PAGE 1
SIGNATURE
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Section 12, 13 or 15(d) of
THE SECURITIES EXCHANGE ACT of 1934
Commission File Number 1-5236
NAVISTAR INTERNATIONAL TRANSPORTATION CORP.
(Exact name of registrant as specified in its charter)
AMENDMENT NO. 1
The undersigned registrant hereby amends the following exhibits of its
1993 Annual Report on Form 10-K as set forth in the pages attached hereto:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
Exhibits, including those Incorporated by Reference
---------------------------------------------------
Exhibit 28.2 - Annual Report on Form 11-K - Navistar
International Transportation Corp. 401(k)
Retirement Savings Plan
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
Navistar International Transportation Corp.
-------------------------------------------
(Registrant)
/s/ Robert I. Morrison
---------------------------------
Robert I. Morrison
Vice President and Controller
June 28, 1994
<PAGE>
PAGE 2
Item 14. Exhibits, Financial Statements, Schedules and Reports on
Form 8-K
Exhibits, including those Incorporated by Reference
-----------------------------------------
Exhibit 28.2 By this Form 8 the Registrant files its Annual Report on
Form 11-K - Navistar International Transportation Corp. 401(k)
Retirement Savings Plan. The full text of the report is
included in this Form 8.
<PAGE>
PAGE 1
Exhibit 28.2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
FORM 11-K
ANNUAL REPORT
-------------------
PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1993
Navistar International Transportation Corp.
401(k) Retirement Savings Plan
NAVISTAR INTERNATIONAL TRANSPORTATION CORP.
-------------------------------------------
The principal executive offices of Navistar International Transportation
Corp. are located at 455 North Cityfront Plaza Drive, Chicago, Illinois 60611.
<PAGE>
PAGE 2
ITEM 1. CHANGES IN THE PLAN
- ------- -------------------
Navistar International Transportation Corp. (the "Company")
adopted the Navistar International Transportation Corp. 401(k)
Retirement Savings Plan ("Plan"), effective September 1, 1987, as
an amendment and restatement of the International Harvester
Savings and Investment Program for Eligible Salaried Employes
("SIP"). The Plan is an employee savings and retirement plan
which includes a salary reduction option under Section 401(k) of
the Internal Revenue Code ("Code").
ITEM 2. CHANGES IN INVESTMENT POLICY
- ------- ----------------------------
Effective April 1, 1992, the Company contracted with IDS Financial
Corporation and certain of its subsidiaries (IDS) to provide
investment management services for the Plan.
Participants can direct the investment of their account assets as
follows:
o IDS Trust Collective Income Fund II, which replaced the
former Navistar Income Fund, a diversified pool of
investment contracts varying in maturity date, size and
yield and short term cash instruments;
o IDS Selective Fund, Inc. is a mutual fund which invests
primarily in investment grade corporate bonds, government
bonds, and other debt securities;
o IDS Trust Equity Index Fund, which replaced the former
Balanced Equity Fund, is a collective investment fund
which invests primarily in nearly all of the same stocks
as are in the Standard & Poor's 500 stock index;
o IDS New Dimensions Fund, Inc. which replaced the former
Growth Equity Fund, is a mutual fund which invests
primarily in common stocks of companies showing potential
for significant profitability and growth.
ITEM 3. CONTRIBUTIONS UNDER THE PLAN
- ------- ----------------------------
The Plan permits the Company to make matching and discretionary
contributions. Effective January 1, 1989, the Company began
matching a portion of the pre-tax salary reduction contributions.
The amount of the Company match is 40% of the lesser of (a) the
pre-tax salary reduction contributions or (b) an amount equal to
4% of the participant's base salary. The Company may make
discretionary contributions in such amounts and at such times as
the Company desires.
Company matching and discretionary contributions are subject to a
vesting schedule based upon the participant's length of employment
and fully vest upon completion of five years of service. Non-
vested Company matching contributions are forfeited when a
participant retires or terminates service. Such forfeitures are
used to offset future Company contributions. Salary reduction
contributions and employee after-tax contributions are vested
immediately.
The Company did not make any discretionary contributions to the
Plan during any of the three years in the period ended December
31, 1993. Effective January 1, 1992, the Company suspended
matching contributions indefinitely.<PAGE>
PAGE 3
ITEM 4. PARTICIPATING EMPLOYEES
- ------- -----------------------
As of December 31, 1993, there were approximately 2,887
participants with assets in the Plan.
