SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------------------------------------
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
-----------------------------------------------------
Full title of the Plan:
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
Name of the issuer of the securities held pursuant to the Plan and the address
of its principal executive office:
GATX Corporation
500 West Monroe Street, Chicago, Illinois 60661-3676
(312) 621-6200
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed by the undersigned
thereunto duly authorized.
GATX CORPORATION SALARIED
EMPLOYEES RETIREMENT SAVINGS PLAN
(Name of Plan)
By: /s/ James Conniff
----------------------------------
James Conniff
Plan Administrator
Dated: March 29, 1996
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<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS FOR ANNUAL REPORT ON FORM 11-K
December 31, 1995
The following financial data are submitted herewith:
Report of Independent Auditors ......................................... 3
Consent of Independent Auditors ........................................ 4
Statements of Financial Condition, with Fund Information ............... 5
Statements of Income and Changes in
Participants' Equity , with Fund Information.......................... 7
Notes to Financial Statements .......................................... 10
All schedules have been omitted because the information required therein is
included in the financial statements and notes thereto.
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<PAGE>
REPORT OF INDEPENDENT AUDITORS
Benefits Committee
GATX Corporation
We have audited the accompanying statements of financial condition of GATX
Corporation Salaried Employees Retirement Savings Plan as of December 31, 1995
and 1994, and the related statements of income and changes in participants'
equity for each of the three years in the period ended December 31, 1995. 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, the financial statements referred to above present fairly, in
all material respects, the financial position of GATX Corporation Salaried
Employees Retirement Savings Plan at December 31, 1995 and 1994, and the income
and changes in participants' equity for each of the three years in the period
ended December 31, 1995, in conformity with generally accepted accounting
principles.
The Fund Information in the statements of financial condition and the statements
of income and changes in participants' equity is presented for purposes of
additional analysis rather than to present the financial condition and income
and changes in participants' equity of each fund. The Fund Information has been
subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
ERNST & YOUNG LLP
Chicago, Illinois
March 22, 1996
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<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the following: (i) Registration
Statement No. 2-92404 on Form S-8, filed July 26, 1984; (ii) Registration
Statement No. 2-96593 on Form S-8, filed March 22, 1985; (iii) Registration
Statement No. 33-38790 on Form S-8, filed February 1, 1991; and (iv)
Registration Statement No. 33-41007 on Form S-8 filed June 7, 1991; and (v)
Registration Statement No. 33-61183 filed July 20, 1995, pertaining to the GATX
Corporation Salaried Employees Retirement Savings Plan, of our report dated
March 22, 1996 with respect to the financial statements of GATX Corporation
Salaried Employees Retirement Savings Plan included in this Annual Report on
Form 11-K for the year ended December 31, 1995.
ERNST & YOUNG LLP
Chicago, Illinois
March 28, 1996
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<PAGE>
<TABLE>
<CAPTION>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION, WITH FUND INFORMATION
December 31, 1995
FUND INFORMATION
-----------------------------------------------------------------------------------------
U.S. Phillips
Managed GATX Equity Fidelity Putnam Petroleum
Income Stock Index Puritan Voyager Company Employee
(Note B) (Note D) (Note B) (Note B) (Note B) Securities Loans Total
----------- ----------- ----------- ----------- --------- ----------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at Current Value - Note C:
GATX Corporation Common Stock $36,262,191 $36,262,191
Banker's Trust Pyramid GIC Fund $18,572,023 18,572,023
Fidelity U.S. Equity Index Fund $12,001,658 12,001,658
Fidelity Puritan Fund $4,280,161 4,280,161
Fidelity Managed Income Portfolio II 12,608,891 12,608,891
Putnam Voyager Fund $7,233,502 7,233,502
Phillips Petroleum Company Common Stock $36,458 36,458
----------- ----------- ----------- ---------- ---------- ------ ---------- ----------
Subtotal 31,180,914 36,262,191 12,001,658 4,280,161 7,233,502 36,458 90,994,884
Loans to Participants $3,562,448 3,562,448
Cash and Cash Equivalents 1,147,184 711,055 4,630 1,862,869
Net Receivable 91,235 171,715 262,950
----------- ----------- ----------- ---------- ---------- ------- ---------- -----------
TOTAL ASSETS $32,419,333 $37,144,961 $12,001,658 $4,280,161 $7,233,502 $41,088 $3,562,448 $96,683,151
=========== =========== =========== ========== ========== ======= ========== ===========
PARTICIPANTS' EQUITY $32,419,333 $37,144,961 $12,001,658 $4,280,161 $7,233,502 $41,088 $3,562,448 $96,683,151
=========== =========== =========== ========== ========== ======= ========== ===========
See notes to financial statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION, WITH FUND INFORMATION
December 31, 1994
FUND INFORMATION
-----------------------------------------------------------------------------------------------
Phillips
Assured Income Petroleum
And GATX Stock Equity Equity Company Employee
Annuity Option (Note D) Index Balanced Growth Securities Loans Total
------------ ------------ ---------- -------- ----------- ---------- ---------- ---------
ASSETS
Investments at Current Value - Note C:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GATX Corporation Common Stock $30,253,715 $30,253,715
Banker's Trust Pyramid GIC Fund $21,309,967 21,309,967
Metropolitan Life Group Annuity
Contract Nos. 11796-5 and 12518 9,261,988 9,261,988
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts $7,714,993 7,714,993
Jennison Balanced Fund $2,517,155 2,517,155
Putnam Voyager Fund $3,554,640 3,554,640
Phillips Petroleum Company
Common Stock $34,977 34,977
----------- ---------- ---------- --------- --------- -------- --------- ----------
Subtotal 30,571,955 30,253,715 7,714,993 2,517,155 3,554,640 34,977 74,647,435
Loans to Participants $3,402,108 3,402,108
Cash 355,004 495,519 71,843 39,335 79,509 3,844 1,045,054
Net Receivable/(Payable) 230,164 (21,521) (151,793) (30,186) 35,487 62,151
----------- ----------- ---------- ---------- ---------- ------- ---------- -----------
TOTAL ASSETS $31,157,123 $30,727,713 $7,635,043 2,526,304 $3,669,636 $38,821 $3,402,108 $79,156,748
=========== =========== ========== ========== ========== ======= ========== ===========
PARTICIPANTS' EQUITY $31,157,123 $30,727,713 $7,635,043 $2,526,304 $3,669,636 $38,821 $3,402,108 $79,156,748
=========== =========== ========== ========== ========== ======= ========== ===========
See notes to financial statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY, WITH FUND INFORMATION
December 31, 1995
FUND INFORMATION
---------------------------------------------------------------------------------------------
Phillips
Managed U.S. Equity Fidelity Putnam Petroleum
Income GATX Index Puritan Voyager Company Employee
(Note B) Stock (Note B) (Note B) (Note B) Securities Loans Total
------------ ------------ ---------- ----------- --------- ----------- --------- ----------
CONTRIBUTIONS & INVESTMENT
INCOME
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Corporation and subsidiaries $ 1,994,609 $ 1,994,609
Salary deferrals by participants $ 2,402,476 1,078,316 $ 868,821 $ 458,612 $ 949,749 5,757,974
Rollover contributions
by participants 77,056 46,422 158,980 73,722 26,037 382,217
Dividend income 1,163,219 318,023 158,609 380,291 $ 626 2,020,768
Interest income 2,051,413 2,311 - 14,904 395 160 $ 444,162 2,513,345
Gain (loss) on sale
of investments - Note C (22,411) 687,223 2,615,630 551,920 78,207 - - 3,910,569
------------- ----------- ---------- --------- ---------- -------- ---------- ----------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 4,508,534 4,972,100 3,961,454 1,257,767 1,434,679 786 444,162 16,579,482
