-----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, McICMyN2dQHxf0Xfhr7Aic7mrQuZ8a/mOQzq45qbjykkjf7Nsu2gJuZZw4HuMDIY fXWUnal5riHL6GKyare7mA== 0000950123-96-003353.txt : 19960701 0000950123-96-003353.hdr.sgml : 19960701 ACCESSION NUMBER: 0000950123-96-003353 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LORAL CORP /NY/ CENTRAL INDEX KEY: 0000060357 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 131718360 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20751 FILM NUMBER: 96588558 BUSINESS ADDRESS: STREET 1: 600 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2126971105 MAIL ADDRESS: STREET 1: 600 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10016 11-K 1 LORAL CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995 Commission file number 1-4238 LORAL MASTER SAVINGS PLAN LORAL CORPORATION 600 Third Avenue New York, New York 10016 2 REQUIRED INFORMATION The statements of net assets available for benefits as of December 31, 1995 and 1994, and the related statement of changes in net assets available for benefits for the year ended December 31, 1995, together with the Report, and Consent of Independent Accountants are attached and filed herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Master Plan Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized. LORAL MASTER SAVINGS PLAN ------------------------- Plan Date: June 28, 1996 BY: STEPHEN L. JACKSON ------------------------- Stephen L. Jackson Plan Administrator -1- 3 REPORT OF INDEPENDENT ACCOUNTANTS To the Master Plan Committee of Lockheed Martin Corporation and Participants of the Lockheed Martin Tactical Systems Master Savings Plan: We have audited the accompanying statements of net assets available for benefits of the Loral Master Savings Plan (The "Plan"), which is now known as the Lockheed Martin Tactical Systems Master Savings Plan, as of December 31, 1995 and 1994, and the related statement of changes in net assets available for benefits for the year ended December 31, 1995. 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 the Plan as of December 31, 1995 and 1994, and the changes in net assets available for benefits for the year ended December 31, 1995, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes at December 31, 1995 and reportable transactions for the year ended December 31, 1995, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statement of net assets available for benefits and the statement of changes in net -2- 4 assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits and changes in net assets available for 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. New York, New York June 25, 1996 -3- 5 LORAL MASTER SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION AT DECEMBER 31, 1995 (In thousands)
Non-Participant Directed Participant Directed ------------ ----------------------------------------------------------------------------- Loral Loral IBM Fidelity Fidelity Corporation Corporation Corporation Retirement Growth Common Common Common Fidelity Fidelity Money & Stock Stock Stock Magellan Ginnie Mae Market Income Fund Fund Fund Fund Portfolio Trust Portfolio ---- ---- ---- ---- --------- ----- --------- Assets: Investments, at fair value (Notes 1, 2, 4 and 9) $52,203 $49,793 $2,735 $157,290 $21,622 $57,292 $96,622 Investments, at contract value (Notes 1, 2 and 4) Receivables (Note 3): Employer contributions 354 35 10 11 6 Participant contributions 216 548 96 368 227 ------- ------- ------ -------- ------- ------- ------- Net assets available for benefits $52,557 $50,009 $2,735 $157,873 $21,728 $57,671 $96,855 ======= ======= ====== ======== ======= ======= =======
Participant Directed -------------------------------------------------------------------- Fidelity Fidelity Fidelity Fixed Overseas Intermediate Asset Income Loans Fund Bond Fund Manager Fund Receivable Total ---- --------- ------- ---- ---------- ----- Assets: Investments, at fair value (Notes 1, 2, 4 and 9) $13,527 $3,707 $21,072 $16,580 $492,443 Investments, at contract value (Notes 1, 2 and 4) 77,397 77,397 Receivables (Note 3): Employer contributions 2 1 2 421 Participant contributions 36 34 152 1,677 ------- ------ ------- ------- ------- -------- Net assets available for benefits $13,565 $3,742 $21,226 $77,397 $16,580 $571,938 ======= ====== ======= ======= ======= ========
