UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 11-K

 

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

 

For the fiscal year ended December 31, 2006

 

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 — WHQHR
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, 2006 and 2005

 

2

 

 

 

 

 

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2006

 

3

 

 

 

 

 

Notes to Financial Statements as of December 31, 2006 and 2005, and for the Year Ended December 31, 2006

 

4

 

 

 

 

 

SUPPLEMENTAL SCHEDULES—

 

 

 

 

 

 

 

Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets (Acquired and Disposed of Within the Plan Year)

 

13

 

 

 

 

 

Reconciliation of Schedule H, Part IV, Line 4i—Schedule of Assets (Held at End of Year) to Net Assets Available for Benefits

 

81

 

 

 

 

 

Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets (Held at End of Year) as of December 31, 2006

 

82

 

 

 

 

 

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, 2006 and 2005, and the related statement of changes in net assets available for benefits for the year ended December 31, 2006. 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, 2006 and 2005, and the changes in net assets available for benefits for the year ended December 31, 2006 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, 2006, (2) assets (held at end of year) to net assets available for benefits as of December 31, 2006, and (3) assets (held at end of year) as of December 31, 2006, 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 2006 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, 2007

1




UNITED AIRLINES PILOT DIRECTED ACCOUNT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2006 AND 2005
(In millions)

 

 

 

2006

 

2005

 

 

 

 

 

 

 

ASSETS:

 

 

 

 

 

Participant-directed investments:

 

 

 

 

 

Cash and cash equivalents—net of offsets (Note 3)

 

$

619

 

$

484

 

Equity securities—net of offsets (Note 3)

 

1,792

 

1,360

 

Asset-backed securities

 

21

 

25

 

Corporate and international bonds

 

92

 

75

 

Government securities and other fixed income instruments—net of offsets (Note 3)

 

119

 

87

 

Other

 

20

 

18

 

Securities on loan (Note 3)

 

223

 

209

 

 

 

 

 

 

 

Total investments

 

2,886

 

2,258

 

 

 

 

 

 

 

Contribution receivable:

 

 

 

 

 

Employer contribution

 

15

 

33

 

Employee contribution

 

 

2

 

 

 

 

 

 

 

Accrued income—net

 

4

 

3

 

Collateral received for securities loaned (Note 3)

 

229

 

215

 

 

 

 

 

 

 

Total assets

 

3,134

 

2,511

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

Pending trade payables—net

 

(58

)

(37

)

Excess contributions payable

 

(21

)

 

Obligation for collateral received for securities loaned (Note 3)

 

(229

)

(215

)

 

 

 

 

 

 

Total liabilities

 

(308

)

(252

)

 

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

 

$

2,826

 

$

2,259

 

 

See notes to financial statements.

2




UNITED AIRLINES PILOT DIRECTED ACCOUNT PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2006
(In millions)

 

ADDITIONS:

 

 

 

Contributions:

 

 

 

Employer contributions

 

$

425

 

Participant contributions

 

25

 

Rollover contributions (Note 1)

 

1

 

 

 

 

 

Total contributions

 

451

 

 

 

 

 

Investment income:

 

 

 

Income from securities lending

 

1

 

Net appreciation in fair value of investments

 

231

 

Dividends

 

28

 

Interest

 

43

 

 

 

 

 

Net investment income

 

303

 

 

 

 

 

Total additions

 

754

 

 

 

 

 

DEDUCTIONS:

 

 

 

Benefits paid to participants

 

(152

)

Excess contributions payable

 

(21

)

Administrative expenses

 

(14

)

 

 

 

 

Total deductions

 

(187

)

 

 

 

 

INCREASE IN NET ASSETS

 

$

567

 

 

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS:

 

 

 

Beginning of year

 

2,259

 

 

 

 

 

End of year

 

$

2,826

 

 

See notes to financial statements.

3




UNITED AIRLINES PILOT DIRECTED ACCOUNT PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006 AND 2005, AND FOR THE YEAR ENDED DECEMBER 31, 2006

 

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”) 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.

Bankruptcy of Plan Sponsor—On December 9, 2002, the Company filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division. On February 1, 2006, UAL Corporation (“UAL”) emerged from bankruptcy protection. Pursuant to the Plan of Reorganization, Company contributions of UAL common stock and proceeds from the sale of UAL convertible notes were made to the Plan participants, as discussed below.

Equity Distribution—The Bankruptcy Court’s approval of the Company’s Plan of Reorganization provided employees with shares of new stock in UAL upon exit from bankruptcy. These equity distributions directly reflect the economic contributions that employees made during the restructuring. The distribution for employees is in direct proportion to the labor savings of each employee group provided during the bankruptcy reorganization process.

For eligible pilots, approximately 5% of the ALPA shares were allocated to pilots on furlough status with the remainder allocated to active pilots on a seniority-based formula. Some pilots opted to have United sell their claim to these shares in advance of United’s emergence from bankruptcy. The cash proceeds from this sale were distributed in the same manner as described below for the share distribution which included contributions to the Plan.

UAL shares were deposited directly into the Plan to the extent allowable under section 415(c) of the Internal Revenue Code. Any additional equity beyond these limits was distributed in the form of cash. Three equity distributions occurred in 2006 for a value of $217,426,030.  An additional equity distribution related to the 2006 plan year occurred on April 27, 2007 for a value of $184,272, and is included in Employer contribution receivable in the Statement of Net Assets Available for Benefits at December 31, 2006. The above equity distributions are included in Employer contributions in the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2006.

Convertible Notes Distribution—The Bankruptcy Court’s approval of the Plan of Reorganization provided that UAL convertible notes be issued to eligible employees to partially offset the retirement

4




benefits that active employees lost when United’s defined benefit pension plans were terminated. For ALPA, eligible employees’ include those who were on the United Pilots’ System Seniority list as of January 1, 2005.

In ALPA’s case, $550 million face amount of convertible notes were sold and a portion of the proceeds of the sale totaling $14,594,115 were distributed to eligible participants in the Plan on August 14, 2006 to the extent allowable under section 415(c) of the Internal Revenue Code. Allocation among the eligible participants was based on a pilot’s projected benefit to age 60 considering recoveries from the PBGC. The actual amounts allocated depend on the demographics of the eligible members and the final proceeds from the sale of the convertible notes. The second and final distribution proceeds of $4,716,420 from the sale of UAL convertible notes as part of the bankruptcy reorganization occurred on March 8, 2007, and are included in Employer contribution receivable in the Statement of Net Assets Available for Benefits at December 31, 2006. The above notes distributions are included in Employer contributions in the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2006. The remainder of the net proceeds were paid directly to current and former ALPA members who were eligible for a distribution, but were not eligible for 401(k) plan participation.

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

·                  Company Contributions: Prior to June 1, 2005, United’s contributions to the Plan were 9% of a pilot’s actual eligible earnings. Effective June 1, 2005, as a result of the termination of the Company’s defined benefit plans, the Plan has been amended such that the Company will make an additional direct contribution to the Plan equal to 6% of a pilot’s actual eligible earnings annually. Contributions accrued without interest from June 1, 2005, to the Company’s exit from bankruptcy on February 1, 2006. This amount was contributed in February 2006. Company contributions on behalf of a participant are allocated directly to each participant’s account.  Company cash contributions made in 2006, in addition to the Notes and Equity distributions discussed above, were $178,646,178.

·                  Voluntary pre-tax 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 pre-tax contribution in an amount equal to 1% to 90% of their net pre-tax pay. Section 402(g) of the Internal Revenue Code (“IRC”) limits the amount of pretax 401(k) contributions to a maximum of $15,000 in 2006. Lower limits may apply to certain highly compensated participants if the Plan does not pass certain nondiscrimination tests required by law. Section 415(c) of the IRC limits the total amount of contributions from all qualified defined contribution retirement plans to the lesser of 100% of annual taxable earnings or $44,000.

·                  Voluntary pre-tax catch-up contributions: Participants age 50 or older at any time during the Plan year can make additional pre-tax 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 2006, the maximum amount is $5,000. This amount is scheduled to be adjusted for cost of living increases (in multiples of $500 ) as set forth in Section 414 (v)(2)(C).

·                  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, 2006, include $1,397,094, which were transferred from other qualified plans as rollovers under the IRC Sections 402(c) and 408(d).

5




·                  After-Tax Contributions: Participants may make voluntary after-tax contributions to the Plan in whole percentage from 1% to 60% of their earnings for each pay-period through regular payroll deductions.

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. 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

·                  Balanced Funds, which are funds that are comprised of different combinations of the above-mentioned funds

·                  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.

If a participant does not allocate his/her account balance among the investment funds, the unallocated balance will be invested in the Money Market Fund. Below is a rollforward of the Money Market Fund for the year ended December 31, 2006.  Participants may reallocate their fund balances or change their future contribution allocation at any time.

6




 

 

2006

 

ADDITIONS:

 

 

 

Contributions

 

$

109

 

Investment earnings

 

18

 

Transfers-in

 

335

 

 

 

 

 

Total additions

 

462

 

 

 

 

 

DEDUCTIONS:

 

 

 

Benefits paid to participants

 

(73

)

Transfers-out

 

(354

)

 

 

 

 

Total deductions

 

(427

)

 

 

 

 

NET CHANGE

 

35

 

 

 

 

 

MONEY MARKET FUND:

 

 

 

Beginning of year

 

362

 

 

 

 

 

End of year

 

$

397

 

 

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 5% to 9.25% at December 31, 2006). 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 pre-tax contributions, or

7




periodic payments in substantially equal amounts over the life, life expectancy or period of 10 years and more are not eligible for rollover distributions. If a participant’s account does not exceed $5,000, total distribution of the account will be made in a lump-sum payment upon termination of employment or death. Participants must begin to receive plan benefits not later than April 1st of the year following the year in which they reach age 701¤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 half of the account. The surviving spouse may elect to defer distribution until participant would have attained age 701¤2 or may elect an earlier distribution.

·                    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 pre-tax 401(k) contributions, subject to restrictions described in the Plan

                    After reaching age 591¤2, Rollover contributions (as adjusted for earnings and losses) may be withdrawn at any time. After Rollover contributions are depleted, pre-tax 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.

Investment Valuation and Income Recognition—The Plan’s domestic investments are stated at fair value 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. Investments are shown in the statement of net assets available for benefits net of offsets, which include foreign currency forward contract payables and receivables and various foreign currency future contracts.

