-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UYwomc8kjlXhiJjKa70rpBl7DMKmmhpNt7o1gLxHN5pr3dAAQ9i1V96O95AyBstL g5Y6OBHt2azMt1GWR09Vkg== 0000808450-99-000006.txt : 19990604 0000808450-99-000006.hdr.sgml : 19990604 ACCESSION NUMBER: 0000808450-99-000006 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAVISTAR INTERNATIONAL CORP /DE/NEW CENTRAL INDEX KEY: 0000808450 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 363359573 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-09618 FILM NUMBER: 99639502 BUSINESS ADDRESS: STREET 1: 455 N CITYFRONT PLAZA DR CITY: CHICAGO STATE: IL ZIP: 60611 BUSINESS PHONE: 3128362000 MAIL ADDRESS: STREET 1: 455 N CITYFRONT PLAZA DRIVE STREET 2: 455 N CITYFRONT PLAZA DRIVE CITY: CHICAGO STATE: IL ZIP: 60611 FORMER COMPANY: FORMER CONFORMED NAME: NAVISTAR HOLDING INC DATE OF NAME CHANGE: 19870528 11-K 1 UNITED STATES 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 end December 31, 1998 OR [ ] 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 1-9618 NAVISTAR INTERNATIONAL TRANSPORTATION CORP. 401(k) RETIREMENT SAVINGS PLAN ------------------------------ (Full Title of the Plan) NAVISTAR INTERNATIONAL CORPORATION ---------------------------------- 455 North Cityfront Plaza Drive Chicago, Illinois 60611 (Name of Issuer of the securities held pursuant to the plan and the address of its principal executive office) PAGE 2 REQUIRED INFORMATION Navistar International Transportation Corp. 401(k) Retirement Savings Plan ("Plan") is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the financial statements and schedules of the Plan as of December 31, 1998 and 1997, and for the years then ended, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference. EXHIBITS -------- Exhibit Number Description 11-K Page - -------------- ----------- --------- 23 Consent of Deloitte & Touche LLP E-1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator for the Plan has duly caused this annual report to be signed on the Plan's behalf by the undersigned hereunto duly authorized. Navistar International Transportation Corp. ------------------------------------------- 401(k) Retirement Savings Plan ------------------------------ By: /s/ Mark T. Schwetschenau ------------------------- Name: Mark T. Schwetschenau Title: Member, Navistar International Transportration Corp. Pension Fund Investment Committee June 2, 1999 APPENDIX 1 NAVISTAR INTERNATIONAL TRANSPORTATION CORP. 401(k) RETIREMENT SAVINGS PLAN - ------------------------------ TABLE OF CONTENTS Page ----------------- ---- INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997 AND FOR THE YEARS THEN ENDED: Statements of Net Assets Available for Benefits 2 Statements of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4-9 SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 1998 AND FOR THE YEAR THEN ENDED: Schedule of Assets Held for Investment Purposes - Item 27(a) 10 Schedule of Reportable Transactions - Item 27(d) 11 All other schedules are omitted because of the absence of the conditions under which they are required. - -------------------------------------------------------------------------------- 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, 1998 and 1997, and for the years then ended, listed in the table of contents. 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 as of December 31, 1998 and 1997, and the changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules listed in the table of contents are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 and are not a required part of the basic financial statements. These schedules are the responsibility of the Plan's management. Such supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic 1998 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic 1998 financial statements taken as a whole. DELOITTE & TOUCHE LLP May 14, 1999 Chicago, Illinois - 1 - NAVISTAR INTERNATIONAL TRANSPORTATION CORP. 401(k) RETIREMENT SAVINGS PLAN - ------------------------------ STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, 1998 AND 1997 - -------------------------------- ASSETS 1998 1997 ---- ---- INVESTMENTS: Navistar Pooled Stock Master Trust Fund - at market value (1998 - 1,062,453 units of participation, cost $7,819,170 and 1997 - 697,325 units of participation, cost $5,428,589) $ 7,968,396 $ 4,588,397 American Express Trust Collective Income Fund II - at market value (1998 - 2,565,675 shares, cost $40,057,667 and 1997 - 2,570,366 shares, cost $38,762,716) 47,317,982 44,709,382 American Express Trust Equity Index Fund - at market value (1998 - 1,529,383 shares, cost $25,998,610 and 1997 - 1,470,875 shares, cost $21,348,377) 53,552,854 40,084,274 IDS Selective Fund (Y) - at market value (1998 - 1,000,500 shares, cost $9,243,540 and 1997 - 767,551 shares, cost $7,075,797) 9,278,637 7,046,114 IDS New Dimensions Fund (Y) - at market value (1998 - 2,892,064 shares, cost $53,335,626 and 1997 - 2,786,925 shares, cost $46,516,206) 83,421,578 66,501,616 Templeton Foreign Fund - at market value (1998 - 760,239 shares, cost $7,458,335 and 1997 - 769,713 shares, cost $7,761,131) 6,378,401 7,658,640 Participant loans 4,121,487 3,987,776 ------------ ------------ Total investments 212,039,335 