-----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, QfPVsrppNG2Yo9CTfk0SgHrb4gF+rZgUKH72/rGDoSC5r1pD+/5RHSEazXN7yllg H6CG/kqPXwCwWmYfUNJ5ww== 0000897101-98-001028.txt : 19981026 0000897101-98-001028.hdr.sgml : 19981026 ACCESSION NUMBER: 0000897101-98-001028 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19981023 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDTRONIC INC CENTRAL INDEX KEY: 0000064670 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 410793183 STATE OF INCORPORATION: MN FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 001-07707 FILM NUMBER: 98729652 BUSINESS ADDRESS: STREET 1: 7000 CENTRAL AVE NE STREET 2: MS 316 CITY: MINNEAPOLIS STATE: MN ZIP: 55432 BUSINESS PHONE: 6125744000 10-K/A 1 FORM 10-K/A (AMENDMENT NO. 1) SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------- Amendment No. 1 to annual report pursuant to Section 13 or 15(d) of the Securities Act of 1934 for the fiscal year ended April 30, 1998. Commission File No. 1-7707 MEDTRONIC, INC. Minnesota 41-0793183 (State of Incorporation) (I.R.S. Employer Identification No.) 7000 Central Avenue N.E. Minneapolis, Minnesota 55432 (Address of principal executive offices) Telephone number: (612) 514-4000 The undersigned registrant hereby amends Part IV, Item 14(a)3, entitled "Exhibits", of its Annual Report on Form 10-K for fiscal 1998 to add the following exhibits: Exhibit No. - ----------- 99.1 Form 11-K for the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan for the year ended April 30, 1998. Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. MEDTRONIC, INC. Dated: October 23, 1998 By: /s/ William W. George --------------------------- William W. George, Chairman and Chief Executive Officer INDEX OF EXHIBITS EXHIBITS -------- 99.1 Form 11-K for the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan for the year ended April 30, 1998. EX-99.1 2 FORM 11-K EXHIBIT 99.1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (mark one) (X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 1998 Or ( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Nos.: 33-37529 and 33-44230 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Medtronic, Inc. 7000 Central Avenue N.E. Minneapolis, MN 55432 SIGNATURES THE PLAN. Pursuant to the requirements of the Securities 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. MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN Dated: October 23, 1998 By: /s/ Janet S. Fiola ---------------------- Janet S. Fiola Senior Vice President, Human Resources MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION APRIL 30, 1998 AND 1997 MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION APRIL 30, 1998 AND 1997 TABLE OF CONTENTS TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION - -------------------------------------------------------------------- PAGE ---- Financial Statements: Report of Independent Accountants 1 Statement of Net Assets Available for Benefits 2 Statement of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4-8 Additional Information:* Schedule I - Item 27a Form 5500 - Schedule of Assets Held for Investment Purposes 9 Schedule II - Item 27d Form 5500 - Schedule of Reportable Transactions 10 * Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable. Report of Independent Accountants October 9, 1998 To the Participants and Administrator of the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets of the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan at April 30, 1998 and 1997, and the changes in net assets for the years then ended, in conformity with generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by ERISA. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Minneapolis, Minnesota 1 MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS ---------------------------------------------- ($ IN 000'S) ------------
April 30, ------------------------ 1998 1997 ---------- ---------- Assets: - ------- Investments at Fair Value: Medtronic, Inc. Stock Fund $ 355,373 $ 232,225 Vanguard Wellington Fund 94,442 64,539 Vanguard Explorer Fund 16,570 11,460 Vanguard Wellesley Income Fund 67 7,700 VMMR Prime Portfolio 412 10,393 Vanguard 500 Portfolio Index Trust 87,693 55,000 Vanguard Prime Cap Fund 57,264 29,842 Vanguard Windsor II Fund 55,687 32,620 Vanguard U.S. Growth Portfolio 2,699 -- Vanguard International Growth Fund 16,254 11,754 Vanguard Total Bond Market Fund 4,047 2,439 Vanguard Index Trust - Extended Market Portfolio 1,156 -- Participant Loans 11,695 10,583 ---------- ---------- 703,359 468,555 Deposits with Insurance Companies, at Contract Value 109,847 114,155 ---------- ---------- Total Investments 813,206 582,710 Contributions Receivable: Employer, net of forfeitures 7,668 8,601 Employee 2,247 1,970 ---------- ---------- Net Assets Available for Benefits $ 823,121 $ 593,281 ========== ==========
