edX - TXT1x Data
<SEC-DOCUMENT>0000897101-01-500678.txt : 200110301<SEC-HEADER>0000897101-01-500678.hdr.sgml : 200110302ACCESSION NUMBER: 0000897101-01-5006783CONFORMED SUBMISSION TYPE: 10-K/A4PUBLIC DOCUMENT COUNT: 25CONFORMED PERIOD OF REPORT: 200104276FILED AS OF DATE: 2001102678FILER:910COMPANY DATA:11COMPANY CONFORMED NAME: MEDTRONIC INC12CENTRAL INDEX KEY: 000006467013STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]14IRS NUMBER: 41079318315STATE OF INCORPORATION: MN16FISCAL YEAR END: 04301718FILING VALUES:19FORM TYPE: 10-K/A20SEC ACT: 1934 Act21SEC FILE NUMBER: 001-0770722FILM NUMBER: 17670212324BUSINESS ADDRESS:25STREET 1: 710 MEDTRONIC PKWY26STREET 2: MS LC30027CITY: MINNEAPOLIS28STATE: MN29ZIP: 5543230BUSINESS PHONE: 763514400031</SEC-HEADER>32<DOCUMENT>33<TYPE>10-K/A34<SEQUENCE>135<FILENAME>medtronic014265_10ka.htm36<DESCRIPTION>MEDTRONIC, INC. FORM 10-K/A37<TEXT>38<HTML>39<HEAD>40<!-- Control Number: 014265 -->41<!-- Rev Number: 1.0 -->42<!-- Client Name: Medtronic, Inc. -->43<!-- Project Name: Form 10-K/A -->44<!-- Firm Name: Medtronic, Inc. -->45<TITLE>Medtronic, Inc. Form 10-K/A</TITLE>46</HEAD>47<BODY>4849<!-- MARKER FORMAT-SHEET="Para Center Bold" -->50<P ALIGN="CENTER"><B>FORM 10-K/A<BR>(AMENDMENT NO. 1) <BR>SECURITIES AND EXCHANGE COMMISSION51<BR>Washington, D.C. 20549</B></P>5253<!-- MARKER FORMAT-SHEET="Para Cutoff Rule" -->54<HR SIZE=1 WIDTH=15% ALIGN=CENTER>5556<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->57<P><FONT SIZE=3>Amendment No. 1 to annual report pursuant to Section 13 or 15(d) of the<BR>58Securities Act of 1934 for the fiscal year ended April 27, 2001. </FONT></P>5960<!-- MARKER FORMAT-SHEET="Para Center" -->61<P ALIGN="CENTER">Commission File No. 1-7707</P>6263<!-- MARKER FORMAT-SHEET="Para Center Bold" -->64<P ALIGN="CENTER"><B>MEDTRONIC, INC.</B></P>6566<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="600">67<TR VALIGN="BOTTOM">68<TD WIDTH="52%" ALIGN="CENTER">Minnesota</TD>69<TD WIDTH="48%" ALIGN="CENTER">41-0793183</TD></TR>70<TR VALIGN="BOTTOM">71<TD ALIGN="CENTER">(State of Incorporation)</TD>72<TD ALIGN="CENTER">(I.R.S. Employer Identification No.)</TD></TR>73</TABLE>747576<!-- MARKER FORMAT-SHEET="Para Center" -->77<P ALIGN="CENTER">710 Medtronic Parkway <BR>Minneapolis, Minnesota 55432 <BR>(Address of78principal executive offices)79<BR>Telephone number: (763) 514-4000</P>8081<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->82<P><FONT SIZE=3>The undersigned registrant hereby amends Part IV, Item 14(a)3, entitled83“Exhibits”, of its Annual Report on Form 10-K for fiscal 2001 to add the84following exhibits: </FONT></P>8586<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->87<P><FONT SIZE="3"><U>Exhibit No.</U></FONT> </P>88899091<!-- MARKER FORMAT-SHEET="Para Hang" -->92<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>93<TR VALIGN=TOP>94<TD WIDTH=10%><FONT SIZE=3>99.1 </FONT></TD>95<TD WIDTH=90%><FONT SIZE=3>Form9611-K for the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan for97the year ended April 30, 2001.</FONT></TD>98</TR>99</TABLE>100<BR>101102<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->103<P><FONT SIZE=3>Pursuant to the requirements of Section 13 or 15(d) of the Securities104Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its105behalf by the undersigned, thereunto duly authorized. </FONT></P>106<BR>107108109<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">110<TR VALIGN="BOTTOM">111<TD WIDTH="50%" ALIGN="LEFT"> </TD>112<TD WIDTH="50%" ALIGN="LEFT"><B>MEDTRONIC, INC.</B></TD></TR>113<TR VALIGN="BOTTOM">114<TD WIDTH="50%" ALIGN="LEFT"> </TD>115<TD WIDTH="50%" ALIGN="LEFT"> </TD></TR>116<TR VALIGN="BOTTOM">117<TD ALIGN="LEFT">Dated: October 25, 2001<BR> <BR> </TD>118<TD ALIGN="LEFT">By: <U>/s/ Arthur D. Collins, Jr.</U><BR>Arthur D. Collins, Jr., President<BR>and Chief Executive Officer119</TD></TR>120</TABLE>121122123124<!-- MARKER FORMAT-SHEET="Page Breaks" -->125<P ALIGN="CENTER"> </P>126127128129130131<!-- *************************************************************************** -->132<!-- MARKER PAGE="sheet: 1; page: 1" -->133134135<!-- MARKER FORMAT-SHEET="Para Center Bold" -->136<P ALIGN="CENTER"><B>INDEX OF EXHIBITS</B></P>137138139<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->140<P><FONT SIZE="3"><U>EXHIBITS</U></FONT> </P>141<BR>142143<!-- MARKER FORMAT-SHEET="Para Hang" -->144<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>145<TR VALIGN=TOP>146<TD WIDTH=10%><FONT SIZE=3>99.1 </FONT></TD>147<TD WIDTH=90%><FONT SIZE=3>Form14811-K for the Medtronic, Inc. and Participating Employers Supplemental Retirement Plan for149the year ended April 30, 2001.</FONT></TD>150</TR>151</TABLE>152<BR>153154</BODY>155</HTML>156157</TEXT>158</DOCUMENT>159<DOCUMENT>160<TYPE>EX-99.1161<SEQUENCE>3162<FILENAME>medtronic014265_ex99-1.htm163<DESCRIPTION>FORM 11-K FOR MEDTRONIC164<TEXT>165<HTML>166<HEAD>167<TITLE>Medtronic, Inc. Exhibit 99.1</TITLE>168</HEAD>169<BODY>170171<!-- MARKER FORMAT-SHEET="Para Center Bold" -->172<P ALIGN="CENTER"><B>EXHIBIT 99.1</B></P>173<BR><BR>174175<!-- MARKER FORMAT-SHEET="Para Center Bold" -->176<P ALIGN="CENTER"><B>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</B></P>177178<!-- MARKER FORMAT-SHEET="Para Center Bold" -->179<P ALIGN="CENTER"><B>FORM 11-K</B></P>180181<TABLE WIDTH=90% CELLPADDING=0 CELLSPACING=0 BORDER=0>182<TR VALIGN="TOP">183<TD WIDTH="100%" COLSPAN=2 ALIGN="LEFT">(mark one)</TD></TR>184<TR VALIGN="TOP">185<TD ALIGN="LEFT" WIDTH=5%>(X)</TD>186<TD ALIGN="LEFT" WIDTH=95%>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE187SECURITIES EXCHANGE<BR> ACT OF 1934<BR>188For the fiscal year ended April 27, 2001</TD></TR>189<TR VALIGN="TOP">190<TD> </TD>191<TD ALIGN="CENTER"> <BR>Or<BR> </TD></TR>192<TR VALIGN="TOP">193<TD ALIGN="LEFT">( )</TD>194<TD ALIGN="LEFT">TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES<BR>195EXCHANGE ACT OF 1934</TD></TR>196</TABLE>197198<!-- MARKER FORMAT-SHEET="Para Center" -->199<P ALIGN="CENTER">Commission File Nos.: 33-37529 and 33-44230</P>200201<!-- MARKER FORMAT-SHEET="Para Hang" -->202<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>203<TR VALIGN=TOP>204<TD WIDTH=5%><FONT SIZE=3>A. </FONT></TD>205<TD WIDTH=95%><FONT SIZE=3>Full206title of the plan and the address of the plan, if different from that of the issuer named207below:</FONT></TD>208</TR>209</TABLE>210<BR>211212<!-- MARKER FORMAT-SHEET="Para Center Bold" -->213<P ALIGN="CENTER"><B>MEDTRONIC, INC. AND PARTICIPATING EMPLOYERS<BR> SUPPLEMENTAL RETIREMENT214PLAN</B></P>215216<!-- MARKER FORMAT-SHEET="Para Hang" -->217<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>218<TR VALIGN=TOP>219<TD WIDTH=5%><FONT SIZE=3>B. </FONT></TD>220<TD WIDTH=95%><FONT SIZE=3>Name221of issuer of the securities held pursuant to the plan and the address of its principal222executive office:</FONT></TD>223</TR>224</TABLE>225<BR>226227<!-- MARKER FORMAT-SHEET="Para Center" -->228<P ALIGN="CENTER">Medtronic, Inc.<BR>710 Medtronic Parkway<BR>Minneapolis, MN 55432</P>229<BR><BR><BR>230231<!-- MARKER FORMAT-SHEET="Para Center Bold" -->232<P ALIGN="CENTER"><B>SIGNATURES</B></P>233234<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->235<P><FONT SIZE=3><I>The Plan. </I>Pursuant to the requirements of the Securities236Exchange Act of 1934, the trustees (or other persons who administer the employee237benefit plan) have duly caused this annual report to be signed on its behalf by238the undersigned hereunto duly authorized. </FONT></P>239240241<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">242<TR VALIGN="BOTTOM">243<TD WIDTH="50%" ALIGN="LEFT"> </TD>244<TD WIDTH="50%" ALIGN="LEFT"><B>MEDTRONIC, INC. AND PARTICIPATING<BR>245EMPLOYERS SUPPLEMENTAL RETIREMENT<BR> PLAN</B><BR> </TD></TR>246247<TR VALIGN="TOP">248<TD ALIGN="LEFT">Dated: October 25, 2001</TD>249<TD>By: <U>/s/ Janet S. Fiola</U><BR>250251<BLOCKQUOTE>Janet S. Fiola<BR>252Senior Vice President,<BR>253Human Resources</BLOCKQUOTE></TD></TR>254</TABLE>255256<!-- MARKER FORMAT-SHEET="Page Breaks" -->257<P ALIGN="CENTER"> </P>258259260261262263<PAGE>264265266<BR>267<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->268<P><FONT SIZE="5"><B>Medtronic, Inc. and<BR>Participating Employers<BR>269Supplemental Retirement Plan</B></FONT> </P>270271<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->272<P><FONT SIZE="3"><B>Financial Statements and Supplemental Schedule<BR>273April 30, 2001 and 2000</B></FONT> </P>274275<!-- MARKER FORMAT-SHEET="Page Breaks" -->276<P ALIGN="CENTER"> </P>277278279280281282<PAGE>283284285<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->286<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>287Retirement Plan<BR>Index to Financial Statements</B></FONT> </P>288289<HR SIZE=2 WIDTH=100%>290<BR>291292<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">293<TR VALIGN="TOP">294<TD WIDTH="90%" ALIGN="LEFT"> </TD>295<TD WIDTH="10%" ALIGN="RIGHT"><B>Page(s)</B></TD></TR>296<TR VALIGN="TOP">297<TD ALIGN="LEFT"> </TD></TR>298<TR VALIGN="TOP">299<TD ALIGN="LEFT">Report of Independent Accountants</TD>300<TD ALIGN="CENTER">1</TD></TR>301<TR VALIGN="TOP">302<TD ALIGN="LEFT"> </TD></TR>303<TR VALIGN="TOP">304<TD ALIGN="LEFT">Financial Statements:</TD></TR>305<TR VALIGN="TOP">306<TD ALIGN="LEFT"> </TD></TR>307<TR VALIGN="TOP">308<TD ALIGN="LEFT"> Statement of Net Assets Available for Benefits</TD>309<TD ALIGN="CENTER">2</TD></TR>310<TR VALIGN="TOP">311<TD ALIGN="LEFT"> </TD></TR>312<TR VALIGN="TOP">313<TD ALIGN="LEFT"> Statement of Changes in Net Assets Available for Benefits</TD>314<TD ALIGN="CENTER">3</TD></TR>315<TR VALIGN="TOP">316<TD ALIGN="LEFT"> </TD></TR>317<TR VALIGN="TOP">318<TD ALIGN="LEFT"> Notes to Financial Statements</TD>319<TD ALIGN="CENTER">4-10</TD></TR>320<TR VALIGN="TOP">321<TD ALIGN="LEFT"> </TD></TR>322<TR VALIGN="TOP">323<TD ALIGN="LEFT">Supplemental Schedule:</TD></TR>324<TR VALIGN="TOP">325<TD ALIGN="LEFT"> </TD></TR>326<TR VALIGN="TOP">327<TD ALIGN="LEFT"> Schedule of Assets Held for Investment Purposes</TD>328<TD ALIGN="CENTER">12</TD></TR>329</TABLE>330<BR>331332<!