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, 1994


                     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 principle 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, 1994 and 1993, 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, 1994 and 1993, 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 26, 1995









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 26, 1995                    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        
                                             1994             1993   

INVESTMENTS, at fair value
<S>                                       <C>              <C>
    Money Market Fund                     $  642,540       $  582,523

    UAL Corporation Stock Fund                36,738           17,949

    Short-Term Securities Fund                98,757          154,752

    Intermediate/Long-Term Bond Fund          63,253           85,825

    Government Bond Fund                      84,305          109,239

    Income/Value Equity Fund                 124,885          114,945

    Growth Equity Fund                       179,714          160,855

    Aggressive/Specialty Equity Fund         172,569          188,072

    International Equity Fund                222,371          195,012

    S & P 500 Index Fund                     165,021          170,308

NET ASSETS AVAILABLE FOR PLAN BENEFITS    $1,790,153       $1,779,480


</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  
                                             1994            1993    
<S>                                       <C>             <C>
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
    beginning of year                     $1,779,480      $1,623,620

CONTRIBUTIONS                                             
    Employer                                  69,320          88,778
    Employee                                  40,664          44,791

                                             109,984         133,569

TRANSFERS BETWEEN PLANS                       (1,862)            -  

RESULTS OF INVESTMENT ACTIVITY
    Dividends                                 13,766          13,256
    Interest                                  46,003          40,153
    Other Income, net                            126              45
    Net appreciation (depreciation)
      in value of investments                 (2,545)         77,930 

                                              57,350         131,384

BENEFIT PAYMENTS                            (144,509)        (99,886)

ADMINISTRATIVE EXPENSES                      (10,290)         (9,207) 

NET ASSETS AVAILABLE FOR PLAN BENEFITS,
    end of year                           $1,790,153      $1,779,480


</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.

       United pilots who have completed one continuous year of 
       service with United are eligible to become participants in the 
       Plan.

    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 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.


       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.

    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% of their cash compensation 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 1994 and 1995, 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 automatically be 
       changed from a pretax basis to an after tax basis 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 $470,736 and $1,788,883 for 
       1994 and 1993, respectively, which were transferred from other 
       qualified plans as rollovers under IRS Code Section 401(a).

    d. Withdrawals

       Upon retirement, disability or termination, a participant has 
       the following options:  (i) receiving all or a portion of his 
       account balance in cash or leave remainder or receive in-kind 
       distribution, (ii) rolling over the value (other than employee 
       contributions) into an individual retirement account or into 
       another qualified retirement plan, or (iii) using the value to 
       purchase an immediate fixed or variable annuity or retain 
       balance.  Survivor benefits are also allowed under the Plan in 
       certain circumstances.

       Withdrawals may be made from the employee's after-tax account 
       and will be made pro rata from all funds.

       Withdrawals are permitted in certain hardship cases as 
       described in the Plan.

    e. Plan Termination Provisions

       If the Plan is terminated, the value of each participant's 
       account, based on the value of the Plan's assets at the time 
       of termination, shall be set aside by the trustee for each 
       participant or beneficiary.  Distributions will then be made 
       as provided by 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 in the International Fund 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 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.

    e. Transfers between Plans

       Transfers between plans reflects the change in employee 
       coverage and transfer of any related balances between this 
       Plan and the United Air Lines, Inc. Management and Salaried 
       Employees' 401(k) Retirement Savings Plan.

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, 1994, the investment managers were as follows:

    Money Market Fund                    - Mellon Bond Associates

    UAL Corporation Stock Fund           - Frank Russell Trust Company

    Short-Term Securities Fund           - Pacific Investment Management
                                           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.

    Aggressive/Specialty Equity Fund     - GeoCapital Corporation
                                         - Jundt Associates, Inc.
                                         - Peregrine Capital Management

    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 is currently in the process of being
    amended to comply with the Tax Reform Act of 1986 and subsequent
    legislation and final regulations thereunder.  The Company will timely
    apply for a determination letter from the Internal Revenue Service as
    to the continued tax exemption of the trust and will make such 
    amendments as reasonably required by the IRS to obtain a favorable
    determination letter.


5.  NET ASSETS AVAILABLE FOR PLAN BENEFITS

    Components of funds as of November 30, 1994 were:

<TABLE>
<CAPTION>
                      Money        UAL      Short-Term Intermediate/ 
                      Market    Corporation Securities  Long-Term    Government
                       Fund      Stock Fund    Fund     Bond Fund    Bond 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 (continued)

    Components of funds as of November 30, 1994 were:

<TABLE>
<CAPTION>

                    Income/             Aggressive/ Interna-     S & P    
                     Value     Growth    Specialty    tional      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>



5.  NET ASSETS AVAILABLE FOR PLAN BENEFITS

    Components of funds as of November 30, 1993 were:

<TABLE>
<CAPTION>
                      Money        UAL      Short-Term Intermediate/ 
                      Market    Corporation Securities  Long-Term    Government
                       Fund      Stock Fund    Fund     Bond Fund    Bond Fund 
                                          (In Thousands)
<S>                  <C>        <C>         <C>        <C>           <C>
Investments,
  at fair value
    Short-term
      securities     $575,004   $    190    $  6,520   $     2,655   $  2,410  
    Notes and
      bonds               -          -       149,063        83,647    106,371  
    Common stock
      and common
      stock funds         -       17,792         -             -          -    
    Preferred
      securities          -          -           -             -          -    
                      575,004     17,982     155,583        86,302    108,781  

Miscellaneous
  assets,
  primarily
  interfund
  receivable
  transfers             9,274        -         4,843           777      1,016  

Due from brokers
  for securities
  sold                    651        877         374           910        132  

Cash and cash
  equivalents             -          -           -             -          -    

Miscellaneous
  liabilities,
  primarily
  interfund
  payable
  transfers            (2,406)      (910)       (454)         (136)      (340) 

Due to brokers
  for securities
  purchased               -          -        (5,594)       (2,028)      (350) 

                     $582,523   $ 17,949    $154,752   $    85,825   $109,239
</TABLE>



5.  NET ASSETS AVAILABLE FOR PLAN BENEFITS (continued)

    Components of funds as of November 30, 1993 were:

<TABLE>
<CAPTION>

                    Income/             Aggressive/ Interna-     S & P    
                     Value     Growth    Specialty    tional      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  $  2,719   $ 13,469   $  38,045   $ 24,063   $  1,112   $  666,187
    Notes and
      bonds            -          529         -          985        397      340,992
    Common stock
      and common
      stock funds  111,424    146,509     148,150    172,065    167,519      763,459
    Preferred
      securities       -          -         1,086        -          -          1,086
                   114,143    160,507     187,281    197,113    169,028    1,771,724

Miscellaneous
  assets,
  primarily
  interfund
  receivable
  transfers          1,119      1,299       1,734      1,664      1,404       23,130

Due from brokers
  for securities
  sold                 502      1,224         896     13,629        481       19,676

Cash and cash
  equivalents          -          -           -          733        -            733

Miscellaneous
  liabilities,
  primarily
  interfund
  payable
  transfers           (819)      (201)       (137)    (2,463)      (103)      (7,969)

Due to brokers for
  securities
  purchased            -       (1,974)     (1,702)   (15,664)      (502)     (27,814)

                  $114,945   $160,855   $ 188,072   $195,012   $170,308   $1,779,480
</TABLE>



6.  CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

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

<TABLE>
<CAPTION>
                      Money        UAL      Short-Term Intermediate/ 
                      Market    Corporation Securities  Long-Term    Government
                       Fund      Stock Fund    Fund     Bond Fund    Bond 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 (continued)

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

<TABLE>
<CAPTION>

                    Income/             Aggressive/ Interna-     S & P    
                     Value     Growth    Specialty    tional      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      2,137      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>


6.  CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

    Changes by fund for the year ended November 30, 1993 were:

<TABLE>
<CAPTION>
                      Money        UAL      Short-Term Intermediate/ 
                      Market    Corporation Securities  Long-Term    Government
                       Fund      Stock Fund    Fund     Bond Fund    Bond Fund 
                                          (In Thousands)
<S>                  <C>        <C>         <C>        <C>           <C>
Net assets at
  beginning of year  $568,135   $     -     $139,479   $    79,007   $ 115,853 
Contributions
  Employer             30,154         -        5,233         2,903       3,140 
  Employee             13,700         -        2,405         1,387       1,244 
                       43,854         -        7,638         4,290       4,384 

Transfers
  between funds        12,877      16,787      8,021        (2,133)    (17,337)

Investment activity
  Dividends               -           -          -             -           -   
  Interest             17,816          27     10,895         5,335       3,449 
  Other
    income, net            19           2          6             1         (15)
  Net
    appreciation
    (depreciation)
    in value of
    investments           -         1,324       (693)        4,791       9,512 

Benefit payments      (58,562)       (145)    (9,763)       (4,957)     (6,047)

Administrative
  expenses             (1,616)        (46)      (831)         (509)       (560)

Net assets at
  end of year        $582,523   $  17,949   $154,752   $    85,825   $ 109,239
</TABLE>



6.  CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (continued)

    Changes by fund for the year ended November 30, 1993 were:

<TABLE>
<CAPTION>
                    Income/             Aggressive/ Interna-     S & P    
                     Value     Growth    Specialty    tional      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            $ 82,579   $160,917   $ 236,898   $ 73,003   $167,749   $1,623,620 

Contributions
  Employer           6,571     11,003      12,896      7,111      9,767       88,778 
  Employee           3,288      5,814       6,727      3,489      6,737       44,791 
                     9,859     16,817      19,623     10,600     16,504      133,569 

Transfers
  between funds     12,181    (19,004)    (75,053)    90,208    (26,547)         -   

Investment activity
  Dividends          3,242      1,638         773      2,543      5,060       13,256 
  Interest             206        704       1,033        556        132       40,153 
  Other income,
    net                 (4)         5          31         (4)         4           45 
  Net
    appreciation
    (depreciation)
    in value of
    investments     11,393      5,409      10,329     22,768     13,097       77,930 

Benefit payments    (3,719)    (4,544)     (3,956)    (3,221)    (4,972)     (99,886)

Administrative
  expenses            (792)    (1,087)     (1,606)    (1,441)      (719)      (9,207)

Net assets at
  end of year     $114,945   $160,855   $ 188,072   $195,012   $170,308   $1,779,480
</TABLE>





<TABLE>
<CAPTION>

                                          SERIES OF TRANSACTIONS IN EXCESS OF FIVE PERCENT
FRC G001400                                    OF THE CURRENT VALUE OF THE PLAN ASSETS                                      PAGE:  1
FRANK RUSSELL CONSOLIDATED            FOR THE PERIOD 01 DECEMBER 1993 THROUGH 30 NOVEMBER 1994                              T4500   

                                            Item 27a: Schedule of Reportable Transactions


                                                                                   5% VALUE:         89,843,976.95

TRAN             SHARES/                                          COST OF            PROCEEDS       COST OF ASSETS
COUNT           PAR VALUE   SECURITY DESCRIPTION                 PURCHASES          FROM SALES         DISPOSED         GAIN/LOSS
- -----           ---------   --------------------                 ---------          ----------      --------------      ---------
<S>      <C>                <C>                           <C>                 <C>                 <C>                   <C>
 2647    1,860,140,395.00   TBC INC ISG POOLED EMPL FDS                                    .00                                .00
                            12/31/1999                    1,860,140,393.00                                     .00
 2951    1,747,218,500.00   TBC INC ISQ POOLED EMPL FDS                       1,767,218,500.00                                .00
                            12/31/1999                                 .00                        1,767,218,500.00
</TABLE>







<TABLE>
<CAPTION>

FRC F221800                                               INVESTMENT DETAIL                                               PAGE: 1   
UAL NEW COMMON FUND                                          11/30/1994                                                   HMFR005BF 
                                                                                                           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

         391,683.0000   TBC INC ISG POOLED EMPL FDS           391,683.00       1.000000         391,683.00               .00    1.07
                        12/31/1999

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS                     391,683.00                        391,683.00               .00    1.07


INVESTMENTS COMMON STOCK

*        380,764.0000   UAL CORP PAR $0.01                 36,792,543.83      95.500000      36,362,962.00       -429,581.83   98.93

TOTAL INVESTMENTS COMMON STOCK                             36,792,543.83                     36,362,962.00       -429,581.83   98.93



                      TOTAL INVESTMENT                     37,184,226.83                     36,754,645.00       -429,581.83  100.00


*  Parties-In-Interest Investments

</TABLE>





<TABLE>
<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 1   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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

       2,197,927.0000   TBC INC ISG POOLED EMPL FDS         2,197,927.00       1.000000       2,197,927.00               .00    1.75
                        12/31/1999

       8,590,562.0000   TBC INC ISG POOLED EMPL FDS         8,590,562.00       1.000000       8,590,562.00               .00    6.83
                        12/31/1999

       2,075,220.0000   TBC INC ISG POOLED EMPL FDS         2,075,220.00       1.000000       2,075,220.00               .00    1.65
                        12/31/1999

       1,500,000.0000   U S TREASURY BILLS                  1,477,480.83      98.498720       1,477,480.83               .00    1.18
                        12/01/1994 DD 06/02/94

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS                  14,341,189.83                     14,341,189.83               .00   11.41


INVESTMENTS FIXED INCOME SECURITIES

         446,000.0000   STONE CONTAINER CORP CONV 144A        702,694.81     162.000000         722,520.00         19,825.19     .57
                        8.875% 07/15/2000

       1,000,000.0000   U S TREASURY NOTES                  1,008,281.25     100.812500       1,008,125.00           -156.25     .80
                        8.375% 04/15/1995 DD 04/15/88

TOTAL INVESTMENTS FIXED INCOME SECURITIES                   1,710,976.06                      1,730,645.00         19,668.94    1.38


INVESTMENTS PREFERRED SECURITIES

           4,500.0000   FORD MTR CO DEL DEPOSITARY SHS        492,450.25      88.125000         396,562.50        -95,887.75     .32
                        REPSTG 1/1000 PFD A $4.20

           9,700.0000   PXRE CP DEPOSITARY REFSTG PFD         510,462.50      52.000000         504,400.00         -6,062.50     .40
                        SER A

          18,900.0000   RJR NABISCO HLDGS CORP DEP SH         122,850.00       6.750000         127,575.00          4,725.00     .10
                        REPSTG 1/10 PFD C PERCS 9.250%

TOTAL INVESTMENTS PREFERRED SECURITIES                      1,125,762.75                      1,028,537.50        -97,225.25     .82


INVESTMENTS CONVERTIBLE SECURITIES



<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 2   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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>
         726,000.0000   UNISYS CORP SUB CONV NT               857,882.10     106.000000         769,560.00        -88,322.10     .61
                        8.250% 08/01/2000


TOTAL INVESTMENTS CONVERTIBLE SECURITIES                      857,882.10                        769,560.00        -88,322.10     .61


INVESTMENTS COMMON STOCK

          83,700.0000   ADT LTD NEW                           843,209.00      11.125000         931,162.50         87,953.50     .74

           1,900.0000   AHMANSON H F & CO                      35,431.75      16.625000          31,587.50         -3,844.25     .03

          39,800.0000   ALCAN ALUM LTD                        901,605.21      24.750000         985,050.00         83,444.79     .78

          10,400.0000   ALEXANDER & BALDWIN INC               278,344.44      24.000000         249,600.00        -28,744.44     .20

          30,100.0000   ALLEGHENY PWR SYS INC                 662,176.90      21.750000         654,675.00         -7,501.90     .52

          13,300.0000   ALUMINUM CO AMER                      882,085.75      81.625000       1,085,612.50        203,526.75     .86

          23,500.0000   AMBAC INC                             927,902.83      34.625000         813,687.50       -114,215.33     .65

          17,700.0000   AMERADA HESS CORP                     818,838.14      45.500000         805,350.00        -13,488.14     .64

          22,500.0000   AMERADA HESS CORP                   1,008,945.00      45.500000       1,023,750.00         14,805.00     .81

          29,900.0000   AMERICAN BRANDS INC                 1,026,619.88      35.375000       1,057,712.50         31,092.62     .84

          52,000.0000   AMERICAN EXPRESS CO                 1,014,926.79      29.625000       1,540,500.00        525,573.21    1.23

           8,700.0000   AMERICAN HOME PRODS CORP              518,856.79      65.125000         566,587.50         47,730.71     .45

           8,000.0000   AMERICAN INTL GROUP INC               691,435.00      91.625000         733,000.00         41,565.00     .58

          27,500.0000   AMERITECH CORP NEW                  1,022,787.66      39.500000       1,086,250.00         63,462.34     .86

          13,000.0000   AMOCO CORP                            687,510.00      60.750000         789,750.00        102,240.00     .63

           8,500.0000   AMSOUTH BANCORPORATION                260,601.23      28.000000         238,000.00        -22,601.23     .19

          15,500.0000   APPLE COMPUTER INC                    531,518.36      37.250000         577,375.00         45,856.64     .46

          53,400.0000   ASARCO INC                          1,399,896.42      27.375000       1,461,825.00         61,928.58    1.16



<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 3   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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>
          19,500.0000   BANK NEW YORK INC                     529,798.04      27.875000         543,562.50         13,764.46     .43

          43,000.0000   BANK OF BOSTON CORP COM             1,130,776.95      26.750000       1,150,250.00         19,473.05     .91

          16,556.0000   BANKAMERICA CORP                      637,898.51      41.000000         678,796.00         40,897.49     .54

          18,000.0000   BANKAMERICA CORP                      772,656.00      41.000000         738,000.00        -34,656.00     .59

          14,100.0000   BANKERS TR N Y CORP                   878,829.98      59.250000         835,425.00        -43,404.98     .66

          12,800.0000   BAXTER INTL INC                       302,322.93      25.750000         329,600.00         27,277.07     .26

          14,000.0000   BOEING CO                             566,502.64      44.750000         626,500.00         59,997.36     .50

          10,600.0000   BOISE CASCADE CORP                    268,869.00      24.250000         257,050.00        -11,819.00     .20

          21,000.0000   BOISE CASCADE CORP                    684,432.83      24.250000         509,250.00       -175,182.83     .41

          33,200.0000   BOWATER INC                           769,210.53      25.375000         842,450.00         73,239.47     .67

          12,000.0000   BRISTOL MYERS SQUIBB                  697,961.54      57.750000         693,000.00         -4,961.54     .55

           8,200.0000   BURLINGTON NORTHN INC                 416,283.52      48.750000         399,750.00        -16,533.52     .32

          54,000.0000   CANADIAN PAC LTD ORD PAR $5.00        636,028.55      15.500000         837,000.00        200,971.45     .67

          10,100.0000   CASTLE ENERGY CORP COM PAR            116,150.00      12.750000         128,775.00         12,625.00     .10
                        $0.50 NEW

          20,000.0000   CATERPILLAR INC                       463,488.51      54.000000       1,080,000.00        616,511.49     .86

          24,400.0000   CHAMPION INTL CORP                    792,600.11      34.750000         847,900.00         55,299.89     .67

          15,800.0000   CHASE MANHATTAN CORP                  527,098.69      35.750000         564,850.00         37,751.31     .45

          20,000.0000   CHEVRON CORP                          726,504.75      43.625000         872,500.00        145,995.25     .69

           9,900.0000   CHRYSLER CORP                         473,358.49      48.375000         478,912.50          5,554.01     .38

          13,500.0000   CHUBB CORP                          1,019,455.68      70.250000         948,375.00        -71,080.68     .75

           9,300.0000   CIGNA CORP                            597,551.52      63.375000         589,387.50         -8,164.02     .47



<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 4   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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>
          11,000.0000   CIGNA CORP                            431,804.99      63.375000         697,125.00        265,320.01     .55

          37,000.0000   CITICORP                              689,661.96      41.625000       1,540,125.00        850,463.04    1.23

          27,900.0000   COLUMBIA GAS SYS INC                  707,587.88      24.625000         687,037.50        -20,550.38     .55

          35,900.0000   COMDISCO INC                          838,999.28      21.375000         767,362.50        -71,636.78     .61

          34,000.0000   COMMUNITY PSYCHIATRIC CTRS            335,637.50      10.000000         340,000.00          4,362.50     .27

          43,700.0000   CONTINENTAL CORP                      783,449.10      14.500000         633,650.00       -149,799.10     .50

           6,400.0000   CUMMINS ENGINE INC                    249,108.91      43.500000         278,400.00         29,291.09     .22

          28,700.0000   CYPRUS AMAX MINERALS CO               856,262.59      25.000000         717,500.00       -138,762.59     .57

           7,700.0000   DAYTON HUDSON CORP                    524,942.86      81.625000         628,512.50        103,569.64     .50

          22,000.0000   DAYTON HUDSON CORP                  1,359,593.19      81.625000       1,795,750.00        436,156.81    1.43

           8,000.0000   DEAN WITTER DISCOVER & CO             304,448.00      35.000000         280,000.00        -24,448.00     .22

           8,500.0000   DEERE & CO                            613,574.30      64.250000         546,125.00        -67,449.30     .43

          14,400.0000   DEERE & CO                            613,662.83      64.250000         925,200.00        311,537.17     .74

          37,200.0000   DETROIT EDISON CO                   1,039,652.86      26.750000         995,100.00        -44,552.86     .79

          37,500.0000   DIGITAL EQUIP CORP                  1,546,609.70      34.000000       1,275,000.00       -271,609.70    1.01

          41,000.0000   DONNELLEY R R & SONS CO             1,000,072.24      28.625000       1,173,625.00        173,552.76     .93

          15,000.0000   DOW CHEM CO                           777,322.81      64.000000         960,000.00        182,677.19     .76

          14,800.0000   E SYS INC PAR $1                      601,037.11      36.625000         542,050.00        -58,987.11     .43

          36,300.0000   ENTERGY CORP NEW                    1,014,986.66      22.500000         816,750.00       -198,236.66     .65

          10,000.0000   EQUITABLE RES INC                     303,119.77      27.000000         270,000.00        -33,119.77     .21

           7,800.0000   EXEL LTD ORD                          283,202.40      37.500000         292,500.00          9,297.60     .23

           5,000.0000   EXXON CORP                            245,533.83      60.375000         301,875.00         56,341.17     .24



<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 5   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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>
          15,500.0000   FEDERAL EXPRESS CORP                  806,261.69      56.875000         881,562.50         75,300.81     .70

          27,000.0000   FEDERATED DEPT STORES INC             600,228.60      20.500000         553,500.00        -46,728.60     .44

          14,000.0000   FIRST CHICAGO CORP                    625,171.54      46.500000         651,000.00         25,828.46     .52

          12,700.0000   FIRSTFED FINL CORP DEL                180,315.00      12.500000         158,750.00        -21,565.00     .13

          15,000.0000   FLEMING COS INC                       375,750.00      23.000000         345,000.00        -30,750.00     .27

          13,000.0000   FPL GROUP INC                         413,149.25      35.375000         459,875.00         46,725.75     .37

          18,000.0000   FRUIT OF THE LOOM INC CL A            474,206.30      27.375000         492,750.00         18,543.70     .39

          14,000.0000   GENERAL ELEC CO                       448,740.04      46.000000         644,000.00        195,259.96     .51

          22,700.0000   GENERAL MTRS CORP                   1,114,427.90      38.125000         865,437.50       -248,990.40     .69

          32,000.0000   GENERAL MTRS CORP                   1,261,291.41      38.125000       1,220,000.00        -41,291.41     .97

           5,500.0000   GENERAL RE CORP                       502,746.24     117.375000         645,562.50        142,816.26     .51

          26,800.0000   GENEVA STEEL CO CL A COM              475,566.00      13.375000         358,450.00       -117,116.00     .29

          25,000.0000   GOLDEN WEST FINL CORP DEL           1,023,416.20      35.000000         875,000.00       -148,416.20     .70

          20,000.0000   GRACE W R & CO                        783,641.09      37.000000         740,000.00        -43,641.09     .59

          26,000.0000   HALLIBURTON CO                        891,209.73      34.875000         906,750.00         15,540.27     .72

          14,000.0000   HEWLETT PACKARD CO                    624,109.30      98.000000       1,372,000.00        747,890.70    1.09

          12,800.0000   INTERNATIONAL PAPER CO                952,529.70      71.500000         915,200.00        -37,329.70     .73

          18,500.0000   INTERNATIONAL PAPER CO              1,069,305.15      71.500000       1,322,750.00        253,444.85    1.05

           8,300.0000   INTL BUSINESS MACHS CORP              465,819.44      70.750000         587,225.00        121,405.56     .47

          23,700.0000   INTL BUSINESS MACHS CORP            1,695,207.55      70.750000       1,676,775.00        -18,432.55    1.33

          10,500.0000   ITT CORP                              706,800.67      79.625000         836,062.50        129,261.83     .67

          15,000.0000   JAMES RIV CORP VA                     292,486.50      21.125000         316,875.00         24,388.50     .25



<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 6   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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>
          40,000.0000   JAMES RIV CORP VA                     796,220.00      21.125000         845,000.00         48,780.00     .67

          20,300.0000   JONES APPAREL GROUP INC               611,322.72      25.500000         517,650.00        -93,672.72     .41

          32,100.0000   K MART CORP                           496,649.41      14.500000         465,450.00        -31,199.41     .37

          55,000.0000   K MART CORP                           971,880.00      14.500000         797,500.00       -174,380.00     .63

          22,600.0000   KAUFMAN & BROAD HOME CORP             290,354.60      12.750000         288,150.00         -2,204.60     .23

          10,400.0000   LEHMAN BROTHERS HLDGS INC             135,131.89      14.875000         154,700.00         19,568.11     .12

          27,500.0000   LIFE RE CORP                          599,775.00      17.250000         474,375.00       -125,400.00     .38

          25,200.0000   LINCOLN NATL CORP IND                 942,383.70      38.875000         979,650.00         37,266.30     .78

          27,500.0000   LIZ CLAIBORNE INC                     858,553.85      22.625000         622,187.50       -236,366.35     .49

           9,300.0000   LOEWS CORP                            888,655.30      86.375000         803,287.50        -85,367.80     .64

          37,800.0000   LTV CORP NEW                          661,500.12      15.750000         595,350.00        -66,150.12     .47

          19,200.0000   MACERICH CO                           369,011.14      19.750000         379,200.00         10,188.86     .30

          33,000.0000   MASCO CORP                            882,640.72      22.250000         734,250.00       -148,390.72     .58

           5,100.0000   MELLON BK CORP                        169,760.49      33.125000         168,937.50           -822.99     .13

          30,000.0000   MELVILLE CORP                       1,326,455.00      31.500000         945,000.00       -381,455.00     .75

          11,800.0000   MERCK & CO INC                        358,611.62      37.250000         439,550.00         80,938.38     .35

           5,400.0000   MICHIGAN NATL CORP                    308,218.60      75.625000         408,375.00        100,156.40     .32

          32,300.0000   MID OCEAN LTD                         831,216.07      23.125000         746,937.50        -84,278.57     .59

          41,200.0000   MID-AMERN WASTE SYS INC               400,119.94       6.750000         278,100.00       -122,019.94     .22

          11,000.0000   MINNESOTA MNG & MFG CO                487,253.30      51.250000         563,750.00         76,496.70     .45

          14,500.0000   MORGAN J P & CO INC                   696,665.24      58.750000         851,875.00        155,209.76     .68

          36,300.0000   MORRISON KNUDSEN CORP                 600,570.11      14.750000         535,425.00        -65,145.11     .43



<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 7   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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>
          17,800.0000   MOTOROLA INC                          253,419.83      56.375000       1,003,475.00        750,055.17     .80

          10,100.0000   MURPHY OIL CORP                       442,202.70      44.750000         451,975.00          9,772.30     .36

          48,700.0000   NATIONAL MED ENTERPRISES INC          777,026.80      14.125000         687,887.50        -89,139.30     .55

          20,800.0000   NORDSTROM INC                         601,508.15      48.250000       1,003,600.00        402,091.85     .80

          18,300.0000   NORTH AMERN MTG CO                    356,255.25      16.500000         301,950.00        -54,305.25     .24

          40,000.0000   NORWEST CORP                          527,174.30      21.750000         870,000.00        342,825.70     .69

          28,300.0000   NYNEX CORP                          1,064,078.73      37.625000       1,064,787.50            708.77     .85

          44,600.0000   OCCIDENTAL PETE CORP                  822,879.70      19.625000         875,275.00         52,395.30     .70

          53,000.0000   ORYX ENERGY CO                        911,189.31      12.125000         642,625.00       -268,564.31     .51

          20,000.0000   PACIFIC GAS & ELEC CO                 524,384.44      23.875000         477,500.00        -46,884.44     .38

          15,600.0000   PARKER HANNIFIN CORP                  376,927.23      43.875000         684,450.00        307,522.77     .54

          14,200.0000   PAUL REVERE CORP COM                  355,327.41      13.750000         195,250.00       -160,077.41     .16

          35,300.0000   PENNSYLVANIA PWR & LT CO              816,745.27      20.000000         706,000.00       -110,745.27     .56

           9,500.0000   PFIZER INC                            506,957.83      77.375000         735,062.50        228,104.67     .58

           9,500.0000   PHILIP MORRIS COS INC                 464,537.24      59.750000         567,625.00        103,087.76     .45

          19,200.0000   PNC BK CORP                           402,245.30      20.750000         398,400.00         -3,845.30     .32

          27,500.0000   PROCTER & GAMBLE CO                 1,276,041.67      62.500000       1,718,750.00        442,708.33    1.37

          22,200.0000   PUBLIC SVC ENTERPRISE GROUP           617,236.83      26.625000         591,075.00        -26,161.83     .47

          12,700.0000   PULTTE CORP COM                       324,363.46      20.125000         255,587.50        -68,775.96     .20

          11,800.0000   PXRE CORP                             287,267.10      26.000000         306,800.00         19,532.90     .24

          16,500.0000   RAYCHEM CORP                          442,164.75      34.625000         571,312.50        129,147.75     .45

          47,700.0000   RELIANCE GROUP HLDGS INC              347,049.09       5.125000         244,462.50       -102,586.59     .19



<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 8   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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>
          10,900.0000   REYNOLDS METALS CO                    548,871.41      47.125000         513,662.50        -35,208.91     .41

          75,000.0000   RJR NABISCO HLDGS CORP                473,250.00       6.250000         468,750.00         -4,500.00     .37

           8,500.0000   ROYAL DUTCH PETE CO N Y REG SH        720,571.31     108.625000         923,312.50        202,741.19     .73
                        PAR N GLDR 5

          15,300.0000   SHAWMUT NATL CORP                     281,213.99      17.750000         271,575.00         -9,638.99     .22

          18,300.0000   SMITHKLINE BEECHAM P L C ADR          577,821.84      31.125000         569,587.50         -8,234.34     .45
                        REPSTG EQUITY UNIT

          27,500.0000   SMITHKLINE BEECHAM P L C ADR          828,767.50      31.125000         855,937.50         27,170.00     .68
                        REPSTG EQUITY UNIT

          14,000.0000   ST PAUL COS INC                       410,141.48      41.250000         577,500.00        167,358.52     .46

          28,400.0000   STOLT-NIELSEN SA                      627,671.66      20.250000         575,100.00        -52,571.66     .46

          14,000.0000   SUNDSTRAND CORP                       441,402.04      42.750000         598,500.00        157,097.96     .48

          34,300.0000   TANDEM COMPUTERS INC                  396,694.78      17.000000         583,100.00        186,405.22     .46

          12,100.0000   TELEFONOS DE MEXICO S A               718,870.00      53.000000         641,300.00        -77,570.00     .51
                        SPONSORED ADR REPSTG SH ORD L

          11,500.0000   TEXAS INSTRS INC                      343,483.34      75.500000         868,250.00        524,766.66     .69

          28,800.0000   TEXAS UTILS CO                      1,098,040.39      32.625000         939,600.00       -158,440.39     .75

          20,500.0000   TEXAS UTILS CO                        783,810.49      32.625000         668,812.50       -114,997.99     .53

          41,500.0000   TIG HLDGS INC                         901,243.06      17.500000         726,250.00       -174,993.06     .58

          31,000.0000   TIMES MIRROR CO SER A                 925,432.25      30.875000         957,125.00         31,692.75     .76

          35,400.0000   TOPPS INC                             226,551.10       6.000000         212,400.00        -14,151.10     .17

          25,500.0000   UNICOM CORP                           790,676.87      23.375000         596,062.50       -194,614.37     .47

          22,000.0000   UNICOM CORP                           655,018.22      23.375000         514,250.00       -140,768.22     .41

          12,000.0000   UNION PAC CORP                        539,281.70      46.500000         558,000.00         18,718.30     .44


<CAPTION>

FRC G000300                                               INVESTMENT DETAIL                                               PAGE: 9   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   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>
          19,000.0000   UPJOHN CO                             561,934.05      32.125000         610,375.00         48,440.95     .49

          26,000.0000   UPJOHN CO                             867,846.50      32.125000         835,250.00        -32,596.50     .66

          54,600.0000   USX-MARATHON GROUP NEW              1,156,227.99      18.000000         982,800.00       -173,427.99     .78

          32,100.0000   VALERO ENERGY CORP                    665,342.64      19.000000         609,900.00        -55,442.64     .49

          13,200.0000   VITRO SOCIEDAD ANONIMA                304,207.78      21.000000         277,200.00        -27,007.78     .22
                        SPONSORED ADR

           3,700.0000   WARNER LAMBERT CO                     239,683.25      77.375000         286,287.50         46,604.25     .23

          18,000.0000   WEYERHAEUSER CO                       500,794.67      38.375000         690,750.00        189,955.33     .55

          10,500.0000   WHIRLPOOL CORP                        273,756.50      49.875000         523,687.50        249,931.00     .42

          39,300.0000   WOOLWORTH CORP                        569,960.43      14.125000         555,112.50        -14,847.93     .44

          10,500.0000   XEROX CORP                            737,943.91      98.250000       1,031,625.00        293,681.09     .82


TOTAL INVESTMENTS COMMON STOCK                            101,769,562.35                    107,841,633.50      6,072,071.15   85.78


                      TOTAL INVESTMENT                    119,805,373.09                    125,711,565.83      5,906,192.74  100.00



FRC G001000                                               INVESTMENT DETAIL                                               PAGE: 1   
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                   HMFR005BF 
GOVERNMENT BOND FUND                                                                                       BASE CURRENCY: USD       

                                     Item 27a: Schedule of Assets Held for Investment Purposes
<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

       5,510,568.0000   TBC INC ISG POOLED EMPL FDS         5,510,568.00       1.000000       5,510,568.00               .00    6.57
                        12/31/1999
                        
          11,359.0000   TBC INC ISG POOLED EMPL FDS            11,359.00       1.000000          11,359.00               .00     .01
                        12/31/1999

          10,070.0000   TBC INC ISG POOLED EMPL FDS            10,070.00       1.000000          10,070.00               .00     .01
                        12/31/1999

          54,654.0000   TBC INC ISG POOLED EMPL FDS            54,654.00       1.000000          54,654.00               .00     .07
                        12/31/1999

          39,176.0000   TBC INC ISG POOLED EMPL FDS            39,176.00       1.000000          39,176.00               .00     .05
                        12/31/1999

           9,814.0000   TBC INC ISG POOLED EMPL FDS             9,814.00       1.000000           9,814.00               .00     .01
                        12/31/1999

             980.0000   TBC INC ISG POOLED EMPL FDS               980.00       1.000000             980.00               .00     .00
                        12/31/1999

          23,356.0000   TBC INC ISG POOLED EMPL FDS            23,356.00       1.000000          23,356.00               .00     .03
                        12/31/1999

          15,890.0000   TBC INC ISG POOLED EMPL FDS            15,890.00       1.000000          15,890.00               .00     .02
                        12/31/1999

              96.0000   TBC INC ISG POOLED EMPL FDS                96.00       1.000000              96.00               .00     .00
                        12/31/1999

          12,347.0000   TBC INC ISG POOLED EMPL FDS            12,347.00       1.000000          12,347.00               .00     .01
                        12/31/1999

           9,924.0000   TBC INC ISG POOLED EMPL FDS             9,924.00       1.000000           9,924.00               .00     .01
                        12/31/1999

             177.0000   TBC INC ISG POOLED EMPL FDS               177.00       1.000000             177.00               .00     .00
                        12/31/1999

         560,000.0000   U S TREASURY BILLS                    527,810.27      94.251830         527,810.27               .00     .63
                        10/19/1995 DD 10/20/94


<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                               PAGE: 2   
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                   HMFR005BF 
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>
TOTAL INVESTMENTS CASH & CASH EQUIVALENTS                   6,226,221.27                      6,226,221.27               .00    7.42


INVESTMENTS FIXED INCOME SECURITIES

         410,000.0000   FED FARM CR BKS CONS SYS BDS          410,000.00      99.573000         408,249.30         -1,750.70     .49
                        6.330% 11/01/1995 DD 11/01/94

         210,000.0000   FED HOME LN MTG CORP DEB              215,484.38      98.213000         206,247.30         -9,237.08     .25
                        7.750% 11/07/2001 DD 11/07/91

         400,000.0000   FED HOME LN MTG CORP DEB              436,906.25      99.258000         397,032.00        -39,874.25     .47
                        7.900% 09/19/2001 DD 09/19/91

         510,000.0000   FED NATL MTG ASSN                     563,231.25      99.691990         508,429.15        -54,802.10     .61
                        7.850% 09/10/1998 DD 09/10/91

         475,000.0000   FED NATL MTG ASSN DEB                 509,140.62      93.483990         444,048.95        -65,091.67     .53
                        7.050% 11/12/2002 DD 11/10/92

         430,000.0000   FED NATL MTG ASSN DEB                 468,656.25     100.644000         432,769.20        -35,887.05     .52
                        8.150% 05/11/1998 DD 05/10/91

         605,000.0000   FED NATL MTG ASSN DEB                 682,843.76     100.887990         610,372.34        -72,471.42     .73
                        8.250% 12/18/2000 DD 12/17/90

         350,000.0000   FED NATL MTG ASSN DEB                 406,671.88     105.066990         367,734.47        -38,937.41     .44
                        9.200% 09/11/2000 DD 09/10/90

       1,715,000.0000   FEDERAL FARM CR BKS CONS BDS        2,098,371.55     110.638990       1,897,458.68       -200,912.87    2.26
                        11.900% 10/20/1997 DD 10/01/82

         180,000.0000   FEDERAL HOME LN BKS CONS BD           219,937.50     107.543000         193,577.40        -26,360.10     .23
                        9.500% 02/25/2004 DD 02/27/89

         295,000.0000   FEDERAL NATL MTG ASSN                 326,126.50     100.987990         297,914.57        -28,211.93     .36
                        11.50% 02/10/1995 DD 02/05/85
   
         145,000.0000   FEDERAL NATL MTG ASSN DEB             136,300.00      90.343990         130,998.79         -5,301.21     .16
                        5.050% 11/10/1998 DD 11/10/93

         295,000.0000   FEDERAL NATL MTG ASSN DEB             309,111.72      99.508000         293,548.60        -15,563.12     .35
                        7.050% 10/10/1996 DD 10/10/91


<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                               PAGE: 3   
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                   HMFR005BF 
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>
         585,000.0000   FEDERAL NATL MTG ASSN DEB             615,118.75      97.403990         569,813.34        -45,305.41     .68
                        7.550% 04/22/2002 DD 4/22/92

         250,000.0000   FEDERAL NATL MTG ASSN DEB             246,562.50      96.875990         242,189.98         -4,372.52     .29
                        8.100% 08/12/2019 DD 08/10/89

       1,360,000.0000   FEDERAL NATL MTG ASSN DEB           1,496,365.38     101.234990       1,376,795.86       -119,569.52    1.64
                        8.350% 11/10/1999 DD 11/10/89

         675,000.0000   FEDERAL NATL MTG ASSN DEB             769,589.06     101.769990         686,947.43        -82,641.63     .82
                        8.450% 07/12/1999 DD 07/10/89
 
         310,000.0000   FEDERAL NATL MTG ASSN DEB             364,496.87     103.638990         321,280.87        -43,216.00     .38
                        8.900% 06/12/2000

       1,000,000.0000   FEDERAL NATL MTG ASSN DEB           1,096,560.00     102.357990       1,023,579.90        -72,980.10    1.22
                        9.200% 01/10/1996 DD 01/10/86


       1,780,000.0000   FHLMC SUB CAP DEB SER A             1,396,694.80     100.536990       1,789,558.42        392,863.62    2.13
                        7.950% 04/03/1995 DD 04/03/85
 
       1,063,000.0000   TIGRS SER 12-INT 13.25% 2014          137,203.54      58.064990         617,230.84        480,027.30     .74
                        T-BD MAT 11/15/2001

         750,000.0000   TWELVE FED LD BKS                     724,804.69      99.985990         749,894.93         25,090.24     .89
                        7.350% 01/20/1997 DD 01/20/77

       2,000,000.0000   U S TREAS CPN GENERIC CUBE            536,623.78      66.674990       1,333,499.80        796,876.02    1.59
                        MAT 02/15/2000

       5,000,000.0000   U S TREAS CPN GENERIC CUBE          1,991,022.66      97.265990       4,863,299.50      2,872,276.84    5.80
                        MAT 05/15/1995

       3,390,000.0000   U S TREAS CPN GENERIC CUBE            872,391.85      90.013990       3,051,474.26      2,179,082.41    3.64
                        MAT 05/15/1996

       1,080,625.0000   U S TREAS CPN GENERIC CUBE            205,221.49      42.259990         456,672.02        251,450.53     .54
                        MAT 05/15/2005

         838,750.0000   U S TREAS CPN GENERIC CUBE            223,662.90      81.383990         682,608.22        458,945.32     .81
                        MAT 08/15/1997

          80,000.0000   U S TREAS CPN GENERIC CUBE             62,628.00      73.855990          59,084.79         -3,543.21     .07



<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 4  
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>
                        MAT 11/15/1998

       2,991,250.0000   U S TREAS CPN GENERIC CUBE            574,559.30      73.855990       2,209,217.30      1,634,658.00    2.63
                        MAT 11/15/1998

         547,000.0000   U S TREAS NT STRIPPED PRIN PMT         70,602.38      58.571990         320,388.79        249,786.41     .38
                        7 1/2% 11/15/2001

         740,000.0000   U S TREAS STRIP GENERIC TINT          213,946.28      30.062000         222,458.80          8,512.52     .27
                        DUE 11/15/2009

         560,000.0000   U S TREAS STRIP GENERIC TINT          472,519.04      98.862990         553,632.74         81,113.70     .66
                        02/15/1995

         720,000.0000   U S TREAS STRIP GENERIC TINT          534,544.73      92.146990         663,458.33        128,913.60     .79
                        02/15/1996

         930,000.0000   U S TREAS STRIP GENERIC TINT          723,775.98      85.190990         792,276.21         68,500.23     .94
                        02/15/1997

         220,000.0000   U S TREAS STRIP GENERIC TINT          146,482.40      78.610990         172,944.18         26,461.78     .21
                        02/15/1998

         810,000.0000   U S TREAS STRIP GENERIC TINT          431,890.15      72.601000         588,068.10        156,177.95     .70
                        02/15/1999

         525,000.0000   U S TREAS STRIP GENERIC TINT          338,581.94      67.211990         352,862.95         14,281.01     .42
                        02/15/2000

         800,000.0000   U S TREAS STRIP GENERIC TINT          402,144.50      62.235990         497,887.92         95,743.42     .59
                        02/15/2001

         955,000.0000   U S TREAS STRIP GENERIC TINT          486,788.46      57.416990         548,332.25         61,543.79     .65
                        02/15/2002