The accompanying notes are an integral part of these financial statements. 2 MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS --------------------------------------------------------- ($ IN 000'S) ------------
Years ended April 30, --------------------------- 1998 1997 ----------- ----------- Additions: - ---------- Contributions: Employer $ 12,683 $ 13,043 Employee 38,925 34,348 Investment Activity: Interest and Dividend Income 27,981 18,355 Net Appreciation in Fair Value of Investments 181,924 78,763 ----------- ----------- Total Investment Income 209,905 97,118 Net Assets Transferred from Other Plans 743 423 ----------- ----------- Total Additions 262,256 144,932 Deductions: - ----------- Benefit Payments (32,416) (13,864) ----------- ----------- Increase in Net Assets 229,840 131,068 Net Assets Available for Benefits: - ---------------------------------- Beginning of Year 593,281 462,213 ----------- ----------- End of Year $ 823,121 $ 593,281 =========== ===========
The accompanying notes are an integral part of these financial statements. 3 MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS ----------------------------- NOTE 1--DESCRIPTION OF THE PLAN - ------------------------------- The Medtronic, Inc. and Participating Employers Supplemental Retirement Plan (the Plan) is a defined contribution plan created by Medtronic, Inc. (the company). It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan provides for a regular savings program whereby participants may deposit between 2% and 12% of their monthly salary. The trustee of the Plan is Vanguard Fiduciary Trust Company (Vanguard Trust), hereinafter referred to as the "Trustee". In fiscal 1998 and 1997, the company paid certain administrative expenses of the Plan. The company matches at least 25% of the employee contribution, up to 6% of compensation. The company may contribute additional amounts, up to an additional 75% of the amount contributed by the employee (up to 6% of compensation), if certain performance goals are achieved. Effective May 1, 1998 the company increased the company minimum match from 25% to 50% of the employee contribution, up to 6% of compensation. The match will be received by participants in the form of an annual allocation of Medtronic stock to the participants' Employee Stock Ownership Plan account. Participants are 20% vested in the company contributions upon completing one year of service. Additional vesting accrues at the rate of 20% per year thereafter. Participants are 100% vested in their own contributions at all times. Participant forfeiture of nonvested amounts reduce the company contribution. Employer matching contributions of $400,000 and $177,244 during fiscal years 1998 and 1997, respectively, were forfeited by terminating employees before those amounts became vested. Participants direct investment of funds allocated to their account among thirteen investments. The Vanguard Wellington Fund, a balanced fund, consists of common stocks and fixed income securities. The Interest Income Fund consists of deposits with insurance companies at fixed rates of return. The Medtronic, Inc. Stock Fund consists of holdings in Medtronic, Inc. common stock. The Vanguard 500 Portfolio Index Trust consists of stocks comprising the Standard and Poor's 500 Index. The Vanguard Explorer Fund is an aggressive growth fund consisting of common stocks of small companies. The VMMR Prime Portfolio consists of high-quality money market instruments. The Vanguard Windsor II Fund, a growth and income fund, consists of common stocks that, in the opinion of the investment advisor, are undervalued in the marketplace. The Vanguard Total Bond Market Fund is a bond fund that seeks to parallel the performance of an established Bond Index. The Vanguard Wellesley Income Fund, a balanced fund, invests in corporate bonds and stocks with above average dividend yields. The Vanguard Prime Cap Fund consists of stock, that in the opinion of the investment advisor, have strong earnings growth potential. The Vanguard International Growth Fund, an international stock fund, consists of non-U.S. stocks selected for their appreciation potential. The Vanguard U.S. Growth Portfolio consists of investments in large U.S. companies that, in the opinion of the investment advisor, have records of exceptional growth and above average prospects for future growth. The Vanguard Index Trust - Extended Market Portfolio attempts to match the performance of the Wilshire 4500 Equity Index, an unmanaged index made up mostly of mid- and small capitalization companies. Effective April 1,1998, the VMMR Prime Portfolio and the Vanguard Wellesley Income