1
EXHIBIT (99-3)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
___________________
FORM 11-K
_________________
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1993
_________________
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
SONOCO PRODUCTS COMPANY
NORTH SECOND STREET
HARTSVILLE, SOUTH CAROLINA 29550
2
EXHIBIT (99-3)
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
Financial Statements: Page(s)
-------
Report of Independent Accountants 3
Statements of Net Assets Available
for Plan Benefits as of December 31,
1993 and 1992 4
Statements of Changes in Net Assets
Available for Plan Benefits for the years
ended December 31, 1993, 1992 and 1991 5-6
Notes to Financial Statements 7-11
Supplemental Schedules:
Assets Held For Investment as of
December 31, 1993 12
Reportable Transactions for the
year ended December 31, 1993 13-14
3
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Administrative Committee of the
Sonoco Products Company Employee Savings
and Stock Ownership Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Sonoco Products Company Employee Savings and Stock Ownership
Plan as of December 31, 1993 and 1992, and the related statements of changes in
net assets available for plan benefits for each of the three years in the
period ended December 31, 1993. These financial statements are the
responsibility of the Administrative Committee. 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 the Administrative Committee, as well as the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Sonoco
Products Company Employee Savings and Stock Ownership Plan as of December 31,
1993 and 1992, and the changes in net assets available for plan benefits for
each of the three years in the period ended December 31, 1993, 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 assets
held for investment and reportable transactions as of and for the year ended
December 31, 1993, are presented for purposes of complying with the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 and are not a required part of
the basic financial statements. The supplemental schedules have been subjected
to the auditing procedures applied in the audit 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.
Charlotte, North Carolina /s/ COOPERS & LYBRAND
March 23, 1994 ---------------------
COOPERS & LYBRAND
4
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
-----------------------------
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
as of December 31, 1993 and 1992
(Dollars in thousands)
1993
----------------------------------------------------------------
Sonoco
Stock Balanced Growth Equity Income
Fund Fund Fund Fund Fund Total
------- ------- ------- ------- -------- --------
ASSETS
------
Investments $37,191 $ 7,673 $13,652 $ 9,608 $100,996 $169,120
Contributions receivable - Sonoco 454 454
Employee loans receivable 8,207 8,207
Other
------- ------- ------- ------- -------- --------
$37,645 $ 7,673 $13,652 $ 9,608 $109,203 $177,781
======= ======= ======= ======= ======== ========
LIABILITIES AND NET ASSETS
--------------------------
AVAILABLE FOR PLAN BENEFITS
---------------------------
Accounts Payable, trustee $ $ $ $ $ 96 $ 96
Net assets available for plan
benefits 37,645 7,673 13,652 9,608 109,107 177,685
------- ------- ------- ------- -------- --------
$37,645 $ 7,673 $13,652 $ 9,608 $109,203 $177,781
======= ======= ======= ======= ======== ========
1992
----------------------------------------------------------------
Sonoco
Stock Balanced Growth Equity Income
Fund Fund Fund Fund Fund Total
------- ------- ------- ------- -------- --------
ASSETS
------
Investments $31,833 $ 4,974 $ 7,061 $10,127 $100,340 $154,335
Contributions receivable - Sonoco 407 407
Employee loans receivable 6,473 6,473
Other
------- ------- ------- ------- -------- --------
$32,240 $ 4,974 $ 7,061 $10,127 $106,813 $161,215
======= ======= ======= ======= ======== ========
LIABILITIES AND NET ASSETS
--------------------------
AVAILABLE FOR PLAN BENEFITS
---------------------------
Accounts Payable, trustee $ $ $ $ $ 113 $ 113
Net assets available for plan
benefits 32,240 4,974 7,061 10,127 106,700 161,102
------- ------- ------- ------- -------- --------
$32,240 $ 4,974 $ 7,061 $10,127 $106,813 $161,215
======= ======= ======= ======= ======== ========
The accompanying Notes are an integral part of the financial statements.
