<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
1995 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 27, 1996
<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, 1995
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
- ------- ----------------------------
Participants can direct the investment of their account assets
as follows:
o American Express 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 American Express 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 ordinary common stocks of United
States companies;
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, 1995.
<PAGE>
<PAGE 3>
ITEM 4. PARTICIPATING EMPLOYEES
- ------- -----------------------
As of December 31, 1995, there were approximately 2,946
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, 1995, were as follows:
Name Company Title
----------------- -------------------------
John R. Horne Chairman, President and
Chief Executive 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
J. Steven Keate Vice President
and Controller
Robert I. Morrison Vice President
Corporate Development
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 1995, 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
American Express Trust, a division of American Express
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 $10 million at December 31, 1995.
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 $524, $230 and $3,371 were paid by the Plan in
1995, 1994 and 1993, 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-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 financial statements of the Navistar
International Transportation Corp. 401(k) Retirement Savings Plan (the
"Plan") as of December 31, 1995 and 1994, and 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31,
1995 and 1994, and the changes in net assets available for benefits for
each of the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
May 17, 1996
Chicago, Illinois
INDEPENDENT AUDITORS' CONSENT
- -----------------------------
Navistar International Transportation Corp.:
We consent to the incorporation by reference in Registration Statement,
including post-effective amendments, No. 2-70979 of Navistar International
Transportation Corp. on Form S-8 of our report dated May 17, 1996 appearing
in this Annual Report on Form 11-K of the Navistar International
Transportation Corp. 401(k) Retirement Savings Plan for the year ended
December 31, 1995.
DELOITTE & TOUCHE LLP
June 27, 1996
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
- -----------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
------------ ------------
<S> <C> <C>
ASSETS
INVESTMENTS:
Navistar Pooled Stock Fund
- at market value (1995 - 338,172 units
of participation, cost $4,946,264 and
1994 - 370,625 units of participation,
cost $5,475,506) $ 995,916 $ 1,558,478
American Express Trust Collective Income Fund II
- at market value (1995 - 2,824,955
shares, cost $41,302,090, and 1994
- 2,859,436 shares, cost $41,660,850) 43,695,006 41,645,934
American Express Trust Equity Index Fund
- at market value (1995 - 1,246,204 shares,
cost $14,788,880 and 1994 - 1,093,724 shares,
cost $12,343,187 20,824,074 13,309,536
IDS Selective Fund, Inc.
- at market value (1995 - 591,001 shares,
cost $5,470,076 and 1994 - 414,328 shares,
cost $3,879,797) 5,676,567 3,514,752
IDS New Dimensions Fund, Inc.
- at market value (1995 - 2,092,532 shares,
cost $28,939,655 and 1994 - 1,778,062
shares, cost $23,816,061) 36,140,116 23,628,672
Templeton Foreign Fund - at market value
(1995 - 405,251 shares, cost of $3,786,761
and 1994 - 262,729 shares, cost $2,503,679) 3,720,207 2,317,278
Participant loans 3,072,598 2,291,926
------------ ------------
Total investments 114,124,484 88,266,576
------------ ------------
RECEIVABLES:
Participant pre-tax contributions 753,058 795,346
Participant after-tax contributions 13,774 14,171
Accrued dividend income 1,607,784 1,107,099
------------ ------------
Total receivables 2,374,616 1,916,616
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $116,499,100 $ 90,183,192
============ ============
<FN>
See notes to financial statements.
