UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

þ		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2008

OR

o		TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 001-06033

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

United Airlines Pilot Directed Account Plan

Benefits Administration — OPCHR
United Air Lines, Inc.
P.O. Box 66100
Chicago, IL 60666

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

UAL Corporation
77 W. Wacker Drive
Chicago, Illinois 60601
(312) 997-8000

 

 

UNITED AIRLINES PILOT DIRECTED ACCOUNT PLAN

TABLE OF CONTENTS

		Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 2008 and 2007			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2008			3
Notes to Financial Statements as of December 31, 2008 and 2007, and for the Year Ended December 31, 2008			4-14
SUPPLEMENTAL SCHEDULES—			15
Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets (Acquired and Disposed of Within the Plan Year)			16
Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets (Held at End of Year) as of December 31, 2008			19
SIGNATURE
EXHIBIT
The following exhibit is filed herewith:
Exhibit 23 Consent of Independent Registered Public Accounting Firm

NOTE:		All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Participants of the
United Airlines Pilot Directed Account Plan

We have audited the accompanying statements of net assets available for benefits of the United Airlines Pilot Directed Account Plan (the “Plan”), as of December 31, 2008 and 2007, and the related statement of changes in net assets available for benefits for the year ended December 31, 2008. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2008 and 2007, and the changes in net assets available for benefits for the year ended December 31, 2008 in conformity with accounting principles generally accepted in the United States of America.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of (1) assets (acquired and disposed of within the plan year) for the year ended December 31, 2008 and (2) assets (held at end of year) as of December 31, 2008, are presented for the purpose 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. These schedules are the responsibility of the Plan’s management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 2008 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

/s/ Deloitte & Touche LLP

Chicago, Illinois
June 29, 2009

UNITED AIRLINES PILOT DIRECTED ACCOUNT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2008 AND 2007
(In millions)

		2008				2007
ASSETS:
Participant-directed investments, at fair value (Notes 3 & 9)			2,346				3,184
Contributions receivable			13				3
Accrued income—net			4				7
Collateral received for securities loaned (Note 3)			85				215
Total assets			2,448				3,409
LIABILITIES:
Pending trade payables—net			(31	)			(54	)
Obligation for collateral received for securities loaned (Note 3)			(86	)			(216	)
Total liabilities			(117	)			(270	)
NET ASSETS AVAILABLE FOR BENEFITS		$	2,331			$	3,139

See notes to financial statements.

UNITED AIRLINES PILOT DIRECTED ACCOUNT PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2008
(In millions)

ADDITIONS:
Contributions:
Employer contributions		$	135
Participant contributions			45
Rollover contributions (Note 1)			2
Total contributions			182
Investment income:
Income from securities lending			2
Dividends and interest			71
Total additions			255
DEDUCTIONS:
Net depreciation in fair value of investments			(912	)
Benefits paid to participants			(138	)
Administrative expenses			(13	)
Total deductions			(1,063	)
DECREASE IN NET ASSETS			(808	)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year			3,139
End of year		$	2,331

See notes to financial statements.

UNITED AIRLINES PILOT DIRECTED ACCOUNT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2008 AND 2007, AND FOR THE YEAR ENDED DECEMBER 31, 2008

1.

DESCRIPTION OF PLAN

The following description of the United Airlines Pilot Directed Account Plan (the “Plan”) is for general information purposes only. Participants should refer to the Plan document for more complete information.

General and Plan Participants—The Plan is a defined contribution plan covering all employees of United Air Lines, Inc. (“United” or the “Company”) who are represented by the Air Line Pilots Association, International (“ALPA”). United pilots are eligible to become participants in the Plan on their date of hire. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Trustee and Record Keeper —The Russell Trust Company (“Russell” or “Trustee”) serves as Plan Trustee. Per the United Airlines, Inc. Pilots’ Directed Account Plan Trust Agreement, Russell is responsible for many aspects of the trust, including administration and the management and custody of all Plan assets. As approved by the Retirement and Welfare Administration Committee appointed by the Board of Directors of the Company, Russell has hired The Northern Trust Company to serve as sub-custodian of the Plan and Hewitt & Associates to serve as the subagent performing the participant recordkeeping functions.

Contributions— There are several types of contributions that may be made to the Plan on participants’ behalf:

	•		Company Contributions: The Company contributes to the Plan an amount equal to 16% of participant eligible earnings. Company contributions on behalf of a participant are allocated directly to each participant’s account. The participant is not required to contribute to the Plan to receive this direct employer contribution.
	•		Employee contributions: Eligible employees may elect to contribute to the Plan in any whole percentage from 1% to 60% of eligible earnings. Eligible employees may also make a supplemental election to contribute an additional pretax contribution in an amount equal to 1% to 90% of their net pretax pay. Section 402(g) of the Internal Revenue Code (“IRC”) limits the amount of pretax 401(k) contributions to a maximum of $15,500 in 2008. Lower limits may apply to certain highly compensated participants if the Plan does not pass certain nondiscrimination tests required by law. Eligible employees may also elect to make voluntary after-tax contributions to the Plan from 1% to 60% of the participant’s earnings (as defined by the Plan) for each pay period only after making the maximum pretax contribution. Section 415(c) of the IRC limits the total amount of contributions to all qualified defined contribution retirement plans to the lesser of 100% of annual taxable earnings or $46,000.

	•		Voluntary pretax catch-up contributions: Participants age 50 or older at any time during the Plan year can make additional pretax catch-up contributions to the Plan. This catch-up contribution is available only to the extent the participant has contributed the maximum amount of 401(k) contributions permitted under the Plan and the participant has not exceeded the annual catch-up contribution limit. For calendar year 2008, the maximum amount is $5,000.
	•		Rollover Contributions— Participants may elect to roll over money into the Plan from certain other qualified employer plans or qualified IRA. The Plan will not accept a rollover of after-tax contributions. Rollover contributions for the year ended December 31, 2008, include $2,030,255, which were transferred from other qualified plans as rollovers under the IRC Sections 402(c) and 408(d).

Participant Accounts—Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the contributions, and Plan earnings, and charged with withdrawals and an allocation of Plan losses and administrative expenses. Allocations are based on account balances, as defined by the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Investments—Participants direct the investment of their contributions and account balances in 1% increments into the following various investment options offered by the Plan:

	•		Money Market Fund
	•		Short-Term Bond Fund
	•		Diversified Bond Fund
	•		Value Equity Fund
	•		Growth Equity Fund
	•		Small Cap Equity Fund
	•		International Equity Fund
	•		S&P 500 Index Fund
	•		AutoPDAP Funds, which are funds that are invested in a diversified portfolio of underlying stock and bond funds strategically mixed for investors based on their estimated retirement date.
	•		Individual Brokerage Account (IBA) — Subject to a number of conditions and restrictions, this option allows participants to select from a wide range of investments, including UAL common stock, which are made available through the Charles Schwab and Co., Inc. individual brokerage account network.

Vesting—Participants are vested immediately in their contributions and the Company’s contributions, plus actual earnings thereon, and the balance of a participant’s account is nonforfeitable at all times. Accordingly, there are no forfeitures under the Plan.

Participant Loans—Active employees- receiving regular pay from the Company- may borrow from their fund accounts. A loan may not exceed $50,000 minus their highest outstanding loan balance over the last 12 months or one-half of their PDAP account balance, whichever is less. The minimum that may be borrowed is $1,000. Loans will be funded by a pro rata transfer from the assets of the account invested in the investment funds (excluding Individual Brokerage Account). The loan is secured by the participant’s account balance, and is generally repaid through payroll deductions on an after-tax basis for the term of the loan, which is a maximum of 60 months. The term of the loan may be extended to a period up to 15 years if the loan is used to acquire a principal residence. Loans are subject to an annual interest rate at one percent above the prime rate listed in the Wall Street Journal on the business day preceding the effective date of the participant request (interest rates ranged from 4.25% to 10.5% at December 31, 2008). Participants may only have one loan outstanding at any time. Participants are eligible to request a new loan 30 days after full repayment of a prior loan. An administrative fee of $90 is charged to each participant taking a loan and is automatically deducted from the participant’s account and added to the loan amount.

