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)
November 30
1994 1993
INVESTMENTS, at fair value
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
The accompanying notes to financial statements
are an integral part of these statements.
UNITED AIR LINES, INC.
PILOTS' DIRECTED ACCOUNT RETIREMENT INCOME PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
(In Thousands)
Year Ended November 30
1994 1993
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
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:
Money UAL Short-Term Intermediate/
Market Corporation Securities Long-Term Government
Fund Stock Fund Fund Bond Fund Bond Fund
(In Thousands)
Investments,
at fair value
Short-term
securities $639,503 $ 392 $ 2,298 $ 706 $ 5,698
Notes and
bonds - - 100,158 70,153 78,158
Common stock
and common
stock funds - 36,363 - - -
Preferred
securities - - - - -
639,503 36,755 102,456 70,859 83,856
Miscellaneous
assets,
primarily
interfund
receivable
transfers 6,529 3 1,139 782 518
Due from
brokers for
securities
sold 26 - 622 11 -
Cash and cash
equivalents - - - - -
Miscellaneous
liabilities,
primarily
interfund
payable
transfers (3,518) (20) (362) (77) (48)
Due to brokers
for securities
purchased - - (5,098) (8,322) (21)
$642,540 $ 36,738 $ 98,757 $ 63,253 $ 84,305
5. NET ASSETS AVAILABLE FOR PLAN BENEFITS (continued)
Components of funds as of November 30, 1994 were:
Income/ Aggressive/ Interna- S & P
Value Growth Specialty tional 500
Equity Equity Equity Equity Index
Fund Fund Fund Fund Fund Total
(In Thousands)
Investments,
at fair value
Short-term
securities $ 12,864 $ 45,541 $ 26,467 $ 17,034 $ 8,605 $ 759,108
Notes and
bonds 3,978 3,139 1,993 8,152 464 266,195
Common stock
and common
stock funds 107,842 133,134 145,733 194,292 155,960 773,324
Preferred
securities 1,028 - 1,242 3,235 - 5,505
125,712 181,814 175,435 222,713 165,029 1,804,132
Miscellaneous
assets,
primarily
interfund
receivable
transfers 294 556 256 709 277 11,063
Due from brokers
for securities
sold 1,348 1,261 1,622 16,912 - 21,802
Cash and cash
equivalents - - - 2,385 - 2,385
Miscellaneous
liabilities,
primarily
interfund
payable
transfers (78) (526) (1,229) (767) (216) (6,841)
Due to brokers
for securities
purchased (2,391) (3,391) (3,515) (19,581) (69) (42,388)
$124,885 $179,714 $ 172,569 $222,371 $165,021 $1,790,153
5. NET ASSETS AVAILABLE FOR PLAN BENEFITS
Components of funds as of November 30, 1993 were:
Money UAL Short-Term Intermediate/
Market Corporation Securities Long-Term Government
Fund Stock Fund Fund Bond Fund Bond Fund
(In Thousands)
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
5. NET ASSETS AVAILABLE FOR PLAN BENEFITS (continued)
Components of funds as of November 30, 1993 were:
Income/ Aggressive/ Interna- S & P
Value Growth Specialty tional 500
Equity Equity Equity Equity Index
Fund Fund Fund Fund Fund Total
(In Thousands)
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
6. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Changes by fund for the year ended November 30, 1994 were:
Money UAL Short-Term Intermediate/
Market Corporation Securities Long-Term Government
Fund Stock Fund Fund Bond Fund Bond Fund
(In Thousands)
Net assets at
beginning of year $582,523 $ 17,949 $154,752 $ 85,825 $109,239
Contributions
Employer 23,125 - 2,935 2,042 2,101
Employee 14,275 - 1,247 1,035 971
37,400 - 4,182 3,077 3,072
Transfers
between funds 91,406 20,827 (51,506) (18,458) (17,621)
Transfers from
trust to trust (1,066) - (22) (56) (7)
Investment activity
Dividends - - - - -
Interest 24,194 65 9,540 4,651 3,115
Other
income, net 5 7 3 4 12
Net
appreciation
(depreciation)
in value of
investments - (1,874) (8,198) (6,288) (6,287)
Benefit payments (90,083) (97) (9,312) (5,055) (6,723)
Administrative
expenses (1,839) (139) (682) (447) (495)
Net assets at
end of year $642,540 $ 36,738 $ 98,757 $ 63,253 $ 84,305
6. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (continued)
Changes by fund for the year ended November 30, 1994 were:
Income/ Aggressive/ Interna- S & P
Value Growth Specialty tional 500
Equity Equity Equity Equity Index
Fund Fund Fund Fund Fund Total
(In Thousands)
Net assets at
beginning of
year $114,945 $160,855 $ 188,072 $195,012 $170,308 $1,779,480
Contributions
Employer 5,674 7,793 8,813 9,808 7,029 69,320
Employee 3,286 4,455 5,140 6,408 3,847 40,664
8,960 12,248 13,953 16,216 10,876 109,984
Transfers
between funds 2,137 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
6. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Changes by fund for the year ended November 30, 1993 were:
Money UAL Short-Term Intermediate/
Market Corporation Securities Long-Term Government
Fund Stock Fund Fund Bond Fund Bond Fund
(In Thousands)
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
6. CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (continued)
Changes by fund for the year ended November 30, 1993 were:
Income/ Aggressive/ Interna- S & P
Value Growth Specialty tional 500
Equity Equity Equity Equity Index
Fund Fund Fund Fund Fund Total
(In Thousands)
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
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
- ----- --------- -------------------- --------- ---------- -------------- ---------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
SHARES/ MARKET MARKET UNREALIZED % OF
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS MARKET
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- ------------- ------------- ----------------- -------------- -------
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
