-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, bq8yjTpI70y7oTekWpYls6qhNStsSYztXNjNTyBfPmqTg/FUAJWyWrUvAS0Nil+E YXdHJ+v43DG5BmyyN5nl7A== 0000950130-94-000616.txt : 19940414 0000950130-94-000616.hdr.sgml : 19940414 ACCESSION NUMBER: 0000950130-94-000616 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940413 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHILIP MORRIS COMPANIES INC CENTRAL INDEX KEY: 0000764180 STANDARD INDUSTRIAL CLASSIFICATION: 2111 IRS NUMBER: 133260245 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08940 FILM NUMBER: 94522590 BUSINESS ADDRESS: STREET 1: 120 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-880-38 11-K 1 FORM 11-K =============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------- FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE /x/ SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1993 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE / / SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file number 1-8940 -------------------------- General Foods Employee Thrift-Investment Plan Three Lakes Drive, Northfield, Illinois 60093 (Full title of the plan) PHILIP MORRIS COMPANIES INC. 120 Park Avenue New York, New York 10017 (Name of issuer of the securities held pursuant to the plan and address of its principal executive office.) =============================================================================== GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN ANNUAL REPORT ON FORM 11-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 1993 TABLE OF CONTENTS
Page (s) -------- Report of Independent Accountants.............................. 3 Financial Statements: Statements of Financial Condition as of December 31, 1993 and 1992............................................... 4-5 Statements of Income and Changes in Plan Equity for the years ended December 31, 1993, 1992 and 1991............ 6-8 Notes to Financial Statements................................ 9-21 Signatures..................................................... 22 Schedules: Schedule I - Investments as of December 31, 1993............. S-1-8
Other schedules are omitted because the information required is contained in the financial statements. Exhibits: 23. Consent of Independent Accountants. -2- REPORT of INDEPENDENT ACCOUNTANTS To: The Corporate Employee Plans Investment Committee of Philip Morris Companies Inc., the Corporate Employee Benefit Committee of Philip Morris Companies Inc., the Management Committee for Employee Benefits of Kraft General Foods, Inc., the Administrative Committee and all Participants as a group (but not individually) of the General Foods Employee Thrift-Investment Plan: We have audited the accompanying statements of financial condition of the General Foods Employee Thrift-Investment Plan (the "Plan") as of December 31, 1993 and 1992, and the related statements of income and changes in plan equity for each of the three years in the period ended December 31, 1993 and the schedule of investments as of December 31, 1993. These financial statements and the financial statement schedule are the responsibility of the fiduciaries of the Plan appointed by Philip Morris Companies Inc. or Kraft General Foods, Inc. (or their delegates). Our responsibility is to express an opinion on these financial statements and the financial statement schedule 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 financial position of the Plan as of December 31, 1993 and 1992, and the income and changes in plan equity for each of the three years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. In addition, in our opinion, the financial statement schedule referred to above, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information required to be included therein. COOPERS & LYBRAND Chicago, Illinois March 16, 1994 -3- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN STATEMENT of FINANCIAL CONDITION as of December 31, 1993 (in thousands of dollars) ----------
Diversified U.S. Equity Interest Government Index Income Securities Philip Morris Fund Fund Fund Stock Fund Total ----------- -------- ---------- ------------- --------- ASSETS: Allocated share of Trust net assets $2,790 $12,639 $1,281 $87,349 $104,059 Employer contributions receivable 2 3 2 577 584 Employee contributions receivable 3 11 1 61 76 Interfund receivables (payables) 15 11 85 (111) - ------ ------- ------ ------- -------- Total assets 2,810 12,664 1,369 87,876 104,719 ------ ------- ------ ------- -------- LIABILITIES: Distributions and withdrawals payable 16 468 9 1,539 2,032 ------ ------- ------ ------ -------- Total liabilities 16 468 9 1,539 2,032 ------ ------- ------ ------- -------- Plan equity $2,794 $12,196 $1,360 $86,337 $102,687 ====== ======= ====== ======= ========
The accompanying notes are an integral part of these financial statements. -4- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN STATEMENT of FINANCIAL CONDITION as of December 31, 1992 (in thousands of dollars) ----------
Diversified U.S. Equity Interest Government Index Income Securities Philip Morris Fund Fund Fund Stock Fund Total ----------- -------- ---------- ------------- -------- ASSETS: GF Trust net assets $2,405 $13,466 $1,041 $123,310 $140,222 Employer contributions receivable (3) (3) Employee contributions receivable (1) 1 - Interfund receivables (payables) (2) 13 (11) - ------ ------- ------ -------- -------- Total assets 2,402 13,479 1,041 123,297 140,219 ------ ------- ------ -------- -------- LIABILITIES: Distributions and withdrawals payable 18 347 9 1,912 2,286 ------ ------- ------ -------- -------- Total liabilities 18 347 9 1,912 2,286 ------ ------- ------ -------- -------- Plan equity $2,384 $13,132 $1,032 $121,385 $137,933 ====== ======= ====== ======== ========
The accompanying notes are an integral part of these financial statements. -5- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY for the year ended December 31, 1993 (in thousands of dollars)
