SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------
FORM 11-K
(X) ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1994
( ) 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)
<PAGE>
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 26, 1995 /s/ Dale W. Phillips
Dale W. Phillips
Member Administrative Committee
2
<PAGE>
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
FORM 11-K
Financial Statements and Schedules
Years Ended December 31, 1994 and 1993
F-1
<PAGE>
ILLINOIS CENTRAL CORPORATION
Supplemental Retirement and Savings Plan
INDEX TO FINANCIAL STATEMENTS, SCHEDULES AND EXHIBITS
Financial Statements and Schedules:
Independent Auditors' Report............................. F-3
Statements of Financial Position as of
December 31, 1994 and 1993.............................. F-4 to F-5
Statements of Income and Changes in Plan Equity for
the years ended December 31, 1994 and 1993.............. F-6 to F-7
Notes to Financial Statements............................ F-8 to F-11
Schedule I - Assets Held For Investment Purposes
at December 31, 1994.................................... F-12
Schedule II - Reportable Transactions for the
year ended December 31, 1994............................ F-13
Exhibit:
Exhibit 23: Independent Auditors' Consent................ E-1
F-2
<PAGE>
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, 1994 and 1993, 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, 1994 and 1993, 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, 1994 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 LLP
Chicago, Illinois
June 16, 1995
F-3
<PAGE>
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Investment Funds
----------------------------------------------------------
Ilinois
Central New
Corp. Perspective
Total Stock Fund Fund Diversified Fixed Balanced
----------- ---------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investment at Fair Value $45,933,140 7,435,073 1,615,588 6,587,388 27,800,901 2,494,190
Securities Sold Receivable 123,184 9,011 112,809 1,364
Dividends Receivable 64,496 60,136 4,355 5
Accrued Interest Receivable 98,835 9 3,022 95,804
Contributions Receivable:
Employer 24,063 5,376 689 4,840 11,239 1,919
Employee 74,114 15,878 2,275 14,160 35,975 5,826
Cash and Cash Equivalents 876,976 26,466 804,192 45,366 952
----------- ---------- --------- ---------- ----------- ----------
Total Assets $47,194,808 7,551,949 1,618,552 7,530,766 27,989,285 2,504,256
=========== ========== ========= ========== =========== ==========
Liabilities and Plan Equity:
Liabilities:
Interfund transfers $ 0 1,281 31,674 (32,955)
Payable for unsettled trades 105,874 32,499 73,375
Accrued Expenses 25,095 3,783 819 3,747 14,117 2,629
----------- ---------- ---------- ---------- ---------- ---------
Total Liabilities 130,969 37,563 819 77,112 45,791 (30,326)
Plan Equity 47,063,839 7,514,386 1,617,733 7,453,644 27,943,494 2,534,582
----------- ---------- ---------- ---------- ---------- ----------
Total Liabilities and
Plan Equity $47,194,808 7,551,949 1,618,552 7,530,766 27,989,285 2,504,256
=========== ========== ========== ========== ========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
F-4
<PAGE>
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
Contributions 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-5
<PAGE>
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Investment Funds
-------------------------------------------------------------
Illinois
Central New
Corp. Perspective
Total Stock Fund Fund Diversified Fixed Balanced
---------- ---------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends $ 529,463 196,816 114,504 213,687 4,456
Interest 1,790,871 433 12 46,194 1,744,075 157
Net Realized Gain (Loss) 23,329 50,337 10,792 (64,762) 0 26,962
Net Unrealized Gain (Loss) (2,340,472)(1,149,779) (43,757) (898,872) 0 (248,064)
----------- ---------- ----------- ----------- ---------- -----------
3,191 (902,193) 81,551 (703,753) 1,748,531 (220,945)
----------- ---------- ----------- ----------- ---------- -----------
Contributions:
Participants 1,708,051 340,449 15,247 420,361 772,573 159,421
Employers 894,764 174,807 7,488 215,568 415,442 81,459
Rollover 12,869 5,147 2,574 2,574 2,574
----------- ---------- ----------- ---------- ----------- ----------
2,615,684 520,403 25,309 638,503 1,190,589 240,880
----------- ---------- ----------- ---------- ----------- ----------
Total Additions 2,618,875 (381,790) 106,860 (65,250) 2,939,120 19,935
Less:
Participants' Distributions 2,951,501 132,303 226,434 2,327,672 265,092
Administrative Expenses 294,054 26,785 4,344 77,303 153,792 31,830
Interfund Transfers 0 (769,215) (1,515,217) 1,464,084 989,558 (169,210)
----------- ---------- ----------- ---------- ----------- ----------
Total Deductions 3,245,555 (610,127) (1,510,873) 1,767,821 3,471,022 127,712
----------- ---------- ----------- ---------- ----------- ----------
Net Changes During Period (626,680) 228,337 1,617,733 (1,833,071) (531,902) (107,777)
Plan Equity:
At December 31, 1993 47,690,519 7,286,049 0 9,286,715 28,475,396 2,642,359
----------- ---------- ----------- ---------- ----------- ----------
At December 31, 1994 $47,063,839 7,514,386 1,617,733 7,453,644 27,943,494 2,534,582
=========== ========== =========== ========== =========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
F-6
<PAGE>
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE 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 $ 470,890 112,430 22,989 27,022 308,175 274
Interest 1,937,435 1,440 597 829 51,713 1,859,213 23,643
Net Realized Gain (Loss) (593,445) 12,225 (173,991) (338,753) (360,201) 267,275
Net Unrealized Gain (Loss) 2,743,724 1,897,002 846,722
----------- ---------- ----------- ----------- ---------- ----------- ----------
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-7
<PAGE>
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
(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 $9,240 in 1994 and $8,994 in 1993 (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
<PAGE>
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 New
Perspective 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% upon initial participation. Subsequent changes in funds
may be in 1% increments. The New Perspective Fund invests in an investment
fund managed by the American Funds Group. 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 and expenses. Allocation of each is 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
<PAGE>
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
Financial statements of the Plan are prepared using the accrual method
of accounting.
