Ford
Motor Company
Tax-Efficient
Savings Plan for
Hourly
Employees
Financial
Report
December
31, 2007
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
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Contents
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Report
Letter
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1
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Statement
of Net Assets Available for Benefits
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2
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Statement
of Changes in Net Assets Available for Benefits
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3
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Notes
to Financial Statements
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4-13
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Schedule
of Assets Held at End of Year
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Schedule
1
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Report of
Independent Registered Public Accounting Firm
To the
Participants and Administrator
Ford
Motor Company Tax-Efficient
Savings
Plan for Hourly Employees
We have
audited the accompanying statement of net assets available for benefits of the
Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees as of
December 31, 2007 and 2006 and the related statement of changes in net assets
available for benefits for the year ended December 31, 2007. 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 the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
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, the financial statements referred to above present fairly, in all
material respects, the net assets of the Plan as of December 31, 2007 and 2006
and the changes in net assets for the year ended December 31, 2007, in
conformity with accounting principles generally accepted in the United States of
America.
Our
audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of
assets held at end of year as of December 31, 2007 is presented for the purpose
of additional analysis and is not a required part of the basic financial
statements but is supplementary information required by the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedule is
the responsibility of the Plan's management. This supplemental
schedule has been subjected to the auditing procedures applied in the audits of
the basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ Plante & Moran, PLLC
Southfield,
Michigan
June 25,
2008
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Statement
of Net Assets Available for Benefits
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December 31
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2007
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2006
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Assets
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Participant-directed
Investments:
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Investment
in Ford Defined Contribution Plans Master Trust (Note
3)
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$ |
3,505,037,422 |
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$ |
3,775,576,491 |
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Participant
loans
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175,629,288 |
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222,179,784 |
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Total
Investments
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3,680,666,710 |
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3,997,756,275 |
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Contributions
receivable
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- |
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3,309,640 |
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Net
Assets Reflecting All Investments at Fair Value
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3,680,666,710 |
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4,001,065,915 |
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Adjustment
from Fair Value to Contract Value for Fully Benefit-Responsive Investment
Contracts
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1,814,262 |
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13,099,673 |
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Net
Assets Available for Benefits
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$ |
3,682,480,972 |
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$ |
4,014,165,588 |
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See Notes
to Financial Statements
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Statement
of Changes in Net Assets Available for Benefits
Year
Ended December 31, 2007
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Employee
contributions
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$ |
188,973,761 |
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Net
investment gain from interest in Ford Defined Contribution Plans Master
Trust (Note 3)
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111,611,217 |
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Interest
on participant loans
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12,313,702 |
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Total
additions
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312,898,680 |
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Deductions
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Withdrawal
of participants' accounts
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(644,219,634 |
) |
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Administrative
expenses
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(363,662 |
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Total
deductions
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(644,583,296 |
) |
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Net
Decrease in Net Assets Available for Benefits
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(331,684,616 |
) |
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Net
Assets Available for Benefits
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Beginning
of year
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4,014,165,588 |
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End
of year
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$ |
3,682,480,972 |
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See Notes
to Financial Statements
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
1 - Description of the Plan
The
following description of the Ford Motor Company Tax-Efficient Savings Plan for
Hourly Employees (the “Plan”) provides only general
information. Participants should refer to the provisions of the Plan,
which are governed in all respects by the detailed terms and conditions
contained in the Tax-Efficient Savings Agreement and Plan in Volume III of the
agreement between the UAW and the Ford Motor Company (the “Company”) dated
November 3, 2007. The Plan was established effective January 1,
1985.
Type and Purpose of the Plan -
The Plan is a defined contribution plan established to encourage and facilitate
systematic savings and investment by eligible hourly employees of the Company
and to provide them with an opportunity to become stockholders of the
Company. The Plan includes provisions for voting shares of company
stock. It is subject to certain provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), applicable to defined
contribution pension plans.
Eligibility and Vesting -
Hourly employees are eligible to participate in the Plan three months after
their original date of hire. Certain other part-time and temporary
employees may also be eligible to participate in the
Plan. Participation in the Plan is voluntary. Employees
are immediately 100 percent vested in their contributions to the
Plan.
Contributions - Participants
can contribute to the Plan on both a pre-tax and after-tax basis, subject to
federal tax law limits. Participants may also elect to contribute
all, or a portion of their distributions under the Company’s Profit Sharing Plan
to the Plan on a pre-tax basis. Pre-tax contributions are excluded
from participant’s federal and most state and local taxable income.
