SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------
FORM 11-K
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1993
( ) TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ____________________ to ___________________
Commission file number 1-10720
___________________________________________________
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
455 North Cityfront Plaza Drive
Chicago, Illinois 60611-5504
(Title and Address of the Plan)
ILLINOIS CENTRAL CORPORATION
455 North Cityfront Plaza Drive
Chicago, Illinois 60611-5504
(Issuer and Address of Principal Executive Offices)
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
Date: June 28, 1994 /s/ Dale W. Phillips
------------------------------------------
Dale W. Phillips
Member Administrative Committee
2
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
FORM 11-K
Financial Statements and Schedules
Years Ended December 31, 1993 and 1992
F-1
ILLINOIS CENTRAL CORPORATION
Supplemental Retirement and Savings Plan
INDEX TO FINANCIAL STATEMENTS, SCHEDULES AND EXHIBITS
<TABLE>
<CAPTION>
<S> <C>
Financial Statements and Schedules:
Independent Auditors' Report................................... F-3
Statements of Financial Position as of
December 31, 1993 and 1992................................... F-4 to F-5
Statements of Income and Changes in Plan Equity for
the years ended December 31, 1993 and 1992................... F-6 to F-7
Notes to Financial Statements.................................. F-8 to F-11
Schedule I - Assets Held For Investment Purposes
at December 31, 1993......................................... F-12 to F-18
Schedule II - Reportable Transactions for the
year ended December 31, 1993................................. F-19 to F-20
Exhibit:
Exhibit 23: Independent Auditors' Consent...................... E-1
</TABLE>
F-2
Independent Auditors' Report
The Administrative Committee
Illinois Central Corporation
Supplemental Retirement and Savings Plan:
We have audited the accompanying statements of financial position of Illinois
Central Corporation Supplemental Retirement and Savings Plan as of December 31,
1993 and 1992, and the related statements of income and changes in plan equity
for the years then ended. 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 the
Plan's management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Illinois Central Corporation
Supplemental Retirement and Savings Plan as of December 31, 1993 and 1992, and
the results of its operations and the changes in its plan equity for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes and reportable transactions as of and for the year ended
December 31, 1993 are presented for the purpose of additional analysis and are
not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The fund information in the statements of financial position and the
statements of income and changes in plan equity is presented for purposes of
additional analysis rather than to present the financial position and results of
operations and changes in plan equity of each fund. The supplemental schedules
and fund information have been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ KPMG PEAT MARWICK
Chicago, Illinois
June 13, 1994
F-3
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Investment Funds
-----------------------------------------------------------------------------
Illinois
Central
Corp. Whitman Pet
Total Stock Fund Stock Fund Stock Fund Diversified Fixed Balanced
----------- ---------- ---------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investment at Fair Value $46,967,021 $7,224,723 $ 0 $ 0 $8,374,628 $28,726,162 $2,641,508
Dividends Receivable 48,339 42,054 0 0 6,285 0 0
Accrued Interest Receivable 63,552 50 0 0 2,266 61,216 20
Income Receivable (3,750) 0 0 0 (3,750) 0 0
Contribution Receivable
Employer 22,911 4,446 0 0 5,747 10,832 1,886
Employee 68,865 13,043 0 0 17,530 32,431 5,861