         945,000.0000   U S TREAS STRIP GENERIC TINT          434,791.31      52.868990         499,611.96         64,820.65     .60
                        02/15/2003

       1,025,000.0000   U S TREAS STRIP GENERIC TINT          372,760.46      48.702000         499,195.50        126,435.04     .60
                        02/15/2004

       1,570,000.0000   U S TREAS STRIP GENERIC TINT          659,114.12      44.819990         703,673.84         44,559.72     .84
                        02/15/2005



<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 5  
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>

         315,000.0000   U S TREAS STRIP GENERIC TINT          142,855.50      41.163990         129,666.57        -13,188.93     .15
                        02/15/2006

         800,000.0000   U S TREAS STRIP GENERIC TINT          334,813.75      37.894990         303,159.92        -31,653.83     .36
                        02/15/2007

       1,070,000.0000   U S TREAS STRIP GENERIC TINT          377,196.47      34.866000         373,066.20         -4,130.27     .44
                        02/15/2008

         525,000.0000   U S TREAS STRIP GENERIC TINT          183,792.61      32.017000         168,089.25        -15,703.36     .20
                        02/15/2009

         340,000.0000   U S TREAS STRIP GENERIC TINT          117,754.81      29.377990          99,885.17        -17,869.64     .12
                        02/15/2010

         240,000.0000   U S TREAS STRIP GENERIC TINT           67,412.08      27.105000          65,052.00         -2,360.08     .08
                        02/15/2011

         579,000.0000   U S TREAS STRIP GENERIC TINT          141,231.63      22.991000         133,117.89         -8,113.74     .16
                        02/15/2013

       1,925,000.0000   U S TREAS STRIP GENERIC TINT          430,779.84      21.206990         408,234.56        -22,545.28     .49
                        02/15/2014

       1,093,000.0000   U S TREAS STRIP GENERIC TINT          218,641.35      19.562000         213,812.66         -4,828.69     .25
                        02/15/2015

         250,000.0000   U S TREAS STRIP GENERIC TINT          208,147.50      97.303990         243,259.98         35,112.48     .29
                        05/15/1995

       1,066,000.0000   U S TREAS STRIP GENERIC TINT          667,960.87      90.394000         963,600.04        295,639.17    1.15
                        05/15/1996

       1,085,000.0000   U S TREAS STRIP GENERIC TINT          800,544.48      83.459990         905,540.89        104,996.41    1.08
                        05/15/1997

          80,000.0000   U S TREAS STRIP GENERIC TINT           61,848.00      77.047000          61,637.60           -210.40     .07
                        05/15/1998

         545,000.0000   U S TREAS STRIP GENERIC TINT          291,054.78      71.202000         388,050.90         96,996.12     .46
                        05/15/1999

       1,335,000.0000   U S TREAS STRIP GENERIC TINT          753,605.74      66.010990         881,246.72        127,640.98    1.05
                        05/15/2000



<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 6  
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>

         945,000.0000   U S TREAS STRIP GENERIC TINT          404,474.96      60.943980         575,920.61        171,445.65     .69
                        05/15/2001

       1,565,000.0000   U S TREAS STRIP GENERIC TINT          797,053.80      51.810000         810,826.50         13,772.70     .97
                        05/15/2003

         610,000.0000   U S TREAS STRIP GENERIC TINT          296,499.40      47.715990         291,067.54         -5,431.86     .35
                        05/15/2004

       1,020,000.0000   U S TREAS STRIP GENERIC TINT          417,707.34      43.858990         447,361.70         29,654.36     .53
                        05/15/2005

         375,000.0000   U S TREAS STRIP GENERIC TINT          159,034.75      40.356990         151,338.71         -7,696.04     .18
                        05/15/2006

         680,000.0000   U S TREAS STRIP GENERIC TINT          250,935.47      37.105000         252,314.00          1,378.53     .30
                        05/15/2007

         395,000.0000   U S TREAS STRIP GENERIC TINT          143,944.73      34.177990         135,003.06         -8,941.67     .16
                        05/15/2008

         705,000.0000   U S TREAS STRIP GENERIC TINT          174,404.58      31.338000         220,932.90         46,528.32     .26
                        05/15/2009

         330,000.0000   U S TREAS STRIP GENERIC TINT          103,965.74      28.750000          94,875.00         -9,090.74     .11
                        05/15/2010

         725,000.0000   U S TREAS STRIP GENERIC TINT          193,508.14      24.425990         177,088.43        -16,419.71     .21
                        05/15/2012

         525,000.0000   U S TREAS STRIP GENERIC TINT          135,354.03      22.530990         118,287.70        -17,066.33     .14
                        05/15/2013

       2,190,000.0000   U S TREAS STRIP GENERIC TINT          471,324.66      20.782990         455,147.48        -16,177.18     .54
                        05/15/2014


       1,290,000.0000   U S TREAS STRIP GENERIC TINT          288,320.11      19.170990         247,305.77        -41,014.34     .29
                        05/15/2015

       1,455,000.0000   U S TREAS STRIP GENERIC TINT          873,858.94      95.690990       1,392,303.90        518,444.96    1.66
                        08/15/1995

         585,000.0000   U S TREAS STRIP GENERIC TINT          439,276.86      88.810000         519,538.50         80,261.64     .62
                        08/15/1996


<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 7  
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>
         576,000.0000   U S TREAS STRIP GENERIC TINT          343,306.67      81.851990         471,467.46        128,160.79     .56
                        08/15/1997

         750,000.0000   U S TREAS STRIP GENERIC TINT          494,841.00      75.552990         566,647.43         71,806.43     .68
                        08/15/1998

       1,200,000.0000   U S TREAS STRIP GENERIC TINT          678,232.02      69.857990         838,295.88        160,063.86    1.00
                        08/15/1999

       1,004,000.0000   U S TREAS STRIP GENERIC TINT          548,945.63      64.588990         648,473.46         99,527.83     .77
                        08/15/2000

         860,000.0000   U S TREAS STRIP GENERIC TINT          418,584.21      59.747990         513,832.71         95,248.50     .61
                        08/15/2001

       1,045,000.0000   U S TREAS STRIP GENERIC TINT          515,563.88      55.084990         575,638.15         60,074.27     .69
                        08/15/2002

         925,000.0000   U S TREAS STRIP GENERIC TINT          413,198.25      46.704990         432,021.16         18,822.91     .52
                        08/15/2004

         852,000.0000   U S TREAS STRIP GENERIC TINT          301,485.29      42.959000         366,010.68         64,525.39     .44
                        08/15/2005

       1,109,000.0000   U S TREAS STRIP GENERIC TINT          389,610.43      39.564990         438,775.74         49,165.31     .52
                        08/15/2006

         873,000.0000   U S TREAS STRIP GENERIC TINT          294,514.40      36.284990         316,767.96         22,253.56     .38
                        08/15/2007

         760,000.0000   U S TREAS STRIP GENERIC TINT          289,403.53      33.414990         253,953.92        -35,449.61     .30
                        08/15/2008

         630,000.0000   U S TREAS STRIP GENERIC TINT          173,357.89      30.715990         193,510.74         20,152.85     .23
                        08/15/2009

         495,000.0000   U S TREAS STRIP GENERIC TINT          140,989.50      28.175990         139,471.15         -1,518.35     .17
                        08/15/2010

         675,000.0000   U S TREAS STRIP GENERIC TINT          170,658.55      23.937990         161,581.43         -9,077.12     .19
                        08/15/2012



<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 8  
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>
         970,000.0000   U S TREAS STRIP GENERIC TINT          215,386.13      22.080990         214,185.60         -1,200.53     .26
                        08/15/2013

       2,520,000.0000   U S TREAS STRIP GENERIC TINT          543,641.55      20.368000         513,273.60        -30,367.95     .61
                        08/15/2014

       1,050,000.0000   U S TREAS STRIP GENERIC TINT          207,949.00      18.787990         197,273.90        -10,675.10     .24
                        08/15/2015

       2,335,000.0000   U S TREAS STRIP GENERIC TINT          447,759.60      17.329990         404,655.27        -43,104.33     .48
                        08/15/2016

       2,141,000.0000   U S TREAS STRIP GENERIC TINT        1,135,368.79      86.933000       1,861,235.53        725,866.74    2.22
                        11/15/1996

         560,000.0000   U S TREAS STRIP GENERIC TINT          314,045.72      80.146000         448,817.60        134,771.88     .54
                        11/15/1997

         385,000.0000   U S TREAS STRIP GENERIC TINT          233,952.80      74.024990         284,996.21         51,043.41     .34
                        11/15/1998

         770,000.0000   U S TREAS STRIP GENERIC TINT          514,323.92      68.670000         528,759.00         14,435.08     .63
                        11/15/1999

       1,661,000.0000   U S TREAS STRIP GENERIC TINT          879,831.32      63.290990       1,051,263.34        171,432.02    1.25
                        11/15/2000

       1,305,000.0000   U S TREAS STRIP GENERIC TINT          634,384.24      53.987990         704,543.27         70,159.03     .84
                        11/15/2002

       1,275,000.0000   U S TREAS STRIP GENERIC TINT          636,786.00      49.620000         632,655.00         -4,131.00     .75
                        11/15/2003

         570,000.0000   U S TREAS STRIP GENERIC TINT          258,583.60      45.754000         260,797.80          2,214.20     .31
                        11/15/2004

       1,145,000.0000   U S TREAS STRIP GENERIC TINT          442,836.30      42.075990         481,770.09         38,933.79     .57
                        11/15/2005

         105,000.0000   U S TREAS STRIP GENERIC TINT           39,744.60      38.700990          40,636.04            891.44     .05
                        11/15/2006

       1,335,000.0000   U S TREAS STRIP GENERIC TINT          451,348.74      35.524990         474,258.62         22,909.88     .57
                        11/15/2007



<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 9  
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>
         170,000.0000   U S TREAS STRIP GENERIC TINT           46,552.65      27.614000          46,943.80            391.15     .06
                        11/15/2010

         315,000.0000   U S TREAS STRIP GENERIC TINT           84,764.25      25.474000          80,243.10         -4,521.15     .10
                        11/15/2011

         435,000.0000   U S TREAS STRIP GENERIC TINT          100,396.15      23.459990         102,050.96          1,654.81     .12
                        11/15/2012

         725,000.0000   U S TREAS STRIP GENERIC TINT          154,124.21      21.640000         156,890.00          2,765.79     .19
                        11/15/2013

       4,155,000.0000   U S TREAS STRIP GENERIC TINT          858,530.29      19.961000         829,379.55        -29,150.74     .99
                        11/15/2014

         130,000.0000   U S TREAS STRIP GENERIC TINT           65,378.30      50.728000          65,946.40            568.10     .08
                        8/15/2003

          26,000.0000   U S TREASURY BONDS                     30,821.43     110.655000          28,770.30         -2,051.13     .03
                         9.375% 02/15/2006 DD 01/15/86

       1,035,000.0000   U S TREASURY BONDS                  1,154,654.68     101.849990       1,054,147.40       -100,507.28    1.26
                        10.375% 05/15/1995 DD 07/09/80

         850,000.0000   U S TREASURY BONDS                  1,073,965.16     117.276990         996,854.42        -77,110.74    1.19
                        10.750% 02/15/2003 DD 01/04/83

         620,000.0000   U S TREASURY BONDS                    818,454.35     119.745990         742,425.14        -76,029.21     .89
                        10.750% 08/15/2005 DD 07/02/85

         285,000.0000   U S TREASURY BONDS                    400,268.75     122.084000         347,939.40        -52,329.35     .41
                        11.625% 11/15/2002 DD 09/29/82

         290,000.0000   U S TREASURY BONDS                    406,964.18     125.101990         362,795.77        -44,168.41     .43
                        11.625% 11/15/2004 DD 10/30/84

         310,000.0000   U S TREASURY BONDS                    449,224.59     128.386990         397,999.67        -51,224.92     .47
                        12.000% 05/15/2005 DD 04/02/85

         260,000.0000   U S TREASURY NOTES                    256,628.40     100.204990         260,532.97          3,904.57     .31
                         7.375% 05/15/1996 DD 05/15/86

         715,000.0000   U S TREASURY NOTES                    774,404.69     100.366990         717,623.98        -56,780.71     .86



<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 10 
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>
                         8.625% 01/15/1995 DD 01/15/88

         575,000.0000   U S TREASURY NOTES                    596,924.53     101.522990         583,757.19        -13,167.34     .70
                         8.625% 10/15/1995 DD 10/17/88

       1,045,000.0000   U S TREASURY NOTES                  1,057,103.12     102.021000       1,066,119.45          9,016.33    1.27
                         8.875% 02/15/1996 DD 02/15/86

         590,000.0000   U S TREASURY NOTES                    650,690.32     105.090990         620,036.84        -30,653.48     .74
                         9.125% 05/15/1999 DD 05/12/89

         255,000.0000   U S TREASURY NOTES                    255,254.69      99.569990         253,903.47         -1,351.22     .30
                        03.875% 02/28/1995 DD 03/01/93

         150,000.0000   U S TREASURY NOTES                    146,648.44      97.420000         146,130.00           -518.44     .17
                        03.875% 10/31/1995 DD 11/01/93

         195,000.0000   U S TREASURY NOTES                    196,553.91      99.780000         194,571.00         -1,982.91     .23
                        04.250% 01/31/1995 DD 02/01/93

         355,000.0000   U S TREASURY NOTES                    319,943.75      90.054990         319,695.21           -248.54     .38
                        04.750% 10/31/1998 DD 11/01/93

         350,000.0000   U S TREASURY NOTES                    353,349.78      92.625990         324,190.97        -29,158.81     .39
                        05.125% 03/31/1998 DD 03/31/93

         115,000.0000   U S TREASURY NOTES                    106,788.28      92.258990         106,097.84           -690.44     .13
                        05.250% 07/31/1998 DD 08/02/93

         380,000.0000   U S TREASURY NOTES                    372,947.03      95.614000         363,333.20         -9,613.83     .43
                        06.000% 12/31/1997 DD 12/31/92

          30,000.0000   U S TREASURY NOTES                     31,661.46      94.185000          28,255.50         -3,405.96     .03
                        06.375% 01/15/2000 DD 01/15/93

         220,000.0000   U S TREASURY NOTES                    233,268.75      97.418990         214,321.78        -18,946.97     .26
                        06.375% 06/30/1997 DD 06/30/92

         815,000.0000   U S TREASURY NOTES                    848,177.28      91.521990         745,904.22       -102,273.06     .89
                        06.375% 08/15/2002 DD 08/15/92

         290,000.0000   U S TREASURY NOTES                    311,110.79      98.295990         285,058.37        -26,052.42     .34
                        06.750% 05/31/1997 DD 06/01/92



<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 11 
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>
         225,000.0000   U S TREASURY NOTES                    223,523.44      98.676990         222,023.23         -1,500.21     .26
                        06.875% 04/30/1997 DD 04/30/92

         315,000.0000   U S TREASURY NOTES                    331,987.47      99.155990         312,341.37        -19,646.10     .37
                        06.875% 10/31/1996 DD 10/31/91

         800,000.0000   U S TREASURY NOTES                    863,717.43      97.250000         778,000.00        -85,717.43     .93
                        07.000% 04/15/1999 DD 04/15/92

         160,000.0000   U S TREASURY NOTES                    167,074.74      99.446000         159,113.60         -7,961.14     .19
                        07.000% 09/30/1996 DD 09/30/91

          45,000.0000   U S TREASURY NOTES                     43,143.75      95.657000          43,045.65            -98.10     .05
                        07.250% 05/15/2004 DD 05/15/94

         590,000.0000   U S TREASURY NOTES                    625,448.81      98.155990         579,120.34        -46,328.47     .69
                        07.500% 05/15/2002 DD 05/15/92

         160,000.0000   U S TREASURY NOTES                    170,251.41      98.248990         157,198.38        -13,053.03     .19
                        07.500% 11/15/2001 DD 11/15/91

         465,000.0000   U S TREASURY NOTES                    486,170.78     100.577990         467,687.65        -18,483.13     .56
                        07.625% 04/30/1996 DD 04/30/91

         275,000.0000   U S TREASURY NOTES                    305,449.05     100.525990         276,446.47        -29,002.58     .33
                        07.875% 04/15/1998 DD 04/15/91

         140,000.0000   U S TREASURY NOTES                    152,239.06     100.772990         141,082.19        -11,156.87     .17
                        07.750% 03/31/1996 DD 04/01/91

         220,000.0000   U S TREASURY NOTES                    240,693.75     101.418000         223,119.60        -17,574.15     .27
                        08.875% 07/15/1995 DD 07/15/88

         275,000.0000   U S TREASURY NOTES                    303,591.12      99.690990         274,150.22        -29,440.90     .33
                        07.750% 02/15/2001 DD 02/15/91

         210,000.0000   U S TREASURY NOTES                    226,164.35     100.892990         211,875.28        -14,289.07     .25
                        07.875% 06/30/1996 DD 07/01/91

       1,000,000.0000   U S TREASURY NOTES                    991,885.92     100.911990       1,009,119.90         17,233.98    1.20
                        07.875% 07/15/1996 DD 07/17/89

         315,000.0000   U S TREASURY NOTES                    353,628.30     100.315990         315,995.37        -37,632.93     .38
                        07.875% 08/15/2001 DD 08/15/91



<CAPTION>

FRC G001000                                               INVESTMENT DETAIL                                                PAGE: 12 
UAL PILOTS CONSOLIDATED                                      11/30/1994                                                    HMFR005BF
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>
         470,000.0000   U S TREASURY NOTES                    518,892.03     100.459000         472,157.30        -46,734.73     .56
                        07.875% 11/15/1999 DD 11/15/89

         200,000.0000   U S TREASURY NOTES                    229,937.50     100.942990         201,885.98        -28,051.52     .24
                        08.000% 05/15/2001 DD 05/15/91

         535,000.0000   U S TREASURY NOTES                    580,114.84     101.504000         543,046.40        -37,068.44     .65
                        08.500% 11/15/1995 DD 09/04/90

         270,000.0000   U S TREASURY NOTES                    286,821.42     104.287990         281,577.57         -5,243.85     .34
                        08.750% 08/15/2000 DD 08/15/90

         350,000.0000   U S TREASURY NOTES                    387,024.87     103.987990         363,957.97        -23,066.90     .43
                        08.875% 02/15/1999 DD 02/15/89

          50,000.0000   U S TREASURY NOTES                     55,280.31     104.875990          52,438.00         -2,842.31     .06
                        08.875% 05/15/2000 DD 05/14/90

         220,000.0000   U S TREASURY NOTES                    236,637.50     100.573000         221,260.60        -15,376.90     .26
                        07.875% 01/15/1998 DD 01/15/91

         260,000.0000   U S TREASURY NOTES                    293,419.94     103.797990         269,874.77        -23,545.17     .32
                        08.875% 11/15/1998 DD 11/15/88

         155,000.0000   U S TREASURY NOTES                    157,688.28     102.372990         158,678.13            989.85     .19
                        09.250% 01/15/1996 DD 01/17/89

       1,000,000.0000   US TREAS DET CPN EXCL CPNS            147,670.00      57.416990         574,169.90        426,499.90     .68
                        FR 14.250% 02/15/2002

TOTAL INVESTMENTS FIXED INCOME SECURITIES                  65,994,175.74                     77,629,904.44     11,635,728.70   92.58

                         TOTAL INVESTMENT                  72,220,397.01                     83,856,125.71     11,635,728.70  100.00

</TABLE>

 



<TABLE>
<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 1
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    HMFR005BF
BOSTON SAFE DEPOSIT & TRUST 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

      8,604,647.0000    TBC INC ISG POOLED EMPL FDS     8,604,647.00       1.000000       8,604,647.00             .00     5.21
                        12/31/1999

         70,000.0000    U S TREASURY BILLS                 68,864.83      98.378320          68,864.83             .00      .04
                        03/16/1995 DD 09/15/94

        400,000.0000    U S TREASURY BILLS                395,237.67      98.809410         395,237.67             .00      .24
                        12/22/1994 DD 06/23/94

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS               9,068,749.50                      9,068,749.50             .00     5.50


INVESTMENTS COMMON STOCK

         38,500.0000    ABBOTT LABS                       881,183.85      31.875000       1,227,187.50      346,003.65      .74

          4,400.0000    ADVANCED MICRO DEVICES INC         65,309.17      25.250000         111,100.00       45,790.83      .07

          5,300.0000    AETNA LIFE & CAS CO               256,805.35      44.750000         237,175.00      -19,630.35      .14

          5,500.0000    AHMANSON H F & CO                 102,741.88      16.625000          91,437.50      -11,304.38      .06

          5,300.0000    AIR PRODS & CHEMS INC             183,048.99      44.375000         235,187.50       52,138.51      .14

         23,300.0000    AIRTOUCH COMMUNICATIONS INC       396,360.92      27.125000         632,012.50      235,651.58      .38

          1,300.0000    ALBERTO CULVER CO CL B CONV        26,337.49      25.625000          33,312.50        6,975.01      .02

         12,000.0000    ALBERTSONS INC                    211,270.19      28.750000         345,000.00      133,729.81      .21

         10,550.0000    ALCAN ALUM LTD                    212,095.81      24.750000         261,112.50       49,016.69      .16

          2,589.0000    ALCO STD CORP                      98,145.96      56.000000         144,984.00       46,838.04      .09

          2,100.0000    ALEXANDER & ALEXANDER SVCS INC     51,386.90      18.875000          39,637.50      -11,749.40      .02

          3,000.0000    ALLERGAN INC                       74,510.78      30.125000          90,375.00       15,864.22      .05

         13,300.0000    ALLIEDSIGNAL INC                  330,909.16      32.625000         433,912.50      103,003.34      .26

          4,200.0000    ALUMINUM CO AMER                  264,841.81      81.625000         342,825.00       77,983.19      .21




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 2
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          3,900.0000    ALZA CORP COM                     126,802.07      19.250000          75,075.00      -51,727.07      .05

          5,400.0000    AMDAHL CORP                        71,610.41       9.750000          52,650.00      -18,960.41      .03

          4,400.0000    AMERADA HESS CORP                 183,310.13      45.500000         200,200.00       16,889.87      .12

         16,500.0000    AMERICAN BARRICK RES CORP         487,071.20      20.875000         344,437.50     -142,633.70      .21

          9,500.0000    AMERICAN BRANDS INC               337,948.54      35.375000         336,062.50       -1,886.04      .20

          8,700.0000    AMERICAN ELEC PWR INC             271,855.63      33.000000         287,100.00       15,244.37      .17

         23,400.0000    AMERICAN EXPRESS CO               524,034.65      29.625000         693,225.00      169,190.35      .42

          9,900.0000    AMERICAN GEN CORP                 228,237.70      26.250000         259,875.00       31,637.30      .16

          3,500.0000    AMERICAN GREETINGS CORP CL A       73,041.45      27.750000          97,125.00       24,083.55      .06

         14,400.0000    AMERICAN HOME PRODS CORP          838,555.60      65.125000         937,800.00       99,244.40      .57

         14,912.0000    AMERICAN INTL GROUP INC           846,751.60      91.625000       1,366,312.00      519,560.40      .83

          6,700.0000    AMERICAN STORES CO NEW            116,761.80      26.375000         176,712.50       59,950.70      .11

         25,900.0000    AMERITECH CORP NEW                796,322.06      39.500000       1,023,050.00      226,727.94      .62

          6,300.0000    AMGEN INC                         406,588.40      58.375000         367,762.50      -38,825.90      .22

         23,400.0000    AMOCO CORP                      1,090,029.94      60.750000       1,421,550.00      331,520.06      .86

          4,900.0000    AMP INC                           257,471.10      72.250000         354,025.00       96,553.90      .21

          3,600.0000    AMR CORP DEL                      224,060.61      50.750000         182,700.00      -41,360.61      .11

          1,200.0000    ANDREW CORP                        19,113.76      48.750000          58,500.00       39,386.24      .04

         12,500.0000    ANHEUSER BUSCH COS INC            563,228.84      49.125000         614,062.50       50,833.66      .37

          5,600.0000    APPLE COMPUTER INC                238,296.53      37.250000         208,600.00      -29,696.53      .13

         16,168.0000    ARCHER DANIELS MIDLAND CO         291,898.57      27.625000         446,641.00      154,742.43      .27

          4,900.0000    ARMCO INC                          35,663.46       6.125000          30,012.50       -5,650.96      .02




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 3
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          1,800.0000    ARMSTRONG WORLD INDS INC           62,988.39      40.000000          72,000.00        9,011.61      .04

          2,000.0000    ASARCO INC                         48,956.43      27.375000          54,750.00        5,793.57      .03

          2,800.0000    ASHLAND OIL INC                    89,764.33      34.000000          95,200.00        5,435.67      .06

         74,117.0000    AT & T CORP                     3,126,325.55      49.125000       3,640,997.63      514,672.08     2.21

          7,600.0000    ATLANTIC RICHFIELD CO             748,562.72     103.500000         786,600.00       38,037.28      .48

          2,200.0000    AUTODESK INC                       46,315.09      37.625000          82,775.00       36,459.91      .05

          6,600.0000    AUTOMATIC DATA PROCESSING INC     250,918.73      55.875000         368,775.00      117,856.27      .22

          2,700.0000    AVERY DENNISON CORP                68,513.88      32.250000          87,075.00       18,561.12      .05

          3,400.0000    AVON PRODS INC                    153,927.97      61.875000         210,375.00       56,447.03      .13

          6,600.0000    BAKER HUGHES INC                  133,902.62      18.000000         118,800.00      -15,102.62      .07

          1,400.0000    BALL CORP                          40,784.40      28.125000          39,375.00       -1,409.40      .02

          2,200.0000    BALLY ENTMT CORP                   18,057.47       5.875000          12,925.00       -5,132.47      .01

          6,950.0000    BALTIMORE GAS & ELEC CO           152,704.02      22.625000         157,243.75        4,539.73      .10

         19,288.0000    BANC ONE CORP                     600,879.36      26.875000         518,365.00      -82,514.36      .31

          5,000.0000    BANK OF BOSTON CORP COM           114,636.89      26.750000         133,750.00       19,113.11      .08

         17,544.0000    BANKAMERICA CORP                  688,115.92      41.000000         719,304.00       31,188.08      .44

          3,800.0000    BANKERS TR N Y CORP               203,016.98      59.250000         225,150.00       22,133.02      .14

          2,400.0000    BARD C R INC                       55,795.24      26.000000          62,400.00        6,604.76      .04

          4,600.0000    BARNETT BKS INC                   172,980.27      39.375000         181,125.00        8,144.73      .11

            712.0000    BASSETT FURNITURE INDS INC         19,563.51      28.500000          20,292.00          728.49      .01

          2,800.0000    BAUSCH & LOMB INC                 102,653.12      33.375000          93,450.00       -9,203.12      .06

         13,300.0000    BAXTER INTL INC                   351,974.28      25.750000         342,475.00       -9,499.28      .21




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 4
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          3,400.0000    BECTON DICKINSON & CO             113,519.79      47.250000         160,650.00       47,130.21      .10

         20,600.0000    BELL ATLANTIC CORP                927,790.50      50.125000       1,032,575.00      104,784.50      .63

         23,400.0000    BELLSOUTH CORP                  1,132,593.10      51.875000       1,213,875.00       81,281.90      .74

          2,400.0000    BEMIS INC                          44,634.86      22.125000          53,100.00        8,465.14      .03

          2,500.0000    BENEFICIAL CORP                    73,602.31      36.500000          91,250.00       17,647.69      .06

          5,100.0000    BETHLEHEM STL CORP                 79,764.11      17.750000          90,525.00       10,760.89      .05

          3,900.0000    BEVERLY ENTERPRISES INC            39,751.48      14.125000          55,087.50       15,336.02      .03

          5,400.0000    BIOMET INC                         66,517.96      12.250000          66,150.00         -367.96      .04

          4,000.0000    BLACK & DECKER CORP                77,855.31      24.000000          96,000.00       18,144.69      .06

          5,000.0000    BLOCK H & R INC                   136,321.65      34.625000         173,125.00       36,803.35      .10

          4,900.0000    BOATMENS BANCSHARES INC           120,642.59      27.875000         136,587.50       15,944.91      .08

         16,050.0000    BOEING CO                         579,094.29      44.750000         718,237.50      139,143.21      .44

          1,800.0000    BOISE CASCADE CORP                 55,580.27      24.250000          43,650.00      -11,930.27      .03

          6,700.0000    BORDEN INC                        182,232.09      14.000000          93,800.00      -88,432.09      .06

          1,400.0000    BRIGGS & STRATTON CORP             29,479.23      33.500000          46,900.00       17,420.77      .03

         24,000.0000    BRISTOL MYERS SQUIBB            1,334,192.47      57.750000       1,386,000.00       51,807.53      .84

          3,300.0000    BROWN FORMAN CORP CL B             75,999.67      29.875000          98,587.50       22,587.83      .06

            800.0000    BROWN GROUP INC                    22,893.21      31.750000          25,400.00        2,506.79      .02

          9,200.0000    BROWNING FERRIS INDS INC          240,436.17      27.000000         248,400.00        7,963.83      .15

          3,700.0000    BRUNOS INC                         59,168.50       8.750000          32,375.00      -26,793.50      .02

          4,500.0000    BRUNSWICK CORP                     66,828.17      17.250000          77,625.00       10,796.83      .05

          4,200.0000    BURLINGTON NORTHN INC             151,979.30      48.750000         204,750.00       52,770.70      .12




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 5
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          6,100.0000    BURLINGTON RES INC                275,910.41      35.750000         218,075.00      -57,835.41      .13

         11,800.0000    CAMPBELL SOUP CO                  359,477.10      43.000000         507,400.00      147,922.90      .31

          7,300.0000    CAPITAL CITIES ABC INC            310,946.32      81.750000         596,775.00      285,828.68      .36

          7,600.0000    CAROLINA PWR & LT CO              193,515.95      26.750000         203,300.00        9,784.05      .12

          9,600.0000    CATERPILLAR INC                   258,133.71      54.000000         518,400.00      260,266.29      .31

          3,085.0000    CBS INC                           110,833.41      55.500000         171,217.50       60,384.09      .10

          1,400.0000    CENTEX CORP                        24,320.11      20.375000          28,525.00        4,204.89      .02

          8,900.0000    CENTRAL & SOUTH WEST CORP         210,485.12      21.250000         189,125.00      -21,360.12      .11

          2,100.0000    CERIDIAN CORP                      33,983.44      25.000000          52,500.00       18,516.56      .03

          4,400.0000    CHAMPION INTL CORP                132,569.80      34.750000         152,900.00       20,330.20      .09

          4,900.0000    CHARMING SHOPPES INC               59,823.92       6.750000          33,075.00      -26,748.92      .02

          8,700.0000    CHASE MANHATTAN CORP              252,203.41      35.750000         311,025.00       58,821.59      .19

         11,918.0000    CHEMICAL BKG CORP                 401,093.32      36.375000         433,517.25       32,423.93      .26

         30,800.0000    CHEVRON CORP                    1,100,139.52      43.625000       1,343,650.00      243,510.48      .81

         16,700.0000    CHRYSLER CORP                     462,629.64      48.375000         807,862.50      345,232.86      .49

          4,100.0000    CHUBB CORP                        257,796.53      70.250000         288,025.00       30,228.47      .17

          3,400.0000    CIGNA CORP                        188,071.92      63.375000         215,475.00       27,403.08      .13

          1,600.0000    CINCINNATI MILACRON INC            31,108.70      23.875000          38,200.00        7,091.30      .02

          6,962.0000    CINERGY CORP                      143,809.66      22.250000         154,904.50       11,094.84      .09

          4,500.0000    CIRCUIT CITY STORES INC            77,047.98      24.625000         110,812.50       33,764.52      .07

         12,300.0000    CISCO SYS INC                     401,882.88      32.250000         396,675.00       -5,207.88      .24

         18,400.0000    CITICORP                          440,453.66      41.625000         765,900.00      325,446.34      .46




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 6
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
            800.0000    CLARK EQUIP CO                     23,583.10      55.125000          44,100.00       20,516.90      .03

          2,500.0000    CLOROX CO                          99,985.95      58.250000         145,625.00       45,639.05      .09

          4,950.0000    COASTAL CORP                      123,097.50      25.750000         127,462.50        4,365.00      .08

         60,900.0000    COCA COLA CO                    2,078,220.78      51.125000       3,113,512.50    1,035,291.72     1.89

          6,900.0000    COLGATE PALMOLIVE CO              295,879.44      60.000000         414,000.00      118,120.56      .25

          2,400.0000    COLUMBIA GAS SYS INC               69,257.44      24.625000          59,100.00      -10,157.44      .04

         15,892.0000    COLUMBIA/HCA HEALTHCARE CORP      487,134.22      37.875000         601,909.50      114,775.28      .36

         11,225.0000    COMCAST CORP CL A SPL             249,680.06      15.875000         178,196.88      -71,483.18      .11

          2,100.0000    COMMUNITY PSYCHIATRIC CTRS         34,048.66      10.000000          21,000.00      -13,048.66      .01

         12,200.0000    COMPAQ COMPUTER CORP              165,985.10      39.125000         477,325.00      311,339.90      .29

          7,650.0000    COMPUTER ASSOC INTL INC           132,391.08      45.500000         348,075.00      215,683.92      .21

          2,400.0000    COMPUTER SCIENCES CORP             49,607.96      46.125000         110,700.00       61,092.04      .07

         11,700.0000    CONAGRA INC                       277,492.21      30.875000         361,237.50       83,745.29      .22

          3,700.0000    CONRAIL INC                       128,290.86      52.000000         192,400.00       64,109.14      .12

         11,100.0000    CONSOLIDATED EDISON CO NY INC     301,364.02      25.875000         287,212.50      -14,151.52      .17

          1,700.0000    CONSOLIDATED FREIGHTWAYS INC       32,902.00      19.375000          32,937.50           35.50      .02

          4,400.0000    CONSOLIDATED NAT GAS CO           181,544.67      35.000000         154,000.00      -27,544.67      .09

          2,600.0000    CONTINENTAL CORP                   81,520.48      14.500000          37,700.00      -43,820.48      .02

          5,400.0000    COOPER INDS INC                   221,658.00      34.750000         187,650.00      -34,008.00      .11

          3,900.0000    COOPER TIRE & RUBR CO              77,371.87      23.375000          91,162.50       13,790.63      .06

          1,800.0000    COORS ADOLPH CO CL B               35,865.85      15.750000          28,350.00       -7,515.85      .02

          6,800.0000    CORESTATES FINL CORP              156,204.32      24.750000         168,300.00       12,095.68      .10




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 7
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
         10,400.0000    CORNING INC                       296,678.36      30.000000         312,000.00       15,321.64      .19

          7,000.0000    CPC INTL INC                      257,898.70      51.250000         358,750.00      100,851.30      .22

          1,450.0000    CRANE CO                           30,008.44      26.000000          37,700.00        7,691.56      .02

          1,200.0000    CRAY RESH INC                      62,968.50      18.375000          22,050.00      -40,918.50      .01

          4,200.0000    CROWN CORK & SEAL INC             111,769.15      37.750000         158,550.00       46,780.85      .10

          4,908.0000    CSX CORP                          261,467.38      69.500000         341,106.00       79,638.62      .21

          2,000.0000    CUMMINS ENGINE INC                 64,094.62      43.500000          87,000.00       22,905.38      .05

          4,350.0000    CYPRUS AMAX MINERALS CO           114,110.06      25.000000         108,750.00       -5,360.06      .07

          4,700.0000    DANA CORP                          94,168.02      21.625000         101,637.50        7,469.48      .06

          1,700.0000    DATA GEN CORP                      24,235.13      10.750000          18,275.00       -5,960.13      .01

          3,400.0000    DAYTON HUDSON CORP                219,189.69      81.625000         277,525.00       58,335.31      .17

          8,101.0000    DEAN WITTER DISCOVER & CO          74,160.03      35.000000         283,535.00      209,374.97      .17

          4,100.0000    DEERE & CO                        196,628.09      64.250000         263,425.00       66,796.91      .16

          2,400.0000    DELTA AIR LINES INC DEL           129,863.81      50.125000         120,300.00       -9,563.81      .07

          3,900.0000    DELUXE CORP                       145,553.03      27.750000         108,225.00      -37,328.03      .07

          6,900.0000    DETROIT EDISON CO                 183,957.18      26.750000         184,575.00          617.82      .11

          4,300.0000    DIAL CORP ARIZ                     73,742.35      20.000000          86,000.00       12,257.65      .05

          6,500.0000    DIGITAL EQUIP CORP                393,057.06      34.000000         221,000.00     -172,057.06      .13

          5,300.0000    DILLARD DEPT STORES INC CL A      158,044.53      28.125000         149,062.50       -8,982.03      .09

         25,400.0000    DISNEY WALT CO                    883,934.69      43.625000       1,108,075.00      224,140.31      .67

          7,950.0000    DOMINION RES INC VA               279,152.16      37.125000         295,143.75       15,991.59      .18

          7,300.0000    DONNELLEY R R & SONS CO           176,732.78      28.625000         208,962.50       32,229.72      .13





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 8
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          2,700.0000    DOVER CORP                         98,375.58      51.125000         138,037.50       39,661.92      .08

         13,050.0000    DOW CHEM CO                       745,286.83      64.000000         835,200.00       89,913.17      .51

          4,700.0000    DOW JONES & CO INC                155,255.50      29.000000         136,300.00      -18,955.50      .08

          8,700.0000    DRESSER INDS INC                  156,278.02      20.000000         174,000.00       17,721.98      .11

          5,300.0000    DSC COMMUNICATIONS CORP            54,592.64      31.250000         165,625.00      111,032.36      .10

         32,100.0000    DU PONT E I DE NEMOURS & CO     1,477,520.97      53.875000       1,729,387.50      251,866.53     1.05

          9,700.0000    DUKE PWR CO                       296,374.05      40.750000         395,275.00       98,900.95      .24

          8,000.0000    DUN & BRADSTREET CORP             432,547.20      52.875000         423,000.00       -9,547.20      .26

          1,600.0000    E SYS INC PAR $1                   55,868.79      36.625000          58,600.00        2,731.21      .04

          1,000.0000    EASTERN ENTERPRISES                24,759.05      25.500000          25,500.00          740.95      .02

          3,925.0000    EASTMAN CHEM CO                     9,957.23      47.125000         184,965.63      175,008.40      .11

         15,700.0000    EASTMAN KODAK CO                  695,028.05      45.625000         716,312.50       21,284.45      .43

          3,600.0000    EATON CORP                        133,155.53      47.625000         171,450.00       38,294.47      .10

          2,800.0000    ECHLIN INC                         53,337.85      30.250000          84,700.00       31,362.15      .05

          5,300.0000    ECHO BAY MINES LTD                 53,506.68      10.375000          54,987.50        1,480.82      .03

          3,000.0000    ECOLAB INC                         48,128.67      20.375000          61,125.00       12,996.33      .04

          2,600.0000    EG & G INC                         52,303.21      14.750000          38,350.00      -13,953.21      .02

         10,600.0000    EMERSON ELEC CO                   485,097.32      59.000000         625,400.00      140,302.68      .38

          4,600.0000    ENGELHARD CORP                     72,537.67      22.000000         101,200.00       28,662.33      .06

         11,800.0000    ENRON CORP                        234,648.65      27.000000         318,600.00       83,951.35      .19

          3,200.0000    ENSERCH CORP                       53,370.29      12.625000          40,400.00      -12,970.29      .02

         10,800.0000    ENTERGY CORP NEW                  291,190.82      22.500000         243,000.00      -48,190.82      .15




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 9
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
         58,600.0000    EXXON CORP                      3,293,921.25      60.375000       3,537,975.00      244,053.75     2.14

          2,600.0000    FEDERAL EXPRESS CORP              128,006.72      56.875000         147,875.00       19,868.28      .09

          8,500.0000    FEDERAL HOME LN MTG CORP          383,553.20      49.875000         423,937.50       40,384.30      .26
                        COMMON

         12,900.0000    FEDERAL NATL MTG ASSN             667,525.59      71.125000         917,512.50      249,986.91      .56

          2,000.0000    FEDERAL PAPER BRD INC              50,053.59      27.125000          54,250.00        4,196.41      .03

          4,400.0000    FIRST CHICAGO CORP                151,663.81      46.500000         204,600.00       52,936.19      .12

          5,200.0000    FIRST DATA CORP                   258,054.35      47.875000         248,950.00       -9,104.35      .15

          3,800.0000    FIRST FID BANCORPORATION NEW      145,277.01      45.000000         171,000.00       25,722.99      .10

          3,800.0000    FIRST INTST BANCORP               181,118.10      70.500000         267,900.00       86,781.90      .16

            900.0000    FIRST MISS CORP                     8,979.53      22.125000          19,912.50       10,932.97      .01

          8,100.0000    FIRST UN CORP                     291,536.24      39.875000         322,987.50       31,451.26      .20

          6,700.0000    FLEET FINL GROUP INC NEW          194,535.80      31.125000         208,537.50       14,001.70      .13

          2,200.0000    FLEETWOOD ENTERPRISES INC          34,574.56      19.625000          43,175.00        8,600.44      .03

          1,800.0000    FLEMING COS INC                    56,976.06      23.000000          41,400.00      -15,576.06      .03

          3,900.0000    FLUOR CORP                        130,139.52      42.875000         167,212.50       37,072.98      .10

          1,700.0000    FMC CORP NEW                       71,656.99      58.250000          99,025.00       27,368.01      .06

         47,600.0000    FORD MTR CO DEL                   984,557.00      27.125000       1,291,150.00      306,593.00      .78

          1,700.0000    FOSTER WHEELER CORP                40,832.94      28.625000          48,662.50        7,829.56      .03

          9,000.0000    FPL GROUP INC                     306,268.35      35.375000         318,375.00       12,106.65      .19

          6,900.0000    GANNETT INC                       306,218.48      47.375000         326,887.50       20,669.02      .20

          6,900.0000    GAP INC                           162,556.11      35.250000         243,225.00       80,668.89      .15





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 10
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          3,000.0000    GENERAL DYNAMICS CORP              97,668.39      40.250000         120,750.00       23,081.61      .07

         80,800.0000    GENERAL ELEC CO                 2,983,121.86      46.000000       3,716,800.00      733,678.14     2.25

          7,500.0000    GENERAL MLS INC                   381,826.17      53.750000         403,125.00       21,298.83      .24

         35,400.0000    GENERAL MTRS CORP               1,411,186.92      38.125000       1,349,625.00      -61,561.92      .82

          3,900.0000    GENERAL RE CORP                   318,781.86     117.375000         457,762.50      138,980.64      .28

          2,218.0000    GENERAL SIGNAL CORP                60,291.18      32.250000          71,530.50       11,239.32      .04

          5,850.0000    GENUINE PARTS CO                  169,795.80      34.875000         204,018.75       34,222.95      .12

          4,300.0000    GEORGIA PAC CORP                  231,955.40      71.500000         307,450.00       75,494.60      .19

          2,800.0000    GIANT FOOD INC CL A                57,530.13      22.375000          62,650.00        5,119.87      .04

          1,600.0000    GIDDINGS & LEWIS INC WIS           36,467.26      14.250000          22,800.00      -13,667.26      .01

         10,444.0000    GILLETTE CO                       422,311.35      73.500000         767,634.00      345,322.65      .47

          2,900.0000    GOLDEN WEST FINL CORP DEL          95,213.16      35.000000         101,500.00        6,286.84      .06

          1,200.0000    GOODRICH B F CO                    55,568.85      44.500000          53,400.00       -2,168.85      .03

          7,100.0000    GOODYEAR TIRE & RUBR CO           204,074.41      33.875000         240,512.50       36,438.09      .15

          4,400.0000    GRACE W R & CO                    144,212.87      37.000000         162,800.00       18,587.13      .10

          2,400.0000    GRAINGER W W INC                   99,239.29      51.875000         124,500.00       25,260.71      .08

          1,800.0000    GREAT ATLANTIC & PAC TEA INC       58,443.34      22.250000          40,050.00      -18,393.34      .02

          3,400.0000    GREAT LAKES CHEM CORP             202,329.18      53.000000         180,200.00      -22,129.18      .11

          6,300.0000    GREAT WESTN FINL CORP             108,770.83      17.000000         107,100.00       -1,670.83      .06

         45,200.0000    GTE CORP                        1,374,059.80      30.625000       1,384,250.00       10,190.20      .84

          5,400.0000    HALLIBURTON CO                    170,013.46      34.875000         188,325.00       18,311.54      .11

          1,550.0000    HANDLEMAN CO DEL                   18,565.36      11.500000          17,825.00         -740.36      .01




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 11
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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    HARCOURT GEN INC                   86,669.64      35.875000         132,737.50       46,067.86      .08

