-----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, CQJXvU2qlNdyq49oz3Ekfnhf3jZrQ1klmEccsDC7TU0UquAr7ujrTfQvQ5q2F+4G GZIQpGEFWFs6OcKU3U7HsA== 0000950137-99-002324.txt : 19990630 0000950137-99-002324.hdr.sgml : 19990630 ACCESSION NUMBER: 0000950137-99-002324 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GATX CORP CENTRAL INDEX KEY: 0000040211 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 361124040 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-02328 FILM NUMBER: 99654713 BUSINESS ADDRESS: STREET 1: 500 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60661 BUSINESS PHONE: 3126216200 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL AMERICAN TRANSPORTATION CORP DATE OF NAME CHANGE: 19750722 11-K 1 FORM 11-K 1 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 For the fiscal year ended December 31, 1998 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ----------------------------------------------------------- Full title of the Plan: GATX LOGISTICS, INC. CASH ACCUMULATION PLAN Name of the issuer of the securities held pursuant to the Plan and the address of its principal executive office: GATX Logistics, Inc. 1301 Riverplace Blvd, Suite 1200, Jacksonville, Florida 32207 (904) 396-2517 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have duly caused this annual report to be signed by the undersigned thereunto duly authorized. GATX LOGISTICS, INC. CASH ACCUMULATION PLAN (Name of Plan) By: /s/ Ronald E. Peterca ----------------------------- Ronald E. Peterca (Plan Administrator) Dated: June 25, 1999 3 GATX Logistics, Inc. Cash Accumulation Plan Index to Financial Statements and Supplemental Schedules for Annual Report on Form 11-K Years ended December 31, 1998 and 1997 CONTENTS Report of Independent Auditors...............................................4 Consent of Independent Auditors..............................................5 Statements of Net Assets Available for Benefits..............................6 Statements of Changes in Net Assets Available for Benefits with Fund Information................................................................7 Notes to Financial Statements................................................9 Line 27a--Schedule of Assets Held for Investment Purposes....................14 Line 27d--Schedule of Reportable Transactions................................15
4 REPORT OF INDEPENDENT AUDITORS Benefits Committee GATX Logistics, Inc. Cash Accumulation Plan We have audited the accompanying statements of net assets available for benefits of GATX Logistics, Inc. Cash Accumulation Plan as of December 31, 1998 and 1997, and the related statements of changes in net assets available for benefits 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 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 net assets available for benefits of the Plan at 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 performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1998, and reportable transactions for the year then ended, are presented for purposes of additional analysis and are not a required part of the 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. These supplemental schedules are the responsibility of the Plan's management. The Fund Information in the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the changes in net assets available for benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole. Ernst & Young LLP Jacksonville, Florida May 13, 1999 4 5 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-06315) pertaining to the GATX Logistics, Inc. 401(k) Cash Accumulation Plan of GATX Corporation of our report dated May 13, 1999, with respect to the financial statements of the GATX Logistics, Inc. 401(k) Cash Accumulation Plan for the year ended December 31, 1998 included in this Annual Report (Form 11-K) for the year ended December 31, 1998. ERNST & YOUNG LLP Jacksonville, Florida June 29, 1999 5 6 GATX LOGISTICS, INC. CASH ACCUMULATION PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1998