Cash and Cash Equivalents 891,573 11 0 0 891,521 41 0
----------- ---------- ------ ------ ---------- ----------- ----------
Total Assets $48,058,511 $7,284,327 $ 0 $ 0 $9,294,227 $28,830,682 $2,649,275
=========== ========== ====== ====== ========== =========== ==========
Liabilities and Plan Equity:
Liabilities:
Distributions Payable to
Participants $ 359,075 $ 6,539 $ 0 $ 0 $ 2,637 $ 349,899 $ 0
Accrued Expenses 8,917 1,266 0 0 1,774 5,387 490
Interfund Transfers 0 (9,527) 0 0 3,101 0 6,426
----------- ---------- ------ ------ ---------- ----------- ----------
Total Liabilities 367,992 (1,722) 0 0 7,512 355,286 6,916
Plan Equity 47,690,519 7,286,049 0 0 9,286,715 28,475,396 2,642,359
----------- ---------- ------ ------ ---------- ----------- ----------
Total Liabilities and
Plan Equity $48,058,511 $7,284,327 $ 0 $ 0 $9,294,227 $28,830,682 $2,649,275
=========== ========== ====== ====== ========== =========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
F-4
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 1992
<TABLE>
<CAPTION>
Investment Funds
--------------------------------------------------------------------------------------
Ilinois
Central
Corp. Whitman Pet
Total Stock Fund Stock Fund Stock Fund Diversified Fixed Balanced
----------- ---------- ---------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investment at Fair Value $38,288,466 $2,132,285 $4,051,132 $5,052,026 $ 0 $25,224,021 $1,829,002
Securities Sold Receivable 7,655,656 0 0 0 7,655,656 0 0
Dividends Receivable 51,631 12,977 17,852 20,802 0 0 0
Accrued Interest Receivable 248 20 34 11 47 118 18
Contribution Receivable:
Employer 20,958 2,852 0 0 4,646 10,825 2,635
Employee 62,401 8,527 0 0 14,433 31,754 7,687
Cash and Cash Equivalents 4,177 8 2,952 909 0 308 0
----------- ---------- ---------- ---------- ---------- ----------- ----------
Total Assets $46,083,537 $2,156,669 $4,071,970 $5,073,748 $7,674,782 $25,267,026 $1,839,342
=========== ========== ========== ========== ========== =========== ==========
Liabilities and Plan Equity:
Liabilities:
Distributions Payable to
Participants $ 1,280,343 $ 0 $ 372,265 $ 440,611 $ 287,830 $ 178,137 $ 1,500
Accrued Expenses 23,465 1,066 1,998 2,852 3,768 12,867 914
----------- ---------- ---------- ---------- ---------- ----------- ----------
Total Liabilities 1,303,808 1,066 374,263 443,463 291,598 191,004 2,414
Plan Equity 44,779,729 2,155,603 3,697,707 4,630,285 7,383,184 25,076,022 1,836,928
----------- ---------- ---------- ---------- ---------- ----------- ----------
Total Liabilities and
Plan Equity $46,083,537 $2,156,669 $4,071,970 $5,073,748 $7,674,782 $25,267,026 $1,839,342
=========== ========== ========== ========== ========== =========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
F-5
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Investment Funds
--------------------------------------------------------------------------------
Illinois
Central
Corp. Whitman Pet
Total Stock Fund Stock Fund Stock Fund Diversified Fixed Balanced
---------- ----------- ---------- ----------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends $ 470,616 $ 112,430 $ 22,989 $ 27,022 $ 308,175 $ 0 $ 0
Interest 1,914,066 1,440 597 829 51,713 1,859,213 274
Net Realized Gain (Loss) (837,077) 12,225 (173,991) (338,753) (360,201) 0 23,643
Net Unrealized Gain (Loss) 3,010,999 1,897,002 0 0 846,722 0 267,275
----------- ---------- ----------- ----------- ---------- ----------- ----------
4,558,604 2,023,097 (150,405) (310,902) 846,409 1,859,213 291,192
----------- ---------- ----------- ----------- ---------- ----------- ----------
Contributions:
Participants 1,489,007 239,017 0 0 367,194 752,743 130,053
Employers 937,834 142,254 0 0 228,980 488,048 78,552
Rollover 471,028 336,114 0 0 4,317 7,680 122,917
----------- ---------- ----------- ----------- ---------- ----------- ----------
