-----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, FnUOTXNx1kdPaEpNQdZVAVVYqQwIP9JJf7w1xk1ONx+43+BXU4iCqmvMbwRKzrJD t1Nn0o1IxmddXtsP5Fv7lg== 0000950152-96-003176.txt : 19960629 0000950152-96-003176.hdr.sgml : 19960629 ACCESSION NUMBER: 0000950152-96-003176 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960627 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIFTH THIRD BANCORP CENTRAL INDEX KEY: 0000035527 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 310854434 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08076 FILM NUMBER: 96587031 BUSINESS ADDRESS: STREET 1: 38 FOUNTAIN SQ PLZ STREET 2: FIFTH THIRD CENTER CITY: CINCINNATI STATE: OH ZIP: 45263 BUSINESS PHONE: 5135795300 11-K 1 FIFTH THIRD BANK 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 (FEE REQUIRED) For the fiscal year ended December 31, 1995 ------------------ OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from to -------------- --------------- Commission file number 000-08076 ------------------------- A. Full title of the plan and the address of the plan, if different from that of the issuer named below: THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN 38 Fountain Square Plaza, Cincinnati, Ohio 45263 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: FIFTH THIRD BANCORP 38 Fountain Square Plaza, Cincinnati, Ohio 45263 2 FINANCIAL STATEMENTS AND EXHIBITS The following exhibits and financial statements are filed as part of this annual report: Exhibit 23 Independent Auditors' Consent Exhibit 99 Financial Statements and Supplemental Schedules of The Fifth Third Bancorp Master Profit Sharing Plan for the years ended December 31, 1995 and 1994 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Fifth Third Bank Pension and Profit Sharing Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN Date: June 27, 1996 By: /s/ Michael K. Keating Michael K. Keating Member, Pension and Profit Sharing Committee EX-23 2 EXHIBIT 23 1 EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-55553 of the Fifth Third Bancorp on Form S-8 of our report dated May 24, 1996, appearing in this Annual Report on Form 11-K of the Fifth Third Bancorp Master Profit Sharing Plan for the year ended December 31, 1995. /s/ Deloitte & Touche, LLP Cincinnati, Ohio June 21, 1996 EX-99 3 EXHIBIT 99 1 EXHIBIT 99 THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 AND INDEPENDENT AUDITORS' REPORT FOR INCLUSION IN THE ANNUAL REPORT (FORM 5500) TO THE INTERNAL REVENUE SERVICE 2 INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES FOR THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 - --------------------------------------------------------------------------------
PAGE INDEPENDENT AUDITORS' REPORT FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits as of December 31, 1995 and 1994 2 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1995 and 1994 3 Notes to Financial Statements 4-8 SUPPLEMENTAL SCHEDULES: Assets Held for Investment Purposes - Item 27(a) as of December 31, 1995 9-10 Reportable Transactions - Item 27(d) for the Year Ended December 31, 1995 11 SUPPLEMENTAL SCHEDULES OMITTED - The following supplemental schedules are omitted because of the absence of conditions under which they are required: Assets Acquired and Disposed Within the Plan Year Party-in-Interest Transactions Obligations in Default Leases in Default
3 INDEPENDENT AUDITORS' REPORT Deloitte & Touche, LLP 250 East Fifth Street PO Box 5390 Cincinnati Ohio 45201-5340 Telephone (512) 781-7100 Fifth Third Bancorp and the Trustees of The Fifth Third Bancorp Master Profit Sharing Plan: We have audited the accompanying statements of net assets available for benefits of The Fifth Third Bancorp Master Profit Sharing Plan (Plan) as of December 31, 1995 and 1994, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1995 and 1994, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the accompanying index 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. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in the audit of the basic 1995 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic 1995 financial statements taken as whole. /s/ Deloitte & Touche, LLP May 24, 1996 4 THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, 1995 AND 1994 - --------------------------------------------------------------------------------
