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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
Annual Report
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2005
Commission file number: 1-5256
VF CORPORATION RETIREMENT SAVINGS
PLAN FOR SALARIED EMPLOYEES
(Full title of plan)
105 Corporate Center Blvd.
Greensboro, NC 27408
(Address of principal executive offices)
(336) 424-6000
(Registrant’s telephone number, including area code)
 
 

 

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
Table of Contents
         
    Page No.  
Report of Independent Registered Public Accounting Firm
     4  
 
        
Statements of Net Assets Available for Benefits December 31, 2005 and 2004
     5  
 
        
Statement of Changes in Net Assets Available for Benefits For the Year Ended December 31, 2005
     6  
 
        
Notes to Financial Statements
     7  
 
        
Supplemental Schedules*:
        
Schedule H — Line 4i — Schedule of Assets (Held at End of Year)
     12  
 
*   Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.
         
Exhibit 23.1
 -   Consent of Independent Registered Public Accounting Firm 21    

2

 

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the VF Corporation Pension Plan Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized.
           
    VF Corporation Retirement Savings Plan  
    for Salaried Employees
  
 
 
  By:   /s/ Frank C. Pickard III  
 
       
 
      Frank C. Pickard III  
 
      Vice President, Treasurer  
 
      VF Corporation  
Date: July 3, 2006

3

 

Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of the
VF Corporation Retirement Savings Plan for Salaried Employees
In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the VF Corporation Retirement Savings Plan for Salaried Employees (the “Plan”) at December 31, 2005 and December 31, 2004, and the changes in net assets available for benefits for the year ended December 31, 2005 in conformity with accounting principles generally accepted in the United States of America. 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 of these statements in accordance with the 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. An audit 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, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H — Line 4i — Schedule of Assets (Held at End of Year) at December 31, 2005 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. This supplemental schedule is the responsibility of the Plan’s management. The 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/PricewaterhouseCoopers LLP
Greensboro, NC
July 3, 2006

4

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
                 
    December 31  
    2005     2004  
ASSETS
                
Investments, at fair value
                
VF Corporation common stock - 846,302 shares in 2005 and 876,136 shares in 2004
   $ 46,834,359     $ 48,520,384  
VF Corporation ESOP Preferred Stock - 760,062 shares in 2005 and 843,814 shares in 2004
     67,298,970       75,135,088  
Other securities
     393,855,254       352,395,332  
 
            
Total investments
     507,988,583       476,050,804  
Loans receivable from participants
     13,307,493       12,443,013  
 
            
 
                
Net assets available for benefits
   $ 521,296,076     $ 488,493,817  
 
            
See notes to financial statements.

5

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
         
    Year Ended  
    December 31, 2005  
Investment income
        
Dividends on VF Corporation ESOP Preferred Stock
   $ 1,636,335  
Dividends on VF Corporation Common Stock
     940,729  
Net realized and unrealized appreciation in fair value of investments
     7,233,717  
Income from mutual funds and bank common trust funds
     17,970,509  
Interest on participant loans
     568,113  
 
      
 
     28,349,403  
 
      
 
        
Participant contributions
     19,656,454  
VF Corporation contributions
     7,182,781  
Transfer merged plans (Note C)
     22,255,175  
 
      
 
     77,443,813  
 
        
Benefits paid to participants
     (44,222,443 )
Administrative expenses
     (419,111 )
 
      
Net increase
     32,802,259  
 
        
Net assets available for benefits
        
Beginning of year
     488,493,817  
 
      
End of year
   $ 521,296,076  
 
      
See notes to financial statements.