ITEM 5. ADMINISTRATION OF THE PLAN
- ------- --------------------------
(a) The Plan is administered by the Company's Pension Fund
Investment Committee, the members of which are appointed by
the Board of Directors. The members of the Pension Fund
Investment Committee ("Committee") and their titles are as
follows:
Name Company Title
------------------ --------------------------------------
James C. Cotting Chairman and Chief Executive Officer
and Director
John R. Horne President and Chief Operating Officer
and Director
Robert C. Lannert Executive Vice President and
Chief Financial Officer and Director
John J. Bongiorno Group Vice President and General Manager
Financial Services
John M. Sheahin Senior Vice President Employee
Relations and Administration
Thomas M. Hough Vice President and Treasurer
Robert I. Morrison Vice President and Controller
The Plan Administrator's name and address is Pension Fund
Investment Committee, Navistar International Transportation
Corp., 455 North Cityfront Plaza Drive, 10th floor, Chicago,
Illinois 60611. The Plan permits the Plan Administrator to
delegate any of its powers or responsibilities under the
Plan.
The Plan Administrator was selected by the Board of Directors
of the Company and has a term of office which shall continue
until such time as the Board of Directors may select a
successor Plan Administrator.
(b) During 1993, no Committee member received any compensation
from the Plan for services rendered in connection with the
administration of the Plan.
<PAGE>
PAGE 4
ITEM 6. CUSTODIAN OF INVESTMENTS
- ------- ------------------------
(a) The trust established under the Plan is administered by IDS
Trust, a division of IDS Bank & Trust Company, 1200 Northstar
West, P. O. Box 534, Minneapolis, MN 55440-0534, Trustee, for
the Navistar International Transportation Corp. 401(k)
Retirement Savings Plan Trust. The Trustee also acts as
custodian of the Plan's securities and investments.
(b) The Trustee received no compensation from the Plan.
(c) The Trustee has a financial institution's bond in the amount
of $80 million at December 31, 1993.
ITEM 7. REPORTS TO PARTICIPATING EMPLOYEES
- ------- ----------------------------------
Participating employees were furnished quarterly statements during
the year reflecting the status of their accounts.
ITEM 8. INVESTMENT OF FUNDS
- ------- -------------------
Brokerage fees of $3,371, $3,413 and $27,606 were paid by the Plan
in 1993, 1992 and 1991, respectively. No brokerage fees were paid
to any person described in the Securities and Exchange
Commission's requirements for disclosure in Item 8(a)(2) of this
form.
ITEM 9. FINANCIAL STATEMENTS AND EXHIBITS
- ------- ---------------------------------
(a) Financial Statements Page No.
------------
Independent Auditors' Report F-1
Independent Auditors' Consent F-1
Statement of Net Assets Available for Benefits F-2
Statement of Changes in Net Assets
Available for Benefits F-3
Notes to Financial Statements F-4 to F-9
Schedules -- Schedules I, II, and III have been omitted because
they are either not required or not applicable, or because the
required information is shown in the financial statements or notes
thereto.
(b) Exhibits
None
<PAGE>
PAGE 5
SIGNATURE
INDEPENDENT AUDITORS' REPORT
- ----------------------------
Navistar International Transportation Corp.:
We have audited the accompanying Statement of Net Assets Available for
Benefits of the Navistar International Transportation Corp. 401(k) Retirement
Savings Plan (the "Plan") as of December 31, 1993 and 1992, and the related
Statement of Changes in Net Assets Available for Benefits for each of the
three years in the period ended December 31, 1993. These financial statements
are the responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31,
1993 and 1992, and the changes in net assets available for benefits for each
of the three years in the period ended December 31, 1993, in conformity with
generally accepted accounting principles.
DELOITTE & TOUCHE
May 20, 1994
Chicago, Illinois
INDEPENDENT AUDITORS' CONSENT
- -----------------------------
Navistar International Transportation Corp.:
We consent to the incorporation by reference in the registration statement,
including post-effective amendments, of Navistar International Transportation
Corp. on Form S-8, File No. 2-70979 of our report dated May 20, 1994 appearing
in the Annual Report on Form 11-K of the Navistar International Transportation
Corp. 401(k) Retirement Savings Plan for the year ended December 31, 1993.
