-----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, Gxx9VmT1gqJC/v+V3+nP5M1kpfU+1g4H0801Rn0SmNBm93zRUuWnRjdadihBj5qy CCpO031am+oLEz0pw1uwJg== 0000082811-97-000015.txt : 19970701 0000082811-97-000015.hdr.sgml : 19970701 ACCESSION NUMBER: 0000082811-97-000015 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGAL BELOIT CORP CENTRAL INDEX KEY: 0000082811 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 390875718 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07283 FILM NUMBER: 97632471 BUSINESS ADDRESS: STREET 1: 200 STATE ST CITY: BELOIT STATE: WI ZIP: 53511 BUSINESS PHONE: 6083648800 MAIL ADDRESS: STREET 1: 200 STATE STREET CITY: BELOIT STATE: WI ZIP: 53511-6254 FORMER COMPANY: FORMER CONFORMED NAME: BELOIT TOOL CORP DATE OF NAME CHANGE: 19730522 FORMER COMPANY: FORMER CONFORMED NAME: RECORD A PUNCH CORP DATE OF NAME CHANGE: 19690320 11-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------- FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1996 OR [ ] TRANSACTION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 1-7283 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: REGAL-BELOIT CORPORATION PERSONAL SAVINGS PLAN B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: REGAL-BELOIT CORPORATION 200 STATE STREET BELOIT, WI 53511 1 REQUIRED INFORMATION Regal-Beloit Corporation Personal Savings Plan ("Plan") is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the financial statements and schedules of the Plan for the two fiscal years ended December 31, 1995 and 1996, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference. SIGNATURES The Plan. Pursuant to the requirements of the Securities and Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. REGAL-BELOIT CORPORATION PERSONAL SAVINGS PLAN By: Regal-Beloit Corporation Personal Savings Plan Administrative Committee KENNETH F. KAPLAN - --------------------------------- June 25, 1997 Kenneth F. Kaplan FRITZ HOLLENBACH - --------------------------------- June 25, 1997 Fritz Hollenbach 2 APPENDIX 1 REGAL-BELOIT CORPORATION PERSONAL SAVINGS FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1996, SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1996 AND INDEPENDENT AUDITORS' REPORT 3 REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- FINANCIAL STATEMENTS AS OF DECEMBER 31, 1996 AND 1995 ----------------------------------------------------- TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ------------------------------------------------------ 4 REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- FINANCIAL STATEMENTS -------------------- DECEMBER 31, 1996 AND 1995 -------------------------- TABLE OF CONTENTS ----------------- Page ---- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS 6 FINANCIAL STATEMENTS Statements of Net Assets Available for Plan Benefits December 31, 1996 and 1995 8-9 Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 1996 and 1995 10-11 NOTES TO FINANCIAL STATEMENTS 12-15 SCHEDULES SUPPORTING FINANCIAL STATEMENTS Schedule I: Item 27a Schedule of Assets Held for Investment Purposes December 31, 1996 16 Schedule II: Item 27d Schedule of Reportable Transactions for the Year Ended December 31, 1996 17 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS 18 5 ARTHUR ANDERSEN LLP REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Plan Administrator of the Regal-Beloit Corporation Personal Savings Plan: We have audited the accompanying statements of net assets available for plan benefits, with fund information, of Regal-Beloit Corporation Personal Savings Plan as of December 31, 1996 and 1995, and the related statements of changes in net assets available for plan benefits, with fund information, for the years then ended. These financial statements and the supplemental schedules referred to below are the responsibility of the plan's management. Our responsibility is to express an opinion on these financial statements and supplemental schedules 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 plan benefits, with fund information, of the plan as of December 31, 1996 and 1995, and the changes in its net assets available for plan benefits, with fund information, for the years then ended 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 as listed in the accompanying table of contents 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 plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes 6 -2- and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ARTHUR ANDERSEN LLP ----------------------------------- ARTHUR ANDERSEN LLP Milwaukee, Wisconsin, April 14, 1997. 7 REGAL-BELOIT CORPORATION ------------------------