Subject
to provisions of the Plan, participants may elect to roll over amounts from
other qualifying plans or arrangements in accordance with the Internal Revenue
Code of 1986, as amended (the “Code”). For the year ended December
31, 2007, transfers from other qualifying plans or arrangements amounted to
approximately $453,000, which are included in employee contributions in the
statement of changes in net assets available for benefits.
Activity
for participants in the Ford Stock Fund who have elected to receive dividends
paid in the form of cash instead of purchasing additional shares is reported in
the statement of changes in net assets available for benefits. No
dividends were made by the Company during the year ended December 31,
2007.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
1 - Description of the Plan (Continued)
Effective
November 3, 2007, the company will contribute an amount equal to $1.00 for every
compensated hour to eligible employees hired or rehired on or after November 19,
2007. No new hourly employees were hired during the year ended December
31, 2007, therefore no new contributions were made under this
agreement.
Participant
Accounts - A participant’s account balance is comprised of employee
contributions and investment income earned from the individual investment
options selected by the participant. Certain investment options will
charge a fee on short-term transfers, which is paid from the participant’s
account. The benefit to which a participant is entitled is determined
from the participant’s vested account balance.
Distributions - Plan assets
may not be withdrawn by participants until the termination of their employment
or until they reach 59-1/2 years of age, except in the case of personal
financial hardship. After-tax assets can be withdrawn at any time
without restriction.
Master Trust Investment Options and
Participation - Participant contributions are invested in accordance with
the participant’s election in one or more investments, which are held in the
Ford Defined Contribution Plans Master Trust (the “Master Trust”) (see Note
3).
Transfers of Assets - The
Plan permits the transfer of assets among investment
options held by the Master Trust, subject to certain trading restrictions
imposed on some of the investment options.
Participant Loans - The Plan
permits loans to participants from both their pre-tax and after-tax
accounts. Monthly loan interest rates are based on the prime rate
published in The Wall Street Journal on the last business day of the prior
month.
A
participant is eligible to take out one loan per calendar year and to have only
four loans outstanding at any one time. Regular loans may be for a
minimum of one year, but not exceeding five years. Home loans may be
for a period of ten years. Loans that are considered to be in default
by the Plan are reclassified as withdrawals.
Related-Party Transactions -
Certain Master Trust investment options are mutual funds and other investment
products managed by Fidelity Management and Research Company, which is a wholly
owned subsidiary of FMR Corp.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
2 - Summary of Significant Accounting Policies
Fidelity
Management Trust Company, also a wholly owned subsidiary of FMR Corp., is the
trustee as defined by the Plan. Fidelity Investments Institutional Operations
Company, Inc., also a wholly owned subsidiary of FMR Corp., is the third-party
administrator for the Plan. Additionally, Barclays Global Investors and Comerica
Bank are paid investment management fees by the Company on behalf of the
Plan. Fees paid to these entities for trustee, administrative, and
other fees qualify as related-party transactions.
Basis of Accounting - The
financial statements of the Plan are prepared under the accrual method of
accounting.
Investments - The mutual funds
are recorded at fair value based on the net asset value of the shares
held. The investment in the Ford Stock Fund and the investments in
all other funds, except the Interest Income Fund are valued on the basis of
quoted year-end market prices. The Interest Income Fund, which
invests in fully benefit-responsive and synthetic investment contracts, is
stated at contract value. Contract value represents investments at
cost, plus accrued interest income, less amounts withdrawn to pay
benefits. The fair value of these investment contracts is based on
discounting related cash flows utilizing current yields of similar investments
with comparable durations. The common and commingled institution pool
investments are stated at the aggregate market value of the individual
collective pools included in each respective fund, based on the fair value of
the underlying assets. Participant loans are valued at cost, which approximates
fair value.
The fair
value of the Plan’s interest in the Master Trust is based on the beginning of
the year value of the Plan’s interest in the trust, plus actual contributions
and allocated investment income, less actual distributions and allocated
administrative expense (see note 3). The average S&P and Moody’s
credit quality ratings for the underlying investments of the Interest Income
Fund were the equivalent of AA-/Aa3 or higher during 2007.