DECEMBER 31 ASSETS: 1998 1997 ----------- ----------- Investments, at fair value: Putnam Voyager Fund $11,522,758 $ 9,709,203 Managed Income Portfolio II 6,918,637 6,456,274 Puritan Fund 2,301,185 1,680,177 Spartan US Equity Index 3,247,914 2,182,831 Equity Income 1,002,406 803,715 GATX Common Stock 1,221,194 451,622 Dreyfus New Leaders 255,612 208,854 Templeton Foreign Fund 277,118 296,832 Fidelity Freedom Income Fund 421 -- Fidelity Freedom 2000 863 -- Fidelity Freedom 2010 16,059 -- Fidelity Freedom 2020 33,114 -- Fidelity Freedom 2030 11,333 -- Participant Loans 1,548,538 1,388,364 ----------- ----------- Total investments 28,357,152 23,177,872 Receivables: Employer's contribution 180 38,468 Participants' contributions 298 22,171 ----------- ----------- Total receivables 478 60,639 ----------- ----------- Total assets 28,357,630 23,238,511 LIABILITIES: Excess employer's contribution 4,247 -- Refunds due participants 58,622 127,594 ----------- ----------- Total liabilities 62,869 127,594 ----------- ----------- Net assets available for benefits $28,294,761 $23,110,917 =========== ===========
See accompanying notes. 6 7 GATX Logistics, Inc. Cash Accumulation Plan Statements of Changes in Net Assets Available for Benefits with Fund Information For the Year Ended December 31, 1998
FUND INFORMATION ---------------------------------------------------------------------------------- PUTNAM MANAGED SPARTAN VOYAGER INCOME PURITAN US EQUITY EQUITY FUND PORTFOLIO II FUND INDEX INCOME ------------ ------------ ------------ ------------ ------------ Additions to net assets attributed to: Dividends and interest $ 838,945 $ 414,401 $ 232,952 $ 70,755 $ 56,589 ------------ ------------ ------------ ------------ ------------ Net realized and unrealized appreciation/ depreciation on investments 1,484,563 -- 84,042 628,005 38,690 ------------ ------------ ------------ ------------ ------------ 2,323,508 414,401 316,994 698,760 95,279 Employer's contributions 518,295 495,714 174,130 213,427 86,909 Participants' contributions 871,005 738,041 278,271 373,839 163,695 Transfers between funds, net (227,679) (175,225) 79,204 86,706 (70,402) ------------ ------------ ------------ ------------ ------------ 1,161,621 1,058,530 531,605 673,972 180,202 ------------ ------------ ------------ ------------ ------------ Total additions 3,485,129 1,472,931 848,599 1,372,732 275,481 Deductions from nets assets attributed to: Distributions 1,477,934 840,990 174,469 231,622 65,374 Loan withdrawals, net 187,463 132,478 48,773 74,206 5,153 Administrative expenses 31,067 59,900 11,888 9,978 9,028 ------------ ------------ ------------ ------------ ------------ Total deductions 1,696,464 1,033,368 235,130 315,806 79,555 ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 1,788,665 439,563 613,469 1,056,926 195,926 Net Assets Available for Benefits, At Beginning of Year 9,734,174 6,474,879 1,687,741 2,191,025 806,497 ------------ ------------ ------------ ------------ ------------ Net Assets Available for Benefits, At End of Year $ 11,522,839 $ 6,914,442 $ 2,301,210 $ 3,247,951 $ 1,002,423 ============ ============ ============ ============ ============ FIDELITY GATX DREYFUS TEMPLETON FREEDOM FIDELITY COMMON NEW FOREIGN INCOME FREEDOM STOCK LEADERS FUND FUND 2000 ------------ ------------ ------------ ------------ ------------ Additions to net assets attributed to: Dividends and interest $ 26,704 $ 8,794 $ 30,275 $ 10 $ 13 ------------ ------------ ------------ ------------ ------------ Net realized and unrealized appreciation/ depreciation on investments 32,124 (24,421) (47,920) -- (2) ------------ ------------ ------------ ------------ ------------ 58,828 (15,627) (17,645) 10 11 Employer's contributions 138,797 44,881 38,209 194 419 Participants' contributions 257,513 90,239 72,446 183 419 Transfers between funds, net 401,782 (46,310) (94,787) -- -- ------------ ------------ ------------ ------------ ------------ 798,092 88,810 15,868 377 838 ------------ ------------ ------------ ------------ ------------ Total additions 856,920 73,183 (1,777) 387 849 Deductions from nets assets attributed to: Distributions 69,174 27,188 20,254 -- -- Loan withdrawals, net 20,340 252 (1,490) (35) (14) Administrative expenses 1,336 365 208 -- -- ------------ ------------ ------------ ------------ ------------ Total deductions 90,850 27,805 18,972 (35) (14) ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 766,070 45,378 (20,749) 422 863 Net Assets Available for Benefits, At Beginning of Year 455,161 210,242 297,873 -- -- ------------ ------------ ------------ ------------ ------------ Net Assets Available for Benefits, At End of Year $ 1,221,231 $ 255,620 $ 277,124 $ 422 $ 863 ============ ============ ============ ============ ============ FIDELITY FIDELITY FIDELITY FREEDOM FREEDOM