PERSONAL SAVINGS PLAN --------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1996 ----------------------- Fund Information ------------------------------------------------------------------------------ Fixed Company Income Equity Stock Bond Balanced Opportunity Loan Combined ASSETS Fund Fund Fund Fund Fund Fund Fund Plan Total ------ --------- --------- --------- --------- --------- ----------- ------- -------------- RECEIVABLES: Employee contributions $ 3,763 $ 2,141 $ 6,236 $ 1,831 $ 2,519 $ 5,366 $ - $ 21,856 Accrued interest and dividends 21,070 - - 3,193 - - - 24,263 ---------- ---------- --------- --------- ---------- ---------- ------- -------------- 24,833 2,141 6,236 5,024 2,519 5,366 - 46,119 INVESTMENTS AT FAIR VALUE: Cash and cash equivalents 15,582 - - - - - - 15,582 M&I Employee Benefit Stable Principal Fund 4,164,108 - - - - - - 4,164,108 Marshall Stock Fund - 1,613,715 - - - - - 1,613,715 Regal-Beloit Corporation Common Stock - - 5,141,276 - - - - 5,141,276 Marshall Intermediate Bond Fund - - - 634,175 - - - 634,175 Fidelity Balanced Fund - - - - 1,104,055 - - 1,104,055 Strong Opportunity Fund - - - - - 2,452,865 - 2,452,865 ---------- ---------- ---------- -------- ---------- ---------- --------- ----------- 4,179,690 1,613,715 5,141,276 634,175 1,104,055 2,452,865 15,125,776 LOANS TO PARTICIPANTS - - - - - - 800,087 800,087 ---------- ---------- ---------- -------- ---------- ---------- --------- ----------- Total assets 4,204,523 1,615,856 5,147,512 639,199 1,106,574 2,458,231 800,087 15,971,982 ---------- ---------- ---------- -------- ---------- ---------- --------- ----------- LIABILITIES ----------- DUE TO (FROM) BROKERS 5,664 3,111 (3,399) 2,829 3,286 19,910 - 31,401 ACCRUED ADMINISTRATIVE FEES 813 315 1,003 124 215 478 152 3,100 ---------- ---------- ----------- -------- ---------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,198,046 $1,612,430 $5,149,908 $636,246 $1,103,073 $2,437,843 $799,935 $15,937,481 ========== ========== ========== ======== ========== ========== ======== =========== The accompanying notes are an integral part of this statement
8 REGAL-BELOIT CORPORATION ------------------------
PERSONAL SAVINGS PLAN --------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1995 ----------------------- Fund Information ----------------------------------------------------------------------------------------- Fixed Company Income Equity Stock Bond Balanced Opportunity Loan Combined ASSETS Fund Fund Fund Fund Fund Fund Fund Plan Total ------ ---------- ---------- ---------- -------- -------- ----------- -------- ----------- RECEIVABLES: Employee contributions $ 31,766 $ 7,260 $ 22,177 $ 4,579 $ 8,452 $ 14,488 $ - $ 88,722 Employer contributions (Note 3) 41,610 11,180 29,865 6,000 7,195 17,350 - 113,200 Accrued interest and dividends 19,950 1 22,672 3,270 4 19 3,025 48,941 ---------- ---------- ---------- -------- -------- ---------- -------- ----------- 93,326 18,441 74,714 13,849 15,651 31,857 3,025 250,863 INVESTMENTS AT FAIR VALUE: Cash and cash equivalents - - - - - - 366 366 Marshall Money Market Fund - - 59,147 - 5 - - 59,152 M&I Employee Benefit Stable Principal Fund 3,819,912 - - - - - - 3,819,912 Marshall Stock Fund - 1,379,462 - - - - - 1,379,462 Regal-Beloit Corporation Common Stock - - 4,890,792 - - - - 4,890,792 Marshall Intermediate Bond Fund - - - 611,098 - - - 611,098 Fidelity Balanced Fund - - - - 914,930 - - 914,930 Strong Opportunity Fund - - - - - 1,830,176 - 1,830,176 ---------- ---------- ---------- -------- -------- ---------- -------- ----------- 3,819,912 1,379,462 4,949,939 611,098 914,935 1,830,176 - 13,505,888 LOANS TO PARTICIPANTS - - - - - - 530,254 530,254 ---------- ---------- ---------- -------- -------- ---------- -------- ----------- Total assets 3,913,238 1,397,903 5,024,653 624,947 930,586 1,862,033 533,645 14,287,005 ---------- ---------- ---------- -------- -------- ---------- -------- ----------- LIABILITIES ----------- ACCRUED ADMINISTRATIVE FEES 12,750 5,178 5,312 1,477 1,331 2,755 - 28,803 ---------- ---------- ---------- -------- -------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,900,488 $1,392,725 $5,019,341 $623,470 $929,255 $1,859,278 $533,645 $14,258,202 ========== ========== ========== ======== ======== ========== ======== =========== The accompanying notes are an integral part of this statement.