8




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 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 a reduction of the net appreciation (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 $907,937 and $1,701,267 at December 31, 2006 and 2005, 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, 2006 and 2005, are as follows (in millions):

 

2006

 

2005

 

 

 

 

 

 

 

Frank Russell Short-Term Investment Fund

 

$

397

 

$

362

 

 

During 2006, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $231 million during the year ended December 31, 2006, as follows (in millions):

Cash and cash equivalents—net of offsets

 

$

1

 

Equity securities—net of offsets

 

221

 

Government securities and other fixed income instruments—net of offsets

 

2

 

Net Gain on In-Kind Schwab IBA Benefit Distributions

 

7

 

 

 

 

 

Total

 

$

231

 

 

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 (approximately $ 631,567 and $427,319 in 2006 and 2005, respectively). It involves the loaning of securities by the Lending Agent (The Northern

9




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, 2006, the investment managers were as follows:

Money Market Fund

-

Russell Trust Company

 

 

 

Short Term Bond Fund

-

Pacific Investment Management Company

 

 

 

Diversified Bond Fund

-

Western Asset Management Company

 

-

Pacific Investment Management Company

 

-

Russell Trust Company

 

 

 

International Equity Fund

-

Arrowstreet Capital, Limited Partnership

 

-

Marsico Capital Management, LLC

 

-

MFS Institutional Advisors, Inc.

 

-

The Boston Company Asset Management

 

-

Russell Trust Company

 

 

 

Value Equity Fund

-

Dodge & Cox Incorporated

 

-

Jacobs Levy Equity Management, Inc.

 

-

MFS Institutional Advisors, Inc.

 

-

Russell Trust Company

 

 

 

Growth Equity Fund

-

Marsico Capital Management, LLC

 

-

Montag & Caldwell, Inc.

 

-

Suffolk Capital Management, LLC

 

-

Turner Investment Partners, Inc.

 

-

Russell Trust Company

 

 

 

Small Cap Equity Fund

-

BlackRock Financial Management, Inc.

 

-

CapitalWorks Investment Partners, LLC

 

-

Jacobs Levy Equity Management, Inc.

 

-

Martingale Asset Management, L.P.

 

-

Peregrine Capital Management, Inc.

 

-

Turner Investment Partners, Inc.

 

-

Russell Trust Company

 

 

 

S&P 500 Index Fund

-

PanAgora Asset Management

 

 

 

Individual Brokerage Account Option

-

Self-directed account with Charles Schwab

 

10




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, options and credit derivatives. 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 2006 totaled $13,513,948.

The Plan invested in shares of UAL common stock. UAL is the parent company of United and, as such, investment activity related to the 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 duration clause of any 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 September 5, 2003, that the Plan and related trust were designed in accordance with applicable regulations of the Internal Revenue Code. The Plan has been amended since receiving the determination letter; however, the Company and the Plan administrator believe that the Plan is currently designed and operated in compliance with the 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.

11




8.                 RECONCILIATION TO FORM 5500

At December 31, 2006 and 2005, 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):

 

2006

 

2005

 

 

 

 

 

 

 

Net assets available for plan benefits per financial statements

 

$

2,826

 

$

2,259

 

Less amounts allocated to withdrawing participants

 

(1

)

(1

)

 

 

 

 

 

 

Net assets available for plan benefits per Form 5500

 

2,825

 

2,258

 

 

 

 

 

 

 

Benefits paid to participants per financial statements

 

$

152

 

 

 

Add amounts allocated to withdrawing participants at December 31, 2006

 

1

 

 

 

Less amounts allocated to withdrawing participants at December 31, 2005

 

(1

)

 

 

 

 

 

 

 

 

Benefits paid to participants per Form 5500

 

$

152

 

 

 

 

9.                 PLAN AMENDMENT

During 2006, the Plan was amended, primarily to maximize the amount the Company could contribute to the Plan due to the Equity Distribution and the UAL Convertible Notes Distribution (Note 1) and to specify that contributions of Equity and Convertible Notes proceeds are available for hardship withdrawal and age 591¤2 in-service withdrawal. The amendment also clarified the accelerated vesting provisions upon termination or partial termination of the Plan, indicating that upon termination or partial termination of the Plan, the accounts of affected participants will vest in full. Finally, the amendment changed the default investment option from a specified fund to a fund selected from time to time by the Plan Administrator.

******

12




SUPPLEMENTAL SCHEDULES

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

SCHEDULE OF ASSETS (ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR)

FOR THE YEAR ENDED DECEMBER 31, 2006

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

 

 

 

 

 

 

###REORG SCUDDER GLOBAL FD EXCH GLOBAL INTL FD 5-21-98 SEE SEC 2349245

 

$

(10,000.00

)

$

 

##ABLAZE TECHNOLOGIES INC COM

 

(11,061.65

)

8,736.81

 

##ADANAC MOLY CORP FORMERLY ADANAC GOLD CORP TO 10/13/2004

 

(1,389.95

)

 

##ADR POLYUS GOLD TEMP LINE DO NOT USE SEE SEC #2026301

 

 

4,965.68

 

##ALCHEMY ENTERPRISES LTD COM NEW STK

 

(2,709.95

)

 

##AMREP CORP COM

 

(136,554.77

)

89,875.47

 

##APOLLO GOLD CORP YUKON COM DO NOT USE SEE 2009928

 

(29,506.80

)

28,155.31

 

##AVINO SILVER & GOLD MINES LTD COM

 

(1,658.95

)

36,308.41

 

##BIOMAG CORP COM

 

(1,795.85

)

 

##CAMTEK LTD COM STK

 

(654.95

)

634.33

 

##FINI GROUP INC COM STK

 

(409.95

)

440.02

 

##INSEQ CORP COM COM

 

(4,437.40

)

3,139.94

 

##INTL FOOD PRODS GROUP INC COM NEW COM NEW

 

(6,009.95

)

9,982.81

 

##IPATH DOW JONES-AIG COMMODITY DO NOT USE SEE 2020430

 

(69,438.95

)

49,788.52

 

##KLONDIKE GOLD CORP COM

 

(432.95

)

 

##MEDIQUIP HLDGS INC COM STK

 

(497.45

)

 

##MICRON ENVIRO SYS INC COM COM

 

(31,599.15

)

 

##MICRON ENVIRO SYS INC COM NEW STK

 

(5,431.65

)

4,669.90

 

##REALITY RACING INC COM COM

 

(4,500.90

)

 

##REALITY RACING INC COM NEW STK

 

(19,009.95

)

17,134.64

 

##RED REEF LABORATORIES INTL INC COM

 

(1,832.80

)

109.28

 

##RUSHNET INC COM COM

 

(13,239.79

)

10,209.85

 

##SNIFFEX INC COM

 

(189.95

)

 

##SYNGAS INTL CORP COM

 

(1,352.95

)

105.04

 

##TRAC FINL GROUP INC COM STK

 

(4,059.30

)

 

##VERIDIUM CORP NEW COM STK

 

(79,496.48

)

41,778.08

 

##WASTE INDS USA INC COM

 

(29,886.90

)

27,589.20

 

##YAMANA GOLD INC COM STK

 

(259,280.82

)

123,022.91

 

#REOR/WESTN GAS RES INC CASH MERGER EFF 8/23/06

 

(156,057.67

)

72,234.85

 

#REORG ADR FUJI PHOTO FILM CO LTD (NEW) N/C TO 2028241 EFF
10-02-2006

 

(16,983.42

)

36,846.61

 

#REORG ADR MITTAL STL CO N V CL A N Y REGISTRY SH N/C TO 2010268 EFF 01-30-07

 

(90,076.14

)

63,682.27

 

#REORG FALCONBRIDGE CASH MERGER EFFECTIVE 10-13-06

 

(29,146.85

)

32,059.81

 

#REORG IRISH INVT N/C TO NEW IRELAND FUNC 2612359 EFF 6/21/01

 

(26,312.46

)

17,185.16

 

#REORG ISONICS CO REVERSE SPLIT TO ISONICS CORP NEW SEC 2017623 EFF 2-13-07

 

(16,408.60

)

11,947.32

 

#REORG KFX INC COM N/C TO 2028187 EFF 09-29-2006

 

(155,424.70

)

14,786.59

 

#REORG MLP ALLIANCE CAP MGMT HLDG L P UNIT LP INT ALLIANCE CAP MGMT 2020541

 

(203.96

)

14,788.68

 

#REORG MRO SOFTWARE INC CASH MERGER EFFECTIVE 10-02-06

 

(2,026.95

)

134,887.61

 

#REORG NORTEL NETWORKS REV SPLIT TO NORTEL NETWORKS
2-029160 REV EFF 12-1-06

 

(204,010.00

)

215,049.21

 

#REORG PARAMETRIC TECH CORP REV SPLIT TOPARAMETRIC TECH TO 2019851 EFF 02-28-06

 

(57,953.85

)

632.98

 

#REORG QUANTUM CORP COM EXCH QUANTUM CORP DSSG COM @1 CORP ACT 8-3-99 2753014

 

(18,171.75

)

16,711.96

 

#REORG SCHICK TECHNOLOGIES N/C TO SIRONADENTAL SYSTEMS 2025566 EFF 06/21/06

 

(99,491.85

)

108,696.52

 

#REORG STARWD HOTELS & RESORT N/C STARWD HOTELS & RESORT WORLDWIDE 2843946

 

 

76.24

 

#REORG STRATEX NETWORKS INC COM STOCK MERGER 2010183 EFF
01-26-07

 

(55,018.43

)

67,236.41

 

#REORG/@RD INC CASH & STK MERGER TO TRIMBLE NAV 2868468 EFF 2/16/07

 

(221,792.86

)

317,319.77

 

#REORG/1ST AVE NETWORKS INC N/C TO FIBERTOWER CORP 2027609 EFF 08/29/2006

 

(15,997.90

)

16,007.60

 

#REORG/1ST HORIZON PHARMACEUTICALS CORP N/C TO SCIELE 2025580 EFF 6/19/06

 

(2,399.85

)

2,428.97

 

#REORG/1ST MAJESTIC RES CORP N/C TO 2027896 EFF DATE 11-23-06

 

(4,919.95

)

 

#REORG/ADR LOGITHECH INTL S A TO LOGITECH INTL S.A 2028655 EFF 10/23/06

 

(79,131.05

)