1995 1994 INVESTMENTS, At fair value (Notes 2,3,4): Common stock of Fifth Third Bancorp $ 12,461,583 $ 7,723,296 Collective Funds: Cash equivalents 10,154,410 8,159,281 Fixed income 48,438,497 33,909,955 Equity 78,459,812 54,265,016 Mutual Funds 20,323,910 11,350,815 ------------ ------------ Total investments 169,838,212 115,408,363 ACCRUED INVESTMENT INCOME 83,038 54,265 CONTRIBUTIONS RECEIVABLE FROM SUBSIDIARIES OF FIFTH THIRD BANCORP 814,659 4,938,242 CONTRIBUTIONS RECEIVABLE FROM PARTICIPANTS 150,484 126,168 CASH 49,899 8,597,813 ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $170,936,292 $129,124,851 ============ ============
See notes to financial statements. - 2 - 5 THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 - --------------------------------------------------------------------------------
1995 1994 ADDITIONS: Income from investments: Interest $ 655,112 $ 565,267 Dividends 272,873 171,567 Net appreciation (depreciation) in fair value of investments (Note 3) 30,440,345 (586,976) ------------- ------------- Total income from investments 31,368,330 149,858 ------------- ------------- Contributions from subsidiaries of Fifth Third Bancorp (net of participants' elective cash payments of $2,892,978 in 1995 and $2,600,925 in 1994) (Note 1) 14,814,659 13,323,242 Contributions from participants (Note 1) 4,214,754 3,367,871 ------------- ------------- Total contributions 19,029,413 16,691,113 ------------- ------------- Transfer of plan assets from acquired banks (Note 5) 2,052,014 ------------- ------------- Total additions 52,449,757 16,840,971 ------------- ------------- DEDUCTIONS: Benefits paid to participants (Note 1) (10,568,652) (8,461,198) Other disbursements (69,664) (10,592) ------------- ------------- Total deductions (10,638,316) (8,471,790) ------------- ------------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 41,811,441 8,369,181 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 129,124,851 120,755,670 ------------- ------------- End of year $ 170,936,292 $ 129,124,851 ============= =============
See notes to financial statements. - 3 - 6 THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. DESCRIPTION OF PLAN The following brief description of The Fifth Third Bancorp Master Profit Sharing Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan agreement for more complete information. GENERAL - The Plan is a defined contribution profit sharing plan with separate accounts maintained for each participant. Each regular employee of a participating Fifth Third Bancorp ("Bancorp") subsidiary automatically becomes a participant on the first payroll date after becoming an employee. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The original Plan became effective December 31, 1954 and was last restated in its entirety effective January 1, 1992 to comply with various amendments to ERISA. ADMINISTRATION - The Fifth Third Bank, a wholly-owned subsidiary of Bancorp, is responsible for the administration of the Plan and serves as the trustee. The investment assets of the Plan are held in separate trust funds in the Trust and Investment Division of The Fifth Third Bank where such assets are managed. FUNDING AND VESTING - The Bancorp's contribution to the Plan is an amount determined annually by the Board of Directors of the Bancorp. The contribution by the Bancorp and any nonvested balances remaining in the accounts of participants who terminate their employment are allocated to participants in the proportion that the compensation of each participant bears to the compensation of all participants for the Plan year. Gains and losses under the Plan, including income from investments and changes in the market value of investments, are allocated to participants in proportion to their respective interests in the Plan as of the preceding valuation date, reduced by any payments to retired participants made during the period. Participants may elect to receive up to 50% of their allocation of Bancorp contributions in cash (elective cash payments) rather than having it credited to their account. Elective cash payments totaled $2,892,978 and $2,600,925 for the years ended December 31, 1995 and 1994, respectively, and