SECURITIES AND EXCHANGE COMMISSION
Washington D.C.
FORM 11-K
ANNUAL REPORT
Pursuant to Section(d) of the
Securities Exchange Act of 1934
For the Fiscal Year Ended November 30, 1995
Commission File No. 1 - 6033
United Air Lines, Inc.
Pilot's Directed Account Retirement Income Plan
(Full title of the Plan)
United Air Lines, Inc.
(Employer sponsoring the Plan)
UAL Corporation
(Issuer of the shares held pursuant to the Plan)
1200 Algonquin Road, Elk Grove Township, Illinois
Mailing Address:
P.O. Box 66100, Chicago, Illinois 60666
(Address of principal executive offices)
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors
of United Air Lines, Inc.:
We have audited the accompanying statement of net
assets available for plan benefits of the United
Air Lines, Inc. Pilots' Directed Account Retirement
Income Plan as of November 30, 1995 and 1994, and
the related statement of changes in net assets
available for plan benefits for the years then
ended. These financial statements and
supplementary schedules referred to below are the
responsibility of the Plan Administrator. Our
responsibility is to express an opinion on these
financial statements and supplementary schedules
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
Administrator, 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 plan benefits of the
United Air Lines, Inc. Pilots' Directed Account
Retirement Income Plan as of November 30, 1995 and
1994, and the changes in its net assets available
for plan benefits 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 schedule of reportable
transactions or series of transactions and the
supplemental schedule of plan assets are presented
for purposes 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
supplemental schedules 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/ ARTHUR ANDERSEN LLP
ARTHUR ANDERSEN LLP
Chicago, Illinois
May 23, 1996
Signature
Pursuant to the requirements of the Securities Exchange Act of
1934, the United Air Lines, Inc. Pension and Welfare Plans
Administration Committee has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
United Air Lines, Inc.
Pilots' Directed Account
Retirement Income Plan
Dated May 24, 1996 By /s/ Douglas A. Hacker
Douglas A. Hacker
Member, United Air
Lines, Inc. Pension
and Welfare Plans
Administration Committee
UNITED AIR LINES, INC.
PILOTS' DIRECTED ACCOUNT RETIREMENT INCOME PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
(In Thousands)
November 30
1995 1994
INVESTMENTS, at fair value
Money Market Fund $ 583,878 $ 642,540
UAL Stock Fund 104,235 36,738
Short-Term Government Securities Fund 108,212 98,757
Intermediate/Long-Term Bond Fund 101,444 63,253
Government Bond Fund 87,136 84,305
Income/Value Equity Fund 163,820 124,885
Growth Equity Fund 215,063 179,714
Small Cap Equity Fund 260,831 172,569
International Equity Fund 154,950 222,371
S & P 500 Index Fund 226,997 165,021
NET ASSETS AVAILABLE FOR PLAN BENEFITS $2,006,566 $1,790,153
The accompanying notes to financial statements are an integral
part of these statements.
UNITED AIR LINES, INC.
PILOTS' DIRECTED ACCOUNT RETIREMENT INCOME PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
(In Thousands)
Year Ended November 30
1995 1994
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year $1,790,153 $1,779,480
CONTRIBUTIONS
Employer 9,084 69,320
Employee 330 40,664
9,414 109,984
TRANSFERS BETWEEN PLANS - (1,862)
RESULTS OF INVESTMENT ACTIVITY
Dividends 14,573 13,766
Interest 62,532 46,003
Other Income, net 216 126
Net appreciation (depreciation)
in value of investments 290,067 (2,545)
367,388 57,350
BENEFIT PAYMENTS (149,693) (144,509)
ADMINISTRATIVE EXPENSES (10,696) (10,290)
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $2,006,566 $1,790,153
The accompanying notes to financial statements are an integral
part of these statements.
UNITED AIR LINES, INC.
PILOTS' DIRECTED ACCOUNT RETIREMENT INCOME PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
This description is for general information purposes only. Participants
should refer to their summary plan description and individual employee
benefit statement for detailed benefit information.
a. General and Plan Participants
United Air Lines, Inc. ("United") established the Pilots' Variable
Benefit Retirement Income Plan ("Variable Plan") in 1955 to provide
retirement income and other benefits for the pilots of United. On
September 1, 1982 the Variable Plan was amended and restructured,
retroactive to February 1, 1981, and for active participants is now
known as the United Air Lines, Inc. Pilots' Directed Account
Retirement Income Plan (the "Directed Account Plan" or "Plan").
All active participants in the Variable Plan automatically became
participants in the Directed Account Plan. Therefore, after these
actions, the Variable Plan covered essentially only retired
participants and the Directed Account Plan covered only active
participants. The transition from the Variable Plan to the Directed
Account Plan did not constitute a termination of the Variable Plan.
The Plan is a defined contribution plan and is subject to the
Employee Retirement Income Security Act of 1974, as amended.
United pilots are eligible to become participants in the Plan on the
first anniversary of their initial employment.
b. Directed Account Plan Investment Options
Participants are able to individually allocate their account balances
among ten different investment funds. The investment funds consist
of the Money Market Fund, the UAL Corporation Stock Fund, the
Short-Term Government Securities Fund, the Intermediate/Long-Term Bond
Fund, the Government Bond Fund, and five Equity Funds. If a participant
does not allocate his account balance among the investment funds,
his balance will be invested in the Money Market Fund. Participants
may reallocate their fund balances or change their future contribution
allocation daily. Automatic daily reallocation is accomplished in
several Balanced Funds that invest in the other investment funds in
predetermined portions.
Participants may invest in the UAL Stock Fund only through transfers
from the Money Market Fund. Existing balances from Company
contributions, rollover contributions from qualified defined
contribution plans and earnings from both may be invested in the UAL
Stock Fund.
On July 12, 1994, UAL Corporation underwent a recapitalization under
Section 368(a)(1)(E) of the Internal Revenue Code of 1986, pursuant
to which the shareholders engaged in a recapitalization exchange with
UAL Corporation. Each share of Old Common Stock was exchanged for a
package consisting of one half of a share of New Common Stock and
$84.81 in cash. The cash consideration received by the Trustee on
behalf of Plan participants was used to purchase additional shares
of New Common Stock or, at the direction of Plan participants, was
transferred to other investment funds. Pursuant to the terms of the
recapitalization, fund transfers into the UAL Stock Fund were
temporarily suspended from July 12, 1994 to July 19, 1994 and from
January 12, 1995 to March 15, 1995. On May 20, 1996 (with a May 6,
1996 record date), UAL Common Stock underwent a 4 for 1 stock split.
Shares held in the UAL Stock Fund were adjusted accordingly.
c. Contributions and Vesting
Prior to July 12, 1994, United contributed 9% of a pilot's earnings
to the Plan. In connection with the July 12, 1994 recapitalization,
this contribution was reduced to 1%. Company contributions on behalf
of a participant are allocated directly to each participant's account.
Pilots may also elect to voluntarily contribute, in multiples of 1%,
any percentage, up to 50% (subject to the 25% overall limit discussed
below) of each paycheck received. Pilots immediately vest in company
and voluntary contributions.
Pilot voluntary contributions to the Plan can be made, subject to a
maximum of $9,240 in 1995 and $9,500 in 1996, on a pretax basis as
permitted by Section 401(k) of the Internal Revenue Code. Lower
limits may apply to certain highly compensated participants if the
Plan does not pass certain nondiscrimination tests required by law.
During each calendar year a pilot's voluntary contributions will
be changed from a pretax basis to an after tax basis if the pilot
elects and if the legal limit for pretax contributions is exceeded.
Section 415 of the Internal Revenue Code limits the total amount of
contributions from all sources to the lesser of 25% of annual
pension earnings or $30,000.
Contributions to the Plan include $330,734 and $470,736 for 1995 and
1994, respectively, which were transferred from other qualified plans
as rollovers under Internal Revenue Code Section 401(a).
d. Withdrawals
Withdrawals from the Plan may be made as follows, as applicable to the
participant's eligibility, amount requested, and existing balances:
Participants who have separated from service (for reasons other
than death) may elect payment in the form of a lump sum, periodic
distributions, irregular partial distributions, or through the
purchase of an annuity. Distributions may also be directly rolled
over into an IRA or qualified plan.
Withdrawals are normally made in the form of a fixed life annuity,
if the participant is unmarried, or a 50% contingent annuity with
the spouse as the contingent annuitant, if the participant is
married. Spousal consent is required if the participant elects
to take a distribution in the form of a lump sum payment, periodic
distributions, irregular partial distributions, and other forms of
annuities. Participants are able to defer the distribution of the
account until April 1 of the next calendar year after reaching
age 70-1/2.
Distributions of accounts due to death of a participant may be
taken by the participant's beneficiary in the form of a lump sum
payment or through the purchase of an annuity. The participant's
surviving spouse, if any, is automatically the beneficiary of
half of the account, unless the spouse waives this right.
In-service withdrawals for participants, who are actively employed
or are absent due to reasons of illness (other than grounded
status), layoff, or approved leave of absence and maintain an
employer-employee relationship with United Air Lines, Inc.,
are permitted as follows:
- Discretionary withdrawals of post-tax contributions and
earnings
- Hardship withdrawals from 401(k) account, subject to
restrictions described in the Plan
- After reaching age 59-1/2, subject to certain requirements
specified in the Plan, all or a portion of the participant's
401(k) account may be withdrawn
- Upon reaching age 70-1/2, minimum distributions required
under Internal Revenue Code 401(a)(9) must be taken no later
than April 1 following the calendar year that the participant
has reached age 70-1/2.
In the case that a participant's account has never exceeded $3,500,
total distribution of the account will be made in a lump sum
payment upon termination of employment or death.
Generally, withdrawals are allocated pro-rata to the balances of
each of the investment funds in the participant's account.
Alternatively, the participant may specify which fund(s) that
distribution is made from. Distributions from UAL Stock Fund,
may be made in cash, or in whole shares of UAL Corporation common
stock, with fractional shares distributed in cash.
e. Plan Termination Provisions
If the Plan is terminated, all amounts credited to a participant's
account at the time of termination shall be retained in the Trust
and will be distributed in accordance with the normal distribution
rules of the Plan.
f. Trustee
The Frank Russell Trust Company serves as Plan trustee.
2. SIGNIFICANT ACCOUNTING POLICIES
a. Basis of Accounting
The financial statements are presented on the accrual basis.
b. Investments
Domestic investments are stated at fair value, generally, as
determined by market prices quoted on U.S. securities exchanges.
The fair value of foreign securities and foreign currency deposits
is based on market prices quoted on foreign securities exchanges and
this value is converted to U.S. dollars using the exchange rate in
effect at plan year-end. Assets in the UAL Stock Fund are invested
in UAL Corporation common stock and are valued at market prices
quoted on the New York Stock Exchange ("NYSE"). Transfers into the
UAL Stock Fund are made as of the close of the NYSE on the 15th of
the month or the first business day thereafter.
c. Net Appreciation (Depreciation) in Value of Investments
Net appreciation or depreciation in value of investments includes
realized and unrealized gains and losses. Realized and unrealized
gains and losses are calculated as the difference between fair value
at December 1, or date of purchase if subsequent to December 1, and
fair value at date of sale or the current year-end. The unrealized
gain or loss on investments represents the difference between fair
value at December 1, or date of purchase, and the fair value at the
date of sale or the current year-end plus, where applicable, the
change in the exchange rate between the U.S. dollar and the foreign
currency in which the assets are denominated from December 1, or the
date of purchase, to the date of sale or the current year-end.
d. Plan Expenses
Management fees are paid to the trustee based upon investment fund
balances. Brokerage and other investment fees are included in the
cost of the related security. United performs certain administrative
functions for the Plan without charge.
3. INVESTMENT ADMINISTRATION
Plan assets are invested by a group of investment managers. The
investment managers buy or sell securities on behalf of the Plan, in
accordance with the investment objectives and guidelines established for
each of the ten different investment funds.
As of November 30, 1995, the investment managers were as follows:
Money Market Fund - Frank Russell Trust Company
UAL Stock Fund - Frank Russell Trust Company
Short-Term Government - Pacific Investment Management
Securities Fund Company
Intermediate/Long-Term Bond Fund - Sanford C. Bernstein & Co., Inc.
Government Bond Fund - Frank Russell Trust Company
Income/Value Equity Fund - Brandywine Asset Management
- Dodge & Cox, Inc.
Growth Equity Fund - Alliance Capital Management
- Jundt Associates, Inc.
Small Cap Equity Fund - Jacobs Levy Equity Management, Inc.
- Peregrine Capital Management
- Turner Investment Partners, Inc.
International Equity Fund - Capital Guardian Trust Company
- Rowe Price-Fleming International,
Inc.
- The Boston Company Asset Management,
Inc.
S & P 500 Index Fund - Panagora Asset Management
4. TAX STATUS
The Plan obtained its latest determination letter on August 8, 1986.
The Internal Revenue Service stated that the Plan, as written, was
in compliance with the requirements of the Internal Revenue Code and
that the trust was tax exempt. The Plan has been amended since
receiving the determination letter and a revised determination letter
has been requested from the Internal Revenue Service.
5. NET ASSETS AVAILABLE FOR PLAN BENEFITS
Components of funds as of November 30, 1995 were:
Short-Term Intermediate/
Money UAL Government Long-Term Government
Market Stock Securities Bond Bond
Fund Fund Fund Fund Fund
(In Thousands)
Investments,
at fair value
Short-term
securities $588,133 $ 5,363 $ 18,911 $ 1,754 $ 10,446
Notes and
bonds - - 107,247 104,242 76,360
Common stock
and common
stock funds - 101,312 - - -
Preferred
securities - - - - -
588,133 106,675 126,158 105,996 86,806
Miscellaneous
assets, primarily
interfund receivable
transfers 3,746 22 979 647 463
Due from brokers
for securities sold 38 - 12,722 49 -
Cash and cash
equivalents - - - - -
Miscellaneous
liabilities, primarily
interfund payable
transfers (8,039) (51) (857) (1,176) (133)
Due to brokers for
securities purchased - (2,411) (30,790) (4,072) -
$583,878 $104,235 $108,212 $101,444 $ 87,136
5. NET ASSETS AVAILABLE FOR PLAN BENEFITS
Components of funds as of November 30, 1995 were:
Income/ Small S & P
Value Growth Cap International 500
Equity Equity Equity Equity Index
Fund Fund Fund Fund Fund Total
(In Thousands)
Investments,
at fair value
Short-term
securities $ 24,234 $ 31,392 $ 39,650 $ 10,993 $ 12,142 $ 743,018
Notes and
bonds 2,900 1,099 1,499 3,403 434 297,184
Common stock
and common
stock funds 138,703 185,150 221,705 140,962 217,596 1,005,428
Preferred
securities 239 - - 1,096 1 1,336
166,076 217,641 262,854 156,454 230,173 2,046,966
Miscellaneous
assets, primarily
interfund receivable
transfers 544 247 303 703 619 8,273
Due from brokers
for securities sold 581 1,999 4,194 28,304 - 47,887
Cash and cash
equivalents - - - 1,313 - 1,313
Miscellaneous
liabilities, primarily
interfund payable
transfers (2,902) (4,111) (5,478) (3,191) (3,698) (29,636)
Due to brokers for
securities purchased (479) (713) (1,042) (28,633) (97) (68,237)
$163,820 $215,063 $260,831 $154,950 $226,997 $2,006,566
5. NET ASSETS AVAILABLE FOR PLAN BENEFITS
Components of funds as of November 30, 1994 were:
Short-Term Intermediate/
Money UAL Government Long-Term Government
Market Stock Securities Bond Bond
Fund Fund Fund Fund Fund
(In Thousands)
Investments,
at fair value
Short-term
securities $639,503 $ 392 $ 2,298 $ 706 $ 5,698
Notes and
bonds - - 100,158 70,153 78,158
Common stock
and common
stock funds - 36,363 - - -
Preferred
securities - - - - -
639,503 36,755 102,456 70,859 83,856
Miscellaneous
assets, primarily
interfund receivable
transfers 6,529 3 1,139 782 518
Due from brokers
for securities sold 26 - 622 11 -
Cash and cash
equivalents - - - - -
Miscellaneous
liabilities, primarily
interfund payable
transfers (3,518) (20) (362) (77) (48)
Due to brokers for
securities purchased - - (5,098) (8,322) (21)
$642,540 $ 36,738 $ 98,757 $ 63,253 $ 84,305
5. NET ASSETS AVAILABLE FOR PLAN BENEFITS
Components of funds as of November 30, 1994 were:
Income/ Small S & P
Value Growth Cap International 500
Equity Equity Equity Equity Index
Fund Fund Fund Fund Fund Total
(In Thousands)
Investments,
at fair value
Short-term
securities $ 12,864 $ 45,541 $ 26,467 $ 17,034 $ 8,605 $ 759,108
Notes and
bonds 3,978 3,139 1,993 8,152 464 266,195
Common stock
and common
stock funds 107,842 133,134 145,733 194,292 155,960 773,324
Preferred
securities 1,028 - 1,242 3,235 - 5,505
125,712 181,814 175,435 222,713 165,029 1,804,132
Miscellaneous
assets, primarily
interfund receivable
transfers 294 556 256 709 277 11,063
Due from brokers
for securities sold 1,348 1,261 1,622 16,912 - 21,802
Cash and cash
equivalents - - - 2,385 - 2,385
Miscellaneous
liabilities, primarily
interfund payable
transfers (78) (526) (1,229) (767) (216) (6,841)
Due to brokers for
securities purchased (2,391) (3,391) (3,515) (19,581) (69) (42,388)
$124,885 $179,714 $172,569 $222,371 $165,021 $1,790,153
6. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Changes by fund for the year ended November 30, 1995 were:
Short-Term Intermediate/
Money UAL Government Long-Term Government
Market Stock Securities Bond Bond
Fund Fund Fund Fund Fund
(In Thousands)
Net assets at
beginning of year $642,540 $ 36,738 $ 98,757 $ 63,253 $ 84,305
Contributions
Employer 3,628 - 273 284 187
Employee 167 - - - -
3,795 - 273 284 187
Transfers between
funds 1,761 21,405 5,846 29,210 (5,803)
Investment activity
Dividends - - - - -
Interest 38,210 113 8,832 6,038 2,753
Other income, net 17 1 7 3 73
Net appreciation
in value of
investments - 46,594 826 7,578 12,590
Benefit payments (100,494) (348) (5,755) (4,382) (6,535)
Administrative
expenses (1,951) (268) (574) (540) (434)
Net assets at
end of year $583,878 $104,235 $108,212 $101,444 $ 87,136
6. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Changes by fund for the year ended November 30, 1995 were:
Income/ Small S & P
Value Growth Cap International 500
Equity Equity Equity Equity Index
Fund Fund Fund Fund Fund Total
(In Thousands)
Net assets at
beginning of year $124,885 $179,714 $172,569 $222,371 $165,021 $1,790,153
Contributions
Employer 763 956 1,132 975 886 9,084
Employee 30 36 40 31 26 330
793 992 1,172 1,006 912 9,414
Transfers between
funds 5,329 (13,824) 19,256 (74,882) 11,702 -
Investment activity
Dividends 3,616 1,464 1,349 3,277 4,867 14,573
Interest 1,265 1,862 1,850 1,261 348 62,532
Other income, net 31 33 29 20 2 216
Net appreciation
in value of
investments 35,052 50,352 72,540 10,956 53,579 290,067
Benefit payments (6,126) (4,318) (5,992) (7,069) (8,674) (149,693)
Administrative
expenses (1,025) (1,212) (1,942) (1,990) (760) (10,696)
Net assets at
end of year $163,820 $215,063 $260,831 $154,950 $226,997 $2,006,566
6. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Changes by fund for the year ended November 30, 1994 were:
Short-Term Intermediate/
Money UAL Government Long-Term Government
Market Stock Securities Bond Bond
Fund Fund Fund Fund Fund
(In Thousands)
Net assets at
beginning of year $582,523 $ 17,949 $154,752 $ 85,825 $109,239
Contributions
Employer 23,125 - 2,935 2,042 2,101
Employee 14,275 - 1,247 1,035 971
37,400 - 4,182 3,077 3,072
Transfers between
funds 91,406 20,827 (51,506) (18,458) (17,621)
Transfers from
trust to trust (1,066) - (22) (56) (7)
Investment activity
Dividends - - - - -
Interest 24,194 65 9,540 4,651 3,115
Other income, net 5 7 3 4 12
Net appreciation
(depreciation)
in value of
investments - (1,874) (8,198) (6,288) (6,287)
Benefit payments (90,083) (97) (9,312) (5,055) (6,723)
Administrative
expenses (1,839) (139) (682) (447) (495)
Net assets at
end of year $642,540 $ 36,738 $ 98,757 $ 63,253 $ 84,305
6. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Changes by fund for the year ended November 30, 1994 were:
Income/ Small S & P
Value Growth Cap International 500
Equity Equity Equity Equity Index
Fund Fund Fund Fund Fund Total
(In Thousands)
Net assets at
beginning of year $114,945 $160,855 $188,072 $195,012 $170,308 $1,779,480
Contributions
Employer 5,674 7,793 8,813 9,808 7,029 69,320
Employee 3,286 4,455 5,140 6,408 3,847 40,664
8,960 12,248 13,953 16,216 10,876 109,984
Transfers between
funds 2,138 7,958 (25,518) 3,061 (12,286) -
Transfers from
trust to trust (56) (111) (88) (426) (30) (1,862)
Investment activity
Dividends 3,168 1,177 710 4,055 4,656 13,766
Interest 676 1,127 1,056 1,465 114 46,003
Other income, net 13 28 11 38 5 126
Net appreciation
(depreciation)
in value of
investments 1,646 1,769 1,283 18,323 (2,919) (2,545)
Benefit payments (5,682) (4,274) (5,534) (12,721) (5,028) (144,509)
Administrative
expenses (922) (1,063) (1,376) (2,652) (675) (10,290)
Net assets at
end of year $124,885 $179,714 $172,569 $222,371 $165,021 $1,790,153
7. SUBSEQUENT EVENT
On December 11, 1995, two additional options were added to the Pilots'
Directed Account Retirement Income Plan. The Mutual Fund Option
allows participants to invest in a wide range of mutual funds publicly
traded on the NYSE. There is no minimum investment required for this
option, however all investments must be transferred to and from the
Money Market Fund. The Schwab Personal Choice Retirement Account is
an individual brokerage account and allows the participant to invest
in more than 850 mutual funds, stocks listed on every major US exchange,
money market funds, and bonds and other fixed-income investments.
There is a required minimum initial investment of $1,000. Like the
Mutual Fund Option, all investments must be transferred to and from the
Money Market Fund. These options were added to provide participants
with the opportunity to assume greater responsibility for their
investments. Participants who choose to invest in these options
must sign a disclaimer which states that he/she will accept the
liability of any potential losses.