-- MARKER FORMAT-SHEET="Page Breaks" -->333<P ALIGN="CENTER"> </P>334335336337338339340341<PAGE>342343344<!-- MARKER FORMAT-SHEET="Para Center Bold" -->345<P ALIGN="CENTER"><B>Report of Independent Accountants</B></P>346<BR><BR>347348<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->349<P><FONT SIZE=3>To the Participants and Administrator of the<BR>350Medtronic, Inc. and Participating Employers<BR>351Supplemental Retirement Plan: </FONT></P>352353<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->354<P><FONT SIZE=3>In our opinion, the accompanying statements of net assets available for355benefits and the related statements of changes in net assets available for benefits356present fairly, in all material respects, the net assets available for benefits of the357Medtronic, Inc. and Participating Employers Supplemental Retirement Plan (the “Plan”)358at April 30, 2001 and 2000, and the changes in net assets available for benefits for the359years then ended in conformity with accounting principles generally accepted in the360United States of America. These financial statements are the responsibility of the Plan’s361management; our responsibility is to express an opinion on these financial statements362based on our audits. We conducted our audits of these statements in accordance with363auditing standards generally accepted in the United States of America, which require that364we plan and perform the audit to obtain reasonable assurance about whether the financial365statements are free of material misstatement. An audit includes examining, on a test366basis, evidence supporting the amounts and disclosures in the financial statements,367assessing the accounting principles used and significant estimates made by management,368and evaluating the overall financial statement presentation. We believe that our audits369provide a reasonable basis for our opinion. </FONT></P>370371<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->372<P><FONT SIZE=3>Our audits were conducted for the purpose of forming an opinion on the373basic financial statements taken as a whole. The supplemental schedule of Assets Held For374Investment Purposes is presented for the purpose of additional analysis and is not a375required part of the basic financial statements but is supplementary information required376by the Department of Labor’s Rules and Regulations for Reporting and Disclosure377under the Employee Retirement Income Security Act of 1974. This supplemental schedule is378the responsibility of the Plan’s management. The supplemental schedule has been379subjected to the auditing procedures applied in the audits of the basic financial380statements and, in our opinion, is fairly stated in all material respects in relation to381the basic financial statements taken as a whole. </FONT></P>382383384<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->385<P><FONT SIZE=3>As discussed in Note 1, subsequent to April 30, 2001, the Plan was merged386into the Medtronic, Inc. Employee Stock Ownership and Supplemental Retirement Plan and all Plan387assets and related benefit obligations were transferred at that date. </FONT></P>388<BR><BR><BR>389390391<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->392<P><FONT SIZE=3>Minneapolis, Minnesota<BR>393September 28, 2001 </FONT></P>394<BR><BR>395396<!-- MARKER FORMAT-SHEET="Page Breaks" -->397<P ALIGN="CENTER">1</P>398399400401<PAGE>402403404<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->405<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>406Statement of Net Assets Available for Benefits<BR>407(in 000’s)</B></FONT> </P>408409410<HR SIZE=2 WIDTH=100%>411<BR>412413<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">414<TR VALIGN="BOTTOM">415<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>416<TH COLSPAN="6"><FONT SIZE="-1">April 30,</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>417<TR VALIGN="BOTTOM">418<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>419<TH COLSPAN="3"><FONT SIZE="-1">2001</FONT></TH>420<TH COLSPAN="3"><FONT SIZE="-1">2000</FONT></TH></TR>421<TR VALIGN="BOTTOM">422<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>423<TR VALIGN="BOTTOM">424<TD WIDTH="64%" ALIGN="LEFT">Investments at fair value:</TD>425<TD WIDTH="1%" ALIGN="LEFT"> </TD>426<TD WIDTH="3%" ALIGN="LEFT"> </TD>427<TD WIDTH="1%" ALIGN="RIGHT"> </TD><TD WIDTH="12%" ALIGN="RIGHT"></TD>428<TD WIDTH="2%" ALIGN="LEFT"> </TD>429<TD WIDTH="1%" ALIGN="RIGHT"> </TD><TD WIDTH="12%" ALIGN="RIGHT"></TD>430<TD WIDTH="2%" ALIGN="LEFT"> </TD></TR>431<TR VALIGN="BOTTOM">432<TD ALIGN="LEFT"> Medtronic Common Stock Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>433<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 614,016</TD>434<TD ALIGN="LEFT"> </TD>435<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 741,949</TD>436<TD ALIGN="LEFT"> </TD></TR>437<TR VALIGN="BOTTOM">438<TD ALIGN="LEFT"> Vanguard 500 Index Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>439<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">130,136</TD>440<TD ALIGN="LEFT"> </TD>441<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">152,479</TD>442<TD ALIGN="LEFT"> </TD></TR>443<TR VALIGN="BOTTOM">444<TD ALIGN="LEFT"> Vanguard PRIMECAP Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>445<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">115,104</TD>446<TD ALIGN="LEFT"> </TD>447<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">127,626</TD>448<TD ALIGN="LEFT"> </TD></TR>449<TR VALIGN="BOTTOM">450<TD ALIGN="LEFT"> Vanguard Wellington Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>451<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">97,555</TD>452<TD ALIGN="LEFT"> </TD>453<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">88,723</TD>454<TD ALIGN="LEFT"> </TD></TR>455<TR VALIGN="BOTTOM">456<TD ALIGN="LEFT"> Vanguard Windsor II Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>457<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">53,331</TD>458<TD ALIGN="LEFT"> </TD>459<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">43,901</TD>460<TD ALIGN="LEFT"> </TD></TR>461<TR VALIGN="BOTTOM">462<TD ALIGN="LEFT"> Vanguard Explorer Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>463<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">34,712</TD>464<TD ALIGN="LEFT"> </TD>465<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">33,775</TD>466<TD ALIGN="LEFT"> </TD></TR>467<TR VALIGN="BOTTOM">468<TD ALIGN="LEFT"> Vanguard International Growth Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>469<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">28,652</TD>470<TD ALIGN="LEFT"> </TD>471<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">31,680</TD>472<TD ALIGN="LEFT"> </TD></TR>473<TR VALIGN="BOTTOM">474<TD ALIGN="LEFT"> Vanguard U.S. Growth Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>475<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">23,401</TD>476<TD ALIGN="LEFT"> </TD>477<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">27,047</TD>478<TD ALIGN="LEFT"> </TD></TR>479<TR VALIGN="BOTTOM">480<TD ALIGN="LEFT"> Vanguard Total Bond Market Index Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>481<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">17,325</TD>482<TD ALIGN="LEFT"> </TD>483<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">9,117</TD>484<TD ALIGN="LEFT"> </TD></TR>485<TR VALIGN="BOTTOM">486<TD ALIGN="LEFT"> Vanguard Extended Market Index Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>487<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">9,861</TD>488<TD ALIGN="LEFT"> </TD>489<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">10,053</TD>490<TD ALIGN="LEFT"> </TD></TR>491<TR VALIGN="BOTTOM">492<TD ALIGN="LEFT"> Participant loans</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>493<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">14,270</TD>494<TD ALIGN="LEFT"> </TD>495<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">14,993</TD>496<TD ALIGN="LEFT"> </TD></TR>497<TR>498<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>499<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD>500<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD></TR>501<TR VALIGN="BOTTOM">502<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>503<TR VALIGN="BOTTOM">504<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>505<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">1,138,363</TD>506<TD ALIGN="LEFT"> </TD>507<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">1,281,343</TD>508<TD ALIGN="LEFT"> </TD></TR>509<TR VALIGN="BOTTOM">510<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>511<TR VALIGN="BOTTOM">512<TD ALIGN="LEFT">Medtronic Interest Income Fund, at contract value</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>513<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">149,718</TD>514<TD ALIGN="LEFT"> </TD>515<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">132,140</TD>516<TD ALIGN="LEFT"> </TD></TR>517<TR>518<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>519<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD>520<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD></TR>521<TR VALIGN="BOTTOM">522<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>523<TR VALIGN="BOTTOM">524<TD ALIGN="LEFT"> Total investments</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>525<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">1,288,081</TD>526<TD ALIGN="LEFT"> </TD>527<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">1,413,483</TD>528<TD ALIGN="LEFT"> </TD></TR>529<TR VALIGN="BOTTOM">530<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>531<TR VALIGN="BOTTOM">532<TD ALIGN="LEFT">Contributions receivable from employees</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>533<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">3,361</TD>534<TD ALIGN="LEFT"> </TD>535<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">4,532</TD>536<TD ALIGN="LEFT"> </TD></TR>537<TR>538<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>539<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD>540<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD></TR>541<TR VALIGN="BOTTOM">542<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>543<TR VALIGN="BOTTOM">544<TD ALIGN="LEFT">Net assets available for benefits</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>545<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 1,291,442</TD>546<TD ALIGN="LEFT"> </TD>547<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 1,418,015</TD>548<TD ALIGN="LEFT"> </TD></TR>549<TR>550<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>551<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="2"></TD>552<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="2"></TD></TR>553</TABLE>554<BR><BR><BR><BR>555556<!