------------- ----------- ---------- --------- ----------- -------- ---------- ----------
Net transfers
authorized by participants (1,882,684) (248,775) 708,073 500,493 922,893 - - -
Unrealized increase
in current value of investments 2,613,407 57,471 79,649 1,230,350 1,481 - 3,982,358
Withdrawls by participants (1,544,570) (1,056,924) (308,534) (65,167) (60,242) - - (3,035,437)
Loans to participants (863,045) (281,956) (193,996) (115,362) (199,715) - 1,654,074 -
Loan repayments by participants 1,043,975 419,396 142,147 96,477 235,901 - (1,937,896) -
------------ ----------- ----------- ---------- ----------- ------- ---------- -----------
(3,246,324) 1,445,148 405,161 496,090 2,129,187 1,481 (283,822) 946,921
------------ ----------- ----------- ---------- ----------- ------- ---------- -----------
Increase in Participants' Equity 1,262,210 6,417,248 4,366,615 1,753,857 3,563,866 2,267 160,340 17,526,403
------------ ----------- ----------- ---------- ----------- ------- ---------- -----------
Participants' Equity at
January 1, 1995 31,157,123 30,727,713 7,635,043 2,526,304 3,669,636 38,821 3,402,108 79,156,748
------------ ----------- ----------- ---------- ----------- ------- ---------- -----------
Participants' Equity at
December 31, 1995 $32,419,333 $37,144,961 $12,001,658 $4,280,161 $7,233,502 $41,088 $3,562,448 $96,683,151
============ =========== =========== ========== ========== ======= ========== ===========
</TABLE>
See notes to financial statements.
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<PAGE>
<TABLE>
<CAPTION>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY, WITH FUND INFORMATION
December 31, 1994
FUND INFORMATION
-------------------------------------------------------------------------------------------
Phillips
Assured Income Petroleum
And GATX Stock Equity Equity Company Employee
Annuity Option (Note D) Index Balanced Growth Securities Loans Total
------------- ---------- ----------- -------- --------- ---------- ----------- ---------
CONTRIBUTIONS & INVESTMENT
INCOME
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions by GATX
Corporation and subsidiaries $ 1,821,458 $ 1,821,458
Salary deferrals by participants $ 2,482,955 894,708 $ 741,459 $ 403,948 $ 764,311 5,287,381
Rollover contributions
by participants 25,506 21,008 15,687 47,341 109,542
Dividend income 1,025,421 211,981 $ 1,196 1,238,598
Interest income 1,930,692 5,946 756 300 735 133 $ 246,380 2,184,942
Gain on sale
of investments - Note C 1,011,897 12,450 2,436 184,524 - 1,211,307
----------- ----------- ----------- ---------- ---------- -------- ---------- -----------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 4,439,153 4,780,438 982,333 454,025 949,570 1,329 246,380 11,853,228
---------- ----------- ----------- ---------- ---------- -------- ---------- ----------
Net transfers
authorized by participants 731,212 (294,216) (21,072) (52,477) (363,447) -
Unrealized increase (decrease)
in current value of investments 1,238,578 (112,535) (60,345) 123,165) 4,005 946,538
Withdrawls by participants (1,332,892) (1,717,197) (274,902) (34,786) (81,337) - (96,176) (3,537,290)
Loans to participants (1,294,428) (337,854) (165,078) (61,927) (112,997) - 1,972,284 -
Loan repayments by participants 915,114 250,992 144,033 90,853 200,544 - (1,601,536) -
----------- ----------- ----------- --------- ----------- ------- ---------- ------------
(980,994) (859,697) (429,554) (118,682) (480,402) 4,005 274,572 (2,590,752)
----------- ----------- ----------- ---------- ---------- ------- ---------- -----------
Increase in Participants' Equity 3,458,159 3,920,741 552,779 335,343 469,168 5,334 520,952 9,262,476
----------- ----------- ---------- ---------- ---------- ------- ---------- ------------
Participants' Equity at
January 1, 1994 27,698,964 26,806,972 7,082,264 2,190,961 3,200,468 33,487 2,881,156 69,894,272
----------- ----------- ---------- ---------- ---------- ------- ---------- ------------
Participants' Equity at
December 31, 1994 $31,157,123 $30,727,713 $7,635,043 $2,526,304 $3,669,636 $38,821 $3,402,108 $79,156,748
=========== =========== ========== ========== ========== ======= ========== ===========
</TABLE>
See notes to financial statements.