5
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
---------------------
EXHIBIT(99-3)
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
for the years ended December 31, 1993 and 1992
(Dollars in thousands)
1993
-----------------------------------------------------------------
Sonoco
Stock Balanced Growth Equity Income
Fund Fund Fund Fund Fund Total
-------- ------- ------- ------- -------- --------
Investment income
Net appreciation
(depreciation) $(2,841) $ 419 $ 938 $ (87) $ $ (1,571)
Interest and
dividends 1,043 628 1,073 766 5,125 8,635
------- ------ ------ ------- ------- --------
(1,798) 1,047 2,011 679 5,125 7,064
Investment
expenses (93) (13) (20) (67) (260) (453)
------- ------ ------ ------- ------- --------
Net investment
income (loss) (1,891) 1,034 1,991 612 4,865 6,611
Contributions:
Sonoco Products
Company 5,250 5,250
Employees 1,218 1,062 1,491 1,105 8,503 13,379
Fund transfers 2,050 681 3,351 (1,740) (4,342)
Withdrawals and
terminations (1,222) (78) (242) (496) (6,619) (8,657)
------- ------ ------ ------- -------- --------
Increase in net assets
available for plan
benefits 5,405 2,699 6,591 (519) 2,407 16,583
Net assets available
for plan benefits:
Beginning of year 32,240 4,974 7,061 10,127 106,700 161,102
------- ------ ------ ------- ------- --------
End of year $37,645 $7,673 $13,652 $ 9,608 $109,107 $177,685
======= ====== ====== ======= ======= ========
1992
-----------------------------------------------------------------
Sonoco
Stock Balanced Growth Equity Income
Fund Fund Fund Fund Fund Total
-------- ------- ------- ------- -------- --------
Investment income
Net appreciation
(depreciation) $ 8,055 $ (58) $ (547) $ 212 $ $ 7,662
Interest and
dividends 611 366 898 429 8,100 10,404
------- ------ ------ ------- ------- --------
8,666 308 351 641 8,100 18,066
Investment
expenses (17) (6) (8) (62) (273) (366)
------- ------ ------- ------- -------- --------
Net investment
income (loss) 8,649 302 343 579 7,827 17,700
Contributions:
Sonoco Products
Company 4,747 4,747
Employees 953 879 705 950 8,452 11,939
Fund transfers (362) 3,929 6,247 (1,134) (8,680)
Withdrawals and
terminations (1,123) (136) (234) (636) (7,683) (9,812)
------- ------ ------- ------- -------- --------
Increase in net assets
available for plan
benefits 12,864 4,974 7,061 (241) (84) 24,574
Net assets available
for plan benefits:
Beginning of year 19,376 10,368 106,784 136,528
------- ------ ------ ------- ------- --------
End of year $32,240 $4,974 $ 7,061 $10,127 $106,700 $161,102
======= ====== ====== ======= ======= ========
The accompanying Notes are an integral part of the financial statements.
6
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
---------------------
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, continued
as of December 31, 1991
(Dollars in thousands)
1991
------------------------------------------------------
Stock Equity Income
Fund Fund Fund Total
--------- ------- -------- --------
Investment income
Net appreciation $ 777 $ 1,714 $ $ 2,491
Interest and dividends 471 397 9,764 10,632
------- ------- -------- --------
1,248 2,111 9,764 13,123
Investment
expenses (30) (136) (166)
------- ------- -------- --------
Net investment
income (loss) 1,248 2,081 9,628 12,957
Contributions:
Sonoco Products
Company 4,309 4,309
Employees 1,381 921 8,981 11,283
Fund transfers (68) 443 (375)
Withdrawals and
terminations (1,594) (885) (9,041) (11,520)
------- ------- -------- --------
Increase in net assets
available for plan
benefits 5,276 2,560 9,193 17,029
Net assets available
for plan benefits:
Beginning of year 14,100 7,808 97,591 119,499
------- ------- -------- --------
End of year $19,376 $10,368 $106,784 $136,528
======= ======= ======== ========
The accompanying Notes are an integral part of the financial statements.
7
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CONTRIBUTIONS - Contributions from Sonoco Products Company (the
"Company") are recorded in the year and in the amount authorized by
the Company's Board of Directors. The receivable from Sonoco Products
Company represents amounts authorized at year-end, but not yet
received by the Plan. Contributions from employees of Sonoco Products
Company are recorded in the year in which the employee contributions
are withheld.
INVESTMENT VALUATION - Investments in the Income Fund are valued
principally at contract value. Investments in the Aetna Equity Fund
are valued at fair value as determined by Aetna Life Insurance
Company. Investments in the Sonoco Products Company Common Stock Fund
are valued at quoted market prices. Investments in the Growth Fund and
the Balanced Fund are valued at fair value as determined by Fidelity
Institutional Retirement Services Company, Inc.