          1,400.0000    HARLAND JOHN H CO                  33,517.89      19.750000          27,650.00       -5,867.89      .02

          1,222.0000    HARNISCHFEGER INDS INC             25,015.19      26.625000          32,535.75        7,520.56      .02

          1,900.0000    HARRIS CORP DEL                    56,743.78      41.000000          77,900.00       21,156.22      .05

          1,500.0000    HARTMARX CORP                      15,177.97       5.375000           8,062.50       -7,115.47      .00

          4,100.0000    HASBRO INC                         92,919.99      29.500000         120,950.00       28,030.01      .07

         11,800.0000    HEINZ H J CO                      390,556.74      36.375000         429,225.00       38,668.26      .26

          1,200.0000    HELMERICH & PAYNE INC              29,619.87      28.000000          33,600.00        3,980.13      .02

          1,900.0000    HERCULES INC                      103,573.92     114.375000         217,312.50      113,738.58      .13

          4,100.0000    HERSHEY FOODS CORP                157,004.40      46.750000         191,675.00       34,670.60      .12

         12,000.0000    HEWLETT PACKARD CO                714,896.90      98.000000       1,176,000.00      461,103.10      .71

          2,300.0000    HILTON HOTELS CORP                103,853.80      69.500000         159,850.00       55,996.20      .10

         21,306.0000    HOME DEPOT INC                    598,296.67      46.250000         985,402.50      387,105.83      .60

          6,500.0000    HOMESTAKE MNG CO                   99,555.06      16.875000         109,687.50       10,132.44      .07

          6,100.0000    HONEYWELL INC                     164,051.19      29.250000         178,425.00       14,373.81      .11

          4,500.0000    HOUSEHOLD INTL INC                114,949.46      38.500000         173,250.00       58,300.54      .10

          6,200.0000    HOUSTON INDS INC                  246,584.40      34.000000         210,800.00      -35,784.40      .13

          5,300.0000    ILLINOIS TOOL WKS INC             139,453.69      40.500000         214,650.00       75,196.31      .13

          5,500.0000    INCO LTD                          133,650.35      27.500000         151,250.00       17,599.65      .09

          5,000.0000    INGERSOLL RAND CO                 130,816.35      32.250000         161,250.00       30,433.65      .10

          2,100.0000    INLAND STL INDS INC                57,061.50      32.750000          68,775.00       11,713.50      .04

         19,800.0000    INTEL CORP                        582,703.30      63.125000       1,249,875.00      667,171.70      .76





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 12
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
            336.0000    INTERCO INC NEW WT SER 1 EXP          300.00        .000000                .00         -300.00      .00
                           8/3/1999

            144.4800    INTERCO INC NEW WT SER 2 EXP          129.00       3.687500             532.77          403.77      .00
                           8/3/1999

          2,100.0000    INTERGRAPH CORP                    40,959.89       7.875000          16,537.50      -24,422.39      .01

          5,900.0000    INTERNATIONAL PAPER CO            408,546.98      71.500000         421,850.00       13,303.02      .26

          3,600.0000    INTERPUBLIC GROUP COS INC         119,810.02      31.625000         113,850.00       -5,960.02      .07

         27,500.0000    INTL BUSINESS MACHS CORP        2,456,070.34      70.750000       1,945,625.00     -510,445.34     1.18

          5,300.0000    INTL FLAVORS & FRAGRANCES INC     146,994.33      44.000000         233,200.00       86,205.67      .14

          5,500.0000    ITT CORP                          350,276.08      79.625000         437,937.50       87,661.42      .27

          3,900.0000    JAMES RIV CORP VA                 102,698.79      21.125000          82,387.50      -20,311.29      .05

          2,350.0000    JEFFERSON PILOT CORP               82,370.26      50.625000         118,968.75       36,598.49      .07

         30,400.0000    JOHNSON & JOHNSON               1,359,702.35      53.375000       1,622,600.00      262,897.65      .98

          1,900.0000    JOHNSON CTLS INC                   69,553.90      48.500000          92,150.00       22,596.10      .06

          2,100.0000    JOSTENS INC                        51,970.24      17.250000          36,225.00      -15,745.24      .02

         21,501.0000    K MART CORP                       436,848.21      14.500000         311,764.50     -125,083.71      .19

          1,573.0000    KAUFMAN & BROAD HOME CORP          22,315.83      12.750000          20,055.75       -2,260.08      .01

         10,600.0000    KELLOGG CO                        506,713.95      56.875000         602,875.00       96,161.05      .37

          2,400.0000    KERR MCGEE CORP                    96,192.67      47.250000         113,400.00       17,207.33      .07

         11,500.0000    KEYCORP NEW                       354,255.84      24.375000         280,312.50      -73,943.34      .17

          7,600.0000    KIMBERLY CLARK CORP               332,062.46      50.125000         380,950.00       48,887.54      .23

          1,700.0000    KING WORLD PRODTNS INC             42,746.21      34.875000          59,287.50       16,541.29      .04

          2,500.0000    KNIGHT RIDDER INC                 134,508.11      48.125000         120,312.50      -14,195.61      .07





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 13
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          5,500.0000    KROGER CO                         108,597.89      24.125000         132,687.50       24,089.61      .08

         13,800.0000    LILLY ELI & CO                    794,543.69      62.625000         864,225.00       69,681.31      .52

         16,900.0000    LIMITED INC                       343,924.78      19.375000         327,437.50      -16,487.28      .20

          4,500.0000    LINCOLN NATL CORP IND             139,437.11      38.875000         174,937.50       35,500.39      .11

          3,700.0000    LIZ CLAIBORNE INC                 121,668.71      22.625000          83,712.50      -37,956.21      .05

          3,000.0000    LOCKHEED CORP                     147,670.24      68.750000         206,250.00       58,579.76      .12

          1,000.0000    LONGS DRUG STORES CORP             32,974.81      31.375000          31,375.00       -1,599.81      .02

          3,900.0000    LORAL CORP                         79,431.08      39.625000         154,537.50       75,106.42      .09

          2,200.0000    LOTUS DEV CORP                     52,100.34      44.750000          98,450.00       46,349.66      .06

          1,600.0000    LOUISIANA LD & EXPL CO             57,630.87      41.000000          65,600.00        7,969.13      .04

          5,200.0000    LOUISIANA PAC CORP                102,157.44      28.000000         145,600.00       43,442.56      .09

          7,400.0000    LOWES COS INC                      89,296.21      37.375000         276,575.00      187,278.79      .17

          1,200.0000    LUBYS CAFETERIAS INC               21,564.77      22.000000          26,400.00        4,835.23      .02

          1,200.0000    M A COM INC                         9,393.11       6.250000           7,500.00       -1,893.11      .00

          3,600.0000    MALLINCKRODT GROUP INC             92,147.86      30.000000         108,000.00       15,852.14      .07

          2,950.0000    MANOR CARE INC                     52,383.82      28.375000          83,706.25       31,322.43      .05

          5,900.0000    MARRIOTT INTL INC                 120,355.16      26.250000         154,875.00       34,519.84      .09

          3,500.0000    MARSH & MCLENNAN COS INC          263,754.69      72.125000         252,437.50      -11,317.19      .15

          4,500.0000    MARTIN MARIETTA CORP NEW          124,697.61      43.375000         195,187.50       70,489.89      .12

          7,400.0000    MASCO CORP                        204,142.34      22.250000         164,650.00      -39,492.34      .10

          8,377.0000    MATTEL INC                        146,602.90      26.750000         224,084.75       77,481.85      .14

          6,300.0000    MAXUS ENERGY CORP                  50,176.39       3.750000          23,625.00      -26,551.39      .01




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 14
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
         11,724.0000    MAY DEPT STORES CO                320,480.23      36.250000         424,995.00      104,514.77      .26

          5,100.0000    MAYTAG CORP                        86,915.92      14.875000          75,862.50      -11,053.42      .05

          7,000.0000    MBNA CORP                         100,909.58      23.625000         165,375.00       64,465.42      .10

          2,500.0000    MCDERMOTT INTL INC                 56,975.71      23.750000          59,375.00        2,399.29      .04

         33,200.0000    MCDONALDS CORP                    666,835.37      28.375000         942,050.00      275,214.63      .57

          1,900.0000    MCDONNELL DOUGLAS CORP            110,801.63     139.500000         265,050.00      154,248.37      .16

          2,300.0000    MCGRAW HILL INC                   137,531.80      67.875000         156,112.50       18,580.70      .09

         30,600.0000    MCI COMMUNICATIONS CORP           506,340.29      19.500000         596,700.00       90,359.71      .36

          2,800.0000    MEAD CORP                         104,509.08      45.750000         128,100.00       23,590.92      .08

          5,500.0000    MEDTRONIC INC                     154,212.40      53.000000         291,500.00      137,287.60      .18

          6,900.0000    MELLON BK CORP                    219,803.45      33.125000         228,562.50        8,759.05      .14

          5,000.0000    MELVILLE CORP                     214,401.62      31.500000         157,500.00      -56,901.62      .10

          1,700.0000    MERCANTILE STORES INC              60,651.75      40.500000          68,850.00        8,198.25      .04

         59,500.0000    MERCK & CO INC                  2,395,787.76      37.250000       2,216,375.00     -179,412.76     1.34

            700.0000    MEREDITH CORP                      19,523.52      48.125000          33,687.50       14,163.98      .02

          9,200.0000    MERRILL LYNCH & CO INC            222,046.76      38.000000         349,600.00      127,553.24      .21

          4,800.0000    MICRON TECHNOLOGY INC             172,742.68      41.500000         199,200.00       26,457.32      .12

         27,200.0000    MICROSOFT CORP                  1,476,605.32      62.875000       1,710,200.00      233,594.68     1.04

          1,200.0000    MILLIPORE CORP                     42,549.54      47.875000          57,450.00       14,900.46      .03

         19,900.0000    MINNESOTA MNG & MFG CO            952,411.23      51.250000       1,019,875.00       67,463.77      .62

         18,800.0000    MOBIL CORP                      1,199,664.61      85.250000       1,602,700.00      403,035.39      .97

          5,600.0000    MONSANTO CO                       286,332.70      72.000000         403,200.00      116,867.30      .24





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 15
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          4,700.0000    MOORE LTD                          92,694.61      17.125000          80,487.50      -12,207.11      .05

          9,100.0000    MORGAN J P & CO INC               482,792.94      58.750000         534,625.00       51,832.06      .32

          1,500.0000    MORRISON KNUDSEN CORP              34,482.79      14.750000          22,125.00      -12,357.79      .01

          7,000.0000    MORTON INTL INC IND               123,871.01      27.500000         192,500.00       68,628.99      .12

         26,700.0000    MOTOROLA INC                      581,697.72      56.375000       1,505,212.50      923,514.78      .91

            400.0000    NACCO INDS INC CL A                16,727.22      52.125000          20,850.00        4,122.78      .01

          3,200.0000    NALCO CHEM CO                      98,977.76      32.500000         104,000.00        5,022.24      .06

          7,100.0000    NATIONAL CITY CORP                197,386.53      25.125000         178,387.50      -18,999.03      .11

          1,400.0000    NATIONAL ED CORP                   17,512.89       4.125000           5,775.00      -11,737.89      .00

          7,800.0000    NATIONAL MED ENTERPRISES INC      104,838.26      14.125000         110,175.00        5,336.74      .07

          5,800.0000    NATIONAL SEMICONDUCTOR CORP        72,034.41      18.375000         106,575.00       34,540.59      .06

          2,300.0000    NATIONAL SVC INDS INC              54,745.27      25.500000          58,650.00        3,904.73      .04

         12,971.0000    NATIONSBANK CORP                  537,813.00      44.875000         582,073.63       44,260.63      .35

          3,500.0000    NAVISTAR INTL CORP NEW             99,024.39      13.125000          45,937.50      -53,086.89      .03

          7,550.0000    NBD BANCORP INC                   198,362.52      27.125000         204,793.75        6,431.23      .12

          5,000.0000    NEW YORK TIMES CO CL A            139,947.06      23.750000         118,750.00      -21,197.06      .07

          7,458.0000    NEWELL CO                         127,151.31      21.500000         160,347.00       33,195.69      .10

          4,043.0000    NEWMONT MNG CORP                  129,600.72      36.625000         148,074.88       18,474.16      .09

          6,800.0000    NIAGARA MOHAWK PWR CORP           116,823.48      13.875000          94,350.00      -22,473.48      .06

          2,500.0000    NICOR INC                          55,903.62      22.500000          56,250.00          346.38      .03

          3,500.0000    NIKE INC CL B                     171,137.07      63.875000         223,562.50       52,425.43      .14

          5,800.0000    NORAM ENERGY CORP                  81,094.46       5.625000          32,625.00      -48,469.46      .02





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 16
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          3,900.0000    NORDSTROM INC                     119,008.69      48.250000         188,175.00       69,166.31      .11

          6,400.0000    NORFOLK SOUTHN CORP               309,366.08      60.500000         387,200.00       77,833.92      .23

          3,200.0000    NORTHERN STS PWR CO MINN          123,693.10      45.125000         144,400.00       20,706.90      .09

         11,900.0000    NORTHERN TELECOM LTD              366,774.21      32.000000         380,800.00       14,025.79      .23

          2,300.0000    NORTHROP GRUMMAN CORP              74,519.38      40.625000          93,437.50       18,918.12      .06

         15,000.0000    NORWEST CORP                      258,269.45      21.750000         326,250.00       67,980.55      .20

         17,500.0000    NOVELL INC                        429,069.50      19.875000         347,812.50      -81,257.00      .21

          4,100.0000    NUCOR CORP                        101,921.29      54.500000         223,450.00      121,528.71      .14

         19,900.0000    NYNEX CORP                        761,855.77      37.625000         748,737.50      -13,118.27      .45

         14,700.0000    OCCIDENTAL PETE CORP              332,377.74      19.625000         288,487.50      -43,890.24      .17

          2,100.0000    OGDEN CORP                         49,254.62      19.750000          41,475.00       -7,779.62      .03

          7,200.0000    OHIO EDISON CO                    151,398.21      18.500000         133,200.00      -18,198.21      .08

          1,300.0000    ONEOK INC                          19,927.98      17.250000          22,425.00        2,497.02      .01

         13,500.0000    ORACLE SYS CORP                   162,969.08      41.250000         556,875.00      393,905.92      .34

          4,600.0000    ORYX ENERGY CO                    110,750.06      12.125000          55,775.00      -54,975.06      .03

            700.0000    OSHKOSH B GOSH INC CL A            17,685.92      13.250000           9,275.00       -8,410.92      .01

            900.0000    OUTBOARD MARINE CORP               17,467.16      18.625000          16,762.50         -704.66      .01

          2,000.0000    OWENS CORNING FIBERGLAS CORP       55,790.69      29.000000          58,000.00        2,209.31      .04
                        NEW

          1,855.0000    PACCAR INC                         74,052.32      41.500000          76,982.50        2,930.18      .05

          3,900.0000    PACIFIC ENTERPRISES               118,639.86      21.375000          83,362.50      -35,277.36      .05

         20,300.0000    PACIFIC GAS & ELEC CO             559,084.32      23.875000         484,662.50      -74,421.82      .29

         20,000.0000    PACIFIC TELESIS GROUP             476,346.24      29.000000         580,000.00      103,653.76      .35





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 17
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
         13,300.0000    PACIFICORP                        270,002.51      18.500000         246,050.00      -23,952.51      .15

          5,433.0000    PALL CORP                          82,098.43      17.750000          96,435.75       14,337.32      .06

          5,700.0000    PANHANDLE EASTN CORP              112,193.70      21.125000         120,412.50        8,218.80      .07

          2,300.0000    PARKER HANNIFIN CORP               74,536.99      43.875000         100,912.50       26,375.51      .06

         10,500.0000    PECO ENERGY CO PFD COM            253,994.64      24.125000         253,312.50         -682.14      .15

         11,100.0000    PENNEY J C INC                    344,004.68      46.000000         510,600.00      166,595.32      .31

          2,200.0000    PENNZOIL CO                       137,504.06      48.375000         106,425.00      -31,079.06      .06

          1,600.0000    PEOPLES ENERGY CORP                39,258.39      24.500000          39,200.00          -58.39      .02

          2,900.0000    PEP BOYS MANNY MOE & JACK          57,818.24      32.375000          93,887.50       36,069.26      .06

         37,400.0000    PEPSICO INC                     1,046,973.68      35.375000       1,323,025.00      276,051.32      .80

          2,100.0000    PERKIN ELMER CORP                  65,931.43      27.625000          58,012.50       -7,918.93      .04

          4,800.0000    PET INC NEW                        84,893.47      16.875000          81,000.00       -3,893.47      .05

         14,400.0000    PFIZER INC                        787,659.11      77.375000       1,114,200.00      326,540.89      .68

          3,300.0000    PHELPS DODGE CORP                 112,802.08      57.250000         188,925.00       76,122.92      .11

         41,100.0000    PHILIP MORRIS COS INC           2,490,611.84      59.750000       2,455,725.00      -34,886.84     1.49

         12,300.0000    PHILLIPS PETE CO                  279,943.35      33.000000         405,900.00      125,956.65      .25

          4,200.0000    PIONEER HI BRED INTL              155,457.03      34.000000         142,800.00      -12,657.03      .09

          7,400.0000    PITNEY BOWES INC                  215,622.00      33.250000         246,050.00       30,428.00      .15

          2,000.0000    PITTSTON SERVICES GROUP            27,347.84      23.750000          47,500.00       20,152.16      .03

         11,300.0000    PLACER DOME INC                   158,455.32      18.750000         211,875.00       53,419.68      .13

         11,100.0000    PNC BK CORP                       275,106.36      20.750000         230,325.00      -44,781.36      .14

          2,206.0000    POLAROID CORP                      69,345.27      31.375000          69,213.25         -132.02      .04





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 18
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          1,400.0000    POTLATCH CORP                      54,136.38      37.500000          52,500.00       -1,636.38      .03

         10,000.0000    PPG INDS INC                      271,185.13      36.000000         360,000.00       88,814.87      .22

          6,400.0000    PRAXAIR INC                        97,707.18      20.250000         129,600.00       31,892.82      .08

          3,000.0000    PREMARK INTL INC                   58,620.34      45.500000         136,500.00       77,879.66      .08

         10,400.0000    PRICE/COSTCO INC                  191,342.11      15.375000         159,900.00      -31,442.11      .10

         32,284.0000    PROCTER & GAMBLE CO             1,500,565.87      62.500000       2,017,750.00      517,184.13     1.22

          4,850.0000    PROMUS COS INC                     55,468.41      27.750000         134,587.50       79,119.09      .08

          4,700.0000    PROVIDIAN CORP                    127,915.70      30.250000         142,175.00       14,259.30      .09

         11,600.0000    PUBLIC SVC ENTERPRISE GROUP       324,803.37      26.625000         308,850.00      -15,953.37      .19

          1,300.0000    PULTTE CORP COM                    24,709.05      20.125000          26,162.50        1,453.45      .02

          3,200.0000    QUAKER OATS CO                    175,657.33      60.875000         194,800.00       19,142.67      .12

          4,700.0000    RALSTON PURINA CO-RALSTON         195,122.64      42.875000         201,512.50        6,389.86      .12
                        PURINA GROUP

          2,000.0000    RAYCHEM CORP                       78,923.64      34.625000          69,250.00       -9,673.64      .04

          6,400.0000    RAYTHEON CO                       274,579.61      62.875000         402,400.00      127,820.39      .24

          3,900.0000    REEBOK INTL LTD                    97,049.11      38.375000         149,662.50       52,613.39      .09

          2,900.0000    REYNOLDS METALS CO                141,550.88      47.125000         136,662.50       -4,888.38      .08

          4,000.0000    RITE AID CORP                      76,121.03      22.625000          90,500.00       14,378.97      .05

          1,800.0000    ROADWAY SVCS INC                   95,784.06      50.500000          90,900.00       -4,884.06      .06

         10,400.0000    ROCKWELL INTL CORP                260,960.11      33.875000         352,300.00       91,339.89      .21

          3,200.0000    ROHM & HAAS CO                    156,093.01      55.750000         178,400.00       22,306.99      .11

          2,875.0000    ROLLINS ENVIRONMENTAL SVCS INC     32,151.32       4.750000          13,656.25      -18,495.07      .01




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 19
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          4,000.0000    ROWAN COS INC                      33,546.19       6.625000          26,500.00       -7,046.19      .02

         25,300.0000    ROYAL DUTCH PETE CO N Y REG SH  1,948,615.71     108.625000       2,748,212.50      799,596.79     1.67
                        PAR N GLDR 5

          7,700.0000    RUBBERMAID INC                    185,629.92      27.000000         207,900.00       22,270.08      .13

          1,900.0000    RUSSELL CORP                       50,624.45      30.375000          57,712.50        7,088.05      .03

          2,500.0000    RYANS FAMILY STEAK HOUSES INC      22,129.97       7.000000          17,500.00       -4,629.97      .01

          3,700.0000    RYDER SYS INC                      92,365.85      21.625000          80,012.50      -12,353.35      .05

          3,000.0000    SAFECO CORP                       132,187.08      49.187500         147,562.50       15,375.42      .09

          2,750.0000    SAFETY KLEEN CORP                  64,493.10      14.500000          39,875.00      -24,618.10      .02

          5,000.0000    SALOMON INC                       182,070.53      36.250000         181,250.00         -820.53      .11

          4,270.0000    SANTA FE ENERGY RES                68,195.28       8.375000          35,761.25      -32,434.03      .02

          8,853.0000    SANTA FE PAC CORP                  64,051.60      16.750000         148,287.75       84,236.15      .09

          6,200.0000    SANTA FE PAC GOLD CORP             66,356.68      12.625000          78,275.00       11,918.32      .05

         22,600.0000    SARA LEE CORP                     455,961.22      24.375000         550,875.00       94,913.78      .33

         21,100.0000    SCECORP                           418,393.10      14.000000         295,400.00     -122,993.10      .18

          9,100.0000    SCHERING PLOUGH CORP              414,273.75      74.875000         681,362.50      267,088.75      .41

         11,500.0000    SCHLUMBERGER LTD                  611,431.77      53.125000         610,937.50         -494.27      .37

          3,600.0000    SCIENTIFIC ATLANTA INC             27,268.74      19.750000          71,100.00       43,831.26      .04

          3,500.0000    SCOTT PAPER CO                    132,748.08      65.250000         228,375.00       95,626.92      .14

         17,600.0000    SEAGRAM LTD                       418,976.80      29.125000         512,600.00       93,623.20      .31

         16,600.0000    SEARS ROEBUCK & CO                700,703.45      47.250000         784,350.00       83,646.55      .48

          4,050.0000    SERVICE CORP INTL                  69,755.08      25.625000         103,781.25       34,026.17      .06

          1,100.0000    SHARED MED SYS CORP                25,998.96      30.125000          33,137.50        7,138.54      .02




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 20
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          5,600.0000    SHAWMUT NATL CORP                 113,235.06      17.750000          99,400.00      -13,835.06      .06

            186.0000    SHAWMUT NATL CORP WT                     .00       2.625000             488.25          488.25      .00
                        EXP 01/18/1996

          4,000.0000    SHERWIN WILLIAMS CO                91,431.92      30.750000         123,000.00       31,568.08      .07

          1,900.0000    SHONEYS INC                        38,377.67      13.750000          26,125.00      -12,252.67      .02

          2,400.0000    SIGMA ALDRICH CORP                 88,015.01      34.625000          83,100.00       -4,915.01      .05

            500.0000    SKYLINE CORP                        8,467.97      18.500000           9,250.00          782.03      .01

          2,000.0000    SNAP ON INC                        65,569.75      31.500000          63,000.00       -2,569.75      .04

          4,100.0000    SONAT INC                          81,195.09      28.125000         115,312.50       34,117.41      .07

         30,600.0000    SOUTHERN CO                       488,331.28      20.750000         634,950.00      146,618.72      .38

          6,700.0000    SOUTHWEST AIRLS CO                187,313.30      21.125000         141,537.50      -45,775.80      .09

         28,400.0000    SOUTHWESTERN BELL CORP            818,916.78      41.375000       1,175,050.00      356,133.22      .71

          1,900.0000    SP VENTURES INC                    60,562.50      31.375000          59,612.50         -950.00      .04

            800.0000    SPRINGS INDS INC                   27,413.27      37.125000          29,700.00        2,286.73      .02

         16,300.0000    SPRINT CORP                       508,531.37      29.875000         486,962.50      -21,568.87      .30

            600.0000    SPX CORP                           13,151.31      15.500000           9,300.00       -3,851.31      .01

          2,200.0000    ST JUDE MED INC                    73,416.10      39.875000          87,725.00       14,308.90      .05

          4,000.0000    ST PAUL COS INC                   129,427.92      41.250000         165,000.00       35,572.08      .10

          2,100.0000    STANLEY WKS                        78,437.42      35.750000          75,075.00       -3,362.42      .05

          4,274.0000    STONE CONTAINER CORP               83,041.18      16.375000          69,986.75      -13,054.43      .04

          2,300.0000    STRIDE RITE CORP                   40,713.36      12.375000          28,462.50      -12,250.86      .02

          5,000.0000    SUN INC                           143,649.74      29.125000         145,625.00        1,975.26      .09




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 21
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          4,500.0000    SUN MICROSYSTEMS INC              126,170.80      33.500000         150,750.00       24,579.20      .09

          5,800.0000    SUNTRUST BKS INC                  194,994.84      47.125000         273,325.00       78,330.16      .17

          3,400.0000    SUPERVALU INC                      85,253.42      24.500000          83,300.00       -1,953.42      .05

          8,700.0000    SYSCO CORP                        164,329.69      25.750000         224,025.00       59,695.31      .14

          5,400.0000    TANDEM COMPUTERS INC               97,930.29      17.000000          91,800.00       -6,130.29      .06

          2,978.0000    TANDY CORP                         91,637.89      46.125000         137,360.25       45,722.36      .08

          1,400.0000    TEKTRONIX INC                      33,619.28      37.375000          52,325.00       18,705.72      .03

         27,300.0000    TELE COMMUNICATIONS INC NEW A     506,990.72      23.625000         644,962.50      137,971.78      .39

          2,600.0000    TELEDYNE INC                       59,249.07      17.250000          44,850.00      -14,399.07      .03

          2,600.0000    TEMPLE INLAND INC                 100,751.10      44.875000         116,675.00       15,923.90      .07

          8,019.0000    TENNECO INC                       354,100.87      38.875000         311,738.63      -42,362.24      .19

         12,200.0000    TEXACO INC                        670,122.49      62.125000         757,925.00       87,802.51      .46

          4,400.0000    TEXAS INSTRS INC                  210,629.83      75.500000         332,200.00      121,570.17      .20

         10,700.0000    TEXAS UTILS CO                    411,009.70      32.625000         349,087.50      -61,922.20      .21

          4,200.0000    TEXTRON INC                       145,780.03      47.000000         197,400.00       51,619.97      .12

            900.0000    THOMAS & BETTS CORP                51,408.40      66.250000          59,625.00        8,216.60      .04

         17,900.0000    TIME WARNER INC                   471,539.53      33.750000         604,125.00      132,585.47      .37

          6,100.0000    TIMES MIRROR CO SER A             200,571.73      30.875000         188,337.50      -12,234.23      .11

          1,500.0000    TIMKEN CO                          42,992.72      32.250000          48,375.00        5,382.28      .03

          3,500.0000    TJX COS INC NEW                    71,033.85      15.125000          52,937.50      -18,096.35      .03

          3,400.0000    TORCHMARK CORP                    133,857.03      33.125000         112,625.00      -21,232.03      .07

         13,550.0000    TOYS R US INC                     384,223.47      36.625000         496,268.75      112,045.28      .30





<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 22
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          3,300.0000    TRANSAMERICA CORP                 136,954.86      47.375000         156,337.50       19,382.64      .09

          1,900.0000    TRANSCO ENERGY CO                  40,147.45      12.500000          23,750.00      -16,397.45      .01

         15,400.0000    TRAVELERS INC                     412,681.09      32.875000         506,275.00       93,593.91      .31

          3,200.0000    TRIBUNE CO NEW                    149,607.94      50.125000         160,400.00       10,792.06      .10

          1,400.0000    TRINOVA CORP                       35,990.29      29.625000          41,475.00        5,484.71      .03

          3,100.0000    TRW INC                           164,366.42      63.500000         196,850.00       32,483.58      .12

          3,600.0000    TYCO INTL LTD                     162,743.13      46.000000         165,600.00        2,856.87      .10

          4,700.0000    U S BANCORP ORE                    95,376.55      23.000000         108,100.00       12,723.45      .07

          7,500.0000    U S HEALTHCARE INC                349,876.87      44.750000         335,625.00      -14,251.87      .20

         21,500.0000    U S WEST INC                      775,688.69      35.250000         757,875.00      -17,813.69      .46

         10,100.0000    UNICOM CORP                       296,037.48      23.375000         236,087.50      -59,949.98      .14

          7,600.0000    UNILEVER N V ADR                  647,579.11     111.625000         848,350.00      200,770.89      .51

          3,300.0000    UNION CAMP CORP                   139,075.70      46.375000         153,037.50       13,961.80      .09

          7,100.0000    UNION CARBIDE CORP                 98,297.66      28.625000         203,237.50      104,939.84      .12

          4,800.0000    UNION ELEC CO                     169,534.51      35.875000         172,200.00        2,665.49      .10

          9,700.0000    UNION PAC CORP                    436,937.39      46.500000         451,050.00       14,112.61      .27

          8,100.0000    UNISYS CORP                       119,618.84       9.375000          75,937.50      -43,681.34      .05

          8,100.0000    UNITED HEALTHCARE CORP            379,468.07      47.500000         384,750.00        5,281.93      .23

          2,700.0000    UNITED STATES SURGICAL CORP       226,161.43      21.750000          58,725.00     -167,436.43      .04

          6,000.0000    UNITED TECHNOLOGIES CORP          288,351.30      58.500000         351,000.00       62,648.70      .21

         11,400.0000    UNOCAL CORP                       262,238.34      26.625000         303,525.00       41,286.66      .18

          3,600.0000    UNUM CORP                         203,453.86      36.500000         131,400.00      -72,053.86      .08




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 23
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          8,200.0000    UPJOHN CO                         273,466.71      32.125000         263,425.00      -10,041.71      .16

          2,800.0000    USAIR GROUP INC                    56,450.60       4.875000          13,650.00      -42,800.60      .01

          4,000.0000    USF&G CORP                         83,900.08      13.625000          54,500.00      -29,400.08      .03

          1,100.0000    USLIFE CORP                        32,199.85      32.250000          35,475.00        3,275.15      .02

          9,600.0000    UST INC                           201,848.26      27.625000         265,200.00       63,351.74      .16

         13,500.0000    USX-MARATHON GROUP NEW            310,716.14      18.000000         243,000.00      -67,716.14      .15

          3,600.0000    USX-U S STL GROUP                 108,042.87      34.375000         123,750.00       15,707.13      .07

          3,034.0000    V F CORP                          128,080.79      48.500000         147,149.00       19,068.21      .09

          2,050.0000    VARITY CORP NEW                    63,504.92      37.250000          76,362.50       12,857.58      .05

         16,500.0000    VIACOM INC CLASS B                551,700.81      38.500000         635,250.00       83,549.19      .38

          8,100.0000    WACHOVIA CORP NEW                 314,671.06      32.625000         264,262.50      -50,408.56      .16

        108,500.0000    WAL MART STORES INC             2,158,656.54      23.125000       2,509,062.50      350,405.96     1.52

          5,800.0000    WALGREEN CO                       170,815.82      41.500000         240,700.00       69,884.18      .15

          6,300.0000    WARNER LAMBERT CO                 351,690.71      77.375000         487,462.50      135,771.79      .30

          2,500.0000    WELLS FARGO & CO                  182,429.68     144.375000         360,937.50      178,507.82      .22

          4,800.0000    WENDYS INTL INC                    50,727.78      14.000000          67,200.00       16,472.22      .04

          2,400.0000    WESTERN ATLAS INC                  12,550.98      43.625000         104,700.00       92,149.02      .06

         16,800.0000    WESTINGHOUSE ELEC CORP            352,036.50      12.750000         214,200.00     -137,836.50      .13

          3,200.0000    WESTVACO CORP                     104,756.87      34.375000         110,000.00        5,243.13      .07

          9,750.0000    WEYERHAEUSER CO                   319,441.47      38.375000         374,156.25       54,714.78      .23

          3,500.0000    WHIRLPOOL CORP                    134,942.97      49.875000         174,562.50       39,619.53      .11

          5,000.0000    WHITMAN CORP                       58,604.67      15.875000          79,375.00       20,770.33      .05




<CAPTION>

FRC F220900                                               INVESTMENT DETAIL                                                PAGE: 24
UAL PILOTS S&P 500 INDEX FUND                                11/30/1994                                                    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>
          4,900.0000    WILLIAMS COS INC                   87,911.39      28.250000         138,425.00       50,513.61      .08

          3,500.0000    WINN DIXIE STORES INC             147,882.81      50.375000         176,312.50       28,429.69      .11

         22,800.0000    WMX TECHNOLOGIES INC              694,461.91      25.750000         587,100.00     -107,361.91      .36

          6,200.0000    WOOLWORTH CORP                    167,126.50      14.125000          87,575.00      -79,551.50      .05

          4,250.0000    WORTHINGTON INDS INC               58,994.63      20.000000          85,000.00       26,005.37      .05

          5,500.0000    WRIGLEY WM JR CO                  123,211.00      46.750000         257,125.00      133,914.00      .16

          5,026.0000    XEROX CORP                        351,064.98      98.250000         493,804.50      142,739.52      .30

          1,300.0000    YELLOW CORP COM                    36,791.13      19.625000          25,512.50      -11,278.63      .02

          2,100.0000    ZENITH ELECTRS CORP                21,813.28      12.250000          25,725.00        3,911.72      .02

            600.0000    ZURN INDS INC                      17,638.95      17.500000          10,500.00       -7,138.95      .01

TOTAL INVESTMENTS COMMON STOCK                        132,297,826.42                    155,959,986.80   23,662,160.38    94.50


                        TOTAL INVESTMENT              141,366,575.92                    165,028,736.30   23,662,160.38   100.00

</TABLE>


 




<TABLE>
<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                               PAGE: 1   
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                   HMFR005BF 
AGGRESSIVE/SPECIALTY EQUITY FD                                                                             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

       6,797,059.0000   TBC INC ISG POOLED EMPL FDS         6,797,059.00       1.000000       6,797,059.00               .00    3.87
                        12/31/1999

      15,633,383.0000   TBC INC ISG POOLED EMPL FDS        15,633,383.00       1.000000      15,633,383.00               .00    8.91
                        12/31/1999

       1,199,354.0000   TBC INC ISG POOLED EMPL FDS         1,199,354.00       1.000000       1,199,354.00               .00     .68
                        12/31/1999

       2,837,863.0000   TBC INC ISG POOLED EMPL FDS         2,837,863.00       1.000000       2,837,863.00               .00    1.62
                        12/31/1999

       1,000,000.0000   U S TREASURY BILLS                    984,987.22      98.498720         984,987.22               .00     .56
                        12/01/1994 OO 06/02/94

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS                  27,452,646.22                     27,452,646.22               .00   15.65


INVESTMENTS FIXED INCOME SECURITIES

       1,000,000.0000   U S TREASURY NOTES                  1,008,281.25     100.812500       1,008,125.00           -156.25     .57
                         8.375% 04/15/1995 OO 04/15/88

TOTAL INVESTMENTS FIXED INCOME SECURITIES                   1,008,281.25                      1,008,281.25           -156.25     .57


INVESTMENTS CONVERTIBLE SECURITIES

          24,833.0000   CELLULAR COMMUNICATIONS INC NE        465,545.57      50.000000       1,241,650.00        776,104.43     .71
                        RED PART PFO CONV $0.01

TOTAL INVESTMENTS CONVERTIBLE SECURITIES                      465,545.57                      1,241,650.00        776,104.43     .71


INVESTMENTS COMMON STOCK

          27,500.0000   ACTIVE VOICE CORP                     587,083.50      19.625000         539,687.50        -47,396.00     .31

          41,800.0000   ADFLEX SOLUTIONS INC                  613,068.51      15.125000         632,225.00         19,156.49     .36

          65,300.0000   AIRTOUCH COMMUNICATIONS INC         1,703,980.50      27.125000       1,717,012.50         13,032.00     .98



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 2
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
          27,000.0000   ALANTEC CORP                          378,075.00      21.000000         567,000.00        188,925.00     .32

          80,500.0000   ALKERMES INC                          963,309.82       3.250000         261,625.00       -701,684.82     .15

          17,000.0000   ALTERA CORP                           512,974.16      38.500000         654,500.00        141,525.84     .37

          26,000.0000   AMERICA ONLINE INC DEL                757,556.46      41.750000       1,085,500.00        327,943.54     .62

          19,600.0000   AMERICAN EAGLE OUTFITTERS INC         548,215.22      18.875000         369,950.00       -178,265.32     .21

          38,000.0000   AMERICAN MOBILE SATELLITE CORP        614,353.50      13.000000         494,000.00       -120,353.50     .28

          53,100.0000   ANALOG DEVICES INC                    516,671.08      33.125000       1,756,937.50      1,248,266.42    1.00

          26,000.0000   APOGEE ENTERPRISES INC                464,750.00      18.375000         477,750.00         13,000.00     .27

          15,000.0000   APOGEE INC                            255,000.00      13.500000         202,500.00        -52,500.00     .12

          24,000.0000   APPLIED DIGITAL ACCESS INC            447,750.00      24.000000         576,000.00        128,250.00     .33

           8,800.0000   ATMEL CORP                            117,416.53      34.000000         299,200.00        181,783.47     .17

          88,100.0000   AUTOTOTE CORP CL A                  1,745,803.43      12.750000       1,123,275.00       -622,528.43     .64

          14,700.0000   BABY SUPERSTORE INC                   640,602.80      40.250000         591,675.00        -48,927.80     .34

          24,500.0000   BARNES & NOBLES INC COM               620,058.00      27.375000         670,687.50         50,629.50     .38

          18,800.0000   BAYBANKS INC                          871,751.73      53,250000       1,001,100.00        129,348.27     .57

          42,700.0000   BED BATH & BEYOND INC               1,093,124.06      29.000000       1,238,300.00        145,175.94     .71

          46,500.0000   BEST BUY INC                        1,138,044.95      44.125000       2.051,612.50        913,767.55    1.17

         110,000.0000   BEST PRODS INC NEW                    908,157.50       6.125000         673,750.00       -234,407.50     .38

          45,600.0000   BIOGEN INC                          1,516,574.71      38.750000       1,747,000.00        250,425.29    1.01

          17,000.0000   BMC SOFTWARE INC                      763,300.00      44.000000         748,000.00        -15,300.00     .43

          19,600.0000   BMC SOFTWARE INC                      848,200.55      44.000000         862,400.00         14,199.45     .45

          38,000.0000   BOSTON CHICKEN INC                    757,773.46      15.250000         579,500.00       -178,273.46     .33



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 3
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
          45,000.0000   BROADWAY & SEYMOUR INC                613,125.00      19.500000         877,500.00        264,375.00     .50

           7,500.0000   BROOKSTONE INC                         90,468.75      14.250000         106,875.00         16,406.25     .06

          31,500.0000   CADENCE DESIGN SYS INC                441,606.70      20.625000         649,687.50        208,080.80     .37

          72,100.0000   CAIRN ENERGY USA INC                  520,436.75       8.000000         576,800.00         56,365.25     .33

          15,900.0000   CALLAWAY GOLF CO                      609,058.39      35.000000         556,500.00        -52,558.39     .32

          17,400.0000   CAPITAL RE CORP                       440,469.00      22.500000         391,500.00        -48,969.00     .22

          42,100.0000   CASE CORP                             831,475.00      19.625000         826,212.50         -5,262.50     .47

          48,200.0000   CHINA TIRE HOLDINGS LTD             1,105,599.19      15.000000         723,000.00       -382,599.19     .41

          22,500.0000   CHIPCOM CORP                          517,750.00      41.250000         928,125.00        410,375.00     .53

          23,600.0000   CIRCA PHARMACEUTICALS INC             290,752.00      17.125000         404,150.00        113,398.00     .23

          15,000.0000   COASTAL HEALTHCARE GROUP INC          356,250.00      32.250000         483,750.00        127,500.00     .28

          14,300.0000   COLUMBIA/HCA HEALTHCARE CORP          353,538.98      37.875000         541,612.50        188,073.52     .31

          20,000.0000   COMMUNITY PSYCHIATRIC CTRS            209,600.00      10.000000         200,000.00         -9,600.00     .11

           9,000.0000   COMPUWARE CORP                        288,090.77      37.000000         333,000.00         44,909.23     .19

          94,182.0000   CONTINENTAL MED SYS INC             1,139,831.42       7.125000         671,046.75       -468,784.67     .38

          52,000.0000   COR THERAPEUTICS INC                  630,415.00      13.375000         695,500.00         65,085.00     .40

          34,100.0000   CORPORATE EXPRESS INC                 545,600.00      21.250000         724,625.00        179,025.00     .41

          45,000.0000   CORVEL CORP                           506,315.00      23.375000       1,051,875.00        545,560.00     .60

          77,000.0000   COVENTRY CORP                       1,664,815.85      25.000000       1,925,000.00        260,184.15    1.10

          26,400.0000   CROSS TIMBERS OIL CO COM              360,534.50      14.625000         386,100.00         25,565.50     .22

          40,000.0000   CULLEN FROST BANKERS INC              557,155.73      31.500000       1,260,000.00        702,844.27     .72

          34,000.0000   CYPRESS SEMICONDUCTOR CORP            548,314.77      21.375000         726,750.00        178,435.23     .41



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 4
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
          62,100.0000   DELRINA CORP                        1,039,540.28      14.734380         915,005.00       -124,535.28     .52

          35,000.0000   DEVRY INC DEL                         938,125.00      28.750000       1,006,250.00         68,125.00     .57

          25,000.0000   DIGIDESIGN INC                        303,125.00      30.000000         750,000.00        446,875.00     .43

          26,000.0000   EDUCATIONAL INSIGHTS ICN              258,500.00       4.750000         123,500.00       -135,000.00     .07