UAL Pilots Directed Account INVESTMENT DETAIL PAGE: 1
MONEY MARKET FUND 11/30/1995 HMFROO5BF
BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------------ --------------------------- -------------- --------------- -------------- ------------- -------
INVESTMENTS CASH & CASH EQUIVALENTS
588,133,065.0600 FRANK RUSSELL CO SHORT TERM 588,133,065.06 1.00 588,133,065.06 .00 100.00
INV FUNDS
TOTAL INVESTMENTS CASH & CASH EQUIVALENTS 588,133,065.06 588,133,065.06 .00 100.00
TOTAL INVESTMENT 588,133,065.06 588,133,065.06 .00 100.00
FRC F220201 INVESTMENT DETAIL PAGE: 1
UAL PILOTS SHORT TERM SEC 11/30/1995 HMFR005BF
PIMCO BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ----------------- ------------------------------- -------------- ---------- -------------- ------------- ------
INVESTMENTS CASH & CASH EQUIVALENTS
18,911,390.0000 TBC INC ISG POOLED EMPL FDS 18,911,390.00 1.000000 18,911,390.00 .00 14.99
12/31/1999
70,000.0000 U S TREASURY BILLS 67,916.50 97.023570 67,916.50 .00 .05
02/08/1996 DD 02/02/95
15,000.0000 U S TREASURY BILLS 14,767.03 98.446860 14,767.03 .00 .01
02/29/1996 DD 08/31/95
TOTAL INVESTMENTS CASH & CASH EQUIVALENTS 18,994,073.53 18,994,073.53 .00 15.06
INVESTMENTS FIXED INCOME SECURITIES
4,196,294.1700 COMMIT TO PUR FHA 221-D4 GMAC 4,305,135.55 102.593750 4,305,135.55 .00 3.41
7.483% 03/15/2019
6,000,000.0000 COMMIT TO PUR FHLMC GOLD 6,137,812.50 100.125000 6,007,500.00 -130,312.50 4.76
7.000% 01/15/2026
3,000,000.0000 COMMIT TO PUR GNMA 2,999,062.50 95.187500 2,855,625.00 -143,437.50 2.26
6.000% 02/15/2026
5,000,000.0000 COMMIT TO PURCH FHLMC GOLD 5,053,125.00 101.906250 5,095,312.50 42,187.50 4.04
7.500% 01/15/2026
4,250,000.0000 COMMITMENT TO PURCHASE GNMA 4,163,671.87 97.968750 4,163,671.88 .01 3.30
5.000% 03/15/1996
1,876,197.5900 DLJ ACCEP TR II SER 89-2 CL 2G 1,895,545.88 100.000000 1,876,197.59 -19,348.29 1.49
FLTG RT 10/17/2020
2,000,000.0000 FEDERAL HOME LN BKS CONS BD 1,909,000.00 96.000000 1,920,000.00 11,000.00 1.52
VAR RT 02/11/1998 DD 02/11/93
1,648,155.4500 FHA INSD MTG P/T #091 ML LYNCH 1,775,167.24 102.281250 1,685,754.00 -89,413.24 1.34
7.430% 07/01/2023 DD 07/01/83
1,137,977.7100 FHA INSD MTG P/T CIF #1 GMAC 1,142,778.55 101.031250 1,149,713.11 6,934.56 .91
VAR/RT 03/15/2019
FRC F220201 INVESTMENT DETAIL PAGE: 2
UAL PILOTS SHORT TERM SEC 11/30/1995 HMFR005BF
PIMCO BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ----------------- ------------------------------- -------------- ---------- -------------- ------------- ------
6,461,759.0670 FHA INSD MTG P/T CTF PUGET SND 6,599,576.29 100.125000 6,469,836.27 -129,740.02 5.13
6.900% 10/01/2015
1,268,974.9800 FHA INSD MTG PASS THRU #129 1,359,785.99 102.875000 1,305,458.01 -54,327.98 1.03
7.430% 08/01/2023
931,507.5200 FHA POOL #42 USGI INC 888,043.39 103.375000 962,945.90 74,902.51 .76
7.430% 09/01/2022 DD 06/01/82
4,319,356.1200 FHLMC GROUP #A0-0952 4,592,015.48 104.551920 4,515,969.76 -76,045.72 3.58
9.000% 09/01/2020 DD 02/01/93
3,389,543.5300 FHLMC GROUP #B0-0083 3,550,546.86 103.882470 3,521,141.54 -29,405.32 2.79
8.500% 11/01/2002 DD 11/01/91
262,660.4500 FHLMC GROUP #30-6670 288,434.00 110.002000 288,931.75 497.75 .23
11.250% 04/01/2019 DD 03/01/89
4,489,723.6100 FHLMC CMO SER J-4 4,916,247.34 109.281250 4,906,426.08 -9,821.26 3.89
10.250% 12/30/2014
10,514,110.5000 FHLMC MULTICL MTG P/C 1577 PL 1,456,368.59 11.882000 1,249,370.72 -206,997.87 .99
6.500% 07/15/2018
1,000,000.0000 FHLMC MULTICL MTG P/C1750-C PB 834,687.50 85.812500 858,125.00 23,437.50 .68
ZERO CPN 03/15/2024
1,017,912.0000 FHLMC MULTICLASS MTG P/C 10140 1,053,538.92 100.078125 1,018,707.24 -34,831.68 .81
7.950% 08/15/2017
4,500,000.0000 FHLMC MULTICLASS MTG P/C 1083K 4,736,250.00 102.492000 4,612,140.00 -124,110.00 3.66
8.500% 03/15/2006
4,442,758.2000 FHLMC MULTICLASS MTG P/C 1564I 705,287.86 10.953125 486,620.86 -218,667.00 .39
6.500% 05/15/2007
14,302,594.1700 FHLMC MULTICLASS MTG P/C 1618L 2,129,745.67 9.968750 1,425,789.86 -703,955.81 1.13
6.000% 10/15/2007
3,000,000.0000 FHLMC MULTICLASS MTG P/C 88-G 3,133,125.00 100.981580 3,029,447.40 -103,677.60 2.40
8.000% 04/15/2019
1,322,053.8600 FHLMC MULTICLASS MTG PC 1165LD 1,214,223.84 94.843750 1,253,885.46 39,661.62 .99
7.000% 11/15/2021
FRC F220201 INVESTMENT DETAIL PAGE: 3
UAL PILOTS SHORT TERM SEC 11/30/1995 HMFR005BF
PIMCO BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ----------------- ------------------------------- -------------- ---------- -------------- ------------- ------
844,413.0400 FNMA POOL #0054844 851,405.81 101.062500 853,384.93 1,979.12 .68
6.383% 09/01/2027 DD 09/01/87
31,054.9500 FNMA POOL #0055808 31,312.14 101.062500 31,384.91 72.77 .02
6.383% 10/01/2027 DD 10/01/87
561,240.9100 FNMA POOL #0060680 565,888.66 101.062500 567,204.09 1,315.43 .43
6.383% 02/01/2028 DD 04/01/88
150,176.2300 FNMA POOL #0062688 151,419.89 101.062500 151,771.85 351.96 .12
6.383% 05/01/2028 DD 06/01/88
110,448.4400 FNMA POOL #0065579 111,363.09 101.062500 111,621.95 258.86 .09
6.383% 07/01/2028 DD 09/01/88
2,661,084.2500 FNMA POOL #0066414 2,694,347.80 101.250000 2,694,347.80 .00 2.14
7.057% 09/01/2028 DD 08/01/89
224,574.9900 FNMA POOL #0067329 232,961.44 104.981700 235,762.64 2,801.20 .19
10.000% 11/01/2001 DD 11/01/88
742,236.7400 FNMA POOL #0067694 748,383.39 101.062500 750,123.01 1,739.62 .59
6.383% 10/01/2028 DD 11/01/88
2,308,473.9700 FNMA POOL #0080323 2,415,240.88 104.662330 2,416,102.64 861.76 1.92
8.875% 06/01/2007 DD 10/01/92
2,418,705.4900 FNMA POOL #0300309 2,418,705.49 100.750000 2,436,845.78 18,140.29 1.93
6.375% 12/01/2024 DD 03/01/95
4,525,663.9500 FNMA POOL #0307675 4,568,092.04 101.500000 4,593,548.91 25,456.87 3.64
6.612% 05/01/2024 DD 03/01/95
568,226.1900 FNMA GTD REMIC P/T CTF 89-91E 593,796.36 101.549600 577,031.42 -16,764.94 .46
9.250% 06/25/2015
5,000,000.0000 FNMA GTD REMIC P/T CTF 90-105J 4,714,062.50 99.342070 4,967,103.50 253,041.00 3.94
6.500% 09/25/2020
850,060.1900 FNMA GTD REMIC P/T CTF 90-123D 905,845.39 100.463240 853,998.01 -51,847.38 .68
9.000% 08/25/2016
96,266.4700 FNMA GTD REMIC P/T CTF 90-16-G 100,899.29 99.584390 95,866.38 -5,032.91 .08
FRC F220201 INVESTMENT DETAIL PAGE: 4
UAL PILOTS SHORT TERM SEC 11/30/1995 HMFR005BF
PIMCO BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ----------------- ------------------------------- -------------- ---------- -------------- ------------- ------
9.000% 03/25/2020
2,500,000.0000 FNMA GTD REMIC P/T CTF 90-68-J 2,393,750.00 99.625000 2,490,625.00 96,875.00 1.97
6.950% 07/25/2020
879,121.0500 FNMA GTD REMIC P/T CTF 91-7 C 919,230.96 100.322810 881,958.94 -37,272.02 .70
8.500% 03/25/2018
344,668.8200 FNMA GTD REMIC P/T CTF 92-12E 347,038.42 99.880940 344,258.46 -2,779.96 .27
6.625% 06/25/2019
864,383.1600 FNMA GTD REMIC P/T CTF 92-23B 764,168.73 98.093000 847,899.37 83,730.64 .67
0.000% 02/25/2021
879,553.4000 FNMA GTF REMIC P/T CTF G-43 D 886,150.06 99.601490 876,048.29 -10,101.77 .69
8.000% 07/25/2014
26,903.2800 GNMA POOL #0090741 29,484.33 109.230440 29,386.57 -97.76 .02
11.000% 01/15/2010 DD 01/01/80
97,525.1200 GNMA POOL #0090947 106,881.45 109.302170 106,597.07 -284.38 .08
11.000% 01/15/2010 DD 02/01/80
107,541.7900 GNMA POOL #0091793 117,859.09 109.309950 117,553.88 -305.21 .09
11.000% 08/15/2010 DD 08/01/80
51,866.9200 GNMA POOL #0092213 56,842.89 109.236040 56,657.37 -185.52 .04
11.000% 07/15/2010 DD 07/01/80
38,961.4500 GNMA POOL #0092504 42,699.29 109.242510 42,562.47 -136.82 .03
11.000% 08/15/2010 DD 08/01/80
73,598.6400 GNMA POOL #0092923 80,659.50 109.240490 80,399.51 -259.99 .06
11.000% 09/15/2010 DD 10/01/80
131,210.9300 GNMA POOL #0093487 143,798.98 109.315050 143,433.29 -365.69 .11
11.000% 09/15/2010 DD 09/01/81
61,486.1900 GNMA POOL #0097168 66,789.38 109.265560 67,183.23 393.85 .05
10.500% 04/15/2013 DD 05/01/83
103,114.3700 GNMA POOL #0098245 112,007.97 109.306320 112,710.52 702.55 .09
10.500% 06/15/2013 DD 06/01/83
FRC F220201 INVESTMENT DETAIL PAGE: 5
UAL PILOTS SHORT TERM SEC 11/30/1995 HMFR005BF
PIMCO BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ----------------- ------------------------------- -------------- ---------- -------------- ------------- ------
247,260.5300 GNMA POOL #0098572 270,982.08 109.328420 270,326.03 -656.05 .21
11.000% 06/15/2013 DD 07/01/83
2,959.4600 GNMA POOL #0099264 3,214.70 109.263230 3,233.60 18.90 .00
10.500% 07/15/2013 DD 08/01/83
42,575.1500 GNMA POOL #0099519 46,247.27 109.246680 46,511.94 264.67 .04
10.500% 08/15/2013 DD 09/01/83
12,849.5100 GNMA POOL #0101395 13,925.66 106.910100 13,737.42 -188.24 .01
11.000% 08/15/1998 DD 08/01/83
78,581.8700 GNMA POOL #0126705 85,163.11 106.908360 84,010.59 -1,152.52 .07
11.000% 10/15/2000 DD 10/01/85
28,833.8700 GNMA POOL #0127639 31,248.71 106.890550 30,820.68 -428.03 .02
11.000% 07/15/2000 DD 07/01/85
59,922.8500 GNMA POOL #0127644 64,941.39 106.914260 64,066.07 -875.32 .05
11.000% 09/15/2000 DD 10/01/85
22,892.4000 GNMA POOL #0132144 24,809.64 106.885990 24,468.77 -340.87 .02
11.000% 10/15/2000 DD 10/01/85
20,486.6700 GNMA POOL #0133026 22,202.43 106.884190 21,897.01 -305.42 .02
11.000% 09/15/2000 DD 10/01/85
17,839.4200 GNMA POOL #0133328 19,333.48 106.895730 19,069.58 -263.90 .02
11.000% 09/15/2000 DD 09/01/85
108,760.6100 GNMA POOL #0134323 117,869.33 106.950740 116,320.28 -1,549.05 .09
11.000% 09/15/2000 DD 10/01/85
63,883.4100 GNMA POOL #0135153 69,233.64 106.965370 68,333.13 -900.51 .05
11.000% 09/15/2000 DD 10/01/85
172,083.6000 GNMA POOL #0136150 186,495.59 106.912450 183,978.79 -2,516.80 .15
11.000% 10/15/2000 DD 10/01/85
101,464.1500 GNMA POOL #0136356 109,961.77 106.919750 108,485.22 -1,476.55 .09
11.000% 08/15/2000 DD 10/01/85
23,962.5000 GNMA POOL #0137147 25,969.35 106.904990 25,617.11 -352.24 .02
11.000% 10/15/2000 DD 10/01/85
FRC F220201 INVESTMENT DETAIL PAGE: 6
UAL PILOTS SHORT TERM SEC 11/30/1995 HMFR005BF
PIMCO BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ----------------- ------------------------------- -------------- ---------- -------------- ------------- ------
56,810.4200 GNMA POOL #0137268 61,568.29 106.954670 60,761.40 -806.89 .05
11.000% 08/15/2000 DD 08/01/85
153,003.8600 GNMA POOL #0137279 165,817.95 106.984080 163,689.77 -2,128.18 .13
11.000% 10/15/2000 DD 10/01/85
23,439.6500 GNMA POOL #0137595 25,402.72 106.877810 25,051.78 -350.94 .02
11.000% 10/15/2000 DD 10/01/85
148,535.4900 GNMA POOL #0138029 160,975.34 106.906190 158,793.63 -2,181.71 .13
11.000% 10/15/2000 DD 10/01/85
100,131.4500 GNMA POOL #0138389 108,517.46 106.944470 107,085.05 -1,432.41 .08
11.000% 09/15/2000 DD 10/01/85
101,075.7500 GNMA POOL #0139503 109,540.83 106.943400 108,093.84 -1,446.99 .09
11.000% 10/15/2000 DD 10/01/85
119,586.2500 GNMA POOL #0139778 129,601.59 106.913820 127,854.23 -1,747.36 .10
11.000% 10/15/2000 DD 10/01/85
74,816.2000 GNMA POOL #0139816 81,082.05 106.904920 79,982.20 -1,099.85 .06
11.000% 08/15/2000 DD 10/01/85
33,480.4900 GNMA POOL #0140090 36,284.47 106.894060 35,788.66 -495.81 .03
11.000% 09/15/2000 DD 10/01/85
126,899.1800 GNMA POOL #0140133 137,527.01 106.915870 135,675.36 -1,851.65 .11
11.000% 10/15/2000 DD 10/01/85
37,634.0800 GNMA POOL #0140171 40,785.92 106.896260 40,229.42 -556.50 .03
11.000% 10/15/2000 DD 10/01/85
58,768.4900 GNMA POOL #0140233 63,690.34 106.913190 62,831.27 -859.07 .05
11.000% 10/15/2000 DD 10/01/85
58,941.7700 GNMA POOL #0141455 63,878.16 106.913320 63,016.60 -861.56 .05
11.000% 10/15/2000 DD 10/01/85
127,936.6900 GNMA POOL #0141635 138,651.39 106.955470 136,835.29 -1,816.10 .11
11.000% 09/15/2000 DD 10/01/85
49,653.9500 GNMA POOL #0141681 53,812.45 106.907610 53,083.85 -728.60 .04
FRC F220201 INVESTMENT DETAIL PAGE: 7
UAL PILOTS SHORT TERM SEC 11/30/1995 HMFR005BF
PIMCO BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ----------------- ------------------------------- -------------- ---------- -------------- ------------- ------
11.000% 10/15/2000 DD 10/01/85
40,632.5700 GNMA POOL #0141953 44,035.56 106.899470 43,436.00 -599.56 .03
11.000% 10/15/2000 DD 10/01/85
3,779.0100 GNMA POOL #0141964 4,095.50 106.871540 4,038.69 -56.81 .00
11.000% 10/15/2000 DD 10/01/85
61,236.2700 GNMA POOL #0141965 66,364.81 106.899620 65,461.34 -903.47 .05
11.000% 10/15/2000 DD 10/01/85
4,644,358.7500 GNMA II POOL #0008503 4,615,331.52 102.250000 4,748,856.82 133,525.30 3.76
7.250% 09/20/2024 DD 09/01/94
1,314,060.7300 GNMA II POOL #0008649 1,297,429.65 100.000000 1,314,060.73 16,631.08 1.04
5.500% 07/20/2025 DD 07/01/95
826,821.4900 GNMA II POOL #0008698 816,321.25 99.641000 823,853.20 7,531.95 .65
5.500% 09/20/2025 DD 09/01/95
3,380,466.6600 GNMA II POOL #008682N 3,341,641.77 100.000000 3,380,466.66 38,824.89 2.68
5.500% 08/20/2025 DD 08/01/95
1,016,555.9900 MORGAN J P ACCEP TR I CL E 1,044,511.28 100.745680 1,024,136.24 -20,375.04 .81
9.000% 10/20/2007
807,509.7000 UBS MTG TR 6 CMO CL 6-E 832,239.69 101.926270 823,064.52 -9,175.17 .65
8.000% 07/25/2020
TOTAL INVESTMENTS FIXED INCOME SECURITIES 108,540,966.19 107,164,100.04 -1,376,866.15 84.94
TOTAL INVESTMENT 127,535,039.72 126,158,173.57 -1,376,866.15 100.00
FRC F220300 INVESTMENT DETAIL PAGE: 1
UAL INTER/LONG TERM BOND FUND 11/30/1995 HMFRO05BF
SANFORD C. BERNSTEIN & CO. BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------------- -------------------- ------------- ----------- ------------ ---------- -------
INVESTMENTS CASH & CASH EQUIVALENTS
2,800,000.0000 AT & T CAP CORP DISC 2,780,459.11 99.302110 2,780,459.11 .00 2.62
1/10/1996
2,000,000.0000 CIGNA CORP DISC 1,981,819.44 99.090970 1,981,819.44 .00 1.87
1/10/1996
2,815,000.0000 FORD MTR CR CO DISC 2,792,597.30 99.204160 2,792,597.30 .00 2.63
1/16/1996
2,000,000.0000 INTERNATL BUS MAC DISC 1,988,897.22 99.444860 1,988,897.22 .00 1.88
12/13/1995
1,750,000.0000 MERRILL LYNCH CO DISC 1,741,395.35 99.508306 1,741,395.36 .00 1.64
12/08/1995
1,753,579.0000 TBC INC ISG POOLED EMPL FDS 1,753,579.00 1.000000 1,753,579.00 .00 1.65
12/31/1999
TOTAL INVESTMENTS CASH & CASH EQUIVALENTS 13,038,747.42 13,038,747.43 .01 12.30
INVESTMENTS FIXED INCOME SECURITIES
835,000.0000 ASSOCIATES CORP NORTH AMER 834,649.30 101.875000 850,656.25 16,006.95 .80
6.625% 05/15/1998 DD 05/12/95
330,000.0000 AUBURN HILLS TR GTD CTF EXCH 289,384.27 154.000000 508,200.00 218,815.73 .48
VAR/RT 05/01/2020
170,000.0000 CITICORP MTG SECS 94-11 CL A-9 132,560.90 87.281000 148,377.70 15,816.80 .14
6.250% 08/25/2024
1,995,000.0000 COMMIT TO PUR GNMA 2,022,119.53 102.156250 2,038,017.19 15,897.66 1.92
7.500% 12/15/2025
2,010,000.0000 COMMIT TO PURCH GNMA 2,035,125.00 102.156250 2,053,340.63 18,215.63 1.94
7.500% 12/15/2025
165,000.0000 CWMBS INC MTG PASS THRU 93-12 125,013.28 89.681000 147,973.65 22,960.37 .14
6.625% 02/25/2024
FRC F220300 INVESTMENT DETAIL PAGE: 2
UAL INTER/LONG TERM BOND FUND 11/30/1995 HMFRO05BF
SANFORD C. BERNSTEIN & CO. BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------------- -------------------- ------------- ----------- ------------- ---------- ------
320,000.0000 DELTA AIRLINES INC 320,000.00 125.250000 400,800.00 80,800.00 .38
10.375% 12/15/2022 DD 12/15/92
2,099,248.8830 FHLMC GROUP #C0-0361 2,183,218.84 103.964140 2,182,466.05 -752.79 2.06
8.500% 09/01/2024 DD 09/01/94
816,781.2220 FHLMC GROUP #C0-0387 840,263.69 104.779820 855,821.89 15,558.20 .81
9.000% 02/01/2025 DD 02/01/95
439,579.3700 FHLMC GROUP #C0-0398 451,942.54 104.778380 460,584.14 8,641.60 .43
9.000% 05/01/2025 DD 05/01/95
216,983.3130 FHLMC GROUP #C0-0403 222,272.28 103.000000 223,492.81 1,220.53 .21
8.000% 05/01/2025 DD 05/01/95
3,597,105.2330 FHLMC GROUP #C8-0244 3,701,175.16 103.968750 3,739,865.35 38,690.19 3.53
8.500% 12/01/2024 DD 12/01/94
2,587,858.7450 FHLMC GROUP #C8-0267 2,665,494.51 104.794040 2,711,921.73 46,427.22 2.56
9.000% 02/01/2025 DD 02/01/95
1,007,546.7650 FHLMC GROUP #C8-0286 1,036,082.88 104.780520 1,055,712.74 19,629.86 1.00
9.000% 03/01/2025 DD 03/01/95
769,626.2580 FHLMC GROUP #C8-0297 789,588.45 103.960480 800,107.15 10,518.70 .75
8.500% 05/01/2025 DD 05/01/95
835,933.1250 FHLMC GROUP #C8-0322 854,741.63 103.000000 861,011.12 6,269.49 .81
8.000% 07/01/2025 DD 07/01/95
134,411.1290 FHLMC GROUP #D5-9531 138,275.44 104.812960 140,880.28 2,604.84 .13
9.000% 04/01/2025 DD 04/01/95
1,725,281.8800 FHLMC GROUP #D6-4618 1,767,335.63 103.000000 1,777,040.34 9,704.71 1.68
8.000% 10/01/2025 DD 10/01/95
1,024,413.6200 FHLMC GROUP #G0-0352 1,053,545.37 104.797840 1,073,563.35 20,017.98 1.01
9.000% 05/01/2025 DD 05/01/95
923,701.7360 FHLMC GROUP #G0-0363 945,639.65 103.017570 951,575.08 5,935.43 .90
8.000% 06/01/2025 DD 06/01/95
870,000.0000 FHLMC GROUP #G0-0422 900,450.00 103.968750 904,528.13 4,078.13 .85
8.500% 11/01/2025 DD 11/01/95
FRC F220300 INVESTMENT DETAIL PAGE: 3
UAL INTER/LONG TERM BOND FUND 11/30/1995 HMFRO05BF
SANFORD C. BERNSTEIN & CO. BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------------- -------------------- ------------- ----------- ---------- ----------- ------
190,845.1820 FHLMC GROUP #25-4527 175,458.33 102.292440 195,220.19 19,761.86 .18
8.000% 01/01/2009 DD 06/01/85
113,578.8650 FHLMC GROUP #25-5850 107,376.38 102.270170 116,157.30 8,780.92 .11
8.000% 06/01/2015 DD 08/01/85
