-----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, BpYrD8Xg+/avi9NT99MrN2E1RUhwblrRTLinYOiaHre+Ql22BYPC0BwsHFyIjshz fMXuNXHS/ymsnA5UO/76gQ== 0000082811-99-000015.txt : 19990629 0000082811-99-000015.hdr.sgml : 19990629 ACCESSION NUMBER: 0000082811-99-000015 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990628 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: SEC FILE NUMBER: 001-07283 FILM NUMBER: 99653993 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, 1998 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 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, 1997 and 1998, 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 28, 1999 Kenneth F. Kaplan Fritz Hollenbach - ---------------------- June 28, 1999 Fritz Hollenbach 2 REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997 ----------------------------------------------------- TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ------------------------------------------------------ REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- FINANCIAL STATEMENTS -------------------- DECEMBER 31, 1998 AND 1997 -------------------------- TABLE OF CONTENTS ----------------- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statements of Net Assets Available for Plan Benefits, with Fund Information--As of December 31, 1998 and 1997 Statements of Changes in Net Assets Available for Plan Benefits, with Fund Information--For the Years Ended December 31, 1998 and 1997 NOTES TO FINANCIAL STATEMENTS SCHEDULES SUPPORTING FINANCIAL STATEMENTS Schedule I Item 27a--Schedule of Assets Held for Investment Purposes--December 31, 1998 Schedule II Item 27d--Schedule of Reportable Transactions for the Year Ended December 31, 1998 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, 1998 and 1997, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements and the supplemental schedules referred to below are the responsibility of the Plan administrator. 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, 1998 and 1997, and the changes in its net assets available for plan benefits 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 Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan administrator. The fund information in the statements of net assets available for plan benefits and the statements 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 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, May 28, 1999. REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1998 AND 1997 -------------------------- (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 which allows 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, as amended ("ERISA"). Contributions- ------------- Eligible employees can contribute an amount up to 15% of compensation as defined by the Plan, subject to certain limitations under the IRC. As defined by the Plan, the Company provided a matching contribution for eligible Maxton employees equal to 3% of each participant's contribution for 1998. The Plan also 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 not authorize any discretionary contributions in 1998 or 1997. Participant accounts- -------------------- Participants at all times have a fully vested interest in their individual and Company matching and discretionary contribution accounts. Distributions of participants' accounts are 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 Plan 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. 1 Investment options- ------------------ Participants of the Plan may direct their contributions in 10 percent increments into the following funds held by Marshall & Ilsley Trust Company (the "Trustee"). This election can be changed on any business day, but only once per calendar quarter. (a) M&I Stable Principal Fund- ------------------------- Amounts allocated to this fund are invested in the M&I Stable Principal Fund, a mutual fund whose objective is to maintain safety of principal while generating a level of current income generally exceeding that of a money market fund. The Fund primarily invests in traditional and synthetic investment contracts issued by insurance companies or banks. (b) Marshall Large-Cap Growth & Income Fund Fund- -------------------------------------------- Amounts allocated to this fund are invested in the Marshall Large-Cap Growth and Income Fund, a mutual fund with the goal of providing capital appreciation and income. The Fund invests in a diversified portfolio of common stocks of large-sized companies whose market capitalizations exceed $10 billion and that have a history of stable earnings and/or growing dividends. (c) Regal-Beloit Company Stock Fund- -------------------------- Amounts allocated to this fund are invested in the Regal- Beloit Corporation Master Trust, which invests solely in Regal-Beloit Corporation common stock. Investments in, sales of, and reinvestment in Company stock are 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) Marshall Intermediate Bond Fund- ------------------------------- Amounts allocated to this fund are invested in the Marshall Intermediate Bond Fund, a mutual fund with the goal of maximizing total return consistent with current income. The Fund invests in intermediate-term investment grade bonds and notes including corporate, asset-backed, mortgage-backed and U.S. government securities. (e) Fidelity Balanced Fund- ---------------------- Amounts allocated to this fund are invested in the Fidelity Balanced Fund, a mutual fund whose objective is to generate high income with preservation of capital. The Fund invests in a broadly 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. 2 (f) Strong Opportunity Fund- ----------------------- Amounts allocated to this fund are invested in the Strong Opportunity Fund, a mutual fund which seeks to provide capital growth. At least 70% of the fund's assets will always be invested in the common stocks of growth companies, generally described as small to medium-sized. Investments in the Marshall Large-Cap Growth & Income Fund, M&I Stable Principal Fund, Marshall Intermediate Bond Fund, Fidelity Balanced Fund and Strong 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 up to a maximum of $50,000. Interest at prevailing market rates (ranging from 7.75% to 11.0% as of December 31, 1998) 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, participants shall become fully vested in their account balances. 