</TABLE>
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 YEARS ENDED DECEMBER 31
- ----------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994 1993
------------ ------------ ------------
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS:
Investment Income:
Net realized/unrealized
appreciation (depreciation)
in fair value of investments $ 15,862,135 $ (3,515,684) $ 2,142,423
Interest and dividend income 2,359,561 4,212,413 3,794,303
------------ ------------ ------------
Total investment income 18,221,696 696,729 5,936,726
------------ ------------ ------------
Participant contributions:
Pre-tax contributions 12,170,578 10,921,909 10,052,829
After-tax contributions 213,401 178,286 170,700
------------ ------------ ------------
Total participant contributions 12,383,979 11,100,195 10,223,529
------------ ------------ ------------
Rollovers from other qualified plans 554,164 445,994 78,332
Other 9,664 - -
------------ ------------ ------------
Total additions to net assets 31,169,503 12,242,918 16,238,587
------------ ------------ ------------
DEDUCTIONS FROM NET ASSETS:
Benefits paid to participants 4,853,595 3,000,569 1,724,974
Transfers to other qualified plans - 3,100 4,483
------------ ------------ ------------
Total deductions from net assets 4,853,595 3,003,669 1,729,457
------------ ------------ ------------
Net increase 26,315,908 9,239,249 14,509,130
NET ASSETS AVAILABLE FOR BENEFITS:
BEGINNING OF YEAR 90,183,192 80,943,943 66,434,813
------------ ------------ ------------
END OF YEAR $116,499,100 $ 90,183,192 $ 80,943,943
============ ============ ============
<FN>
See notes to financial statements.
</TABLE>
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, 1995
- -------------------------------------------
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.
General - 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 who
meet certain length of service requirements. 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.
Administrative expenses relating to the Plan are paid by the Company.
Effective January 1, 1995, IDS Trust was 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. The Trustee, American Express
Trust, 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.
Contributions - 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, $9,240 and $8,994 for 1995, 1994, and 1993, 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, 1995.
F-4
<PAGE>
<PAGE 9>
1. DESCRIPTION OF THE PLAN (Cont'd)
Investment Options - Participants may direct the investment of their
account assets as follows:
o American Express 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 American Express 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 ordinary common stock of United States companies;
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.
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.
Participant Accounts - 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.
Loans to Participants - Participants may borrow from their fund
accounts a minimum of $1,000 up to the lesser of 50% of their vested
account balance or $50,000. Loan transactions are treated as a
transfer between the investment fund and the loan fund. Loan terms
range from 1 to 5 years, with the exception of loans made for the
purchase of a principal residence, which must be repaid in installments
over a period of up to ten years. The loans are secured by the balance
in the participant's account and bear interest at a rate commensurate
with local prevailing rates as determined by the Plan administrator.
F-5
<PAGE>
<PAGE 10>
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The accounts of the Plan are maintained on the
accrual basis of accounting. All investments are presented at
published market values. The loans to participants are valued at cost
which approximates market value. Security transactions are accounted
for on the trade date. Dividend income is accrued on the ex-dividend
date.
Valuation of Investments - 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.
Participant Withdrawals - As of December 31, 1995 and December 31,
1994, there were no benefits which were due to former participants who
have withdrawn from participation in the Plan. Benefits are recorded
when paid.
Reclassifications - Certain 1993 and 1994 amounts have been
reclassified to conform with the presentation used in the 1995
financial statements.
3. TAX STATUS OF THE PLAN
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. 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.
4. 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.
F-6
<PAGE>
<PAGE 11>
5. 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.
6. AMENDMENT OR TERMINATION OF THE PLAN
Although the Company expects to continue the Plan indefinitely, 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.
7. INVESTMENTS EXCEEDING FIVE PERCENT OF NET ASSETS
The Plan's investments which exceeded five percent of net assets
available for benefits as of December 31, 1995 and 1994 are as follows:
1995 1994
----------- -----------
American Express Trust
Collective Income Fund II $43,695,006 $41,645,934
American Express Trust
Equity Index Fund 20,824,074 13,309,536
IDS New Dimensions Fund, Inc. 36,140,116 23,628,672
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:
Loss on
Plan Year Purchased Distributed Sold Sale
--------- --------- ----------- -------- ---------
1995 $ 26,311 $ 26,311 $551,334 $403,319
========= =========== ======== ========
1994 $ 26,406 $ 14,223 $230,974 $150,143
========= =========== ======== ========
1993 $ 36,683 $ 30,682 $465,222 $235,267
========= =========== ======== ========
F-7
<PAGE>
<PAGE 12>
9. FUND INFORMATION
Investment income, participant pre-tax and after-tax contributions,
and benefits paid to participants by separate investment fund are
as follows for each of the three years in the period ended
December 31, 1995.