-8-
<PAGE>
<TABLE>
<CAPTION>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY, WITH FUND INFORMATION
Year Ended December 31, 1993
FUND INFORMATION
------------------------------------------------------------------------------------------------
Assured Phillips
Income and Petroleum
Fixed Annuity Equity Equity Company Employee
Income Option GATX Stock Index Balanced Growth Securities Loans Total
--------- --------- ---------- ----------- ---------- -------- ---------- --------- -------
CONTRIBUTIONS & INVESTMENT
INCOME
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions by GATX
Corporation and subsidiaries $ 1,725,817 $ 1,725,817
Salary deferrals by participants $ 188,426 $ 2,725,490 735,446 $ 804,131 $ 177,526 $ 257,464 4,888,483
Rollover contributions
by participants 9,333 32,666 11,965 11,124 15,776 16,199 97,063
Dividend income 184,630 $ 1,196 1,060,439
Interest income 130,603 2,101,305 4,954 832 174 159 $ 58 230,917 2,469,002
Gain on sale
of investments--Note C 278,154 547,593 48,174 157 105,142 979,220
----------- ---------- --------- ----------- ------- --------- ------ -------- ---------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 606,516 4,859,461 3,900,388 1,048,891 193,633 378,964 1,254 230,917 11,220,024
--------- --------- --------- --------- ------- -------- ------ -------- ---------
Net transfers
authorized by participants (3,033,957) (806,591) (369,858) (339,494) 1,905,267 2,644,633 -
Unrealized increase (decrease)
in current value of investments (109,013) 4,091,452 389,966 70,097 137,412 4,139 4,584,053
Withdrawls by participants (181,892) (2,096,884) (1,137,412) (143,436) (5,221) (24,489) - (27,781) (3,617,115)
Loans to participants (83,140) (1,044,104) (326,816) (175,805) (15,916) (17,859) - 1,663,640 -
Loan repayments by participants 43,410 914,321 254,687 139,202 43,101 81,807 - 1,476,528) -
----------- --------- ---------- ---------- ---------- --------- ------ ----------- -----------
(3,364,592) (3,033,258) 2,512,053 (129,567) 1,997,328 2,821,504 4,139 159,331 966,938
----------- ---------- ---------- ---------- ---------- --------- ------ ---------- ----------
Increase (Decrease) in
Participants' Equity (2,758,076) 1,826,203 6,412,441 919,324 2,190,961 3,200,468 5,393 390,248 12,186,962
Participants' Equity at
January 1, 1993 2,758,076 25,872,761 20,394,531 6,162,940 0 0 28,094 2,490,908 57,707,310
---------- ----------- ----------- ---------- ---------- ---------- ------- ---------- -----------
Participants' Equity at
December 31, 1993 $ 0 $27,698,964 $26,806,972 $7,082,264 $2,190,961 $3,200,468 $33,487 $2,881,156 $69,894,272
========== =========== =========== ========== ========== ========== ======= ========== ===========
</TABLE>
See notes to financial statements.
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<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
NOTE A--SIGNIFICANT ACCOUNTING POLICIES
Investments are recorded at fair value based on quoted market prices or
redemption value.
All costs and expenses incurred with regard to the purchase and sale of
investments are borne by the GATX Corporation Salaried Employees Retirement
Savings Plan (the Plan) and are included in the realized gain (loss) on sale of
investments. Administrative and general expenses are paid by GATX Corporation
(GATX or the Company).
The preparation of the financial statements in conformity with generally
accepted accounting principles necessarily requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements as well as revenues and expenses during the reporting period. Actual
amounts when ultimately realized could differ from those estimates.