290,244.0670 FHLMC GROUP #29-6016 305,753.99 103.094000 299,224.22 -6,529.77 .28
8.500% 06/01/2017 DD 06/01/87
271,793.9600 FHLMC GROUP #55-5234 298,718.54 111.142980 302,079.91 3,361.37 .28
11.500% 05/01/2019 DD 04/01/95
390,314.2730 FNMA POOL #0190002 412,391.43 105.613570 412,224.84 -166.59 .39
9.500% 05/01/2022 DD 09/01/93
353,918.0400 FNMA POOL #0303412 373,162.32 105.968750 375,042.52 1,880.20 .35
9.500% 02/01/2025 DD 06/01/95
552,308.5420 FNMA STRIPPED SECS 134,538.91 25.031250 138,249.73 3,710.82 .13
9.500% 11/25/2021 DD 09/01/92
635,471.7160 FNMA STRIPS SMBS SER 21 CL 2 162,442.46 26.906250 170,981.61 8,539.15 .16
9.500% 07/25/2017
435,000.0000 GE CAP MTG SVCS 93-10 CL A15 368,592.90 88.906250 386,742.19 18,149.29 .36
6.500% 09/25/2023
313,477.1730 GE CAP MTG SVCS 94-5 CL A4 303,387.12 99.968000 313,376.86 9,989.74 .30
6.500% 02/25/2024
715,000.0000 GENERAL MTRS ACCEP CORP MTN 712,297.30 100.272990 716,951.88 4,654.58 .68
6.250% 06/10/1996 DD 06/10/94
869,524.7200 GNMA POOL #0200107 918,163.76 105.468750 917,076.85 -1,086.91 .87
9.000% 01/15/2020 DD 01/01/90
1,485,000.7380 GNMA POOL #0377614 1,508,899.97 102.093750 1,516,092.94 7,192.97 1.43
7.500% 10/15/2025 DD 10/01/95
839,276.6760 GNMA POOL #0780049 896,845.81 107.386600 901,270.69 4,424.88 .85
9.500% 11/15/2021 DD 01/01/95
885,088.8200 GNMA POOL #0780074 936,811.20 105.839090 936,769.95 -41.25 .88
9.000% 12/15/2022 DD 03/01/95
FRC F220300 INVESTMENT DETAIL PAGE: 4
UAL INTER/LONG TERM BOND FUND 11/30/1995 HMFRO05BF
SANFORD C. BERNSTEIN & CO. BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------------- -------------------- -------------- ----------- ----------- ---------- ------
839,857.6100 GNMA POOL #0780087 896,416.77 107.393640 901,953.66 5,536.89 .85
9.500% 05/15/2022 DD 03/01/95
2,450,311.7660 GNMA POOL #0780118 2,585,313.14 107.407930 2,631,829.15 46,516.01 2.48
9.500% 08/15/2021 DD 04/01/95
873,568.7200 GNMA POOL #0780254 936,902.45 107.093750 935,537.50 -1,364.95 .88
9.500% 11/15/2021 DD 09/01/95
218,497.4050 GNMA II POOL #0000058 229,695.42 104.275820 227,839.96 -1,855.46 .21
9.000% 07/20/2022 DD 07/01/92
925,265.2330 GNMA II POOL #0008482 941,746.52 102.250000 946,083.70 4,337.18 .89
7.250% 08/20/2024 DD 08/01/94
880,096.6550 GNMA II POOL #0008484 897,011.02 102.500000 902,099.07 5,088.05 .85
7.250% 08/20/2024 DD 08/01/94
960,437.2910 GNMA II POOL #0008660 971,842.48 101.625000 976,044.40 4,201.92 .92
6.500% 07/20/2025 DD 07/01/95
976,709.4190 GNMA II POOL #0008684 979,761.63 100.843750 984,950.40 5,188.77 .93
6.000% 08/20/2025 DD 08/01/95
1,021,859.4000 GNMA II POOL #0008699 1,027,767.02 100.843750 1,030,481.34 2,714.32 .97
6.000% 09/20/2025 DD 09/01/95
1,003,958.0760 GNMA II POOL #0008720 1,013,683.92 101.625000 1,020,272.39 6,588.47 .96
6.500% 10/20/2025 DD 10/01/95
1,002,153.2900 GNMA II POOL #008639M 1,018,438.28 101.812500 1,020,317.32 1,879.04 .96
6.500% 06/20/2025 DD 06/01/95
370,000.0000 LEHMAN BROS INC SR SUB NT 380,038.10 110.625000 409,312.50 29,274.40 .39
10.000% 05/15/1999
310,000.0000 LEHMAN BROS INC SR SUB NTS 309,308.70 101.375000 314,262.50 4,953.80 .30
7.000% 5/15/1997 DD 5/27/94
990,000.0000 MOTOROLA INC 980,743.50 103.250000 1,022,175.00 41,431.50 .96
6.500% 09/01/2025 DD 09/01/95
FRC F220300 INVESTMENT DETAIL PAGE: 5
UAL INTER/LONG TERM BOND FUND 11/30/1995 HMFRO05BF
SANFORD C. BERNSTEIN & CO. BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------------- -------------------- ------------- ----------- ----------- ---------- -------
925,000.0000 PAIN WEBBER GROUP INC 738,066.75 97.250000 899,562.50 161,495.75 .85
6.500% 11/01/2005 DD 10/26/93
312,036.4450 PRUDENTIAL HOME 94-15 CL A-1 310,829.75 103.875000 324,127.86 13,298.11 .31
8.000% 05/25/2024
410,349.2790 PRUDENTIAL MTG SER 94-15 CLA-2 402,847.58 99.656250 408,938.70 6,091.12 .59
6.000% 05/25/2024
392,272.4600 RESIDENTIAL FDG 95-S3 CL A-1 393,467.66 100.754630 395,232.67 1,765.01 .37
7.650% 04/25/2025
186,568.8970 SALOMON BROS MTG 94-9 CL A-1 183,449.71 100.220000 186,979.35 3,529.64 .18
7.000% 07/25/2024
360,000.0000 SALOMON INC MTN 360,000.00 102.375000 368,550.00 8,550.00 .35
8.360% 02/28/1997 DD 02/28/95
6,795,000.0000 U S TREASURY BONDS 6,691,866.18 111.823990 7,598,440.12 906,573.94 7.17
7.250% 05/15/2016 DD 05/15/86
19,505,000.0000 U S TREASURY BONDS 20,452,312.83 114.743990 22,380,815.25 1,928,502.42 21.11
07.500% 11/15/2016 DD 11/15/86
1,765,000.0000 U S TREASURY NOTES 1,820,156.25 101.705990 1,795,110.72 -25,045.53 1.69
7.250% 11/15/1996 DD 11/15/86
4,965,000.0000 U S TREASURY NOTES 4,946,861.98 100.562000 4,992,903.30 46,041.32 4.71
06.250% 08/31/1996 DD 08/31/94
5,060,000.0000 U S TREASURY NOTES 5,106,248.40 101.511990 5,136,506.69 30,258.29 4.85
06.500% 04/30/1997 DD 05/01/95
1,700,000.0000 U S TREASURY NOTES 1,722,843.75 101.760990 1,729,936.83 7,093.08 1.63
06.875% 02/28/1997 DD 02/28/95
1,065,000.0000 U S TREASURY NOTES 1,105,935.94 101.483990 1,080,804.49 -25,131.45 1.02
07.875% 07/15/1996 DD 07/17/89
735,000.0000 WORLD SVGS & LN MTN # TR 00022 732,618.60 102.375000 752,456.25 19,837.65 .71
7.625% 02/18/1997 DD 02/16/95
TOTAL INVESTMENTS FIXED INCOME SECURITIES 89,059,893.10 92,956,920.88 3,897,027.78 87.70
FRC F220300 INVESTMENT DETAIL PAGE: 6
UAL INTER/LONG TERM BOND FUND 11/30/1995 HMFRO05BF
SANFORD C. BERNSTEIN & CO. BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------------- -------------------- ------------- ----------- -------------- -------------- --------
TOTAL INVESTMENT 102,098,640.52 105,995,668.31 3,897,027.79 100.00
FRC GO00300 INVESTMENT DETAIL PAGE 1
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
INVESTMENTS CASH & CASH EQUIVALENTS
2,515,500.0000 TBC INC ISG POOLED EMPL FDS 2,515,500.00 1.000000 2,515,500.00 .00 1.51
12/31/1999
14,794,862.0000 TBC INC ISG POOLED EMPL FDS 14,794,862.00 1.000000 14,794,862.00 .00 8.91
12/31/1999
6,923,840.0000 TBC INC ISG POOLED EMPL FDS 6,923,840.00 1.000000 6,923,840.00 .00 4.17
12/31/1999
TOTAL INVESTMENTS CASH & CASH EQUIVALENTS 24,234,202.00 24,234,202.00 .00 14.59
INVESTMENTS FIXED INCOME SECURITIES
1,000,000.0000 U S TREASURY NOTES 993,750.00 99.911000 999,110.00 5,360.00 .60
04.250% 12/31/1995 DD 12/31/93
TOTAL INVESTMENTS FIXED INCOME SECURITIES 993,750.00 999,110.00 5,360.00 .60
INVESTMENTS CONVERTIBLE SECURITIES
1,000,000.0000 AMR CORP DEL SUB CONV 823,100.00 106.500000 1,065,000.00 241,900.00 .64
6.125% 11/01/2024 DD 11/01/94
9,278.0000 TIMES MIRROR CO PFD CL B 199,822.11 25.750000 238,908.50 39,086.39 .14
906,000.0000 UNISYS CORP SUB CONV NT 1,053,176.10 92.250000 835,785.00 -217,391.10 .50
8.250% 08/01/2000
TOTAL INVESTMENTS CONVERTIBLE SECURITIES 2,076,098.21 2,139,693.50 63,595.29 1.29
INVESTMENTS COMMON STOCK
83,700.0000 ADT LTD NEW 843,209.00 14.000000 1,171,800.00 328,591.00 .71
6,500.0000 AK STL HLDG CORP 192,300.76 34.625000 225,062.50 32,761.74 .14
13,000.0000 ALLEGHENY PWR SYS INC 285,990.02 27.750000 360,750.00 74,759.98 .22
FRC GO00300 INVESTMENT DETAIL PAGE: 2
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
20,000.0000 ALUMAX INC 697,697.97 33.250000 665,000.00 -32,697.97 .40
28,600.0000 ALUMINUM CO AMER 958,005.75 58.500000 1,673,100.00 715,094.25 1.01
12,000.0000 AMBAC INC 469,729.74 44.125000 529,500.00 59,770.26 .32
12,700.0000 AMERADA HESS CORP 587,527.93 47.500000 603,250.00 15,722.07 .36
26,500.0000 AMERADA HESS CORP 1,199,185.00 47.500000 1,258,750.00 59,565.00 .76
48,900.0000 AMERICAN EXPRESS CO 954,421.54 42.500000 2,078,250.00 1,123,828.46 1.25
12,000.0000 AMERICAN INTL GROUP INC 691,435.00 89.750000 1,077,000.00 385,565.00 .65
16,000.0000 AMOCO CORP 883,627.50 67.750000 1,084,000.00 200,372.50 .65
13,300.0000 APPLE COMPUTER INC 559,849.83 38.125000 507,062.50 -52,787.33 .31
22,890.0000 ARCHER DANIELS MIDLAND CO 359,968.95 17.250000 394,852.50 34,883.55 .24
4,400.0000 ARMSTRONG WORLD INDS INC 204,303.08 59.875000 263,450.00 59,146.92 .16
36,100.0000 ASARCO INC 946,371.93 35.375000 1,277,037.50 330,665.57 .77
10,500.0000 ATLANTIC RICHFIELD CO 1,160,292.85 108.375000 1,137,937.50 -22,355.35 .69
27,300.0000 ATLANTIC RICHFIELD CO NTS 676,384.29 25.000000 682,500.00 6,115.71 .41
EXCH FOR LYONDELL PETROCHEM CO
19,800.0000 AUGAT INC 366,843.98 17.250000 341,550.00 -25,293.98 .21
18,000.0000 BANKAMERICA CORP 772,656.00 63.625000 1,145,250.00 372,594.00 .69
23,700.0000 BANKERS TR N Y CORP 1,449,513.80 64.875000 1,537,537.50 88,023.70 .93
14,000.0000 BARNETT BKS INC 626,976.00 60.125000 841,750.00 214,774.00 .51
64,100.0000 BCE INC 2,068,804.21 33.500000 2,147,350.00 78,545.79 1.29
16,400.0000 BOISE CASCADE CORP 602,559.80 37.250000 610,900.00 8,340.20 .37
15,300.0000 BOISE CASCADE CORP 498,658.21 37.250000 569,925.00 71,266.79 .34
2,000.0000 BRINKER INTL INC 27,120.00 15.375000 30,750.00 3,630.00 .02
FRC GO00300 INVESTMENT DETAIL PAGE: 3
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
16,900.0000 BRISTOL MYERS SQUIBB 1,038,824.65 80.250000 1,356,225.00 317,400.35 .82
12,300.0000 BURLINGTON COAT FACTORY WHSE 164,854.38 11.500000 141,450.00 -23,404.38 .09
CORP
54,600.0000 BURLINGTON INDS INC NEW 649,964.02 13.375000 730,275.00 80,310.98 .44
67,000.0000 CANADIAN PAC LTD ORD PAR $5.00 817,723.55 18.250000 1,222,750.00 405,026.45 .74
10,100.0000 CASTLE ENERGY CORP COM PAR 116,150.00 8.125000 82,062.50 -34,087.50 .05
$0.50 NEW
13,200.0000 CATERPILLAR INC 718,962.08 61.375000 810,150.00 91,187.92 .49
22,500.0000 CATERPILLAR INC 585,201.01 61.375000 1,380,937.50 795,736.49 .83
32,300.0000 CHARMING SHOPPES INC 165,207.51 2.312500 74,693.75 -90,513.76 .04
9,500.0000 CHELSEA GCA RLTY INC 268,981.13 27.875000 264,812.50 -4,168.63 .16
COM
21,500.0000 CHEVRON CORP 801,782.25 49.375000 1,061,562.50 259,780.25 .64
13,500.0000 CHUBB CORP 1,019,455.68 97.250000 1,312,875.00 293,419.32 .79
13,700.0000 CINERGY CORP 370,303.63 29.500000 404,150.00 33,846.37 .24
33,300.0000 CITICORP 620,695.76 70.750000 2,355,975.00 1,735,279.24 1.42
45,300.0000 CML GROUP INC 352,482.18 6.125000 277,462.50 -75,019.68 .17
17,100.0000 COLONIAL PPTYS TR COM SH BEN 389,109.00 24.625000 421,087.50 31,978.50 .25
INT
21,200.0000 COLTEC INDS INC 253,486.65 11.000000 233,200.00 -20,286.65 .14
23,800.0000 COLUMBIA GAS SYS INC 613,540.64 43.250000 1,029,350.00 415,809.36 .62
35,700.0000 COMMUNITY PSYCHIATRIC CTRS 355,475.37 11.125000 397,162.50 41,687.13 .24
12,000.0000 CONSOLIDATED NAT GAS CO 446,290.28 44.375000 532,500.00 86,209.72 .32
22,000.0000 CORNING INC 673,996.00 30.125000 662,750.00 -11,246.00 .40
FRC GO00300 INVESTMENT DETAIL PAGE: 4
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
890.0000 CROWN VANTAGE INC 10,152.21 17.250000 15,352.50 5,200.29 .01
3,900.0000 CROWN VANTAGE INC 45,414.40 17.250000 67,275.00 21,860.60 .04
8,000.0000 CUMMINS ENGINE INC 297,376.40 39.250000 314,000.00 16,623.60 .19
22,100.0000 CYPRUS AMAX MINERALS CO 659,352.02 27.500000 607,750.00 -51,602.02 .37
37,600.0000 DATA GEN CORP 383,800.20 12.125000 455,900.00 72,099.80 .27
14,900.0000 DAYTON HUDSON CORP 1,013,652.80 72.625000 1,082,112.50 68,459.70 .65
27,500.0000 DAYTON HUDSON CORP 1,739,985.69 72.625000 1,997,187.50 257,201.81 1.20
13,800.0000 DEERE & CO 362,333.54 32.875000 453,675.00 91,341.46 .27
43,200.0000 DEERE & CO 613,662.83 32.875000 1,420,200.00 806,537.17 .86
14,800.0000 DETROIT EDISON CO 413,625.33 32.625000 482,850.00 69,224.67 .29
37,500.0000 DIGITAL EQUIP CORP 1,546,609.70 58.875000 2,207,812.50 661,202.80 1.33
22,500.0000 DILLARD DEPT STORES INC CL A 608,850.00 28.875000 649,687.50 40,837.50 .39
38,000.0000 DONNELLEY R R & SONS CO 926,896.22 38.375000 1,458,250.00 531,353.78 .88
15,000.0000 DOW CHEM CO 777,322.81 70.875000 1,063,125.00 285,802.19 .64
7,200.0000 EASTMAN CHEM CO 449,978.68 65.625000 472,500.00 22,521.32 .28
53,300.0000 ENTERGY CORP NEW 1,435,516.86 27.875000 1,485,737.50 50,220.64 .89
21,300.0000 EQUITABLE RES INC 621,094.79 30.750000 654,975.00 33,880.21 .39
5,000.0000 EXXON CORP 245,533.83 77.375000 386,875.00 141,341.17 .23
14,100.0000 FEDERAL EXPRESS CORP 882,143.11 74.750000 1,053,975.00 171,831.89 .63
20,500.0000 FEDERAL EXPRESS CORP 1,100,060.33 74.750000 1,532,375.00 432,314.67 .92
31,000.0000 FEDERAL MOGUL CORP 566,200.30 19.125000 592,875.00 26,674.70 .36
17,600.0000 FEDERAL PAPER BRD INC 517,509.40 52.000000 915,200.00 397,690.60 .55
FRC GO00300 INVESTMENT DETAIL PAGE: 5
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
13,800.0000 FIRST COLONY CORP 333,906.83 26.000000 358,800.00 24,893.17 .22
15,000.0000 FLEMING COS INC 375,750.00 23.125000 346,875.00 -28,875.00 .21
35,200.0000 FORD MTR CO DEL 979,941.00 28.250000 994,400.00 14,459.00 .60
13,000.0000 FPL GROUP INC 413,149.25 43.375000 563,875.00 150,725.75 .34
23,000.0000 FRUIT OF THE LOOM INC CL A 594,101.30 19.375000 445,625.00 -148,476.30 .27
14,000.0000 GENERAL ELEC CO 448,740.04 67.250000 941,500.00 492,759.96 .57
28,300.0000 GENERAL MTRS CORP 1,368,303.90 48.500000 1,372,550.00 4,246.10 .83
38,500.0000 GENERAL MTRS CORP 1,527,948.91 48.500000 1,867,250.00 339,301.09 1.12
5,500.0000 GENERAL RE CORP 502,746.24 149.625000 822,937.50 320,191.26 .50
12,000.0000 GENUINE PARTS CO 456,720.00 40.375000 484,500.00 27,780.00 .29
34,300.0000 GEON CO 917,008.22 24.750000 848,925.00 -68,083.22 .51
32,000.0000 GOLDEN WEST FINL CORP DEL 1,281,769.40 51.125000 1,636,000.00 354,230.60 .99
15,000.0000 GRACE W R & CO 587,730.82 60.750000 911,250.00 323,519.18 .55
43,200.0000 GREAT WESTN FINL CORP 927,034.40 25.500000 1,101,600.00 174,565.60 .66
17,600.0000 GTE CORP 590,877.83 42.625000 750,200.00 159,322.17 .45
26,000.0000 HALLIBURTON CO 891,209.73 43.375000 1,127,750.00 236,540.27 .68
21,900.0000 HEWLETT PACKARD CO 488,142.63 82.875000 1,814,962.50 1,326,819.87 1.09
25,600.0000 INTERNATIONAL PAPER CO 952,529.70 38.125000 976,000.00 23,470.30 .59
37,000.0000 INTERNATIONAL PAPER CO 1,069,305.15 38.125000 1,410,625.00 341,319.85 .85
11,300.0000 INTL BUSINESS MACHS CORP 1,109,566.30 96.625000 1,091,862.50 -17,703.80 .66
18,700.0000 INTL BUSINESS MACHS CORP 1,337,568.82 96.625000 1,806,887.50 469,318.68 1.09
31,800.0000 IRVINE APT CMNTYS INC 547,812.20 18.000000 572,400.00 24,587.80 .34
FRC GO00300 INVESTMENT DETAIL PAGE: 6
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
26,400.0000 JAMES RIV CORP VA 755,064.78 31.500000 831,600.00 76,535.22 .50
36,000.0000 JAMES RIV CORP VA 674,677.02 31.500000 1,134,000.00 459,322.98 .68
75,000.0000 K MART CORP 1,231,630.00 7.750000 581,250.00 -650,380.00 .35
15,700.0000 KAMAN CORP CL A 194,758.38 11.500000 180,550.00 -14,208.38 .11
23,100.0000 KAUFMAN & BROAD HOME CORP 297,884.60 13.000000 300,300.00 2,415.40 .18
10,400.0000 LEHMAN BROTHERS HLDGS INC 135,131.89 22.625000 235,300.00 100,168.11 .14
27,500.0000 LIFE RE CORP 599,775.00 21.375000 587,812.50 -11,962.50 .35
15,300.0000 LINCOLN NATL CORP IND 572,161.53 46.750000 715,275.00 143,113.47 .43
25,500.0000 LOUISIANA PAC CORP 625,172.84 27.000000 688,500.00 63,327.16 .41
45,500.0000 LTV CORP NEW 776,553.52 14.500000 659,750.00 -116,803.52 .40
24,300.0000 MACERICH CO 472,316.14 19.750000 479,925.00 7,608.86 .29
48,000.0000 MASCO CORP 1,229,646.04 29.500000 1,416,000.00 186,353.96 .85
19,200.0000 MELVILLE CORP 620,568.30 31.125000 597,600.00 -22,968.30 .36
32,500.0000 MELVILLE CORP 1,405,980.00 31.125000 1,011,562.50 -394,417.50 .61
20,600.0000 MICHAELS STORES INC 375,366.93 16.500000 339,900.00 -35,466.93 .20
26,100.0000 MID OCEAN LTD 671,663.76 37.375000 975,487.50 303,823.74 .59
30,900.0000 MID-AMERN WASTE SYS INC 300,089.98 4.000000 123,600.00 -176,489.98 .87
12,500.0000 MINNESOTA MNG & MFG CO 571,530.80 65.500000 818,750.00 247,219.20 .49
14,500.0000 MORGAN J P & CO INC 696,665.24 78.500000 1,138,250.00 441,584.76 .69
9,200.0000 MOTOROLA INC 130,981.04 61.250000 563,500.00 432,518.96 .34
22,700.0000 MURPHY OIL CORP 973,457.37 39.375000 893,812.50 -79,644.87 .54
20,800.0000 NBD BANCORP 672,527.14 38.375000 798,200.00 125,672.86 .48
FRC GO00300 INVESTMENT DETAIL PAGE: 7
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
45,300.0000 NEW YORK ST ELEC & GAS CORP 983,969.85 26.000000 1,177,800.00 193,830.15 .71
33,000.0000 NORDSTROM INC 1,065,524.15 39.250000 1,295,250.00 229,725.85 .78
4,800.0000 NORTH AMERN MTG CO 93,444.00 22.625000 108,600.00 15,156.00 .07
40,000.0000 NORWEST CORP 527,174.30 33.000000 1,320,000.00 792,825.70 .79
14,900.0000 NYNEX CORP 560,239.33 49.625000 739,412.50 179,173.17 .45
27,500.0000 P P & L RESOURCES INC COM 647,979.84 24.875000 684,062.50 36,082.66 .41
4,300.0000 PACIFIC ENTERPRISES 105,608.00 26.750000 115,025.00 9,417.00 .07
30,800.0000 PACIFIC TELESIS GROUP 842,027.31 30.000000 924,000.00 81,972.69 .56
23,400.0000 PARKER HANNIFIN CORP 376,927.23 36.750000 859,950.00 483,022.77 .52
15,800.0000 PENNEY J C INC 728,617.60 46.875000 740,625.00 12,007.40 .45
16,000.0000 PFIZER INC 426,911.86 58.000000 928,000.00 501,088.14 .56
33,350.0000 PHARMACIA & UPJOHN INC 767,710.37 35.875000 1,196,431.25 428,720.88 .72
38,400.0000 PIER 1 IMPORTS INC 397,594.12 10.875000 417,600.00 20,005.88 .25
19,100.0000 PNC BK CORP 553,704.00 29.250000 558,675.00 4,971.00 .34
25,500.0000 PROCTER & GAMBLE CO 1,183,238.64 86.375000 2,202,562.50 1,019,323.86 1.33
