<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
1994 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/ J. Steven Keate
----------------------------------
J. Steven Keate
Vice President and Controller
June 26, 1995
<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, 1994
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 (See Note 10).
Participants can direct the investment of their account assets as
follows:
o IDS Trust Collective Income Fund II is a diversified pool of
investment contracts varying in maturity date, size and
yield and short-term cash instruments;
o IDS Trust Equity Index 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 Selective Fund, Inc. is a mutual fund which invests
primarily in investment grade corporate bonds, government
bonds, and other debt securities;
o IDS New Dimensions Fund is a mutual fund which invests
primarily in common stocks of companies showing potential
for significant profitability and growth.
o Templeton Foreign Fund, which was added as an investment
option effective October 3, 1994, is a specialty growth fund
which invests primarily in common stocks and other
securities of companies and governments outside the United
States.
ITEM 3. CONTRIBUTIONS UNDER THE PLAN
- ------- ----------------------------
The Plan permits the Company to make matching and discretionary
contributions. 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, employee after-tax contributions and rollover
contributions are fully vested immediately. The Company did not
make any matching or discretionary contributions to the Plan during
any of the three years in the period ended December 31, 1994.
<PAGE>
<PAGE 3>
ITEM 4. PARTICIPATING EMPLOYEES
- ------- -----------------------
As of December 31, 1994, there were approximately 2,944 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 of the Company. The members of the Pension
Fund Investment Committee ("Committee") and their titles as of
December 31, 1994, were 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
On March 31, 1995, James C. Cotting retired as Chairman and
Chief Executive Officer. He was succeeded by John R. Horne who
was appointed President and Chief Executive Officer.
Effective April 11, 1995, James C. Cotting resigned as a member
of the Pension Fund Investment Committee. At that time,
J. Steven Keate, Vice President and Controller, Navistar
International Transportation Corp., was appointed to the
Committee.
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 1994, 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. Effective
January 1, 1995, IDS Trust has been renamed American Express
Trust (See Note 10).
(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, 1994.
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 $230, $3,371 and $3,413 were paid by the Plan in
1994, 1993 and 1992, 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
Statements of Net Assets Available for Benefits F-2
Statements of Changes in Net Assets
Available for Benefits F-3
Notes to Financial Statements F-4 to F-10
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 Statements of Net Assets Available for
Benefits of the Navistar International Transportation Corp. 401(k) Retirement
Savings Plan (the "Plan") as of December 31, 1994 and 1993, and the related
Statements of Changes in Net Assets Available for Benefits for each of the
three years in the period ended December 31, 1994. 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,
1994 and 1993, and the changes in net assets available for benefits for each
of the three years in the period ended December 31, 1994, in conformity with
generally accepted accounting principles.
DELOITTE & TOUCHE LLP
May 26, 1995
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 26, 1995
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, 1994.
DELOITTE & TOUCHE LLP
June 26, 1995
Chicago, Illinois
F-1
<PAGE>
<PAGE 6>
NAVISTAR INTERNATIONAL TRANSPORTATION CORP.
401(k) RETIREMENT SAVINGS PLAN
- -------------------------------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31
- -----------------------------------------------------------------
1994 1993
------------ ------------
ASSETS
INVESTMENTS:
Navistar Pooled Stock Fund
- at market value (1994 - 370,625 units
of participation, cost $5,475,506 and
1993 - 385,916 units of participation,
cost $5,705,211) $ 1,558,478 $ 2,518,488
IDS Trust Collective Income Fund II
- at market value (1994 - 2,859,436
shares, cost $41,660,850, and 1993
- 2,736,813 shares, cost $37,712,642) 41,645,934 37,699,725
IDS Trust Equity Index Fund
- at market value (1994 - 1,093,724 shares,
cost $12,343,187 and 1993 - 1,018,622 shares,
cost $10,982,055 13,309,536 12,251,445
IDS Selective Fund, Inc.
- at market value (1994 - 414,328 shares,
cost $3,879,797 and 1993 - 337,989 shares,
cost $3,249,732) 3,514,752 3,249,083
IDS New Dimensions Fund, Inc.
- at market value (1994 - 1,778,062 shares,
cost $23,816,061 and 1993 - 1,572,254
shares, cost $20,771,310) 23,628,672 22,546,121
Templeton Foreign Fund - at market value
(1994 - 262,729 shares, cost $2,503,679) 2,317,278 -
Participant loans 2,291,926 1,927,398
----------- -----------
Total investments 88,266,576 80,192,260
----------- -----------
RECEIVABLES:
Participant pre-tax contributions 795,346 738,629
Participant after-tax contributions 14,171 13,054
Accrued dividend income 1,107,099 -
----------- -----------
Total receivables 1,916,616 751,683
----------- -----------
Net Assets Available for Benefits $90,183,192 $80,943,943
=========== ===========
See notes to financial statements.