See Notes to Financial Statements. -4- 6 LORAL MASTER SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION AT DECEMBER 31, 1994 (In thousands)
Non-Participant Directed Participant Directed -------------- ---------------------------------------------------------------------------- Loral Loral IBM Fidelity Fidelity Corporation Corporation Corporation Retirement Growth Common Common Common Fidelity Fidelity Money & Stock Stock Stock Magellan Ginnie Mae Market Income Fund Fund Fund Fund Portfolio Trust Portfolio ---- ---- ---- ---- --------- ----- --------- Assets: Investments, at fair value (Notes 1, 2, 4 and 9) $24,260 $17,274 $4,243 $97,719 $17,398 $39,645 $50,401 Investments, at contract value (Notes 1, 2 and 4) Receivables (Note 3): Employer contributions 469 39 13 21 1 Participant contributions 105 455 112 184 36 ------- ------- ------ ------- ------- ------- ------- Total assets 24,729 17,379 4,243 98,213 17,523 39,850 50,438 ------- ------- ------ ------- ------- ------- ------- Liabilities: Other 187 ------- ------- ------ ------- ------- ------- ------- Net assets available for benefits $24,729 $17,379 $4,243 $98,213 $17,523 $39,663 $50,438 ======= ======= ====== ======= ======= ======= =======
Participant Directed ----------------------------------------------------------------- Fidelity Fidelity Fidelity Fixed Overseas Intermediate Asset Income Loans Fund Bond Fund Manager Fund Receivable Total ---- --------- ------- ---- ---------- ----- Assets: Investments, at fair value (Notes 1, 2, 4 and 9) $11,129 $783 $9,460 $15,752 $288,064 Investments, at contract value (Notes 1, 2 and 4) 73,730 73,730 Receivables (Note 3): Employer contributions 2 1 2 548 Participant contributions 35 6 38 971 ------- ---- ------ ------- ------- -------- Total assets 11,166 790 9,500 73,730 15,752 363,313 ------- ---- ------ ------- ------- -------- Liabilities: Other 187 ------- ---- ------ ------- ------- -------- Net assets available for benefits $11,166 $790 $9,500 $73,730 $15,752 $363,126 ======= ==== ====== ======= ======= ========
See Notes to Financial Statements. -5- 7 LORAL MASTER SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEAR ENDED DECEMBER 31, 1995 (In thousands)
Non-Participant Directed Participant Directed ------------- ------------------------------------------------------------------------- Loral Loral IBM Fidelity Fidelity Corporation Corporation Corporation Retirement Growth Common Common Common Fidelity Fidelity Money & Stock Stock Stock Magellan Ginnie Mae Market Income Fund Fund Fund Fund Portfolio Trust Portfolio ---- ---- ---- ---- --------- ----- --------- Additions: Contributions (Note 3): Employer $ 7,304 $ 247 $ 440 $ 126 $ 83 $ 80 Participant 2,681 18,624 2,109 14,281 12,340 Investment income (Notes 2 and 6): Interest income 4 2 $ 5 49 Dividend income 432 321 8,994 1,300 2,614 4,282 Net appreciation (depreciation) in fair value of investments (Note 2) 23,082 18,583 1,113 27,314 1,600 16,865 Loan payments, including interest 94 455 2,902 484 1,249 1,250 ------- ------- ------- -------- ------- ------- ------- 30,916 22,289 1,118 58,274 5,619 18,276 34,817 Deductions: Benefit payments (Note 5) (2,296) (2,186) (337) (10,257) (2,169) (6,743) (2,444) Administrative expenses (Note 8) (2) (3) (28) (16) (102) (22) Transfers among funds, net (445) 9,704 (2,283) 1,197 (112) (3,821) 6,592 Transfer from other plans (Note 1) 3,224 12,504 1,445 12,793 8,877 New loans (345) (398) (6) (2,030) (562) (2,395) (1,403) Net assets available for benefits beginning of year 24,729 17,379 4,243 98,213 17,523 39,663 50,438 ------- ------- ------- -------- ------- ------- ------- Net assets available for benefits end of year $52,557 $50,009 $ 2,735 $157,873 $21,728 $57,671 $96,855 ======= ======= ======= ======== ======= ======= =======