10,500.0000 PRUDENTIAL REINS HLDGS INC 185,808.00 20.875000 219,187.50 33,379.50 .13
22,200.0000 PUBLIC SVC ENTERPRISE GROUP 617,236.83 29.625000 657,675.00 40,438.17 .40
31,531.0000 PXRE CORP 797,717.25 24.250000 764,626.75 -33,090.50 .46
18,500.0000 RAYCHEM CORP 516,514.75 52.000000 962,000.00 445,485.25 .58
47,700.0000 RELIANCE GROUP HLDGS INC 347,049.09 8.875000 423,337.50 76,288.41 .25
14,700.0000 REPSOL SA SPONSORED ADR 470,516.43 31.625000 464,887.50 -5,628.93 .28
13,000.0000 REPUBLIC N Y CORP 634,509.85 63.000000 819,000.00 184,490.15 .49
FRC GO00300 INVESTMENT DETAIL PAGE: 8
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
20,200.0000 REYNOLDS METALS CO 1,084,200.91 57.750000 1,166,550.00 82,349.09 .70
28,920.0000 RJR NABISCO HLDGS CORP COM NEW 870,411.62 29.125000 842,295.00 -28,116.62 .51
14,900.0000 ROCHESTER GAS & ELEC CORP 326,905.10 23.500000 350,150.00 23,244.90 .21
8,500.0000 ROYAL DUTCH PETE CO N Y REG SH 720,571.31 128.375000 1,091,187.50 370,616.19 .66
PAR N GLDR 5
33,200.0000 RYDER SYS INC 825,911.26 23.875000 792,650.00 -33,261.26 .48
12,700.0000 SCECORP 217,282.80 15.625000 198,437.50 -18,845.30 .12
3,500.0000 SCHLUMBERGER LTD 225,960.00 63.500000 222,250.00 -3,710.00 .13
23,000.0000 SHAWMUT NATL CORP 464,867.39 37.500000 862,500.00 397,632.61 .52
21,000.0000 SMITHKLINE BEECHAM P L C ADR 632,877.00 53.250000 1,118,250.00 485,373.00 .67
REPSTG EQUITY UNIT
7,500.0000 SONAT INC 224,090.30 32.250000 241,875.00 17,784.70 .15
13,200.0000 SOUTH WEST PPTY TR INC 161,960.38 12.500000 165,000.00 3,039.62 .10
26,200.0000 SPRINT CORP 806,048.61 40.000000 1,048,000.00 241,951.39 .63
16,000.0000 ST PAUL COS INC 508,261.48 56.000000 896,000.00 387,738.52 .54
10,400.0000 STOLT-NIELSEN SA 229,851.59 28.062500 291,850.00 61,998.41 .18
36,000.0000 STORAGE TECHNOLOGY CORP PAR 938,429.15 24.750000 891,000.00 -47,429.15 .54
$0.10
50,000.0000 TANDEM COMPUTERS INC 599,442.28 12.500000 625,000.00 25,557.72 .38
43,500.0000 TENET HEALTHCARE CORP COM 694,554.22 17.875000 777,562.50 83,008.28 .47
40,900.0000 TEXAS UTILS CO 1,507,163.63 38.500000 1,574,650.00 67,486.37 .95
20,500.0000 TEXAS UTILS CO 783,810.49 38.500000 789,250.00 5,439.51 .48
41,500.0000 TIG HLDGS INC 901,243.06 27.000000 1,120,500.00 219,256.94 .67
FRC GO00300 INVESTMENT DETAIL PAGE: 9
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
INCOME VALUE EQUITY FUND BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- ------------- -------------------------- ------------------- ----------------- ---------------- -------------- -------
21,722.0000 TIMES MIRROR CO CL A 467,830.99 32.500000 705,965.00 238,134.01 .43
31,500.0000 TOYS R US INC 740,175.06 23.250000 732,375.00 -7,800.06 .44
57,600.0000 U S WEST COMMUNICATIONS GROUP 1,778,148.90 31.250000 1,800,000.00 21,851.10 1.08
24,000.0000 UNION PAC CORP 1,086,486.50 67.750000 1,626,000.00 539,513.50 .98
11,200.0000 UNION PAC RES GROUP INC 235,200.00 23.250000 260,400.00 25,200.00 .16
47,400.0000 USX-MARATHON GROUP NEW 958,748.85 18.375000 870,975.00 -87,773.85 .52
30,700.0000 USX-U S STL GROUP 1,126,176.25 32.625000 1,001,587.50 -124,588.75 .60
6,000.0000 V F CORP 306,360.00 52.000000 312,000.00 5,640.00 .19
33,900.0000 VALERO ENERGY CORP 697,509.64 25.875000 877,162.50 179,652.86 .53
8,000.0000 WESTERN ATLAS INC 360,400.00 47.875000 383,000.00 22,600.00 .23
18,000.0000 WEYERHAEUSER CO 500,794.67 45.250000 814,500.00 313,705.33 .49
12,000.0000 WHIRLPOOL CORP 347,706.50 55.500000 666,000.00 318,293.50 .40
10,500.0000 XEROX CORP 737,943.91 137.125000 1,439,812.50 701,868.59 .87
47,000.0000 YPF SOCIEDAD ANONIMA SPONSORED 885,346.87 19.500000 916,500.00 31,153.13 .55
ADR REPSTC CL D SHS
TOTAL INVESTMENTS COMMON STOCK 111,191,148.85 138,703,079.25 27,511,930.40 83.52
TOTAL INVESTMENT 138,495,199.06 166,076,084.75 27,580,885.69 100.00
FRC G000400
UAL PILOTS DIRECTED ACCOUNT INVESTMENT DETAIL PAGE: 1
GROWTH EQUITY FUND 11/30/1995 HHFR005BF
Item 27a: Schedule of Assets Held for Investment Purposes BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
INVESTMENTS CASH & CASH EQUIVALENTS
5,320,125.0000 TBC INC ISG POOLED EMPL FDS
12/31/1999 5,320,125.00 1.000000 5,320,125.00 .00 2.44
25,671,439.0000 TBC INC ISG POOLED EMPL FDS
12/31/1999 25,671,439.00 1.000000 25,671,439.00 .00 11.80
400,363.0000 TBC INC ISG POOLED EMPL FDS
12/31/1999 400,363.00 1.000000 400,363.00 .00 .18
TOTAL INVESTMENTS CASH & EQUIVALENTS 31,391,927.00 31,391,927.00 .00 14.42
INVESTMENTS FIXED INCOME SECURITIES
1,100,000.0000 U S TREASURY NOTES
04.250% 12/31/1995 DD 12/31/93 1,092,250.00 99.911000 1,099,021.00 6,771.00 .50
TOTAL INVESTMENTS FIXED INCOME SECURITIES 1,092,250.00 1,099,021.00 6,771.00 .50
INVESTMENTS COMMON STOCK
78,700.0000 AIRTOUCH COMMUNICATIONS INC 1,846,019.95 29.125000 2,292,137.50 446,117.55 1.05
143,000.0000 AIRTOUCH COMMUNICATIONS INC 3,977,116.90 29.125000 4,164,875.00 187,758.10 1.93
30,450.0000 AMERICAN INTL GROUP INC 2,176,994.48 89.750000 2,732,887.50 555,893.02 1.26
17,400.0000 AMGEN INC 734,779.21 49.625000 863,475.00 128,695.79 .40
83,400.0000 APPLIED MATLS INC 3,889,696.40 48.625000 4,055,325.00 165,628.60 1.86
44,900.0000 AT & T CORP 2,817,834.90 66.000000 2,963,400.00 145,565.10 1.36
66,700.0000 AUTOZONE INC 1,103,903.97 29.125000 1,942,637.50 838,733.53 .89
53,500.0000 BIOGEN INC 2,164,137.44 54.500000 2,915,750.00 751,612.56 1.34
49,300.0000 BLOCK H & R INC 2,074,747.28 44.500000 2,193,850.00 119,102.72 1.01
46,700.0000 BOSTON CHICKEN INC 912,745.81 34.625000 1,616,987.50 704,241.69 .74
FRC G000400
UAL PILOTS DIRECTED ACCOUNT INVESTMENT DETAIL PAGE: 2
GROWTH EQUITY FUND 11/30/1995 HHFR005BF
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
40,900.0000 BOSTON SCIENTIFIC CORP 1,676,240.50 40.500000 1,656,450.00 -19,790.50 .76
24,600.0000 BRITISH AIRWAYS PLC ADR
2ND INSTALLMENT 1,504,386.51 70.375000 1,731,225.00 226,838.49 .80
300.0000 CASCADE COMMUNICATIONS CORP 24,450.00 87.250000 26,175.00 1,725.00 .01
33,500.0000 CISCO SYS INC 1,622,280.87 84.125000 2,818,187.50 1,195,906.63 1.29
30,300.0000 CISCO SYS INC 1,237,464.81 84.125000 2,548,987.50 1,311,522.69 1.17
7,000.0000 COCA COLA CO 427,691.02 75.750000 530,250.00 102,558.98 .24
44,500.0000 COLUMBIA/HCA HEALTHCARE CORP 1,792,357.82 51.625000 2,297,312.50 504,954.68 1.06
39,900.0000 COMPAQ COMPUTER CORP 1,816,367.95 49.500000 1,975,050.00 158,682.05 .91
50,100.0000 COX COMMUNICATIONS INC CL A 965,643.00 20.000000 1,002,000.00 36,357.00 .46
51,300.0000 CUC INTL INC 1,020,859.67 38.000000 1,949,400.00 928,540.33 .90
43,000.0000 DISNEY WALT CO 2,373,134.23 60.125000 2,585,375.00 212,240.77 1.19
41,850.0000 ERICSSON L M TEL CO ADR CL B
SEK 10 933,808.42 23.750000 993,937.50 60,129.08 .86
78,700.0000 ERICSSON L M TEL CO ADR CL B
SEK 10 982,489.58 23.750000 1,869,125.00 886,635.42 .46
32,500.0000 FEDERAL HOME LN MTG CORP
COMMON 1,809,057.23 77.000000 2,502,500.00 693,442.77 1.15
16,400.0000 FEDERAL NATL MTG ASSN 1,537,760.50 109.500000 1,795,800.00 258,039.50 .83
10,800.0000 FIRST BK SYS INC 349,431.05 51.625000 557,550.00 208,118.95 .26
18,200.0000 FIRST CHICAGO CORP 1,291,836.40 69.500000 1,264,900.00 -26,936.40 .58
12,800.0000 FIRST DATA CORP 868,262.40 71.000000 908,800.00 40,537.60 .42
11,600.0000 FIRST DATA CORP 709,819.10 71.000000 823,600.00 113,780.90 .38
9,000.0000 FIRST INTST BANCORP 1,201,600.60 134.000000 1,206,000.00 4,399.40 .55
FRC G000400
UAL PILOTS DIRECTED ACCOUNT INVESTMENT DETAIL PAGE: 3
GROWTH EQUITY FUND 11/30/1995 HHFR005BF
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
50,000.0000 GENERAL MTRS CORP CL E 2,140,100.87 50.500000 2,525,000.00 384,899.13 1.16
11,300.0000 GENERAL RE CORP 1,516,616.80 149.625000 1,690,762.50 174,145.70 .78
34,800.0000 GENZYME CORP 1,955,883.70 65.250000 2,270,700.00 314,816.30 1.04
41,600.0000 GILLETTE CO 1,752,424.88 51.875000 2,158,000.00 405,575.12 .99
17,600.0000 HBO & CO 1,099,625.60 74.750000 1,315,600.00 215,974.40 .60
38,200.0000 HEALTHSOURCE INC 1,464,174.04 62.500000 2,387,500.00 923,325.96 1.10
23,100.0000 HEWLETT PACKARD CO 2,130,728.50 82.875000 1,914,412.50 -216,316.00 .89
38,500.0000 HEWLETT PACKARD CO 2,389,958.46 82.875000 3,190,687.50 800,729.04 1.47
65,357.0000 HOME DEPOT INC 2,234,505.52 44.375000 2,900,216.88 665,711.36 1.33
29,600.0000 HOME DEPOT INC 1,203,876.87 44.375000 1,313,500.00 109,623.13 .60
80,800.0000 INFORMIX CORP 714,293.46 27.687500 2,237,150.00 1,522,856.54 1.03
24,600.0000 INTEL CORP 1,084,724.47 60.875000 1,497,525.00 412,800.53 .69
118,200.0000 INTEL CORP 6,373,914.61 60.875000 7,195,425.00 821,510.39 3.31
21,700.0000 INTUIT 1,030,093.08 84.000000 1,822,800.00 792,706.92 .84
30,500.0000 ITT CORP 3,650,812.00 122.625000 3,740,062.50 89,250.50 1.72
46,790.0000 KLM ROYAL DUTCH AIRLS
COM NY REG 1,494,566.12 34.500000 1,614,255.00 119,688.88 .74
63,700.0000 LOWES COS INC 1,398,111.85 31.500000 2,006,550.00 608,438.15 .92
47,400.0000 MBNA CORP 1,242,636.85 40.375000 1,913,775.00 671,138.15 .88
80,600.0000 MCDONALDS CORP 2,789,364.64 44.625000 3,596,775.00 807,410.36 1.65
27,700.0000 MEDTRONIC INC 1,173,294.89 54.875000 1,520,037.50 346,742.61 .70
60,800.0000 MERRILL LYNCH & CO INC 3,328,685.45 55.625000 3,382,000.00 53,314.55 1.55
FRC G000400
UAL PILOTS DIRECTED ACCOUNT INVESTMENT DETAIL PAGE: 4
GROWTH EQUITY FUND 11/30/1995 HHFR005BF
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
49,800.0000 MICRON TECHNOLOGY INC 3,457,038.90 54.750000 2,726,550.00 -730,488.90 1.25
21,800.0000 MICROSOFT CORP 1,132,066.44 87.125000 1,899,325.00 767,258.56 .87
16,500.0000 MICROSOFT CORP 1,338,082.61 87.125000 1,437,562.50 99,479.89 .66
35,100.0000 MOBILE TELECOMMUNICTNS TECH 1,110,297.73 23.000000 807,300.00 -302,997.73 .37
19,500.0000 MOTOROLA INC 962,113.81 61.250000 1,194,375.00 232,261.19 .55
34,700.0000 MOTOROLA INC 2,059,570.46 61.250000 2,125,375.00 65,804.54 .98
17,100.0000 NATIONSBANK CORP 883,089.50 71.375000 1,220,512.50 337,423.00 .56
15,400.0000 NETCOM ON-LINE COMMUNICATON
SVCS INC 1,087,000.50 73.000000 1,124,200.00 37,199.50 .52
8,600.0000 NETSCAPE COMMUNICATIONS CORP 861,254.70 138.250000 1,188,950.00 327,695.30 .55
43,700.0000 NOKIA CORP ADR 2,581,039.00 54.250000 2,370,725.00 -210,314.00 1.09
51,700.0000 NOKIA CORP ADR 2,525,131.51 54.250000 2,804,725.00 279,593.49 1.29
49,900.0000 NORTHWEST AIRLS CORP CL A 1,106,129.60 50.375000 2,513,712.50 1,407,582.90 1.15
139,700.0000 NORWEST CORP 3,269,780.59 33.000000 4,610,100.00 1,340,319.41 2.12
71,050.0000 OFFICE DEPOT INC 1,385,309.76 24.500000 1,740,725.00 355,415.24 .80
67,800.0000 OFFICEMAX INC 1,095,638.16 22.750000 1,542,450.00 446,811.84 .71
43,800.0000 ORACLE CORP 343,628.60 45.375000 1,987,425.00 1,643,796.40 .91
22,050.0000 ORACLE CORP 694,932.43 45.375000 1,000,518.75 305,586.32 .46
39,100.0000 OXFORD HEALTH PLANS INC 1,372,074.26 75.000000 2,932,500.00 1,560,425.74 1.35
48,300.0000 PAGING NETWORK INC 846,485.09 22.250000 1,074,675.00 228,189.91 .49
25,200.0000 PEOPLESOFT INC 1,094,930.50 42.000000 1,058,400.00 -36,530.50 .49
9,400.0000 PEPSICO INC 438,316.88 55.250000 519,350.00 81,033.12 .24
56,900.0000 PETSMART INC 1,105,196.22 32.250000 1,835,025.00 729,828.78 .84
FRC G000400
UAL PILOTS DIRECTED ACCOUNT INVESTMENT DETAIL PAGE: 5
GROWTH EQUITY FUND 11/30/1995 HHFR005BF
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
22,600.0000 PFIZER INC 961,320.04 58.000000 1,310,800.00 349,479.96 .60
89,900.0000 PHILIP MORRIS COS INC 5,283,075.73 87.750000 7,888,725.00 2,605,649.27 3.62
95,550.0000 STAPLES INC 958,594.26 25.500000 2,436,525.00 1,477,930.74 1.12
59,000.0000 STARBUCKS CORP 1,580,062.48 42.250000 2,492,750.00 912,687.52 1.15
24,900.0000 SYBASE INC 969,723.80 35.125000 874,612.50 -95,111.30 .40
34,575.0000 TELE COMM INC NEW COM
LIBERTY MEDIA GROUP SER A 739,526.20 28.000000 968,100.00 228,573.80 .44
172,400.0000 TELE COMMUNICATIONS INC NEW A 2,930,162.97 18.500000 3,189,400.00 259,237.03 1.47
18,800.0000 TELEPHONE & DATA SYS INC 753,917.07 38.125000 716,750.00 -37,167.07 .33
64,100.0000 TELLABS INC 2,219,290.50 39.250000 2,515,925.00 296,634.50 1.16
30,100.0000 THE TRAVELERS GROUP INC 1,547,831.73 59.500000 1,790,950.00 243,118.27 .82
12,652.0000 TSL HOLDINGS PURCHASE COUPON
EXP 11/30/1993 .00 .000000 .00 .00 .00
31,600.0000 UNITED HEALTHCARE CORP 1,317,289.22 62.875000 1,986,850.00 669,560.78 .91
48,200.0000 UNITED HEALTHCARE CORP 1,731,351.56 62.875000 3,030,575.00 1,299,223.44 1.39
10,819.0000 VIACOM INC CLASS B 506,046.73 48.250000 522,016.75 15,970.02 .24
44,800.0000 VODAFONE GROUP PLC SPONSORED
ADR 952,876.79 36.125000 1,618,400.00 665,523.21 .74
12,400.0000 WAL MART STORES INC 275,895.88 24.000000 297,600.00 21,704.12 .14
73,800.0000 WORLDCOM INC 2,119,578.60 32.500000 2,398,500.00 278,921.40 1.10
52,900.0000 3COM CORP 2,027,399.10 45.750000 2,420,175.00 392,775.90 1.11
TOTAL INVESTMENTS COMMON STOCK 145,634,360.57 185,149,819.88 39,515,459.31 85.07
FRC G000400
UAL PILOTS DIRECTED ACCOUNT INVESTMENT DETAIL PAGE: 6
GROWTH EQUITY FUND 11/30/1995 HHFR005BF
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
TOTAL INVESTMENT 178,118,537.57 217,640,767.88 39,522,230.31 100.00
FAC G000500 INVESTMENT DETAIL PAGE: 1
UAL PILOTS DIRECTED ACCOUNT PLAN 11/30/1995 HMFROO5BF
SMALL CAPITAL EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
UNREALIZED % OF
SHARES/PAR VALUE Security Description Cost Market Price Market Value Gain/Loss MARKET
- ------------------ --------------------------- ------------- ------------ ------------- ----------- ------
INVESTMENTS CASH & CASH EQUIVALENTS
34,923,729.0000 TBC INC ISG POOLED EMPL FDS 34,923,729.00 1.000000 34,923,729.00 .00 13.29
12/31/1999
2,869,764.0000 TBC INC ISG POOLED EMPL FDS 2,869,764.00 1.000000 2,869,764.00 .00 1.09
12/31/1999
1,195,420.0000 TBC INC ISG POOLED EMPL FDS 1,195,420.00 1.000000 1,195,420.00 .00 .45
12/31/1999
660,892.0000 TBC INC ISG POOLED EMPL FDS 660,892.00 1.000000 660,892.00 .00 .25
12/31/1999
TOTAL INVESTMENTS CASH & CASH EQUIVALENTS 39,649,805.00 39,649,805.00 .00 15.08
INVESTMENTS FIXED INCOME SECURITIES
1,500,000.0000 U S TREASURY NOTES 1,490,546.88 99.911000 1,498,665.00 8,118.12 .57
04.250% 12/31/1995 DD 12/31/93
TOTAL INVESTMENTS FIXED INCOME SECURITIES 1,490,546.88 1,490,546.88 8,118.12 .57
INVESTMENTS COMMON STOCK
2,900.0000 AAMES FINANCIAL CORP 78,741.50 31.750000 92,075.00 13,333.50 .04
22,765.0000 ABR INFORMATION SVCS INC 280,137.30 34.000000 774,010.00 493,872.70 .29
2,300.0000 ACC CORP 48,898.00 21.500000 49,450.00 552.00 .02
4,200.0000 ACCUSTAFF INC 77,721.00 30.000000 126,000.00 48,279.00 .05
5,400.0000 ACME CLEVELAND CORP NEW 115,262.85 22.750000 122,850.00 7,587.15 .05
1,100.0000 ACME METALS INC 18,023.50 15.250000 16,775.00 -1,248.50 .01
1,200.0000 ACTIVE VOICE CORP 36,924.00 27.000000 32,400.00 -4,524.00 .01
9,300.0000 ACTIVISION INC 160,001.85 17.625000 163,912.50 3,910.65 .06
FAC G000500 INVESTMENT DETAIL PAGE: 2
UAL PILOTS DIRECTED ACCOUNT PLAN 11/30/1995 HMFROO5BF
SMALL CAPITAL EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
UNREALIZED % OF
SHARES/PAR VALUE Security Description Cost Market Price Market Value Gain/Loss MARKET
- ------------------ --------------------------- ------------- ------------ ------------- ----------- ------
3,000.0000 ACX TECHNOLOGIES INC 58,530.00 16.500000 49,500.00 -9,030.00 .02
28,800.0000 ADAPTEC INC 847,630.47 46.875000 1,350,000.00 502,369.53 .51
26,200.0000 ADFLEX SOLUTIONS INC 459,338.91 28.500000 746,700.00 287,361.09 .28
3,122.0000 ADVANCED THERAPEUTIC SYSTEMS 70,584.74 27.750000 86,635.50 16,050.76 .03
27,400.0000 ADVENT SOFTWARE INC 570,777.50 21.000000 575,400.00 4,622.50 .22
1,200.0000 ADVO INC 20,630.00 26.500000 31,800.00 11,170.00 .01
27,600.0000 AGOURON PHARMACEUTICALS INC 779,469.72 29.750000 821,100.00 41,630.28 .31
3,300.0000 AIR EXPRESS INTL CORP 74,283.00 23.500000 77,550.00 3,267.00 .03
3,400.0000 ALBANK FINL CORP 77,418.00 29.750000 101,150.00 23,732.00 .04
28,500.0000 ALBANY INTL CORP CL A 543,495.00 21.375000 609,187.50 65,692.50 .23
7,100.0000 ALBANY INTL CORP CL A 179,300.80 21.375000 151,762.50 -27,538.30 .06
11,400.0000 ALBEMARLE CORP 180,446.01 18.375000 209,475.00 29,028.99 .08
25,600.0000 ALLIANCE SEMICONDUCTOR CORP 976,478.03 22.500000 576,000.00 -400,478.03 .22
1,400.0000 ALLIED GROUP INC 35,203.00 35.500000 49,700.00 14,497.00 .02
3,600.0000 ALLMERICA PPTY & CAS COS INC 63,415.00 25.500000 91,800.00 28,385.00 .03
2,700.0000 ALTERNATIVE RES CORP 80,079.00 30.000000 81,000.00 921.00 .03
4,000.0000 ALTRON INC 61,186.00 29.500000 118,000.00 56,814.00 .04
8,400.0000 ALUMAX INC 234,869.32 33.250000 279,300.00 44,430.68 .11
1,700.0000 AMC ENTMT INC 36,799.90 21.750000 36,975.00 175.10 .01
2,000.0000 AMCAST INDL CORP 38,308.50 18.500000 37,000.00 -1,308.50 .01
20,726.0000 AMERICA ONLINE INC DEL 445,584.61 40.875000 847,175.25 401,590.64 .32
43,000.0000 AMERICA WEST AIRLS INC CL B 696,901.00 17.875000 768,625.00 71,724.00 .29
FAC G000500 INVESTMENT DETAIL PAGE: 3
UAL PILOTS DIRECTED ACCOUNT PLAN 11/30/1995 HMFROO5BF
SMALL CAPITAL EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
UNREALIZED % OF
SHARES/PAR VALUE Security Description Cost Market Price Market Value Gain/Loss MARKET