          59,000.0000   EK CHOR CHINA MOTORCYCLE CO         1,392,638.54      18.125000       1,069,375.00       -323,263.54     .61

          16,755.0000   ELAN PLC ADR                          543,476.99      35.250000         590,613.75         47,136.76     .34

           3,122.0000   ELAN PLC UNIT 1 ADVANCED SYS           70,584.74      25.750000          80,391.50          9,806.76     .05
                        COM & 1 ADR WT EXP 95

           2,400.0000   ELAN PLC WT EXP                        45,507.00      20.250000          48,600.00          3,093.00     .03

          17,300.0000   EXABYTE CORP                          282,449.66      21.125000         365,462.50         83,012.84     .21

          21,500.0000   FOOTE CONE & BELDING                  798,588.57      41.375000         889,562.50         90,973.93     .51
                        COMMUNICATIONS INC

          19,700.0000   FOOTHILL GROUP INC CL A               213,358.07      15.250000         300,425.00         87,066.93     .17

          50,000.0000   FOUNDATION HEALTH CORP                938,563.64      36.375000       1,818,750.00        880,186.36    1.04

          45,100.0000   GEN DATACOMM INDS INC                 979,287.80      27.625000       1,245,887.50        266,599.70     .71

          14,800.0000   GEN DATACOMM INDS INC                 181,233.35      27.625000         408,850.00        227,616.65     .23

          23,900.0000   GENZYME CORP                          729,315.10      29.750000         711,025.00        -18,290.10     .41

          39,000.0000   GMIS INC                              471,000.00      19.062500         743,437.50        272,437.50     .42

          20,400.0000   GP FINL CORP                          426,482.40      20.375000         415,650.00        -10,832.40     .24

          35,000.0000   GREYHOUND LINES INC                   202,725.00       2.187500          76,562.50       -126,162.50     .04

          21,010.0000   GRUPO IUSACELL S A DE C V             627,879.10      29.000000         609,290.00        -18,589.10     .35
                        SPONSORED ADR REPSTG 10 SER L

          10,000.0000   GULF SOUTH MED SUPPLY INC             262,500.00      30.000000         300,000.00         37,500.00     .17



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 5
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
          60,800.0000   GYMBOREE CORP                       1,149,160.03      30.500000       1,854,400.00        705,239.97    1.06

           7,500.0000   HARMAN INTL INDS INC NEW              183,535.66      34.500000         258,750.00         75,214.34     .15

          86,362,000    HEALTH MGMT ASSOC INC NEW CL A        475,162.18      23.000000       1,986,326.00      1,511,163.82    1.13

          20,800.0000   HEALTH SYS INTL INC                   551,263.08      24.625000         512,200.00        -39,063.08     .29

          37,500.0000   HEALTHSOURCE INC                    1,248,836.80      35.875000       1,345,312.50         96,475.70     .77

          34,800.0000   HEART TECHNOLOGY INC                  679,306.73      20.000000         696,000.00         16,693.27     .40

          18,540.0000   HILLHAVEN CORP NEV COM NEW            296,195.97      21.250000         393,975.00         97,779.03     .22

          47,616.0000   HOME DEPOT INC                      1,707,332.80      46.250000       2,202,240.00        494,907.20    1.26

          77,400.0000   HOME SHOPPING NETWORK INC             969,416.69      10.625000         822,375.00       -147,041.69     .47

          54,000.0000   HOMEDCO GROUP INC                     959,507.46      36.000000       1,944,000.00        984,492.54    1.11

          32,500.0000   HOST MARRIOTT CORP COM                174,717.78       9.500000         308,750.00        134,032.22     .18

          19,500.0000   IMMUNE RESPONSE CORP DEL              196,217.40       7.500000         146,250.00        -49,967.40     .08

          49,500.0000   INFORMATION RES INC                   964,081.00      15.000000         742,500.00       -221,581.00     .42

          89,000.0000   INFRASONICS INC NEW                 1,071,013.00       3.625000         322,625.00       -748,388.00     .18

          28,000.0000   INPUT/OUTPUT INC                      652,611.90      19.375000         542,500.00       -110,111.90     .31

          18,800.0000   INTEGRATED DEVICE TECH INC            415,399.99      26.000000         488,800.00         73,400.01     .26

          37,500.0000   INTELCOM GROUP INC COM                551,062.50      15.500000         581,250.00         30,187.50     .33

             453.0000   INTELLICALL INC                              .00       3.875000           1,755.38          1,755.38     .00

          65,500.0000   INTERNATIONAL CABLECASTING            348,250.00       1.750000         114,625.00       -233,625.00     .07
                        TECHNOLOGIES INC

          25,000.0000   INTERNATIONAL RECTIFIER CORP          576,750.00      21.750000         543,750.00        -33,000.00     .31

          21,200.0000   INTERPOOL INC                         333,495.06      13.750000         291,500.00        -41,995.06     .17

          20,400.0000   ITEL CORP NEW                         707,072.35      35.250000         719,100.00         12,027.65     .41



<CAPTION>


FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 6
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
           3,700.0000   KELLWOOD CO                            93,906.00      20.500000          75,850.00        -18,056.00     .04

          31,000.0000   KOMAG INC                             708,566.88      24.500000         759,500.00         50,933.12     .43

         135,000.0000   LA QUINTA INNS INC                    622,728.21      21.250000       2,868,750.00      2,246,021.79    1.64

          19,000.0000   LANDSTAR SYS INC COM                  299,520.75      25.500000         484,500.00        184,979.25     .28

         107,680.0000   LAWTER INTL INC                       847,424.12      12.000000       1,292,256.00        444,831.88     .74

           2,500.0000   LIBERTY CORP                           70,462.50      25.500000          63,750.00         -6,712.50     .04

          22,800.0000   LIFE PARTNERS GROUP INC               440,987.39      20.250000         461,700.00         20,712.61     .26

          13,059.0000   LIN BROADCASTING CORP               1,124,761.88     143.500000       1,873,966.50        749,204.62    1.07

          23,900.0000   LONE STAR STEAKHOUSE SALOON           497,982.60      22.000000         525,800.00         27,817.40     .30

          28,500.0000   MAC FRUGALS BARGAINS CLOSE            515,220.02      19.500000         555,750.00         90,529.98     .32
                        OUTS INC

          18,200.0000   MAGNA GROUP INC                       321,050.11      18.375000         334,425.00         13,374.89     .19

          25,300.0000   MATTSON TECHNOLOGY INC                340,149.15      20.250000         512,325.00        172,175.65     .29

          92,499.0000   MERCURY FIN CO                        402,861.40      13.000000       1,202,487.00        799,625.60     .69

          13,900.0000   MICHAELS STORES INC                   523,718.54      39.625000         550,787.50         27,068.96     .31

           8,600.0000   MICHIGAN NATL CORP                    512,636.31      75.625000         650,375.00        137,738.69     .37

          33,400.0000   MICROSOFT CORP                      1,542,692.60      62.875000       2,100,025.00        557,332.40    1.20

          14,100.0000   MIDLANTIC CORP                        276,245.21      26.500000         373,650.00         97,404.79     .21

          55,000.0000   MILLER HERMAN INC                   1,025,091.81      25.125000       1,381.875.00        356,783.19     .79

          10,000.0000   MINERAIS TECHNOLOGIES INC             248,342.51      27.500000         275,000.00         26,657.49     .16

          21,000.0000   MINNESOTA EDL COMPUTING CORP          193,935.00      17.250000         362,250.00        168,315.00     .21

          81,900.0000   MOBILE TELECOMMUNICTNS TECH         1,765,782.45      17.375000       1,423,012.50       -342,769.95     .81



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 7
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
          34,800.0000   MOBILE TELECOMMUNICTNS TECH           626,904.00      17.375000         604,650.00        -22,254.00     .34

          34,500.0000   MULTIMEDIA INC NEW                    768,613.57      28.750000         991,875.00        223,261.43     .57

          13,000.0000   MUTUAL RISK MGMT LTD                  338,875.28      24.750000         321,750.00        -17,125.28     .18

          20,700.0000   NASHUA CORP                           517,479.50      21.000000         434,700.00        -82,779.50     .25

           6,500.0000   NATIONAL RE CORP                      219,258.46      23.625000         153,562.50        -65,695.96     .09

          10,000.0000   NETMANAGE INC                         126,250.00      25.250000         252,500.00        126,250.00     .14

           5,000.0000   NETWORK GEN CORP                      105,125.00      22.750000         113,750.00          8,625.00     .06

          55,800.0000   NEUROGEN CORP                         379,027.00       6.875000         383,625.00          4,598.00     .22

          56,700.0000   NORTH AMERN VACCINE INC               682,238.30      11.000000         623,700.00        -58,538.30     .36

          35,000.0000   NORTHERN TR CORP                    1,039,715.26      33.750000       1,181,250.00        141,534.74     .67

          26,050.0000   O CHARLEYS INC                        163,059.07      10.500000         273,525.00        110,465.93     .16

          61,200.0000   OFFICE DEPOT INC                      728,924.42      23.750000       1,453,500.00        724,575.58     .83

          10,500.0000   OMNICARE INC                          414,750.00      41.625000         437,062.50         22,312.50     .25

          47,600.0000   ORACLE SYS CORP                       872,756.10      41.250000       1,963,500.00      1,090,743.90    1.12

          26,000.0000   OUTBACK STEAKHOUSE INC                468,346.66      25.750000         669,500.00        201,153.34     .38

          25,700.0000   OXFORD HEALTH PLANS INC             1,342,004.54      70.000000       1,799,000.00        456,995.46    1.03

          28,650.0000   PAGING NETWORK INC                    600,073.30      31.500000         902,475.00        302,401.70     .51

          10,000.0000   PAIRGAIN TECHNOLOGIES INC COM         145,000.00      14.250000         142,500.00         -2,500.00     .08

          17,000.0000   PARAMETRIC TECHNOLOGY CORP            432,007.97      34.750000         590,750.00        158,742.03     .34

           9,700.0000   PARKER & PARSLEY PETE CO DEL          223,061.08      23.125000         224,312.50          1,251.42     .13

          34,500.0000   PARTNERRE HOLDINGS LTD                780,848.85      18.750000         646,875.00       -133,973.85     .37

          18,300.0000   PEOPLESOFT INC                        573,619.10      63.000000       1,152,900.00        579,280.90     .66



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 8
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
          39,900.0000   PETSMART INC                          992,001.91      29.750000       1,187,025.00        195,023.09     .68

          17,800.0000   PETSMART INC                          443,426.95      29.750000         529,550.00         86,123.05     .30

           9,400.0000   PHYSICIAN CORP AMER                   191,710.15      25.750000         242,050.00         50,339.85     .14

          25,400.0000   PHYSICIAN SALES & SVC INC             288,979.50      15.375000         390,525.00        101,545.50     .22

          30,000.0000   PROGRESS SOFTWARE CORP              1,160,462.96      36.250000       1,087,500.00        -72,962.96     .62

          30,000.0000   PYXIS CORP                            880,498.33      17.187500         515,625.00       -364,873.33     .29

          27,100.0000   QUALCOMM INC                          538,189.14      30.750000         833,325.00        295,135.86     .48

          44,500.0000   QUANTUM HEALTH RES INC                873,750.00      38.500000       1,713,250.00        839,500.00     .98

          47,800.0000   QUIKSILVER INC                        583,819.72      16.375000         782,725.00        198,905.28     .45

          23,500.0000   READ-RITE CORP                        415,656.25      16.312500         383,343.75        -32,312.50     .22

          35,000.0000   RFS HOTEL INVS INC COM                612,464.00      14.000000         490,000.00       -122,464.00     .28

          90,000.0000   RICHFOOD HLDGS INC                    764,035.71      15.125000       1,361,250.00        597,214.29     .78

          38,400.0000   RIVERWOOD INTL CORP                   598,175.40      15.375000         590,400.00         -7,775.40     .34

          34,726.0000   ROOSEVELT FINL GROUP INC              575,193.75      14.750000         512,208.50        -62,985.25     .29

          30,100.0000   SAFECARD SVCS INC                     520,934.68      15.750000         474,075.00        -46,859.68     .27

          30,000.0000   SEI CORP                              552,150.00      19.000000         570,000.00         17,850.00     .32

          65,000.0000   SERVICE CORP INTL                     954,076.86      25.625000       1,665,625.00        711,548.14     .95

          18,300.0000   SHONEYS INC                           367,548.00      13.750000         251,625.00       -115,923.00     .14

          34,000.0000   SILICON GRAPHICS INC                  585,025.40      30.750000       1,045,500.00        460,474.60     .60

         110,700.0000   SIZZLER INTL INC                    1,361,761.62       5.625000         622,687.50       -739,074.12     .35

          10,900.0000   SMITH A O CORP                        218,054.50      22.500000         245,250.00         27,195.50     .14

          25,000.0000   SOFTDESK INC                          371,875.00      23.250000         581,250.00        209,375.00     .33



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 9
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
         130,625.0000   SOTHEBYS HLDGS INC CL A             1,749,560.10      11.750000       1,534,843.75       -214,716.35     .87

          17,500.0000   SPECTRIAN CORP                        218,750.00      25.000000         437,500.00        218,750.00     .25

          30,300.0000   SPORTS & REC INC                      637,915.09      22.750000         689,325.00         51,409.91     .39

          17,900.0000   SPORTS AUTH INC                       410,620.00      22.750000         407,225.00         -3,395.00     .23

          56,100.0000   STARBUCKS CORP                      1,249,447.62      26.812500       1,504,181.25        254,733.63     .86

         128,000.0000   STATE OF THE ART INC                1,106,125.71       6.875000         880,000.00       -226,125.71     .50

          60,000.0000   STEWART ENTERPRISES INC CL A          799,230.77      23.750000       1,425,000.00        625,769.23     .81

           6,450.0000   STEWART ENTERPRISES INC CL A          122,538.16      23.750000         153,187.50         30,649.34     .09

          10,000.0000   SUMMIT CARE CORP                      153,750.00      18.750000         187,500.00         33,750.00     .11

          35,900.0000   SYBASE INC                            924,881.69      48.500000       1,741,150.00        816,268.31     .99

           5,000.0000   SYBASE INC                            236,875.00      48.500000         242,500.00          5,625.00     .14

          20,400.0000   SYSTEMS & COMPUTER TECHNOLOGY         422,025.00      19.250000         392,700.00        -29,325.00     .22

          11,700.0000   TCA CABLE TV INC                      283,192.95      23.000000         269,100.00        -14,092.95     .15

          28,800.0000   TECH DATA CORP                        481,968.00      17.000000         489,600.00          7,632.00     .28

         119,700.0000   TECHNOLOGY SOLUTIONS CO             1,571,927.50       8.125000         972,562.50       -599,365.00     .55

          40,300.0000   TELEPHONE & DATA SYS INC            1,511,969.21      43.375000       1,748,012.50        236,043.29    1.00

           8,900.0000   TELLABS INC                           427,643.80      47.750000         424,975.00         -2,668.80     .24

          12,500.0000   TERADYNE INC                          388,517.75      31.250000         390,625.00          2,107.25     .22

          76,700.0000   TESORO PETE CORP                      781,916.64       9.125000         699,887.50        -82,029.14     .40

          10,000.0000   TESSCO TECHNOLOGIES INC               176,820.00      16.250000         162,500.00        -14,320.00     .09

          33,100.0000   TEVA PHARMACEUTICAL INDS LTD          803,929.70      25.375000         839,912.50         35,982.80     .48
                        ADR

          27,000.0000   TEXAS MERIDIAN RES CORP               227,662.49      12.750000         344,250.00        116,587.51     .20



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 10
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>
          20,000.0000   THERATX INC                           261,180.00      22.250000         445,000.00        183,820.00     .25

          21,700.0000   THERATX INC                           260,400.00      22.250000         482,825.00        222,425.00     .28

           7,100.0000   TIG HLDGS INC                         162,317.19      17.500000         124,250.00        -38,067.19     .07

          65,000.0000   TOKOS MED CORP DEL                  1,097,400.00       6.750000         438,750.00       -658,650.00     .25

         123,500.0000   TOPPS INC                           1,781,132.50       6.000000         741,000.00     -1,040,132.50     .42

          34,600.0000   TRIANGLE PAC CORP DEL                 383,040.02      11.875000         410,875.00         27,834.98     .23

          79,000.0000   TRINZIC CORP                          471,672.50       5.125000         404,875.00        -66,797.50     .23

          28,000.0000   U S TRUST CORP                      1,105,333.48      63.500000       1,778,000.00        672,666.52    1.01

          50,000.0000   UJB FINL CORP                         727,907.32      24.375000       1,218,750.00        490,842.68     .69

          11,400.0000   UNITED WASTE SYSTEMS                  140,015.04      20.500000         233,700.00         93,684.96     .13

          62,250.0000   VANGUARD CELLULAR SYS INC CL A      1,097,119.29      26.500000       1,649,625.00        552,505.71     .94

          27,000.0000   VANGUARD CELLULAR SYS INC CL A        398,430.00      26.500000         715,500.00        317,070.00     .41

          51,300.0000   VENTRITEX INC                       1,398,780.09      25.500000       1,308,150.00        -90,630.09     .75

          16,900.0000   VESTA INS GROUP INC                   423,683.00      25.625000         433,062.50          9,379.50     .25

          70,000.0000   VIEWLOGIC SYS INC                   1,201,433.33      21.500000       1,505,000.00        303,566.67     .86

          37,900.0000   WALL DATA INC                       1,730,399.50      34.000000       1,288,600.00       -441,799.50     .73

          32,400.0000   WILEY JOHN & SONS INC CL A            592,915.00      43.250000       1,401,300.00        808,385.00     .80

          27,500.0000   XCELLENT INC                          302,187.50      15.500000         426,250.00        124,062.50     .24

TOTAL INVESTMENTS COMMON STOCK                            122,914,472.66                    145,732,755.13     22,818,282.47   83.07


                        TOTAL INVESTMENT                  151,840,945.70                    175,435,176.35     23,594,230.65  100.00



<CAPTION>

FRC G000500                                               INVESTMENT DETAIL                                                PAGE: 11
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
AGGRESSIVE/SPECIALTY 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>

</TABLE>





<TABLE>
<CAPTION>

FRC G000400                                               INVESTMENT DETAIL                                                PAGE: 1  
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
GROWTH 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

       7,665,133.0000   TBC INC ISG POOLED EMPL FDS         7,665,133.00       1.000000       7,665,133.00               .00    4.22
                        12/31/1999

      37,577,042.0000   TBC INC ISG POOLED EMPL FDS        37,577,042.00       1.000000      37,577,042.00               .00   20.67
                        12/31/1999

         298,766.0000   TBC INC ISG POOLED EMPL FDS           298,766.00       1.000000         298,766.00               .00     .16
                        12/31/1999

       1,500,000.0000   U S TREASURY BILLS                  1,477,480.83      98.498720       1,477,480.83               .00     .81
                        12/01/1994 DD 06/02/94

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS                  47,018,421.83                     47,018,421.83               .00   25.86

INVESTMENTS FIXED INCOME SECURITIES

       1,500,000.0000   U S TREASURY NOTES                  1,512,421.88     100.812500       1,512,187.50           -234.38     .83
                         8.375% 04/15/1995 DD 04/15/88

         150,000.0000   U S TREASURY NOTES                    149,121.09      99.383990         149,075.99            -45.10     .08
                        03.875% 03/31/1995 DD 03/31/93

TOTAL INVESTMENTS FIXED INCOME SECURITIES                   1,661,542.97                      1,661,263.49           -279.48     .91

INVESTMENTS COMMON STOCK

          81,500.0000   AIRTOUCH COMMUNICATIONS INC         1,889,417.85      27.125000       2,210,687.50        321,269.65    1.22

          34,600.0000   AIRTOUCH COMMUNICATIONS INC           974,609.60      27.125000         938,525.00        -36,084.60     .52

             600.0000   ALLIEDSIGNAL INC                       22,521.00      32.625000          19,575.00         -2,946.00     .01

          11,600.0000   AMERICAN INTL GROUP INC             1,033,488.64      91.625000       1,062,850.00         29,361.36     .58

          23,900.0000   AMR CORP DEL                        1,370,067.90      50.750000       1,212,925.00       -157,142.90     .67

          68,800.0000   AUTOZONE INC                        1,078,386.29      25.625000       1,763,000.00        684,613.71     .97

          31,500.0000   BANKAMERICA CORP                    1,475,099.70      41.000000       1,291,500.00       -183,599.70     .71



<CAPTION>

FRC G000400                                               INVESTMENT DETAIL                                                PAGE: 2  
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
GROWTH 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>
          57,400.0000   BEST BUY INC                        1,071,045.67      44.125000       2,532,775.00      1,461,729.33    1.39

          21,500.0000   BEST BUY INC                          607,937.50      44.125000         948,687.50        340,750.00     .52

          89,300.0000   BETHLEHEM STL CORP                  1,894,102.60      17.750000       1,585,075.00       -309,027.60     .87

          57,100.0000   BIOGEN INC                          2,318,376.95      38.750000       2,212,625.00       -105,751.95    1.22

          61,100.0000   BLOCK H & R INC                     2,632,546.10      34.625000       2,115,587.50       -516,958.60    1.16

          47,900.0000   BOSTON CHICKEN INC                    945,282.60      15.250000         730,475.00       -214,807.60     .40

          69,525.0000   BRINKER INTL INC                    1,019,053.42      17.000000       1,181,925.00        162,871.58     .65

          23,800.0000   BRITISH AIRWAYS PLC ADR             1,457,848.00      60.125000       1,430,975.00        -26,873.00     .79
                        2ND INSTALLMENT

          19,600.0000   CATERPILLAR INC                     1,110,615.30      54.000000       1,058,400.00        -52,215.30     .58

          87,000.0000   CHRYSLER CORP                       4,422,896.33      48.375000       4,208,625.00       -214,271.33    2.31

          27,900.0000   CITICORP                            1,001,234.49      41.625000       1,161,337.50        160,103.01     .64

          10,300.0000   COLUMBIA/HCA HEALTHCARE CORP          397,137.89      37.875000         390,112.50         -7,025.39     .21

          50,200.0000   COMCAST CORP CL A SPL                 901,285.45      15.875000         796,925.00       -104,360.45     .44

          53,800.0000   COMPAQ COMPUTER CORP                1,771,155.92      39.125000       2,104,925.00        333,769.08    1.16

          22,700.0000   CONRAIL INC                         1,197,148.81      52.000000       1,180,400.00        -16,748.81     .65

          54,425.0000   CRACKER BARREL OLD CTRY STORE         936,363.32      18.875000       1,027,271.88         90,908.56     .57
                        INC

          43,700.0000   CUC INTL INC                        1,300,800.90      30.750000       1,343,775.00         42,974.10     .74

           6,200.0000   DEERE & CO                            431,263.60      64.250000         398,350.00        -32,913.60     .22

           5,100.0000   DISNEY WALT CO                        197,982.00      43.625000         222,487.50         24,505.50     .12

          55,300.0000   DSC COMMUNICATIONS CORP             1,726,883.28      31.250000       1,728,125.00          1,241.72     .95

          34,000.0000   DU PONT E I DE NEMOURS & CO         1,999,550.40      53.875000       1,831,750.00       -167,800.40    1.01



<CAPTION>

FRC G000400                                               INVESTMENT DETAIL                                                PAGE: 3  
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
GROWTH 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>
          35,700.0000   E M C CORP MASS                       646,832.30      22.500000         803,250.00        156,417.70     .44

          42,100.0000   ERICSSON L M TEL CO ADR CL B        2,087,979.72      55.500000       2,336,550.00        248,570.28    1.29
                        SEK 10

          16,500.0000   FEDERAL HOME LN MTG CORP              854,339.60      49.875000         822,937.50        -31,402.10     .45
                        COMMON

          38,700.0000   FEDERAL NATL MTG ASSN               2,843,636.71      71.125000       2,752,537.50        -91,099.21    1.51

          52,800.0000   FIRST BK SYS INC                    1,708,329.60      33.250000       1,755,600.00         47,270.40     .97

          44,000.0000   FORD MTR CO DEL                     1,298,102.60      27.125000       1,193,500.00       -104,602.60     .66

          42,900.0000   GENERAL INSTR CORP NEW              1,037,618.83      30.000000       1,287,000.00        249,381.17     .71

          83,700.0000   GENERAL MTRS CORP                   4,194,936.00      38.125000       3,191,062.50     -1,003,873.50    1.76

          12,400.0000   GEORGIA PAC CORP                      882,828.10      71.500000         886,600.00          3,771.90     .49

           7,100.0000   HERCULES INC                          733,612.91     114.375000         812,062.50         78,449.59     .45

          57,257.0000   HOME DEPOT INC                      1,782,178.17      46.250000       2,648,136.25        865,958.08    1.46

          83,400.0000   INFORMIX CORP                       1,411,460.32      28.750000       2,397,750.00        986,289.68    1.32

          38,900.0000   INTEL CORP                          1,874,205.40      63.125000       2,455,562.50        581,357.10    1.35

          62,800.0000   INTEL CORP                          3,044,305.83      63.125000       3,964,250.00        919,944.17    2.18

          11,000.0000   KLM ROYAL DUTCH AIRLS                 300,410.00      24.625000         270,875.00        -29,535.00     .15
                        COM NY REG

          22,200.0000   KOHLS CORP                          1,077,117.00      43.125000         957,375.00       -119,742.00     .53

          20,495.0000   LIN BROADCASTING CORP               1,596,364.33     143.500000       2,941,032.50      1,344,668.17    1.62

          52,700.0000   LOWES COS INC                         917,563.16      37.375000       1,969,662.50      1,052,099.34    1.08

          44,000.0000   LTV CORP NEW                          833,805.00      15.750000         693,000.00       -140,805.00     .38

          36,700.0000   MBNA CORP                             887,284.00      23.625000         867,037.50        -20,246.50     .48




<CAPTION>

FRC G000400                                               INVESTMENT DETAIL                                                PAGE: 4  
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
GROWTH 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>
          21,100.0000   MCI COMMUNICATIONS CORP               483,161.66      19.500000         411,450.00        -71,711.66     .23

         106,700.0000   MERRILL LYNCH & CO INC              3,516,116.28      38.000000       4,054,600.00        538,483.72    2.23

          51,800.0000   MICROSOFT CORP                      1,631,019.17      62.875000       3,256,925.00      1,625,905.83    1.79

           1,400.0000   MICROSOFT CORP                         56,718.81      62.875000          88,025.00         31,306.19     .05

          31,400.0000   MIRAGE RESORTS INC                    631,295.87      19.750000         620,150.00        -11,145.87     .34

           8,500.0000   MONSANTO CO                           653,216.50      72.000000         612,000.00        -41,216.50     .34

          24,000.0000   MORGAN STANLEY GROUP INC            1,485,406.62      59.125000       1,419,000.00        -66,406.62     .78

           8,400.0000   MORTON INTL INC IND                   234,739.07      27.500000         231,000.00         -3,739.07     .13

          46,000.0000   MOTOROLA INC                        1,213,715.43      56.375000       2,593,250.00      1,379,534.57    1.43

          35,100.0000   MOTOROLA INC                        1,274,157.98      56.375000       1,978,762.50        704,604.52    1.09

          27,300.0000   NATIONSBANK CORP                    1,314,136.00      44.875000       1,225,087.50        -89,048.50     .67

          40,500.0000   NORTHWEST AIRLS CORP CL A             746,557.00      16.625000         673,312.50        -73,244.50     .37

         152,700.0000   NORWEST CORP                        3,568,811.07      21.750000       3,321,225.00       -247,586.07    1.83

          56,850.0000   OFFICE DEPOT INC                      760,967.03      23.750000       1,350,187.50        589,220.47     .74

          59,700.0000   OFFICEMAX INC                       1,444,777.10      24.625000       1,470,112.50         25,335.40     .81

          58,800.0000   ORACLE SYS CORP                       574,536.86      41.250000       2,425,500.00      1,850,963.14    1.33

          32,400.0000   OXFORD HEALTH PLANS INC             1,789,602.34      70.000000       2,268,000.00        478,397.66    1.25

          48,900.0000   PETSMART INC                        1,426,109.06      29.750000       1,454,775.00         28,665.94     .80

          29,700.0000   PROGRESSIVE CORP OHIO               1,210,043.00      33.250000         987,525.00       -222,518.00     .54

          52,700.0000   PYXIS CORP                          1,546,829.10      17.187500         905,781.25       -641,047.85     .50

          53,100.0000   ROGERS CANTEL MOBILE COMMN INC      1,418,053.28      29.375000       1,559,812.50        141,759.22     .86
                        CL B SUB VTG

          49,800.0000   SENSORMATIC ELECTRS CORP            1,447,176.44      32.250000       1,606,050.00        158,873.56     .88



<CAPTION>

FRC G000400                                               INVESTMENT DETAIL                                                PAGE: 5  
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
GROWTH 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>
          23,600.0000   SOUTHERN PACIFIC RAIL CORP            405,280.00      18.250000         430,700.00         25,420.00     .24

          55,000.0000   SOUTHWEST AIRLS CO                  1,524,206.99      21.125000       1,161,875.00       -362,331.99     .64

         103,800.0000   STAPLES INC                         1,515,349.51      21.750000       2,257,650.00        742,300.49    1.24

          36,000.0000   STARBUCKS CORP                      1,011,721.70      26.812500         965,250.00        -46,471.70     .53

          45,300.0000   SYBASE INC                          1,537,292.48      48.500000       2,197,050.00        659,757.52    1.21

          81,100.0000   TELE COMMUNICATIONS INC NEW A       1,722,663.44      23.625000       1,915,987.50        193,324.06    1.05

           8,000.0000   TELEFONOS DE MEXICO S A               408,134.00      53.000000         424,000.00         15,866.00     .23
                        SPONSORED ADR REPSTG SH ORD L

          47,604.0000   TRAVELERS INC                       2,091,082.06      32.875000       1,564,981.50       -526,100.56     .86

          12,652.0000   TSL HOLDINGS PURCHASE COUPON                 .00        .000000                .00               .00     .00
                        EXP 11/30/1993

          19,200.0000   U S HEALTHCARE INC                    733,169.40      44.750000         859,200.00        126,030.60     .47

          47,300.0000   UNITED HEALTHCARE CORP              1,940,663.91      47.500000       2,246,750.00        306,086.09    1.24

          68,000.0000   UNITED HEALTHCARE CORP              2,041,789.36      47.500000       3,230,000.00      1,188,210.64    1.78

           3,736.0000   VIACOM INC CLASS A                    151,094.91      39.875000         148,973.00         -2,121.91     .08

          42,207.0000   VIACOM INC CLASS B                  1,624,901.00      38.500000       1,624,969.50             68.50     .89

         213,500.0000   VIACOM INC VARIABLE COM RT            282,448.50       1.500000         320,250.00         37,801.50     .18

          90,900.0000   VODAFONE GROUP PLC SPONSORED        1,868,053.35      32.500000       2,954,250.00      1,086,196.65    1.62
                        ADR

          81,600.0000   WAL MART STORES INC                 1,827,052.93      23.125000       1,887,000.00         59,947.07    1.04

           4,700.0000   WAL MART STORES INC                   129,115.43      23.125000         108,687.50        -20,427.93     .06

          39,600.0000   WASTE MGMT INTL PLC SPONSORED         823,040.77      15.875000         628,650.00       -194,390.77     .35
                        ADR

TOTAL INVESTMENTS COMMON STOCK                            117,261,216.50                    133,134,208.38     15,872,991.88   73.23



<CAPTION>

FRC G000400                                               INVESTMENT DETAIL                                                PAGE: 6  
UAL PILOTS DIRECTED ACCOUNT                                  11/30/1994                                                    HMFR005BF
GROWTH 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>

                        TOTAL INVESTMENT                  165,941,181.30                    181,813,893.70     15,872,712.40  100.00

</TABLE>





<TABLE>
<CAPTION>

FRC F220300                                               INVESTMENT DETAIL                                               PAGE: 1   
UAL INTER/LONG TERM BOND FUND-                               11/30/1994                                                   HMFR005BF 
SANFORD C BERNSTEIN & CO                                                                                   BASE CURRENCY: USD       

                                     Item 27a: Schedule of Assets Held for Investment Details

             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

         706,299.0000   TBC INC ISG POOLED EMPL FDS           706,299.00       1.000000         706,299.00               .00    1.00
                        12/31/1999

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS                     706,299.00                        706,299.00               .00    1.00

INVESTMENTS FIXED INCOME SECURITIES

         330,000.0000   AUBURN HILLS TR GTD CTF EXCH          289,384.27     130.750000         431,475.00        142,090.73     .61
                        VAR/RT 05/01/2020

         170,000.0000   CITICORP MTG SECS 94-11 CL A-9        132,560.90      74.195000         126,131.50         -6,429.40     .18
                        6.250% 08/25/2024

         980,000.0000   COMMIT TO PUR FHLMC GOLD              961,012.50      98.531250         965,606.25          4,593.75    1.36
                        8.500% 11/01/2024

         380,000.0000   COMMIT TO PUR GNMA                    361,356.25      95.343750         362,306.25            950.00     .51
                        8.000% 11/15/2024

       2,645,000.0000   COMMIT TO PUR GNMA                  2,504,484.37      95.343750       2,521,842.19         17,357.82    3.56
                        8.000% 11/15/2024

       1,315,000.0000   COMMIT TO PUR GNMA                  1,246,373.44      95.343750       1,253,770.31          7,396.87    1.77
                        8.000% 11/15/2024

         820,000.0000   COMMIT TO PUR GNMA                    801,037.50      98.062500         804,112.50          3,075.00    1.13
                        8.500% 11/15/2024

       1,640,000.0000   COMMIT TO PUR GNMA                  1,606,175.00      98.062500       1,608,225.00          2,050.00    2.27
                        8.500% 11/15/2024

         825,000.0000   COMMIT TO PUR GNMA                    805,406.25      98.062500         809,015.63          3,609.38    1.14
                        8.500% 11/15/2024

         165,000.0000   CWMBS INC MTG PASS THRU 93-12         125,013.28      75.765624         125,013.28               .00     .18
                        6.625% 02/25/2024

         320,000.0000   DELTA AIRLINES INC                    320,000.00      97.250000         311,200.00         -8,800.00     .44
                        10.375% 12/15/2022 DD 12/15/92





<CAPTION>

FRC F220300                                               INVESTMENT DETAIL                                               PAGE: 2   
UAL INTER/LONG TERM BOND FUND-                               11/30/1994                                                   HMFR005BF 
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>
       1,975,000.3900   FHLMC GROUP #C0-0343                1,903,406.63      95.468750       1,885,508.18        -17,898.45    2.66
                        8.000% 05/01/2024 DD 05/01/94

         786,003.1760   FHLMC GROUP #C0-0353                  798,038.85      98.551340         774,616.66        -23,422.19    1.09
                        8.500% 06/01/2024 DD 06/01/94

         699,120.6600   FHLMC GROUP #D5-6350                  711,792.22      98.187500         686,449.10        -25,343.12     .97
                        8.500% 09/01/2024 DD 09/01/94

         220,809.7120   FHLMC GROUP #25-4527                  203,006.94      97.584250         215,475.50         12,468.56     .30
                        8.000% 01/01/2009 DD 06/01/85

         135,693.6650   FHLMC GROUP #25-5850                  128,283.51      97.892040         132,833.30          4,549.79     .19
                        8.000% 06/01/2015 DD 08/01/85

         373,252.6170   FHLMC GROUP #29-6016                  393,198.31      99.053530         369,719.89        -23,478.42     .52
                        8.500% 06/01/2017 DD 06/01/87

         715,000.0000   GENERAL MTRS ACCEP CORP MTN           712,297.30      97.750000         698,912.50        -13,384.80     .99
                        6.250% 06/10/1996 DD 06/10/94

         355,000.0000   GENERAL MTRS ACCEP MTN TR#0029        357,268.45     100.000000         355,000.00         -2,268.45     .50
                        6.750% 12/19/1994 DD 12/17/91

               5.5850   GNMA POOL #0289770                          5.82     107.590840               6.01               .19     .00
                        10.500% 08/15/2020 DD 09/01/90

         263,662.6850   GNMA II POOL #0000058                 277,175.41      99.596390         262,598.52        -14,576.89     .37
                        9.000% 07/20/2022 DD 07/01/92

         505,000.0000   ITT CORP DEB                          494,349.55      99.875000         504,368.75         10,019.20     .71
                        8.250% 08/01/2001

         370,000.0000   LEHMAN BROS INC SR SUB NT             380,038.10     104.000000         384,800.00          4,761.90     .54
                        10.000% 05/15/1999

         310,000.0000   LEHMAN BROS INC SR SUB NTS             309,308.70     97.250000         301,475.00         -7,833.70     .43
                        7.000% 5/15/1997 DD 5/27/94

         220,000.0000   SALOMON INC MED TERM SR NTS BK         227,752.80    100.375000         220,825.00         -6,927.80     .31
                        9.500% 02/06/1995 DD 04/08/92

         500,000.0000   SALOMON INC MTN # SR 00320             499,895.00    100.375000         501,875.00          1,980.00     .71
                        9.500% 02/06/1995 DD 02/06/91




<CAPTION>

FRC F220300                                               INVESTMENT DETAIL                                               PAGE: 3   
UAL INTER/LONG TERM BOND FUND-                               11/30/1994                                                   HMFR005BF 
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>

       8,705,000.0000   U S TREASURY BONDS                  8,534,611.22      91.599000       7,973,692.95       -560,918.27   11.25
                        7.250% 05/15/2016 DD 05/15/86

       4,270,000.0000   U S TREASURY BONDS                  4,230,889.11      93.978990       4,012,902.87       -217,986.24    5.66
                        07.500% 11/15/2016 DD 11/15/86

       2,965,000.0000   U S TREASURY NOTES                  3,057,656.25      99.778990       2,958,447.05        -99,209.20    4.18
                        7.250% 11/15/1996 DD 11/15/86

       7,280,000.0000   U S TREASURY NOTES                  7,435,941.63     100.204990       7,294,923.27       -141,018.36   10.29
                        7.375% 05/15/1996 DD 05/15/86

       2,875,000.0000   U S TREASURY NOTES                  2,788,896.87      95.909000       2,757,383.75        -31,513.12    3.89
                        04.250% 05/15/1996 DD 05/17/93

       2,400,000.0000   U S TREASURY NOTES                  2,312,437.50      95.392990       2,289,431.76        -23,005.74    3.23
                        04.375% 08/15/1996 DD 08/16/93

         455,000.0000   U S TREASURY NOTES                    415,756.25      86.690990         394,444.00        -21,312.25     .56
                        05.750% 08/15/2003 DD 08/15/93

      17,300,000.0000   U S TREASURY NOTES                 17,236,800.02      98.256990      16,998,459.27       -238,340.75   23.99
                        06.250% 08/31/1996 DD 08/31/94

       4,630,000.0000   U S TREASURY NOTES                  4,544,228.12      97.745990       4,525,639.34        -18,588.78    6.39
                        06.500% 05/15/1997 DD 05/16/94

       4,295,000.0000   U S TREASURY NOTES                  4,460,089.06     100.911990       4,334,169.97       -125,919.09    6.12
                        07.875% 07/15/1996 DD 07/17/89

TOTAL INVESTMENTS FIXED INCOME SECURITIES                  71,565,927.38                     70,152,655.55     -1,413,271.83   99.00



                        TOTAL INVESTMENT                   72,272,226.38                     70,858,954.55     -1,413,271.83  100.00




<CAPTION>

FRC F220201                                               INVESTMENT DETAIL                                             PAGE: 1
UAL PILOTS SHORT TERM SEC                                    11/30/1994                                                 HMFR005BF
PIMCO                                                                                                    BASE CURRENCY: USD

                                     Item 27a: Schedule of Assets Held for Investment Purposes

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

      2,297,517.0000    TBC INC ISG POOLED EMPL FDS      2,297,517.00         1.000000      2,297,517.00             .00     2.24
                        12/31/1999

         50,000.0000    U S TREASURY BILLS                  48,761.39        97.522780         48,761.39             .00      .05
                        02/16/1995 DD 08/18/94

     25,000,000.0000    U S TREASURY BILLS              24,000,555.56        96.002220     24,000,555.56             .00    23.43
                        05/04/1995 DD 05/05/94

      9,000,000.0000    U S TREASURY BILLS               8,970,575.00        99.673050      8,970,575.00             .00     8.76
                        12/22/1994 DD 06/23/94

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS               35,317,408.95                      35,317,408.95             .00    34.47


INVESTMENTS FIXED INCOME SECURITIES

      6,000,000.0000    COMMIT TO PUR FHLMC GOLD         5,098,125.00        84.968750      5,098,125.00             .00     4.98
                        6.000% 02/15/2024

      1,666,570.7700    FHA INSD MTG P/T #091 ML LYNCH   1,795,001.71        92.687500      1,544,702.78     -250,298.93     1.51
                        7.430% 07/01/2023 DD 07/01/83

      7,659,414.2670    FHA INSD MTG P/T CTF PUGET SND   7,822,775.24        99.500000      7,621,117.20     -201,658.04     7.44
                        6.900% 10/01/2015

      1,983,513.8000    FHA INSD MTG PASS THRU #129      2,125,458.99        93.500000      1,854,585.40     -270,873.59     1.81
                        7.430% 08/01/2023

      5,164,501.6200    FHLMC GROUP #A0-0952             5,490,510.79       100.943090      5,213,207.52     -277,303.27     5.09
                        9.000% 09/01/2020 DD 02/01/93

      4,493,348.6200    FHLMC GROUP #B0-0083             4,706,782.69       100.235990      4,503,952.47     -202,830.22     4.40
                        8.500% 11/01/2002 DD 11/01/91

        364,348.2400    FHLMC GROUP #30-6670               400,099.92       107.846420        392,936.53       -7,163.39      .38
                        11.250% 04/01/2019 DD 03/01/89

      5,199,322.2900    FHLMC CMO SER J-4                5,693,257.90       103.125000      5,361,801.11     -331,456.79     5.23
                        10.250% 12/30/2014



<CAPTION>

FRC F220201                                               INVESTMENT DETAIL                                             PAGE: 2
UAL PILOTS SHORT TERM SEC                                    11/30/1994                                                 HMFR005BF
PIMCO                                                                                                    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>
      2,922,572.0000    FHLMC MULTICLASS MTG P/C 1014D   3,024,862.02        99.984375      2,922,115.35     -102,746.67     2.85
                        7.950% 08/15/2017

      4,500,000.0000    FHLMC MULTICLASS MTG P/C 1083K   4,736,250.00       100.156250      4,507,031.25     -229,218.75     4.40
                        8.500% 03/15/2006

      5,805,940.2000    FHLMC MULTICLASS MTG P/C 1564I     921,693.01        13.507800        784,254.79     -137,438.22      .77
                        6.500% 05/15/2007

     19,835,620.1000    FHLMC MULTICLASS MTG P/C 1618L   2,953,647.81        11.835900      2,347,724.16     -605,923.65     2.29
                        6.000% 10/15/2007

      3,000,000.0000    FHLMC MULTICLASS MTG P/C 88-G    3,133,125.00        99.028660      2,970,859.80     -162,265.20     2.90
                        8.000% 04/15/2019

        359,992.5000    FNMA   POOL #0067329               373,435.95       104.940330        377,777.32        4,341.37      .37
                        10.000% 11/01/2001 DD 11/01/88