Participant Directed ------------------------------------------------------- Fidelity Fidelity Fidelity Fixed Overseas Intermediate Asset Income Loans Fund Bond Fund Manager Fund Receivable Total ---- --------- ------- ---- ---------- ----- Additions: Contributions (Note 3): Employer $ 29 $ 9 $ 31 $ 1 $ 8,350 Participant 3,138 546 3,479 10,648 67,846 Investment income (Notes 2 and 6): Interest income 5,113 $ 1,111 6,284 Dividend income 308 123 459 18,833 Net appreciation (depreciation) in fair value of investments (Note 2) 725 103 1,698 91,083 Loan payments, including interest 349 36 324 1,916 (9,059) 0 ------- ------ ------- ------- ------- -------- 4,549 817 5,991 17,678 (7,948) 192,396 Deductions: Benefit payments (Note 5) (542) (125) (661) (3,020) (1,254) (32,034) Administrative expenses (Note 8) (1) (2) (10) (60) (246) Transfers among funds, net (2,450) 775 (479) (8,678) 0 Transfer from other plans (Note 1) 959 1,507 7,387 48,696 New loans (116) (20) (502) (2,253) 10,030 0 Net assets available for benefits beginning of year 11,166 790 9,500 73,730 15,752 363,126 ------- ------ ------- ------- ------- -------- Net assets available for benefits end of year $13,565 $3,742 $21,226 $77,397 $16,580 $571,938 ======= ====== ======= ======= ======= ========
See Notes to Financial Statements. -6- 8 LORAL MASTER SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS 1. Plan Description The Loral Master Savings Plan (the "Plan") comprises the following individual qualified defined contribution 401(k) plans of certain divisions and subsidiaries of Loral Corporation (the "Company"): the Loral Corporation Deferred Income Savings Plan, the Loral Electro-Optical Systems, Inc. 401(k) Matching Contribution Plan, the Conic Corporation Deferred Income Retirement Plan, the Loral/Rolm Mil-Spec Corp. Retirement Income Savings Plan, the Frequency Sources, Inc. 401(k) Retirement Savings Plan, the Narda-Western Operations 401(k) Deferred Income Retirement Plan and the Narda Microwave Supplemental Retirement Savings Plan (the "Individual Plans"). Effective July 1, 1994, the Company established another Individual Plan, the Loral Federal Systems Deferred Income Retirement Plan (the "LFS Plan"), pursuant to the purchase of substantially all the assets and liabilities of IBM Federal Systems Company. At that date, certain participants of the IBM Corporation Tax Deferred Savings Plan (the "DSP Plan") became participants of the Plan and cash and other assets of approximately $172 million in the participants' balances of the DSP were transferred to the Plan. Effective May 5, 1995, the Company established another Individual Plan, the Loral Defense Systems SIP, (the "LDS Plan"), pursuant to the purchase of substantially all the assets and liabilities of Unisys Defense Systems. At that date, certain participants of the Unisys Savings Plan (the "USP Plan") became participants of the Plan and cash and assets of approximately $46 million were rolled over to the Plan. The Plan is a defined contribution 401(k) plan designed to provide eligible employees with tax advantaged long-term savings for retirement. Participants are able to direct their investment to a combination of eight investment options: Loral Corporation Common Stock and seven mutual funds managed by Fidelity Management and Research Company. In addition, participants in the LFS Plan can direct their investment to the Fixed Income Fund. The Fixed Income Fund comprises guaranteed investment contracts with various financial institutions and the Fidelity Short-term Interest Fund. Fidelity Management Trust Company is the investment manager for the Fixed Income Fund and as such, places investment contracts with various financial institutions. The Plan's investment in the Fixed Income Fund represents unsecured obligations of the financial institution that issued the investment contract. There are certain limitations, as defined in the LFS Plan document, with respect to transfers to or from the Fixed Income Fund. Pending the purchase of the investment contracts, participants' contributions are invested in the Fidelity Short-term Interest Fund. The IBM Corporation Common Stock Fund is a carry-over fund from the DSP Plan and contributions and reinvestment of dividends into the fund are not permitted. Effective January 1, 1996 the IBM Common Stock Fund was -7- 9 LORAL MASTER SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) discontinued and any remaining balance in the fund was transferred to the Fidelity Retirement Money Market Trust. Complete descriptions of the Plan and the Individual Plans, including eligibility requirements and vesting provisions, are contained in the Plan and the Individual Plan documents. 