174,576,199 RECEIVABLES: Participant pre-tax contributions 469,271 552,738 Participant after-tax contributions 11,331 8,302 ------------ ------------ Total receivables 480,602 561,040 ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $212,519,937 $175,137,239 ============ ============ See notes to financial statements. - -------------------------------------------------------------------------------- - 2 - NAVISTAR INTERNATIONAL TRANSPORTATION CORP. 401(k) RETIREMENT SAVINGS PLAN - ------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 - ---------------------------------------------- 1998 1997 ---- ---- ADDITIONS TO NET ASSETS: Investment income: Net realized/unrealized appreciation in fair value of investments $ 28,202,593 $ 22,076,270 Interest and dividend income 6,427,505 6,574,937 ------------ ------------ Total investment income 34,630,098 28,651,207 Participant contributions: Pre-tax contributions 14,528,937 12,292,840 After-tax contributions 209,626 196,762 ------------ ------------ Total participant contributions 14,738,563 12,489,602 Rollovers from other qualified plans 104,540 192,400 Transfers from other qualified plans - net 612,268 - ------------ ------------ Total additions to net assets 50,085,469 41,333,209 ------------ ------------ DEDUCTIONS FROM NET ASSETS: Benefits paid to participants 12,702,771 8,575,373 Transfers to other qualified plans - net - 787,001 ------------ ------------ Total deductions from net assets 12,702,771 9,362,374 ------------ ------------ Net increase 37,382,698 31,970,835 NET ASSETS AVAILABLE FOR BENEFITS: BEGINNING OF YEAR 175,137,239 143,166,404 ------------ ------------ END OF YEAR $212,519,937 $175,137,239 ============ ============ See notes to financial statements. - -------------------------------------------------------------------------------- - 3 - NAVISTAR INTERNATIONAL TRANSPORTATION CORP. 401(k) RETIREMENT SAVINGS PLAN - ------------------------------ NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 - -------------------------------- 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 who 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 (the "Code") and to modify the provisions of the Plan. Administrative expenses relating to the Plan are paid by the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). 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. In general, participation in this plan is limited to those eligible salaried employees of the Company whose initial date of hire is prior to January 1, 1996, and to eligible salaried employees of certain affiliates. 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 25 percent of a participant's annual compensation or a prescribed dollar amount, indexed for inflation ($10,000 for 1998, and $9,500 for 1997). After-tax contributions are subject to annual maximum limits of 15 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 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. Vesting - 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 the years ended December 31, 1998 and 1997. - 4 - 1. DESCRIPTION OF THE PLAN (continued) Investment Options - Participants may direct the investment of their account assets as follows: o American Express Trust Collective Income Fund II is a collective investment fund which invested in 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 invested primarily in nearly all of the same stocks as are in the Standard & Poor's 500 stock index. o IDS Selective Fund (Y) is a mutual fund which invested primarily in investment grade corporate bonds, government bonds, and other debt securities. o IDS New Dimensions Fund (Y) is a mutual fund which invested primarily in common stocks of United States companies. o Templeton Foreign Fund is a mutual fund which invested primarily in common stocks and other securities of companies and governments outside the United States. o Navistar International Corporation Common Stock Pooled Fund is a pool consisting primarily of Navistar International Corporation Common Stock and a small amount of short-term cash investments. Navistar International Corporation ("Navistar") is the parent of the Company. The shares of Navistar International Corporation and the units of a money market fund are pooled in a master trust and represented by units of the Navistar Stock Pool (the "Pool"). The value of each unit of the Pool is represented in terms of "net asset value" ("NAV"). The NAV per unit of the Pool is determined by dividing the value of all assets of the Pool by the total number of outstanding units of the Pool. The plans participating in the Master Trust Fund are allocated units of the Pool based on their respective percent interest and share in the assets of the Pool, investment income generated by assets of the Pool, and the gains/losses of the assets of the Pool by way of the increase/decrease of the NAV of each participating plan's allocated units of the Pool. Except that each participating plan may hold a different number of units of the Pool, each participating plan shares equally in the assets and investment experience of the Pool since the same NAV applies to all units of the Pool. The participating plans in the Master Trust Fund and their percent interest as of December 31, 1998 are as follows: Navistar International Transportation Corp. 401(k) Retirement Savings Plan 70.2% Navistar International Transportation Corp. 401(k) Plan for Represented Employees 25.9% Navistar Retirement Accumulation Plan 3.9% - 5 - 1. DESCRIPTION OF THE PLAN (continued) The following table presents the carrying value of investments of the Master Trust Fund as of December 31, 1998 and 1997 and the components of investment income for the two years then ended. 