Fund are no longer available to participants in the plan. 4 NOTE 1--DESCRIPTION OF THE PLAN (CONTINUED) - ------------------------------------------- Termination or retirement benefits are paid by the Trustees in accordance with the provisions of the Plan and the instructions of Medtronic, Inc., acting as plan administrator. In the event the Plan were terminated, participants become fully vested and the company would cause all amounts in the hands of the Trustees to be allocated and distributed to the participants based upon their investment balance. NOTE 2--SUMMARY OF ACCOUNTING PRINCIPLES - ---------------------------------------- Basis of Presentation - --------------------- The financial statements of the Plan are prepared on the accrual basis of accounting. Valuation of Investments - ------------------------ As determined by the Trustee, investments are stated at fair value based upon quoted market prices, except deposits with insurance companies guaranteed investment contracts which are valued at contract value, which approximates fair market value. Contract value represents contributions made under the contract, plus earnings, less plan withdrawals, and administrative expenses. Valuation of Participant Loans - ------------------------------ Participant loans are valued at cost which approximates fair value. Participants can have only one loan outstanding at a time and can borrow up to 50% of their vested balance not to exceed the maximum loan amount of $50,000. The minimum loan amount is $1,000. Loans are repaid through payroll deduction in equal amounts over a 1 to 5 year period. The interest rate is calculated as one percentage point over the prime rate in effect at US Bank, St. Paul, N.A., on the first work day of the month in which the loan is made and remains fixed for the duration for the loan. Investment Activity - ------------------- Interest and dividend income consists of amounts earned on investments in the Plan's separate trust held by Vanguard Trust. Use of Estimates - ---------------- The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. NOTE 3--TRUSTEE - --------------- Vanguard Trust maintains all assets and is the recordkeeper of the Plan. Vanguard Trust maintains a separate account in the name of each participant in the Plan to record the assets allocated to the participant and the earnings, losses, disbursements and expenses credited thereto. 5 NOTE 4--BENEFIT OBLIGATIONS - --------------------------- Differences in the amounts reported in the financial statements and the Form 5500 relate to benefit obligations at April 30, 1998 and 1997, for persons who have withdrawn from participation in the Plan are as follows: ($ in 000's)
April 30, ------------------------ 1998 1997 ---------- ---------- Medtronic, Inc. Stock Fund $ 673 $ 251 Interest Income Fund 312 606 Vanguard Wellington Fund 364 44 Vanguard Explorer Fund 112 20 Vanguard Wellesley Income Fund -- 9 VMMR Prime Portfolio -- 379 Vanguard 500 Portfolio Index Trust 281 46 Vanguard Prime Cap Fund 389 35 Vanguard Windsor II Fund 391 30 Vanguard International Growth Fund 205 6 Vanguard Total Bond Market Fund -- 3 Participant Loans 21 36 ---------- ---------- $ 2,748 $ 1,465 ========== ==========
NOTE 5--RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 - ----------------------------------------------------------- The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: ($ in 000's)
April 30, ------------------------- 1998 1997 ---------- ---------- Net assets available for benefits per the financial statements $ 823,121 $ 593,281 Amounts allocated to withdrawing participants (2,748) (1,465) ---------- ---------- Net assets available for benefits per the Form 5500 $ 820,373 $ 591,816 ========== ==========
6 NOTE 5--RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (CONTINUED) - ----------------------------------------------------------------------- The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500: ($ in 000's) Year Ended April 30, 1998 ------------------------- Benefits paid to participants per the financial statements $ 32,416 Add: Amounts allocated to withdrawing participants at April 30, 1998 2,748 Less: Amounts allocated to withdrawing participants at April 30, 1997 (1,465) ---------- Benefits paid to participants per the Form 5500 $ 33,699 ========== Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to April 30 but not yet paid as of that date. NOTE 6--TAX STATUS - ------------------ The Plan has received a favorable determination letter of tax qualification from the Internal Revenue Service. The Plan administrator believes the Plan continues to qualify under the provision of Section 401(a) of the Internal Revenue Code, and that the related trust is exempt from federal income tax. NOTE 7--INVESTMENTS - ------------------- During the years ended April 30, 1998 and 1997 the Plan had transactions with Vanguard Trust, the Plan's trustee, which are allowed by the Plan and are acceptable under the Internal Revenue Code. These transactions are classified as party-in-interest transactions. The investments held by Vanguard Trust as of April 30, 1998 and 1997 and the statement of changes for the periods then ended are presented in the following table: 7 NOTE 7--INVESTMENTS (CONTINUED) - -------------------------------