Diversified U.S. Equity Interest Government Index Income Securities Philip Morris Fund Fund Fund Stock Fund Total ----------- -------- ---------- ------------- ------- ADDITIONS: Employer contributions $ 9 $ 17 $ 13 $ 3,344 $ 3,383 Employee contributions 213 696 159 5,248 6,316 Allocated share of Trust investment activities: Interest income 972 55 34 1,061 Dividend income 3,961 3,961 Net (depreciation) appreciation in fair value of investments 249 (1) (32,752) (32,504) ------ ------- ------ -------- -------- 249 972 54 (28,757) (27,482) ------ ------- ------ -------- -------- Total (deductions) additions 471 1,685 226 (20,165) (17,783) ------ ------- ------ -------- -------- DEDUCTIONS: Distributions and withdrawals (273) (2,672) (195) (15,184) (18,324) General and administrative expenses (1) (1) (2) ------ ------- ------ -------- -------- Total deductions (273) (2,673) (196) (15,184) (18,326) ------ ------- ------ -------- -------- Net transfers among funds 212 (802) 297 293 - Transfers from predecessor trusts 854 9 863 Participants' loan repayments 1 (1) - ------ ------- ------ -------- -------- Net (deductions) additions 410 (936) 328 (35,048) (35,246) PLAN EQUITY: Beginning of year 2,384 13,132 1,032 121,385 137,933 ------ ------- ------ -------- -------- End of year $2,794 $12,196 $1,360 $ 86,337 $102,687 ====== ======= ====== ======== ========
The accompanying notes are an integral part of these financial statements. -6- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY for the year ended December 31, 1992 (in thousands of dollars) ----------
Diversified U.S. Equity Interest Government Index Income Securities Philip Morris Fund Fund Fund Stock Fund Total ----------- -------- ---------- ------------- -------- ADDITIONS: Employer contributions $ 2,844 $ 2,844 Employee contributions $ 153 $ 734 $ 97 5,383 6,367 GF Trust investment activities: Interest income 3 1,016 111 31 1,161 Dividend income 3,743 3,743 Net (depreciation) appreciation in fair value of investments 171 (53) (5,594) (5,476) ------ ------- ------ -------- -------- 174 1,016 58 (1,820) (572) ------ ------- ------ -------- -------- Total additions 327 1,750 155 6,407 8,639 ------ ------- ------ -------- -------- DEDUCTIONS: Distributions and withdrawals (308) (2,589) (199) (22,826) (25,922) General and administrative expenses (1) (7) (1) (9) ------ ------- ------ -------- -------- Total deductions (309) (2,596) (200) (22,826) (25,931) ------ ------- ------ -------- -------- Net transfers among funds (63) (812) (17) 892 - ------ ------- ------ -------- -------- Net deductions (45) (1,658) (62) (15,527) (17,292) PLAN EQUITY: Beginning of year 2,429 14,790 1,094 136,912 155,225 ------ ------- ------ -------- -------- End of year $2,384 $13,132 $1,032 $121,385 $137,933 ====== ======= ====== ======== ========
The accompanying notes are an integral part of these financial statements. -7- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY for the year ended December 31, 1991 (in thousands of dollars) ----------
Diversified U.S. Equity Interest Government Index Income Securities Philip Morris Fund Fund Fund Stock Fund Total ----------- --------- ----------- ------------- --------- ADDITIONS: Employer contributions $ 1,957 $ 1,957 Employee contributions $ 170 $ 989 $ 113 5,159 6,431 Allocated share of GF Trust investment activities: Interest income 5 1,324 25 62 1,416 Dividend income 3,249 3,249 Net appreciation in fair value of investments 577 57 41,762 42,396 ------ ------- ------ -------- -------- 582 1,324 82 45,073 47,061 ------ ------- ------ -------- -------- Total additions 752 2,313 195 52,189 55,449 ------ ------- ------ -------- -------- DEDUCTIONS: Distributions and withdrawals (351) (2,435) (158) (10,811) (13,755) General and administrative expenses (3) (21) (2) (26) ------ ------- ------ -------- -------- Total deductions (354) (2,456) (160) (10,811) (13,781) ------ ------- ------ -------- -------- Net transfers among funds (258) (956) 231 983 - Transfers from predecessor trusts 65 (10) (1) 5,476 5,530 ------ ------- ------ -------- -------- Net additions (deductions) 205 (1,109) 265 47,837 47,198 PLAN EQUITY: Beginning of year 2,224 15,899 829 89,075 108,027 ------ ------- ------ -------- -------- End of year $2,429 $14,790 $1,094 $136,912 $155,225 ====== ======= ====== ======== ========
The accompanying notes are an integral part of these financial statements. -8- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS 1. General Description of the Plan: The General Foods Employee Thrift-Investment Plan (formerly known as the General Foods Corporation Employee Thrift-Investment Plan and hereinafter referred to as the "Plan") is a defined contribution plan designed to encourage employees to save for retirement by providing eligible employees with an opportunity to invest a portion of their compensation and to share in the profits of the General Foods USA operating unit of Kraft General Foods, Inc. ("KGF") by making such contribution. KGF is a subsidiary of Philip Morris Companies Inc. (the "Company"). Hourly and certain salaried employees of KGF and certain of its domestic subsidiaries (the "KGF Companies") who are represented by designated collective bargaining units are eligible to participate in the Plan, provided they meet eligibility requirements. The benefits offered under the Plan may vary, depending upon the job location of the employee and the collective bargaining unit of which he or she is a member. After completing one year of service, eligible employees generally may make before-tax and/or after-tax contributions. Matching contributions by KGF from its General Foods USA operating unit profits (the "KGF Matching Contributions") are contributed to the Plan in accordance with the formula described in Note 3. The provisions of the Plan are detailed in the official Plan document which legally governs the operation of the Plan. The administration of the Plan has generally been delegated to the Management Committee for Employee Benefits of KGF (the "Committee") comprised of employees of KGF. The Committee has appointed the Administrative Committee to handle certain Plan administration matters. The Corporate Employee Plans Investment Committee of Philip Morris Companies Inc. (the "Investment Committee") (the Committee, the Administrative Committee and the Investment Committee, collectively the "Fiduciaries") is responsible for the selection of the investment options in which participants invest their assets in the Plan and monitors the performance of these investment options. Prior to December 31, 1991, the Plan's assets were co-invested with the assets of the General Foods Corporation