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)
                                

<TABLE>
<CAPTION>
                                                   November 30
                                               1995           1994
INVESTMENTS, at fair value                        
<S>                                          <C>            <C>
  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

</TABLE>







 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)
                                

<TABLE>
<CAPTION>
                                            Year Ended November 30
                                              1995           1994
<S>                                          <C>            <C>
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                                      

</TABLE>





 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:

<TABLE>
<CAPTION>
                                                         
                                                   Short-Term  Intermediate/
                         Money          UAL        Government   Long-Term    Government                                 
                         Market        Stock       Securities     Bond          Bond              
                          Fund         Fund           Fund        Fund          Fund
                                                 (In Thousands)
                                                     
<S>                      <C>          <C>          <C>          <C>          <C>
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
                                                                          
</TABLE>




5.   NET ASSETS AVAILABLE FOR PLAN BENEFITS

     Components of funds as of November 30, 1995 were:

<TABLE>
<CAPTION>
                                                                
                          Income/                  Small                       S & P     
                          Value       Growth        Cap       International     500                                
                          Equity      Equity       Equity        Equity        Index                       
                           Fund        Fund         Fund          Fund          Fund         Total
                                  (In Thousands)
                                                            
<S>                      <C>          <C>          <C>           <C>          <C>          <C>
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
     
</TABLE>




5.   NET ASSETS AVAILABLE FOR PLAN BENEFITS

     Components of funds as of November 30, 1994 were:

<TABLE>
<CAPTION>
                                                        
                                                  Short-Term   Intermediate/
                           Money         UAL      Government    Long-Term   Government
                           Market       Stock     Securities       Bond         Bond
                           Fund         Fund         Fund          Fund         Fund
                                                (In Thousands)
                                                     
<S>                      <C>          <C>          <C>           <C>         <C>
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
     
</TABLE>




5.   NET ASSETS AVAILABLE FOR PLAN BENEFITS

     Components of funds as of November 30, 1994 were:

<TABLE>
<CAPTION>
                                                                
                          Income/                  Small                      S & P       
                          Value       Growth        Cap       International    500        
                          Equity      Equity       Equity        Equity       Index       
                           Fund        Fund         Fund          Fund         Fund         Total
                                                     (In Thousands)
                                                            
<S>                      <C>          <C>          <C>           <C>         <C>          <C>
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
           
</TABLE>




6.   CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

     Changes by fund for the year ended November 30, 1995 were:

<TABLE>
<CAPTION>
                                                        
                                                  Short-Term   Intermediate/
                          Money         UAL       Government     Long-Term    Government
                          Market       Stock      Securities       Bond          Bond
                           Fund         Fund         Fund          Fund          Fund
                                                (In Thousands)
                                                     
<S>                      <C>          <C>          <C>           <C>         <C>
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

</TABLE>




6.   CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

     Changes by fund for the year ended November 30, 1995 were:

<TABLE>
<CAPTION>
                                                                
                          Income/                   Small                      S & P       
                          Value        Growth        Cap       International    500        
                          Equity       Equity       Equity        Equity       Index       
                           Fund         Fund         Fund          Fund         Fund        Total
                                                (In Thousands)
                                                            
<S>                      <C>          <C>          <C>           <C>         <C>          <C>
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
         
</TABLE>




6.   CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

     Changes by fund for the year ended November 30, 1994 were:

<TABLE>
<CAPTION>
                                                        
                                                   Short-Term   Intermediate/
                          Money          UAL       Government     Long-Term  Government
                          Market        Stock      Securities       Bond        Bond
                           Fund          Fund        Fund           Fund        Fund
                                                (In Thousands)
                                                     
<S>                      <C>          <C>          <C>           <C>         <C>
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

</TABLE>




6.   CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

     Changes by fund for the year ended November 30, 1994 were:

<TABLE>
<CAPTION>
                                                                
                          Income/                   Small                      S & P       
                          Value        Growth        Cap       International    500        
                          Equity       Equity       Equity        Equity       Index       
                           Fund         Fund         Fund          Fund         Fund         Total
                                  (In Thousands)
                                                            
<S>                      <C>          <C>          <C>           <C>         <C>          <C>
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

</TABLE>




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.


<PAGE>


<TABLE>
<CAPTION>


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
- ------------------  ---------------------------    --------------   ---------------     --------------    -------------   -------
<S>                 <C>                            <C>              <C>                 <C>               <C>             <C>
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

</TABLE>


<PAGE>

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


<TABLE>
<CAPTION>

         SHARES/                                                            MARKET           MARKET     UNREALIZED     % OF
        PAR VALUE  SECURITY DESCRIPTION                          COST       PRICE            VALUE       GAIN/LOSS    MARKET
- -----------------  -------------------------------     --------------   ----------   --------------  -------------    ------
<C>                <S>                                 <C>              <C>          <C>             <C>              <C>
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             

</TABLE>



<PAGE>

FRC F220201                        INVESTMENT DETAIL                  PAGE: 2
UAL PILOTS SHORT TERM SEC             11/30/1995                      HMFR005BF
PIMCO                                                  BASE CURRENCY: USD


<TABLE>
<CAPTION>

         SHARES/                                                            MARKET           MARKET     UNREALIZED     % OF
        PAR VALUE  SECURITY DESCRIPTION                          COST       PRICE            VALUE       GAIN/LOSS    MARKET
- -----------------  -------------------------------     --------------   ----------   --------------  -------------    ------
<C>                <S>                                 <C>              <C>          <C>             <C>              <C>
 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            


</TABLE>



<PAGE>

FRC F220201                        INVESTMENT DETAIL                  PAGE: 3
UAL PILOTS SHORT TERM SEC             11/30/1995                      HMFR005BF
PIMCO                                                  BASE CURRENCY: USD


<TABLE>
<CAPTION>

         SHARES/                                                            MARKET           MARKET     UNREALIZED     % OF
        PAR VALUE  SECURITY DESCRIPTION                          COST       PRICE            VALUE       GAIN/LOSS    MARKET
- -----------------  -------------------------------     --------------   ----------   --------------  -------------    ------
<C>                <S>                                 <C>              <C>          <C>             <C>              <C>
 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


</TABLE>



<PAGE>

FRC F220201                        INVESTMENT DETAIL                  PAGE: 4
UAL PILOTS SHORT TERM SEC             11/30/1995                      HMFR005BF
PIMCO                                                  BASE CURRENCY: USD


<TABLE>
<CAPTION>

         SHARES/                                                            MARKET           MARKET     UNREALIZED     % OF
        PAR VALUE  SECURITY DESCRIPTION                          COST       PRICE            VALUE       GAIN/LOSS    MARKET
- -----------------  -------------------------------     --------------   ----------   --------------  -------------    ------
<C>                <S>                                 <C>              <C>          <C>             <C>              <C>
                    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


</TABLE>



<PAGE>

FRC F220201                        INVESTMENT DETAIL                  PAGE: 5
UAL PILOTS SHORT TERM SEC             11/30/1995                      HMFR005BF
PIMCO                                                  BASE CURRENCY: USD


<TABLE>
<CAPTION>

         SHARES/                                                            MARKET           MARKET     UNREALIZED     % OF
        PAR VALUE  SECURITY DESCRIPTION                          COST       PRICE            VALUE       GAIN/LOSS    MARKET
- -----------------  -------------------------------     --------------   ----------   --------------  -------------    ------
<C>                <S>                                 <C>              <C>          <C>             <C>              <C>
     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


</TABLE>



<PAGE>

FRC F220201                        INVESTMENT DETAIL                  PAGE: 6
UAL PILOTS SHORT TERM SEC             11/30/1995                      HMFR005BF
PIMCO                                                  BASE CURRENCY: USD


<TABLE>
<CAPTION>

         SHARES/                                                            MARKET           MARKET     UNREALIZED     % OF
        PAR VALUE  SECURITY DESCRIPTION                          COST       PRICE            VALUE       GAIN/LOSS    MARKET
- -----------------  -------------------------------     --------------   ----------   --------------  -------------    ------
<C>                <S>                                 <C>              <C>          <C>             <C>              <C>
      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


</TABLE>



<PAGE>

FRC F220201                        INVESTMENT DETAIL                  PAGE: 7
UAL PILOTS SHORT TERM SEC             11/30/1995                      HMFR005BF
PIMCO                                                  BASE CURRENCY: USD


<TABLE>
<CAPTION>

         SHARES/                                                            MARKET           MARKET     UNREALIZED     % OF
        PAR VALUE  SECURITY DESCRIPTION                          COST       PRICE            VALUE       GAIN/LOSS    MARKET
- -----------------  -------------------------------     --------------   ----------   --------------  -------------    ------
<C>                <S>                                 <C>              <C>          <C>             <C>              <C>
                   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
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
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
- -------------------     --------------------          -------------       -----------    ------------     ----------    -------
<S>                     <C>                           <C>                 <C>            <C>              <C>           <C>   
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                                                                                      
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
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
- -------------------     --------------------           -------------      -----------   -------------      ----------    ------
<S>                     <C>                            <C>                <C>           <C>                <C>           <C>    
       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                                                                          
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
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
- -------------------     --------------------            -------------       -----------    ----------      -----------    ------ 
<S>                     <C>                             <C>                 <C>            <C>             <C>            <C>   
       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                                                                         
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
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
- -------------------     --------------------          --------------      -----------   -----------        ----------     ------
<S>                     <C>                           <C>                 <C>           <C>                <C>            <C>   
       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
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
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
- -------------------     --------------------          -------------       -----------      -----------      ----------     ------- 
<S>                     <C>                           <C>                 <C>              <C>              <C>            <C>    
       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
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
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
- -------------------     --------------------          -------------       -----------   --------------    --------------   --------
<S>                     <C>                           <C>                 <C>           <C>               <C>              <C>    
                       TOTAL INVESTMENT               102,098,640.52                    105,995,668.31     3,897,027.79     100.00
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>
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

</TABLE>




<PAGE>

<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>

    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

</TABLE>




<PAGE>


<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>

    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

</TABLE>




<PAGE>


<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>

       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

</TABLE>




<PAGE>


<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>

    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

</TABLE>



<PAGE>


<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>

    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

</TABLE>




<PAGE>


<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>

    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

</TABLE>



<PAGE>


<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>

    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

</TABLE>




<PAGE>


<TABLE>
<CAPTION>

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
- -------------   --------------------------   -------------------   -----------------   ----------------   --------------   -------
<S>             <C>                          <C>                   <C>                 <C>                <C>              <C>

    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  
</TABLE>




<PAGE>

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


<TABLE>
<CAPTION> 
       SHARES/                                                            MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE       SECURITY DESCRIPTION                     COST        PRICE             VALUE         GAIN/LOSS      MARKET
- --------------       ---------------------------    --------------   ------------    --------------     -------------    -------
<S>                  <C>                            <C>              <C>             <C>                <C>              <C>

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
</TABLE>



<PAGE>

FRC G000400
UAL PILOTS DIRECTED ACCOUNT              INVESTMENT DETAIL               PAGE: 2
GROWTH EQUITY FUND                          11/30/1995                 HHFR005BF


<TABLE>
<CAPTION> 
       SHARES/                                                            MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE       SECURITY DESCRIPTION                     COST        PRICE             VALUE         GAIN/LOSS      MARKET
- --------------       ---------------------------    --------------   ------------    --------------     -------------    -------
<S>                  <C>                            <C>              <C>             <C>                <C>              <C>

   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
</TABLE>



<PAGE>

FRC G000400
UAL PILOTS DIRECTED ACCOUNT              INVESTMENT DETAIL               PAGE: 3
GROWTH EQUITY FUND                          11/30/1995                 HHFR005BF


<TABLE>
<CAPTION> 
       SHARES/                                                            MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE       SECURITY DESCRIPTION                     COST        PRICE             VALUE         GAIN/LOSS      MARKET
- --------------       ---------------------------    --------------   ------------    --------------     -------------    -------
<S>                  <C>                            <C>              <C>             <C>                <C>              <C>

   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
</TABLE>



<PAGE>

FRC G000400
UAL PILOTS DIRECTED ACCOUNT              INVESTMENT DETAIL               PAGE: 4
GROWTH EQUITY FUND                          11/30/1995                 HHFR005BF


<TABLE>
<CAPTION> 
       SHARES/                                                            MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE       SECURITY DESCRIPTION                     COST        PRICE             VALUE         GAIN/LOSS      MARKET
- --------------       ---------------------------    --------------   ------------    --------------     -------------    -------
<S>                  <C>                            <C>              <C>             <C>                <C>              <C>

   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
</TABLE>



<PAGE>

FRC G000400
UAL PILOTS DIRECTED ACCOUNT              INVESTMENT DETAIL               PAGE: 5
GROWTH EQUITY FUND                          11/30/1995                 HHFR005BF


<TABLE>
<CAPTION> 
       SHARES/                                                            MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE       SECURITY DESCRIPTION                     COST        PRICE             VALUE         GAIN/LOSS      MARKET
- --------------       ---------------------------    --------------   ------------    --------------     -------------    -------
<S>                  <C>                            <C>              <C>             <C>                <C>              <C>

   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
</TABLE>




<PAGE>

FRC G000400
UAL PILOTS DIRECTED ACCOUNT              INVESTMENT DETAIL               PAGE: 6
GROWTH EQUITY FUND                          11/30/1995                 HHFR005BF


<TABLE>
<CAPTION> 
       SHARES/                                                            MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE       SECURITY DESCRIPTION                     COST        PRICE             VALUE         GAIN/LOSS      MARKET
- --------------       ---------------------------    --------------   ------------    --------------     -------------    -------
<S>                  <C>                            <C>              <C>             <C>                <C>              <C>

                       TOTAL INVESTMENT             178,118,537.57                   217,640,767.88     39,522,230.31     100.00

</TABLE>



<PAGE>


<TABLE>
<CAPTION>

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
- ------------------     ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
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
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

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
- ------------------     ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
        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
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

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
- ------------------     ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
        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
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

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
- ------------------     ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
        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
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

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
- ------------------     ---------------------------       -------------     ------------    -------------     ----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
       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
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

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
- ------------------     ---------------------------       -------------     ------------    -------------     ----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
        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
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

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
- ------------------     ---------------------------       -------------     ------------    -------------     ----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
        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
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

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
- ------------------     ---------------------------       -------------     ------------    -------------     ----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   

       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
</TABLE>



<PAGE>


<TABLE>
<CAPTION>

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
- --------------    ------------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                             <C>              <C>             <C>                <C>              <C>

    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
</TABLE>




<PAGE>


<TABLE>
<CAPTION>

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
- --------------    ------------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                             <C>              <C>             <C>                <C>              <C>

   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
</TABLE>




<PAGE>


<TABLE>
<CAPTION>

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
- --------------    ------------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                             <C>              <C>             <C>                <C>              <C>

    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
</TABLE>




<PAGE>


<TABLE>
<CAPTION>

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
- --------------    ------------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                             <C>              <C>             <C>                <C>              <C>

    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
</TABLE>



<PAGE>

FRC G000500                          INVESTMENT DETAIL                PAGE: 13
UAL PILOTS DIRECTED ACCOUNT             11/30/1995                    HMFR005BF
SMALL CAP EQUITY FD                                    BASE CURRENCY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                        MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                   COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ---------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                          <C>              <C>             <C>                <C>              <C>

    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 
                                                                                                                           
</TABLE>



<PAGE>

FRC G000500                          INVESTMENT DETAIL                PAGE: 14
UAL PILOTS DIRECTED ACCOUNT             11/30/1995                    HMFR005BF
SMALL CAP EQUITY FD                                    BASE CURRENCY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                        MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                   COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ---------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                          <C>              <C>             <C>                <C>              <C>

    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 
</TABLE>



<PAGE>

FRC G000500                          INVESTMENT DETAIL                PAGE: 15
UAL PILOTS DIRECTED ACCOUNT             11/30/1995                    HMFR005BF
SMALL CAP EQUITY FD                                    BASE CURRENCY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                        MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                   COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ---------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                          <C>              <C>             <C>                <C>              <C>
                                                                                                                           
   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 
</TABLE>



<PAGE>

FRC G000500                          INVESTMENT DETAIL                PAGE: 16
UAL PILOTS DIRECTED ACCOUNT             11/30/1995                    HMFR005BF
SMALL CAP EQUITY FD                                    BASE CURRENCY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                        MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                   COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ---------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                          <C>              <C>             <C>                <C>              <C>
                                                                                                                           
    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 
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

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
- --------------    ------------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                             <C>              <C>             <C>                <C>              <C>

   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
</TABLE>




<PAGE>


<TABLE>
<CAPTION> 

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
- --------------    ------------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                             <C>              <C>             <C>                <C>              <C>

    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
</TABLE>




<PAGE>


<TABLE>
<CAPTION> 

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
- --------------    ------------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                             <C>              <C>             <C>                <C>              <C>

   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
</TABLE>




<PAGE>


<TABLE>
<CAPTION> 

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
- --------------    ------------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                             <C>              <C>             <C>                <C>              <C>

   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
</TABLE>



<PAGE>

<TABLE>
<CAPTION>


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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

    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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

    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


<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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




<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>
    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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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


<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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




<PAGE>


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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

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



<PAGE>

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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTL EQ ROWE PRICE F

EK0417504               4,930.0000         22,030.47        32,426.49           7,049.9      10,789.87       -22,049.79     0.01
HEATH (C.E.)& CO ORD 20P                    4.468155         6.577381          1.430000       2.188615           413.17

INTL EQ ROWE PRICE F

EX0423817              10,370.0000         48,475.94       71,351.28          23,643.60      36,186.53      -36,550.49    0.02
HEYWOOD WILLIAMS GROUP ORD 25P              4.674633        6.880548           2.280000       3.489540        1,385.74

INTL EQ ROWE PRICE F

EX0427875              14,110.0000         24,762.65       36,700.52          21,588.30      33,040.89       -4,704.68    0.02
HILLSDOWN HLDGS ORD 10P                     1.754972        2.601029           1.530000       2.341665        1,045.05

INTL EQ ROWE PRICE F

EX0500259              22,770.0000         43,940.77       71,071.43          32,788.80      50,183.26      -18,037.61    0.03
LADBROKE GROUP ORD 10P                      1.929766        3.121275           1.440000       2.203920       -2,850.56

INTL EQ ROWE PRICE F

EX0500523 LAND.L      100,000.0000        385,444.82      603,868.60         405,000.00     619,852.50       30,636.70    0.40
LAIRD GROUP PLC ORD 25P                     3.854448        6.038686           4.050000       6.198525      -14,652.80

TBC ASSET MANAGEMENT

EX0500747              21,390.0000         84,580.19      124,904.76          53,902.80      82,498.24      -45,303.19    0.05
LAING(JOHN) ORD 'A' NON.V 25P               3.954193        5.839400           2.520000       3.856860        2,896.67

INTL EQ ROWE PRICE F

EX0523884              13,450.0000         95,378.37      141,173.74         124,278.00     190,207.48       42,775.62    0.12
LONDON ELECTRICITY ORD 50P                  7.091329       10.496189           9.240000      14.141820        6,258.12

INTL EQ ROWE PRICE F

EX0583297              42,480.0000        170,541.86      252,140.71          82,836.00     126,780.50     -129,670.32    0.08
CARADON ORD 25P                             4.014639        5.935516           1.950000       2.984475        4,310.11

INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                          PAGE: 24
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

EX0602725             130,000.0000        515,626.44      762,910.48         526,500.00     805,808.25       16,088.30    0.52
MORGAN CRUCIBLE CO. ORD 25P                 3.966357        5.868542           4.050000       6.198525       26,809.47

INTERNAT-CAP GUARD

EX0625395              68,000.0000        336,649.39      520,964.92         453,560.00     694,173.58      180,919.17    0.44
NATIONAL WESTMINSTER BANK ORD               4.950726        7.661249           6.670000      10.208435       -7,710.51
11 (POST CAP)
INTERNAT-CAP GUARD

EX0625395              51,820.0000        204,111.19      335,882.85         345,639.48     529,001.10      232,897.07    0.34
NATIONAL WESTMINSTER BANK ORD               3.938850        6.481722           6.670000      10.208435      -39,778.82
L1 (POST CAP)
TBC ASSET MANAGEMENT

EX0625395              49,830.0000        207,167.46      328,682.75         332,366.10     508,686.32      198,634.64    0.33
NATIONAL WESTMINSTER BANK ORD               4.157485        6.596082           6.670000      10.208435      -18,631.07
L1 (POST CAP)
INTL EQ ROWE PRICE F

EX0697824 PWG.L        90,602.0000        465,431.50      733,947.74         483,814.68     740,478.37       28,989.11    0.47
POWERGEN ORD 50P                            5.137097        8.100790           5.340000       8.172870      -22,458.50

TBC ASSET MANAGEMENT

EX0718877              60,000.0000        553,132.25      825,022.15         562,800.00     861,365.40       45,910.84    0.55
RTZ CORP ORD 10P(REGD)                      8.885538       13.750369           9.380000      14.356090       -9,567.59

INTERNAT-CAP GUARD

EX0718877              30,000.0000        276,071.30      435,424.49         281,400.00     430,682.70        8,404.32    0.28
RTZ CORP ORD 10P(REGD)                      9.202377       14.514150           9.380900      14.356898      -13,146.31

TBC ASSET MANAGEMENT

EX0718877              12,750.0000        109,699.58      162,134.93         119,595.00     183,040.15       14,625.34    0.12
RTZ CORP ORD 10P(REGD)                      8.603889       12.716465           9.380000      14.354898        6,279.88

INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 25
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

EX0724594              24,260.0000        103,966.60      156,002.88          98,980.80     151,490.11       -7,481.24    0.10
RANK ORGANISATION ORD 10P                   4.285515        4.430457           4.080000       6.244440        2,968.47

INTL EQ ROWE PRICE F

EX0730872              30,000.0000        259,003.71      390,730.31         313,200.00     479,352.60       81,759.96    0.31
REED INTL ORD 25P                           8.633457       13.024344          10.440000      15.978420        6,862.33

INTL EQ ROWE PRICE F

EX0747769              14,777.0000         26,112.31       38,794.53          26,305.06      40,256.83          283.39    0.03
ROLLS ROYCE 20P                             1.767091        2.625332           1.780000       2.724290        1,178.91

INTL EQ ROWE PRICE F

EX0779093              80,431.0000        183,549.91      285,722.96         176,948.20     270,819.22      -10,276.55    0.17
SCAPA GROUP 25P                             2.282079        3.552398           2.200000       3.367100       -4,627.19 

TBC ASSET MANAGEMENT

EX0787005              15,000.0000         18,166.80       26,617.09          15,000.00      22,957.50       -4,639.84    0.01
SEARS ORD 25P                               1.211120        1.774473           1.000000       1.530500          980.25

INTL EQ ROWE PRICE F

EX0803414              25,540.0000        190,165.21      285,627.97         205,597.00     314,666.21       23,178.53    0.20
SHELL TRANS & TRDG ORD 25P REG              7.445780       11.183554           8.050000      12.320525        5,859.71

INTL EQ ROWE PRICE F

EX0819519              48,000.0000        184,674.99      276,774.96         329,289.00     503,963.04      216,721.53    0.32
SMITHKLINE BCH/DEC UNTS() SB                3.847394        5.766145           6.860000      10.499238       10,466.55
"B" ORD 12.5P & SBC CUM PRF)
INTL EQ ROWE PRICE F
 
EX0822018 SHDS.L       21,560.0000         55,365.99       81,906.39          54,978.00      84,143.83         -573.98    0.05
SMITH (DAVID S.)(HLDGS) ORD10P              2.567996        3.798998           2.550000       3.902775        2,811.42

INTL EQ ROWE PRICE F

EX0856133              14,000.0000         10,343.50       15,154.78           2,520.00       3,851.86      -11,462.60    0.00



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 26
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

SPRING RAM CORP ORD 10P                     0.738821        1.082484           0.180000       0.275490          164.68

INTL EQ ROWE PRICE F

EX0884703              23,000.0000         52,795.38       78,214.45          66,585.00     101,908.34       20,428.82    0.07
TESCO ORD 5P                                2.295451        3.400628           2.895000       4.430798        3,265.07

INTL EQ ROWE PRICE F

EX0689405              31,000.0000        293,132.44      431,024.03         483,290.00     739,675.35      279,609.03    0.47
THORN-EMI ORD 25P                           9.455885       13.904001          15.590000      23.860495       29,042.29

INTERNAT-CAP GUARD

EX0896269              61,430.0000        160,782.94      237,258.26         162,175.20     248,209.14        2,054.48    0.16
TOmKINS ORD STK 5P                          2.617336        3.862254           2.640000       4.040520        8,896.40

INTL EQ ROWE PRICE F

EX0907603              30,000.0000         70,908.38      105,114.31          39,000.00      59,689.50      -47,300.86    0.04
T & N PLC ORD LI                            2.363613        3.503810           1.300000       1.989650        1,876.05

INTL EQ ROWE PRICE F

EX0916729              20,290.0000        140,572.62      207,778.21         113,826.90     174,212.07      -39,532.43    0.11
UNITED NEWS & MEDIA ORD 25P                 6.928172       10.240424           5.610000       8.586105        5,966.29
INTL EQ ROWE PRICE F

EX0927056              13,840.0000         37,870.57       55,692.00          24,635.20      37,704.17      -19,463.77    0.02
COATS VIVELLA ORD 20P                       2.736313        4.023988           1.780000       2.724290        1,475.94

INTL EQ ROWE PRICE F

EX0981111              22,820.0000        143,164.73      211,808.97         118,207.60     180,916.73      -36,923.51    0.12
KINGFISHER ORD 25P                          6.273652        9.281725           5.180000       7.927990        6,031.27

INTL EQ ROWE PRICE F
    TOTAL:  GBP     2,363,075.0000      9,694,520.75   14,844,059.41      10,308,376.53  15,776,970.29      951,017.21   10.08
                                                                                                            -18,106.33



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 27
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

    HKD   HONG KONG DOLLAR          CURRENT EXCHANGE RATE:  0.129284154

FH6190273              55,000.0000      2,415,229.46      312,246.85       2,420,000.00     312,867.65          616.75    0.20
CHEUNG KONG(HLDGS) HK$0.50                 43,913263        5.677215          44.000000       5.688503            4.05

TBC ASSET MANAGEMENT

FH6196155             369,000.0000      6,493,624.20      839,586.16       8,985,150.00   1,161,637.52      322,139.15    0.74
CITIC PACIFIC LTD HK$0.40                  17.597898        2.275301          24.350000       3.148069          -87.79

INTERNAT-CAP GUARD

FH6287137              27,000.0000        710,322.46       91,858.38         769,500.00      99,484.16        7,652.80    0.06
DAO HENG BANK GROUP HK $0.50               26.308239        3.402162          28.500000       3.684598          -27.02

INTL EQ ROWE PRICE F

FH6339870             166,738.0000      1,389,561.94      179,585.10       1,400,599.20     181,075.28        1,426.44    0.12
FIRST PACIFIC CO US$0.01                    8.333805        1.077050           8.400000       1.085987           63.74

INTL EQ ROWE PRICE F

FH6390360              30,000.0000      1,202,399.40      155,408.83       1,101,000.00     142,341.85      -13,105.77    0.09
GUOCO GROUP US$0.50                        40.079983        5.180294          36.700000       4.744728           38.79

INTL EQ ROWE PRICE F

FH6392424 0123.HK     422,000.0000        629,327.99       81,326.12         637,220.00      82,382.45        1,019.86    0.05
GUANGZHOU INVESTMENTS CO DRO                1.491299        0.192716           1.510000       0.195219           36.47
HK$0.10
INTL EQ ROWE PRICE F

FH6436502              80,000.0000      2,727,106.58      352,083.21       2,068,000.00     267,359.63      -85,093.98    0.17
WHARF HOLDINGS HK$1                        34.088832        4.401040          25.850008       3.341995          370.40

INTL EQ ROWE PRICE F

FH6936502              31,011.0000      2,615,678.65      338,275.70       3,535,254.00     457,052.32      118,925.16    0.29
HSBC HLDGS ORD HK$10(HK REG)               84.346801       10.908249         114.000000      14.730394         -148.54



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 28
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

HK LISTING
TBC ASSET MANAGEMENT

FH6448069              57,000.0000      2,170,266.98      280,438.59       2,490,900.00     322,033.90       41,431.71    0.21
HUTCHISON WHAMPOA HK$0.25                  38.074859        4.919975          43.700000       5.649718          163.60

INTL EQ ROWE PRICE F

FH6600875             200,000.0000        302,605.58       39,081.18         254,000.00      32,838.18       -6,277.36    0.02
MAANSHAN IRON & STEELS CO                   1.513028        0.195406           1.270000       0.164191           34.36
CNYUL 'H'
INTL EQ ROWE PRICE F

FH6633769              20,000.0000        589,551.33       76,227.38         646,000.00      83,517.56        7,298.66    0.05
NEW WORLD DEVELOPMENT CO HK$1              29.477567        3.811369          32.300000       4.175878           -8.48

INTL EQ ROWE PRICE F

FH6797457             232,000.0000        518,332.08       67,047.67         504,600.00      65,236.78       -1,776.28    0.04
SHANGHAI PETROCHEMICAL CO ORD               2.234190        0.288999           2.175000       0.281193          -34.61
'H' CNYU 1
INTL EQ ROWE PRICE F

FH6867748             135,000.0000      4,771,214.29      615,773.73       7,897,500.00   1,021,021.61      403,478.97    0.65
SWIRE PACIFIC A HK $0.60                   35.342328        4.561287          58.500000       7.563123        1,768.91

INTERNAT-CAP GUARD

FH4867748              20,000.0000      1,239,124.90      160,040.04       1,170,000.00     151,262.46       -8,927.87    0.10
SHIRE PACIFIC A HK $0.60                   61.956245        8.002002          58.500000       7.563123          150.29

INTL EQ ROWE PRICE F

FH6881673             239,000.0000      8,069,584.98    1,044,509.90       6,978,800.00     902,248.25     -141,188.89    0.58
TELEVISION BROADCAST ORD $0.05             33.763954        4.370334          29.200000       3.775097       -1,072.76

INTERNAT-CAP GUARD

FH6913161 D270.HK     154,000.0000        695,862.09       90,005.84         716,100.00      92,588.38        2,617.66    0.06
GUANGDONG INVESTMENT LIMITED                4.518585        0.584454           4.650000       0.601171          -43.12
DHD HK$0.50



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 29
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTL EQ ROWE PRICE F

FH6984667             195,000.0000        562,266.75       72,748.61         368,550.00      47,647.67      -25,063.95    0.03
VICHENG CHEMICAL FIBRE COMPANY              2.883419        0.373070           1.890000       8.244347          -36.99
CNYU1 SER 'H'
INTL EQ ROWE PRICE F