have been excluded from contributions and benefits paid amounts in the accompanying statements of changes in net assets available for benefits. The elective portion of Bancorp contributions credited to participants accounts is vested immediately. The remaining portion of Bancorp contributions become vested 30% after three full years of participation, an additional 10% after the fourth year, and an additional 20% each year thereafter until fully vested. The Plan permits voluntary contributions from participants up to 8% of their current basic annual compensation. Such contributions are credited directly to the participants' accounts and are fully vested. TERMINATION - Although it has not expressed its intention to do so, the Bancorp has the right under the Plan to discontinue the contributions of any participating Bancorp subsidiary at any time and to amend or terminate the Plan subject to the provisions set forth in ERISA. If the Plan were to be terminated, the - 4 - 7 value of the proportionate interest of each participant would be determined as of the date of termination, and this amount would be fully vested and nonforfeitable. BENEFITS - The Plan provides for payment of normal retirement benefits of accumulated vested amounts upon reaching age 65 and has provisions for early withdrawals of vested benefits in instances of early retirement, disability, death, termination of employment, and financial hardship. Benefits are payable in the form of lump-sum payments or periodic payments. BENEFITS PAYABLE - Benefits payable, consisting of amounts owed but not paid as of December 31 for payments to terminated employees, are not recorded as a liability within the financial statements. Benefits payable as of December 31, 1995 and 1994 were $875,407 and $342,263, respectively. TAX STATUS - The Internal Revenue Service has determined and informed the Bancorp by a letter dated December 5, 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 administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements. INVESTMENT OPTIONS - The Balanced Fund is the basic investment option which is offered to participants. The Balanced Fund contains investments in collective funds invested in money market accounts, equity securities, guaranteed investment contracts, mutual funds and other fixed income securities. The Plan was amended in 1994 to allow the common stock of Fifth Third Bancorp as an investment option within the Balanced Fund for all participants. Participants who are age 50 and older or become permanently disabled may elect, within specified time periods, to invest their accounts in a Conservative Fund which contains investments in U.S. Government Securities, and collective funds invested in money market accounts, guaranteed investment contracts, U.S. Government Securities and other fixed income securities. In 1990, a fund was established to hold the assets of the merged First Ohio Bancshares Profit Sharing Plan. This Stock Fund contains investments in money market accounts and Fifth Third Bancorp common stock. Only participants of the predecessor plan are invested in this fund. In 1993, two new funds were established, the Fountain Square Quality Growth Fund and the Fountain Square Mid Cap Fund. In 1994, the Fountain Square International Equity Fund was established. The addition of these funds was made to allow Bancorp employees to choose from five investment options, (Balanced, Conservative, Quality Growth, Mid Cap and International Equity). The Quality Growth, Mid Cap and International Equity funds contain mutual funds. - 5 - 8 The following summarizes the activity and balances of the Plan's six funds:
BALANCED CONSERVATIVE STOCK QUALITY MID CAP INTERNATIONAL FUND FUND FUND GROWTH FUND FUND EQUITY FUND Net assets available for benefits at December 31, 1993 $ 101,154,859 $ 15,819,360 $ 3,207,484 $ 348,426 $ 225,541 Income from investments 114,725 194,393 (181,903) 6,353 25,283 $ (8,993) Contributions 15,111,411 704,100 53,296 290,084 444,721 87,501 Benefits paid to participants and other disbursements (6,573,676) (1,446,132) (298,986) (50,301) (99,065) (3,630) Interfund transfers (2,386,436) 193,280 371,779 438,148 894,228 489,001 -------------- ------------- ------------ ------------ ------------ ---------- Net assets available for benefits at December 31, 1994 107,420,883 15,465,001 3,151,670 1,032,710 1,490,708 563,879 Income from investments 26,888,202 1,779,333 1,819,215 374,340 418,643 88,597 Contributions 15,883,681 1,208,026 361,908 640,061 619,572 316,165 Benefits paid to participants and other disbursements (7,090,366) (3,032,051) (92,555) (120,523) (262,795) (40,026) Interfund transfers (781,128) (63,727) 163,859 259,075 373,141 48,780 Transfers of plan assets from acquired banks (222,700) 1,986,265 50,630 150,066 97,111 (9,358) -------------- ------------- ------------ ------------ ------------ ---------- Net assets available for benefits at December 31, 1995 $ 142,098,572 $ 17,342,847 $ 5,454,727 $ 2,335,729 $ 2,736,380 $ 968,037 ============== ============= ============ ============ ============ ==========
TOTAL Net assets available for benefits at December 31, 1993 $ 120,755,670 Income from investments 149,858 Contributions 16,691,113 Benefits paid to participants and other disbursements (8,471,790) Interfund transfers -------------- Net assets available for benefits at December 31, 1994 129,124,851 Income from investments 31,368,330 Contributions 19,029,413 Benefits paid to participants and other disbursements (10,638,316) Interfund transfers Transfers of plan assets from acquired banks 2,052,014 -------------- Net assets available for benefits at December 31, 1995 $ 170,936,292 ==============
- 6 - 9 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following are the significant accounting policies followed by the Plan: GENERAL - The accounting records of the Plan are maintained on the accrual basis of accounting. VALUATION OF INVESTMENTS - Quoted market prices are used to value equity securities and mutual funds. The fair values of bonds are based on yields currently available on comparable securities of issuers with similar credit ratings. The fair value of collective funds is based on the fair market value of investments in the fund. 3. INVESTMENTS Investments representing more than five percent of net assets at December 31, 1995 and 1994 are as follows:
FAIR VALUE --------------------------------------- 1995 1994 Fifth Third Bank Common Stock Fund for Employee Benefit Plans $ 57,591,212 $ 40,116,407 Fifth Third Bank Fixed Income Fund for Employee Benefit Plans 34,540,666 22,911,549 Fifth Third Bank Middle Capitalization Fund for Employee Benefit Plans 23,581,168 14,148,609 U.S. Government Securities Fund for Employee Benefit Plans 13,897,862 10,998,406 Fountain Square International Equity Fund 15,319,819 9,067,473 Fifth Third Bancorp common stock 12,461,583 7,723,296 G.I.C. Investment Fund for Employee Benefit Plans 9,011,056 7,601,056
The following table represents the net appreciation (depreciation) in fair value of investments for the Plan for the years ended December 31:
1995 1994 Net appreciation (depreciation) in fair value of investments: Common stock of Fifth Third Bancorp $ 4,155,925 $(449,087) Bonds (7,218) Collective funds - fixed income and equity 24,043,418 191,207 Mutual funds 2,241,002 (321,878) ------------ --------- Total $ 30,440,345 $(586,976) ============ =========
4. TRANSACTIONS WITH RELATED PARTIES The Fifth Third Bank provides the Plan with certain accounting and administrative services for which no fees are charged. - 7 - 10 At December 31, 1995 and 1994, the Plan held 170,124 and 160,902 shares of Fifth Third Bancorp common stock, respectively, with fair values of $12,461,583 and $7,723,296, respectively (see Note 1). 5. PLAN ASSETS FROM ACQUIRED BANKS During 1995, approximately $2,052,000 was transferred to the Plan as a result of the acquisitions of Cumberland Federal Bancorporation, Inc. and Mutual Federal Savings Bank of Miamisburg by the Bancorp. * * * * * * - 8 - 11 SUPPLEMENTAL SCHEDULE THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN ASSETS HELD FOR INVESTMENT PURPOSES - ITEM 27(A) AS OF DECEMBER 31, 1995 - --------------------------------------------------------------------------------