      3,026,276.3800    FNMA   POOL #0080323             3,166,241.65       101.917590      3,084,307.95      -81,933.70     3.01
                        8.875% 06/01/2007 DD 10/01/92

        911,658.1500    FNMA GTD REMIC P/T CTF 89-91E      952,682.76       100.743400        918,435.42      -34,247.34      .90
                        9.250% 06/25/2015

      1,829,928.4800    FNMA GTD REMIC P/T CTF 90-123D   1,950,017.54       101.319820      1,854,080.24      -95,937.30     1.81
                        9.000% 08/25/2016

      1,345,267.5900    FNMA GTD REMIC P/T CTF 90-16-G   1,410,008.60       100.636310      1,353,827.66      -56,180.94     1.32
                        9.000% 03/25/2020

      1,978,112.7500    FNMA GTD REMIC P/T CTF 91-7 C    2,068,364.15       100.111470      1,980,317.75      -88,046.40     1.93
                        8.500% 03/25/2018

        472,283.3700    FNMA GTD REMIC P/T CTF 92-12E      475,530.31        96.289050        454,757.17      -20,773.14      .44
                        6.625% 06/25/2019

      2,000,000.0000    FNMA GTD REMIC P/T CTF 92-23B    1,768,125.00        89.250000      1,785,000.00       16,875.00     1.74
                        0.000% 02/25/2021

      2,326,258.0000    FNMA GTF REMIC P/T CTF G-43 D    2,343,704.93       100.892780      2,347,026.37        3,321.44     2.29
                        8.000% 07/25/2014

         36,236.7600    GNMA   POOL #0090741                39,713.23       107.432680         38,930.12         -783.11      .04
                        11.000% 01/15/2010 DD 01/01/80



<CAPTION>

FRC F220201                                               INVESTMENT DETAIL                                             PAGE: 3
UAL PILOTS SHORT TERM SEC                                    11/30/1994                                                 HMFR005BF
PIMCO                                                                                                    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>
        100,249.4100    GNMA   POOL #0090947               109,867.09       107.484890        107,752.97       -2,114.12      .11
                        11.000% 01/15/2010 DD 02/01/80

        110,241.5800    GNMA   POOL #0091793               120,817.88       107.491070        118,499.85       -2,318.03      .12
                        11.000% 08/15/2010 DD 08/01/80

         68,828.3300    GNMA   POOL #0091902                75,431.54       107.458840         73,962.13       -1,469.41      .07
                        11.000% 02/15/2010 DD 02/01/80

         83,410.5200    GNMA   POOL #0092213                91,412.71       107.445640         89,620.97       -1,791.74      .09
                        11.000% 07/15/2010 DD 07/01/80

         39,928.9000    GNMA   POOL #0092304                43,759.57       107.435540         42,897.83         -861.74      .04
                        11.000% 08/15/2010 DD 08/01/80

        184,014.8400    GNMA   POOL #0092923               201,668.75       107.478160        197,775.76       -3,892.99      .19
                        11.000% 09/15/2010 DD 10/01/80

        134,557.1700    GNMA   POOL #0093487               147,466.25       107.495300        144,642.63       -2,823.62      .14
                        11.000% 09/15/2010 DD 09/01/81

         62,610.5900    GNMA   POOL #0097168                68,010.76       107.086010         67,047.18         -963.58      .07
                        10.500% 04/15/2013 DD 05/01/83

        104,988.8100    GNMA   POOL #0098245               114,044.07       107.117680        112,461.58       -1,582.49      .11
                        10.500% 06/15/2013 DD 06/01/83

        251,402.6400    GNMA   POOL #0098572               275,521.57       107.505430        270,271.49       -5,250.08      .26
                        11.000% 06/15/2013 DD 07/01/83

          3,013.9000    GNMA   POOL #0099264                 3,273.84       107.084210          3,227.41          -46.43      .00
                        10.500% 07/15/2013 DD 08/01/83

         43,328.9200    GNMA   POOL #0099519                47,066.04       107.071320         46,392.85         -673.19      .05
                        10.500% 08/15/2013 DD 09/01/83

         16,983.4200    GNMA   POOL #0101395                18,405.78       107.887330         18,322.96          -82.82      .02
                        11.000% 08/15/1998 DD 08/01/83

         90,143.8900    GNMA   POOL #0126705                97,693.45       107.876830         97,244.37         -449.08      .09
                        11.000% 10/15/2000 DD 10/01/85

         56,920.6500    GNMA   POOL #0127639                61,687.75       107.874090         61,402.63         -285.12      .06



<CAPTION>

FRC F220201                                               INVESTMENT DETAIL                                             PAGE: 4
UAL PILOTS SHORT TERM SEC                                    11/30/1994                                                 HMFR005BF
PIMCO                                                                                                    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>
                        11.000% 07/15/2000 DD 07/01/85

         71,869.8000    GNMA   POOL #0127644                77,888.90       107.887260         77,538.36         -350.54      .08
                        11.000% 09/15/2000 DD 10/01/85

         26,243.4700    GNMA   POOL #0132144                28,441.35       107.847550         28,302.94         -138.41      .03
                        11.000% 10/15/2000 DD 10/01/85

         84,020.0600    GNMA   POOL #0133026                91,056.75       107.897230         90,655.32         -401.43      .09
                        11.000% 09/15/2000 DD 10/01/85

         28,389.9500    GNMA   POOL #0133328                30,767.62       107.873970         30,625.37         -142.25      .03
                        11.000% 09/15/2000 DD 09/01/85

        125,917.1400    GNMA   POOL #0134323               136,462.72       107.933260        135,906.47         -556.25      .13
                        11.000% 09/15/2000 DD 10/01/85

        106,666.3600    GNMA   POOL #0135153               115,599.66       108.008990        115,209.26         -390.40      .11
                        11.000% 09/15/2000 DD 10/01/85

        243,084.5300    GNMA   POOL #0136150               263,442.86       107.895400        262,277.03       -1,165.83      .26
                        11.000% 10/15/2000 DD 10/01/85

        130,796.7300    GNMA   POOL #0136356               141,750.95       107.899980        141,129.65         -621.30      .14
                        11.000% 08/15/2000 DD 10/01/85

         33,596.8300    GNMA   POOL #0137147                36,410.56       107.882950         36,245.25         -165.31      .04
                        11.000% 10/15/2000 DD 10/01/85

         80,973.1700    GNMA   POOL #0137268                87,754.68       107.964670         87,422.42         -332.26      .09
                        11.000% 08/15/2000 DD 08/01/85

        176,560.1400    GNMA   POOL #0137279               191,347.06       107.976780        190,643.95         -703.11      .19
                        11.000% 10/15/2000 DD 10/01/85

         27,114.3100    GNMA   POOL #0137395                29,385.13       107.836950         29,239.24         -145.89      .03
                        11.000% 10/15/2000 DD 10/01/85

        218,308.6500    GNMA   POOL #0138029               236,592.01       107.887760        235,528.31       -1,063.70      .23
                        11.000% 10/15/2000 DD 10/01/85

        116,860.7000    GNMA   POOL #0138389               126,647.78       107.925790        126,122.83         -524.95      .12
                        11.000% 09/15/2000 DD 10/01/85



<CAPTION>

FRC F220201                                               INVESTMENT DETAIL                                             PAGE: 5
UAL PILOTS SHORT TERM SEC                                    11/30/1994                                                 HMFR005BF
PIMCO                                                                                                    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>
        133,852.2300    GNMA   POOL #0139503               145,062.36       107.937750        144,477.09         -585.27      .14
                        11.000% 10/15/2000 DD 10/01/85

        176,843.6500    GNMA   POOL #0139778               191,654.31       107.901020        190,816.10         -838.21      .19
                        11.000% 10/15/2000 DD 10/01/85

         98,922.1000    GNMA   POOL #0139816               107,206.83       107.879550        106,716.72         -490.11      .10
                        11.000% 08/15/2000 DD 10/01/85

         38,390.8600    GNMA   POOL #0140090                41,606.10       107.858110         41,407.66         -198.44      .04
                        11.000% 09/15/2000 DD 10/01/85

        145,716.6600    GNMA   POOL #0140133               157,920.44       107.886710        157,208.91         -711.53      .15
                        11.000% 10/15/2000 DD 10/01/85

         51,871.4000    GNMA   POOL #0140171                56,215.61       107.868250         55,952.77         -262.84      .05
                        11.000% 10/15/2000 DD 10/01/85

        103,969.7200    GNMA   POOL #0140233               112,677.19       107.914670        112,198.58         -478.61      .11
                        11.000% 10/15/2000 DD 10/01/85

         80,597.1100    GNMA   POOL #0141455                87,347.13       107.894510         86,959.86         -387.27      .08
                        11.000% 10/15/2000 DD 10/01/85

        152,626.3800    GNMA   POOL #0141635               165,408.84       107.942990        164,749.48         -659.36      .16
                        11.000% 09/15/2000 DD 10/01/85

         91,053.1300    GNMA   POOL #0141681                98,678.82       107.906280         98,252.05         -426.77      .10
                        11.000% 10/15/2000 DD 10/01/85

         56,130.3400    GNMA   POOL #0141953                60,831.25       107.873410         60,549.71         -281.54      .06
                        11.000% 10/15/2000 DD 10/01/85

         27,470.9600    GNMA   POOL #0141964                29,771.65       107.848170         29,626.93         -144.72      .03
                        11.000% 10/15/2000 DD 10/01/85

        100,730.9200    GNMA   POOL #0141965               109,167.14       107.882920        108,671.46         -495.68      .11
                        11.000% 10/15/2000 DD 10/01/85

      2,287,822.7000    MORGAN J P ACCEP TR I CL E       2,350,737.83       100.937980      2,309,282.02      -41,455.81     2.25
                        9.000% 10/20/2007

      1,140,349.2600    UBS MTG TR 6 CMO CL 6-E          1,175,272.46        97.904530      1,116,453.58      -58,818.88     1.09
                        8.000% 07/25/2020



<CAPTION>

FRC F220201                                               INVESTMENT DETAIL                                             PAGE: 6
UAL PILOTS SHORT TERM SEC                                    11/30/1994                                                 HMFR005BF
PIMCO                                                                                                    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 INVESTMENTS FIXED INCOME SECURITIES               70,408,647.24                      67,138,565.29   -3,270,081.95   65.53





                         TOTAL INVESTMENT              105,726,056.19                     102,455,974.24   -3,270,081.95  100.00


<CAPTION>

FRC F220100                                               INVESTMENT DETAIL                                             PAGE: 1
UAL PILOTS SHORT TERM SEC                                    11/30/1994                                                 HMFR005BF
MONEY MARKET 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

     639,503,427.0000   TBC INC ISG POOLED EMPL FDS 639,503,427.00     1.000000        639,503,427.00             .00   100.00
                        12/31/1999

TOTAL INVESTMENTS CASH & CASH EQUIVALENTS           639,503,427.00                     639,503,427.00             .00   100.00



                        TOTAL INVESTMENT            639,503,427.00                     639,503,427.00             .00   100.00
</TABLE>


 



<TABLE>
<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 1
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                     Item 27a: Schedule of Assets Held for Investment Purposes

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   -----------   ---------------- -------
       ARS   ARGENTINA PESO                CURRENT EXCHANGE RATE: 1.000650423
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
LA2213432               12,060.0000              47,923.87      47,990.84        35,335.80      35,358.78      -12,605.66    0.02
SOCIEDAD COMERCIAL DEL PLATA                      3.973787       3.979340         2.930000       2.931906          -26.40
ARP10-BUENOS AIRIES LISTING
INTL EQ ROWE PRICE F

LA2681687               12,400.0000              69,213.63      69,307.91        60,140.00      60,179.12       -9,085.99    0.03

PEREZ COMPANC ARP1                                5.581744       5.589348         4.850000       4.853155          -42.80

INTL EQ ROWE PRICE F

LA2886658 TGS2.BA       10,185.0000              27,500.87      27,499.50        22,610.70      22,625.41       -4,889.93    0.01
TRANSPORTADORA DE GAS DEL SUR                     2.700135       2.700000         2.220000       2.221444           15.84
S.A CLASS"B" SHS APP1
INTL EQ ROWE PRICE F
     TOTAL: ARS         34,645.0000             144,638.37     144,798.25       118,086.50     118,163.31      -26,581.58    0.05
                                                                                                                                   
                                                                                                                   -53.36


       ATS     AUSTRIAN SHILLING           CURRENT EXCHANGE RATE: 0.090436355

EA4228923                  460.0000             355,138.40      29,299.43       298,540.00      26,998.87       -4,669.45    0.01
CREDITANSTALT BK PRF AUSH100                    772.040000      63.694413       649.000000      58.693194        2,368.89
(VAR)
INTL EQ ROWE PRICE F

EA4235340                2,000.0000           4,650,626.40     376,126.45     3,990,000.00     360,841.06      -53,429.16    0.16
CREDITANSTALT-BANKVEREIN PTC                  2,325.313200     188.063225     1,995.000000     180.420528       38,143.77
CERTS AUSH500
TBC ASSET MANAGEMENT

EA4295377                2,500.0000           3,861,593.25     321,384.31     3,460,000.00     312,909.79      -33,422.93    0.14
EVN ENERG VERSORG ORD AUSH100                 1,544.637300     128.553724     1,384.000000     125.163915       24,948.41

TBC ASSET MANAGEMENT

EA4359694                  516.0000             243,356.62      22,249.75       245,100.00      22,165.95          159.39    0.01
FLUGHAFEN WEIN AG AUSH100                       471.621357      43.119671       475.000000      42.957269         -243.19





<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 2
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
INTL EQ ROWE PRICE F
EA4661602                  530.0000             371,406.80      30,641.59       352,450.00      31,874.29       -1,563.96    0.01
OESTERREICHISCHE EL WIRTSCH                     700.767547      57.814321       665.000000      60.140176        2,796.66
CLASS"A" AUSH100
INTL EQ ROWE PRICE F
       TOTAL: ATS        6,006.0000           9,482,121.47     779,701.53     8,346,090.00     754,789.96      -92,926.11    0.34
                                                                                                                68,014.54


       AUD AUSTRALIAN DOLLAR               CURRENT EXCHANGE RATE: 0.768950000

AA6064965 AGL.AX        38,000.0000             166,313.86     124,366.64       159,220.00     122,432.22       -5,304.67    0.05
AUSTRALIAN GAS LIGHT CO ORD A$                    4.376681       3.272806         4.190000       3.221901        3,370.25

INTL EQ ROWE PRICE F

AA6066101               61,017.0000             138,813.00      99,988.06        81,762.78      62,871.49      -41,093.71    0.03
AUSTRALIAN NATL INDS ORD A$0.3                    2.274989       1.638692         1.340000       1.030393        3,977.14

INTL EQ ROWE PRICE F

AA6076142              470,628.0000           1,763,207.14   1,231,304.41     1,976,637.60   1,519,935.48      149,045.37    0.68
WESTPAC BANKING CORP A$1                          3.746499       2.616301         4.200000       3.229590      139,585.70

INTERNAT-CAP GUARD

AA6076142              143,698.0000             724,434.40     516,505.14       603,531.60     464,085.62      -86,200.93    0.21
WESTPAC BANKING CORP A$1                          5.041367       3.594379         4.200000       3.229590       33,781.41

TBC ASSET MANAGEMENT

AA6112202              250,000.0000             866,174.40     642,831.34       837,500.00     643,995.63      -21,280.71    0.29
BORAL ORD STK A$0.50                              3.464698       2.571325         3.350000       2.575983       22,445.00

TBC ASSET MANAGEMENT

AA6144692                9,450.0000             179,287.10     129,461.51       176,337.00     135,594.34       -2,130.24    0.06
BROKEN HILL PROP ORD A$1                         18.972180      13.699631        18.660000      14.348607        8,263.07



<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 3
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L   % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L    MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
INTL EQ ROWE PRICE F
AA6155730                 17,910.0000            86,990.11      62,342.01        56,058.30      43,106.03      -22,167.48      0.02
BURNS PHILP & CO                                  4,657069       3.480849         3.130000       2.406814        2,931.50
ORD A$0.50
INTL EQ ROWE PRICE F

AA6313008                 14,233.0000            78,753.11      56,678.40        51,238.80      39,400.08      -19,801.97      0.02
EMAIL LIMITED ORD STK A $0.50                     5.533135       3.982182         3.600000       2.768220        2,523.65

INTL EQ ROWE PRICE F

AA6336546                415,113.0000           698,596.48     499,121.05       477,379.95     367,081.31     -158,050.93      0.16
GOODMAN FIELDER LTD A $0.50                       1.682907       1.202374         1.150000       0.884293       26,011.19
SYDNEY LISTING
TBC ASSET MANAGEMENT

AA6467077                 55,130.0000           181,633.97     130,183.88       144,440.60     111,067.60      -26,657.88      0.05
FAIRFAX ORD A $0.50                               3.294648       2.361398         2.620000       2.014649        7,541.60

INTL EQ ROWE PRICE F

AA6512005                 58,184.0000           779,951.45     558,427.05       925,125.60     711,375.33      103,941.31      0.32
LEND LEASE CORP ORD A$0.50                       13.404913       9.597605        15.900000      12.226305       49,006.97

INTERNAT-CAP GUARD

AA6550161                 18,508.0000            55,663.95      39,889.17        45,159.52      34,725.41       -7,527.55      0.02
M.I.M. HOLDINGS ORD A $0.50                       3.007562       2.155239         2.440000       1.876238        2,363.79

INTL EQ ROWE PRICE F

AA6574609                 31,936.0000           299,177.41     215,491.94       200,558.08     154,219.14      -71,033.67      0.07
MAYNE NICKLESS LTD ORD A $.50                     9.368030       6.747618         6.280000       4.829006        9,760.87

INTL EQ ROWE PRICE F

AA6620758 NCPDP.AX       140,769.0000           357,064.19     254,717.96       636,275.88     489,264.34      199,180.52      0.22
NEWS CORPORATION LIM-VTG PREF                     2.536526       1.809475         4.520000       3.475654       35,365.86
SHS



<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 4
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L   % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L    MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
INTERNAT-CAP GUARD
AA6620758 NCPDP.AX        13,008.0000            79,592.77      57,411.78        58,796.16      45,211.31      -15,000.99      0.02
NEWS CORPORATION LIM-VTG PREF                     6.118755       4.413575         4.520000       3.475654        2,800.52
SHS
INTL EQ ROWE PRICE F

AA6624602                 62,062.0000           406,135.20     299,112.33       651,651.00     501,087.04      180,818.61      0.22
NATL AUSTRALIA BK LTD ORD A$1                     6.544024       4.819573        10.500000       8.073975       21,156.10

TBC ASSET MANAGEMENT

AA6637083                 32,150.0000           185,160.86     133,653.17       112,525.00      86,526.10      -52,430.16      0.04
PUBLISHING & BROADCASTING LTD                     5.759280       4.157175         3.500000       2.691325        5,303.09
ORD A$1
INTL EQ ROWE PRICE F

AA6667023                158,127.0000           612,256.77     439,721.66       426,942.90     328,297.74     -133,092.07      0.15
PACIFIC MAGAZINES & PRINTING                      3.871931       2.780813         2.700000       2.076165       21,668.15
LTD ORD A$0.50
TBC ASSET MANAGEMENT

AA6690868                170,000.0000           689,928.42     508,784.77       586,500.00     450,989.18      -76,272.85      0.20
PLACER PACIFIC LT ORD A$                          4.058402       2.992852         3.450000       2.652878       18,477.26

INTERNAT-CAP GUARD

AA6764689                285,565.0000         1,048,073.59     752,173.67       791,015.05     608,251.02     -184,483.86      0.27
SOUTHCORP HLDGS LTD A$0.50                        3.670175       2.633984         2.770000       2.129992       40,561.21

TBC ASSET MANAGEMENT

AA6816307                 19,000.0000           117,192.02      86,149.50       104,500.00      80,355.28       -9,330.08      0.04
SMITH (HOWARD) ORD A 1                            6.168001       4.534184         5.500000       4.229225        3,535.86

INTL EQ ROWE PRICE F

AA6886920                281,537.0000           816,741.09     582,636.45     1,463,992.40   1,125,736.96      461,727.97      0.51
THE NEWS CORP ORD A$0.50                          2.901008       2.069484         5.200000       3.998540       81,372.54

INTERNAT-CAP GUARD



<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 5
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L   % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L    MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
AA6886920                 23,016.0000           161,064.90     116,179.19       119,683.20      92,030.40      -29,849.41      0.04
THE NEWS CORP ORD A$0.50                          6.997954       5.047758         5.200000       3.998540        5,700.62

INTL EQ ROWE PRICE F

AA6888322                123,560.0000           270,381.71     193,857.85       286,659.20     220,426.59       11,670.61      0.10
TNT ORD A$0.50                                    2.188262       1.568937         2.320000       1.783964       14,898.13

INTL EQ ROWE PRICE F

AA6954983                116,700.0000           529,381.45     382,139.07       863,580.00     664,049.84      241,244.42      0.30
WESTERN MINING CORP HLDGS LTD                     4.536259       3.274542         7.400000       5.690230       40,666.35
ORD A$0.50-MELBOURNE LISTING
INTERNAT-CAP GUARD

AA6954983                 33,956.0000           259,022.64     186,593.48       251,274.40     193,217.45       -5,581.64      0.09
WESTERN MINING CORP HLDGS LTD                     7.628185       5.495155         7.400000       5.690230       12,205.61
ORD A$0.50-MELBOURNE LISTING
INTL EQ ROWE PRICE F

AA6981234                 39,285.0000           133,523.37      95,931.22       108,033.75      83,072.55      -18,313.28      0.04
WOOLWORTHS LIMITED ORD A$0.25                     3.398838       2.441930         2.750000       2.114613        5,454.61

INTL EQ ROWE PRICE F
      TOTAL: AUD       3,082,542.0000        11,684,515.36   8,395,652.70    12,196,378.77   9,378,405.48      362,024.73      4.21
                                                                                                                                  
                                                                                                               620,728.05




      BEF   BELGIAN FRANC             CURRENT EXCHANGE RATE: 0.031007752

EB4001526                    556.0000         1,640,857.00      46,374.00     1,503,980.00      46,635.04       -3,868.43      0.02
FORTIS AG                                     2,951.181655      83.406475     2,705.000000      83.875969        4,129.47

INTL EQ ROWE PRICE F

EB4262110                  1,352.0000         1,991,415.00      56,104.89     1,754,896.00      54,415.38        6,663.54      0.02
DELHAIZE-LE LION                              1,472.940089      41.497700     1,298.000000      40.248062        4,974.03

INTL EQ ROWE PRICE F



<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 6
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L   % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L    MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
EB4294790                  2,500.0000        15,560,186.00     448,516.47    14,350,000.00     444,961.24      -34,883.16      0.20
ELECTRABEL COM NPV                            6,224.074400     179.406588     5,740.000000     177.984496       31,327.93

TBC ASSET MANAGEMENT

EB4383114                    360.0000         3,079,001.00      88,394.58     2,930,400.00      90,865.12       -4,266.16      0.04
GENERALE BANQUE NPV                           8,552.780556     245.540500     8,140.000000     252.403101        6,736.70

INTL EQ ROWE PRICE F

EB4497740                  1,050.0000         7,766,397.00     221,324.61     6,877,500.00     213,255.81      -25,331.54      0.10
KREDIETBANK NPV                               7,396.568571     210.785343     6,550.000000     203.100776       17,262.74

INTL EQ ROWE PRICE F

EB4522810                     80.0000           637,590.00      18,021.20       564,000.00      17,488.37       -2,079.99      0.01
KREDIETBANK SUB CNV BDS                     796,987.500000  22,526.500000   705,000.000000  21,860.465160        1,547.16
VAR RT 30-NOV-2003
INTL EQ ROWE PRICE F

EB4820503                     60.0000         1,743,900.00      49,290.56     1,695,000.00      52,558.14       -1,382.14      0.02
FINANCIERE D OBOURG                          29,065.000000     821.509333    28,250.000000     875.968994        4,649.72

INTL EQ ROWE PRICE F

EB4910627                    310.0000         7,733,608.00     221,010.41     7,517,500.00     233,100.78       -6,175.92      0.10
UCB CAP NPV                                  24,947.122581     712.936806    24,250.000000     751.937986       18,266.29

INTL EQ ROWE PRICE F
      TOTAL: BEF           6,268.0000        40,152,954.00   1,149,036.72    37,193,276.00   1,153,279.88      -84,650.88      0.52
                                                                                                                                   
                                                                                                                88,894.04



      CAD  CANADIAN DOLLAR                 CURRENT EXCHANGE RATE: 0.727140520

NC2013208                  4,540.0000           148,784.01     110,055.11       153,792.50     111,828.76        3,704.77      0.05
ALCAN ALUMINUM COM STK NPV                       32.771808      24.241214        33.875000      24.631885       -1,931.12
(TORONTO LISTING)
INTL EQ ROWE PRICE F



<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 7
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L   % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L    MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
NC2170529                 28,000.0000           920,272.06     694,883.79       924,000.00     671,877.84        2,814.91      0.30
CANADIAN IMPERIAL BK COMM NPV                    32.866859      24.817278        33.000000      23.995637      -25,820.86

INTERNAT-CAP GUARD

NC2352960                 40,100.0000           741,850.00     539,939.59       912,275.00     663,352.12      124,040.18      0.30
FALCONBRIDGE LTD NEW COM                         18.500000      13.464828        22.750000      16.542447         -627.65

INTERNAT-CAP GUARD

NC2552544                  3,760.0000            76,140.25      60,277.41        65,330.00      47,504.09       -8,558.07      0.02
MACMILLAN BLOEDEL COM NPV                        20.250066      16.031226        17.375000      12.634067       -4,215.25

INTL EQ ROWE PRICE F

NC2754389                  1,950.0000            52,699.08      41,204.61        56,062.50      40,765.32        2,629.81      0.02
ROYAL BK OF CANADA COM STK NPV                   27.025169      21.130569        28.750000      20.905290       -3,069.10

INTL EQ ROWE PRICE F
      TOTAL: CAD          78,350.0000         1,939,745.40   1,446,360.51     2,111,460.00   1,535,328.13      124,631.60      0.69
                                                                                                                                  
                                                                                                               -35,663.98



      CHF   SWISS FRANC                    CURRENT EXCHANGE RATE: 0.754887899

ES4127183                  1,737.0000           900,969.51   1,247,275.45     1,933,281.00   1,459,410.43    1,429,101.39      0.66
BBC AG BROWN, BOVERI & CIE                      518.692867     718.063011     1,113.000000     840.190232   -1,216,966.41
SER A SZF100
INTERNAT-CAP GUARD

ES4127183                    512.0000           583,874.47     407,170.77       569,856.00     430,177.40       -9,775.92      0.19
BBC AG BROWN, BOVERI & CIE                    1,140.379824     795.255410     1,113.000000     840.190232       32,782.55
SER A SZF100
INTL EQ ROWE PRICE F

ES4127217                     25.0000             4,325.00       2,084.64         5,350.00       4,038.65          494.05      0.00
BBC AG BROWN,BOVERI & CIE                       173.000000      83.385600       214.000000     161.546010        1,459.96
SZF20(REGD) SER 'B'
INTERNAT-CAP GUARD



<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 8
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L   % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L    MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
ES4154583                  2,610.0000                 0.00           0.00        29,362.50      22,165.40       22,165.40      0.01
CS HLDG WTS 16-DEC-94                             0.000000       0.000000        11.250000       8.492489            0.00
(TO PURCHASE BR)
INTERNAT-CAP GUARD

ES4154583                    180.0000                 0.00           0.00         2,025.00       1,528.65        1,528.65      0.00
CS HLDG WTS 16-DEC-94                             0.000000       0.000000        11.250000       8.492489            0.00
(TO PURCHASE BR)
INTL EQ ROWE PRICE F

ES4157685                  1,410.0000           581,929.23     412,514.93       792,420.00     598,188.27      149,211.59      0.27
CS HLDG SZF100(BR)                              412.715766     292.563780       562.000000     424.246999       36,461.75

INTERNAT-CAP GUARD

ES4157685                    180.0000           134,100.00      90,669.37       101,160.00      76,364.46      -22,271.80      0.03
CS HLDG SZF100(BR)                              745.000000     503.718722       562.000000     424.246999        7,966.89

INTL EQ ROWE PRICE F

ES4193458                  1,200.0000         1,087,200.00     742,724.42       925,200.00     698,422.28     -110,670.86      0.31
CIBA-GEIGY AG SZF20(REGD)                       906.000000     618.937017       771.000000     582.018570       66,368.72

TBC ASSET MANAGEMENT

ES4193458                    195.0000           133,999.45      91,279.64       150,345.00     113,493.62       11,134.49      0.05
CIBA-GEIGY AG SZF20(REGD)                       687.176667     468.100718       771.000000     582.018570       11,079.49

INTL EQ ROWE PRICE F

ES4201020                    200.0000                 0.00           0.00           900.00         679.40          679.40      0.00
CIBA GEIGY AG WTS 6-JUN-95                        0.000000       0.000000         4.500000       3.396996            0.00
(TO PURCHASE REGD)
INTERNAT-CAP GUARD

ES4420497                  1,800.0000         1,248,779.20     834,294.22     1,852,200.00   1,398,203.37      403,138.11      0.63
HOLDERBANK FINANCIERE GLARIS                    693.766222     463.496789     1,029.000000     776.779648      160,771.04
SZF50(BR)
INTERNAT-CAP GUARD



<CAPTION>

FRC G000600                                                    SECURITY VALUATION REPORT                                  PAGE: 9
UAL PILOTS DIRECTED ACCOUNT                                    BY CURRENCY, SECURITY ID                                   HMFR018MG
INTERNATIONAL EQUITY FUND                                         MARKET VALUATION OF                      RUN DATE:      12/13/1994
                                                                      11/30/1994                           BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L   % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L    MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
ES4428110                  9,000.0000                 0.00           0.00        18,450.00      13,927.68       13,927.68      0.01
HOLDERBANK FINANCIERE GLARIS                      0.000000       0.000000         2.050000       1.547520            0.00
WTS 20-DEC-94(PUR BR STK 620)
INTERNAT-CAP GUARD

ES4510933                  1,750.0000         1,596,031.10   1,128,710.32     1,277,500.00     964,369.29     -225,264.62      0.43
LANDIS & GYR AG SZF100(REGD)                    912.017771     644.977326       730.000000     551.068166       60,923.59

INTERNAT-CAP GUARD

ES4554683                    600.0000           606,567.50     460,341.25       480,600.00     362,799.12      -95,600.30      0.16
MAGAZINE ZUM GLOBUS PTG SZF100                1,010.945833     767.235417       801.000000     604.665207       -1,941.83

TBC ASSET MANAGEMENT

ES4616698                  1,320.0000         1,257,127.91     888,115.38     1,626,240.00   1,227,628.90      260,764.34      0.55
NESTLE SA SZF10(REGD)-ZUR                       952.369629     672.814682     1,232.000000     930.021892       78,749.18
LISTING
INTERNAT-CAP GUARD

ES4616698                    800.0000         1,101,990.40     745,091.55       985,600.00     744,017.51      -78,695.34      0.33
NESTLE SA SZF10(REGD)-ZUR                     1,377.488000     931.364438     1,232.000000     930.021892       77,621.30
LISTING
TBC ASSET MANAGEMENT

ES4616698                    410.0000           550,012.31     375,984.56       505,120.00     381,308.98      -30,688.07      0.17
NESTLE SA SZF10(REGD)-ZUR                     1,341.493439     917.035512     1,232.000000     930.021892       36,012.49
LISTING
INTL EQ ROWE PRICE F

ES4745778                     61.0000           436,552.20     298,479.26       356,240.00     268,921.27      -54,911.02      0.12
ROCHE HLDG AG GENUSCHEINE NPV1                7,156.593443   4,893.102623     5,840.000000   4,408.545330       25,353.03

INTL EQ ROWE PRICE F

ES4761619                  1,000.0000           794,380.00     537,596.86       682,000.00     514,833.55      -76,053.19      0.23
SANDOZ AG SZF20 (REGD)                          794.380000     537.596860       682.000000     514.833547       53,289.88

TBC ASSET MANAGEMENT

ES4761619                    425.0000           347,306.47     237,347.60       289,850.00     218,804.26      -39,265.48      0.10



<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 10
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           |----------- COST -----------| |------------------------- MARKET -----------------------|
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L   % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L    MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
SANDOZ AG SZF20 (REGD)                          817.191694     558.464941       682.000000     514.833547       20,722.14

INTL EQ ROWE PRICE F

ES4780601                  3,000.0000           870,609.75     655,120.53     1,095,000.00     826,602.25      168,850.23      0.37
SCHWEIZERISCHER BANKSVEREIN                     290.203250     218.373510       365.000000     275.534083        2,631.49
SZF100(BR)
TBC ASSET MANAGEMENT

ES4780601                    550.0000           186,768.36     136,148.79       200,750.00     151,543.75       10,192.22      0.07
SCHWEIZERISCHER BANKSVEREIN                     339.578836     247.543255       365.000000     275.534083        5,202.74
SZF100(BR)
INTL EQ ROWE PRICE F

ES4783720                    119.0000           167,792.52     114,400.25       136,136.00     102,767.42      -21,583.29      0.05
SCHWEIZERISCHE BANKGESELLSCH                  1,410.021176     961.346639     1,144.000000     863.591756        9,950.46
SZF100(BR)
INTL EQ ROWE PRICE F

ES4866665                  1,650.0000         1,173,377.47     866,407.57     1,344,750.00   1,015,135.50      126,539.38      0.46
SWISSAIR(SCHWEIZ LUFTVER AG)                    711.137861     525.095497       815.000000     615.233638       22,188.55
SZF350(REGD)
INTERNAT-CAP GUARD

ES4992701                    600.0000           941,812.00     643,432.65       744,000.00     561,636.60     -135,142.36      0.25
ZURICH VERSICHERUNGS-G                        1,569.686667   1,072.387750     1,240.000000     936.060995       53,346.31
SZF50(BR)
TBC ASSET MANAGEMENT
      TOTAL: CHF          31,334.0000        14,705,504.85  10,915,190.01    16,104,335.50  12,156,968.01    1,697,804.68      5.46
                                                                                                              -456,026.68



      DEM   GERMAN MARK                    CURRENT EXCHANGE RATE: 0.637531478

ED4016322                    138.0000           335,986.89     199,369.76       330,372.00     210,622.55       -3,331.79      0.09
ALLIANZ AG DM50(REGD)                         2,434.687609   1,444.708406     2,394.000000   1,526.250358       14,584.58

INTL EQ ROWE PRICE F

ED4016496                    150.0000           131,077.00      76,005.62        78,000.00      49,727.46      -30,776.95      0.02

</TABLE>


 



<TABLE>
<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 11
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
AVA ALLGEMEINE HANDELS-DER VER                  873.846667     506.704133       520.000000     331.516369        4,498.79
AG DM50
INTL EQ ROWE PRICE F

ED4083488                4,800.0000           1,101,146.74     715,961.18     1,460,160.00     930,897.96      233,428.98    0.42
BASF AG DM50(VAR)                               229.405571     149.158579       304.200000     193.937076      -18,492.20

INTERNAT-CAP GUARD

ED4085228                  130.0000             107,769.11      63,811.73        98,150.00      62,573.71       -5,695.62    0.03
BAYER MOTOREN WERKE AG DM50                     828.993154     490.859462       755.000000     481.336266        4,457.60

INTL EQ ROWE PRICE F

ED4085301                4,000.0000           1,454,240.09     853,580.98     1,375,200.00     876,733.29      -46,393.38    0.39
BAYER AG DM50                                   363.560023     213.395245       343.800000     219.183322       69,545.69

TBC ASSET MANAGEMENT

ED4085301                  760.0000             276,848.36     164,675.61       261,288.00     166,579.32       -9,255.65    0.07
BAYER AG DM50                                   364.274158     216.678434       343.800000     219.183322       11,159.36

INTL EQ ROWE PRICE F

ED4098304                  231.0000             188,010.30     117,383.16       188,958.00     120,466.67          591.69    0.05
BILFINGER & BERGER BAU AG DM50                  813.897403     508.152208       818.000000     521.500749        2,491.82

INTL EQ ROWE PRICE F

ED4211345                  230.0000             260,386.27     172,133.45       292,100.00     186,222.94       20,964.98    0.08
CKAG COLONIA KONZERN AG DM50                  1,132.114217     748.406304     1,270.000000     809.664977       -6,875.49
(REGD)VINKULIERT
INTERNAT-CAP GUARD

ED4252406                1,470.0000           1,077,344.96     647,954.85     1,091,475.00     695,849.67        8,498.33    0.31
DAIMLER BENZ AG DM50(VAR)                       732.887728     440.785612       742.500000     473.367122       39,396.49

INTERNAT-CAP GUARD

ED4267248                2,000.0000           1,448,180.00     929,900.15     1,482,000.00     944,821.65       21,716.38    0.42
DEUTSCHE BANK AG DM50(VAR)                      724.090000     464.950075       741.000000     472.410825       -6,794.88




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 12
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
TBC ASSET MANAGEMENT

ED4267248                  400.0000             325,485.30     191,512.33       296,400.00     188,964.33      -17,113.50    0.08
DEUTSCHE BANK AG DM50(VAR)                      813.713250     478.780825       741.000000     472.410825       14,565.50

INTL EQ ROWE PRICE F

ED4357239                  799.0000             423,148.40     248,672.00       432,259.00     275,578.72        5,354.03    0.12
GEHE AG DM50                                    529.597497     311.229036       541.000000     344.904530       21,552.69

INTL EQ ROWE PRICE F

ED4430127                  510.0000             159,061.44      93,996.63       160,395.00     102,256.86          788.06    0.05
HOECHST AG                                      311.885176     184.307118       314.500000     200.503650        7,472.17

INTL EQ ROWE PRICE F

ED4436678                   61.0000              98,088.00      65,560.27        86,620.00      55,222.98       -7,665.01    0.02
HORNBACH HLDG AG NON VTG PRF                  1,608.000000   1,074.758525     1,420.000000     905.294699       -2,672.28
DM50
INTL EQ ROWE PRICE F

ED4484702                  120.0000              57,600.00      33,319.84        52,560.00      33,508.65       -2,915.49    0.02
KAUFHOF AG                                      480.000000     277.665333       438.000000     279.238787        3,104.30

INTL EQ ROWE PRICE F

ED4497993                  119.0000             152,118.63      93,290.51       102,935.00      65,624.30      -30,163.08    0.03
KRONES AG PRF DM50                            1,278.307815     783.953866       865.000000     551.464728        2,496.87

INTL EQ ROWE PRICE F

ED4536741                  958.0000              50,371.64      32,598.78        51,636.20      32,919.70          818.38    0.01
FIELMANN AG NON VTG PRF DMS                      52.580000      34.027954        53.900000      34.362947         -497.46

INTL EQ ROWE PRICE F

ED4560790                  100.0000               6,160.00       3,621.08        18,700.00      11,921.84        7,371.48    0.01
MUNCHENER RUCKVERSICHERUNGS-                     61.600000      36.210800       187.000000     119.218386          929.28
G WTS STK2650



<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 13
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
INTERNAT-CAP GUARD

ED4562895                8,662.0000           2,529,653.08   1,573,232.55     3,551,420.00   2,264,142.04      635,453.53    1.02
MANNESMANN AG DM50-FRANKFURT                    292.040300     181.624631       410.000000     261.387906       55,455.96
LISTING
INTERNAT-CAP GUARD

ED4562895                1,095.0000             478,155.87     283,883.45       448,950.00     286,219.76      -17,339.67    0.13
MANNESMANN AG DM50-FRANKFURT                    436.672027     259.254292       410.000000     261.387906       19,675.98
LISTING
INTL EQ ROWE PRICE F

ED4610751                  762.0000           1,705,331.20   1,044,907.54     2,141,220.00   1,365,095.15      267,082.13    0.61
MUNCHENER RUCKVERSICHERUNGS-G                 2,237.967454   1,371.269738     2,810.000000   1,791.463453       53,105.48
DM100(DM50 PD)(REGD)
INTERNAT-CAP GUARD

ED4735467                4,500.0000           1,630,204.00     951,513.63     1,652,850.00   1,053,743.90       13,217.96    0.47
RWE-AG NON VTG PRF DM50                         362.267556     211.447473       367.300000     234.165312       89,012.31

TBC ASSET MANAGEMENT

ED4736291                  165.0000             166,314.86      97,841.74       196,350.00     125,179.31       17,669.44    0.06
RHOEN KLINIKUM AG DM50                        1,007.968848     592.980242     1,190.000000     758.662459        9,668.13

INTL EQ ROWE PRICE F

ED4779069                  230.0000             240,898.08     142,187.23       226,090.00     144,139.49       -8,740.29    0.06
SCHERING AG DM50                              1,047.382957     618.205348       983.000000     626.693443       10,692.55

INTL EQ ROWE PRICE F

ED4807100                1,500.0000           1,051,664.32     617,117.90       915,750.00     583,819.45      -79,754.69    0.26
SIEMENS AG DM 50                                701.109547     411.411933       610.500000     389.212967       46,456.24

TBC ASSET MANAGEMENT

ED4927528                1,500.0000             732,904.50     416,068.40       772,500.00     492,493.07       22,478.28    0.22
VEBA AG DM50                                    488.603000     277.378933       515.000000     328.328711       53,946.39

TBC ASSET MANAGEMENT



<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 14
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
ED4927528                  536.0000             267,529.40     162,612.18       276,040.00     175,984.19        5,172.99    0.08
VEBA AG DM50                                    499.122015     303.380933       515.000000     328.328711        8,199.02

INTL EQ ROWE PRICE F

ED4930308                4,000.0000           1,296,651.20     821,679.41     1,710,000.00   1,090,178.83      261,936.44    0.49
VOLKSWAGEN AG DM50                              324.162800     205.419853       427.500000     272.544707        6,562.98

INTERNAT-CAP GUARD

ED4930308                  570.0000             262,289.88     154,773.29       243,675.00     155,350.48      -10,984.36    0.07
VOLKSWAGEN AG DM50                              460.157684     271.532088       427.500000     272.544707       11,561.55

INTL EQ ROWE PRICE F

ED4946700                1,600.0000           1,046,373.73     692,214.91     1,600,000.00   1,020,050.36      366,244.25    0.46
WELLA AG NON VTG PRF DM50                       653.983581     432.634319     1,000.000000     637.531478      -38,408.80

INTERNAT-CAP GUARD
       TOTAL: DEM       42,096.0000          19,060,993.25  11,661,380.16    21,594,053.20  13,766,888.63    1,618,657.85    6.18
                                                                                                               486,850.62


       DKK  DANISH KRONE                CURRENT EXCHANGE RATE:  0.162839928

SD4262921                1,230.0000             498,066.63      73,423.84       408,360.00      66,497.31      -13,224.35    0.03
DEN DANSKE BANK DNKR100                         404.932220      59.694179       332.000000      54.062856        6,297.82

INTL EQ ROWE PRICE F

SD4889871                  600.0000             186,000.00      28,417.55       192,600.00      31,362.97        1,008.36    0.01
TELE DANMARK A/S SER'B'DNKR10                   310.000000      47.362583       321.000000      52.271617        1,937.06

INTL EQ ROWE PRICE F

SD4914182                1,310.0000             311,657.60      46,827.74       302,610.00      49,276.99       -1,359.44    0.02
UNI DANMARK 'A'DNKR100                          237.906565      35.746366       231.000000      37.616023        3,808.69
(COPENHAGEN LISTING)
INTL EQ ROWE PRICE F