71,078.15

 

#REORG/ADR VODAFONE GROUP PLC SPONSORED ADR REVERSE SPLIT 2026812 EFF 07/13/06

 

(73,381.41

)

102,150.88

 

#REORG/AFLEASE GOLD & URANIUM RES LTD SCHEME OF ARRANGEMENT # 2018986 1/9/06

 

(6,137.95

)

 

#REORG/ALANCO TECHNOLOGIES REV SPLIT TO ALANCO TECH INC 2028265 EFF 10/16/06

 

(1,284.95

)

 

#REORG/ALBERTSONS INC CASH & STK MERGER TO SUPER VALUE SEC 2850804 EFF 6/2/06

 

(2,584.00

)

220,140.92

 

#REORG/ALERIS INTL INC CASH MERGER EFF 12/19/06

 

(4,877.95

)

4,664.30

 

#REORG/AMERADA HESS CORP NAME CHANGE TO HESS CORP SEC #2024112 EFF 5/05/06

 

(266,358.95

)

1,340,052.43

 

#REORG/AMERITRADE HLDG CORP N/C TO AMERITRADE HOLDIN # 2019659 EFF 1/24/06

 

(175,624.54

)

24,499.59

 

#REORG/AMERN PHARMACEUTICALS PARTNERS N/C TO ABRAXIS 2022955 EFF 4/19/06

 

(26,755.20

)

 

#REORG/AMERN PWR CONVERSION CASH MERGER EFF 2/14/07

 

(104,621.81

)

17,015.51

 

#REORG/AMERN RET CORP CASH MERGER EFF 7-25-06

 

(8,562.35

)

92,186.18

 

#REORG/AMSOUTH BANCORP STK MERGER TO REGIONS FINL CORP # 2008590 EFF 11/6/06

 

(25,433.91

)

19,615.38

 

#REORG/AO TATNEFT ADR TERMINATION EFF 10/30/06

 

(7,085.75

)

6,979.83

 

#REORG/ARAMARK CORP CL B EFFECTIVE 01/26/07

 

(0.48

)

1,069,090.77

 

 

13




 

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

#REORG/ARCHIPELAGO HLDGS STK MERGER TO NYSE GROUP INC CU 62949W103 EFF 3/7/06

 

(142,985.50

)

46,315.89

 

#REORG/ATI TECHNOLOGIES PLAN OF ARRANGEMENT TO ADV 2002030 EFF 10/25/06

 

(503,994.42

)

873,459.30

 

#REORG/BARNABUS ENERGY INC N/C TO OPEN ENERGY CORP SEC # 2023163 EFF 4/21/06

 

(10,266.85

)

3,439.93

 

#REORG/BAYSWATER VENTURE PLAN OF ARRANGEMENT TO 2027254 EFF 8/16/06

 

(30,268.85

)

 

#REORG/BELLSOUTH CORP STK MERGER TO AT &T SEC# 2017924 EFF 12/29/06

 

(1,863,992.61

)

2,124,350.93

 

#REORG/BOOTS GROUP ORD GBP 0.25, MANDATORY EXCHANGE EFFEC 02-13-06

 

(7,131.56

)

54,791.40

 

#REORG/BROADWING CASH/STOCK MERGER TO 2473558 EFF 01-03-2007

 

(642,486.46

)

738,567.86

 

#REORG/BURL RES INC CASH & STK MERGER TOCONOCOPHILLIPS 2197249 EFF 3/31/06

 

(22,637.96

)

701,944.13

 

#REORG/CABG MED INC FINAL LIQ TO ESCR CABG MED 6066502 EFF 4/28/06

 

(2,389.15

)

2,352.00

 

#REORG/CAL DR INTL N/C TO HELIX ENERGY SOLUTIONS GROUP 2020999 EFF 3/3/06

 

(601,330.28

)

158,183.59

 

#REORG/CAMBIOR INC PLAN OF REORG TO IAMGOLD CORP SEC # 2003084 EFF 11/8/06

 

(99,270.30

)

97,887.47

 

#REORG/CANWEST PETE CORP N/C TO OILSANDSQUEST INC SEC # 2028986 EFF 11/1/06

 

(893,142.99

)

570,465.92

 

#REORG/CAP TITLE GROUP INC CASH MERGER EFF 9/8/06

 

(18,497.85

)

23,179.33

 

#REORG/CDA SOUTHN PETE LTD PLAN OF ARRANGEMENT TO 2029008 EFF 10/25/06

 

(3,029.15

)

3,162.98

 

#REORG/CELSION CORP REV SPLIT TO CELSIONCORP NEW SEC # 2020998 EFF 2/28/06

 

(1,312.95

)

 

#REORG/CENDANT CORP N/C REV SPLIT TO AVIS BUDGET 2026884 EFF DATE 9-5-06

 

(85,191.70

)

254,610.60

 

#REORG/CENTRACORE PPTYS TR EFF 01-23-2007

 

(133,698.50

)

119,503.80

 

#REORG/CERTEGY INC N/C TO FID NATIL INFOSVCS SEC # 2019850 EFF 1/31/06

 

(379,162.37

)

17,459.46

 

#REORG/CHAPARRAL RES INC CASH MERGER EFF9/29/06

 

(43,872.28

)

47,216.92

 

#REORG/CHORDIANT SOFTWARE INC REV SPLIT TO CHORDIANT SOFTWARE 170404305 2/20/07

 

(14,709.95

)

14,689.59

 

#REORG/CIENA CORP REV SPLIT TO CIENA CORP SEC # 2027942 EFF 9/22/06

 

(1,782,870.69

)

1,394,987.68

 

#REORG/CIRCLE GROUP HOLDINGS NAME CHANGETO Z TRIM HOLDINGS 2025017 EFF 6/22/06

 

(972.95

)

1,305.00

 

#REORG/CLICK COMM INC CASH MERGER EFF 10/26/06

 

(42,455.30

)

61,875.58

 

#REORG/CNS INC CASH MERGER EFFECTIVE 12/19/06

 

(2,181.66

)

311,079.81

 

#REORG/COML NET LEASE RLTY INC N/C TO NATL RETAIL PPTYS INC 2023879 EFF 5/1/06

 

(1,171.57

)

200,013.32

 

#REORG/COMPUTER ASSOC INTL INC NAME CHANGE TO CA INC 2020021

 

(3.98

)

5,541.82

 

#REORG/CONOLOG CORPORATION REV SPLIT TO 2026951 EFF DATE
8-3-06

 

(4,180.75

)

8,826.53

 

#REORG/CONOR MEDSYSTEMS INC CASH MERGER EFF 2/2/07

 

(949,833.83

)

987,958.85

 

#REORG/COOPER CAMERON CORP N/C TO CAMERON INTL CORP 2024099 EFF 5/5/06

 

(1,887,298.14

)

 

#REORG/CRAY INC REV SPLIT TO 2025429 EFFDATE 6-8-06

 

(13,928.21

)

13,906.53

 

#REORG/DENISON MINES INC STK MERGER TO INTL URANIUM CORP 2006997 EFF 12/4/06

 

(15,141.42

)

80,421.51

 

#REORG/DIAMOND CLUSTER N/C TO DIAMOND MGMT & TECH 2027015 EFF 8/1/06

 

(44,504.16

)

45,482.92

 

#REORG/DIGITAL INSIGHT CORP CASH MERGER EFF DATE 2-6-07

 

(29,635.55

)

25,136.26

 

#REORG/DIGITAS INC COM CASH MERGER EFF DATE 1-31-07

 

(35,715.80

)

127,660.87

 

#REORG/DUKE ENERGY CORP STK MERGER TO DUKE ENERGY CORP 2021437 EFF 4/3/06

 

(21,094.94

)

153,094.76

 

#REORG/ELEC CY CORP REV SPLIT TO SEC # 2025526 EFF 6/15/06

 

(959.95

)

605.17

 

#REORG/EMBREX INC CASH MERGER EFF 1/22/07

 

(1,427.90

)

2,306.81

 

#REORG/ENGLEHARD CORP CASH MERGER EFF 6/9/06

 

(7,902.21

)

1,009,446.79

 

#REORG/EQTY OFFICE PPTY TR REIT CASH MERGER EFF DATE 02-09-07

 

(686,530.02

)

159,054.01

 

#REORG/ESSEX CORP EFF 01-25-07

 

(25,182.80

)

19,458.16

 

#REORG/EUROZINC MNG CORP PLAN OF ARRANGEMENT TO 2027724 EFF 10/31/06

 

(406,703.79

)

339,482.56

 

#REORG/FID NATL FIN INC STK MERGER TO FID NATL INFORMATION 2019850 EFF 11/9/06

 

(19.47

)

696,828.08

 

#REORG/FILENET CORP CASH MERGER EFF 10/13/06

 

(289,256.40

)

306,165.20

 

#REORG/FISHER SCIENTIFIC INTL INC STK MERGER TO 2862380 EFF 11/9/06

 

(1,128,605.88

)

1,087,419.77

 

#REORG/FLAG FINL CORP CASH MERGER EFF 12/11/06

 

(24,340.35

)

24,529.63

 

#REORG/FREESCALE SEMICONDUCTOR INC CL A CASH MERGER EFF
12-01-06

 

(28,550.70

)

224,446.57

 

#REORG/FREESCALE SEMICONDUCTOR INC CL B CASH MERGER EFF 12/1/06

 

(32,606.05

)

1,248,760.03

 

#REORG/FRONTIER AIRLINES PLAN OF REORG TO FRONTIER AIRLINES 2022362 EFF 4/3/06

 

(54,246.35

)

131,888.15

 

#REORG/GLAMIS GOLD LTD COM TO GOLDCORP INC NEW COM EFFECTIVE 11/06/06

 

(213,630.95

)

319,354.32

 

#REORG/GLOBAL SIGNAL INC STK MERGER TO CROWN CASTLE INTL 2222700 EFF 1/12/07

 

(186,454.20

)

225,472.01

 

#REORG/GOLD KIST INC CASH MERGER EFF DATE 1-9-07

 

(104,057.85

)

477,624.20

 

#REORG/GOLDEN W FINL CORP CASH & STK MERGER TO WACHOVIA 2893758 EFF 10/2/06

 

(390,523.42

)

902,060.73

 

#REORG/GTX GLOBAL CORP REV SPLIT & N/C TO VISION TECH 2026888 EFF 7/31/06

 