-- MARKER FORMAT-SHEET="Para Center" -->557<P ALIGN="CENTER">The accompanying notes are an integral part of these financial558statements.</P>559560<!-- MARKER FORMAT-SHEET="Page Breaks" -->561<P ALIGN="CENTER">2</P>562563564565566567568<PAGE>569570571572<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->573<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>574Statement of Changes in Net Assets Available for Benefits<BR>575(in 000’s)</B></FONT> </P>576577578<HR SIZE=2 WIDTH=100%>579<BR>580581<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0"WIDTH="600">582<TR VALIGN="BOTTOM">583<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>584<TH COLSPAN="6"><FONT SIZE="-1">Year Ended April 30,</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>585<TR VALIGN="BOTTOM">586<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>587<TH COLSPAN="3"><FONT SIZE="-1">2001</FONT></TH>588<TH COLSPAN="3"><FONT SIZE="-1">2000</FONT></TH></TR>589<TR VALIGN="BOTTOM">590<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>591<TR VALIGN="BOTTOM">592<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>593<TR VALIGN="BOTTOM">594<TD WIDTH="69%" ALIGN="LEFT">Contributions from employees</TD>595<TD WIDTH="1%" ALIGN="LEFT"> </TD>596<TD WIDTH="2%" ALIGN="LEFT"> </TD>597<TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="10%" ALIGN="RIGHT"> 77,975</TD>598<TD WIDTH="2%" ALIGN="LEFT"> </TD>599<TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="10%" ALIGN="RIGHT"> 68,354</TD>600<TD WIDTH="2%" ALIGN="LEFT"> </TD></TR>601<TR VALIGN="BOTTOM">602<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>603<TR VALIGN="BOTTOM">604<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>605<TR VALIGN="BOTTOM">606<TD ALIGN="LEFT">Investment activity:</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>607<TR VALIGN="BOTTOM">608<TD ALIGN="LEFT"> Interest and dividend income</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>609<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">50,569</TD>610<TD ALIGN="LEFT"> </TD>611<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">41,953</TD>612<TD ALIGN="LEFT"> </TD></TR>613<TR VALIGN="BOTTOM">614<TD ALIGN="LEFT"> Net (depreciation) appreciation in fair value of investments</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>615<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(169,109</TD>616<TD ALIGN="LEFT">)</TD>617<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">257,736</TD>618<TD ALIGN="LEFT"> </TD></TR>619<TR>620<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>621<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD>622<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD></TR>623<TR VALIGN="BOTTOM">624<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>625<TR VALIGN="BOTTOM">626<TD ALIGN="LEFT"> Total investment (loss) income</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>627<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(118,540</TD>628<TD ALIGN="LEFT">)</TD>629<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">299,689</TD>630<TD ALIGN="LEFT"> </TD></TR>631<TR VALIGN="BOTTOM">632<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>633<TR VALIGN="BOTTOM">634<TD ALIGN="LEFT">Assets transferred from other plans (Note 9)</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>635<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">9,630</TD>636<TD ALIGN="LEFT"> </TD>637<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">57,977</TD>638<TD ALIGN="LEFT"> </TD></TR>639<TR VALIGN="BOTTOM">640<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>641<TR VALIGN="BOTTOM">642<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>643<TR VALIGN="BOTTOM">644<TD ALIGN="LEFT">Benefit payments</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>645<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(95,598</TD>646<TD ALIGN="LEFT">)</TD>647<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(69,444</TD>648<TD ALIGN="LEFT">)</TD></TR>649<TR VALIGN="BOTTOM">650<TD ALIGN="LEFT">Administrative fees</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>651<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(40</TD>652<TD ALIGN="LEFT">)</TD>653<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(49</TD>654<TD ALIGN="LEFT">)</TD></TR>655<TR>656<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>657<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD>658<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD></TR>659<TR VALIGN="BOTTOM">660<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>661<TR VALIGN="BOTTOM">662<TD ALIGN="LEFT">(Decrease) increase in net assets</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>663<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(126,573</TD>664<TD ALIGN="LEFT">)</TD>665<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">356,527</TD>666<TD ALIGN="LEFT"> </TD></TR>667<TR VALIGN="BOTTOM">668<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>669<TR VALIGN="BOTTOM">670<TD ALIGN="LEFT">Net assets available for benefits:</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>671<TR VALIGN="BOTTOM">672<TD ALIGN="LEFT"> Beginning of year</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>673<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">1,418,015</TD>674<TD ALIGN="LEFT"> </TD>675<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">1,061,488</TD>676<TD ALIGN="LEFT"> </TD></TR>677<TR>678<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>679<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD>680<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD></TR>681<TR VALIGN="BOTTOM">682<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>683<TR VALIGN="BOTTOM">684<TD ALIGN="LEFT"> End of year</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>685<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 1,291,442</TD>686<TD ALIGN="LEFT"> </TD>687<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 1,418,015</TD>688<TD ALIGN="LEFT"> </TD></TR>689<TR>690<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>691<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="2"></TD>692<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="2"></TD></TR>693</TABLE>694<BR><BR><BR><BR>695696<!-- MARKER FORMAT-SHEET="Page Breaks" -->697<P ALIGN="CENTER">The accompanying notes are an integral part of these financial698statements.</P>699700701<!-- MARKER FORMAT-SHEET="Page Breaks" -->702<P ALIGN="CENTER">3</P>703704705706707708709<PAGE>710711712<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->713<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>714Notes to Financial Statements</B></FONT> </P>715716<HR SIZE=2 WIDTH=100%>717<BR>718719<!-- MARKER FORMAT-SHEET="Para Hang" -->720<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>721<TR VALIGN=TOP>722<TD WIDTH=5%><FONT SIZE="3"><B>1.</B></FONT> </TD>723<TD WIDTH=95%><FONT SIZE="3"><B>Description724of the Plan</B></FONT></TD>725</TR>726</TABLE>727<BR>728729<!-- MARKER FORMAT-SHEET="Para Hang" -->730<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>731<TR VALIGN=TOP>732<TD WIDTH=5%> </TD>733<TD WIDTH=95%><FONT SIZE=3>734The735following description of the Medtronic, Inc. and Participating Employers Supplemental736Retirement Plan (the “Plan”) provides only general information. Participants737should refer to the Plan document for a complete description of the Plan’s738provisions.</FONT></TD>739</TR>740</TABLE>741<BR>742743<!-- MARKER FORMAT-SHEET="Para Hang" -->744<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>745<TR VALIGN=TOP>746<TD WIDTH=5%> </TD>747<TD WIDTH=95%>748<FONT SIZE=3><B>General</B><BR>The749Plan is a defined contribution plan created by Medtronic, Inc. (the750“Company”). The Company established the Plan to help employees751increase retirement savings and provide financial security upon retirement. The752Plan is available to all eligible regular full-time and part-time employees753immediately upon hire. Employee contributions are subject to certain IRS limits754on allowable compensation and maximum contribution amounts. The Plan qualifies755under Section 401(a) of the Internal Revenue Code of 1986, as amended, and is756subject to the provisions of the Employee Retirement Income Security Act of 1974757(ERISA), as amended.</FONT></TD>758</TR>759</TABLE>760<BR>761762<!-- MARKER FORMAT-SHEET="Para Hang" -->763<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>764<TR VALIGN=TOP>765<TD WIDTH=5%> </TD>766<TD WIDTH=95%><FONT SIZE=3>767The768Board of Directors has approved the merger of the Plan into the Medtronic, Inc.769Employee Stock Ownership and Supplemental Retirement Plan. As of May 31, 2001,770all Plan assets and related benefit obligations had been transferred to the771Medtronic, Inc. Employee Stock Ownership and Supplemental Retirement Plan.</FONT></TD>772</TR>773</TABLE>774<BR>775776<!