<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 15
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
       TOTAL: DKK        3,140.0000             995,724.23     148,669.13       903,570.00     147,137.27      -13,575.43    0.07
                                                                                                                12,043.57


       ESP   SPANISH PESETA             CURRENT EXCHANGE RATE: 0.007643799

EE4005232                5,100.0000          77,383,849.00     600,918.39    72,675,000.00     555,513.09      -36,566.20    0.25
ACERINOX SA SPPT1000(REGD)                   15,173.303725     117.827135    14,250.000000     108.924136       -8,839.10

INTERNAT-CAP GUARD

EE4011461 ACX_R.MC       5,100.0000                   0.00           0.00     3,060,000.00      23,390.02       23,390.02    0.01
ACERINOX SA NEW SPPT1000(REGOL                    0.000000       0.000000       600.000000       4.586279            0.00
(SUB RTS 30-NOV-94)
INTERNAT-CAP GUARD

EE4072281                2,765.0000          16,923,169.00     121,885.35    14,875,700.00     113,706.86      -14,746.44    0.05
BANCO SANTANDER SA SPPT750-REG                6,120.495118      44.081501     5,380.000000      41.123639        6,567.95

INTL EQ ROWE PRICE F

EE4073602                6,000.0000          96,300,000.00     673,897.87    98,820,000.00     755,360.22       17,634.71    0.34
BANCO POPULAR ESPANOL SPPT (R)               16,050.000000     112.316312    16,470.000000     125.893370       63,827.64

TBC ASSET MANAGEMENT

EE4073602                  651.0000           5,381,087.00      57,279.20    10,721,970.00      81,956.58       56,851.25    0.04
BANCO POPULAR ESPANOL SPPT (R)                8,265.878648      87.986482    16,470.000000     125.893370      -32,173.87

INTL EQ ROWE PRICE F

EE4179862                1,065.0000          11,779,536.00      84,909.80    12,673,500.00      96,873.69        6,443.92    0.04
GAS NATURAL S.D.G. SA SPPT600                11,060.597183      79.727512    11,900.000000      90.961208        5,519.97

INTL EQ ROWE PRICE F

EE4184268                6,860.0000          12,084,204.00      86,070.12    14,543,200.00     111,165.30       17,514.27    0.05
CENTROS COM PRYCA SPPT100                     1,761.545773      12.546665     2,120.000000      16.204854        7,580.91

INTL EQ ROWE PRICE F




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 16
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
EE4221243                  980.0000          16,199,578.00     118,343.56    12,700,800.00      97,082.36      -25,559.80    0.04
FOMENTO CONSTRUCCIONES Y S                   16,530.181633     120.758735    12,960.000000      99.063635        4,298.60
CONTRATAS SPPT550
INTL EQ ROWE PRICE F

EE4315367                5,416.0000          38,306,854.00     276,188.09    32,116,880.00     245,494.98      -44,629.01    0.11
EMPRESA NACIONAL DE ELEC                      7,072.905096      50.994847     5,930.000000      45.327728       13,935.90
(ENDESA)SPPT800
INTL EQ ROWE PRICE F

EE4424649              100,000.0000          99,903,000.00     714,639.28    87,900,000.00     671,889.93      -85,861.40    0.30
IBERDROLA SA ORD SPPT500                        999.030000       7.146393       879.000000       6.718899       43,112.05

TBC ASSET MANAGEMENT

EE4733221                5,400.0000          25,121,366.00     180,246.36    20,358,000.00     155,612.46      -34,177.26    0.07
REPSOL SA SPPT500                             4,652.104815      33.378956     3,770.000000      28.817122        9,543.36

INTL EQ ROWE PRICE F

EE4880824               74,129.0000         110,538,505.00     803,478.14   124,536,720.00     951,933.66      101,749.76    0.43
TELEFONICA DE ESPANA ORD                      1,491.164119      10.838918     1,680.000000      12.841582       46,705.76
SPPT500
INTERNAT-CAP GUARD

EE4880824                7,570.0000          15,369,051.00     110,511.58    12,717,600.00      97,210.78      -19,065.33    0.04
TELEFONICA DE ESPANA ORD                      2,030.257728      14.598624     1,680.000000      12.841582        5,764.53
SPPT500
INTL EQ ROWE PRICE F
       TOTAL: ESP      221,036.0000         525,290,199.00   3,828,367.74   517,699,370.00   3,957,189.93      -37,021.51    1.78
                                                                                                               165,843.70


       FIM   FINNISH MARKKA             CURRENT EXCHANGE RATE: 0.205655527


SF4638414                5,000.0000             860,908.66     150,111.91     3,325,000.00     683,804.63      429,650.06    0.31
NOKIA AB(OY) CUM PRF FIM20                      172.181732      30.022382       665.000000     136.760925      104,042.66

INTERNAT-CAP GUARD




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 17
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
SF4638414                1,140.0000             416,995.43      76,450.79       758,100.00     155,907.46       62,537.17    0.07
NOKIA AB(OY) CUM PRF FIM20                      365.785465      67.062096       665.000000     136.760925       16,919.50

INTL EQ ROWE PRICE F
       TOTAL: FIM        6,140.0000           1,277,904.09     226,562.70     4,083,100.00     839,712.09      492,187.23    0.38
                                                                                                               120,962.16


       FRF   FRENCH FRANC               CURRENT EXCHANGE RATE: 0.185873606

EF4070233                6,000.0000           5,731,398.76     969,406.74     4,686,000.00     871,003.72     -176,818.37    0.39
DANONE (EX BSN) FF10                            955.233127     161.567790       781.000000     145.167286       78,415.35

TBC ASSET MANAGEMENT

EF4112324                2,180.0000           1,565,006.92     271,055.56     1,279,660.00     237,855.02      -49,421.42    0.11
ACCOR FF100                                     717.893083     124.337413       587.000000     109.107807       16,220.88

INTL EQ ROWE PRICE F

EF4160562                1,940.0000             391,450.80      66,320.32       362,392.00      67,359.11       -4,923.20    0.03
CARNAUDMETALBOX FF10                            201.778763      34.185732       186.800000      34.721190        5,961.99

INTL EQ ROWE PRICE F

EF4162790               21,000.0000           3,870,179.04     671,051.35     3,549,000.00     659,665.43      -55,689.32    0.30
C.S.F.(THOMPSON-CSF) FF20                       184.294240      31.954826       169.000000      31.412639       44,303.40

TBC ASSET MANAGEMENT

EF4175925 EAUG.PA        4,990.0000           3,207,335.55     558,007.21     2,569,850.00     477,667.29     -110,908.74    0.21
EAUX(CIE GENERAL DES)FF100                      642.752615     111.825092       515.000000      95.724907       30,568.82

INTL EQ ROWE PRICE F

EF4177541                  560.0000           1,181,337.10     202,921.46     1,253,280.00     232,951.67       12,357.83    0.10
CARREFOUR FF100                               2,109.530536     362.359750     2,238.000000     415.985130       17,672.38

INTL EQ ROWE PRICE F



<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 18
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
EF4188449                  505.0000             643,137.96     111,681.38       647,915.00     120,430.30          829.54    0.05
CHARGEURS FF100                               1,273.540515     221.151248     1,283.000000     238.475836        7,919.38

INTL EQ ROWE PRICE F

EF4202190                  330.0000             188,073.60      35,653.76       161,700.00      30,055.76       -4,999.73    0.01
CLARINS FF50                                    569.920000     108.041697       490.000000      91.078067         -598.27

INTL EQ ROWE PRICE F

EF4228518               12,800.0000           5,989,569.01   1,014,268.67     5,314,560.00     987,836.43     -114,305.47    0.44
CREDIT LOCAL DE FRANCE FF100                    467.935079      79.239740       415.200000      77.174721       87,873.23

INTERNAT-CAP GUARD

EF4303279                1,075.0000             585,691.82      98,319.94       728,850.00     135,473.98       24,031.93    0.06
ECCO STE FF25                                   544.829600      91.460409       678.000000     126.022305       13,122.11

INTL EQ ROWE PRICE F

EF4314409              296,000.0000           9,930,732.87   1,726,663.53     6,290,000.00   1,169,144.98     -633,016.80    0.52
EUROTUNNEL PLC/ECUROTUN SA UNT                   33.549773       5.833323        21.250000       3.949814       75,498.25
(1 EPLC & 1 ESA) (SICOVAM)
INTERNAT-CAP GUARD

EF4358794                  900.0000             435,117.13      82,276.05       354,600.00      65,910.78      -15,224.94    0.03
GTM-ENTREPOSE FF50                              483.463478      91.417833       394.000000      73.234201       -1,140.33

INTL EQ ROWE PRICE F

EF4398824                2,000.0000           3,598,536.80     610,489.17     2,780,000.00     516,728.62     -138,864.18    0.23
GUYENNE & GASCOGNE FF100                      1,799.268400     305.244585     1,390.000000     258.364312       45,103.63

TBC ASSET MANAGEMENT

EF4415479                9,692.0000           4,451,985.59     842,683.96     4,238,311.60     787,790.26      -40,444.80    0.35
HAVAS FF15                                      459.346429      86.946343       437.300000      81.282528      -14,448.90

INTERNAT-CAP GUARD




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 19
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
EF4501708                1,480.0000             650,948.98     115,053.11       578,680.00     107,561.34      -12,773.31    0.05
POLIET FF50                                     439.830392      77.738588       391.000000      72.676580        5,281.54

INTL EQ ROWE PRICE F

EF4502706                1,970.0000             933,531.17     161,216.99       813,807.00     151,265.24      -20,675.87    0.07
LAFARGE-COPPEE SA FF25(BR)                      473.873690      81.836036       413.100000      76.784387       10,724.12

INTL EQ ROWE PRICE F

EF4510154                1,910.0000             646,105.29     114,862.46       557,338.00     103,594.42      -15,780.76    0.05
LAPEYRE FF10(BR)                                338.275021      60.137414       291.800000      54.237918        4,512.72

INTL EQ ROWE PRICE F

EF4510303                  100.0000             647,679.17     117,574.02       670,000.00     124,535.32        4,051.93    0.06
LEGRAND FF50                                  6,476.791700   1,175.740200     6,700.000000   1,245.353160        2,909.37

INTL EQ ROWE PRICE F

EF4534782                  280.0000             367,104.73      62,050.48       326,760.00      60,736.06       -6,819.33    0.03
L'OREAL FF10                                  1,311.088321     221.608857     1,167.000000     216.914498        5,504.91

INTL EQ ROWE PRICE F

EF4535649 LVMH.PA        1,124.0000             912,135.34     168,128.22       967,764.00     179,881.78       10,253.68    0.08
LVMH MOET-HENNESSY LOUIS                        811.508310     149.580267       861.000000     160.037175        1,499.88
VUITTON FF10
INTL EQ ROWE PRICE F

EF4683829                1,425.0000             568,525.67     117,260.28     1,122,900.00     208,717.47      114,341.52    0.09
PEUGEOT SA FF35                                 398.965382      82.287916       788.000000     146.468402      -22,884.33

INTL EQ ROWE PRICE F

EF4702066                  220.0000             224,587.00      37,603.51       198,000.00      36,802.97       -4,451.57    0.02
PRIMAGAZ (CIE GAZ) FF25                       1,020.850000     170.925045       900.000000     167.286245        3,651.03

INTL EQ ROWE PRICE F

EF4703841                  724.0000             661,669.99     119,847.44       695,040.00     129,189.59        6,044.27    0.06



<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 20
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR         LOCAL UNIT       BASE UNIT       LOCAL PRICE      BASE PRICE      UNRL CURR G/L     MKT
- --------------------   --------------      ---------------  ------------- ----------------   ------------   ---------------  ------
PINAULT-PRINTEMPS REDOUTE                       913.908826     165.535138       960.000000     178.438662        3,297.88

INTL EQ ROWE PRICE F

EF4706679                  300.0000             328,798.78      55,641.05       311,100.00      57,825.28       -2,995.08    0.03
PROMODES FF20                                 1,095.995933     185.470167     1,037.000000     192.750929        5,179.31

INTL EQ ROWE PRICE F

EF4768372                2,567.0000           1,719,327.29     305,644.53     1,663,416.00     309,185.13       -9,939.34    0.14
COMPAGNIE DE ST-GOBAIN FF100                    669.780791     119.066821       648.000000     120.446097       13,479.94

INTL EQ ROWE PRICE F

EF4817757                4,000.0000           2,257,192.62     422,996.25     2,464,000.00     457,992.57       38,755.55    0.21
SOCIETE GENERALE ORD FF30                       564.298155     105.749063       616.000000     114.498141       -3,759.23

TBC ASSET MANAGEMENT

EF4817757                  500.0000             363,345.33      61,479.10       308,000.00      57,249.07       -9,364.59    0.03
SOCIETE GENERALE ORD FF30                       726.690660     122.958200       616.000000     114.498141        5,134.56

INTL EQ ROWE PRICE F

EF4824084                2,590.0000           1,089,593.75     187,140.72       954,415.00     177,400.56      -23,217.32    0.08
SOCIETE NATIONALE ELF                           420.692568      72.255104       368.500000      68.494424       13,477.16
EQUITAINE FF50
INTL EQ ROWE PRICE F

EF4881167                3,180.0000           1,726,475.49     296,992.02     1,663,140.00     309,133.83      -10,895.11    0.14
TELEVISION FRANCAISE(T F 1)                     542.916821      93.393717       523.000000      97.211896       23,036.92
FF10
INTL EQ ROWE PRICE F

EF4905412                2,090.0000             705,999.74     123,768.15       704,330.00     130,916.36         -292.72    0.06
TOTAL "B" SHS FF50                              337.798919      59.219211       337.000000      62.639405        7,440.93

INTL EQ ROWE PRICE F

EF4937571               20,000.0000           4,110,250.00     718,763.66     5,740,000.00   1,066,914.50      284,996.06    0.48
VALEO FF20                                      205.512500      35.938183       287.000000      53.345725       63,154.78
</TABLE>


 



<TABLE>
<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 21
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD


                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
INTERNAT-CAP GUARD

EF4937571                7,050.0000           2,092,575.42     359,447.29     2,023,350.00     376,087.36      -11,891.04    0.17
VALEO FF20                                      296.819209      50.985431       287.000000      53.345725       28,531.11

INTL EQ ROWE PRICE F
    TOTAL: FRF         411,482.0000          61,775,398.71  10,806,268.38    55,978,158.60  10,404,862.20     -978,050.70    4.67
                                                                                                               576,644.52

    GBP      UK POUND           CURRENT EXCHANGE RATE: 1.567250000

EX0004450               75,000.0000             370,829.75     553,277.99       314,250.00     492,508.31      -84,416.99    0.22
ABBEY NATIONAL ORD 10P                            4.944397       7.377040         4.190000       6.566778       23,647.31

TBC ASSET MANAGEMENT

EX0004450               43,430.0000             214,797.39     320,252.17       181,971.70     285,195.15      -48,941.46    0.13
ABBEY NATIONAL ORD 10P                            4.945830       7.373985         4.190000       6.566778       13,884.44

INTL EQ ROWE PRICE F

EX0048655               28,190.0000             104,031.20     155,304.14        97,396.45     152,644.59       -9,904.76    0.07
ARGOS ORD10P                                      3.690358       5.509193         3.455000       5.414849        7,245.21

INTL EQ ROWE PRICE F

EX0049240               39,770.0000             105,658.35     157,091.85       101,214.65     158,628.66       -6,606.85    0.07
ARGYLL GROUP ORD 25P                              2.656735       3.950009         2.545000       3.988651        8,143.66

INTL EQ ROWE PRICE F

EX0057201              116,140.0000              67,754.19      99,998.57        76,071.70     119,223.37       12,275.83    0.05
ASDA GROUP PLC                                    0.583384       0.861017         0.655000       1.026549        6,948.97

INTL EQ ROWE PRICE F

EX0067341               12,550.0000              66,557.69      98,596.91        63,252.00      99,131.70       -4,896.97    0.04
BAA ORD L1                                        5.303402       7.856327         5.040000       7.898940        5,431.76





<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 22
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD


                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
INTL EQ ROWE PRICE F

EX0067887              180,000.0000             668,934.05   1,000,400.06       512,100.00     802,588.73     -234,547.48    0.36
BTR ORD 25P                                       3.716300       5.557778         2.845000       4.458826       36,736.15

TBC ASSET MANAGEMENT

EX0068117              153,033.0000             733,971.42   1,092,473.30       685,587.84   1,074,487.54      -72,016.11    0.48
B.A.T. INDUSTRIES ORD 25P                         4.796164       7.138809         4.480000       7.021280       54,030.35

INTERNAT-CAP GUARD

EX0071731                2,848.0000                   0.00           0.00           968.32       1,517.60        1,517.60    0.00
BTR WTS TO SUB FOR ORD(1998)                      0.000000       0.000000         0.340000       0.532865            0.00

INTERNAT-CAP GUARD

EX0096167 BICC.L       215,000.0000             764,840.83   1,211,144.67       724,550.00   1,135,550.99      -63,801.54    0.51
BICC LTD ORD 50P                                  3.557399       5.633231         3.370000       5.281633      -11,792.14

INTERNAT-CAP GUARD

EX0105851 BCI.L         50,000.0000             149,691.80     234,065.58       150,000.00     235,087.50          481.92    0.11
BLUE CIRCLE INDUSTRIES ORD 50P                    2.993836       4.681312         3.000000       4.701750          540.00

TBC ASSET MANAGEMENT

EX0111446              115,000.0000             649,624.50     975,719.65       576,150.00     902,971.09     -110,356.85    0.41
BOOTS CO ORD 25P                                  5.648909       8.484519         5.010000       7.851923       37,608.29

TBC ASSET MANAGEMENT

EX0128689               50,000.0000             154,828.50     239,210.04       136,500.00     213,929.63      -28,317.53    0.10
POWERSCREEN INTL ORD 10P                          3.096570       4.784201         2.730000       4.278593        3,037.12

TBC ASSET MANAGEMENT

EX0134331              200,000.0000             621,625.24     928,442.11       617,000.00     966,993.25       -6,908.13    0.43
BRITISH GAS ORD 25P                               3.108126       4.642211         3.085000       4.834966       45,459.27




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 23
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
INTERNAT-CAP GUARD

EX0134331               29,870.0000              99,432.23     147,089.94        92,148.95     144,420.44      -10,774.14    0.06
BRITISH GAS ORD 25P                               3.328833       4.924337         3.085000       4.834966        8,104.64

INTL EQ ROWE PRICE F

EX0138498               17,760.0000              68,284.64     101,407.31        75,480.00     118,296.03       10,685.60    0.05
BRITISH PETROLEUM CO ORD 25P                      3.844856       5.709871         4.250000       6.660813        6,203.12

INTL EQ ROWE PRICE F

EX0161243               25,560.0000             130,028.13     192,495.67       110,419.20     173,054.49      -29,029.37    0.08
CADBURY SCHWEPPES ORD 25P                         5.087173       7.531129         4.320000       6.770520        9,588.19

INTL EQ ROWE PRICE F

EX0162555               60,590.0000             305,974.50     451,192.68       234,483.30     367,493.95     -105,421.55    0.17
CABLE & WIRELESS ORD 25P                          5.049917       7.446653         3.870000       6.065258       21,722.82

INTL EQ ROWE PRICE F

EX0299068               22,413.0000             178,512.25     265,424.64       171,011.19     268,017.29      -11,153.11    0.12
EAST MIDLANDS ELECTRICITY ORD                     7.964675      11.842441         7.630000      11.958118       13,745.76
56 9/11P
INTL EQ ROWE PRICE F

EX0301336                5,400.0000              39,025.12      58,145.81        43,200.00      67,705.20        6,220.40    0.03
EASTERN GROUP ORD 50P                             7.226874      10.767743         8.000000      12.538000        3,338.99

INTL EQ ROWE PRICE F

EX0316706              164,418.0000             538,282.00     865,136.85       559,021.20     876,125.98       33,332.43    0.39
ENGLISH CHINA CLAYS ORD 25P                       3.273863       5.261813         3.400000       5.328650      -22,343.30

INTERNAT-CAP GUARD

EX0339393                5,210.0000               8,657.19      12,742.09         6,147.80       9,635.14       -3,693.45    0.00
FIRST NATIONAL FINANCE CORP 7%                    1.661649       2.445699         1.180000       1.849355          586.50
CONV CUM RED PRF #1
INTL EQ ROWE PRICE F




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 24
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
EX0340763               16,180.0000              14,279.52      21,018.65        10,274.30      16,102.40       -5,895.46    0.01
FIRST NATIONAL FINANCE CORP                       0.882541       1.299051         0.635000       0.995204          979.21
ORD 10P
INTL EQ ROWE PRICE F

EX0371784               27,000.0000             181,018.53     268,828.32       165,645.00     259,607.13      -22,831.03    0.12
GLAXO HLDGS ORD 25P                               6.704390       9.956604         6.135000       9.615079       13,609.84

INTL EQ ROWE PRICE F

EX0381932               48,000.0000             224,499.47     333,496.76       185,280.00     290,380.08      -58,261.01    0.13
GRAND METROPOLITAN ORD 25P                        4.677072       6.947849         3.860000       6.049585       15,144.33

INTL EQ ROWE PRICE F

EX0396005              120,000.0000             564,330.80     841,981.55       547,200.00     857,599.20      -25,559.15    0.39
GUINNESS ORD STK 25P                              4.702757       7.016513         4.560000       7.146660       41,176.80

TBC ASSET MANAGEMENT

EX0396005               39,740.0000             207,274.35     308,041.49       181,214.40     284,008.27      -38,729.08    0.13
GUINNESS ORD STK 25P                              5.215761       7.751421         4.560000       7.146660       14,695.86

INTL EQ ROWE PRICE F

EX0417504                6,930.0000              30,967.78      45,581.25        16,839.90      26,392.33      -20,794.72    0.01
HEATH (C.E.)& CO ORD 20P                          4.468655       6.577381         2.430000       3.808418        1,605.80

INTL EQ ROWE PRICE F

EX0423817               14,370.0000              67,174.48      98,873.48        38,224.20      59,906.88      -42,611.64    0.03
HEYWOOD WILLIAMS GROUP ORD 25P                    4.674633       6.880548         2.660000       4.168885        3,645.04

INTL EQ ROWE PRICE F

EX0427875               25,110.0000              44,067.34      65,311.84        41,431.50      64,933.52       -3,906.56    0.03
HILLSDOWN HLDGS ORD 10P                           1.754972       2.601029         1.650000       2.585963        3,528.24

INTL EQ ROWE PRICE F




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 25
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
EX0500259               35,770.0000              69,027.73     111,648.00        57,589.70      90,257.46      -18,500.29    0.04
LADBROKE GROUP ORD 10P                            1.929766       3.121275         1.610000       2.523273       -2,890.25

INTL EQ ROWE PRICE F

EX0500523 LARD.L        60,000.0000             244,252.10     378,212.26       205,500.00     322,069.88      -60,005.70    0.14
LAIRD GROUP PLC ORD 25P                           4.070868       6.303538         3.425000       5.367831        3,863.32

TBC ASSET MANAGEMENT

EX0500747               27,390.0000             108,305.35     159,941.16        63,818.70     100,019.86      -65,696.17    0.04
LAING(JOHN) ORD 'A' NON.V 25P                     3.954193       5.839400         2.330000       3.651693        5,774.87

INTL EQ ROWE PRICE F

EX0501729               12,000.0000                   0.00           0.00         5,040.00       7,898.94        7,898.94    0.00
LAIRD GROUP NEW ORD 25P(NIL PD                    0.000000       0.000000         0.420000       0.658245            0.00
 13-DEC-94)
TBC ASSET MANAGEMENT

EX0525884               24,450.0000             166,605.86     246,600.71       168,949.50     264,786.10        3,468.93    0.12
LONDON ELECTRICITY ORD 50P                        6.814146      10.085919         6.910000      10.829698       14,716.46

INTL EQ ROWE PRICE F

EX0531692              274,671.0000             396,001.82     602,547.01       402,049.68     630,112.36        9,202.28    0.28
LASMO ORD 25P                                     1.441731       2.193705         1.463750       2.294062       18,363.07

INTERNAT-CAP GUARD

EX0583297               72,480.0000             290,981.04     430,206.19       197,145.60     308,976.44     -138,732.71    0.14
CARADON ORD 25P                                   4.014639       5.935516         2.720000       4.262920       17,502.96

INTL EQ ROWE PRICE F

EX0602725              225,000.0000             892,430.38   1,320,421.99       740,250.00   1,160,156.81     -225,163.02    0.52
MORGAN CRUCIBLE CO. ORD 25P                       3.966357       5.868542         3.290000       5.156253       64,897.84

INTERNAT-CAP GUARD

EX0625395              160,000.0000             792,116.20   1,225,799.82       833,600.00   1,306,459.60       64,196.18    0.59




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 26
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                              BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
NATIONAL WESTMINSTER BANK ORD                     4.950726       7.661249         5.210000       8.165373         16,463.60
L1 (POST CAP)
INTERNAT-CAP GUARD

EX0625395                101,638.0000           367,680.54     611,660.13       529,533.98     829,912.13        269,253.57    0.37
NATIONAL WESTMINSTER BANK ORD                     3.617550       6.018026         5.210000       8.165373        -51,001.57
L1 (POST CAP)
TBC ASSET MANAGEMENT

EX0625395                 62,830.0000           261,214.76     414,431.81       327,344.30     513,030.35        104,918.21    0.23
NATIONAL WESTMINSTER BANK ORD                     4.157485       6.596082         5.210000       8.165373         -6,319.67
L1 (POST CAP)
INTL EQ ROWE PRICE F

EX0718877                 80,000.0000           710,843.00   1,100,029.54       677,600.00   1,061,968.60        -51,443.54    0.48
RTZ CORP ORD 10P(REGD)                            8.885538      13.750369         8.470000      13.274608         13,382.60

INTERNAT-CAP GUARD

EX0718877                 19,750.0000           169,926.81     251,150.18       167,282.50     262,173.50         -3,908.26    0.12
RTZ CORP ORD 10P(REGD)                            8.603889      12.716465         8.470000      13.274608         14,931.58

INTL EQ ROWE PRICE F

EX0724594                 35,260.0000           151,107.27     226,737.90       145,271.20     227,676.29         -8,757.08    0.10
RANK ORGANISATION ORD 10P                         4.285515       6.430457         4.120000       6.457070          9,695.47

INTL EQ ROWE PRICE F

EX0730872                 34,730.0000           307,023.67     458,304.10       278,534.60     436,533.35        -42,526.55    0.20
REED INTL ORD 25P                                 8.840301      13.196202         8.020000      12.569345         20,755.80

INTL EQ ROWE PRICE F

EX0747769                 15,000.0000            27,137.00      39,759.78        26,850.00      42,080.66           -420.50    0.02
ROLLS ROYCE 20P                                   1.809133       2.650652         1.790000       2.805378          2,741.38

INTL EQ ROWE PRICE F

EX0779093                 50,000.0000           113,793.00     175,810.19        99,000.00     155,157.75        -22,855.19    0.07
SCAPA GROUP 25P                                   2.275860       3.516204         1.980000       3.103155          2,202.75



<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 27
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
TBC ASSET MANAGEMENT

EX0787005                 25,000.0000            30,278.00      44,361.81        27,000.00      42,315.75         -4,802.76    0.02
SEARS ORD 25P                                     1.211120       1.774472         1.080000       1.692630          2,756.70

INTL EQ ROWE PRICE F

EX0798515                 98,643.0000           564,695.23     834,923.87       528,726.48     828,646.58        -53,181.20    0.37
SEVERN TRENT ORD #1                               5.724636       8.464096         5.360000       8.400460         46,903.91

TBC ASSET MANAGEMENT

EX0803414                 29,040.0000           215,372.32     318,718.43       207,055.20     324,507.26        -12,308.08    0.15
SHELL TRANS & TRDG ORD 25P REG                    7.416402      10.975153         7.130000      11.174493         18,096.91

INTL EQ ROWE PRICE F

EX0816127                 16,780.0000            86,181.94     127,494.35        88,934.00     139,381.81          4,071.30    0.06
SMITH(DAVID S) (HLDGS) ORD 20P                    5.135992       7.597995         5.300000       8.306425          7,816.16

INTL EQ ROWE PRICE F

EX0819519                 72,000.0000           277,012.49     415,162.44       280,800.00     440,083.80          5,676.39    0.20
SMITHKLINE BCH/BEC UNTS(1 SB                      3.847396       5.766145         3.900000       6.112275         19,244.97
'B' ORD 12.5P & SBC CUM PRF)
INTL EQ ROWE PRICE F

EX0827934                  6,370.0000            44,355.78      65,862.11        49,622.30      77,770.55          7,820.04    0.03
SOUTH WESTERN ELECTRICITY ORD                     6.963231      10.339421         7.790000      12.208878          4,088.40
50P
INTL EQ ROWE PRICE F

EX0836133                 14,000.0000            10,343.50      15,154.78         6,090.00       9,544.55         -6,232.02    0.00
SPRING RAM CORP ORD 10P                           0.738821       1.082484         0.435000       0.681754            621.79

INTL EQ ROWE PRICE F

EX0884703                  1,162.0000             2,593.09       3,802.66         2,846.90       4,461.80            372.20    0.00
TESCO ORD 5P                                      2.231575       3.272513         2.450000       3.839763            286.94




<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 28
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
TBC ASSET MANAGEMENT

EX0884703                 32,000.0000            73,454.44     108,820.10        78,400.00     122,872.40          7,326.67    0.06
TESCO ORD 5P                                      2.295451       3.400628         2.450000       3.839763          6,725.63

INTL EQ ROWE PRICE F

EX0889405                 72,000.0000           680,823.73   1,001,088.05       722,160.00   1,131,805.26         60,781.14    0.51
THORN-EMI ORD 25P                                 9.455885      13.904001        10.030000      15.719518         69,936.07

INTERNAT-CAP GUARD

EX0896269                 87,430.0000           228,833.68     337,676.86       195,843.20     306,935.26        -48,682.18    0.14
TOMKINS ORD STK 5P                                2.617336       3.862254         2.240000       3.510640         17,940.58

INTL EQ ROWE PRICE F

EX0907603                 46,000.0000           108,726.18     161,175.27        74,520.00     116,791.47        -50,707.11    0.05
T & N PLC ORD L1                                  2.363613       3.503810         1.620000       2.538945          6,323.31

INTL EQ ROWE PRICE F

EX0916729                106,640.0000           684,314.82   1,030,338.99       542,797.60     850,699.54       -213,075.48    0.38
UNITED NEWSPAPERS ORD 25P                         6.417056       9.661843         5.090000       7.977303         33,436.03

TBC ASSET MANAGEMENT

EX0916729                 29,290.0000           202,926.17     299,942.03       149,086.10     233,655.19        -79,580.17    0.10
UNITED NEWSPAPERS ORD 25P                         6.928172      10.240424         5.090000       7.977303         13,293.33

INTL EQ ROWE PRICE F

EX0927056                 24,840.0000            67,970.02      99,955.87        50,673.60      79,418.20        -25,435.90    0.04
COATS VIYELLA ORD 20P                             2.736313       4.023988         2.040000       3.197190          4,898.23

INTL EQ ROWE PRICE F

EX0971344                155,600.0000           271,700.41     403,211.33       202,280.00     317,023.33       -103,021.91    0.14
WIMPEY (GEORGE) ORD 25P                           1.746147       2.591332         1.300000       2.037425         16,833.91

INTERNAT-CAP GUARD





<CAPTION>


FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 29
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
EX0981111                 32,820.0000           205,901.24     304,626.23       152,941.20     239,697.10        -78,353.18    0.11
KINGFISHER ORD 25P                                6.273651       9.281725         4.660000       7.303385         13,424.05

INTL EQ ROWE PRICE F
   TOTAL: GBP          4,050,096.0000        16,198,882.81  24,468,321.32    15,000,169.94  23,509,016.37     -1,753,264.31   10.56
                                                                                                                                   
                                                                                                                 793,959.36


     HKD     HONG KONG DOLLAR           CURRENT EXCHANGE RATE: 0.129301706

FH6190273                 98,000.0000         4,303,499.76     556,367.13     3,155,600.00     408,024.46       -148,403.33    0.18
CHEUNG KONG(HLDGS) HK$0.50                       43.913263       5.677216        32.200000       4.163515             60.66

TBC ASSET MANAGEMENT

FH6190919                190,000.0000         7,422,701.92     960,669.77     6,327,000.00     818,091.89       -141,809.24    0.37
CHINA LIGHT & POWER CO HK$5                      39.066852       5.056157        33.300000       4.305747           -768.64

INTERNAT-CAP GUARD

FH6196155                369,000.0000         6,493,624.20     839,586.16     7,232,400.00     935,161.66         95,519.22    0.42
CITIC PACIFIC LTD HK$0.40                        17.597898       2.275301        19.600000       2.534313             56.28

INTERNAT-CAP GUARD

FH6196155                 30,000.0000           726,035.56      93,806.77       588,000.00      76,029.40        -17,834.76    0.03
CITIC PACIFIC LTD HK$0.40                        24.201185       3.126892        19.600000       2.534313             57.39

INTL EQ ROWE PRICE F

FH6383852                374,000.0000         2,516,831.55     325,070.00     1,299,650.00     168,046.96       -157,209.25    0.08
GREAT EAGLE HLDGS LTD HK$0.10                     6.729496       0.869171         3.475000       0.449323            186.21

INTL EQ ROWE PRICE F

FH6408352                650,000.0000        10,235,985.43   1,324,615.78     7,670,000.00     991,744.09       -332,058.38    0.45
HANG LUNG DEVELOPMENT CO HK$1                    15.747670       2.037870        11.800000       1.525760           -813.31

INTERNAT-CAP GUARD





<CAPTION>


FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 30
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
FH6409095                 65,000.0000                 0.00           0.00             0.00           0.00              0.00    0.00
HANG LUNG DEVELOPMENT CO WTS                      0.000000       0.000000         0.000000       0.000000              0.00
31-OCT-97(TO PURCHASE ORD)
INTERNAT-CAP GUARD

FH6434887                 92,516.0000         2,448,628.60     316,433.53     1,484,881.80     191,997.75       -124,543.92    0.09
HONG KONG LAND HLDG ORD US$0.1                   26.467082       3.420311        16.050000       2.075292            108.14
(HONG KONG REG)-HK LISTING
INTL EQ ROWE PRICE F

FH6435579                135,000.0000         4,601,992.36     594,140.41     3,631,500.00     469,559.15       -125,295.46    0.21
WHARF HOLDINGS HK$1                              34.088832       4.401040        26.900000       3.478216            714.20

INTL EQ ROWE PRICE F

FH6436999                180,046.0000         1,437,588.23     185,699.99     1,206,308.20     155,977.71        -29,875.52    0.07
HOPEWELL HLDGS HK$0.50                            7.984561       1.031403         6.700000       0.866321            153.24

INTL EQ ROWE PRICE F

FH6448069                 66,000.0000         2,483,842.72     320,921.79     2,032,800.00     262,844.51        -58,276.41    0.12
HUTCHISON WHAMPOA HK$0.25                        37.633981       4.862451        30.800000       3.982493            199.13

INTL EQ ROWE PRICE F

FH6859927                108,800.0000         5,545,526.68     717,809.11     5,407,360.00     699,180.87        -17,884.20    0.31
SUN HUNG KAI PROPERTIES                          50.969914       6.597510        49.700000       6.426295           -744.04
HK$0.50
INTERNAT-CAP GUARD

FH6867748                165,000.0000         5,831,484.13     752,612.34     8,497,500.00   1,098,741.25        344,076.46    0.49
SWIRE PACIFIC A HK $0.60                         35.342328       4.561287        51.500000       6.659038          2,052.45

INTERNAT-CAP GUARD

FH6867748                 87,000.0000         5,390,193.29     696,174.17     4,480,500.00     579,336.29       -117,492.07    0.26
SWIRE PACIFIC A HK $0.60                         61.956245       8.002002        51.500000       6.659038            654.19

INTL EQ ROWE PRICE F





<CAPTION>


FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 31
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
FH6881673                254,000.0000         8,576,044.29   1,110,064.91     7,874,000.00   1,018,121.63        -90,871.12    0.46
TELEVISION BROADCAST ORD $0.05                   33.763954       4.370334        31.000000       4.008353         -1,072.16

INTERNAT-CAP GUARD

FH6984667                314,000.0000           905,393.63     117,143.91       824,250.00     106,576.93        -10,498.73    0.05
YIZHENG CHEMICAL FIBRE COMPANY                    2.883419       0.373070         2.625000       0.339417            -68.25
HK$1 SER'H'
INTL EQ ROWE PRICE F
       TOTAL: HKD      3,178,362.0000        68,919,372.35   8,911,115.77    61,711,750.00   7,979,434.55       -932,456.71    3.58
                                                                                                                                   
                                                                                                                     775.49



    ITL       ITALIAN LIRA   CURRENT EXCHANGE RATE: 0.000618697

EI4009938                156,160.0000       185,176,126.00     111,804.42   181,301,760.00     112,170.86         -2,339.31    0.05
MONTEDISON S.P.A. ITL1000                     1,185.810233       0.715961     1,161.000000       0.718307          2,705.75

INTL EQ ROWE PRICE F

EI4038630                  1,250.0000         7,500,000.00       4,881.07     1,700,000.00       1,051.78         -3,774.69    0.00
DANIELI & C WTS 30-NOV-99                     6,000.000000       3.904856     1,360.000000       0.841428            -54.60
(TO PURCHASE ORD)
INTL EQ ROWE PRICE F

EI4043424              7,500,000.0000                 0.00           0.00     6,000,000.00       3,712.18          3,712.18    0.00
DANIELI & C 7.25% BDS 1/1/2000                    0.000000       0.000000        80.000000       0.049496              0.00
1-JAN-2000 ITL6000(EX.WTS)
INTL EQ ROWE PRICE F

EI4056715                  9,637.0000       363,973,514.00     219,545.25   359,941,950.00     222,695.00         -2,431.87    0.10
ASSICURAZIONI GENERALI ITL2000               37,768.342223      22.781493    37,350.000000      23.108333          5,581.62

INTL EQ ROWE PRICE F

EI4079634                 59,770.0000       103,820,490.00      62,149.34   116,850,350.00      72,294.96          7,799.97    0.03
BANCA FIDEURAM ITL500                         1,737.000000       1.039808     1,955.000000       1.209553          2,345.65

INTL EQ ROWE PRICE F





<CAPTION>


FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 32
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
EI4253379                  5,000.0000        32,115,000.00      19,170.28    27,400,000.00      16,952.30         -2,814.51    0.01
DANIELI & C DI RISP ITL2000(-                 6,423.000000       3.834056     5,480.000000       3.390460            596.53
NON CV)
INTL EQ ROWE PRICE F

EI4438111                  6,000.0000        76,206,000.00      45,618.67    57,870,000.00      35,804.00        -10,976.36    0.02
IMI SPA ORD ITL5000                          12,701.000000       7.603112     9,645.000000       5.967333          1,161.69

INTL EQ ROWE PRICE F

EI4468209                 26,000.0000       145,802,098.00      86,747.72   124,280,000.00      76,891.66        -12,804.97    0.03
ITALGAS (SOC ITAL) ITL1000                    5,607.773000       3.336451     4,780.000000       2.957372          2,948.91

INTL EQ ROWE PRICE F

EI4534935                 26,000.0000        62,400,000.00      39,658.94    55,900,000.00      34,585.16         -4,131.14    0.02
ISTITUTO NAZ DELLE                            2,400.000000       1.525344     2,150.000000       1.330199           -942.64
ASSICURAZIONI ITL1000
INTL EQ ROWE PRICE F

EI4713307                  2,000.0000                 0.00           0.00     1,936,000.00       1,197.80          1,197.80    0.00
R.A.S. NEW UNIT-24 BDS& 2WTS                      0.000000       0.000000       968.000000       0.598899              0.00
(SUB RTS 16-DEC-94)
INTL EQ ROWE PRICE F

EI4713315                  2,000.0000                 0.00           0.00     4,270,000.00       2,641.84          2,641.84    0.00
R.A.S. NEW UNIT COMP 2 ORD &                      0.000000       0.000000     2,135.000000       1.320918              0.00
1WT(S/R 16-DEC-94)
INTL EQ ROWE PRICE F

EI4718249                  2,000.0000        57,208,000.00      34,148.94    29,420,000.00      18,202.07        -16,587.38    0.01
RAS ITL1000                                  28,604.000000      17.074470    14,710.000000       9.101033            640.51

INTL EQ ROWE PRICE F

EI4726390                  2,000.0000                 0.00           0.00             0.00           0.00              0.00    0.00
R.A.S. CPN15 CONV RIGHTS-                         0.000000       0.000000         0.000001       0.000000              0.00
30-SEP 94 (TO PURCHASE ORD)
INTL EQ ROWE PRICE F

EI4740037                  8,200.0000        87,502,200.00      55,037.49    71,463,000.00      44,213.94        -10,088.41    0.02





<CAPTION>


FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 33
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
RINASCENTE (LA) PERS LESDI                   10,671.000000       6.711889     8,715.000000       5.391944           -735.14
GRAND MAG ITL 1000
INTL EQ ROWE PRICE F

EI4765943                 21,700.0000        83,653,500.00      51,602.16    85,932,000.00      53,165.87          1,405.51    0.02
SME (MERIDIONALE FINANZIARIA)                 3,855.000000       2.377980     3,960.000000       2.450040            158.20
ITL1000
INTL EQ ROWE PRICE F

EI4776510                 17,690.0000       107,486,657.00      65,615.86    87,742,400.00      54,285.96        -12,052.99    0.02
SASIB DI RISP ITL1000(NON CNV)                6,076.125325       3.709206     4,960.000000       3.068737            723.09

INTL EQ ROWE PRICE F

EI4811564                 83,117.0000       359,888,152.00     217,138.49   348,260,230.00     215,467.56         -7,015.68    0.10
TELECOM ITALIA SPA ITL1000                    4,329.898240       2.612444     4,190.000000       2.592340          5,344.75

INTL EQ ROWE PRICE F

EI4811572                 90,346.0000       331,440,909.00     200,063.51   302,659,100.00     187,254.28        -17,373.33    0.08
TELECOM ITALIA SPA ITL1000                    3,668.573141       2.214415     3,350.000000       2.072635          4,564.10
(NON-CNV)
INTL EQ ROWE PRICE F

EI4846503                438,000.0000       971,584,785.00     716,145.17 2,056,410,000.00   1,272,294.70        799,614.08    0.57
STET ITL1000                                  2,218.230103       1.635035     4,695.000000       2.904782       -243,464.55

INTERNAT-CAP GUARD

EI4846503                 54,420.0000       258,513,403.00     155,872.01   255,501,900.00     158,078.26         -1,815.86    0.07
STET ITL1000                                  4,750.338166       2.864241     4,695.000000       2.904782          4,022.11

INTL EQ ROWE PRICE F

EI4846511                 23,150.0000        92,752,979.00      56,038.48    89,822,000.00      55,572.60         -1,770.81    0.02
STET ITL1000 DI RISP(NON CNV)                 4,006.608164       2.420669     3,880.000000       2.400544          1,304.93

INTL EQ ROWE PRICE F

EL4849641                370,000.0000        88,800,000.00      55,397.86   714,100,000.00     441,811.53        390,093.43    0.20
SOFTE SA(SIP)CVD WTS 24-MAR-97                  240.000000       0.149724     1,930.000000       1.194085         -3,679.76