2,897,869 717,385 0 0 600,491 1,248,471 331,522
----------- ---------- ----------- ----------- ---------- ----------- ----------
Total Additions 7,456,473 2,740,482 (150,405) (310,902) 1,446,900 3,107,684 622,714
Less:
Participants' Distributions (4,311,040) (328,646) (454,258) (529,186) (362,138) (2,569,014) (67,798)
Administrative Expenses (234,643) (11,669) (2,367) (3,294) (77,155) (107,733) (32,425)
Interfund Transfers 0 2,730,279 (3,090,677) (3,786,903) 895,924 2,968,437 282,940
----------- ---------- ----------- ----------- ---------- ----------- ----------
Total Deductions (4,545,683) 2,389,964 (3,547,302) (4,319,383) 456,631 291,690 182,717
----------- ---------- ----------- ----------- ---------- ----------- ----------
Net Changes During Period 2,910,790 5,130,446 (3,697,707) (4,630,285) 1,903,531 3,399,374 805,431
Plan Equity:
At December 31, 1992 44,779,729 2,155,603 3,697,707 4,630,285 7,383,184 25,076,022 1,836,928
----------- ---------- ----------- ----------- ---------- ----------- ----------
At December 31, 1993 $47,690,519 $7,286,049 $ 0 $ 0 $9,286,715 $28,475,396 $2,642,359
=========== ========== =========== =========== ========== =========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
F-6
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
Investment Funds
-----------------------------------------------------------------------------
Illinois
Central
Corp. Whitman Pet
Total Stock Fund Stock Fund Stock Fund Diversified Fixed Balanced
------------- ---------- ----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends $ 689,280 $ 32,403 $ 81,369 $ 85,148 $ 490,347 $ 0 $ 13
Interest 1,919,860 538 1,403 2,049 499 1,915,134 237
Net Realized Gain (Loss) (595,886) (4,409) 48,597 (633,645) (32,089) 0 25,660
Net Unrealized Gain (Loss) (650,789) 188,006 354,688 (1,808,157) 619,718 0 (5,044)
----------- ---------- ----------- ----------- ---------- ----------- ----------
1,362,465 216,538 486,057 (2,354,605) 1,078,475 1,915,134 20,866
----------- ---------- ----------- ----------- ---------- ----------- ----------
Contributions:
Participants 1,359,642 162,003 0 0 325,938 717,374 154,327
Employers 876,414 98,719 0 0 221,878 470,862 84,955
Rollover 128,568 56,412 0 0 2,573 11,921 57,662
----------- ---------- ----------- ----------- ---------- ----------- ----------
2,364,624 317,134 0 0 550,389 1,200,157 296,944
----------- ---------- ----------- ----------- ---------- ----------- ----------
Total Additions 3,727,089 533,672 486,057 (2,354,605) 1,628,864 3,115,291 317,810
Less:
Participants' Distributions (3,597,699) (14,954) (639,936) (855,897) (636,160) (1,370,785) (79,967)
Administrative Expenses (200,706) (4,182) (15,150) (22,624) (23,045) (110,676) (25,029)
Interfund Transfers 0 997,555 (1,296,019) (1,355,391) 121,280 976,220 556,355
----------- ---------- ----------- ----------- ---------- ----------- ----------
Total Deductions (3,798,405) 978,419 (1,951,105) (2,233,912) (537,925) (505,241) 451,359
----------- ---------- ----------- ----------- ---------- ----------- ----------
Net Changes During Period (71,316) 1,512,091 (1,465,048) (4,588,517) 1,090,939 2,610,050 769,169
Plan Equity:
At December 31, 1991 44,851,045 643,512 5,162,755 9,218,802 6,292,245 22,465,972 1,067,759
----------- ---------- ----------- ----------- ---------- ----------- ----------
At December 31, 1992 $44,779,729 $2,155,603 $ 3,697,707 $ 4,630,285 $7,383,184 $25,076,022 $1,836,928
=========== ========== =========== =========== ========== =========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
F-7
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993 AND 1992
(1) DESCRIPTION OF PLAN
The following brief description of the Illinois Central Corporation Supplemental
Retirement and Savings Plan (the Plan) provides only general information.
Participants should refer to the summary plan description for a more complete
description of the Plan's provisions.