FREEDOM PARTICIPANT 2010 2020 2030 LOANS OTHER ------------ ------------ ------------ ------------ ------------ Additions to net assets attributed to: Dividends and interest $ 453 $ 854 $ 371 $ -- $ -- ------------ ------------ ------------ ------------ ------------ Net realized and unrealized appreciation/ depreciation on investments 189 385 605 -- -- ------------ ------------ ------------ ------------ ------------ 642 1,239 976 -- -- Employer's contributions 1,029 1,618 1,567 -- 36,322 Participants' contributions 1,087 2,128 1,723 -- -- Transfers between funds, net 13,168 27,275 6,268 -- -- ------------ ------------ ------------ ------------ ------------ 15,284 31,021 9,558 -- 36,322 ------------ ------------ ------------ ------------ ------------ Total additions 15,926 32,260 10,534 -- 36,322 Deductions from nets assets attributed to: Distributions -- -- -- -- (32,650) Loan withdrawals, net (136) (855) (801) (167,827) -- Administrative expenses -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total deductions (136) (855) (801) (167,827) (32,650) ------------ ------------ ------------ ------------ ------------ Net increase (decrease) 16,062 33,115 11,335 167,827 68,972 Net Assets Available for Benefits, At Beginning of Year -- -- -- 1,380,919 (127,594) ------------ ------------ ------------ ------------ ------------ Net Assets Available for Benefits, At End of Year $ 16,062 $ 33,115 $ 11,335 $ 1,548,746 $ (58,622) ============ ============ ============ ============ ============ TOTAL ------------ Additions to net assets attributed to: Dividends and interest $ 1,681,116 ------------ Net realized and unrealized appreciation/ depreciation on investments 2,196,260 ------------ 3,877,376 Employer's contributions 1,751,511 Participants' contributions 2,850,589 Transfers between funds, net -- ------------ 4,602,100 ------------ Total additions 8,479,476 Deductions from nets assets attributed to: Distributions 2,874,355 Loan withdrawals, net 297,507 Administrative expenses 123,770 ------------ Total deductions 3,295,632 ------------ Net increase (decrease) 5,183,844 Net Assets Available for Benefits, At Beginning of Year 23,110,917 ------------ Net Assets Available for Benefits, At End of Year $ 28,294,761 ============
7 8 GATX Logistics, Inc. Cash Accumulation Plan Statement of Changes in Net Assets Available for Benefits with Fund Information For the Year Ended December 31, 1997
FUND INFORMATION ----------------------------------------------------------------------------- PUTNAM MANAGED SPARTAN VOYAGER INCOME US EQUITY EQUITY FUND PORTFOLIO II PURITAN FUND INDEX INCOME ----------- ----------- ----------- ----------- ----------- Additions to net assets attributed to: Dividends and interest $ 602,107 $ 405,257 $ 138,780 $ 55,403 $ 41,074 Net realized and unrealized appreciation/ depreciation on investments 1,407,530 -- 163,729 467,253 115,126 ----------- ----------- ----------- ----------- ----------- 2,009,637 405,257 302,509 522,656 156,200 Employer's contributions 514,920 485,424 152,271 175,031 57,109 Participants' contributions 905,237 726,430 247,737 321,956 107,143 Transfers between funds, net (793,706) (216,686) 9,834 253,699 276,268 ----------- ----------- ----------- ----------- ----------- 626,451 995,168 409,842 750,686 440,520 ----------- ----------- ----------- ----------- ----------- Total additions 2,636,088 1,400,425 712,351 1,273,342 596,720 ----------- ----------- ----------- ----------- ----------- Deductions from nets assets attributed to: Distributions 898,342 744,295 197,834 204,101 40,282 Loan withdrawals, net 152,517 126,826 45,336 73,459 5,058 Administrative expenses 26,300 71,259 11,751 8,635 5,517 ----------- ----------- ----------- ----------- ----------- Total deductions 1,077,159 942,380 254,921 286,195 50,857 ----------- ----------- ----------- ----------- ----------- Net increase (decrease) 1,558,929 458,045 457,430 987,147 545,863 Net Assets Available for Benefits At Beginning of Year 8,175,245 6,016,834 1,230,311 1,203,878 260,634 ----------- ----------- ----------- ----------- ----------- Net Assets Available for Benefits At End of Year $ 9,734,174 $ 6,474,879 $ 1,687,741 $ 2,191,025 $ 806,497 =========== =========== =========== =========== =========== GATX DREYFUS TEMPLETON COMMON NEW FOREIGN PARTICIPANT STOCK LEADER FUND LOANS OTHER ----------- ----------- ----------- ----------- ----------- Additions to net assets