(46,935.50

)

31,791.25

 

#REORG/GUIDANT CORP CASH & STK MERGER TOBSTN SCIENTIFIC 2075509 EFF 4/21/06

 

(106,710.43

)

509,037.03

 

#REORG/HCA INC CASH MERGER EFF 11/17/06

 

(48,246.41

)

2,131,317.42

 

#REORG/HEALTHSOUTH CORP COM STK REVERSE SPLIT TO 2028661 EFFECTIVE 10/25/06

 

(3,226.90

)

5,159.88

 

#REORG/HOMESTORE INC NAME CHANGE TO MOVEINC SEC # 2025019 EFF 06-22-2006

 

(18,111.30

)

311,743.78

 

#REORG/HPL TECHNOLOGIES INC CASH MERGER EFF 12/7/05

 

 

73.50

 

#REORG/HUGHES SUP INC CASH MERGER EFF 3/30/06

 

(21,004.35

)

25,584.96

 

#REORG/ICOS CORP CASH MERGER EFF 1/29/07

 

(63,204.69

)

70,707.00

 

#REORG/IMMUNE RESPONSE CORP REV SPLIT TOIMMUNE RESPONSE 2029868 EFF 12/20/06

 

(6,073.25

)

3,835.78

 

#REORG/IMPCO TECHNOLOGIES INC PLAN OF REORG TO FL SYSTEMS 2027416 EFF 8/25/06

 

(189,348.90

)

12,008.46

 

 

14




 

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

#REORG/INCO LTD CASH MERGER EFF 01-8-07

 

(267,726.30

)

364,150.61

 

#REORG/INFINIUM LABS N/C 2026549 EFF 7-24-06

 

(4,592.85

)

7,883.58

 

#REORG/INTEGRAPH CORPORATION CASH MERGEREFF 11/28/06

 

(313,586.75

)

450,890.39

 

#REORG/INTELLIGENT SEC NETWORKS INC N/C CU 364608101 EFF 4/10/06

 

(1,114.95

)

 

#REORG/INTERCONTINENTAL HOTELS GROUP PLCREV SPLIT TO SEC # 2025359 EFF 6/12/06

 

(8,072.95

)

 

#REORG/INTERMAGNETICS GEN CORP CASH MERGER EFF 11/9/06

 

(110,045.35

)

604,836.85

 

#REORG/INTERNAP NETWORKS SVCS REV SPLIT TO INTERNAP NETWORKS 2025734 EFF 7/10/06

 

(46,009.50

)

24,113.48

 

#REORG/INTERNET SEC SYS INC CASH MERGER EFF 10/23/06

 

(162,235.85

)

212,276.21

 

#REORG/INTERVIDEO INC CASH MERGER EFF 12/12/06

 

(70,779.85

)

78,283.30

 

#REORG/INTL URANIUM CORP NAME CHANGE TO DENISON MINES LTD 2029802 EFF 12/7/06

 

(195,959.60

)

64,888.95

 

#REORG/INTRADO INC CASH MERGER EFF 4/4/06

 

(102,081.67

)

319,869.38

 

#REORG/JACUZZI BRANDS INC CASH MERGER EFF 2/7/07

 

(108,900.47

)

138,234.65

 

#REORG/JDS UNIPHASE CORP REV SPLIT TO JDS UNIPHASE CORP 2028520 EFF 10/16/06

 

(3,802,365.37

)

3,206,392.28

 

#REORG/JEFFSN PILOT CASH MERGER EFF 4/3/06

 

(39,825.71

)

95,875.48

 

#REORG/JLG INDS INC CASH MERGER EFF 12/6/06

 

(1,651,619.35

)

967,747.65

 

#REORG/KCS ENERGY INC CASH & STK MERGER TO PETROHAWK ENERGY 2008820 EFF 7/12/06

 

(23,200.30

)

28,883.42

 

#REORG/KERR MCGEE CORP CASH MERGER EFF 8/10/06

 

(102,400.34

)

555,569.61

 

#REORG/KERZNER INTL LTD CASH MERGER EFF 9/1/06

 

(42,952.32

)

805,462.58

 

#REORG/KNAPE & VOGT MFG CO CASH MERGER EFF 7/28/06

 

(3,692.95

)

3,697.93

 

#REORG/KOS PHARMACEUTICALS CASH MERGER EFF 12/15/06

 

(256,364.21

)

228,721.45

 

#REORG/LAFARGE N AM INC CASH MERGER EFF 5/16/06

 

(4,216.95

)

593,165.73

 

#REORG/LASERSCOPE EFF 07-28-2006

 

(19,989.95

)

24,274.35

 

#REORG/LAWSON SOFTWARE INC N/C TO LAWSONSOFTWARE INC 2023394 EFF 4/25/06

 

(197,353.17

)

6,868.86

 

#REORG/LIBERTY MEDIA CORP SER A STK MERGER TO 2024104 2024108 EFF 5/10/06

 

(11,787.95

)

13,936.66

 

#REORG/LIFELINE SYSTEMS INC CASH MERGER EFF 3/22/06

 

(20,645.95

)

614,986.70

 

#REORG/LONE STAR STEAKHOUSE SALOON CASH MERGER EFF 12/14/06

 

(362,099.70

)

444,600.36

 

#REORG/LOUDEYE CORP REV SPLIT TO LOUDEYECORP 2024449 EFF 5/23/06

 

(13,234.30

)

5,884.31

 

#REORG/LUCENT TECHNOLOGIES INC STK MERGER TO ALCATEL 2005912 EFF 11-30-06

 

(581,338.77

)

819,252.91

 

#REORG/LYON WILLIAM HOMES CASH MERGER EFF DATE 7-27-06

 

(80,786.75

)

260,246.16

 

#REORG/MACRONIX INTL CO LTD SPONS ADR TOMACRONIX 2024353 EFF 5/17/06

 

(2,722.95

)

 

#REORG/MAN GROUP USD0.18 PAR CHANGE TO MAN GROUP 024306W EFF 8/14/06

 

(85,013.60

)

 

#REORG/MATTMAN SPECIALTY VEHICLES N/C TO2030577 EFF DATE
1-11-07

 

(3,722.95

)

2,676.96

 

#REORG/MAVERICK TUBE CORP CASH MERGER EFF 10/5/06

 

(118,233.29

)

112,815.03

 

#REORG/MAXTOR CORP COM NEW STK MERGER 2000844 EFFECTIVE
5-19-06

 

(22,454.90

)

21,943.41

 

#REORG/MAYTAG CORP CASH & STK MERGER TO WHIRLPOOL CORP SEC # 2926430

 

(19,082.90

)

48,000.25

 

#REORG/MCDATA CORP CL A STK MERGER TO BROCADE COMM 2087977 EFF 1/29/07

 

(331,070.38

)

355,339.93

 

#REORG/MERCURY INTERACTIVE CORP CASH MERGER EFF 11/9/06

 

 

64,099.03

 

#REORG/MERISTAR HOSPITALITY CORP REIT CASH MERGER EFF 5/2/06

 

(67,473.00

)

538,338.15

 

#REORG/METSOLV INC CASH MERGER EFF 12/15/06

 

(999.63

)

1,072.25

 

#REORG/MICHAELS STORES INC CASH MERGER EFF 10/31/06

 

(21.18

)

7,151.14

 

#REORG/MIKOHN GAMING N/C TO PROGRESSIVE GAMING INTL SEC # 2022352 EFF 4/3/06

 

(6,226.00

)

3,145.94

 

#REORG/MOLECULAR DIAGNOSTICS INC NAME CHANGE TO CYTOCORE 2026629 EFF 06-16-06

 

(3,554.95

)

 

#REORG/MORGAN STANLEY STK PARTN TO XM SATELLITE RADIO 2946704 EFF 10/2/06

 

(14,534.95

)

11,974.68

 

#REORG/MPOWER HLDG CORP CASH MERGER EFF 8/4/06

 

(3,630.95

)

3,930.92

 

#REORG/MYOGEN INC CASH MERGER EFF 11/20/06

 

(62,691.11

)

541,821.11

 

#REORG/MYSYSTEMS LTD COM STK TO SANDISK CORP 2798627 EFFECTIVE 11/17/06

 

(89,485.05

)

76,064.79

 

#REORG/N FORK BANCORP INC CASH & STK MERGER TO CAP 1 FINL 2108876 EFF 12/1/06

 

(30,002.59

)

103,583.62

 

#REORG/NCO GROUP CASH MERGER EFF 11/15/06

 

(193,146.68

)

439,654.14

 

#REORG/NEORX CORP N/C TO PONIARD PHARMACEUTICALS INC 2024344 EFF 6/19/06

 

(1,162.95

)

1,314.99

 

#REORG/NS GROUP CASH MERGER EFF 12/1/06

 

(153,511.66

)

171,334.44

 

#REORG/ONELINK 4 TRAVEL INC NAME CHANGE TO ONELINK CORP 2021450 EFF 3/15/06

 

(1,412.95

)

 

#REORG/OPEN SOLUTIONS INC CASH MERGER EFF 1/23/07

 

(536,404.16

)

670,810.51

 

#REORG/OR STL MLS INC CASH MERGER EFF 1/23/07

 

(379,954.39

)

607,072.03

 

#REORG/OUTBACK STEAKHOUSE INC N/C TO OSIRESTAURANT PARTNERS 2023726 EFF 4/25/06

 

(244,033.48

)

221,067.12

 

#REORG/OWENS CORNING FINAL DISTR EFF 10/31/06

 

(19,814.90

)

23,699.41

 

#REORG/PAUL TRAVELERS CORP N/C TO TRAVELERS COS INC 2024128 EFF 2/27/07

 

(978,915.17

)

123,308.09

 

#REORG/PEGASUS WIRELESS CORP REV SPLIT TO 2029826 EFFECTIVE DATE 12-11-06

 

(42,542.20

)

36,008.72

 

#REORG/PEMSTAR INC STK MERGER TO BENCHMARK ELEC 2064032 EFF 01-09-07

 

(54,284.36

)

55,118.45

 

#REORG/PENGROWTH ENERGY MAND EXCHANGE TO2026560 EFF 7-27-06

 

(66,943.85

)

86,765.65

 

#REORG/PENTON MEDIA INC CASH MERGER EFF 2/1/07

 

(4,519.90

)

5,429.91

 