- ------------------ --------------------------- ------------- ------------ ------------- ----------- ------
4,000.0000 AMERICAN BANKERS INS GROUP INC 95,242.45 36.125000 144,500.00 49,257.55 .05
2,400.0000 AMERICAN BLDGS CO NEW 55,674.00 22.625000 54,300.00 -1,374.00 .02
2,000.0000 AMERICAN BUSINESS PRODS INC GA 37,796.00 23.375000 46,750.00 8,954.00 .02
8,600.0000 AMERICAN MED RESPONSE INC 236,297.80 28.625000 246,175.00 9,877.20 .09
5,000.0000 AMERICAN MGMT SYS INC 86,300.00 29.750000 148,750.00 62,450.00 .06
1,000.0000 AMERICAN NATL INS CO 46,145.00 61.000000 61,000.00 14,855.00 .02
10,600.0000 AMERICAN PRESIDENT COS LTD 273,744.00 25.000000 265,000.00 -8,744.00 .10
20,600.0000 AMERIDATA TECHNOLOGIES INC 232,230.60 10.625000 218,875.00 -13,355.60 .08
36,500.0000 AMERIN CORP 605,100.11 22.000000 803,000.00 197,899.89 .31
17,800.0000 AMERISOURCE HEALTH CORP CL A 373,800.00 29.000000 516,200.00 142,400.00 .20
58,200.0000 ANIXTER INTERNATIONAL INC 1,069,770.25 17.750000 1,033,050.00 -36,720.25 .39
6,400.0000 ANIXTER INTERNATIONAL INC 118,408.65 17.750000 113,600.00 -4,808.65 .04
1,800.0000 ANTHONY INDS INC 34,553.88 22.375000 40,275.00 5,721.12 .02
14,700.0000 APAC TELESERVICES INC 247,753.03 31.625000 464,887.50 217,134.47 .18
1,900.0000 APOGEE INC 33,682.63 9.750000 18,525.00 -15,157.63 .01
1,700.0000 APPLIED MAGNETICS CORP 26,741.76 15.500000 26,350.00 -391.76 .01
2,400.0000 APPLIX INC 63,648.00 40.875000 98,100.00 34,452.00 .04
2,900.0000 APTARGROUP INC 76,947.50 36.000000 104,400.00 27,452.50 .04
32,886.0000 ARBOR SOFTWARE CORP 993,207.86 43.000000 1,414,098.00 420,890.14 .54
29,700.0000 ARCADIAN CORP 507,602.70 20.750000 616,275.00 108,672.30 .23
12,200.0000 ASARCO INC 344,175.40 35.375000 431,575.00 87,399.60 .16
23,960.0000 ASCEND COMMUNICATIONS INC 602,770.00 71.500000 1,713,140.00 1,110,370.00 .65
FAC G000500 INVESTMENT DETAIL PAGE: 4
UAL PILOTS DIRECTED ACCOUNT PLAN 11/30/1995 HMFROO5BF
SMALL CAPITAL EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
UNREALIZED % OF
SHARES/PAR VALUE Security Description Cost Market Price Market Value Gain/Loss MARKET
- ------------------ --------------------------- ------------- ------------ ------------- ----------- ------
2,400.0000 ASECO CORP 47,302.08 16.500000 39,600.00 -7,702.08 .02
34,205.0000 ASPEN TECHNOLOGY INC 720,257.46 30.000000 1,026,150.00 305,892.54 .03
2,900.0000 ASPEN TECHNOLOGY INC 74,733.00 30.000000 87,000.00 12,267.00 .39
7,300.0000 ASTORIA FINL CORP 191,159.75 43.500000 317,550.00 126,390.25 .12
4,100.0000 AT & T CAP CORP 105,630.00 39.625000 162,462.50 56,832.50 .06
3,900.0000 ATLANTA GAS LT CO 150,333.20 38.250000 149,175.00 -1,158.20 .06
8,100.0000 ATLANTIC ENERGY INC N J 157,383.55 19.625000 158,962.50 1,578.95 .06
43,000.0000 ATLAS AIR INC 746,860.63 15.250000 655,750.00 -91,110.63 .25
2,400.0000 AUTHENTIC FITNESS CORP 47,755.20 21.125000 50,700.00 2,944.80 .02
17,850.0000 AVANT CORPORATION 336,375.00 45.000000 803,250.00 466,875.00 .31
21,500.0000 AVID TECHNOLOGY INC 966,161.15 39.625000 851,937.50 -114,223.65 .32
11,800.0000 AVNET INC 434,059.50 47.000000 554,600.00 120,540.50 .21
13,250.0000 BABY SUPERSTORE INC 466,476.01 56.250000 745,312.50 278,836.49 .28
7,900.0000 BALL CORP 249,687.30 28.625000 226,137.50 -23,549.80 .09
3,600.0000 BANKERS CORP 47,736.00 17.063000 61,425.00 13,689.00 .02
5,100.0000 BANTA CORP 151,990.00 43.750000 223,125.00 71,135.00 .08
9,300.0000 BARD C R INC 260,830.62 28.875000 268,537.50 7,706.88 .10
10,300.0000 BARNES & NOBLE INC COM 260,677.45 36.750000 378,525.00 117,847.55 .14
13,000.0000 BARNES & NOBLE INC COM 392,895.68 36.750000 477,750.00 84,854.32 .18
16,900.0000 BAYBANKS INC 783,649.16 83.000000 1,402,700.00 619,050.84 .53
2,700.0000 BEL FUSE INC 37,179.00 11.375000 30,712.50 -6,466.50 .01
3,400.0000 BELDEN INC COM 84,649.80 27.000000 91,800.00 7,150.20 .03
FAC G000500 INVESTMENT DETAIL PAGE: 5
UAL PILOTS DIRECTED ACCOUNT PLAN 11/30/1995 HMFROO5BF
SMALL CAPITAL EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
UNREALIZED % OF
SHARES/PAR VALUE Security Description Cost Market Price Market Value Gain/Loss MARKET
- ------------------ --------------------------- ------------- ------------ ------------- ---------- ------
35,330.0000 BELDEN INC COM 876,227.30 27.000000 953,910.00 77,682.70 .36
2,730.0000 BELL INDS INC 52,709.80 22.750000 62,107.50 9,397.70 .02
2,100.0000 BEN & JERRYS HOMEMADE INC CL A 41,479.41 15.625000 32,812.50 -8,666.91 .01
8,510.0000 BERGEN BRUNSWIG CORP CL A 166,911.10 24.000000 204,240.00 37,328.90 .08
17,700.0000 BEST BUY INC 484,166.88 20.500000 362,850.00 -121,316.88 .14
3,600.0000 BIG B INC 49,122.00 10.125000 36,450.00 -12,672.00 .01
45,900.0000 BIG FLOWER PRESS 734,400.00 15.375000 705,712.50 -28,687.50 .27
2,200.0000 BINDLEY WESTN INDS INC 29,447.00 17.875000 39,325.00 9,878.00 .01
3,100.0000 BIO RAD LABS INC CL A 99,240.60 41.250000 127,875.00 28,634.40 .05
2,000.0000 BISYS GROUP INC 39,895.00 28.250000 56,500.00 16,605.00 .02
5,100.0000 BJ SVCS CO 128,303.50 24.625000 125,587.50 -2,716.00 .05
17,000.0000 BJ SVCS CO 337,297.50 24.625000 418,625.00 81,327.50 .16
1,030.0000 BLOCK DRUG INC CL A 37,270.00 39.000000 40,170.00 2,900.00 .02
2,850.0000 BLOUNT INTL INC CL A 82,213.00 30.125000 85,856.25 3,643.25 .03
18,000.0000 BMC INDS INC MINN 335,481.00 16.750000 301,500.00 -33,981.00 .11
17,200.0000 BMC SOFTWARE INC 406,138.74 42.250000 726,700.00 320,561.26 .28
8,000.0000 BOISE CASCADE CORP 306,334.28 37.250000 298,000.00 -8,334.28 .11
57,500.0000 BORDERS GROUP INC 870,337.10 17.625000 1,013,437.50 143,100.40 .39
25,000.0000 BORDERS GROUP INC 468,772.44 17.625000 440,625.00 -28,147.44 .17
5,300.0000 BORG WARNER AUTOMOTIVE INC COM 133,845.00 29.625000 157,012.50 23,167.50 .06
19,832.0000 BOSTON BEER INC CL A 483,339.53 25.750000 510,674.00 27,334.47 .19
6,200.0000 BOSTON EDISON CO 149,248.37 27.875000 172,825.00 23,576.63 .07
FAC G000500 INVESTMENT DETAIL PAGE: 6
UAL PILOTS DIRECTED ACCOUNT PLAN 11/30/1995 HMFROO5BF
SMALL CAPITAL EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
UNREALIZED % OF
SHARES/PAR VALUE Security Description Cost Market Price Market Value Gain/Loss MARKET
- ------------------ --------------------------- ------------- ------------ ------------- ---------- ------
6,700.0000 BOWATER INC 308,172.53 39.750000 266,325.00 -41,847.53 .10
6,000.0000 BRADLEES INC 36,802.72 1.625000 9,750.00 -27,052.72 .00
10,400.0000 BRIGGS & STRATTON CORP 306,941.39 41.625000 432,900.00 125,958.61 .16
2,500.0000 BROOKLYN UN GAS CO 62,295.00 28.250000 70,625.00 8,330.00 .03
30,100.0000 BROOKS AUTOMATION INC 268,812.50 17.000000 511,700.00 242,887.50 .19
3,900.0000 BROOKTROUT TECHNOLOGY INC 81,532.62 24.500000 95,550.00 14,017.38 .04
62,100.0000 BROWN TOM INC NEW 683,100.00 12.750000 791,775.00 108,675.00 .30
1,500.0000 BUTLER MFG CO DEL 41,020.00 34.500000 51,750.00 10,730.00 .02
2,100.0000 C TEC CORP 56,596.26 29.000000 60,900.00 4,303.74 .02
6,700.0000 C-CUBE MICROSYSTEMS INC 387,181.72 100.250000 671,675.00 284,493.28 .26
13,900.0000 CABOT CORP 435,339.58 47.000000 653,300.00 217,960.42 .25
3,500.0000 CACI INTL INC CL A 44,222.50 12.000000 42,000.00 -2,222.50 .02
9,600.0000 CADENCE DESIGN SYS INC 318,540.80 36.000000 345,600.00 27,059.20 .13
57,700.0000 CAIRN ENERGY USA INC 416,493.77 12.625000 728,462.50 311,968.73 .28
4,600.0000 CALIFORNIA AMPLIFIER INC 56,129.50 28.750000 132,250.00 76,120.50 .05
7,000.0000 CALIFORNIA ENERGY INC 126,154.00 19.250000 134,750.00 8,596.00 .05
15,500.0000 CALLAWAY GOLF CO 250,278.50 19.875000 308,062.50 57,784.00 .12
1,200.0000 CAMBREX CORP 48,312.00 37.000000 44,400.00 -3,912.00 .02
4,700.0000 CAMBRIDGE TECHNOLOGY PARTNERS 154,268.90 49.500000 232,650.00 78,381.10 .09
MASS INC
6,600.0000 CAMCO INTL INC COM 124,332.75 23.500000 155,100.00 30,767.25 .06
1,900.0000 CANNONDALE CORP 34,467.33 14.250000 27,075.00 -7,392.33 .01
7,200.0000 CARPENTER TECHNOLOGY CORP 230,957.00 43.250000 311,400.00 80,443.00 .12
FAC G000500 INVESTMENT DETAIL PAGE: 7
UAL PILOTS DIRECTED ACCOUNT PLAN 11/30/1995 HMFROO5BF
SMALL CAPITAL EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
UNREALIZED % OF
SHARES/PAR VALUE Security Description Cost Market Price Market Value Gain/Loss MARKET
- ------------------ --------------------------- ------------- ------------ ------------- ---------- ------
5,400.0000 CARSON PIRIE SCOTT & CO ILL 92,245.50 19.875000 107,325.00 15,079.50 .04
18,120.0000 CASCADE COMMUNICATIONS CORP 582,455.64 87.250000 1,580,970.00 998,514.36 .60
18,500.0000 CASE CORP 374,558.88 41.750000 772,375.00 397,816.12 .29
9,800.0000 CASTECH ALUM GROUP INC 196,196.00 15.250000 149,450.00 -46,746.00 .06
1,600.0000 CCB FINL CORP 55,632.00 50.000000 80,000.00 24,368.00 .03
3,100.0000 CDW COMPUTER CTFS INC 117,862.00 51.500000 159,650.00 41,788.00 .06
2,800.0000 CELADON GROUP INC 48,006.00 9.000000 25,200.00 -22,806.00 .01
1,500.0000 CELESTIAL SEASONINGS INC 22,702.50 19.250000 28,875.00 6,172.50 .01
3,300.0000 CELLULAR COMMUNICATIONS INC 170,412.00 47.875000 157,987.50 -12,424.50 .06
NEW RED COM SER A
2,800.0000 CENTEX CONSTR PRODS INC 39,928.00 14.000000 39,200.00 -728.00 .01
2,300.0000 CENTRAL FID BKS INC 56,373.00 33.000000 75,900.00 19,527.00 .03
4,000.0000 CENTRAL HUDSON GAS & ELEC CORP 105,100.00 30.375000 121,500.00 16,400.00 .05
2,000.0000 CENTRAL LA ELEC INC NEW 52,046.00 25.625000 51,250.00 -796.00 .02
9,500.0000 CENTRAL ME PWR CO 130,853.00 13.500000 128,250.00 -2,603.00 .05
3,200.0000 CENTRAL VT PUB SVC CORP 41,680.00 13.500000 43,200.00 1,520.00 .02
78,700.0000 CENTURY COMMUNICATIONS CORP CL 730,456.25 8.500000 668,950.00 -61,506.25 .25
A
14,300.0000 CENTURY TEL ENTERPRISES INC 436,785.56 31.250000 446,875.00 10,089.44 .17
4,600.0000 CEPHALON INC 130,751.17 27.750000 127,650.00 -3,101.17 .05
9,700.0000 CHAMPION ENTERPRISES INC 152,313.32 30.000000 291,000.00 138,686.68 .11
5,200.0000 CHARTER ONE FINL INC 101,910.25 32.000000 166,400.00 64,489.75 .06
1,600.0000 CHARTER PWR SYS INC 46,236.80 24.875000 39,800.00 -6,436.80 .02
FAC G000500 INVESTMENT DETAIL PAGE: 8
UAL PILOTS DIRECTED ACCOUNT PLAN 11/30/1995 HMFROO5BF
SMALL CAPITAL EQUITY FUND BASE CURRENCY: USD
Item 27a: Schedule of Assets Held for Investment Purposes
UNREALIZED % OF
SHARES/PAR VALUE Security Description Cost Market Price Market Value Gain/Loss MARKET
- ------------------ --------------------------- ------------- ------------ ------------- ---------- ------
67,800.0000 CHECKFREE CORP 1,288,000.00 25.000000 1,695,000.00 407,000.00 .64
2,300.0000 CHEMED CORP 77,383.50 38.875000 89,412.50 12,029.00 .03
5,500.0000 CHESAPEAKE CORP 166,430.00 29.500000 162,250.00 -4,180.00 .06
12,000.0000 CHESAPEAKE ENERGY CORP 324,799.15 42.500000 510,000.00 185,200.85 .19
400.0000 CHEYENNE SOFTWARE INC 6,188.90 23.250000 9,300.00 3,111.10 .00
5,326.0000 CHRIS CRAFT INDS INC 184,606.50 41.125000 219,031.75 34,425.25 .08
14,400.0000 CIDCO INC 501,679.78 26.500000 381,600.00 -120,079.78 .15
7,700.0000 CIDCO INC 224,201.69 26.500000 204,050.00 -20,151.69 .08
1,100.0000 CILCORP INC 44,836.00 41.125000 45,237.50 401.50 .02
3,100.0000 CINCINNATI BELL INC 89,005.70 29.875000 92,612.50 3,606.80 .04
42,717.0000 CITATION CORP ALA 621,349.73 16.125000 688,811.63 67,461.90 .26
1,100.0000 CITFED BANCORP INC 38,797.00 34.250000 37,675.00 -1,122.00 .01
12,707.1100 CITIZENS UTILS CO DEL 158,358.30 12.625000 160,427.28 2,068.98 .06
COM SER A
10,500.0000 CITY NATL CORP 147,231.00 13.750000 144,375.00 -2,856.00 .05
5,880.0000 CLEAR CHANNEL COMMUNICATIONS 308,717.32 78.875000 463,785.00 155,067.68 .18
INC
3,200.0000 CLEVELAND CLIFFS INC 115,464.00 39.125000 125,200.00 9,736.00 .05
16,510.0000 CMAC INVT CORP 494,949.97 46.750000 771,842.50 276,892.53 .02
1,400.0000 CMAC INVT CORP 71,955.80 46.750000 65,450.00 -6,505.80 .29
4,500.0000 CMG INFORMATION SVCS INC 86,022.00 75.000000 337,500.00 251,478.00 .03
14,700.0000 CNS INC 223,467.93 15.375000 226,012.50 2,544.57 .09
8,600.0000 COAST SVGS FINL INC 187,487.00 29.875000 256,925.00 69,438.00 .10
FRC G000500 INVESTMENT DETAIL PAGE: 9
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- ------------------------------ -------------- ------------ -------------- ------------- -------
8,600.0000 COEUR D ALENE MINES CORP IDAHO 154,261.15 18.125000 155,875.00 1,613.85 .06
11,200.0000 COGNEX CORP 285,700.86 60.750000 680,400.00 394,699.14 .26
29,200.0000 COHERENT COMMUNICATIONS SYS 682,550.00 15.250000 445,300.00 -237,250.00 .17
6,800.0000 COLE KENNETH PRODTNS INC CL A 107,497.12 21.250000 144,500.00 37,002.88 .05
24,020.0000 COLE KENNETH PRODTNS INC CL A 377,498.80 21.250000 510,425.00 132,926.20 .19
2,600.0000 COLLECTIVE BANCORP INC 43,464.46 26.375000 68,575.00 25,110.54 .03
18,000.0000 CONAIR HLDGS INC 407,884.77 32.375000 582,750.00 174,865.23 .22
1,785.0000 COMMERCE BANCSHARES INC 46,359.00 37.375000 66,714.38 20,355.38 .03
2,400.0000 COMMERCE GROUP INC MASS 49,715.28 21.125000 50,700.00 984.72 .02
10,300.0000 COMMERCIAL FED CORP 360,919.30 36.625000 377,237.50 16,318.20 .14
1,000.0000 COMMERCIAL METALS CO 26,025.00 23.500000 23,500.00 -2,525.00 .01
5,200.0000 COMMNET CELLULAR INC 148,304.00 27.125000 141,050.00 -7,254.00 .05
12,900.0000 COMMONWEALTH ALUMINUM CORP 312,180.25 17.250000 222,525.00 -89,655.25 .08
1,500.0000 COMMONWEALTH ENERGY SYS SH BEN INT 55,717.50 45.000000 67,500.00 11,782.50 .03
4,300.0000 COMMUNITY HEALTH SYS INC 172,636.40 34.250000 147,275.00 -25,361.40 .06
3,400.0000 COMPASS BANCSHARES INC 74,868.00 32.250000 109,650.00 34,782.00 .04
35,500.0000 COMPDENT CORP 722,405.38 34.750000 1,233,625.00 511,219.62 .47
4,500.0000 COMPUTER HORIZONS CORP 87,465.00 35.250000 158,625.00 71,160.00 .06
7,100.0000 COMPUTER PRODS INC 83,567.00 12.437500 88,306.25 4,739.25 .03
57,400.0000 COMPUTERVISION CORP NEW 591,604.58 12.500000 717,500.00 125,895.42 .27
26,200.0000 COMPUTERVISION CORP NEW 300,552.74 12.500000 327,500.00 26,947.26 .12
FRC G000500 INVESTMENT DETAIL PAGE: 10
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- ------------------------------ -------------- ------------ -------------- ------------- -------
29,100.0000 CONCORD EFS INC 468,193.60 38.250000 1,113,075.00 644,881.40 .42
31,500.0000 CONSOLIDATED GRAPHICS INC 753,525.50 24.750000 779,625.00 26,099.50 .30
27,000.0000 CONSOLIDATED STORES CORP 497,242.12 24.750000 668,250.00 171,007.88 .25
9,600.0000 CONSOLIDATED STORES CORP 188,749.61 24.750000 237,600.00 48,850.39 .09
2,200.0000 CONTINENTAL HOMES HLDG CORP 46,497.00 18.375000 40,425.00 -6,072.00 .02
5,300.0000 CONTROL DATA SYS INC 49,740.50 17.000000 90,100.00 40,359.50 .03
5,000.0000 COORS ADOLPH CO CL B 75,725.00 20.250000 101,250.00 25,525.00 .04
2,700.0000 COPART INC 60,316.38 23.875000 64,462.50 4,146.12 .02
18,200.0000 COR THERAPEUTICS INC 196,335.10 11.000000 200,200.00 3,864.90 .08
11,350.0000 CORPORATE EXPRESS INC 143,395.33 26.750000 303,612.50 160,217.17 .12
28,110.0000 CORPORATE EXPRESS INC 444,267.74 26.750000 751,942.50 307,674.76 .29
11,000.0000 CORRECTIONS CORP AMER 185,851.59 31.000000 341,000.00 155,148.41 .13
9,200.0000 COUNTRYWIDE CR INDS INC 200,489.55 22.000000 202,400.00 1,910.45 .08
26,100.0000 CP CLARE INC 508,950.00 24.750000 645,975.00 137,025.00 .25
3,300.0000 CPI CORP 56,097.25 20.875000 68,887.50 12,790.25 .03
8,400.0000 CREDENCE SYS CORP 125,786.42 29.750000 249,900.00 124,113.58 .10
28,200.0000 CREDIT ACCEP CORP MICH 594,500.00 20.500000 578,100.00 -16,400.00 .22
6,000.0000 CROP GROWERS CORP 90,220.09 13.250000 79,500.00 -10,720.09 .03
2,000.0000 CROSS A T CO CL A 26,020.00 15.875000 31,750.00 5,730.00 .01
3,800.0000 CROSS TIMBERS DIL CO COM 53,181.32 17.250000 65,550.00 12,368.68 .02
17,700.0000 CUMMINS ENGINE INC 709,433.92 39.250000 694,725.00 -14,708.92 .26
3,800.0000 CURATIVE TECHNOLOGIES INC 45,814.70 12.875000 48,925.00 3,110.30 .02
FRC G000500 INVESTMENT DETAIL PAGE: 11
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- ------------------------------ -------------- ------------ -------------- ------------- -------
1,900.0000 CUSTOM CHROME INC 40,888.00 24.750000 47,025.00 6,137.00 .02
9,900.0000 CWM MTG HLDGS INC 132,065.16 15.125000 149,737.50 17,672.34 .06
3,000.0000 CYCARE SYS INC 78,819.00 28.000000 84,000.00 5,181.00 .03
5,200.0000 CYPRESS SEMICONDUCTOR CORP 65,889.90 15.625000 81,250.00 15,360.10 .03
7,300.0000 CYTEC INDS INC 320,972.39 64.000000 467,200.00 146,227.61 .16
5,400.0000 CYTEL CORP 40,223.22 4.250000 22,950.00 -17,273.22 .01
3,100.0000 DAIG CORP 74,037.00 21.250000 65,875.00 -8,162.00 .03
8,900.0000 DATA GEN CORP 123,109.25 12.125000 107,912.50 -15,196.75 .04
4,700.0000 DATA TRANSLATION INC 70,783.95 19.500000 91,650.00 20,866.05 .03
6,000.0000 DATASCOPE CORP 103,845.00 25.500000 153,000.00 49,155.00 .06
2,000.0000 DAY RUNNER INC 49,938.20 28.250000 56,500.00 6,561.80 .02
5,700.0000 DEAN FOODS CO 170,344.50 28.000000 159,600.00 -10,744.50 .06
5,500.0000 DELMARVA PWR & LT CO 124,776.50 22.250000 122,375.00 -2,401.50 .05
28,000.0000 DENDRITE INTERNATIONAL INC 450,983.47 21.125000 591,500.00 140,516.53 .23
1,100.0000 DEPOSIT GTY CORP 31,922.00 46.500000 51,150.00 19,228.00 .02
9,800.0000 DESIGNS INC 78,735.99 7.875000 77,175.00 -1,560.99 .03