DELOITTE & TOUCHE
June 28, 1994
Chicago, Illinois
F-1
<PAGE>
PAGE 6
NAVISTAR INTERNATIONAL TRANSPORTATION CORP.
401(k) RETIREMENT SAVINGS PLAN
- -------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31
- ----------------------------------------------------------------
1993 1992
------------ ------------
ASSETS
INVESTMENTS
Navistar Pooled Stock Fund
- at market value (1993 - 385,916 units
of participation, cost $5,705,211 and
1992 - 416,326 units of participation,
cost $6,162,405) $ 2,518,488 $ 2,730,272
IDS Trust Collective Income Fund II
- at market value (1993 - 2,736,813
shares, cost $37,712,642, and 1992
- 35,168,451 shares, cost $35,168,451) 37,699,725 35,168,451
IDS Selective Fund, Inc.
- at market value (1993 - 337,989 shares,
cost $3,249,732 and 1992 - 78,635 shares,
cost $730,948) 3,249,083 724,393
IDS Trust Equity Index Fund
- at market value (1993 - 1,018,662 shares,
cost $10,982,055 and 1992 - 909,108 shares,
cost $9,361,518) 12,251,445 9,995,651
IDS New Dimensions Fund, Inc.
- at market value (1993 - 1,572,254 shares,
cost $20,771,310 and 1992 - 1,175,293
shares, cost $15,002,679) 22,546,121 15,523,274
Participant loans 1,927,398 1,341,244
----------- -----------
Total investments 80,192,260 65,483,285
----------- -----------
RECEIVABLES
Employer Salary Reduction Contributions 738,629 698,067
Employee After-Tax Contributions 13,054 13,428
Accrued Interest Income - 240,033
----------- -----------
Total receivables 751,683 951,528
----------- -----------
Net Assets Available for Benefits $80,943,943 $66,434,813
=========== ===========
See notes to financial statements.
F-2
<PAGE>
PAGE 7
NAVISTAR INTERNATIONAL TRANSPORTATION CORP.
401(k) RETIREMENT SAVINGS PLAN
- -------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE THREE YEARS ENDED DECEMBER 31
- ---------------------------------------------------------
1993 1992 1991
------------ ------------ ------------
CONTRIBUTIONS
Employer salary
reduction contributions $10,052,829 $ 9,702,886 $ 9,128,483
Employer matching contributions - - 1,692,870
Employee after-tax contributions 170,700 178,577 150,930
----------- ----------- -----------
Total contributions 10,223,529 9,881,463 10,972,283
----------- ----------- -----------
INVESTMENT EARNINGS
Interest 2,527,842 2,939,941 2,394,874
Dividends 1,266,461 882,388 242,182
Net appreciation in market value
of investments 2,127,750 957,649 2,449,279
Net gain on sales of investments 14,673 722,129 91,270
----------- ----------- -----------
Total investment earnings 5,936,726 5,502,107 5,177,605
----------- ----------- -----------
TOTAL CONTRIBUTIONS
AND INVESTMENT EARNINGS 16,160,255 15,383,570 16,149,888
----------- ----------- -----------
DISTRIBUTIONS TO PARTICIPANTS (1,724,974) (2,033,657) (1,416,399)
PLAN EXPENSES - Administrative - (18,457) (60,208)
----------- ----------- -----------
TOTAL DISTRIBUTIONS
AND PLAN EXPENSES (1,724,974) (2,052,114) (1,476,607)
----------- ----------- -----------
EXCESS OF CONTRIBUTIONS AND
INVESTMENT EARNINGS OVER
DISTRIBUTIONS AND PLAN EXPENSES 14,435,281 13,331,456 14,673,281
----------- ----------- -----------
OTHER CHANGES
Rollovers from other qualified plans 78,332 133,256 74,969
Transfer to another qualified plan (4,483) (9,969) (8,312)
Other - Net - (3,848) -
----------- ----------- -----------
Total other changes 73,849 119,439 66,657
----------- ----------- -----------
NET INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 14,509,130 13,450,895 14,739,938
NET ASSETS
AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 66,434,813 52,983,918 38,243,980
----------- ----------- -----------
NET ASSETS
AVAILABLE FOR BENEFITS
AT END OF YEAR $80,943,943 $66,434,813 $52,983,918
=========== =========== ===========
See notes to financial statements.