#REORG/PEOPLES ENERGY CORP STK MERGER TOINTEGRYS ENERGY GP 2015611 EFF 2/21/07

 

(2,204.45

)

2,171.28

 

#REORG/PER-SE TECHNOLOGIES IN COM NEW EFFECTIVE 01/26/07

 

(316,630.32

)

338,886.48

 

 

15




 

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

#REORG/PETCO ANIMAL SUPPLIES INC CASH MERGER EFF 10/26/06

 

(206,094.91

)

8,736.78

 

#REORG/PETROFOUND ENERGY TR STK MERGER TO PENN W ENERGY 2014502 EFF 6/30/06

 

(158,684.20

)

110,513.43

 

#REORG/PIXAR STK MERGER TO DISNEY (WALT)CO HLDG SEC #2279467 EFF 5/5/06

 

(35,964.40

)

66,215.41

 

#REORG/PMI VENTURES LTD NAME CHANGE TO PMI GOLD CORP SEC # 2024458 EFF 5/23/06

 

(5,075.45

)

 

#REORG/PORTAL SOFTWARE CASH MERGER EFF 7-3-06

 

(4,860.90

)

1,209.55

 

#REORG/PORTALPLAYER INC CASH MERGER EFF 1/5/07

 

(344,390.46

)

393,822.38

 

#REORG/PRIMEDEX HLTH SYSTEMS REV SPLIT &N/C TO 2029380 EFF 11/28/06

 

(10,009.95

)

 

#REORG/PROTEIN DESIGN LABS INC N/C PDL BIOPHARMA INC SEC #2019410 EFF 1/9/06

 

(36,549.12

)

 

#REORG/RAIL AMER INC CASH MERGER EFF 2/14/07

 

(86,393.40

)

133,546.41

 

#REORG/RECKSON ASSOCS RLTY CORP CASH & STK MERGER TO 2774255 EFF 1/25/07

 

(98,779.65

)

381,945.40

 

#REORG/REDBACK NETWORKS INC CASH MERGER EFF 1/25/07

 

(542,593.84

)

1,107,687.07

 

#REORG/REMINGTON OIL & GAS CORP CASH & STK MERGER TO HELIX 2020999 EFF 7/3/06

 

(33,569.10

)

46,750.19

 

#REORG/REP BANCORP STK MERGER TO CITIZENS BKG CORP 2165508 EFF 12-29-06

 

(2,424.00

)

151,738.70

 

#REORG/REYNOLDS & REYNOLDS CO CL A CASH MERGER EFF 10/26/06

 

(2,715.55

)

3,069.15

 

#REORG/ROANKE ELEC STL CORP CASH & STK MERGER SEE #2846187 EFF 04/11/06

 

(6,015.95

)

7,825.11

 

#REORG/RSA SEC INC CASH MERGER EFF 9/18/06

 

(681,888.47

)

264,729.39

 

#REORG/SAVVIS INC.REVERSE SPLIT TO 2025371 EFF 06-06-06

 

(81,226.70

)

7,309.82

 

#REORG/SAXON CAP INC REIT CASH MERGER EFF 12/4/06

 

(7,352.90

)

2,153.98

 

#REORG/SCP POOL CORP NAME CHANGE TO POOLCORP 2024345 EFF 5/17/06

 

(164.80

)

681,234.55

 

#REORG/SCS TRANSN N/C TO 2026457 EFF 7-24-06

 

(92,072.00

)

 

#REORG/SEC CAP CORP DEL CL A CASH MERGEREFF 9/14/06

 

(9,017.18

)

9,102.38

 

#REORG/SEITEL INC COM PAR $.01 CASH MERGER EFFECTIVE 2-13-07

 

(84,538.10

)

18,899.55

 

#REORG/SIEBEL SYSTEMS INC CASH MERGER EFF 1/31/06

 

 

44,024.39

 

#REORG/SIRNA TEHERAPEUTICS INC CASH MERGER EFF 12/29/06

 

(420,238.00

)

655,951.88

 

#REORG/SOLEXA INC STK MERGER TO ILLUMINAINC SEC # 2414264 EFF 1/26/07

 

(195,795.49

)

2,965.93

 

#REORG/SOURCECORP CASH MERGER EFF 7/12/06

 

(153,717.80

)

159,032.73

 

#REORG/SPORTSMAN GUIDE CASH MERGER EFF 8/31/06

 

(3,047.95

)

5,152.79

 

#REORG/STARWOOD HOTELS & RESORTS WRLDWIDE INC #2022460 & #2022461 4/7/06

 

(376,551.82

)

215,500.55

 

#REORG/STELLENT INC CASH MERGER EFF 12/14/06

 

(32,311.15

)

3,139.95

 

#REORG/STREICHER MOBILE FUELING INC N/C SMF ENERGY CORP 2018419 EFF 2/14/07

 

(2,819.95

)

3,729.98

 

#REORG/SYMBOL TECHNOLOGIES INC CASH MERGER EFF 1/9/07

 

(46,570.26

)

52,517.11

 

#REORG/SYNGANTA P-WTS06 WORTHLESS EFF 05/26/06 (BLK N5L4759)

 

 

2,958.82

 

#REORG/TARGETED GENETICS CORP REV SPLIT TO TARGETED GENETIC #2024211 EFF 5/11/06

 

(11,375.79

)

4,987.80

 

#REORG/TELEWEST GLOBAL NAME CHANGE TO NTL INC CASH MERGER EFF 3/3/06

 

(11,953.95

)

11,896.68

 

#REORG/TOO INC NAME CHANGE TO TWEEN BRANDS INC 2026274 EFF 7/10/06

 

(259,692.02

)

7,173.44

 

#REORG/TRANSMONTAIGNE INC CASH MERGER EFF 9/1/06

 

(34,297.05

)

164,785.77

 

#REORG/TRUSTSTREET PTYS INC CASH MERGER EFF 2/26/07

 

(31,196.68

)

191,015.53

 

#REORG/UBS AG COM MANDATORY EXCHANGE TO UBS AG 2026281 EFF 7/10/06

 

(1,095,012.86

)

224,541.43

 

#REORG/VENTIV HLTH INC N/C TO INVENTIVE HHEALTH INC SEC # 2025564 EFF 6/19/06

 

(38,238.60

)

52,487.91

 

#REORG/VERITAS DGC INC STK MERGER TO COMPAGNIE GENERALE 2196381 EFF 1/12/07

 

(547,013.99

)

617,255.70

 

#REORG/VIISAGE TECH INC N/C TO L-1 IDENTITY SOLUTIONS 2027592 EFF 8/30/06

 

(159,345.62

)

190,565.17

 

#REORG/VIVENDI ADR ADR TERMINATION EFF 8/3/06

 

(6,270.90

)

6,746.88

 

#REORG/W CORP CASH MERGER EFF 10/25/06

 

(51,353.12

)

53,792.97

 

#REORG/WESTCORP INC STK MERGER TO WACHOVIA CORP SEC # 2893758 EFF 1/17/06

 

(20,403.95

)

19,279.45

 

#REORG/WESTN SILVER ST MERGER TO 2349216& WESTN COPPER 2024204 EFF 5/3/06

 

(51,273.60

)

28,283.31

 

#REORG/WHITEHALL JEWELERS CASH MERGER EFF 6/9/06

 

(652.95

)

640.00

 

#REORG/WINDROSE MED PPTYS STK MGR TO CUSIP 42217K106 EFF
12-20-06

 

(123,989.50

)

120,369.23

 

#REORG/WOODHEAD INDS INC CASH MERGER EFF8/10/06

 

(5,262.95

)

20,776.47

 

#REORG/YANKEE CANDLE CO CASH MERGER EFF 2/6/07

 

(142,953.53

)

24,861.73

 

#REORG/ZENEX INTL INC NAME CHANGE TO ADUDDELL INDS INC 2025584 EFF 6/19/06

 

(7,478.35

)

1,560.00

 

&&& PARTICIPANT LOANS OUTSTANDING

 

(8,529,699.65

)

7,325,184.00

 

&&&MARSH & MCLENNAN COS INC COM (FOR ACCT #2219800 ONLY)

 

(802,162.90

)

765,226.24

 

/ ARMOUR INC CL A

 

(1,226,506.19

)

631,256.51

 

1 800 FLOWERS COM INC CL A COM STK

 

(25,340.50

)

16,400.73

 

1ST ALBANY COS INC COM STK

 

(2,884.95

)

2,720.46

 

1ST BANCORP P R COM

 

(49,111.90

)

47,952.61

 

1ST CMNTY BANCORP CAL COM

 

(245,339.13

)

165,155.37

 

1ST HORIZON NATL CORP COM

 

(7,973.50

)

19,985.86

 

1ST MARBLEHEAD CORP COM

 

(1,432,470.21

)

1,432,123.08

 

1ST NIAGARA FINL GROUP INC NEW COM

 

(505,386.49

)

222,116.70

 

1ST REP BK SAN FRAN CAL COM

 

(3,710.95

)

296,055.86

 

21ST CENTY HLDG CO COM

 

(25,409.95

)

25,589.26

 

 

16




 

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

24 / 7 REAL MEDIA INC COM NEW

 

(332,120.48

)

126,335.93

 

3COM CORP COMMON STOCK

 

(1,058,148.20

)

1,503,710.11

 

3DICON CORP COM

 

(91,939.77

)

81,862.55

 

3I GROUP CUM PREF SHS ‘B’ GBP0.01

 

 

143,420.17

 

3I GROUP ORD GBP0.62784

 

 

998,697.48

 

3M CO COM

 

(3,098,736.24

)

3,542,674.92

 

3RD WAVE TECHNOLOGIES INC COM

 

(3,953.95

)

15,573.11

 

4 SEASONS HOTELS INC LTD VTG SH

 

(23,592.91

)

23,228.09

 

5TH 3RD BANCORP COM

 

(629,631.27

)

801,194.98

 

6 FLAGS INC COM

 

(788,570.41

)

354,524.88

 

77TH BANK NPV

 

(88,883.34

)

74,903.96

 

8X8 INC NEW COM

 

(1,398.95

)

4,030.82

 

A C MOORE ARTS & CRAFTS INC COM

 

(222,220.02

)

27,610.58

 

A D A M INC COM

 

(6,600.14

)

4,214.56

 

A S V INC COM

 

(310,651.42

)

291,541.72

 

AAR CORP COM

 

(404,751.65

)