Employee Thrift-Investment Plan for Salaried Employees (the "GF Salaried Plan") in a commingled investment fund known as the General Foods Thrift-Investment Trust (the "GF Trust") (see Note 6). As of January 1, 1992, the GF Trust was comprised solely of assets of the Plan. Effective January 1, 1993, the Plan's assets were co-invested with the assets of the Kraft General Foods Thrift Plan (the "KGF Thrift Plan") and other plans sponsored by KGF in a commingled investment fund known as the Kraft General Foods Master Defined Contribution Trust (the "Trust") for which Bankers Trust Company (the "Trustee") serves as the trustee. -9- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) Participants have the option of investing their Plan Accounts (see Note 4) in 25% increments in the four funds listed below. Except for participants employed at the Naperville, Illinois facility of KGF (a "Naperville Participant"), KGF Matching Contributions are initially invested in the Philip Morris Stock Fund but may be allocated and invested in the same manner as participant contributions in the month following the month in which the KGF Matching Contributions are made. DIVERSIFIED EQUITY INDEX FUND (also referred to as the EQUITY FUND) - This fund is invested primarily in an index fund of stocks on a weighted average basis in approximately the same proportion as the Standard & Poor's Composite Index of 500 Stocks ("S&P 500"). INTEREST INCOME FUND - This fund consists primarily of investment contracts entered into by the Trustee with financial institutions, each of which agrees to repay in full the amounts invested with the institution, plus interest. Beginning January 1, 1993, the assets of the Interest Income Fund have also been invested in pools of mortgage-backed and asset-backed securities, corporate bonds, and obligations of the United States government and its agencies. As an integral part of the purchase of each pool of these investments for the Interest Income Fund, a financial institution agrees to protect the pool to the extent its market value fluctuates, but not in the event of a default of any security in the pool. U.S. GOVERNMENT SECURITIES FUND (also referred to as the GOVERNMENT SECURITIES FUND) - This fund includes primarily direct obligations of the U.S. Government or its agencies, obligations guaranteed by the U.S. Government or its agencies, and fully insured bank deposits. PHILIP MORRIS STOCK FUND - This fund is invested in the common stock, $1 par value, of Philip Morris Companies Inc. (the "Company") (the "Common Stock") and short-term temporary investments. None of the foregoing funds guarantees a return to the participant. Participants may change their options once a month, except that amounts may not be directly transferred between the Interest Income Fund and the U.S. Government Securities Fund. Each participant may vote all the shares of Common Stock held in his or her Accounts and invested in the Philip Morris Stock Fund. The Trustee will vote full and fractional shares of the Common Stock in accordance with each individual participant's instruction. The Trustee votes those shares of Common Stock for which no or inadequate voting instructions have been received in the same proportions as the shares for which instructions have been received. -10- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) At December 31, 1993 and 1992, there were 4,418 and 4,530 participants, respectively, some of whom elected to invest in more than one fund. Set forth below is the number of participants investing in each fund.
December 31, ------------ 1993 1992 ----- ----- Diversified Equity Index Fund 593 483 Interest Income Fund 1,524 1,503 U.S. Government Securities Fund 462 363 Philip Morris Stock Fund 4,367 4,515
Each participant is at all times fully vested in the balance of his or her After-Tax Contributions Account, Before-Tax Contributions Account, and in the balance of his or her KGF Matching Account attributable to amounts contributed before January 1, 1986 or transferred from the General Foods Employee Stock Ownership Plan ("ESOP") (see Note 4), and, in the case of a Naperville Participant, in the balance of the employer contribution-derived account transferred from the predecessor plan (see Note 9). A participant shall be fully vested in the balance in his or her KGF Matching Account upon attainment of age 55, retirement, permanent and total disability, or death. A participant who is employed by the Company or any subsidiary at other than the Naperville, Illinois facility of KGF shall become vested in his or her KGF Matching Account based on the number of years of vesting service determined in accordance with the following schedule:
Vested Years of Service Percentage ----------------- ---------- Less than 3 0 % 3 but less than 4 50 % 4 but less than 5 75 % 5 or more 100 %
A Naperville Participant shall be fully vested in the entire balance in his or her KGF Matching Account after two years of participation in the Plan (and the predecessor plan) or the completion of five years of service. Forfeitures: KGF Matching Contributions forfeited by terminated participants are used to reduce future KGF Matching Contributions to the Plan. -11- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 2. Summary of Significant Accounting Policies: Valuation of Trust Investments: Investments in common trust funds of the General Employee Benefit Common Trust of Bankers Trust Company ("GEBT") are valued on the basis of the relative interest of each participating investor (including each participant) in the fair value of the underlying assets of each of the respective GEBT common trust funds. Investment contracts and the pools of mortgage-backed and asset-backed securities and other investments in the Interest Income Fund are recorded at their contract values, which represent contributions and reinvested income, less any withdrawals plus accrued interest. Securities listed on an exchange are valued at the closing price on the last business day of the year; listed securities for which no sale was reported on that date are recorded at the last reported bid price. Securities that are not listed on an exchange are generally traded in active markets and valued by the Trustee from quoted market prices. Short-term temporary investments are generally