GENERAL
The Plan was established effective January 1, 1989 and replaced the Supplemental
Retirement and Savings Plan for Whitman Corporation (Predecessor Plan) for the
benefit of eligible employees of Illinois Central Railroad Company (the Company)
as a result of Whitman Corporation's spin-off of the common stock of Illinois
Central Transportation Company (ICTC) to its shareholders. The Company is the
surviving corporation in the merger of ICTC into the Company. The Plan covers
all full-time, salaried, non-union employees of the Company. Full-time eligible
employees may participate on the first day of the calendar month coinciding with
or next following the first day of employment. Part-time eligible employees may
participate once they have completed certain employment requirements. A
Yardmaster or Dispatcher employed by the Company is only entitled to participate
with respect to the Employer Supplemental Contributions. This Plan is subject
to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
CONTRIBUTIONS
Participants, except Yardmasters and Dispatchers, may elect to make
contributions to the Plan through periodic payroll deductions in amounts ranging
from 2% to 15% of each participant's base salary, in 1% increments. The total
pre-tax contributions by a participant are limited to the lesser of $8,994 in
1993 and $8,728 in 1992 (subject to adjustments to reflect changes in the cost
of living pursuant to Section 402(g) of the Internal Revenue Code) or 15% of the
participant's salary during any calendar year. Contributions to the Plan on
behalf of the participants are made by the Company in lieu of an equal amount of
salary.
The Company contributes an amount equal to 50% of each participant's
contributions up to the first 6% of salary (a maximum Company contribution of 3%
of salary).
In addition, the Company makes supplemental contributions of 2% of salary on
behalf of all eligible employees of the Company including Yardmasters and
Dispatchers, whether they contribute to the Plan or not.
F-8
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - CONTINUED
INVESTMENT OF CONTRIBUTIONS
The Plan permits participants to invest their own contributions, the Company's
matching and the supplemental contributions in the following investment funds:
the Illinois Central Corporation Stock Fund, the Diversified Fund, the Fixed
Fund and the Balanced Fund. Participants may choose to invest in one or more
funds in multiples of 10%. Prior to January 1, 1993, the Diversified Fund
invested in the Windsor Investment Fund managed by the Vanguard Group of
investment companies. The investment in the Windsor Fund was sold on December
31, 1992 and was reflected as a receivable in the December 31, 1992 financial
statements. Beginning January 1, 1993, the Diversified Fund invests in an
investment fund managed by Sirach. The fund is primarily invested in common
stocks. The Fixed Fund invests in the LaSalle National Pooled Investment Fund
and annuity contracts issued by John Hancock Mutual Life Insurance Company. The
Balanced Fund is managed by Equity Capital Management Corporation and invests in
the Equitable Investment Fund, which invests in common stocks and other equity-
type securities, longer term fixed income securities, publicly traded debt
securities and short term money market instruments.
Effective March 31, 1991, Whitman Corporation spun-off to its shareholders its
subsidiary, Pet, Inc. At that time, the Plan was amended to establish a closed
fund to accept Pet shares issued at the time of the spin-off. Participants were
not permitted to make additional contributions to this fund nor the Whitman
Stock Fund.
On July 1, 1993, the Whitman and Pet stock funds were liquidated and
participants elected a transfer to any of the other funds. Participants who did
not elect a transfer had their Whitman and Pet balances transferred to the
Illinois Central Corporation Stock Fund.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contributions, all
of the Company's contributions, and an allocation of earnings. Allocated
earnings are based on the participant's account balances at the time of
allocation. The benefit to which a participant is entitled is the benefit that
can be provided from the participant's account.
VESTING
Participants are immediately vested 100% in the entire amount in their account.
F-9
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - CONTINUED
PAYMENT OF BENEFITS
On termination of service, a participant may elect to receive the value of his
or her account in either a lump-sum payment, in annual installments over a
period of up to 15 years, or in the form of an immediate or deferred annuity.
EXPENSES
Administrative expenses for maintenance of Plan financial records, participant
statements, service fees on insurance contracts, trustee fees, and accounting
fees are paid from Plan assets. All other administrative expenses of the Plan
are paid by the Company.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment are stated at fair value. Quoted market prices are used to value the
stock and mutual funds. The fixed income fund is valued at cost plus
accumulated interest, which approximates market.
Purchases and sales of securities are recorded on a trade-date basis.
The Plan considers all highly liquid debt instruments purchased with a maturity
of 3 months or less to be cash equivalents.
(3) FEDERAL INCOME TAXES
The Plan has received a favorable determination letter from the Internal Revenue
Service, dated January 4, 1990, indicating that it is qualified under Section
401(a) of the Internal Revenue Code and therefore the related trust is exempt
from tax under Section 501(a) of the Code. The Plan Administrator is not aware
of any activity or transactions that may adversely affect the qualified status
of the Plan.