FH6984675             768,000.0000      1,429,239.87      184,773.96       1,505,280.00     194,608.85        9,830.57    0.12
YUE YUEN INDUSTRIAL HLDGS                   1.860989        0.240591           1.960000       0.253397            4.32
HK$0.10
TBC ASSET MANAGEMENT
    TOTAL:  HKD     3,200,749.0000     38,531,299.41    4,981,017.25      43,448,453.20   5,617,196.50      635,003.65    3.59
                                                                                                              1,175.62


    ITL ITALIAN LIRA                 CURRENT EXCHANGE RATE:  0.000625371

EI4038630               1,250.0000      7,500,000.00        4,881.07         975,000.00         609.74       -4,246.53    0.00
DANIELI & C HTS 30-NOV-99               6,000.000000        3.904856         780.000000       0.487789          -24.80
(TO PURCHASE ORD)
INTL EQ ROWE PRICE F

E14043424           7,500,000.0000              0.00            0.00       6,667,500.00       4,169.66        4,169.66    0.00
DANIELI & C 7.25% BDS 1/1/2000              0.000000        0.000000          88.900000       0.055595            0.00
1-JAN-2000 ITL6000(EX.WTS)
INTL EQ ROWE PRICE F

EI4049041               3,136.0000     34,342,336.00       21,360.49      39,294,080.00      24,573.38        3,079.92    0.02
ARNOLDO MONDADORI EDITORE SPA          10,951.000000        6.811381      12,530.000000       7.835899          132.97
ITL1000 ORD
INTL EQ ROWE PRICE F

EI4056715               6,637.0000    250,668,488.00      151,200.70     241,918,650.00     151,288.91       -5,277.87    0.10
ASSICURAZIONI GENERALI ITL2000         37,768.342323       22.781495      36,450.000000      22.794773        5,366.00

INTL EQ ROWE PRICE F

EI4079634              24,180.0000     42,000,660.00       25,142.56      40,767,480.00      25,494.80         -738.21    0.02
BANCA FIDEURAM ITL500                   1,737.000000        1.039800       1,686.000000       1.054376        1,090.45



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 30
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTL EQ ROWE PRICE F

EI4253579               5,000.0000     32,115,000.00       19,170.28      20,700,000.00      12,945.18       -6,613.91    0.01
DANIELI & C DI RISP ITL2000(-           6,423.000000        3.834056       4,140.000000       2.589036          588.01
NON V)
INTL EQ ROWE PRICE F

EI4335606              60,000.0000    414,908,350.00      251,764.72     289,000,000.00     181,232.52      -75,915.24    0.12
FIAT SPA ORD ITL1000                    6,915.139167        4.196079       4,830.000000       3.020542        5,383.04

TBC ASSET MANAGEMENT

EI4436396 EMI.MI       11,000.0000     57,750,000.00       36,240.95      57,750,000.00      36,115.18            0.00    0.02
ENI ITL1000                             5,250.000000        3.294632       5,250.000000       3.283198         -125.77

INTL EQ ROWE PRICE F
EI4438111               4,000.0000     50,804,000.00       30,412.45      36,300,000.00      22,700.97       -8,682.44    0.01
IMI SPA ORD ITL5000                    12,701.000000        7.603113       9,075.000000       5.675242          970.96

INTL EQ ROWE PRICE F

EI4468209              15,367.0000     70,837,299.00       43,023.70      63,004,700.00      39,401.31       -4,757.23    0.03
ITALGAS (SOC ITAL) ITL1000              4,609.702544        2.799746       4,100.000000       2.564021        1,134.84

INTL EQ ROWE PRICE F

EI4534935 INAI.KL      20,000.0000     48,000,000.00       30,506.88      38,400,000.00      24,014.25       -6,101.38    0.02
ISTITUTO NAZ DELLE                      2,400.000000        1.525344       1,920.000000       1.200712         -391.25
ASSICURAZIONI ITL1000
INTL EQ ROWE PRICE F

EI4718249               1,000.0000     28,604,000.00       17,074.47      16,375,000.00      10,240.45       -7,299.81    0.01
RAS ITL1000                            28,604.000000       17.074470      16,375.000000      10.240450          465.79

INTL EQ ROWE PRICE F

EI4740037               6,200.0000     66,160,200.00       41,613.71      55,552,000.00      34,740.61       -6,672.39    0.02
RINASCENTE (LA) PERS LESDI             10,671.000000        6.711889       8,960.000000       5.603324         -200.71
GRAND MAG ITL 1000
INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 31
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

EI4765943               8,437.0000     32,524,635.00       20,063.01      29,613,870.00      18,519.66       -1,795.52    0.01
SME (MERIDIONALE FINANZIARIA)           3,855.000000        2.377979       3,510.000000       2.195052          252.17
ITL1000
INTL EQ ROWE PRICE F

EI4776494               4,328.0000     33,065,920.00       20,551.00      28,954,320.00      18,107.19       -2,555.43    0.01
SASIB ITL1000                           7,640.000000        4.748383       6,690.000000       4.183732          111.62

INTL EQ ROWE PRICE F

EI4776510              13,690.0000     83,182,156.00       50,779.03      47,778,100.00      29,879.04      -21,612.60    0.02
SASIB DI RISP ITL1000(NON CNV)         6,076.125347        3.709206       3,490.000000       2.182545          712.61

INTL EQ ROWE PRICE F

EI4811564              58,369.0000    146,568,385.45       89,343.85     126,952,575.00      79,392.46      -11,957.24    0.05
TELECOM ITALIA SPA ITL1000              2,511.065556        1.530673       2,175.000000       1.360182        2,005.85

INTL EQ ROWE PRICE F

EI4811572              27,758.0000     57,718,521.89       34,839.90      48,992,870.00      30,638.72       -5,266.97    0.02
TELECOM ITALIA SPA DI RISP              2,079.347283        1.255130       1,765.000000       1.103780        1,065.79
ITL1000 (NON CONV)
INTL EQ ROWE PRICE F

EI4846503             188,000.0000    417,027,259.00      387,386.51     816,860,000.00     510,840.56      294,712.83    0.33
STET ITL1000                            2,218.230101        1.635035       4,345.000000       2.717237      -91,258.78

INTERNAT-CAP GUARD

EI4846503              34,420.0000    163,506,640.00       98,587.18     149,554,900.00      93,527.38       -8,412.31    0.06
STET ITL1000                            4,750.338175        2.864241       4,345.000000       2.717237        3,352.43

INTL EQ ROWE PRICE F

EI4846511             210,000.0000    719,625,335.00      428,296.26     660,450,000.00     415,026.28      -35,218.88    0.26
STET ITL1000 DI RISP(NON CNV)           3,426.787300        2.039506       3,145.000000       1.966792       19,948.90

TBC ASSET MANAGEMENT




<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 32
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

E14896311              18,150.0000     72,719,938.00       43,935.14      57,081,750.00      35,697.27       -9,448.12    0.02
STET ITL1000 DI RISP(NON CNV)           4,006.608154        2.420669       3,145.000000       1.966792        1,210.25

INTL EQ ROWE PRICE F

EI4849648             370,000.0000     88,800,000.00       55,177.57     629,740,000.00     395,821.13      336,123.34    0.25
SOFTE S.A(SIP) CVD WTS 24/3/97            240.000000        0.149129       1,702.000000       1.064381        2,520.22
(TD PUR SIP DI RISP)
INTERNAT-CAP GUARD

EI4876740              45,810.0000     87,394,171.55       52,729.27     118,189,000.00      73,912.47       18,500.55    0.05
TELECOM ITALIA MOBILE ITL50             1,907.753145        1.151043       2,580.000000       1.613457        2,682.65

INTL EQ ROWE PRICE F

EI4910390               2,109.0000     18,356,736.00       11,268.72      18,506,475.00      11,573.41           91.92    0.01
UNICHEM(UNION-CEM-MARCH EMIL)           8,704.000000        5.343158       8,775.000000       5.487631          212.77
SPA ITL1000
INTL EQ ROWE PRICE F
    TOTAL:  ITL     8,638,841.0000  3,024,180,028.89    1,885,349.50   3,640,179,070.00   2,276,462.45      433,986.14    1.46
                                                                                                            -42,873.19



    JPY   JAPANESE YEN               CURRENT EXCHANGE RATE:   0.009825596

FJ6021598               8,000.0000      9,922,410.00       94,366.22       8,800,000.00      86,465.24      -10,674.59    0.06
ALPS ELECTRIC                           1,240.301250       11.795770       1,100.000000      10.008156        2,773.61

INTL EQ ROWE PRICE F

FJ6022106               13,000.0000    14,398,225.00      138,103.31      13,390,000.00     131,564.73       -9,670.58    0.08
AMADA Y50                               1,107.555769       10.623332       1,030.000000      10.120364        3,132.00

INTL EQ ROWE PRICE F

FJ6132107              71,000.0000     92,224,394.00      831,063.58     106,500,000.00   1,046,425.97      128,642.11    0.67
BRIDGESTONE CO Y50                      1,298.935127       11.705121       1,500.000000      14.738394       86,720.28

INTERNAT-CAP GUARD



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 33
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

FJ6172327              40,000.0000     71,013,152.00      730,157.04      71,600,000.00     703,512.67        6,033.95    0.45
CANON INC Y50                           1,775.328800       18.253926       1,790.000000      17.587817      -32,678.32

INTERNAT-CAP GUARD

FJ6172327              14,000.0000     22,864,424.00      218,115.19      25,060,000.00     246,229.44       20,944.71    0.16
CANON INC Y50                           1,633.173143       15.579656       1,790.000000      17.587817        7,169.54

INTL EQ ROWE PRICE F

FJ6195844              14,605.0000     52,020,601.00      447,079.70      51,263,550.00     503,694.93       -6,506.29    0.32
CHUDENKO CORP Y50                       3,561.835056       30.611414       3,510.000000      34.487842       63,121.52

INTERNAT-CAP GUARD

FJ6195864              10,600.0000     38,013,605.00      367,502.81      37,206,000.00     365,571.12       -7,807.67    0.23
CHUDENKO CORP Y50                       3,586.189151       34.670076       3,510.000000      34.487842        5,875.98

TBC ASSET MANAGEMENT

FJ6197308               8,000.0000      7,109,498.00       67,763.14       5,984,000.00      58,794.37      -10,727.52    0.04
CITIZEN WATCH CD Y50                      888.687250        8.470393         748.000000       7.349546        1,760.75

INTL EQ ROWE PRICE F

FJ6248994                  60.0000     52,827,965.00      541,977.73      49,080,000.00     482,248.25      -38,451.48    0.31
DDI CORP Y5000                        800,466.083333    9,032.962167     818,000.000000   8,037.337528      -21,286.00

INTERNAT-CAP GUARD

FJ6248994                  15.0000      9,474,364.00       96,513.20      10,634,000.00     104,485.39       11,812.94    0.07
DDI CORP Y5000                        728,797.230769    7,424.092308     818,000.000000   8,037.337528       -3,840.75

INTL EQ ROWE PRICE F

FJ6250024               3,000.0000      3,823,944.00       37,029.12       3,720,000.00      36,551.22       -1,006.54    0.02
DAIFUKO MACHINERY Y 50                  1,274.648000       12.343040       1,240.000000      12,183759          528.64

INTL EQ ROWE PRICE F

FJ6250214              12,000.0000     18,807,919.00      179,304.38      16,560,000.00     162,711.87      -21,430.43    0.10



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 34
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

DAIICHI PHARMACEUTICAL CO Y50           1,567.326583       14.942032       1,380.000000      13.559322        4,837.92

INTL EQ ROWE PRICE F

FJ6251022              12,000.0000      8,292,966.00       79,223.13      10,632,000.00     104,465.74       22,344.91    0.07
DAINIPPON SCREEN Y50                      691.080500        6.601928         886.000000       8.705478        2,897.70

INTL EQ ROWE PRICE F

FJ6251162              90,000.0000     70,642,775.00      677,227.02      58,950,000.00     579,218.88     -112,094.47    0.37
DAI-TOKYO FIRE & MARINE INS CO            784.919722        7.524745         655.000000       6.435765       14,086.33

TBC ASSET MANAGEMENT

FJ6251360              13,000.0000     21,305,713.00      203,272.74      19,760,000.00     194,153.78      -14,747.28    0.12
DAINA HOUSE INDUSTRY CO Y50             1,638.901000       15.636365       1,520.000000      14.934906        5,628.32

INTL EQ ROWE PRICE F

FJ6298544                  47.0000     23,421,636.00      235,349.41      23,453,000.00     230,439.78          315.15    0.15
EAST JAPAN RAILWAY CO Y50000          498,332.680851    5,007.434255     499,000.000000   4,902.972404       -5,224.86

INTL EQ ROWE PRICE F

FJ6351279               1,032.0000      5,219,487.00       38,835.48       4,416,960.00      43,399.26       -5,971.19    0.03
FAMILYMART Y50                          5,057.642442       37.631279       4,280.000000      42.053551       10,534.97

INTERNAT-CAP GUARD

FJ6356524               9,000.0000     21,669,326.00      201,731.49      22,680,000.00     222,844.52        9,408.92    0.14
FUJI PHOTO FILM LTD ORD Y50             2,407.702889       22.414610       2,520.000000      24.760502       11,704.11

TBC ASSET MANAGEMENT

TJ6356938               3,000.0000     14,477,331.00      147,250.03      12,990,000.00     127,634.49      -15,127.75    0.08
FANUC CO Y50                            4,825.777000       49.083343       4,330.000000      42.544831       -4,487.79

INTL EQ ROWE PRICE F

FJ6429107             125,000.0000    128,634,092.00    1,157,350.97     128,750,000.00   1,265,045.49        1,042.91    0.81
HITACHI LTD Y50                         1,029.072736        9.258808       1,030.000000      10.120364      106,651.61



<PAGE>

FRC G000600                                     SECURITY VALUATION REPORT                                         PAGE: 35
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTERNAT-CAP GUARD

FJ6429107              55,000.0000     54,587,846.00      595,689.95      56,650,000.00     556,620.01       22,503.23    0.36
HITACHI LTD Y50                           992.506291       10.830726       1,030.000000      10.120364      -61,573.17

TBC ASSET MANAGEMENT

FJ6429107              20,000.0000     18,181,295.00      173,915.97      20,600,000.00     202,407.28       23,136.50    0.13
HITACHI LTD Y50                           909.064750        8.695799       1,030.000000      10.120364        5,354.81

INTL EQ ROWE PRICE F

FJ6429180              60,000.0000     54,318,249.00      534,750.61      56,640,000.00     556,521.76       22,857.11    0.36
HITACHI KOKI Y50                          905.304150        8.912510         944.000000       9.275363       -1,085.96

TBC ASSET MANAGEMENT

FJ6429305              22,000.0000     11,213,985.00      111,600.69      11,484,000.00     112,837.14        2,687.17    0.07
HITACHI ZOSEN CORP Y50                    509.726591        5.072759         522.000000       5.128961       -1,450.72

INTL EQ ROWE PRICE F

FJ6429412 6501C5.T 11,000,000.0000     12,729,986.00      125,694.05      12,309,000.00     120,943.26       -4,156.76    0.08
HITACHI                                   115.727140        1.142670         111.900000       1.099484         -594.03
1.700% 29/03/2002
INTERNAT-CAP GUARD

FJ6435146              10,000.0000     18,159,247.00      178,732.75      18,400,000.00     180,790.97        2,369.62    0.12
HONDA MOTOR CO Y50                      1,815.924700       17.873275       1,840.000000      18.879097         -311.40

TBC ASSET MANAGEMENT

FJ6435146               5,000.0000      8,041,017.00       76,569.75       9,200,000.00      90,395.48       11,036.29    0.06
HONDA MOTOR CO Y50                      1,608.203400       15.313950       1,840.000000      18,079897        2,789.44

INTL EQ ROWE PRICE F

FJ6461506               8,000.0000      8,761,290.00       83,294.06       7,760,000.00      76,246.62       -9,519.32    0.05
IMAX Y50                                1,095,161250       10.411758         970.000000       9.530828        2,471.88




<PAGE>

FRC G000600                                            SECURITY VALUATION REPORT                                 PAGE: 36  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTL EQ ROWE PRICE F

FJ6466869 4028.T        11,000.0000     4,657,779.00       46,505.71       3,322,000.00      32,640.63     -13,337.12    0.02
ISHIHARA SANGYD Y50                       423.434455        4.227792         302.000000       2.967330        -527.96

INTL EQ ROWE PRICE F

FJ6467941              12,000.0000     54,971,566.00      644,829.24      67,440,000.00     662,638.19      146,257.61    0.42
ITO-YOKADO CO Y50                       4,580.965833       53.735770       5,620.000000      55.219850     -128,448.66

TBC ASSET MANAGEMENT

FJ6467941               4,000.0000     22,405,914.00      211,723.02      22,480,000.00     220,879.40          700.08    0.14
ITO-YOKADO CO Y50                       5,601.478500       52.930755       5,620.000000      55.219850        8,456.30

INTL EQ ROWE PRICE F

FJ6483807              45,000.0000     54,771,455.00      520,508.90      56,250,000.00     552,689.78       14,051.05    0.35
KAO CORP Y50                            1,217.143444       11.566864       1,250.000000      12.281995       18,129.83

TBC ASSET MANAGEMENT

FJ6492923                 737.0000      1,169,015.00        9,333.08       1,230,790.00      12,093.25          493.19    0.01
KINDEN CORPORATION Y50                  1,586.180461       12.663609       1,670.000000      16.408745        2,266.98

INTERNAT-CAP GUARD

FJ6496502               5,000.0000     11,929,548.00      112,837.50      10,950,000.00     107,590.28       -9,265.21    0.07
KOKUYO CO Y50                           2,385.909600       22.567590       2,190.000000      21.518055        4,017.99

INTL EQ ROWE PRICE F

FJ6496585              18,000.0000     15,484,380.00      147,824.69      14,408,000.00     141,488.50      -10,352.25    0.09
KOMATSU Y50                               860.243333        8.212483         800.000000       7.860477        4,016.14

INTL EQ ROWE PRICE F

FJ6496650 /6349.T       5,000.0000     11,275,810.00      107,564.85      12,000,000.00     117,907.15        6,908.36    0.08
KOMORI CORPORATION Y50                  2,255.162000       21.512970       2,400.000000      23.581400        3,433.94

INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                                            SECURITY VALUATION REPORT                                PAGE: 37  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

FJ6497567              15,000.0000      8,148,694.00       82,204.71       6,030,000.00      59,248.34      -21,375.56    0.04
KUMAGAI-GUMI                              543.246267        5.480314         402.000000       3.949890       -1,582.81

INTL EQ ROWE PRICE F

FJ6497666              12,000.0000     13,128,525.00      125,231.94      12,480,000.00     122,623.44       -6,186.23    0.08
KURARAY CO Y50                          1,094.043750       10.435995       1,040.000000      10.218620        3,577.73

INTL EQ ROWE PRICE F

FJ6499266              15,000.0000     80,481,847.00      741,392.10     120,750,000.00   1,186,440.72      370,946.88    0.76
KYOCERA CORP Y50                        5,365.456467       49.426140       8,050.000000      79.096048       74,101.74

INTERNAT-CAP GUARD

FJ6499266               5,000.0000     34,527,688.00      331,360.27      40,250,000.00     395,480.24       54,916.69    0.25
KYOCERA CORP Y50                        6,905.537600       66.272054       8,050.000000      79.096048        9,203.28

INTL EQ ROWE PRICE F

FJ8551033              10,000.0000     61,389,207.00      641,283.69      63,000,000.00     619,012.55       16,826.66    0.40
MABUCHI MOTOR Y50                       6,138.920700       64.128369       6,300.000000      61.901255      -39,097.80

TBC ASSET MANAGEMENT

FJ6555892               8,000.0000     15,890,321.00      151,941.30      11,760,000.00     115,549.01      -39,493.63    0.07
MAKITA CORP Y50                         1,986.290125       18.992663       1,470.000000      14.443626        3,101.36

INTL EQ ROWE PRICE F

FJ6569522              11,000.0000     18,338,009.00      187,703.40      20,900,000.00     205,354.96       26,223.92    0.13
MARIU CO Y50                            1,667.091727       17.063945       1,900.000000      18.668632       -8,572.36

INTL EQ ROWE PRICE F

FJ6572708              13,000.0000     21,966,687.00      210,068.71      19,630,000.00     192,874.95      -22,345.80    0.12
MATSUSHITA ELECTRIC INDUSTRIAL          1,689.745154       16.159132       1,510.000000      14.836650        5,153.62
CO Y50
INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                                                SECURITY VALUATION REPORT                            PAGE: 38  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

FJ6592144              60,000.0000    105,097,451.00      984,913.64      76,800,000.00     754,605.77     -265,187.66    0.48
MIKUNI COCA COLA Y50                    1,751.624183       16.415227       1,280.000000      12.576763       34,879.79

TBC ASSET MANAGEMENT

FJ6596700               9,000.0000      9,798,752.00       93,423.81      10,980,000.00     107,885.04       11,262.32    0.07
MITSUBISHI CORP Y50                     1,088.750222       10.380423       1,220.000000      11.987227        3,198.91

INTL EQ ROWE PRICE F

FJ6597069              85,000.0000     66,156,046.00      577,181.65      68,935,000.00     677,327.46       24,245.14    0.43
MITSUBISHI HEAVY IND Y50                  778.306424        6.790372         811.000000       7.968558       75,900.67

INTERNAT-CAP GUARD

FJ6597069              75,000.0000     54,114,714.00      506,912.43      60,825,000.00     597,641.88       62,857.73    0.38
MITSUBISHI HEAVY IND Y50                  721.529520        6.758832         811.000000       7.968558       27,871.72

TBC ASSET MANAGEMENT

FJ6597069              35,000.0000     24,787,174.00      237,103.60      28,385,000.00     278,899.54       34,415.27    0.18
MITSUBISHI HEAVY IND Y50                  708.204971        6.774389         811.000000       7.968558        7,380.67

INTL EQ ROWE PRICE F

FJ6597143              12,000.0000      8,792,822.00       89,252.54       7,524,000.00      73,927.78      -12,879.32    0.05
MITSUBISHI PAPER MILLS Y50                732.735167        7.437712         627.000000       6,160649       -2,445.44

INTL EQ ROWE PRICE F

FJ6597366               6,000.0000      4,918,809.00       47,389.99       5,082,000.00      49,933.60        1,572.25    0.03
MITSUI PETROCHEMICAL INDS LTD             819.801500        7.898332         847.000000       8.322280          971.44

INTL EQ ROWE PRICE F

FJ6597606              79,000.0000    125,830,734.00      949,789.99      99,540,000.00     978,839.83     -198,446.54    0.63
MITSUI FUDDSAN CO Y50                   1,592.794101       12.022658       1,260.000000      12.380251      226,696.38

INTERNAT-CAP GUARD

FJ6597606              20,000.0000     26,262,252.00      251,090.45      25,200,000.00     247,605.02      -10,156.07    0.16




<PAGE>

FRC G000600                                            SECURITY VALUATION REPORT                                 PAGE: 39  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

MITSUI FUDDSAM CO Y50                   1,313.112600       12.554523       1,260.000000      12.380251        6,670.64

INTL EQ ROWE PRICE F

FJ6610409              22,000.0000     76,306,165.00      704,221.77      80,300,000.00     788,995.36       36,858.66    0.50
MURATA MANUFACTURING CO Y50             3,468.462045       32.010080       3,650.000000      35.863425       47,914.93

INTERNAT-CAP GUARD

FJ6610409              15,000.0000     47,845,742.00      492,002.55      54,750,000.00     537,951.38       70,997.18    0.34
MURATA MANUFACTURING CO Y50             3,189.716133       32.800170       3,650.000000      35.863425      -25,048.35

TBC ASSET MANAGEMENT

FJ6610409               3,600.0000     14,060,680.00      133,304.05      13,140,000.00     129,108.33       -8,728.62    0.08
MURATA MANUFACTURING CO Y50             3,905.744444       37.028903       3,650.000000      35.863425        4,532.90

INTL EQ ROWE PRICE F

FJ6625720               3,000.0000      5,838,770.00       55,751.95       4,950,000.00      48,636.70       -8,486.49    0.03
NATIONAL HOUSE INDUSTRIAL CO            1,946.256667       18.583983       1,650.000000      16.212233        1,371.24
Y50
INTL EQ ROWE PRICE F

FJ6639556              12,000.0000     67,708,263.00      785,927.82      96,000,000.00     943,257.22      328,398.04    0.60
NINTENDO CO                             5,642.355250       65.493985       8,000.000000      78.604768     -171,068.64

INTERNAT-CAP GUARD

FJ6640380              13,000.0000     23,714,635.00      230,837.13      24,440,000.00     240,137.57        7,060.66    0.15
NIPPON DENSO                            1,824.202692       17.756702       1,880.000000      18.472120        2,239.78

INTL EQ ROWE PRICE F

FJ6640408              20,000.0000     19,231,490.00      200,328.28      26,000,000.00     255,465.50       70,505.40    0.16
NEC CORP Y50                              961.574500       10.016414       1,300.000000      12.773275      -15,368.18

INTL EQ ROWE PRICE F

FJ6640786               4,000.0000      8,009,413.90       77,824.25       6,360,000.00      62,490.79      -16,026.69    0.04
NIPPON HODO CO Y50                      2,002.353250       19.456063       1,590.000000      15.622698          693.23


<PAGE>

FRC G000600                                           SECURITY VALUATION REPORT                                  PAGE: 40  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTL EQ ROWE PRICE F

FJ6640984              45,000.0000     55,346,176.00      536,418.73      54,900,000.00     539,425.22       -4,324.36    0.34
NISHIMATSU CONSTRUCTION CO Y50          1,229.915022       11.920416       1,220.000000      11.987227        7,330.85

TBC ASSET MANAGEMENT

FJ6641370                 132.6000    102,173,051.00    1,067,023.45     110,190,600.00   1,082,688.32       83,729.60    0.69
NIPPON TEL & TEL CORP Y50000          770,535.829563    8,046.934012     831,000.000000   8,165.070276      -68,064.73

INTERNAT-CAP GUARD

FJ6641370                  14.1000     12,093,052.00      122,099.74      11,717,100.00     115,127.49       -3,795.87    0.07
NIPPON TEL & TEL CORP Y50000          857,663.262411    8,659.556028     831,000.000000   8,165.070276       -3,176.38

INTL EQ ROWE PRICE F

FJ6642568              77,000.0000     26,813,617.00      265,297.11      26,950,000.00     264,799.81        1,349.40    0.17
NIPPON STEEL                              348.228792        3.445417         350.000000       3.438959       -1,846.70

INTL EQ ROWE PRICE F

FJ6643103              23,000.0000     38,540,090.00      448,251.18      46,000,000.00     451,977.42       86,764.56    0.29
NOMURA SECURITIES CO Y50                1,675.656087       19.489182       2,000.000000      19.651192      -83,038.32

INTERNAT-CAP GUARD

FJ6643103              15,000.0000     32,050,177.00      322,112.32      30,000,000.00     294,767.88      -20,604.79    0.19
NOMURA SECURITIES CO Y50                2,136.678467       21.474155       2,000.000000      19.651192       -6,739.65

TBC ASSET MANAGEMENT

FJ6643103              15,000.0000     25,926,929.00      286,037.13      30,000,000.00     294,767.84       44,935.89    0.19
NOMURA SECURITIES CO Y50                1,728.461933       19.069142       2,000.000000      19.651192      -36,205.14

INTL EQ ROWE PRICE F

FJ6660107               8,000.0000     33,458,951.00      333,691.15      29,120,000.00     286,121.36      -43,273.02    0.18
OMO PHARMACEUTICAL CO Y50               4,182.368875       41.711394       3,640.000000      35.765169       -4,296.77


!!!!!