Payment of Benefits—Withdrawals from the Plan may be made as follows, as applicable to the participant’s eligibility, amount requested, and existing balances:

	•		Participants who have separated from service (for reasons other than death) may elect payment in the form of a lump sum, periodic distributions, irregular partial distributions, or in the form of a fixed or variable annuity. All or a portion of the amount of the distribution may be excluded from income by a direct roll over into an Individual Retirement Account, qualified plan, an annuity contract or annuity plan under Section 403, and certain governmental plans under Section 457. However, distributions required under the minimum distribution rules, a hardship distribution from pretax contributions, or periodic payments in substantially equal amounts over the life, life expectancy or period of 10 years and more are not eligible for rollover distributions. Participants must begin to receive plan benefits not later than April 1st of the year following the year in which they reach age 70 1/2. At a minimum, they must draw benefits in annual installments at least equal to the minimum required by law.
	•		Distributions of accounts due to the death of a participant may be taken by the participant’s beneficiaries in any one, or any combination of forms, and in any proportions, as are made available to participant upon retirement or termination of employment. The participant’s surviving spouse, if any, is automatically the beneficiary of at least half of the account. The surviving spouse may elect to defer distribution until participant would have attained age 70 1/2 or may elect an earlier distribution. Any designated beneficiary who is not the participant’s surviving spouse may elect a direct trustee-to-trustee transfer of eligible distributions.
	•		In-service withdrawals for participants who are actively employed or are absent due to reasons of illness (other than grounded status), or approved leave of absence and maintain an employer-employee relationship with the Company are permitted as follows:

	•		Discretionary withdrawals of after-tax contributions and earnings
	•		Hardship withdrawals of pretax 401(k) contributions, subject to restrictions described in the Plan
	•		After reaching age 59 1/2, rollover contributions (as adjusted for earnings and losses) may be withdrawn at any time. After rollover contributions are depleted, pretax contributions (but no earnings) can be withdrawn.

Generally, withdrawals are allocated pro rata to the balances of each of the investment funds in the participant’s account.

2.

SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting—The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of net assets available for benefits and changes therein. Actual results could differ from those estimates. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

New Accounting Pronouncements— In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 applies to reporting periods beginning after November 15, 2007. The Plan adopted SFAS No. 157 on January 1, 2008. (See Note 9 “Fair Value Measurements”).

In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133 (“SFAS 161”). This Statement changes the disclosure requirements for derivative instruments and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities (“SFAS 133”) and its related interpretations and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. SFAS 161 is effective for periods beginning January 1, 2009, although early adoption is allowed. The Plan is currently evaluating the impact of adopting SFAS 161.

In October 2008, the FASB issued FASB Staff Position (“FSP”) No. 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active (“FSP 157-3”). FSP No. 157-3 clarifies the application of SFAS 157 in a market that is not active and provides examples to illustrate key considerations in determining fair value in such market. The adoption of FSP 157-3 did not have a material effect on the Plan’s financial statements.

In April 2009, the FASB issued FASB Staff Position (“FSP”) FAS 157-4, Determining Fair Value when the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions that are not Orderly (“FSP 157-4”), which is effective for the Plan for the year ending December 31, 2009. FSP 157-4 affirms that the objective of fair value when the market for an asset is not active is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The FSP provides guidance for estimating fair value when the volume and level of market activity for an asset or liability have significantly decreased and determining whether a transaction was orderly. This FSP applies to all fair value measurements when appropriate. The Plan is currently evaluating the impact of adopting FSP 157-4.

Investment Valuation and Income Recognition—The Plan’s investments are reported at fair value (See Note 9 “Fair Value Measurements”). The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).

The pending trade payables are recorded net of related receivables and represent net amounts due to investment managers arising from security trading activities settled subsequent to year-end.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Net Appreciation (Depreciation) in Value of Investments—Net appreciation (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 January 1, or date of purchase if subsequent to January 1, and fair value at date of sale or the current year-end. The unrealized gain or loss on investments in the International Equity Fund represents the difference between fair value at January 1, or date of purchase, and the fair value at the date of sale or the current year-end plus, where applicable, the change in the exchange rate between the U.S. dollar and the foreign currency in which the assets are denominated from January 1, or the date of purchase, to the date of sale or the current year-end.

Administrative and Investment Management Expenses—Management and audit fees, which are paid by the Plan, are paid to the trustee based upon investment fund balances. Brokerage and other investment fees are included as an addition to the net depreciation in fair value of investments. United performs certain administrative functions for the Plan without charge.

Payment of Benefits—Benefit payments to participants are recorded upon distribution. Amounts relating to participants who have elected to withdraw from the Plan but have not yet been paid were $293,262 and $1,429,065 at December 31, 2008 and 2007, respectively.

3.

INVESTMENTS

The Plan’s investments that represented 5% or more of the Plan’s net assets available for benefits as of December 31, 2008 and 2007, are as follows (in millions):

		2008				2007
Frank Russell Short-Term Investment Fund		$	523			$	476
Schwab Money Market Fund *		$	233			$	139

During the year ended December 31, 2008, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value as follows (in millions):

Cash and cash equivalents		$	(1	)
Equity securities			(904	)
Corporate and International Bonds			(17	)
Government securities and other fixed income instruments			31
Net Gain on In-Kind Schwab IBA Benefit Distributions			(21	)
Total		$	(912	)

The Trustee is authorized to engage in the lending of certain Trust assets. Securities lending is an investment management strategy that utilizes the existing securities (government bonds, corporate bonds, or equities) of the Trust to earn additional income ($1,566,277 and $861,104 in 2008 and 2007, respectively). It involves the loaning of securities by the Lending Agent (The Northern Trust Company) to a select group of approved broker-dealers. In return for the loaned securities, the Lending Agent simultaneously receives collateral from a borrower (such as in the form of cash, U.S. government securities and irrevocable bank letters of credit) as a precaution against possible default of any borrower on the return of the loan. Each loan is collateralized to the extent of 102% for domestic securities and 105% for international securities of the fair value of the loan (including any accrued interest if appropriate to particular securities). The collateral is marked-to-market on a daily basis to maintain the margin requirement.

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 investment funds.

As of December 31, 2008, the investment managers were as follows:

Money Market Fund		-		Russell Trust Company
Short Term Bond Fund		-		Pacific Investment Management Company LLC
Diversified Bond Fund		-		Western Asset Management Company
		-		Pacific Investment Management Company LLC
		-		Russell Trust Company
International Equity Fund		-		Arrowstreet Capital, LP
		-		Marsico Capital Management, LLC
		-		MFS Institutional Advisors, Inc.
		-		AllianceBernstein. LP
		-		Russell Trust Company
Value Equity Fund		-		Dodge & Cox Incorporated
		-		Jacobs Levy Equity Management, Inc.
		-		MFS Institutional Advisors, Inc.
		-		Deprince, Race & Zollo, Inc.
		-		JS Asset Management
		-		Russell Trust Company
Growth Equity Fund		-		Marsico Capital Management, LLC
		-		Cornerstone Capital Management, Inc.
		-		Suffolk Capital Management, LLC
		-		Sustainable Growth Advisers. LP
		-		Turner Investment Partners, Inc.
		-		Russell Trust Company
Small Cap Equity Fund		-		ClariVest Asset Management, LLC
		-		Copper Rock Capital Partners, LLC
		-		Delaware Investment Advisers
		-		Jacobs Levy Equity Management, Inc.
		-		Martingale Asset Management, LP
		-		Opus Capital Management
		-		Turner Investment Partners, Inc.
		-		Russell Trust Company
S&P 500 Index Fund		-		PanAgora Asset Management, Inc.
		-		Russell Trust Company
Individual Brokerage Account Option		-		Self-directed account with Charles Schwab

4.

DERIVATIVE FINANCIAL INSTRUMENTS

The Plan allows certain investment managers to reduce the funds’ exposure to foreign currency fluctuations through the use of foreign currency forwards and options. The Plan authorizes certain investment managers to earn equity returns on the funds’ cash position through equity index future contracts. Additionally, other investment managers use interest rate futures and money market futures to replicate government bond positions and manage interest rate exposure. Credit default swaps may be used by investment managers to effectively increase or decrease their exposure to individual corporate bond issues or baskets of corporate bond issues. They may also be used to effectively replicate corporate bond positions and manage overall credit risk. The Plan prohibits investment managers from being a party to any leveraged derivatives. All derivative positions are stated at fair value as determined by exchange quoted market prices or through other valuation techniques.

5.

EXEMPT PARTY-IN-INTEREST TRANSACTIONS

The Plan holds investments managed by Russell. Russell is the trustee as defined by the Plan, and, therefore, these transactions qualify as party-in-interest transactions. Total fees and commissions paid by the Plan to Russell for plan year 2008 totaled $11,534,587.

The Plan invests in shares of UAL common stock. UAL is the parent company of United and, as such, investment activity related to UAL common stock qualifies as exempt party-in-interest transactions.

6.

PLAN TERMINATION

The Company expects to continue the plan indefinitely, but reserves the right to terminate the Plan, in whole or in part, provided that Plan termination is effected by a written resolution adopted by a majority of the Board of Directors of the Company subject to the provisions set forth in ERISA and the currently effective collective bargaining agreement with ALPA. If the Plan is terminated, employer contributions would cease and all amounts credited to a participant’s account at the time of termination shall be retained in the Plan and will be distributed in accordance with ERISA and the normal distribution rules of the Plan.

7.

FEDERAL INCOME TAX STATUS

The IRS has determined and informed the Company by a letter, dated March 31, 2009, that the Plan and related trust were designed in accordance with applicable regulations of the Internal Revenue Code. United and Plan management believe the Plan is currently designed and operated in accordance with applicable requirements of the Internal Revenue Code, and the Plan and related trust continue to be tax exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

8.