-- MARKER FORMAT-SHEET="Para Hang" -->777<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>778<TR VALIGN=TOP>779<TD WIDTH=5%> </TD>780<TD WIDTH=95%>781<FONT SIZE=3><B>Administration</B><BR>The782Qualified Plan Committee of the Company oversees the administration of the Plan. The783committee appointed The Vanguard Fiduciary Trust Company as Trustee of the plan assets and784Recordkeeper of the Plan. The Vanguard Fiduciary Trust Company (hereinafter785referred to as the “Trustee”) has been appointed to provide786participant services, education and communication services. The Trustee787maintains a separate account in the name of each participant in the Plan to788record the assets allocated to the participant and the earnings, losses,789disbursement and expenses credited thereto.</FONT></TD>790</TR>791</TABLE>792<BR>793794<!-- MARKER FORMAT-SHEET="Para Hang" -->795<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>796<TR VALIGN=TOP>797<TD WIDTH=5%> </TD>798<TD WIDTH=95%>799<FONT SIZE=3><B>Contributions</B><BR>Participating800employees may contribute to the Plan a minimum of 2% up to a maximum of 15%801(2000: maximum of 12%) of eligible earnings on a pre-tax basis. The Company802makes no matching contribution directly to the Plan, however the Company makes a803matching allocation of Medtronic common stock to the Employee Stock Ownership804Plan account. This matching allocation is at least 50%, up to a maximum of 150%805, of the employee contributions, limited to 6% of eligible compensation. The806Company match totaled approximately $33,063,000 and $32,046,000 for fiscal years8072001 and 2000, respectively.</FONT></TD>808</TR>809</TABLE>810<BR>811812<!-- MARKER FORMAT-SHEET="Para Hang" -->813<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>814<TR VALIGN=TOP>815<TD WIDTH=5%> </TD>816<TD WIDTH=95%><FONT SIZE=3>817Contributions818are made to the Plan by participants through payroll deductions. The819contributions are allocated to eleven investment choices based upon participant820investment decisions. The participants may change the investment decisions at821any time by contacting the Trustee. However, any funds exchanged out of the822Medtronic Interest Income Fund must remain invested in another investment823alternative for a period of at least three months before being moved to the824Vanguard Total Bond Market Index Fund.</FONT></TD>825</TR>826</TABLE>827<BR>828829<!-- MARKER FORMAT-SHEET="Para Hang" -->830<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>831<TR VALIGN=TOP>832<TD WIDTH=5%> </TD>833<TD WIDTH=95%>834<FONT SIZE=3><B>Vesting</B><BR>Participants835are 100% vested in their contributions at all times. Participants are 20% vested836in the Company contributions upon completing one year of service. Vesting in the837Company contributions accrues at the rate of 20% per year thereafter;838participants are fully vested on all Company’s contributions after five839years. Participant forfeiture of nonvested amounts reduce the Company</FONT></TD>840</TR>841</TABLE>842<BR><BR>843844<!-- MARKER FORMAT-SHEET="Page Breaks" -->845<P ALIGN="CENTER">4</P>846847848849850851852<PAGE>853854855<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->856<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>857Notes to Financial Statements</B></FONT> </P>858859<HR SIZE=2 WIDTH=100%>860<BR>861862<!-- MARKER FORMAT-SHEET="Para Hang" -->863<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>864<TR VALIGN=TOP>865<TD WIDTH=5%> </TD>866<TD WIDTH=95%><FONT SIZE=3>867contribution. During fiscal years 2001 and 2000, $867,000 and $529,000,868respectively, were forfeited by terminating employees before these amounts869became vested.</FONT></TD>870</TR>871</TABLE>872<BR>873874<!-- MARKER FORMAT-SHEET="Para Hang" -->875<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>876<TR VALIGN=TOP>877<TD WIDTH=5%> </TD>878<TD WIDTH=95%><FONT SIZE=3>879<B>Distributions</B><BR>An880active participant who has attained age 59 ½ may request a cash distribution for all or a881part of the value of the account.</FONT></TD>882</TR>883</TABLE>884<BR>885886<!-- MARKER FORMAT-SHEET="Para Hang" -->887<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>888<TR VALIGN=TOP>889<TD WIDTH=5%> </TD>890<TD WIDTH=95%><FONT SIZE=3>891Upon892termination of employment, the participant must take a complete distribution if893the value of the participant’s account is under $5,000. If the value of the894participant’s account is greater than $5,000, the participant may elect to895defer distribution until a later date, take a cash withdrawal or request a896direct rollover. Participant funds invested in Medtronic stock may be taken897in-kind or as cash. Upon retirement from the Company, the participants also have898the option to take monthly installments from the Plan.</FONT></TD>899</TR>900</TABLE>901<BR>902903<!-- MARKER FORMAT-SHEET="Para Hang" -->904<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>905<TR VALIGN=TOP>906<TD WIDTH=5%> </TD>907<TD WIDTH=95%><FONT SIZE=3>908Participants909may take hardship withdrawals from the Plan if they incur financial hardship.910The hardship withdrawal is only available to meet immediate and severe financial911needs that cannot be met through other available sources in the Plan including912the available loan provisions. The amount of the hardship withdrawal cannot913exceed the amount of the financial need and will be taxed upon distribution with914a 10% penalty tax imposed.</FONT></TD>915</TR>916</TABLE>917<BR>918919<!-- MARKER FORMAT-SHEET="Para Hang" -->920<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>921<TR VALIGN=TOP>922<TD WIDTH=5%> </TD>923<TD WIDTH=95%><FONT SIZE=3>924Upon925the death of a participant, the account becomes fully vested and will be paid to926the designated beneficiary, or if no beneficiary has been designated, the927balance will be paid according to the terms and conditions of the Plan. The928beneficiary has the option to take the Medtronic stock in-kind or as cash.</FONT></TD>929</TR>930</TABLE>931<BR>932933<!-- MARKER FORMAT-SHEET="Para Hang" -->934<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>935<TR VALIGN=TOP>936<TD WIDTH=5%> </TD>937<TD WIDTH=95%>938<FONT SIZE=3><B>Participant Loans</B><BR>Participants939can have only one loan outstanding at a time and can borrow up to 50% of their940vested balance not to exceed the maximum loan amount of $50,000. The minimum941loan amount is $1,000. Loans are repaid through payroll deduction in equal942amounts over a 1 to 5 year period. The interest rate is calculated as one943percentage point over the prime rate in effect at US Bank, N.A., on the first944workday of the month in which the loan is made and remains fixed for the945duration for the loan.</FONT></TD>946</TR>947</TABLE>948<BR>949950<!-- MARKER FORMAT-SHEET="Para Hang" -->951<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>952<TR VALIGN=TOP>953<TD WIDTH=5%> </TD>954<TD WIDTH=95%>955<FONT SIZE=3><B>Termination of the Plan</B><BR>Termination956or retirement benefits are paid by the Trustee in accordance with the provisions957of the Plan and the instructions of Medtronic, Inc., acting as plan958administrator. In the event the Plan were terminated, participants become fully959vested in the Company contributions and the Company would cause all amounts in the960hands of the Trustee to be allocated and distributed to the participants based961upon their investment balance.</FONT></TD>962</TR>963</TABLE>964<BR>965966<!-- MARKER FORMAT-SHEET="Para Hang" -->967<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>968<TR VALIGN=TOP>969<TD WIDTH=5%> </TD>970<TD WIDTH=95%>971<FONT SIZE=3><B>Plan Amendments</B><BR>During972the current year, the Plan was amended to a) eliminate the one-year wait upon973reemployment for purposes of crediting vesting; b) include all prior years of974service in calculating the vested percentage of rehired employees and c) permit975Participants to elect a percentage of elective deferral contributions for976a plan year that is applied against their total credited compensation without977regard to the Internal Revenue Code limitations, provided such percentage does978not exceed 15% of the Participant’s covered compensation, as defined in the979Plan.</FONT></TD>980</TR>981</TABLE>982<BR>983984<!-- MARKER FORMAT-SHEET="Para Hang" -->985<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>986<TR VALIGN=TOP>987<TD WIDTH=5%><FONT SIZE="3"><B>2.</B></FONT> </TD>988<TD WIDTH=95%><FONT SIZE="3"><B>Summary989of Accounting Principles</B></FONT></TD>990</TR>991</TABLE>992<BR>993994<!-- MARKER FORMAT-SHEET="Para Hang" -->995<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>996<TR VALIGN=TOP>997<TD WIDTH=5%> </TD>998<TD WIDTH=95%>999<FONT SIZE=3><B>Basis of Presentation</B><BR>The1000accompanying financial statements are prepared on the accrual basis of accounting.</FONT></TD>1001</TR>1002</TABLE>1003<BR>10041005<!-- MARKER FORMAT-SHEET="Page Breaks" -->1006<P ALIGN="CENTER">5</P>10071008100910101011101210131014<PAGE>101510161017<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->1018<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>1019Notes to Financial Statements</B></FONT> </P>10201021<HR SIZE=2 WIDTH=100%>1022<BR>10231024<!-- MARKER FORMAT-SHEET="Para Hang" -->1025<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1026<TR VALIGN=TOP>1027<TD WIDTH=5%> </TD>1028<TD WIDTH=95%>1029<FONT SIZE="3"><B>Valuation of Investments</B><BR>The1030Plan’s investments are stated at fair value, except for its investment1031contracts, which are valued at contract value. Shares of registered investment1032companies are valued at quoted market prices which represent the net asset value1033of shares held by the Plan at year-end. The Company stock fund is valued at its1034year-end unit closing price (comprised of year-end market price plus uninvested1035cash position.) Participant loans are valued at estimated fair value, consisting1036of outstanding prinicipal and related unpaid interest.