<PAGE>

FRC G000600                                              SECURITY VALUATION REPORT                             PAGE: 41  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

TBC ASSET MANAGEMENT

FJ6661147              17,000.0000     30,815,823.00      241,419.20      71,400.000.00     701,547.55      317,947.04    0.45
ORIN CORP Y50                           1,812.695471       14.201129       4,200.000000      41.267503      142,181.31

INTERNAT-CAP GUARD

FJ6688744               7,000.0000     20,227,086.00      196,612.51      12,390,000.00     121,739.13      -76,178.50    0.08
PIONEER ELECTRONIC CORP Y50             2,889.583714       28.087501       1,770.000000      17,391305        1,305.12

INTL EQ ROWE PRICE F

FJ6774650               3,000.0000     11,503,047.00      111,813.55       6,600,000.00      64,848.93      -47,659.29    0.04
SANGETSU Y50                            3,834.349000       37.271183       2,200.000000      21.616311          694.67

INTL EQ ROWE PRICE F

FJ6776285              43,500.0000     97,512,808.00    1,005,838.10      98,745,000.00     970,228.48       12,709.96    0.62
SANKYO CO Y50                           2,241.673747       23.122715       2,270.000000      22.304103      -48,319.58

INTERNAT-CAP GUARD

FJ6775285               8,700.0000     19,165,339.00      187,795.66      19,749,000.00     194,045.78        5,719.12    0.12
SANKYO CO Y50                           2,202.912529       21.585708       2,270.000000      22.304183          530.92

INTL EQ ROWE PRICE F

FJ6776762             169,000.0000     94,859,898.00      954,932.41      89,570,000.00     880,078.63      -53,252.18    0.56
SANYO ELECTRIC CO Y50                     561.301172        5.650488         530.000000       5.207566      -21,601.60

INTERNAT-CAP GUARD

FJ6791597              10,000.0000     64,700,001.00      607,206.92      68,700,000.00     675,018.45       37,539.83    0.43
SECOM CO Y50                            6,470.000100       60.720692       6,870.000000      67.501845       30,271.70

INTERNAT-CAP GUARD

FJ6791951               1,200.0000      8,389,778.00       85,060.95       6,600,000.00      64,848.93      -18,145.92    0.04
SEGA ENTERPRISES Y50                    6,991.481667       78.884125       5,500.000000      54.040778       -2,066.10

INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                                            SECURITY VALUATION REPORT                                PAGE: 42  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

FJ6793825              16,000.0000     16,334,342.00      158,886.47      20,960,000.00     205,944.49       44,994.43    0.13
SEKISUI CHEMICAL Y50                    1,020.896375        9.930404       1,310.000000      12.871531        2,063.59

INTL EQ ROWE PRICE F

FJ6793908              42,000.0000     47,530,120.00      544,707.61      49,980,000.00     491,083.29       28,076.28    0.31
SEKISUI HOUSE Y50                       1,131.669524       12.969229       1,190.000000      11,692459      -81,700.60

INTERNAT-CAP GUARD

FJ6793908              50,000.0000     71,656,431.00      673,695.03      59,500,000.00     584,622.96     -114,291.56    0.37
SEKISUI HOUSE Y50                       1,433.128620       13,473901       1,190.000000      11.692459       25,219.49

TBC ASSET MANAGEMENT

FJ6793908              12,000.0000     16,651,370.00      161,739.06      14,280,000.00     140,309.51      -23,033.74    0.09
SEKISUI HOUSE Y50                       1,387.614167       13.478255       1,190.000000      11,692459        1,604.19

INTL EQ ROWE PRICE F

FJ6795473                 800.0000      2,654,069.00       24,624.18       1,424,000.00      13,991.65      -11,412.45    0.01
SENSHUKAI Y50                           3,317.586250       30.780225       1,780.000000      17.409561          779.92

INTERNAT-CAP GUARD

FJ6797172               1,420.0000     10,109.460.00       97,534.58       9,996,800.00      98,224.52       -1,086.92    0.06
SEVEN-ELEVEN JAPAN NPV                  7,119.338028       68.686324       7,040.000000      69.172196        1,776.86

INTL EQ ROWE PRICE F

FJ6800604              15,000.0000     24,507,113.00      237,083.28      21,600,000.00     212,232.87      -28,123.58    0.14
SHARP CORP Y50                          1,633.807533       15.805552       1,440.000000      14.348858        3,273.17

INTL EQ ROWE PRICE F

FJ6804580               6,000.0000     11,013,288.00      111,575.18      12,600,000.00     123,802.51      16,074.92     0.08
SHIN-ETSU CHEMICALS CO Y50              1,835.548000       10.595863       2,100.000000      20.633752      -3,847.59

INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                                             SECURITY VALUATION REPORT                             PAGE: 43  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

FJ6821501              13,000.0000     54,121,800.00      638,131.26      70,200,000.00     689,756.84      189,572.44    0.44
SONY CORP Y50                           4,163.215385       49.087020       5,400.000000      53.058218     -137,946.86

INTERNAT-CAP GUARD

FJ6821501               4,100.0000     24,599,104.00      239,964.08      22,140,000.00     217,538.70      -23,988.53    0.14
SONY CORP Y50                           5,999.781463       58,527824       5,400.000000      53.058218        1,563.15

INTL EQ ROWE PRICE F

FJ6858701              19,000.0000     30,075,404.00      288,817.27      22,610,000.00     222,156.73      -71,691.07    0.14
SUMITOMO ELECTRIC IND Y50               1,582.916000       15.200909       1,190.000000      11.692459        5,030.53

INTL EQ ROWE PRICE F

FJ6850867               8,000.0000     17,487,346.00      167,218.42      10,960,000.00     107,688.53      -62,416.13    0.07
SUMITOMO FORESTRY CO Y50                2,185.918250       20.902303       1,370.000000      13.461067        2,886.24

INTL EQ ROWE PRICE F

FJ6858909              80,000.0000     53,938,592.00      524,013.00      54,640,000.00     536,870.57        6,814.16    0.34
SUMITOMO REALTY & DEV CO Y50              674.232400        6.550163         683.000000       6.710882        6,043.41

INTERNAT-CAP GUARD

FJ6858941              50,000.0000     48,744,822.00      453,516.39      50,500,000.00     496,192.60       16,330.00    0.32
SUMITOMO CORP Y50                         974.896440        9.070328       1,010.000000       9.923852       26,346.21

TBC ASSET MANAGEMENT

FJ6858941              23,000.0000     23,672,083.00      227,915.90      23,230,000.00     228,248.60       -4,256.39    0.15
SUMITOMO CORP Y50                       1,029.221000        9.909387       1,010.000000       9.923852        4,589.09

INTL EQ ROWE PRICE F

FJ6865508              50,000.0000     60,265,977.00      623,632.52      56,500,000.00     555,146.17      -38,970.35    0.35
SUZUKI MOTOR CO Y50                     1,205.319540       12.472650       1,130.000000      11.102923      -29,516.00

INTERNAT-CAP GUARD

FJ6869302               4,000.0000     18,129,449.00      177,406.07      20,640.000.00     202,800.30       24,567.04    0.13



<PAGE>

FRC G000600                                           SECURITY VALUATION REPORT                                 PAGE: 44  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

TDK CORP                                4,532.362250       44.351518       5,160.000000      50.700075          827.19

INTL EQ ROWE PRICE F

FJ6870490 /6857.T       1,000.0000      3,063,035.00       28,981.09       5,780,000.00      56,791.94       25,706.73    0.04
ADVANTEST Y50                           3,063.035000       28.981090       5,780.000000      56.791945        2,104.12

INTL EQ ROWE PRICE F

FJ6880507              24,000.0000     12,690,699.00      124,812.60      12,864,000.00     124,396.47        1,704.42    0.08
TEIJIN Y50                                528.779125        5.200525         536.000000       5.266519         -120.55

INTL EQ ROWE PRICE F

FJ6894169              50,000.0000     83,706,365.00      844,026.84      85,000,000.00     835,175.66       13,043.97    0.53
TOKYO BROADCASTING SYS INC Y50          1,674.127300       16.880537       1,700.000000      16.703513      -21,895.15

INTERNAT-CAP GUARD

FJ6894672               5,623.0000      8,801,535.00       83,619.56       6,159,100.00      60,516.83      -25,104.62    0.04
YURTEC CORPORATION Y50                  2,429.349986       23.080199       1,700.000000      16.703513        2,001.89
Y50
INTL EQ ROWE PRICE F

FJ6894763               8,000.0000     10,535,964.00      100,741.46       9,280,000.00      91,181.53      -12,009.12    0.06
TOKIO MARINE & FIRE INS CO              1,316.995500       12.592683       1,160.000000      11.397691        2,449.19

INTL EQ ROWE PRICE F

FJ6895679               3,000.0000      9,129,623.00       92,286.98      13,020,000.00     127,929.26       39,325.95    0.08
TOKYO ELECTRON Y50                      3,043.207667       30.762327       4,340.000000      42.643087       -3,683.67

INTL EQ ROWE PRICE F

FJ6895877               7,000.0000     16,150,921.00      162,512.08      13,168,000.00     129,304.84      -30,094.92    0.08
TOKYO STEEL MFG CO Y50                  2,307.274429       23.216011       1,880.000000      18.472120       -3,112.32

INTL EQ ROWE PRICE F

FJ6897022               5,000.0000      7,169,789.00       72,883.08       6,600,000.00      64,848.93       -5,792.08    0.04
TOPPAN PRINTING Y50                     1,433.957800       14.576616       1,320.000000      12.969787       -2,242.07



<PAGE>

FRC G000600                                            SECURITY VALUATION REPORT                              PAGE: 45  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTL EQ ROWE PRICE F

FJ6897212              85,000.0000     62,404,759.00      598,102.31      62,305,000.00     612,183.76         -956.11    0.39
TOSHIBA CORP Y50-TDK LISTING              734.173635        7.036498         733.000000       7.202162       15,037.56

TBC ASSET MANAGEMENT

FJ6900214              27,000.0000    100,494,572.00      945,108.81      83,700,000.00    822,402.39      -157,945.80    0.53
TOSTEM CORP Y50                         3,722.021185       35.004030       3,100.000000     30.459348        35,239.38

INTERNAT-CAP GUARD

FJ6900644              28,000.0000     45,871,973.00      540,819.73      56,280,000.00     552,984.54      122,708.19    0.35
TOYOTA MOTOR CO Y50                     1,638.284750       19.314990       2,010.000000      19.749448     -110,543.38

INTERNAT-CAP GUARD

FJ6900644              32,000.0000     60,149,457.00      554,711.18      64,320,000.00     631,982.33       38,461.62    0.40
TOYOTA MOTOR CO Y50                     1,879.670531       17.334724       2,010.000000      19.749448       38,809.53

TBC ASSET MANAGEMENT

FJ6911484 8113.T       10,000.0000     21,902,438.00      216,907.16      23,300,000.00     228,936.59       13,840.52    0.15
UNI-CHARM Y50                           2,190.243800       21.690716       2,330.000000      22.893639       -1,811.29

INTERNAT-CAP GUARD

FJ6933801             114,000.0000     82,033,533.00      795,883.25      89,376,000.00     870,172.47       71,236.09    0.56
NAKO SECURITIES CO Y50                    719.592395        6.981432         784.000000       7.703267       11,053.13

INTERNAT-CAP GUARD

FJ6985389              20,000.0000     43,628,800.00      404,157.49      43,800,000.00     430,361.10        1,585.91    0.28
YAMANOUCHI PHARMACEUTICAL CO            2,181.440000       20.207875       2,190.000000      21.518055       24,617.70
YS0
TBC ASSET MANAGEMENT

FJ6985561              49,500.0000     59,143,171.00      599,203.10      56,925,000.00     559,322.05      -22,473.16    0.36
YAMATO TRANSPORT Y50                    1,194.811535       12.105113       1,150.000000      11.299435      -17,407.89



<PAGE>

FRC G000600                                             SECURITY VALUATION REPORT                                PAGE: 46  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

TBC ASSET MANAGEMENT

FJ6986064              78,000.0000     55,414,686.00      455,824.15      52,416,000.00     515,018.44      -24,666.39    0.33
YASUDA FIRE & MARINE INS Y50              710.444692        5.843925         672.000000       6.602801       83,858.68

INTERNAT-CAP GUARD
    TOTAL:  JPY    13,672,683.7000  5,878,525,012.00   37,801.685.81   3,965,253,900.00  38,960,786.35      979,666.69   24.90
                                                                                                            179,433.85      



    KRW    SOUTH KOREAN WON         CURRENT EXCHANGE RATE:  0.001297606

FK6076475 85540.KS      4,000.0000     33,855,030.00       43,683.92      29,160,000.00      37,858.19       -6,058.10    0.02
SEOUL BANK KRW5000                      8,463.757500       10.920980       7,290.000000       9,459548          212.37

INTL EQ ROWE PRICE F

FK6192744               5,000.0000     52,080,100.00       67,174.30      59,500,000.00      65,529.10       -2,038.04    0.04
CHO-HUNG BANK KSWN5000                 10,416.020000       13.434860      10,100.000000      13.185821          392.84

INTL EQ ROWE PRICE F

FK6408405               3,000.0000     29,275,650.00       38,655.37      27,450,000.00      35,619.28       -2,410.58    0.02
HANIL BANK KSWN5000                     9,758.550000       12.885123       9,159.000000      11.873095         -625.51

INTL EQ ROWE PRICE F

FK6495733              10,290.0000    319,120,600.00      418,356.65     314,874,000.00     408,582.39       -5,567.23    0.26
KOREA ELEC POWER CORP KSWN5000         31,012.691934       40.656623      30,600.000000      39.706744       -4,207.03

INTERNAT-CAP GUARD

FK6495733               3,200.00000    94,638,530.00      124,771.38      97,920,000.00     127,061.58        4,326.25    0.08
KOREA ELEC POWER CORP KSWN5000         29,574.540625       38.991056      30,600.000000      39.706744       -2,036.05

INTL EQ ROWE PRICE F

FK6693238               1,675.0000     70,750,937.26       89,470.61      97,987,500.00     127,149.17       34,443.01    0.08
POHANG IRON & STEEL CO                 42,239.365528       53.415290      58,500.000000      75.909951        3,235.65
KSWN5000



<PAGE>

FRC G000600                                            SECURITY VALUATION REPORT                               PAGE: 47  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTL EQ ROWE PRICE F

FK6767750                  20.0000        733,409.80          927.19       3,165,162.00       4,107.13        3,074.26    0.00
SAMSUNG ELECTRONIC CO KRW5000          36,670.490000       46.359500     158,258.100000     205.356660          105.68
(RFD-13-MAR-95)
INTL EQ ROWE PRICE F

FK6771729                 503.0000     65,739,868.28       85,361.96      72,935,000.00      94,640.89        9,342.75    0.06
SAMSUNG ELECTRONICS KSWN5000          130,695.563181      169.705686     145,000.000000     188.152870          -63.82

INTL EQ ROWE PRICE F

FK6885883 85600.KS      2,300.0000     35,221,280.00       43,934.41      33,350,000.00      43,275.16          170.23    0.03
KOOK MIN BANK KSWN5000                 14,444.034783       19.101917      14,500.000000      18.815287         -829.48

INTL EQ ROWE PRICE F

FK6988372               1,200.0000     40,762,000.00       51,798.47      32,400,000.00      42,042.43      -10,426.85    0.03
YUKONG LTD SHS                         33,969.000000       43.165392      27,000.000000      35.035362          870.81

INTL EQ ROWE PRICE F

FK9055807 44510.KS        143.0000      3,517,800.00         4,618.05      3,861,000.00       5,014.06          450.54    0.00
YUKONG LTD(RFD-16-JUN-95)              24,600.000000        32.294056     27,009.000000      35.035362          -58.53

INTL EQ ROWE PRICE F

FK9058371                   1.0000         83,000.00          106.93          83,000.00         107.70            0.00    0.00
SAMSUNG ELECTRONICS CO IRFD            83,000.000000      106.930000      83,000.000000     107.701298            0.77
26-AUG-95)
INTL EQ ROWE PRICE F

FK9059593                 632.0000      7,204,800.00        9,376.98       9,164,000.00      11,891.26        2,549.88    0.01
KOOKMIN BANK (RFD-17-OCT-95)           11,400.000000       14.836994      14,500.000000      18.815287          -35.60

INTL EQ ROWE PRICE F
    TOTAL:  KRW        31,964.0000    750,983,805.34      978,236.22     772,849,662.08   1,002,854.34       27,656.12    0.64
                                                                                                             -3,038.00



<PAGE>

FRC G000600                                             SECURITY VALUATION REPORT                           PAGE: 48  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

    MXN    MEXICAN NEW PESO          CURRENT EXCHANGE RATE:  0.132714001

LM2183084               9,075.0000        256,873.91       78,720.32         219,615.00      29,145.99      -11,418.18    0.02
CEMENTOS MEXICANOS SER'B'NPV               28.305665        8.674415          24.200000       3.211679      -38,156.15

INTL EQ ROWE PRICE F

LM2196201             350,000.0000      2,993,387.97      564,161.98       2,723,000.00     361,380.22      -50,959.85    0.23
CIFRA SA DE CV ORD SHS NPV'C'               8.552537        1.611891           7.780000       1.032515     -151,821.91

INTERNAT-CAP GUARD

LM2344597              17,595.0000        288,448.42       47,810.53         305,801.10      40,584.09        2,876.22    0.03
FOMENTO ECONOMICO MEXICANO DE              16.393772        2.717279          17.380000       2.306569      -10,102.66     
CV SER 'B' NPV
INTL EQ ROWE PRICE F

LM2800532               3,744.0000         83,777.90       13,707.12         112,507.20     14,931.28          4,700.48    0.01
GRUPO MODELO SA DE CV MKP                  22.376576        3.661090          30.050000      3.988056         -3,476.32
SER 'C' SHS
INTL EQ ROWE PRICE F

LM2387131                 395.0000         91,355.77       27,128.66           4,226.58         560.92      -25,073.57     0.00
GRUPO FINANCIERO BAKANEX ACCIV            231.280430       68.680152          10.700000       1.420040         -694.17
SER 'L' NPV
INTL EQ ROWE PRICE F

LM2390572              43,917.0000        243,899.24       73,153.26         205,531.56      27,276.92      -11,507.71    0.02
GRUPO INDUSTRIAL MASECA SA DE               5.553641        1.665716           4.680000       8.621102      -34,368.63
CV SER'B'MMP NPV
INTL EQ ROWE PRICE F

LM2392545               7,649.0000        137,874.14       20,142.31         159,099.20      21,114.69        3,100.81    0.01
GRUMA SA DE CV SER 'B' NPV                 18.025120        2.633326          28.800000       2.760451       -2,128.43

INTL EQ ROWE PRICE F

LM2393071              18,597.0000        215,676.76       52,222.48          68,808.90       9,131.90      -35,561.57    0.01
GRUPO SIDEX S.A.DE C.V. SER'B'             11.597395        2.808113           3.700000       0.491042       -7,529.01



<PAGE>

FRC G000600                                              SECURITY VALUATION REPORT                            PAGE: 49  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

LM2393188              21,127.0000        267,071.44       53,000.89         244,228.12      32,412.49       -4,533.30    0.02
GRUPO FINANCIERO BANAMEX                   12.641238        2.508680          11.560000       1.534174      -16,055.10
ACCIVL SER'B'NPV
INTL EQ ROWE PRICE F

LM2394269              26,190.0000        386,697.14       94,984.45         337,851.00      44,837.56      -11,998.08    0.03
GRUPO EMBOT DE MEXICO SA DE.CV             14.765068        3,626745          12.900000       1.712011      -38,148.81
PTG CERTS-REPR 1B-1L & E'D'SHS
INTL EQ ROWE PRICE F

LM2491917               2,868.0000        265,257.02       40,528.19         282,498.00      37,491.44        2,634.22    0.02
KIMBERLY CLARK DE MEXICO 'A'               92.488501       14.131168          98.500000      13.072329       -5,670.97
NPV
INTL EQ ROWE PRICE F

LM2B96123              15,890.0000        740,034.43      225,629.34         475,111.00      63,853.88      -80,772.59    0.04
TOLMEX S.A.DE CV CLASS'B2'NPV              46.572337       14.199455          29.900000       3.968149      -81,802.87

INTL EQ ROWE PRICE F
    TOTAL:  MXN       517,047.0000      5,970,354.14    1,291,189.53       5,138,277.58     681,921.38     -219,313.12    0.44
                                                                                                           -389,955.03



    MYR    MALAYSIAN RINGGIT            CURRENT EXCHANGE RATE:  0.394166338

ZM6009447 AFIN_T.K     29,600.0000         14,000.80        5,671.78          46,768.00      18,434.37       13,274.12    0.01
AFFINS HOLDINGS BERHAD                      0.473000        0.191614           1.580000       0.622783         -511.53
WTS 15-NOV-99(TO SUB FOR ORD)
INTL EQ ROWE PRICE F

ZM6009454             117,000.000         575,431.17      230,661.47         535,860.00     211,217.97      -15,862.10    0.14
AFFINS HOLDINGS BERHAD MY$1                 4.918215        1.971466           4.580000       1.805282       -3,581.40

TBC ASSET MANAGEMENT

ZM6009454             102,000.0000        444,874.98      161,428.78         467,160.00     184,138.75        8,086.41    0.12
AFFIN HOLDINGS BERHAD MY$1                  4.361519        1.582635           4.580000       1.805282       14,623.56

INTL EQ ROWE PRICE F


<PAGE>

FRC G000600                                             SECURITY VALUATION REPORT                             PAGE: 50  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

ZM6212769              14,000.0000         83,608.77       31,423.35          91,000.00      35,869.14        2,777.90    0.02
COMMERCE ASSET-HLDGS BERHAD                 5.972055        2.244525           6.500000       2.562081        1,667.89
TSR 27-JUN-98(TO PURCHASE ORD)
INTL EQ ROWE PRICE F

ZM6351569 BSTB.KL      36,000.0000        126,763.20       51,398.13         187,200.00      73,787.94       24,505.05    0.05
BERJAYA SPORTS TOTO BERHAD MY$              3.521200        1.427726           5.200000       2.049665       -2,115.24

INTL EQ ROWE PRICE F

ZM6551273              58,000.0000        183,875.12       74,892.11         145,580.00      57,382.74      -15,597.56    0.04
MBF CAPITAL BERHAD MY$1                     3.170261        1.291243           2.510000       0.989358       -1,911.81
MSE LISTING
INTL EQ ROWE PRICE F

ZM6609626              87,000.0000        370,410.18      151,888.59         318,420.00     125,510.45      -21,318.84    0.08
MULTI-PURPOSE HLDG MY$1                     4.257588        1.745846           3.660000       1.442649       -5,059.30

INTL EQ ROWE PRICE F

ZM6732378              76,000.0000        321,498.66      118,057.69         281,200.00     138,839.57      -14,795.58    0.07
REHONG BERHAD MY$0.50                       4.230246        1.553128           3.700000       1.458415        7,597.46

INTL EQ ROWE PRICE F

ZM6754455              85,000.0000        881,951.63      324,825.30         605,500.00     237,879.38     -102,554.53    0.15
TECHNOLOGY RESOURCE INDUSTRIES             10.375902        3.821474           7.100000       2.798581       15,608.61
MY$1
INTL EQ ROWE PRICE F

ZM6808764             280,000.0000      1,593,253.97      579,453.56       1,834,000.00     722,901.06       87,557.38    0.46
SIME DARBY BERHAD MY$0.50                   5.690193        2.069477           6.550000       2.581790       55,890.12
(MALAY REG)-MSE LISTING
INTERNAT-CAP GUARD



<PAGE>


FRC G000600                                             SECURITY VALUATION REPORT                              PAGE: 51  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

    NLG    DUTCH GUILDER             CURRENT EXCHANGE RATE:  0.617550794

EN4001694               1,483.0000        110,484.55       60,789.12         160,460.60      99,092.57       27,497.06    0.06
FORTIS AMEV N.V                            74.500708       40.990641         108.200000      66.818996       10,806.39

INTL EQ ROWE PRICE F

EN4002056              25,000.0000      1,243,112.00      770,623.83       1,650,000.00   1,018,958.81      252,235.99    0.65
AEGON NV NLG1                              49.724480       30.824953          66.000000      40.758352       -3,901.01

INTERNAT-GAP GUARD

EN4004227              16,049.0000      1,064,526.06      563,582.93       1,157,132.90     714,588.34       49,028.05    0.46
ABN AMRO HOLDINGS NTFL5                    66.329744       35.116389          72.100000      44.525412      101,977.36

TBC ASSET MANAGEMENT

EN4004227               2,660.0000        177,259.01       92,538.53         191,786.00     118,437.60        7,583.85    0.08
ABN AMRO HOLDINGS NTFL5                    66.638726       34.788921          72.100000      44.525412       18,515.22

INTL EQ ROWE PRICE F

EN4011909                 445.0000        122,077.51       40,883.63          81,435.00      50,290.25     -13,611.13    0.03
AKZ0 NOBEL NV NTFL20-AMS                  274.331483       91.873326         183.000000     113.011795      23,017.75
LISTING
INTL EQ ROWE PRICE F

EN4011909               2,170.0000        112,947.27       59,088.43         159,097.00      85,899.46       13,680.25    0.05
AHOLD (KON) NV NLG1.25                     52.049433       27.229691          44.100000      39.585006       13,130.78

INTL EQ ROWE PRICE F

EN4148818              54,378.0000        995,522.47      521,064.75       1,201,753.88     742,144.01      107,943.19    0.47
ELSEVIER NV NLGO.10-AMS                    18.307449        9.582271          22.100000      13.647873      113,136.07
LISTING
INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                                              SECURITY VALUATION REPORT                             PAGE: 52  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

EN4158585               4,220.0000        310,161.47      162,180.97         281,052.00     173,563.89      -15,221.11    0.11
C.S.M NV CVA(NON EXCH)NTFL1                73.497979       38.431509          66.600000      41.128883       26,604.03

INTL EQ ROWE PRICE F

EN4414160 HAGN.AS       1,076.0000         75,470.64       45,796.68          88,016.80      54,354.84        7,613.19    0.03
HAGEMEYER NLG5                             70.140000       42.561970          81.800000      50.515655          944.97

INTL EQ ROWE PRICE F

EN4488169              11,243.0000        735,441.98      404,077.50       1,191,758.00     735,971.10      250,715.95    0.47
INTERNATIONALE NEDERLANDEN                 65.413322       35.940363         106.000000      65.460384       81,177.65
GROEP NV CVA NTFL2.50
INTERNAT-CAP GUARD

EN4488144               7,653.0000        669,293.53      346,533.01         811,218.00     500,968.32       73,482.73    0.32
INTERNATIONALE NEDERLANDEN                 87.455054       45.280676         106.000000      65.460384       80,952.58
GROEP NV CVA NTFL2.50
TBC ASSET MANAGEMENT

EN4488164               3,810.0000        166,097.63       95,774.80         403,860.00     249,404.96      137,097.94    0.16
INTERNATIONALE NEDERLANDEN                 43.595178       25.137743         106.000000      65.460384       16,531.32
GROEP NV CVA NTFL2.50
INTL EQ ROWE PRICE F

EN4501248 KNBT.AS      14,000.0000        732,190.00      467,654.75         597,800.00     369,171.86      -85,035.81    0.24
KONINKLINKE KNP BT NTFL2.5-AMS             52.299286       33.403911          42.700000      26.369419      -12,647.08   
LISTING
TBC ASSET MANAGEMENT

EN4534561               2,798.0000        155,196.74       91,144.48         161,444.60      99,708.24        3,669.26    0.06
KONINKLIJKE PTT NEDERLAND                  55.467026       32.574868          57.700000      35.632681        4,886.50
NLQLD
INTL EQ ROWE PRICE F

EN4588120                 700.0000         48,272.00       24,522.22          86,100.00      53,171.12       19,216.66    0.03
NUTRICIA(VERINGDE BEDRIJVEN) N             68.960000       35.031743         123.000000      75,958748        9,432.24
NV CVA(PART-EXCH)NLG2.50
INTL EQ ROWE PRICE F

EN4692237              11,000.0000        610,124.90      315,881.39       1,072,500.00     662,323.23      239,386.54    0.42




<PAGE>

FRC G000600                                            SECURITY VALUATION REPORT                               PAGE: 53  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

POLYGRAM NTFLO.5                           55.465900       28.716490          97.500000      60.211202      107,055.30

INTERNAT-CAP GUARD

EN4692237               4,138.0000        336,777.16      180,355.47         403,455.00     249,153.96       35,708.22    0.16
POLYGRAM NTFLO.5                           81.386457       43.585179          97.500000      60.211202       33,090.27

INTL EQ ROWE PRICE F

EN4756099               4,298.0000        880,477.45      467,086.00         895,273.40     552,876.80        7,849.13    0.35
ROYAL DUTCH PETROLEUM CO NTFL5            204.857480      108.675198         208.300000     128.635830       77,941.67
(BR)-AMS LISTING
INTL EQ ROWE PRICE F

EN4835901              14,213.0000        672,894.71      348,720.89         673,696.20     416,041.62          415.36    0.27
STAD ROTTERDAM CVA NTFL2.5                 47.343609       24.535347          47.400000      29.271908       66,905.37

TBC ASSET MANAGEMENT

EN4912072               1,480.0000        333,915.99      174,041.47         316,720.00     195,598.69       -8,962.78    0.13
UNILEVER NV CVA NTFL4                     225.618912      117.595588         214.000000     132.155878       30,512.00

INTL EQ ROWE PRICE F

EN4977117              10,140.0000      1,257,126.14      670,672.33       1,385,124.00     855,384.43       68,286.40    0.55
WOLTERS KLUNER CVA NTFL1                  123.976937       66.141255         136.600000      84.357438      116,425.70

INTL EQ ROWE PRICE F

EN9070389              14,213.0000              0.00            0.00               0.00           0.00            0.00    0.00
STAD ROTTERDAM COUPON #95                   0.000000        0.000000           0.000000       0.000000            0.00

TBC ASSET MANAGEMENT
    TOTAL:  NLG       207,167.0000     10,809,369.21    5,903,013.18      12,949,683.30   7,997,087.20    1,177,778.94    5.11
                                                                                                            916,295.08


    NOK    NORWEGIAN KRONE              CURRENT EXCHANGE RATE:  0.157036176

SN4100897               1,240.0000        194,407.20       24,051.21         162,440.00      25,508.79       -4,283.71    0.02



<PAGE>

FRC G000600                                            SECURITY VALUATION REPORT                              PAGE: 54  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

BERGESEN DY AS'A'NWKR2.5                  156.780000       21.009040         131.000000      20.571608        3,741.29

INTL EQ ROWE PRICE F

SN4502027               1,380.0000        515,873.25       70,998.67         289,800.00      45,508.79      -31,114.04    0.03
KVAERNER INDUSTRIER NWKR 12.50            373.821196       51.448312         210.000000      32.977387        5,624.16
SER"A"
INTL EQ ROWE PRICE F

SN4645800               5,718.0000      1,430,052.18      195,614.92       1,483,821.00     233,012.09        7,354.96    0.15
NORSK HYDR0 AS NWKR20                     250.096569       34.210374         259.500000      40.750628       30,042.21

INTL EQ ROWE PRICE F

SN4657672              13,000.0000      3,534,273.65      565,232.92       4,225,000.00     663,473.62      110,467.19    0.42
ORKLA A/S NWKR25                          271.867204       43.479455         325.000000      51.036432      -12,226.49

INTERNAT-CAP GUARD

SN4657672               4,030.0000        849,931.60      125,323.01       1,309.750.00     205,676.82       67,800.55    0.13
ORKLA A/S NWKR25                          210.901141       31.097521         325.000000      51.036432       12,553.26

INTL EQ ROWE PRICE F

SN4768040               2,060.0000        170,980.00       22,911.89         157,590.00      24,747.17       -1,794.30    0.02
SAGA PETROLEUM SER'B'NWKR15                83.000000       11.122277          76.500000      12.013191        3,629.58

INTL EQ ROWE PRICE F
    TOTAL:  NOK        27,428,0000      6,695,517.88    1,006,132.62       7,628,401.00   1,197,927.28      148,430.65    0.77
                                                                                                             43,364.01



    NZD    NEW ZEALAND DOLLAR          CURRENT EXCHANGE RATE:  0.652850000

AN6010762              55,000.0000        266,071.73      178,334.57         294,259.00     192,101.11       18,886.48    0.12
AIR NEW ZEALAND LIMITED 'B'ORD              4.837668        3.242447           5.350000       3.492748       -5,119.94
NZ$1(NZ RESIDENTS)
TBC ASSET MANAGEMENT

AN6010762              13,000.0000         64,391.79       37,304.55          69,550.00      45,485.72        2,988.34    0.03



<PAGE>

FRC G000600                                           SECURITY VALUATION REPORT                                PAGE: 55  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

AIR NEW ZEALAND LIMITED 'B'ORD              4.953215        2.869581           5.350000       3.492748        5,112.83
NZ$1(NZ RESIDENTS)
INTL EQ ROWE PRICE F

AN6132186             310,000.0000        371,680.70      250,549.96         359,600.00     234,764.86       -8,143.60    0.15
BRIERLEY INVEST LTD ORD NZ .50              1.198970        0.008226           1.160000       0.757306       -7,641.50