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 Plan assets and liabilities at the date of the financial statements and reported amounts of investment income and expenses during the reporting periods. Actual results could differ from these estimates. Administrative expenses- ----------------------- The Plan pays all administrative expenses. 3 (4) Investments- ----------- Investments are stated at fair market value as determined by the Trustee by reference to published market data. The Stable Principal Fund primarily invests in guaranteed investment contracts which are fully benefit-responsive. These investment contracts are valued at contract value, which represents the principal balance of the investment contracts, plus accrued interest at the stated contract rate, less payments received and contract charges by the insurance company. Under the terms of the investment contracts, the crediting interest rates are fixed for the life of the contracts or are reset quarterly. The aggregate average yield of the investment contracts for the years ended December 31, 1998 and 1997 was 6.2%. The crediting interest rate for the investment contracts as of December 31, 1998 and 1997 was 5.93 and 6.2%, respectively. There are no limitations on guarantees of the contracts. Net realized and unrealized appreciation (depreciation) is recorded in the accompanying statements of changes in net assets as net appreciation (depreciation) in fair market value of investments. (5) Master Trust- ------------ Effective November 1, 1997, the Plan s investment in Company stock was commingled with the investment in Company stock of another Company plan into the Regal-Beloit Corporation Master Trust (the "Master Trust"). Effective April 1, 1998, the investment in Company stock of three other Company plans were commingled into the Master Trust. Investments of the Master Trust are carried at current market value as determined by the Trustee through reference to published data. Earnings, market adjustments, fees and expenses relating to investment transactions are allocated by the Trustee to the participating plans based on each plan's share of Trust assets. The assets of the Plan are commingled and are not segregated in the accounts of the Trust. The market value of the assets held in the Trust as of December 31, 1998 and 1997 is as follows: 1998 1997 ----------- ----------- Regal-Beloit Corporation Stock $14,374,579 $16,240,894 Marshall Money Market Fund 154,077 - Accrued Income 74,145 - ----------- ----------- Total Assets of the Master Trust $14,602,801 $16,240,894 4 Allocations of assets of the Master Trust to participating plans as of December 31, 1998 and 1997 are as follows:
1998 1997 ------------------- -------------------- Amount Percent Amount Percent ---------- ------- ---------- ------- Regal-Beloit Corporation Personal Savings Plan $ 6,805,476 46.60% $8,235,387 50.71% Regal-Beloit Corporation Profit Sharing Plan 6,568,489 44.98 8,005,507 49.29 Regal-Beloit Corporation Savings and Protection Plan 475,749 3.26 - - Marathon Electric Salaried 401(k) Savings Plan 635,779 4.36 - - Marathon Electric Hourly 401(k) Savings Plan 117,308 0.80 - - ----------- ------- ---------- ------- Total assets of the Master Trust $14,602,801 100.00% $16,240,894 100.00% =========== ======= =========== =======
Master Trust income for the years ended December 31, 1998 and 1997 is as follows:
INCOME 1998 1997 ------ ------------ ----------- Investment income- Interest $ 23,602 $ 2,047 Dividends 280,725 64,237 Net (depreciation) appreciation in fair market value of Regal-Beloit Corporation Common Stock (3,979,555) 1,437,570 ------------ ----------- Total investment Master Trust (loss) income (3,675,228) 1,503,854 ============ ===========
(6) 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. (7) Related Party Transactions- -------------------------- Plan assets are invested in common funds of the Trustee. In addition, the Plan's Master Trust invests in securities of the Company. These transactions are not considered prohibitive transactions by statutory exemption under ERISA regulations. SCHEDULE I REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ----------------------------------------------------------- DECEMBER 31, 1998 ----------------- Number of Market Shares Description of Security Cost Value - ------ --------------------------------------- ------------ ------------ 793 Cash and cash equivalents $ 793 $ 793 288,544 Regal-Beloit Company Stock Fund (*) 6,164,215 6,805,476 172,571 Marshall Large-Cap Growth & Income Fund (*) 2,266,711 2,819,803 4,785,734 M & I Stable Principal Fund (*) 4,785,734 4,785,734 98,470 Marshall Intermediate Fond Fund (*) 950,729 938,417 115,421 Fidelity Balanced Fund 1,656,747 1,888,288 97,270 Strong Opportunity Fund 3,582,789 3,756,555 ----------- ----------- Total Investment $19,367,718 $20,995,066 951,120 Loans to Participants (Interest Rates: 7.75% - 11.0%) $ 951,120 951,120 =========== =========== (*) Represents a part-in-interest The accompanying notes are an integral part of this schedule. 6
SCHEDULE II REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS ---------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1998 ------------------------------------ Identity of Party Number Selling Net Involved/Description of Purchase of Selling Cost of Gain/ of Asset Purchases Price Sales Price Asset Sold (Loss) - ---------------------------------- --------- ---------- ------- --------- ---------- --------- Marshall Large-Cap Growth & Income Fund (*) 141 $ 646,942 96 $446,307 $380,926 $ 65,381 Strong Opportunity Fund 164 $ 965,411 119 $549,927 $515,397 $ 34,530 Regal-Beloit Company Stock Fund (*) 162 $1,300,344 124 $978,362 $761,611 $216,751 M&I Stable Principal Fund (*) 168 $1,241,674 108 $917,153 $917,153 $ -- (*) Represents a party-in-interest The accompanying notes are an integral part of this schedule.