1,800.0000 DEVON GROUP INC NEW 71,555.94 38.500000 69,300.00 -2,255.94 .03
5,600.0000 DEXTER CORP 113,512.00 24.375000 136,500.00 22,988.00 .05
7,300.0000 DIAMOND SHAMROCK INC 189,357.60 25.125000 183,412.50 -5,945.10 .07
5,300.0000 DIEBOLD INC 273,229.31 57.375000 304,087.50 30,858.19 .12
3,200.0000 DIMARK INC 45,398.64 14.000000 44,800.00 -598.64 .02
73,900.0000 DIME BANCORP INC NEW 768,948.00 11.250000 831,375.00 62,427.00 .32
FRC G000500 INVESTMENT DETAIL PAGE: 12
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- ------------------------------ -------------- ------------ -------------- ------------- -------
1,800.0000 DISCOUNT AUTO PTS INC 55,841.40 27.750000 49,950.00 -5,891.40 .02
50,740.0000 DISCREET LOGIC INC 724,792.09 30.500000 1,547,570.00 822,777.91 .59
1,700.0000 DOVATRON INTL INC 33,592.00 32.750000 55,675.00 22,083.00 .02
5,600.0000 DSP COMMUNICATIONS INC 250,012.00 43.875000 245,700.00 -4,312.00 .09
5,600.0000 DSP GROUP INC 89,809.44 11.875000 66,500.00 -23,309.44 .03
7,300.0000 EAGLE HARDWARE & GARDEN INC 58,089.75 7.562500 55,206.25 -2,883.50 .02
19,600.0000 EASTBAY INC 350,541.54 21.750000 426,300.00 75,758.46 .16
2,600.0000 EASTERN ENTERPRISES 79,001.00 32.500000 84,500.00 5,499.00 .03
2,600.0000 EASTERN UTILS ASSOC 61,484.80 23.000000 59,800.00 -1,684.80 .02
11,700.0000 EL PASO NAT GAS CO NEW 319,542.50 30.750000 359,775.00 40,232.50 .14
19,155.0000 ELAN PLC ADR 625,703.99 48.000000 919,440.00 293,736.01 .35
3,122.0000 ELAN PLC ADR WT REPSTG WT EXP 95 0.00 18.125000 56,586.25 56,586.25 .02
3,000.0000 ELCOR CORP 67,994.10 20.875000 62,625.00 -5,369.10 .02
1,400.0000 ELECTRO SCIENTIFIC INDS INC 46,578.00 28.500000 39,900.00 -6,678.00 .02
3,700.0000 ELECTROGLAS INC 148,545.30 59.500000 220,150.00 71,604.70 .08
18,500.0000 ELTRON INTL INC 388,500.00 37.000000 684,500.00 296,000.00 .26
2,400.0000 ELTRON INTL INC 81,948.00 37.000000 88,800.00 6,852.00 .03
2,400.0000 EMMIS BROADCASTING CORP 67,548.00 27.000000 64,800.00 -2,748.00 .02
4,200.0000 EMPI INC 35,558.88 18.500000 77,700.00 42,141.12 .03
42,700.0000 ENERGY VENTURES INC 915,148.25 21.000000 896,700.00 -18,448.25 .34
2,100.0000 ENNIS BUSINESS FORMS INC 25,221.00 12.500000 26,250.00 1,029.00 .01
2,500.0000 ENRON GLOBAL PWR & PIPELINE 60,387.50 25.125000 62,812.50 2,425.00 .02
FRC G000500 INVESTMENT DETAIL PAGE: 13
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
5,000.0000 EQUITABLE RES INC 142,600.00 30.750000 153,750.00 11,150.00 .06
5,100.0000 ESTERLINE TECHNOLOGIES CORP 109,300.60 21.500000 109,650.00 349.40 .04
3,500.0000 ETHAN ALLEN INTERIORS INC 74,877.00 22.000000 77,000.00 2,123.00 .03
21,100.0000 ETHYL CORP 203,077.65 12.500000 263,750.00 60,672.35 .10
22,040.0000 FAIR ISSAC & CO INC 446,499.75 28.000000 617,120.00 170,620.25 .23
71,000.0000 FALCON DRILLING COMPANY INC 639,000.00 12.812500 909,687.50 270,687.50 .35
19,600.0000 FASTENAL CO 731,450.00 41.500000 813,400.00 81,950.00 .31
4,900.0000 FEDERAL PAPER BRD INC 186,000.54 52.000000 254,800.00 68,799.46 .10
5,000.0000 FERRO CORP 140,658.50 22.250000 111,250.00 -29,408.50 .04
2,000.0000 FFY FINL CORP 45,290.00 21.250000 42,500.00 -2,790.00 .02
6,700.0000 FINOVA GROUP INC 241,558.50 48.500000 324,950.00 83,391.50 .12
2,200.0000 FIRST AMERN FINL CORP CALIF 39,781.50 22.875000 50,325.00 10,543.50 .02
8,300.0000 FIRST COLONY CORP 185,257.50 26.000000 215,800.00 30,542.50 .08
2,500.0000 FIRST FINL CORP WISC 34,737.50 22.500000 56,250.00 21,512.50 .02
2,100.0000 FIRST HAWAIIAN INC 52,154.55 29.250000 61,425.00 9,270.45 .02
3,300.0000 FIRST PALM BEACH BANCORP INC 49,566.00 22.875000 75,487.50 25,921.50 .03
COM
10,000.0000 FIRST SEC CORP DEL 229,193.54 34.750000 347,500.00 118,306.46 .13
2,300.0000 FIRSTBANK P R SAN JUAN 50,652.90 18.875000 43,412.50 -7,240.40 .02
7,100.0000 FISERV INC 157,566.00 26.500000 188,150.00 30,584.00 .07
8,800.0000 FLEMING COS INC 202,755.97 23.125000 203,500.00 744.03 .08
9,150.0000 FLOWERS INDS INC 110,505.86 12.875000 117,806.25 7,300.39 .04
FRC G000500 INVESTMENT DETAIL PAGE: 14
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
1,000.0000 FLUKE CORP 39,948.00 34.250000 34,250.00 -5,698.00 .01
18,010.0000 FORE SYS INC 698,609.84 58.250000 1,049,082.50 350,472.66 .40
2,600.0000 FRANKLIN ELECTR PUBLISHERS INC 81,926.00 41.000000 106,600.00 24,674.00 .04
7,500.0000 FRANKLIN QUEST CO 229,487.59 18.875000 141,562.50 -87,925.09 .05
3,960.0000 FREMONT GEN CORP 76,477.52 34.500000 136,620.00 60,142.48 .05
1,500.0000 FRIEDMANS INC CL A 27,390.00 23.250000 34,875.00 7,485.00 .01
28,900.0000 FRONTIER CORP 783,587.90 25.875000 747,787.50 -35,800.40 .28
2,976.0000 GAINSCO INC 26,723.27 10.250000 30,504.00 3,780.73 .01
3,200.0000 GATX CORP 168,073.60 48.750000 156,000.00 -12,073.60 .06
900.0000 GC COS INC COM 26,347.50 33.500000 30,150.00 3,802.50 .01
6,200.0000 GENERAL SIGNAL CORP 211,596.60 32.250000 199,950.00 -11,646.60 .08
9,900.0000 GENESIS HEALTH VENTURES INC 291,381.45 32.625000 322,987.50 31,606.05 .12
1,300.0000 GENETECH INC SPL 65,049.68 51.125000 66,462.50 1,412.82 .03
18,000.0000 GENSIA INC 76,778.20 4.500000 81,000.00 4,221.80 .03
12,700.0000 GENZYME CORP 432,346.69 65.250000 828,675.00 396,328.31 .32
15,100.0000 GIDDINGS & LEWIS INC WIS 222,243.80 15.750000 237,825.00 15,581.20 .09
10,300.0000 GLOBAL INDL TECHNOLOGIES INC 152,273.20 17.750000 182,825.00 30,551.80 .07
1,000.0000 GRACO INC 34,148.00 35.875000 35,875.00 1,727.00 .01
16,600.0000 GRAND CASINOS INC 335,267.70 36.750000 610,050.00 274,782.30 .23
2,200.0000 GRANITE CONSTR INC 55,032.00 27.750000 61,050.00 6,018.00 .02
4,900.0000 GREAT FINL CORP 75,654.04 23.187500 113,618.75 37,964.71 .04
10,400.0000 GREENPOINT FINL CORP 242,292.24 26.250000 273,000.00 30,707.76 .10
FRC G000500 INVESTMENT DETAIL PAGE: 15
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
12,400.0000 GTECH HLDGS CORP 371,136.60 28.500000 353,400.00 -17,736.60 .13
22,500.0000 GUEST SUPPLY INC 354,562.17 21.750000 489,375.00 134,812.83 .19
26,600.0000 GUIDANT CORP 802,330.65 37.375000 994,175.00 191,844.35 .38
4,700.0000 GULF SOUTH MED SUPPLY INC 109,369.00 24.000000 112,800.00 3,431.00 .04
8,200.0000 HADCO CORP 236,244.42 30.250000 248,050.00 11,805.58 .09
10,400.0000 HAENONETICS CORP MAS 180,553.36 17.750000 184,600.00 4,046.64 .07
5,100.0000 HANNA M A CO 123,539.50 26.875000 137,062.50 13,523.00 .05
4,700.0000 HARSCO CORP 259,542.56 59.000000 277,300.00 17,757.44 .11
2,000.0000 HARTFORD STM BOILER INSP & INS 92,169.00 46.125000 92,250.00 81.00 .04
2,200.0000 HARVEYS CASINO RESORTS 39,925.60 15.000000 33,000.00 -6,925.60 .01
3,800.0000 HAVEN BANCORP INC 53,504.00 25.000000 95,000.00 41,496.00 .04
2,400.0000 HAWAIIAN ELEC INDS INC 90,924.00 38.250000 91,800.00 876.00 .03
1,800.0000 HCC INS HLDGS INC 59,216.40 33.375000 60,075.00 858.60 .02
5,600.0000 HEALTH CARE & RETIREMENT CORP 171,556.00 33.500000 187,600.00 16,044.00 .07
DEL
14,700.0000 HEALTH MGMT ASSOC INC NEW CL A 53,919.43 26.500000 389,550.00 335,630.57 .15
3,100.0000 HEALTHWISE AMER INC 98,874.50 31.250000 96,875.00 -1,999.50 .04
24,700.0000 HEART TECHNOLOGY INC 436,041.73 27.375000 676,162.50 240,120.77 .26
5,400.0000 HELMERICH & PAYNE INC 133,234.96 27.250000 147,150.00 13,915.04 .06
2,300.0000 HENRY JACK & ASSOC INC 39,433.50 24.125000 55,487.50 16,054.00 .02
21,140.0000 HNC SOFTWARE 401,728.92 40.500000 856,170.00 454,441.08 .33
3,500.0000 HORACE MANN EDUCATORS CORP NEW 79,712.50 29.000000 101,500.00 21,787.50 .04
28,400.0000 HORIZON/CMS HEALTHCARE CORP 649,293.98 21.625000 614,150.00 -35,143.98 .23
FRC G000500 INVESTMENT DETAIL PAGE: 16
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- --------------------------- -------------- ------------ -------------- ------------- -------
9,000.0000 HORMEL FOODS CORPORATION 233,554.50 24.500000 220,500.00 -13,054.50 .00
1,900.0000 HS RES INC 30,694.50 13.375000 25,412.50 -5,282.00 .01
6,000.0000 HUDSON FOODS INC 100,038.94 16.000000 96,000.00 -4,038.94 .04
1,500.0000 HUGHES SUPPLY INC 39,597.00 26.250000 39,375.00 -222.00 .01
12,400.0000 I B P INC 414,391.32 62.500000 775,000.00 360,608.68 .29
7,700.0000 ICOS CORP 50,950.90 7.000000 53,900.00 2,949.10 .02
3,500.0000 ICU MED INC 46,007.50 11.625000 40,687.50 -5,320.00 .02
4,600.0000 IDAHO PWR CO 128,905.80 28.750000 132,250.00 3,344.20 .05
1,400.0000 IDEX CORP 53,407.20 41.125000 57,575.00 4,167.80 .02
21,660.0000 IDEXX LABS INC 413,153.67 44.500000 963,870.00 550,716.33 .37
2,600.0000 IEC ELECTRONICS CORP 22,152.00 9.000000 23,400.00 1,248.00 .01
4,200.0000 II-VI INC 40,977.09 12.125000 50,925.00 9,947.91 .02
11,000.0000 ILLINOVA CORP 301,614.60 28.375000 312,125.00 10,510.40 .12
36,000.0000 IMPERIAL CREDIT INDS 638,001.95 16.750000 603,000.00 -35,001.95 .23
2,200.0000 INFORMATION STORAGE DEVICES 47,322.00 17.750000 39,050.00 -8,272.00 .01
INC
6,500.0000 INNOVEX INC 101,840.00 16.625000 108,062.50 6,222.50 .04
22,400.0000 INPUT/OUTPUT INC 522,089.52 46.125000 1,033,200.00 511,110.48 .39
200.0000 INSIGHT ENTERPRISES INC 3,954.00 14.750000 2,950.00 -1,004.00 .00
1,900.0000 INSO CORP COM 52,763.00 40.500000 76,950.00 24,187.00 .03
7,700.0000 INTEGRATED HEALTH SVCS INC 233,314.41 22.125000 170,362.50 -62,951.91 .06
200.0000 INTER REGL FINL GROUP INC 6,802.00 39.375000 7,875.00 1,073.00 .00
FRC G000500 INVESTMENT DETAIL PAGE: 17
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- ------------------------------ -------------- ------------ -------------- ------------- -------
49,000.0000 INTER TEL INC 822,518.18 16.750000 820,750.00 -1,768.18 .31
11,000.0000 INTERGRATED PROCESS EQUIP CORP 401,038.00 30.750000 338,250.00 -62,788.00 .13
6,100.0000 INTERIM SVCS INC 151,036.00 32.000000 195,200.00 44,164.00 .07
2,400.0000 INTERNATIONAL MULTIFOODS CORP 42,110.40 23.375000 56,100.00 13,989.60 .02
16,200.0000 INTERNATIONAL RECTIFIER CORP 373,734.00 49.625000 803,925.00 430,191.00 .31
88,190.0000 INTERNATIONAL SPECIALTY PRODS INC 787,906.40 10.000000 881,900.00 93,993.60 .34
21,200.0000 INTERPOOL INC 333,495.06 16.875000 357,750.00 24,254.94 .14
20,360.0000 INTERSTATE BAKERIES CORP DEL NEW 311,881.72 22.375000 455,555.00 143,673.28 .17
4,100.0000 IOMEGA CORP 87,819.54 42.750000 175,275.00 87,455.46 .07
3,700.0000 IONICS INC 101,787.00 43.250000 160,025.00 58,238.00 .06
4,000.0000 IPALCO ENTERPRISES INC 144,542.00 37.375000 149,500.00 4,958.00 .06
3,000.0000 IPC INFORMATION SYS INC 49,905.00 14.500000 43,500.00 -6,405.00 .02
6,100.0000 ISOLYSER INC 107,546.87 16.250000 99,125.00 -8,421.87 .04
13,800.0000 J & L SPECIALTY STL INC COM 286,339.32 16.500000 227,700.00 -58,639.32 .09
28,500.0000 JACOBS ENGR GROUP INC 667,897.50 24.125000 687,562.50 19,665.00 .26
1,700.0000 JLG INDS INC 37,646.50 28.375000 48,237.50 10,591.00 .02
1,200.0000 JSB FINL INC 28,662.00 32.250000 38,700.00 10,038.00 .01
32,020.0000 JUST FOR FEET INC 546,343.95 34.125000 1,092,682.50 546,338.55 .42
2,600.0000 K N ENERGY INC 73,397.22 29.125000 75,725.00 2,327.78 .03
9,500.0000 KANSAS CITY PWR & LT CO 230,465.82 25.000000 237,500.00 7,034.18 .09
4,200.0000 KCS ENERGY INC 64,076.00 13.750000 57,750.00 -6,326.00 .02
FRC G000500 INVESTMENT DETAIL PAGE: 18
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- ------------------------------ -------------- ------------ -------------- ------------- -------
3,000.0000 KELLWOOD CO 62,444.10 19.375000 58,125.00 -4,319.10 .02
10,100.0000 KENNAMETAL INC 287,513.54 30.750000 310,575.00 23,061.46 .12
4,000.0000 KENT ELECTRS CORP 164,129.72 54.250000 217,000.00 52,870.28 .08
5,700.0000 KING WORLD PRODTNS INC 203,500.44 39.625000 225,862.50 22,362.06 .09
15,200.0000 KOMAG INC 410,026.75 53.125000 807,500.00 397,473.25 .31
7,500.0000 KOMAG INC 483,769.22 53.125000 398,437.50 -85,331.72 .15
4,200.0000 KU ENERGY CORP 125,042.40 29.375000 123,375.00 -1,667.40 .05
16,200.0000 KULICKE & SOFFA INDS INC 255,906.26 28.375000 459,675.00 203,768.74 .17
9,000.0000 LANDRY'S SEAFOOD RESTAURANTS 133,808.76 15.500000 139,500.00 5,691.24 .05
2,800.0000 LANDSTAR SYS INC COM 66,528.00 25.750000 72,100.00 5,572.00 .03
1,600.0000 LCI INTERNATIONAL INC 18,920.00 18.500000 29,600.00 10,680.00 .01
5,000.0000 LEADER FIN CORP COM 99,425.00 37.875000 189,375.00 89,950.00 .07
29,600.0000 LEAR SEATING CORP 865,800.00 28.000000 828,800.00 -37,000.00 .32
2,600.0000 LEAR SEATING CORP 49,101.00 28.000000 72,800.00 23,699.00 .03
700.0000 LEE ENTERPRISES INC 30,116.10 41.625000 29,137.50 -978.60 .01
5,600.0000 LENNAR CORP 128,562.00 22.125000 123,900.00 -4,662.00 .05
1,400.0000 LG&E ENERGY CORP 56,557.20 41.250000 57,750.00 1,192.80 .02
3,000.0000 LIFE BANCORP INC 45,435.00 15.250000 45,750.00 315.00 .02
5,400.0000 LINCARE HOLDINGS INC 126,333.00 26.750000 144,450.00 18,117.00 .05
8,700.0000 LIVING CTRS AMER INC 250,000.26 31.375000 272,962.50 22,962.24 .10
4,200.0000 LOGICON INC 80,082.61 28.125000 118,125.00 38,042.39 .04
19,300.0000 LONE STAR STEAKHOUSE SALOON 437,795.03 39.250000 757,525.00 319,729.97 .29
FRC G000500 INVESTMENT DETAIL PAGE: 19
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- ------------------------------ -------------- ------------ -------------- ------------- -------
32,700.0000 LONG ISLAND LTG CO 576,687.95 17.125000 559,987.50 -16,700.45 .21
1,900.0000 LONGS DRUG STORES CORP 59,260.05 39.750000 75,525.00 16,264.95 .03
5,600.0000 LUKENS INC 162,659.50 30.625000 171,500.00 8,840.50 .07
2,400.0000 LYDALL INC 61,430.16 26.125000 62,700.00 1,269.84 .02
23,290.0000 MACROMEDIA INC 406,166.20 46.500000 1,082,985.00 676,818.80 .41
1,100.0000 MAGNA GROUP INC 19,948.50 24.250000 26,675.00 6,726.50 .01
1,400.0000 MAIL BOXES ETC 19,278.00 14.875000 20,825.00 1,547.00 .01
9,500.0000 MARINER HEALTH GROUP INC 179,745.50 13.375000 127,062.50 -52,683.00 .05
8,970.0000 MARKEL CORP 367,007.55 72.250000 648,082.50 281,074.95 .25
5,800.0000 MARSHALL INDS 172,589.00 35.250000 204,450.00 31,861.00 .08
45,700.0000 MATRIX PHARMACEUTICAL INC 631,653.97 15.500000 708,350.00 76,696.03 .27
21,800.0000 MATTSON TECHNOLOGY INC 158,730.74 23.000000 501,400.00 342,669.26 .19
4,800.0000 MATTSON TECHNOLOGY INC 108,960.50 23.000000 110,400.00 1,439.50 .04
4,500.0000 MAXICARE HEALTH PLANS INC NEW 81,284.49 21.875000 98,437.50 17,153.01 .04
14,700.0000 MAXIS INC 262,152.45 41.000000 602,700.00 340,547.55 .23
2,200.0000 MAXXIM MED INC COM 30,930.00 15.875000 34,925.00 3,995.00 .01
7,700.0000 MCN CORP 155,107.10 21.750000 167,475.00 12,367.90 .06
1,200.0000 MDU RESOURCES GROUP INC 22,070.00 20.125000 24,150.00 2,080.00 .01
33,500.0000 MEADOWBROOK INS GROUP INC 827,182.00 27.750000 929,625.00 102,443.00 .35
10,211.0000 MEADOWBROOK INS GROUP INC 251,701.15 27.750000 283,355.25 31,654.10 .11
3,200.0000 MEASUREX CORP 106,798.60 28.000000 89,600.00 -17,198.60 .03
13,500.0000 MEDIC COMPUTER SYS INC 465,633.56 64.000000 864,000.00 398,366.44 .33
FRC G000500 INVESTMENT DETAIL PAGE: 20
UAL PILOTS DIRECTED ACCOUNT 11/30/1995 HMFR005BF
SMALL CAP EQUITY FD BASE CURRENCY: USD
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- -------------- ------------------------------ -------------- ------------ -------------- ------------- -------
14,500.0000 MEDISENSE INC 315,320.70 25.750000 373,375.00 58,054.30 .14
36,290.0000 MEDISENSE INC 765,945.00 25.750000 934,467.50 168,522.50 .36
2,400.0000 MEDUSA CORP NEW 56,752.80 24.875000 59,700.00 2,947.20 .02
5,000.0000 MERCANTILE BANKSHARES CORP 97,862.50 28.375000 141,875.00 44,012.50 .05
14,400.0000 MERCER INTL INC SH BEN INT 315,486.46 21.500000 309,600.00 -5,886.46 .12
2,400.0000 METRICOM INC 40,596.72 15.750000 37,800.00 -2,796.72 .01
2,400.0000 MICHAELS FOODS INC 23,424.00 11.500000 27,600.00 4,176.00 .01
4,100.0000 MICRO LINEAR CORP 62,409.79 11.250000 46,125.00 -16,284.79 .02
9,300.0000 MIDAMERICAN ENERGY CO 144,027.84 16.625000 154,612.50 10,584.66 .06
38,873.0000 MIDWEST EXPRESS HLDGS INC 764,869.46 29.500000 1,146,753.50 381,884.04 .44
3,000.0000 MILLER HERMAN INC 90,750.00 31.750000 95,250.00 4,500.00 .04
4,500.0000 MINERAIS TECHNOLOGIES INC 111,754.13 37.375000 168,187.50 56,433.37 .06
4,100.0000 MINERAIS TECHNOLOGIES INC 122,330.00 37.375000 153,237.50 30,907.50 .06
3,400.0000 MINNESOTA PWR & LT CO 96,934.00 27.750000 94,350.00 -2,584.00 .04
14,100.0000 MISSISSIPPI CHEM CORP NEW 326,625.39 22.500000 317,250.00 -9,375.39 .12
5,400.0000 MLF BANCORP INC 122,283.00 22.750000 122,850.00 567.00 .05
28,400.0000 MOBILE TELECOMMUNICTNS TECH 547,909.59 23.000000 653,200.00 105,290.41 .25
13,600.0000 MONTANA PWR CO 319,912.80 22.750000 309,400.00 -10,512.80 .12
5,200.0000 MONVADI ROBERT CORP CL A 114,745.74 31.875000 165,750.00 51,004.26 .06
20,150.0000 MONVADI ROBERT CORP CL A 391,882.66 31.875000 642,281.25 250,398.59 .24
1,400.0000 MULTICARE COS INC 31,180.80 20.875000 29,225.00 -1,955.80 .01
9,400.0000 MUTUAL RISK MGMT LTD 245,032.90 40.125000 377,175.00 132,142.10 .14
FRC G000600 SECURITY VALUATION REPORT PAGE: 1
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
Item 27a: Schedule of Assets Held for 11/30/1995 BASE CURRENCY: USD
Investment Purposes
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
ARS ARGENTINA PESO CURRENT EXCHANGE RATE: 1.000450203
LA2213432 6,200.0000 24,637.98 24,671.91 15,066.00 15,472.78 -9,584.86 0.01