TBC ASSET MANAGEMENT

AN6178403              22,000.0000         57,591.82       34,515.85          71,060.00      46,391.52        8,071.73    0.03
CARTER HOLT HARVEY LIMITED ORD              2.617810        1.568902           3.230000       2.108706        3,803.94
NZ$0.50
INTL EQ ROWE PRICE F

AN6342017              14,000.0000         29,365.00       17,182.75          53,200.00      34,731.62       13,946.90    0.02
FLETCHER CHALLENGE ORD NZ$0.40              2.097500        1.227339           3.800000       2.480830        3,601.97
NZ LISTING
INTL EQ ROWE PRICE F

AM6342272              31,986.0000         98,618.60       57,134.10          69,089.76      45,105.25      -17,107.36    0.03
FLETCHER CHALLENGE LTD FORESTS              3.083180        1.786222           2.160000       1.410156        5,078.51
DIV SHS NZ$0.40 (NZ REG)
INTL EQ ROWE PRICE F

AN6355324               1,600.0000        13,509.25         7,762.47           7,200.00       4,700.52       -3,625.32    0.00
FERNZ CORP NZ$0.50                         8.443281         4.851544           4.500000       2.937825          563.37

INTL EQ ROWE PRICE F

AN6518954             245,000.0000        924,831.15      497,502.30         862,400.00     563,017.84      -33,584.12    0.36
LION NATHAN LIMITED NZ$0.25                 3.774821        2.030622           3.520000       2.298532       99,099.66
AUC LISTING
INTERNAT-CAP GUARD

AN6881436             134,500.0000        738,973.63      410,654.62         862,145.00     562,851.36       68,447.49    0.36
TELECOM CORP OF NEW ZEALAND                 5.494228        3.053194           6.410000       4.184769       85,749.25
(D/S)FIN ORD NZ$1
INTERNAT-CAP GUARD

AN6881436              18,000.0000         93,693.37       56,411.93         115,380.00      75,325.83       13,057.32    0.05
TELECOM CORP OF NEW ZEALAND                 5.205187        3,133996           6.410000       4.184769        5,856.58
</TABLE>



<PAGE>


<TABLE>
<CAPTION>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 56  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

(D/S)FIN ORD NZ$1
INTL EQ ROWE PRICE F
    TOTAL:  NZD       845,086.0000      2,658,727.04    1,547,353.10       2,763,874.76   1,804,595.63       62,937.86    1.15
                                                                                                            194,104.67



    PTE    PORTUGUESE ESCUDO        CURRENT EXCHANGE RATE:  0.006598047

EP4477238               2,140.0000     16,008,951.00       91,875.16      17,548,000.00     115,782.53        8,832.58    0.07
JERONINO MARTINS PTES1000               7,480.818224       42.932318       8,208.000000      54.103985       15,074.79

INTL EQ ROWE PRICE F
    TOTAL:  PTE         2,140.0000     16,008.951.00       91,875.16      17,548,000.00     115,782.53        8,852.58    0.07
                                                                                                             15,074.79



    SEK    SWEDISH KRONA             CURRENT EXCHANGE RATE:  0.152586726

SS4034624              47,000.0000      4,260,246.00      592,449.89       4,277,000.00     652,613.43        2,329.89    0.42
AGA AB SWKR5 SER'B'                        90.643532       12.605317          91.000000      13.885392       57,833.65

INTERNAT-CAP GUARD

SS4034624              15,000.0000      1,061,002.03      135,270.64       1,365,000.00    208,280.88       38,757.70    0.13
AGA AB SWKR5 SER'B'                        70.733469        9.018043          91.000000     13.885392       34,252.54

TBC ASSET MANAGEMENT

SS4050976              56,000.0000      3,057,492.78      438,779.77       5,544,000.00     845,948.81      356,837.82    0.54
ATLAS COPCO AB SER'A' AWKR5                54.598085        7.835353          99.000000      15.106086       50,323.22

INTERNAT-CAP GUARD

SS4050984               4,940.0000        464,007.59       58,695.08         481,650.00      73,493.40        2,231.69    0.05
ATLAS COPCO AB SER 'B'SWKRS                93.928662       11.881595          97.500000      14.872206       12,566.63

INTL EQ ROWE PRICE F

SS4051206              47,000.0000      8,852,973.13      1,169,977.75    11,491,500.00   1,753,450.36      352,137.08    1.12



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 57  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

ASTRA AB SER'A' FREE SWRK2.5              187.935599       24.893144         244.500000      37.307455      231,335.53

INTERNAT-CAP GUARD

SS4051214               8,760.0000      1,525,414.99      191,780.61       2,111,160.00     322,134.99       73,641.95    0.21
ASTRA AB SER'B'FREE SWKR2.5               174.134131       21.892764         241.000000      36.773401       56,712.43

INTERNATIONAL-CAP GUARD

SS4052964                  880,000        528,114.45       67,438.11         559,680.00      85,339.74        4,030.80    0.05 
ASEA AB FREE SER'A'SWKR50                 600.130057       76.634216          636.00000      97.045158       13,930.83  

INTL EQ ROWE PRICE F

SS4052964              13,000.0000      6,182,383.11      774,960.34       8,268,000.00   1,261,587.05      261,431.61    0.81
ASEA AB FREE SER'A'SWKR50                 475.567932       59.612334         636.000000      97.045158      225,195.10

INTERNAT-EQ ROWE PRICE F 

SS4308994               6,400.0000      2,431,070.03      334,868.30       1,801,600.00     274,900.25      -86,706.49    0.18
ELECTROLUX AB FREE SR'B'SWKR25            379.854692       52.323172         281.500000      42.953163       26,738.44

INTERNA-CAP GUARD

SS4398994                3,000.000      1,105,228.19      146,569.14         844,500.00      128,859.49     -34,576.39    0.00
ELECTROLUX AD FREE SR'B'SWKR25            368.409397       48.856.388        281.500000       42.953165      16,866.65 

INTL EQ ROWE PRICE F

SS4317500               1,780.0000        216,346.13       27,131.91         174,440.00      26,617.23       -5,255.44    0.02
ESSELTE AB 'B' FREE                       121.542770       15.242646          98.000000      14.953499        4,740.76

INTL EQ ROWE PRICE F

SS4408224               1,090.0000        369,756.53       46,783.34         444,175.00      67,775.21        9,415.78    0.04
HENNES & MAURITZ SWKRS SER'B'             339.226174       42.920495         407.500000      62.179091       11,576.09
FREE
INTL EQ ROWE PRICE F

SS4770748               1,690.0000         71,301.10        8,895.07         118,300.00      18,051.01        5,863.28    0.01
SCRIBONA AB B FREE SWKR2                   42.190000        5.263355          70.000000      10.681071        3,292.66


<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 58  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>
INTL EQ ROWE PRICE F

SS4784889              36,800.0000      4,611,451.82      579,393.09       4,379,200.00     668,207.79      -29,180.64    0.43
SANVIK AB 'A' SWKR5                       125.311191       15.744377         119.000000      18.157820      117,995.34

INTERNAT-CAP GUARD

SS4784897               5,000.0000        623,238.56       81,352.82         602,500.00      91,933.50       -2,707.05    0.06
SANDVIK AB 'B' SWKR5                      124.647712       14.270564         120.500000      18.386700       13,287.73

INTL EQ ROWE PRICE F

SS4810528               3,600.0000        328,058.17       41,151.56         300,600.00      45,867.57       -3,444.35    0.03
STORA KOPPARBERGS BERGSL.AB                91.127269       11.430989          83.500000      12.740992        8,160.36
SER'B'SEK5
INTL EQ ROWE PRICE F

SS4868633              23,300.0000      2,954,427.23      561,714.42       3,087,250.00     471,073.37       16,261.77    0.30
SWENSKA HANDELSBANKEN SWKR10              126.799452       15.524318          132.50000      28.217741       93,094.98
SER'A'
INTERNAT-CAP GUARD
    TOTAL:  SEK       275,240.0000     38,622,511.84    5,057,214.04      45,850,556.00   6,996,186.08      961,069.10    4.47
                                                                                                            977,902.94  



    SGD     SINGAPORE DOLLAR               CURRENT EXCHANGE RATE:  0.708968451

FM6244772              25,000.0000        115,884.32       77,213.17         109,500.00      77,632.05       -4,203.44    0.05
D.B.S. LAND ORD SG$1                        4.632173        3.088527           4.380000       3.105282        4,622.32

INTL EQ ROWE PRICE F

FM6265512               5,000.0000         81,399.97       58,246.85          82,500.00      58,489.90          787.14    0.04
DEV BANK SINGAPORE SG$1 (F)                16.279994       11.649370          16.500000      11.697979         -544.09
(ALIEN MARKET)
INTL EQ ROWE PRICE F

FM6331462              52,000.0000        321,702.85      203,001.32         309,400.00     219,354.84       -8,795.92    0.14
FAR EAST LEVINGSTON SHIPBLDG                6.186593        4.423102           5.950000       4.218362       -1,850.56



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 59  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

SG$.50
TBC ASSET MANAGEMENT

FM6331462              10,000.0000         69,791.22       44,046.21          59,500.00      42,183.62      -6,494.93     0.03
FAR EAST LEVINGSTON SHIPBLDG                6.979122        4.404621           5.950000       4.218362       4,632.34
SG$.50
INTL EQ ROWE PRICE F

FM6434910             129,314.0000        522,590.91      370,998.34         324,667.37     230,178.92     -140,510.11    0.15
HONG KONG LAND HLDG ORD US$0.1              4.041255        2.868973           2.510690       1.780000         -309.31
SIN LISTING
INTL EQ ROWE PRICE F

FM6480038               9,000.0000        126,994.25       85,328.39          86,850.00      61,573.91      -26,973.22    0.04
JURONG SHIPYARD ORD SG$0.50                14.110472        9.480932           9.650000       6.841546        3,218.74

INTL EQ ROWE PRICE F

FM6490268               5,000.0000         54,738.07       34,426.07          58,000.00      43,120.17        2,051.51    0.03
KEPPEL CORP ORD SG 1                       10.947614        6.885214          11.680000       8.224034        4,642.59

INTL EQ ROWE PRICE F

FM6557751             160,000.0000        641,553.57      405,533.23         563,200.00     399,291.83      -49,528.17    0.26
MALAYSIAN INTERN SHIPPING CORP              4.009710        2.534583           3.520000       2.495569       43,285.97
MY$1(ALIEN MARKET)-SIN LISTING
TBC ASSET MANAGEMENT

FM6628859              28,000.0000         64,193.44       43,126.26          41,440.00      29,379.65      115,286.15    0.02
NEPTUNE ORIENT LNS SG$1                     2.292623        1.540224           1.480000       1.049273        1,539.54

INTL EQ ROWE PRICE F

FM6663690              90,000.0000      1,334,924.51      890,127.70       1,521,000.00   1,078,341.01      124,075.14    0.69
OVERSEA-CHINESE BKG CORP (AM)              14.832495        9.890308          16.900000      11.901567       64,138.17
SG$1 (ALIEN MARKET)
INTERNAT-CAP GUARD

FM6663823               7,000.0000         59,739.93       39,834.59          47,250.00      35,498.76       -8,328.29    0.02
OVERSEAS UNION ENTERPRISES SG               8.534276        5.690656           6.750000       4.785537        1,992.46
$1



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 60  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>
INTL EQ ROWE PRICE F

FM6664052              10,000.0000        154,687.29      107,434.65         161,100.00     114,214.82        4,453.81    0.07
OVERSEAS UNION BK SG$1 (ALIEN               8.593738        5.968592           8.950000       6.345268        2,326.36
MARKET)
INTL EQ ROWE PRICE F

FM6795120              70,000.0000        823,058.83      508,969.25         490,000.00     347,394.54     -205,959.40    0.22
SEMBANANG CORPORATION LTD                  11.757983        7.270989           7.000000       4.962774       44,384.69

INTERNAT-CAP GUARD

FM6795120              13,000.0000        169,455.22      108,002.07          91,000.00      64,516.13      -50,003.34    0.04
SEMBAWANG CORPORATION LTD                  13.035017        8.307852           7.000000       4.962779        6,517.40

INTL EQ ROWE PRICE F

FM6808774              22,000.0000         72,065.00       45,553.10          79,640.00      56,462.25        4,788.24    0.04
SINE DARBY BERHAD MY$0.50                   3.275682        2.070595           3.620000        2.56646        6,120.91
(MALAY REG)-SIN LISTING
TBC ASSET MANAGEMENT

FM6811299              18,000.0000        154,477.13      103,780.41         152,100.00     187,834.10       -1,597.00    0.07
SINGAPORE LAND SG$1                         8.582063        5.765578           8.450000       5.998783        5,650.69

INTL EQ ROWE PRICE F

FM6811745 SPRME.$1      5,000.00000       105,206.39       71,604.35         111,500.00      79,049.98        4,283.48    0.05
SINGAPORE PRESS HD SG$1(ALIEN              21.041278       14.320870          22.300000      15.809996        3,162.15
MARKET)
INTL EQ ROWE PRICE F

FM6811984               6,000.0000         83,132.31       55,285.12          79,200.00      56,150.30       -2,615.09    0.04
SINGAPORE AIRLINES SG$1(ALIEN              13.855385        9.214187          13.200000       9.358384        3,480.27
MARKET)
INTL EQ ROWE PRICE F

FM6916536              49,000.0000         69,780.87       46,879.99          59,780.00      42,382.13       -6,718.76    0.03
UNITED INDUSTRIAL CORP SG$1                 1.424099        0.956734           1.220000       0.864942        2,220.90

INTL EQ ROWE PRICE F

</TABLE>



<PAGE>


<TABLE>
<CAPTION>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 61  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

FM6916775              17,320.0000        189,115.32      123,597.78         219,964.00     155,947.54       20,161.39    0.10
UNITED OVERSEAS BANK(F)SG$1                10.918898        7.136130          12.700000       9.003899       12,188.37
(ALIEN MARKET)
INTL EQ ROWE PRICE F

FM6917294               6,439.0000         34,624.29       21,769.44          35,736.45      25,336.02          699.25    0.02
UNITED OVERSEAS BANK WTS                    5.377278        3.380873           5.550000       3.934775        2,867.33
17-JUN-97 (TO PURCHASE ORD)
INTL EQ ROWE PRICE F
    TOTAL:  SGD       745,073.0000      5,249,035.69    3,471,758.29       4,683,327.82   3,320,331.67     -365,713.86    2.12
                                                                                                            214,287.24



    THB     THAILAND BAHT            CURRENT EXCHANGE RATE:  0.039745628

FB6008130               4,000.0000      1,307,340.10       51,815.91       1,600,000.00      63,593.00       11,599.46    0.04
ADVANCED INFO SERVICE PUBLIC              326.835045       12.953978         400.000000      16.898251          177.63
CO THBH10(A.MKT)
INTL EQ ROWE PRICE F

FB6075949               7,100.0000        638,546.34       25,309.32         945,600.00      38,378.38       12,963.05    0.02
BANK OF AYUDHYA THBH10                     89.936104        3.564693         135.000000       5.405405          106.01
(ALIEN MARKET)
INTL EQ ROWE PRICE F

FB6077010               7,700.0000      1,725,456.05       68,309.26       2,063,400.00      82,819.08       13,386.82    0.05
BANGKOK BANK PUBLIC CO THBH10             224.085201        8.871332         268.000000      10.651828          323.00
(ALIEN MARKET)
INTL EQ ROWE PRICE F

FB6503353               1,450.0000        784,450.00       31,005.93         536,500.00      21,323.53       -9,800.40    0.01
LAND & HOUSE THBH10(A.MKT)                541.000000       21.583400         370.000000      14.705862          118.00

INTL EQ ROWE PRICE F

FB6806798                 840.0000        918,624.00       36,309.24       1,016,400.00      40,397.46        3,864.66    0.03
SIAM CEMENT CO THBH10                   1,093.600000       43.225286       1,210.000000      48.092210          223.56
(ALIEN MARKET)
INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 62  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

FB6888796               5,408.0000        799.991.99      31,751.40       1,209,600.00      48,076.31       16,246.96    0.03
THAI FARMERS BK PUBLIC CO                 148.146665        5.876185         224.000000       8.903021           97.95
THBH10(A.MKT)
INTL EQ ROWE PRICE F

FB6889935               5,300.000000    1,012,671.00       40,026.52       1,568,000.00      62,352.94       21,981.38    0.04
SIAM COMM BK PUBLIC (FOREIGN)             191.070000        7.552174         296.000000      11.764708          345.04
LTD ORD THBH10 (ALIEN MARKET)
INTL EQ ROWE PRICE F
    TOTAL:  THB        31,790.0000      7,187,079.56      284,507.58       8,960,500.00     356,140.70       70,241.93    0.23
                                                                                                              1,391.19



    USD        U.S. DOLLAR           CURRENT EXCHANGE RATE:  1.0000000000

EK0334618               6,380.0000              0.00            0.00           3,764.20       3,764.20        3,764.20    0.00
FIVE ARROWS CHILE INVESTMENT                0.000000        0.000000           0.590000       0.590080            0.00
TR WTS TD SUB FOR PTG SHS
INTL EQ ROWE PRICE F

EX034173B              20,860.0000         52,671.50       52,671.50          58,199.40      58,199.40        5,527.90    0.04
FIVE ARROWS CHILE INVESTMENT                2.525000        2.525000           2.790000       2.790000            0.00
TRUST LTD
INTL EQ ROWE PRICE F

EX0367824               2,290.0000         67,329.93       67,329.93          87,020.00      87,020.00       19,690.07    0.06
GENESIS CHILE FUND PTG US$0.01             29.401716       29.401716          38.000000      38.000000            0.00

INTL EQ ROWE PRICE F

FK4773099               1,600.0000         80,793.20       80,793.20          95,200.00      95,200.00       14,406.80    0.06
SAMSUNG ELECTRONICS CO GLBL                50.495750       50.495750          59.500000      59.500000            0.00
(REPR 1/2 NON VTG SHS) (RG)
INTL EQ ROWE PRICE F

FK4791208                 102.0000          3,183.85        3,183.85           6,069.00       6,069.00        2,885.15    0.00
SAMSUNG ELECTRONICS CO GLBL                31.214216       31.214216          59.500000      59.500000            0.00
DEP REC(REPR 1/2 VTG SHS)(RG)
INTL EQ ROWE PRICE F



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 63  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

FK4795878                  20.0000            671.82          671.82           1,190.00       1,190.00          518.18    0.00
SAMSUNG ELECTRONIC GDR(REPR                33.591000       33.591000          59.500000      59.500000            0.00
1/2 VTG SHS FROM SUB)
INTL EQ ROWE PRICE F

FK4848594                 989.0000         45,505.78       45,505.78          58,845.50      58,845.50       13,339.72    0.04
SAMSUNG ELECTRONICS CO GDS-REP             46.011911       46.011911          59.500000      59.500000            0.00
1/2 NON VTG SH(RFD-14-MAR-95)
INTL EQ ROWE PRICE F

FK4887345                  62.0000          3,339.92        3,339.92           3,339.92       3,339.92            0.00    0.00
SAMSUNG ELECT CO GDR EACH REPR             53.869677       53.869677          53.869600      53.869600            0.00
1/2 VTG SHS (RFD-30-AUG-95)
INTL EQ ROWE PRICE F

FM6899310               3,000.0000         18,937.50       18,937.50          18,600.00      18,600.00         -337.50    0.01
TOTAL ACCESS COMMUNICATIONS                 6.312500        6.312500           6.200000       6.200000            0.00
THB10(CLOB)
INTL EQ ROWE PRICE F

LB2906801               7,155.0000         95,018.40       95,018.40          64,037.25      64,037.25      -30,981.15    0.04
USINAS SID MINAS GERAIS                    13.280000       13.280000           8.950000       8.950000            0.00
USININAS ADS-EACH REP10000 SHS
INTL EQ ROWE PRICE F

P74823108 PB.H          1,740.0000         71,653.52       71,653.52          56,115.00      56,115.00      -15,538.52    0.04
PANAMERICAN BEVERAGE INC SHS A             41.180184       41.180184          32.250000      32.250000            0.00

INTL EQ ROWE PRE F

00709P108 PVD.N           367.0000          9,800.74        9,800.74           8,486.88       8,486.88       -1,313.86    0.01
AFP PROVIDA SA ADR                         26.705014       26.705014          23.125000      23.125000            0.00

INTL EQ ROWE PRICE F

013904305 ALA.N        27,352.0000        668,685.15      668,685.15         458,146.00     458,146.00     -210,539.15    0.29
ALCATEL ALSTHON SPONSORED ADR              24.447395       24.447395          16.750000      16.750000            0.00

TBC ASSET MANAGEMENT



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 64  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>



059538207 BGALY.0       1,831.3600         42,511.30       42,511.30          35,940.44      35,940.44       -6,570.86    0.02
BANCO DE GALICIA BUENOS AIRES              23.212967       23.212967          19.625000      19.625000            0.00
SPONSORED ADR NEW SHS CL B
INTL EQ ROWE PRICE F

059591107 BFR.N           871.0000         21,965.05       21,965.05          22,754.88      22,754.88          789.03    0.01
BANCO FRANCES DEL RIO DE LA                25.218197       25.218197          26.125000      26.125000            0.00
PLATA S A SPONSORED ARD
INTL EQ ROWE PRICE F

097751200             109,000.0000        622,952.03      622,952.03       1,394,143.79   1,394,143.79      771,191.76    0.89
BOMBARDIER INC CL B                         5.715156        5.715156          12.790310      12.790310            0.00

INTERNAT-CAP GUARD

110419306 BAB.N         1,000.0000         60,283.20       60,283.20          70,375.00      70,375.00       10,091.80    0.04
BRITISH AIRWAYS PLC ADR                    60.283200       60.283200          70.375000      70.375000            0.00
2ND INSTALLMENT
TBC ASSET MANAGEMENT

110889409 BP.N          6,900.0000        598,647.96      598,647.96         659,812.50     659,812.50       61,164.54    0.42
BRITISH PETE PLC ADR                       86.760574       86.760574          95,625000      95.625000            0.00

INTERNAT-CAP GUARD

110889409 BP.N          2,000.000         176,120.00      176,120.00         191,250.00     191,250.00       15,130.00    0.12
BRITISH PETE PLC ADR                       88.060000       88.060000          95.625000      95.625000            0.00

TBC ASSET MANAGEMENT

110901402 BRG.N        15,000.0000        689,995.83      689,995.83         558,750.00     558,750.00     -131,245.83    0.36
BRITISH GAS PLC ADR FINAL                  45.999722       45.999722          37.250000      37.250000            0.00
INSTALLMENT
TBC ASSET MANAGEMENT

119424208 BAE.N           470.0000         16,215.00       16,215.00          11,926.25      11,926.25       -4,288.75    0.01
BUENOS AIRES EMBOTELLA SA                  34.500000       34.500000          25.375000      25.375000            0.00
SPONSORED ADR REPSTG CL B SH
INTL EQ ROWE PRICE F

15234Q108              20,000.0000        283,650.01      283,650.01         275,000.00     275,000.00       -8,659.01    0.18



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 65  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

CENTRAIS ELECTRICAS BRAS ADR               14.182501       14.182501          13.750000      13.750000            0.00       

INTERNAT-CAP GUARD

15234Q207               3,727.0000         39,092.82       39,092.82          50,314.50      50,314.50       11,221.68    0.03
CENTRAIS ELETRICAS BRASILEIRAS             10.489085       10.489085          13.500000      13.500000            0.00
SA SPONSORED ADR REPSTG 50 SHS
INTL EQ ROWE PRICE F

168834109 CH.N          2,628.0000         60,838.48       60,838.48          63,729.00      63,729.00        2,890.52    0.04
CHILE FD INC                               23.150107       23.150107          24.250000      24.250000            0.00

INTL EQ ROWE PRICE F

168884104                 815.0000         27,302.50       27,302.50          34,458.20      34,458.20        7,155.70    0.02
CHILECTRA S A SPONSORED ADR                33.500000       33.500000          42.280000      42.280000            0.00

INTL EQ ROWE PRICE F

168894105 CHR.N         1,270.0000         34,653.67       34,653.67          29,845.00      29,845.00       -4,808.67    0.02
CHILGENER S A SPONSORED ADR                27.286354       27.286354          23.500000      23.500000            0.00

INTL EQ ROWE PRICE F

171785207              94,410.0000        264,958.65      264,958.65         106,211.25     106,211.25     -158,747.48    0.07
CIFRA S A DE C V ADR                        2.806468        2.806468           1.125000       1.125000            0.00

INTL EQ ROWE PRICE F

204409601 20440960      1,935.0000         64,737.88       64,737.88          42,570.00      42,570.00      -22,167.88    0.03
COMPANHIA ENERGETIVA DE MINAS              33.456269       33.456269          22.000000      22.000000            0.00
GERAS SPON ADR
INTL EQ ROWE PRICE F

204429104 COUUY.O         821.0000         19,088.25       19,088.25          17,959.38      17,959.38       -1,128.87    0.01
COMPANIA CERUECERIAS UNIDAS S              23.250000       23.250000          21.875000      21.875000            0.00
SA SPONSORED ADR
INTL EQ ROWE PRICE F

204449201 CTC.N           473.0000         43,365.41       43,365.41          34,115.13      34,115.13       -9,250.28    0.02
COMPANIA DE TELECOMUCICACIONES             91.681628       91,681628          72.125000      72.125000            0.00



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 66  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>


DE CHILE S A SPONSORED ADR
INTL EQ ROWE PRICE F

219913100 AGR.N        22,000.0000        457,361.67      457,361.67         429,000.00    429,000.00      -28,361.67    0.27
CORPORACION BANCARIA DE ESPANA             20.789167       20.789167          19.500000     19.500000            0.00
S A SPONSORED ADR
TBC ASSET MANAGEMENT

286269105 ELF.N        16,130.0000        563,124.18      563,124.18         564,550.00     564,550.00        1,425.82    0.36
ELF AQUITAINE SPONSORED ADR                34.911604       34.911604          35.000000      35.000000            0.00

TBC ASSET MANAGEMENT

29244T101 EOC. N         1,693.0000         42,409.65       42,409.65          33,860.00      33,860.00       -8,549.65    0.02
EMPRESA NACIONAL ELECTRICIDAD              25.050000       25.050000          20.000000      20.000000            0.00
CHILE SPONSORED ADR
INTL EQ ROWE PRICE F

29274F104 ENI.N           796.0000         19,809.78       19,809.78          20,397.50      20,397.50          587.72    0.01
ENERSIS S.A.-ADR                           24.886658       24.886658          25.625000      25.625000            0.00

INTL EQ ROWE PRICE F

29356M100 EPP.M           721.0000         17,304.00       17,304.00          18,115.13      18,115.13          811.13    0.01
ENRON GLOBAL PWR & PIPELINE                24.000000       24.000000          25.125000      25.125000            0.00

INTL EQ ROWE PRICE F

294821400 ERICY.O      29,000.0000        145,627.16      145,627.16         688,750.00     688,750.00      543,122.84    0.44
ERICSSON L M TEL CO ADR CL B                5.021626        5.021626          23.750000      23.750000            0.00
SEK 10
INTERNAT-CAP GUARD

40049J206 TV.N         15,000.0000        392,827.98      392,827.98         324,375.00     324,375.00      -68,452.98    0.21
GRUPO TELEVISA SA DE CV SPONS-             26.188532       26.188532          21.625000      21.625000            0.00
DRED ADR REPSTG DRO PARTN CTF
INTERNAT-CAP GUARD

40049J206 TV.N          2,775.0000        163,541.26      163,541.26          60,009.38      60,009.38     -103,531.88    0.04
GRUPO TELEVISA SA DE CV SPONS-             58.933787       58.933787          21.625000      21.625000            0.00
ORED ADR REPSTG ORD PARTN CTF



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 67  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

INTL EQ ROWE PRICE F

411352305 HAN.N        32,500.0000        631,623.31      631,623.31         495,625.00     495,625.00     -135,998.31    0.32
HANSON PLC ADR                             19.434563       19.434563          15.250000      15.250000            0.00

TBC ASSET MANAGEMENT

443304100 HNP.N         8,100.0000        144,301.16      144,301.16         128,587.50     128,587.50      -15,713.66    0.08
HUANENG PWR INTL INC SPONSORED             17.814958       17.814958          15.875000      15.875000            0.00
ADR SER N SNS
INTL EQ ROWE PRICE F

453258402 N.N          31,000.0000        876,617.01      876,617.01       1,104,375.00   1,104,375.00      227,757.99    0.71
INCO LTD                                   28.277968       28.277968          35.625000      35.625000            0.00

INTERNAT-CAP GUARD

45717M107 IMI.N        20,000.0000        401,280.00      401,200.00         342,500.00     342,500.00      -58,700.00    0.22
ISTITUTO MOBILIARE ITALIANO                20.060000       20.060000          17.125000      17.125000            0.00
SPA SPONSORED ADR
TBC ASSET MANAGEMENT

55262MAA2             232,000.0000        232,000.00      232,000.00         258,680.00     258,680.00       26,600.00    0.17
MBL INTL FIN BER                          100.000000      100.000000         111.500000     111.500000            0.00
3.000% 11/30/2002 DD 10/11/95
INTERNAT-CAP GUARD

656531605 NHY.N        11,333.0000        324,517.38      324,517.38         460,403.13     460,403.13      135,885.75    0.29
NORSK HYDRO A S SPONSORED ADR              28.634729       28.634729          40.625000      40.625000            0.00

INTERNAT-CAP GUARD

665815106 NT.N          5,600.0000        220,907.18      220,907.18         226,100.00     226,100.00        5,192.82    0.14
NORTHERN TELECOM LTD                       39.447711       39.447711          40.375000      40.375000            0.00

INTERNAT-CAP GUARD

715680104 IIT.N        11,000.0000        363,660.00      363,660.00         376,750.00     376,750.00       13,090.00
PERUSAHAAN PERSEROAN PERSERD               33.060000       33.060000          34.250000      34.250000            0.24
INDONESIAN SATELTE SPON ADR
INTERNAT-CAP GUARD



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 68  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>


715684106 TLK.N         4,000.0000         75,279.40       75,279.40          84,000.00      84,000.00        8,720.60    0.05
PT TELEKOMUNIKASI INDONESIA AD             18,819850       18.819850          21.000000      21.000000            0.00

INTL EQ ROWE PRICE F

718252604 PHC.G        12,100.0000        728,477.92      728,477.92         677,600.00     677,600.00      -50,877.92    0.43
PHILIPPINE LONG DISTANCE TEL               60.204787       60.204787          56.000000      56.000000            0.00
CO SPONSORED ADR
INTERNAT-CAP GUARD