179,116.41

 

AARON RENTS INC CL B CL B

 

(30,859.33

)

29,834.89

 

AASTROM BIOSCIENCES INC COM

 

(75,005.91

)

28,163.15

 

ABAXIS INC COM

 

(602,861.44

)

577,900.57

 

ABB LTD CHF2.50(REGD)

 

(400,781.91

)

438,410.84

 

ABBOTT LAB COM

 

(4,529,893.60

)

3,259,303.25

 

ABER DIAMOND CORP COM

 

(8,121.50

)

4,059.17

 

ABERCROMBIE & FITCH CO CL A

 

(1,446,972.35

)

1,454,298.26

 

ABERCROMBIE & FITCH COM STK PUT OPT EXP 1/20/07 PAR $75 PER SH

 

(580.70

)

679.27

 

ABIOMED INC COM

 

(475,231.84

)

199,191.85

 

ABITIBI-CONS INC COM

 

(3,181.95

)

3,187.94

 

ABLE ENERGY INC COM

 

(411.65

)

351.53

 

ABN-AMRO HLDGS NV EUR0.56

 

(170,727.67

)

128,490.62

 

ABRAXAS PETE CORP COM

 

(23,415.85

)

42,561.71

 

ABRAXIS BIOSCIENCE INC COM STK

 

 

16,546.78

 

ABX AIR INC COM STK

 

(83,993.13

)

75,454.53

 

ACACIA FED SVGS BK FALLS CHURCH VA CTF DEP DTD 03-03-2006 4.85 09-04-2007

 

(5,000.00

)

 

ACACIA RESH CORP AR ACACIA TECHNOLOGIES COM

 

(8,502.95

)

8,243.32

 

ACACIA RESH CORP AR COMBIMATRIX COM

 

(52,624.10

)

11,548.25

 

ACADIA PHARMACEUTICALS INC COM

 

(47,981.11

)

41,247.03

 

ACCENTURE LTD BERMUDA CLS A COM

 

(146,315.74

)

556,923.45

 

ACCESS CO LTD NPV

 

(20,941.01

)

88,253.30

 

ACCESS INTEGRATED TECHNOLOGIES INC CL A COM STK

 

(210,383.60

)

72,761.12

 

ACCIONA SA EUR1

 

 

1,345,461.46

 

ACCO BRANDS CORP COM

 

(385,030.18

)

147,464.32

 

ACCREDITED HOME LENDERS HLDG CO COM STK

 

(364,009.44

)

237,457.45

 

ACE LTD ORD STK USD0.0416

 

(31,034.18

)

65,312.08

 

ACME UTD CORP COM

 

(2.71

)

5,126.60

 

ACORDA THERAPEUTICS INC COM

 

(206,780.50

)

229,273.63

 

ACS ACTIVIDADES CO EUR0.5

 

(143,391.78

)

1,179,490.82

 

ACTEL CORP COM

 

(29,901.52

)

31,435.49

 

ACTIVIDENTITY CORP COM STK

 

(13,147.00

)

14,753.73

 

ACTIVISION INC NEW COM NEW

 

(1,466,990.90

)

795,536.81

 

ACTUANT CORP CL A NEW

 

(394,073.00

)

546,408.13

 

ACTUATE CORP COM

 

(8,818.75

)

2,320.97

 

ACUITY BRANDS INC COM

 

(969,652.07

)

29,531.88

 

ACUSPHERE INC COM

 

(29,640.85

)

11,231.52

 

ADAMS RES & ENERGY INC COM NEW

 

(21,984.95

)

19,989.43

 

ADAMS RESPIRATORY THERAPEUTICS INC COM STK

 

(35,373.35

)

30,860.31

 

ADAPTEC INC COM

 

(319,661.34

)

239,947.49

 

ADC TELECOMMUNICATIONS INC COM NEW

 

(44,368.65

)

49,662.69

 

ADDVANTAGE MEDIA GROUP INC COM NEW

 

(77,257.15

)

60,547.89

 

ADEZA BIOMEDICAL CORP COM STK

 

(3,399.95

)

2,819.96

 

ADIDAS AG

 

(5,129.95

)

4,989.89

 

ADMINISTAFF INC COM

 

(552,779.01

)

763,846.22

 

ADOBE SYS INC COM

 

(2,426,188.12

)

1,771,805.48

 

ADOBE SYSTEMS INC COM STK CALL OPTION EXP 02/18/06 PR $42.50 PER SH

 

(2,917.45

)

 

 

17




 

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

ADOLOR CORP COM

 

(29,599.85

)

329,914.60

 

ADR 51JOB INC SPONSORED ADR REPSTG COM

 

(148,262.50

)

152,467.57

 

ADR ABB LTD SPONSORED ADR

 

(1,035,744.11

)

360,694.79

 

ADR ACERGY S A SPONSORED ADR

 

(39,400.25

)

32,303.57

 

ADR ACTIONS SEMICONDUCTOR CO LTD ADR ADR- COMMON STOCK

 

(15,565.80

)

1,944.97

 

ADR ADVANCED SEMICONDUCTOR ENGR INC SPONSORED ADR

 

(15,448.45

)

9,160.85

 

ADR ALCATEL-LUCENT

 

(2,362,747.30

)

1,672,956.37

 

ADR ALUMINUM CORP CHINA LTD SPONSORED ADR REPSTG H SHS

 

(193,887.26

)

82,180.44

 

ADR AMVESCAP PLC

 

(25,341.90

)

556,042.56

 

ADR ANGLO AMERN PLC ADR

 

(340,263.85

)

220,601.23

 

ADR ANGLO PLATINUM LTD ADR

 

(5,088.90

)

3,590.03

 

ADR ANGLOGOLD ASHANTI LTD

 

(59,142.18

)

77,421.57

 

ADR ARACRUZ CELULOSE S A SPONSORED ADR REPSTG CL B SHS

 

(7,134.95

)

7,315.82

 

ADR ARKEMA SPONSORED ADR

 

 

21,767.32

 

ADR ARM HLDS PLC SPONSORED ISIN US0420681068

 

(1,709.45

)

2,806.80

 

ADR ASML HLDG NV EURO 0.02 (NY REG)

 

(42,921.27

)

17,864.84

 

ADR ASTRAZENECA PLC SPONSORED ADR UK

 

(2,355,919.38

)

2,504,391.94

 

ADR AU OPTRONICS CORP SPONSORED ADR

 

(17,261.45

)

29,612.51

 

ADR AUSTRALIA & NEW ZEALAND BKG GROUP LTD SPONSORED ADR

 

(104,212.49

)

27,238.77

 

ADR BAIDU COM INC SPONSORED ADR REPSTG ORD SHS CL A ADR

 

(502,097.97

)

510,872.27

 

ADR BANCO BILBAO VIZCAYA ARGENTARIA S A SPONSORED ADR

 

(4,008.67

)

3,928.80

 

ADR BANCO BRADESCO S A SPONSORED ADR REPSTG PFD SHS NEW 2004

 

(42,823.60

)

51,456.02

 

ADR BANCO ITAU HLDG FINANCEIRA S A FORMERLY SPONSORED ADR REPSTG 500 PFD

 

(24,619.30

)

24,024.94

 

ADR BANCOLOMBIA S A SPONSORED ADR REPSTG4 PREF SHS

 

(454,261.93

)

502,793.95

 

ADR BARCLAYS PLC A.D.R.

 

(5,823.84

)

6,409.97

 

ADR BAYER A G SPONSORED ADR

 

(34,607.45

)

13,719.37

 

ADR BG PLC ADR FINAL INSTMT NEW

 

(23,454.04

)

19,166.35

 

ADR BHP BILLITON LTD SPONSORED ADR

 

(3,180,432.90

)

3,123,722.31

 

ADR BP P L C SPONSORED ADR

 

(162,016.67

)

149,307.40

 

ADR BRIT AMERN TOB PLC SPONSORED COM STK

 

(118,100.23

)

111,856.61

 

ADR BROADBAND HOLDRS TR DEPOSITARY RCPT

 

(42,325.67

)

41,293.87

 

ADR BT GROUP PLC ADR

 

(33,447.58

)

10,989.25

 

ADR BUHRMANN NV SPONSORED ADR

 

(10,839.95

)

10,815.59

 

ADR BUSINESS OBJECTS S A SPONSORED ADR

 

(46,501.00

)

49,407.02

 

ADR CADBURY SCHWEPPES P L C ADR 4 ORD

 

(16,325.90

)

3,971.92

 

ADR CAMBRIDGE ANTIBODY TECH GROUP PLC SPONSORED ADR

 

(2,797.11

)

2,932.47

 

ADR CANON INC A.D.R. FOR COM YEN

 

(125,530.41

)

48,963.02

 

ADR CEMEX SAB DE CV

 

(2,125,563.24

)

864,080.74

 

ADR CHARTERED SEMICONDUCTOR MFG LTD ADR

 

(8,945.85

)

9,249.80

 

ADR CHINA LIFE INS CO LTD SPONSORED ADR REPSTG H SHS

 

(182,347.70

)

34,478.68

 

ADR CHINA MED TECHNOLOGIES INC SPONSOREDADR

 

(815,654.86

)

706,245.56

 

ADR CHINA MOBILE LTD

 

(508,326.90

)

268,242.58

 

ADR CHINA NETCOM GROUP CORP HONG KONG LTD SPONSORED ADR

 

(38,246.80

)

25,351.31

 

ADR CHINA PETE & CHEM CORP SPONSORED ADRREPSTG H SHS

 

(35,651.45

)

43,905.38

 

ADR CHINA SOUTHN AIRLS LTD 50 SHS CL H ISIN US1694091091

 

(4,209.95

)

4,089.92

 

ADR CHINA TECHFAITH WIRELESS COMMUNICATION TECH LTD SPONSORED ADR

 

(205,364.80

)

188,923.77

 

ADR CHINA UNICOM LTD SPONSORED ADR

 

(108,686.00

)

80,680.75

 

ADR CNOOC LTD SPONSORED ADR SPONSORED ADR

 

(744,626.18

)

47,347.17

 

ADR COCA-COLA FEMSA S.A.B DE C.V.

