-----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, DLd+PPc56JvKFIOzOjTJ/EiO0s/L6DW3MdtDYMSN3i0HKW2rJ0TuTiUSfc22agZQ KvV/txjvv+Tv2Yaz1ah5aw== 0000878660-96-000013.txt : 19960701 0000878660-96-000013.hdr.sgml : 19960701 ACCESSION NUMBER: 0000878660-96-000013 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTEGON CORP /DE/ CENTRAL INDEX KEY: 0000878660 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 133559471 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10997 FILM NUMBER: 96587610 BUSINESS ADDRESS: STREET 1: 500 W FIFTH ST CITY: WINSTON SALEM STATE: NC ZIP: 27152 BUSINESS PHONE: 9107702000 MAIL ADDRESS: STREET 1: 500 W FIFTH STREET STREET 2: 500 W FIFTH STREET CITY: WINSTON SALEM STATE: NC ZIP: 27152 11-K 1 INTEGON CORPORATION FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1995 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 33-61000 THE INTEGON EMPLOYEES' RETIREMENT SAVINGS PLAN ---------------------------------------------- (Full title of the plan) INTEGON CORPORATION ---------------------------------------------- (Name of the issuer of the securities held pursuant to the plan) 500 West Fifth Street Winston-Salem, North Carolina 27152 ---------------------------------------------- (Address of principal executive office) This filing contains 14 pages. THE INTEGON EMPLOYEES' RETIREMENT SAVINGS PLAN TABLE OF CONTENTS - -------------------------------------------------------------------------------- PAGE INDEPENDENT AUDITORS' REPORT 2 FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits December 31, 1995 and 1994 3 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1995 and 1994 4-5 Notes to Financial Statements 6-10 SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 1995 AND FOR THE YEAR THEN ENDED: Item 27a - Schedule of Assets Held for Investment Purposes - December 31, 1995 11 Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1995 12 Supplemental schedules other than those listed above are omitted because of the absence of the conditions under which they are required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 or because the required information is included in the financial statements or in the notes thereto. Page 2 INDEPENDENT AUDITORS' REPORT To the Plan Administrator and Participants of The Integon Employees' Retirement Savings Plan Winston-Salem, North Carolina We have audited the accompanying statements of net assets available for benefits of The Integon Employees' Retirement Savings Plan (the "Plan") as of December 31, 1995 and 1994, and the related statements of changes in net assets available for benefits for the years then ended. 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. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1995 and 1994, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the 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 information by fund in the statements of changes in net assets available for benefits is presented for the purpose of additional analysis rather than to present changes in net assets available for benefits of the individual funds. The supplemental schedules and supplemental information by fund are the responsibility of the Plan's management. Such supplemental schedules and supplemental information by fund have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ Deloitte & Touche LLP - -------------------------- Deloitte & Touche LLP May 31, 1996 Page 3
THE INTEGON EMPLOYEES' RETIREMENT SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1995 AND 1994 - --------------------------------------------------------------------------- ASSETS: 1995 1994 ----------- ----------- Investments - At fair value: First Union National Bank of North Carolina: Enhanced Stock Fund II $ 8,642,289 $ 4,913,642 Stable Investment Fund II 5,582,805 4,598,164 Evergreen Money Market Fund 1,838,246 1,428,012 Integon Stock Fund 705,724 212,755 Loan Fund 439,292 257,250 ----------- ----------- Total Investments 17,208,356 11,409,823 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $17,208,356 $11,409,823 =========== ===========