Vanguard Interest Vanguard Vanguard Wellesley VMMR Vanguard Vanguard Medtronic, Inc. Income Wellington Explorer Income Prime 500 Portfolio Prime Cap 1998 Stock Fund Fund Fund Fund Fund Portfolio Index Trust Fund -------------------------------------------------------------------------------------------------- Balance, April 30, 1997 $ 232,225 $ 114,155 $ 64,539 $ 11,460 $ 7,700 $ 10,393 $ 55,000 $ 29,842 Net Assets Transferred from Other Plans 257 24 29 19 28 79 102 85 Contributions 20,269 5,939 4,330 2,227 877 1,073 5,996 5,180 Inter-Fund Transfers (11,757) (6,364) 10,291 (836) (10,147) (10,208) 5,869 10,236 Interest and Dividend Income 1,478 7,571 6,647 1,536 1,110 466 1,585 1,894 Realized/Unrealized Gain/(Loss) 119,960 -- 12,144 2,840 800 -- 22,133 11,641 Distributions (7,059) (11,478) (3,538) (676) (301) (1,391) (2,992) (1,614) - ------------------------------------------------------------------------------------------------------------------------------------ Balance, April 30, 1998 $ 355,373 $ 109,847 $ 94,442 $ 16,570 $ 67 $ 412 $ 87,693 $ 57,264 ====================================================================================================================================
[WIDE TABLE CONTINUED FROM ABOVE]
Vanguard Vanguard Vanguard Vanguard Index Trust- Vanguard Windsor II International Bond Extended U.S. Growth Participant 1998 Fund Growth Fund Market Fund Market Portfolio Loans Fund Total --------------------------------------------------------------------------------------- Balance, April 30, 1997 $ 32,620 $ 11,754 $ 2,439 $ -- $ -- $ 10,583 $ 582,710 Net Assets Transferred from Other Plans 46 71 3 -- -- -- 743 Contributions 4,077 1,796 493 1 6 -- 52,264 Inter-Fund Transfers 5,775 1,535 935 1,154 2,675 842 -- Interest and Dividend Income 4,006 575 180 (3) -- 936 27,981 Realized/Unrealized Gain/(Loss) 11,001 1,292 91 4 18 -- 181,924 Distributions (1,838) (769) (94) -- -- (666) (32,416) - ------------------------------------------------------------------------------------------------------------------------ Balance, April 30, 1998 $ 55,687 $ 16,254 $ 4,047 $ 1,156 $ 2,699 $ 11,695 $ 813,206 ========================================================================================================================
Vanguard Interest Vanguard Vanguard Wellesley VMMR Vanguard Vanguard Medtronic, Inc. Income Wellington Explorer Income Prime 500 Portfolio Prime Cap 1997 Stock Fund Fund Fund Fund Fund Portfolio Index Trust Fund -------------------------------------------------------------------------------------------------- Balance, April 30, 1996 $ 203,833 $ 86,765 $ 51,231 $ 9,959 $ 5,100 $ 4,612 $ 33,606 $ 17,551 Net Assets Transferred from Other Plans 59 12 15 53 8 70 29 88 Contributions 18,469 7,098 4,858 2,511 841 942 5,195 4,152 Inter-Fund Transfers (47,043) 19,313 751 104 1,216 4,645 7,199 3,999 Interest and Dividend Income 1,290 5,652 4,674 725 590 437 1,024 739 Realized/Unrealized Gain/(Loss) 59,752 -- 4,630 (1,633) 101 -- 8,612 3,702 Distributions (4,135) (4,685) (1,620) (259) (156) (313) (665) (389) - ------------------------------------------------------------------------------------------------------------------------------------ Balance, April 30, 1997 $ 232,225 $ 114,155 $ 64,539 $ 11,460 $ 7,700 $ 10,393 $ 55,000 $ 29,842 ====================================================================================================================================
[WIDE TABLE CONTINUED FROM ABOVE]
Vanguard Vanguard Vanguard Vanguard Index Trust- Vanguard Windsor II International Bond Extended U.S. Growth Participant 1997 Fund Growth Fund Market Fund Market Portfolio Loans Fund Total ---------------------------------------------------------------------------------------- Balance, April 30, 1996 $ 17,665 $ 8,523 $ 1,682 $ -- $ -- $ 8,702 $ 449,229 Net Assets Transferred from Other Plans 56 27 10 -- -- 3 430 Contributions 3,547 1,725 459 -- -- -- 49,797 Inter-Fund Transfers 7,379 808 174 -- -- 1,455 -- Interest and Dividend Income 1,797 477 140 -- -- 810 18,355 Realized/Unrealized Gain/(Loss) 3,092 511 (4) -- -- -- 78,763 Distributions (916) (317) (22) -- -- (387) (13,864) - ------------------------------------------------------------------------------------------------------------------------- Balance, April 30, 1997 $ 32,620 $ 11,754 $ 2,439 $ -- $ -- $ 10,583 $ 582,710 =========================================================================================================================
