 52,421 936,824 11,564,552
- - - - - 20,078
- --------------------------------------------------------------------------------------------
$ 2,098,397 $ 1,138,323 $ 2,960,700 $ 52,421 $ 936,824 $ 11,544,474
============================================================================================
3
11
MET-COIL RETIREMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
DECEMBER 31, 1997
LARGE CAP
INTERNATIONAL VALUE
BALANCED EQUITY EQUITY
FUND FUND FUND
- -----------------------------------------------------------------------------------------
ASSETS
Investments:
Investments at fair value (Note 3) $ 2,463,284 $ 118,877 $ 713,274
Loans to participants (Note 2) - - -
-------------------------------------------
TOTAL INVESTMENTS 2,463,284 118,877 713,274
-------------------------------------------
Receivables:
Employer contributions 102,357 - -
Participants' contributions 13,397 2,330 6,407
-------------------------------------------
TOTAL RECEIVABLES 115,754 2,330 6,407
-------------------------------------------
TOTAL ASSETS 2,579,038 121,207 719,681
LIABILITIES - - -
-------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $ 2,579,038 $ 121,207 $ 719,681
===========================================
See Notes to Financial Statements.
4
12
MET-COIL
LARGE CAP SMALL CAP SYSTEMS
GROWTH GROWTH STABLE CORPORATION
EQUITY EQUITY VALUE PARTICIPANT COMMON
FUND FUND FUND LOANS STOCK TOTAL
- ------------------------------------------------------------------------------------------
$ 1,273,355 $ 1,116,682 $ 2,895,280 $ - $ 745,849 $ 9,326,601
- - - 88,783 - 88,783
- ------------------------------------------------------------------------------------------
1,273,355 1,116,682 2,895,280 88,783 745,849 9,415,384
- ------------------------------------------------------------------------------------------
- - - - - 102,357
12,815 14,562 8,737 - - 58,248
- ------------------------------------------------------------------------------------------
12,815 14,562 8,737 - - 160,605
- ------------------------------------------------------------------------------------------
1,286,170 1,131,244 2,904,017 88,783 745,849 9,575,989
- - - - - -
- ------------------------------------------------------------------------------------------
$ 1,286,170 $ 1,131,244 $ 2,904,017 $ 88,783 $ 745,849 $ 9,575,989
==========================================================================================
5
13
MET-COIL RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
YEAR ENDED DECEMBER 31, 1998
LARGE
CAP
INTERNATIONAL VALUE
BALANCED EQUITY EQUITY
FUND FUND FUND
- ----------------------------------------------------------------------------------------------------------
Investment income:
Interest and dividends, net of fund administrative
expenses $ 344,901 $ 10,904 $ 102,286
Net appreciation (depreciation) in fair value
of investments (Note 3) (152,500) 17,500 (12,765)
---------------------------------------------
TOTAL INVESTMENT INCOME 192,401 28,404 89,521
---------------------------------------------
Contributions:
Employer 393,853 - -
Participants 160,489 37,099 119,278
---------------------------------------------
TOTAL CONTRIBUTIONS 554,342 37,099 119,278
---------------------------------------------
Benefits paid to participants 120,819 8,507 26,618
Excess contributions refunded 685 44 148
---------------------------------------------
121,504 8,551 26,766
---------------------------------------------
TOTAL INCREASE (DECREASE) PRIOR TO
INTERFUND TRANSFERS 625,239 56,952 182,033
Transfer of assets due to participant elections, net 39,670 31,493 2,496
---------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
AVAILABLE FOR BENEFITS 664,909 88,445 184,529
Net assets available for benefits:
Beginning of year 2,579,038 121,207 719,681
---------------------------------------------
End of year $ 3,243,947 $ 209,652 $ 904,210
=============================================
See Notes to Financial Statements.