</FONT></TD>1037</TR>1038</TABLE>1039<BR>10401041<!-- MARKER FORMAT-SHEET="Para Hang" -->1042<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1043<TR VALIGN=TOP>1044<TD WIDTH=5%> </TD>1045<TD WIDTH=95%>1046<FONT SIZE="3"><B>Use of Estimates</B><BR>The1047preparation of the financial statements in conformity with accounting principles1048generally accepted in the United States of America requires management to make1049estimates and assumptions that affect the amounts reported in the financial1050statements and accompanying notes. Actual results could differ from those1051estimates.</FONT></TD>1052</TR>1053</TABLE>1054<BR>10551056<!-- MARKER FORMAT-SHEET="Para Hang" -->1057<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1058<TR VALIGN=TOP>1059<TD WIDTH=5%> </TD>1060<TD WIDTH=95%>1061<FONT SIZE="3"><B>Investment Transactions and Related Investment Income</B><BR>Purchases1062and sales of investments are recorded on a trade-date basis. Realized gains and1063losses on sales of investments are based on average cost at the time of the1064sale. Interest income is accrued when earned. Dividend income is recorded on the1065ex-dividend date. Capital gain distributions are included in dividend income.</FONT></TD>1066</TR>1067</TABLE>1068<BR>10691070<!-- MARKER FORMAT-SHEET="Para Hang" -->1071<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1072<TR VALIGN=TOP>1073<TD WIDTH=5%> </TD>1074<TD WIDTH=95%>1075<FONT SIZE="3"><B>Administrative Expenses</B><BR>Administrative1076expenses are paid by the Plan for the administration of the Plan and maintenance1077of the accounts. Such expenses consist of recordkeeping fees, trustee fees,1078account maintenance fees, and annual loan fees. The Company pays for the fees1079associated with transactions in the Medtronic Common Stock Fund.</FONT></TD>1080</TR>1081</TABLE>1082<BR>10831084<!-- MARKER FORMAT-SHEET="Para Hang" -->1085<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1086<TR VALIGN=TOP>1087<TD WIDTH=5%> </TD>1088<TD WIDTH=95%>1089<FONT SIZE="3"><B>Payment of Benefits</B><BR>Benefits1090are recorded when paid.</FONT></TD>1091</TR>1092</TABLE>1093<BR>10941095<!-- MARKER FORMAT-SHEET="Para Hang" -->1096<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1097<TR VALIGN=TOP>1098<TD WIDTH=5%> </TD>1099<TD WIDTH=95%>1100<FONT SIZE="3"><B>Risks and Uncertainties</B><BR>The1101Plan provides for various participant investment options in funds, which can1102invest in any combination of stocks, bonds, fixed income securities, mutual1103fund, and other investment securities. Investment securities are exposed to1104various risks, such as interest rate, market and credit. Due to the level of1105risk associated with certain investment securities and the level of uncertainty1106related to changes in the value of investment securities, it is at least1107reasonably possible that changes in risks in the near term would materially1108affect participants’ account balances and the amounts reported in the1109Statements of Net Assets Available for Benefits and the Statements of Changes in1110Net Assets Available for Benefits.</FONT></TD>1111</TR>1112</TABLE>1113<BR>11141115<!-- MARKER FORMAT-SHEET="Para Hang" -->1116<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1117<TR VALIGN=TOP>1118<TD WIDTH=5%> </TD>1119<TD WIDTH=95%>1120<FONT SIZE="3"><B>New Accounting Standards</B><BR>In1121June 1998, the Financial Accounting Standards Board issued Statement of Financial1122Accounting Standards No. 133, “Accounting for Derivative Instruments and Hedging1123Activities” (SFAS No. 133). SFAS No. 133 requires that an entity recognize all1124derivatives and measure those instruments at fair value.</FONT></TD>1125</TR>1126</TABLE>1127<BR>11281129<!-- MARKER FORMAT-SHEET="Para Hang" -->1130<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1131<TR VALIGN=TOP>1132<TD WIDTH=5%> </TD>1133<TD WIDTH=95%><FONT SIZE=3>1134SFAS1135No. 133 is effective for fiscal years beginning after June 15, 2000. Pursuant to1136Statement of Financial Accounting Standards No. 137, “Accounting for1137Derivative Instruments and Hedging Activities-Deferral of the Effective Date of1138FASB Statement No. 133- an Amendment of FASB Statement No. 133,” the Plan1139is required to adopt SFAS No. 133 effective May 1, 2001. Management</FONT></TD>1140</TR>1141</TABLE>1142<BR>11431144<!-- MARKER FORMAT-SHEET="Page Breaks" -->1145<P ALIGN="CENTER">6</P>11461147114811491150115111521153<PAGE>115411551156<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->1157<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>1158Notes to Financial Statements</B></FONT> </P>11591160<HR SIZE=2 WIDTH=100%>1161<BR>11621163<!-- MARKER FORMAT-SHEET="Para Hang" -->1164<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1165<TR VALIGN=TOP>1166<TD WIDTH=5%> </TD>1167<TD WIDTH=95%><FONT SIZE=3>1168has not yet1169been able to determine the impact of SFAS No. 133 on the Plan financial1170statements as a result of the inconsistency in accounting literature between1171SFAS No. 133, requiring derivatives to be measured at fair1172value, and the AICPA Audit and Accounting Guide on “Audits of Employee1173Benefit Plans” and Statement of Position 94-4, “Reporting of1174Investment Contracts Held by Health and Welfare Benefit Plans and1175Defined-Contribution Pension Plans”, requiring benefit responsive1176investment contracts (including synthetic GICs) to be measured at contract1177value. Until this discrepancy is resolved, management is unable to determine the1178impact that SFAS 133 will have on the Plan financial statements. The carrying1179value of those instruments is approximately $149,700,000 at April 30, 2001.</FONT></TD>1180</TR>1181</TABLE>1182<BR>11831184<!-- MARKER FORMAT-SHEET="Para Hang" -->1185<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1186<TR VALIGN=TOP>1187<TD WIDTH=5%><FONT SIZE="3"><B>3.</B></FONT> </TD>1188<TD WIDTH=95%><FONT SIZE="3"><B>Description1189of Investment Funds</B></FONT></TD>1190</TR>1191</TABLE>1192<BR>11931194<!-- MARKER FORMAT-SHEET="Para Hang" -->1195<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1196<TR VALIGN=TOP>1197<TD WIDTH=5%> </TD>1198<TD WIDTH=95%><FONT SIZE=3>1199The1200objectives of the eleven investment funds to which participants were able to1201allocate their contributions during the plan years ended April 30, 2001 and 20001202are described as follows:</FONT></TD>1203</TR>1204</TABLE>1205<BR>12061207<!-- MARKER FORMAT-SHEET="Para Hang" -->1208<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1209<TR VALIGN=TOP>1210<TD WIDTH=5%> </TD>1211<TD WIDTH=95%>1212<FONT SIZE="3"><I>Medtronic1213Common Stock Fund</I>: Invests in Medtronic, Inc. common stock to provide the possibility of1214long-term growth through increases in the value of the stock and the reinvestment of its1215dividends. Among the factors affecting the stock’s potential growth are the Company’s1216ability to expand its commitment to new technology and products and to enter new markets.</FONT></TD>1217</TR>1218</TABLE>1219<BR>12201221<!-- MARKER FORMAT-SHEET="Para Hang" -->1222<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1223<TR VALIGN=TOP>1224<TD WIDTH=5%> </TD>1225<TD WIDTH=95%><FONT SIZE=3>1226<I>Vanguard1227500 Index Fund</I>: Seeks to provide long-term growth of capital and income from1228dividends by holding all of the 500 stocks that make up the unmanaged Standard1229& Poor’s 500 Composite Stock Price Index, a widely recognized benchmark1230of U.S. stock market performance.</FONT></TD>1231</TR>1232</TABLE>1233<BR>12341235<!-- MARKER FORMAT-SHEET="Para Hang" -->1236<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1237<TR VALIGN=TOP>1238<TD WIDTH=5%> </TD>1239<TD WIDTH=95%>1240<FONT SIZE="3"><I>Vanguard1241PRIMECAP Fund</I>: Seeks long-term growth of capital by investing in stocks of companies with1242above-average prospects for continued earnings growth, strong industry positions, and1243skilled management teams.</FONT></TD>1244</TR>1245</TABLE>1246<BR>12471248<!-- MARKER FORMAT-SHEET="Para Hang" -->1249<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1250<TR VALIGN=TOP>1251<TD WIDTH=5%> </TD>1252<TD WIDTH=95%><FONT SIZE=3>1253<I>Vanguard1254Wellington Fund</I>: Seeks to provide income and long-term growth of capital1255without undue risk to capital by investing about 65% of its assets in stocks and1256the remaining 35% in bonds.</FONT></TD>1257</TR>1258</TABLE>1259<BR>12601261<!-- MARKER FORMAT-SHEET="Para Hang" -->1262<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1263<TR VALIGN=TOP>1264<TD WIDTH=5%> </TD>1265<TD WIDTH=95%><FONT SIZE=3>1266<I>Vanguard1267Windsor II Fund</I>: Seeks to provide income and long-term growth of capital and1268income from dividends by investing in a diversified group of out-of-favor stocks1269of large-capitalization companies. The stocks generally sell at prices below the1270overall market average compared to their dividend income and future return1271potential.</FONT></TD>1272</TR>1273</TABLE>1274<BR>12751276<!-- MARKER FORMAT-SHEET="Para Hang" -->1277<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1278<TR VALIGN=TOP>1279<TD WIDTH=5%> </TD>1280<TD WIDTH=95%>1281<FONT SIZE="3"><I>Vanguard1282Explorer Fund</I>: Seeks to provide long-term growth of capital by investing in a diversified1283group of small-company stocks with prospects for above-average growth.</FONT></TD>1284</TR>1285</TABLE>1286<BR>12871288<!-- MARKER FORMAT-SHEET="Para Hang" -->1289<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1290<TR VALIGN=TOP>1291<TD WIDTH=5%> </TD>1292<TD WIDTH=95%><FONT SIZE=3>1293<I>Vanguard1294International Growth Fund</I>: Seeks to provide long-term growth of capital by1295investing in stocks of high-quality, seasoned companies based outside the United1296States of America. Stocks are selected from more than 15 countries.