NET APPRECIATION OR DEPRECIATION - The Plan presents in the Statements
of Changes in Net Assets Available for Plan Benefits the net
appreciation or depreciation in the fair value of its investments that
consists of the realized gains or losses and the unrealized
appreciation or depreciation on those investments.
2. Description of Plan
The Plan is a defined contribution plan covering substantially all
U.S. full-time non-union employees (to exclude the recent acquisitions
of Engraph and Crellin) with one year of service. Participants may
elect to defer up to 16% of gross pay through payroll deductions.
Contributions may be pre-tax, after-tax or a combination thereof. The
maximum annual pre-tax contribution for any participant is $8,994.
Total annual contributions, including employer matching contributions,
are limited to $30,000 or 25% of gross pay whichever is less. The
Company provides employer matching contributions of Company stock or
cash to be used to purchase Company stock in amounts to be determined
annually by the Company's Board of Directors. The Company may elect
to provide additional contributions at the discretion of its Board.
Participants vest in Company contributions and earnings thereon at a
rate of 20% per year beginning after two years of service, becoming
fully vested after six years of service or at retirement, death, upon
reaching age 55 or permanent disability, if earlier. Participants are
fully vested in their own contributions and earnings thereon at all
times. Under the Plan, participants may elect to have their account
balances invested in 5% increments in an equity fund, a Company stock
fund, a growth fund, a balanced fund or an interest income fund.
8
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
2. Description of Plan, Continued
Upon termination of service, a participant may elect to receive a
lump-sum distribution in either cash or Company stock, or in five
equal annual installments of cash, or receive a distribution quarterly
of an amount no less than $1,000.
Participants may borrow against their account balances. The minimum
amount of any loan is $1,000 and the maximum is $50,000 or 50% of a
participant's total vested balance, whichever is less. Principal and
interest is due not less than quarterly over no more than five years
for a personal loan or twenty years for a residential loan. Interest
is determined based on the prime rate plus 1%.
Forfeitures of account balances reduce Company contributions.
Participants should refer to the Plan agreement for a more complete
description of the Plan.
3. Investments:
The Income Fund invests in guaranteed insurance contracts.
These contracts are credited or charged for guaranteed investment
earnings, benefit withdrawals or investment expenses. The fund
contracts have no material restrictions as to withdrawal amounts by
participants except as otherwise provided by the plan. The Equity
fund invests in the Aetna Growth and Income Equity Account which
consists of common stocks and securities that are convertible to
common stock together with all income and accretion thereon. The
Growth Fund invests in the Fidelity Magellan Fund which holds common
stocks and securities convertible to common stocks with the goal of
capital appreciation. The Balanced Fund invests in the Fidelity
Balanced Fund which holds a broadly diversified portfolio of
securities including common stocks, preferred stocks, and bonds with
the goal of generating income. Also, employees may elect to invest in
the Sonoco Stock Fund which consists solely of investments in Sonoco
Products Company common stock.
Allocation of contributions to investment funds, in 5% increments, is
based on each participant's election. The number of participants in
each fund is summarized as follows:
DECEMBER 31
----------------------------
1993 1992 1991
----- ----- ------
Income Fund 4,909 4,867 4,928
Sonoco Stock Fund 1,599 1,203 1,016
Equity Fund 1,199 1,107 1,025
Growth Fund 1,262 880
Balanced Fund 765 540
9
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
3. Investments, continued
A summary of the Plan's investments by account type as of December 31,
1993 and 1992 is as follows:
1993
-------------------------------------
(DOLLARS IN THOUSANDS)
UNIT/SHARES MARKET VALUE COST
----------- ------------ ----------
Income Fund:
- -----------
Aetna Life Insurance Company
Participating Accumulation Fund, 5.82% $ 150 $ 150
Bankers Trust Guaranteed
Insurance Contract, 4.99% 10,235,704 10,236 10,236
Bankers Trust Guaranteed
Insurance Contract, 3.66% 4,062,286 4,062 4,062
J. P. Morgan Guaranteed
Insurance Contract, 7.00% 13,864,922 13,866 13,866
Lincoln National Life