 

(26,376.95

)

143,450.64

 

ADR COMPANHIA DE BEBIDAS DAS AMERS AMBEV SPONSORED ADR REPSTG PFD SHS

 

(43,418.25

)

46,288.77

 

ADR COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP SPONSORED ADR

 

(64,944.88

)

70,059.47

 

ADR COMPANHIA ENERGETICA DE MINAS GERAISSPONSORED ADR PAR $0.01 REP NON VTG PFD

 

(4,900.95

)

10,436.27

 

ADR COMPANHIA PARANAENSE DE ENERGIA SER B COPEL ISIN US20441B4077

 

(51,731.63

)

29,490.24

 

ADR COMPANHIA SIDERURGICA NACIONAL REPSTG ORD SHS

 

(7,393.50

)

7,611.86

 

ADR COMPANHIA VALE DO RIO DOCE SPONSOREDADR

 

(357,280.77

)

297,422.37

 

ADR COMPANIA ANONIMA NACIONAL TELEFONOS DE VENEZUELA SPONSORED ADR REPSTG 7 CL D

 

(3,438.95

)

4,121.91

 

ADR CONVERIUM HLDG AG SPONSORED ADR

 

(31,865.85

)

18,861.51

 

ADR CORUS GROUP PLC SPONSORED ADR

 

(12,241.64

)

10,909.04

 

ADR CPFL ENERGIA S A SPONSORED ADR

 

(5,730.90

)

5,361.93

 

ADR CRUCELL N V SPONSORED ADR

 

(10,696.90

)

30,263.15

 

ADR CTRIP COM INTL LTD AMERICAN DEP SHS AMERICAN DEP SHS

 

(732,059.16

)

651,999.69

 

ADR DESARROLLADORA HOMEX SAB DE CV SPONSORED ADR

 

(30,102.19

)

34,100.59

 

 

18




 

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

ADR DEUTSCHE TELEKOM AG ISIN # US2515661054

 

(6,097.95

)

33,235.94

 

ADR DIAGEO PLC SPONSORED ADR NEW

 

(319,837.21

)

134,064.84

 

ADR DRDGOLD LTD SPONSORED ADR

 

(101,972.58

)

124,470.00

 

ADR EDAP TMS S A SPONSORED

 

(16,382.95

)

15,342.17

 

ADR ELAN CORP PLC ADR REPSTG SHS

 

(253,746.59

)

266,414.13

 

ADR EMBRAER-EMPRESA BRASILEIRA DE AERONAUTICA S A SPONSR ADR REPSTG PFDSHS

 

(3,628.75

)

31,858.01

 

ADR ENDESA S A SPONSORED ADR

 

(18,404.70

)

20,324.63

 

ADR ERICSSON L M TEL CO ADR CL B SEK 10 NEW ERICSSON L M TEL CO ADR

 

(2,033,576.01

)

54,854.84

 

ADR FLAMEL TECHNOLOGIES SA SPONSORED ADR

 

(45,616.20

)

53,579.21

 

ADR FOCUS MEDIA HLDG LTD SPONSORED ADR

 

(500,597.90

)

258,412.00

 

ADR FORMENTO ECONOMICO MEXICANA SAB DE CV

 

(873,958.07

)

1,001,988.34

 

ADR GAZPROM NEFT SPONSORED ADR

 

(6,309.95

)

5,899.85

 

ADR GERDAU S A SPONSORED ADR

 

(46,510.93

)

44,636.39

 

ADR GLAXOSMITHKLINE PLC SPONSORED ADR

 

(259,121.42

)

229,674.94

 

ADR GOL LINHAS AEREAS INTELIGENTES SPONSORED ADR REPSTG PFD SHS

 

(933,328.87

)

944,751.04

 

ADR GOLD FIELDS LTD NEW SPONSORED ADR

 

(47,265.95

)

68,482.49

 

ADR GRAVITY CO LTD SPONSORED ADR

 

(19,466.30

)

2,572.97

 

ADR GROUPE DANONE SPONSORED ADR

 

(10,977.90

)

10,853.82

 

ADR GRUPO AEROPORTUARIO DEL CENTRO NORTES A B DE C V SPONSORED ADR

 

(7,225.90

)

4,878.77

 

ADR GRUPO AEROPORTUARIO DEL PACIFICO S ADE C V SPONSORED ADR REPSTG 10 SER B SHS

 

(66,531.70

)

49,078.59

 

ADR GRUPO AEROPORTUARIO DEL SURESTE S A DE S V SPONSORED ADR REPSTG SER B SHS

 

(169,716.07

)

11,194.34

 

ADR GRUPO SIMEC SAB

 

(372,131.61

)

399,450.25

 

ADR GUANGSHEN RY LTD

 

(253,689.75

)

266,679.99

 

ADR HANSON PLC NEW SPONSORED ADR ADR

 

(1,389.95

)

1,511.25

 

ADR HARMONY GOLD MNG LTD

 

(181,001.85

)

185,397.23

 

ADR HDFC BK LTD ADR REPSTG 3 SHS

 

(74,041.70

)

91,108.24

 

ADR HIMAX TECHNOLOGIES INC SPONSORED ADR

 

(18,609.95

)

18,789.47

 

ADR HITACHI LTD A.D.R. FOR 10 COM

 

(34,982.07

)

35,763.10

 

ADR HOME INNS & HOTELS MGMT INC SPONSORED ADR

 

(106,005.95

)

160,991.43

 

ADR HONDA MOTOR CO. LTD AMER DEPOSITARY SHARES REPRESENTING 10 SHARES OF COMMON

 

(142,788.62

)

143,556.91

 

ADR HSBC HLDGS PLC SPONSORED ADR NEW

 

(116,644.63

)

127,041.95

 

ADR ICICI BK LTD

 

(835,092.81

)

38,086.05

 

ADR IMPALA PLATINUM HLDGS LTD SPONSORED ADR REPSTG 1/4 SH

 

(10,029.95

)

12,245.67

 

ADR INFINEON TECHNOLOGIES AG SPONSORED ADR ADR STK ISIN# US45662N1037

 

(49,159.85

)

49,139.17

 

ADR INFOSYS TECHNOLOGIES LTD SPONSORED ADR REPSTG 1 EQUITY SH

 

(217,894.87

)

183,831.73

 

ADR ING GROEP N V SPONSORED ADR

 

(9,814.85

)

48,933.26

 

ADR INTERNET HOLDRS TR DEPOS RCPT-INTERNET HOLDRS

 

(1,847,196.00

)

1,550,784.29

 

ADR INTERNET INFRASTRUCTURE HOLDRS TR DEPOS RCPT COM STK ISIN# US46059V1044

 

(1,493.95

)

1,391.70

 

ADR IONA TECHNOLOGIES PLC SPONSORED ADR

 

(190,061.70

)

195,261.35

 

ADR JSC MMC NORILSK NICKEL SPONSORED ADR

 

(63,569.05

)

35,897.78

 

ADR KIRIN BREWERY LTD SPONSORED ADR

 

(3,138.95

)

3,112.95

 

ADR KONGZHONG CORP SPONSORED ADR

 

(27,351.38

)

9,074.98

 

ADR KONINKLIJKE AHOLD NV SPONSORED ADR NEW

 

(6,495.89

)

6,313.91

 

ADR KONINKLIJKE PHILIPS ELECTRS N V N Y REGISTRY SH NEW 2000

 

(534,154.23

)

304,694.00

 

ADR KOOKMIN BK NEW SPONSORED ADR KOOKMINBK ADRS

 

(30,960.75

)

75,888.79

 

ADR KOOR INDS LTD SPONSORED ADR

 

(4,819.25

)

5,130.69

 

ADR KOREA ELEC PWR CORP SPONSORED ADR ISIN #US5006311063

 

(122,720.28

)

98,396.03

 

ADR KT CORP SPONSORED ADR

 

 

160,573.54

 

ADR KUBOTA CORP

 

(41,481.05

)

42,135.65

 

ADR LENOVO GROUP LTD SPONSORED ADR

 

(22,706.15

)

2,356.97

 

ADR LG PHILIPS LCD CO LTD SPONSORED ADR REPSTG COM

 

(15,351.90

)

2,146.98

 

ADR LINKTONE LTD ADR

 

(9,902.90

)

10,988.75

 

ADR LLOYDS TSB GROUP PLC SPONSORED ADR

 

(4,174.60

)

14,742.47

 

ADR MADECO S A SPONSORED ADR NEW

 

(5,012.85

)

4,894.77

 

ADR MATSUSHITA ELEC INDL LTD ADR

 

(599,201.68

)

903,205.13

 

ADR MECHEL OAO SPONSORED ADR

 

(698.68

)

5,160.65

 

ADR MINAS BUENAVENTURA SPON

 

(86,123.70

)

93,960.31

 

ADR MINDRAY MED INTL LTD SPONSORED ADR REPSTG CL A

 

(189,084.26

)

93,697.11

 

ADR MITSUBISHI UFJ FINL GROUP INC SPONSORED ADR

 

(873,163.04

)

845,259.85

 

ADR NDS GROUP PLC SPONSORED ADR

 

(298,229.02

)

68,217.39

 

ADR NEC CORP ADR

 

(1,252.95

)

7,164.47

 

ADR NESTLE S A SPONSORED ADR REPSTG REG SH

 

(174,908.40

)

35,036.86

 

 

19




 

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

ADR NETEASE COM INC SPONSORED

 

(154,347.83

)

146,935.03

 

ADR NEW ORIENTAL ED & TECHNOLOGY GROUP INC SPONSORED ADR REPSTG COM

 

(84,831.90

)

111,239.01

 

ADR NEWCREST MNG LTD SPONSORED ADR

 

(106,061.20

)

33,267.11

 

ADR NICE SYS LTD SPONSORED ADR

 

(28,860.65

)

363,303.98

 

ADR NINETOWNS DIGITAL WORLD TRADE HLDGS LTD SPONSORED ADR ADR

 

(5,509.95

)

4,739.90

 

ADR NIPPON TELEG & TEL CORP SPONSORED ADR

 

(4,833.95

)

20,523.46

 

ADR NOKIA CORP SPONSORED ADR

 

(415,494.81

)

1,501,999.36

 

ADR NOMURA HLDGS INC SPONSORED ADR

 

(26,717.90

)

31,305.61

 

ADR NORSK HYDRO A.S. SPONSORED FOR COMMON STOCK

 

(47,364.90

)

39,689.69

 

ADR NOVARTIS AG

 

(845,270.21

)

605,582.75

 

ADR O2MICRO INTL LTD SPONSORED ADR

 