RECONCILIATION TO FORM 5500

At December 31, 2008 and 2007, certain participants had requested distributions from the plan, but were not paid until the following January. No liability is recorded in the financial statements for such transactions. However, these amounts are included as a benefit payable in the Form 5500. The reconciliation between the financial statements and the Form 5500 is as follows (in millions):

		2008				2007
Net assets available for plan benefits per financial statements		$	2,331			$	3,139
Less amounts allocated to withdrawing participants			—				(2	)
Net assets available for plan benefits per Form 5500			2,331				3,137
Benefits paid to participants per financial statements		$	138
Add amounts allocated to withdrawing participants at December 31, 2008			—
Less amounts allocated to withdrawing participants at December 31, 2007			(2	)
Benefits paid to participants per Form 5500		$	136

9.

FAIR VALUE MEASUREMENTS

Effective January 1, 2008, the Plan adopted SFAS 157 which establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1		Quoted market prices in active markets for identical assets that are accessible at the measurement date.
Level 2		Quoted market prices of identical assets in inactive markets or similar assets in active markets; and observable or correlated inputs for the asset (e.g., interest rates and yield curves observable at commonly quoted intervals).
Level 3		Unobservable inputs that reflect the reporting entity’s own assumptions about inputs used by market participants in pricing assets or liabilities.

Mutual funds and collective trusts represent investments with various investment managers. The respective fair values of these investments are determined by reference to the funds’ underlying assets, which are principally marketable equity and fixed income securities. Shares held in mutual funds are valued at the closing share price, which is based on the funds’ net asset value at year-end. Units held in collective trusts are valued at the unit value as reported by the investment managers at year-end.

Participant loans are valued at cost, which approximates fair value.

Investments in Individual Brokerage Accounts and the UAL Stock Fund are described below:

Cash and short-term investments include cash and short-term interest-bearing investments with initial maturities of three months or less. Such amounts are recorded at cost, plus accrued interest, which approximates market value.

Common stock, preferred stock, and fixed income securities traded in active markets on national and international securities exchanges are valued at closing prices on the last business day of each period presented. Fixed income securities classified as level 2 are valued based on quoted prices in inactive markets.

The following table presents the Trust’s investment assets and liabilities at fair value categorized in the different levels, as of December 31, 2008. As required by SFAS No. 157, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

(in thousands)		Investment Assets and Liabilities at Fair Value as of December 31, 2008
		Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	29,116			$	10,169			$	—			$	39,285
Mutual funds			221,226				—				—				221,226
Common collective trusts			—				998,779				—				998,779
Equity securities			824,625				5,940				48				830,613
Asset backed securities			—				14,777				810				15,587
Corporate and international bonds			—				51,111				390				51,501
Government securities and other fixed income			—				70,181				1,021				71,202
Other			100				9,887				601				10,588
Participant loans			—				—				23,130				23,130
Securities on loan:
Equity securities			80,738				612				—				81,350
Corporate and international bonds			—				969				—				969
Government securities and other fixed income			—				1,849				—				1,849
Total investment assets at fair value		$	1,155,805			$	1,164,274			$	26,000			$	2,346,079
Liabilities:
Obligation to return collateral:
Cash and cash equivalents		$	85,483			$	—			$	—			$	85,483
Equity securities			17				—				—				17
Total investment liabilities at fair value		$	85,500			$	—			$	—			$	85,500

Level 3 Gains and Losses

The table below summarizes the changes in the fair value of the Trust’s level 3 investment assets for the year ended December 31, 2008.

(in thousands)		Level 3 Investment Assets
		Year Ended December 31, 2008
										Corporate				Government
						Asset				and				securities and
		Equity				Backed				International				other fixed								Participant
		Securities				Securities				Bonds				income				Other				Loans				Total
Fair value balance, beginning of year		$	13			$	822			$	116			$	950			$	2			$	21,689			$	23,592
Realized and unrealized gains / (losses)			(41	)			19				(430	)			(103	)			(7	)			—				(562	)
Purchases, issuances, and settlements			76				(31	)			704				174				606				1,441				2,970
Fair value balance, end of year		$	48			$	810			$	390			$	1,021			$	601			$	23,130			$	26,000
The amount of total gains or losses for the period included in net depreciation in value of the Plan’s investments attributable to the change in unrealized gains or losses relating to assets still held at the reporting date.		$	(18	)		$	19			$	(434	)		$	(25	)		$	(6	)		$	—			$	(464	)

10.

PLAN AMENDMENTS

During 2008, the Plan was amended to increase the Company contribution on behalf of each participant from 15% to 16% of the Participant’s earnings for hours worked on or after January 1, 2008.

******

SUPPLEMENTAL SCHEDULES

SUPPLEMENTAL SCHEDULE
FORM 5500, SCHEDULE H, PART IV, LINE 4i
SCHEDULE OF ASSETS (ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR)
AS OF DECEMBER 31, 2008

						Disposition
Identity of Issue/Description of Investment		Acquisition Cost				Proceeds
ABC LEARNING CENTR NPV			(12,028.14	)			13,341.65
ACCURIDE CORP COM STK			(16,341.50	)			19,356.33
ADR OAO GAZPROM LEVEL 1 ADR			(396,582.28	)			376,804.73
AEON CO LTD NPV			(44,161.17	)			40,653.56
AGFA GEVAERT NV NPV			(77,608.93	)			55,053.37
ALCATEL-LUCENT EUR2			(246,327.08	)			276,069.51
ALLIANCE&LEICESTER ORD GBP0.50			(225,605.07	)			—
ANGLO IRISH BK CP IE EUR0.16			—				53,987.20
ARCANDOR COMMON STOCK			(24,366.40	)			15,491.06
ASUSTEK COMPUTER TWD10			(210,813.98	)			162,799.05
BANCO BPI SA EUR1(REGD)			(93,232.39	)			70,196.61
BANCO SANTANDER EUR0.50(REGD)			—				69,338.70
BCO COM PORTUG. EUR1(REGD)			(86,416.87	)			76,805.06
BCO ESPIRITO SANTO EUR5(REGD)			(21,583.66	)			20,106.33
BM&F BOVESPA SA BO COM NPV			—				164,850.84
BOLIDEN AB NPV			(119,822.86	)			110,666.68
BOVIS HOMES GROUP ORD GBP0.50			(110,147.77	)			124,541.19
BRIT AMER TOBACCO ORD GBP0.25			(145,958.91	)			98,285.99
CENTRICA PLC RIGHT			—				24,678.15
CENTRO PROPS GPLTD NPV (STAPLED)			(30,489.75	)			7,479.27
CEZ CZK100			(394,909.09	)			299,724.88
CHINA UNICOM (HK)L HKD0.10			—				91,457.20
CHIYODA CORP NPV			(111,648.85	)			131,818.75
CHUGAI PHARMACY CO. LTD NPV			(129,706.65	)			145,347.11
CITIGROUP INC GLOBAL SR NT 5.5% DUE 04-11-2013 BEO			(258,679.20	)			251,902.60
COMMERZBANK AG ORD NPV			(685,272.23	)			532,641.81
COMVERSE TECHNOLOGY INC COM PAR $0.10 COM PAR $0.10			(83,044.45	)			57,623.51
COSMO OIL COMPANY NPV			(42,357.85	)			22,750.23
CSL LIMITED PLACEMENTS SHARES			(151,050.21	)			—
CSR PLC ORD GBP0.001			(41,398.63	)			41,258.34
DAI NIPPON PRINTNG NPV			(81,631.92	)			67,588.43
DOWA HOLDINGS CO LTD			(18,572.76	)			22,584.38
DSG INTERNATIONAL ORD GBP0.025			(170,819.96	)			129,725.80
E.ON AG NPV			(322,483.38	)			3,930,595.54
ELAN CORP ORD EUR0.05			(43,685.81	)			33,192.86
ELETROPAULO PREF B			(42,919.15	)			28,909.20
FABEGE AB NPV			(120,871.60	)			40,959.82
FABEGE AB NPV			—				17,935.61
FORTIS NPV			(689,456.43	)			367,380.61
FUJIKURA NPV			(118,375.23	)			133,619.76
GN STORE NORD DKK4			(13,708.90	)			13,093.07
GPE BRUXELLES LAM NPV			(72,597.77	)			85,508.99
HBOS PLC ORD GBP0.25 (NPD 18/07/08)			—				404.00
HIKARI TSUSHIN INC NPV			(100,503.80	)			91,295.93
HITACHI CONST MACH NPV			(265,591.19	)			268,696.70

