-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KKx9foLsP9Ndyv8mlux3xAxr8E3cnraiNVGgxfdIt8/D5ZXHRNx1E+l5bKAbo9KZ TZQNFcTJ4xfe2R8LQDBF3A== 0000082811-99-000018.txt : 19990630 0000082811-99-000018.hdr.sgml : 19990630 ACCESSION NUMBER: 0000082811-99-000018 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGAL BELOIT CORP CENTRAL INDEX KEY: 0000082811 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 390875718 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-07283 FILM NUMBER: 99655750 BUSINESS ADDRESS: STREET 1: 200 STATE ST CITY: BELOIT STATE: WI ZIP: 53511 BUSINESS PHONE: 6083648800 MAIL ADDRESS: STREET 1: 200 STATE STREET CITY: BELOIT STATE: WI ZIP: 53511-6254 FORMER COMPANY: FORMER CONFORMED NAME: BELOIT TOOL CORP DATE OF NAME CHANGE: 19730522 FORMER COMPANY: FORMER CONFORMED NAME: RECORD A PUNCH CORP DATE OF NAME CHANGE: 19690320 11-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------- FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 OR [ ] TRANSACTION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 333-48815 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: MARATHON ELECTRIC SALARIED EMPLOYEES' 401(k) SAVINGS PLAN 100 EAST RANDOLPH STREET WAUSAU, WISCONSIN 54401 B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: REGAL-BELOIT CORPORATION 200 STATE STREET BELOIT, WI 53511 REQUIRED INFORMATION Marathon Electric Manufacturing Corporation Salaried Employees 401(k) Savings Plan ("Plan") is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the financial statements and schedules of the Plan for the two fiscal years ended December 31, 1997 and 1998, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference. SIGNATURES The Plan. Pursuant to the requirements of the Securities and Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. MARATHON ELECTRIC SALARIED EMPLOYEES 401(k) SAVINGS PLAN By: Marathon Electric Salaried Employees 401(k) Savings Plan Administrative Committee and Plan Administrator Kenneth F. Kaplan June 25, 1999 - ------------------------------------ Kenneth F. Kaplan Henry W. Knueppel June 25, 1999 - ------------------------------------ Henry W. Knueppel APPENDIX I MARATHON ELECTRIC SALARIED EMPLOYEES 401(k) SAVINGS PLAN FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1998, SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1998 AND INDEPENDENT AUDITOR'S REPORT. MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- SALARIED EMPLOYEES' 401(k) SAVINGS PLAN --------------------------------------- FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997 ----------------------------------------------------- TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ------------------------------------------------------ MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- SALARIED EMPLOYEES' 401(k) SAVINGS PLAN --------------------------------------- FINANCIAL STATEMENTS -------------------- AS OF DECEMBER 31, 1998 AND 1997 -------------------------------- TABLE OF CONTENTS ----------------- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statement of Net Assets Available for Plan Benefits as of December 31, 1998 and 1997 Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information, for the Year Ended December 31, 1998 NOTES TO FINANCIAL STATEMENTS SCHEDULES SUPPORTING FINANCIAL STATEMENTS: Schedule I: Item 27a-Schedule of Assets Held for Investment Purposes as of December 31, 1998 Schedule II: Item 27d-Schedule of 5% Reportable Transactions for the Year Ended December 31, 1998 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Plan Administrator of the Marathon Electric Manufacturing Corporation Salaried Employees' 401(k) Savings Plan: We have audited the accompanying statements of net assets available for plan benefits of the Marathon Electric Manufacturing Corporation Salaried Employees' 401(k) Savings Plan as of December 31, 1998 and 1997 and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1998. 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. As described in Note 2, these financial statements were prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1998 and 1997 and the changes in its net assets available for plan benefits, for the year ended December 31, 1998 on the basis of accounting described in Note 2. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules, as listed in the accompanying table of contents, are presented for 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 schedules are the responsibility of the Plan's management. -2- The fund information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits 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. ARTHUR ANDERSEN LLP --------------------- ARTHUR ANDERSEN LLP Milwaukee, Wisconsin, June 10, 1999. MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- SALARIED EMPLOYEES' 401(k) SAVINGS PLAN --------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1998 AND 1997 -------------------------- (1) Description of Plan and Funding Policy- -------------------------------------- The following description of the Marathon Electric Manufacturing Corporation Salaried Employees' 401(k) Savings 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 all employees of the Marathon Electric Manufacturing Corporation (the "Company") who are compensated in whole, or in part, on a salaried basis, are not in any other defined benefit plan maintained by the Company, or are not members of a collective bargaining unit which has a bargaining agreement with the Company. An employee becomes eligible to participate in the Plan on the first day of the month subsequent to the latest of the employee obtaining the age of 21 and one year of service, or the date the employee transfers to salaried status. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. Overall responsibility for administering the Plan rests with the Plan's administrative committee which is appointed by the board of directors of the Company. The Plan's trustee, Marshall & Ilsley Trust Company (the "Trustee"), is responsible for the management and control of the Plan's assets and has certain discretionary authority and control over such assets. Contributions- ------------- Participants are allowed to contribute up to 15 percent of pretax annual income as defined by the Plan. The Company makes a 50% matching contribution of the employee's contribution up to 5 percent of pretax annual income. The Company has the option to annually increase the amount of its matching contribution at its discretion. Vesting- ------- Participants are 100 percent vested in their contributions and the earnings on those contributions. Company contributions and the earnings thereon vest after the earlier of three years of Plan participation or five years of service. There is no partial vesting. Investment options- ------------------ Participants may direct their contributions and any related earnings thereon into six investment options, in 10% increments. Partici- pants may change their investment elections every thirty days. A description of each investment option is provided below: Northern Capital Equity Fund- ---------------------------- The primary investment objective of this fund is growth of capital consistent with moderate level of risk. The fund invests in stocks and cash equivalents. American Century Balanced Fund- ------------------------------ The primary investment objective of this fund is to provide growth opportunities and income. The fund invests in common stocks and fixed income securities. M&I Stable Principal Fund- ------------------------- This fund is designed to offer safety of principal, price stability, and returns that are generally higher than a money market rate. Investments in the fixed fund are in contracts with insurance carriers and banks. The contracts are reported at contract value, which approximates fair value. A small part of the fixed income fund is also invested in a broadly diversified money market fund. Fidelity Advisor Growth Fund- ---------------------------- The primary investment objective of this fund is to provide capital growth by investing primarily in common stocks. The fund, typically, will invest at least 65% of its total assets in securities of companies that have long-term growth potential. Templeton Foreign Fund- ---------------------- This fund seeks long-term capital growth through a flexible policy of investing in stocks and debt obligations of companies and governments outside the United States. Regal-Beloit Stock Fund- ----------------------- This fund allows participants to purchase common stock of the Regal-Beloit Corporation (or its successor). Participant loans- ----------------- Loan terms range from one year to five years, or ten years for the purchase of a primary residence. Loans are limited to 50 percent of the participant's account up to $50,000, less a participant's highest outstanding loan balance under the plan in the last 12 months. Loans bear interest at the prime rate for one to five-year loans or the 15-year mortgage rate for ten-year loans. Interest rates on existing loans range from 6.0% to 10.50%. Principal and interest are paid through payroll deductions. Payment of benefits- ------------------- On termination of service, the participant receives a lump-sum amount equal to the value of the participant's account. Forfeitures- ----------- Plan forfeitures arise as a result of participants who terminate service with the Company before becoming vested in the Company's contribution. The amount of forfeitures allocable to remaining participants at December 31, 1998 and 1997, were $54,466 and $5,671, respectively. 