<PAGE>
MILWAUKEE
LAND
COMPANY
================================================================================
1996 SEMI-ANNUAL REPORT
<PAGE>
To Our Shareholders:
For the six months ended June 30, 1996, the net decrease in net assets resulting
from operations was $1,269,972, primarily due to the net change in unrealized
depreciation in investments which totaled $1,333,543, net of tax, compared to
net unrealized appreciation of $241,523 for the similar period of 1995.
Net investment income for the six months ended June 30, 1996 totaled $14,877,
compared to $53,949 for the similar period of 1995, or a decrease of $39,072.
The decrease is attributable primarily to higher operating expenses, principally
those related to acquisition searches.
The net realized gain from sales of investments for the six months ended June
30, 1996 amounted to $48,694, net of tax, compared to a loss of $44,940 in the
similar period of 1995. Together, net investment income and realized gains on
sales of investments for the first six months of 1996 totaled $63,571, net of
tax, or $.04 per share, compared to $9,009, or $.01 per share for the similar
period of 1995. Income per share of common stock is based on the weighted
average number of common shares outstanding.
The Company's principal investments in securities of nonaffiliates at June 30,
1996 consisted of direct obligations of the U.S. Government (U.S. Treasury Notes
and Bills) and high yield corporate obligations. At June 30, 1996, 40% of the
Company's net assets were invested in U.S. Government securities, 16% were
invested in high yield corporate obligations and .1% in cash equivalents. The
current yield on U.S. Government securities at June 30, 1996 was 7.20% with a
yield to maturity of 7.04%. The current yield on high yield corporate
obligations was 9.72% with a yield to maturity of 9.77%. The average maturity of
the Company's investment in securities of nonaffiliates is 2.6 years and the
current yield is 7.14%.
At the Annual Meeting of Stockholders held on August 6, 1996, the Company's
stockholders voted to: (i) elect Edwin Jacobson as a Class III director for a
term of three years and (ii) ratify the Board of Directors' selection of Ernst &
Young LLP as independent auditors for the Company for 1996.
The Company continues to actively search for one or more acquisitions of an
operating business. Any acquisition that would result in the Company's ceasing
to be an "investment company" within the meaning of the Investment Company Act
of 1940 (which the Company believes would be a desirable result) would require
approval by the Company's shareholders.
Sincerely,
/s/ Edwin Jacobson
Edwin Jacobson
President and Chief Executive Officer
August 21, 1996
<PAGE>
MILWAUKEE LAND COMPANY
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments at Value:
Nonaffiliates (cost $9,891,001)................................... $ 9,806,961
Affiliates (cost $12,294,768)..................................... 7,146,109
---------
Total Investments................................................ 16,953,070
Cash............................................................... 10,366
Receivables
Management fees- affiliate......................... $ 212,503
Note Receivable- affiliate......................... 1,073,141
Accrued interest................................... 228,505
Other.............................................. 51,662
------
Total Receivables.................................................. 1,565,811
Deferred tax asset................................................. 815,141
Prepaid and deferred expenses and other assets..................... 7,314
Total assets..................................................... ----------
19,351,702
LIABILITIES
Directors and officers............................................. 5,625
Allowance for claims and liabilities............................... 1,347,789
Other.............................................................. 223,725
Deferred tax liability............................................. 75,685
---------
Total Liabilities................................................ 1,652,824
---------
NET ASSETS......................................................... $17,698,878
==========
COMMON SHARES OUTSTANDING.......................................... 1,671,238
=========
NET ASSET VALUE PER COMMON SHARE................................... $ 10.59
=====
</TABLE>
See accompanying Notes to Financial Statements
2
<PAGE>
MILWAUKEE LAND COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