attributed to: Dividends and interest $ 775 $ 18,562 $ 35,301 $ -- $ -- Net realized and unrealized appreciation/ depreciation on investments 90,519 2,549 (26,363) -- -- ----------- ----------- ----------- ----------- ----------- 91,294 21,111 8,938 -- -- Employer's contributions 38,851 25,641 28,653 -- -- Participants' contributions 65,957 49,811 57,685 -- -- Transfers between funds, net 196,058 76,584 197,949 -- -- ----------- ----------- ----------- ----------- ----------- 300,866 152,036 284,287 -- -- ----------- ----------- ----------- ----------- ----------- Total additions 392,160 173,147 293,225 -- -- ----------- ----------- ----------- ----------- ----------- Deductions from nets assets attributed to: Distributions 7,193 11,942 23,038 -- 71,043 Loan withdrawals, net 2,395 3,909 11,403 (228,756) -- Administrative expenses 377 175 191 -- (24,803) ----------- ----------- ----------- ----------- ----------- Total deductions 9,965 16,026 34,632 (228,756) 46,240 ----------- ----------- ----------- ----------- ----------- Net increase (decrease) 382,195 157,121 258,593 228,756 (46,240) Net Assets Available for Benefits At Beginning of Year 72,966 53,121 39,280 1,152,163 (81,354) ----------- ----------- ----------- ----------- ----------- Net Assets Available for Benefits At End of Year $ 455,161 $ 210,242 $ 297,873 $ 1,380,919 $ (127,594) =========== =========== =========== =========== =========== TOTAL ----------- Additions to net assets attributed to: Dividends and interest $ 1,297,259 Net realized and unrealized appreciation/ depreciation on investments 2,220,343 ----------- 3,517,602 Employer's contributions 1,477,900 Participants' contributions 2,481,956 Transfers between funds, net -- ----------- 3,959,856 ----------- Total additions 7,477,458 ----------- Deductions from nets assets attributed to: Distributions 2,198,070 Loan withdrawals, net 192,147 Administrative expenses 99,402 ----------- Total deductions 2,489,619 ----------- Net increase (decrease) 4,987,839 Net Assets Available for Benefits At Beginning of Year 18,123,078 ----------- Net Assets Available for Benefits At End of Year $23,110,917 ===========
8 9 GATX Logistics, Inc. Cash Accumulation Plan Notes to Financial Statements December 31, 1998 NOTE A - SIGNIFICANT ACCOUNTING POLICIES Investments are recorded at fair value based on quoted market prices or redemption value. All costs and expenses incurred with regard to the purchase and sale of investments are borne by the GATX Logistics, Inc. (the Company) Cash Accumulation Plan (the Plan) and are included in the realized gain (loss) on sale of investments. Administrative and general expenses are paid by the participants of the Plan. The preparation of the financial statements in conformity with generally accepted accounting principles necessarily 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 as well as revenues and expenses during the reporting period. Actual amounts when ultimately realized could differ from those estimates. NOTE B - DESCRIPTION OF THE PLAN The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 as amended (ERISA), and was established to afford employees an opportunity to save systematically for retirement. The Plan covers all employees of the Company who have completed one year of employment with at least 1,000 hours of service and are at least twenty-one years of age. An eligible participant may elect to have the Company deposit amounts to the Plan on his or her behalf through the execution of salary reduction agreements as provided under section 401(k) of the Internal Revenue Code and its regulations. Participant contributions can range from 1% to 16% of a participant's compensation but cannot exceed the limit ($10,000 for the fiscal year ended December 31, 1998) on elective deferrals according to section 402(g)(1) of the Internal Revenue Code. The Company contributes to the Plan for each participant who is an active employee as of the end of each month, an amount equal to the participant contribution made for such month up to 4% of the participant's compensation. An employee or beneficiary will be fully vested in the Company's matching contributions upon completion of one of the following: 1) completion of four years of service, 2) a normal retirement or disability, or 3) in the event of death. If employment terminates prior to completion of four years of service, then the Company's match will be partially vested based on years of service as follows: less than two years - 0%, two to four years - 50% and four or more - 100%. Effective January 1, 1999, the Plan's vesting policy was amended such that a participant shall be fully vested at all times in the account value of his employer contributions account. 