9 REGAL-BELOIT CORPORATION ------------------------
PERSONAL SAVINGS PLAN --------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS -------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1996 ------------------------------------ Fund Information ---------------------------------------------------------------------------- Fixed Company Income Equity Stock Bond Balanced Opportunity Loan Combined Fund Fund Fund Fund Fund Fund Fund Plan Total ---------- ---------- ---------- -------- ---------- ----------- -------- ----------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Employee contributions $ 592,494 $ 176,998 $ 579,689 $ 79,647 $ 143,344 $ 348,830 $ - $ 1,921,002 Employee rollovers 9,707 11,434 102,943 560 3,859 18,359 - 146,862 Investment income- Interest and dividends 240,364 24,193 1 38,204 48,213 15,163 66,883 433,021 Net appreciation in fair market value of investments - 190,946 (369,552) (21,633) 47,269 339,055 - 186,085 ---------- ---------- ----------- --------- ---------- ---------- -------- ----------- Total additions 842,565 403,571 313,081 96,778 242,685 721,407 66,883 2,686,970 ---------- ---------- ----------- --------- ---------- ---------- -------- ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Administrative fees 17,191 16,404 3,428 6,730 4,259 10,814 152 58,978 Benefits paid to participants 376,859 154,926 216,522 35,211 44,913 85,546 34,736 948,713 ---------- ---------- ----------- ---------- --------- ---------- -------- ----------- Total deductions 394,050 171,330 219,950 41,941 49,172 96,360 34,888 1,007,691 ---------- ---------- ----------- ---------- --------- ---------- -------- ----------- TRANSFERS BETWEEN FUNDS (150,957) (12,536) 37,436 (42,061) (19,695) (46,482) 234,295 - NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 3,900,488 1,392,725 5,019,341 623,470 929,255 1,859,278 533,645 14,258,202 ---------- ---------- ---------- -------- ---------- ---------- -------- ----------- End of year $4,198,046 $1,612,430 $5,149,908 $636,246 $1,103,073 $2,437,843 $799,935 $15,937,481 ========== ========== ========== ======== ========== ========== ======== =========== The accompanying notes are an integral part of this statement.
10 REGAL-BELOIT CORPORATION ------------------------
PERSONAL SAVINGS PLAN --------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS -------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1995 ------------------------------------ Fund Information --------------------------------------------------------------------------------- Fixed Company Income Equity Stock Bond Balanced Opportunity Loan Combined Fund Fund Fund Fund Fund Fund Fund Plan Total ---------- ---------- ---------- --------- ---------- ----------- --------- ---------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Employee contributions $ 645,378 $ 165,364 $ 493,157 $ 81,512 $ 147,293 $ 271,763 $ - $1,804,467 Employee rollovers 7,371 34,336 25,901 10,381 1,569 25,449 - 105,007 Employer contributions (Note 3) 41,610 11,180 29,865 6,000 7,195 17,350 - 113,200 Investment income- Interest and dividends 228,029 19,647 87,259 37,035 37,052 10,387 46,705 466,114 Net appreciation in fair market value of investments - 321,903 1,729,938 42,080 78,792 345,657 - 2,518,370 ----------- ----------- ---------- --------- ---------- --------- --------- ---------- Total additions 922,388 552,430 2,366,120 177,008 271,901 670,606 46,705 5,007,158 ----------- ----------- ---------- --------- ---------- --------- --------- ---------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Administrative fees 29,350 13,992 11,306 4,377 3,388 5,920 - 68,333 Benefits paid to participants 343,922 120,147 185,056 20,768 43,136 34,141 45,408 792,578 ----------- ----------- ---------- --------- ---------- --------- --------- ---------- Total deductions 373,272 134,139 196,362 25,145 46,524 40,061 45,408 860,911 ----------- ----------- ---------- --------- ---------- --------- --------- ---------- TRANSFERS BETWEEN FUNDS (28,154) (5,093) 113,305 (4,794) (100,347) 55,890 (30,807) - NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 3,379,526 979,527 2,736,278 476,401 804,225 1,172,843 563,155 10,111,955 ----------- ----------- ---------- --------- --------- ---------- ---------- ----------- End of year $3,900,488 $1,392,725 $5,019,341 $623,470 $929,255 $1,859,278 $533,645 $14,258,202 =========== =========== ========== ========= ========= ========== ========== =========== The accompanying notes are an integral part of this statement.