See notes to financial statements. Page 4 THE INTEGON EMPLOYEES' RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL FUND INFORMATION, FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 - ------------------------------------------------------------------------------------------------------------------------------------ 1995 - ------------------------------------------------------------------------------------------------------------------------------------ Enhanced Stable Evergreen Integon Stock Investment Money Market Stock Loan Fund II Fund II Fund Fund Fund (Supplemental) (Supplemental) (Supplemental) (Supplemental) (Supplemental) Total -------------- -------------- -------------- -------------- -------------- ----------- ADDITIONS: Contributions: Participant $ 1,151,486 $ 768,428 $ 276,649 $173,903 $ 2,370,466 ------------ ----------- ----------- -------- ----------- Sponsor: Matching 488,049 344,249 129,541 76,398 1,038,237 Profit-sharing 461,684 413,407 197,455 73,834 1,146,380 ------------ ----------- ----------- -------- ----------- Total sponsor 949,733 757,656 326,996 150,232 2,184,617 ------------ ----------- ----------- -------- ----------- Rollover 101,803 119,242 22,691 6,245 249,981 ------------ ----------- ----------- -------- ----------- Total contributions 2,203,022 1,645,326 626,336 330,380 4,805,064 ------------ ----------- ----------- -------- ----------- Net investment income: Loan interest 14,481 10,880 3,201 470 $ (58) 28,974 Net appreciation in fair value of investments 2,077,532 335,246 112,732 205,049 2,730,559 ------------ ----------- ----------- -------- --------- ----------- Total net investment income (loss) 2,092,013 346,126 115,933 205,519 (58) 2,759,533 ------------ ----------- ----------- -------- --------- ----------- TOTAL ADDITIONS 4,295,035 1,991,452 742,269 535,899 (58) 7,564,597 ------------ ----------- ----------- -------- --------- ----------- DEDUCTIONS: Withdrawals 496,482 642,952 316,298 101,188 44,660 1,601,580 Loans to participants 216,773 146,997 39,856 5,724 (409,350) Loan principal repayments (82,089) (69,378) (18,937) (12,186) 182,590 Net forfeitures disbursed 12,112 72,657 8,908 1,932 95,609 Asset management fees 3,527 33,938 25,492 2,216 65,173 Administrative expenses 1,452 1,463 669 118 3,702 ------------ ----------- ----------- -------- --------- ----------- TOTAL DEDUCTIONS 648,257 828,629 372,286 98,992 (182,100) 1,766,064 ------------ ----------- ----------- -------- --------- ----------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS BEFORE TRANSFER 3,646,778 1,162,823 369,983 436,907 182,042 5,798,533 NET TRANSFER (TO) FROM OTHER FUNDS 81,869 (178,182) 40,251 56,062 ------------ ----------- ----------- -------- --------- ----------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 3,728,647 984,641 410,234 492,969 182,042 5,798,533 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 4,913,642 4,598,164 1,428,012 212,755 257,250 11,409,823 ------------ ----------- ----------- -------- --------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 8,642,289 $ 5,582,805 $ 1,838,246 $705,724 $ 439,292 $17,208,356 ============ =========== =========== ======== ========= ===========
See notes to financial statements. Page 5 THE INTEGON EMPLOYEES' RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL FUND INFORMATION FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ 1994 - ------------------------------------------------------------------------------------------------------------------------------------ Enhanced Stable First Union Integon Stock Investment Money Market Stock Loan Fund II Fund II Fund II Fund Fund (Supplemental) (Supplemental) (Supplemental) (Supplemental) (Supplemental) Total -------------- -------------- -------------- -------------- -------------- ----------- ADDITIONS: Contributions: Participant $ 1,058,578 $ 767,815 $ 229,911 $103,172 $ 2,159,476 ------------ ----------- ----------- -------- ----------- Sponsor: Matching 448,681 337,368 105,868 44,851 936,768 Profit-sharing 366,143 337,916 97,776 33,092 834,927 ------------ ----------- ----------- -------- ----------- Total sponsor 814,824 675,284 203,644 77,943 1,771,695 ------------ ----------- ----------- -------- ----------- Rollover 13,071 6,511 16,917 1,283 37,782 ------------ ----------- ----------- -------- ----------- Total contributions 1,886,473 1,449,610 450,472 182,398 3,968,953 ------------ ----------- ----------- -------- ----------- Net investment income: Loan interest 8,291 5,834 1,682 485 $ 96 16,388 Net appreciation (depreciation) in fair value of investments 142,486 238,803 50,946 (57,747) 374,488 ------------ ----------- ----------- -------- --------- ----------- Total net investment income (loss) 150,777 244,637 52,628 (57,262) 96 390,876 ------------ ----------- ----------- -------- --------- ----------- TOTAL ADDITIONS 2,037,250 1,694,247 503,100 125,136 96 4,359,829 ------------ ----------- ----------- -------- --------- ----------- DEDUCTIONS: Withdrawals 241,179 289,012 78,708 11,579 22,880 643,358 Loans to participants 166,689 87,350 27,379 11,114 (292,532) Loan principal repayments (56,068) (36,452) (12,788) (2,121) 107,429 Net forfeitures disbursed (received) 9,257 (10,947) 1,344 346 Asset management fees 24,637 21,990 3,958 866 51,451 Administrative expenses 1,193 1,109 481 53 2,836 ------------ ----------- ----------- -------- --------- ----------- TOTAL DEDUCTIONS 386,887 352,062 99,082 21,837 (162,223) 