718337504 PHG.N        10,000.000         312,364.71      312,364.71         391,250.00     391,250.00       78,885.24    0.25
PHILIPS ELECTRONICS N.V                    31.236471       31.236471          39.125000      39.125000            0.00

TBC ASSET MANAGEMENT

737273102 PT.N         18,000.0000        347,580.00      347,580.00         337,500.00     337,500.00      -10,000.00    0.22
PORTUGAL TELECOM S A ADR                   19.310000       19.310000          18.750000      18.750000            0.00

TBC ASSET MANAGEMENT

76026T205 REP.N        19,000.0000        589,441.66      589,441.66         680,875.00     680,875.00       11,433.34    0.38
REPSOL SA SPONSORED ADR                    31.023245       31.023245          31.625000      31.625000            0.00

TBC ASSET MANAGEMENT

780641205 KPN.N         8,000.0000        283,280.00      283,280.00         283,000.00     283,000.00         -280.00    0.18
ROYAL PTT NEDERLAND NV                     35.410000       35.410000          35.375000      35.375000            0.00
SPONSORED ADR
TBC ASSET MANAGEMENT

833630106 SCPg.L          530.0000         21,070.35       21,070.35          12,322.50      12,322.50       -8,747.85    0.01
SOCIEDAD COMERCIAL DEL PLATA               39.755377       39.755377          23.250000      23.250000            0.00
S A SPONSORED ADR 144A
INTL EQ ROWE PRICE F

879242105 TLD.N         7,500.0000        202,772.23      202,772.23         209,062.50     209,062.50        6,290.27    0.15
TELE DANMARK A/S SPONSORED ADR             27.036297       27.036297          27.875000      27.875000            0.00
REPSTG CL B SHS
INTERNAT-CAP GUARD



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 69  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

879242105 TLD.N        20,000.0000        504,935.00      504,935.00         557,500.00     557,500.00       52,565.00    0.36
TELE DANMARK A/S SPONSORED ADR             25.246750       25.246750          27.875000      27.875000
REPSTG CL B SHS
TBC ASSET MANAGEMENT

879273209 TED.N        12,000.0000        500,064.46      500,064.46         525,000.00     525,000.00       24,935.54    0.34
TELECOM ARGENTINA STET-FRANCE              41.672038       41.672038          43.750000      43.750000            0.00
TELECOM S A SPONSORED ADR
INTERNAT-CAP GUARD

879273289 TED. N          500.0000         26,985.00       26,985.00          21,875.00      21,875.00       -5,110.00    0.01
TELECOM ARGENTINA STET-FRANCE              53.970000       53.970000          48.750000      48.750000            0.00
TELECOM S A SPONSORED ADR
INTL EQ ROWE PRICE F

879287108 HONT-TEL     20,000.0000        942,619.11      942,619.11         960,000.00     960,000.00       17,380.89    0.61
TELECOMUNICACOES BRASILEIRAS              47.130956       47.130956          48.000000      48.000000            0.00
S A SPONSORED ADR
INTERNAT-CAP GUARD

879287100 MONT-TEL      5,410.0000        235,788.18      235,788.18         259,680.00     259,680.00       23,901.82    0.17
TELECOMUNICACOES BRASILEIRAS               45.581919       45.581919          48.000000      48.000000            0.00
S A SPONSORED ADR
INTL EQ ROWE PRICE F

879287209                 797.0000         44,820.89       44,820.89          38,256.00      38,256.00       -6,564.89    0.02
TELECOMMUNICATIONS BRASILEIRES             56.237001       56.237001          48.000000      48.000000            0.00
SA SPONSORED ADR 144A
INTERNAT-CAP GUARD

879287289                 151.0000          8,491.79        8,491.79           7,248.00       7,248.00       -1,243.79    0.00
TELECOMMUNICATIONS BRASILEIRES             56.237020       56.237020          48.000000      48.000000            0.00
SA SPONSORED ADR 144A
INTL EQ ROWE PRICE F

879578206 TAR.N         3,330.0000        121,915.15      121,915.15          81,585.00      81,585.00      -40,350.15    0.05
TELEFONICA DE ARGENTINA S A                36.611156       36.611156          24.500000      24.500000            0.00
SPONSORED ADR REPSTG 10 CL B
INTL EQ ROWE PRICE F

879403780 TMX.N        20,000.0000        999,733.89      999,733.89         686,400.00     686,400.00     -313,333.89    0.44



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 70  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>


TELEFONOS DE MEXICO S A                    48.064129       48.064129          33.000000      33.000000            0.00   
SPONSORED ADR REPSTG SH ORD L
INTERNAT-CAP GUARD

879403780 TMX.N         9,000.0000        576,287.45      576,287.45         297,000.00     297,000.00     -279,287.45    0.19
TELEFONOS DE MEXICO S A                    64.031939       64.031939          33.000000      33.000000            0.00
SPONSORED ADR REPSTG SH ORD L
TBC ASSET MANAGEMENT

879403780 TMX.N         5,815.0000        379,864.29      379,864.29         191,895.00     191,895.00     -187,969.29    0.12
TELEFONOS DE MEXICO S A                    65.324899       65.324899          33.000000      33.000000            0.00
SPONSORED ADR REPSTG SH ORD L
INTL EQ ROWE PRICE F

893870204 TGS.N         1,307.0000         17,644.50       17,644.50          14,213.63      14,213.63       -3,430.87    0.01
TRANSPORTADORA DE GAS DEL SUR              13.500000       13.500000          10.875000      10.875000            0.00
SPON ADR REPSTG 5 CL B SH REGS
INTL EQ ROWE PRICE F

904784501 UN.N          4,000.0000        458,177.34      458,177.34         531,500.00     531,500.00       73,322.66    0.34
UNILEVER N V ADR                          114.544335      114.544335         132.875000     132.875000            0.00

TBC ASSET MANAGEMENT

912827N32           3,000,000.0000      2,981,718.75    2,981,718.75       2,997,330.00   2,997,330.00       15,611.25    1.92
U S TREASURY NOTES                         99.390620       99.390620          99.911000      99.911000            0.00
04.250% 12/31/1995 DD 12/31/93
FRANK RUSSELL INT'L

928856400 VOLVY.O      12,000.0000        226,346.09      226,346.09         252,000.00     252,000.00       25,653.91    0.16
VOLVO AKTIE BOLGET                         18.862174       18.862174          21.000000      21.000000            0.00

TBC ASSET MANAGEMENT

984245100 YPF.N        22,000.0000        492,272.00      492,272.00         429,000.00     429,000.00      -63,272.00    0.27
YPF SOCIEDAD ANONIMA SPONSORED             22.376000       22.376000          19.500000      19.500000            0.00
ADR REPSTG CL D SHS
TBC ASSET MANAGEMENT

984245100 YPF.N         3,470.0000         89,384.14       89,384.14          67,665.00      67,665.00      -21,719.14    0.04
YPF SOCIEDAD ANONIMA SPONSORED             25.759118       25.759118          19.500000      19.500000            0.00



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 71  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

ADR REPSTG CL D SHS
INTL EQ ROWE PRICE F

990000TE1           2,381,938.0000      2,381,938.00    2,381,938.00       2,381,938.00   2,381.938.00            0.00    1.52
TBC INC ISG POOLED EMPL FDS                 1.000000        1.000000           1.000000       1.000000            0.00
12/31/19999
INTERNAT-CAP GUARD

990000TE1               9,141.0000          9,141.00        9,141.00           9,141.00       9,141.00            0.00    0.01
TBC INC 1SG POOLED EMPL FDS                 1.000000        1.000000           1.000000       1.000000            0.00
12/31/1999
INTERNATION MERCATOR

990000TE1           7,824,152.0000      7,824,152.00    7,824,152.00       7,824.152.00   7,824,152.00            0.00    5.00
TBC INC ISG POOLED EMPL FDS                 1.000000        1.000000           1.000000       1.000000            0.00
12/31/1999
FRANK RUSSELL INT'L

990000TE1              16,321.0000         16,321.00       16,321.00          16,321.00      16,321.00            0.00    0.01
TBC INC ISG POOLED EMPL FDS                 1.000000        1.000000           1.000000       1.000000            0.00
12/31/1999
TBC ASSET MANAGEMENT

990000TE1             761,537.0000        761,537.00      761,537.00         761,537.00     761,537.00            0.00    0.49
TBC INC ISG POOLED EMPL FDS                 1.000000        1.000000           1.000000       1.000000            0.00
12/31/1999
INTL EQ ROWE PRICE F
    TOTAL:  USD     14,987,515.3600     31,341,194.37   31,341,194.37      31,557,092.74  31,557,092.74      215,898.37   20.17
                                                                                                                  0.00


TOTAL
PORTFOLIO:         48,549,640.8600                    142,946,052.19                    156,454,616.74     8,314,282.62 100.00
                                                                                                           5,194,281.93
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
                                                                        UNRL INVEST APPRECIATION          16,434,821.74
                                                                        UNRL INVEST DEPRECIATION          -8,120,539.12



<PAGE>

FRC G000600                              SECURITY VALUATION REPORT                 PAGE: 72  
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 
- -------------------- -------------   ---------------     -----------      --------------   ------------   -----------  ------
<S>                  <C>             <C>                 <C>              <C>              <C>            <C>          <C>

                                                                        UNRL CURR  APPRECIATION            7,708,815.15
                                                                        UNRL CURR  DEPRECIATION          -2,514,533.22


</TABLE>


<PAGE>


<TABLE>
<CAPTION>
F220900                                                                 INVESTMENT DETAIL                           PAGE: 1
UAL PILOTS S&P 500 INDEX FUND                                               11/30/1995                            HHFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD
Item 127a: Schedule of Assets Held for Investment Purposes
        SHARES/                                                              MARKET           MARKET    UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE            VALUE      GAIN/LOSS    MARKET
- ---------------     ---------------------------      ---------------     ----------    -------------    -----------   ------
<S>                 <C>                              <C>                 <C>           <C>              <C>           <C>
INVESTMENTS CASH & CASH EQUIVALENTS

12,142,037.0000     TBC INC ISG POOLED EMPL FDS        12,142,037.00       1.000000    12,142,037.00            .00     5.28
                    12/31/1999

   440,000.0000     U S TREASURY BILLS                    434,238.69      98.690610       434,238.69            .00      .19
                    12/21/1995 DD 06/22/95

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS              12,576,275.69                   12,576,275.69            .00     5.46

INVESTMENTS PREFERRED SECURITIES

        55.0000     TELEDYNE INC PFD SER E                    768.51      13.250000           728.75         -39.76      .00

TOTAL INVESTMENTS PREFERRED SECURITIES                        768.51                          728.75         -39.76      .00

INVESTMENTS COMMON STOCK

    38,700.0000     ABBOTT LABS                           984,052.51      40.625000     1,572,187.50     588,134.99      .68

     5,000.0000     ADVANCED MICRO DEVICES INC            100,040.41      20.500000       102,500.00       2,459.59      .04

     5,500.0000     AETNA LIFE & CAS CO                   278,250.72      73.375000       403,562.50     125,311.78      .18

     5,700.0000     AHMANSON H F & CO                     108,855.37      26.750000       152,475.00      43,619.63      .07

     5,400.0000     AIR PRODS & CHEMS INC                 203,610.73      55.500000       299,700.00      96,089.27      .13

    23,900.0000     AIRTOUCH COMMUNICATIONS INC           459,018.65      29.125000       696,087.50     237,068.85      .30

     1,300.0000     ALBERTO CULVER CO CL B CONV            28,678.92      32.250000        41,925.00      13,246.08      .02

    12,300.0000     ALBERTSONS INC                        242,181.57      30.750000       378,225.00     136,043.43      .16

    10,850.0000     ALCAN ALUM LTD                        237,601.34      33.125000       359,406.25     121,804.91      .16

     5,378.0000     ALCO STD CORP                         119,993.39      43.500000       233,943.00     113,949.61      .10

     2,100.0000     ALEXANDER & ALEXANDER SVCS INC         51,289.17      21.875000        45,937.50      -5,351.67      .02

     3,100.0000     ALLERGAN INC                           79,354.67      31.000000        96,100.00      16,745.33      .04
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
F220900                                                                 INVESTMENT DETAIL                           PAGE: 2
UAL PILOTS S&P 500 INDEX FUND                                               11/30/1995                            HHFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET           MARKET    UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE            VALUE      GAIN/LOSS    MARKET
- ---------------     ---------------------------         ------------      ---------    -------------    -----------   ------
<S>                 <C>                                 <C>               <C>          <C>              <C>           <C>
    13,800.0000     ALLIEDSIGNAL INC                      385,607.97      47.250000       652,050.00     266,442.03      .28

    21,764.0000     ALLSTATE CORP                         539,466.49      41.000000       892,324.00     352,857.51      .39

     9,100.0000     ALLTEL CORP                           274,311.21      29.500000       268,450.00      -5,861.21      .12

     8,600.0000     ALUMINUM CO AMER                      299,756.65      58.500000       503,100.00     203,343.35      .22

     4,000.0000     ALZA CORP COM                         122,922.92      23.000000        92,000.00     -30,922.92      .04

     5,700.0000     AMDAHL CORP                            72,754.96       9.500000        54,150.00     -18,604.96      .02

     4,500.0000     AMERADA HESS CORP                     192,605.70      47.500000       213,750.00      21,144.30      .09

     9,100.0000     AMERICAN BRANDS INC                   329,343.39      41.750000       379,925.00      50,581.61      .17

     9,000.0000     AMERICAN ELEC PWR INC                 285,557.80      37.625000       338,625.00      53,067.20      .15

    23,600.0000     AMERICAN EXPRESS CO                   587,249.16      42.500000     1,003,000.00     415,750.84      .44

     9,900.0000     AMERICAN GEN CORP                     247,330.45      33.875000       335,362.50      88,032.05      .15

     3,600.0000     AMERICAN GREETINGS CORP CL A           80,330.49      27.250000        98,100.00      17,769.51      .04

    14,900.0000     AMERICAN HOME PRODS CORP              913,638.90      91.250000     1,359,625.00     445,986.10      .59

    22,968.0000     AMERICAN INTL GROUP INC             1,014,090.85      89.750000     2,061,378.00   1,047,287.15      .90

     7,200.0000     AMERICAN STORES CO NEW                140,998.10      26.250000       189,000.00      48,001.90      .08

    26,800.0000     AMERITECH CORP NEW                    894,586.36      55.000000     1,474,000.00     579,413.64      .64

    12,800.0000     AMGEN INC                             428,067.93      49.625000       635,200.00     207,132.07      .28

    24,100.0000     AMOCO CORP                          1,194,107.76      67.750000     1,632,775.00     438,667.24      .71

    10,536.0000     AMP INC                               300,750.41      40.125000       422,757.00     122,006.59      .18

     3,700.0000     AMR CORP DEL                          234,723.61      76.625000       283,512.50      48,788.89      .12

     1,900.0000     ANDREW CORP                            36,848.94      43.250000        82,175.00      45,326.06      .04

    12,400.0000     ANHEUSER BUSCH COS INC                582,389.17      66.250000       821,500.00     239,110.83      .36
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
F220900                                                                 INVESTMENT DETAIL                           PAGE: 3
UAL PILOTS S&P 500 INDEX FUND                                               11/30/1995                            HHFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET           MARKET    UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE            VALUE      GAIN/LOSS    MARKET
- ---------------     ---------------------------         ------------      ---------    -------------    -----------   ------
<S>                 <C>                                 <C>               <C>          <C>              <C>           <C>
     5,900.0000     APPLE COMPUTER INC                    250,780.35      38.125000       224,937.50     -25,842.85      .10

     8,200.0000     APPLIED MATLS INC                     249,537.51      48.625000       398,725.00     149,187.49      .17

    26,294.0000     ARCHER DANIELS MIDLAND CO             326,661.46      17.250000       453,571.50     126,910.04      .20

     5,100.0000     ARMCO INC                              36,614.59       5.750000        29,325.00      -7,289.59      .01

     1,800.0000     ARMSTRONG WORLD INDS INC               67,206.71      59.875000       107,775.00      40,568.29      .05

     2,000.0000     ASARCO INC                             50,140.60      35.375000        70,750.00      20,609.40      .03

     3,000.0000     ASHLAND INC                            97,368.91      34.875000       104,625.00       7,256.09      .05

    76,617.0000     AT & T CORP                         3,383,752.05      66.000000     5,056,722.00   1,672,969.95     2.20

     7,800.0000     ATLANTIC RICHFIELD CO                 787,640.46     108.375000       845,325.00      57,684.54      .37

     2,300.0000     AUTODESK INC                           59,052.76      35.250000        81,075.00      22,022.24      .04

     7,000.0000     AUTOMATIC DATA PROCESSING INC         298,287.27      79.625000       557,375.00     259,087.73      .24

     2,600.0000     AVERY DENNISON CORP                    71,594.49      47.625000       123,825.00      52,230.51      .05

     3,300.0000     AVON PRODS INC                        157,768.67      72.625000       239,662.50      81,893.83      .10

     6,800.0000     BAKER HUGHES INC                      138,403.08      20.375000       138,550.00         146.92      .06

     1,500.0000     BALL CORP                              45,217.12      28.625000        42,937.50      -2,279.62      .02

     2,300.0000     BALLY ENTMT CORP                       19,868.07      12.125000        27,887.50       8,019.43      .01

     7,150.0000     BALTIMORE GAS & ELEC CO               160,768.24      26.625000       190,368.75      29,600.51      .08

    19,088.0000     BANC ONE CORP                         596,023.28      38.125000       727,730.00     131,706.72      .32

     9,300.0000     BANK NEW YORK INC                     315,706.61      47.125000       438,262.50     122,555.89      .19

     5,400.0000     BANK OF BOSTON CORP COM               140,242.51      46.375000       250,425.00     110,182.49      .11

    18,144.0000     BANKAMERICA CORP                      754,828.57      63.625000     1,154,412.00     399,583.43      .50

     3,800.0000     BANKERS TR N Y CORP                   207,667.98      64.875000       246,525.00      38,857.02      .11
</TABLE>




<PAGE>


<TABLE>
<CAPTION>
F220900                                                                 INVESTMENT DETAIL                           PAGE: 4
UAL PILOTS S&P 500 INDEX FUND                                               11/30/1995                            HHFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET           MARKET    UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE            VALUE      GAIN/LOSS    MARKET
- ---------------     ---------------------------         ------------      ---------    -------------    -----------   ------
<S>                 <C>                                 <C>               <C>          <C>              <C>           <C>
     2,500.0000     BARD C R INC                           60,856.81      28.875000        72,187.50      11,330.69      .03

     4,700.0000     BARNETT BKS INC                       186,820.16      60.125000       282,587.50      95,767.34      .12

    17,100.0000     BARRICK GOLD CORP                     490,601.07      26.375000       451,012.50     -39,588.57      .20

     2,800.0000     BAUSCH & LOMB INC                     103,860.25      36.125000       101,150.00      -2,710.25      .04

    13,500.0000     BAXTER INTL INC                       375,226.80      42.000000       567,000.00     191,773.20      .25

     3,200.0000     BECTON DICKINSON & CO                 117,269.90      69.750000       223,200.00     105,930.10      .10

    21,100.0000     BELL ATLANTIC CORP                    989,524.49      63.000000     1,329,300.00     339,775.51      .58

    48,000.0000     BELLSOUTH CORP                      1,226,201.69      38.875000     1,866,000.00     639,798.31      .81

     2,500.0000     BEMIS INC                              50,678.99      26.125000        65,312.50      14,633.51      .03

     2,600.0000     BENEFICIAL CORP                        83,114.70      50.750000       131,950.00      48,835.30      .06

     5,300.0000     BETHLEHEM STL CORP                     82,961.63      14.000000        74,200.00      -8,761.63      .03

     4,800.0000     BEVERLY ENTERPRISES INC                52,860.98      11.625000        55,800.00       2,939.02      .02

     5,600.0000     BIOMET INC                             72,433.70      18.500000       103,600.00      31,166.30      .05

     4,100.0000     BLACK & DECKER CORP                    86,021.30      37.375000       153,237.50      67,216.20      .07

     5,100.0000     BLOCK H & R INC                       149,076.42      44.500000       226,950.00      77,873.58      .10

     6,100.0000     BOATMENS BANCSHARES INC               165,598.80      38.750000       236,375.00      70,776.20      .10

    16,550.0000     BOEING CO                             664,916.21      72.875000     1,206,081.25     541,165.04      .52

     2,300.0000     BOISE CASCADE CORP                     73,718.03      37.250000        85,675.00      11,956.97      .04

     7,800.0000     BOSTON SCIENTIFIC CORP                183,702.37      40.500000       315,900.00     132,197.63      .14

     1,400.0000     BRIGGS & STRATTON CORP                 28,740.11      41.625000        58,275.00      29,534.89      .03

    24,600.0000     BRISTOL MYERS SQUIBB                1,412,520.94      80.250000     1,974,150.00     561,629.06      .86

     3,300.0000     BROWN FORMAN CORP CL B                 81,224.76      38.125000       125,812.50      44,587.74      .05
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
F220900                                                                 INVESTMENT DETAIL                           PAGE: 5
UAL PILOTS S&P 500 INDEX FUND                                               11/30/1995                            HHFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET           MARKET    UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE            VALUE      GAIN/LOSS    MARKET
- ---------------     ---------------------------         ------------      ---------    -------------    -----------   ------
<S>                 <C>                                 <C>               <C>          <C>              <C>           <C>
       900.0000     BROWN GROUP INC                        24,610.64      14.000000        12,600.00     -12,010.64      .01

    10,300.0000     BROWNING FERRIS INDS INC              290,700.46      30.125000       310,287.50      19,587.04      .13

       107.0000     BRUNOS INC NEW                          1,110.13      10.625000         1,136.88          26.75      .00

     4,600.0000     BRUNSWICK CORP                         71,706.02      21.375000        98,325.00      26,618.98      .04

     6,925.0000     BURLINGTON NORTH SANTA FE CORP        273,378.00      80.625000       558,328.13     284,950.13      .24

     6,100.0000     BURLINGTON RES INC                    271,237.95      38.500000       234,850.00     -36,387.95      .10

     3,500.0000     CABLETRON SYS INC                     187,812.79      83.000000       290,500.00     102,687.21      .13

    12,100.0000     CAMPBELL SOUP CO                      401,299.67      55.875000       676,087.50     274,787.83      .29

     7,500.0000     CAPITAL CITIES ABC INC                388,228.74     123.625000       927,187.50     538,958.76      .40

     7,600.0000     CAROLINA PWR & LT CO                  199,142.39      32.875000       249,850.00      50,707.61      .11

     9,700.0000     CATERPILLAR INC                       317,274.90      61.375000       595,337.50     278,062.60      .26

     1,400.0000     CENTEX CORP                            28,490.47      32.875000        46,025.00      17,534.53      .02

     9,300.0000     CENTRAL & SOUTH WEST CORP             221,897.16      26.875000       249,937.50      28,040.34      .11

     2,200.0000     CERIDIAN CORP                          45,499.87      42.000000        92,400.00      46,900.13      .04

     4,500.0000     CHAMPION INTL CORP                    150,540.35      47.125000       212,062.50      61,522.15      .09

     5,000.0000     CHARMING SHOPPES INC                   55,821.20       2.312500        11,562.50     -44,258.70      .01

     8,600.0000     CHASE MANHATTAN CORP                  273,559.47      60.875000       523,525.00     249,965.53      .23

    12,218.0000     CHEMICAL BKG CORP                     452,282.00      60.000000       733,080.00     280,798.00      .32

    31,600.0000     CHEVRON CORP                        1,192,747.00      49.375000     1,560,250.00     367,503.00      .68

    18,500.0000     CHRYSLER CORP                         603,555.29      51.875000       959,687.50     356,132.21      .42

     4,200.0000     CHUBB CORP                            276,285.71      97.250000       408,450.00     132,164.29      .18

     3,500.0000     CIGNA CORP                            208,099.06     110.000000       385,000.00     176,900.94      .17
</TABLE>



<PAGE>

FRC F220900                          INVESTMENT DETAIL                PAGE: 6
UAL PILOTS S&P 500 INDEX FUND           11/30/1995                    HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                         BASE CURRENCY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                        MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                   COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ---------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                          <C>              <C>             <C>                <C>              <C>

    1,600.0000    CINCINNATI MILACRON INC           32,524.23      26.125000         41,800.00         9,275.77        .02

    7,562.0000    CINERGY CORP                     163,517.40      29.500000        223,079.00        59,561.60        .10

    4,700.0000    CIRCUIT CITY STORES INC           90,702.63      29.000000        136,300.00        45,597.37        .06

   13,000.0000    CISCO SYS INC                    468,744.43      84.125000      1,093,625.00       624,880.57        .48

   19,300.0000    CITICORP                         572,668.18      70.750000      1,365,475.00       792,806.82        .59

    2,600.0000    CLOROX CO                        114,972.17      75.750000        196,950.00        81,977.83        .09

    5,050.0000    COASTAL CORP                     130,533.38      33.250000        167,912.50        37,379.12        .07

   61,100.0000    COCA COLA CO                   2,360,928.92      75.750000      4,628,325.00     2,267,396.08       2.01

    7,000.0000    COLGATE PALMOLIVE CO             327,966.86      73.250000        512,750.00       184,783.14        .22

    2,400.0000    COLUMBIA GAS SYS INC              69,788.10      43.250000        103,800.00        34,011.90        .05

   21,492.0000    COLUMBIA/HCA HEALTHCARE CORP     761,634.33      51.625000      1,109,524.50       347,890.17        .48

   11,625.0000    COMCAST CORP CL A SPL            250,854.57      19.750000        229,593.75       -21,260.82        .10

    2,100.0000    COMMUNITY PSYCHIATRIC CTRS        32,988.46      11.125000         23,362.50        -9,625.96        .01

   12,700.0000    COMPAQ COMPUTER CORP             242,190.78      49.500000        628,650.00       386,459.22        .27

   11,625.0000    COMPUTER ASSOC INTL INC          190,564.69      65.500000        761,437.50       570,872.81        .33

    2,700.0000    COMPUTER SCIENCES CORP            76,876.38      72.750000        196,425.00       119,548.62        .09

   11,900.0000    CONAGRA INC                      303,251.13      39.875000        474,512.50       171,261.37        .21

    3,800.0000    CONRAIL INC                      147,204.27      69.875000        265,525.00       118,320.73        .12

   11,400.0000    CONSOLIDATED EDISON CO NY INC    312,199.50      28.875000        329,175.00        16,975.50        .14

    2,100.0000    CONSOLIDATED FREIGHTWAYS INC      43,586.61      26.250000         55,125.00        11,538.39        .02

    4,500.0000    CONSOLIDATED NAT GAS CO          183,228.27      44.375000        199,687.50        16,459.23        .09

    5,200.0000    COOPER INDS INC                  210,883.95      36.500000        189,800.00       -21,083.95        .08
</TABLE>



<PAGE>

FRC F220900                         INVESTMENT DETAIL                 PAGE: 7
UAL PILOTS S&P 500 INDEX FUND          11/30/1995                     HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                         BASE CURRENCY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                        MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                   COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ---------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                          <C>              <C>             <C>                <C>              <C>

    4,100.0000    COOPER TIRE & RUBR CO             87,539.88      24.625000        100,962.50        13,422.62        .04

    1,900.0000    COORS ADOLPH CO CL B              36,524.87      20.250000         38,475.00         1,950.13        .02

    7,000.0000    CORESTATES FINL CORP             176,822.75      38.750000        271,250.00        94,427.25        .12

   11,100.0000    CORNING INC                      323,642.54      30.125000        334,387.50        10,744.96        .15

    7,100.0000    CPC INTL INC                     289,803.63      68.750000        488,125.00       198,321.37        .21

    1,450.0000    CRANE CO                          31,568.78      34.125000         49,481.25        17,912.47        .02

    1,200.0000    CRAY RESH INC                     57,521.32      24.000000         28,800.00       -28,721.32        .01

    4,400.0000    CROWN CORK & SEAL INC            132,156.60      41.875000        184,250.00        52,093.40        .08

    5,108.0000    CSX CORP                         298,573.65      87.625000        447,588.50       149,014.85        .19

    8,400.0000    CUC INTL INC                     225,771.78      38.000000        319,200.00        93,428.22        .14

    2,000.0000    CUMMINS ENGINE INC                65,844.54      39.250000         78,500.00        12,655.46        .03

    4,450.0000    CYPRUS AMAX MINERALS CO          118,312.69      27.500000        122,375.00         4,062.31        .05

    4,900.0000    DANA CORP                        105,802.00      29.250000        143,325.00        37,523.00        .06

    7,700.0000    DARDEN RESTAURANTS INC            73,286.84      11.625000         89,512.50        16,225.66        .04

    1,800.0000    DATA GEN CORP                     23,836.73      12.125000         21,825.00        -2,011.73        .01

    3,500.0000    DAYTON HUDSON CORP               232,381.93      72.625000        254,187.50        21,805.57        .11

    8,201.0000    DEAN WITTER DISCOVER & CO        122,127.45      51.000000        418,251.00       296,123.55        .18

   12,600.0000    DEERE & CO                       225,705.79      32.875000        414,225.00       188,519.21        .18

    2,500.0000    DELTA AIR LINES INC DEL          141,821.05      77.625000        194,062.50        52,241.45        .08

    4,000.0000    DELUXE CORP                      145,891.83      27.625000        110,500.00       -35,391.83        .05

    7,000.0000    DETROIT EDISON CO                189,312.65      32.625000        228,375.00        39,062.35        .10

    4,500.0000    DIAL CORP ARIZ                    82,984.21      27.000000        121,500.00        38,515.79        .05
</TABLE>



<PAGE>

FRC F220900                         INVESTMENT DETAIL                 PAGE: 8
UAL PILOTS S&P 500 INDEX FUND          11/30/1995                     HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                         BASE CURRENCY: USD


<TABLE>
<CAPTION>
       SHARES/                                                        MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                   COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ---------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                          <C>              <C>             <C>                <C>              <C>