</FONT></TD>1297</TR>1298</TABLE>1299<BR>13001301<!-- MARKER FORMAT-SHEET="Para Hang" -->1302<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1303<TR VALIGN=TOP>1304<TD WIDTH=5%> </TD>1305<TD WIDTH=95%>1306<FONT SIZE="3"><I>Vanguard1307U.S. Growth Fund</I>: Seeks to provide long-term growth of capital by investing in large,1308high-quality, seasoned U.S. companies with records of exceptional growth and1309above-average prospects for future growth.</FONT></TD>1310</TR>1311</TABLE>1312<BR><BR>13131314<!-- MARKER FORMAT-SHEET="Page Breaks" -->1315<P ALIGN="CENTER">7</P>13161317131813191320132113221323<PAGE>132413251326<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->1327<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>1328Notes to Financial Statements</B></FONT> </P>13291330<HR SIZE=2 WIDTH=100%>1331<BR>13321333<!-- MARKER FORMAT-SHEET="Para Hang" -->1334<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1335<TR VALIGN=TOP>1336<TD WIDTH=5%> </TD>1337<TD WIDTH=95%><FONT SIZE=3>1338<I>Vanguard1339Total Bond Market Index Fund</I>: Seeks to provide a high level of interest1340income by attempting to match the performance of the unmanaged Lehman Brothers1341Aggregate Bond Index, which is a widely recognized measure of the entire taxable1342U.S. bond market.</FONT></TD>1343</TR>1344</TABLE>1345<BR>13461347<!-- MARKER FORMAT-SHEET="Para Hang" -->1348<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1349<TR VALIGN=TOP>1350<TD WIDTH=5%> </TD>1351<TD WIDTH=95%><FONT SIZE=3>1352<I>Vanguard1353Extended Market Index Fund</I>: Seeks to provide long-term growth of capital by1354attempting to match the performance of the Wilshire 4500 Equity Index, an1355unmanaged index made up mostly of mid- and small- capitalization companies.</FONT></TD>1356</TR>1357</TABLE>1358<BR>13591360<!-- MARKER FORMAT-SHEET="Para Hang" -->1361<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1362<TR VALIGN=TOP>1363<TD WIDTH=5%> </TD>1364<TD WIDTH=95%><FONT SIZE=3>1365<I>Medtronic1366Interest Income Fund</I>: Seeks to preserve the value of capital and provide an1367attractive level of interest by investing primarily in investment contracts1368issued by insurance companies and banks. It is designed to maintain a constant1369$1.00 share value.</FONT></TD>1370</TR>1371</TABLE>1372<BR>13731374<!-- MARKER FORMAT-SHEET="Para Hang" -->1375<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1376<TR VALIGN=TOP>1377<TD WIDTH=5%><FONT SIZE="3"><B>4.</B></FONT> </TD>1378<TD WIDTH=95%><FONT SIZE="3"><B>Investments</B></FONT></TD>1379</TR>1380</TABLE>1381<BR>13821383<!-- MARKER FORMAT-SHEET="Para Hang" -->1384<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1385<TR VALIGN=TOP>1386<TD WIDTH=5%> </TD>1387<TD WIDTH=95%><FONT SIZE=3>1388The1389net (depreciation) appreciation in the fair value of investments during 2001 and13902000, including investments purchased and sold, as well as those held during the1391year, was as follows (in 000’s):</FONT></TD>1392</TR>1393</TABLE>1394<BR>13951396<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" BORDER="0" WIDTH="600">1397<TR VALIGN="BOTTOM">1398<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1399<TH COLSPAN="6"><FONT SIZE="-1">April 30</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>1400<TR VALIGN="BOTTOM">1401<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1402<TH COLSPAN="3"><FONT SIZE="-1">2001</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>1403<TH COLSPAN="3"><FONT SIZE="-1">2000</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>1404<TR VALIGN="BOTTOM">1405<TD WIDTH="60%" ALIGN="LEFT">Medtronic Common Stock Fund</TD>1406<TD WIDTH="1%" ALIGN="LEFT"> </TD>1407<TD WIDTH="3%" ALIGN="LEFT"> </TD>1408<TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="10%" ALIGN="RIGHT"> (93,477</TD>1409<TD WIDTH="4%" ALIGN="LEFT">)</TD>1410<TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="10%" ALIGN="RIGHT"> 233,265</TD>1411<TD WIDTH="4%" ALIGN="LEFT"> </TD></TR>1412<TR VALIGN="BOTTOM">1413<TD ALIGN="LEFT">Vanguard 500 Index Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1414<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(20,774</TD>1415<TD ALIGN="LEFT">)</TD>1416<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">11,655</TD>1417<TD ALIGN="LEFT"> </TD></TR>1418<TR VALIGN="BOTTOM">1419<TD ALIGN="LEFT">Vanguard PRIMECAP Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1420<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(27,058</TD>1421<TD ALIGN="LEFT">)</TD>1422<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">29,684</TD>1423<TD ALIGN="LEFT"> </TD></TR>1424<TR VALIGN="BOTTOM">1425<TD ALIGN="LEFT">Vanguard Wellington Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1426<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">4,472</TD>1427<TD ALIGN="LEFT"> </TD>1428<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(12,344</TD>1429<TD ALIGN="LEFT">)</TD></TR>1430<TR VALIGN="BOTTOM">1431<TD ALIGN="LEFT">Vanguard Windsor II Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1432<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">4,898</TD>1433<TD ALIGN="LEFT"> </TD>1434<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(14,584</TD>1435<TD ALIGN="LEFT">)</TD></TR>1436<TR VALIGN="BOTTOM">1437<TD ALIGN="LEFT">Vanguard Explorer Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1438<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(7,073</TD>1439<TD ALIGN="LEFT">)</TD>1440<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">4,859</TD>1441<TD ALIGN="LEFT"> </TD></TR>1442<TR VALIGN="BOTTOM">1443<TD ALIGN="LEFT">Vanguard International Growth Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1444<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(7,543</TD>1445<TD ALIGN="LEFT">)</TD>1446<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">3,390</TD>1447<TD ALIGN="LEFT"> </TD></TR>1448<TR VALIGN="BOTTOM">1449<TD ALIGN="LEFT">Vanguard U.S. Growth Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1450<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(19,317</TD>1451<TD ALIGN="LEFT">)</TD>1452<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">2,456</TD>1453<TD ALIGN="LEFT"> </TD></TR>1454<TR VALIGN="BOTTOM">1455<TD ALIGN="LEFT">Vanguard Total Bond Market Index Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1456<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">557</TD>1457<TD ALIGN="LEFT"> </TD>1458<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(425</TD>1459<TD ALIGN="LEFT">)</TD></TR>1460<TR VALIGN="BOTTOM">1461<TD ALIGN="LEFT">Vanguard Extended Market Index Fund</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1462<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(3,794</TD>1463<TD ALIGN="LEFT">)</TD>1464<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(220</TD>1465<TD ALIGN="LEFT">)</TD></TR>1466<TR>1467<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1468<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD>1469<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD></TR>1470<TR VALIGN="BOTTOM">1471<TD ALIGN="LEFT"> Net (depreciation) appreciation in</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>1472<TR VALIGN="BOTTOM">1473<TD ALIGN="LEFT"> fair value of investments</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1474<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> (169,109</TD>1475<TD ALIGN="LEFT">)</TD>1476<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 257,736</TD>1477<TD ALIGN="LEFT"> </TD></TR>1478<TR>1479<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1480<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="2"></TD>1481<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="2"></TD></TR>1482</TABLE>1483<BR>14841485<!-- MARKER FORMAT-SHEET="Para Hang" -->1486<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1487<TR VALIGN=TOP>1488<TD WIDTH=5%><FONT SIZE="3"><B>5.</B></FONT> </TD>1489<TD WIDTH=95%><FONT SIZE="3"><B>Medtronic1490Interest Income Fund</B></FONT></TD>1491</TR>1492</TABLE>1493<BR>14941495<!-- MARKER FORMAT-SHEET="Para Hang" -->1496<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1497<TR VALIGN=TOP>1498<TD WIDTH=5%> </TD>1499<TD WIDTH=95%><FONT SIZE=3>1500The1501investments in the Medtronic Interest Income Fund consist of investment1502contracts issued by financial institutions and of contracts backed by1503investment-grade, fixed-income securities and bond mutual funds. These1504investment contracts are valued at their contract values, which approximate fair1505value because these investments have fully benefit-responsive features. There1506are no reserves against contract values for credit risk of contract issuers or1507otherwise.</FONT></TD>1508</TR>1509</TABLE>1510<BR>15111512<!-- MARKER FORMAT-SHEET="Para Hang" -->1513<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1514<TR VALIGN=TOP>1515<TD WIDTH=5%> </TD>1516<TD WIDTH=95%><FONT SIZE=3>1517The1518average yield of the Medtronic Interest Income Fund was 6.38% and 6.54% for 20011519and 2000, respectively. The crediting interest rate of the Medtronic Interest1520Income Fund was 6.45% and 6.23% for 2001 and 2000, respectively. The crediting1521interest rate is based on a formula agreed upon with the issuer, which cannot be1522less than zero. Such interest rates are reviewed on a quarterly basis for1523resetting.</FONT></TD>1524</TR>1525</TABLE>1526<BR>15271528<!-- MARKER FORMAT-SHEET="Page Breaks" -->1529<P ALIGN="CENTER">8</P>15301531153215331534153515361537<PAGE>153815391540<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->1541<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>1542Notes to Financial Statements</B></FONT> </P>15431544<HR SIZE=2 WIDTH=100%>1545<BR>15461547<!-- MARKER FORMAT-SHEET="Para Hang" -->1548<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1549<TR VALIGN=TOP>1550<TD WIDTH=5%><FONT SIZE="3"><B>6.</B></FONT> </TD>1551<TD WIDTH=95%><FONT SIZE="3"><B>Related1552Party Transactions</B></FONT></TD>1553</TR>1554</TABLE>1555<BR>15561557<!