11 REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1996 AND 1995 -------------------------- (1) Description of the Plan- ------------------------ The following description of the Regal-Beloit Corporation Personal Savings Plan (the "Plan") is provided for general information purposes only. More complete information regarding the Plan's provisions may be found in the Plan document. General- -------- The Plan is a defined contribution plan established on July 1, 1988, to allow eligible employees to defer compensation as permitted under Section 401(k) of the Internal Revenue Code. The Plan covers substantially all employees of Regal-Beloit Corporation (the "Company") with at least six months of service with the Company and who are not covered under separate plans. The Plan is subject to the U.S. Employee Retirement Income Security Act of 1974 ("ERISA"). Participant accounts- --------------------- Participants at all times have a fully vested interest in their individual and Company contribution accounts. Distributions of participants' accounts can be made in lump-sum amounts upon normal retirement from the Company, upon the death of the participant and upon termination of employment. Withdrawals for financial hardship can be made in accordance with certain governmental regulations. Earnings on the investments of the Trust are allocated to the participants' accounts based on the proportion of the participant's account to the total of all participants' accounts at the end of each business day. Investment options- ------------------- Participants of the Plan may direct their contributions into the following funds held by Marshall & Ilsley Trust Company (the "Trustee"): 12 (a) Fixed Income Fund ----------------- Amounts allocated to the Fixed Income Fund are invested in a mutual fund with securities and obligations which produce a fixed rate of investment return, including but not limited to, United States government securities, corporate bonds, notes, debentures or any fixed income trust fund or funds maintained by the Trustee or its affiliates or other banks, or any contracts issued by insurance companies or other financial institutions. (b) Equity Fund- ------------ Amounts allocated to the Equity Fund are invested in a mutual fund with equity type securities, without regard to whether such investments pay dividends or other forms of return, including but not limited to, common stock or other securities or obligations convertible or exercisable into equity securities or any mutual fund or equity common trust fund or funds maintained by the Trustee or its affiliate or other banks. (c) Company Stock Fund- ------------------- Amounts allocated to the Company Stock Fund are invested in Regal-Beloit Corporation common stock. Investments in, sales of, and reinvestment in Company Stock shall be made on the open market, from the Company or its affiliates or in negotiated transactions with independent parties pursuant to the direction of the Plan Administrator. (d) Bond Fund- ---------- This fund invests in a mutual fund which holds Government and Corporate bonds to generate a high level of current income while minimizing market volatility. (e) Balanced Fund- -------------- Amounts allocated to the Balanced Fund seek income, consistent with preservation of capital. The Fund invests in a mutual fund with a diversified portfolio of high yielding securities, including common and preferred stocks, and bonds. At least 25% of its assets will always be invested in fixed income securities. (f) Opportunity Fund- ----------------- Amounts allocated to the Opportunity Fund are invested in a mutual fund which seeks to provide capital appreciation by investing in growth and aggressive growth stocks. At least 70% of the fund's assets will always be invested in the common stocks of growth companies, generally described as small to mid-size. 13 Investments in the Equity Fund, Fixed Income Fund, Balanced Fund and Opportunity Fund are effected in the open market or through collective investment funds of the Trustee. (g) Loan fund- ---------- This fund permits a participant to borrow from their individual account an amount limited to 50% of their account balance to a maximum of $50,000. Interest at prevailing market rates (ranging from 8% to 11% as of December 31, 1996) is charged on the loan, but is credited as income to the individual participant's account. Only one loan is allowed at any one time, and the maximum term is five years, unless the loan is used for the acquisition of the participant's primary residence, for which the term of the loan may be extended beyond the five year period. Plan termination- ----------------- The Company may terminate the Plan at any time. In the event of termination, or complete discontinuance of contributions, the rights of all participants to their accounts shall become fully vested and nonforfeitable. Distribution