F-2
<PAGE>
<PAGE 7>
NAVISTAR INTERNATIONAL TRANSPORTATION CORP.
401(k) RETIREMENT SAVINGS PLAN
- -------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE THREE YEARS ENDED DECEMBER 31
- ----------------------------------------------------------
1994 1993 1992
------------ ------------ ------------
ADDITIONS TO NET ASSETS:
Investment Income:
Net realized gains $ 30,778 $ 14,673 $ 722,129
Net appreciation (depreciation)
in fair value of investments (3,546,462) 2,127,750 957,649
Interest income 2,394,763 2,527,842 2,939,941
Dividend income 1,817,650 1,266,461 882,388
----------- ----------- -----------
Total investment income 696,729 5,936,726 5,502,107
----------- ----------- -----------
Participant contributions:
Pre-tax contributions 10,921,909 10,052,829 9,702,886
After-tax contributions 178,286 170,700 178,577
----------- ----------- -----------
Total participant contributions 11,100,195 10,223,529 9,881,463
----------- ----------- -----------
Rollovers from other qualified plans 445,994 78,332 133,256
----------- ----------- -----------
TOTAL ADDITIONS 12,242,918 16,238,587 15,516,826
----------- ----------- -----------
DEDUCTIONS FROM NET ASSETS: 3,000,569 1,724,974 2,033,657
Benefits paid to participants
Administrative expenses - - 18,457
Transfers to other qualified plans 3,100 4,483 9,969
Other - Net - - 3,848
----------- ----------- -----------
TOTAL DEDUCTIONS 3,003,669 1,729,457 2,065,931
----------- ----------- -----------
NET INCREASE 9,239,249 14,509,130 13,450,895
NET ASSETS AVAILABLE FOR BENEFITS:
BEGINNING OF YEAR 80,943,943 66,434,813 52,983,918
----------- ----------- -----------
END OF YEAR $90,183,192 $80,943,943 $66,434,813
=========== =========== ===========
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, 1994
- -------------------------------------------
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 document 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 of 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), 401(k) and 501
of the Internal Revenue Code of 1986 and to modify the provisions of the
Plan.
The Trustee, IDS Trust, which has changed its name to American Express
Trust (See Note 10), 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. 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
($9,240, $8,994 and $8,728 for 1994, 1993 and 1992, 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 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 account; however, neither after-tax contributions nor
pre-tax salary reduction contributions may be made until such time as
such employee would otherwise become eligible to and does elect
participation in the Plan.
The Plan permits the Company to make matching and discretionary
contributions. 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,
employee after-tax contributions and rollover contributions are fully
vested immediately. The Company did not make any matching or
discretionary contributions to the Plan during any of the three years in
the period ended December 31, 1994.
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 presented at published market values.
Security transactions are accounted for on the trade date.
Unrealized appreciation or depreciation on investments is determined by
comparing the fair value of these separate Funds at the current year-end,
net of contributions made during the year, to their respective fair
values at the preceding year-end. Realized gains or losses are
determined by comparing net sales proceeds to the fair 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. As of
December 31, 1994, there were no benefits which were due to former
participants who have withdrawn from participation in the Plan. As of
December 31, 1993, benefits of $105,217 were due to former participants.
Benefits are recorded when paid.
Certain 1993 and 1992 amounts have been reclassified to conform with the
presentation used in the 1994 financial statements.
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 is a diversified pool of
investment contracts varying in maturity date, size and yield and
short-term cash instruments;
o IDS Trust Equity Index 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 Selective Fund, Inc. is a mutual fund which invests primarily
in investment grade corporate bonds, government bonds, and other
debt securities;
o IDS New Dimensions Fund, Inc. is a mutual fund which invests
primarily in common stocks of companies showing potential for
significant profitability and growth.
o Templeton Foreign Fund, which was added as an investment option
effective October 3, 1994, is a specialty growth fund which invests
primarily in common stocks and other securities of companies and
governments outside the United States.
F-5
<PAGE>
<PAGE 10>
3. INVESTMENT PROGRAMS AND FEES (continued)
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 the 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.