SOCIEDAD COMERCIAL DEL PLATA 3.973787 3.979340 2.430000 2.431094 -14.27
ARP10-BUENOS AIRIES LISTING
INTL EQ ROWE PRICE F
LA2681935 7,499.8000 35,476.24 35,524.56 36,374.03 36,390.41 899.01 0.02
PEREZ COMPANC SA 'B'ARS1 4.750291 4.736.754 4.850000 4.852183 -33.16
CLASS 'B' ARP1
INTL EQ ROWE PRICE F
TOTAL: ARS 13,699.8000 60,113.72 60,196.47 51,440.03 51,463.19 -8,685.85 0.03
-47.43
ATS AUSTRIAN SHILLING CURRENT EXCHANGE RATE: 0.098275269
EA4228923 460.0000 355,138.40 29,299.43 234,608.00 23,855.38 -9,944.59 0.01
CREDITANSTALT BK PRF AUSH100 772.040000 63.694413 510.000000 50.120387 3,700.54
(VAR)
INTL EQ ROWE PRICE F
EA4235340 2,000.0000 4,650,626.40 376,126.45 2,900,000.00 284,998.28 -141,584.56 0.18
CREDITANSTALT-BANKVEREIN PTC 2,325.313200 108.063225 1,450.000000 142.499140 50,456.39
CERTS AUSH500
TBC ASSET MANAGEMENT
EA4359694 346.0000 163,180.99 14,919.41 242,546.00 23,836.27 7,256.23 0.02
FLUGHAFEN WEIN AG AUSH100 471.621358 43.119682 701.000000 68.890964 1,660.63
INTL EQ ROWE PRICE F
EA4661602 530.0000 371,406.00 30,641.59 307,400.00 30,209.82 -5,280.65 0.02
DESTERREICHISCHE EL WIRTSCH 700.767547 57.814321 580.000000 56,999656 4,848.88
CLASS "A" AUSH100
INTL EQ ROWE PRICE F
TOTAL: ATS 3,336.0000 5,540,352.59 450,986.88 3,684,546.00 362,099.75 -149,553.57 0.23
60,666.44
FRC G000600 SECURITY VALUATION REPORT PAGE: 2
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 SE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
AUD AUSTRALIAN DOLLAR CURRENT EXCHANGE RATE: 0.742150000
AA6064965 AGL.AX 24,814.0000 108,315.14 80,936.84 117,370.22 87,106.31 6,766.27 0.06
AUSTRALIAN GAS LIGHT CO ORD AS 4.365082 3.261741 4.730000 3.510370 -596.80
INTL EQ ROWE PRICE F
AA6066606 25,000.0000 233,538.52 173,165.57 245,000.00 181,826.75 8,498.53 0.12
AMCOR LIMITED ORD A$1 9.341541 6.926623 9.800000 7.273070 162.65
TBC ASSET MANAGEMENT
AA6066606 5,000.0000 51,521.91 38,538.39 49,000.00 36,365.35 -1,886.39 0.02
AMCOM LIMITED ORD A$1 10.304582 7.707678 9.800000 7.273070 -286.65
INTL EQ ROWE PRICE F
AA6076142 220,628.0000 826,582.49 577,229.21 1,231,104.24 913,664.81 282,490.58 0.58
WESTPAC BANKING CORP A$1 3.746499 2.616301 5.580000 4.141197 53,944.22
INTERNAT-CAP GUARD
AA6076142 128,698.0000 648,815.89 462,589.45 718,134.80 532,943.7 49,424.25 0.34
WESTPAC BANKING CORP A$1 5.041367 3.594379 5.580000 4.141197 20,950.07
TDC ASSET MANAGEMENT
AA6076142 16,000.0000 78,778.68 58,282.26 89,280.00 66,259.1 7,769.12 0.04
WESTPAC BANKING CORP A$1 4.923668 3.642641 5.580000 4.141197 287.77
INTL EQ ROWE PRICE F
AA6112202 160,000.0000 554,351.62 411,412.05 510,400.00 578,793.36 -52,610.69 0.24
BORAL ORD STK A$0.50 3.464698 2.571325 3.190000 2.367459 0.00
TBC ASSET MANAGEMENT
AA6144692 7,565.0000 130,409.48 94,288.69 138,590.00 102,056.16 5,915.26 0.07
BROKEN HILL PROP ORD A$1 17.238530 12.463806 18.320000 13.596188 2,651.21
FRC G000600 SECURITY VALUATION REPORT PAGE: 3
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
INTL EQ ROWE PRICE F
AA6155730 20,645.0000 88,488.63 64,367.93 61,728.55 45,811.84 -19,465.48 0.03
BURNS PHILP & CO 4.286202 3.117846 2.990000 2.219029 909.59
ORD A$0.50
INTL EQ ROWE PRICE F
AA6207010 3,919.0000 31,791.31 23,958.11 42,717.10 31,702.50 8,233.74 0.02
COCA COLA AMATJL A$0.50 8.112097 6.113322 10.900000 8.089435 -489.35
INTL EQ ROWE PRICE F
AA6336546 GMF.AX 250,000.0000 315,588.08 234,087.46 337,500.00 250,475.65 16,253.17 0.16
GOODMAN FIELDER LTD A$0.50 1.262352 0.956350 1.350000 1.001903 135.00
SYDNEY LISTING
TBC ASSET MANAGEMENT
AA4512005 61,311.0000 830,236.28 595,737.51 1,142,837.04 848,156.51 224,307.23 0.54
LEND LEASE CORP ORD A$0.50 13.541392 9.716650 18.640000 13.833676 28,111.77
INTERNAT-CAP GUARD
AA6512005 4,117.0000 68,286.43 50,858.59 76,740.88 56,953.24 6,296.73 0.04
LEND LEASE CORP ORD A$0.50 16.586454 12.353315 18.640000 13.833676 -202.08
INTL EQ ROWE PRICE F
AA6374609 8,936.0000 83,712.72 60,296.72 55,403.20 41,117.48 -20,390.82 0.03
HAYNE HICKLESS LTD ORD A$.50 9.368030 6.747619 6.200000 4.681330 1,211.58
INTL EQ ROWE PRICE F
AA6637083 11,150.0000 64,215.98 46,352.50 53,297.00 39,554.37 -7,881.56 0.03
PUBLISHING & BROADCASTING LTD 5.759281 4.157175 4.780000 3.547473 1,083.43
ORD A$1
INTL EQ ROWE PRICE F
AA6690868 170,000.0000 689,928.42 508,784.77 489,600.00 363,356.64 -147,731.34 0.23
PLACER PACIFIC LT ORD A$ 4.058402 2.992852 2.000000 2.137392 2,303.21
FRC G000600 SECURITY VALUATION REPORT PAGE: 4
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
INTERNAT-CAP GUARD
AA6764689 188,565.0000 692,068.59 496,677.21 563,809.35 418,431.11 -92,046.70 0.27
SOUTHCORP HLDGS LTD A$0.50 3.670175 2.633984 2.990000 2.219029 13,800.60
TBC ASSET MANAGEMENT
AA4868712 SVD.AK 25,000.0000 37,186.10 26,615.94 45,250.00 33,582.29 5,771.75 0.02
SYDNEY HARBOR CASINO HLDGS 1.487444 1.064638 1.810000 1.343292 1,194.62
LIMITED AUDI PREF STK
INTL EQ ROWE PRICE F
AA6873266 TAH.AK 18,000.0000 45,244.33 34,333.66 69,120.00 51,297.41 18,118.05 0.03
TAB CORP HLDGS LIMITED ORD A$1 2.513574 1.907426 3.840000 2.849856 -1,154.30
INTL EQ ROWE PRICE F
AA6886920 122,576.0000 357,560.05 255,179.95 865,386.56 642,246.64 362,420.64 0.41
THE NEWS CORP ORD A$0.50 2.917048 2.081810 7.060000 5.239579 24,646.05
INTERNAT-CAP GUARD
AA6886920 12,093.0000 84,584.99 61,021.68 85,376.58 63,362.23 571.07 0.04
THE NEWS CORP ORD A$0.50 6.994541 5.046033 7.060000 5.239579 1,769.48
INTL EQ ROWE PRICE F
AA6888522 16,560.0000 36,237.63 25,981.59 31,132.80 23,105.21 -3,660.05 0.01
INT DRD A$0.50 2.188265 1.568937 1.880000 1.395242 783.67
AA6954983 116,700.0000 529,381.45 382,139.07 1,053,801.00 782,078.41 378,557.28 0.50
WESTERN MINING CORP HLDGS LTD 4.536259 3.274542 9.030000 6.701615 21,382.06
ORD A$0.50-MELBOURNE LISTING
INTERNAT-CAP GUARD
AA6954983 7,956.0000 60,689.84 43,719.45 71,842.68 53,318.04 8,034.23 0.03
WESTERN MINING CORP HLDGS LTD 7.628185 5.495155 9.030008 6.701615 1,564.36
ORD A$0.50-MELBOURNE LISTING
INTL EQ ROWE PRICE F
FRC G000600 SECURITY VALUATION REPORT PAGE: 5
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
AA4979725 14,000.0000 69,422.96 53,125.92 93,660.00 69,509.77 18,547.39 0.04
WOODSIDE PETROLEUM ORD A$0.50 4.968785 3.794709 6.690000 4.964984 -2,103.54
(AUST REG)
INTL EQ ROWE PRICE F
TOTAL:AUD 1,639,233.0000 6,716,933.52 4,859,680.52 8,238,082.84 6,113,895.10 1,082,294.04 3.91
171,918.62
DEF BELGIAN FRANC CURRENT EXCHANGE RATE: 0.033636058
EB4294740 1,000.0000 6,224,074.00 179,406.59 6,770,000.00 227,716.11 15,736.31 0.15
ELECTRABEL COM NPV 6,224.07400 179.406590 6,770.000000 227.716115 32,673.41
TBC ASSET MANAGEMENT
EB4583114 280.0000 2,394,779.00 68,751.34 2,800,000.00 94,180.96 11,633.43 0.06
GENERALE BANQUE NPV 8,552.782143 245.540500 10,000.000000 336.360580 13,796.19
INTL EQ ROWE PRICE F
EB4097740 710.0000 5,251,564.00 149,657.60 5,445,700.00 183,171.88 5,532.45 0.12
KREDIETBANK NPV 7,396.569014 210.785352 7,670.000000 257.988565 27,981.05
INTL EQ ROWE PRICE F
EB4522810 80.0000 637,590.00 18,021.20 654,400.00 22,011.44 475.13 0.01
KREDIETBANK SUB CNV DDS 796,987.500000 22,526.500000 818,000.000000 27,514.295444 3,515.11
VAR RT 30-NOV-2005
INTL EQ ROWE PRICE F
EB4910627 111.0000 2,769,131.00 79,135.99 3,807,300.00 128,062.56 29,668.71 0.08
UCB CAP NPV 24,947.126126 712.936847 34,300.000000 1,153.716789 19,257.86
INTL EQ ROWE PRICE F
TOTAL: DEF 2,181.0000 17,277,138.00 494,972.72 19,473,400.00 655,142.95 63,045.81 0.42
97,124.42
FRC G000600 SECURITY VALUATION REPORT PAGE: 6
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
CAD CANADIAN DOLLAR CURRENT EXCHANGE RATE: 0.736133093
NC2013208 3,080.0000 100,937.17 74,662.94 139,755.00 102,878.28 28,713.44 0.07
ALCAN ALUMINUM COM STK NPV 32.771800 24.241214 45.375000 33.402039 -498.10
(TORONTO LISTING)
INTL EQ ROWE PRICE F
NC2552544 1,940.0000 39,285.13 31,100.58 31,767.50 23,385.11 -5,951.43 0.01
MACMILLAN BLOEDEL COM NPV 20.250067 16.031227 16.375000 12.054179 -1,764.04
INTL EQ ROWE PRICE F
NC2754389 22,000.0000 690,577.50 510,645.88 687,500.00 506,091.50 -2,275.65 0.32
ROYAL BK OF CANADA COM STK NPV 31.389886 23.211176 31.250000 23.004159 -2,278.73
INTERNAT-CAP GUARD
NC2754389 1,540.0000 41,618.76 32,541.00 48,125.00 53,426.00 5,087.13 0.02
ROYAL BK OF CANADA COM STK NPV 27.025169 21.130571 31.250000 23.084159 -2,201.00
INTL EQ ROWE PRICE F
TOTAL: CAD 28,560.0000 872,418.56 648,950.48 907,147.50 667,781.30 25,573.49 0.43
-6,742.67
CHF SWISS FRANC CURRENT EXCHANGE RATE: 0.050701829
ES4127183 637.0000 330,407.35 457,406.14 859,950.00 731,561.04 733,083.15 0.47
BBC AG BROWN, BOVERI & CIE 518.692857 718.063014 1,350.000000 1,148.447469 -458,928.25
SZF100
INTERNAT-CAP GUARD
ES4127185 311.0000 354,658.13 247,324.43 419,850.00 357,167.16 45,462.21 0.25
BBC AG BROWN, BOVERI & CIE 1,140.379839 795.255402 1,350.000000 1,148.447469 64,380.52
BZF100
INTL EQ ROWE PRICE F
ES4193458 800.0000 724,800.00 495,149.62 838,400.00 713,228.41 77,606.25 0.46
CIBA-GEIGY AG SZFZ01(REGO) 906.000000 618.957025 1,048.000000 891.535517 140,472.56
FRC G000600 SECURITY VALUATION REPORT PAGE: 7
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
TBC ASSET MANAGEMENT
ES4193458 115.0000 79,025.32 53,851.59 120,520.00 102,526.58 84,265.94 0.07
CIBA-GEIGY AG SZF20(REGO) 687.176696 468.100783 1,048.000000 891.515517 20,429.05
INTL EQ ROWE PRICE F
ES4245613 800.0000 116,042.11 78,695.23 89,200.00 75,882.60 -18,203.27 0.05
CS HLDG SZF20(REGO) 145.052638 98.369038 111.500000 94.853254 15,390.64
INTL EQ ROWE PRICE F
ES4420497 1,000.0000 693,766.22 463,496.79 876,000.00 745,214.00 121,748.10 0.48
HOLDERBANK FINANCIERE GLARIS 693.768220 463.496790 876.000000 745.214002 159,969.85
SZF50(BR)
INTERNAT-CAP GUARD
ES4510933 1,050.0000 957,618.66 677,226.19 773,850.00 658,315.61 -129,960.87 0.42
LANDIS & GYR AG SZF10D(REGO) 912.017771 644.977324 737.000000 626.967248 111,050.29
INTERNAT-CAP GUARD
ES4554683 600.0000 606,567.50 460,341.25 408,000.00 347,086.35 -150,698.50 0.22
MAGAZINE ZUM GLOBUS PRG SZF100 1,010.945033 767.235417 680.000000 578.477244 37,443.60
TBC ASSET MANAGEMENT
ES4616698 1,420.0000 1,410,051.19 1,044,168.61 1,779,260.00 1,513,619.74 273,405.65 0.97
NESTLE SA SZF10(REGO)-ZUR 992.993796 735.330007 1,253.000000 1,065.929392 196,045.28
LISTING
INTERNAT-CAP GUARD
ES4616698 650.0000 858,816.10 631,479.90 814,450.00 692,854.10 -32,208.72 0.44
NESTLE SA SZF10(REGO)-ZUR 1,321.255538 959.199896 1,253.000000 1,065.929392 101,582.92
LISTING
T&C ASSET MANAGEMENT
ES4616698 260.0000 348,788.30 238,429.23 325,780.00 277,141.64 -15,728.31 0.18
NESTLE SA SZF101(REGO)-ZUR 1,341.493462 917.035500 1,259.900000 1,065.929392 54,441.72
LISTING
INTL EQ ROWE PRICE F
FRC G000600 SECURITY VALUATION REPORT PAGE: 8
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
ES4745778 49.0000 342,739.34 240,998.56 456,120.00 370,157.38 64,957.84 0.24
ROCHE HLDG AG GENUSCHEINE NPV1 6,994.680408 4,918.537959 8,880.000000 7,554.232242 64,200.98
INTL EQ ROWE PRICE F
ES4761619 215.0000 175,696.22 120,069.96 215,860.00 183,632.50 27,447.74 0.12
SANDOZ AG SZF2D (REGO) 817.191721 558.464938 1,004.000000 854.104636 34,114.80
INTL EQ ROWE PRICE F
ES4780601 1,700.0000 493,345.55 371,234.97 795,600.00 676.818.34 227,441.87 0.45
SCHNEIZERISCHER BANKSVEREIN 290.203253 218.373512 468.400000 398.128458 78,141.54
SZF10D(BR)
TBC ASSET MANAGEMENT
ES4780601 330.0000 112,061.01 81,689.27 154,440.00 131,382.39 30,893.07 0.08
SCHWEIZERISCHER BANKSVEREIN 339.578818 247.543242 468.000000 398.128456 18,800.05
SZF10D(BR)
INTL EQ ROWE PRICE F
ES4783720 89.0000 125,491.89 85,559.85 109,292.08 92,974.90 -11,045.02 0.06
SCHWEIZERISCHE BANKGESELLSCH 1,410.021236 961.346629 1,228.000000 1,044.661846 18,466.07
SZF10D(BR)
INTL EQ ROWE PRICE F
ES4866665 1,650.0000 1,173,377.47 866,407.57 1,374,450.00 1,169,247.15 148,469.50 0.75
SWISSAIR(SCHWEIZ LUFTVER AG) 711.137861 525.095497 833.000000 708.634424 154,370.06
SZF360(REGO)
INTERNAT-CAP GUARD
ES4995597 1,100.0000 345,331.07 235,925.30 397,100.00 337,813.70 35,367.80 0.22
ZURICH VERSICHERUNDGS-G CHF10 313.937336 214.475545 361.000000 307.103341 66,520.60
(REGO)
TBC ASSET MANAGEMENT
TOTAL: CHF 12,776.0000 9,248,583.41 6,841.434.44 10,787,122.00 9,176,624.41 1,456,304.69 5.87
878,885.26
DEM GERMAN MARK CURRENT EXCHANGE RATE: 0.691443388
FRC G000600 SECURITY VALUATION REPORT PAGE: 9
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
ED4016322 88.0000 204,209.69 122,091.10 245,784.00 169,945.72 24,856.00 0.11
ALLIANZ AG DM50(REGO) 2,320.564659 1,387.398869 2,743.000000 1,951.201383 22,998.54
INTL EQ ROWE PRICE F
ED4021793 ALTG.F 79.0000 57,218.91 39,943.39 67,150.00 46,430.42 6,952.70 0.03
ALTANA AG DM50 724.290000 505.612532 850.000000 587.726880 -455.67
INTL EQ ROWE PRICE F
ED4031974 ADSG.F 8,500.0000 578,000.00 407,760.14 655,350.00 453,137.42 54,567.90 0.29
ADIDAS AG DEMS 68.000000 47.971781 77.100000 53.310205 -9,190.62
TBC ASSET MANAGEMENT
ED4085301 3,000.0000 1,090,680.07 640,185.74 1,128,9??.?? 780,570.44 22,433.58 0.50
BAYER AG DM50 363.560023 213.395247 376.100000 260.190147 117,951.12
TBC ASSET MANAGEMENT
ED4D85301 480.0000 174,851.59 104,005.65 180,624.00 124,891.27 3,433.56 0.08
BAYER AG DM50 364.274146 216.678438 576.300000 268.190147 17,452.06
INTL EQ ROWE PRICE F
ED4098304 151.0000 122,898.50 76,730.99 84,862.00 58,677.27 -23,747.88 0.4
BILFINGER & BERGER DAU AG DM50 813.897351 508.152252 562.000000 388.591184 5,694.16
INTL EQ ROWE PRICE F
ED4150527 105.0000 76,764.14 55,255.04 57,225.00 39,567.85 -14,064.33 0.3
BUDERUS AG DM50 731.087043 526.238475 545.000000 376.856646 -1,622.86
INTL EQ ROWE PRICE F
ED4326671 DBKG.F 15,000.0000 1,086,135.00 697,425.11 1,017,750.00 703,716.51 -43,911.13 0.45
DEUTSCHE BANK AG DEMS 72.409000 46.495007 67.850000 46.914434 50,202.53
TBC ASSET MANAGEMENT
FRC G000600 SECURITY VALUATION REPORT PAGE:10
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
ED4326671 DBKC.F 2,280.0000 185,526.62 109,162.04 154,698.00 106,964.91 -18,139.26 0.07
DEUTSCHE BANK AG DEMS 81.371525 47.878088 67.850000 46,914434 15,942.13
INTL EQ ROWE PRICE F
ED4357239 352.0000 186,418.32 109,552.62 231,264.00 159,985.96 26,354.60 0.10
GEHE AG DM50 529.597500 311.229034 657.000000 454.278506 23,998.84
INTL EQ ROWE PRICE F
ED9407174 124.0000 54,560.00 39,219.55 79,360.00 54,872.95 17,826.98 0.84
GEHE AG DEMSOLRFD 1-JUL-95) 440.000000 316.285981 640.000000 442.523768 -2,173.38
INTL EQ ROWE PRICE F
ED4430127 186.0000 58,010.64 34,281.15 69,619.80 48,138.15 6,860.38 0.03
HOECHST AG 311.885161 184.307151 374.300000 258.897260 6,996.64
INTL EQ ROWE PRICE F
ED4436670 70.0000 105,386.58 72,357.69 84,700.00 58,565.25 -14,203.26 0.04
HORNBACH HLDG AG NON VTG PRF 1,505.522571 1,033.681284 1,218.900000 836.646499 410.82
DM50
INTL EQ ROWE PRICE F
ED4497993 115.0000 123,094.29 77,651.46 57,500.00 39,765.99 -41,378.89 0.03
KRONES AG PRF DM50 1,070.385130 675.231826 500.000000 345.721694 3,485.22
INTL EQ ROWE PRICE F
ED4536741 392.0000 20,611.36 13,338.96 29,617.60 20,409.75 5,763.81 0.01
FIELMANN AG NON VTG PRF DMS 52.580000 34.027959 75.300000 52.065687 1,306.98
INTL EQ ROWE PRICE F
ED4562895 5,962.0000 1,741,144.27 1,082,846.04 2,776,503.40 1,919,794.92 643,906.74 1.23
HANNESMANN AG DM50-FRANKFURT 292.040300 181.624629 465.700000 322.005106 193,042.14
LISTING
INTERNAT-CAP GUARD
ED4562895 399.0000 174,232.14 103,442.47 185,814.30 128,480.07 6,876.38 0.08
FRC G000600 SECURITY VALUATION REPORT PAGE:11
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
MANNESMANN AG DM5D-FRANKFURT 436.672030 259.254311 465.700000 822.005186 18,161.22
LISTING
INTEL-EQ ROWE PRICE F
ED4610751 362.0000 810,144.22 496,399.65 964,006.00 666,555.57 94,275.73 0.43
MUNCHENER RUCKWERSICHERUNGS-G 2,237.967459 1,371.269751 2,663.000000 1,841.313742 75,000.19
DM1001DM50 PDA(REGO)
INTERNAT-CAP GUARD
ED4717622 RMKG.F 1,380.0000 117,866.41 69,011.99 158,700.00 189,752.07 24,543.48 0.07
RHON-KLINIKUM AG DEMS 84.830732 50.008688 115.000000 79.515990 16,176.60
INTL EQ ROWE PRICE F
ED4735467 2,000.0000 724,535.11 492,894.94 827,000.00 571,823.60 59,806.40 0.37
RWE-AG NON VTG PRF DM50 362.267555 211.447470 413.500000 295.911041 89,122.28
TBC ASSET MANAGEMENT
ED4743446 MUVG_R.F 362.0000 0.00 0.00 68,892.00 41,550.22 41,550.22 0.03
MUNCHENER RUCKVERSICHERUNGS-G 0.000000 0.000000 146.000000 314.779682 0.00
VINK (DEM50 PD) (S/R 5-DEC-95)
INTERNAT-CAP GUARD
ED4746363 PRBG.F 652.0000 32,127.00 22,611.30 29,209.60 28,196.78 -2,044.21 0.01
PRAKTIKER DDV UND-HEINWERKER 49.274540 34.526534 44.800000 30.976449 -270.31
MARKTE DEMS
INTL EQ ROWE PRICE F
ED4807100 1,000.0000 701,109.55 411,411.93 755,500.00 522,385.40 31,916.38 0.33
SIEMENS AG DM 50 701.109550 411.411938 755.500000 522.305480 79,057.17
TBC ASSET MANAGEMENT
ED4818354 SGCG.F 6,000.0000 531,000.00 369,571.27 611,400.00 422,748.49 55,957.68 0.27
SGL CARBON AG DEMS 88.500000 61.595212 101,900000 70,458081 -2,788.46
TBC ASSET MANAGEMENT
ED4845755 1,479.0000 159,907.94 91,432.57 145,311.75 100,474.85 -5,664.04 0.06
SCHERING AG DEMS 104.738296 61.820534 98.250000 67.934313 14,706.32
FRC G000600 SECURITY VALUATION REPORT PAGE: 12
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
INTL EQ ROWE PRICE F
ED4950508 2,500.0000 838,407.00 513,549.63 1,172,500.00 810,717.37 229,455.97 0.52