697,645 ------------ ----------- ----------- -------- --------- ----------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS BEFORE TRANSFER 1,650,363 1,342,185 404,018 103,299 162,319 3,662,184 NET TRANSFER TO OTHER PLAN (1,156,885) (820,463) (205,548) (26,564) (86,196) (2,295,656) NET TRANSFER (TO) FROM OTHER FUNDS (126,414) (23,857) 155,353 (5,082) ------------ ----------- ----------- -------- --------- ----------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 367,064 497,865 353,823 71,653 76,123 1,366,528 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 4,546,578 4,100,299 1,074,189 141,102 181,127 10,043,295 ------------ ----------- ----------- -------- --------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 4,913,642 $ 4,598,164 $ 1,428,012 $212,755 $ 257,250 $11,409,823 ============ =========== =========== ======== ========= ===========
See notes to financial statements. Page 6 THE INTEGON EMPLOYEES' RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 - -------------------------------------------------------------------------------- 1. INFORMATION REGARDING THE PLAN The following brief description of The Integon Employees' Retirement Savings Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan document for more complete information. General - The Plan is a defined contribution plan designed to comply with the provisions of the Internal Revenue Code (the "Code") to qualify for exemption from taxation. The Plan was established effective April 1, 1991 and is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan covers all employees of Integon Corporation (the "Sponsor"). Previously, the Plan also covered all employees of Integon Services Company, Bankers and Shippers Insurance Company, Integon Life Insurance Corporation, and Marketing One, Inc. and affiliates. On May 19,1994, the Boards of Directors of Marketing One, Inc., Marketing One Investment of New Mexico, Inc., Marketing One Services Corporation, Marketing One Securities, Inc. and Tax Savers Agency, Inc. (collectively, "Marketing One") resolved to cease participation in the Plan effective June 30, 1994. The accounts of all participants who were employees of these participating employers were transferred to a new qualified plan. Effective October 18, 1994, the Board of Directors of Integon Services Company ("Integon Services") authorized Bankers and Shippers Insurance Company ("Bankers and Shippers"), an acquired subsidiary of Integon Corporation, to become a participating employer in the Plan. On January 1, 1995, employees of Bankers and Shippers became employees of Integon Corporation, at which time Bankers and Shippers ceased as a participating employer in the Plan. Effective July 31, 1995, Integon Life Insurance Corporation ("Integon Life") terminated participation as a participating employer in the Plan. All employees of Integon Life who were participants in the Plan became 100% vested and nonforfeitable in their accounts in the Plan. Effective January 1, 1995, Integon Services Company employees became employees of Integon Corporation, and Integon Services Company ceased as a participating employer in the Plan. Employees who have one year of service with the Sponsor, as defined by the Plan, and who have attained the age of twenty-one are eligible to participate in the Plan. Eligible employees may enroll in the Plan on January 1, April 1, July 1, and October 1 of each year. Transfer of Funds - With the termination of Marketing One as a participating employer, certain plan assets in the amount of $2,295,656 were transferred from the Plan to an unaffiliated qualified plan for the benefit of Marketing One employees during 1994. Page 7 Administration of the Plan - The trustee of the Plan is First Union National Bank of North Carolina ("FUNB"). FUNB also assists the Sponsor in its administration of the Plan. Although certain administrative functions are performed by officers or employees of the Sponsor, no such officer or employee receives compensation from the Plan. FUNB administrative and trustee fees are paid by the Sponsor. Such fees were $46,910 and $35,487 for the years ended December 31, 1995 and 1994, respectively. Plan Funding - Eligible participants may voluntarily defer from 1% to 10% of their basic compensation, as defined by the Plan, not to exceed a set dollar amount determined by law. Employee after-tax contributions are not permitted. Eligible participants are permitted to make rollover contributions at the discretion of the Advisory Committee responsible for plan administration (the "Committee"). The Sponsor funding consists of a matching contribution of 50% of the first 6% of a participant's compensation that has been deferred into the Plan. Additionally, prior to January 1, 1996, a discretionary