Guaranteed Insurance Contract, 6.74% 10,649,232 10,649 10,649
Lincoln National Life
Guaranteed Insurance Contract, 5.67% 5,252,457 5,252 5,252
Metropolitan Life Guaranteed
Insurance Contract, 6.75% 10,650,194 10,650 10,650
John Hancock Mutual Life
Guaranteed Insurance Contract, 7.25% 14,546,386 14,546 14,546
Provident Life Contract
Guaranteed Insurance Contract, 5.40% 10,605,316 10,605 10,605
Prudential Insurance Company
Guaranteed Insurance Contract, 4.85% 10,390,828 10,391 10,391
State Mutual Guaranteed Insurance
Contract, 4.55% 5,202,706 5,203 5,203
Sun Mutual Life Guaranteed
Insurance Contract, 6.23% 5,385,892 5,386 5,386
-------- --------
100,996 100,996
Equity Fund:
- ------------
Aetna Growth and Income Equity Account
(unit value $1.06) 9,763,240 9,608 9,075
Growth Fund:
- ------------
Fidelity Magellan Fund
(market value $70.85) 175,609 13,652 13,252
10
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
3. Investments, continued
1993
------------------------------------
(DOLLARS IN THOUSANDS)
UNIT/SHARES MARKET VALUE COST
----------- ------------ ------
Balanced Fund:
- --------------
Fidelity Balanced Fund
(market value $13.39) 590,172 7,673 7,337
Sonoco Stock Fund:
- ------------------
Sonoco Common Stock*
(market value per share $22.00) 1,690,500 37,191 29,393
-------- --------
$169,120 $160,053
======== ========
1992
------------------------------------
(Dollars in thousands)
Unit/Shares Market Value Cost
----------- ------------ -------
Income Fund:
- ------------
Aetna Life Insurance Company
Participating Accumulation
Fund, 7.57% $ 58,868 $ 58,868
J. P. Morgan Guaranteed
Insurance Contract, 7.00% 13,784,445 13,785 13,785
John Hancock Mutual Life
Guaranteed Insurance
Contract, 7.25% 14,750,966 14,751 14,751
Provident Life Contract
Guaranteed Insurance
Contract, 5.40% 7,891,544 7,892 7,892
Sun Mutual Life Guaranteed
Insurance Contract, 6.23% 5,044,072 5,044 5,044
------- -------
100,340 100,340
Equity Fund:
- ------------
Aetna Growth and Income
Equity Account
(unit value - $8.72) 1,159,404 10,127 8,859
Growth Fund:
- ------------
Fidelity Magellan Fund
(market value $63.01) 112,062 7,061 7,595
Balanced Fund:
- --------------
Fidelity Balanced Fund
(market value $12.29) 404,719 4,974 5,030
Sonoco Stock Fund:
- ------------------
Sonoco Common Stock*
(market value per share $23.88) 1,333,320 31,833 20,941
-------- --------
$154,335 $142,765
======== ========
*Shares and share price restated to reflect the two-for-one stock split
effective June 10, 1993.
11
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
3. Investments, Continued
The Plan's investments appreciated (depreciated) in value as follows:
Year ended December 31
----------------------------------
(Dollars in thousands)
1993 1992 1991
------ ------ ------
Equity Fund $ (87) $ 212 $1,714
Sonoco Stock Fund (2,841) 8,055 777
Growth Fund 938 (547)
Balanced Fund 419 (58)
------- ----- ------
$(1,571) $7,662 $2,491
======= ====== ======
4. Employee Loans Receivable:
Employee loans must be repaid over a period not longer than five years
from the date of the loan except loans for purposes related to
acquiring, building, or substantially rehabilitating a primary
residence may be repaid during a period of up to twenty years.
Interest is charged at a fixed rate for the full term of the loan
based on the prime rate plus 1% (7% at December 31, 1993). Approximate
minimum repayments of employee loans receivable due in 1994 are
$1,589,151.
5. Tax Status
The Company has requested an updated determination letter from the
Internal Revenue Service under which the Plan would qualify
for favorable tax treatment under Sections 401(k), 401(a) and
4975(e)(7) of the Internal Revenue Code and therefore be exempt from
federal income taxes under provisions of Section 501(a).
A participant must pay regular income tax plus a 10% excise tax for
withdrawal of any portion of his accumulated pre-tax account balance,
or the portion of his after-tax account balance representing Company
contributions or earnings prior to retirement, disability or attaining
age 59-1/2. The 10% excise tax is waived if withdrawal is to cover
uninsured medical bills that are otherwise deductible for tax
purposes. Withdrawal of the pre-tax account balance, or the portion of
the after-tax account balance representing Company contributions or
earnings, after retirement, disability or attaining age 59-1/2 is
subject to regular income tax.
6. Contributions
For fiscal years ended December 31, 1993, 1992 and 1991, the amount of
employer contributions made entirely in Company stock under the Plan
were $5,249,796; $4,746,522; and $4,308,987, respectively.