1998 1997 ---- ---- Cash and cash equivalents $ 176,042 $ 148,796 Navistar International Corporation Common Stock 11,177,596 5,338,075 ----------- ----------- Total investments $11,353,638 $ 5,486,871 =========== =========== Net realized/unrealized appreciation in fair value of investments $ 1,298,552 $ 2,176,820 Interest and dividend income 14,174 5,081 ----------- ----------- Total investment income $ 1,312,726 $ 2,181,901 =========== =========== 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 applicable investment funds 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. Payment of Benefits - Participants may request either an in-service or hardship withdrawal of certain of their account assets. An in-service withdrawal may be made for 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. 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 $5,000 or less. If the asset value is more than $5,000, 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 - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - The financial statements of the Plan are presented on the accrual basis of accounting. Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investment Valuation & Income Recognition - Participant loans are valued at cost which approximates market value. All other investments are presented at published market values. Security transactions are accounted for on the trade date. Dividend income is accrued on the ex-dividend date. Unrealized appreciation or depreciation on investments is determined by comparing the fair value of these separate funds at the current year-end, net of contributions made during the year, to their respective fair values at the preceding year-end. Realized gains or losses are determined by comparing net sales proceeds to the fair value of the investment at the preceding year-end. Participant Withdrawals - As of December 31, 1998 and December 31, 1997, there were no benefits which were due to former participants who have withdrawn from participation in the Plan. Benefits are recorded when paid. 3. TAX STATUS OF THE PLAN The Internal Revenue Service has issued a favorable determination letter, dated April 1996, that the Plan, as then designed, qualified under Sections 401(a) and 401(k) of the Code. The Company believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code and thus the Plan and related trust are exempt from federal income taxes under Section 501(a) of the Code as of the financial statement date. Therefore, no provision for income taxes is included in the Plan's financial statements. 4. 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 ERISA. If the Plan is terminated, Plan participants will become fully vested in any funds allocated to them. 5. INVESTMENTS EXCEEDING 5 PERCENT OF NET ASSETS The Plan's investments which exceeded 5 percent of net assets available for benefits as of December 31, 1998 and 1997 are as follows: 1998 1997 ---- ---- American Express Trust Collective Income Fund II $47,317,982 $44,709,382 American Express Trust Equity Index Fund 53,552,854 40,084,274 IDS New Dimensions Fund (Y) 83,421,578 66,501,616 - 7 - 6. BY FUND INFORMATION Investment income, participant pre-tax and after-tax contributions, benefits paid to participants and transfers to and from other qualified plans, by separate investment fund, are as follows for the years ended December 31, 1998 and 1997. 1998 1997 ---- ---- Net realized/unrealized appreciation (depreciation) in fair value of investments: Navistar Pooled Stock Master Trust Fund $ 857,759 $ 2,077,554 American Express Trust Collective Income Fund II 2,718,332 2,610,537 American Express Trust Equity Index Fund 11,808,919 9,613,902 IDS Selective Fund (Y) 65,436 53,844 IDS New Dimensions Fund (Y) 13,812,880 8,110,168 Templeton Foreign Fund (1,060,733) (389,735) ----------- ----------- Total $28,202,593 $22,076,270 =========== =========== Interest and dividend income: Navistar Pooled Stock Master Trust Fund $ 5,377 $ 4,349 American Express Trust Collective Income Fund II 81,068 78,096 American Express Trust Equity Index Fund 81,235 65,753 IDS Selective Fund (Y) 591,549 486,359 IDS New Dimensions Fund (Y) 4,945,060 5,084,340 Templeton Foreign Fund 723,216 856,040 ----------- ----------- Total $ 6,427,505 $ 6,574,937 =========== =========== Participant pre-tax contributions: Navistar Pooled Stock Master Trust Fund $ 178,680 $ 39,238 American Express Trust Collective Income Fund II 2,887,088 2,704,078 American Express Trust Equity Index Fund 3,695,643 2,710,910 IDS Selective Fund (Y) 1,017,015 855,205 IDS New Dimensions Fund (Y) 5,635,617 4,861,542 Templeton Foreign Fund 1,114,894 1,121,867 ----------- ----------- Total $14,528,937 $12,292,840 =========== =========== Participant