						Disposition
Identity of Issue/Description of Investment		Acquisition Cost				Proceeds
HITACHI HIGH-TECH NPV			(37,950.96	)			47,542.10
HOKURIKU ELEC PWR Y500			(65,055.99	)			68,961.26
HONG KONG EXCHANGES & CLEAR			(20,074.55	)			182,173.78
IFI(ISTIT FIN IND) PRIV EUR1			(99,180.17	)			34,604.79
IFIL SPA EUR1			(66,845.24	)			64,686.59
IMERYS EUR2			(11,204.22	)			9,301.12
INCITEC PIVOT NPV			(143,868.26	)			35,931.15
INVESTEC ORD GBP0.0002			(40,987.42	)			45,017.99
IRISH LIFE & EUR0.32			(86,671.94	)			49,534.43
ITV ORD GBP0.10			(262,235.70	)			124,095.35
JPMORGAN CHASE & CO FORMERLY JP MORGAN 6 DUE 01-15-2018 BEO			(64,635.90	)			64,539.40
JS GROUP CORP COM NPV			(122,883.12	)			88,063.62
KAJIMA CORP NPV			(94,101.29	)			91,019.42
KAWASAKI KISEN KAISHA LTD NPV			(9,260.69	)			10,300.26
KEMET CORP COM			(28,698.40	)			8,900.63
KGHM POLSKA MIEDZ PLN10 BR			(259,610.47	)			65,411.06
KINGFISHER ORD GBP0.157142857			(186,360.96	)			161,017.40
KOBE STEEL NPV			(118,945.96	)			106,437.26
KUEHNE&NAGEL INTL CHF1(REGD)			(56,492.77	)			43,085.55
LAFARGE EUR4			(688,123.17	)			549,947.43
LAND SECURITIES GP ORD GBP0.10			(65,813.75	)			32,594.61
LEOPALACE 21 CORP NPV			(11,801.57	)			7,116.39
LUNDIN PETROLEUM A NPV			(129,004.06	)			42,690.92
MEDICEO PALTAC NPV			(84,716.50	)			54,388.04
MITSUBISHI RAYON NPV			(71,725.17	)			55,692.29
MITSUI MINING & SM NPV			(29,425.82	)			30,227.01
NATIXIS EUR1.6(POST SUBDV)			(12,618.46	)			7,002.60
NATL BK OF CANADA COM NPV			(367,056.12	)			302,180.98
NESTLE SA CHF1(REGD)			(218,085.26	)			1,919,743.97
NEWCREST MINING NPV			(83,607.73	)			76,777.19
NIPPON EXPRESS CO NPV			(149,032.80	)			127,361.15
NIPPON OIL CORP Y50			(57,481.60	)			59,628.72
NIPPON STEEL CORP NPV			(97,548.52	)			99,565.79
NISHIMATSU CONSTCN NPV			(52,796.95	)			59,881.20
NISSIN FOODS HOLDINGS CO LTD NPV			(66,038.36	)			79,002.27
NORDEX AG NPV			(23,025.54	)			21,725.16
NOVA CHEMICALS COM NPV			(174,837.07	)			42,603.02
NTT DOCOMO NPV			(73,539.56	)			83,450.84
OGX PETROLEO E GAS COMSTK			(164,697.23	)			114,172.03
ONO PHARMACEUTICAL NPV			(44,880.25	)			38,768.82
ORIFLAME COSMETICS SDR EACH REP 1 EUR1.25			(31,181.41	)			35,107.64
OUTOKUMPU OYJ SER’A’NPV			(79,025.66	)			63,002.61
OXIANA LTD NPV			—				442,435.05
OZ MINERALS LTD COMSTK			—				71,844.51
PAPERLINX NPV			(35,021.23	)			37,605.21
PILGRIMS PRIDE CORP COM			(106,092.15	)			102,444.48
PIRELLI & C EUR0.29			(57,163.92	)			57,214.26
PROMISE CO NPV			(13,228.44	)			13,055.90
PROSIEBENSAT1 MEDI NPV PRF			(33,473.56	)			17,950.21
PVTPL ALLISON TRANSM INC SR NT 144A 11 DUE 11-01-2015 BEO			(417,500.00	)			443,125.00

						Disposition
Identity of Issue/Description of Investment		Acquisition Cost				Proceeds
PVTPL ECHOSTAR DBS CORP SR NT 144A 7.75%DUE 05-31-2015 BEO			(9,975.00	)			—
REINET INVESTMENTS ORD NPV			—				128,531.19
REXAM ORD GBX64.285714			(47,389.21	)			55,634.22
RICHEMONT(CIE FIN) A CHF1(BR)EQUITY UNIT			(546,372.90	)			55,731.47
ROHM CO LTD NPV			(50,399.75	)			45,244.18
ROYAL BK SCOT GRP NEW GBP0.25 (NPD-06/06/08)			—				139,151.66
SAIPEM EUR1			(533,037.18	)			283,448.32
SAMPO OYJ SER’A’NPV			(80,363.44	)			87,846.83
SASOL NPV			(96,327.52	)			82,659.07
SEINO HOLDINGS NPV			(153,671.55	)			135,508.34
SEMGROUP ENERGY PARTNERS LP COM UNIT REPSTG LTD COM UNIT			(207,714.25	)			218,834.02
SHINSEI BANK NPV			(68,247.58	)			72,671.99
SHISEIDO CO LTD NPV			(88,625.93	)			78,984.96
SIMS METAL MANAGEMENT LTD			(93,243.96	)			76,765.45
SINGAPORE EXCHANGE NPV			(21,223.87	)			19,656.49
SINGAPORE PETROLEUM CO. LTD SGD0.50			(89,222.01	)			83,155.33
SKAND ENSKILDA BKN SER’A’NPV			(44,671.33	)			39,153.51
SMURFIT KAPPA GROUP PLC ORD EUR0.001			(34,496.36	)			21,939.81
SNAM RETE GAS EUR1			(78,555.12	)			79,769.30
SOC GENERALE EUR1.25 (RFD 03/06/2008)			(101,766.68	)			—
SPECTRUM BRANDS INC COM			(11,330.10	)			8,909.66
STMICROELECTRONICS EUR1.04			(45,524.19	)			56,312.04
SUEZ ENVIRONNEMENT EUR4(B/R22/06/10)VAL RADIEE			—				76,812.46
SUMITOMO OSAKA CEM NPV			(66,446.33	)			51,209.35
SVENSKA CELLULOSA SER’B’NPV			(418,811.12	)			—
SVENSKA HANDELSBKN SER’A’SEK4.30			(47,407.73	)			38,282.80
SWEDBANK AB PRF SHS (S/R 16/12/08)			—				187.81
SWEDISH MATCH NPV			(80,703.42	)			75,118.09
SWISS LIFE HOLDINGS AG			(68,507.69	)			65,315.20
TAIHEIYO CEMENT NPV			(116,850.12	)			98,925.78
TAISEI CORP NPV			(122,947.81	)			114,219.71
TERUMO CORP NPV			(39,001.11	)			37,999.07
TGS NOPEC GEOPH.CO NOK0.25			(14,440.62	)			16,300.61
THOMSON SA EUR3.75			(18,997.73	)			14,613.10
TOPPAN PRINTING CO NPV			(20,752.50	)			20,385.85
TRINITY MIRROR ORD GBP0.10			(25,000.22	)			19,871.49
UMICORE COMMON STOCK NPV			(36,961.65	)			38,202.57
UNI-CHARM CORP NPV			(78,096.91	)			78,689.36
VEDANTA RESOURCES ORD USD0.10			(193,944.54	)			211,691.57
WA MUT INC UNIT TR PFD INC EQTY REDEMABLE SECS PIERS CAP TR & 1WT EXP			(52,612.50	)			4,371.49
WACKER CHEMIE AG NPV(BR)			(11,119.75	)			10,271.42
WHITBREAD ORD GBP0.76797385			(104,308.15	)			73,545.56
WOLSELEY ORD GBP0.25			(797,404.54	)			465,763.98
WOODSIDE PETROLEUM NPV			(53,116.75	)			40,844.24
YAMAHA MOTOR CO NPV			(62,223.91	)			37,878.93
YANZHOU COAL MININ ‘H’CNY1			(47,221.83	)			23,068.51
YARA INTERNATIONAL NOK1.7			(125,578.30	)			117,927.27
YELL GROUP ORD GBP0.01			(17,531.21	)			20,886.78
			(16,056,522.06	)			18,497,739.71