6
14
MET-COIL
LARGE CAP SMALL CAP SYSTEMS
GROWTH GROWTH STABLE CORPORATION
EQUITY EQUITY VALUE PARTICIPANT COMMON
FUND FUND FUND LOANS STOCK TOTAL
- --------------------------------------------------------------------------------------------
$ 58,537 $ 22,555 $ (6,612) $ 6,644 $ - $ 539,215
455,969 7,712 171,306 - 237,447 724,669
- --------------------------------------------------------------------------------------------
514,506 30,267 164,694 6,644 237,447 1,263,884
- --------------------------------------------------------------------------------------------
- - - - - 393,853
206,588 185,173 98,066 - - 806,693
- --------------------------------------------------------------------------------------------
206,588 185,173 98,066 - - 1,200,546
- --------------------------------------------------------------------------------------------
42,789 89,958 152,368 7,145 46,472 494,676
168 224 1,269
- --------------------------------------------------------------------------------------------
42,957 90,182 152,368 7,145 46,472 495,945
- --------------------------------------------------------------------------------------------
678,137 125,258 110,392 (501) 190,975 1,968,485
134,090 (118,179) (53,709) (35,861) - -
- --------------------------------------------------------------------------------------------
812,227 7,079 56,683 (36,362) 190,975 1,968,485
1,286,170 1,131,244 2,904,017 88,783 745,849 9,575,989
- --------------------------------------------------------------------------------------------
$ 2,098,397 $ 1,138,323 $ 2,960,700 $ 52,421 $ 936,824 $ 11,544,474
============================================================================================
7
15
MET-COIL RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
(W ITH F UND I NFORMATION)
YEAR ENDED DECEMBER 31, 1997
LARGE CAP
INTERNATIONAL VALUE
BALANCED EQUITY EQUITY
FUND FUND FUND
- ---------------------------------------------------------------------------------------------------------
Investment income:
Interest and dividends, net of fund administrative
expenses $ 49,063 $ 2,146 $ 32,038
Net appreciation in fair value
of investments (Note 3) 327,452 2,581 102,105
----------------------------------------------
TOTAL INVESTMENT INCOME 376,515 4,727 134,143
----------------------------------------------
Contributions:
Employer 379,872 - -
Participants 149,282 25,410 82,953
----------------------------------------------
TOTAL CONTRIBUTIONS 529,154 25,410 82,953
----------------------------------------------
Benefits paid to participants 273,801 21,687 9,699
Excess contributions refunded 10,971 824 3,890
----------------------------------------------
284,772 22,511 13,589
----------------------------------------------
TOTAL INCREASE (DECREASE) PRIOR TO
INTERFUND TRANSFERS 620,897 7,626 203,507
Transfer of assets due to participant elections, net 80,311 (16,820) 141,196
----------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
AVAILABLE FOR BENEFITS 701,208 (9,194) 344,703
Net assets available for benefits:
Beginning of year 1,877,830 130,401 374,978
----------------------------------------------
End of year $ 2,579,038 $ 121,207 $ 719,681
==============================================
See Notes to Financial Statements.
8
16
MET-COIL
LARGE CAP SMALL CAP SYSTEMS
GROWTH GROWTH STABLE CORPORATION
EQUITY EQUITY VALUE PARTICIPANT COMMON
FUND FUND FUND LOANS STOCK TOTAL
- --------------------------------------------------------------------------------------------
$ 9,495 $ 6,258 $ (3,463) $ 5,718 $ 16,658 $ 117,913
280,280 79,887 173,753 372,746 1,338,804
- --------------------------------------------------------------------------------------------
289,775 86,145 170,290 5,718 389,404 1,456,717
- --------------------------------------------------------------------------------------------
- - - - - 379,872
148,089 177,716 105,410 - - 688,860
- --------------------------------------------------------------------------------------------
148,089 177,716 105,410 - - 1,068,732
- --------------------------------------------------------------------------------------------
150,260 23,267 413,213 - 25,089 917,016
6,492 6,185 9,746 - - 38,108
- --------------------------------------------------------------------------------------------
156,752 29,452 422,959 - 25,089 955,124
- --------------------------------------------------------------------------------------------
281,112 234,409 (147,259) 5,718 364,315 1,570,325
(21,353) (51,577) (87,126) (44,157) (474) -
- --------------------------------------------------------------------------------------------
259,759 182,832 (234,385) (38,439) 363,841 1,570,325
1,026,411 948,412 3,138,402 127,222 382,008 8,005,664
- --------------------------------------------------------------------------------------------
$ 1,286,170 $ 1,131,244 $ 2,904,017 $ 88,783 $ 745,849 $ 9,575,989
============================================================================================
9
17
MET-COIL RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting: The accompanying financial statements of the Plan are
prepared on the accrual basis.