<CAPTION>


FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 34
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
(TO PUR SIP DI RISP)
INTERNAT-CAP GUARD
       TOTAL: ITL      8,904,440.0000     3,415,823,813.00   2,196,635.66 4,978,760,690.00   3,080,344.31      1,100,487.50    1.38
                                                                                                                -216,778.85

    JPY   JAPANESE YEN  CURRENT EXCHANGE RATE: 0.010111735

FJ6021508                 11,000.0000        13,643,314.00     129,753.55    14,740,000.00     149,046.97         10,429.94    0.07
ALPS ELECTRIC                                 1,240.301273      11.795777     1,340.000000      13.549725          8,863.48

INTL EQ ROWE PRICE F

FJ6022100                 21,000.0000        23,258,671.00     223,089.97    25,830,000.00     261,186.12         24,663.38    0.12
AMADA Y50                                     1,107.555762      10.623332     1,230.000000      12.437434         13,432.77

INTL EQ ROWE PRICE F

FJ6045879                  6,000.0000        35,624,877.00     337,014.20    13,260,000.00     134,081.61       -211,573.54    0.06
AOYAMA TRADING Y50                            5,937.479500      56.169033     2,210.000000      22.346934          8,640.95

INTL EQ ROWE PRICE F

FJ6132107                 86,000.0000       111,708,421.00   1,006,640.39   132,440,000.00   1,339,198.18        186,818.96    0.60
BRIDGESTONE CO Y50                            1,298.935128      11.705121     1,540.000000      15.572072        145,738.83

INTERNAT-CAP GUARD

FJ6172327                 70,000.0000       124,273,016.00   1,277,774.82   119,700,000.00   1,210,374.68        -47,019.78    0.54
CANON INC Y50                                 1,775.328800      18.253926     1,710.000000      17.291067        -20,380.36

INTERNAT-CAP GUARD

FJ6172327                 21,000.0000        34,296,635.00     327,172.78    35,910,000.00     363,112.40         15,390.70    0.16
CANON INC Y50                                 1,633.173095      15.579656     1,710.000000      17.291067         20,548.92

INTL EQ ROWE PRICE F

FJ6195864                 13,910.0000        52,020,601.00     447,079.70    49,241,400.00     497,915.99        -23,885.22    0.22
CHUDENKO CORP Y50                             3,739.798778      32.140884     3,540.000000      35.795542         74,721.51





<CAPTION>
FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 35
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>
INTERNAT-CAP GUARD

FJ6195864                 24,000.0000        90,371,967.00     873,685.92    84,960,000.00     859,093.01        -52,321.10    0.39
CHUDENKO CORP Y50                             3,765.498625      36.403580     3,540.000000      35.795542         37,728.19

TBC ASSET MANAGEMENT

FJ6197308                 13,000.0000        11,552,934.00     110,115.09     9,594,000.00      97,011.99        -18,671.29    0.04
CITIZEN WATCH CO Y50                            888.687231       8.470392       738.000000       7.462460          5,568.19

INTL EQ ROWE PRICE F

FJ6250024                  6,000.0000         7,647,888.00      74,058.24     9,000,000.00      91,005.62         13,093.16    0.04
DAIFUKO MACHINERY Y 50                        1,274.648000      12.343040     1,500.000000      15.167603          3,854.22

INTL EQ ROWE PRICE F

FJ6250214                 19,000.0000        29,779,205.00     283,898.60    28,500,000.00     288,184.45        -12,195.25    0.13
DAIICHI PHARMACEUTICAL CO Y50                 1,567.326579      14.942032     1,500.000000      15.167603         16,481.10

INTL EQ ROWE PRICE F

FJ6251022                 18,000.0000        12,439,449.00     118,834.70    12,888,000.00     130,320.04          4,285.03    0.06
DAINIPPON SCREEN Y50                            691.080500       6.601928       716.000000       7.240002          7,200.31

INTL EQ ROWE PRICE F


FJ6251162                120,000.0000        94,190,367.00     902,969.36    81,720,000.00     826,330.98       -119,548.98    0.37
DAI-TOKYO FIRE & MARINE INS CO                  784.919725       7.524745       681.000000       6.886092         42,910.60

TBC ASSET MANAGEMENT

FJ6251360                 33,000.0000        54,964,960.00     510,741.57    44,880,000.00     453,814.67        -93,710.78    0.20
DAIWA HOUSE INDUSTRY CO Y50                   1,665.604848      15.477017     1,360.000000      13.751960         36,783.88

TBC ASSET MANAGEMENT

FJ6251360                 22,000.0000        36,055,822.00     344,000.03    29,920,000.00     302,543.11        -58,540.43    0.14
DAIWA HOUSE INDUSTRY CO Y50                   1,638.901000      15.636365     1,360.000000      13.751960         17,083.51


</TABLE>






<TABLE>
<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 36
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD


                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                     <C>                <C>              <C>             <C>              <C>            <C>                <C>
INTL EQ ROWE PRICE F

FJ6298544                     50.0000        25,310,741.00     252,662.85    23,350,000.00     236,109.01        -19,572.97    0.11
EAST JAPAN RAILWAY CO Y50000                506,214.820000   5,053.257000   467,000.000000   4,722.180245          3,019.13

INTL EQ ROWE PRICE F

FJ6331279                    904.0000         5,486,738.00      40,823.95     5,315,520.00      53,749.13         -1,273.95    0.02
FAMILYMART Y50                                6,069.400442      45.159237     5,880.000000      59.457002         14,199.13

INTERNAT-CAP GUARD

FJ6356524                 30,000.0000        72,231,088.00     672,438.30    66,000,000.00     667,374.51        -58,008.59    0.30
FUJI PHOTO FILM LTD ORD Y50                   2,407.702933      22.414610     2,200.000000      22.245817         52,944.80

TBC ASSET MANAGEMENT

FJ6356938                  5,000.0000        24,128,885.00     245,416.71    23,050,000.00     233,075.49        -10,973.43    0.10
FANUC CO Y50                                  4,825.777000      49.083342     4,610.000000      46.615098         -1,367.79

INTL EQ ROWE PRICE F

FJ6429107                127,500.0000       138,669,416.00   1,145,014.29   124,567,500.00   1,259,593.55       -116,441.63    0.57
HITACHI LTD Y50                               1,087.603263       8.980504       977.000000       9.879165        231,020.89

INTERNAT-CAP GUARD

FJ6429107                 31,000.0000        28,181,007.00     269,569.75    30,287,000.00     306,254.12         20,145.21    0.14
HITACHI LTD Y50                                 909.064742       8.695798       977.000000       9.879165         16,539.16

INTL EQ ROWE PRICE F

FJ6429180                 70,000.0000        63,501,238.00     620,794.19    69,370,000.00     701,451.06         57,373.59    0.31
HITACHI KOKI Y50                                907.160543       8.868488       991.000000      10.020729         23,283.28

TBC ASSET MANAGEMENT

FJ6429305                 21,000.0000        11,573,518.00     110,478.37    11,298,000.00     114,242.38         -2,630.03    0.05
HITACHI ZOSEN CORP Y50                          551.119905       5.260875       538.000000       5.440113          6,394.04

INTL EQ ROWE PRICE F



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 37
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

FJ6435146                  8,000.0000        12,865,628.00     122,511.60    13,280,000.00     134,283.84          3,945.82    0.06
HONDA MOTOR CO Y50                            1,608.203500      15.313950     1,660.000000      16.785480          7,826.42

INTL EQ ROWE PRICE F

FJ6461506                 11,000.0000        12,046,774.00     114,529.33    11,550,000.00     116,790.54         -4,722.86    0.05
INAX Y50                                      1,095.161273      10.411757     1,050.000000      10.617322          6,984.07

INTL EQ ROWE PRICE F

FJ6466869 4028.T          14,000.0000         5,928,083.00      59,189.09     5,614,000.00      56,767.28         -3,135.97    0.03
ISHIHARA SANGYO Y50                             423.434500       4.227792       401.000000       4.054806            714.16

INTL EQ ROWE PRICE F

FJ6467941                  6,000.0000        33,608,871.00     317,584.53    31,500,000.00     318,519.65        -19,927.61    0.14
ITO-YOKADO CO Y50                             5,601.478500      52.930755     5,250.000000      53.086609         20,862.73

INTL EQ ROWE PRICE F

FJ6472172                    500.0000         1,450,723.00      10,794.07       600,000.00       6,067.04         -6,329.78    0.00
JAPAN AIRPORT TERMINAL CO Y50                 2,901.446000      21.588140     1,200.000000      12.134082          1,602.75

INTERNAT-CAP GUARD

FJ6483807                 70,000.0000        85,200,040.00     809,680.51    77,700,000.00     785,681.81        -71,275.03    0.35
KAO CORP Y50                                  1,217.143429      11.566864     1,110.000000      11.224026         47,276.33

TBC ASSET MANAGEMENT

FJ6492923                 32,670.0000        57,002,590.00     455,092.33    53,578,800.00     541,774.63        -27,334.57    0.24
KINDEN CORPORATION Y50                        1,744.799204      13.929976     1,640.000000      16.583245        114,016.87

INTERNAT-CAP GUARD

FJ6496502                  7,000.0000        16,701,367.00     157,972.50    16,730,000.00     169,169.33            270.83    0.08
KOKUYO CO Y50                                 2,385.909571      22.567500     2,390.000000      24.167047         10,926.00

INTL EQ ROWE PRICE F



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 38
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
FJ6496585                 40,000.0000        34,409,735.00     328,499.32    36,760,000.00     371,707.38         22,437.26    0.17
KOMATSU Y50                                     860.243375       8.212483       919.000000       9.292684         20,770.80

INTL EQ ROWE PRICE F

FJ6496650                  8,000.0000        18,041,296.00     172,103.76    22,080,000.00     223,267.11         38,526.94    0.10
KOMORI CORPORATION Y50                        2,255.162000      21.512970     2,760.000000      27.908389         12,636.41

INTL EQ ROWE PRICE F

FJ6497567                 23,000.0000        12,494,664.00     126,047.23    10,465,000.00     105,819.31        -20,475.42    0.05
KUMAGAI-GUMI                                    543.246261       5.480314       455.000000       4.600839            247.50

INTL EQ ROWE PRICE F

FJ6497666                 19,000.0000        20,786,830.00     198,283.90    22,230,000.00     224,783.87         13,766.29    0.10
KURARAY CO Y50                                1,094.043684      10.435995     1,170.000000      11.830730         12,733.68

INTL EQ ROWE PRICE F

FJ6499266                 13,450.0000        58,857,254.00     472,722.10    98,723,000.00     998,260.81        320,188.56    0.45
KYOCERA CORP Y50                              4,376.004015      35.146625     7,340.000000      74.220135        205,350.15

INTERNAT-CAP GUARD

FJ6499266                  8,000.0000        55,244,302.00     530,176.42    58,720,000.00     593,761.08         33,356.07    0.27
KYOCERA CORP Y50                              6,905.537750      66.272053     7,340.000000      74.220135         30,228.59

INTL EQ ROWE PRICE F

FJ6499365                 80,000.0000       103,074,408.00     954,392.67    91,200,000.00     922,190.23       -109,948.25    0.41
ASAHI BANK Y50                                1,288.430100      11.929908     1,140.000000      11.527378         77,745.81

INTERNAT-CAP GUARD

FJ6499647             14,000,000.0000        13,745,627.00     131,243.90    13,930,000.00     140,856.47          1,760.41    0.06
ASAHI BANK CNV BDS Y(1-2)                        98.183050       0.937450        99.500000       1.006118          7,852.16
1.400% 31-MAR-1995
INTERNAT-CAP GUARD

FJ6499803                 35,000.0000        94,481,066.00     885,064.49    83,300,000.00     842,307.53       -104,740.16    0.38



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 39
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
KYUSHU ELECTRIC POWER CO INC                  2,699.459029      25.287557     2,380.000000      24.065929        61,983.20 
Y500
TBC ASSET MANAGEMENT

FJ6555802                 46,400.0000        72,193,119.00     609,702.33    79,344,000.00     802,305.50         60,392.26    0.36
MAKITA CORP Y50                               1,555.886185      13.140136     1,710.000000      17.291067        132,210.91

INTERNAT-CAP GUARD

FJ6555802                 14,000.0000        27,808,062.00     265,897.27    23,940,000.00     242,074.94        -36,985.93    0.11
MAKITA CORP Y50                               1,986.290143      18.992662     1,710.000000      17.291067         13,163.60

INTL EQ ROWE PRICE F

FJ6569522                 10,000.0000        17,892,766.00     176,125.41    16,700,000.00     168,865.97        -11,740.86    0.08
MARUI CO Y50                                  1,789.276600      17.612541     1,670.000000      16.886597          4,481.42

INTL EQ ROWE PRICE F

FJ6572708                 21,000.0000        35,484,647.00     339,341.75    32,130,000.00     324,890.05        -32,080.70    0.15
MATSUSHITA ELECTRIC INDUSTRIAL                1,689.745095      16.159131     1,530.000000      15.470955         17,629.00
CO Y50
INTL EQ ROWE PRICE F

FJ6572724                    580.0000           979,579.00       7,288.54       585,800.00       5,923.45         -2,929.91    0.00
MATSUSHITA ELECTRIC WORKS Y50                 1,688.929310      12.566448     1,010.000000      10.212852          1,564.82

INTERNAT-CAP GUARD

FJ6592144                 60,000.0000       105,097,451.00     984,913.64    80,400,000.00     812,983.49       -231,450.51    0.37
MIKUNI COCA COLA Y50                          1,751.624183      16.415227     1,340.000000      13.549725         59,520.36

TBC ASSET MANAGEMENT

FJ6596780                 12,000.0000        13,065,003.00     124,565.08    15,840,000.00     160,169.88         26,457.54    0.07
MITSUBISHI CORP Y50                           1,088.750250      10.380423     1,320.000000      13.347490          9,147.26

INTL EQ ROWE PRICE F

FJ6597069                232,000.0000       180,567,092.00   1,575,366.39   170,288,000.00   1,721,907.13        -89,680.39    0.77
MITSUBISHI HEAVY IND Y50                        778.306431       6.790372       734.000000       7.422013        236,221.13



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 40
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

INTERNAT-CAP GUARD

FJ6597069                125,000.0000        90,191,189.00     844,854.05    91,750,000.00     927,751.69         14,601.96    0.42
MITSUBISHI HEAVY IND Y50                        721.529512       6.758832       734.000000       7.422013         68,295.68

TBC ASSET MANAGEMENT

FJ6597069                 53,000.0000        37,534,864.00     359,042.59    38,902,000.00     393,366.71         13,077.45    0.18
MITSUBISHI HEAVY IND Y50                        708.204981       6.774388       734.000000       7.422013         21,246.67

INTL EQ ROWE PRICE F

FJ6597143                 17,000.0000        12,456,498.00     126,441.10    12,750,000.00     128,924.62          2,979.23    0.06
MITSUBISHI PAPER MILLS Y50                      732.735176       7.437712       750.000000       7.583801           -495.71

INTL EQ ROWE PRICE F

FJ6597366                 11,000.0000         9,017,816.00      86,881.64     9,779,000.00      98,882.66          7,333.59    0.04
MITSUI PETROCHEMICAL INDS LTD                   819.801455       7.898331       889.000000       8.989332          4,667.43

INTL EQ ROWE PRICE F

FJ6597606                 79,000.0000       125,830,734.00     949,789.99    80,580,000.00     814,803.61       -341,559.58    0.37
MITSUI FUDOSAN CO Y50                         1,592.794101      12.022658     1,020.000000      10.313970        206,573.20

INTERNAT-CAP GUARD

FJ6597606                 30,000.0000        39,393,378.00     376,635.68    30,600,000.00     309,419.09        -84,072.51    0.14
MITSUI FUDOSAN CO Y50                         1,313.112600      12.554523     1,020.000000      10.313970         16,855.92

INTL EQ ROWE PRICE F

FJ6598448                147,000.0000       138,108,959.00   1,339,787.33   137,739,000.00   1,392,780.27         -3,589.00    0.63
MITSUBISHI MOTOR CORP Y50                       939.516728       9.114200       937.000000       9.474696         56,581.94

INTERNAT-CAP GUARD

FJ6610409                 31,000.0000       107,522,324.00     992,312.49   122,760,000.00   1,241,316.59         40,626.91    0.56
MURATA MANUFACTURING CO Y50                   3,468.462065      32.010080     3,960.000000      40.042471        108,377.19



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 41
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
INTERNAT-CAP GUARD

FJ6610409                  5,000.0000        19,964,911.00     206,355.66    19,800,000.00     200,212.35         -1,704.50    0.09
MURATA MANUFACTURING CO Y50                   3,992.982200      41.271132     3,960.000000      40.042471         -4,438.81

TBC ASSET MANAGEMENT

FJ6610409                  5,600.0000        21,872,169.00     207,361.85    22,176,000.00     224,237.84          2,880.51    0.10
MURATA MANUFACTURING CO Y50                   3,905.744464      37.028902     3,960.000000      40.042471         13,995.48

INTL EQ ROWE PRICE F

FJ6625720                  8,000.0000        15,570,054.00     148,671.87    11,760,000.00     118,914.00        -36,380.59    0.05
NATIONAL HOUSE INDUSTRIAL CO                  1,946.256750      18.583984     1,470.000000      14.864250          6,622.72
Y50
INTL EQ ROWE PRICE F

FJ6640380                 21,000.0000        38,308,256.00     372,890.75    42,420,000.00     428,939.80         40,023.54    0.19
NIPPON DENSO                                  1,824.202667      17.756702     2,020.000000      20.425705         16,025.51

INTL EQ ROWE PRICE F

FJ6640406                 14,000.0000        14,571,892.00     139,529.94    16,100,000.00     162,798.93         14,632.07    0.07
NEC CORP Y50                                  1,040.849429       9.966424     1,150.000000      11.628495          8,636.92

INTL EQ ROWE PRICE F

FJ6640786                 11,000.0000        22,025,884.00     214,016.69    18,920,000.00     191,314.03        -30,178.64    0.09
NIPPON HODO CO Y50                            2,002.353091      19.456063     1,720.000000      17.392184          7,475.98

INTL EQ ROWE PRICE F

FJ6640984                 85,000.0000       104,542,777.00   1,013,235.37    89,250,000.00     902,472.35       -148,218.57    0.41
NISHIMATSU CONSTRUCTION CO Y50                1,229.915024      11.920416     1,050.000000      10.617322         37,455.55

TBC ASSET MANAGEMENT

FJ6642568                 99,000.0000        34,965,471.00     340,767.30    38,016,000.00     384,407.72         29,729.91    0.17
NIPPON STEEL                                    353.186576       3.442094       384.000000       3.882906         13,910.51

INTL EQ ROWE PRICE F



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 42
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

FJ6643103                 30,000.0000        64,100,353.00     644,224.64    58,200,000.00     588,502.98        -59,300.03    0.26
NOMURA SECURITIES CO Y50                      2,136.678433      21.474155     1,940.000000      19.616766          3,578.37

TBC ASSET MANAGEMENT

FJ6661147                 22,000.0000        39,879,300.00     312,424.85    82,060,000.00     829,768.97        330,454.61    0.37
ORIX CORP Y50                                 1,812.695455      14.201130     3,730.000000      37.716772        186,889.51

INTERNAT-CAP GUARD

FJ6688744                 11,000.0000        31,785,421.00     308,962.51    24,200,000.00     244,703.99        -73,732.24    0.11
PIONEER ELECTRONIC CORP Y50                   2,889.583727      28.087501     2,200.000000      22.245817          9,473.72

INTL EQ ROWE PRICE F

FJ6774650                  5,000.0000        19,171,745.00     186,355.92    14,350,000.00     145,103.40        -46,869.01    0.07
SANGETSU Y50                                  3,834.349000      37.271184     2,870.000000      29.020679          5,616.49

INTL EQ ROWE PRICE F

FJ6774825                 91,000.0000       123,217,279.00   1,075,397.22   101,920,000.00   1,030,588.03       -185,875.23    0.46
SANKI ENGINEERING Y50                         1,354.036033      11.817552     1,120.000000      11.325143        141,066.04

INTERNAT-CAP GUARD

FJ6775285                 31,000.0000        77,126,037.00     792,554.59    76,570,000.00     774,255.55         -5,713.92    0.35
SANKYO CO Y50                                 2,487.936677      25.566277     2,470.000000      24.975985        -12,585.12

INTERNAT-CAP GUARD

FJ6775285                  9,000.0000        21,776,385.00     213,178.54    22,230,000.00     224,783.87          4,440.64    0.10
SANKYO CO Y50                                 2,419.598333      23.686504     2,470.000000      24.975985          7,164.69

INTL EQ ROWE PRICE F

FJ6791597                 18,000.0000       116,460,001.00   1,092,972.46   110,160,000.00   1,113,908.73        -59,125.27    0.50
SECOM CO Y50                                  6,470.000056      60.720692     6,120.000000      61.883818         80,061.54

INTERNAT-CAP GUARD



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 43
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
FJ6791951                  2,200.0000        15,381,260.00     155,945.07    11,440,000.00     115,678.25        -39,959.02    0.05
SEGA ENTERPRISES  Y50                         6,991.481818      70.884123     5,200.000000      52.581022           -307.80

INTL EQ ROWE PRICE F

FJ6793825                 27,000.0000        27,564,202.00     268,120.92    26,163,000.00     264,553.32        -13,629.70    0.12
SEKISUI CHEMICAL Y50                          1,020.896370       9.930404       969.000000       9.798271         10,062.10

INTL EQ ROWE PRICE F

FJ6793908                 80,000.0000       114,650,290.00   1,077,912.05    92,000,000.00     930,279.62       -212,952.06    0.42
SEKISUI HOUSE Y50                             1,433.128625      13.473901     1,150.000000      11.628495         65,319.63

TBC ASSET MANAGEMENT

FJ6793908                 21,000.0000        29,139,897.00     283,043.36    24,150,000.00     244,198.40        -48,468.16    0.11
SEKISUI HOUSE Y50                             1,387.614143      13.478255     1,150.000000      11.628495          9,623.20

INTL EQ ROWE PRICE F

FJ6795473                 35,800.0000       118,769,575.00   1,101,932.07    78,402,000.00     792,780.25       -374,526.23    0.36
SENSHUKAI Y50                                 3,317.585894      30.780225     2,190.000000      22.144700         65,374.41

INTERNAT-CAP GUARD

FJ6797172                  2,200.0000        17,228,798.00     166,220.91    17,138,000.00     173,294.91           -876.01    0.08
SEVEN-ELEVEN JAPAN NPV                        7,831.271818      75.554959     7,790.000000      78.770416          7,950.01

INTL EQ ROWE PRICE F

FJ6800604                 22,000.0000        35,943,766.00     347,722.14    37,840,000.00     382,628.05         18,344.29    0.17
SHARP CORP Y50                                1,633.807545      15.805552     1,720.000000      17.392184         16,561.62

INTL EQ ROWE PRICE F

FJ6804036                 21,000.0000       104,063,409.00   1,006,525.54    95,550,000.00     966,176.28        -82,343.68    0.43
SHIMAMURA Y50                                 4,955.400429      47.929788     4,550.000000      46.008394         41,994.42

INTERNAT-CAP GUARD

FJ6804408                 58,000.0000        53,766,996.00     524,220.23    56,666,000.00     572,991.58         28,264.88    0.26



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 44
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
SHIMIZU CORPORATION Y50                         927.017172       9.038280       977.000000       9.879165         20,506.47

TBC ASSET MANAGEMENT

FJ6804580                  8,000.0000        15,588,457.00     151,292.71    15,520,000.00     156,934.13           -664.41    0.07
SHIN-ETSU CHEMICALS CO Y50                    1,948.557125      18.911589     1,940.000000      19.616766          6,305.83

INTL EQ ROWE PRICE F

FJ6821501                  6,100.0000        36,598,667.00     357,019.73    32,025,000.00     323,828.31        -44,616.08    0.15
SONY CORP Y50                                 5,999.781475      58.527825     5,250.000000      53.086609         11,424.66

INTL EQ ROWE PRICE F

FJ6858701                 29,000.0000        45,904,564.00     440,826.37    40,020,000.00     404,671.63        -56,510.11    0.18
SUMITOMO ELECTRIC IND Y50                     1,582.916000      15.200909     1,380.000000      13.954194         20,355.37

INTL EQ ROWE PRICE F

FJ6858784                108,000.0000       109,214,784.00   1,047,623.81    91,152,000.00     921,704.87       -173,264.11    0.41
SUMITOMO MARINE & FIRE                        1,011.248000       9.700220       844.000000       8.534304         47,345.17

INTERNAT-CAP GUARD

FJ6858867                 11,000.0000        24,045,100.00     229,925.33    18,480,000.00     186,864.86        -53,214.89    0.08
SUMITOMO FORESTRY CO Y50                      2,185.918182      20.902303     1,680.000000      16.987715         10,154.42

INTL EQ ROWE PRICE F

FJ6858941                 65,000.0000        63,368,269.00     589,571.31    65,000,000.00     657,262.78         15,181.48    0.30
SUMITOMO CORP Y50                               974.896446       9.070328     1,000.000000      10.111735         52,509.99

TBC ASSET MANAGEMENT

FJ6858941                 34,000.0000        34,993,514.00     336,919.16    34,000,000.00     343,798.99         -9,565.60    0.15
SUMITOMO CORP Y50                             1,029.221000       9.909387     1,000.000000      10.111735         16,445.43

INTL EQ ROWE PRICE F

FJ6869302                  4,000.0000        18,129,449.00     177,406.07    18,800,000.00     190,100.62          6,561.69    0.09
TDK CORP                                      4,532.362250      44.351518     4,700.000000      47.525155          6,132.86



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 45
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

INTL EQ ROWE PRICE F

FJ6870128                137,000.0000       119,540,146.00   1,103,622.53    98,366,000.00     994,650.93       -195,484.70    0.45
MITSUI MARINE & FIRE Y50                        872.555810       8.055639       718.000000       7.260226         86,513.10

INTERNAT-CAP GUARD

FJ6870490                  4,000.0000        12,252,141.00     115,924.37    13,600,000.00     137,519.60         12,752.85    0.06
ADVANTEST Y50                                 3,063.035250      28.981093     3,400.000000      34.379899          8,842.38

INTL EQ ROWE PRICE F

FJ6880507                 29,000.0000        15,309,884.00     150,031.63    16,066,000.00     162,455.13          7,409.68    0.07
TEIJIN Y50                                      527.927034       5.173504       554.000000       5.601901          5,013.82

INTL EQ ROWE PRICE F

FJ6894169                 50,000.0000        83,706,365.00     844,026.84    83,500,000.00     844,329.87         -2,080.81    0.38
TOKYO BROADCASTING SYS INC Y50                1,674.127300      16.880537     1,670.000000      16.886597          2,383.84

INTERNAT-CAP GUARD

FJ6894672                  8,450.0000        21,557,383.00     204,807.34    17,576,000.00     177,723.85        -37,825.39    0.08
YURTEC CORPORATION Y50                        2,551.169586      24.237555     2,080.000000      21.032409         10,741.90
Y50
INTL EQ ROWE PRICE F

FJ6894763                 16,000.0000        21,071,928.00     201,482.92    18,240,000.00     184,438.05        -27,077.97    0.08
TOKIO MARINE & FIRE INS CO                    1,316.995500      12.592683     1,140.000000      11.527378         10,033.10

INTL EQ ROWE PRICE F

FJ6895679                  5,000.0000        16,109,504.00     163,170.02    16,000,000.00     161,787.76         -1,109.14    0.07
TOKYO ELECTRON Y50                            3,221.900800      32.634004     3,200.000000      32.357552           -273.12

INTL EQ ROWE PRICE F

FJ6895877                  5,000.0000        12,321,875.00     125,539.69    10,850,000.00     109,712.32        -14,995.99    0.05
TOKYO STEEL MFG CO Y50                        2,464.375000      25.107938     2,170.000000      21.942465           -831.38

FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 46
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD



<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                 BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
INTL EQ ROWE PRICE F

FJ6897022                  8,000.0000        11,471,663.00     116,612.94    11,440,000.00     115,678.25           -321.86    0.05
TOPPAN PRINTING Y50                           1,433.957875      14.576618     1,430.000000      14.459781           -612.83

INTL EQ ROWE PRICE F

FJ6897212                125,000.0000        91,771,704.00     879,562.23    86,500,000.00     874,665.08        -50,525.30    0.39
TOSHIBA CORP Y50-TOK LISTING                    734.173632       7.036498       692.000000       6.997321         45,628.15

TBC ASSET MANAGEMENT

FJ6900214                 33,000.0000       122,826,699.00   1,155,132.99    95,700,000.00     967,693.04       -255,115.07    0.43
TOSTEM CORP Y50                               3,722.021182      35.004030     2,900.000000      29.324032         67,675.12

INTERNAT-CAP GUARD

FJ6900644                 40,000.0000        75,003,169.00     685,769.25    84,400,000.00     853,430.43         85,917.17    0.38
TOYOTA MOTOR CO Y50                           1,875.079225      17.144231     2,110.000000      21.335761         81,744.01

TBC ASSET MANAGEMENT

FJ6932209                 95,000.0000       123,451,333.00   1,168,809.96   105,450,000.00   1,066,282.46       -170,432.66    0.48
WACOAL CORP Y50                               1,299.487716      12.303263     1,110.000000      11.224026         67,905.16

INTERNAT-CAP GUARD

FJ6933801                121,000.0000        95,396,802.00     869,247.94   102,971,000.00   1,041,215.46         69,015.47    0.47
WAKO SECURITIES CO Y50                          788.403322       7.183867       851.000000       8.605086        102,952.05

INTERNAT-CAP GUARD

FJ6985389                 30,000.0000        65,443,200.00     606,236.23    59,100,000.00     597,603.54        -58,760.54    0.27
YAMANOUCHI PHARMACEUTICAL CO                  2,181.440000      20.207874     1,970.000000      19.920118         50,127.85
Y50
TBC ASSET MANAGEMENT

FJ6985561                 75,000.0000        98,571,952.00     998,671.83    90,750,000.00     917,639.95        -79,247.28    0.41
YAMATO TRANSPORT Y50                          1,314.292693      13.315624     1,210.000000      12.235199         -1,784.60

TBC ASSET MANAGEMENT



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 47
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                 BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

FJ6986064                 78,000.0000        55,414,686.00     455,826.15    54,834,000.00     554,466.88         -4,776.58    0.25
YASUDA FIRE & MARINE INS Y50                    710.444692       5.843925       703.000000       7.108550        103,417.31

INTERNAT-CAP GUARD
      TOTAL: JPY      17,893,314.0000     5,420,902,863.00  50,704,462.16 5,105,691,020.00  51,627,394.62     -3,006,257.48   23.18

                                                                                                               3,929,189.94



      KRW    SOUTH KOREAN WON          CURRENT EXCHANGE RATE: 0.001258495

FK6693238                  1,575.0000        63,394,337.26      80,109.29   111,510,000.00     140,334.78         60,802.11    0.06
POHANG IRON & STEEL CO                       40,250.372863      50.863041    70,800.000000      89.101446           -576.62
KSWN5000
INTL EQ ROWE PRICE F       1,575.0000        63,394,337.26      80,109.29   111,510,000.00     140,334.78         60,802.11    0.06





      MXN   MEXICAN NEW PESO           CURRENT EXCHANGE RATE: 0.290782204

LM2183084                 14,225.0000           402,648.09     123,393.56       469,425.00     136,500.44         60,802.11    0.06
CEMENTOS MEXICANOS SER'B'NPV                     28.305665       8.674415        33.000000       9.595813         -7,357.24

INTL EQ ROWE PRICE F

LM2265121                  8,929.0000           234,584.96      70,836.88       241,083.00      70,102.65          1,962.19    0.03
DESC-SOCIEDAD DE FOMENTO INDL                    26.272254       7.933350        27.000000       7.851120         -2,696.42
ORD SER'B'NPV
INTL EQ ROWE PRICE F

LM2390572                 57,967.0000           321,927.69      96,556.57       307,225.10      89,335.59         -4,409.84    0.04
GRUPO INDUSTRIAL MASECA SA DE                     5.553641       1.665716         5.300000       1.541146         -2.811.14    0.06
CV SER'B'MXP NPV
INTL EQ ROWE PRICE F

LM2390572                  7,910.0000           179,692.70      53,360.86       191,422.00      55,662.11          3,483.09    0.02
GRUPO FINANCIERO BANAMEX                         22.717155       6.746000         24.20000       7.036929         -1,181.04
ACCIVL SER'C'NPV



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 48
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
INTL EQ ROWE PRICE F

LM2392974                250,000.0000         1,715,000.00     552,157.11     1,045,000.00     303,867.40       -215,711.52    0.14
GRUPO FINANCIERO BANCOMER 'C'                     6.860000       2.208628         4.180000       1.215470        -32,578.19
SHS
TBC ASSET MANAGEMENT

LM2392974                 52,960.0000           252,503.82      78,874.69       221,372.80      64,371.27         -9,724.41    0.03
GRUPO FINANCIERO BANCOMER 'C'                     4.767821       1.489326         4.180000       1.215470         -4,779.01
SHS
INTL EQ ROWE PRICE F

LM2394269                 14,585.0000           752,257.18     234,185.38       597,255.75     173,671.34        -48,253.54    0.08
GRUPO EMBOT DE MEXICO SA DE.CV                   51.577455      16.056591        40.950000      11.907531        -12,260.50
PTG CERTS-REPR 1B-1L & 1'D'SHS
INTL EQ ROWE PRICE F

LM2896123                 25,600.0000         1,192,251.83     363,506.05     1,282,560.00     372,945.62         27,534.09    0.17
TOLMEX S.A.DE CV CLASS'B2'NPV                    46.572337      14.199455        50.100000      14.568188        -18,094.52

INTL EQ ROWE PRICE F
      TOTAL: MXN         432,176.0000         5,050,866.47   1,572,871.10     4,355,343.65   1,266,456.42       -224,655.82    0.57
                                                                                                                 -81,758.86



      MYR   MALAYSIAN RINGGIT          CURRENT EXCHANGE RATE: 0.391389432

ZM6009454                159,000.0000           693,481.58     251,638.99       616,920.00     241,455.97        -27,781.38    0.11
AFFIN HOLDINGS BERHAD MY$1                        4.361519       1.582635         3.880000       1.518591         17,598.36

INTL EQ ROWE PRICE F

ZM6045706                 26,000.0000           643,083.97     235,212.48       491,400.00     192,328.77        -55,479.48    0.09
AOKAM PERDANA BHD MY$1                           24.733999       9.046634        18.900000       7.397260         12,595.77

ZM6212769                 25,000.0000           149,301.37      56,113.12       106,000.00      41,487.28        -16,274.30    0.02
COMMERCE ASSET-HLDGS BERHAD                       5.972055       2.244525         4.240000       1.659491          1,648.46
TSR 27-JUN-98(TO PURCHASE ORD)



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 49
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
INTL EQ ROWE PRICE F

ZM6331569                 23,000.0000           111,135.24      41,093.09        75,900.00      29,706.46        -13,028.49    0.01
BERJAYA SPORTS TOTO BERHAD MY$                    4.831967       1.786656         3.300000       1.291585          1,641.86

INTL EQ ROWE PRICE F

ZM6556876 MHSM.KL         57,400.0000           327,564.97     120,764.18       289,870.00     113,452.05        -13,897.10    0.05
MALAYSIAN HELICOPTER MY$1                         5.706707       2.103906         5.050000       1.976517          6,584.97

INTL EQ ROWE PRICE F

ZM6558039                    333.0000             2,353.77         851.74         2,547.45         997.05             70.09    0.00
MALAYSIAN INTERN SHIPPING CORP                    7.068378       2.557778         7.650000       2.994129             75.22
MY$1(ALIEN MARKET)-MSE LISTING
INTERNAT-CAP GUARD

ZM6731966                150,000.0000         2,625,903.71   1,029,431.05     2,175,000.00     851,272.01       -176,767.44    0.38
RESORTS WORLD BERHAD MY$0.50-                    17.506025       6.862874        14.500000       5.675147         -1,391.60
MSE LISTING
INTERNAT-CAP GUARD

ZM6731966                 46,000.0000           714,169.88     262,205.89       667,000.00     261,056.75        -17,318.32    0.12
RESORTS WORLD BERHAD MY$0.50-                    15.525432       5.700128        14.500000       5.675147         16,169.18
MSE LISTING
INTL EQ ROWE PRICE F

ZM6732378                130,000.0000           549,931.92     201,906.57       429,000.00     167,906.07        -44,399.95    0.08
RENONG BERHAD MY$0.50                             4.230246       1.553127         3.300000       1.291585         10,399.45

INTL EQ ROWE PRICE F

ZM6754455                126,000.0000         1,307,363.58     481,505.74     1,096,200.00     429,041.10        -77,772.15    0.19
TECHNOLOGY RESOURCE INDUSTRIES                   10.375901       3.821474         8.700000       3.405088         25,307.51
MY$1
INTL EQ ROWE PRICE F

ZM6808764                525,000.0000         3,584,821.42   1,303,770.51     3,648,750.00   1,428,082.19         23,250.31    0.64
(MALAY REG)-MSE LISTING                           6.828231       2.483372         6.950000       2.720157        101,601.37
INTERMAT-CAP GUARD



FRC G000600                               SECURITY VALUATION REPORT                                                       PAGE: 50
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                        HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                           RUN DATE:      12/13/1994
                                                  11/30/1994                                               BASE CURRENCY: USD

<CAPTION>

                                           [----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

ZM6917714                 72,000.0000           956,604.55     351,447.74       972,000.00     380,430.53          5,656.15    0.17
UNITED ENGINEERS(MALAYSIA)                       13.286174       4.881219        13.500000       5.283757         23,326.64
BERHAD ORD MY$0.50
INTL EQ ROWE PRICE F
      TOTAL: MYR       1,339,733.0000        11,665,715.96   4,335,941.10    10,570,587.45   4,137,216.23       -413,742.06    1.86
                                                                                                                 215,017.19




      NLG   DUTCH GUILDER              CURRENT EXCHANGE RATE: 0.569330183

EN4001694                  2,193.0000           163,380.05      89,892.48       160,527.60      91,393.21         -1,569.43    0.04
FORTIS AMEV N.V                                  74.500707      40.990643        73.200000      41.674969          3,070.16

INTL EQ ROWE PRICE F

EN4004227                 20,000.0000         1,329,286.39     696,935.29     1,216,000.00     692,305.50        -59,395.24    0.31
ABN AMRO HOLDINGS NTFL5                          66.464320      34.846765        60.800000      34.615275         54,765.45

TBC ASSET MANAGEMENT

EN4004227                  3,890.0000           259,224.64     135,328.91       236,512.00     134,653.42        -11,857.19    0.06
ABN AMRO HOLDINGS NTFL5                          66.638725      34.788923        60.800000      34.615275         11,181.70

INTL EQ ROWE PRICE F

EN4011909                  2,358.0000           646,873.62     216,637.33       459,810.00     261,783.71        -62,647.42    0.12
AKZO NOBEL NV NTFL20 -AMS                       274.331476      91.873338       195.000000     111.019386        107,793.80
LISTING
INTL EQ ROWE PRICE F

EN4025172                  3,210.0000           167,078.69      87,407.31       165,636.00      94,301.57           -754.74    0.04
AHOLD (KON) NV NLG1.25                           52.049436      27.229692        51.600000      29.377437          7,649.00

INTL EQ ROWE PRICE F

EN4148818                 84,710.0000         1,550,824.01     811,714.22     1,482,425.00     843,989.30        -35,800.61    0.38
ELSEVIER NV NL60.10-AMS                          18.307449       9.382272        17.500000       9.963278         60,075.69
LISTING
INTL EQ ROWE PRICE F

</TABLE>





<TABLE>
<CAPTION>

FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 51
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______
<S>                    <C>                 <C>              <C>            <C>                <C>            <C>              <C>

EN4158585                7,360.0000             544,972.92     284,045.27       479,872.00     273,205.61      -33,931.24    0.12
C.S.M NV CVA(NON EXCH)NTFL1                      74.045234      38.593107        65.200000      37.120328       23,091.58

INTL EQ ROWE PRICE F

EN4488164               21,243.0000           1,389,575.20     763,481.12     1,754,671.80     998,987.62      200,596.82    0.45
INTERNATIONALE NEDERLANDEN                       65.413322      35.940362        82.600000      47.026673       34,909.68
GROEP NV CVA NTFL2.50
INTERNAT-CAP GUARD

EN4488164               21,012.0000           1,840,793.75     942,755.03     1,735,591.20     988,124.46      -53,879.06    0.44
INTERNATIONALE NEDERLANDEN                       87.606784      44.867458        82.600000      47.026673       99,248.49
GROEP NV CVA NTFL2.50
TBC ASSET MANAGEMENT

EN4488164                5,740.0000             250,236.32     144,290.65       474,124.00     269,933.10      129,097.56    0.12
INTERNATIONALE NEDERLANDEN                       43.595178      25.137744        82.600000      47.026673       -3,455.11
GROEP NV CVA NTFL2.50
INTL EQ ROWE PRICE F

EN4534561               29,000.0000           1,443,493.59     782,578.43     1,592,100.00     906,430.58       80,565.77    0.41
KONINKLIJKE PTT NEDERLAND                        49.775641      26.985463        54.900000      31.256227       43,286.38
NLG10
INTERNAT-CAP GUARD

EN4534561                1,903.0000             101,886.62      58,911.03       104,474.70      59,480.60        1,496.43    0.03
KONINKLIJKE PTT NEDERLAND                        53.540000      30.956926        54.900000      31.256227         -926.86
NLG10
INTL EQ ROWE PRICE F

EN4588120                  840.0000              57,926.40      29,426.67        75,936.00      43,232.66        9,148.90    0.02
NUTRICIA(VERINGDE BEDRIJVEN) N                   68.960000      35.031750        90.400000      51.467449        4,657.09
NV CVA(PART-EXCH)NLG2.50
INTL EQ ROWE PRICE F

EN4692237               20,000.0000           1,109,318.00     574,329.80     1,484,000.00     844,885.99      193,984.99    0.38
POLYGRAM NTFL0.5                                 55.465900      28.716490        74.200000      42.244300       76,571.20

INTERNAT-CAP GUARD



FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 52
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

EN4692237                6,170.0000             498,936.20     261,588.78       457,814.00     260,647.33      -21,560.08    0.12
POLYGRAM NTFL0.5                                 80.864862      42.396885        74.200000      42.244300       20,618.63

INTL EQ ROWE PRICE F

EN4756099                5,830.0000           1,197,391.08     627,224.57     1,111,781.00     632,970.48      -44,844.78    0.28
ROYAL DUTCH PETROLEUM CO NTFL5                  205.384405     107.585690       190.700000     108.571266       50,590.69
(BR)-AMS LISTING
INTL EQ ROWE PRICE F

EN4835901               26,981.0000           1,292,630.00     667,371.26     1,014,485.60     577,577.27     -143,603.03    0.26
STAD ROTTERDAM CVA NTFL2.5                       47.908899      24.734860        37.600000      21.406815       53,809.04

TBC ASSET MANAGEMENT

EN4912072                2,220.0000             500,873.99     261,062.19       438,006.00     249,370.04      -32,767.63    0.11
UNILEVER NV CVA NTFL4                           225.618914     117.595581       197.300000     112.328845       21,075.48

INTL EQ ROWE PRICE F

EN4925702               20,535.0000             902,400.00     461,043.31       870,684.00     495,706.68      -16,203.96    0.22
STORK NV NTFL10                                  43.944485      22.451586        42.400000      24.139600       50,867.33