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
1ST BK IDA KETCHUM DTD 03-05-2008 4.5 03-05-2015			10,000.00				10,000.00
1ST BK LEXINGTON TENN CTF DEP ACT/365 SEMI-ANNU 4 03-19-2010			35,000.00				35,515.90
1ST REGL BK L A CAL DTD 07-30-2008 3.85 10-30-2009			10,000.00				10,000.00
ACCESS NATL BK RESTON VA DTD 08-07-2008 3.1 C/D 02-09-2009			50,000.00				50,000.00
ACT/365 AT MAT 2.9 03-19-2009			60,000.00				60,000.00
ADVANTA BK CORP DRAPER UT CTF DEP DTD 10/01/2008 ACT/365 5 10-01-2013			10,000.00				10,000.00
ADVANTA BK CORP DRAPER UTAH CTF DEP DTD 10-22-2008 4.45 10-24-2011			60,000.00				60,000.00
ADVANTA BK CORP DRAPER UTAH CTF DEP DTD 10-22-2008 4.95 10-22-2013			50,000.00				50,000.00
AMCORE BK N A ROCKFORD ILL CTF DEP DTD 07-07-2006 5.55 07-07-2009			30,000.00				30,000.00
AMERICAN CMNTY BK WOODSTOCK ILL CTF DEP DTD 08-06-2008 3.8 11-06-2009			10,000.00				10,000.00
AMERICAUNITED BK TR CO USA SCHAUMBURG ILL DTD 08-29-2008 2.7 C/D 02-27-2009			90,000.00				90,000.00
ANCHOR BK MADISON WIS DTD 08-06-2008 3.65 C/D 08-06-2009			95,000.00				95,000.00
APPLE BANCORP INC CTF DEP DTD 10-08-20082.4 C/D 01-08-2009			95,000.00				95,000.00
ATLC SOUTHN BK MACON GA DTD 07-18-2008 4.55 12-16-2011			40,000.00				40,000.00
BANCORP BK WILMINGTON DEL DTD 10-30-20082.45 C/D 01-30-2009			95,000.00				94,905.00
BANK AMER NA CHARLOTTE NC DTD 10-08-20082.8 C/D 04-08-2009			95,000.00				94,881.25
BANK AMER NA CHARLOTTE NC DTD 10-15-20082.9 C/D 04-14-2009			54,000.00				54,000.00
BANK AMER NA CHARLOTTE NC DTD 10-22-20082.4 C/D 01-22-2009			25,000.00				25,000.00
BANK AMER NA CHARLOTTE NC DTD 10-29-20082.45 C/D 01-29-2009			95,000.00				94,905.00
BANK FAYETTEVILLE NATL ASSN ARK CTF DEP DTD 12-14-2007 4.5 03-16-2009			10,000.00				10,000.00
BANK HAPOALIM B M NEW YORK BRH CTF DEP DTD 04-23-2008 6 04-23-2028			10,000.00				10,000.00
BANK HAPOALIM B M NEW YORK BRH DTD 12-15-2008 1.65 C/D 01-15-2009			120,000.00				120,000.00
BANK NORTH GA ALPHARETTA DTD 03-31-2008 3.4 C/D 03-31-2009			50,000.00				50,171.50
BANK OF AMERICA DTD 11-05-2008 3 C/D 05-05-2009			120,000.00				120,000.00
BANK OKLA N A TULSA DTD 06-05-2008 3.35 C/D 06-05-2009			20,000.00				20,108.40
BANK OKLA N A TULSA DTD 07-30-2008 3.15 C/D 01-30-2009			50,000.00				50,000.00
BANK OZARKS LITTLE ROCK ARK DTD 01-09-2008 4.55 C/D 01-09-2009			50,000.00				50,008.50
BANKUNITED FSB CORAL GABLES FLA CTF DEP DTD 04-09-2008 3.45 07-09-2009			10,000.00				10,000.00
BANKUNITED FSB CORAL GABLES FLA DTD 04-09-2008 3.4 C/D 04-09-2009			100,000.00				100,000.00
BEAL BK DTD 11-26-2008 2.7 C/D 05-26-2009			95,000.00				95,000.00
BK TENN KINGSPORT DTD 05-30-2008 3.55 11-30-2009			7,000.00				7,000.00

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
BRANCH BKG & TR CO WINSTON SALEM N C DTD09-12-2008 2.5 C/D 01-12-2009			50,000.00				50,000.00
BRANCH BKG & TR CO WINSTON SALEM N C DTD10-22-2008 2.45 C/D 01-22-2009			15,000.00				15,000.00
BRANCH BKG & TR CO WINSTON SALEM N C DTD10-22-2008 2.95 C/D 04-22-2009			50,000.00				50,000.00
BRANCH BKG & TR CO WINSTON SALEM N C DTD10-22-2008 3.45 C/D 07-22-2009			75,000.00				75,000.00
BRIDGEVIEW BK GROUP ILL DTD 10-08-2008 2.75 C/D 04-08-2009			10,000.00				9,987.50
BUSEY BK CHAMPAIGN ILL DTD 07-11-2008 3.85 10-13-2009			10,000.00				10,000.00
BUSINESS BK ST LOUIS CLAYTON MO CTF DEP DTD 05-05-2006 5.2 05-05-2010			1,001.10				1,001.10
CAP 1 BK NATL ASSN CTF DEP DTD 03/05/08 ACT/365 SEMI ANNU STEP UP DUE 03-05-15			95,000.00				94,610.50
CAP 1 BK USA NATL ASSN GLEN ALLEN CD DTD03/27/2008 SEMI ANNU 4 03-27-2012			10,000.00				10,000.00
CAP 1 BK USA NATL ASSN GLEN ALLEN CTF DEP ACT/365 SEMI ANNU 4.75 05-07-2015			10,000.00				10,080.00
CAP 1 BK USA NATL ASSN GLEN ALLEN CTF DEP ACT/365 SEMI-ANNU 4 03-24-2010			25,000.00				25,000.00
CAP 1 BK USA NATL ASSN GLEN ALLEN CTF DEP DTD 10/15/2008 4.15 10-15-2010			25,000.00				25,000.00
CAP 1 BK USA NATL ASSN GLEN ALLEN CTF DEP DTD 4.4 10-17-2011			60,000.00				60,000.00
CAP 1 BK USA NATL ASSN GLEN ALLEN CTF DEP S/A DTD10-22-2008 4.15 10-22-2010			95,000.00				95,000.00
CAP 1 NATL ASSN MCLEAN VA CTF DEP SEMI-ANNU DTD 11-19-2008 4.25 11-19-2010			5,000.00				5,000.00
CAP 1 NATL ASSN MCLEAN VA CTF DEP DTD 10/08/2008 ACT/365 4.65 10-09-2012			95,000.00				95,000.00
CAPITAL 1 BK USA NATL ASSN GLEN ALLEN VACTF DEP DTD 06-11-2008 3.85 06-11-2010			10,000.00				10,000.00
CAPITAL 1 BK USA NATL ASSN GLEN ALLEN VACTF DEP DTD 09-17-2008 4.15 09-17-2010			50,000.00				50,000.00
CAPITAL 1 BK USA NATL ASSN GLEN ALLEN VACTF DEP DTD 10-22-2008 4.65 10-22-2012			8,000.00				8,000.00
CAPITAL 1 BK USA NATL ASSN GLEN ALLEN VACTF DEP DTD 11-09-2005 4.75 11-09-2010			40,205.00				40,205.00
CAPITAL ONE BK USA NATL ASSN GLEN ALLEN VA DTD 01-23-2008 4.3 C/D 01-23-2009			13,000.00				13,000.00
CAPITAL ONE BK USA NATL ASSN GLEN ALLEN VA DTD 03-19-2008 3.7 C/D 03-19-2009			96,000.00				96,000.00
CAPITAL ONE BK USA NATL ASSN GLEN ALLEN VA DTD 04-16-2008 3.55 C/D 04-16-2009			44,000.00				44,000.00
CAPITAL ONE BK USA NATL ASSN GLEN ALLEN VA DTD 04-23-2008 3.35 C/D 04-23-2009			6,000.00				6,000.00
CAPITAL ONE BK USA NATL ASSN GLEN ALLEN VA DTD 05-07-2008 3.4 C/D 05-07-2009			99,000.00				99,000.00
CAPITAL ONE BK USA NATL ASSN GLEN ALLEN VA DTD 10-01-2008 3.5 C/D 10-01-2009			40,000.00				40,000.00
CAPITAL ONE BK USA NATL ASSN GLEN ALLEN VA DTD 10-22-2008 3.6 C/D 10-22-2009			60,000.00				60,000.00
CAPITAL ONE NA MCLEAN VA CTF DEP DTD 11 MAY 8 ACT/365 SEMI-ANNU 4.4 7 NOV 11			80,000.00				81,544.80
CAPITAL ONE NATL ASSN MCLEAN VA CTF DEP DTD 04-09-2008 4.25 04-09-2013			10,000.00				10,000.00
CAPITAL ONE NATL ASSN MCLEAN VA CTF DEP DTD 09-24-2008 4 03-24-2010			95,000.00				95,000.00
CAPITAL ONE NATL ASSN MCLEAN VA CTF DEP DTD 10-22-2008 4.65 10-22-2012			50,000.00				50,000.00