7 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 28, 1999. 8 Consent of Independent Public Accountants ----------------------------------------- As independent public accountants, we hereby consent to the incorporation of our report included in this Form 10-K/A 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 28, 1999. 9
REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1998 ----------------------- Fund Information ---------------------------------------------------------------------------------------------- M&I Marshall Regal- Marshall Stable Large-Cap Beloit Intermediate Fidelity Strong Principal Growth & Company Bond Balanced Opportunity Loan Combined ASSETS Fund Income Stock Fund Fund Fund Fund Fund Plan Total ------ --------- ---------- ---------- ------------ ---------- ----------- -------- ---------- INVESTMENTS AT FAIR MARKET VALUE: Cash $ 793 $ - $ - $ - $ - $ - $ - $ 793 Mutual Funds 4,785,734 2,819,803 - 938,417 1,888,288 3,756,555 - 14,188,797 Investment in Master Trust - - 6,805,476 - - - - 6,805,476 Loans to participants - - - - - - 951,120 951,120 ---------- ---------- ---------- ---------- ---------- ---------- -------- ----------- 4,786,527 2,819,803 6,805,476 938,417 1,888,288 3,756,555 951,120 21,946,186 RECEIVABLES: Participants' contributions 7,344 2,123 5,327 864 1,598 3,216 - 20,472 Employer contributions 2,079 1,225 2,956 408 820 1,632 - 9,120 Accrued interest and dividends 24,801 - - 4,568 - - - 29,369 --------- ---------- ---------- ---------- ---------- ---------- -------- ----------- 34,224 3,348 8,283 5,840 2,418 4,848 - 58,961 Total assets 4,820,751 2,823,151 6,813,759 944,257 1,890,706 3,761,403 951,120 22,005,147 ---------- ---------- ---------- ---------- ---------- ---------- -------- ----------- LIABILITIES ----------- ACCRUED ADMINISTRATIVE FEES 813 315 1,003 124 215 478 152 3,100 ---------- ---------- ---------- ---------- ---------- ---------- -------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,819,938 $2,822,836 $6,812,756 $ 944,133 $1,890,491 $3,760,925 $950,968 $22,002,047 ========== ========== ========== ========== ========== ========== ======== =========== The accompanying notes are an integral part of this statement.
10
REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1997 ----------------------- Fund Information ------------------------------------------------------------------------------------------------- M&I Marshall Regal- Marshall Stable Large-Cap Beloit Intermediate Fidelity Strong Principal Growth & Company Bond Balanced Opportunity Loan Combined ASSETS Fund Income Stock Fund Fund Fund Fund Fund Plan Total ------ --------- ---------- ---------- ------------ ---------- ---------- --------- ----------- INVESTMENTS AT FAIR MARKET VALUE: Cash $ 156 $ - $ - $ - $ - $ - $ - $ 156 Mutual Funds 4,461,214 2,172,587 8,235,387 776,799 1,397,957 3,262,335 - 12,070,892 Investment in Master Trust - - - - - - - 8,235,387 Loans to participants - - - - - - 752,699 752,699 ---------- ---------- ---------- -------- ---------- ---------- --------- ----------- 4,461,370 2,172,587 8,235,387 776,799 1,397,957 3,262,335 752,699 $21,059,134 RECEIVABLES: Participants' contributions 3,735 3,302 7,801 1,957 3,491 7,496 - 27,782 Accrued interest and dividends 23,608 - - 3,980 - - - 27,588 ---------- ---------- ---------- -------- ---------- ---------- --------- ----------- 27,343 3,302 7,801 5,937 3,491 7,496 - 55,370 ---------- ---------- ---------- -------- ---------- ---------- --------- ----------- Total assets 4,488,713 2,175,889 8,243,188 782,736 1,401,448 3,269,831 752,699 21,114,504 ---------- ---------- ---------- -------- ---------- ---------- --------- ----------- LIABILITIES ----------- DUE TO BROKERS 2,499 - - - - - - 2,499 ACCRUED ADMINISTRATIVE FEES 813 315 1,003 124 215 478 152 3,100 ---------- ---------- ---------- -------- ---------- ---------- --------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $4,485,401 $2,175,574 $8,242,185 $782,612 $1,401,233 $3,269,353 $ 752,547 $21,108,905 ========== ========== ========== ======== ========== ========== ========= =========== The accompanying notes are an integral part of this statement.