upon termination or complete discontinuance of contributions will be made in a manner selected by the Trustee. Presently, the Company has no intention to terminate the Plan. (2) Significant Accounting Policies- -------------------------------- Basis of accounting- -------------------- The financial statements have been prepared on the accrual basis of accounting. Use of accounting estimates- ---------------------------- The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Administrative expenses- ------------------------ The Plan pays all administrative expenses. (3) Funding Policy- --------------- The Plan provides for discretionary Company contributions subject to the Board of Director's authorization to be allocated to the individual participant's account based on the proportion of a participant's compensation to the total compensation of all participants. The Board did 14 not authorize a discretionary contribution in 1996. In October 1995, the Company's Board of Directors approved an incentive contribution of $100 to each employee participating or enrolled to participate in the Plan as of December 31, 1995. All other contributions have been made on a voluntary basis by employees. Participants who contribute may elect to have their contributions invested in increments of 10% among any combination of the funds. This election can be changed on any business day, but only once per calendar quarter. (4) Investments- ------------ Investments are stated at fair market value as determined by the Trustee by reference to published market data. Net realized and unrealized appreciation (depreciation) is recorded in the accompanying statements of changes in net assets as net appreciation in fair market value of investments. (5) Income Tax Status- ------------------ The Plan has received a favorable tax determination letter dated February 4, 1997, indicating that the Plan is a qualified plan under Sections 401(a) and 401(k) of the Internal Revenue Code and is exempt from Federal income taxes under Section 501(a) of the Code. There have been no Plan amendments adopted since the last tax determination letter. In the opinion of the Company's management, the Plan remains tax-exempt. (6) Related Party Transactions- --------------------------- Plan assets are invested in common funds of the Trustee. In addition, the Plan invests in securities of the Company. These transactions are not considered prohibitive transactions by statutory exemption under ERISA regulations. 15 SCHEDULE I REGAL-BELOIT CORPORATION ------------------------
PERSONAL SAVINGS PLAN --------------------- ITEM 27a SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES -------------------------------------------------------- DECEMBER 31, 1996 ----------------- Number of Market Shares Description of Security Cost Value - --------- ---------------------------------------------------- ------------ ----------- - Cash and cash equivalents $ 15,582 $ 15,582 256,133 Regal-Beloit Corporation Common Stock (*) 5,196,131 5,141,276 136,640 Marshall Stock Fund (*) 1,657,310 1,613,715 4,164,108 M&I Employee Benefit Stable Principal Fund (*) 4,164,108 4,164,108 67,180 Marshall Intermediate Bond Fund (*) 655,405 634,175 78,413 Fidelity Balanced Fund 1,045,566 1,104,055 69,565 Strong Opportunity Fund 2,435,757 2,452,865 ----------- ---------- Total Investments $15,154,277 $15,125,776 =========== =========== Loans to Participants (Interest Rates: 8% - 11%)(*) $ - $ 800,087 =========== =========== (*) Represents a party-in-interest The accompanying notes are an integral part of this schedule.
16 SCHEDULE II REGAL-BELOIT CORPORATION ------------------------
PERSONAL SAVINGS PLAN --------------------- ITEM 27d SCHEDULE OF REPORTABLE TRANSACTIONS ---------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1996 ------------------------------------ Identity of Party Number Number Net Involved/Description of Purchase of Selling Cost of Gain/ of Asset Purchases Price Sales Price Asset Sold (Loss) - ---------------------------------------------- --------- ---------- ------ -------- ---------- -------- Regal-Beloit Corporation Common Stock(*) 97 $963,094 82 $501,288 $530,449 $(29,161) M&I Employee Benefit Stable Principal Fund (*) 108 1,137,269 82 793,072 793,072 - Strong Opportunity Fund 121 906,452 73 362,343 358,175 4,168 (*) Represents a party-in-interest The accompanying notes are an integral part of this schedule
17 Consent of Independent Public Accountants ----------------------------------------- As independent public accountants, we hereby consent to the incorporation of our report included in this form 11-K into the previously filed Form S-8 Registration Statement of Regal-Beloit Corporation (File No. 1-7283). ARTHUR ANDERSEN LLP ------------------------------------ ARTHUR ANDERSEN LLP Milwaukee, Wisconsin, June 23, 1997. 18 -----END PRIVACY-ENHANCED MESSAGE-----