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
CAPITAL ONE NATL ASSN MCLEAN VA CTF DEP DTD 11-26-2008 5 11-26-2013			4,000.00				4,000.00
CAPITAL ONE NATL ASSN MCLEAN VA DTD 04-09-2008 3.45 C/D 04-09-2009			200,000.00				200,000.00
CAPITAL ONE NATL ASSN MCLEAN VA DTD 09-24-2008 3.5 C/D 09-24-2009			96,000.00				96,000.00
CAPITAL ONE NATL ASSN MCLEAN VA DTD 10-01-2008 2.8 C/D 04-01-2009			95,000.00				94,881.25
CAPITAL ONE NATL ASSN MCLEAN VA DTD 10-08-2008 2.85 C/D 04-08-2009			95,000.00				94,881.25
CAPMARK BK MIDVALE UT CD ACT/365 SEMI ANNU DTD 08-13-2008 4.35 08-13-2010			10,000.00				10,000.00
CAPMARK BK MIDVALE UT CTF DEP DTD 07/16/2008 ACT/365 5.05 07-16-2013			70,000.00				70,000.00
CAPMARK BK MIDVALE UT CTF DEP SEMI-ANNU DTD 11-05-2008 4.75 11-05-2012			80,000.00				80,000.00
CAPMARK BK MIDVALE UTAH CTF DEP DTD 07-23-2008 5.05 07-23-2013			40,000.00				40,000.00
CAPMARK BK MIDVALE UTAH CTF DEP DTD 07-30-2008 4.25 07-30-2010			30,000.00				30,000.00
CAPMARK BK MIDVALE UTAH DTD 07-23-2008 3.8 C/D 07-23-2009			61,000.00				61,000.00
CAPMARK BK MIDVALE UTAH DTD 09-24-2008 3.35 C/D 06-24-2009			186,000.00				186,000.00
CAPMARK BK MIDVALE UTAH DTD 10-01-2008 3.6 C/D 10-01-2009			10,000.00				10,000.00
CAPMARK BK MIDVALE UTAH DTD 10-15-2008 3C/D 04-15-2009			194,000.00				193,757.50
CAROLINA 1ST BK GREENVILLE S C CTF DEP DTD 06/04/2008 ACT/365 3.65 12-04-2009			14,000.00				14,000.00
CAROLINA FIRST BK GREENVILLE S C CTF DEPDTD 06-04-2008 3.35 08-04-2009			1,000.00				1,000.00
CAROLINA FIRST BK GREENVILLE S C CTF DEPDTD 06-18-2008 3.55 07-20-2009			95,000.00				95,000.00
CAROLINA FIRST BK GREENVILLE S C CTF DEPDTD 06-18-2008 4 06-18-2010			95,000.00				95,000.00
CAROLINA FIRST BK GREENVILLE S C DTD 05-07-2008 3.3 C/D 02-09-2009			22,000.00				22,000.00
CATHAY BK LOS ANGELES CALIF DTD 06-13-2008 3.4 C/D 06-12-2009			98,000.00				98,000.00
CATHAY BK LOS ANGELES CALIF DTD 07-30-2008 3.7 C/D 07-30-2009			95,000.00				95,000.00
CATHAY BK LOS ANGELES CALIF DTD 10-03-2008 3 C/D 04-03-2009			95,000.00				95,000.00
CCAP ONE BK USA NATL ASSN GLEN ALLEN CTFDEP DTD 10/15/08 ACT/365 SEMI ANNU 4.0%			59,000.00				59,870.84
CHARTER BK EAU CLAIRE WIS DTD 08-08-20083.65 C/D 08-07-2009			95,000.00				95,000.00
CHEVY CHASE SVGS BK F S B MCLEAN VA DTD 10-15-2008 3.65 C/D 10-15-2009			100,000.00				101,119.90
CHINATRUST BK TORRANCE CALIF DTD 10-15-2008 2.5 C/D 01-15-2009			105,000.00				104,895.00
CHINATRUST BK TORRANCE CALIF DTD 10-31-2008 2.55 C/D 02-02-2009			290,000.00				289,710.00
CIT BK SALT LAKE CITY UTAH CTF DEP DTD 01-24-2007 0 01-25-2010			20,000.00				20,511.00
CIT BK SALT LAKE CITY UTAH DTD 09-10-2008 3.35 C/D 06-10-2009			50,000.00				50,000.00
CIT BK SALT LAKE CITY UTAH DTD 09-10-2008 3.55 C/D 09-10-2009			70,000.00				70,000.00
CITIZENS 1ST SVGS BK PORT HURON MICH DTD03-26-2008 3.75 03-26-2010			10,000.00				10,000.00

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
CITIZENS BK FLINT MICH CTF DEP DTD 12-07-2007 4.6 12-07-2009			93,000.00				93,000.00
CITIZENS BK FLINT MICH DTD 10-20-2008 3.6 C/D 10-20-2009			50,000.00				50,000.00
COBIZ BK DENVER COLO DTD 10-03-2008 2.25C/D 01-05-2009			95,000.00				95,000.00
COLE TAYLOR BK CHICAGO ILL CTF DEP DTD 06-18-2008 3.55 09-18-2009			25,000.00				25,000.00
COLE TAYLOR BK CHICAGO ILL DTD 07-23-2008 3.5 C/D 04-23-2009			12,000.00				12,000.00
COLUMBUS BANK & TRUST CTF DEP DTD 10-29-2008 3.9 01-29-2010			75,000.00				75,000.00
COLUMBUS BANK & TRUST DTD 08-01-2008 3.1C/D 02-02-2009			10,000.00				10,000.00
COLUMBUS BANK & TRUST DTD 10-17-2008 2.55 C/D 02-17-2009			15,000.00				15,000.00
COMERICA BK DALLAS TEX CTF DEP ACT/365 SEMI-ANNU 3.85 02-05-2010			80,000.00				80,000.00
COMERICA BK DALLAS TEX CTF DEP DTD 10-22-2008 3.9 01-22-2010			35,000.00				35,000.00
COMERICA BK DALLAS TEX CTF DEP DTD S/A DTD 10-22-2008 4.05 04-22-2010			140,000.00				140,000.00
COMERICA BK DALLAS TEX DTD 10-01-2008 2.85 C/D 04-01-2009			90,000.00				90,000.00
COMERICA BK DALLAS TEX DTD 10-01-2008 3.55 C/D 10-01-2009			105,000.00				105,000.00
COMERICA BK DALLAS TEX DTD 10-08-2008 2.45 C/D 01-08-2009			348,000.00				348,000.00
COMERICA BK DALLAS TEX DTD 10-08-2008 2.9 C/D 04-08-2009			20,000.00				20,000.00
COMERICA BK DALLAS TEX DTD 10-15-2008 2.95 C/D 04-15-2009			90,000.00				90,000.00
COMERICA BK DALLAS TEX DTD 10-22-2008 3.5 C/D 07-22-2009			95,000.00				95,000.00
COMMERCE NATL BK COLUMBUS OHIO CTF DEP DTD 07-22-2008 4.4 04-25-2011			40,000.00				40,000.00
COMMUNITY BK OF NEV LAS VEGAS CTF DEP DTD 09-30-2008 4.05 09-30-2010			10,000.00				10,000.00
COMMUNITY BK OF NEV LAS VEGAS CTF DEP DTD 10-27-2008 3.75 01-27-2010			20,000.00				20,000.00
COMMUNITY BK OF NEV LAS VEGAS CTF DEP DTD 11-28-2008 3.4 12-28-2009			22,000.00				22,000.00
COMMUNITY BK OF NEV LAS VEGAS CTF DEP DTD 11-28-2008 3.55 02-26-2010			20,000.00				20,000.00
COMMUNITY WEST BK N A GOLETA CALIF CTF DEP DTD 10-21-2008 4 04-21-2010			44,000.00				44,000.00
CRESCENT BK & TR NEW ORL LA CTF DEP DTD 09/24/2008 ACT/365 4.45 09-26-2011			95,000.00				95,000.00
CRESCENT ST BK CARY NORTH CAR CD DTD 11 MAR 08 ACT/365 MNTHLY 4.3 3 NOV 2011			10,000.00				10,168.90
CTF DEP DTD 12/11/2008 ACT/365 SEMI ANNUDTD 12-11-2008 2.9 03-11-2010			5,000.00				5,000.00
DISCOVER BK GREENWOOD DEL CD ACT/365 SEMI-ANNU DTD 08-29-2008 3.95 11-30-2009			142,000.00				142,000.00
DISCOVER BK GREENWOOD DEL CTF DEP 03/08/07 FXD ACT/365 SEMIAN 5.4 03-08-10			58,000.00				58,000.00
DISCOVER BK GREENWOOD DEL CTF DEP ACT/365 SEMI-ANNU 4.3 08-30-2010			10,000.00				10,000.00
DISCOVER BK GREENWOOD DEL CTF DEP SEMI-ANNU DTD 09-17-2008 5 09-17-2013			69,000.00				69,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 02-08-2007 5.4 02-08-2010			100,000.00				100,000.00