    7,100.0000    DIGITAL EQUIP CORP               394,708.57      58.875000        418,012.50        23,303.93        .18

    5,500.0000    DILLARD DEPT STORES INC CL A     163,996.07      28.875000        158,812.50        -5,183.57        .07

   25,200.0000    DISNEY WALT CO                   960,144.31      60.125000      1,515,150.00       555,005.69        .66

    8,350.0000    DOMINION RES INC VA              295,484.44      39.625000        330,868.75        35,384.31        .14

    7,400.0000    DONNELLEY R R & SONS CO          192,947.18      38.375000        283,975.00        91,027.82        .12

    5,400.0000    DOVER CORP                       114,240.41      38.875000        209,925.00        95,684.59        .09

   13,050.0000    DOW CHEM CO                      779,563.21      70.875000        924,918.75       145,355.54        .40

    4,700.0000    DOW JONES & CO INC               157,655.09      38.375000        180,362.50        22,707.41        .08

    8,800.0000    DRESSER INDS INC                 164,275.08      23.625000        207,900.00        43,624.92        .09

    5,500.0000    DSC COMMUNICATIONS CORP           89,905.24      39.625000        217,937.50       128,032.26        .09

   26,800.0000    DU PONT E I DE NEMOURS & CO    1,345,089.21      66.500000      1,782,200.00       437,110.79        .77

    9,900.0000    DUKE PWR CO                      317,323.86      44.875000        444,262.50       126,938.64        .19

    8,200.0000    DUN & BRADSTREET CORP            443,665.54      62.375000        511,475.00        67,809.46        .22

    1,000.0000    EASTERN ENTERPRISES               25,508.14      32.500000         32,500.00         6,991.86        .01

    4,025.0000    EASTMAN CHEM CO                   42,593.49      65.625000        264,140.63       221,547.14        .11

   16,500.0000    EASTMAN KODAK CO                 766,347.69      68.000000      1,122,000.00       355,652.31        .49

    3,800.0000    EATON CORP                       151,575.20      54.500000        207,100.00        55,524.80        .09

    2,900.0000    ECHLIN INC                        63,117.29      36.500000        105,850.00        42,732.71        .05

    5,500.0000    ECHO BAY MINES LTD                55,373.88      10.375000         57,062.50         1,688.62        .02

    3,100.0000    ECOLAB INC                        54,294.45      28.750000         89,125.00        34,830.55        .04

    2,600.0000    EG & G INC                        51,050.48      19.250000         50,050.00        -1,000.48        .02

   10,900.0000    EMERSON ELEC CO                  553,053.96      78.000000        850,200.00       297,146.04        .37
</TABLE>



<PAGE>

FRC F220900                         INVESTMENT DETAIL                 PAGE: 9
UAL PILOTS S&P 500 INDEX FUND          11/30/1995                     HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                         BASE CURRENCY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                        MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                   COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ---------------------------  --------------   ------------    --------------     -------------    -------
<S>               <C>                          <C>              <C>             <C>                <C>              <C>

    6,950.0000    ENGELHARD CORP                    89,484.30      23.375000        162,456.25        72,971.95        .07

   12,200.0000    ENRON CORP                       271,824.47      37.500000        457,500.00       185,675.53        .20

    3,300.0000    ENSERCH CORP                      54,901.50      15.500000         51,150.00        -3,751.50        .02

   11,000.0000    ENTERGY CORP NEW                 290,860.08      27.875000        306,625.00        15,764.92        .13

   60,200.0000    EXXON CORP                     3,519,459.49      77.375000      4,657,975.00     1,138,515.51       2.02

    2,700.0000    FEDERAL EXPRESS CORP             141,891.65      74.750000        201,825.00        59,933.35        .09

    8,800.0000    FEDERAL HOME LN MTG CORP         425,856.15      77.000000        677,600.00       251,743.85        .29
                  COMMON                           

   13,200.0000    FEDERAL NATL MTG ASSN            768,557.75      109.50000      1,445,400.00       676,842.25        .63

    2,200.0000    FEDERAL PAPER BRD INC             62,330.73      52.000000        114,400.00        52,069.27        .05

    9,800.0000    FEDERATED DEPT STORES INC DEL    282,946.58      29.125000        285,425.00         2,478.42        .12

    6,600.0000    FIRST BK SYS INC                 342,705.00      51.625000        340,725.00        -1,980.00        .15

    4,400.0000    FIRST CHICAGO CORP               169,360.16      69.500000        305,800.00       136,439.84        .13

   10,700.0000    FIRST DATA CORP                  637,649.82      71.000000        759,700.00       122,050.18        .33

    3,900.0000    FIRST FID BANCORPORATION NEW     160,140.06      73.375000        286,162.50       126,022.44        .12

    3,700.0000    FIRST INTST BANCORP              199,735.06     134.000000        495,800.00       296,064.94        .22

    8,300.0000    FIRST UN CORP                    314,786.12      54.625000        453,387.50       138,601.38        .20

    6,800.0000    FLEET FINL GROUP INC NEW         204,683.03      41.750000        283,900.00        79,216.97        .12

    2,200.0000    FLEETWOOD ENTERPRISES INC         35,447.00      24.000000         52,800.00        17,353.00        .02

    1,800.0000    FLEMING COS INC                   56,252.26      23.125000         41,625.00       -14,627.26        .02

    4,000.0000    FLUOR CORP                       145,179.92      65.000000        260,000.00       114,820.08        .11

    1,800.0000    FMC CORP NEW                      87,257.50      73.875000        132,975.00        45,717.50        .06
</TABLE>



<PAGE>

<TABLE>
F220900                                                     INVESTMENT DETAIL                                             PAGE: 10
PILOTS S&P 500 INDEX FUND                                      11/30/1995                                                  HMFR005BF
ON SAFE DEPOSIT & TRUST CO                                                                                  BASE CURRENCY: USD

<CAPTION>
     SHARES/                                                        MARKET           MARKET      UNREALIZED        % OF
   PAR VALUE      SECURITY DESCRIPTION                   COST        PRICE            VALUE       GAIN/LOSS       MARKET
- ------------      ----------------------------  -------------    ---------    -------------      ----------       ------
<S>               <C>                            <C>             <C>          <C>                <C>              <C>
                                                  
   52,000.0000    FORD MTR CO DEL                1,170,898.96    28.250000     1,469,000.00      298,101.04          .64
                                              
    1,700.0000    FOSTER WHEELER CORP            42,494.93       39.500000        67,150.00       24,655.07          .03
                                              
    9,000.0000    FPL GROUP INC                  311,101.50      43.375000       390,375.00       79,273.50          .17
                                              
   10,000.0000    FREEPORT MCMORAN COPPER B      271,265.14      27.125000       271,250.00          -15.14          .12

    3,700.0000    FRUIT OF THE LOOM INC CL A      98,127.07      19.375000        71,687.50      -26,439.57          .03

    6,800.0000    GANNETT INC                    312,378.72      61.000000       414,800.00      102,421.28          .18
                                                                                                            
    7,000.0000    GAP INC                        177,200.27      45.250000       316,750.00      139,549.73          .14
                                                                                                            
    3,100.0000    GENERAL DYNAMICS CORP          110,278.12      59.625000       184,837.50       74,559.38          .08
                                                                                                            
   82,100.0000    GENERAL ELEC CO              3,310,346.61      67.250000     5,521,225.00    2,210,878.39         2.40
                                                                                                            
    7,700.0000    GENERAL MLS INC                332,573.38      55.125000       424,462.50       91,889.12          .18
                                                                                                            
   36,200.0000    GENERAL MTRS CORP            1,480,604.55      48.500000     1,755,700.00      275,095.45          .76

    5,600.0000    GENERAL PUB UTILS CORP         167,331.88      31.625000       177,100.00        9,768.12          .08

    4,000.0000    GENERAL RE CORP                367,693.62     149.625000       598,500.00      230,806.38          .26

    2,318.0000    GENERAL SIGNAL CORP             67,269.51      32.250000        74,755.50        7,485.99          .03

    5,950.0000    GENUINE PARTS CO               181,878.26      40.375000       240,231.25       58,352.99          .10

    4,400.0000    GEORGIA PAC CORP               260,246.03      77.750000       342,100.00       81,853.97          .15

    2,900.0000    GIANT FOOD INC CL A             63,090.00      32.250000        93,525.00       30,435.00          .04

    1,700.0000    GIDDINGS & LEWIS INC WIS        36,031.67      15.750000        26,775.00       -9,256.67          .01

   21,488.0000    GILLETTE CO                    515,657.63      51.875000     1,114,690.00      599,032.37          .48

    2,800.0000    GOLDEN WEST FINL CORP DEL       95,840.70      51.125000       143,150.00       47,309.30          .06

    1,300.0000    GOODRICH B F CO                 62,520.64      70.125000        91,162.50       28,641.86          .04

    7,300.0000    GOODYEAR TIRE & RUBR CO        223,335.40      42.375000       309,337.50       86,002.10          .13
</TABLE>



<PAGE>

<TABLE>
F220900                                                     INVESTMENT DETAIL                                             PAGE: 11
PILOTS S&P 500 INDEX FUND                                      11/30/1995                                                  HMFR005BF
ON SAFE DEPOSIT & TRUST CO                                                                                  BASE CURRENCY: USD

<CAPTION>
     SHARES/                                                        MARKET           MARKET      UNREALIZED        % OF
   PAR VALUE      SECURITY DESCRIPTION                   COST        PRICE            VALUE       GAIN/LOSS       MARKET
- ------------      ----------------------------  -------------    ---------    -------------      ----------       ------
<S>               <C>                            <C>             <C>          <C>                <C>              <C>
                                                  
    4,600.0000    GRACE W R & CO                   174,631.42    60.750000       279,450.00      104,818.58          .12

    2,500.0000    GRAINGER W W INC                 111,761.61    66.875000       167,187.50       55,425.89          .07

    1,900.0000    GREAT ATLANTIC & PAC TEA INC      58,827.39    21.875000        41,562.50      -17,264.89          .02

    3,200.0000    GREAT LAKES CHEM CORP            192,057.50    71.125000       227,600.00       35,542.50          .10

    6,500.0000    GREAT WESTN FINL CORP            116,144.07    25.500000       165,750.00       49,605.93          .07

   47,000.0000    GTE CORP                       1,467,985.77    42.625000     2,003,375.00      535,389.23          .87

    5,500.0000    HALLIBURTON CO                   179,407.06    43.375000       238,562.50       59,155.44          .10

    1,650.0000    HANDLEMAN CO DEL                  18,963.08    6.2500000        10,312.50       -8,650.58          .00

    3,500.0000    HARCOURT GEN INC                  91,746.16   40.2500000       140,875.00       49,128.84          .06

    1,500.0000    HARLAND JOHN H CO                 35,090.62   20.6250000        30,937.50       -4,153.12          .01

    2,222.0000    HARNISCHFEGER INDS INC            55,929.90   33.8750000        75,270.25       19,340.35          .03

    4,950.0000    HARRAHS ENTERTAINMENT INC         60,393.27   24.8750000       123,131.25       62,737.98          .05

    1,900.0000    HARRIS CORP DEL                   64,489.80   57.6250000       109,487.50       44,997.70          .05

    4,200.0000    HASBRO INC                       101,192.85   30.5000000       128,100.00       26,907.15          .06

   17,700.0000    HEINZ H J CO                     407,750.82   31.8750000       564,187.50      156,436.68          .25

    1,200.0000    HELMERICH & PAYNE INC             30,006.80   27.2500000        32,700.00        2,693.20          .01

    5,700.0000    HERCULES INC                     132,452.34   54.8750000       312,787.50      180,335.16          .14

    3,800.0000    HERSHEY FOODS CORP               156,457.92   61.7500000       234,650.00       78,192.08          .10

   24,700.0000    HEWLETT PACKARD CO               910,388.80   82.8750000     2,047,012.50    1,136,623.70          .89

    2,300.0000    HILTON HOTELS CORP               110,544.71   64.6250000       148,637.50       38,092.79          .06

   23,106.0000    HOME DEPOT INC                   722,660.47   44.3750000     1,025,328.75      302,668.28          .45

    6,700.0000    HOMESTAKE MNG CO                 104,439.38   16.5000000       110,550.00        6,110.62          .05

</TABLE>



<PAGE>

<TABLE>
F220900                                                     INVESTMENT DETAIL                                             PAGE: 12
PILOTS S&P 500 INDEX FUND                                      11/30/1995                                                  HMFR005BF
ON SAFE DEPOSIT & TRUST CO                                                                                  BASE CURRENCY: USD

<CAPTION>
     SHARES/                                                        MARKET           MARKET      UNREALIZED        % OF
   PAR VALUE      SECURITY DESCRIPTION                   COST        PRICE            VALUE       GAIN/LOSS       MARKET
- ------------      ----------------------------  -------------    ---------    -------------      ----------       ------
<S>               <C>                            <C>             <C>          <C>                <C>              <C>
                                                  
    6,200.0000    HONEYWELL INC                    181,486.86    47.625000       295,275.00      113,788.14          .13

    4,700.0000    HOUSEHOLD INTL INC               142,367.95    62.500000       293,750.00      151,382.05          .13

    6,400.0000    HOUSTON INDS INC                 257,080.60    45.750000       292,800.00       35,719.40          .13

    5,500.0000    ILLINOIS TOOL WKS INC            171,481.70    63.375000       348,562.50      177,080.80          .15

    5,700.0000    INCO LTD                         146,262.01    35.625000       203,062.50       56,800.49          .09

    5,100.0000    INGERSOLL RAND CO                142,671.91    38.375000       195,712.50       53,040.59          .09

    2,400.0000    INLAND STL INDS INC               65,815.24    26.125000        62,700.00       -3,115.24          .03

   40,100.0000    INTEL CORP                       870,241.14    60.875000     2,441,087.50    1,570,846.36         1.06

      336.0000    INTERCO INC NEW WT SER 1 EXP         300.00      .000000             0.00         -300.00          .00
                  8/3/1999

      144.0000    INTERCO INC NEW WT SER 2 EXP         128.57     2.000000           288.00          159.43          .00
                  8/3/1999

    2,200.0000    INTERGRAPH CORP                   39,562.59    17.187500        37,812.50       -1,750.09          .02

   12,200.0000    INTERNATIONAL PAPER CO           434,822.01    38.125000       465,125.00       30,302.99          .20

    3,800.0000    INTERPUBLIC GROUP COS INC        128,895.16    38.375000       145,825.00       16,929.84          .06

   27,500.0000    INTL BUSINESS MACHS CORP       2,476,957.12    96.625000     2,657,187.50      180,230.38         1.15

    5,400.0000    INTL FLAVORS & FRAGRANCES INC    170,606.41    51.125000       276,075.00      105,468.59          .12

    5,600.0000    ITT CORP                         431,703.27   122.625000       686,700.00      254,996.73          .30

    4,000.0000    JAMES RIV CORP VA                100,635.72    31.500000       126,000.00       25,364.28          .05

    2,350.0000    JEFFERSON PILOT CORP              91,000.60    71.125000       167,143.75       76,143.15          .07

   31,300.0000    JOHNSON & JOHNSON              1,514,359.99    86.625000     2,711,362.50    1,197,002.51         1.18

    2,000.0000    JOHNSON CTLS INC                  82,168.88    69.250000       138,500.00       56,331.12          .06

    1,900.0000    JOSTENS INC                       45,695.72    24.750000        47,025.00        1,329.28          .02

</TABLE>



<PAGE>

<TABLE>
F220900                                                     INVESTMENT DETAIL                                             PAGE: 13
PILOTS S&P 500 INDEX FUND                                      11/30/1995                                                  HMFR005BF
ON SAFE DEPOSIT & TRUST CO                                                                                  BASE CURRENCY: USD

<CAPTION>
     SHARES/                                                        MARKET           MARKET      UNREALIZED        % OF
   PAR VALUE      SECURITY DESCRIPTION                   COST        PRICE            VALUE       GAIN/LOSS       MARKET
- ------------      ----------------------------  -------------    ---------    -------------      ----------       ------
<S>               <C>                            <C>             <C>          <C>                <C>              <C>
                                                  
   22,101.0000    K MART CORP                      429,339.92     7.750000       171,282.75     -258,057.17          .07

    1,573.0000    KAUFMAN & BROAD HOME CORP         21,989.66    13.000000        20,449.00       -1,540.66          .01

   10,700.0000    KELLOGG CO                       542,187.37    76.375000       817,212.50      275,025.13          .36

    2,500.0000    KERR MCGEE CORP                  106,465.87    57.875000       144,687.50       38,221.63          .06

   11,000.0000    KEYCORP NEW                      338,961.26    36.875000       405,625.00       66,663.74          .18

    7,800.0000    KIMBERLY CLARK CORP              362,079.06    76.875000       599,625.00      237,545.94          .26

    1,800.0000    KING WORLD PRODTNS INC            51,790.42    39.625000        71,325.00       19,534.58          .03

    2,400.0000    KNIGHT RIDDER INC                129,607.61    64.500000       154,800.00       25,192.39          .07

    5,900.0000    KROGER CO                        132,604.04    33.500000       197,650.00       65,045.96          .09

   14,200.0000    LAIDLAW INC CL B NON VTG         125,212.89     9.250000       131,350.00        6,137.11          .06

   13,500.0000    LILLY ELI & CO                   821,366.90    99.500000     1,343,250.00      521,883.10          .58

   17,300.0000    LIMITED INC                      351,495.43    17.875000       309,237.50      -42,257.93          .13

    5,000.0000    LINCOLN NATL CORP IND            168,232.96    46.750000       233,750.00       65,517.04          .10

    3,600.0000    LIZ CLAIBORNE INC                112,146.34    29.375000       105,750.00       -6,396.34          .05

    9,690.0000    LOCKHEED MARTIN CORP             355,397.88    73.375000       711,003.75      355,605.87          .31

    2,900.0000    LOEWS CORP                       337,241.35   153.500000       445,150.00      107,908.65          .19

    1,000.0000    LONGS DRUG STORES CORP            33,249.83    39.750000        39,750.00        6,500.17          .02

    8,200.0000    LORAL CORP                       103,670.10    33.875000       277,775.00      174,104.90          .12

    1,600.0000    LOUISIANA LD & EXPL CO            57,982.00    39.000000        62,400.00        4,418.00          .03

    5,200.0000    LOUISIANA PAC CORP               108,266.28    27.000000       140,400.00       32,133.72          .06

    7,700.0000    LOWES COS INC                    123,169.15    31.500000       242,550.00      119,380.85          .11

    1,100.0000    LUBYS CAFETERIAS INC              19,767.71    22.000000        24,200.00        4,432.29          .01
</TABLE>



<PAGE>


<TABLE>
<CAPTION>

FPCF220900                                               INVESTMENT DETAIL                                              PAGE: 14
UAL PILOTS S&P 500 INDEX FUND                               11/30/1995                                                 HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                          BASE CURRENCY: USD

  SHARES/                                                               MARKET                           UNREALIZED        % OF
 PAR VALUE       SECURITY DESCRIPTION                    COST            PRICE        MARKET VALUE       GAIN/LOSS        MARKET
- -----------      ------------------------------      ------------      ---------      ------------      ------------      ------
<S>              <C>                                 <C>               <C>            <C>               <C>               <C>
 3,700.0000      MALLINCKRODT GROUP INC                101,398.93      34.125000        126,262.50         24,863.57         .05
 
 3,050.0000      MANOR CARE INC                         60,609.35      32.625000         99,506.25         38,896.90         .04
 
 5,900.0000      MARRIOTT INTL INC                     132,930.67      37.250000        219,775.00         86,844.33         .10
 
 3,500.0000      MARSH & MCLENNAN COS INC              266,466.78      86.750000        303,625.00         37,158.22         .13
 
 7,600.0000      MASCO CORP                            207,975.09      29.500000        224,200.00         16,224.91         .10
 
10,671.0000      MATTEL INC                            168,429.47      28.000000        298,788.00        130,358.53         .13
 
12,024.0000      MAY DEPT STORES CO                    355,257.64      43.625000        524,547.00        169,289.36         .23
 
 5,200.0000      MAYTAG CORP                            88,057.52      20.375000        105,950.00         17,892.48         .05
 
 7,200.0000      MBNA CORP                             128,375.87      40.375000        290,700.00        162,324.13         .13
 
 2,600.0000      MCDERMOTT INTL INC                     60,102.90      18.125000         47,125.00        -12,977.90         .02
 
33,600.0000      MCDONALDS CORP                        767,655.75      44.625000      1,499,400.00        731,744.25         .65
 
 5,500.0000      MCDONNELL DOUGLAS CORP                151,333.76      89.125000        490,187.50        338,853.74         .21
 
 2,400.0000      MCGRAW HILL COS INC                   150,677.19      83.750000        201,000.00         50,322.81         .09
 
32,900.0000      MCI COMMUNICATIONS CORP               576,239.06      26.750000        880,075.00        303,835.94         .38
 
 2,700.0000      MEAD CORP                             109,770.28      57.125000        154,237.50         44,467.22         .07
 
11,200.0000      MEDTRONIC INC                         205,269.13      54.875000        614,600.00        409,330.87         .27
 
 7,100.0000      MELLON BK CORP                        238,469.42      53.500000        379,850.00        141,380.58         .17
 
 5,100.0000      MELVILLE CORP                         212,477.07      31.125000        158,737.50        -53,739.57         .07
 
 1,800.0000      MERCANTILE STORES INC                  68,728.82      46.500000         83,700.00         14,971.18         .04

59,900.0000      MERCK & CO INC                      2,484,644.56      61.875000      3,706,312.50      1,221,667.94        1.61
 
 1,300.0000      MEREDITH CORP                          20,158.26      39.375000         51,187.50         31,029.24         .02
 
 8,500.0000      MERRILL LYNCH & CO INC                245,110.67      55.625000        472,812.50        227,701.83         .21
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
FPCF220900                                               INVESTMENT DETAIL                                              PAGE: 15
UAL PILOTS S&P 500 INDEX FUND                               11/30/1995                                                 HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                          BASE CURRENCY: USD

  SHARES/                                                               MARKET                           UNREALIZED        % OF
 PAR VALUE       SECURITY DESCRIPTION                    COST            PRICE        MARKET VALUE       GAIN/LOSS        MARKET
- -----------      ------------------------------      ------------      ---------      ------------      ------------      ------
<S>              <C>                                 <C>               <C>            <C>               <C>               <C>
 9,900.0000      MICRON TECHNOLOGY INC                 237,255.11      54.750000        542,025.00        304,769.89         .24
 
28,200.0000      MICROSOFT CORP                      1,683,735.81      87.125000      2,456,925.00        773,189.19        1.07
 
 2,200.0000      MILLIPORE CORP                         42,569.19      37.250000         81,950.00         39,380.81         .04
 
20,300.0000      MINNESOTA MNG & MFG CO              1,000,266.59      65.500000      1,329,650.00        329,383.41         .58
 
19,200.0000      MOBIL CORP                          1,325,671.24     104.375000      2,004,000.00        678,328.76         .87
 
 5,500.0000      MONSANTO CO                           307,682.77     114.500000        629,750.00        322,067.23         .27
 
 4,800.0000      MOORE LTD                              95,741.19      17.875000         85,800.00         -9,941.19         .04
 
 9,100.0000      MORGAN J P & CO INC                   505,939.26      78.500000        714,350.00        208,410.74         .31
 
 3,700.0000      MORGAN STANLEY GROUP INC              366,485.00      86.250000        319,125.00        -47,360.00         .14
 
 1,600.0000      MORRISON KNUDSEN CORP                  32,920.11       6.000000          9,600.00        -23,320.11         .00
 
 7,200.0000      MORTON INTL INC IND                   142,527.67      34.625000        249,300.00        106,772.33         .11
 
28,500.0000      MOTOROLA INC                          886,820.40      61.250000      1,745,625.00        858,804.60         .76
 
   400.0000      NACCO INDS INC CL A                    18,321.78      57.000000         22,800.00          4,478.22         .01
 
 3,300.0000      NALCO CHEM CO                         104,735.52      30.625000        101,062.50         -3,673.02         .04
 
 7,100.0000      NATIONAL CITY CORP                    198,749.73      32.375000        229,862.50         31,112.77         .10

 6,000.0000      NATIONAL SEMICONDUCTOR CORP            86,035.26      21.375000        128,250.00         42,214.74         .06
 
 2,300.0000      NATIONAL SVC INDS INC                  56,272.77      32.500000         74,750.00         18,477.23         .03
 
13,171.0000      NATIONSBANK CORP                      578,053.19      71.375000        940,080.13        362,026.94         .41
 
 3,600.0000      NAVISTAR INTL CORP NEW                 93,483.61      10.875000         39,150.00        -54,333.61         .02
 
 7,750.0000      NBD BANCORP                           215,187.27      38.375000        297,406.25         82,218.98         .13
 
 4,700.0000      NEW YORK TIMES CO CL A                129,426.47      29.500000        138,650.00          9,223.53         .06
 
 7,658.0000      NEWELL CO                             139,782.03      26.375000        201,979.75         62,197.72         .09
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
FPCF220900                                               INVESTMENT DETAIL                                              PAGE: 16
UAL PILOTS S&P 500 INDEX FUND                               11/30/1995                                                 HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                          BASE CURRENCY: USD


  SHARES/                                                               MARKET                           UNREALIZED        % OF
 PAR VALUE       SECURITY DESCRIPTION                    COST            PRICE        MARKET VALUE       GAIN/LOSS        MARKET
- -----------      ------------------------------      ------------      ---------      ------------      ------------      ------
<S>              <C>                                 <C>               <C>            <C>               <C>               <C>
 4,143.0000      NEWMONT MNG CORP                      138,852.61      43.125000        178,666.88         39,814.27         .08
 
 7,000.0000      NIAGARA MOHAWK PWR CORP               116,477.98       9.875000         69,125.00        -47,352.98         .03
 
 2,500.0000      NICOR INC                              56,951.71      25.375000         63,437.50          6,485.79         .03
 
 7,000.0000      NIKE INC CL B                         192,329.55      58.000000        406,000.00        213,670.45         .18
 
 6,000.0000      NORAM ENERGY CORP                      76,978.29       7.875000         47,250.00        -29,728.29         .02
 
 4,000.0000      NORDSTROM INC                         129,065.73      39.250000        157,000.00         27,934.27         .07
 
 6,400.0000      NORFOLK SOUTHN CORP                   331,339.14      78.750000        504,000.00        172,660.86         .22
 
 3,300.0000      NORTHERN STS PWR CO MINN              130,255.28      47.000000        155,100.00         24,844.72         .07
 
12,300.0000      NORTHERN TELECOM LTD                  392,910.06      40.375000        496,612.50        103,702.44         .22
 
 2,400.0000      NORTHROP GRUMMAN CORP                  87,215.77      61.500000        147,600.00         60,384.23         .06

15,700.0000      NORWEST CORP                          304,738.39      33.000000        518,100.00        213,361.61         .23
 
17,700.0000      NOVELL INC                            418,971.91      16.875000        298,687.50       -120,284.41         .13
 
 4,200.0000      NUCOR CORP                            122,506.75      49.875000        209,475.00         86,968.25         .09
 
20,600.0000      NYNEX CORP                            802,310.58      49.625000      1,022,275.00        219,964.42         .44
 
15,400.0000      OCCIDENTAL PETE CORP                  346,524.01      22.125000        340,725.00         -5,799.01         .15
 
 2,400.0000      OGDEN CORP                             54,913.67      21.250000         51,000.00         -3,913.67         .02
 
 7,400.0000      OHIO EDISON CO                        156,406.45      22.750000        168,350.00         11,943.55         .07
 
 1,300.0000      ONEOK INC                              20,628.66      23.500000         30,550.00          9,921.34         .01
 
20,900.0000      ORACLE CORP                           272,663.25      45.375000        948,337.50        675,674.25         .41
 
 5,000.0000      ORYX ENERGY CO                        108,434.29      13.125000         65,625.00        -42,809.29         .03
 
 1,000.0000      OUTBOARD MARINE CORP                   19,822.85      20.500000         20,500.00            677.15         .01
 
 2,500.0000      OWENS CORNING FIBERGLAS CORP NEW       77,123.54      44.375000        110,937.50         33,813.96         .05
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
FPCF220900                                               INVESTMENT DETAIL                                              PAGE: 17
UAL PILOTS S&P 500 INDEX FUND                               11/30/1995                                                 HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                          BASE CURRENCY: USD

  SHARES/                                                               MARKET                           UNREALIZED        % OF
 PAR VALUE       SECURITY DESCRIPTION                    COST            PRICE        MARKET VALUE       GAIN/LOSS        MARKET
- -----------      ------------------------------      ------------      ---------      ------------      ------------      ------
<S>              <C>                                 <C>               <C>            <C>               <C>               <C>
 7,700.0000      P P & L RESOURCES INC COM             197,109.22      24.875000        191,537.50         -5,571.72         .08
 
 1,855.0000      PACCAR INC                             75,197.97      43.750000         81,156.25          5,958.28         .04
 
 4,000.0000      PACIFIC ENTERPRISES                   117,513.04      26.750000        107,000.00        -10,513.04         .05
 
20,800.0000      PACIFIC GAS & ELEC CO                 573,065.54      27.500000        572,000.00         -1,065.54         .25
 
20,800.0000      PACIFIC TELESIS GROUP                 514,336.11      30.000000        624,000.00        109,663.89         .27
 
13,800.0000      PACIFICORP                            276,015.61      19.625000        270,825.00         -5,190.61         .12
 
 5,633.0000      PALL CORP                              92,056.58      27.125000        152,795.13         60,738.55         .07
 
 7,200.0000      PANHANDLE EASTN CORP                  147,606.98      28.375000        204,300.00         56,693.02         .09

 3,550.0000      PARKER HANNIFIN CORP                   85,839.48      36.750000        130,462.50         44,623.02         .06
 
10,700.0000      PECO ENERGY CO COM                    263,219.17      29.000000        310,300.00         47,080.83         .13
 
11,300.0000      PENNEY J C INC                        377,628.63      46.875000        529,687.50        152,058.87         .23
 
 2,200.0000      PENNZOIL CO                           133,114.97      39.625000         87,175.00        -45,939.97         .04
 
 1,700.0000      PEOPLES ENERGY CORP                    42,578.29      30.500000         51,850.00          9,271.71         .02
 
 3,000.0000      PEP BOYS MANNY MOE & JACK              64,313.70      26.500000         79,500.00         15,186.30         .03
 
38,200.0000      PEPSICO INC                         1,171,772.89      55.250000      2,110,550.00        938,777.11         .92
 
 2,000.0000      PERKIN ELMER CORP                      62,807.27      36.000000         72,000.00          9,192.73         .03
 
30,600.0000      PFIZER INC                            941,513.46      58.000000      1,774,800.00        833,286.54         .77
 
24,650.0000      PHARMACIA & UPJOHN INC                733,916.35      35.875000        884,318.75        150,402.40         .38
 
 3,400.0000      PHELPS DODGE CORP                     133,096.80      67.875000        230,775.00         97,678.20         .10
 
40,900.0000      PHILIP MORRIS COS INC               2,550,652.84      87.750000      3,588,975.00      1,038,322.16        1.56
 
12,700.0000      PHILLIPS PETE CO                      313,767.50      33.250000        422,275.00        108,507.50         .18
 