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 of ERISA. In the event of plan termination, participants will become fully vested in their account balances. (2) Summary of Accounting Policies- ------------------------------ Basis of accounting- ------------------- The accompanying financial statements are presented on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. Contributions are recognized at the time such amounts are received rather than when contributed. Use of estimates- ---------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of plan assets at the date of the financial statements and the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates. Payment of benefits- ------------------- Benefit payments to participants are recorded upon distribution. (3) Investments- ----------- The Plan's investments are commingled with the assets of several other Company plans in the Marathon Electric Manufacturing Corporation Master Trust Fund (the "Master Trust"). Investments of the Master Trust are carried at current market value as determined by the Trustee through reference to published data. Earnings, unrealized gains/losses, fees and expenses relating to investment transactions of the Master Trust are allocated by the Trustee to the participating plans based on each plan's proportionate share of trust assets. The assets of the Plan are commingled and are not segregated in the accounts of the Master Trust. The market value of the assets held in the Master Trust as of December 31 are as follows: 1998 1997 ----------- ----------- Accrued interest and dividends $ 160,791 $ 114,274 Marshall Money Market Fund 1,149,756 695,495 M&I Stable Principle Fund 8,219,564 6,872,623 Common stock 37,898,292 35,559,445 American Century Balanced Fund 5,887,726 4,245,014 Northern Capital Equity Fund 16,117,312 14,597,195 Fidelity Advisor Growth Fund 10,297,156 7,861,944 Templeton Foreign Fund 930,525 2,114,522 Regal Beloit Corporation Master Trust 753,086 -- Fixed Income Securities 3,199,464 3,781,489 Participant loans 640,510 702,326 ----------- ----------- Total assets of the Master Trust $85,254,182 $76,544,327 =========== =========== The Marshall Funds are controlled by Marshall & Ilsley Corporation, the parent company of the Trustee. The M&I Stable Principle Fund is a collective investment fund operated by the Trustee. Allocations of assets of the Master Trust to participating plans as of December 31 are as follows:
1998 1997 ------------------ ------------------ Amount % Amount % ----------- ------ ----------- ------ Salaried Employees' Pension Plan $29,448,716 34.5% $27,791,984 36.3% Wausau Hourly Pension Plan 12,916,088 15.2 12,312,494 16.1 Hourly 401(k) Savings Plan 8,189,006 9.6 6,353,268 8.3 Salaried 401(k) Savings Plan 34,700,372 40.7 30,086,581 39.3 ----------- ------ ----------- ------ Total assets of the Master Trust $85,254,182 100.0% $76,544,327 100.0% =========== ====== =========== ======
Master Trust income and its allocation to the participating plans for the years ended December 31 are as follows: 1998 1997 ---------- ----------- Interest and dividend income $ 707,399 $ 1,152,932 Realized gains, net 6,063,861 5,305,833 Unrealized appreciation in the fair value of investments, net 2,660,354 4,778,351 ---------- ----------- Total Master Trust income $9,431,614 $11,237,116 ========== =========== 1998 1997 ---------- ----------- Salaried Employees' Pension Plan $2,527,292 $ 4,096,306 Wausau Hourly Pension Plan 1,111,534 1,827,301 Hourly 401(k) Savings Plan 1,026,311 824,106 Salaried 401(k) Savings Plan 4,766,477 4,489,403 ---------- ----------- Total Master Trust income $9,431,614 $11,237,116 ========== =========== (4) Guaranteed Investment Contracts- ------------------------------- The M&I Stable Principal Fund consists of guaranteed investment contracts ("GIC's") and Synthetic guaranteed investment contracts ("SYN's"). All investment contracts are fully benefit responsive. The average crediting interest rates for the years ending December 31, 1998 and 1997 were 5.93% and 6.29%, respectively. The funds average yields for 1998 and 1997 were 6.20% and 6.20 %, respectively. The crediting rates for the contacts are fixed or reset either quarterly or annually. All contracts have a guaranteed rate of 0% or higher. The Fund had no valuation reserves at year-end with the fair value of the investment contracts reported at contract value. (5) Regal-Beloit Corporation Master Trust- ------------------------------------- Effective November 1, 1997, the Plan's investment in Company stock was commingled with the investment in Company stock of another Company plan into the Regal-Beloit Corporation Master Trust (the "RBC Master Trust"). Effective April 1, 1998, the investment in Company stock of three other Company plans were commingled into the RBC Master Trust. Investments of the RBC Master Trust are carried at current market value as determined by the Trustee through reference to published data. Earnings, market adjustments, fees and expenses related to investment transactions are allocated by the Trustee to the participating plan's share of Trust assets. The assets of the Plan are commingled and are not segregated in the accounts of the RBC Master Trust. The market value of the assets held in the Trust as of December 31, 1998 and 1997 is as follows: 1998 1997 ----------- ----------- Regal-Beloit Corporation Stock $14,374,579 $16,240,894 Marshall Money Market Fund 154,077 - Accrued Income 74,145 - ----------- ----------- Total assets of the RBC Master Trust $14,602,801 $16,240,894 =========== =========== Allocations of assets of the RBC Master Trust to participating plans as of December 31, 1998 and 1997 are as follows:
1998 1997 --------------------- --------------------- Amount Percent Amount Percent ----------- -------- ----------- -------- Regal-Beloit Corporation Personal Savings Plan $ 6,805,476 46.60% $ 8,235,387 50.71% Regal-Beloit Corporation Profit Sharing Plan 6,568,489 44.98 8,005,507 49.29 Regal-Beloit Corporation Savings and Protection Plan 475,749 3.26 - - Marathon Electric Salaried 401(k) Savings Plan 635,779 4.36 - - Marathon Electric Hourly 401(k) Savings Plan 117,308 0.80 - - ----------- -------- ----------- ------- Total assets of the RBC Master Trust $14,602,801 100.00% $16,240,894 100.00% =========== ======== =========== ========
RBC Master Trust income for the years ended December 31,1998 and 1997 are as follows: INCOME 1998 1997 ------ ---------- --------- Investment income - Interest $ 23,602 $ 2,047 Dividends 280,725 64,237 Net (depreciation) appreciation in fair market value Regal-Beloit Corporation Common Stock (3,979,555) 1,437,570 ------------ ---------- Total RBC Master Trust (loss) income $(3,675,228) $1,503,854 ============ ========== (6) Tax Exemption Status of the Plan- -------------------------------- The Internal Revenue Service has determined and informed the Company by a letter dated January 5, 1996, that the Plan is qualified and the trust established under the Plan is tax-exempt, under the appropriate sections of the Internal Revenue Code ("IRC"). The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's legal counsel believe the Plan is currently designed and being operated in compliance with applicable requirements of the IRC. Therefore, they believe the Plan is qualified and the selected trust remains tax-exempt as of the financial statement date. (7) Related Party Transactions- -------------------------- Master Trust assets are invested in mutual funds managed by the Trustee. The investment in the Regal-Beloit Stock Fund is an investment in the Plan Sponsor. These are not considered prohibited transactions by statutory exemption under ERISA regulations. CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Plan Administrator of the Marathon Electric Manufacturing Corporation Salaried Employees' 401(k) Savings Plan: As independent public accountants, we hereby consent to the incorporation of our reports, included and incorporated by reference in this Form 11-K, into the Company's previously filed Registration Statement, File No. 333-48815. ARTHUR ANDERSEN LLP ------------------- ARTHUR ANDERSEN LLP Milwaukee, Wisconsin, June 29, 1999.
MARATHON ELECTRIC MANUFACTURING CORPORATION SALARIED EMPLOYEES' 401(k) SAVINGS PLAN - ----------------------------------------------------------------------------------- PLAN'S EIN #39-0449780 PLAN #008 -------------------------------- SCHEDULE I -- ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ------------------------------------------------------------------------- AS OF DECEMBER 31, 1998 ----------------------- Identity of Issue, Borrower Description of Investment Including Maturity Date, Lessor, or Similar Party Rate of Interest, Collateral, Par, or Maturity Value Cost Current Value - ---------------------------- ---------------------------------------------------- ---------- ------------- Fidelity Funds Advisor Series II, Growth Opportunities Fund $6,622,011 $ 9,068,073 Templeton Funds, Inc. Templeton Foreign Fund CL-1 852,141 747,184 American Century Investments American Century Balanced Investors Fund 4,509,445 4,676,969 Northern Capital, Inc. Northern Capital Equity Fund 7,015,071 12,683,489 Marshall & Ilsley M&I Stable Principal Fund 6,215,131 6,215,130 Loans to participants Loans 640,510 640,510 Regal-Beloit Stock Fund* Regal-Beloit Stock 736,271 635,779 *Party-in-interest The accompanying notes to financial statements are an integral part of this Schedule.
MARATHON ELECTRIC MANUFACTURING CORPORATION SALARIED EMPLOYEES' 401(k) SAVINGS PLAN PLAN'S EIN #39-0449780 PLAN #008 SCHEDULE II -- ITEM 27d SCHEDULE OF 5% REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1998 Expense Current Incurred Value of Identity of Description Purchase Selling Lease with Cost of on Date Net Party Involved of Asset Price Price Rental Transaction Asset Transaction Gain - ------------- ------------------- ---------- ---------- ------ ----------- ---------- ----------- -------- Fidelity Funds Advisors Series II, Growth Opportunities Fund $2,978,650 $2,348,050 N/A N/A $4,804,380 $5,326,700 $522,320 American Century Balanced Investments Investors Fund 2,356,815 1,031,892 N/A N/A 3,283,691 3,388,707 105,016 Marshall & M&I Stable Ilsley* Principal Fund 3,422,880 2,507,977 N/A N/A 5,930,857 5,930,857 - Northern Capital, Inc. Equity Fund 1,885,103 3,230,170 N/A N/A 3,875,841 5,115,273 1,239,432 *Party-in-interest The accompanying notes to financial statements are an integral part of this Schedule.
MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- SALARIED EMPLOYEES' 401(k) SAVINGS PLAN --------------------------------------- STATEMENT OF CHANGE IN NET ASSETS AVAILABLE FOR PLAN BENEFITS ------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1998 ------------------------------------ Northern American M & I Fidelity Regal- Capital Century Stable Advisor Templeton Beloit Equity Balanced Principal Growth Foreign Stock Loan Fund Fund Fund Fund Fund Fund Fund Total ----------- ---------- ---------- ---------- ---------- --------- --------- ----------- ADDITIONS: Net Investment income (loss) from Marathon Electric Manufacturing Corporation Master Trust Fund $ 2,277,617 $ 611,281 $ 344,399 $1,713,414 $ (88,286) $(144,639) $ 52,691 $ 4,766,477 Contributions- Employer 412,638 133,797 196,927 267,310 57,984 11,064 - 1,079,720 Participants 500,503 169,962 252,428 390,670 74,004 40,575 - 1,428,142 ----------- ---------- ---------- ---------- ----------- ---------- --------- ----------- Total contributions 913,141 303,759 449,355 657,980 131,988 51,639 - 2,507,862 ----------- ---------- ---------- ---------- ----------- ---------- --------- ----------- Total Additions 3,190,758 915,040 793,754 2,371,394 43,702 (93,000) 52,691 7,274,339 ----------- ---------- ---------- ---------- ----------- ---------- --------- ----------- DEDUCTIONS: Benefits paid to participants 1,185,819 182,642 729,775 313,617 76,852 2,281 62,983 2,553,969 Administrative and other expenses 59,272 9,343 31,906 14,248 2,010 1,781 - 118,560 ----------- ---------- ---------- ---------- ----------- ---------- --------- ----------- Total deductions 1,245,091 191,985 761,681 327,865 78,862 4,062 62,983 2,672,529 ----------- ---------- ---------- ---------- ----------- ---------- --------- ----------- NET ADDITIONS (DEDUCTIONS) 1,945,667 723,055 32,073 2,043,529 (35,160) (97,062) (10,292) 4,601,810 TRANSFERS IN FROM OTHER COMPANY PLANS 2,188 3,125 2,938 2,588 656 486 - 11,981 LOANS TO PARTICIPANTS (132,573) (45,068) (51,046) (39,296) (1,540) - 269,523 - LOAN PAYMENTS FROM PARTICIPANTS 148,703 35,303 63,647 59,663 7,028 6,703 (321,047) - TRANSFERS BETWEEN FUNDS (1,040,175) 666,592 875,615 (101,109) (1,126,575) 725,652 - - ------------ ---------- ---------- ----------- ------------ ---------- ---------- ----------- Net Increase (decrease) 923,810 1,383,007 923,227 1,965,375 (1,155,591) 635,779 (61,816) 4,613,791 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 11,759,979 3,293,962 5,324,841 7,102,698 1,902,775 - 702,326 30,086,581 ----------- ---------- ---------- ----------- ------------ ---------- ---------- ----------- End of year $12,683,789 $4,676,969 $6,248,068 $9,068,073 $ 747,184 $635,779 $640,510 $34,700,372 =========== ========== ========== =========== ============ ========== ========== =========== The accompanying notes to financial statements are an integral part of this statement.
MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- SALARIED EMPLOYEES' 401(k) SAVINGS PLAN --------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1998 ----------------------- Northern American M&I Fidelity Regal- Capital Century Stable Advisor Templeton Beloit Equity Balanced Principal Growth Foreign Stock Loan Fund Fund Fund Fund Fund Fund Fund Total ----------- ---------- ---------- ---------- --------- -------- -------- ----------- ASSETS: Investments, at fair value: Marathon Electric Manufacturing Corporation Master Trust Fund $12,683,489 $4,676,969 $6,248,368 $9,068,073 $747,184 $635,779 $640,510 $34,700,372 ----------- ---------- ---------- ---------- -------- -------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $12,683,489 $4,676,969 $6,248,368 $9,068,073 $747,184 $635,779 $640,510 $34,700,372 =========== ========== ========== ========== ======== ======== ======== =========== The accompanying notes to financial statements are an integral part of this statement.
MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- SALARIED EMPLOYEES' 401(k) SAVINGS PLAN --------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1997 ----------------------- Northern American M&I Fidelity Capital Century Stable Advisor Templeton Equity Balanced Principal Growth Foreign Loan Fund Fund Fund Fund Fund Fund Total ----------- ---------- ---------- ---------- --------- -------- ----------- ASSETS: Investments, at fair value: Marathon Electric Manufacturing Corporation Master Trust Fund $11,759,979 $3,293,962 $5,324,841 $7,102,698 $1,905,831 $702,326 $30,089,637 Liabilities: Due to broker: - - - - 3,056 - 3,056 ----------- ---------- ---------- ---------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $11,759,979 $3,293,962 $5,324,841 $7,102,698 $1,902,775 $702,326 $30,086,581 =========== ========== ========== ========== ========== ======== =========== The accompanying notes to financial statements are an integral part of this statement.
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