PAR VALUE/ NO. OF CURRENT SHARES ASSET DESCRIPTION COST MARKET BALANCED FUND COLLECTIVE FUNDS - CASH EQUIVALENTS: 675,999 Fifth Third Banksafe Trust $ 675,999 $ 675,999 4,533,906 GIC Fund for Employee Benefit Plans 4,533,906 4,533,906 -------------- ---------------- Total Collective Funds - Cash Equivalents 5,209,905 5,209,905 -------------- ---------------- COLLECTIVE FUNDS - FIXED INCOME: 828,986 Fifth Third Bank Fixed Income Fund for Employee Benefit Plans 18,693,338 29,089,119 33,169 U.S. Government Securities Fund for Employee Benefit Plans 5,533,493 6,965,821 -------------- ---------------- Total Collective Funds - Fixed Income 24,226,831 36,054,940 -------------- ---------------- COLLECTIVE FUNDS - EQUITY: 417,903 Fifth Third Bank Common Stock Fund for Employee Benefit Plans 31,636,804 57,591,212 445,815 Fifth Third Bank Middle Capitalization Fund for Employee Benefit Plans 11,328,318 20,868,600 -------------- ---------------- Total Collective Funds - Equity 42,965,122 78,459,812 -------------- ---------------- 96,600 COMMON STOCK - Fifth Third Bancorp 4,830,966 7,075,950 -------------- ---------------- 1,374,398 MUTUAL FUNDS - Fountain Square International Equity Fund 13,280,000 14,362,460 -------------- ---------------- Total Regular Fund 90,512,824 141,163,067 -------------- ----------------
- 9 - 12 SUPPLEMENTAL SCHEDULE THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN ASSETS HELD FOR INVESTMENT PURPOSES - ITEM 27(A) AS OF DECEMBER 31, 1995 - --------------------------------------------------------------------------------
PAR VALUE/ NO. OF CURRENT SHARES ASSET DESCRIPTION COST MARKET CONSERVATIVE FUND COLLECTIVE FUNDS - CASH EQUIVALENTS: 467,339 Fifth Third Banksafe Trust $ 467,339 $ 467,339 4,477,150 GIC Fund for Employee Benefit Plans 4,477,150 4,477,150 -------------- -------------- Total Collective Funds - Cash Equivalents 4,944,489 4,944,489 -------------- -------------- COLLECTIVE FUNDS - FIXED INCOME: 155,359 Fifth Third Bank Fixed Income Fund for Employee Benefit Plans 4,078,226 5,451,547 33,008 U.S. Government Securities Fund for Employee Benefit Plans 5,372,724 6,932,010 -------------- -------------- Total Collective Funds - Fixed Income 9,450,950 12,383,557 -------------- -------------- Total Conservative Fund 14,395,439 17,328,046 -------------- -------------- STOCK FUND 16 COLLECTIVE FUNDS - CASH EQUIVALENTS - Fifth Third Banksafe Trust 16 16 73,524 COMMON STOCK - Fifth Third Bancorp 1,180,906 5,385,633 -------------- -------------- Total Stock Fund 1,180,922 5,385,649 -------------- -------------- QUALITY GROWTH FUND 181,148 MUTUAL FUNDS - Fountain Square Quality Growth Fund 1,961,215 2,291,523 -------------- -------------- Total Quality Growth Fund 1,961,215 2,291,523 -------------- -------------- MIDDLE CAPITALIZATION FUND 210,767 MUTUAL FUNDS - Fountain Square Middle Capitalization Fund 2,317,927 2,712,568 -------------- -------------- Total Middle Capitalization Fund 2,317,927 2,712,568 -------------- -------------- INTERNATIONAL EQUITY FUND 91,613 MUTUAL FUNDS - Fountain Square International Equity Fund 877,858 957,359 -------------- -------------- Total International Equity Fund 877,858 957,359 -------------- -------------- TOTAL $ 111,246,185 $ 169,838,212 ============== ==============
- 10 - 13 SUPPLEMENTAL SCHEDULE THE FIFTH THIRD BANCORP MASTER PROFIT SHARING PLAN REPORTABLE TRANSACTIONS* - ITEM 27(d) FOR THE YEAR ENDED DECEMBER 31, 1995 - --------------------------------------------------------------------------------
AGGREGATE AGGREGATE AGGREGATE PURCHASE SELLING COST OF AGGREGATE DESCRIPTION OF ASSET PRICE PRICE ASSETS SOLD GAIN/(LOSS) SERIES OF TRANSACTIONS: Fifth Third Banksafe Trust $11,810,811 $11,225,682 $11,225,682 Number of transactions 21 15 Fifth Third Bank Fixed Income Fund for Employee Benefit Plans 8,169,841 1,093,090 862,409 $ 230,681 Number of transactions 10 6 Fifth Third Bank Common Stock Fund for Employee Benefit Plans 7,491,241 3,610,667 2,047,350 1,563,317 Number of transactions 18 10 * A reportable transaction is any transaction during the plan year, with respect to any plan asset, involving an amount in excess of 5% of the fair value of net plan assets at the beginning of the plan year. This schedule includes security transactions that are a part of a series of transactions involving securities of the same issue during the plan year, where the aggregate amount involved in the transactions exceeds 5% of the current value of net plan assets at the beginning of the plan year.
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