6

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
NOTE A — DESCRIPTION OF THE PLAN
VF Corporation (“VF”) sponsors the VF Corporation Retirement Savings Plan for Salaried Employees (the “Plan”), which is a cash or deferred plan under Section 401(k) of the Internal Revenue Code (“IRC”). The Plan is comprised of two parts: a contributory “Compensation Deferral” part and a noncontributory “Retirement Contribution” part. During 2005, the net assets of the Nautica Enterprises, Inc. Savings and Investment Plan and the Vans, Inc. Retirement Plan were merged into the Plan subsequent to VF’s acquisition of the respective plan sponsors.
Under the Compensation Deferral part of the Plan, certain salaried employees of specified subsidiaries may elect to contribute between 2% and 50% of their compensation to the Plan (highly compensated employees are limited to 10%) subject to maximum IRS annual limitations. VF matches employee contributions by 50% for up to 6% of compensation contributed by the employee. Employees vest in employer contributions ratably by month and are fully vested after 5 years of service or normal retirement.
Effective January 1, 2005, VF added a noncontributory Retirement Contribution feature for employees hired after January 1, 2005 and eligible employees of certain recently acquired companies. Eligible employees are automatically enrolled in the Retirement Contribution feature. VF makes quarterly retirement contributions to the Plan in an amount equal to a percentage of eligible employee earnings based on each employee’s continuous service with VF since January 1, 2005. The VF contribution ranges from 2% of earnings for participants with less than 10 years of VF service (which is all current participants) to 5% of earnings for participants with 20 or more years of VF service. Employees vest in the retirement contribution feature ratably by month and are fully vested after 5 years of service or normal retirement.
The Plan includes an Employee Stock Ownership Plan (“ESOP”) consisting primarily of shares of VF Corporation 6.75% Series B ESOP Convertible Preferred Stock (“ESOP Preferred Stock”). Each share of ESOP Preferred Stock, which has a redemption value of $30.875 plus cumulative accrued dividends, is convertible into 1.6 shares of VF Common Stock and is entitled to two votes. The trustee for the ESOP may convert the ESOP Preferred Stock to Common Stock at any time or may cause VF to redeem the ESOP Preferred Stock under certain circumstances. Subsequent to the end of 2005, all shares of ESOP Preferred Stock were converted into VF Common Stock.
Employee contributions under the Compensation Deferral feature and VF matching contribution in the Compensation Deferral feature are invested at the direction of the employee in one or more funds administered by the Plan’s trustees. All Plan assets are trusteed by Fidelity Management Trust Company (“Fidelity”), with the exception of one fund trusteed by UMB Bank, n.a. (“UMB Bank”). VF contributions in the Retirement Contribution feature are invested in the same investment selections as a participant has chosen for his Compensation Deferral balance, except that contributions cannot be invested in VF Common Stock. VF contributions for the Retirement Contribution feature for those not participating in the Compensation Deferral feature are invested as directed by those individual participants.
Individual accounts are maintained for each participant; each account includes the individual’s contributions, VF matching contributions and investment funds’ earnings. Employees remain fully vested in their contributions to the Plan. VF contributions are vested monthly on a pro rata basis, with full vesting after five years of service or upon normal retirement, disability or death. Accounts become payable upon retirement, disability, death or termination of employment. Participants may also withdraw all or a portion of their Compensation Deferral account balance by filing a written request that demonstrates financial hardship as defined by the Plan. Participants may elect to receive distributions in a lump sum or in an annuity, or accounts may be rolled over into another IRS-approved tax deferral plan. Forfeitures are used to reduce VF’s obligation to pay plan expenses. Unused forfeitures at December 31, 2005 that are available to reduce future Plan Sponsor contributions totalled $1,364,303.

7

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
NOTE A — DESCRIPTION OF THE PLAN (Continued)
Participants may borrow up to 50% or $50,000 of the participant’s total vested account balance in the Compensation Deferral portion of the Plan, but may not borrow from the VF matching portion. Participants are charged interest at the Morgan Guaranty “Published” prime rate at the time of the loan and repay the principal within 60 months, or 120 months if the loan is for the purchase of their primary residence. Payment in full is required at termination of employment. There were 2,416 and 2,507 loans outstanding at December 31, 2005 and December 31, 2004, respectively.
Although it has no intent to do so, VF may terminate the Plan in whole or in part at any time. In the event of termination, participants become fully vested in their accounts.
NOTE B — SIGNIFICANT ACCOUNTING POLICIES
Investments are stated at fair value. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year. General market fixed income securities are valued by a national pricing service, based on standardized pricing methodology. For government guaranteed loans, UMB Bank values the loans at amortized cost, which approximates fair value, as they are guaranteed by the full faith and credit of the United States Federal Government. The ESOP Preferred Stock is stated at fair value, based on the greater of 160% of the fair value of the VF Common Stock on the last business day of the Plan year or the preferred stock’s stated redemption price of $30.875 per share. The fair value of the participation units owned by the Plan in mutual funds and bank common trust funds is based on quoted redemption values on the last business day of the Plan year. Purchases and sales of securities, including gains and losses thereon, are recorded as of the trade date. Dividends are recorded on the ex-dividend date.
The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments, which consists of the realized gains or losses and unrealized appreciation or depreciation on those investments.
Administrative expenses consisting primarily of fees for legal, accounting and other services are paid by VF in accordance with the Plan.
Payment of Benefits: Benefits are recorded when paid.
Use of Estimates: In preparing financial statements in accordance with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
Risks and Uncertainties: The Plan provides for various mutual fund investment options in stocks, bonds and fixed income securities. The Plan also provides for investment in VF Common Stock. Investments 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 statements of net assets available for benefits and the statement of changes in net assets available for benefits.