Contributions and assets allocated to a specific investment fund are
commingled with those of other participants and are invested in
accordance with the nature of the specific fund. Realized gains and
losses, unrealized appreciation and depreciation and 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 participants'
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 asset value is 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 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
--------- --------- -----------
1994 $ 26,406 $ 14,223
========= =========
1993 $ 36,683 $ 30,682
========= =========
1992 $ - $ 114,741
========= =========
F-7
<PAGE>
<PAGE 12>
9. Information By Fund
Statements of Net Assets Available for Benefits and Changes in
Net Assets Available for Benefits, as of December 31, 1994 and for the year
then ended, by fund, are as follows:
<TABLE>
<CAPTION>
IDS Trust IDS
Navistar Collective IDS Trust IDS New
Statement of Net Assets Pooled Stock Income Equity Selective Dimensions Templeton Participant
Available for Benefits Fund Fund II Index Fund Fund Inc. Fund, Inc. Foreign Fund Loan Fund Total
- ------------------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments $ 1,558,478 $41,645,934* $13,309,536* $ 3,514,752 $23,628,672* $ 2,317,278 $ 2,291,926 $88,266,576
Receivables:
Participant Pre-tax
Contributions - 273,687 121,665 66,965 270,902 62,127 - 795,346
Participant After-tax
Contributions - 4,683 2,981 1,105 4,327 1,075 - 14,171
Accrued Dividend
Income - - - - 1,107,099 - - 1,107,099
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Receivables - 278,370 124,646 68,070 1,382,328 63,202 - 1,916,616
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Assets Available
for Benefits $ 1,558,478 $41,924,304 $13,434,182 $ 3,582,822 $25,011,000 $ 2,380,480 $ 2,291,926 $90,183,192
============ ============ ============ ============ ============ ============ ============ ============
<FN>
* Investments greater than 5% of net assets available for benefits.
</TABLE>
<TABLE>
<CAPTION>
IDS Trust IDS
Statement of Changes Navistar Collective IDS Trust IDS New
in Net Assets Pooled Stock Income Equity Selective Dimensions Templeton Participant
Available for Benefits Fund Fund II Index Fund Fund, Inc. Fund, Inc. Foreign Fund Loan Fund Total
- ---------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Realized
Gains/(Losses) $ (150,143) $ 6,764 $ 114,777 $ (75,686) $ 135,538 $ (472) $ - $ 30,778
Net Depreciation
in Market Value
of Investments (730,305) (117) (303,041) (364,397) (1,962,200) (186,402) - (3,546,462)
Interest Income - 2,282,730 24,619 12,851 50,262 24,301 - 2,394,763
Dividend Income - - 354,453 281,988 1,107,099 74,110 - 1,817,650
Participant Pre-tax
Contributions - 3,751,790 1,776,419 1,096,877 4,104,810 192,013 - 10,921,909
Participant After-tax
Contributions - 45,932 30,895 17,102 59,590 24,767 - 178,286
Loans Repaid - 338,999 148,189 82,764 342,078 8,310 (920,340) -
Rollovers from Other
Qualified Plans - 112,244 88,446 88,521 140,602 16,181 - 445,994
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Additions (880,448) 6,538,342 2,234,757 1,140,020 3,977,779 152,808 (920,340) 12,242,918
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Distributions to
Participants 45,368 1,696,562 472,505 117,681 651,385 - 17,068 3,000,569
Loans Withdrawn 8,654 598,220 221,559 64,680 407,014 1,809 (1,301,936) -
Transfers to Other
Qualified Plans - 2,866 - 234 - - - 3,100
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Deductions 54,022 2,297,648 694,064 182,595 1,058,399 1,809 (1,284,868) 3,003,669
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Interfund Transfers
- Net (25,540) (286,720) (480,648) (703,546) (733,027) 2,229,481 - -
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Increase
(Decrease) in
Net Assets
Available For
Benefits (960,010) 3,953,974 1,060,045 253,879 2,186,353 2,380,480 364,528 9,239,249
Net Assets Available
For Benefits
at Beginning
of Year 2,518,488 37,970,330 12,374,137 3,328,943 22,824,647 - 1,927,398 80,943,943
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Assets Available
For Benefits
at End of Year $ 1,558,478 $41,924,304 $13,434,182 $ 3,582,822 $25,011,000 $ 2,380,480 $ 2,291,926 $90,183,192
============ ============ ============ ============ ============ ============ ============ ============
</TABLE>
F-8
<PAGE>
<PAGE 13>
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 fund, are as follows:
<TABLE>
<CAPTION>
IDS Trust IDS
Navistar Collective IDS Trust IDS New
Statement of Net Assets Pooled Stock Income Equity Selective Dimensions Participant
Available for Benefits Fund Fund II Index Fund Fund Inc. Fund, Inc. Loan Fund Total
- ------------------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments $ 2,518,488 $37,699,725* $12,251,445* $ 3,249,083 $22,546,121* $ 1,927,398 $80,192,260
Receivables:
Participant Pre-tax
Contributions - 265,984 120,046 78,453 274,146 - 738,629
Participant After-tax
Contributions - 4,621 2,646 1,407 4,380 - 13,054
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Receivables - 270,605 122,692 79,860 278,526 - 751,683
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Assets Available
for Benefits $ 2,518,488 $37,970,330 $12,374,137 $ 3,328,943 $ 22,824,647 $ 1,927,398 $80,943,943
============ ============ ============ ============ ============ ============ ============
<FN>
* Investments greater than 5% of net assets available for benefits.