(29,967.83

)

28,476.94

 

ADR OAO GAZPROM LEVEL 1 ADR

 

(74,611.20

)

56,420.89

 

ADR OIL CO LUKOIL SPONSORED ADR

 

(53,836.30

)

43,577.75

 

ADR PARTNER COMMUNICATIONS CO LTD ADR ISIN US70211M1099

 

(20,415.37

)

18,604.47

 

ADR PEARSON PLC SPONSORED ADR

 

(1,303.95

)

1,341.00

 

ADR PETROBAS ENERGIA PARTICIPACIONES S ASPONSORED ADR REPSTG 2 CL B SH

 

(12,576.90

)

6,850.82

 

ADR PETROCHINA CO LTD SPONSORED ADR

 

(513,718.60

)

259,492.67

 

ADR PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR

 

(199,037.80

)

292,581.49

 

ADR PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR NON VTG

 

(11,117.86

)

80,112.96

 

ADR PIXELPLUS CO LTD ADR REPSTG COM SHS

 

(6,764.10

)

6,970.95

 

ADR POSCO SPONSORED ADR

 

(90,216.69

)

97,438.56

 

ADR PT TELEKOMUNIKASI INDONESIA SPONSORED

 

(50,376.35

)

48,369.64

 

ADR QIMONDA AG SPONSORED ADR

 

(5,349.95

)

5,165.10

 

ADR RANDGOLD & EXPL LTD SPONSORED ADR NEW

 

(14,000.30

)

2,521.97

 

ADR RANDGOLD RES LTD ADR

 

(105,399.80

)

105,988.61

 

ADR REDIFF COM INDIA LTD SPONSORED ADR ISIN# US7574791007

 

(588,693.32

)

544,495.98

 

ADR REPSOL YPF S A SPONSORED ADR

 

(24,734.97

)

31,689.66

 

ADR RINKER GROUP LTD SPONSORED ADR

 

(15,615.40

)

13,876.66

 

ADR RIO TINTO PLC SPONSORED ADR

 

(1,276,998.40

)

708,903.39

 

ADR ROCHE HLDG LTD SPONSORED ADR ISIN #US771195104

 

(377,470.34

)

975,557.45

 

ADR ROSTELECOM LONG DISTANCE & INTL TELCOM OPEN JT STK CO ISIN#US7785291078

 

(20,802.95

)

23,111.33

 

ADR ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG A SHS

 

(13,330.05

)

153,295.50

 

ADR ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG B SHS

 

(2,019.94

)

1,916.39

 

ADR RWE AKTIENGESELLSCHAF

 

(10,094.90

)

6,754.84

 

ADR SANOFI-AVENTIS SPONSORED ADR

 

(828,878.97

)

155,974.66

 

ADR SASOL LTD SPONSORED ADR

 

(111,030.45

)

140,469.74

 

ADR SATYAM COMPUTER SVCS LTD SHS ISIN US8040981016

 

(123,621.20

)

143,640.53

 

ADR SCOTTISH PWR PLC SPONSORED ADR FINALINSTLMT NEW ADR

 

(13,233.98

)

2,966.45

 

ADR SGL CARBON AG SPONSORED ADR

 

(36,188.70

)

2,674.46

 

ADR SHANDA INTERACTIVE ENTMT LTD SPONSORED ADR

 

(101,639.75

)

84,243.10

 

ADR SHINHAN FINL GROUP CO LTD SPONSORED ADR

 

(15,330.08

)

22,729.65

 

ADR SHIRE PLC

 

(225,391.25

)

843,458.37

 

ADR SIEMENS AG COM DM50 (NEW)

 

(80,419.44

)

26,290.38

 

ADR SIFY LTD SPONSORED ADR

 

(26,877.85

)

27,362.35

 

ADR SILICON MOTION TECHNOLOGY CORP SPONSORED ADR REPSTG SHS

 

(140,709.19

)

101,184.84

 

ADR SILICONWARE PRECISION INDS LTD SPONSORED

 

(59,613.30

)

90,347.85

 

ADR SK TELECOM LTD SPONSORED ADR

 

(121,080.44

)

285,753.21

 

ADR SKILLSOFT PUB LTD CO SPONSORED ADR

 

(190,055.27

)

37,487.83

 

ADR SOCIEDAD QUIMICA Y MINERA DE CHILE SA SPONSORED ADR REPSTG SER B SHS

 

(7,343.15

)

3,228.70

 

ADR SONY CORP AMERN SH NEW

 

(565,017.47

)

1,590,973.98

 

ADR STATOIL ASA SPONSORED ADR

 

(268,090.96

)

190,588.53

 

ADR SUNTECH PWR HLDGS CO LTD ADR

 

(236,222.03

)

280,891.30

 

ADR SYNGENTA AG SPONSORED ADR

 

(140,531.21

)

130,609.34

 

ADR TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR

 

(963,145.36

)

19,898.81

 

ADR TAM S A SPONSORED ADR REPSTG PFD

 

(94,398.61

)

87,801.73

 

ADR TATA MTRS LTD SPONSORED ADR

 

(32,162.55

)

23,799.55

 

ADR TELE NORTE LESTE PARTICIPACOES S A SPONSORED ADR REPSTG PFD PREFERENCE SH

 

(16,540.95

)

18,245.72

 

ADR TELECOM ARGENTINA S A SPONSORED ADR REPSTG CL B SHS

 

(12,338.90

)

11,493.74

 

ADR TELECOM CORP NEW ZEALAND LTD SPONSORED ADR

 

(114,802.09

)

235,554.64

 

ADR TELECOMUICACOES DE SAO PAULO S A TELESP SPONSORED ADR REPSTG PFD

 

(84,004.55

)

75,853.49

 

ADR TELEFONICA DE ARGENTINA S A SPONSORED ADR REPSTG 0.8156 CL B SHS

 

(24,285.95

)

23,065.34

 

ADR TELEFONOS DE MEXICO S A SPONSORED ADR REPSTG SH ORD L

 

(118,698.69

)

250,762.95

 

 

20




 

 

 

 

 

Disposition

 

Identity of Issue/Description of Investment

 

Acquisition Cost

 

Proceeds

 

ADR TELSTRA CORP LTD SPONSORED ADR FINALINSTALMENT

 

(153,171.80

)

5,705.87

 

ADR TENARIS S A SPONSORED ADR

 

(156,367.33

)

151,723.58

 

ADR TEVA PHARMACEUTICAL INDS

 

(747,152.18

)

919,047.45

 

ADR THE9 LTD ADR ADR

 

(20,228.60

)

14,859.87

 

ADR TIM PARTICIPACOES S A SPONSORED ADR REPSTG PFD

 

(196,512.69

)

199,606.54

 

ADR TOM ONLINE INC SPONSORED ADR

 

(287,053.38

)

147,201.06

 

ADR TOTAL SA

 

(157,419.40

)

688,676.46

 

ADR TOYOTA MTR CORP ADR FOR 2 COM

 

(2,037,902.70

)

1,545,059.52

 

ADR TRANSPORTADORA DE GAS DEL SUR S A SPONSORED ADR REPSTG 5 CL B SH

 

(4,689.95

)

4,661.90

 

ADR TURKCELL ILETISIM HIZMETLERI A S SPONSORED ADR NEW

 

(35,025.70

)

30,835.23

 

ADR UNILEVER N V NEW YORK SHS NEW

 

(63,006.05

)

574,913.29

 

ADR UTD MICROELECTRONICS CORP

 

(260,013.97

)

228,526.32

 

ADR VAN DER MOOLEN HLDG NV SPONSORED ADR

 

(14,111.50

)

13,645.67

 

ADR VEOLIA ENVIRONNEMENT SPONSORED ADR

 

(103,179.85

)

28,192.25

 

ADR VIDESH SANCHAR NIGAM LTD SPONSORED ADR NEW

 

(3,193.95

)

3,369.94

 

ADR VIMICRO INTL CORP ADR

 

(29,170.16

)

25,150.42

 

ADR VODAFONE GROUP PLC NEW SPONSORED ADRNEW ADR

 

(96,220.95

)

139,585.27

 

ADR VOLVO AKTIEBOLAGET CL B

 

(6,582.95

)

82,374.03

 

ADR WEBZEN INC SPONSORED ADR REPSTG 1/10COM SH

 

(12,363.10

)

8,371.79

 

ADR WIPRO LTD SPONSORED ADR REPSTG 1 SH SPONSORED ADR REPSTG 1 SH\COM\

 

(78,198.00

)

48,627.61

 

ADR WNS HLDGS LTD SPONSORED ADR

 

(174,000.00

)

217,072.36

 

ADR WOORI FIN HLDGS CO LTD AMERN DEP RCPTS

 

(12,017.90

)

12,347.71

 

ADR YANZHOU COAL MNG CO LTD ISIN US9848461052

 

(36,428.00

)

15,425.16

 

ADR YPF SOCIEDAD ANONIMA SPONSORED ADR REPSTG CL D SHS

 

(10,874.90

)

10,569.72

 

ADR YUKOS CORP SPONSORED ADR

 

(12,650.90

)

18,774.46

 

ADVANCE AMER CASH ADVANCE CTRS INC COM STK

 

(98,599.50

)

117,917.30

 

ADVANCE AUTO PTS INC COM

 

(3,050,398.99

)

2,409,901.70

 

ADVANCED ANALOGIC TECHNOLOGIES INC COM

 

(265,093.56

)

23,297.46

 

ADVANCED ENERGY INDS INC COM

 

(272,888.21

)

391,556.14

 

ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES INC CL A CL A

 

(24,351.40

)

25,472.82

 

ADVANCED ID CORP COM

 

(34,548.58

)

25,868.28

 

ADVANCED LIFE SCIENCES HLDGS INC COM STK

 

(9,932.95

)

9,565.75

 

ADVANCED MED OPTICS INC COM

 

(1,075,700.50

)

869,252.71

 

ADVANCED MICRO DEVICES INC COM

 

(2,295,527.93

)

2,604,991.56

 

ADVANTA CORP CL B

 

(210,708.20

)

14,388.52

 

ADVANTEST CORP NPV

 

(630,920.37

)

16,450.14

 

ADVENT SOFTWARE INC COM STK

 

(222,454.97

)

406,688.14

 

ADVISORY BRD CO COM

 

(75,731.67

)

303,986.43

 

AEGON NV COM STK EUR0.12