 4,100.0000      PIONEER HI BRED INTL                  154,269.38      57.250000        234,725.00         80,455.62         .10
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
FPCF220900                                               INVESTMENT DETAIL                                              PAGE: 18
UAL PILOTS S&P 500 INDEX FUND                               11/30/1995                                                 HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                          BASE CURRENCY: USD

  SHARES/                                                               MARKET                           UNREALIZED        % OF
 PAR VALUE       SECURITY DESCRIPTION                    COST            PRICE        MARKET VALUE       GAIN/LOSS        MARKET
- -----------      ------------------------------      ------------      ---------      ------------      ------------      ------
<S>              <C>                                 <C>               <C>            <C>               <C>               <C>
 7,300.0000      PITNEY BOWES INC                      223,861.20      44.750000        326,675.00        102,813.80         .14
 
 2,000.0000      PITTSTON SERVICES GROUP                29,580.29      30.500000         61,000.00         31,419.71         .03
 
11,600.0000      PLACER DOME INC                       184,220.30      24.750000        287,100.00        102,879.70         .12

11,100.0000      PNC BK CORP                           275,724.66      29.250000        324,675.00         48,950.34         .14
 
 2,206.0000      POLAROID CORP                          71,533.59      46.125000        101,751.75         30,218.16         .04
 
 1,400.0000      POTLATCH CORP                          54,482.29      40.375000         56,525.00          2,042.71         .02
 
10,000.0000      PPG INDS INC                          297,376.76      45.375000        453,750.00        156,373.24         .20
 
 6,700.0000      PRAXAIR INC                           115,095.69      29.125000        195,137.50         80,041.81         .08
 
 2,900.0000      PREMARK INTL INC                       66,910.41      51.000000        147,900.00         80,989.59         .06
 
 9,400.0000      PRICE COSTCO INC                      170,604.67      16.625000        156,275.00        -14,329.67         .07
 
33,284.0000      PROCTER & GAMBLE CO                 1,678,117.05      86.375000      2,874,905.50      1,196,788.45        1.25
 
 4,700.0000      PROVIDIAN CORP                        135,389.00      40.125000        188,587.50         53,198.50         .08
 
11,900.0000      PUBLIC SVC ENTERPRISE GROUP           332,573.71      29.625000        352,537.50         19,963.79         .15
 
 1,300.0000      PULTTE CORP COM                        25,404.83      30.750000         39,975.00         14,570.17         .02
 
 6,500.0000      QUAKER OATS CO                        184,215.46      34.750000        225,875.00         41,659.54         .10
 
 4,900.0000      RALSTON PURINA CO-RALSTON             211,536.97      64.000000        313,600.00        102,063.03         .14
                 PURINA GROUP
 
 2,100.0000      RAYCHEM CORP                           82,542.36      52.000000        109,200.00         26,657.64         .05
 
12,000.0000      RAYTHEON CO                           291,997.10      44.500000        534,000.00        242,002.90         .23
 
 3,900.0000      REEBOK INTL LTD                       103,352.97      26.000000        101,400.00         -1,952.97         .04
 
 2,500.0000      REPUBLIC N Y CORP                     145,109.23      63.000000        157,500.00         12,390.77         .07
 
 3,000.0000      REYNOLDS METALS CO                    150,880.62      57.750000        173,250.00         22,369.38         .08
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
FRC F220900                                                      INVESTMENT DETAIL                                     PAGE: 19
UAL PILOTS S&P 500 INDEX FUND                                      11/30/1995                                          HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                          BASE CURRENCY: USD

        SHARES/                                                              MARKET            MARKET       UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE             VALUE         GAIN/LOSS    MARKET
- ---------------     ------------------------------    --------------    -----------    --------------    -------------    ------
<S>                 <C>                               <C>               <C>            <C>               <C>              <C>
    4,100.0000      RITE AID CORP                          83,708.03     31.250000         128,125.00        44,416.97      .06

    1,900.0000      ROADWAY SVCS INC                      100,397.55     50.250000          95,475.00        -4,922.55      .04

   10,500.0000      ROCKWELL INTL CORP                    293,286.13     49.000000         514,500.00       221,213.87      .22

    3,300.0000      ROHM & HAAS CO                        165,233.10     60.250000         198,825.00        33,591.90      .09

    4,100.0000      ROWAN COS INC                          33,628.31      7.500000          30,750.00        -2,878.31      .01

   26,000.0000      ROYAL DUTCH PETE CO N Y REG SH      2,191,334.52    128.375000       3,337,750.00     1,146,415.48     1.45
                    PAR N GLDR 5

    7,800.0000      RUBBERMAID INC                        195,322.93     27.500000         214,500.00        19,177.07      .09

    1,900.0000      RUSSELL CORP                           51,149.52     26.625000          50,587.50          -562.02      .02

    2,600.0000      RYANS FAMILY STEAK HOUSES INC          22,305.52      7.375000          19,175.00        -3,130.52      .01

    3,800.0000      RYDER SYS INC                          93,979.79     23.875000          90,725.00        -3,254.79      .04

    3,100.0000      SAFECO CORP                           145,487.61     71.000000         220,100.00        74,612.39      .10

    2,750.0000      SAFETY KLEEN CORP                      61,543.76     14.250000          39,187.50       -22,356.26      .02

    5,100.0000      SALOMON INC                           186,131.83     36.375000         185,512.50          -619.33      .08

    4,370.0000      SANTA FE ENERGY RES                    65,528.92      9.250000          40,422.50       -25,106.42      .02

    6,400.0000      SANTA FE PAC GOLD CORP                 70,056.25     12.000000          76,800.00         6,743.75      .03

   23,200.0000      SARA LEE CORP                         498,403.69     32.250000         748,200.00       249,796.31      .33

   29,400.0000      SBC COMMUNICATIONS INC                939,014.51     54.000000       1,587,600.00       648,585.49      .69

   21,700.0000      SCECORP                               418,322.05     15.625000         339,062.50       -79,259.55      .15

   18,000.0000      SCHERING PLOUGH CORP                  465,557.85     57.375000       1,032,750.00       567,192.15      .45

   11,700.0000      SCHLUMBERGER LTD                      641,299.78     63.500000         742,950.00       101,650.22      .32

    3,700.0000      SCIENTIFIC ATLANTA INC                 36,171.12     15.875000          58,737.50        22,566.38      .03

    7,300.0000      SCOTT PAPER CO                        170,239.07     57.125000         417,012.50       246,773.43      .18
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
FRC F220900                                                      INVESTMENT DETAIL                                      PAGE: 20
UAL PILOTS S&P 500 INDEX FUND                                      11/30/1995                                           HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET            MARKET       UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE             VALUE         GAIN/LOSS    MARKET
- ---------------     ------------------------------    --------------    -----------    --------------    -------------    ------
<S>                 <C>                               <C>               <C>            <C>               <C>              <C>
   18,100.0000      SEAGRAM LTD                           461,821.23     36.500000         660,650.00       198,828.77      .29

   18,800.0000      SEARS ROEBUCK & CO                    462,223.62     39.375000         740,250.00       278,026.38      .32

    5,050.0000      SERVICE CORP INTL                     110,894.93     40.625000         205,156.25        94,261.32      .09

    1,100.0000      SHARED MED SYS CORP                    27,693.84     43.375000          47,712.50        20,018.66      .02

    6,200.0000      SHAWMUT NATL CORP                     136,741.74     37.500000         232,500.00        95,758.26      .10

      186.0000      SHAWMUT NATL CORP WT                         .00     15.500000           2,883.00         2,883.00      .00
                    EXP 01/18/1996

    4,100.0000      SHERWIN WILLIAMS CO                   101,687.29     39.625000         162,462.50        60,775.21      .07

    2,000.0000      SHONEYS INC                            37,270.60     10.750000          21,500.00       -15,770.60      .01

    2,400.0000      SIGMA ALDRICH CORP                     90,780.14     49.250000         118,200.00        27,419.86      .05

    7,700.0000      SILICON GRAPHICS INC                  266,482.38     36.500000         281,050.00        14,567.62      .12

    1,900.0000      SNAP ON INC                            62,667.28     44.250000          84,075.00        21,407.72      .04

    4,200.0000      SONAT INC                              90,652.51     32.250000         135,450.00        44,797.49      .06

   32,200.0000      SOUTHERN CO                           547,103.93     22.875000         736,575.00       189,471.07      .32

    7,000.0000      SOUTHWEST AIRLS CO                    190,434.36     25.000000         175,000.00       -15,434.36      .08

    1,000.0000      SPRINGS INDS INC                       36,753.46     42.000000          42,000.00         5,246.54      .02

   16,900.0000      SPRINT CORP                           533,039.60     40.000000         676,000.00       142,960.40      .29

    3,450.0000      ST JUDE MED INC                        84,674.30     39.500000         136,275.00        51,600.70      .06

    4,100.0000      ST PAUL COS INC                       144,748.39     56.000000         229,600.00        84,851.61      .10

    2,100.0000      STANLEY WKS                            79,168.83     50.625000         106,312.50        27,143.67      .05

    4,674.0000      STONE CONTAINER CORP                   92,578.99     15.625000          73,031.25       -19,547.74      .03

    2,400.0000      STRIDE RITE CORP                       39,745.96      8.750000          21,000.00       -18,745.96      .01
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
FRC F220900                                                      INVESTMENT DETAIL                                      PAGE: 21
UAL PILOTS S&P 500 INDEX FUND                                      11/30/1995                                           HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET            MARKET       UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE             VALUE         GAIN/LOSS    MARKET
- ---------------     ------------------------------    --------------    -----------    --------------    -------------    ------
<S>                 <C>                               <C>               <C>            <C>               <C>              <C>
    3,700.0000      SUN INC                               105,993.30     27.750000         102,675.00        -3,318.30      .04

    4,600.0000      SUN MICROSYSTEMS INC                  140,191.49     84.125000         386,975.00       246,783.51      .17

    5,600.0000      SUNTRUST BKS INC                      213,461.21     68.250000         382,200.00       168,738.79      .17

    3,400.0000      SUPERVALU INC                          86,187.50     32.250000         109,650.00        23,462.50      .05

    8,800.0000      SYSCO CORP                            180,280.11     30.625000         269,500.00        89,219.89      .12

    5,600.0000      TANDEM COMPUTERS INC                   98,084.12     12.500000          70,000.00       -28,084.12      .03

    3,178.0000      TANDY CORP                            116,758.21     47.625000         151,352.25        34,594.04      .07

    1,600.0000      TEKTRONIX INC                          47,968.97     53.875000          86,200.00        38,231.03      .04

   31,600.0000      TELE COMMUNICATIONS INC NEW A         469,005.86     18.500000         584,600.00       115,594.14      .25

    2,700.0000      TELEDYNE INC                           61,068.60     24.250000          65,475.00         4,406.40      .03

    4,200.0000      TELLABS INC                           207,665.31     39.250000         164,850.00       -42,815.31      .07

    2,700.0000      TEMPLE INLAND INC                     111,057.90     45.375000         122,512.50        11,454.60      .05

    9,700.0000      TENET HEALTHCARE CORP COM             137,206.71     17.875000         173,387.50        36,180.79      .08

    8,719.0000      TENNECO INC                           390,089.09     48.000000         418,512.00        28,422.91      .18

   12,600.0000      TEXACO INC                            714,624.38     74.000000         932,400.00       217,775.62      .41

    9,000.0000      TEXAS INSTRS INC                      268,174.02     57.875000         520,875.00       252,700.98      .23

   10,900.0000      TEXAS UTILS CO                        410,568.88     38.500000         419,650.00         9,081.12      .18

    4,100.0000      TEXTRON INC                           157,062.01     76.625000         314,162.50       157,100.49      .14

   15,500.0000      THE TRAVELERS GROUP INC               462,289.84     59.500000         922,250.00       459,960.16      .40

    1,000.0000      THOMAS & BETTS CORP                    59,933.65     73.375000          73,375.00        13,441.35      .03

   18,400.0000      TIME WARNER INC                       528,065.36     40.000000         736,000.00       207,934.64      .32

    5,400.0000      TIMES MIRROR CO CL A                  129,651.05     32.500000         175,500.00        45,848.95      .08
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
FRC F220900                                                      INVESTMENT DETAIL                                      PAGE: 22
UAL PILOTS S&P 500 INDEX FUND                                      11/30/1995                                           HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET            MARKET       UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE             VALUE         GAIN/LOSS    MARKET
- ---------------     ------------------------------    --------------    -----------    --------------    -------------    ------
<S>                 <C>                               <C>               <C>            <C>               <C>              <C>
    1,500.0000      TIMKEN CO                              44,594.74     40.375000          60,562.50        15,967.76      .03

    3,500.0000      TJX COS INC NEW                        67,431.55     16.625000          58,187.50        -9,244.05      .03

    3,500.0000      TORCHMARK CORP                        138,499.70     42.500000         148,750.00        10,250.30      .06

   13,450.0000      TOYS R US INC                         379,928.18     23.250000         312,712.50       -67,215.68      .14

    3,400.0000      TRANSAMERICA CORP                     152,705.33     76.625000         260,525.00       107,819.67      .11

       77.0000      TRANSPORT HLDGS INC CL A                1,752.02     39.250000           3,022.25         1,270.23      .00

    3,200.0000      TRIBUNE CO NEW                        156,015.76     64.500000         206,400.00        50,384.24      .09

    1,400.0000      TRINOVA CORP                           38,263.25     30.750000          43,050.00         4,786.75      .02

    3,200.0000      TRW INC                               182,345.59     74.875000         239,600.00        57,254.41      .10

    7,400.0000      TYCO INTL LTD                         173,622.18     31.375000         232,175.00        58,552.82      .10

    4,800.0000      U S BANCORP ORE                       102,435.24     33.875000         162,600.00        60,164.76      .07

    7,800.0000      U S HEALTHCARE INC                    351,099.31     45.500000         354,900.00         3,800.69      .15

   22,800.0000      U S WEST COMMUNICATIONS GROUP         842,267.63     31.250000         712,500.00      -129,767.63      .31

   22,800.0000      U S WEST INC COM-MEDIA GROUP                 .00     18.000000         410,400.00       410,400.00      .18

   10,400.0000      UNICOM CORP                           300,516.83     32.000000         332,800.00        32,283.17      .14

    7,800.0000      UNILEVER N V ADR                      716,291.24    132.875000       1,036,425.00       320,133.76      .45

    3,400.0000      UNION CAMP CORP                       150,547.36     49.125000         167,025.00        16,477.64      .07

    6,700.0000      UNION CARBIDE CORP                    116,474.75     39.625000         265,487.50       149,012.75      .12

    4,900.0000      UNION ELEC CO                         173,783.12     40.125000         196,612.50        22,829.38      .09

    9,900.0000      UNION PAC CORP                        467,895.11     67.750000         670,725.00       202,829.89      .29

    8,300.0000      UNISYS CORP                           114,871.92      6.500000          53,950.00       -60,921.92      .02

    8,400.0000      UNITED HEALTHCARE CORP                393,035.98     62.875000         528,150.00       135,114.02      .23
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
FRC F220900                                                      INVESTMENT DETAIL                                      PAGE: 23
UAL PILOTS S&P 500 INDEX FUND                                      11/30/1995                                           HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET            MARKET       UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE             VALUE         GAIN/LOSS    MARKET
- ---------------     ------------------------------    --------------    -----------    --------------    -------------    ------
<S>                 <C>                               <C>               <C>            <C>               <C>              <C>
    2,800.0000      UNITED STATES SURGICAL CORP           206,976.74     25.125000          70,350.00      -136,626.74      .03

    6,000.0000      UNITED TECHNOLOGIES CORP              314,254.65     93.750000         562,500.00       248,245.35      .24

   11,800.0000      UNOCAL CORP                           282,140.70     26.875000         317,125.00        34,984.30      .14

    3,500.0000      UNUM CORP                             192,757.07     54.125000         189,437.50        -3,319.57      .08

    3,000.0000      USAIR GROUP INC                        53,505.47     13.375000          40,125.00       -13,380.47      .02

    5,400.0000      USF&G CORP                            102,570.08     17.250000          93,150.00        -9,420.08      .04

    1,650.0000      USLIFE CORP                            33,297.78     28.875000          47,643.75        14,345.97      .02

    9,500.0000      UST INC                               212,086.58     32.625000         309,937.50        97,850.92      .13

   14,400.0000      USX-MARATHON GROUP NEW                319,891.37     18.375000         264,600.00       -55,291.37      .11

    3,900.0000      USX-U S STL GROUP                     119,688.86     32.625000         127,237.50         7,548.64      .06

    3,034.0000      V F CORP                              133,400.20     52.000000         157,768.00        24,367.80      .07

    2,050.0000      VARITY CORP NEW                        67,238.79     38.750000          79,437.50        12,198.71      .03

   17,400.0000      VIACOM INC CLASS B                    627,382.76     48.250000         839,550.00       212,167.24      .36

    8,300.0000      WACHOVIA CORP NEW                     320,658.60     45.000000         373,500.00        52,841.40      .16

  111,300.0000      WAL MART STORES INC                 2,324,043.14     24.000000       2,671,200.00       347,156.86     1.16

   11,900.0000      WALGREEN CO                           196,147.72     29.125000         346,587.50       150,439.78      .15

    6,500.0000      WARNER LAMBERT CO                     393,358.02     89.250000         580,125.00       186,766.98      .25

    2,400.0000      WELLS FARGO & CO                      204,115.45    210.250000         504,600.00       300,484.55      .22

    4,900.0000      WENDYS INTL INC                        57,186.01     20.625000         101,062.50        43,876.49      .04

    2,600.0000      WESTERN ATLAS INC                      34,384.53     47.875000         124,475.00        90,090.47      .05

   19,000.0000      WESTINGHOUSE ELEC CORP                367,471.27     16.875000         320,625.00       -46,846.27      .14

    4,950.0000      WESTVACO CORP                         114,291.62     27.375000         135,506.25        21,214.63      .06
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
FRC F220900                                                      INVESTMENT DETAIL                                      PAGE: 24
UAL PILOTS S&P 500 INDEX FUND                                      11/30/1995                                           HMFR005BF
BOSTON SAFE DEPOSIT & TRUST CO                                                                           BASE CURRENCY: USD

        SHARES/                                                              MARKET            MARKET       UNREALIZED     % OF
      PAR VALUE     SECURITY DESCRIPTION                        COST         PRICE             VALUE         GAIN/LOSS    MARKET
- ---------------     ------------------------------    --------------    -----------    --------------    -------------    ------
<S>                 <C>                               <C>               <C>            <C>               <C>              <C>
    9,950.0000      WEYERHAEUSER CO                       343,054.11     45.250000         450,237.50       107,183.39      .20

    3,600.0000      WHIRLPOOL CORP                        149,123.71     55.500000         199,800.00        50,676.29      .09

    5,100.0000      WHITMAN CORP                           65,196.43     22.000000         112,200.00        47,003.57      .05

    2,700.0000      WILLAMETTE INDS INC                   186,488.00     60.500000         163,350.00       -23,138.00      .07

    4,900.0000      WILLIAMS COS INC                      106,857.65     42.000000         205,800.00        98,942.35      .09

    3,700.0000      WINN DIXIE STORES INC                 167,470.61     64.125000         237,262.50        69,791.89      .10

   23,400.0000      WMX TECHNOLOGIES INC                  708,324.83     29.500000         690,300.00       -18,024.83      .30

    6,400.0000      WOOLWORTH CORP                        161,179.48     15.000000          96,000.00       -65,179.48      .04

    4,450.0000      WORTHINGTON INDS INC                   67,044.76     19.625000          87,331.25        20,286.49      .04

    5,600.0000      WRIGLEY WM JR CO                      144,686.32     47.125000         263,900.00       119,213.68      .11

    5,226.0000      XEROX CORP                            410,790.35    137.125000         716,615.25       305,824.90      .31

    1,400.0000      YELLOW CORP COM                        35,886.03     12.000000          16,800.00       -19,086.03      .01

      600.0000      ZURN INDS INC                          17,638.95     24.500000          14,700.00        -2,938.95      .01

TOTAL INVESTMENTS COMMON STOCK                        149,127,665.11                   217,596,698.53    68,469,033.42    94.54


                    TOTAL INVESTMENT                  161,704,709.31                   230,173,702.97    68,468,993.66   100.00
</TABLE>



<PAGE>


FRC G001000                          INVESTMENT DETAIL                PAGE: 1
UAL PILOTS CONSOLIDATED                 11/30/1995                    HMFR005BF
GOVERNMENT BOND FUND                                   BASE CURRENTY: USD

Item 27a:  Schedule of Assets Held for Investment Purposes



<TABLE>
<CAPTION> 
       SHARES/                                                                MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                           COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ------------------------------------  -------------   ------------    --------------     -------------    -------
<S>               <C>                                   <C>             <C>             <C>                <C>              <C>
INVESTMENTS CASH & CASH EQUIVALENTS

6,140,979.0000     TBC INC ISG POOLED EMPL FDS 12/31/1999  6,140,979.00       1.000000      6,140,979.00             0.00       7.07

4,035,953.0000     TBC INC ISG POOLED EMPL FDS 12/31/1999  4,035,953.00       1.000000      4,035,953.00             0.00       4.65

   8,309.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999      8,309.00       1.000000          8,309.00             0.00        .01

  20,203.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999     20,203.00       1.000000         20,203.00             0.00        .02

  91,729.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999     91,729.00       1.000000         91,729.00             0.00        .11

   8,765.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999      8,765.00       1.000000          8,765.00             0.00        .01

   3,089.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999      3,089.00       1.000000          3,089.00             0.00        .00

  19,671.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999     19,671.00       1.000000         19,671.00             0.00        .02

   5,901.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999      5,901.00       1.000000          5,901.00             0.00        .01

  14,641.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999     14,641.00       1.000000         14,641.00             0.00        .02

  33,865.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999     33,865.00       1.000000         33,865.00             0.00        .04

   8,490.0000      TBC INC ISG POLLED EMPL FDS 12/31/1999      8,490.00       1.000000          8,490.00             0.00        .01

   3,820.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999      3,820.00       1.000000          3,820.00             0.00        .00

  42,475.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999     42,475.00       1.000000         42,475.00             0.00        .05

</TABLE>




<PAGE>


FRC G001000                          INVESTMENT DETAIL                PAGE: 2
UAL PILOTS CONSOLIDATED                 11/30/1995                    HMFR005BF
GOVERNMENT BOND FUND                                   BASE CURRENTY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                                MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                           COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ------------------------------------  -------------   ------------    --------------     -------------    -------
<S>               <C>                                   <C>             <C>             <C>                <C>              <C>

   3,368.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999    3,368.00       1.000000          3,368.00             0.00        .00

   5,061.0000      TBC INC ISG POOLED EMPL FDS 12/31/1999    5,061.00       1.000000          5,061.00             0.00        .01

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS               10,446,319.00                    10,446,319.00             0.00      12.03


INVESTMENTS FIXED INCOME SECURITIES

 210,000.0000      FED HOME LN MTG CORP DEB
                   7.750% 11/07/2001 DD 11/07/91           215,484.38     109.664990        230,296.48        14,812.10        .27

 400,000.0000      FED HOME LN MTG CORP DEB                                                                 
                   7.900% 09/19/2001 DD 09/19/91           436,906.25     110.204990        440,819.96         3,913.71        .51

 510,000.0000      FED NATL MTG ASSN                                                                        
                   7.850% 09/10/1998 DD 09/10/91           563,231.25     105.668990        538,911.85       -24,319.40        .62

 105,000.0000      FED NATL MTG ASSN DEB                                                                    
                   6.050% 11/10/1997 DD 11/10/92           103,441.41     101.012990        106,063.64         2,622.23        .12

 475,000.0000      FED NATL MTG ASSN DEB                                                                    
                   7.050% 11/12/2002 DD 11/10/92           509,140.62     106.471980        505,741.91        -3,398.71        .58

 430,000.0000      FED NATL MTG ASSN DEB                                                                    
                   8.150% 05/11/1998 DD 05/10/91           468,656.25     105.838000        455,103.40       -13,552.85        .52

 605,000.0000      FED NATL MTG ASSN DEB                                                                    
                   8.250% 12/18/2000 DD 12/17/90           682,843.76     110.629000        669,305.45       -13,538.31        .77

 350,000.0000      FED NATL MTG ASSN DEB                                                                    
                   9.200% 09/11/2000 DD 09/10/90           406,671.88     114.084990        399,297.47        -7,374.41        .46

1,715,000.0000     FEDERAL FARM CR BKS CONS BDS                                                             
                   11.900% 10/20/1997 DD 10/01/82        2,098,371.55     111.228000      1,907,560.20      -190,811.35       2.20

 400,000.0000      FEDERAL HOME LN BKS CONS BD                                                              
                   FLG/RT 12/18/1995 DD 12/18/92           399,600.00      99.998980        399,995.92           395.92        .46

 315,000.0000      FEDERAL HOME LN BKS CONS BD                                                              
                   5.040% 08/20/1998 DD 08/20/93           295,410.94      98.769000        311,122.35        15,711.41        .36
</TABLE>




<PAGE>


FRC G001000                          INVESTMENT DETAIL                PAGE: 3
UAL PILOTS CONSOLIDATED                 11/30/1995                    HMFR005BF
GOVERNMENT BOND FUND                                   BASE CURRENTY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                                MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                           COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ------------------------------------  -------------   ------------    --------------     -------------    -------
<S>               <C>                                   <C>             <C>             <C>                <C>              <C>

 180,000.0000      FEDERAL HOME LN BKS CONS BD                                                              
                   9.500% 02/25/2004 DD 02/27/89           219,937.50     121.443980        218,599.16        -1,338.34        .25

 145,000.0000      FEDERAL NATL MTG ASSN DEB                                                                
                   5.050% 11/10/1998 DD 11/10/93           136,300.00      98.603000        142,974.35         6,674.35        .16

 295,000.0000      FEDERAL NATL MTG ASSN DEB                                                                
                   7.050% 10/10/1996 DD 10/10/91           309,111.72     101.321990        298,899.87       -10,211.85        .34

 585,000.0000      FEDERAL NATL MTG ASSN DEB                                                                
                   7.550% 04/22/2002 DD 4/22/92            615,118.75     108.560000        635,076.00        19,957.25        .73

1,360,000.0000     FEDERAL NATL MTG ASSN DEB                                                                
                   8.350% 11/10/1999 DD 11/10/89         1,496,365.38     109.157990      1,484,548.66       -11,816.72       1.71

 675,000.0000      FEDERAL NATL MTG ASSN DEB                                                                
                   8.450% 07/12/1999 DD 07/10/89           769,589.06     109.026990        735,932.18       -33,656.88        .85

 310,000.0000      FEDERAL NATL MTG ASSN DEB                                                                
                   8.900% 06/12/2000                       364,496.87     112.489000        348,715.90       -15,780.97        .40

1,000,000.0000     FEDERAL NATL MTG ASSN DEB                                                                
                   9.200% 01/10/1996 DD 01/10/86         1,096,560.00     100.392990      1,003,929.90       -92,630.10       1.16

1,063,000.0000     TIGRS SER 12-INT 13.25% 2014                                                             
                   T-BD MAT 11/15/2001                     137,203.54      71.801990        763,255.15       626,051.61        .88

 750,000.0000      TWELVE FED LD BKS                                                                        
                   7.350% 01/20/1997 DD 01/20/77           724,804.69     102.287990        767,159.93        42,355.24        .88

2,000,000.0000     U S TREAS CPN GENERIC CUBE                                                               
                   MAT 02/15/2000                          536,623.78      79.564990      1,591,299.80     1,054,676.02       1.83

3,390,000.0000     U S TREAS CPN GENERIC CUBE                                                               
                   MAT 05/15/1996                          872,391.85      97.625000      3,309,487.50     2,437,095.65       3.81

1,080,625.0000     U S TREAS CPN GENERIC CUBE                                                               
                   MAT 05/15/2005                          205,221.49      57.282990        619,014.31       413,792.82        .71

 838,750.0000      U S TREAS CPN GENERIC CUBE                                                               
                   MAT 08/15/1997                          223,662.90      91.327990        766,013.52       542,350.62        .88

  80,000.0000      U S TREAS CPN GENERIC CUBE               62,628.00      85.231990         68,185.59         5,557.59        .08
</TABLE>




<PAGE>


FRC G001000                          INVESTMENT DETAIL                PAGE: 4
UAL PILOTS CONSOLIDATED                 11/30/1995                    HMFR005BF
GOVERNMENT BOND FUND                                   BASE CURRENTY: USD


<TABLE>
<CAPTION> 
       SHARES/                                                                MARKET            MARKET        UNREALIZED     % OF
     PAR VALUE    SECURITY DESCRIPTION                           COST         PRICE             VALUE         GAIN/LOSS      MARKET
- --------------    ------------------------------------  -------------   ------------    --------------     -------------    -------
<S>               <C>                                   <C>             <C>             <C>                <C>              <C>

                   MAT 11/15/1998

2,636,250.0000     U S TREAS CPN GENERIC CUBE                                                               
                   MAT 11/15/1998                          506,370.90      85.231990      2,246,928.34     1,740,557.44       2.59

  437,000.0000     U S TREAS NT STRIPPED PRIN PMT                                                           
                   7 1/2% 11/15/2001                        56,404.46      72.010990        314,688.03       258,283.57        .36

  645,000.0000     U S TREAS STRIP GENERIC TINT                                                             
                   DUE 11/15/2009                          192,072.24      42.825000        276,221.25        84,149.01        .32

  525,000.0000     U S TREAS STRIP GENERIC TINT 2/15/1997  408,583.22      93.931990        493,142.95        84,559.73        .57

  220,000.0000     U S TREAS STRIP GENERIC TINT 2/15/1998  146,482.40      88.968990        195,731.78        49,249.38        .23

1,000,000.0000     U S TREAS STRIP GENERIC TINT 2/15/1999  575,459.85      84.140000        841,400.00       265,940.15        .97

  525,000.0000     U S TREAS STRIP GENERIC TINT 2/15/2000  338,581.94      79.662990        418,230.70        79,648.76        .48

  800,000.0000     U S TREAS STRIP GENERIC TINT 2/15/2001  402,144.50      75.316990        602,535.92       200,391.42        .69

1,770,000.0000     U S TREAS STRIP GENERIC TINT 2/15/2002  955,234.16      70.896000      1,254,859.20       299,625.04       1.45

2,135,000.0000     U S TREAS STRIP GENERIC TINT 2/15/2003 ,208,243.71      66.651990      1,423,019.99       214,776.28       1.65

1,025,000.0000     U S TREAS STRIP GENERIC TINT 2/15/2004  372,760.46      62.603000        641,680.75       268,920.29        .74