Investment Income:
Interest.................................... $ 374,127
Management fee from affiliate................ 212,503
-----------
Total Investment Income................... $ 586,630
Expenses:
Compensation and benefits................... 209,069
Directors' fees and expenses................ 14,956
Professional fees........................... 130,006
Advisory fees............................... 9,833
Custodian fees.............................. 3,203
Taxes....................................... 6,281
Insurance................................... 29,843
Facility expense allocation................. 18,564
General and administrative expenses......... 140,481
-----------
Total Expenses............................ 562,236
----------
Investment Income Before Taxes............... 24,394
Provision for Income Taxes................... 9,517
----------
Net Investment Income........................ 14,877
Net Realized and Unrealized Gain(Loss) on
Investments:
Net realized gain on sales of investments.... 79,844
Net change in unrealized appreciation/
depreciation on investments:
Nonaffiliates.............................. (173,759)
Affiliates................................. (2,012,852)
-----------
Net change in unrealized appreciation/
depreciation on investments.............. (2,186,611)
-----------
Net Realized and Unrealized (Loss) on
Investments Before Taxes.................... (2,106,767)
Income Tax Benefit........................... (821,918)
-----------
Net Realized and Unrealized (Loss) on
Investments................................. (1,284,849)
-----------
Net Decrease in Net Assets Resulting
From Operations............................. $(1,269,972)
===========
</TABLE>
See accompanying Notes to Financial Statements
3
<PAGE>
MILWAUKEE LAND COMPANY
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended June 30, 1996 and Year Ended December 31, 1995
(unaudited)
<TABLE>
<CAPTION>
Period Ended
--------------------------
6/30/96 12/31/95
----------- -----------
<S> <C> <C>
Operations:
Net investment income, net of taxes..... $ 14,877 $ 122,543
Net realized gain (loss) on sales of
investments, net of taxes.............. 48,694 (52,728)
Net change in unrealized
depreciation/appreciation on
investments, net of taxes.............. (1,333,543) (4,090,796)
----------- -----------
Net Decrease in Net Assets
Resulting From Operations............ (1,269,972) (4,020,981)
Net Assets at Beginning of Year......... 18,968,850 22,989,831
----------- -----------
Net Assets at End of Period (including
undistributed net investment income
of $10,199,527 at June 30, 1996 and
$10,184,650 at December 31, 1995)..... $17,698,878 $18,968,850
</TABLE> =========== ===========
See accompanying Notes to Financial Statements
4
<PAGE>
MILWAUKEE LAND COMPANY
SCHEDULE OF INVESTMENTS
June 30, 1996
(unaudited)
<TABLE>
<CAPTION>
NON-AFFILIATES PRINCIPAL
FIXED INCOME SECURITIES AMOUNT VALUE
---------- ------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 39.61%
- -----------------------------------
U.S. Treasury notes, 6.875% due 10/31/96 $ 835,000 $ 838,783
U.S. Treasury bills, due 12/21/96....... 1,690,000 1,646,952
U.S. Treasury notes, 6.125% due 3/31/98. 750,000 750,472
U.S. Treasury notes, 6.375% due 1/15/99. 1,600,000 1,605,248
U.S. Treasury notes, 6.875% due 7/31/99. 1,500,000 1,521,330
U.S. Treasury notes, 5.75% due 10/31/00. 665,000 647,750
-----------
Total U.S. Treasury Obligations
(cost $7,056,797).................. 7,010,535
CORPORATE OBLIGATIONS -- 15.67%
- -------------------------------
Navistar Finl Sr Sub Nt, 8.875%, due
11/15/98............................... 150,000 150,000
Revlon Consumer Prods Corp Sr Nt,
9.500%, due 6/01/99.................... 150,000 150,000
Unisys Corp Nt, 10.625%, due 10/1/99.... 200,000 200,000
Penn Central Corp Sub Nt. 10.625% due
4/15/00................................ 150,000 162,367
Sifto Canada Inc Gtd Sr Secd Nt, 8.500%
due 7/15/00............................ 200,000 196,000
Armco Inc. Sr Nt, 9.375%, due 11/01/00.. 250,000 242,500
Reliance Group Hldgs Inc Sr Nt, 9.000%,
due 11/15/00........................... 150,000 148,500
Stone Consol Corp Sr.Nt, 10.25%, due
12/15/00............................... 200,000 206,250
Sequa Corp Sr Nt, 8.750%, due 12/15/01.. 250,000 240,938
Repap Wis Inc 1st Priority Sr Secd Nt,
9.25, due 2/01/02...................... 200,000 187,000
Penn Traffic Co New Sr Nt, 10.250%, due
2/15/02................................ 150,000 136,500
Century Communications Sr Nt, 9.750%,