profit sharing contribution was made to each employee's account (see Note 3). For the years ended December 31, 1995 and 1994, the Board of Directors approved profit sharing contributions of 2.50% and 2.25%, respectively, of the employee compensation. Vesting - Participants are fully vested in the compensation that they defer into the Plan, the Sponsor matching contributions, and the related investment earnings on those deferrals and contributions. Participants become 100% vested in the Sponsor profit sharing contributions to their account and the related investment earnings upon completion of 5 years of service, upon reaching the normal retirement age, upon death, or upon disability. Partial vesting is provided for participants with less than 5 years of service. Forfeitures - The non-vested portion of a participant's account is forfeited upon termination of employment with the Sponsor. The Plan provides for partial restoration of forfeitures for those participants meeting certain service requirements. Forfeitures of unvested amounts are treated as reductions of the Sponsor's matching contributions otherwise made for the plan year following the plan year in which the forfeiture occurs. Withdrawals from the Plan - Distributions from the Plan upon retirement, termination or death are paid to the participant in a lump sum or in installments. Participants may also borrow up to fifty percent of their vested balance. Such loans must be made for at least $1,000 and the maximum aggregate dollar amount of loans outstanding to any participant may not exceed $50,000. Withdrawals may also be made for certain financial hardships as defined by the Plan. Participant Accounts - A separate account is maintained by the Plan administrator for each participant. These account balances are adjusted at the end of each pay period for the amount of the participant's compensation deferral and the matching sponsor contributions. Investment income or loss and other additions or deductions are credited to the participant's account quarterly. Termination of the Plan - Although the Sponsor has not expressed any intent to do so, they have the right to terminate the Plan at any time, subject to Plan provisions. Upon such termination of the Plan, the vested account balance of each participant in the Plan will be distributed to such participant at the time prescribed by the Code. Page 8 Investment Options - A participant may direct employee contributions to any of the following investment funds: Common Trust Fund - Enhanced Stock Fund II ("Enhanced Stock Fund II") - Contributions are invested in a diversified portfolio of common stocks. Common Trust Fund - Stable Investment Fund II ("Stable Investment Fund II") - Contributions are invested in guaranteed investment contracts and bank investment contracts as well as traditional money market securities. Common Trust Fund - Evergreen Money Market Fund ("Evergreen Money Market Fund") - Contributions are invested in common and preferred stock, U.S. government securities, investment grade corporate bonds and money market instruments. Previously the fund was called First Union Money Market Fund II. Integon Stock Fund - ("Integon Stock Fund") Contributions are invested and reinvested exclusively in the common stock of Integon Corporation. Income Taxes - The Plan obtained its latest determination letter on December 29, 1992, in which the IRS stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. The plan has been amended since receiving the determination letter. However, the plan administrator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date. No provision for income taxes has been provided. Participants in the Plan are not liable for federal income taxes on amounts allocated to their accounts resulting from employer contributions or investment income until such time as withdrawals are made. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Method of Accounting - The financial statements are prepared in accordance with generally accepted accounting principles. Valuation of Investments - Investments consist of unit shares in the common trust funds listed in Note 1 and the common stock fund of Integon Corporation. These investments are stated at fair value, which has been determined by the trustee based on the unit values of the funds. Unit values are determined by the organization sponsoring such funds by dividing that fund's net assets by its units outstanding at the valuation date. Contributions to and withdrawal payments from each fund are converted to units by dividing the amounts of each transaction by the unit value as last determined, and the participants' accounts are charged or credited with the number of units. 