VOLKSWAGEN AG DM50 324.162800 205.419852 469.000000 326.286949 67,711.77
INTERNAT-CAP GUARD
ED4930308 240.0000 110.457.85 65,167.70 112,560.08 77,828.07 1,252.25 0.15
VOLKSWAGEN AG DM50 460.157708 271.532083 469.000000 324.284949 11,408.92
INTL EQ ROWE PRICE F
ED4942907 10,000.0000 488,603.00 277,378.93 590,000.00 407,951.60 57,562.87 0.26
VEBA AG DEMS 48.860300 27.737893 59.080000 40.795168 73,009.80
T&C ASSET MANAGEMENT
ED4942907 2,660.0000 132,766.46 80,699.33 156,940.00 108,515.13 14,693.38 0.07
VEBA AG DEMS 49.912203 50.338094 59.000000 4?.795168 13,122.42
INTL EQ ROWE PRICE F
ED4946700 800.0000 523,186.86 346,107.45 544,000.00 376,148.21 13,768.66 0.24
WELLA AG NON VTG PRF DM50 653.983575 432.634313 689.000000 478.181504 16,269.09
INTERNAT-CAP GUARD
TOTAL: DEM 66,718.0000 11,176,033.52 6,952,385.01 13,233,041.45 9,15?,452.16 1,281,442.69 5.85
917,623.16
DKK DANISH KRONE CURRENT EXCHANGE RATE: 0.178587676
ED4262921 720.0000 291,551.19 42,979.81 272,800.88 48,711.17 -2,752.46 0.05
DEN DENSKE BANK DMKR100 404.932208 59,694181 379.000000 67.654409 8,483.82
INTL EQ ROWE PRICE F
SD4089871 9,300.0000 2,913,168.27 522,756.25 2,836,600.00 506,397.02 -13,757.81 0.32
TELE DANMARK A/S SER'B'DNKR10 313.243906 56.210349 305.000000 54.444841 -2,661.42
FRC G000600 SECURITY VALUATION REPORT PAGE: 13
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
INTERNAT-CAP GUARD
SD4889871 410.0000 127,100.00 19,418.66 125,050.00 22,322.38 -313.20 0.01
TELE DANMARK A/S SER'B'DNKR10 310.000000 47.362585 305.000000 54.444841 3,216.92
INTL EQ ROWE PRICE F
SD4914182 990.0000 235,527.50 35,388.90 271,260.00 48,421.99 5,368.94 0.03
UNI DANMARK 'A'DMKR100 237.906566 35.746364 274.000000 48.911103 7,664.15
(COPENHAGEN LISTING)
INTL EQ ROWE PRICE F
TOTAL: DKK 11,420.0000 3,567,346.96 620,543.62 3,505,690.00 625,792.56 -11,454.53 0.40
16,703.47
ESP SPANISH PESETA CURRENT EXCHANGE RATE: 0.008113261
EE4072281 SAN.MC 2,656.0000 16,157,206.00 119,010.93 15,272,000.00 123,905.72 -6,520.26 0.08
BANCO SANTANDER SA SPPT750-REG 6,083.285392 44.808332 5,750.000000 46.651251 11,415.05
INTL EQ ROWE PRICE F
EE4075602 401.0000 3,314,618.00 35,282.58 8,300,700.00 67,345.75 53,074.54 0.04
BANCO POPULAR ESPANOL SPPT (R) 8,265,880299 87.986484 20,700.000000 167.944503 -21,011.37
INTL EQ ROWE PRICE F
EE4179862 706.0000 7,894,155.00 57,480.75 12,355,000.00 100,239.34 32,481.34 0.06
GAS NATURAL S.D.G. SA SPPT600 11,181.522663 81.417493 17,500.000000 141.982068 10,277.25
INTL EQ ROWE PRICE F
EE4184268 6,021.0000 10,823,373.00 78,584.96 14,450,400.00 117,239.07 26,334.65 0.07
CENTROS COM PRYCA SPPT100 1,797.603886 13.051812 2,400.000000 19.471826 12,320.26
INTL EQ ROWE PRICE F
EE4221243 680.0000 11,240,524.00 82,115.94 6,364,800.00 51,639.28 -35,618.86 0.03
FOMENTO CONSTRUCCIONES Y S 16,530.182353 120.758735 9,360.000000 75.940123 5,142.20
FRC G000600 SECURITY VALUATION REPORT PAGE: 14
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
CONTRATAS SPPT550
INTL EQ ROWE PRICE F
EE4515367 4,056.0000 28,687,703.00 206,835.10 26,850,720.00 217,846.90 -13,244.44 0.14
EMPRESA NACIONAL DE ELEC 7,072.905079 50.994847 6,620.000000 53.709780 24,256.24
(ENDESA)SPPT800
INTL EQ ROWE PRICE F
EE4424649 50,000.0000 49,951,500.00 357,319.64 52,000,000.00 421,889.57 14,653.62 0.27
IBEROROLA SA ORD SPPT500 999.030000 7.146393 1,040.000000 8.437791 49,916.31
TBC ASSET MANAGEMENT
EE4424649 10,039.0000 8,937,886.00 73,188.34 10,440,560.00 84,706.99 12,304.73 0.05
IBEROROLA SA ORD SPPT500 890.316366 7.290401 1,040.000000 8.437791 -786.08
INTL EQ ROWE PRICE F
EE4753221 3,932.0000 17,366,207.00 127,266.37 15,275,820.00 123,936.71 -15,319.17 0.08
REPSOL SA SPPT500 4,416.634537 32.366829 3,885.000000 31.520819 11,989.51
INTL EQ ROWE PRICE F
EE4800467 7,017.0000 5,064,524.00 41,640.49 6,132,858.00 49,757.48 8,783.84 0.03
SEVILLANA DE ELECTRICIDAD 721.750606 5.934230 874.000000 7.090990 -666.85
SPPT500
INTL EQ ROWE PRICE F
EE4880824 74,129.0000 110,538,505.00 803,478.24 126,019,300.00 1,822,427.47 112,526.29 0.65
TELEFONICA DE ESPANA ORD 1,491,164119 10,383918 1,700.000000 13.792544 106,423.04
SPPT500
INTERNAT-CAP GUARD
TOTAL: ESP 159,657.0000 269,976,201.00 1,982,203.24 293,462,158.00 2,380,935.18 189,456.28 1.52
289,275.56
FIN FINNISH MARKKA CURRENT EXCHANGE: 0.232636587
SF4632847 1,610.0000 147,228.65 26,992.49 379,960.00 88,392.68 42,668.32 0.06
NOKIA AB FIN 5 SER "A" SHS 91.446366 16.765522 236.000000 54.902235 18,731.79
FRC G000600 SECURITY VALUATION REPORT PAGE: 15
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
INTL EQ ROWE PRICE F
TOTAL: FIN 1,610.0000 147,228.65 26,992.49 379,960.00 88,392.48 42,668.32 0.06
18,731.79
FRF FRENCH FRANC CURRENT EXCHANGE RATE: 0.200372693
EF4034734 1,433.0000 228,460.11 44,326.36 229,996.50 46,085.02 298.09 0.03
ASSURANCES GENERALES DE FRANCE 159.427851 30.932561 160.500000 32.159817 1,460.57
F3D(BR)
INTL EQ ROWE PRICE F
EF4070233 2,457.0000 2,333,314.50 396,030.27 1,914,003.00 383,523.94 -71,169.16 0.25
DANONE (EX BSN) FF10 949.659951 161.184481 779.000000 156.690328 58,652.83
TBC ASSET MANAGEMENT
EF4112324 1,110.0000 796,861.33 138,014.53 672,660.00 134,782.70 -21,511.38 0.09
ACCOR FF100 717.893090 124.337414 606.000000 121.425852 18,279.55
INTL EQ ROWE PRICE F
EF4162790 17,310.0000 3,172,633.86 550,945.34 1,895,445.00 379,795.42 -221,790.80 0.24
C.S.F.(THOMPSON-CSF) FF20 183.283296 31.828154 109.500000 21,940811 50,640.96
TBC ASSET MANAGEMENT
EF4169332 325.0000 229,844.12 46,376.94 266,500.00 53,399.32 7,396.26 0.03
REKEL FF20 707.212677 142.698277 820.000000 164.305600 -373.80
INTL EQ ROWE PRICE F
EF4175925 EAUG.PA 3,520.0000 2,262,489.20 393,624.33 1,709,312.00 542,499.45 -96,240.90 0.22
EAUX(CIE GENERAL DES)FF100 642.752614 111.825094 485.600000 97.300980 45,116.02
INTL EQ ROWE PRICE F
EF4177541 450.0000 961,326.70 168,821.75 1,239,308.00 248,321.88 48,815.01 0.16
CARREFOUR FF100 2,136.281556 375.159444 2,754.000000 551.826397 30,684.32
FRC G000600 SECURITY VALUATION REPORT PAGE: 16
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
INTL EQ ROWE PRICE F
EF4179141 CY.PA 474.0000 364,718.73 74,818.06 374,968.00 75,031.56 1,998.32 0.05
CASTORAMA DUBOIS INVEST FF25 769.448797 157.844908 798.000000 158.294427 -1,784.82
INTL EQ ROWE PRICE F
EF4388449 2,200.0000 2,321,032.27 460,744.06 2,376,000.00 476,845.52 10,911.55 0.30
CHARGEURS FF100 1,055.014668 209.429118 1,480.000000 216.402500 4,429.91
TBC ASSET MANAGEMENT
EF4188449 545.0000 609,674.26 110,075.13 559,600.00 117,939.37 -3,884.90 0.08
CHARGEURS FF100 1,118.668367 201.972714 1,020.000000 214.402500 11,669.14
INTL EQ ROWE PRICE F
EF4228518 239.0000 108,911.25 18,947.32 89,911.00 18,915.87 -3,398.83 0.01
CREDIT LOCAL DE FRANCE FF100 455.697607 79.361172 376.208000 75.300207 2,957.38
INTERNAT-CAP GUARD
EF4228518 515.0000 224,376.82 43,959.22 193,743.00 38,828.81 -6,000.46 0.02
CREDIT LOCAL DE FRANCE FF100 435.483146 85.540233 376.200000 75.200287 871.05
INTL EQ ROWE PRICE F
EF4303279 865.0000 471,277.60 79,113.25 656,535.00 131,551.69 31,199.11 0.08
ECCO STE FF25 544.829595 91.460405 759.000000 152.002874 21,399.33
INTL EQ ROWE PRICE F
EF4314409 37,590.0000 1,258,116.58 218,749.60 275,750.00 54,052.02 -171,152.50 0.04
EUROTUNNEL PLC/ECURDTWN SA UNT 53.549778 5.853323 7.500000 1.442721 7,250.92
(1 EPLC & 3 ESA)(SICOVAM)
INTERNAT-CAP GUARD
EF4358794 750.0000 362,597.61 68,563.37 237,375.00 47,563.47 -23,670.27 0.03
GTM-ENTREPOSE FF50 483.463481 91.417827 316.500000 65.417457 2,670.37
FRC G000600 SECURITY VALUATION REPORT PAGE: 17
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
INTL EQ ROWE PRICE F
EF4395770 GLB.PA 210.0000 103.880.15 21,497.71 319,280.00 23,988.45 3,186.96 0.02
GUILBERT SA FF10 494.667301 102,370048 562.000000 113.811699 -784.22
INTL EQ ROWE PRICE F
EF4398824 1,500.0000 2,698,902.68 457,866.98 1,879,500.00 375,398.24 -140,028.96 0.24
GUYENNE & GASCOGNE FF100 1,799.268400 395.244587 1,249.000000 250.265494 57,560.32
TBC ASSET MANAGEMENT
EF4415479 5,692.0000 2,614,599.87 494,898.59 2,083,841.28 417,144.87 -100,463.45 0.27
HAVAS FF15 459.830388 86.946344 366.100000 73.550443 23,109.73
INTERNAT-CAP GUARD
EF4501708 1,030.0000 453,025.30 ??,070.74 414,860.00 82,944.32 -6,886.99 0.05
POLIET FF50 459.830388 77.730583 482.000000 80.549823 9,782.57
INTL EQ ROWE PRICE F
EF4502706 1,467.0000 631,975.18 109,139.52 445,039.88 93,181.12 -28,829.19 0.05
LAFARGE FF25(BR) 430.794260 74.396481 317.000000 63.518144 12,870.79
INTL EQ ROWE PRICE F
EF4510154 1,285.0000 434,685.40 77,274.57 318.600.00 63,854.77 -28,422.70 0.04
LAFEYRE FF10(BR) 338.275019 60.137409 248.000000 49.692428 7,200.90
INTL EQ ROWE PRICE F
EF4534782 150.0000 194,663.25 33,241.31 185,400.00 37,149.18 -1,903.79 0.02
L'DREAL FF10 1,311.088333 221.698867 1,236.000000 247.668649 5,811.56
INTL EQ ROWE PRICE F
EF4535649 LVMM.PA 964.0000 801,517.12 150,642.83 913,872.00 183,114.99 21,116.78 0.12
LYNN MOET-HENNESSY LOUIS 831.449295 156.268496 948.000000 189.915513 11,355.38
VUITTON FF10
INTL EQ ROWE PRICE F
FRC G000600 SECURITY VALUATION REPORT PAGE: 18
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
EF4559593 LR/[A 510.0000 339,316.37 59,962.75 402,900.00 80,750.16 13,176.20 0.05
LEGRAND FRF10(POST SUB) 647.679157 117.574020 790.080000 158.294427 7,591.21
INTL EQ ROWE PRICE F
EF4678779 PZ. PA 561.0000 190,884.50 32,446.63 208,492.00 41,816.18 3,026.93 0.03
PRIMAGAZ(CIE DES GAZ PETROLE) 540.257576 57.837130 372.000000 74.538442 6,342.62
FRF10
INTL EQ ROWE PRICE F
EF4683829 325.0000 129,663.75 26,743.57 209,625.00 42,003.13 16,492.27 0.03
PEUGEOT SA FF35 398.965385 82.287908 645.000000 129.240387 -1,232.71
INTL EQ ROWE PRICE F
EF4703841 674.0000 637,678.34 199,845.10 633,560.00 126,948.12 -774.00 0.08
PINAULT-PRINTEMPS REDOUTE 946.110297 117.811721 940.000000 188.350331 7,877.02
INTL EQ ROWE PRICE F
EF4739803 WAZ.PA 51.0000 0.00 0.00 1,978.80 396.50 396.50 0.00
PRIMAGAZ(CIE DES GAZ PETROLE) 0.000000 0.000000 38.800000 7.774460 0.00
WTS 1-JUL-98(PRIMAGAZIN)STRK FRF
INTL EQ ROWE PRICE F
EF4768372 1,807.0000 2,218,293.89 215,153.74 1,049,832.00 208,554.31 -30,125.22 0.13
COMPAGNIE DE ST-GOBAIN FF100 669.780791 119.066818 576.000000 115.414671 23,625.78
INTL EQ ROWE PRICE F
EF4817757 4,623.0000 2,536,046.53 480,903.03 2,695,289.00 540,046.29 50,181.50 0.35
SOCIETE GENERALE ORD FF30 548.571616 104.024017 583.000000 114.817280 28,961.76
TBC ASSET MANAGEMENT
EF4817757 380.0000 276,142.45 46,724.12 221,540.00 44,398.57 -4,238.90 0.03
SOCIETE GENERALE ORD FF30 726.698658 122.958211 583.000000 114.817288 6,905.35
INTL EQ ROWE PRICE F
FRC G000600 SECURITY VALUATION REPORT PAGE: 19
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
EF4818300 SW.PA 250.0000 244,707.50 49,147.92 315,000.00 63,117.40 14,117.79 0.04
SODEXHO FF100 978.830000 196.591680 1,260.000000 252.469593 -148.31
INTL EQ ROWE PRICE F
EF4824084 8,000.0000 2,620,000.00 529,015.06 2,796,800.00 568,402.35 35,698.42 0.36
SOCIETE NATIONALE ELF 327.500000 66.126883 349.600000 70.050293 -4,511.13
EQUITAINE FF50
INTERNAT-CAP GUARD
EF4824084 1,790.0000 734,024.72 129,795.60 625,784.00 125,390.03 -19,139.62 0.08
SOCIETE NATIONALE ELF 410.069676 72.510391 349.600000 70.050293 14,736.05
EQUITAINE FF50
INTL EQ ROWE PRICE F
EF4881167 4,500.0000 2,346,970.21 465,006.11 2,218,500.00 444,526.82 -25,453.85 0.28
TELEVISION FRANCAISE(T F 1) 521.548936 103.334691 493.000000 98.783738 4,974.56
FF10
INTERNAT-CAP GUARD
EF4881167 2,150.0000 1,167,271.17 200,796.49 1,059,950.00 212,385.04 -18,461.62 0.14
TELEVISION FRANCIASE(T F 1) 542.916823 93.393716 493.000000 98.783738 30,050.17
FF10
INTL EQ ROWE PRICE F
EF4887701 775.0000 214,728.90 44,945.00 223,897.50 44,862.95 1,919.12 0.03
SANOFI FF25 277.069598 57.994684 288.900000 57.887671 -2,002.05
INTL EQ ROWE PRICE F
EF4905412 2,040.0000 659,144.42 114,317.78 626,280.00 125,489.41 -5,949.43 0.08
TOTAL 'B' SHS FF50 323.110990 58.489108 307.000000 61.514417 12,121.06
INTL EQ ROWE PRICE F
EF4937571 20,000.0000 4,110,250.00 718,763.66 4,416,000.00 884,845.01 53,466.82 0.57
VALED FF20 205.512500 35.958183 220.800800 44.242291 112,615.33
INTERNAT-CAP GUARD
EF4937571 1,644.0000 487,970.78 83,820.05 362,995.20 72,734.33 -21,467.39 0.05
FRC G000600 SECURITY VALUATION REPORT PAGE: 20
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
VALED FF20 296.819209 50.985432 220.000000 44.242291 10,381.67
INTL EQ ROWE PRICE F
TOTAL: FRF 132,071.0000 41,536,977.31 7,560,140.19 37,150,807.00 7,444,007.30 -754,703.95 4.76
638,571.96
GBP UK POUND CURRENT EXCHANGE RATE: 1.530500000
EX0004950 30,430.0000 150,501.60 224,398.36 194,752.00 298,047.94 65,975.13 0.19
ABBEY NATIONAL ORD 10P-LON 4.945830 7.373985 6.400000 9,795200 7,702.45
LISTING
INTL EQ ROWE PRICE F
EX0040655 18,190.0000 67,127.62 100,212.21 100,408.80 153,475.67 49,684.18 0.10
ARGOS ORO10P 3.690350 5.509192 5.520000 8.448340 3,779.28
INTL EQ ROWE PRICE F
EX0049240 27,770.0000 73,777.53 109,691.74 86,364.70 132,181.17 18,714.49 0.08
ARGVLL GROUP ORD 25P 2.656735 3.950009 3.110000 4.759858 3.774.94
INTL EQ ROWE PRICE F
EX0057201 82,140.0000 47,919.14 70,723.98 82,140.00 125,713.27 50,506.65 0.08
ASDA GROUP PLC 0.583384 0.861018 1.000000 1.530580 4,484.64
INTL EQ ROWE PRICE F
EX0067341 4,550.0000 24,150.48 35,746.29 22,431.58 34,331.41 -2,516.05 0.02
BAA ORD L1 5.303402 7.856327 4.930000 7.545365 1,101.95
INTL EQ ROWE PRICE F
EX067887 145,624.0000 525,589.?4 800,152.85 484,384.1? 744,418.96 -56,857.21 0.48
DTR ORD 25P 3.595488 5.494658 3.340000 5.111870 1,115.32
TBC ASSET MANAGEMENT
EX0096167 BICC.L 215,000.0000 764,840.83 1,211,144.67 607,375.00 929,587.44 -249,351.10 0.59
FRC G000600 SECURITY VALUATION REPORT PAGE: 21
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
BICC LTD ORD 50P 3.557399 5.633231 2.825000 4.323663 -32,206.18
INTERNAT-CAP GUARD
EX0105851 BCI.L 70,000.0000 199,595.06 315,258.75 228,200.00 349,260.10 45,181.27 0.22
BLUE CIRCLE INDUSTRIES ORD 50P 2.851358 4.503696 3.260000 4.989430 -11,179.92
TBC ASSET MANAGEMENT
EXO111446 80,000.0000 443,305.46 674,823.60 453,600.00 694,234.80 15,670.91 0.44
BOOTS CO ORD 25P 5.541318 8.435295 5.670000 8.677935 3,748.29
TBC ASSET MANAGEMENT
EX0129059 30,000.0000 112,685.80 175,846.19 138,300.00 211,668.15 39,970.96 0.14
BRITISH AIRWAYS ORD 25P 3.756193 5.861540 4.610008 7.055605 -4,149.00
TBC ASSET MANAGEMENT
EX0134351 90,000.0000 279,731.35 417,798.94 221,400.00 338,852.70 -87,122.00 0.22
BRITISH GAS ORD 25P 3.108126 4.642210 2.469000 3.765030 8,175.84
INTERNAT-CAP GUARD
EX0134331 19,870.0000 66,143.90 97,846.57 48,880.20 74,811.15 -25,538.16 0.05
BRITISH GAS ORD 25P 3.328832 4.924337 2.460000 3.765030 2,502.74
INTL EQ ROWE PRICE F
EX0138490 13,760.0000 52,905.21 78,567.83 70,864.00 108,457.35 26,670.02 0.07
BRITISH PETROLEUM CO ORD 25P 3,844855 5.709871 5.150000 7.882075 3,219.50
INTL EQ ROWE PRICE F
EX0161243 25,130.0000 118,643.49 179,120.93 139,974.10 214,230.36 32,203.69 0.14
CADBURY SCHWEPPES ORD 25P 4.721189 7.127773 5.570000 8.524885 2,905.74
INTL EQ ROWE PRICE F
EX0162555 CW.L 30,590.0000 154,476.98 227,793.19 138,266.80 211,617.34 -23,903.67 0.14
CABLE & WIRELESS ORD 25P 5.049918 7.446653 4.520000 6.917860 7,727.91
FRC G000600 SECURITY VALUATION REPORT PAGE: 22
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
INTL EQ ROWE PRICE F
EX0215627 CPG.L 14,000.0000 51,126.98 81,618.09 62,790.00 96,100.10 18,618.61 0.06
COMPASS GROUP ORD 5P 3.651927 5.829864 4.485000 6.864293 -4,136.60
INTL EQ ROWE PRICE F
EXO299068 11,413.0000 90,900.84 135,157.79 102,032.22 156,160.31 16,550.92 0.10
EAST MIDLANDS ELECTRICITY ORD 7.964675 11.842442 8.940000 13.682670 4,451.60
56 9/11P
INTL EQ ROWE PRICE F
EX0309644 8,000.0000 26,071.00 41,231.29 27,280.00 41,752.04 1,912.03 0.03
ELECTROCOMPONENTS ORD 10P 3.250875 5.153911 3.410000 5.219005 -1,391.28
INTL EQ ROWE PRICE F
EX0316706 164,418.0000 538,282.00 865,136.85 541,757.31 829,159.56 5,585.58 0.53
ENGLISH CHINA CLAYS ORD 25P 3.273863 5.261813 5.295000 5.042998 -41,562.87
INTERNAT-CAP GUARD
EX0371784 19,000.0000 127,422.21 189,904.27 165,300.00 252,991.65 56,451.34 0.16
GLAXO WELLCOME ORD 25P 6.706432 9.994962 8.700000 13.315350 6,636.04
INTL EQ ROWE PRICE F
EX0381932 34,000.0000 159,020.45 236,226.87 149,940.00 229,483.17 -13,489.12 0.15
GRAND METROPOLITAN ORD 25P 4.677072 6.947849 4.410000 6.749505 6,745.42
INTL EQ ROWE PRICE F
EX0395189 GKN.L 3,000.0000 24,018.20 37,811.85 24,210.00 37,053.41 301.95 0.02
GKN ORD L1 8.006067 12.603950 8.070000 12.351135 -1,060.39
INTL EQ ROWE PRICE F
EX0396005 27,740.0000 144,685.22 215,024.43 128,436.20 196,571.60 -24,148.54 0.13
GUINNESS ORD STK 25P 5.215761 7.751421 4.630000 7.006215 5,695.71
FRC G000600 SECURITY VALUATION REPORT PAGE: 23
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR01BMG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 02/17/1996
11/30/1995 BASE CURRENCY: USD
|---------------COST-------------| |---------------------MARKET----------------------|
BASE UNRL
SECURITY ID TICKER INVEST G/L
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE CURR G/L MKT
- -------------------- ------------- --------------- ----------- -------------- ------------ ----------- ------