11
REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS -------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1998 ------------------------------------ Fund Information ------------------------------------------------------------------------------------------- M&I Marshall Regal- Marshall Stable Large-Cap Beloit Intermediate Fidelity Strong Principal Growth & Company Bond Balanced Opportunity Loan Combined Fund Income Stock Fund Fund Fund Fund Fund Plan Total --------- ---------- ---------- ------------ -------- ----------- -------- ---------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Participant contributions $ 596,648 $ 221,194 $ 712,672 $ 90,122 $ 180,208 $ 425,239 $ - $ 2,226,083 Participant rollovers 9,037 14,251 189,032 12,907 13,811 35,213 - 274,251 Employer contributions 3,412 1,904 4,668 484 1,585 3,634 - 15,687 Investment income- Interest and dividends 277,890 8,645 - 48,440 45,661 90 85,482 466,208 Net appreciation (depreciation) in fair market value of investments - 573,426 (1,673,834) 410 256,536 180,454 - (663,008) ---------- ---------- ----------- --------- ---------- ----------- -------- ----------- Total additions 886,987 819,420 (767,462) 152,363 497,801 644,630 85,482 2,319,221 ---------- ---------- ----------- --------- ---------- ---------- -------- ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Administrative fees 31,770 9,449 21,558 2,944 4,522 12,181 (37,437) 44,987 Benefits paid to participants 433,742 174,260 444,886 64,687 60,211 131,936 71,370 1,381,092 ---------- ---------- ----------- --------- ---------- ---------- --------- ----------- Total deductions 465,512 183,709 466,444 67,631 64,733 144,117 33,933 1,426,079 ---------- ---------- ----------- --------- ---------- ---------- --------- ----------- TRANSFERS BETWEEN FUNDS (86,938) 11,551 (195,523) 76,789 56,190 (8,941) 146,872 - NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 4,485,401 2,175,574 8,242,185 782,612 1,401,233 3,269,353 752,547 21,108,905 ---------- ---------- ----------- --------- ---------- ---------- --------- ----------- End of year $4,819,938 $2,822,836 $6,812,756 $944,133 $1,890,491 $3,760,925 $950,968 $22,002,047 ========== ========== =========== ========= ========== ========== ========= =========== The accompanying notes are an integral part of this statement.
12
REGAL-BELOIT CORPORATION ------------------------ PERSONAL SAVINGS PLAN --------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS -------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1997 ------------------------------------ Fund Information --------------------------------------------------------------------------------------------- M&I Marshall Regal- Marshall Stable Large-Cap Beloit Intermediate Fidelity Strong Principal Growth & Company Bond Balanced Opportunity Loan Combined Fund Income Stock Fund Fund Fund Fund Fund Plan Total --------- -------- ---------- ------------ --------- ----------- -------- ----------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Participant contributions $ 616,913 $ 196,766 $ 644,976 $ 86,147 $ 155,606 $ 409,137 $ - $ 2,109,545 Participant rollovers 18,254 8,776 22,026 75 4,320 12,629 - 66,080 Investment income- Interest and dividends 264,028 13,225 - 42,292 43,238 7,720 72,818 443,321 Net appreciation in fair market value of investments - 412,200 2,694,626 5,441 207,017 579,611 - 3,898,895 ---------- ---------- ---------- ----------- ---------- ----------- --------- --------- Total additions 899,195 630,967 3,361,628 133,955 410,181 1,009,097 72,818 6,517,841 ---------- ---------- ---------- ----------- ---------- ----------- --------- --------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Administrative fees 30,632 13,875 29,861 4,849 5,229 15,128 - 99,574 Benefits paid to participants 404,844 144,243 304,506 25,846 63,565 199,715 104,124 1,246,843 ---------- ---------- ---------- ----------- ---------- ----------- ---------- --------- Total deductions 435,476 158,118 334,367 30,695 68,794 214,843 104,124 1,346,417 ---------- ---------- ---------- ----------- ---------- ----------- ---------- --------- TRANSFERS BETWEEN FUNDS (176,364) 90,295 65,016 43,106 (43,227) 37,256 (16,082) - NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 4,198,046 1,612,430 5,149,908 636,246 1,103,073 2,437,843 799,935 15,937,481 ---------- ---------- ---------- ----------- ---------- ---------- ---------- ----------- End of year $4,485,401 $2,175,574 $8,242,185 $782,612 $1,401,233 $3,269,353 $752,547 $21,108,905 ========== ========== ========== =========== ========== ========== ========== =========== The accompanying notes are an integral part of this statement.
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