-- MARKER FORMAT-SHEET="Para Hang" -->1558<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1559<TR VALIGN=TOP>1560<TD WIDTH=5%> </TD>1561<TD WIDTH=95%><FONT SIZE=3>1562The1563Plan invests in shares of mutual funds managed by an affiliate of Vanguard1564Trust. Vanguard Trust acts as trustee for only those investments of the Plan.1565Transactions in such investments qualify as party-in-interest transactions,1566which are exempt from the prohibited transaction rules.</FONT></TD>1567</TR>1568</TABLE>1569<BR>15701571<!-- MARKER FORMAT-SHEET="Para Hang" -->1572<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1573<TR VALIGN=TOP>1574<TD WIDTH=5%> </TD>1575<TD WIDTH=95%><FONT SIZE=3>1576At1577April 30, 2001, the Plan held 13,767,179 shares of Medtronic, Inc. common stock1578valued at approximately $614,016,000. At April 30, 2000 the Plan held 14,285,4171579shares of Medtronic, Inc. common stock valued at approximately $741,949,000.</FONT></TD>1580</TR>1581</TABLE>1582<BR>15831584<!-- MARKER FORMAT-SHEET="Para Hang" -->1585<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1586<TR VALIGN=TOP>1587<TD WIDTH=5%> </TD>1588<TD WIDTH=95%><FONT SIZE=3>1589Total1590purchases and sales, including purchases and sales of Medtronic stock, for the1591years ended April 30, 2001 and April 30, 2000 were $531,526,000 and $485,121,0001592and $507,369,000 and $404,879,000, respectively.</FONT></TD>1593</TR>1594</TABLE>1595<BR>15961597<!-- MARKER FORMAT-SHEET="Para Hang" -->1598<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1599<TR VALIGN=TOP>1600<TD WIDTH=5%><FONT SIZE="3"><B>7.</B></FONT> </TD>1601<TD WIDTH=95%><FONT SIZE="3"><B>Reconciliation1602of Financial Statements to Form 5500</B></FONT></TD>1603</TR>1604</TABLE>1605<BR>16061607<!-- MARKER FORMAT-SHEET="Para Hang" -->1608<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1609<TR VALIGN=TOP>1610<TD WIDTH=5%> </TD>1611<TD WIDTH=95%><FONT SIZE=3>1612The1613following is a reconciliation of net assets available for benefits per the financial1614statements to Form 5500 (in 000’s):</FONT></TD>1615</TR>1616</TABLE>1617<BR>16181619<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" BORDER="0" WIDTH="600">1620<TR VALIGN="BOTTOM">1621<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1622<TH COLSPAN="6"><FONT SIZE="-1">April 30,</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>1623<TR VALIGN="BOTTOM">1624<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1625<TH COLSPAN="3"><FONT SIZE="-1">2001</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>1626<TH COLSPAN="3"><FONT SIZE="-1">2000</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>1627<TR VALIGN="BOTTOM">1628<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>1629<TR VALIGN="BOTTOM">1630<TD WIDTH="67%" ALIGN="LEFT">Net assets available for benefits per financial statements</TD>1631<TD WIDTH="1%" ALIGN="LEFT"> </TD>1632<TD WIDTH="2%" ALIGN="LEFT"> </TD>1633<TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="11%" ALIGN="RIGHT"> 1,291,442</TD>1634<TD WIDTH="4%" ALIGN="LEFT"> </TD>1635<TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="11%" ALIGN="RIGHT"> 1,418,015</TD>1636<TD WIDTH="2%" ALIGN="LEFT"> </TD></TR>1637<TR VALIGN="BOTTOM">1638<TD ALIGN="LEFT">Amounts allocated to withdrawing participants</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1639<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(4,945</TD>1640<TD ALIGN="LEFT">)</TD>1641<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(6,579</TD>1642<TD ALIGN="LEFT">)</TD></TR>1643<TR>1644<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1645<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD>1646<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="1"></TD></TR>1647<TR VALIGN="BOTTOM">1648<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>1649<TR VALIGN="BOTTOM">1650<TD ALIGN="LEFT">Net assets available for benefits per Form 5500</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1651<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 1,286,497</TD>1652<TD ALIGN="LEFT"> </TD>1653<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 1,411,436</TD>1654<TD ALIGN="LEFT"> </TD></TR>1655<TR>1656<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1657<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="2"></TD>1658<TD COLSPAN="3"><HR WIDTH=95% NOSHADE COLOR="Black" SIZE="2"></TD></TR>1659</TABLE>1660<BR>16611662<!-- MARKER FORMAT-SHEET="Para Hang" -->1663<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1664<TR VALIGN=TOP>1665<TD WIDTH=5%> </TD>1666<TD WIDTH=95%><FONT SIZE=3>1667The1668following is a reconciliation of benefits paid to participants per the financial1669statements to Form 5500 (in 000’s):</FONT></TD>1670</TR>1671</TABLE>1672<BR>16731674<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" BORDER="0" WIDTH="600">1675<TR VALIGN="BOTTOM">1676<TH COLSPAN="3"><FONT SIZE="-1"></FONT></TH>1677<TH COLSPAN="3"><FONT SIZE="-1">Year Ended<BR>April 30,<BR>2001</FONT><HR SIZE=1 COLOR=BLACK NOSHADE></TH></TR>1678<TR VALIGN="BOTTOM">1679<TD WIDTH="80%" ALIGN="LEFT">Benefits paid to participants per financial statements</TD>1680<TD WIDTH="1%" ALIGN="LEFT"> </TD>1681<TD WIDTH="2%" ALIGN="LEFT"> </TD>1682<TD WIDTH="1%" ALIGN="RIGHT">$</TD><TD WIDTH="12%" ALIGN="RIGHT"> 95,598</TD>1683<TD WIDTH="2%" ALIGN="LEFT"> </TD></TR>1684<TR VALIGN="BOTTOM">1685<TD ALIGN="LEFT">Add: Amounts allocated to withdrawing participants at April 30, 2001</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1686<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">4,945</TD>1687<TD ALIGN="LEFT"> </TD></TR>1688<TR VALIGN="BOTTOM">1689<TD ALIGN="LEFT">Less: Amounts allocated to withdrawing participants at April 30, 2000</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1690<TD ALIGN="RIGHT"> </TD><TD ALIGN="RIGHT">(6,579</TD>1691<TD ALIGN="LEFT">)</TD></TR>1692<TR>1693<TH COLSPAN="3"><FONT SIZE="1"></FONT></TH>1694<TD COLSPAN="3"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>1695<TR VALIGN="BOTTOM">1696<TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD></TR>1697<TR VALIGN="BOTTOM">1698<TD ALIGN="LEFT">Benefits paid to participants per Form 5500</TD><TD ALIGN="LEFT"> </TD><TD ALIGN="LEFT"> </TD>1699<TD ALIGN="RIGHT">$</TD><TD ALIGN="RIGHT"> 93,964</TD>1700<TD ALIGN="LEFT"> </TD></TR>1701<TR>1702<TH COLSPAN="3"><FONT SIZE="1"></FONT></TH>1703<TD COLSPAN="3"><HR NOSHADE COLOR="Black" SIZE="2"></TD></TR>1704</TABLE>1705<BR>17061707<!-- MARKER FORMAT-SHEET="Para Hang" -->1708<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1709<TR VALIGN=TOP>1710<TD WIDTH=5%> </TD>1711<TD WIDTH=95%><FONT SIZE=3>1712Amounts1713allocated to withdrawing participants are recorded on Form 5500 for benefit1714claims that have been processed and approved for payment prior to April 30, but1715have not yet been paid as of that date.</FONT></TD>1716</TR>1717</TABLE>1718<BR>17191720<!-- MARKER FORMAT-SHEET="Para Hang" -->1721<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1722<TR VALIGN=TOP>1723<TD WIDTH=5%><FONT SIZE="3"><B>8.</B></FONT> </TD>1724<TD WIDTH=95%><FONT SIZE="3"><B>Tax1725Status</B></FONT></TD>1726</TR>1727</TABLE>1728<BR>17291730<!-- MARKER FORMAT-SHEET="Para Hang" -->1731<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1732<TR VALIGN=TOP>1733<TD WIDTH=5%> </TD>1734<TD WIDTH=95%><FONT SIZE=3>1735The1736Plan received a favorable determination letter from the Internal Revenue Service1737on March 28, 1996. Although the Plan has been amended since receiving the1738determination letter, the Plan</FONT></TD>1739</TR>1740</TABLE>1741<BR>174217431744<!-- MARKER FORMAT-SHEET="Page Breaks" -->1745<P ALIGN="CENTER">9</P>1746174717481749175017511752<PAGE>175317541755<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->1756<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR>Retirement Plan<BR>1757Notes to Financial Statements</B></FONT> </P>17581759<HR SIZE=2 WIDTH=100%>1760<BR>17611762<!-- MARKER FORMAT-SHEET="Para Hang" -->1763<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1764<TR VALIGN=TOP>1765<TD WIDTH=5%> </TD>1766<TD WIDTH=95%><FONT SIZE=3>1767administrator and the Plan’s tax counsel1768continue to believe the Plan is designed and is being operated in compliance1769with the applicable requirements of the Internal Revenue Code.</FONT></TD>1770</TR>1771</TABLE>1772<BR>17731774<!-- MARKER FORMAT-SHEET="Para Hang" -->1775<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1776<TR VALIGN=TOP>1777<TD WIDTH=5%><FONT SIZE="3"><B>9.</B></FONT> </TD>1778<TD WIDTH=95%><FONT SIZE="3"><B>Net1779Assets Transferred from Other Plans</B></FONT></TD>1780</TR>1781</TABLE>1782<BR>178317841785<!-- MARKER FORMAT-SHEET="Para Hang" -->1786<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1787<TR VALIGN=TOP>1788<TD WIDTH=5%> </TD>1789<TD WIDTH=95%><FONT SIZE=3>1790During fiscal years 2001, 2000 and 1999 the Company acquired or merged with1791various companies, including Arterial Vascular Engineering, Inc., Sofamor Danek1792Group, Inc., Xomed Surgical Products, Inc. and AVECOR Cardiovascular, Inc. In1793connection with these mergers and acquisitions, $6.4 million and $52.1 million1794of benefit plan assets were transferred into the Plan during fiscal years 20011795and 2000, respectively.</FONT></TD>1796</TR>1797</TABLE>1798<BR>1799180018011802<!-- MARKER FORMAT-SHEET="Para Hang" -->1803<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1804<TR VALIGN=TOP>1805<TD WIDTH=5%> </TD>1806<TD WIDTH=95%><FONT SIZE=3>1807During1808fiscal years 2001 and 2000, participants transferred assets from the Medtronic,1809Inc. Employees Stock Ownership Plan into the Plan of $3.2 million and $5.9 million,1810respectively.</FONT></TD>1811</TR>1812</TABLE>1813<BR><BR><BR><BR>18141815<!-- MARKER FORMAT-SHEET="Page Breaks" -->1816<P ALIGN="CENTER">10</P>1817181818191820182118221823<PAGE>182418251826<BR><BR><BR><BR><BR>1827<!