Purchases
and sales of investments by the Master Trust are reflected on a trade-date
basis. Dividend income is recorded on the ex-dividend
date. Income from other investments of the Master Trust is recorded
as earned on an accrual basis.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
2 - Summary of Significant Accounting Policies (Continued)
Investment Contracts - The
Master Trust, through its investment in the Interest Income Fund, invests in
synthetic investment contracts (synthetic GICs). A synthetic GIC is a
wrap contract paired with an underlying investment or investments, usually a
portfolio, owned by the Master Trust, of high-quality, short to
intermediate-term fixed income securities and money market
account. The Master Trust purchases a wrap contract from financial
services institutions. A synthetic GIC contract credits a stated
interest rate for a specified period of time. Investment gains and
losses are amortized over the expected duration through the calculation of the
interest rate applicable to the Master Trust on a prospective
basis. Synthetic GICs provide for a variable crediting rate, which
resets annually, and the issuer of the wrap contract provides assurance that
future adjustments to the crediting rate cannot result in a crediting rate less
than zero. The crediting rate is primarily based on the current
yield-to-maturity of the covered investments, plus or minus amortization of the
difference between the market value and contract value of the covered
investments over the duration of the covered investments at the time of
computation.
The
crediting rate is most impacted by the change in the annual effective yield to
maturity of the underlying securities, but is also affected by the differential
between the contract value and the market value of the covered
investments. This difference is amortized over the duration of the
covered investments. Depending on the change in duration from reset
period to reset period, the magnitude of the impact to the crediting rate of the
contract to market difference is heightened or lessened. The
crediting rate can be adjusted periodically and is usually adjusted annually,
but in no event is the crediting rate less than 0 percent.
Certain
events limit the ability of the Master Trust to transact at contract value with
the insurance company and the financial institution issuer. Such
events include the following: (i) amendments to the plan documents (including
complete or partial plan termination or merger with another plan); (ii) changes
to the Plan’s prohibition on competing investment options or deletion of equity
wash provisions; (iii) bankruptcy of the plan sponsor or other plan sponsor
events (e.g. divestitures or spin-offs of a subsidiary) which cause a
significant withdrawal from the Plan; or (iv) the failure of the Master Trust to
qualify for exemption from federal income taxes or any required exemption of
prohibited transaction under ERISA. The plan administrator does not
believe that the occurrence of any such event, which would limit the Master
Trust’s ability to transact at contract value with participants, is
probable.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
2 - Summary of Significant Accounting Policies (Continued)
The
synthetic investment contracts generally impose conditions on both the Master
Trust and the issuer. If an event of default occurs and is not cured,
the non-defaulting party may terminate the contract. The following
may cause the Master Trust to be in default: a breach of a material obligation
under the contract; a material misrepresentation; or a material amendment to the
plan agreement. The issuer may be in default if it breaches a
material obligation under the investment contract; makes a material
misrepresentation; has a decline in its long term credit rating below a
threshold set forth in the contract; is acquired or reorganized and the
successor issuer does not satisfy the investment or credit guidelines applicable
to issuers. If, in the event of default of an issuer, the Master
Trust were unable to obtain a replacement investment contract, withdrawing plans
may experience losses if the value of the Master Trust’s assets no longer
covered by the contract is below contract value. The Master Trust may
seek to add additional issuers over time to diversify the Master Trust’s
exposure to such risk, but there is no assurance the Master Trust may be able to
do so. The combination of the default of an issuer and an inability
to obtain a replacement agreement could render the Master Trust unable to
achieve its objective of maintaining a stable contract value. The
terms of an investment contract generally provide for settlement of payments
only upon termination of the contract or total liquidation of the covered
investments. Generally, payments will be made pro-rata, based on the
percentage of investments covered by each issuer. Contract
termination occurs whenever the contract value or market value of the covered
investments reaches zero or upon certain events of default.
If the
contract terminates due to issuer default (other than a default occurring
because of a decline in its rating), the issuer will generally be required to
pay to the Master Trust the excess, if any, of contract value over market value
on the date of termination. If a synthetic GIC terminates due to a
decline in the ratings of the issuer, the issuer may be required to pay to the
Master Trust the cost of acquiring a replacement contract (i.e. replacement
cost) within the meaning of the contract. If the contract terminates
when the market value equals zero, the issuer will pay the excess of contract
value over market value to the Master Trust to the extent necessary for the
Master Trust to satisfy outstanding contract value withdrawal
requests. Contract termination also may occur by either party upon
election and notice.
Since
synthetic GICs are fully benefit-responsive, contract value is the relevant
measurement attribute for that portion of the net assets available for benefits
attributable to the synthetic GICs. Contract value represents
contributions made under the contract, plus earnings, less participant
withdrawals and administrative expenses. Participants may ordinarily
direct the withdrawal or transfer of all or a portion of their investment at
contract value.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
2 - Summary of Significant Accounting Policies (Continued)
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2007
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2006
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Average
yield for synthetic GICs:
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Based
on actual earnings
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4.93 |
% |
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5.15 |
% |
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Based
on interest rate credited to participants
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4.22 |
% |
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3.73 |
% |
Contributions - Contributions
to the Plan from participants are recorded in the period that payroll deductions
are made from Plan participants.