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
- -------------------- --------------------------- -------------- ------------- ----------------- -------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
TOTAL INVESTMENT 165,941,181.30 181,813,893.70 15,872,712.40 100.00
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- --------------------- ------------------------------- -------------- -------------- ------------------ ----------------- -------
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
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
- -------------------- ----------------------------- -------------- ---------------- ----------------- --------------- --------
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
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
- -------------------- ----------------------------- -------------- ---------------- ----------------- --------------- --------
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
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
- -------------------- ----------------------------- -------------- ---------------- ----------------- --------------- --------
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
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
- -------------------- ------------------------------ ------------- ---------------- ----------------- --------------- --------
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
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
- -------------------- ------------------------------- ------------ ---------------- ----------------- --------------- --------
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
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
- -------------------- --------------------------- ---------------- ---------------- ----------------- --------------- --------
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
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
- -------------------- ----------------------------- -------------- ---------------- ----------------- --------------- --------
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
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
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
- -------------------- -------------- --------------- ------------- ---------------- ------------ --------------- ------
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
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
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
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
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
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
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
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
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
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
(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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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
[----------- 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
[----------- 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
[----------- 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
[----------- 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
[----------- 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
[----------- 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
[----------- 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
[----------- 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
[----------- 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
[----------- 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
]----------- 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
[----------- 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$1 24.733999 9.046634 18.900000 7.397260 12,595.77
ZM6212769 25,000.0000 149,301.37 56,113.12 106,000.00 41,487.28 -16,274.30 0.02
COMMERCE ASSET-HLDGS BERHAD 5.972055 2.244525 4.240000 1.659491 1,648.46
TSR 27-JUN-98(TO PURCHASE ORD)
FRC G000600 SECURITY VALUATION REPORT PAGE: 49
UAL PILOTS DIRECTED ACCOUNT BY CURRENCY, SECURITY ID HMFR018MG
INTERNATIONAL EQUITY FUND MARKET VALUATION OF RUN DATE: 12/13/1994
11/30/1994 BASE CURRENCY: USD
[----------- COST ----------][------------------------- MARKET ------------------------]
SECURITY ID TICKER BASE
SECURITY DESCRIPTION LOCAL TOTAL/ BASE TOTAL/ LOCAL VALUE/ BASE VALUE/ UNRL INVEST G/L % OF
PORTFOLIO SHARES-PAR LOCAL UNIT BASE UNIT LOCAL PRICE BASE PRICE UNRL CURR G/L MKT
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
INTL EQ ROWE PRICE F
ZM6331569 23,000.0000 111,135.24 41,093.09 75,900.00 29,706.46 -13,028.49 0.01
BERJAYA SPORTS TOTO BERHAD MY$ 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
[----------- 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
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
____________________ ______________ _______________ _____________ ________________ ____________ _______________ ______
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)
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
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
- ------------------------------ ----------- ------------ ------------ ------------ ----------- --------------- -----
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
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
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