F-10
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - CONTINUED
(4) INVESTMENTS
Except for its Balanced Fund, and Fixed Fund, the Plan's investments are held by
Continental Illinois National Bank, Trustee of the Plan. The following table
presents the fair values of the Plan's investments.
<TABLE>
<CAPTION>
December 31, 1993 December 31, 1992
--------------------- ---------------------
Number Fair Number Fair
of Shares Value of Shares Value
--------- ---------- --------- ----------
<S> <C> <C> <C> <C>
Investments at Fair Value as
Determined by Quoted Market Price:
Illinois Central Corporation
Stock Fund........................... 201,386 7,224,723 87,032 $2,132,285
Whitman Stock Fund................... 0 0 274,653 4,051,132
Pet Stock Fund....................... 0 0 297,178 5,052,026
Sirach Diversified Fund.............. 271,481 8,374,628 0 0
Investments at cost plus accumulated
interest, which approximates fair
value:
LaSalle National Pooled Income
Fund................................ N/A 19,553,599 N/A $9,438,118
John Hancock GAC# 5765.............. N/A 0 N/A 6,580,160
John Hancock GAC# 6096.............. N/A 9,172,563 N/A 9,205,743
Investments at Fair Value as
Determined by Estimated Market Price:
Equitable Balanced Fund.............. 30,770 2,641,508 24,098 1,829,002
</TABLE>
F-11
SCHEDULE I
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------
PAR VALUE MARKET
ASSET DESCRIPTION /SHARES COST VALUE
- - --------------------------------------------------------------------------
<S> <C> <C> <C>
ABBOTT LABS COM 4,000.00 109,000.00 118,500.00
ALLIEDSIGNAL INC COM
FORMERLY ALLIED SIGNAL 2,000.00 125,275.00 158,000.00
AMERICAN BARRICK RES CORP COM 4,000.00 58,300.00 113,500.00
AMERICAN PWR CONVERSION CORP
COM 2,000.00 41,750.00 47,500.00
ARROW ELECTRS INC COM 3,000.00 101,531.25 125,250.00
CBS INC COM 300.00 88,500.00 86,550.00
CENTEX CORP COM 4,000.00 135,812.50 168,000.00
CENTRAL & SOUTH WEST CORP COM 5,000.00 163,625.00 151,250.00
CHEVRON CORP COM 2,000.00 168,562.50 174,250.00
CHRYSLER CORP COM 3,000.00 139,375.00 159,750.00
</TABLE>
See accompanying independent auditors' report.
F-12
SCHEDULE I
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------
PAR VALUE MARKET
ASSET DESCRIPTION /SHARES COST VALUE
- - --------------------------------------------------------------------------
<S> <C> <C> <C>
CITICORP COM 3,500.00 119,625.00 129,062.50
COMPUTER ASSOC INTL INC COM 4,000.00 134,437.50 160,000.00
DANA CORP COM 2,000.00 109,000.00 119,750.00
DEERE & CO COM 1,500.00 105,875.00 111,000.00
ECHLIN INC COM 4,400.00 112,043.30 146,300.00
EL PASO NAT GAS CO COM NEW 4,500.00 148,875.00 162,000.00
ENRON CORP COM 6,000.00 140,700.00 174,000.00
ENTERGY CORP COM 4,000.00 140,750.00 144,000.00
(C29364G103)
EQUITABLE FDS BALANCED FD 30,770.34 2,126,426.26 2,641,508.02
ERICSSON L M TEL CO ADR CL B
SEK 10 1,600.00 70,637.50 64,600.00
</TABLE>
See accompanying independent auditors' report.