carried at cost, which approximates fair value. Investment Transactions and Investment Income of the Trust: Investment transactions are accounted for on the dates purchases or sales are executed. Realized gains and losses are computed on the basis of average cost of investments sold. Dividend income is recorded on the ex- dividend date; interest income is recorded as earned on an accrual basis. In accordance with the policy of stating investments at fair value, the net appreciation (depreciation) in the fair value of investments reflects both realized gains or losses and the change in the unrealized appreciation of investments held at year-end (See Note 7). -12- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 3. Contributions: No contribution is required from any eligible employee under the Plan. Eligible employees (other than Naperville Participants) may elect to contribute from 1% to 10% of his or her compensation, but contributions from base compensation over $15,000 may not exceed 6%. Naperville Participants may elect to contribute from 1% to 16% of his or her compensation, but only contributions not in excess of 6% of compensation are eligible for KGF Matching Contributions described below. Contributions by participants employed at certain General Foods USA operating unit locations may be made on a before-tax basis, an after-tax basis, or in a combination of the two, while contributions by participants employed at other General Foods USA operating unit locations may be made only on an after-tax basis. The percentage of compensation available for both before-tax and after-tax contributions varies from year-to-year in order that the aggregate contributions actually made by participants do not cause the Plan to violate limitations on such contributions set forth in the Internal Revenue Code of 1986, as amended (the "Code"). The Code also imposes a dollar limitation on the amount of before- tax contributions for a calendar year. For 1993, a participant's before-tax contributions were limited to $8,994; for 1994, each participant's before-tax contributions will be limited to $9,240. Each year KGF Matching Contributions are based on the amount of each participant's contributions to the Plan, subject to certain limitations under the Code. KGF Matching Contributions on behalf of Naperville Participants equal 25% of each Naperville Participant's contributions not in excess of 6% of compensation. For Plan years beginning on and after 1992, the KGF Matching Contributions percentage is the greater of (i) 75% of the matching contribution rate under the KGF Thrift Plan or (ii) from 30% to 65% of a participant's contributions, depending on the annual percent change in earnings shown in the table below. The KGF Matching Contributions percentage to the Plan for a Plan year cannot exceed the percentage contributed by KGF to the KGF Thrift Plan for the same year. The average annual percent change in earnings is the percent change in earnings, before income taxes, goodwill amortization, interest and Company assessments of the General Foods USA operating unit of KGF, over the five- year period immediately preceding the Plan year for which the KGF Matching Contributions are to be made. The KGF Matching Contribution If Annual Percent as a Percentage of Change in Earnings Is Participant Contributions Is --------------------- ----------------------------- + 5% (or less) 30% 6-8% 35% 9-11% 40% 12-14% 45% 15-17% 50% 18-20% 55% 21-23% 60% 24% (or more) 65% -13- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) Currently, the KGF Matching Contributions percentage for the following Plan year is announced before the end of the preceding year. Prior to 1992, the KGF Matching Contributions percentage ranged from a minimum of 30% to a maximum of 100% of each participant's before-tax and after-tax contributions. The KGF Matching Contributions percentage was 55%, 45% and 30% in 1993, 1992 and 1991, respectively. Participants' contributions are recorded in the period in which they are withheld by the KGF Companies. KGF Matching Contributions for the year are accrued by the Plan based upon the amount to be funded each year in accordance with the Plan's formula noted above. KGF Matching Contributions are discretionary. While KGF has not expressed any intent to discontinue making KGF Matching Contributions, it is free to do so at any time. KGF Matching Contributions and participant contributions are subject to specified limitations as described in the Code and the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan provides, in the event of a Change of Control (as defined in the Plan) of the Company, for the preservation of the KGF Matching Contributions for all participants except Naperville Participants for the year in which the Change of Control occurs and for two years thereafter. 4. Valuation of Participant Accounts: The Trustee maintains Accounts for each participant to reflect the source and the participant's share of the funds invested in the Trust:
Account Source ------- ------ KGF Matching Account KGF Matching Contributions and amounts transferred from the ESOP and other predecessor plans Before-Tax Contributions Account Before-Tax Contributions After-Tax Contributions Account After-Tax Contributions
At the end of each month, the Trustee determines the current fair value of each fund in the Trust. The fair value of each participant's share in the Trust is determined with respect to their KGF Matching Account, Before-Tax Contributions Account and After-Tax Contributions Account, on the basis of their proportionate share in each fund. -14- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 5. Withdrawals and Distributions: Participants may make withdrawals against their KGF Matching, Before-Tax Contributions and After-Tax Contributions Accounts under limited circumstances in accordance with the provisions outlined in the Plan. Upon termination of employment, including retirement, a participant has several options available, as described in the Plan, with respect to the distribution of his or her Accounts. Normally, distributions are made one month after such termination. In the event the Plan is terminated, distributions will be made in accordance with the current value of participants' Accounts under the direction of the Committee and in