due 2/15/02............................ 200,000 199,000
Owens II Inc Sr Sub Nt, 10.500%, due
6/15/02................................ 200,000 204,500
Rogers Cablesystems Ltr Sr Secd 2nd
Priority Nt. 9.625% due 8/1/02......... 200,000 198,000
CTC Mansfield Fdg Corp Sec Lease Oblig,
10.250%, due 3/30/03................... 149,000 152,174
-----------
Total Corporate Obligations (cost
$2,811,507)......................... 2,773,729
MONEY MARKET FUND -- .13%
- -------------------------
Norwest Cash Investment Fund (cost
$22,697)............................... 22,697
-----------
Total Non-Affiliates (cost
$9,891,001) 9,806,961
AFFILIATES -- 40.38%
- --------------------
Heartland Partners, L.P. - 1% General
Partnership Interest and
.5% Class B Limited Partnership
Interest (a).......................... 7,144,609
CMC Heartland Partners - .01% General
Partnership Interest (a).............. 1,500
-----------
Total Affiliates (cost $12,294,768)... 7,146,109
-----------
Total Investments (cost
$22,185,769) - 95.79%............. 16,953,070
OTHER ASSETS AND LIABILITIES,
NET - 4.21% 745,808
-----------
NET ASSETS - 100%....................... $17,698,878
===========
</TABLE>
(a) Investments not readily marketable
See Accompanying Notes to Financial Statements
5
<PAGE>
MILWAUKEE LAND COMPANY
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
(unaudited)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Milwaukee Land Company (the "Company") registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-
end management investment company on March 23, 1988. Prior to June 30, 1993 the
Company was a wholly owned subsidiary of Chicago Milwaukee Corporation ("CMC").
Security valuation:
Investments are stated at value. Securities traded on securities exchanges
or on the NASDAQ National Market System are valued at the last sales price on
the principal exchange or market on which they are traded or listed or, if there
has been no sale that day, at the mean of closing bid and asked prices. Fixed-
income securities are valued at the most recent bid quotation. Short-term
securities are valued at amortized cost, which approximates market value. Other
securities for which prices are not readily available are valued at a fair value
as determined by the Board of Directors for reporting purposes under the 1940
Act.
The Company's investment in the Class B limited partnership interest (the
"Class B Interest") of Heartland Partners, L.P. is not publicly traded, and
accordingly there are no available market quotations. On December 7, 1995, the
Board of Directors of the Company changed the methodology for valuing the Class
B Interest.
In making its determination of a fair value for the Class B Interest, the
Board of Directors of the Company considered an imputed value based on the
market value of the publicly traded Class A limited partnership interest in
Heartland Partners, L.P. (the "Units") and the operating results of Heartland
Partners, L.P. The Board of Directors of the Company determined that operating
losses of Heartland Partners, L.P. could cause anomalous results in the
application of the valuation methodology which had been utilized for the Class B
Interest. Therefore, the Board of Directors adopted an alternate method of
imputing value based on the market value of the publicly traded Units. Under the
new methodology, the percentage change in the market value of the publicly
traded Units from June 30, 1990, is applied to the initial cost of the Class B
Interest (approximately $9.6 million) to the date of valuation.
Due to the inherent uncertainty of valuation, the recorded value of the
Class B Interest and the general partnership interests in Heartland Partners,
L.P. and CMC Heartland Partners on the Company's financial statements may differ
from values that would have been used had a ready market existed for these
interests, and the difference could be material.
The change in methodology adopted by the Board resulted in a decrease in
the value of the Class B Interest of 6.2 million in 1995, and reduced unrealized
gains $4.5 million, net of tax. The effect on the net asset value of the Company
at December 31, 1995 is a decrease of $2.69 per share.
Investment transactions and investment income:
Security transactions are accounted for on the trade date. Realized gains
and losses on investment transactions are determined on an identified cost
basis. Interest income is recorded on the accrual basis and includes
amortization of premium and accretion of discount on securities owned.