after-tax contributions: Navistar Pooled Stock Master Trust Fund $ 2,894 $ 500 American Express Trust Collective Income Fund II 52,615 56,882 American Express Trust Equity Index Fund 42,395 37,196 IDS Selective Fund (Y) 30,203 11,635 IDS New Dimensions Fund (Y) 65,120 67,712 Templeton Foreign Fund 16,399 22,837 ----------- ----------- Total $ 209,626 $ 196,762 =========== =========== - 8 - 6. BY FUND INFORMATION (continued) 1998 1997 ---- ---- Benefits paid to participants: Navistar Pooled Stock Master Trust Fund $ 106,327 $ 45,494 American Express Trust Collective Income Fund II 4,385,829 3,971,537 American Express Trust Equity Index Fund 3,087,199 1,440,639 IDS Selective Fund (Y) 744,131 384,749 IDS New Dimensions Fund (Y) 3,892,330 2,212,078 Templeton Foreign Fund 369,877 365,578 Participant loans 117,078 155,298 ----------- ----------- Total $12,702,771 $ 8,575,373 =========== =========== Transfers from (to) other qualified plans - net: Navistar Pooled Stock Master Trust Fund $ 1,427 $ (84,929) American Express Trust Collective Income Fund II 70,321 (232,201) American Express Trust Equity Index Fund 125,280 (175,078) IDS Selective Fund (Y) 40,941 (6,531) IDS New Dimensions Fund (Y) 256,862 (243,717) Templeton Foreign Fund 79,817 (23,118) Participant loans 37,620 (21,427) ----------- ----------- Total $ 612,268 $ (787,001) =========== =========== - 9 -
NAVISTAR INTERNATIONAL TRANSPORTATION CORP. 401(k) RETIREMENT SAVINGS PLAN - ------------------------------ SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - ITEM 27(a), DECEMBER 31, 1998 - ------------------------------------------------------------------------------- DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE, IDENTITY OF ISSUE, BORROWER, RATE OF INTEREST, COLLATERAL, (1) LESSOR OR SIMILAR PARTY PAR OR MATURITY VALUE COST MARKET VALUE - --- ------------------------------------------------- -------------------------------------- ---- ------------ * Navistar Pooled Stock Master Trust Fund 1,062,453 units of participation $ 7,819,170 $ 7,968,396 American Express Trust Collective Income Fund II 2,565,675 shares of beneficial interest, collective investment fund 40,057,667 47,317,982 American Express Trust Equity Index Fund 1,529,383 shares of beneficial interest, collective investment fund 25,998,610 53,552,854 IDS Selective Fund (Y) 1,000,500 shares of beneficial interest, mutual fund 9,243,540 9,278,637 IDS New Dimensions Fund (Y) 2,892,064 shares of beneficial interest, mutual fund 53,335,626 83,421,578 Templeton Foreign Fund 760,239 shares of beneficial interest, mutual fund 7,458,335 6,378,401 Participant Loans Interest rates ranging from 6.67% - 10.30%, 4,121,487 4,121,487 (maturing 1999 through 2008) ------------ ------------ TOTAL INVESTMENTS $148,034,435 $212,039,335 ============ ============ (1) An asterisk indicates a party-in-interest. - ------------------------------------------------------------------------------------------------------------------------------------
- 10 -
NAVISTAR INTERNATIONAL TRANSPORTATION CORP. 401(k) RETIREMENT SAVINGS PLAN - ------------------------------ SCHEDULE OF REPORTABLE TRANSACTIONS - ITEM 27(d) YEAR ENDED DECEMBER 31, 1998 - ------------------------------------------------------------------------------------------------------------------------------------ Single Transactions Exceeding 5% of Value - No transactions qualified for this section. Series of Transactions with the Same Broker Exceeding 5% of Value - No transactions qualified for this section. Series of Transactions in Same Security Exceeding 5% of Value: Number Number Description of of Identity of Issue of Asset Purchases Sales Purchases Sales Net Gain - -------------------------- --------------------------- --------- ------ --------- ----- --------- IDS New Dimensions Fund (Y) Mutual Fund 107 $13,373,016 IDS New Dimensions Fund (Y) Mutual Fund 146 $10,269,533 $3,712,334 American Express Trust Collective Income Fund II Collective Investment Fund 100 8,742,005 American Express Trust Collective Income Fund II Collective Investment Fund 120 8,849,509 1,402,458 American Express Trust Equity Index Fund Collective Investment Fund 106 7,347,692 American Express Trust Equity Index Fund Collective Investment Fund 118 5,688,029 2,990,573 Note: The above list of reportable transactions, provided by American Express Trust, was determined by comparing the current value of the transactions, or series of transactions, on the transaction date(s), with 5 percent of the current value of the Trust assets at the beginning of the Plan year; and, as such, may include transactions which represent 5 percent of the assets of the Trust, but may not represent transactions which represent 5 percent of Plan assets. - ------------------------------------------------------------------------------------------------------------------------------------
- 11 - EX-23 2 EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statements No. 2-70979, No. 33-26847 and No. 333-25783 of Navistar International Corporation on Form S-8 of our report dated May 14, 1999 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, 1998. DELOITTE & TOUCHE LLP June 2, 1999 Chicago, Illinois -----END PRIVACY-ENHANCED MESSAGE-----