Valuation of investments: Investments in corporate common stocks are stated at
fair value based on closing sales prices reported on recognized securities
exchanges on the last business day of the year. Mutual funds are valued at
quoted market prices which represent the net asset values of shares held by the
Plan at year end. Quoted market prices are used to value the underlying assets
of the collective trust accounts. The amounts presented represent the Plan's
share of these collective accounts. Participant loans are valued at cost plus
accrued interest, which approximates fair value.
Accounting estimates: The preparation of financial statements in conformity with
generally accepted accounting principles requires plan management to make
estimates and assumptions that affect the reported value of assets and
liabilities at the date of the financial statements and the reported amounts of
additions and deductions during the reporting period. Actual results could
differ from those estimates.
Payment of benefits: Benefit payments to participants are recorded when paid.
NOTE 2. PLAN DESCRIPTION
The following description of the Met-Coil Retirement Plan (the "Plan") provides
only general information. Participants should refer to the plan document for a
more complete description of the Plan's provisions.
General: The Plan is a defined contribution plan covering substantially all of
the employees of Met-Coil Systems Corporation and subsidiaries (the "Company")
who have completed six months of service and are age 21 or older. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
Contributions: Participants may contribute up to 15% of their annual wages
before bonuses and commissions. Participants may change their contribution
percentage at the end of any calendar quarter and also for the seven-day period
following receipt of their quarterly contribution statement.
The Company contributes to the Plan an amount equal to 2% of eligible employee
compensation. In addition, the Company matches 100% of the first 3% of
compensation contributed as an elective deferral by a participant. The Company
makes no contributions for the Lockformer Company bargaining unit employees.
Iowa Precision Industries, Inc. bargaining unit employees receive employer
contributions, as specified in the Collective Bargaining Agreement. Additional
amounts may be contributed at the discretion of the Company's Board of
Directors.
10
18
MET-COIL RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 2. PLAN DESCRIPTION (CONTINUED)
Employee contributions are invested in accordance with instructions of the
participants. Prior to January 1, 1996, employer contributions were used to
purchase Company stock; after January 1, 1996, employer contributions are
invested in the Balanced Fund.
Participant accounts: Each participant's account is credited with the
participant's contributions and, where applicable, an allocation of (a) the
Company's contribution and (b) plan earnings. Allocations are based on
participant earnings or account balances, as defined. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's account.
Vesting: Participants are immediately vested in their voluntary contributions
plus actual earnings thereon. Vesting in the remainder of their accounts is
based on years of continuous service. A participant is 100% vested after six
years of credited service. Nonvested amounts are forfeited upon termination and
are used to fund the employer contribution.
Investment options: Upon enrollment in the Plan, a participant may direct
employee contributions in 10% increments to any one or more of the following
funds:
Balanced Fund: The fund invests primarily in large capitalization,
high-quality common stocks and in fixed income senior securities rated within
the first four highest categories established by Moody's Investors Service or
Standard & Poor's Corporation.
International Equity Fund: The fund invests primarily in equity securities
of companies domiciled outside the United States.
Large Cap Value Equity Fund: The fund invests primarily in common stock of
issuers with total market capitalization of $1 billion or greater at the time
of purchase.
Large Cap Growth Equity Fund: The fund invests primarily in common stock of
issurers with total market capitalization of $1 billion or greater at the
time of purchase.
Small Cap Growth Equity Fund: The fund invests primarily in common stocks of
companies with total market capitalization less than $1 billion at the time
of purchase.
Stable Value Fund: The fund has two portfolios of investment contracts issued
by high quality life insurance and investment companies; one collective trust
fund is managed by Firstar Trust Co. and the other is managed by Smith Barney
Corporate Trust Co. The fund may also invest in units of other guaranteed
investment contract collective funds.
11
19
MET-COIL RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 2. PLAN DESCRIPTION (CONTINUED)
Loans to participants: Participants may borrow from their fund accounts a
minimum of $1,000 up to a maximum of the lesser of $50,000 or 50 percent of
their vested account balance. Loan transactions are treated as a transfer
between the investment funds designated by the participant and the loan account.
Loan terms range from 1 to 5 years. The loans are secured by the balance in the
participant's account and bear interest at the prime rate at the date of the
loan, plus 1%. Principal and interest is paid through payroll deductions.