6
<PAGE>
MILAUKEE LAND COMPANY
NOTES TO FINANCIAL STATEMENTS-(Continued)
June 30, 1996
(unaudited)
NOTE 2. NET ASSETS
Net assets at June 30, 1996 consisted of the following items:
Common stock - $0.30 par value per share, authorized 10,000,000
shares, 1,671,238 shares issued and outstanding............. $ 501,371
Paid in capital.............................................. 9,973,419
Undistributed net investment income *........................ 10,199,527
Undistributed net realized gains on investment
transactions *.............................................. 511,668
Net unrealized depreciation on investments *................. (3,487,107)
-----------
Net Assets.................................................. $17,698,878
===========
* Net of tax provision
NOTE 3. INVESTMENT SERVICES
The Company pays advisory fees for investment advisory services under an
investment advisory agreement with OFFITBANK, a nonaffiliated investment
advisor. For the services rendered by OFFITBANK under the agreement, the Company
pays OFFITBANK an annual investment advisory fee equal to .20 of 1% per annum of
the value of the portfolio under management. The advisory fee is payable
quarterly in arrears based on the average month-end value of the portfolio
during such quarter.
NOTE 4. FEDERAL INCOME TAXES
A reconciliation of the statutory federal income tax rate to the effective
income tax rate for the six months ended June 30, 1996 is as follows:
Statutory rate......................................... 34%
Effect of:
State income taxes................................ 6
Difference in tax basis
investment in affiliate......................... (79)
---
Effective Rate.................................... (39)%
As of June 30, 1996, the Company has deferred tax assets consisting of tax net
operating loss ("NOL") carryforwards of approximately $474,067 and alternative
minimum tax credit carryforwards of approximately $919,000. The NOL
carryforwards expire in 2009 and 2010.
Based on cost of investments for federal income tax purposes of $19,849,496 on
June 30, 1996, net unrealized depreciation was $2,896,426.
7
<PAGE>
MILWAUKEE LAND COMPANY
NOTES TO FINANCIAL STATEMENTS-(Continued)
June 30, 1996
(unaudited)
NOTE 5. INTERESTS IN PARTNERSHIPS AND RELATED TRANSACTIONS
At the close of business on June 27, 1990, CMC and the Company transferred to
CMC Heartland Partners ("CMC Heartland") at the direction of Heartland Partners,
L.P. ("Heartland"), substantially all of their respective real estate properties
and certain miscellaneous assets and liabilities related to those properties.
The Company has a 1% general partnership interest in Heartland which entitles
the Company to 1% of Heartland's available cash for distribution and allocation
of taxable income and loss. The Company also has a .01% general partnership
interest in CMC Heartland which entitles the Company to .01% of CMC Heartland's
available cash for distribution and an allocation of taxable income and loss
before distributions and allocations are made by Heartland. The Company's
interests in Heartland and CMC Heartland, including the Class B Interest in
Heartland described below, were included in investments at a value of $7,146,109
at June 30, 1996.
The Company distributed Units, received from Heartland in the real estate
transfer, to CMC which then distributed the Units to its common stockholders on
June 30, 1990. The Company, in its capacity as the general partner of Heartland
and the managing general partner of CMC Heartland, has full, exclusive and
complete discretion to manage the business and affairs of Heartland and CMC
Heartland (collectively, the "Partnerships") and is authorized in general to
perform all acts necessary or appropriate to carry out the purposes and conduct
the business of the Partnerships.
In connection with the real estate transfer, Heartland and CMC Heartland have
assumed primary responsibility and liability for the resolution and satisfaction
of most of the liabilities for claims remaining under the plan of reorganization
of the predecessor of CMC Real Estate Corporation ("CMCRE"), formerly a wholly
owned subsidiary of CMC, and previously named the Chicago, Milwaukee, St. Paul
and Pacific Railroad Company (the "Railroad"), certain other contingent
liabilities with respect to the properties transferred to CMC Heartland arising
after the consummation of such plan, and the costs and expenses incurred in
resolving such plan and other contingent liabilities (collectively, the "Plan
Liabilities"). CMC was required to contribute to Heartland, over time, cash in
the amount of $18.1 million (the "Deferred Capital Contribution"), plus
interest, for settlement of Plan Liabilities. In consideration of such
commitment, Heartland issued to CMC the Class B Interest. On August 28, 1990 and
February 15, 1991, pursuant to an authorization of the Board of Directors of CMC
on May 7, 1990, CMC made additional capital contributions to Heartland of
approximately $3.6 million in the aggregate, representing an increase in CMC's
Class B Interest in Heartland. As part of CMC's conversion from a closed-end
management investment company to an open-end management investment company, the
Class B Interest was transferred to the Company on July 1, 1993. In general, the
Class B Interest entitles the holder to .5% of Heartland's available cash for
distribution and allocations of taxable income and loss. In addition, items of
deduction, loss, credit and expense attributable to the satisfaction of Plan
Liabilities are specially allocated 99% to the holder of the Class B Interest
and 1% to the Company as the general partner until the aggregate amount of all
such items allocated to the Class B Interest equals the aggregate capital
contribution with respect to the Class B Interest. If the aggregate amount of
such items specially allocated to the holder of the Class B Interest is less
than the amounts contributed by such holder to Heartland, such excess will be
reflected in the capital account of the Class B Interest.