F-3
<PAGE>
PAGE 8
NAVISTAR INTERNATIONAL TRANSPORTATION CORP.
401(k) RETIREMENT SAVINGS PLAN
- -------------------------------------------
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE YEARS ENDED DECEMBER 31, 1993
- -------------------------------------------
1. DESCRIPTION OF THE PLAN
The following description of the Navistar International Transportation
Corp. 401(k) Retirement Savings Plan (the "Plan") provides only general
information. Participants should refer to the Plan agreement for a
complete description of the Plan's provisions.
The Plan is sponsored by Navistar International Transportation Corp.
(the "Company") to provide savings and retirement benefits for certain
eligible salaried employees of the Company and certain of its
affiliates that are participating under the Plan. The Plan was
established February 1, 1965, and has subsequently been restated and
amended to maintain qualification under Sections 401(a) and 401(k) of
the Internal Revenue Code of 1986 and to modify the provisions of the
Plan.
The Trustee, currently IDS Trust, a division of IDS Bank & Trust
Company, is authorized to hold and invest the assets of the Plan in
accordance with the provisions of the Trust Agreement between the
Company and the Trustee.
The Plan is offered to eligible Company employees who meet certain
length of service requirements and elect to participate in the Plan.
Contributions may be made to the Plan on a pre-tax basis, an after-tax
basis, or a combination of both. Pre-tax salary reduction
contributions to the Plan are subject to annual maximum limits equal to
the lesser of 20 percent of a participant's annual compensation or a
prescribed dollar amount, indexed for inflation ($8,994, $8,728 and
$8,475 for 1993, 1992 and 1991, respectively). After-tax contributions
are subject to annual maximum limits of ten percent of annual
compensation. Both pre-tax and after-tax contributions may be elected
at a minimum level of one percent of eligible compensation at any time.
Subject to Company approval, certain eligible employees are allowed to
make rollover contributions or trust-to-trust transfers to the Plan, if
such contributions satisfy applicable regulations. Such employees are
not required to be participants for any other purpose than their
rollover or transfer account; however, neither after-tax contributions
nor pre-tax salary reduction contributions may be made until such time
as participation in the Plan is elected.
The Plan permits the Company to make matching and discretionary
contributions. Effective January 1, 1989, the Company began matching
a portion of pre-tax salary reduction contributions. The amount of the
Company match is 40% of the lesser of (a) the pre-tax salary reduction
contributions or (b) an amount equal to 4% of the participant's base
salary. The Company may make discretionary contributions in such
amounts and at such times as the Company desires.
Company matching and discretionary contributions are subject to a
vesting schedule based upon the participant's length of employment, and
fully vest upon completion of five years of service. Non-vested
Company matching contributions are forfeited when a participant retires
or terminates service. Such forfeitures are used to offset future
Company contributions. Salary reduction contributions and employee
after-tax contributions are vested immediately.
The Company did not make any discretionary contributions to the Plan
during any of the three years in the period ended December 31, 1993.
Effective January 1, 1992, the Company suspended matching contributions
indefinitely.
F-4<PAGE>
PAGE 9
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounts of the Plan are maintained on the accrual basis of
accounting. All investments are carried at published market values.
Security transactions are accounted for on the trade date.
Unrealized gains or losses on investments are determined by comparing
the value of these separate Funds at the current year-end, net of
contributions made during the year, to their respective values at the
preceding year-end. Realized gains or losses are determined by
comparing net sales proceeds to the value of the investment at the
preceding year-end.
In 1993, the Plan changed its method of accounting for benefits payable
to comply with the 1993 AICPA Audit and Accounting Guide, Audits of
Employee Benefit Plans. The new guidance requires that benefits
payable to persons who have withdrawn from participation in a defined
contribution plan be disclosed in the footnotes to the financial
statements rather than be recorded as a liability of the Plan. Such
amounts as of December 31, 1992 and 1991 have been reclassified to net
assets available for benefits. As of December 31, 1993, 1992 and 1991,
benefits of $105,217, $117,604 and $199,491, respectively, were due to
participants who have withdrawn from participation in the Plan.
3. INVESTMENT PROGRAMS AND FEES
Effective April 1, 1992, the Company contracted with IDS Financial
Corporation and certain of its subsidiaries (IDS) to provide investment
management services for the Plan.