NOTE B--DESCRIPTION OF THE PLAN
The Plan is a defined contribution plan and was established to afford employees
an opportunity to save systematically for retirement. Effective January 1, 1995,
the Plan is open to each eligible salaried employee of GATX, and each of its
domestic subsidiaries which adopts or has adopted the Plan upon authorization by
GATX, on the first of the month following their date of hire. Prior to January
1, 1995, employees were required to complete six months of service in order to
be eligible to participate in the plan.
A participant may contribute to the Plan from 1% to a maximum of 15% of his or
her compensation as defined by the Plan. After a participant completes six
months of service, GATX and its electing subsidiaries contribute an amount up to
but not more than 50%, as determined from time to time by GATX, of the amount
contributed by each participant but not to exceed 3% of the participant's
compensation, as defined by the Plan. Company contributions are invested in GATX
Common Stock and short-term investments. All contributions are made in cash and
deposited semi-monthly. Contributions by participants are made by means of
salary deferral and employer contributions are fully vested.
After one year of participation in the Plan, active participants may obtain
loans from the Plan. The maximum loan amount is subject to certain restrictions
and each loan is secured by the participant's account balance.
Participants may elect to have their contributions invested in the Managed
Income fund (which is a combination of the Bankers Trust Pyramid GIC Fund and
the Fidelity Managed Income Portfolio II Fund), GATX Stock Fund, Fidelity U.S.
Equity Index Portfolio Fund, Fidelity Puritan Fund, Putnam Voyager Fund, or in a
combination of any of the funds in multiples of 10% in each fund selected. On
August 1, 1995, the Plan named Fidelity Management Trust Company as trustee and
recordkeeper, replacing Harris Bank and Trust Company. In conjunction with the
change in
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<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
NOTE B--DESCRIPTION OF THE PLAN (Continued)
trustee, the Plan made a number of investment manager replacements.The Fidelity
U.S. Equity Index Portfolio Fund replaced the Equity Fund which was managed by
Harris Investment Management. The Fidelity Puritan Fund replaced the Balanced
Fund which was managed by Jennison Associates. The Metropolitan Group Annuity
Contract matured during the year and proceeds were invested in the Fidelity
Managed Income Portfolio II. Participant balances in the aforementioned funds
were transferred to the Fidelity funds in August.
Also, during the year, the Plan renamed the following fund categories:
From To
----------------- ----------------
Assured Income & Managed Income
Annuity Option
Equity Index U.S. Equity Index
Balanced Fidelity Puritan
Equity Growth Putnam Voyager
The investment objectives of the above funds were not changed.
Employees participating in the Plan had invested in the available funds
as follows (some having invested in more than one fund): (1994 fund
names are in parenthesis)
December 31
--------------------
1995 1994
-------- -------
Total employees participating 1,701 1,691
Managed Income Fund (Assured Income and Annuity Option) 1,244 1,252
GATX Stock Fund 851 751
Fidelity U.S. Equity Index Fund (Equity Index) 784 682
Fidelity Puritan Fund (Balanced) 478 397
Putnam Voyager Fund (Equity Growth) 690 599
As a result of a previous acquisition by GATX, rollover contributions,
consisting of shares of common stock of Phillips Petroleum Company, were
received by the Plan in 1979. As of December 31, 1995, one employee is
participating in this Fund. Further contributions to the Fund are not allowed.
GATX intends this Plan to be permanent but reserves the right at any time to
modify, amend, or terminate this Plan, including the right to suspend or
permanently discontinue employer contributions upon 30 days prior notice to
participants or to reduce (or increase but not to more than 50%) the rate of
such contributions without notice. For the years ended December 31, 1995, 1994
and 1993, GATX's contribution rate was 50%.
Should the Plan terminate at some future date, its net assets will be available
to provide participants their distributions in proportion to their allocable
share of the Plan assets at the date of such termination.