2. Summary of Significant Accounting Policies Valuation of Investments Investments in Loral Corporation Common Stock and IBM Corporation Common Stock are valued at the last reported quoted market price on the last business day of the year. Investments in the Fidelity mutual funds are valued at quoted market prices which represent the net asset value per share as reported by Fidelity Management and Research Company. Effective January 1, 1995, the Plan adopted Statement of Position 94-4 "Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined-Contribution Pension Plans". In accordance with this statement, investments in the Fixed Income Fund are stated at contract value, which approximates fair value, as reported by the issuer. The average yields for the Fixed Income Fund for 1995 and 1994 were 6.86% and 6.96% respectively. The crediting interest rates of the investment contracts range from 5.35% to 9.03%. Contract value represents the principal amount placed with the issuer plus accrued interest at the contract rate. Loans receivable from participants are valued at cost which approximates fair value. The Plan presents in the statement of changes in net assets the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Investment Transactions and Investment Income Investment transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned. Benefits Payable Benefits pertaining to 1995 and 1994, which were paid in 1996 and 1995, were approximately $2,186,000 and $4,866,000, respectively. These payments are reported as liabilities on Form 5500. -8- 10 LORAL MASTER SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) Forfeitures Participants vest in Employer Contributions in accordance with the provisions of each Individual Plan. Non-vested Employer Contributions are forfeited upon termination or withdrawal. These amounts are used to reduce future Employer Contributions. Forfeitures for the year ended December 31, 1995 were approximately $302,000. Reclassifications The 1994 statement of net assets available for plan benefits has been reclassified to separately present information regarding loans receivable from participants. 3. Contributions All active participants may contribute 2% to 6% of their cash compensation, as defined, to the Plan as a "Basic Contribution." In addition, participants who are making Basic Contributions at the maximum rate may elect to contribute an additional amount ranging up to 11% of their cash compensation as a "Voluntary Contribution", subject to Internal Revenue Code ("IRC") limitations. Participants' contributions vest immediately and can only be withdrawn pursuant to the appropriate provisions of the IRC. The Company will contribute amounts ranging from 20% to 100% of the participants' Basic Contribution in accordance with the provisions of the Individual Plans as an Employer Contribution. The amount of the contribution, the type of the contribution, (i.e. cash or company stock) the allocation to the various investment funds and limits on the contributions credited to a participant are governed by the Individual Plan documents. As of December 31, 1995 and 1994, there were approximately 18,200 and 13,300 participants in the Plan, respectively, some of whom have elected to invest in more than one fund. Although the Company has not expressed an intent to do so, the Company can discontinue its contributions and or terminate the Plan at any time, subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). In the event of a discontinuance and or termination of the Plan, participants will become 100 percent vested and the net assets of the Plan will be allocated among the participants and their beneficiaries in accordance with the provisions of ERISA. -9- 11 LORAL MASTER SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) 4. Investments Plan investments at December 31, 1995 and 1994 were as follows:
1995 1994 ---- ---- (In thousands) -------------- Investments at fair value: Loral Corporation Common Stock $101,996* $ 41,534* IBM Corporation Common Stock 2,735 4,243 Fidelity Magellan Fund 157,290* 97,719* Fidelity Ginnie Mae Portfolio 21,622* 17,398* Fidelity Retirement Money Market Trust 57,292* 39,645* Fidelity Growth & Income Portfolio 96,622* 50,401* Fidelity Overseas Fund 13,527* 11,129* Fidelity Intermediate Bond Fund 3,707 783 Fidelity Asset Manager 21,072* 9,460* -------- -------- $475,863 $272,312 ======== ======== Investments at contract value: Fixed Income Fund $ 77,397* 73,730* ======== ========
* Represents greater than 5% of total net assets available for plan benefits at beginning of the year. 5. Benefit Payments Upon termination, participants receive the vested portion of their account balance as soon as practicable after termination. Terminated participants who have an account balance in excess of $3,500 may elect to leave their account balance in the Plan and withdraw it at any time up to age 65. Generally a 10% penalty will be imposed on certain withdrawals made before the participant reaches age 59 1/2. Assets in a participant's account may be withdrawn only for financial hardship before termination of employment or before reaching age 59 1/2. Financial hardship is determined pursuant to provisions of the IRC. -10- 12 LORAL MASTER SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) 6. Loans The Plan generally provides for loans to active participants. The maximum loan generally allowed to each participant is the lesser of (1) $50,000 less the highest outstanding loan balance over the prior year or (2) 50% of the vested value of the participant's account in the Plan. The minimum loan amount is $1,000. The Individual Plan Administrative Committees establish the interest rate and the repayment terms, both of which are fixed for the term of the loan. The interest rate is based on the prime interest rate, as defined, plus one percent. Repayment periods generally range from one to four years, with a nine year maximum for loans used in connection with the purchase of a principal residence, except for one of the Individual Plans where repayment periods range from five to ten years. Loan repayments are made through payroll deductions, with principal and interest being credited to the participants' fund accounts. Repayment of the entire balance is permitted at any time. 7. Tax Status The Internal Revenue Service has determined on February 12, 1996, that the Plan is a qualified trust under Section 401(a) of the IRC and is therefore exempt from Federal income taxes under Section 501(a) of the IRC. The Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable regulations of the IRC. 8. Administrative Expenses As provided for in the Individual Plan documents, certain administrative expenses are paid by the Plan. The remaining expenses are paid by the Company. 9. Financial Instruments Certain Fidelity investment options ("Portfolios") may enter into forward foreign currency contracts to protect securities and related receivables and payables against fluctuations in future foreign currency rates. A forward contract is an agreement to buy or sell currencies of different countries on a specified future date at a specified rate. Risks associated with such contracts include the movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The market value of the contract will fluctuate with changes in currency exchange rates. A Portfolio invests in futures contracts solely for the purposes of hedging its existing portfolio securities, or securities the Portfolio intends to purchase, against fluctuations in value caused by changes in prevailing market interest rates. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets, and the possible inability of counterparties to meet the term of their contracts. When the contract is closed, the Portfolio -11- 13 LORAL MASTER SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time when it was closed. 