-----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, C82GA2cHCBWxTafFLCcjIEdw4os55+8PZHPTG5ZpmxXzoTk5AjXH1FjPqboMF48Q Qi1lRhUchWPXLQAGDKIgIA== 0000082811-99-000019.txt : 19990701 0000082811-99-000019.hdr.sgml : 19990701 ACCESSION NUMBER: 0000082811-99-000019 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990630 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: 99655850 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 Commission file number 333-48795 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: MARATHON ELECTRIC HOURLY 401(k) SAVINGS PLAN 100 EAST RANDOLPH STREET WAUSAU, WISCONSIN 54401 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 Marathon Electric Hourly 401(k) Savings Plan ("Plan") is subject to the Employee Retirment 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 under- signed hereunto duly authorized. MARATHON ELECTRIC HOURLY 401(k) SAVINGS PLAN By: Marathon Electric Hourly 401(k) Savings Plan Administrative Commitee and Plan Administrator Kenneth F. Kaplan June 25, 1999 - ---------------------------------- Kenneth F. Kaplan David Eisenreich June 25, 1999 - ---------------------------------- David Eisenreich APPENDIX I MARATHON ELECTRIC HOURLY 401(k) SAVINGS PLAN FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1998, SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1998 AND INDEPENDENT AUDITOR'S REPORT MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- HOURLY 401(k) SAVINGS PLAN -------------------------- FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997 ----------------------------------------------------- TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ------------------------------------------------------ MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- HOURLY 401(k) SAVINGS PLAN -------------------------- FINANCIAL STATEMENTS -------------------- AS OF DECEMBER 31, 1998 AND 1997 -------------------------------- TABLE OF CONTENTS ----------------- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statement of Net Assets Available for Plan Benefits, with Fund Information, as of December 31, 1998 and 1997 Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information, for the Year Ended December 31, 1998 NOTES TO FINANCIAL STATEMENTS SCHEDULES SUPPORTING FINANCIAL STATEMENTS: Schedule I: Item 27a--Schedule of Assets Held for Investment Purposes as of December 31, 1998 Schedule II: Item 27d--Schedule of 5% Reportable Transactions for the Year Ended December 31, 1998 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Plan Administrator of the Marathon Electric Manufacturing Corporation Hourly 401(k) Savings Plan: We have audited the accompanying statements of net assets available for plan benefits of the Marathon Electric Manufacturing Corporation Hourly 401(k) Savings Plan as of December 31, 1998 and 1997 and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1998. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As described in Note 2, these financial statements were prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1998 and 1997 and the changes in its net assets available for plan benefits, for the year ended December 31, 1998 on the basis of accounting described in Note 2. -2- 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 supplemental schedules are the responsibility of the Plan's management. The fund information in the statement of net assets available for benefits and the statement of changes in net assets available for 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, June 10, 1999. MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- MARATHON ELECTRIC HOURLY 401(k) SAVINGS PLAN -------------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1998 AND 1997 -------------------------- (1) Description of Plan and Funding Policy- -------------------------------------- The following description of the Marathon Electric Manufacturing Corporation Hourly 401(k) Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. General- ------- The Plan is a defined contribution plan covering all hourly employees and truck drivers of the Marathon Electric Manufacturing Corporation and its subsidiary, the Marathon Special Products Corporation (referred to collectively as the "Company"). An employee becomes eligible to participate in the Plan on the first day of the month subsequent to the latest of the employee obtaining the age of 21 or completion of the qualifying period. The qualifying period is defined as the 12 month period commencing after the date of employment or subsequent to January 1, upon completion of at least 1,000 service hours. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. Contributions- ------------- Participants are allowed to contribute up to 15 percent of pretax annual income up to a maximum of $10,000 or such higher amount permitted by IRS Code Section 402(a) for employees represented by Local 1791, IBEW, and Teamsters Local 446; and 10 percent of pretax annual income for employees at the West Plains and Lebanon facilities as defined by the Plan. The Company currently matches 50 percent of the portion of an employee's contribution equal to five percent of pretax income for employees represented by local 1791, IBEW, four percent for employees represented by Teamsters Local 446; three percent for employees at the West Plains and Lebanon facilities. Beginning June 1, 1997, the Company matches 25 percent of an employee's contribution equal to two percent of pretax income for employees represented by Local 1076, IBEW. The Company has the option to annually increase the matching contribution for these locations at its discretion. There is no Company matching contribution for Lima participants. Employees at Lima who were employed on January 1, 1998 and who completed their probationary period by that date received a Company contribution of $1,000. Overall responsibility for administering the Plan rests with the Plan's administrative committee which is appointed by the board of directors of the Company. The Plan's trustee, Marshall & Ilsley Trust Company (the "Trustee"), is responsible for the management and control of the Plan's assets and has certain discretionary authority and control over such assets. Vesting- ------- Participants are 100 percent vested in their contributions and the earnings on those contributions. Company contributions and the earnings thereon vest after five years of eligible service. One year of eligible service is defined as a year of employment with the Company. Partial years may be vested as defined in the Plan document. Investment options- ------------------ Participants may direct their contributions and any related earnings thereon into six investment options, in 10% increments. Participants may change their investment elections every thirty days. A description of each investment option is provided below: Northern Capital Equity Fund- ---------------------------- The primary investment objective of this fund is growth of capital consistent with moderate level of risk. The fund invests in stocks and cash equivalents. American Century Balanced Fund- ------------------------------ The primary investment objective of this fund is to provide growth opportunities and income. The fund invests in common stocks and fixed income securities. M&I Stable Principal Fund- ------------------------- This fund is designed to offer preservation of principal, price stability, and returns that are generally higher than money market rates. Investments in the fund are in contracts with insurance carriers and banks. The contracts are reported at contract value, which approximates fair value. A small part of the fund is also invested in a broadly diversified money market fund. Fidelity Advisor Growth Fund- ---------------------------- The primary investment objective of this fund is to provide capital growth by investing primarily in common stocks. The fund typically will invest at least 65% of its total assets in securities of companies that have long-term growth potential. Templeton Foreign Fund- ---------------------- This fund seeks long-term capital growth through a flexible policy of investing in stocks and debt obligations of companies and governments outside the United States. Regal-Beloit Stock Fund- ----------------------- This fund allows participants to invest in the common stock of the Regal-Beloit Corporation (or its successors). Administrative expenses- ----------------------- Substantially all administrative expenses are paid by the Plan. These expenses include investment management and trustee fees. Payment of benefits- ------------------- On termination of service, the participant receives a lump-sum amount equal to the value of the participant's account. Forfeitures- ----------- Plan forfeitures arise as a result of participants who terminate service with the Company before becoming vested in the Company's contribution. The amount of forfeitures allocable to remaining participants at December 31, 1998 and 1997 were $11,238 and $2,598, respectively. Plan termination- ---------------- Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to provisions of ERISA. In the event of plan termination, participants