9 10 GATX Logistics, Inc. Cash Accumulation Plan Notes to Financial Statements December 31, 1998 NOTE B - DESCRIPTION OF THE PLAN - CONTINUED Upon termination of employment, disability or death, a participant or beneficiary may elect to receive either a lump-sum equal to the value of his or her account, or equal monthly, quarterly, or semi-annual installments over a period not to exceed ten years. Participants may elect to have their contributions invested in the Putnam Voyager Fund, Managed Income Portfolio II, Puritan Fund, Spartan US Equity Index, Equity Income, GATX Common Stock, Dreyfus New Leaders, Templeton Foreign Fund, Fidelity Freedom Income Fund, Fidelity Freedom 2000, Fidelity Freedom 2010, Fidelity Freedom 2020, Fidelity Freedom 2030, or in a combination of any of the funds in multiples of 5% in each fund selected. Active participants may obtain loans from the Plan at any time. The maximum loan amount is subject to certain restrictions and each loan is secured by the participant's account balance. Each month each participant's contribution and the Company's matching contribution is credited to each participant's account. Non-vested amounts which are forfeited are used periodically to reduce the amount of the Company's matching contribution. The balance of the forfeiture account at December 31, 1998 was $182,320. Investment gains or losses (realized and unrealized) are allocated, based on previous business day's quoted market prices, to each participant's account in the proportion that each participant's account bears to the total of all account balances. Employees participating in the Plan had invested in the available funds as follows (some having invested in more than one fund):
DECEMBER 31, 1998 ----------------- Total employees participating 1,871 Putnam Voyager Fund 1,106 Managed Income Portfolio II 1,095 Puritan Fund 569 Spartan US Equity Index 598 Equity Income 308 GATX Common Stock 462 Dreyfus New Leaders 190 Templeton Foreign Fund 156 Fidelity Freedom Income Fund 5 Fidelity Freedom 2000 7 Fidelity Freedom 2010 17 Fidelity Freedom 2020 21 Fidelity Freedom 2030 24
10 11 GATX Logistics, Inc. Cash Accumulation Plan Notes to Financial Statements December 31, 1998 The Company intends this Plan to be permanent but reserves the right at any time to modify, amend, or terminate this Plan, including the right to suspend or permanently discontinue employer contributions. Should the Plan terminate at some future date, its net assets will be available to provide participants their distributions in proportion to their allocable share of the Plan assets at the date of such termination. NOTE C - INVESTMENTS The cost of investments and number of shares or units held at December 31, 1998 and 1997 were as follows:
1998 1997 ---------------------------------------------------------------- SHARES/UNITS COSTS SHARES/UNITS COSTS ---------------------------------------------------------------- Putnam Voyager Fund 525,673 $8,880,184 509,669 $ 8,052,461 Managed Income Portfolio II 6,918,638 6,918,638 6,456,274 6,456,274 Puritan Fund 114,658 2,111,490 86,696 1,536,718 Spartan US Equity Index 73,883 2,287,238 62,402 1,688,516 Equity Income 18,045 891,524 15,335 697,460 GATX Common Stock 73,125 1,106,523 29,006 361,589 Dreyfus New Leaders 6,188 270,603 4,709 207,771 Templeton Foreign Fund 33,030 334,495 29,832 320,604 Fidelity Freedom Income Fund 38 421 -- -- Fidelity Freedom 2000 70 866 -- -- Fidelity Freedom 2010 1,207 15,870 -- -- Fidelity Freedom 2020 2,374 32,729 -- -- Fidelity Freedom 2030 816 10,727 -- -- Participant Loans 1,548,746 1,548,746 1,380,919 1,380,919 ----------- ----------- $24,410,054 $20,702,312 =========== ===========
11 12 GATX Logistics, Inc. Cash Accumulation Plan Notes to Financial Statements December 31, 1998 NOTE D - MASTER TRUST The GATX Common Stock Fund is in a Master Trust which includes the stock funds of three GATX Corporation, (the Parent), benefit plans: the GATX Corporation Salaried Employee Retirement Savings Plan; the GATX Corporation Hourly Employee Retirement Savings Plan; and the GATX Logistics, Inc. Cash Accumulation Plan.