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
DISCOVER BK GREENWOOD DEL CTF DEP DTD 02-27-2008 3.45 05-27-2009			75,000.00				75,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 03-21-2007 5.1 03-21-2012			19,000.00				19,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 03-28-2007 5.1 03-30-2009			2,000.00				2,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 05-28-2008 4.85 05-28-2015			10,000.00				10,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 06/04/2008 ACT/365 SEMI 4.25 12-05-11			7,000.00				7,102.62
DISCOVER BK GREENWOOD DEL CTF DEP DTD 06/25/2008 ACT/365 4.2 06-25-2010			10,000.00				10,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 06-01-2005 4.4 DUE 06-01-2010			2,000.00				2,040.20
DISCOVER BK GREENWOOD DEL CTF DEP DTD 07/16/2008 ACT/365 5 07-16-2013			50,000.00				50,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 07-05-2007 5.45 07-05-2013			10,000.00				10,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 07-11-2007 5.4 07-11-2013			5,078.00				5,078.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 08-06-2008 4.75 08-06-2012			40,000.00				40,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 09/24/2008 ACT/365 5.15 09-24-2015			10,000.00				10,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 09-17-2008 5.15 09-17-2015			95,000.00				95,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 09-17-2008 5.2 09-17-2018			20,000.00				20,000.00
DISCOVER BK GREENWOOD DEL CTF DEP DTD 9/24/08 ACT/365 SEMI-ANNU 5.2 24 SEP 18			10,000.00				10,172.40
DISCOVER BK GREENWOOD DEL DTD 05-21-20084.75 05-21-2015			25,000.00				25,000.00
DISCOVER BK GREENWOOD DEL DTD 12-03-20085 12-03-2015			2,000.00				2,000.00
DISCOVER BK GREENWOOD DEL DTD 06-25-20085 06-25-2013			10,000.00				10,000.00
DISCOVER BK GREENWOOD DEL SEMI-ANNU DTD 01-02-2009 3.6 01-03-2012			118,000.00				118,000.00
DTD 07-31-2008 3.65 C/D 07-31-2009			95,000.00				95,000.00
DTD 09-25-2008 3.5 C/D 09-25-2009			25,000.00				25,000.00
DTD 10-03-2008 2.85 C/D 04-03-2009			90,000.00				90,000.00
DTD 10-15-2008 2.5 C/D 01-15-2009			10,000.00				10,000.00
DTD 11-25-2008 2.15 C/D 02-25-2009			130,000.00				129,837.50
DTD 12-11-2008 5 12-11-2015			5,000.00				5,000.00
DTD 12-18-2008 2.3 C/D 09-18-2009			10,000.00				10,000.00
DTD 12-26-2008 1.25 C/D 03-26-2009			197,000.00				197,000.00
EAGLEBANK BETHESDA MD DTD 07-25-2008 3.7C/D 07-24-2009			10,000.00				10,000.00
EAST-WEST BK PASADENA CALIF DTD 10-28-2008 3.05 C/D 04-28-2009			25,000.00				25,000.00
EAST-WEST BK PASADENA CALIF DTD 12-30-2008 1 C/D 01-30-2009			235,000.00				235,000.00
ENTERPRISE BK & TR CLAYTON MO FORMERLY DTD 08-22-2008 2.65 C/D 01-22-2009			90,000.00				90,000.00

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
FIRESIDE BK PLEASANTON CAL FORMERLY FI CTF DEP DTD 06-21-2007 5.4 06-21-2012			5,000.00				5,249.40
FIRST CHICAGO BK & TR ILL DTD 10-16-20083.45 C/D 10-16-2009			10,000.00				10,000.00
FIRST FED BK CALIF FSB SANTA MONICA DTD 06-25-2008 3.5 C/D 03-25-2009			50,000.00				50,000.00
FIRST FED BK CALIF FSB SANTA MONICA DTD 08-20-2008 3.4 C/D 05-21-2009			50,000.00				50,000.00
FIRST FED BK CALIF FSB SANTA MONICA DTD 08-27-2008 3.3 C/D 05-27-2009			81,000.00				81,000.00
FIRST NATL BK SIOUX FALLS S D DTD 07-25-2008 3.2 C/D 01-26-2009			1,000.00				1,000.64
FIRST REGL BK LOS ANGELES CALIF DTD 07-30-2008 3.75 C/D 07-30-2009			10,000.00				10,000.00
FIRSTBANK P R SANTURCE CTF DEP DTD 04-18-2008 3.55 07-17-2009			2,000.00				2,000.00
FIRSTBANK P R SANTURCE CTF DEP DTD 06/06/2008 ACT/365 3.5 09-08-2009			15,000.00				15,000.00
FIRSTBANK P R SANTURCE CTF DEP DTD 06-13-2008 3.55 09-14-2009			3,000.00				3,000.00
FIRSTBANK P R SANTURCE CTF DEP DTD 07/11/2008 DTD 07-11-2008 4 10-13-2009			65,000.00				65,000.00
FIRSTBANK P R SANTURCE CTF DEP DTD 07-09-2008 4.4 07-09-2010			5,000.00				5,000.00
FIRSTBANK P R SANTURCE CTF DEP DTD 07-23-2008 4.3 07-23-2010			70,000.00				70,000.00
FIRSTBANK P R SANTURCE CTF DEP DTD 10/24/08 ACT/365 MONTHLY 3.8 25 JAN 10			29,000.00				29,356.99
FIRSTBANK P R SANTURCE CTF DEP DTD 11-19-2008 3.85 02-19-2010			25,000.00				25,323.75
FIRSTBANK P R SANTURCE CTF DEP DTD 12-24-2008 3.55 12-27-2010			240,000.00				240,000.00
FIRSTBANK P R SANTURCE DTD 05-02-2008 3.35 C/D 02-02-2009			60,000.00				60,000.00
FIRSTBANK P R SANTURCE DTD 10-17-2008 2.5 C/D 01-16-2009			95,000.00				94,905.00
FIRSTBANK P R SANTURCE DTD 10-17-2008 3.5 C/D 07-17-2009			230,000.00				229,655.00
FIRSTBANK P R SANTURCE DTD 11-19-2008 4.25 C/D 11-19-2010			7,000.00				7,000.00
FIRSTMERIT BK AKRON OHIO DTD 10-31-2008 3 C/D 05-01-2009			50,000.00				50,000.00
FLORIDA CMNTY BK IMMOKALEE FLA DTD 07-24-2007 5.25 01-26-2009			5,000.00				5,008.65
FLUSHING SVGS BK N Y CTF DEP DTD 03-10-2006 5.15 09-10-2010			10,000.00				10,000.00
FNDTN BK BELLEVUE WA CTF DEP 06/13/08 FXD ACT/365 QTRLY 4.6 06-13-12			7,000.00				7,033.25
FOSTER BK CHICAGO ILL DTD 08-08-2008 3.4C/D 05-08-2009			40,000.00				40,000.00
FULLERTON CMNTY BK FSB FULLERTON CA SEMIANNU DTD 12-23-2008 2.4 01-25-2010			240,000.00				240,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BC DTD 06-11-2008 3.3 C/D 03-11-2009			10,000.00				10,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 05-28-2008 3.25 C/D 03-02-2009			80,000.00				80,153.60
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 06-18-2008 3.35 C/D 03-18-2009			95,000.00				95,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 06-18-2008 3.5 C/D 06-18-2009			95,000.00				95,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 06-25-2008 3.75 C/D 06-25-2009			65,000.00				65,000.00

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 07-16-2008 3.2 C/D 01-16-2009			155,000.00				155,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 07-23-2008 3.45 C/D 07-23-2009			60,000.00				60,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 07-30-2008 3.45 C/D 04-30-2009			31,000.00				31,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 07-30-2008 3.65 C/D 07-30-2009			95,000.00				95,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 08-20-2008 2.85 C/D 02-20-2009			90,000.00				90,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 10-09-2008 2.95 C/D 04-09-2009			50,000.00				50,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 10-16-2008 5 10-16-2013			10,000.00				10,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 10-23-2008 3.7 C/D 10-23-2009			152,000.00				152,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 11-06-2008 4.55 11-07-2011			100,000.00				102,329.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 11-13-2008 4.3 11-15-2010			224,000.00				228,453.12
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 12-18-2008 2.05 C/D 06-18-2009			64,000.00				64,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 12-18-2008 3.9 12-19-2011			100,000.00				100,000.00
GE CAP FINL INC RETAIL CTF DEP PROGRAM BDTD 7-9-08 3.75 CTF OF DEP DUE 7-9-09			50,000.00				50,419.00
GE CAP FINL INC RETAIL PROGRAM B DTD 07-02-2008 3.8 CTF OF DEP DUE 07-02-2009			10,000.00				10,083.20
GE CAP FINL RETAIL CD PROGRAM BGE CY UT ACT/365 DTD 09-18-2008 5 09-18-2013			70,000.00				70,000.00
GE CAPITAL FINANCE DTD 09-18-2008 4.15 09-20-2010			75,000.00				76,279.50
GE MONEY BK DTD 09-18-2008 4.7 09-18-2012			95,000.00				95,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD06-25-2008 3.75 C/D 06-25-2009			30,000.00				30,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD07-02-2008 3.25 C/D 01-02-2009			22,000.00				22,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD07-02-2008 3.55 C/D 04-02-2009			95,000.00				95,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD08-27-2008 3.5 C/D 08-27-2009			83,000.00				83,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD09-25-2008 2.8 C/D 03-25-2009			40,000.00				40,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD10-02-2008 2.4 C/D 01-02-2009			231,000.00				231,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD10-02-2008 2.85 C/D 04-02-2009			5,000.00				5,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD10-02-2008 3.55 C/D 10-02-2009			95,000.00				95,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD10-09-2008 2.45 C/D 01-09-2009			40,000.00				39,960.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD10-09-2008 2.95 C/D 04-09-2009			115,000.00				115,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD10-30-2008 3.5 C/D 07-30-2009			10,000.00				10,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD11-06-2008 2.55 C/D 02-06-2009			15,000.00				15,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD11-06-2008 3.05 C/D 05-06-2009			100,000.00				100,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD11-06-2008 5.3 11-06-2015			10,000.00				10,000.00