8 MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN SCHEDULE I-ITEM 27A FORM 5500 SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ----------------------------------------------- (IN 000'S EXCEPT FOR NUMBER OF PARTICIPANTS/SHARES) --------------------------------------------------- APRIL 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------ Fund Investment Type Participants Shares Cost Market Value - ------------------------------------------------------------------------------------------------------------------------------------ Medtronic, Inc. Stock Fund Company Stock Fund 6,751 8,220,563 $ 153,023 $ 355,373 Interest Income Fund Unallocated Insurance Contracts 4,169 109,793,057 109,847 109,847 Vanguard Wellington Fund Registered Investment Company 3,489 2,962,308 72,847 94,442 Vanguard Explorer Fund Registered Investment Company 1,712 273,286 14,533 16,570 Vanguard Wellesley Income Fund Registered Investment Company 1 3,031 60 67 VMMR Prime Portfolio Registered Investment Company 3 410,261 410 412 Vanguard 500 Portfolio Index Trust Registered Investment Company 3,671 849,134 53,944 87,693 Vanguard Prime Cap Fund Registered Investment Company 3,152 1,291,491 41,632 57,264 Vanguard Windsor II Fund Registered Investment Company 2,785 1,702,952 41,355 55,687 Vanguard U.S. Growth Portfolio Registered Investment Company 94 79,476 2,680 2,699 Vanguard International Registered Investment Company 1,496 864,262 14,202 16,254 Vanguard Bond Market Fund Registered Investment Company 604 400,770 3,984 4,047 Vanguard Index Trust-Ext. Mkt. Registered Investment Company 34 33,627 1,152 1,156 Participant Loans Fund Loans Other Than Mortgages 1,652 -- 11,695 11,695 (interest rates: 7.25% to 10.0%) - ------------------------------------------------------------------------------------------------------------------------------------ Totals $ 521,364 $ 813,206 ====================================================================================================================================
The above data was prepared from information certified as complete and accurate by Vanguard Fiduciary Trust Company, the Plan's Trustee . 9 ADDITIONAL INFORMATION ---------------------- MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS SUPPLEMENTAL RETIREMENT PLAN SCHEDULE II-ITEM 27D FORM 5500 SCHEDULE OF REPORTABLE TRANSACTIONS ----------------------------------- (IN 000'S EXCEPT FOR NUMBER OF PURCHASES/SALES) ----------------------------------------------- YEAR ENDED APRIL 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------ No. of Proceeds No. of Historical Fund Cost of Purchase Purchases from Sale Sales Cost of Sales Gain or (Loss) - ------------------------------------------------------------------------------------------------------------------------------------ Medtronic, Inc. Stock Fund $ 97,569 222 $ 94,423 250 $ 61,235 $ 33,188 Interest Income Fund 73,743 256 78,043 252 78,043 -- Vanguard Wellington Fund 31,141 212 13,379 230 10,944 2,435 Vanguard Explorer Fund 11,103 189 8,825 229 8,315 510 Vanguard Wellesley Income Fund 6,128 130 14,560 152 13,643 917 VMMR Prime Portfolio 22,917 210 32,862 193 32,862 -- Vanguard 500 Portfolio Index Trust 32,432 233 21,891 239 18,033 3,858 Vanguard Prime Cap Fund 29,097 240 13,326 234 11,462 1,864 Vanguard Windsor II Fund 21,417 221 9,363 228 7,931 1,432 Vanguard International 8,314 189 5,110 214 4,748 362 Vanguard Bond Market Fund 3,505 182 1,991 135 1,974 17 Vanguard Index Trust-Extended Mk 1,154 14 3 14 3 -- Vanguard U.S. Growth Portfolio 2,679 21 -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Totals $ 341,199 $ 293,776 $ 249,193 $ 44,583 ====================================================================================================================================
The above data represents information relating to the Plan's individual trust only. It was prepared from information certified as complete and accurate by Vanguard Fiduciary Trust Company, the Plan's Trustee. 10 Consent of Independent Accountants ---------------------------------- We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 33-37529 and 33-44230) of the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan of our report dated October 9, 1998 appearing in this Annual Report of the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan on Form 11-K for the year ended April 30, 1998. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Minneapolis, Minnesota October 23, 1998 -----END PRIVACY-ENHANCED MESSAGE-----