Participants can direct the investment of their account assets as
follows:
o IDS Trust Collective Income Fund II, (replaced the former
Navistar Income Fund) a diversified pool of investment
contracts varying in maturity date, size and yield and short
term cash instruments;
o IDS Selective Fund, Inc. is a mutual fund which invests
primarily in investment grade corporate bonds, government
bonds, and other debt securities;
o IDS Trust Equity Index Fund (replaced the former Balanced
Equity Fund) is a collective investment fund which invests
primarily in nearly all of the same stocks as are in the
Standard & Poor's 500 stock index;
o IDS New Dimensions Fund, Inc. (replaced the former Growth
Equity Fund) is a mutual fund which invests primarily in common
stocks of companies showing potential for significant
profitability and growth.
Company contributions, other than salary reduction contributions, made
prior to October 1, 1991, were invested in Navistar International
Corporation Common Stock until the employee attained age 55 and elected
a different investment option. Effective October 1, 1991, existing
account balances arising from such past Company contributions may, at
the direction of the participants, be transferred from the Navistar
Pooled Stock Fund to other available investment options. No future
contributions or transfers to the Navistar Pooled Stock Fund are
permitted. The Navistar Pooled Stock Fund invests primarily in the
Common Stock of Navistar International Corporation ("Navistar"), the
parent of the Company.
F-5
<PAGE>
PAGE 10
3. INVESTMENT PROGRAMS AND FEES (Continued)
Contributions and assets allocated to a specific investment fund or
option are commingled with those of other participants and are invested
in accordance with the nature of the specific fund. Realized and
unrealized gains and losses, dividends and interest are allocated to
participants based on their proportionate share of the funds. Fund
managers' fees are charged to participants' accounts as a reduction of
the return earned on each investment option.
4. TAX STATUS OF THE PLAN
The Internal Revenue Service has issued a favorable determination
letter that the Plan qualifies under Sections 401(a) and 401(k) of the
Code. The Company believes that the Plan is currently designed and
being operated in compliance with the applicable requirements of the
Code and thus the Plan and related trust are exempt from federal income
taxes under Section 501(a) of the Code as of the financial statement
date.
5. VOLUNTARY WITHDRAWAL
Participants may request either an in-service or hardship withdrawal of
certain of their account assets. An in-service withdrawal may be made
of a portion of the value of the assets purchased with the
participant's after-tax contributions and investment earnings thereon.
Participants may only withdraw authorized pre-tax salary reduction
contributions after attaining age 59-1/2 or on a hardship basis prior
to attaining age 59-1/2. Company matching and discretionary
contributions and investment earnings thereon are not eligible for in-
service withdrawal.
6. TERMINATION OF EMPLOYMENT
A participant's vested account is distributable at the time a
participant separates from service with the Company, suffers a total
and permanent disability, or dies.
When the participant terminates employment, the vested portion of the
account will be distributed if the asset value is $3,500 or less. If
the assets total more than $3,500, the participant has the option of
receiving the account upon separation or deferring receipt until no
later than April 1 following the year in which the participant becomes
age 70-1/2 if the participant terminated employment prior to April 1,
1992, or age 65 if the participant terminated employment on or after
April 1, 1992. Accounts are distributed in a single sum. If the
account includes 100 or more shares of Navistar Common Stock, the
distribution of that portion of the account will be made in the form of
full shares of Common Stock and a cash payment for any fractional
shares. For accounts with less than 100 shares of Navistar Common
Stock, the distribution will be made in cash.
F-6
<PAGE>
PAGE 11
7. AMENDMENT OR TERMINATION OF THE PLAN
The Company, at its discretion, reserves the right to amend, modify,
suspend or terminate the Plan, provided that no such action shall
deprive any person of any rights to contributions theretofore made
under the Plan. If the Plan is terminated or contributions thereto
have been completely discontinued, the rights of all participants to
the amounts credited to their accounts shall be non-forfeitable and
the interest of each participant in the funds will be distributed to
such participant or his or her beneficiary in accordance with the Plan
terms and the Code. If the Plan is terminated, Plan participants will
become fully vested in any funds allocated to them.