<TABLE>
<CAPTION>
1995 1994 1993
------------ ------------ ------------
<S> <C> <C> <C>
Interest and dividend income:
American Express Trust Collective Income Fund II $ 72,807 $ 2,282,730 $ 2,176,001
American Express Trust Equity Index Fund 33,329 379,072 303,156
IDS Selective Fund,Inc. 337,512 294,839 192,805
IDS New Dimensions Fund,Inc. 1,667,232 1,157,361 1,122,341
Templeton Foreign Fund 248,681 98,411 -
------------ ------------ ------------
Total $ 2,359,561 $ 4,212,413 $ 3,794,303
============ ============ ============
Net realized/unrealized appreciation (depreciation)
in fair value of investments:
Navistar Pooled Stock Fund $ (436,640) $ (880,448) $ 10,143
American Express Trust Collective Income Fund II 2,626,419 6,647 1,075
American Express Trust Equity Index Fund 5,286,987 (188,264) 719,955
IDS Selective Fund,Inc. 551,665 (440,083) 21,965
IDS New Dimensions Fund,Inc. 7,724,225 (1,826,662) 1,389,285
Templeton Foreign Fund 109,479 (186,874) -
------------ ------------ -----------
Total $ 15,862,135 $ (3,515,684) $ 2,142,423
============ ============ ===========
Participant pre-tax contributions:
American Express Trust Collective Income Fund II $ 3,925,317 $ 3,751,790 $ 3,899,748
American Express Trust Equity Index Fund 2,024,078 1,776,419 1,669,140
IDS Selective Fund,Inc. 1,029,154 1,096,877 965,126
IDS New Dimensions Fund,Inc. 4,179,136 4,104,810 3,518,815
Templeton Foreign Fund 1,012,893 192,013 -
------------ ------------ -----------
Total $ 12,170,578 $ 10,921,909 $10,052,829
============ ============ ===========
Participant after-tax contributions:
American Express Trust Collective Income Fund II $ 70,157 $ 45,932 $ 57,002
American Express Trust Equity Index Fund 33,920 30,895 32,599
IDS Selective Fund,Inc. 10,556 17,102 15,163
IDS New Dimensions Fund,Inc. 58,573 59,590 65,936
Templeton Foreign Fund 40,195 24,767 -
------------ ------------ -----------
Total $ 213,401 $ 178,286 $ 170,700
============ ============ ===========
Benefits paid to participants:
Navistar Pooled Stock Fund $ 52,599 $ 45,368 $ 50,279
American Express Trust Collective Income Fund II 3,057,367 1,696,562 1,159,854
American Express Trust Equity Index Fund 552,080 472,505 148,953
IDS Selective Fund,Inc. 135,940 117,681 96,596
IDS New Dimensions Fund,Inc. 958,158 651,385 247,102
Templeton Foreign Fund 21,395 - -
Participant Loans 76,056 17,068 22,190
------------ ------------ -----------
Total $ 4,853,595 $ 3,000,569 $ 1,724,974
============ ============ ===========
</TABLE>
F-8
<PAGE>
<PAGE 13>
10. SUBSEQUENT EVENTS
On February 23, 1996, the Internal Revenue Service issued a favorable
determination letter which states that the Plan qualifies under
Sections 401(a) and 401(k) of the Code.
Based on closing market prices on May 17, 1996, the market values of
the Plan's investments held at December 31, 1995 have increased
(decreased) from the market values shown in the Statement of Net
Assets Available for Benefits in amounts as follows:
Navistar Pooled Stock Fund $ 12,851
American Express Trust Collective Income Fund II 981,657
American Express Trust Equity Index Fund 1,970,243
IDS Selective Fund, Inc. (310,278)
IDS New Dimensions Fund, Inc. 4,224,826
Templeton Foreign Fund 303,935
-----------
Net Increase in Market Value $ 7,183,234
===========
F-9