will become fully vested in their account balances. (2) Summary of Accounting Policies- ------------------------------ Basis of accounting- ------------------- The accompanying financial statements are presented on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. Contributions are recognized at the time such amounts are received rather than when contributed. Use of estimates- ---------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of plan assets at the date of the financial statements and the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates. Payment of benefits- ------------------- Benefit payments to participants are recorded upon distribution. (3) Investments- ----------- The Plan's investments are commingled with the assets of several other Company plans in the Marathon Electric Manufacturing Corporation Master Trust Fund (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, unrealized gains/losses, fees and expenses relating to investment transactions of the Master Trust are allocated by the Trustee to the participating plans based on each plan's proportionate share of trust assets. The assets of the Plan are commingled and are not segregated in the accounts of the Master Trust. The market value of the assets held in the Master Trust as of December 31 are as follows: 1998 1997 ----------- ----------- Accrued interest and dividends $ 160,791 $ 114,274 Marshall Money Market Fund 1,149,755 695,495 M&I Stable Principle Fund 8,219,564 6,872,623 Common Stock 37,898,292 35,559,445 American Century Balanced Fund 5,887,726 4,245,014 Northern Capital Equity Fund 16,117,312 14,597,195 Fidelity Advisor Growth Fund 10,297,156 7,861,944 Templeton Foreign Fund 930,525 2,114,522 Regal-Beloit Corporation Master Trust 753,086 - Fixed Income Securities 3,199,464 3,781,489 Participant loans 640,510 702,326 ----------- ----------- Total assets of the Master Trust $85,254,182 $76,544,327 =========== =========== The Marshall Funds are controlled by Marshall & Ilsley Corporation, the parent company of the Trustee. The M&I Stable Principle Fund is a collective investment fund operated by the Trustee. Allocations of assets of the Master Trust to participating plans as of December 31 are as follows: 1998 1997 ------------------ ------------------ Amount % Amount % ----------- ------ ----------- ------ Salaried Employees' Pension Plan $29,448,716 34.5% $27,791,984 36.3% Wausau Hourly Pension Plan 12,916,088 15.2 12,312,494 16.1 Hourly 401(k) Savings Plan 8,189,006 9.6 6,353,268 8.3 Salaried 401(k) Savings Plan 34,700,372 40.7 30,056,581 39.3 ----------- ----- ----------- ------ Total assets of the Master Trust $85,254,182 100.0% $76,544,327 100.0% =========== ====== =========== ====== Master Trust income and its allocation to the participating plans for the years ended December 31 are as follows: 1998 1997 ----------- ----------- Interest and dividend income $ 707,399 $ 1,152,932 Realized gains, net 6,063,861 5,305,833 Unrealized appreciation in the fair value of investments, net 2,660,354 4,778,351 ---------- ----------- Total Master Trust income $9,431,614 $11,237,116 ========== =========== 1998 1997 ---------- ----------- Salaried Employees' Pension Plan $2,527,292 $ 4,096,306 Wausau Hourly Pension Plan 1,111,534 1,827,301 Hourly 401(k) Savings Plan 1,026,311 824,106 Salaried 401(k) Savings Plan 4,766,477 4,489,403 ---------- ----------- Total Master Trust income $9,431,614 $11,237,116 ========== =========== (4) Guaranteed Investment Contracts- ------------------------------- The M&I Stable Principal Fund consists of guaranteed investment contracts ("GIC's") and Synthetic guaranteed investment contracts ("SYN's"). All investment contracts are fully benefit responsive. The average crediting interest rates for the years ending December 31, 1998 and 1997 were 5.93% and 6.29%, respectively. The funds average yields for 1998 and 1997 were 6.20% and 6.20%, respectively. The crediting rates for the contacts are fixed or reset either quarterly or annually. All contracts have a guaranteed rate of 0% or higher. The Fund had no valuation reserves at year-end with the fair value of the investment contracts reported at contract value. (5) Regal-Beloit Corporation 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 "RBC Master Trust"). Effective April 1, 1998, the investment in Company stock of three other company plans were commingled into the RBC Master Trust. Investments of the RBC 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 RBC Master 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 RBC Master Trust $14,602,801 $16,240,894 