</TABLE>
<TABLE>
<CAPTION>
IDS Trust IDS
Statement of Changes Navistar Collective IDS Trust IDS New
in Net Assets Pooled Stock Income Equity Selective Dimensions Participant
Available for Benefits Fund Fund II Index Fund Fund, Inc. Fund Inc. Loan Fund Total
- ---------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Realized
Gains/(Losses) $ (235,267) $ 14,114 $ 84,699 $ 16,058 $ 135,069 $ - $ 14,673
Net (Depreciation)
in Market Value
of Investments 245,410 (13,039) 635,256 5,907 1,254,216 - 2,127,750
Interest Income - 2,176,001 303,156 10,223 38,462 - 2,527,842
Dividend Income - - - 182,582 1,083,879 - 1,266,461
Participant Pre-tax
Contributions - 3,899,748 1,669,140 965,126 3,518,815 - 10,052,829
Participant After-tax
Contributions - 57,002 32,599 15,163 65,936 - 170,700
Loans Repaid - 316,812 145,049 71,603 285,834 (819,298) -
Rollovers from Other
Qualified Plans - 3,927 31,002 14,837 28,566 - 78,332
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Additions 10,143 6,454,565 2,900,901 1,281,499 6,410,777 (819,298) 16,238,587
------------ ------------ ------------ ------------ ------------ ------------ ------------
Distributions to
Participants 50,279 1,159,854 148,953 96,596 247,102 22,190 1,724,974
Loans Withdrawn 26,009 654,299 235,368 66,293 445,672 (1,427,641) -
Transfers to Other
Qualified Plans - 4,483 - - - - 4,483
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Deductions 76,288 1,818,636 384,321 162,889 692,774 (1,405,451) 1,729,457
------------ ------------ ------------ ------------ ------------ ------------ ------------
Interfund Transfers
- Net (143,539) (2,385,265) (256,563) 1,423,430 1,361,937 - -
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Increase
(Decrease) in
Net Assets
Available For
Benefits (209,684) 2,250,664 2,260,017 2,542,040 7,079,940 586,153 14,509,130
Net Assets Available
For Benefits
at Beginning
of Year 2,728,172 35,719,666 10,114,120 786,903 15,744,707 1,341,245 66,434,813
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net Assets Available
for Benefits
at End of Year $ 2,518,488 $37,970,330 $12,374,137 $ 3,328,943 $22,824,647 $ 1,927,398 $80,943,943
============ ============ ============ ============ ============ ============ ============
</TABLE>
F-9
<PAGE>
<PAGE 14>
10. SUBSEQUENT EVENTS
Based on closing market prices on May 26, 1995, the market values of the
Plan's investments held at December 31, 1994 have increased from the
market values shown in the Statement of Net Assets Available for
Benefits in approximate amounts as follows:
Navistar Pooled Stock Fund $ 12,231
IDS Trust Collective Income Fund II 1,028,289
IDS Trust Equity Index Fund 2,035,412
IDS Selective Fund, Inc. 290,022
IDS New Dimensions Fund, Inc. 3,246,735
Templeton Foreign Fund 160,256
----------
Net Increase in Market Value $6,772,945
==========
On March 30, 1995, the Company filed an application with the
Internal Revenue Service for an advance determination that the
Plan, as amended to comply with the Tax Reform Act of 1986 and
other subsequent legislation, continues to be a qualified plan
under the Internal Revenue Code of 1986.
Effective January 1, 1995, IDS Trust has been renamed American
Express Trust, and the IDS Trust Collective Income Fund II and the
IDS Trust Equity Index Fund have been renamed American Express
Trust Collective Income Fund II and American Express Trust Equity
Index Fund, respectively. The IDS Selective Fund, Inc. and the IDS
New Dimensions Fund, Inc. names remain unchanged.
F-10