DECEMBER 31 1998 ------------ ASSETS GATX Corporation common stock $ 65,423,003 RECEIVABLES Other receivables 227,974 ------------ $ 65,650,977 ============
YEAR ENDED DECEMBER 31 1998 ------------ ADDITIONS Contributions $ 4,283,297 Interfund transfers 3,272,023 Loan repayments 380,641 Interest and dividend income 1,670,167 ------------ 9,606,128 DEDUCTIONS Benefit payments (2,868,899) Participant loans (571,065) ------------ (3,439,964) Net realized and unrealized appreciation in fair value of investments 2,788,325 Beginning of year 56,696,488 ------------ End of year $ 65,650,977 ============
The Plan has a 1.7% interest in the Master Trust. 12 13 GATX Logistics, Inc. Cash Accumulation Plan Notes to Financial Statements December 31, 1998 NOTE E - FEDERAL INCOME TAX STATUS The Plan has received a determination letter from the Internal Revenue Service dated August 2, 1995, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the "Code") and, therefore, the related trust is exempt from taxation. Accordingly, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. NOTE F - YEAR 2000 ISSUE (UNAUDITED) The Company has developed a plan to modify its internal information technology to be ready for the year 2000 and has begun converting critical data processing systems. The project also includes determining whether third party service providers have reasonable plans in place to become year 2000 compliant. The Company currently expects the project to be substantially complete by October 1999. The Company does not expect this project to have a significant effect on plan operations. 13 14 GATX Logistics, Inc. Cash Accumulation Plan EIN No.: 592042072 Plan No.: 001 Line 27a--Schedule of Assets Held for Investment Purposes December 31, 1998
DESCRIPTION OF IDENTITY OF ISSUE INVESTMENT COST FAIR VALUE - --------------------------------------------------------------------------------------------------- Putnam Voyager Fund 525,673 units $ 8,880,184 $11,522,839 MIP II 6,918,638 units 6,918,638 6,918,689 Puritan Fund 114,658 units 2,111,490 2,301,210 Spartan US Equity Index 73,883 units 2,287,238 3,247,951 Equity Income 18,045 units 891,524 1,002,423 GATX Common Stock* 73,125 units 1,106,523 1,221,231 Dreyfus New Leaders 6,188 units 270,603 255,620 Templeton Foreign Fund 33,030 units 334,495 277,124 Fidelity Freedom Income Fund 38 units 421 422 Fidelity Freedom 2000 70 units 866 863 Fidelity Freedom 2010 1,207 units 15,870 16,062 Fidelity Freedom 2020 2,374 units 32,729 33,115 Fidelity Freedom 2030 816 units 10,727 11,335 Participant Loans 8% per annum -- 1,548,746 ---------------------------------- $24,410,054 $28,357,630 ==================================
*Indicates a party-in-interest 14 15
FAIR VALUE OF ASSET ON IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSETS PURCHASES SALES COST OF ASSET TRANSACTION DATE NET GAIN (LOSS) - ----------------------------------------------------------------------------------------------------------------------------------- CATEGORY (iii)-- SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF PLAN ASSETS - ------------------------------------------------------------------------------ Fidelity Management Putnam Voyager Fund $2,986,178 $ -- $2,986,178 $2,986,178 $ -- Trust Company -- 2,657,186 2,158,816 2,657,186 498,370 Fidelity Management Puritan 987,018 -- 987,018 987,018 -- Trust Company -- 450,053 412,246 450,053 37,807 Fidelity Management Managed Inc. Portfolio II 2,813,688 -- 2,813,688 2,813,688 -- Trust Company -- 2,351,325 2,351,325 2,351,325 -- Fidelity Management Spartan U.S. Equity Index 1,249,643 -- 1,249,643 1,249,643 -- Trust Company -- 812,564 650,918 812,564 161,646 Fidelity Management GATX Common Stock 978,242 -- 978,242 978,242 -- Trust Company -- 263,633 233,309 263,633 30,324
There were no category (i), (ii) or (iv) reportable transactions during 1998. Note: Lease rental and expense incurred with transaction are not applicable. 15 -----END PRIVACY-ENHANCED MESSAGE-----