Allocations of assets of the RBC Master Trust to particpating plans as of December 31, 1998 and 1997 is 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 RBC Master Trust $14,602,801 100.00% $16,240,894 100.00% RBC Master Trust income for the years ended December 31, 1998 and 1997 are 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 (3,979,555) 1,437,570 ------------ ---------- Common Stock $(3,675,228) $1,503,854 ============ ========== (6) Tax Exempt Status of the Plan- ----------------------------- The Internal Revenue Service has determined and informed the Company by a letter dated December 26, 1995, that the Plan is qualified and the trust established under the Plan is tax-exempt, under the appropriate sections of the Internal Revenue Code ("IRC"). The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's legal counsel believe the Plan is currently designed and being operated in compliance with applicable requirements of the IRC. Therefore, they believe the Plan is qualified and the related trust remains tax-exempt as of the financial statement date. (7) Related Party Transactions- -------------------------- Master Trust assets are invested in mutual funds managed by the Trustee. The investment in the Regal-Beloit Stock Fund is an investment in the Plan Sponsor. These are not considered prohibited transactions by statutory exemption under ERISA regulations. (8) Subsequent Events- Employees employed at the Lima, Ohio location who will be employed on January 1, 2002, will receive a Company contribution of $1,000 if 12 full months of service during the preceding year have been completed. If an employee does not complete 12 full months of service during the preceding year, such employee shall receive a reduced contribution as defined in the Plan. CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS ----------------------------------------- To the Plan Administrator of the Marathon Electric Manufacturing Corporation Hourly Employees' 401(k) Savings Plan: As independent public accountants, we hereby consent to the incorporation of our reports, included and incorporated by reference in this Form 11-JK, into the Company's previously filed Registration Statement, File No. 333-48795. ARTHUR ANDERSEN LLP ------------------- ARTHUR ANDERSEN LLP Milwaukee, Wisconsin, June 29, 1999.
SCHEDULE I MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- HOURLY EMPLOYEES 401(k) SAVINGS PLAN ------------------------------------- ITEM 27a SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES -------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1998 ------------------------------------ Idenity of Issue, Borrower Description of Investment Including Maturity Date, Current Lessor, or Similar Party Rate of Interest, Collateral, Par, or Maturity Value Cost Value - -------------------------- ---------------------------------------------------- ---------- ---------- Fidelity Funds Advisor Series II, Growth Opportunities Fund $ 985,585 $1,229,083 Templeton Funds, Inc. Templeton Foreign Fund CL-1 215,397 183,341 American Century Investments American Century Balanced Investors Fund 1,167,515 1,210,757 Northern Capital, Inc. Northern Capital Equity Fund 2,046,734 3,433,823 Regal-Beloit Company Stock Fund* Common stock of Regal-Beloit Corporation 147,954 117,308 Marshall & Ilsley M&I Stable Principal Fund 2,004,434 2,004,434 *Party-in-interest The accompanying notes to financial statements are an integral part of this schedule.
SCHEDULE II MARATHON ELECTRIC MANUFACTURING CORPORATION HOURLY EMPLOYEES' 401(k) SAVINGS PLAN - --------------------------------------------------------------------------------- ITEM 27d SCHEDULE OF 5% REPORTABLE TRANSACTIONS ----------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1998 ------------------------------------ Expense Current Value of Identity of Description Purchase Selling Lease Incurred with Cost of Asset on Party Involved of Asset Price Price Rental Transaction Asset Transaction Date Net Gain - -------------- -------------- -------- -------- ------ ------------- --------- ----------------- -------- Fidelity Funds Advisors Series II, Growth Opportunities Fund $599,869 $305,889 N/A N/A $ 861,514 $ 905,758 $ 44,244 American Century Investments Balanced Investors Fund 493,224 244,919 N/A N/A 716,160 738,143 21,983 Marshall & Ilsley* M&I Stable Principal Fund 891,258 459,221 N/A N/A 1,350,479 1,350,479 - Northern Capital, Inc. Equity Fund 613,793 616,215 N/A N/A 1,017,781 1,203,008 212,227 *Party-in-interest The accompanying notes to financial statements are an integral part of this schedule.
MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- HOURLY EMPLOYEES 401(k) SAVINGS PLAN ------------------------------------- STATEMENT OF CHANGE IN NET ASSETS AVAILABLE FOR PLAN BENEFITS ------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1998 ------------------------------------ Northern American M & I Fidelity Regal- Capital Century Stable Advisor Templeton Beloit Equity Balanced Principal Growth Foreign Stock Fund Fund Fund Fund Fund Fund Total ---------- ---------- ---------- ---------- ---------- ---------- ---------- ADDITIONS: Net Investment income (loss) from Marathon Electric Manu- facturing Corporation Master Trust Fund $ 590,653 $ 160,916 $ 104,072 $ 226,911 $ (10,325) $ (45,916) $1,026,311 Contributions- Employer 143,172 67,768 115,496 100,445 30,715 4,999 462,595 Participants 356,163 136,259 239,235 176,793 53,430 23,927 985,807 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total contributions 499,335 204,027 354,731 277,238 84,145 28,926 1,448,402 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total Additions 1,089,988 364,943 458,803 504,149 73,820 (16,990) 2,474,713 ---------- ---------- ---------- ---------- ---------- ---------- ---------- DEDUCTIONS: Benefits paid to participants 179,193 109,769 236,302 54,779 14,046 840 594,929 Administrative expenses and other 15,360 2,862 10,028 2,603 542 427 31,822 Transfers to other Company plans 2,417 3,130 2,938 2,597 636 486 12,224 ---------- ---------- ---------- ---------- --------- --------- ---------- Total deductions 196,970 115,761 249,268 59,979 15,244 1,753 638,975 ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET ADDITIONS (DEDUCTIONS) 893,018 249,182 209,535 444,170 58,576 (18,743) 1,835,738 TRANSFERS BETWEEN FUNDS (307,649) 10,523 221,804 23,197 (83,926) 136,051 - ----------- ---------- ---------- ---------- ---------- ---------- ---------- Net Increase (decrease) 585,369 259,705 431,339 467,367 (25,350) 117,308 1,835,738 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 2,848,454 951,052 1,583,355 761,716 208,691 - 6,353,268 ---------- ---------- ---------- ---------- ---------- ---------- ---------- End of year $3,433,823 $1,210,757 $2,014,694 $1,229,083 $183,341 $117,308 $8,189,006 ========== ========== ========== ========== ========== ========== ========== The accompanying notes to financial statements are in integral part of this statement.
MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- HOURLY EMPLOYEES' 401(k) SAVINGS PLAN ------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1998 ----------------------- Northern American M&I Fidelity Regal- Capital Century Stable Advisor Templeton Beloit Equity Balanced Principal Growth Foreign Stock Fund Fund Fund Fund Fund Fund Total ---------- ---------- ---------- ---------- --------- -------- ---------- ASSETS Investments at fair value- Marathon Electric Manufacturing Corporation Master Trust Fund $3,433,823 $1,210,757 $2,014,694 $1,229,083 $183,341 $117,308 $8,189,006 ---------- ---------- ---------- ---------- -------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,433,823 $1,210,757 $2,014,694 $1,229,083 $183,341 $117,308 $8,189,006 ========== ========== ========== ========== ======== ======== ========== The accompanying notes to financial statements are an integral part of this statement.
MARATHON ELECTRIC MANUFACTURING CORPORATION ------------------------------------------- HOURLY EMPLOYEES' 401(k) SAVINGS PLAN ------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1997 ----------------------- Northern American M&I Fidelity Capital Century Stable Advisor Templeton Equity Balanced Principal Growth Foreign Fund Fund Fund Fund Fund Total ---------- -------- ---------- -------- --------- ---------- ASSETS Investments at fair value- Marathon Electric Manufacturing Corporation Master Trust Fund $2,848,454 $951,052 $1,583,355 $761,716 $208,691 $6,353,268 NET ASSETS AVAILABLE FOR PLAN BENEFITS $2,848,454 $951,052 $1,583,355 $761,716 $208,691 $6,353,268 ========== ======== ========== ======== ======== ========== The accompanying notes to financial statements are an integral part of this statement.
-----END PRIVACY-ENHANCED MESSAGE-----