F-13
SCHEDULE I
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------
PAR VALUE MARKET
ASSET DESCRIPTION /SHARES COST VALUE
- - ----------------------------------------------------------------------
<S> <C> <C> <C>
EXXON CORP COM 1,700.00 113,387.50 107,312.50
FEDERAL EXPRESS CORP COM 900.00 63,900.00 63,787.50
FED NATL MTG ASSN COM 1,500.00 116,500.00 117,750.00
FIRST DATA CORP COM 3,000.00 102,550.00 122,250.00
FIRST FINL MGMT CORP COM 3,000.00 134,675.00 170,250.00
FORD MTR CO DEL COM 700.00 43,925.00 45,150.00
FRANKLIN RES INC COM 3,000.00 125,375.00 137,625.00
GENENTECH INC COM
REDEEMABLE 1,000.00 47,000.00 50,500.00
GENERAL INSTR CORP NEW COM 1,000.00 36,875.00 56,500.00
GENERAL MTRS CORP CL H 1,200.00 46,800.00 46,800.00
</TABLE>
See accompanying independent auditors' report.
F-14
SCHEDULE I
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------
PAR VALUE MARKET
ASSET DESCRIPTION /SHARES COST VALUE
- - ------------------------------------------------------------------------
<S> <C> <C> <C>
GOODYEAR TIRE & RUBR CO COM 2,000.00 85,187.50 91,500.00
HASBRO INC COME 2,000.00 72,000.00 72,500.00
ILLINOIS CENT CORP COM SER A 201,386.00 4,860,026.58 7,224,722.74
LILLY ELI & CO COM 1,000.00 57,750.00 59,375.00
LORAL CORP COM 1,500.00 54,868.50 56,625.00
MCCAN CELLULAR COMMUNICATIONS
INC CL A 1,900.00 79,043.60 95,950.00
MERRILL LYNCH & CO INC COM 1,000.00 34,562.50 42,000.00
MICRON TECHNOLOGY INC COM 1,000.00 51,375.00 46,500.00
NORWEST CORP COM 4,000.00 84,300.00 97,500.00
PACTEL CORP COM 2,000.00 50,000.00 49,750.00
PENNEY J C INC COM 3,500.00 144,611.25 184,187.50
</TABLE>
See accompanying independent auditors' report.
F-15
SCHEDULE I
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
PAR VALUE MARKET
ASSET DESCRIPTION /SHARES COST VALUE
- - -------------------------------------------------------------------------------
<S> <C> <C> <C>
PERRIGO CO COM 5,000,00 106,750.00 171,250.00
PRICE/COSTCO INC COM 5,000.00 92,750.00 96,250.00
PRIMERICA CORP NEW COM
N/C TRAVELERS INC COM
SEE CUSIP #894190107 4,000.00 97,800.00 155,500.00
PROGRESSIVE CORP OHIO COM 3,000.00 87,450.00 121,500.00
REGIS FD INC SPL EQUITY
PORTFOLIO 113,881.26 1,863,505.90 1,932,565.13
SCHERING PLOUGH CORP COM 2,800.00 187,050.00 191,800.00
SENSORMATIC ELECTRS CORP COM 6,000.00 152,000.00 207,750.00
SHAM INDS INC 2,000.00 47,500.00 51,000.00
SOUTHWESTERN BELL CORP COM 4,500.00 167,100.00 186,750.00
</TABLE>
See accompanying independent auditors' report.
F-16
SCHEDULE I
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<TABLE>
<CAPTION>
- - ---------------------------------------------------------------------
PAR VALUE MARKET
ASSET DESCRIPTION /SHARES COST VALUE
- - ---------------------------------------------------------------------
<S> <C> <C> <C>
SPRINT CORP COM 3,500.00 108,500.00 121,625.00
STANDARD FED BK TROY MICH COM 4,000.00 94,000.00 120,000.00
SUPERIOR INDUS INTL INC COM 1,200.00 46,650.00 51,300.00
TEXAS INSTRS INC COM 2,100.00 137,162.50 133,350.00
TEXTRON INC COM 1,800.00 103,000.00 104,850.00
UNUM CORP COM 2,000.00 108,112.50 105,000.00
VODAFONE GROUP PLC SPONSORED ADR 1,100.00 88,761.20 98,175.00
WASHINGTON FEDERAL SVGS COM
FORMERLY WASHINGTON FED SVGS & LN
ASSN SEATTLE COM 5,900.00 150,100.00 154,138.50
WASHINGTON MUT SVGS BK SEATTLE COM 6,000.00 128,050.00 144,750.00
</TABLE>
See accompanying independent auditors' report.