12
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
ITEM 27(A) ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1993
-------------------------
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT COST MARKET VALUE
- ----------------- ------------------------- ---- ------------
(DOLLARS IN THOUSANDS)
Aetna Life Insurance Company Participating Accumulation Fund $ 150 $ 150
J. P. Morgan Guaranteed Insurance Contract 13,866 13,866
John Hancock Mutual Life Guaranteed Insurance Contract 14,546 14,546
Provident Life Guaranteed Insurance Contract 10,605 10,605
Sun Mutual Life Guaranteed Insurance Contract 5,386 5,386
Aetna Life Insurance Company Growth and Income Equity Account 9,075 9,608
Fidelity Institutional Retirement Services Fidelity Magellan Growth Fund 13,252 13,652
Fidelity Institutional Retirement Services Fidelity Balanced Fund 7,337 7,673
Sonoco Products Company Common Stock - 1,690,500 shares 29,393 37,191
Bankers Trust Guaranteed Insurance Contract 10,236 10,236
Bankers Trust Guaranteed Insurance Contract 4,062 4,062
Lincoln National Life of Georgia Guaranteed Insurance Contract 10,649 10,649
Lincoln National Life of Georgia Guaranteed Insurance Contract 5,252 5,252
Metropolitan Life Guaranteed Insurance Contract 10,650 10,650
Prudential Insurance Company Guaranteed Insurance Contract 10,391 10,391
State Mutual Life Guaranteed Insurance Contract 5,203 5,203
--------- ---------
Total Investments $160,053 $169,120
========= =========
13
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
ITEM 27(d) REPORTABLE TRANSACTIONS
(DOLLARS IN THOUSANDS)
FOR THE YEAR ENDED DECEMBER 31, 1993
------------------------------
Realized
Identity of Party Involved and Purchase Selling Cost Net Gain
Description of Assets Transactions Price (A) Price (A) of Asset (Loss)
- ------------------------------ ------------ --------- --------- -------- --------
Any single transaction within
the Plan year in securities
involving an amount in excess
of 5% of the current value
of Plan assets.
Aetna Life Insurance Company
Deposit Contracts 1 sale $19,717 $19,717
1 sale 19,778 19,778
1 sale 19,667 19,667
W B DTF Short-Term Investment Fund 1 purchase $ 9,888
1 purchase 20,419
1 sale 9,953 9,953
1 sale 11,693 11,693
1 sale 8,587 8,587
Lincoln National Life 1 purchase 10,000
Metropolitan Life Contract 1 purchase 10,000
Bankers Trust Contract 93-529 1 purchase 10,000
Prudential Insurance Company 1 purchase 8,735
Bankers Trust Contract #93551 1 purchase 8,294
(A) Fair value at date of transaction is equal to purchase or sale price.
14
SONOCO PRODUCTS COMPANY
EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
ITEM 27(d) REPORTABLE TRANSACTIONS
(DOLLARS IN THOUSANDS)
FOR THE YEAR ENDED DECEMBER 31, 1993
---------------------------
REALIZED
IDENTITY OF PARTY INVOLVED AND PURCHASE SELLING COST NET GAIN
DESCRIPTION OF ASSETS TRANSACTIONS PRICE (B) PRICE (B) OF ASSET (LOSS)
- ------------------------------ ------------ --------- ---------- -------- --------
Any series of transactions within
the Plan year in securities, of the
same issue or by the same broker,
when aggregated, involves an
amount in excess of 5% of the
current value of Plan assets - (Note A).
Aetna Life Insurance Company
Deposit Contracts 2 purchases, 5 sales $ 583 $59,316 $59,316
W B DTF Short-Term Investment Fund 241 purchases, 204 sales 39,950 39,765 39,765
Provident Life Contract 12 purchases, 14 sales 6,432 4,270 4,270
Lincoln National Life 1 purchase 10,000
Metropolitan Life Contract 1 purchase 10,000
Bankers Trust Contract 93-529 2 purchases, 2 sales 10,311 520 520
Prudential Insurance Co. 45 purchases, 42 sales 18,658 8,597 8,597
Bankers Trust Contract 93551 1 purchase, 10 sales 8,294 4,433 4,433
Sonoco Products Co. 73 purchases, 20 sales 9,586 1,049 805 $ 244
(A) Purchases and sales transactions made on various occasions during the Plan
year are aggregated here.
(B) Fair value at date of transaction is equal to purchase or sale price.