8. TRANSACTIONS IN EMPLOYER SECURITIES
The Common Stock of Navistar was purchased and distributed by the
Trustee in the Plan years ended December 31, at cost, as follows:
Plan Year Purchased Distributed
--------- ----------- -----------
1993 $ 36,683 $ 30,682
=========== ===========
1992 $ - $ 114,741
=========== ===========
1991 $ 1,528,371 $ 262,770
=========== ===========
9. ROLLOVERS FROM OTHER QUALIFIED PLANS
With the approval of the Plan Administrator, rollovers of distributions
from other qualified plans may be made to the Plan. Such rollovers
during 1993, 1992 and 1991 totalled $78,332, $133,256 and $74,969,
respectively.
F-7
<PAGE>
Page 12
<TABLE>
10. Information By Fund
<CAPTION>
Statements of Net Assets Available for Benefits and Changes in Net Assets Available for Benefits, as of December 31, 1993
and for the year then ended, by investment fund, are as follows:
IDS Trust IDS
Navistar Collective IDS IDS Trust New
Statements of Net Assets Pooled Stock Income Selective Equity Dimensions Loan
Available for Benefits Fund Fund II Fund, Inc. Index Fund Fund, Inc. Fund Total
- ------------------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments $ 2,518,488 $ 37,699,725 $ 3,249,083 $ 12,251,445 $ 22,546,121 $ - $ 78,264,862
Participant Loans - - - - - 1,927,398 1,927,398
Contributions Receivables - 270,605 79,860 122,692 278,526 - 751,683
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Assets Available
for Benefits $ 2,518,488 $ 37,970,330 $ 3,328,943 $ 12,374,137 $ 22,824,647 $ 1,927,398 $ 80,943,943
============ ============ ============ ============ ============ ============ ============
IDS Trust IDS
Statements of Changes Navistar Collective IDS IDS Trust New
in Net Assets Pooled Stock Income Selective Equity Dimensions Loan
Available for Benefits Fund Fund II Fund, Inc. Index Fund Fund, Inc. Fund Total
- ------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Employer Salary Reduction
Contributions $ - $ 3,899,748 $ 965,126 $ 1,669,140 $ 3,518,815 $ - $ 10,052,829
Employee After-tax
Contributions - 57,002 15,163 32,599 65,936 - 170,700
Investment Income - 2,176,001 10,223 303,156 38,462 - 2,527,842
Dividend Income - - 182,582 - 1,083,879 - 1,266,461
Loans Repaid - 316,812 71,603 145,049 285,834 (819,298) -
Net Appreciation in Market
Value of Investments 10,143 1,075 21,965 719,955 1,389,285 - 2,142,423
Rollovers from Other
Qualified Plans - 3,927 14,837 31,002 28,566 - 78,332
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Additions 10,143 6,454,565 1,281,499 2,900,901 6,410,777 (819,298) 16,238,587
------------ ------------ ------------ ------------ ------------ ------------ ------------
Distributions to
Participants 50,279 1,159,854 96,596 148,953 247,102 22,190 1,724,974
Loans Withdrawn 26,009 654,299 66,293 235,368 445,672 (1,427,641) -
Transfers to Other
Qualified Plans - 4,483 - - - - 4,483
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Deductions 76,288 1,818,636 162,889 384,321 692,774 (1,405,451) 1,729,457
------------ ------------ ------------ ------------ ------------ ------------ ------------
Interfund Transfers - Net (143,539) (2,385,265) 1,423,430 (256,563) 1,361,937 - -
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets
Available For Benefits (209,684) 2,250,664 2,542,040 2,260,017 7,079,940 586,153 14,509,130
Net Assets Available
For Benefits
at Beginning of Year 2,728,172 35,719,666 786,903 10,114,120 15,744,707 1,341,245 66,434,813
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Assets Available
For Benefits
at End of Year $ 2,518,488 $ 37,970,330 $ 3,328,943 $ 12,374,137 $ 22,824,647 $ 1,927,398 $ 80,943,943
============ ============ ============ ============ ============ ============ ============
</TABLE>
F-8
<PAGE>
PAGE 13
11. SUBSEQUENT EVENTS
Based on closing market prices on May 20, 1994, the market values of
the Plan's investments held at December 31, 1993, have increased
(decreased) from the market values shown in the Statement of Net Assets
Available for Benefits in approximate amounts as follows:
Navistar Pooled Stock Fund $ (553,790)
IDS Trust Collective Income Fund II 807,234
IDS Selective Fund, Inc. (214,956)
IDS Trust Equity Index Fund (187,431)
IDS New Dimensions Fund, Inc. (819,143)
-----------
Net Decrease in Market Value $ (968,086)
===========
F-9