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.
Interest income is recorded on the accrual basis. Dividends are
rfecorded on the ex-dividend date.
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 (IRS), 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
<PAGE>
ILLINOIS CENTRAL CORPORATION
SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - CONTINUED
(4) INVESTMENTS
Continental Trust Company, Trustee of the Plan, holds the investments for
the Illinois Central Corporation Stock Fund and the Diversified Fund.
The following table presents the fair values of the Plan's investments.
December 31, 1994 December 31, 1993
--------------------- ---------------------
Number Fair Number Fair
of Shares Value of Shares Value
--------- ---------- --------- ---------
Investments at Fair Value as
Determined by Quoted Market Price:
Illinois Central Corporation
Stock Fund................... 241,791 $7,435,073 201,386 $7,224,723
Sirach Diversified Fund........ 256,103 6,587,388 271,481 8,374,628
Investments at cost plus
accumulated interest, which
approximates fair value:
LaSalle National Pooled Income
Fund.......................... N/A 17,978,935 N/A 19,553,599
John Hancock GAC# 6096........ N/A 9,821,966 N/A 9,172,563
Investments at Fair Value as
Determined by Estimated Market Price:
Equitable Balanced Fund........ 31,664 2,494,190 30,770 2,641,508
New Perspective Fund........... 112,428 1,615,588 0 0
F-11
<PAGE>
SCHEDULE I
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
- --------------------------------------------------------------------------
PAR VALUE MARKET
ASSET DESCRIPTION /SHARES COST VALUE
- --------------------------------------------------------------------------
AFLAC $ 2,400.00 $ 80,900.00 $ 76,800.00
ABBOTT LABS COM 6,000.00 168,500.00 195,750.00
AIRTOUCH COMMUNICATORS INC COM 4,000.00 115,750.00 116,500.00
APPLIED MATLS INC COM 1,000.00 46,375.00 42,250.00
ARCHER DANIELS MIDLAND CO COM 3,000.00 57,000.00 61,875.00
BANK OF BOSTON CORP COM 2,500.00 69,375.00 64,687.50
BLACK & DECKER CORP COM 2,200.00 50,875.00 52,250.00
BRITISH PETE PLC AMERN 800.00 63,300.00 63,900.00
DEPOSITORY SH
BROWNING FERRIS INDS INC COM 3,100.00 94,412.50 87,962.50
CAMPBELL SOUP CO COM 1,000.00 44,375.00 44,125.00
CAPITAL CITIES ABC INC COM 1,900.00 152,800.00 161,975.00
CITICORP COM 3,500.00 119,625.00 144,812.50
COLUMBIA HCA HEALTHCARE CORP COM 1,400.00 56,700.00 51,100.00
COMPUTER ASSOC INTL INC COM 2,000.00 67,218.75 97,000.00
CONAGRA INC COM 3,000.00 95,601.00 93,750.00
DSC COMMUNICATIONS CORP COM 2,000.00 68,750.00 71,750.00
DU PONT E I DE NEMOURS CO COM 1,800.00 106,425.00 101,250.00
DURACELL INTL INC COM 1,500.00 63,000.00 65,062.50
FED NATL MTG ASSN COM 1,000.00 77,666.67 72,875.00
FIRST DATA CORP COM 3,000.00 102,550.00 142,125.00
FLUOR CORP COM 1,100.00 55,000.00 47,437.50
GENETECH INC COM REDEEMABLE 2,400.00 119,043.75 108,900.00
GEORGIA GULF CORP COM PAR $.01 1,000.00 37,500.00 38,875.00
GILLETTE CO COM 2,300.00 164,312.50 171.925.00
HEALTH & RETIREMENT PPTYS TR COM 3,800.00 54,625.00 50,825.00
SH BEN INT
HEWLETT PACKARD COM COM 600.00 56,250.00 59,925.00
HOME DEPOT INC COM 2,400.00 105,650.00 110,400.00
HUMANA INC COM 6,000.00 117,750.00 135,750.00
INTEL CORP COM 1,000.00 65,750.00 63,875.00
INTERNATIONAL BUSINESS MACHS 2,200.00 143,825.00 161,700.00