Effective July 1, 1993, CMC transferred to the Company its rights and
obligations under the management agreement with CMC Heartland. Pursuant to the
management agreement, CMC Heartland is required to pay to the Company an annual
management fee in the amount of $425,006. On December 29, 1995, the Company
advanced CMC Heartland $648,134 for payment of the management fee accrued
through December 31, 1994, (which includes management fees accruing since July
1993). On February 14, 1996, the Company advanced CMC Heartland $425,006 for
payment of the 1995 management fee. Each advance by the Company to CMC Heartland
is in the form of a demand note accruing simple interest at the prime rate plus
2.25% (10.50% at June 30, 1996).
For the six months ended June 30, 1996, the Company paid CMC Heartland
approximately $71,000 for staff salary and operating expense allocations.
8
<PAGE>
MILUAKEE LAND COMPANY
NOTES TO FINANCIAL STATEMENTS-(Continued)
June 30, 1996
(unaudited)
NOTE 6. CONTINGENT LIABILITIES
The Company, by reason of its serving as the general partner of the
Partnerships, is liable and responsible to third parties for the Partnerships'
liabilities to the extent the assets of the Partnerships are insufficient to
satisfy such liabilities. In addition to liabilities incurred as a result of
their ongoing real estate business, the Partnerships assumed, in connection with
Heartland's spin-off in June, 1990, primary responsibility for certain
contingent liabilities related to (i) the plan of reorganization of the Railroad
and (ii) the real estate properties conveyed to CMC Heartland in the spin-off
(collectively, the "Heartland Assumed Liabilities"). CMC remains liable to third
party obligees for the Heartland Assumed Liabilities, and the Partnerships have
indemnified CMC from and against any and all damages, costs or expenses that may
be incurred in connection therewith. In consideration of the Partnerships'
assumption of the Heartland Assumed Liabilities, and in further consideration of
the issuance of the Class B Interest to CMC, CMC agreed to contribute to
Heartland by December 31, 1993, cash in the aggregate amount of $18.1 million,
plus interest.
Included in the Heartland Assumed Liabilities are known environmental
liabilities associated with certain of the properties transferred to the
Partnerships arising out of the activities of the Railroad or certain lessees or
other third parties. Further environmental obligations as yet unknown in respect
of these properties may become due and owing in the future. A majority of the
known environmental matters stem from the use of petroleum products, such as
motor oil and diesel fuel, in the operation of a railroad, the primary business
activity of the Railroad. The Company and/or the Partnerships have been notified
by government agencies of potential liabilities in connection with certain of
these real estate properties. Descriptions of the known material environmental
matters are included in the reports filed by Heartland with the Securities and
Exchange Commission pursuant to the provisions of the Securities Exchange Act of
1934, as amended.
In connection with CMC's conversion to an open-end management investment
company and the transactions related thereto, CMC assigned to the Company, and
the Company assumed from CMC, any obligation for which CMC is or may become
liable (the "MLC Assumed Liabilities") arising out of any matters existing on or
occurring prior to the effective time of the conversion other than (i) the
Heartland Assumed Liabilities, (ii) liabilities directly related to CMC's
business of investing and managing its investment securities, (iii) certain
litigation against CMC relating to CMC's preferred stock which was pending
against CMC at the time of the conversion but which was subsequently dismissed,
or (iv) any liabilities relating to federal, state, local or foreign income or
other tax matters. In addition, in connection with the assignment of the MLC
Assumed Liabilities and the transfer of the Class B Interest to the Company, CMC
contributed to Heartland the balance of the deferred capital contribution in
respect of the Class B Interest. Following the consummation of the conversion
and the transactions related thereto, CMC will continue to remain liable to
third party obligees in connection with the MLC Assumed Liabilities. The Company
will indemnify CMC from any and all damages, costs or expenses that CMC may
incur in connection with the MLC Assumed Liabilities, although there can be no
assurance that the Company will be able to fully satisfy such indemnification
obligations.