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
GE MONEY BK SALT LAKE CY UT INSTL CT DTD11-13-2008 3.45 C/D 08-13-2009			46,000.00				45,931.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD12-11-2008 2.2 C/D 06-11-2009			51,000.00				51,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD12-30-2008 1.75 C/D 06-30-2009			5,000.00				5,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT CTFDEP DTD 12-11-2008 3.85 DUE 12-13-2010			5,000.00				5,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD11-06-2008 4.3 DUE 11-08-2010			10,000.00				10,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT DTD12-18-2008 4.75 DUE 12-18-2013			100,000.00				100,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT GE MONEY BK DTD 11-06-2008 5.05 11-06-2013			320,000.00				320,000.00
GE MONEY BK SALT LAKE CY UT INSTL CT GE UT DTD 10-02-2008 5 10-02-2013			190,000.00				190,000.00
GEORGIA BK TR CO AUGUSTA DTD 05-09-2008 3.4 C/D 05-08-2009			108,000.00				108,531.36
GEORGIAN BK ATLANTA GA CTF DEP DTD 10-23-2008 4.05 10-25-2010			50,000.00				50,000.00
GIBRALTAR PRIVATE BK & TR FLA CTF DEP DTD 07-31-2008 4 01-28-2010			25,000.00				25,000.00
GIBRALTAR PRIVATE BK & TR FLA CTF DEP DTD 07-31-2008 5.05 07-31-2015			25,000.00				25,000.00
GLDM SACHS BK SALT LAKE CY UT CTFDEP DTD01/30/08 ACT/365 SEMI ANNU DTD 4.4			15,000.00				15,113.25
GMAC BK MIDVALE UT CTF DEP DTD S/A DTD 10-17-2008 04-16-2010			130,000.00				130,000.00
GMAC BK MIDVALE UT DTD 11-28-2008 2.75 C/D 05-28-2009			77,000.00				76,903.75
GMAC BK MIDVALE UTAH CTF DEP DTD 01-09-2008 4.55 01-10-2011			70,000.00				70,000.00
GMAC BK MIDVALE UTAH CTF DEP DTD 04-09-2008 3.85 04-08-2011			10,000.00				10,000.00
GMAC BK MIDVALE UTAH DTD 04-09-2008 3.4 C/D 01-09-2009			5,000.00				5,000.00
GMAC BK MIDVALE UTAH DTD 04-09-2008 3.5 C/D 04-09-2009			200,000.00				200,000.00
GMAC BK MIDVALE UTAH DTD 04-17-2008 3.45C/D 04-17-2009			20,000.00				20,000.00
GMAC BK MIDVALE UTAH DTD 10-08-2008 3.6 C/D 10-08-2009			30,000.00				29,940.00
GMAC BK MIDVALE UTAH DTD 10-17-2008 3 C/D 04-17-2009			10,000.00				10,000.00
GMAC BK MIDVALE UTAH DTD 10-17-2008 3.45C/D 07-17-2009			50,000.00				49,925.00
GMAC BK MIDVALE UTAH DTD 10-31-2008 3.5 C/D 07-31-2009			50,000.00				50,000.00
GOLDMAN SACHS BK SALT LAKE CITY UTAH CTFDEP DTD 10/15/08 ACT/365 SEMI ANNU 5			20,000.00				20,627.00
GOLDMAN SACHS BK USA SALT LAKE CY UT CTFDEP ACT/365 SEMI-ANNU 5.15 10-01-2015			10,000.00				10,278.40
GOLDMAN SACHS BK USA SALT LAKE CY UT CTFDEP DTD 10/08/2008 SA 5 10-08-2013			190,000.00				190,000.00
GOLDMAN SACHS BK USA SALT LAKE CY UT CTFDEP DTD 10/22/2008 4.25 10-22-2010			24,000.00				24,000.00
GOLDMAN SACHS BK USA SALT LAKE CY UT DTD01-16-2008 5 01-16-2018			30,000.00				30,000.00
GOLDMAN SACHS BK USA SALT LAKE CY UT DTD02-27-2008 5 02-27-2018			25,000.00				25,000.00
GOLDMAN SACHS BK USA SALT LAKE CY UT CTFDEP S/A DTD10-22-2008 5.35 10-22-2018			15,000.00				15,000.00

SUPPLEMENTAL SCHEDULE

FORM 5500, SCHEDULE H, PART IV, LINE 4i

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2008
* Denotes party-in-interest investment

Identity of Issue/Description of Investment		Historical Cost				Current Value
GOLDMAN SACHS BK USA YORK CTF DEP DTD 03-19-2008 4.75 03-19-2018			10,000.00				10,000.00
GOLDMAN SACHS BK USA YORK CTF DEP DTD 07-30-2008 5.15 07-30-2015			45,000.00				45,000.00
GOLDMAN SACHS BK USA YORK CTF DEP DTD 10-24-2007 5.2 10-24-2014			10,000.00				10,000.00
GOLDMAN SACHS BK USA YORK CTF DEP DTD 11-12-2008 4.3 11-12-2010			30,000.00				30,000.00
GOLDMAN SACHS BK USA YORK CTF DEP DTD 11-19-2008 4.25 11-19-2010			20,000.00				20,000.00
GOLDMAN SACHS BK USA YORK CTF DEP DTD 12-05-2007 5.15 12-05-2017			10,000.00				10,000.00
GOLDMAN SACHS BK USA YORK CTF DEP DTD 12-24-2008 3.45 12-27-2010			80,000.00				80,000.00
GOLDMAN SACHS BK USA YORK DTD 10-01-20082.85 C/D 04-01-2009			115,000.00				115,000.00
GOLDMAN SACHS BK USA YORK DTD 10-08-20082.85 C/D 04-08-2009			95,000.00				95,000.00
GOLDMAN SACHS BK USA YORK DTD 10-08-20083.3 C/D 07-08-2009			10,000.00				10,000.00
GOLDMAN SACHS BK USA YORK DTD 10-08-20083.55 C/D 10-08-2009			80,000.00				80,000.00
GOLDMAN SACHS BK USA YORK DTD 10-22-20083.65 C/D 10-22-2009			10,000.00				10,000.00
GOLDMAN SACHS DTD 11-26-2008 4.25 11-26-2010			75,000.00				75,000.00
GOLDMAN SACHS USA SALT LAKE CY UT CTFDEP04/02/2008 ACT/365 SEMI 4.75 04-02-18			10,000.00				10,175.10
GREAT SOUTHN BK REEDS SPRINGS MO CTF DEPDTD 10/20/2008 ACT/365 MONTHLY 4.6			1,000.00				1,007.61
GREAT SOUTHN BK REEDS SPRINGS MO CTF DEPDTD 10-03-2008 4.25 01-03-2011			95,000.00				95,000.00
GREAT SOUTHN BK REEDS SPRINGS MO DTD 09-29-2008 4.3 12-29-2010			85,000.00				86,701.70
GTY BK & TR CO DENVER COLO CTF DEP ACT/365 MONTHLY DTD 05-30-08 3.45			5,000.00				5,044.00
GTY BK & TR CO DENVER COLO DTD 07-30-2008 4.6 07-29-2011			30,000.00				30,000.00
HANMI BK LOS ANGELES CALIF CTF DEP DTD 12-12-2008 3 02-12-2010			1,000.00				1,000.00
HANMI BK LOS ANGELES CALIF DTD 10-22-2008 3.7 C/D 10-22-2009			3,000.00				3,000.00
HARRIS NATL ASSN CHGO ILL CTF DEP DTD 09/18/2008 ACT/365 MONTHLY 09-18-2028			29,875.00				30,000.00
HILLCREST BK OVERLAND PK KANS CTF DEP DTD 10-21-2008 0 10-21-2011			50,000.00				50,000.00
HSBC BK USA N A WILMINGTON DEL CTF DEP DTD 03-21-2006 0 09-21-2011			20,000.00				20,000.00
HUNTINGTON NATL BK COLUMBUS OHIO DTD 01-31-2008 3.4 C/D 01-30-2009			10,000.00				10,000.00
IMPERIAL CAP BK LA JOLLA CALIF CTF DEP DTD 06-25-2008 4 12-28-2009			53,000.00				53,000.00
IRONSTONE BK FT MYERS FLA CTF DEP DTD 07-18-2007 5.45 07-18-2017			10,000.00				10,000.00
IRONSTONE BK FT MYERS FLA CTF DEP DTD 11-17-2006 5.2 11-17-2016			5,000.00				5,133.35
JPMORGAN CHASE BK N A NY N Y FORME EQTY LKD CTF DEP LKD S&P 500 INDEX 3-30-2012			20,000.00				20,000.00
KEY BK NATL ASSN OH CTF DEP DTD 10/15/2008 ACT/365 4.25 10-15-2010			10,000.00				10,000.00
KEY BK NATL ASSN OHIO CTF DEP DTD 10 AUG2008 ACT/365 MONTHLY 4.25 08 OCT 2010			30,000.00				30,570.60