accordance with the Code. 6. Investments Held by the Trust and the GF Trust: Effective December 31, 1991, the account balances of certain participants in the GF Salaried Plan were transferred to the Plan. The account balances of the remaining participants in the GF Salaried Plan were transferred to the KGF Thrift Plan. For the year ended December 31, 1992, the assets of the Plan were held by the GF Trust, and were not co-invested with the assets of any other plan. Accordingly, the financial position and changes in net assets of the GF Trust as of and for the year ended December 31, 1992, are presented in the Plan's financial statements and have not been presented in this Note. Effective January 1, 1993, the Plan's assets were transferred to the Trust and co-invested with the assets of the KGF Thrift Plan and other plans sponsored by KGF. The Plan's allocated share of the Trust's and GF Trust's net assets and investment activities is based upon the total of each individual participant's share of the Trust and GF Trust. The Plan's allocated share of the Trust and GF Trust and its allocated share of the net assets of each fund in the Trust and the GF Trust at December 31, 1993 and 1992, respectively, was:
1993 1992 ---- ---- Trust 6% 100% Diversified Equity Index Fund 2% 100% Interest Income Fund 2% 100% Government Securities Fund - - U.S. Government Securities Fund 100% 100% Philip Morris Stock Fund 12% 100% Participants' Loan Account - - Freihofer Equitable Capital Management Fund - -
-15- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) (continued) The Plan's allocated share of the Trust's investment activities for the year ended December 31, 1993 was 17%. The Plan's allocated share of the GF Trust's investment activities for the years ended December 31, 1992 and 1991 was 100% and 86.5%, respectively. Prior to January 1, 1994, all expenses incurred in administering the Plan are borne by KGF, with the exception of brokerage commissions, investment management fees and transfer taxes, which are paid by the Trust. Expenses paid by KGF are not reflected in the financial statements of the Plan. Effective January 1, 1994, most expenses incurred in administering the Plan and paid to third parties will be borne by the Trust. Investments that represented five percent or more of total Trust assets as of December 31, 1993 were:
1993 -------- Philip Morris Stock Fund Common Stock $724,969 GEBT Equity Index Fund $180,299 Interest Income Fund Mass Mutual $98,459 Prudential $92,181
Investments that represented five percent or more of total GF Trust assets as of December 31, 1992 were:
1992 -------- Philip Morris Stock Fund Common Stock $121,876
The GEBT Equity Index Fund currently includes Common Stock. -16- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) (continued) At December 31, 1993 the financial position of the Trust was:
1993 ---------- Assets: Investments at fair value: Diversified Equity Index Fund: GEBT Equity Index Fund (cost $120,304) $ 180,299 Short-term temporary investments (cost approximates fair value) 1,038 Philip Morris Stock Fund: Common stock (cost $504,354) 724,969 Short-term temporary investments (cost approximates fair value) 6,360 Interest Income Fund: Investment contracts (cost approximates fair value) 699,018 Short-term temporary investments (cost approximates fair value) 44,426 Government Securities Fund: Government securities (cost $7,511) 7,513 Short-term temporary investments (cost approximates fair value) 3,859 U.S. Government Securities Fund: Government securities (cost $891) 886 Short-term temporary investments (cost approximates fair value) 384 Freihofer Equitable Capital Management Fund: Equitable Capital Management Corporation Combined Equity Account (cost $5,433) 13,175 Short-term temporary investments (cost approximates fair value) 38 Participants' Loan Account: Loans to Participants 36,401 ---------- Total investments 1,718,366 Receivables: Interest income 204 Dividend income 8,486 ---------- Net assets $1,727,056 ==========
-17- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (in thousands of dollars, except per unit data) (continued) The changes in the Trust net assets for the year ended December 31, 1993 were:
1993 ---------- Receipts from constituent plans: Employer contributions $ 37,538 Employee contributions 114,541 Transfers from predecessor trusts 140,700 Investment activities: Interest 54,578 Dividends 33,575 Interest on participant loans 2,639 ---------- 90,792 Net depreciation in fair value of investments (255,146) ---------- Net investment activities (164,354) Deductions: Distributions and withdrawals (120,175) General and administrative expenses (234) ---------- Increase in Trust net assets 8,016 Net assets: Beginning of year 1,719,040 ---------- End of year $1,727,056 ==========
The transfers from predecessor trusts for the year ended December 31, 1993, includes the transfer of assets to the Trust of the Plan in the amount of $137,904. The number of employee participation units and the net asset value per unit for the GF Trust funds at December 31, 1992 were:
Diversified U.S. Equity Interest Government Index Income Securities Philip Morris Fund Fund Fund Stock Fund Total ----------- -------- ---------- ------------- -------- 1992: Net assets $2,405 $13,466 $1,041 $123,310 $140,222 Number of participation units 155 3,542 114 13,075 Net asset value per unit $15.516 $3.802 $9.132 $9.431
-18- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) (continued) The changes in the GF Trust net assets for the year ended December 31, 1991 were:
1991 --------- Receipts from constituent plans: Employer contributions $ 1,973 Employee contributions 6,472 Investment activities: Interest 1,432 Dividends 3,285 Net appreciation in fair value of investments 49,702 -------- Net investment activities 54,419 Deductions: Distributions and withdrawals (28,307) General and administrative expenses (26) Transfers to successor trust (435,304) -------- (Decrease) in Trust net assets (400,773) Net assets: Beginning of year 559,461 -------- End of year $158,688 ========
-19- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) (continued) 7. Net (Depreciation) Appreciation in Fair Value of Trust and GF Trust Investments: The realized gains and losses on disposals and changes in unrealized appreciation and depreciation of investments in the Trust for the year ended December 31, 1993, and in the GF Trust for the years ended December 31, 1992 and 1991 were:
Freihofer Diversified U.S. Equitable Equity Government Government Capital Index Securities Securities Philip Morris Management Fund Fund Fund Stock Fund Fund Total ----------- ---------- ---------- -------------- ---------- ---------- 1993 - ---- Realized gains: Proceeds $ 7,181 $55,646 $2,341 $ 35,029 $1,587 $101,784 Cost 4,761 55,578 2,330 23,702 837 87,208 ------- ------- ------ -------- ------ -------- Net realized gains 2,420 68 11 11,327 750 14,576 ------- ------- ------ -------- ------ -------- Unrealized (depreciation) appreciation: Beginning of year 45,286 68 421,453 6,410 473,217 Transfer from GF Plans 1,557 7 83,290 84,854 End of year 59,995 1 (5) 220,615 7,743 288,349 ------- ------- ------ -------- ------ -------- (Decrease) increase 13,152 (67) (12) (284,128) 1,333 (269,722) ------- ------- ------ -------- ------ -------- Net (depreciation) appreciation in fair value of investments $15,572 $ 1 ($ 1) ($272,801) $2,083 ($255,146) ======= ======= ====== ======== ====== ======== 1992 - ---- Realized gains: Proceeds $ 296 $2,207 $ 17,245 $ 19,748 Cost 107 2,191 5,714 8,012 ------- ------ -------- -------- Net realized gains 189 16 11,531 11,736 ------- ------ -------- -------- Unrealized appreciation: Beginning of year 1,574 76 101,613 103,263 Transfer to KGF Thrift Plan (246) (246) End of year 1,556 7 84,242 85,805 ------- ------ -------- -------- (Decrease) (18) (69) (17,125) (17,212) ------- ------ -------- -------- Net (depreciation) appreciation in fair value of investments $ 171 ($ 53) ($ 5,594) ($ 5,476) ======= ====== ======== ========
-20- GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) (concluded)
Diversified U.S. Equity Government Index Securities Philip Morris Fund Fund Stock Fund Total ----------- ---------- ------------- --------- 1991 ---- Realized gains: Proceeds $ 984 $7,584 $ 13,185 $ 21,753 Cost 407 7,550 5,005 12,962 ------- ------ -------- -------- Net realized gains 577 34 8,180 8,791 ------- ------ -------- -------- Unrealized appreciation: Beginning of year 14,316 54 262,655 277,025 Transfer to GF Salaried Plans (12,810) (201,864) (214,674) End of year 1,574 76 101,612 103,262 ------- ------ -------- -------- Increase 68 22 40,821 40,911 ------- ------ -------- -------- Net appreciation in fair value of investments $ 645 $ 56 $ 49,001 $ 49,702 ======= ====== ======== ========
8. Tax Status: The U.S. Treasury Department has determined that the Plan, as amended and in effect as of May 12, 1987, constitutes a qualified plan under Section 401(a) of the Code and the related Trust is, therefore, exempt from Federal income taxes under the provisions of Section 501(a) of the Code. The Plan has been amended several times since that date. These amendments have been drafted to comply with the provisions of the Code applicable to qualified plans. The Fiduciaries believe that the Plan, as so amended, continues to comply with the applicable provisions of the Code and that the Plan continues to be administered in accordance with the applicable provisions of the Code. 9. Transferred Plan Participants and Net Assets: Effective January 4, 1993, the account balances of those participants in Nabisco Brands Employee Savings Plan, located in Naperville, Illinois totaling approximately $.8 million were transferred to the Plan. Effective December 31, 1991, the account balances of those participants in the GF Salaried Plan located at KGF's facility in Pompton Plains, New Jersey totaling approximately $.3 million were transferred to the Plan. The Plan has reflected this transfer in its 1991 financial statements. -21- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Management Committee for Employee Benefits of Kraft General Foods, Inc., having administrative responsibility of the Plan, has duly caused this annual report to be signed by the undersigned thereunto duly authorized. GENERAL FOODS EMPLOYEE THRIFT-INVESTMENT PLAN (Name of Plan) By /s/ DANIEL M. DRESSEL -------------------------------------- Daniel M. Dressel, Chairman, Management Committee for Employee Benefits of Kraft General Foods, Inc. Date: April 12, 1994 -22- KRAFT GENERAL FOODS MASTER DEFINED CONTRIBUTION TRUST SCHEDULE I - INVESTMENTS as of December 31, 1993
Column A Column B Column C Column D -------- --------------- ------------ ------------ Face Amount Cost or Number Basis of Name of Issuer and Title of Issue of Shares/Units Investments Fair Value - --------------------------------- --------------- ------------ ------------ PHILIP MORRIS STOCK FUND -- 42.6% Common Stock -- 42.2% Tobacco -- 42.2% Philip Morris Companies Inc. 13,033,151 $504,354,374 $724,969,024 Short-Term Investments -- 0.4% GEBT Pyramid Directed Account Cash Fund 6,359,621 6,359,621 6,359,621 ------------ ------------ Total Philip Morris Stock Fund 510,713,995 731,328,645 ------------ ------------ EQUITY FUND -- 10.5% GEBT Equity Index Fund -- 10.4% 182,369 120,304,060 180,299,108 Short-Term Investments -- 0.1% GEBT Short-Term Investment Fund 1,038,185 1,038,185 1,038,185 ------------ ------------ Total Equity Fund 121,342,245 181,337,293 ------------ ------------ INTEREST INCOME FUND -- 43.3% Investment Contracts -- 40.7% Participation Contracts with Institutions -- 32.9% Aetna Life Ins. Co. #LT 6833 8.58% matures 1/1/94 2,697,661 2,697,661 2,697,661 Great West Life #K17041 9.60% matures 1/6/94 7,895,295 7,895,295 7,895,295 Confederation Life #K61703 9.96% matures 3/6/94 7,903,155 7,903,155 7,903,155
S-1 KRAFT GENERAL FOODS MASTER DEFINED CONTRIBUTION TRUST SCHEDULE I - INVESTMENTS as of December 31, 1993