Payment of Benefits - Benefits
are recorded when paid.
Use of Estimates - The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires plan management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of additions and deductions
during the reporting period. Actual results could differ from those
estimates.
Risks and Uncertainties - The
Master Trust’s invested assets consist of company stock, equity and fixed income
mutual funds, equity and fixed income commingled institutional pools, and
synthetic GIC investments. Investment securities are exposed to
various risks, such as interest rate, market, and credit.
Due to
the level of risk associated with certain investment securities and the level of
uncertainty related to changes in the value of investment securities, it is at
least reasonably possible that changes in risks in the near term would
materially affect participants’ account balances and the amounts reported in the
statement of net assets available for benefits and the statement of changes in
net assets available for benefits.
Basis of Accounting
- The Financial Accounting Standards Board Staff Position AAG INV-1
and SOP 94-4-1, Reporting of
Fully Benefit-Responsive Investment Contracts Held by Certain Investment
Companies Subject to the AICPA Investment Company Guide and Defined-Contribution
Health and Welfare and Pension Plans, requires the Statement of Net
Assets Available for Benefits to present the fair value of the investment
contracts as well as the adjustment of the fully benefit-responsive investment
contracts from fair value to contract value. The related activity is presented
at contract value in the Statement of Changes in Net Assets Available for
Benefits.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
2 - Summary of Significant Accounting Policies (Continued)
New Accounting Pronouncement -
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 157, Fair Value Measurements
("SFAS 157"). SFAS 157 defines fair value, establishes a
framework for measuring fair value in accordance with generally accepted
accounting principles, and expands disclosures about fair value
measurements. The provisions of SFAS 157 are effective for the fiscal
year beginning after November 15, 2007. The Company is currently
evaluating the impact, if any, of the provisions of SFAS 157 on the Plan's
financial statements.
Note
3 - The Master Trust
The
Company established the Master Trust pursuant to a trust agreement between the
Company and Fidelity Management Trust Company, as trustee of the funds, in order
to permit the commingling of trust assets of several employee benefit plans for
investment and administrative purposes. The assets of the Master
Trust are held by Fidelity Management Trust Company.
Employee
benefit plans participating in the Master Trust as of December 31, 2007 and 2006
include the following defined contribution plans:
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·
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Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
|
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·
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Ford
Motor Company Tax-Efficient Savings Plan for Hourly
Employees
|
All
transfers to, withdrawals from, or other transactions regarding the Master Trust
shall be conducted in such a way that the proportionate interest in the Master
Trust of each plan and the fair market value of that interest may be determined
at any time.
The
interest of each such plan shall be debited or credited (as the case may be) (i)
for the entire amount of every contribution received on behalf of such plan
(including participant contributions), every distribution, or other expense
attributable solely to such plan and every other transaction relating only to
such plan; and (ii) for its proportionate share of every item of collected or
accrued income, gain or loss, and general expense and of any other transactions
attributable to the Master Trust or that investment option as a
whole.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
3 - The Master Trust (Continued)
A summary
of the net assets of the Master Trust as of December 31, 2007 and 2006 is as
follows:
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|
|
2007
|
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
Investments
- fair value:
|
|
|
|
|
|
|
|
Ford
Stock Fund
|
|
$ |
1,854,290,127 |
|
|
$ |
2,313,226,756 |
|
|
Mutual
funds
|
|
|
4,734,768,356 |
|
|
|
5,284,358,257 |
|
|
Common
and commingled institutional pools
|
|
|
1,506,984,056 |
|
|
|
1,521,490,902 |
|
|
Interest
Income Fund, at contract value
|
|
|
2,573,968,656 |
|
|
|
2,754,509,710 |
|
|
Payables
and unsettled trades
|
|
|
1,847,043 |
|
|
|
(1,199,765 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
master trust net assets
|
|
$ |
10,671,858,238 |
|
|
$ |
11,872,385,860 |
|
During
the year ended December 31, 2007, the Master Trust investment gain was comprised of the
following:
|
|
|
|
|
|
Mutual
funds
|
|
$ |
3,437,691 |
|
|
Common
and commingled institutional pools
|
|
|
159,644,219 |
|
|
Ford
Stock Fund
|
|
|
(178,910,641 |
) |
|
|
|
|
|
|
|
Total
net depreciation
|
|
|
(15,828,731 |
) |
|
|
|
|
|
|
|
Interest
and dividend income
|
|
|
506,235,715 |
|
|
|
|
|
|
|
|
Total
master trust investment gain
|
|
$ |
490,406,984 |
|
The Ford
Stock Fund is a unitized account that is comprised exclusively of Ford Motor
Company common stock, except a small portion of the fund that is invested in
cash or a cash equivalent or other short-term investments to provide liquidity
for daily activity.