3. PLAN AMENDMENTS In October 1994, the Board of Directors of Integon Services approved an amendment to allow employees of Bankers and Shippers to participate in the Plan and receive credit for their years of service with Bankers and Shippers. Page 9 In December 1994, the Board of Directors of Integon Services approved an amendment to the Plan retroactive to January 1, 1994. The amendment imposes a $150,000 annual compensation limit in accordance with the Omnibus Budget Reconciliation Act of 1993. In July 1995, the Board of Directors of Integon Services approved an amendment to terminate Integon Life as a participating employer in the Plan. All employees of Integon Life who were participants in the Plan became 100% vested and nonforfeitable in their accounts in the Plan. In November 1995, the Board of Directors of Integon Corporation approved an amendment, effective January 1, 1996, to restate the plan as a single-employer plan due to the termination of Marketing One and Integon Life as participating employers and to delete the profit-sharing component of the Plan. 4. INVESTMENT OPTIONS UNIT VALUES
The following is a summary of the unit values of investment options for the years ended December 31, 1995 and 1994: 1995 --------------------------------------------------------------------- March 31 June 30 September 30 December 31 -------- ------- ------------ ----------- Enhanced Stock Fund II $ 27.62959 $ 30.12867 $ 32.33062 $ 34.30168 Stable Investment Fund II 13.76067 13.97799 14.17279 14.38687 Evergreen Money Market Fund 1.13986 1.15613 1.17165 1.18737 Integon Stock Fund 14.91555 18.40428 19.33946 22.64579 Loan Fund 1.00000 1.00000 1.00000 1.00000 1994 --------------------------------------------------------------------- March 31 June 30 September 30 December 31 -------- ------- ------------ ----------- Enhanced Stock Fund II $ 23.71688 $ 24.00715 $ 25.01360 $ 25.02871 Stable Investment Fund II 13.05187 13.20425 13.37487 13.55999 First Union Money Market Fund II 1.09233 1.10180 1.11300 1.12540 Integon Stock Fund 21.34247 19.79082 20.19432 14.74225 Loan Fund 1.00000 1.00000 1.00000 1.00000
Page 10 5. SUBSEQUENT EVENT Effective February 1, 1996, the investment options of the Plan were expanded to offer the participants of the Plan the following investment options: Stable Investment Fund II, Evergreen Foundation, Enhanced Stock Fund II, Templeton World, Fidelity Low-Priced Stock, and Integon Stock. The Evergreen Money Market Fund was frozen effective February 1, 1996. All participants were informed to transfer their account balances from the Evergreen Money Market Fund to another investment by June 30, 1996 or the plan will automatically default to the Stable Investment Fund II on July 1, 1996. Page 11 THE INTEGON EMPLOYEES' RETIREMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1995 - ----------------------------------------------------------------------------------------------------------------- DESCRIPTION OF INVESTMENT INCLUDING MATURITY DATE, RATE OF INTEREST IDENTITY OF ISSUE, BORROWER, COLLATERAL, PAR OR CURRENT LESSOR, OR SIMILAR PARTY MATURITY VALUE COST VALUE - --------------------------- ------------------------ ------------ ------------ First Union National Bank of North Carolina: Enhanced Stock Fund II 251,949.44 units $ 6,318,613 $ 8,642,289 Stable Investment Fund II 388,048.63 units 5,015,615 5,582,805 Evergreen Money Market Fund 1,548,165.80 units 1,703,591 1,838,246 Integon Stock Fund 31,163.58 units 573,010 705,724 Participant Loans 7% to 10% 0 439,292
Page 12 THE INTEGON EMPLOYEES' RETIREMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995 - ------------------------------------------------------------------------------------------------------------------------------------ SERIES TRANSACTIONS INVOLVING AN AMOUNT IN EXCESS OF 5 PERCENT OF THE CURRENT VALUE OF PLAN ASSETS AT THE BEGINNING OF THE YEAR CURRENT VALUE OF ASSET ON IDENTITY OF PARTY INVOLVED/ PURCHASE SELLING COST TRANSACTION DESCRIPTION OF ASSET PRICE PRICE OF ASSET DATE NET GAIN - -------------------- -------- ------- -------- ------------ -------- FIRST UNION NATIONAL BANK OF NORTH CAROLINA: Purchase Transactions: Enhanced Stock Fund II $ 2,655,157 $ 2,655,157 Stable Investment Fund II 1,899,130 1,889,130 Evergreen Money Market Fund 804,343 804,343 Sale Transactions: Enhanced Stock Fund II $ 1,000,419 $ 806,591 $ 193,828 Stable Investment Fund II 1,205,676 1,106,638 99,038
Page 13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the plan) have duly caused this annual report to be signed by the undersigned hereunto duly authorized, on June 28, 1996. The Integon Employees' Retirement Savings Plan /s/ Ric Mundorf -------------------------------------------- Ric Mundorf Vice President/Consultant First Union National Bank of North Carolina Page 14 -----END PRIVACY-ENHANCED MESSAGE-----