Payment of benefits: Upon termination of service, a participant receives a
lump-sum amount equal to the value of his or her account.
Administrative costs: Certain administrative costs of the Plan are paid by the
Company and are not reflected in the financial statements of the Plan.
Administrative costs paid by the Plan are reported as a reduction of investment
income.
NOTE 3. INVESTMENTS
Individual investments that represent 5% or more of the Plan's net assets are
identified as follows:
1998 1997
---------------------------
CG Capital Markets Funds:
Balanced Investments $ 3,138,666 $ 2,463,284
Large Cap Value Investments 892,818 713,274
Large Cap Growth Investments 2,077,241 1,273,355
Small Cap Growth Investments 1,120,422 1,116,682
Met-Coil Systems Corporation common stock 936,824 745,849
Firstar Employee Benefit Stable Asset Fund 981,888 1,090,553
Smith Barney Corporate Trust Co., Capital Preservation Fund 1,968,234 1,804,727
Others 258,005 207,660
---------------------------
$ 11,374,098 $ 9,415,384
===========================
12
20
MET-COIL RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 3. INVESTMENTS (CONTINUED)
During 1998 and 1997, the Plan's investments (including investments bought, sold
and held during the year) appreciated in value by $724,669 and $1,338,804,
respectively.
1998 1997
----------------------------
Net change in fair value for the year ended December 31:
Investments at fair value as determined by quoted market price:
Mutual funds $ 315,916 $ 792,305
Collective trust accounts 171,306 173,753
Corporate common stock 237,447 372,746
----------------------------
$ 724,669 $ 1,338,804
============================
NOTE 4. TRANSACTIONS WITH PARTIES-IN-INTEREST
At December 31, 1998 and 1997, the Plan held 241,761 shares and 253,863 shares
of common stock of Met-Coil Systems Corporation, a sponsoring employer, with a
cost basis of $ 667,260 and $700,662, respectively. During the years ended
December 31, 1998 and 1997, the Plan recorded total investment income of
$237,447 and $389,404 from the Met-Coil Systems Corporation common stock.
NOTE 5. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions set forth in ERISA. In the event of plan
termination, participants will become 100% vested in their accounts and the
trust will continue in effect until all net assets are distributed in accordance
with the provisions of the Plan.
NOTE 6. TAX STATUS
The Internal Revenue Service has determined and informed the Company by a letter
dated August 15, 1995, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code (IRC). The Plan
has been amended since receiving the determination letter. However, the Plan
management believes that the Plan is designed and is currently being operated in
compliance with the applicable requirements of the IRC.
13
21
MET-COIL RETIREMENT PLAN
ITEM 27 A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
NUMBER OF FAIR
DESCRIPTION SHARES COST VALUE
- --------------------------------------------------------------------------------------------
CG Capital Markets Funds:
Balanced Investments 276,778 $ 2,360,103 $ 3,138,666
International Equity Investments 17,939 169,298 205,584
Large Cap Value Investments 68,468 605,588 892,818
Large Cap Growth Investments 91,995 1,183,020 2,077,241
Small Cap Growth Investments 66,494 838,335 1,120,422
Met-Coil Systems Corporation common stock* 241,761 667,260 936,824
Firstar Employee Benefit Stable Asset Fund 39,736 765,163 981,888
Smith Barney Corporate Trust Co.
Capital Preservation Fund 133,688 1,860,016 1,968,234
Participant loans* 52,421 52,421
----------------------------
TOTAL INVESTMENTS $ 8,501,204 $ 11,374,098
============================
* INDICATES A PARTY-IN-INTEREST TO THE PLAN.
14
22
MET-COIL RETIREMENT PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
TRANSACTIONS INVOLVING MORE THAN 5 PERCENT OF THE BEGINNING NET ASSETS
TOTAL TOTAL
NUMBER TOTAL NUMBER TOTAL
OF PURCHASE OF SELLING NET GAIN
DESCRIPTION OF ASSETS PURCHASES PRICE SALES PRICE (LOSS)
- -------------------------------------------------------------------------------------------------------------
CG Capital Markets Balanced
Fund 33 $ 447,864 20 $ 220,145 $ 47,617
CG Capital Markets Large
Cap Growth Fund 26 463,919 16 116,001 42,441
CG Capital Markets Small
Cap Growth 21 255,305 23 257,276 2,634
15