The Ford
Stock Fund consists of assets from the following sources: employee contributions
(including rollovers), employee loan repayments, exchanges into the fund from
other investment options, Company matching contributions (vested and unvested),
earnings and dividends. All participant assets are
self-directed.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
3 - The Master Trust (Continued)
The
Plan’s interest in the Master Trust represented approximately 33 percent and 32
percent of the total assets in the Master Trust at December 31, 2007 and 2006,
respectively.
A summary
of net assets of the Plan as of December 31, 2007 and 2006 is as
follows:
|
|
|
2007
|
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
Investments
- fair value:
|
|
|
|
|
|
|
|
Ford
Stock Fund
|
|
$ |
757,581,630 |
|
|
$ |
891,710,373 |
|
|
Mutual
funds
|
|
|
1,270,831,077 |
|
|
|
1,405,450,294 |
|
|
Common
and commingled institutional pools
|
|
|
411,208,093 |
|
|
|
414,156,003 |
|
|
Interest
Income Fund, at contract value
|
|
|
1,066,622,121 |
|
|
|
1,077,743,419 |
|
|
Payables
and unsettled trades
|
|
|
608,763 |
|
|
|
(383,925 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
plan net assets
|
|
$ |
3,506,851,684 |
|
|
$ |
3,788,676,164 |
|
During
the year ended December 31, 2007, the plan investment gain was comprised of the
following:
|
Net
appreciation (depreciation):
|
|
|
|
|
Mutual
funds
|
|
$ |
(3,582,739 |
) |
|
Common
and commingled institutional pools
|
|
|
43,880,333 |
|
|
Ford
Stock Fund
|
|
|
(77,417,827 |
) |
|
|
|
|
|
|
|
Total
net depreciation
|
|
|
(37,120,233 |
) |
|
|
|
|
|
|
|
Interest
and dividend income
|
|
|
148,731,450 |
|
|
|
|
|
|
|
|
Total
plan investment gain
|
|
$ |
111,611,217 |
|
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2007 and 2006
Note
4 - Tax Status
The
Internal Revenue Service (IRS) has determined and informed the Company by letter
dated July 8, 2003, that the Plan is designed in accordance with applicable
sections of the Code. The Plan has since been amended and restated
through February 22, 2008. The Company believes that the Plan is
currently designed and being operated in compliance with the Code. Therefore, no
provision for income taxes has been included in the Plan’s financial
statements.
Note
5 - Administration of Plan Assets
The
Master Trust assets are held by the trustee of the Plan, Fidelity Management
Trust Company.
Certain
administrative functions are performed by officers or employees of the Company
or its subsidiaries. No such officer or employee receives
compensation from the Plan, nor does the Company allocate any costs to the
Plan.
Note
6 - Plan Termination
The
Company, by action of the Board of Directors, may terminate the Plan at any
time. Termination of the Plan would not affect the rights of a
participant as to the continuance of investment, distribution or withdrawal of
the securities, cash and cash value of the Ford Stock Fund units in the account
of the participant as of the effective date of such termination. In
the event of termination, all loans would become due immediately upon such
termination. There are currently no plans to terminate the
Plan.
Note
7 - Reconciliation to Form 5500
The net
assets on the financial statements differ from the net assets on the Form 5500
due to a synthetic GIC held in the Master Trust being recorded at contract value
on the financial statements and at fair value on Form 5500. The net
assets on the financial statements were higher than those on Form 5500 at
December 31, 2007 and 2006 by $1,814,262 and $13,099,673,
respectively. Additionally, the investment income on the Form 5500
for the year ended December 31, 2007 is higher than the financial statements by
$11,285,411 and lower by $13,099,673 for the year ended December 31,
2006.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Schedule
of Assets Held at End of Year
Form
5500, Schedule H, Item 4i
EIN
38-0549190, Plan 025
December
31, 2007
|
(a)(b)
Identity of Issuer, Lessor,
Borrower, or Similar Party
|
|
|
(c)
Description of Investment,
Including
Maturity Date, Rate of Interest,
Collateral,
Par, or Maturity Value
|
|
|
(d)
Cost
|
|
|
(e)
Current Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Participants
|
|
|
Participant
loans bearing interest at rates ranging from 4.0 percent to 11.0
percent
|
|
|
- |
|
|
$ |
175,629,288 |
|
* Denotes
party in interest