Column A Column B Column C Column D -------- --------------- ----------- ----------- Face Amount Cost or Number Basis of Name of Issuer and Title of Issue of Shares/Units Investments Fair Value - --------------------------------- --------------- ----------- ----------- Participation Contracts with Institutions (continued) Great West Life #K17081 9.96% matures 3/7/94 7,901,099 $ 7,901,099 $ 7,901,099 CNA Insurance #12641F 7.89% matures 3/31/94 3,622,599 3,622,599 3,622,599 Mass Mutual #K5807 9.41% matures 7/3/94 14,021,705 14,021,705 14,021,705 CNA Ins. Co. GP# 12292 9.50% matures 9/30/94 1,474,650 1,474,650 1,474,650 New England Mutual Life #GA 4832 9.00% matures 5/15/95 27,758,722 27,758,722 27,758,722 Crown Life #9004573 9.78% matures 6/1/95 2,946,991 2,946,991 2,946,991 Crown Life Ins. Co. #9001730 9.78% matures 6/1/95 460,251 460,251 460,251 Connecticut Mutual Life Ins. Co. #70267 9.37% matures 7/3/95 3,121,827 3,121,827 3,121,827 Great West Life #K17020 9.50% matures 10/3/95 8,047,318 8,047,318 8,047,318 Hartford Life Ins. #GA-5245 8.97% matures 10/31/95 7,180,276 7,180,276 7,180,276 Hartford Life Ins. #GA 5246 8.80% matures 10/31/95 4,467,999 4,467,999 4,467,999 Confederation Life Ins. #62381 8.61% matures 11/30/95 10,072,673 10,072,673 10,072,673 Confederation Life Ins. #62325 9.33% matures 1/2/96 21,849,975 21,849,975 21,849,975
S-2 KRAFT GENERAL FOODS MASTER DEFINED CONTRIBUTION TRUST SCHEDULE I - INVESTMENTS as of December 31, 1993
Column A Column B Column C Column D -------- ---------------- ----------- ----------- Face Amount Cost or Number Basis of Name of Issuer and Title of Issue Of Shares/Units Investments Fair Value - --------------------------------- ---------------- ----------- ----------- Participation Contracts with Institutions (continued) Prudential #K6160 9.40% matures 2/3/96 35,238,962 $35,238,962 $35,238,962 Commonwealth Life Ins. #00326 FR 9.26% matures 4/1/96 10,689,998 10,689,998 10,689,998 Canada Life Ins. Co. #45492 8.50% matures 6/1/96 21,244,098 21,244,098 21,244,098 Mass Mutual PGIC #10404 6.23% matures 7/20/96 27,272,841 27,272,841 27,272,841 Prudential GA 7269 6.60% matures 8/15/96 56,941,797 56,941,797 56,941,797 Mass Mutual #K5897 10.10% matures 9/8/96 47,773,681 47,773,681 47,773,681 New York Life #GA 20013 5.83% matures 9/30/96 26,755,804 26,755,804 26,755,804 John Hancock GAC# 6436 8.03% matures 11/30/96 27,085,545 27,085,545 27,085,545 New York Life Ins. Co. #06204 8.55% matures 12/1/96 19,519,942 19,519,942 19,519,942 Connecticut General Ins. GA-7771 7.15% matures 1/1/97 40,861,932 40,861,932 40,861,932 Hartford Life Ins. Co. #9108 8.74% matures 5/1/97 25,182,145 25,182,145 25,182,145 Provident Mutual #8159001 8.55% matures 3/1/98 785,028 785,028 785,028 Mass Mutual GAC 10223 8.36% matures 4/30/98 9,390,552 9,390,552 9,390,552
S-3 KRAFT GENERAL FOODS MASTER DEFINED CONTRIBUTION TRUST SCHEDULE I - INVESTMENTS as of December 31, 1993
Column A Column B Column C Column D -------- --------------- ------------ ------------ Face Amount Cost or Number Basis of Name of Issuer and Title of Issue Of Shares/Units Investments Fair Value - --------------------------------- --------------- ------------ ------------ Participation Contracts with Institutions (continued) Aetna Life Ins. Co. #68331991 8.75% matures 5/1/98 25,399,690 $ 25,399,690 $ 25,399,690 Connecticut General Life Ins. #25119 8.81% matures 8/1/98 21,756,547 21,756,547 21,756,547 Aetna Life Ins. Co. MV 6008 4.73% matures 12/31/98 1,939,265 1,939,265 1,939,265 Allstate Life Insurance Company #5428 6.15% matures 4/30/99 36,555,296 36,555,296 36,555,296 ------------ ------------ TOTAL CONTRACTS 565,815,319 565,815,319 ------------ ------------ FINANCIAL INSTITUTION POOLS -- 7.8% National Westminster Bank #SAM 0104A 5.80% GEBT Short-Term Investment Fund 34,250 34,250 34,250 Federal Home Loan Mtg. Corporation matures 6/15/99 6.00% 4,104,750 4,112,522 4,112,522 Federal National Mortgage Association matures 6/25/2005 6.25% 2,189,200 2,217,328 2,217,328 Federal Home Loan Mtg. Corporation matures 8/15/2005 6.25% 1,094,600 1,122,163 1,122,163 Federal National Mortgage Association matures 8/25/2005 6.00% 478,888 478,733 478,733 Federal National Mortgage Association matures 8/25/2005 6.00% 3,393,260 3,397,522 3,397,522 Federal National Mortgage Association matures 11/25/2005 7.00% 6,020,300 6,254,335 6,254,335 Federal Home Loan Mtg. Corporation matures 3/15/2007 6.75% 1,641,900 1,704,701 1,704,701 Federal Home Loan Mtg. Corporation matures 5/15/2007 6.25% 2,654,405 2,671,726 2,671,726 Federal Home Loan Mtg. Corporation matures 4/15/2008 6.50% 684,125 691,114 691,114 Federal Home Loan Mtg. Corporation matures 8/15/2008 6.50% 3,428,292 3,480,658 3,480,658
S-4 KRAFT GENERAL FOODS MASTER DEFINED CONTRIBUTION TRUST SCHEDULE I - INVESTMENTS as of December 31, 1993
Column A Column B Column C Column D -------- --------------- ----------- ----------- Face Amount Cost or Number Basis of Name of Issuer and Title of Issue of Shares/Units Investments Fair Value - --------------------------------- --------------- ----------- ----------- Financial Institution Pools (continued) Federal Home Loan Mtg. Corporation matures 4/15/2011 5.00% 2,189,200 $ 2,202,101 $ 2,202,101 Federal National Mortgage Association matures 8/25/2012 5.60% 1,464,028 1,477,414 1,477,414 Federal National Mortgage Association matures 8/25/2013 6.70% 3,831,100 3,863,638 3,863,638 Federal National Mortgage Association matures 9/25/2015 6.00% 2,189,200 2,243,865 2,243,865 Federal Home Loan Mtg. Corporation matures 12/15/2015 6.50% 2,654,405 2,731,043 2,731,043 Federal National Mortgage Association matures 6/25/2016 5.70% 4,050,020 4,107,882 4,107,882 Federal National Mortgage Association matures 7/25/2016 5.65% 2,172,781 2,196,170 2,196,170 Federal National Mortgage Association matures 6/15/2018 7.00% 290,069 305,812 305,812 Federal National Mortgage Association matures 1/25/2020 7.00% 3,831,100 3,992,977 3,992,977 Federal Home Loan Mtg. Corporation matures 5/15/2021 6.50% 711,490 696,488 696,488 ----------- ---------- Total National Westminster Bank Contract 49,982,442 49,982,442 ----------- ---------- Provident Life & Accident #630-05581 5.50% GEBT Short-Term Investment Fund 456,827 456,827 456,827 Federal Home Loan Mtg. Corporation matures 9/15/2002 4.85% 2,471,500 2,506,081 2,506,081 Federal Home Loan Mtg. Corporation matures 1/15/2008 5.78% 2,471,500 2,455,043 2,455,043 Federal Home Loan Mtg. Corporation matures 9/15/2008 6.00% 2,307,293 2,370,467 2,370,467 Federal Home Loan Mtg. Corporation matures 10/15/2008 5.90% 2,807,624 2,818,278 2,818,278 Federal National Mortgage Association matures 6/25/2013 5.00% 2,273,780 2,303,362 2,303,362 Federal National Mortgage Association matures 11/25/2013 5.50% 2,471,500 2,476,900 2,476,900 Federal National Mortgage Association matures 3/25/2018 5.75% 2,471,500 2,516,568 2,516,568
S-5 KRAFT GENERAL FOODS MASTER DEFINED CONTRIBUTION TRUST SCHEDULE I - INVESTMENTS as of December 31, 1993