TBC ASSET MANAGEMENT

EN4977117               13,540.0000           1,655,207.48     866,113.96     1,678,960.00     955,882.60       12,428.89    0.43
WOLTERS KLUWER CVA NTFL1                        122.245752      63.967058       124.000000      70.596943       77,339.75

INTL EQ ROWE PRICE F

EN9046165               26,981.0000                   0.00           0.00        23,473.47      13,364.15       13,364.15    0.01
STAD ROTTERDAM(STOCK DIV                          0.000000       0.000000         0.870000       0.495317            0.00
23-NOV-94 CPN #91)
TBC ASSET MANAGEMENT
       TOTAL: NLG      325,716.0000          16,902,308.95   8,762,137.61    17,016,884.37   9,688,225.88      121,869.10    4.35
                                                                                                               804,219.17

       NOK   NORWEGIAN KRONE            CURRENT EXCHANGE RATE: 0.146606069




FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 53
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

SN4100897                2,080.0000             326,102.40      43,698.81       332,800.00      48,790.50          897.50    0.02
BERGESEN DY AS`A'NWKR2.5                        156.780000      21.009043       160.000000      23.456971        4,194.19

INTL EQ ROWE PRICE F

SN4502019                2,090.0000             781,286.30     107,526.98       589,380.00      86,406.68      -26,411.71    0.04
KVAERNER AS NWKR12.5 SER`A'                     373.821196      51.448316       282.000000      41.342911        5,291.41
FREE
INTL EQ ROWE PRICE F

SN4645800                8,498.0000           2,125,320.65     290,719.77     2,200,982.00     322,677.32       10,349.62    0.14
NORSK HYDRO AS NWKR20                           250.096570      34.210375       259.000000      37.970972       21,607.93

INTL EQ ROWE PRICE F

SN4657680                5,990.0000           1,263,297.84     186,274.15     1,305,820.00     191,441.14        6,269.92    0.09
ORKLA A/S NWKR25`A'FREE                         210.901142      31.097521       218.000000      31.960123       -1,102.93

INTL EQ ROWE PRICE F

SN4768040                2,700.0000             224,100.00      30,030.15       199,800.00      29,291.89       -3,256.28    0.01
SAGA PETROLEUM SER`B'NWKR15                      83.000000      11.122278        74.000000      10.848849        2,518.02

INTL EQ ROWE PRICE F
       TOTAL: NOK       21,358.0000           4,720,107.19     658,249.86     4,628,782.00     678,607.53      -12,150.95    0.30
                                                                                                                32,508.62


       NZD   NEW ZEALAND DOLLAR         CURRENT EXCHANGE RATE: 0.627950000

AN6010762               46,000.0000             227,847.85     132,000.69       225,400.00     141,539.93       -1,418.13    0.06
AIR NEW ZEALAND LIMITED `B'ORD                    4.953214       2.869580         4.900000       3.076955       10,957.37
NZ$1(NZ RESIDENTS)
INTL EQ ROWE PRICE F

AN6178403              105,000.0000             274,870.06     164,734.72       370,650.00     232,749.67       57,402.69    0.10
CARTER HOLT HARVEY LIMITED ORD                    2.617810       1.568902         3.530000       2.216664       10,612.26
NZ$0.50
INTL EQ ROWE PRICE F



FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 54
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

AN6342017              166,000.0000             529,052.12     309,571.70       664,000.00     416,958.80       78,963.95    0.19
FLETCHER CHALLENGE ORD NZ$0.40                    3.187061       1.864890         4.000000       2.511800       28,423.15
NZ LISTING
INTL EQ ROWE PRICE F

AN6342272               78,000.0000             216,748.35     125,341.83       144,300.00      90,613.19      -41,895.63    0.04
FLETCHER CHALLENGE LTD FORESTS                    2.778825       1.606947         1.850000       1.161708        7,166.99
DIV SHS NZ$0.40 (NZ REG)
INTL EQ ROWE PRICE F

AN6355324                2,600.0000              21,952.53      12,614.02        13,260.00       8,326.62       -4,994.77    0.00
FERNZ CORP NZ$0.50                                8.443281       4.851546         5.100000       3.202545          707.37

INTL EQ ROWE PRICE F

AN6462021               13,000.0000              97,987.50      56,259.53        65,000.00      40,816.75      -18,939.78    0.02
INDEPENDENT NEWSPAPERS(NEW                        7.537500       4.327656         5.000000       3.139750        3,497.00
ZEALAND)NZ$0.50
INTL EQ ROWE PRICE F

AN6518954              245,000.0000             924,831.15     497,502.30       698,250.00     438,466.09     -121,886.73    0.20
LION NATHAN LIMITED NZ$0.25                       3.774821       2.030622         2.850000       1.789658       62,850.52
AUC LISTING
INTERNAT-CAP GUARD

AN6881436              273,600.0000           1,503,220.70     835,353.92     1,477,440.00     927,758.45      -14,326.58    0.42
TELECOM CORP OF NEW ZEALAND                       5.494228       3.053194         5.400000       3.390930      106,731.11
(O/S)FIN ORD NZ$1
INTERNAT-CAP GUARD

AN6881436               55,000.0000             286,285.31     172,369.76       297,000.00     186,501.15        6,451.22    0.08
TELECOM CORP OF NEW ZEALAND                       5.205187       3.133996         5.400000       3.390930        7,680.17
(O/S)FIN ORD NZ$1
INTL EQ ROWE PRICE F
       TOTAL: NZD      984,200.0000           4,082,795.57   2,305,748.47     3,955,300.00   2,483,730.65      -60,643.76    1.12
                                                                                                               238,625.94


       PTE   PORTUGUESE ESCUDO          CURRENT EXCHANGE RATE: 0.006242197



FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 55
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

EP4477238                1,410.0000          21,095,907.00     121,069.14    10,545,390.00      65,826.40      -60,549.28    0.03
JERONIMO MARTINS PTES1000                    14,961.636170      85.864638     7,479.000000      46.685391        5,306.54

INTL EQ ROWE PRICE F

EP9045139                1,410.0000                   0.00           0.00    10,545,390.00      65,826.40       65,826.40    0.03
JERONIMO MARTINS EM 94                            0.000000       0.000000     7,479.000000      46.685391            0.00

INTL EQ ROWE PRICE F
       TOTAL: PTE        2,820.0000          21,095,907.00     121,069.14    21,090,780.00     131,652.80        5,277.12    0.06
                                                                                                                 5,306.54


       SEK   SWEDISH KRONA              CURRENT EXCHANGE RATE: 0.132722808

SS4034624               55,500.0000           3,925,707.55     500,501.38     3,801,750.00     504,578.94      -15,803.76    0.23
AGA AB SWKR5 SER'B'                              70.733469       9.018043        68.500000       9.091512       19,881.32

TBC ASSET MANAGEMENT

SS4050976               95,000.0000           5,186,818.11     744,358.54     9,215,000.00   1,223,040.68      578,083.04    0.55
ATLAS COPCO AB SER'A' AWKR5                      54.598085       7.835353        97.000000      12.874112      -99,400.90

INTERNAT-CAP GUARD

SS4050984               11,665.0000                   0.00           0.00     1,137,337.50     150,950.63      150,950.63    0.07
ATLAS COPCO AB SER 'B'SWKR5                       0.000000       0.000000        97.500000      12.940474            0.00

INTERNAT-CAP GUARD

SS4050984                7,480.0000             702,586.39      88,874.34       729,300.00      96,794.74        3,379.16    0.04
ATLAS COPCO AB SER 'B'SWKR5                      93.928662      11.881596        97.500000      12.940474        4,541.24

INTL EQ ROWE PRICE F

SS4051206               40,000.0000           7,376,864.40     965,476.02     8,120,000.00   1,077,709.20       97,260.79    0.48
ASTRA AB SER'A' FREE SWRK2.5                    184.421610      24.136901       203.000000      26.942730       14,972.39

INTERNAT-CAP GUARD



FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 56
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

SS4051214               22,000.0000           3,813,955.92     475,019.64     4,444,000.00     589,820.16       78,470.57    0.26
ASTRA AB SER'B'FREE SWKR2.5                     173.361633      21.591802       202.000000      26.810007       36,329.95

TBC ASSET MANAGEMENT

SS4051214               11,690.0000           2,035,628.00     255,926.42     2,361,380.00     313,408.98       40,954.70    0.14
ASTRA AB SER'B'FREE SWKR2.5                     174.134132      21.892765       202.000000      26.810007       16,527.86

INTL EQ ROWE PRICE F

SS4052964               16,000.0000           7,609,086.90     953,797.34     8,576,000.00   1,138,230.80      121,202.34    0.51
ASEA AB FREE SER'A'SWKR50                       475.567931      59.612334       536.000000      71.139425       63,231.12

INTERNAT-CAP GUARD

SS4052964                1,310.0000             786,170.37     100,390.82       702,160.00      93,192.65      -10,727.79    0.04
ASEA AB FREE SER'A'SWKR50                       600.130053      76.634214       536.000000      71.139425        3,529.62

INTL EQ ROWE PRICE F

SS4308994               16,400.0000           6,229,616.95     858,100.03     6,314,000.00     838,011.81       11,623.36    0.38
ELECTROLUX AB FREE SR'B'SWKR25                  379.854692      52.323173       385.000000      51.098281      -31,711.58

INTERNAT-CAP GUARD

SS4308994                3,500.0000           1,301,157.85     171,908.69     1,347,500.00     178,843.98        6,122.71    0.08
ELECTROLUX AB FREE SR'B'SWKR25                  371.759386      49.116769       385.000000      51.098281          812.58

INTL EQ ROWE PRICE F

SS4317300                2,580.0000             313,580.35      39,326.02       247,680.00      32,872.79       -8,264.54    0.01
ESSELTE AB 'B' FREE                             121.542771      15.242643        96.000000      12.741390        1,811.31

INTL EQ ROWE PRICE F

SS4408224                1,610.0000             546,154.14      69,102.01       631,120.00      83,764.02       10,750.28    0.04
HENNES & MAURITZ SWKR5 SER'B'                   339.226174      42.920503       392.000000      52.027341        3,911.73
FREE
INTL EQ ROWE PRICE F

SS4704374               45,000.0000           5,921,490.15     745,691.39     5,355,000.00     710,730.64      -71,337.93    0.32



FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 57
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

PHARMACIA AB SWK25`B'                           131.588670      16.570920       119.000000      15.794014       36,377.18

TBC ASSET MANAGEMENT

SS4770748                1,690.0000              71,301.10       8,895.07        85,345.00      11,327.23        1,752.03    0.01
SCRIBONA AB B FREE SWKR2                         42.190000       5.263355        50.500000       6.702502          680.13

INTL EQ ROWE PRICE F

SS4784889               46,000.0000           5,764,314.78     724,241.36     5,888,000.00     781,471.89       15,540.08    0.35
SANVIK AB 'A' SWKR5                             125.311191      15.744377       128.000000      16.988519       41,690.45

INTERNAT-CAP GUARD

SS4784897                7,600.0000             947,322.61     123,656.30       965,200.00     128,104.05        2,333.58    0.06
SANDVIK AB 'B' SWKR5                            124.647712      16.270566       127.000000      16.855797        2,114.17

INTL EQ ROWE PRICE F

SS4852660                1,260.0000             574,101.80      72,015.23       585,900.00      77,762.29        1,479.96    0.03
STORA KOPPARBERGS SER B SWKR25                  455.636349      57.154944       465.000000      61.716106        4,267.10
FREE
INTL EQ ROWE PRICE F

SS4868633               90,000.0000          11,411,950.65   1,397,188.73     9,315,000.00   1,236,312.96     -256,734.01    0.56
SVENSKA HANDELSBANKEN SWKR10                    126.799452      15.524319       103.500000      13.736811       95,858.24
SER'A'
INTERNAT-CAP GUARD
       TOTAL: SEK      476,285.0000          64,517,808.02   8,294,469.33    69,821,672.50   9,266,928.44      757,035.20    4.16
                                                                                                               215,423.91


       SGD   SINGAPORE DOLLAR           CURRENT EXCHANGE RATE: 0.683060109

FM6244772               36,000.0000             166,758.22     111,186.97       162,720.00     111,147.54       -2,692.51    0.05
D.B.S. LAND ORD SG$1                              4.632173       3.088527         4.520000       3.087432        2,653.08

INTL EQ ROWE PRICE F

FM6331462               13,000.0000              90,728.58      57,260.07        91,650.00      62,602.46          581.52    0.03



FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 58
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

FAR EAST LEVINGSTON SHIPBLDG                      6.979122       4.404621         7.050000       4.815574        4,760.87
SG$.50
INTL EQ ROWE PRICE F

FM6480038               15,000.0000             211,657.08     142,213.99       174,000.00     118,852.46      -25,302.08    0.05
JURONG SHIPYARD ORD SG$0.50                      14.110472       9.480933        11.600000       7.923497        1,940.55

INTL EQ ROWE PRICE F

FM6490268                8,000.0000              87,580.91      55,081.72        95,200.00      65,027.32        4,791.83    0.03
KEPPEL CORP ORD SG 1                             10.947614       6.885215        11.900000       8.128415        5,153.77

INTL EQ ROWE PRICE F

FM6557751              160,000.0000             641,553.57     405,533.23       700,800.00     478,688.52       37,450.33    0.21
MALAYSIAN INTERN SHIPPING CORP                    4.009710       2.534583         4.380000       2.991803       35,704.96
MY$1(ALIEN MARKET)-SIN LISTING
TBC ASSET MANAGEMENT

FM6628859               38,000.0000              87,119.67      58,528.50        74,480.00      50,874.32       -8,491.55    0.02
NEPTUNE ORIENT LNS SG$1                           2.292623       1.540224         1.960000       1.338798          837.37

INTL EQ ROWE PRICE F

FM6663690               90,000.0000           1,334,924.51     890,127.70     1,350,000.00     922,131.15       10,052.34    0.41
OVERSEA-CHINESE BKG CORP (AM)                    14.832495       9.890308        15.000000      10.245902       21,951.11
SG$1 (ALIEN MARKET)
INTERNAT-CAP GUARD

FM6663823               21,000.0000             179,219.78     119,503.76       184,800.00     126,229.51        3,720.89    0.06
OVERSEAS UNION ENTERPRISES SG                     8.534275       5.690655         8.800000       6.010929        3,004.86
$1
INTL EQ ROWE PRICE F

FM6795120               70,000.0000             823,058.83     508,969.25       735,000.00     502,049.18      -54,454.47    0.23
SEMBAWANG CORPORATION LTD                        11.757983       7.270989        10.500000       7.172131       47,534.40

INTERNAT-CAP GUARD

FM6795120               17,000.0000             221,595.29     141,233.48       178,500.00     121,926.23      -27,466.73    0.05
SEMBAWANG CORPORATION LTD                        13.035017       8.307852        10.500000       7.172131        8,159.48




FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 59
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

INTL EQ ROWE PRICE F

FM6808774              220,000.0000             864,779.99     546,637.16       880,000.00     601,092.90        9,620.74    0.27
SIME DARBY BERHAD MY$0.50                         3.930818       2.484714         4.000000       2.732240       44,835.00
(MALAY REG)-SIN LISTING
TBC ASSET MANAGEMENT

FM6811299               24,000.0000             205,969.51     138,373.87       200,400.00     136,885.25       -3,741.69    0.06
SINGAPORE LAND SG$1                               8.582063       5.765578         8.350000       5.703552        2,253.07

INTL EQ ROWE PRICE F

FM6811745                3,000.0000              78,316.39      49,249.89        81,600.00      55,737.70        2,064.92    0.03
SINGAPORE PRESS HD SG$1(ALIEN                    26.105463      16.416630        27.200000      18.579235        4,422.89
MARKET)
INTL EQ ROWE PRICE F

FM6811984              147,000.0000           1,417,228.23     875,718.21     2,087,400.00   1,425,819.67      414,105.23    0.64
SINGAPORE AIRLINES SG$1(ALIEN                     9.641008       5.957267        14.200000       9.699454      135,996.23
MARKET)
INTERNAT-CAP GUARD

FM6811984               50,000.0000             601,914.97     379,159.03       710,000.00     484,972.68       68,085.06    0.22
SINGAPORE AIRLINES SG$1(ALIEN                    12.038299       7.583181        14.200000       9.699454       37,728.59
MARKET)
TBC ASSET MANAGEMENT

FM6811984               12,000.0000             166,264.63     110,570.26       170,400.00     116,393.44        2,750.13    0.05
SINGAPORE AIRLINES SG$1(ALIEN                    13.855386       9.214188        14.200000       9.699454        3,073.05
MARKET)
INTL EQ ROWE PRICE F

FM6916536               68,000.0000              96,838.76      65,057.95        90,440.00      61,775.96       -4,298.80    0.03
UNITED INDUSTRIAL CORP SG$1                       1.424099       0.956735         1.330000       0.908470        1,016.81

INTL EQ ROWE PRICE F

FM6916775               17,100.0000             221,585.50     141,382.03       263,340.00     179,877.05       26,641.35    0.08
UNITED OVERSEAS BANK(F)SG$1                      12.958216       8.267955        15.400000      10.519126       11,853.67
(ALIEN MARKET)



FRC G000600                               SECURITY VALUATION REPORT                                                    PAGE: 60
UAL PILOTS DIRECTED ACCOUNT               BY CURRENCY, SECURITY ID                                                     HMFR018MG
INTERNATIONAL EQUITY FUND                    MARKET VALUATION OF                                        RUN DATE:      12/13/1994
                                                  11/30/1994                                            BASE CURRENCY: USD

                                           ]----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID   TICKER                                                                                             BASE
SECURITY DESCRIPTION                       LOCAL TOTAL/     BASE TOTAL/     LOCAL VALUE/     BASE VALUE/    UNRL INVEST G/L    % OF
PORTFOLIO               SHARES-PAR          LOCAL UNIT      BASE UNIT       LOCAL PRICE      BASE PRICE       UNRL CURR G/L     MKT
____________________   ______________      _______________  _____________ ________________   ____________   _______________  ______

INTL EQ ROWE PRICE F

FM6917294                6,366.0000              41,076.82      25,826.36        54,747.60      37,395.90        8,595.27    0.02
UNITED OVERSEAS BANK WTS                          6.452532       4.056921         8.600000       5.874317        2,974.27
17-JUN-97 (TO PURCHASE ORD)
INTL EQ ROWE PRICE F
       TOTAL: SGD    1,015,466.0000           7,538,171.24   4,821,613.43     8,285,477.60   5,659,479.24      462,011.78    2.54
                                                                                                               375,854.03


       THB   THAILAND BAHT        CURRENT EXCHANGE RATE: 0.039912990

FB6008130                3,900.0000           1,191,138.00      47,097.47     1,170,000.00      46,698.20         -835.79    0.02
ADVANCED INFO SERVICE PUBLIC                    305.420000      12.076274       300.000000      11.973897          436.52
CO THBH10(A.MKT)
INTL EQ ROWE PRICE F

FB6075949               24,000.0000           2,158,466.51      85,552.63     2,424,000.00      96,749.09       10,524.64    0.04
BANK OF AYUDHYA THBH10(ALIEN                     89.936105       3.564693       101.000000       4.031212          671.82
MARKET)
INTL EQ ROWE PRICE F

FB6077010               15,000.0000           3,361,278.01     133,069.98     3,720,000.00     148,476.32       14,201.48    0.07
BANGKOK BANK PUBLIC CO THBH10                   224.085201       8.871332       248.000000       9.898422        1,204.86
(ALIEN MARKET)
INTL EQ ROWE PRICE F

FB6503353                3,000.0000           1,623,000.00      64,150.20     1,356,000.00      54,122.01      -10,553.36    0.02
LAND & HOUSE THBH10(A.MKT)                      541.000000      21.383400       452.000000      18.040671          525.17

INTL EQ ROWE PRICE F

FB6805964                2,000.0000           1,560,764.83      62,505.60     1,328,000.00      53,004.45       -9,321.78    0.02
SHINAWATRA COMP & COMM PUBLIC                   780.382415      31.252800       664.000000      26.502225         -179.37
CO THBH10
INTL EQ ROWE PRICE F

FB6806798                2,100.0000           2,296,560.00      90,773.12     3,108,000.00     124,049.57       32,072.73    0.06
SIAM CEMENT CO THBH10                         1,093.600000      43.225295     1,480.000000      59.071225        1,203.72
(ALIEN MARKET)
</TABLE>




<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 61
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       12/13/1994
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               /---------- COST -----------/  /---------------------- MARKET-----------------------/
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>
INTL EQ ROWE PRICE F

FB6829113                         21,000.0000   1,375,834.74       54,516.89    2,268,000.00      90,522.66      35,351.68     0.04
SIAM PULP & PAPER THBH10                           65.515940        2.596042      108.000000       4.310603         654.09
(ALIEN MARKET)
INTL EQ ROWE PRICE F

FB6888796                         16,000.0000   2,370,346.65       94,018.96    3,488,000.00     139,216.51      44,331.33     0.06
THAI FARMERS BK PUBLIC CO                         148.146666        5.876185      218.000000       8.701032         866.22
THBH10(A.MKT)
INTL EQ ROWE PRICE F

FB6889935                          7,000.0000   1,337,490.00       52,865.22    1,610,000.00      64,259.91      10,771.15     0.03
SIAM COMM BK PUBLIC (FOREIGN)                     191.070000        7.552174      230.000000       9.179988         623.54
LTD ORD THBH10 (ALIEN MARKET)
INTL EQ ROWE PRICE F

FB6914865                          1,000.0000     625,454.00       24,701.97      680,000.00      27,140.83       2,154.26     0.01
UNITED COMMUNICATON INDUSTRY                      625.454000       24.701970      680.000000      27.140833         284.60
THBH10 (ALIEN MARKET)
INTL EQ ROWE PRICE F
       TOTAL: THB                 95,000.0000  17,900,332.74      709,252.04   21,152,000.00     844,239.55     128,696.34     0.38
                                                                                                                  6,291.17

       USD    U.S. DOLLAR               CURRENT EXCHANGE RATE: 1.000000000

EL4121116                          8,350.0000     386,169.97      386,169.97      342,016.00     342,016.00     -44,153.97     0.15
FOREIGN & COLONIAL EMERG MKT                       46.247901       46.247901       40.960000      40.960000           0.00
INV TR BRAZILIAN INV CO (SICAV)
INTL EQ ROWE PRICE F

EX0334618                          6,380.0000           0.00            0.00        3,668.50       3,668.50       3,668.50     0.00
FIVE ARROWS CHILE INVESTMENT                        0.000000        0.000000        0.575000       0.575000           0.00
TR WTS TO SUB FOR PTG SHS
INTL EQ ROWE PRICE F

EX0341738                         31,900.0000      80,547.50       80,547.50       83,578.00      83,578.00       3,030.50     0.04
FIVE ARROWS CHILE INVESTMENT                        2.525000        2.525000        2.620000       2.620000           0.00
TRUST LTD

</TABLE>






<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 62
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       12/13/1994
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               [---------- COST -----------]  [---------------------- MARKET-----------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>
INTL EQ ROWE PRICE F

EX0367824                          3,790.0000     111,432.50      111,432.50      119,385.00     119,385.00       7,952.50     0.05
GENESIS CHILE FUND PTG US$0.01                     29.401715       29.401715       31.500000      31.500000           0.00

INTL EQ ROWE PRICE F

FK4773099                          5,000.0000     302,756.25      302,756.25      267,500.00     267,500.00     -35,256.25     0.12
SAMSUNG ELECTRONICS CO GLBL                        60.551250       60.551250       53.500000      53.500000           0.00
(REPR 1/2 NON VTG SHS)  (RG)
INTL EQ ROWE PRICE F

LB2906801                          7,155.0000      95,018.40       95,018.40      125,212.50     125,212.50      30,194.10     0.06
USINAS SID MINAS GERAIS                            13.280000       13.280000       17.500000      17.500000           0.00
USIMINAS ADS-EACH REP10000 SHS
INTL EQ ROWE PRICE F

NA4595826                             75.0000     108,250.00      108,250.00       20,625.00      20,625.00     -87,625.00     0.01
MITSUBISHI HVY IND WTS                          1,443.333333    1,443.333333      275.000000     275.000000           0.00
2-JUN-95 (TO PURCHASE ORD)
INTERNAT-CAP GUARD

P74823108 PB.N                     2,200.0000      90,596.40       90,596.40       77,000.00      77,000.00     -13,596.40     0.03
PANAMERICAN BEVERAGE INC SHS A                     41.180182       41.180182       35.000000      35.000000           0.00

INTL EQ ROWE PRICE F

013904305 ALA.N                   40,842.0000   1,011,547.19    1,011,547.19      684,103.50     684,103.50    -327,443.69     0.31
ALCATEL ALSTHOM SPONSORED ADR                      24.767328       24.767328       16.750000      16.750000           0.00

TBC ASSET MANAGEMENT

059538207 BGALY.O                  2,449.3530      65,803.50       65,803.50       56,335.12      56,335.12      -9,468.38     0.03
BANCO DE GALICIA BUENOS AIRES                      26.865666       26.865666       23.000000      23.000000           0.00
SPONSORED ADR NEW SHS CL B
INTL EQ ROWE PRICE F

</TABLE>






<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 63
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       12/13/1994
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               [---------- COST -----------]  [---------------------- MARKET-----------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>

059591107 BFR.N                    1,341.0000      33,817.61       33,817.61       34,866.00      34,866.00       1,048.39     0.02
BANCO FRANCES DEL RIO DE LA                        25.218203       25.218203       26.000000      26.000000           0.00
PLATA S A SPONSORED ARD
INTL EQ ROWE PRICE F

097751200                         93,000.0000   1,063,019.05    1,063,019.05    1,521,541.38   1,521,541.38     458,522.33     0.68
BOMBARDIER INC CL B                                11.430312       11.430312       16.360660      16.360660           0.00

INTERNAT-CAP GUARD

105759104 BZF.N                    9,590.0000     283,382.02      283,382.02      342,842.50     342,842.50      59,460.48     0.15
BRAZIL FD INC                                      29.549741       29.549741       35.750000      35.750000           0.00

INTL EQ ROWE PRICE F

110901402 BRG.N                   10,000.0000     487,751.04      487,751.04      482,500.00     482,500.00      -5,251.04     0.22
BRITISH GAS PLC ADR FINAL                          48.775104       48.775104       48.250000      48.250000           0.00
INSTALLMENT
TBC ASSET MANAGEMENT

119424208 BAE.N                    2,160.0000      74,520.00       74,520.00       83,700.00      83,700.00       9,180.00     0.04
BUENOS AIRES EMBOTELLA SA                          34.500000       34.500000       38.750000      38.750000           0.00
SPONSORD ADR REPSTG CL B SH
INTL EQ ROWE PRICE F

168834109 CH.N                     5,140.0000     237,983.10      237,983.10      240,295.00     240,295.00       2,311.90     0.11
CHILE FD INC                                       46.300214       46.300214       46.750000      46.750000           0.00

INTL EQ ROWE PRICE F

168884104                          1,670.0000      55,945.00       55,945.00       91,065.10      91,065.10      35,120.10     0.04
CHILECTRA S A SPONSORED ADR                        33.500000       33.500000       54.530000      54.530000           0.00

INTL EQ ROWE PRICE F

171785207 CFRAY.OB               139,140.0000     390,491.97      390,491.97      382,635.00     382,635.00      -7,856.97     0.17
CIFRA S A DE C V ADR                                2.806468        2.806468        2.750000       2.750000           0.00

INTL EQ ROWE PRICE F

</TABLE>






<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 64
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       12/13/1994
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               [---------- COST -----------]  [---------------------- MARKET-----------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>

204409304 ADR43.83                 2,560.0000      81,280.00       81,280.00       69,120.00      69,120.00     -12,160.00     0.03
COMPANHIA ENERGETICA DE MINAS                      31.750000       31.750000       27.000000      27.000000           0.00
GERAIS SPONSORED ADR NEW REP
INTL EQ ROWE PRICE F

204449201 CTC.N                      810.0000      94,097.70       94,097.70       69,660.00      69,660.00     -24,437.70     0.03
COMPANIA DE TELEFONOS DE CHILE                    116.170000      116.170000       86.000000      86.000000           0.00
S A SPONSORED ADR
INTL EQ ROWE PRICE F

219913100 AGR.N                   25,000.0000     532,750.00      532,750.00      487,500.00     487,500.00     -45,250.00     0.22
CORPORACION BANCARIA DE ESPANA                     21.310000       21.310000       19.500000      19.500000           0.00
S A SPONSORED ADR
TBC ASSET MANAGEMENT

286269105 ELF.N                   15,634.0000     542,758.01      542,758.01      531,556.00     531,556.00     -11,202.01     0.24
ELF AQUITAINE SPONSORED ADR                        34.716516       34.716516       34.000000      34.000000           0.00

TBC ASSET MANAGEMENT

29356M100 EPP.N                      721.0000      17,304.00       17,304.00       16,673.13      16,673.13        -630.87     0.01
ENRON GLOBAL PWR & PIPELINE                        24.000000       24.000000       23.125000      23.125000           0.00

INTL EQ ROWE PRICE F

294821400 ERICY.O                 18,000.0000     363,310.29      363,310.29      999,000.00     999,000.00     635,689.71     0.45
ERICSSON L M TEL CO ADR CL B                       20.183905       20.183905       55.500000      55.500000           0.00
SEK 10
INTERNAT-CAP GUARD

294821509 ERICZ.O                 26,000.0000      33,891.18       33,891.18       51,187.50      51,187.50      17,296.32     0.02
ERICSSON LM TEL CO AMERN DEP                        1.303507        1.303507        1.968750       1.968750           0.00
DEB REPSTG 4.25% 06/30/2000
INTERNAT-CAP GUARD

40048G104 GMDb.N                   3,347.0000      70,533.37       70,533.37       61,919.50      61,919.50      -8,613.87     0.03
GRUPO MEXICANO DE DESARROLLO                       21.073609       21.073609       18.500000      18.500000           0.00
SA SPONSORED ADR REPSTG SER B
INTL EQ ROWE PRICE F

400486106                          4,680.0000     153,906.26      153,906.26      107,640.00     107,640.00     -46,266.26     0.05

</TABLE>






<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 65
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       12/13/1994
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               [---------- COST -----------]  [---------------------- MARKET----------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>
GRUPO FINANCIERO BANCOMER S A                      32.885953       32.885953       23.000000      23.000000           0.00
DE C C SP ADR SHS 144A SER C
INTL EQ ROWE PRICE F

40049J206 TV.N                     4,095.0000     241,333.86      241,333.86      185,298.75     185,298.75     -56,035.11     0.08
GRUPO TELEVISA SA DE CV SPONS-                     58.933788       58.933788       45.250000      45.250000           0.00
ORED ADR REPSTG ORD PARTN CTF
INTL EQ ROWE PRICE F

40049W306 CEL.N                    1,039.0000      28,692.71       28,692.71       30,131.00      30,131.00       1,438.29     0.01
GRUPO IUSACELL S A DE C V                          27.615698       27.615698       29.000000      29.000000           0.00
SPONSORED ADR REPSTG 10 SER L
INTL EQ ROWE PRICE F

411352305 HAN.N                   40,000.0000     812,400.00      812,400.00      730,000.00     730,000.00     -82,400.00     0.33
HANSON PLC ADR                                     20.310000       20.310000       18.250000      18.250000           0.00

TBC ASSET MANAGEMENT

453258402 N.N                     38,000.0000   1,074,562.79    1,074,562.79    1,045,000.00   1,045,000.00     -29,562.79     0.47
INCO LTD                                           28.277968       28.277968       27.500000      27.500000           0.00

INTERNAT-CAP GUARD

45777M107 IMI.N                   30,000.0000     601,800.00      601,800.00      532,500.00     532,500.00     -69,300.00     0.24
ISTITUTO MOBILIARE ITALIANO                        20.060000       20.060000       17.750000      17.750000           0.00
SPA SPONSORED ADR
TBC ASSET MANAGEMENT

465234102 INZ.N                   76,900.0000   1,172,571.20    1,172,571.20    1,009,312.50   1,009,312.50    -163,258.70     0.45
ISTITUTO NAZIONALE                                 15.248000       15.248000       13.125000      13.125000           0.00
ASSICURAZIONI SPA SPONSOREDADR
INTERNAT-CAP GUARD

652487703 NWS.N                   31,600.0000     622,316.26      622,316.26      497,700.00     497,700.00    -124,616.26     0.22
NEWS CORP LTD ADR NEW                              19.693553       19.693553       15.750000      15.750000           0.00

INTERNAT-CAP GUARD

652487802 NWS_p.N                 15,800.0000           0.00            0.00      219,225.00     219,225.00     219,225.00     0.10
NEWS CORP LTD SPONSORED ADR                         0.000000        0.000000       13.875000      13.875000           0.00

</TABLE>






<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 66
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       12/13/1994
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               [---------- COST -----------]  [---------------------- MARKET-----------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>
REPSTG PFD LTD VTG ORD
INTERNAT-CAP GUARD

656531605 NHY.N                   36,333.0000   1,040,385.61    1,040,385.61    1,385,195.63   1,385,195.63     344,810.02     0.62
NORSK HYDRO A S SPONSORED ADR                      28.634729       28.634729       38.125000      38.125000           0.00

INTERNAT-CAP GUARD

669943102 NVA.N                  108,000.0000   1,111,230.00    1,111,230.00    1,039,500.00   1,039,500.00     -71,730.00     0.47
NOVA CORP ALTA                                     10.289167       10.289167        9.625000       9.625000           0.00

INTERNAT-CAP GUARD

718252604 PHI.N                   16,100.0000     969,297.07      969,297.07      825,125.00     825,125.00    -144,172.07     0.37
PHILIPPINE LONG DISTANCE TEL                       60.204787       60.204787       51.250000      51.250000           0.00
CO SPONSORED ADR
INTERNAT-CAP GUARD

718337504 PHG.N                   15,000.0000     454,650.00      454,650.00      453,750.00     453,750.00        -900.00     0.20
PHILIPS ELECTRONICS N.V                            30.310000       30.310000       30.250000      30.250000           0.00

TBC ASSET MANAGEMENT

76026T205 REP.N                   12,000.0000     389,220.00      389,220.00      346,500.00     346,500.00     -42,720.00     0.16
REPSOL SA SPONSORED ADR                            32.435000       32.435000       28.875000      28.875000           0.00

TBC ASSET MANAGEMENT

775109200                         48,283.0000     376,306.36      376,306.36      667,061.99     667,061.99     290,755.63     0.30
ROGERS COMMUNICATIONS INC CL B                      7.793765        7.793765       13.815670      13.815670           0.00

INTERNAT-CAP GUARD

833630106 SOCCOM.M                 1,040.0000      41,345.60       41,345.60       28,860.00      28,860.00     -12,485.60     0.01
SOCIEDAD COMERCIAL DEL PLATA                       39.755385       39.755385       27.750000      27.750000           0.00
S A SPONSORED ADR 144A
INTL EQ ROWE PRICE F

879273100                            500.0000      26,985.00       26,985.00       26,985.00      26,985.00           0.00     0.01
TELECOM ARGENTINA STET-FRANCE                      53.970000       53.970000       53.970000      53.970000           0.00
TELEC SA SPONSORED ADR REP ORD

</TABLE>






<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 67
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       12/13/1994
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               [---------- COST -----------]  [---------------------- MARKET-----------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>
INTL EQ ROWE PRICE F

879278208 NZT.N                    2,900.0000     138,486.50      138,486.50      156,962.50     156,962.50      18,476.00     0.07
TELECOM CORP NEW ZEALAND LTD                       47.753966       47.753966       54.125000      54.125000           0.00
SPONSORED ADR
INTERNAT-CAP GUARD

879287100 MONT-TEL                20,000.0000     942,619.11      942,619.11      907,500.00     907,500.00     -35,119.11     0.41
TELECOMUNICACOES BRASILEIRAS                       47.130956       47.130956       45.375000      45.375000           0.00
S A SPONSORED ADR
INTERNAT-CAP GUARD

879287100                          6,803.0000     324,662.63      324,662.63      308,686.13     308,686.13     -15,976.50     0.14
TELECOMUNICACOES BRASILEIRAS                       47.723450       47.723450       45.375000      45.375000           0.00
S A SPONSORED ADR
INTL EQ ROWE PRICE F

879287209                            797.0000      44,820.89       44,820.89       36,163.88      36,163.88      -8,657.01     0.02
TELECOMMUNICATIONS BRASILEIRES                     56.237001       56.237001       45.375000      45.375000           0.00
SA SPONSORED ADR 144A
INTERNAT-CAP GUARD

879287209                            151.0000       8,491.79        8,491.79        6,851.63       6,851.63      -1,640.16     0.00
TELECOMMUNICATIONS BRASILEIRES                     56.237020       56.237020       45.375000      45.375000           0.00
SA SPONSORED ADR 144A
INTL EQ ROWE PRICE F

879378206 TAR.N                    2,380.0000     174,269.10      174,269.10      132,387.50     132,387.50     -41,881.60     0.06
TELEFONICA DE ARGENTINA S A                        73.222311       73.222311       55.625000      55.625000           0.00
SPONSORED ADR REPSTG 10 CL B
INTL EQ ROWE PRICE F

879382208 TEF.N                   14,000.0000     566,090.00      566,090.00      540,750.00     540,750.00     -25,340.00     0.24
TELEFONICA DE ESPANA S A                           40.435000       40.435000       38.625000      38.625000           0.00
SPONSORED ADR
TBC ASSET MANAGEMENT

879403780 TMX.N                   37,300.0000   2,027,074.79    2,027,074.79    1,976,900.00   1,976,900.00     -50,174.79     0.89
TELEFONOS DE MEXICO S A                            54.345169       54.345169       53.000000      53.000000           0.00
SPONSORED ADR REPSTG SH ORD L
INTERNAT-CAP GUARD

</TABLE>






<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 68
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       12/13/1994
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               [---------- COST -----------]  [---------------------- MARKET-----------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>

879403780 TMX.N                   10,000.0000     640,319.39      640,319.39      530,000.00     530,000.00    -110,319.39     0.24
TELEFONOS DE MEXICO S A                            64.031939       64.031939       53.000000      53.000000           0.00
SPONSORED ADR REPSTG SH ORD L
TBC ASSET MANAGEMENT

879403780 TMX.N                   11,374.0000     743,005.39      743,005.39      602,822.00     602,822.00    -140,183.39     0.27
TELEFONOS DE MEXICO S A                            65.324898       65.324898       53.000000      53.000000           0.00
SPONSORED ADR REPSTG SH ORD L
INTL EQ ROWE PRICE F

904784501 UN.N                     5,000.0000     572,721.67      572,721.67      558,125.00     558,125.00     -14,596.67     0.25
UNILEVER N V ADR                                  114.544334      114.544334      111.625000     111.625000           0.00

TBC ASSET MANAGEMENT

912794P32                      4,000,000.0000   3,957,311.11    3,957,311.11    3,957,311.11   3,957,311.11           0.00     1.78
U S TREASURY BILLS                                 98.932770       98.932770       98.932770      98.932770           0.00
12/01/1994 DD 06/02/94
FRANK RUSSELL INT'L

912827WB4                      4,000,000.0000   4,032,812.50    4,032,812.50    4,032,500.00   4,032,500.00        -312.50     1.81
U S TREASURY NOTES                                100.820310      100.820310      100.812500     100.812500           0.00
8.375% 04/15/1995 DD 04/15/88
FRANK RUSSELL INT'L

984245100 YPF.N                   22,000.0000     558,309.50      558,309.50      497,750.00     497,750.00     -60,559.50     0.22
YPF SOCIEDAD ANONIMA SPONSORED                     25.377705       25.377705       22.625000      22.625000           0.00
ADR REPSTG CL D SHS
INTERNAT-CAP GUARD

984245100 YPF.N                   12,000.0000     275,220.00      275,220.00      271,500.00     271,500.00      -3,720.00     0.12
YPF SOCIEDAD ANONIMA SPONSORED                     22.935000       22.935000       22.625000      22.625000           0.00
ADR REPSTG CL D SHS
TBC ASSET MANAGEMENT

984245100 YPF.N                    3,240.0000      87,597.20       87,597.20       73,305.00      73,305.00     -14,292.20     0.03
YPF SOCIEDAD ANONIMA SPONSORED                     27.036173       27.036173       22.625000      22.625000           0.00
ADR REPSTG CL D SHS
INTL EQ ROWE PRICE F

</TABLE>






<TABLE>
<CAPTION>

FRC G000600                                           SECURITY VALUATION REPORT                                           PAGE: 69
UAL PILOTS DIRECTED ACCOUNT                            BY CURRENCY, SECURITY ID                                           HMFR018MG
INTERNATIONAL EQUITY FUND                                MARKET VALUATION OF                              RUN DATE:       2/15/1995
                                                             11/30/1994                                   BASE CURRENCY:  USD
                                               [---------- COST -----------]  [---------------------- MARKET-----------------------]
SECURITY ID   TICKER                                                                                            BASE
SECURITY DESCRIPTION                            LOCAL TOTAL/    BASE TOTAL/    LOCAL VALUE/    BASE VALUE/   UNRL INVEST G/L    % OF
PORTFOLIO                          SHARES-PAR    LOCAL UNIT     BASE UNIT      LOCAL PRICE     BASE PRICE    UNRL CURR G/L     MKT
- ------------------------------    -----------   ------------    ------------   ------------    -----------   ---------------   -----
<S>                               <C>           <C>             <C>            <C>             <C>           <C>               <C>

990000TE1                        223,377.0000     223,377.00      223,377.00      223,377.00     223,377.00           0.00     0.10
TBC INC ISG POOLED EMPL FDS                         1.000000        1.000000        1.000000       1.000000           0.00
12/31/1999
INTERNAT-CAP GUARD

990000TE1                          7,512.0000       7,512.00        7,512.00        7,512.00       7,512.00           0.00     0.00
TBC INC ISG POOLED EMPL FDS                         1.000000        1.000000        1.000000       1.000000           0.00
12/31/1999
INTERNATION MERCATOR

990000TE1                     14,791,179.0000  14,791,179.00   14,791,179.00   14,791,179.00  14,791,179.00           0.00     6.64
TBC INC ISG POOLED EMPL FDS                         1.000000        1.000000        1.000000       1.000000           0.00
12/31/1999
FRANK RUSSELL INT'L

990000TE1                      1,052,658.0000   1,052,658.00    1,052,658.00    1,052,658.00   1,052,658.00           0.00     0.47
TBC INC ISG POOLED EMPL FDS                         1.000000        1.000000        1.000000       1.000000           0.00
12/31/1999
TBC ASSET MANAGEMENT

990000TE1                        959,422.0000     959,422.00      959,422.00      959,422.00     959,422.00           0.00     0.43
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             26,123,924.3530  47,867,842.30   47,867,842.30   48,007,317.92  48,007,317.92     139,475.62    21.56
                                                                                                                      0.00


TOTAL
PORTFOLIO:                    68,767,504.3530                 215,311,826.41                 222,713,104.18    -565,016.44   100.00
                                                                                                              7,966,294.21
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------

</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, 1994, into the Company's previously 
filed Post Effective Amendment No. 1 to Form S-8 Registration 
Statement (File No. 33-59950) for the United Air Lines, Inc. 
Pilots' Directed Account Retirement Income Plan.

                                    /s/ Arthur Andersen LLP

                                    Arthur Andersen LLP


Chicago, Illinois
May 26, 1995