1,955,000.0000     U S TREAS STRIP GENERIC TINT 2/15/2005  844,002.67      58.655000      1,146,705.25       302,702.58       1.32

  370,000.0000     U S TREAS STRIP GENERIC TINT 2/15/2006  169,417.83      54.969990        203,388.96        33,971.13        .23

  740,000.0000     U S TREAS STRIP GENERIC TINT 2/15/2007  309,702.72      51.446000        380,700.40        70,997.68        .44
</TABLE>



<PAGE>


<TABLE>
<CAPTION>

FRC G001000                                              INVESTMENT DETAIL                                                 PAGE: 5
UAL PILOTS CONSOLIDATED                                      11/30/1995                                                    HMFROO5BF
GOVERNMENT BOND FUND                                                                                        BASE CURRENCY: USD

        SHARES/                                                                 MARKET            MARKET     UNREALIZED       % OF 
       PAR VALUE       SECURITY DESCRIPTION                       COST          PRICE             VALUE       GAIN/LOSS      MARKET
- ----------------       ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
  1,000,000.0000       U S TREAS STRIP GENERIC TINT         357,523.97       40.196990        481,969.90     124,445.93        .56
                       02/15/2008                                                                                                 
                                                                                                                                  
    750,000.0000       U S TREAS STRIP GENERIC TINT         265,773.16       45.051990        337,889.93      72,116.77        .39
                       02/15/2009                                                                                                 
                                                                                                                                  
  2,130,000.0000       U S TREAS STRIP GENERIC TINT         784,042.56       42.004990        894,706.29     110,663.73       1.03
                       02/15/2010                                                                                                 
                                                                                                                                  
    180,000.0000       U S TREAS STRIP GENERIC TINT          50,684.62       39.053990         70,297.18      19,612.56        .08
                       02/15/2011                                                                                                 
                                                                                                                                  
    780,000.0000       U S TREAS STRIP GENERIC TINT         228,803.66       36.481990        284,559.52      55,755.86        .33
                       02/15/2012                                                                                                 
                                                                                                                                  
    399,000.0000       U S TREAS STRIP GENERIC TINT          97,325.42       34.052990        135,871.43      38,546.01        .16
                       02/15/2013                                                                                                 
                                                                                                                                  
  1,735,000.0000       U S TREAS STRIP GENERIC TINT         398,130.56       31.760990        551,053.18     152,922.62        .63
                       02/15/2014                                                                                                 
                                                                                                                                  
  3,433,000.0000       U S TREAS STRIP GENERIC TINT         829,024.29       29.711000      1,019,978.63     190,954.34       1.18
                       02/15/2015                                                                                                 
                                                                                                                                  
  1,000,000.0000       U S TREAS STRIP GENERIC TINT         267,880.00       27.674000        276,740.00       8,860.00        .32
                       02/15/2016                                                                                                 
                                                                                                                                  
  1,215,000.0000       U S TREAS STRIP GENERIC TINT         913,138.78       92.655000      1,125,758.25     212,619.47       1.30
                       05/15/1997                                                                                                 
                                                                                                                                  
    665,000.0000       U S TREAS STRIP GENERIC TINT         522,149.40       87.734990        583,437.68      61,288.28        .67
                       05/15/1998                                                                                                 
                                                                                                                                  
    680,000.0000       U S TREAS STRIP GENERIC TINT         387,132.93       82.987000        564,311.60     177,178.67        .65
                       05/15/1999                                                                                                 
                                                                                                                                  
  1,335,000.0000       U S TREAS STRIP GENERIC TINT         753,605.74       78.558990      1,048,762.52     295,156.78       1.21
                       05/15/2000                                                                                                 
                                                                                                                                  
    945,000.0000       U S TREAS STRIP GENERIC TINT         404,474.96       74.181000        701,010.45     296,535.49        .81
                       05/15/2001                                                                                                 
                                                                                                                                  
  1,150,000.0000       U S TREAS STRIP GENERIC TINT         608,897.67       65.577990        754,146.89     145,249.22        .87
                       05/15/2003                                                                                                 
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

FRC G001000                                              INVESTMENT DETAIL                                                 PAGE: 5
UAL PILOTS CONSOLIDATED                                      11/30/1995                                                    HMFROO5BF
GOVERNMENT BOND FUND                                                                                        BASE CURRENCY: USD

        SHARES/                                                                 MARKET            MARKET     UNREALIZED       % OF 
       PAR VALUE       SECURITY DESCRIPTION                       COST          PRICE             VALUE       GAIN/LOSS      MARKET
- ----------------       ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
    610,000.0000       U S TREAS STRIP GENERIC TINT         294,574.24       61.564000        375,540.40      80,966.16        .43
                       05/15/2004                                                                                                 
                                                                                                                                  
  1,020,000.0000       U S TREAS STRIP GENERIC TINT         417,707.34       57.705990        588,601.10     170,893.76        .68
                       05/15/2005                                                                                                 
                                                                                                                                  
    455,000.0000       U S TREAS STRIP GENERIC TINT         202,572.61       54.060000        245,973.00      43,400.39        .28
                       05/15/2006                                                                                                 
                                                                                                                                  
    785,000.0000       U S TREAS STRIP GENERIC TINT         295,880.08       50.633000        397,469.05     101,588.97        .46
                       05/15/2007                                                                                                 
                                                                                                                                  
    580,000.0000       U S TREAS STRIP GENERIC TINT         224,071.13       47.424990        275,064.94      50,993.81        .32
                       05/15/2008                                                                                                 
                                                                                                                                  
    800,000.0000       U S TREAS STRIP GENERIC TINT         229,881.53       44.318980        354,551.84     124,670.31        .41
                       05/15/2009                                                                                                 
                                                                                                                                  
  1,835,000.0000       U S TREAS STRIP GENERIC TINT         679,692.45       41.252990        756,992.37      77,299.92        .87
                       05/15/2010                                                                                                 
                                                                                                                                  
    150,000.0000       U S TREAS STRIP GENERIC TINT          50,500.50       35.860990         53,791.49       3,290.99        .06
                       05/15/2012                                                                                                 
                                                                                                                                  
    510,000.0000       U S TREAS STRIP GENERIC TINT         136,855.43       33.467990        170,686.75      33,831.32        .20
                       05/15/2013                                                                                                 
                                                                                                                                  
  2,074,000.0000       U S TREAS STRIP GENERIC TINT         458,057.08       31.209000        647,274.66     189,217.58        .75
                       05/15/2014                                                                                                 
                                                                                                                                  
  1,290,000.0000       U S TREAS STRIP GENERIC TINT         288,320.11       29.190990        376,563.77      88,243.66        .43
                       05/15/2015                                                                                                 
                                                                                                                                  
    486,000.0000       U S TREAS STRIP GENERIC TINT         382,386.89       91.463990        444,514.99      62,128.10        .51
                       08/15/1997                                                                                                 
                                                                                                                                  
    325,000.0000       U S TREAS STRIP GENERIC TINT         214,431.10       86.528990        281,219.22      66,788.12        .32
                       08/15/1998                                                                                                 
                                                                                                                                  
  1,200,000.0000       U S TREAS STRIP GENERIC TINT         678,232.02       81.875000        982,500.00     304,267.98       1.13
                       08/15/1999                                                                                                 
                                                                                                                                  
  1,159,000.0000       U S TREAS STRIP GENERIC TINT         693,396.40       77.467000        897,842.53     204,446.13       1.03
                       08/15/2000                                                                                                 
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

FRC G001000                                              INVESTMENT DETAIL                                                 PAGE: 5
UAL PILOTS CONSOLIDATED                                      11/30/1995                                                    HMFROO5BF
GOVERNMENT BOND FUND                                                                                        BASE CURRENCY: USD

        SHARES/                                                                 MARKET            MARKET     UNREALIZED       % OF 
       PAR VALUE       SECURITY DESCRIPTION                       COST          PRICE             VALUE       GAIN/LOSS      MARKET
- ----------------       ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
    640,000.0000       U S TREAS STRIP GENERIC TINT         311,504.53       73.131990        468,044.74     156,540.21        .54
                       08/15/2001                                                                                                 
                                                                                                                                  
  1,045,000.0000       U S TREAS STRIP GENERIC TINT         515,563.88       68.823990        719,210.70     203,646.82        .83
                       08/15/2002                                                                                                 
                                                                                                                                  
    925,000.0000       U S TREAS STRIP GENERIC TINT         413,198.25       60.532990        559,930.16     146,731.91        .65
                       08/15/2004                                                                                                 
                                                                                                                                  
  1,077,000.0000       U S TREAS STRIP GENERIC TINT         401,124.29       56.818980        611,940.41     210,816.12        .70
                       08/15/2005                                                                                                 
                                                                                                                                  
    419,000.0000       U S TREAS STRIP GENERIC TINT         147,201.78       53.159990        222,740.36      75,538.58        .26
                       08/15/2006                                                                                                 
                                                                                                                                  
    728,000.0000       U S TREAS STRIP GENERIC TINT         285,017.96       49.829990        362,762.33      77,744.37        .42
                       08/15/2007                                                                                                 
                                                                                                                                  
    785,000.0000       U S TREAS STRIP GENERIC TINT         300,842.66       46.605000        365,849.25      65,006.59        .42
                       08/15/2008                                                                                                 
                                                                                                                                  
    685,000.0000       U S TREAS STRIP GENERIC TINT         212,299.35       43.537990        298,235.23      85,935.88        .34
                       08/15/2009                                                                                                 
                                                                                                                                  
  3,335,000.0000       U S TREAS STRIP GENERIC TINT        1,204,298.51      40.567990      1,352,942.47     148,643.96       1.56
                       08/15/2010                                                                                                 
                                                                                                                                  
    155,000.0000       U S TREAS STRIP GENERIC TINT          49,771.00       37.748990         58,510.93       8,739.93        .07
                       08/15/2011                                                                                                 
                                                                                                                                  
    410,000.0000       U S TREAS STRIP GENERIC TINT         127,096.84       35.250000        144,525.00      17,428.16        .17
                       08/15/2012                                                                                                 
                                                                                                                                  
  1,055,000.0000       U S TREAS STRIP GENERIC TINT         305,456.81       32.890000        346,989.50      41,532.69        .40
                       08/15/2013                                                                                                 
                                                                                                                                  
  1,375,000.0000       U S TREAS STRIP GENERIC TINT         369,165.56       30.720990        422,413.61      53,248.05        .49
                       08/15/2014                                                                                                 
                                                                                                                                  
  1,640,000.0000       U S TREAS STRIP GENERIC TINT         396,152.93       28.731990        471,204.64      75,051.71        .54
                       08/15/2015                                                                                                 
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

FRC G001000                                              INVESTMENT DETAIL                                                 PAGE: 5
UAL PILOTS CONSOLIDATED                                      11/30/1995                                                    HMFROO5BF
GOVERNMENT BOND FUND                                                                                        BASE CURRENCY: USD

        SHARES/                                                                 MARKET            MARKET     UNREALIZED       % OF 
       PAR VALUE       SECURITY DESCRIPTION                       COST          PRICE             VALUE       GAIN/LOSS      MARKET
- ----------------       ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
  2,325,000.0000       U S TREAS STRIP GENERIC TINT         533,371.78       26.754990        622,053.52      88,681.74        .72
                       08/15/2016                                                                                                 
                                                                                                                                  
    560,000.0000       U S TREAS STRIP GENERIC TINT         314,045.72       90.172990        504,968.74     190,923.02        .58
                       11/15/1997                                                                                                 
                                                                                                                                  
    770,000.0000       U S TREAS STRIP GENERIC TINT         514,323.92       80.778000        621,990.60     107,666.68        .72
                       11/15/1999                                                                                                 
                                                                                                                                  
  1,541,000.0000       U S TREAS STRIP GENERIC TINT         816,267.35       76.422990      1,177,678.28     361,410.93       1.36
                       11/15/2000                                                                                                 
                                                                                                                                  
  1,305,000.0000       U S TREAS STRIP GENERIC TINT         634,384.24       67.780000        884,529.00     250,144.76       1.02
                       11/15/2002                                                                                                 
                                                                                                                                  
  1,055,000.0000       U S TREAS STRIP GENERIC TINT         526,909.20       63.649990        671,507.39     144,598.19        .77
                       11/15/2003                                                                                                 
                                                                                                                                  
    385,000.0000       U S TREAS STRIP GENERIC TINT         175,681.11       59.614990        229,517.71      53,836.60        .26
                       11/15/2004                                                                                                 
                                                                                                                                  
  1,780,000.0000       U S TREAS STRIP GENERIC TINT         715,930.75       55.943980        995,802.84     279,872.09       1.15
                       11/15/2005                                                                                                 
                                                                                                                                  
    492,000.0000       U S TREAS STRIP GENERIC TINT         166,339.75       48.980000        240,981.60      74,641.85        .28
                       11/15/2007                                                                                                 
                                                                                                                                  
  1,532,000.0000       U S TREAS STRIP GENERIC TINT         525,102.63       39.892990        611,160.61      86,057.98        .70
                       11/15/2010                                                                                                 
                                                                                                                                  
    250,000.0000       U S TREAS STRIP GENERIC TINT          67,273.21       37.053990         92,634.98      25,361.77        .11
                       11/15/2011                                                                                                 
                                                                                                                                  
    225,000.0000       U S TREAS STRIP GENERIC TINT          52,340.26       34.646990         77,955.73      25,615.47        .09
                       11/15/2012                                                                                                 
                                                                                                                                  
    215,000.0000       U S TREAS STRIP GENERIC TINT          46,337.13       32.377990         69,612.68      23,275.55        .08
                       11/15/2013                                                                                                 
                                                                                                                                  
  1,420,000.0000       U S TREAS STRIP GENERIC TINT         295,795.54       30.239990        429,407.86     133,612.32        .49
                       11/15/2014                                                                                                 
                                                                                                                                  
  2,175,000.0000       U S TREAS STRIP GENERIC TINT         591,313.35       28.172000        612,741.00      21,427.65        .73
                       11/15/2015                                                                                                 
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

FRC G001000                                              INVESTMENT DETAIL                                                 PAGE: 9
UAL PILOTS CONSOLIDATED                                     11/30/1995                                                     HMFROO5BF
GOVERNMENT BOND FUND                                                                                        BASE CURRENCY: USD


        SHARES/                                                                 MARKET            MARKET     UNREALIZED       % OF 
       PAR VALUE       SECURITY DESCRIPTION                      COST           PRICE             VALUE       GAIN/LOSS      MARKET
- ----------------       ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
  1,095,000.0000       U S TREAS STRIP GENERIC TINT        570,537.55        64.607990        707,457.49     136,919.94        .81
                       8/15/2003                                                                                                  

    505,000.0000       U S TREASURY BONDS                  638,061.65       129.621990        654,591.05      16,529.40        .75
                       10.750% 02/15/2003 DD 01/04/83                                                                             

    375,000.0000       U S TREASURY BONDS                  495,032.87       136.058000        510,217.50      15,184.63        .59
                       10.750% 08/15/2005 DD 07/02/85                                                                             

    285,000.0000       U S TREASURY BONDS                  400,268.75       133.968990        381,811.62     -18,457.13        .44
                       11.625% 11/15/2002 DD 09/29/82                                                                             

    270,000.0000       U S TREASURY BONDS                  373,033.14       140.323990        378,874.77       5,841.63        .44
                       11.625% 11/15/2004 DD 10/30/84                                                                             

     40,000.0000       U S TREASURY BONDS                   57,964.46       144.541990         57,816.80        -147.66        .07
                       12.000% 05/15/2005 DD 04/02/85                                                                             

    260,000.0000       U S TREASURY NOTES                  234,325.00        98.157000        255,208.20      20,883.20        .29
                       04.750% 10/31/1998 DD 11/01/93                                                                             

    350,000.0000       U S TREASURY NOTES                  353,349.78        99.439990        348,039.97      -5,309.81        .40
                       05.125% 03/31/1998 DD 03/31/93                                                                             

    260,000.0000       U S TREASURY NOTES                  250,050.00        99.138990        257,761.37       7,711.37        .30
                       05.125% 12/31/1998 DD 12/31/93                                                                             

    115,000.0000       U S TREASURY NOTES                  106,788.28        99.599000        114,538.85       7,750.57        .13
                       05.250% 07/31/1998 DD 08/02/93                                                                             

    395,000.0000       U S TREASURY NOTES                  357,226.22       100.146000        395,576.70      38,350.48        .46
                       05.500% 04/15/2000 DD 04/15/93                                                                             

    220,000.0000       U S TREASURY NOTES                  215,204.69       100.465990        221,025.18       5,820.49        .25
                       05.625% 01/31/1998 DD 02/01/93                                                                             

    350,000.0000       U S TREASURY NOTES                  322,340.20       100.174990        350,612.47      28,272.27        .40
                       05.750% 08/15/2003 DD 08/15/93                                                                             

     40,000.0000       U S TREASURY NOTES                   39,257.58       101.299000         40,519.60       1,262.02        .05
                       06.000% 12/31/1997 DD 12/31/92                                                                             

    245,000.0000       U S TREASURY NOTES                  235,205.99       103.179990        252,790.98      17,584.99        .29
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

FRC G001000                                              INVESTMENT DETAIL                                                 PAGE: 9
UAL PILOTS CONSOLIDATED                                     11/30/1995                                                     HMFROO5BF
GOVERNMENT BOND FUND                                                                                        BASE CURRENCY: USD


        SHARES/                                                                 MARKET            MARKET     UNREALIZED       % OF 
       PAR VALUE       SECURITY DESCRIPTION                      COST           PRICE             VALUE       GAIN/LOSS      MARKET
- ----------------       ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
                       06.375% 01/15/2000 DD 01/15/93

    145,000.0000       U S TREASURY NOTES                  143,966.45       101.512990        147,193.84       3,227.39        .17
                       06.375% 06/30/1997 DD 06/30/92                                                                             

    520,000.0000       U S TREASURY NOTES                  540,211.66       104.101990        541,330.35       1,118.69        .62
                       06.375% 08/15/2002 DD 08/15/92                                                                             

    290,000.0000       U S TREASURY NOTES                  311,110.79       101.920000        295,568.00     -15,542.79        .34
                       06.750% 05/31/1997 DD 06/01/92                                                                             

    490,000.0000       U S TREASURY NOTES                  488,004.70       102.002000        499,809.80      11,805.10        .58
                       06.875% 04/30/1997 DD 04/30/92                                                                             

    315,000.0000       U S TREASURY NOTES                  331,987.47       101.286000        319,050.90     -12,936.57        .37
                       06.875% 10/31/1996 DD 10/31/91                                                                             

    555,000.0000       U S TREASURY NOTES                  593,925.83       104.644000        580,774.20     -13,151.63        .67
                       07.000% 04/15/1999 DD 04/15/92                                                                             

    160,000.0000       U S TREASURY NOTES                  167,074.74       101.246990        161,995.18      -5,079.56        .19
                       07.000% 09/30/1996 DD 09/30/91                                                                             

    235,000.0000       U S TREASURY NOTES                  229,528.90       105.532990        248,002.53      18,473.63        .29
                       07.125% 09/30/1999 DD 09/30/94                                                                             

     70,000.0000       U S TREASURY NOTES                   70,414.02       109.858990         76,901.29       6,487.27        .09
                       07.250% 05/15/2004 DD 05/15/94                                                                             

    260,000.0000       U S TREASURY NOTES                  256,628.40       100.855990        262,225.57       5,597.17        .30
                       07.375% 05/15/1996 DD 05/15/86                                                                             

    255,000.0000       U S TREASURY NOTES                  275,448.05       112.056990        285,745.32      10,297.27        .33
                       07.500% 02/15/2005 DD 02/15/95                                                                             

    535,000.0000       U S TREASURY NOTES                  566,086.09       110.114000        589,109.90      23,023.81        .68
                       07.500% 05/15/2002 DD 05/15/92                                                                             

    155,000.0000       U S TREASURY NOTES                  166,061.60       109.506000        169,734.30       3,672.70        .20
                       07.500% 11/15/2001 DD 11/15/91                                                                             

     85,000.0000       U S TREASURY NOTES                   84,946.88       102.215990         86,883.59       1,936.71        .10
                       07.500% 12/31/1996 DD 01/03/95                                                                             
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

FRC G001000                                              INVESTMENT DETAIL                                                 PAGE: 9
UAL PILOTS CONSOLIDATED                                     11/30/1995                                                     HMFROO5BF
GOVERNMENT BOND FUND                                                                                        BASE CURRENCY: USD


        SHARES/                                                                 MARKET            MARKET     UNREALIZED       % OF 
       PAR VALUE       SECURITY DESCRIPTION                      COST           PRICE             VALUE       GAIN/LOSS      MARKET
- ----------------       ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
    465,000.0000       U S TREASURY NOTES                  486,170.78       100.873990        469,064.05     -17,106.73        .54
                       07.625% 04/30/1996 DD 04/30/91                                                                             

    375,000.0000       U S TREASURY NOTES                  398,910.40       109.815990        411,809.96      12,899.56        .47
                       07.750% 02/15/2001 DD 02/15/91                                                                             

    140,000.0000       U S TREASURY NOTES                  152,239.06       100.698990        140,978.59     -11,260.47        .16
                       07.750% 03/31/1996 DD 04/01/91                                                                             

    270,000.0000       U S TREASURY NOTES                  286,762.50       104.931000        283,313.70      -3,448.80        .33
                       07.875% 01/15/1998 DD 01/15/91                                                                             

    345,000.0000       U S TREASURY NOTES                  378,817.80       105.476990        363,895.62     -14,922.18        .42
                       07.875% 04/15/1998 DD 04/15/91                                                                             

    210,000.0000       U S TREASURY NOTES                  226,164.35       101.377000        212,891.70     -13,272.65        .25
                       07.875% 06/30/1996 DD 07/01/91                                                                             

  1,000,000.0000       U S TREASURY NOTES                  991,885.92       101.483990      1,014,839.90      22,953.98       1.17
                       07.875% 07/15/1996 DD 07/17/89                                                                             

    385,000.0000       U S TREASURY NOTES                  417,318.72       108.299000        416,951.15        -367.57        .48
                       07.875% 11/15/1999 DD 11/15/89                                                                             

    445,000.0000       U S TREASURY NOTES                  482,462.50       111.293000        495,253.85      12,791.35        .57
                       08.000% 05/15/2001 DD 05/15/91                                                                             

    325,000.0000       U S TREASURY NOTES                  339,117.19       112.670000        366,177.50      27,060.31        .42
                       08.500% 11/15/2000 DD 11/15/90                                                                             

    270,000.0000       U S TREASURY NOTES                  286,821.42       113.122990        305,432.07      18,610.65        .35
                       08.750% 08/15/2000 DD 08/15/90                                                                             

  1,045,000.0000       U S TREASURY NOTES                1,057,103.12       100.659990      1,051,896.90      -5,206.22       1.21
                       08.875% 02/15/1996 DD 02/15/86                                                                             

    350,000.0000       U S TREASURY NOTES                  387,024.87       109.903990        384,663.97      -2,360.90        .44
                       08.875% 02/15/1999 DD 02/15/89                                                                             

    195,000.0000       U S TREASURY NOTES                  207,080.16       113.213990        220,767.28      13,687.12        .25
                       08.875% 05/15/2000 DD 05/14/90                                                                             

    590,000.0000       U S TREASURY NOTES                  650,690.32       111.295990        656,646.34       5,956.02        .76
                       09.125% 05/15/1999 DD 05/12/89                                                                             
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

FRC G001000                                              INVESTMENT DETAIL                                                 PAGE: 9
UAL PILOTS CONSOLIDATED                                     11/30/1995                                                     HMFROO5BF
GOVERNMENT BOND FUND                                                                                        BASE CURRENCY: USD


        SHARES/                                                                 MARKET            MARKET     UNREALIZED       % OF 
       PAR VALUE       SECURITY DESCRIPTION                      COST           PRICE             VALUE       GAIN/LOSS      MARKET
- ----------------       ---------------------------       -------------     ------------    -------------     -----------     ------
<S>                    <C>                               <C>                <C>            <C>               <C>            <C>   
    155,000.0000       U S TREASURY NOTES                  157,688.28       100.420990        155,652.53      -2,035.75        .18
                       09.250% 01/15/1996 DD 01/17/89                                                                             

  1,000,000.0000       US TREAS DET CPN EXCL CPNS          147,670.00        70.896000        708,960.00     561,290.00        .82
                       FR 14.250% 02/15/2002                                                                                      

  1,700,000.0000       US TREAS STRIPS GENERIC TINT        386,941.55        25.051990        425,883.83      38,942.28        .49
                       ZERO CPN 08/15/2017                                                                                        

TOTAL INVESTMENTS FIXED INCOME SECURITIES               59,879,402.48                      76,359,711.66  36,480,309.18      87.97



                       TOTAL INVESTMENT                 70,325,721.48                      86,806,030.66  16,480,309.18     100.00
</TABLE>



<PAGE>

FRC F221800                        INVESTMENT DETAIL                   PAGE: 1
UAL NEW COMMON FUND                    11/30/1995                      HNFR005BF
Item 27a:  Schedule of Assets Held for Investment Purposes    BASE CURRENCY: USD


<TABLE>
<CAPTION>

        SHARES/                                                             MARKET               MARKET       UNREALIZED    % OF
       PAR VALUE      SECURITY DESCRIPTION                    COST          PRICE                VALUE         GAIN/LOSS   MARKET
- ----------------      --------------------------     -------------    ------------     ----------------    -------------   ------
<S>                   <C>                            <C>              <C>              <C>                 <C>             <C>
INVESTMENTS CASH & CASH EQUIVALENTS

  5,362,829.0000      TBC INC ISG POOLED EMPL FDS      5,362,829.00        1.000000        5,362,829.00             .00      5.03
                      12/31/1999

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS              5,362,829.00                        5,362,829.00             .00      5.03

INVESTMENTS COMMON STOCK

    484,166.0000      UAL CORP PAR $0.01              60,609,556.85      209.250000      101,311,735.50   40,702,178.65     94.97

TOTAL INVESTMENTS COMMON STOCK                        60,609,556.85                      101,311,735.50   40,702,178.65     94.97

                        TOTAL INVESTMENT              65,972,385.85                      106,674,564.50   40,702,178.65    100.00
</TABLE>



<PAGE>
                                                             RUN DATE: 11-APR-96
                                                                     PAGE: 1
                                                                     16488

                   SINGLE TRANSACTIONS IN EXCESS OF FIVE PERCENT
                      OF THE CURRENT VALUE OF THE PLAN ASSETS
            FOR THE PERIOD 31 DECEMBER 1994 THROUGH 30 NOVEMBER 1995

FRC GO8140D
FRANK RUSSELL CONSOLIDATED

Item 27a: Schedule of Reportable Transactions


<TABLE>
<CAPTION>
                                                                          5% VALUE:           89,786,869.16

TRAN       SHARES/                                    TRANSACTION       COST OF          PROCEEDS       COST OF ASSETS            
CODE       PAR VALUE    SECURITY DESCRIPTION            EXPENSE        PURCHASES        FROM SALES         DISPOSED      GAIN/LOSS
- ---        ---------    --------------------          -----------      ---------        ----------      --------------   ---------
<S>   <C>               <C>                            <C>            <C>             <C>                <C>            <C>       
S     300,000,000.00    TBC INC ISG POOLED EMPL FDS        .00                      300,000,000.00                             .00
                        12/31/1999                                           .00                        300,000,000.00            
                                                                                                                                  
S     150,000,000.00    TBC INC ISG POOLED EMPL FDS        .00                      150,000,000.00                             .00
                        12/31/1999                                           .00                        150,000,000.00            
                                                                                                                                  
S     144,753,735.00    TBC INC ISG POOLED EMPL FDS        .00                      144,753,735.00                             .00
                        12/31/1999                                           .00                        144,753,735.00            
                                                                                                                                  
S     300,000,000.00    FRANK RUSSELL CD SHORT TERM        .00                                 .00                             .00
                        INV FUNDS                                 150,000,000.00                                   .00            
                                                                                                                                  
S     150,000,000.00    FRANK RUSSELL CD SHORT TERM        .00                                 .00                             .00
                        INV FUNDS                                 150,000,000.00                                   .00            
                                                                                                                                  
S     144,753,735.00    FRANK RUSSELL CD SHORT TERM        .00                                 .00                             .00
                        INV FUNDS                                 144,753,735.00                                   .00            
</TABLE>



<PAGE>

                                                             RUN DATE: 11-APR-96
                                                                     PAGE: 1
                                                                     76500

                  SERIES OF TRANSACTIONS IN EXCESS OF FIVE PERCENT
                      OF THE CURRENT VALUE OF THE PLAN ASSETS
            FOR THE PERIOD 31 DECEMBER 1994 THROUGH 30 NOVEMBER 1995

FRC GO8140D
FRANK RUSSELL CONSOLIDATED

Item 27a: Schedule of Reportable Transactions


<TABLE>
<CAPTION>
                                                                          5% VALUE:           89,786,869.16

TRAN         SHARES/                                            COST OF             PROCEEDS         COST OF ASSETS               
CODE         PAR VALUE    SECURITY DESCRIPTION                  PURCHASES           FROM SALES          DISPOSED        GAIN/LOSS 
- ---          ---------    --------------------                -----------           ----------       --------------    -----------
<S>   <C>                 <C>                           <C>                     <C>               <C>                 <C>         
                                                                                                                                  
3142  1,557,198,566.00    TBC INC ISG POOLED EMPL FDS                                      .00                                 .00
                          12/31/1999                     1,557,198,566.00                                       .00               
                                                                                                                                  
3252  2,161,421,830.00    TBC INC ISG POOLED EMPL FDS                         2,161,421,830.00                                 .00
                          12/31/1999                                  .00                          2,161,421,830.00               
                                                                                                                                  
  24    654,882,386.15    FRANK RUSSELL CD SHORT TERM                                      .00                                 .00
                          INV FUNDS                        654,882,386.15                                       .00               
                                                                                                                                  
  24     66,749,321.09    FRANK RUSSELL CD SHORT TERM                            66,749,321.09                                 .00
                          INV FUNDS                                   .00                             66,749,321.09               
</TABLE>










                                        Exhibit 23






Consent of Independent Public Accountants

As independent public accountants, we hereby consent to
the incorporation of our report included in this Form 11-K 
for the year ended November 30, 1995, into the UAL's 
previously filed Form S-8 and Post Effective Amendment No. 1 
to Form S-8 Registration Statement (File No. 33-59950) and 
Form S-8 Registration Statement (File No. 333-03039) for the 
United Air Lines, Inc. Pilots' Directed Account Retirement 
Income Plan.

                                     /s/ Arthur Andersen LLP

                                     Arthur Andersen LLP


Chicago, Illinois
May 24, 1996