-- MARKER FORMAT-SHEET="Para Center Bold" -->1828<P ALIGN="CENTER"><B>SUPPLEMENTAL SCHEDULE</B></P>1829183018311832<!-- MARKER FORMAT-SHEET="Page Breaks" -->1833<P ALIGN="CENTER">11</P>1834183518361837183818391840<PAGE>1841184218431844<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->1845<P><FONT SIZE="3"><B>Medtronic, Inc. and Participating Employers Supplemental<BR> Retirement Plan<BR>1846Schedule of Assets Held for Investment Purposes<BR>1847April 30, 2001<BR>1848(in 000’s)</B></FONT> </P>184918501851<HR SIZE=2 WIDTH=100%>1852<BR>18531854<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="700">1855<TR VALIGN="BOTTOM">1856<TH COLSPAN="2" ALIGN="LEFT"><FONT SIZE="-1">(a)<BR> </FONT></TH>1857<TH COLSPAN="2"><FONT SIZE="-1">(b)<BR>Fund</FONT></TH>1858<TH COLSPAN="2"><FONT SIZE="-1">(c)<BR>Investment Type</FONT></TH>1859<TH COLSPAN="2"><FONT SIZE="-1">(d)<BR>Cost**</FONT></TH>1860<TH COLSPAN="2"><FONT SIZE="-1">(e)<BR>Current Value</FONT></TH></TR>1861<TR VALIGN="BOTTOM">1862<TD WIDTH="5%" ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1863<TD WIDTH="1%" ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1864<TD WIDTH="39%" ALIGN="LEFT"><FONT SIZE="-1">Medtronic Common Stock Fund</FONT></TD>1865<TD WIDTH="1%" ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1866<TD WIDTH="28%" ALIGN="LEFT"><FONT SIZE="-1">Company Stock Fund</FONT></TD>1867<TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1868<TD WIDTH="8%" ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1869<TD WIDTH="1%" ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1870<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE="-1">$ 614,016</FONT></TD>1871<TD WIDTH="1%" ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1872<TR VALIGN="BOTTOM">1873<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1874<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard 500 Index Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1875<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1876<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1877<TD ALIGN="RIGHT"><FONT SIZE="-1">130,136</FONT></TD>1878<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1879<TR VALIGN="BOTTOM">1880<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1881<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard PRIMECAP Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1882<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1883<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1884<TD ALIGN="RIGHT"><FONT SIZE="-1">115,104</FONT></TD>1885<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1886<TR VALIGN="BOTTOM">1887<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1888<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard Wellington Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1889<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1890<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1891<TD ALIGN="RIGHT"><FONT SIZE="-1">97,555</FONT></TD>1892<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1893<TR VALIGN="BOTTOM">1894<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1895<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard Windsor II Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1896<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1897<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1898<TD ALIGN="RIGHT"><FONT SIZE="-1">53,331</FONT></TD>1899<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1900<TR VALIGN="BOTTOM">1901<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1902<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard Explorer Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1903<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1904<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1905<TD ALIGN="RIGHT"><FONT SIZE="-1">34,712</FONT></TD>1906<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1907<TR VALIGN="BOTTOM">1908<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1909<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard International Growth Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1910<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1911<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1912<TD ALIGN="RIGHT"><FONT SIZE="-1">28,652</FONT></TD>1913<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1914<TR VALIGN="BOTTOM">1915<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1916<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard U.S. Growth Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1917<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1918<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1919<TD ALIGN="RIGHT"><FONT SIZE="-1">23,401</FONT></TD>1920<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1921<TR VALIGN="BOTTOM">1922<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1923<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard Total Bond Market Index Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1924<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1925<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1926<TD ALIGN="RIGHT"><FONT SIZE="-1">17,325</FONT></TD>1927<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1928<TR VALIGN="BOTTOM">1929<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1930<TD ALIGN="LEFT"><FONT SIZE="-1">Vanguard Extended Market Index Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1931<TD ALIGN="LEFT"><FONT SIZE="-1">Registered Investment Company</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1932<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1933<TD ALIGN="RIGHT"><FONT SIZE="-1">9,861</FONT></TD>1934<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1935<TR VALIGN="BOTTOM">1936<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1937<TD ALIGN="LEFT"><FONT SIZE="-1">Participant Loans</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1938<TD ALIGN="LEFT"><FONT SIZE="-1">Interest at 6.10% to 11% (Repayment</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1939<TR VALIGN="BOTTOM">1940<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1941<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1942<TD ALIGN="LEFT"><FONT SIZE="-1">period is one to five years)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1943<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1944<TD ALIGN="RIGHT"><FONT SIZE="-1">14,270</FONT></TD>1945<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1946<TR VALIGN="BOTTOM">1947<TD ALIGN="LEFT"><FONT SIZE="-1">*</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1948<TD ALIGN="LEFT"><FONT SIZE="-1">Medtronic Interest Income Fund</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1949<TD ALIGN="LEFT"><FONT SIZE="-1">Unallocated Insurance Contracts</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1950<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1951<TD ALIGN="RIGHT"><FONT SIZE="-1">149,718</FONT></TD>1952<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1953<TR>1954<TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>1955<TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>1956<TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>1957<TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>1958<TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD></TR>1959<TR VALIGN="BOTTOM">1960<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1961<TD ALIGN="LEFT"><FONT SIZE="-1">Totals</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1962<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1963<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD>1964<TD ALIGN="RIGHT"><FONT SIZE="-1">$1,288,081</FONT></TD>1965<TD ALIGN="LEFT"><FONT SIZE="-1"> </FONT></TD></TR>1966<TR>1967<TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>1968<TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>1969<TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>1970<TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>1971<TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="2"></TD></TR>1972</TABLE>1973<BR>19741975<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1976<TR VALIGN=TOP>1977<TD WIDTH=5%><FONT SIZE=3> </FONT></TD>1978<TD WIDTH=95%><FONT SIZE=3>The above1979data was prepared from information certified as complete and accurate by The Vanguard1980Fiduciary Trust Company, the Plan’s Trustee.</FONT></TD>1981</TR>1982</TABLE>1983<BR>19841985<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1986<TR VALIGN=TOP>1987<TD WIDTH=5%><FONT SIZE=3>* </FONT></TD>1988<TD WIDTH=95%><FONT SIZE=3>Denotes1989party-in-interest.</FONT></TD>1990</TR>1991</TABLE>1992<BR>19931994<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>1995<TR VALIGN=TOP>1996<TD WIDTH=5%><FONT SIZE=3>** </FONT></TD>1997<TD WIDTH=95%><FONT SIZE=3>Cost information1998is excluded as it is no longer required for participant-directed investments. </FONT></TD>1999</TR>2000</TABLE>20012002<!-- MARKER FORMAT-SHEET="Page Breaks" -->2003<P ALIGN="CENTER">12</P>200420052006200720082009<PAGE>20102011<!-- MARKER FORMAT-SHEET="Para Center Bold" -->2012<P ALIGN="CENTER"><B>Consent of Independent Accountants</B></P>20132014<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->2015<P><FONT SIZE=3>We hereby consent to the incorporation by reference in the2016Registration Statements on Form S-8 (Nos. 33-37529 and 33-44230) of2017Medtronic, Inc. of our report dated September 28, 2001 relating to the financial2018statements of the Medtronic, Inc. and Participating Employers Supplemental2019Retirement Plan which appears on this Form 11-K. </FONT></P>2020<BR><BR><BR><BR>202120222023<!-- MARKER FORMAT-SHEET="Para Flush In 0" -->2024<P><FONT SIZE=3>/s/ PricewaterhouseCoopers LLP<BR>2025PricewaterhouseCoopers LLP<BR>2026Minneapolis, Minnesota<BR>2027October 24, 2001 </FONT></P>20282029</BODY>2030</HTML>20312032</TEXT>2033</DOCUMENT>2034</SEC-DOCUMENT>203520362037