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<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1995
NOTE C - INVESTMENTS
<TABLE>
<CAPTION>
The cost of investments and number of shares or units held at December 31, 1995
and 1994 were as follows:
1995 1994
-------------------------- -------------------------------
Shares/Units Cost Shares/Units Cost
------------- ---------- -------------- -----------
<S> <C> <C> <C> <C>
GATX Corporation Common Stock Fund 745,752 $22,094,712 687,584 $18,699,642
Bankers Trust Pyramid GIC Fund - 18,572,023 - 21,309,967
Fidelity U.S. Equity Index Fund 531,753 11,065,010 -
Fidelity Puritan Fund 251,626 4,190,760 -
Fidelity Managed Income Portfolio II - 12,608,891 -
Putnam Voyager Fund 474,328 5,988,905 308,563 3,540,393
Phillips Petroleum Company Common Stock 1,068 20,622 1,068 20,622
Metropolitan Life Group Annuity Contract
Nos. 11796-5 and 12518 - 9,261,988
Harris Trust and Savings Bank Trust for
Collective Investment of Employee
Benefit Accounts-Equity Index Fund 8,004 6,835,816
Jennison Balanced Fund 1,500,879 2,507,403
----------- ------------
$74,540,923 $62,175,831
=========== ===========
</TABLE>
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<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
NOTE C--INVESTMENTS--Continued
<TABLE>
<CAPTION>
The realized gain (loss) on sale of investments is the difference between the
proceeds received and the average cost of investments sold, including
transaction costs, and was determined as follows:
1995 1994
------------------------------------ --------------------------------
Aggregate Aggregate Aggregate Aggregate
Proceeds Costs Gain(Loss) Proceeds Costs Gain
------------- ---------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
GATX Corporation Common
Stock Fund $ 1,645,323 $ 958,100 $ 687,223 $1,642,516 $ 630,619 $1,011,897
Fidelity U.S. Equity Index Fund 174,674 165,801 8,873
Fidelity Puritan Fund 89,362 88,536 826
Putnam Voyager Fund 269,921 191,714 78,207 777,620 593,096 184,524
Metropolitan Life Group Annuity
Contract No. 12518 9,602,685 9,625,096 (22,411)
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts:
Fixed Income Fund
Equity Index Fund 10,154,556 7,547,799 2,606,757 108,546 96,096 12,450
Jennison Balanced Fund 3,386,708 2,835,614 551,094 142,410 139,974 2,436
----------- ----------- ---------- ---------- ---------- ----------
$25,323,229 $21,412,660 $3,910,569 $2,671,092 $1,459,785 $1,211,307
=========== =========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
1993
----------------------------------------
Aggregate Aggregate
Proceeds Costs Gain
-------- ---------- -------------
<S> <C> <C> <C>
GATX Corporation Common
Stock Fund $1,675,391 $1,127,798 $ 547,593
Fidelity U.S. Equity Index Fund
Fidelity Puritan Fund
Putnam Voyager Fund 147,848 42,706 105,142
Metropolitan Life Group Annuity
Contract No. 12518
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts:
Fixed Income Fund 3,176,117 2,897,963 278,154
Equity Index Fund 416,780 368,606 48,174
Jennison Balanced Fund 5,061 4,904 157
----------- ---------- ----------
$5,421,197 $4,441,977 $ 979,220
========== ========== =========
</TABLE>
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<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
December 31, 1995
NOTE D--GATX COMMON STOCK
The balance in the GATX Stock Fund consisted of $27,331,233 of employer matching
assets and $9,813,728 of employee contributed assets at December 31, 1995. As of
December 31, 1994, these amounts were $22,894,021 and $7,833,692 respectively.
The employer matching assets cannot be transferred from the GATX Stock Fund to
other funds.
NOTE E--FEDERAL INCOME TAX STATUS
The Internal Revenue Service has issued a favorable determination letter of the
Plan's status as a qualified profit sharing plan under Sections 401(a) and
401(k) of the Internal Revenue Code of 1986, as amended, (the Code), and is,
therefore, not subject to tax under present income tax laws. Amounts distributed
from the Plan are taxable to the participants or their beneficiaries as provided
by Section 402(a) of the Code. Once qualified, the Plan is required to operate
in conformity with the Code to maintain its tax-exempt status. The administrator
is not aware of any course of action or series of events that have occurred that
might adversly affect the Plan's qualified status.
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<PAGE>