NOTE 7. INVESTMENT TRANSACTIONS
Investment transactions for the six months ended June 30, 1996 (excluding
short-term securities) are as follows:
Purchases............................................. $ 2,722,281
Proceeds from sales and maturities.................... $ 4,332,627
9
<PAGE>
MILWAUKEE LAND COMPANY
NOTES TO FINANCIAL STATEMENTS-(Concluded)
June 30, 1996
(unaudited)
NOTE 8. FINANCIAL HIGHLIGHTS
The table below reflects per share financial highlights and ratios for a share
of common stock outstanding during the periods presented.
<TABLE>
<CAPTION>
Six Months
Ended
6/30/96 1995 1994 1993 1992
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE
Net Asset Value, Beginning
of period......................... $ 11.35 $ 13.76 $ 13.39 $ 6.59 $ 6.42
Net Investment Income.............. .01 .07 .05 .02 .17
Net (Losses)/Gains on Securities ---
(realized and unrealized)......... (.77) (2.48) .32 .81 ---
----------- ----------- ----------- ----------- -----------
Total From Investment
Operations........................ (.76) (2.41) .37 .83 .17
Capital Contribution
From CMC.......................... --- --- --- 5.97 ---
Less Distributions:
From Net Investment Income to
Common Shareholders.............. --- --- --- ---
----------- ----------- ----------- ----------- -----------
Total Distributions................ --- --- --- --- ---
----------- ----------- ----------- ----------- -----------
Net Asset Value, End of
Period............................ $ 10.59 $ 11.35 $ 13.76 $ 13.39 $ 6.59
============ =========== =========== =========== ===========
Per Share Market Value,
End of Period..................... $ 6.75 $ 7.38 $ 8.00 6.50 N/A
Total Investment Return:
Market (a)........................ (16.95)% (7.81)% 23.08% (10.34)% N/A
Net Asset Value (a)............... (13.39)% (17.51)% 2.76% 103.19% 2.65%
RATIOS/SUPPLEMENTAL DATA
Net Assets, End of Period.......... $ 17,698,878 $18,968,850 $20,989,831 $22,377,842 $11,013,637
Ratio of:
Expenses to Average
Net Assets (a)................... (2.66)% 4.17% 5.82% 6.52% 3.4%
Net Investment Income to
Average Net Assets (a)........... .16% .53% .36% .17% 2.6%
Portfolio Turnover Rate............ 16.49% 35.16% 24.25% 99.64% 2.24%
(a) Annualized returns for 1996
</TABLE>
<PAGE>
MILWAUKEE LAND COMPANY
BOARD OF DIRECTORS
ROBERT S. DAVIS
Consultant
CLARENCE G. FRAME
Chairman of the Board
Milwaukee Land Company
EDWIN JACOBSON
President and Chief Executive Officer
Milwaukee Land Company
EZRA K. ZILKHA
President, Zilkha & Sons, Inc.
OFFICERS
CLARENCE G. FRAME
Chairman of the Board
EDWIN JACOBSON
President and Chief Executive Officer
LEON F. FIORENTINO
Vice President - Finance,
Secretary and Treasurer
LAWRENCE S. ADELSON
Vice President and General Counsel
THOMAS F. REDLER
Assistant Treasurer and
Assistant Secretary
MILWAUKEE LAND COMPANY
A closed-end management
investment company traded on the
American Stock Exchange, symbol
MWK.
547 W. Jackson Blvd.
Chicago, IL 60661
(312) 294-0497
Investment Advisor
OFFITBANK
520 Madison Avenue
New York, NY 10022
Custodian
Norwest Bank Minnesota, N.A.
Norwest Center
6th and Marquette
Minneapolis, MN 55479-0065
Transfer Agent, Stock Registrar and
Dividend Disbursing Agent
LaSalle National Trust, N.A.
135 S. LaSalle Street
Room 1811
Chicago, IL 60690
(312) 904-2450
Independent Auditors
Ernst & Young LLP
233 S. Wacker Drive
Chicago, IL 60606
11