10. Risks and Uncertainties The plan provides for various investment options in any combination of stocks, bonds, fixed income securities, mutual funds and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits. 11. Subsequent Event Effective April 23, 1996, Lockheed Martin Corporation ("Lockheed Martin") acquired substantially all the outstanding shares of Loral Corporation common stock for $38.00 per share plus one share of Loral Space & Communications, Ltd. common stock. The cash received was invested in the Fidelity Retirement Money Market Trust and participants were able to transfer a part or all of these proceeds into any of the other available investment options in the Plan. Participants can make no further investment in Loral Space & Communications, Ltd. common stock. Subsequently, the Plan name has been changed to the Lockheed Martin Tactical Systems Master Savings Plan. Lockheed Martin plans to continue operating the Plan in accordance with the current Plan documents. -12- 14 LORAL MASTER SAVINGS PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995
FACE AMOUNT OR FAIR/CONTRACT DESCRIPTION SHARES/UNITS VALUE COST ----------- ------------ ----- ---- (In thousands) (In thousands) Loral Corporation Common Stock 3,101,094 $ 101,996 $ 47,546 IBM Common Stock 29,931 2,735 1,836 * Fidelity Magellan Fund 1,829,381 157,290 130,339 * Fidelity Ginnie Mae Portfolio 1,985,472 21,622 21,090 * Fidelity Retirement Money Market Trust 57,292,039 57,292 57,293 * Fidelity Growth & Income Portfolio 3,571,940 96,622 81,934 * Fidelity Overseas Fund 465,332 13,527 13,150 * Fidelity Intermediate Bond Fund 356,074 3,707 3,648 * Fidelity Asset Manager 1,329,442 21,072 19,969 * Fixed Income Fund: Fidelity Short-term Interest Fund 1,288,071 1,288 1,288 Guaranteed Investment Contracts: Combined Insurance,8.30%, due September 30, 1999 3,359,998 3,359 3,150 Continential Assurance, 7.04%, March 29, 1996 5,473,826 5,473 5,000 J.P. Morgan ABS, 7.28%, due January 15, 1996 3,621,130 3,621 3,435 Metropolitan Life, 9.03%, due January 2, 1996 3,127,412 3,127 2,575 New York Life, 7.56%, due June 30, 1996 10,589,951 10,589 9,429 New York Life, 5.35%, due June 30, 1996 13,967,307 13,967 12,872 Peoples Security Life ABS, 8.13%, due January 15, 1996 3,437,294 3,437 3,172 Peoples Security Life, 7.24%, due March 31, 1999 6,653,101 6,653 6,080 Principal Mutual, 7.25%, due December 31, 1999 6,000,894 6,000 5,700 Protective Life, 7.15%, due June 30, 1998 775,464 775 700 Prudential Ins. Co. of Amer., 7.03%, due July 1, 1996 10,553,423 10,553 9,482 Prudential Ins. Co. of Amer., 6.49%, due April 1, 1996 8,555,892 8,555 7,767 Participant Loans (7% to 12%) 16,580 --------- --------- Total $ 569,840 $ 447,455 ========= =========
* Party in Interest -13- 15 LORAL MASTER SAVINGS PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995 (IN THOUSANDS)
GAIN NUMBER PURCHASE SELLING COST OF (LOSS) OF DESCRIPTION PRICE PRICE ASSET ON SALE PURCH. ----------- ----- ----- ----- ------- ------ Loral Corporation Common Stock $26,618 766 * Fidelity Magellan Fund 69,459 1,230 * Fidelity Ginnie Mae Portfolio 7,805 866 * Fidelity Retirement Money Market Trust 48,280 1,153 * Fidelity Growth & Income Portfolio 39,410 877 * Fidelity Overseas Fund 7,375 737 * Fidelity Intermediate Bond Fund 3,548 516 * Fidelity Asset Manager 14,699 712 * Fixed Income Fund 54,251 170
* Party in Interest -14- 16 LORAL MASTER SAVINGS PLAN ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995 (IN THOUSANDS) (CONTINUED)
GAIN NUMBER PURCHASE SELLING COST OF (LOSS) OF DESCRIPTION PRICE PRICE ASSET ON SALE SALES ----------- ----- ----- ----- ------- ----- Loral Corporation Common Stock $ 7,820 $ 4,415 $3,405 454 IBM Common Stock 2,661 1,917 744 28 * Fidelity Magellan Fund 37,204 31,830 5,374 905 * Fidelity Ginnie Mae Portfolio 5,180 5,192 (12) 507 * Fidelity Retirement Money Market Trust 30,632 30,632 0 945 * Fidelity Growth & Income Portfolio 10,053 9,254 799 463 * Fidelity Overseas Fund 5,703 5,721 (18) 471 * Fidelity Intermediate Bond Fund 727 731 (4) 145 * Fidelity Asset Manager 4,784 4,767 17 416 * Fixed Income Fund 55,966 55,966 0 221
* Party in Interest -15- 17 CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the registration statement of Lockheed Martin Corporation on Form S-8 (File No. 33-06485) of our report dated June 25, 1996, on our audits of the financial statements and supplemental schedules of the Loral Master Savings Plan as of December 31, 1995 and 1994, which report is included in this Annual Report on Form 11-K. New York, New York June 25,1996 -16- -----END PRIVACY-ENHANCED MESSAGE-----