CORP COM
JOHNSON & JOHNSON COM 2,000.00 110,125.00 109,500.00
LORAL CORP COM 1,500.00 54,868.50 56,812.50
MCDONALDS CORP COM 3,000.00 87,000.00 87,750.00
MERCK & CO INC COM 1,500.00 55,875.00 57,187.50
METHANEX CORP COM 2,500.00 40,937.50 32,500.00
MICROSOFT CORP 1,600.00 66,600.00 97,800.00
MICRON TECHNOLOGY INC COM 1,000.00 38,750.00 44,125.00
MOTOROLA INC COM 2,200.00 121,675.00 127,325.00
MYLAN LABS COM 2,000.00 59,000.00 54,000.00
NEWELL CO COM 2,000.00 45,750.00 42,000.00
ORACLE SYS CORP COM 1,500.00 67,312.50 66,187.50
PENNEY J C INC COM 2,500.00 103,293.75 111,562.50
PFIZER INC COM 700.00 52,850.00 54,075.00
POTASH CORP SASK INC COM 1,500.00 56,812.50 51,000.00
PRAXAIR INC COM 2,800.00 56,700.00 57,400.00
PRICE/COSTCO INC COM 5,000.00 92,750.00 64,375.00
PROCTER & GAMBLE CO COM 1,800.00 102,487.50 111,600.00
REEBOK INTL LTD COM 2,200.00 86,468.00 86,900.00
REGIS FD INC SPL EQUITY 122,013.32 1,980,950.51 1,802,136.83
PORTFOLIO
SCHERING PLOUGH CORP COM 1,800.00 120,246.43 133,200.00
STANDARD FED BK TROY MICH COM 4,000.00 94,000.00 95,500.00
UNION CARBIDE CORP COM 3,800.00 111,778.50 111,625.00
VODAFONE GROUP PLC SPONSORED ADR 4,800.00 134,698.70 161,400.00
WASHINGTON FEDERAL SVGS COM 6,490.00 150,100.00 112,763.75
WASHINGTON MUT INC COM 6,000.00 128,050.00 101,250.00
------------- -------------
TOTAL EQUITIES / SIRACH 6,639,984.56 6,587,388.08
AMERCN FUNDS/NEW PERSPECTIVE FND 112,427.80 1,659,344.16 1,615,587.57
EQUITABLE FDS BALANCED FUND 31,664.00 2,227,171.82 2,494,190.14
JOHN HANCOCK GAC #6096 9,821,965.87 9,821,965.87 9,821,965.87
LASALLE NATL POOLED INCOME 17,978,935.25 17,978,935.25 17,978,935.25
PLUS FUND
ILLINOIS CENTRAL CORP 241,791.00 6,220,422.86 7,435,073.25
COMMON
------------- -------------
37,907,839.96 39,345,752.08
TOTAL INVESTMENTS 44,547,824.52 45,933,140.16
TEMPORARY CASH INVESTMENTS 876,974.96 876,974.96
------------- -------------
$45,424,799.48 $46,810,115.12
============== =============
See accompanying independent auditors' report.
F-12
<PAGE>
SCHEDULE II
REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
Series of Transactions
- ---------------------------------------------------------------------------------------
SALE/PURCHASE NET GAIN/
SECURITY DESCRIPTION PRICE EXPENSES COST LOSS CURRENT VALUE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SALES
- -----
CONTINENTAL SHORT-TERM
INVESTMENT FUND 12,211,069 0.00 12,211,069 0.00 12,211,069
LASALLE NATIONAL POOLED
INCOME PLUS 4,518,208 0.00 4,518,208 0.00 4,518,208
PURCHASES
- ---------
CONTINENTAL SHORT-TERM
INVESTMENT FUND 12,193,021 0.00 12,193,021 0.00 12,193,021
LASALLE NATIONAL POOLED
INCOME PLUS 2,943,544 0.00 2,943,544 0.00 2,943,544
</TABLE>
See accompanying independent auditors' report.
F-13
<PAGE>
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 16, 1995, relating to the statements of financial condition
of Illinois Central Corporation Supplemental Retirement and Savings
Plan as of December 31, 1994 and 1993, and the related statements of
income and changes in plan equity for the years then ended, which
report appears in the December 31, 1994 annual report on Form 11-K of
Illinois Central Corporation Supplemental Retirement and Savings Plan.
/s/ KPMG Peat Marwick LLP
Chicago, Illinois
June 26, 1995
E-1