Column A Column B Column C Column D -------- --------------- ----------- ----------- Face Amount Cost or Number Basis of Name of Issuer and Title of Issue of Shares/Units Investments Fair Value - --------------------------------- --------------- ----------- ----------- Financial Institution Pools (continued) Federal National Mortgage Association matures 9/25/2019 5.50% 2,471,500 $ 2,446,780 $ 2,446,780 Federal National Mortgage Association matures 10/25/2022 5.40% 2,619,790 2,697,637 2,697,637 Federal National Mortgage Association Pool matures 4/1/2023 6.50% 2,471,500 2,495,436 2,495,436 Federal National Mortgage Association matures 8/25/2023 3.00% 2,768,080 2,412,824 2,412,824 Federal Home Loan Mtg. Corporation matures 10/15/2023 7.00% 2,386,891 2,474,258 2,474,258 ----------- ----------- Total Provident Life & Accident Contract 30,430,461 30,430,461 ----------- ----------- Commonwealth Life No. ADA 00044TR 6.29% GEBT Short-Term Investment Fund 1,030,189 1,030,189 1,030,189 Standard Credit Card Master Trust matures 7/7/95 5.88% 2,500,000 2,596,999 2,596,999 U. S. Treasury Note matures 11/15/96 7.25% 1,125,000 1,202,174 1,202,174 U. S. Treasury Note matures 10/31/98 4.75% 1,250,000 1,223,495 1,223,495 MBNA Master Credit Card Trust matures 8/15/99 6.20% 2,500,000 2,561,218 2,561,218 Federal National Mortgage Association matures 9/9/2003 5.97% 525,000 528,921 528,921 Federal Home Loan Mtg. Corporation matures 2/15/2005 6.65% 5,000,000 5,088,752 5,088,752 Federal National Mortgage Association matures 5/25/2005 6.70% 5,000,000 5,098,319 5,098,319 Federal Home Loan Mtg. Corporation matures 8/15/2005 6.70% 5,000,000 5,084,822 5,084,822 Federal National Mortgage Association matures 11/25/2005 7.15% 2,000,000 2,088,833 2,088,833 Federal National Mortgage Association matures 8/25/2006 6.00% 5,000,000 4,886,845 4,886,845 Student Loan Mortgage Association matures 8/1/2007 7.13% 667,000 724,581 724,581 Federal Home Loan Mtg. Corporation matures 11/15/2007 5.50% 7,750,000 7,748,535 7,748,535 Federal National Mortgage Association Pool matures 2/1/2009 7.00% 2,323,186 2,309,841 2,309,841
S-6 KRAFT GENERAL FOODS MASTER DEFINED CONTRIBUTION TRUST SCHEDULE I - INVESTMENTS as of December 31, 1993
Column A Column B Column C Column D --------- --------------- ----------- ----------- Face Amount Cost or Number Basis of Name of Issuer and Title of Issue of Shares/Units Investments Fair Value - --------------------------------- --------------- ----------- ----------- Financial Institution Pools (continued) Federal National Mortgage Association Pool matures 2/1/2009 7.00% 1,000,000 $ 1,018,968 $ 1,018,968 Federal National Mortgage Association Pool matures 2/1/2009 7.00% 2,510,125 2,557,736 2,557,736 Federal National Mortgage Association Pool matures 2/1/2009 7.00% 1,000,000 1,018,968 1,018,968 Federal National Mortgage Association Pool matures 2/1/2009 7.00% 1,014,875 1,034,125 1,034,125 Federal Home Loan Mtg. Corporation matures 5/15/2018 6.00% 2,500,000 2,508,292 2,508,292 Federal Home Loan Mtg. Corporation matures 12/15/2018 6.00% 2,500,000 2,477,814 2,477,814 ----------- ----------- Total Commonwealth Life Insurance Company Contract 52,789,427 52,789,427 ----------- ----------- Total Pools 133,202,330 133,202,330 ----------- ----------- Short-Term Investments -- 2.6% GEBT Short-Term Investment Fund 39,822,815 39,822,815 39,822,815 GEBT Stable Value Government Fund 4,603,223 4,603,223 4,603,223 ----------- ----------- Total Short-Term Investments 44,426,038 44,426,038 44,426,038 ----------- ----------- Total Interest Income Fund 743,443,687 743,443,687 ----------- ----------- Government Securities Fund -- 0.6% Government Securities -- 0.4% United States Treasury Note, 3.875% due 3/31/95 2,000,000 2,000,625 2,000,620 United States Treasury Note, 4.125% due 5/31/95 5,500,000 5,511,172 5,512,045 ----------- ----------- Total Government Securities 7,511,797 7,512,665 ----------- -----------
S-7 KRAFT GENERAL FOODS MASTER DEFINED CONTRIBUTION TRUST SCHEDULE I - INVESTMENTS as of December 31, 1993
Column A Column B Column C Column D -------- --------------- -------------- -------------- Face Amount Cost or Number Basis of Name of Issuer and Title Of Issue of Shares/Units Investments Fair Value - --------------------------------- --------------- -------------- -------------- Government Securities (continued) Short-Term Investments -- 0.2% BT Pyramid Government Securities Cash Fund 3,859,100 $ 3,859,100 $ 3,859,100 -------------- -------------- Total Government Securities Fund 11,370,897 11,371,765 -------------- -------------- U.S. GOVERNMENT SECURITIES FUND -- 0.1% U.S. Government Securities -- 0.1% United States Treasury Note, 5.125% due 5/31/94 400,000 407,656 402,936 United States Treasury Bill, due 7/28/94 500,000 482,984 482,984 -------------- -------------- Total U.S. Government Securities 890,640 885,920 -------------- -------------- Short-Term Investments -- 0.0% BT Pyramid Government Securities Cash Fund 384,616 384,616 384,616 -------------- -------------- Total U.S. Government Securities Fund 1,275,256 1,270,536 -------------- -------------- FREIHOFER EQUITABLE CAPITAL MANAGEMENT FUND -- 0.8% Equitable Capital Management Corporation Combined Equity Account 373 5,433,050 13,175,534 GEBT Short-Term Investment Fund 37,523 37,523 37,523 -------------- -------------- Total Freihofer Equitable Capital Management Fund 5,470,573 13,213,057 -------------- -------------- PARTICIPANTS' LOAN ACCOUNT -- 2.1% Participants' Loans 36,400,988 36,400,988 -------------- -------------- TOTAL INVESTMENTS $1,430,017,641 $1,718,365,971 ============== ==============
S-8 EX-23 2 CONSENT/COOPERS & LYBRAND Exhibit 23 CONSENT of INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the Philip Morris Companies Inc. registration statement on Form S-8 (File No. 33-1479) of the General Foods Employee Thrift-Investment Plan of our report dated March 16, 1994, on our audits of the financial statements of the General Foods Employee Thrift- Investment Plan as of December 31, 1993 and 1992 and for the years ended December 31, 1993, 1992 and 1991, and the financial statement schedule as of December 31, 1993, which report is included in this annual report on Form 11-K. COOPERS & LYBRAND Chicago, Illinois April 13, 1994 -----END PRIVACY-ENHANCED MESSAGE-----