F-17
SCHEDULE I
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------
PAR VALUE MARKET
ASSET DESCRIPTION /SHARES COST VALUE
- - ----------------------------------------------------------------------------
<S> <C> <C> <C>
JOHN HANCOCK GAC #6096
DUE: 12/29/1996 9,172,563.00 9,172,563.00 9,172,563.00
LASALLE NATL POOLED INCOME 19,553,599.00 19,553,599.00 19,553,599.00
------------- -------------
PLUS FUND
TOTAL ASSETS Not Applicable $43,237,217.34 $46,967,021.39
</TABLE>
See accompanying independent auditors' report.
F-18
SCHEDULE II
REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1993
<TABLE>
Individual Transactions
- - -----------------------------------------------------------------------------------------
SALE/PURCHASE NET GAIN/
SECURITY DESCRIPTION PRICE EXPENSES COST LOSS CURRENT VALUE
- - -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PURCHASES
- - ---------
CONTINENTAL SHORT-TERM
INVESTMENT FUND 7,655.666.14 0.00 7,665,666.14 0.00 7,655,666.14
LASALLE NATIONAL POOLED
INCOME PLUS 7,141,850.48 0.00 7,141,850.48 0.00 7,414,850.48
</TABLE>
See accompanying independent auditors' report.
F-19
SCHEDULE II (CONTINUED)
REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1993
<TABLE>
Series of Transactions
- - ---------------------------------------------------------------------------------------
SALE/PURCHASE NET GAIN/
SECURITY DESCRIPTION PRICE EXPENSES COST LOSS CURRENT VALUE
- - ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SALES
- - -----
ILLINOIS CENTRAL CORP
COMMON SERIES A 124,306 206 99,058 25,023 124,306
PET INC. NEW COMMON 4,316,134 13,625 2,208,363 2,121,396 4,316,134
WHITMAN CORP COMMON 3,553,629 7,750 1,190,135 2,371,244 3,553,629
CONTINENTAL SHORT-TERM
INVESTMENT FUND 19,734,279 0.00 18,734,279 0.00 19,734,279
LASALLE NATIONAL POOLED
INCOME PLUS 1,762,418 0.00 1,762,418 0.00 1,762,418
PURCHASES
- - ---------
ILLINOIS CENTRAL CORP
COMMON SERIES A 3,503,376 8,722 3,512,098 0.00 3,503,376
PET INC NEW COMMON 109,286 387 109,673 0.00 109,286
WHITMAN CORP COMMON 98,835 395 99,230 0.00 98,835
CONTINENTAL SHORT-TERM
INVESTMENT FUND 20,625,126 0.00 20,625,126 0.00 20,625,126
LASALLE NATIONAL POOLED
INCOME PLUS 11,877,898 0.00 11,877,898 0.00 11,877,898
</TABLE>
See accompanying independent auditors' report.
F-20
Exhibit 23
----------
Independent Auditors' Consent
The Board of Directors
Illinois Central Corporation:
We consent to incorporation by reference in Registration Statement No. 33-36765
on Form S-8 of Illinois Central Corporation of our report dated June 13, 1994,
relating to the statements of financial condition of Illinois Central
Corporation Supplemental Retirement and Savings Plan as of December 31, 1993 and
1992, and the related statements of income and changes in plan equity for the
years then ended, which report appears in the December 31, 1993 annual report on
Form 11-K of Illinois Central Corporation Supplemental Retirement and Savings
Plan.
/s/ KPMG Peat Marwick
Chicago, Illinois
June 27, 1994
E-1
June 28, 1994
Securities & Exchange Commission
Division of Corporate Finance
450 Fifth Street, N.W.
Judiciary Plaza
Washington, DC 20549
RE: Form 11-K for the Illinois Central Corporation
Supplemental Retirement and Savings Plan (File Number 1-10720)
Gentlemen:
Enclosed for filing pursuant to Section 15(d) of the Securities Exchange Act of
1934 in electronic format under EDGAR of the above mentioned Form 11-K for the
fiscal year ended December 31, 1993. A manually signed copy has been sent to
the New York Stock Exchange.
Very truly yours,
John V. Mulvaney
Controller