8

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
NOTE C — PLAN MERGER
During 2005, the retirement savings plans of Vans, Inc. (“Vans”) and Nautica Enterprises, Inc. (“Nautica”) were merged into the Plan subsequent to VF’s acquisition of the respective plan sponsors. Vans was designated as, and became a participating employer in the Plan effective January 1, 2005. The portion of the Vans plan representing the accounts, assets and liabilities of participants and beneficiaries was merged with, and into the Plan, effective July 1, 2005.
Nautica was designated as, and became a participating employer in the Plan effective April 1, 2005. The portion of the Nautica plan representing accounts, assets and liabilities of participants and beneficiaries was merged with and into the Plan, effective July 1, 2005.
Total assets transferred into the Plan were $22,255,177.
NOTE D — INCOME TAX STATUS
The Internal Revenue Service has issued a favorable determination letter dated
September 23, 2002 stating that the Plan qualifies under the appropriate sections of the Internal Revenue Code (or “IRC”) and is, therefore, not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The VF Corporation Pension Plan Committee is not aware of any action or series of events that have occurred that might adversely affect the Plan’s qualified status. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and is currently being operated in compliance with the applicable requirements of the IRC.
NOTE E — RELATED PARTY TRANSACTIONS
Related parties to the Plan include VF (the Plan sponsor), and Fidelity and UMB Bank (the Plan’s trustees). Certain Plan investments are funds managed by Fidelity and UMB Bank, and therefore transactions in these investments qualify as party-in-interest transactions. The Plan also invests in the common and preferred stock of the Plan Sponsor. These transactions also qualify as party-in-interest transactions.

9

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
NOTE F— INVESTMENTS
Net realized and unrealized appreciation (depreciation) in fair value of investments included in Plan equity includes the following:
                         
    Net Realized and        
    Unrealized        
    Appreciation in        
    Fair Value for the Year     Fair Value  
    Ended December 31,     At December 31,  
    2005     2005     2004  
Fair value as determined by quoted market or stated redemption price:
                        
VF Corporation Common Stock
   $ 71,347     $ 46,834,359     $ 48,520,384  
ESOP Preferred Stock
     256,987       67,298,970       75,135,088  
Mutual funds
     3,818,786       326,498,722       286,760,494  
 
                  
 
     4,147,120       440,632,051       410,415,966  
 
                  
Fair value as determined by Plan trustee:
                        
Government guaranteed loans
     3,086,597       67,356,532       65,634,838  
 
                  
 
     3,086,597       67,356,532       65,634,838  
 
                  
 
   $ 7,233,717     $ 507,988,583     $ 476,050,804  
 
                  

10

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
NOTE F— INVESTMENTS (Continued)
The fair value of investments that individually represent 5% or more of the Plan’s net assets at December 31 of one or both years are as follows:
                 
    2005   2004
ESOP Preferred Stock (760,062 shares and 843,814 shares)
   $ 67,298,970     $ 75,135,088  
Fidelity Growth & Income Fund (1,798,131 shares and 1,744,355 shares)
     61,855,718       66,651,801  
VF Corporation Common Stock (846,302 shares and 876,136 shares)
     46,834,359       48,520,384  
Fidelity US Equity Index Commingled Pool (960,987 shares and 1,040,094 shares)
     37,709,118       38,920,332  

11

 

VF Corporation Retirement Savings Plan
for Salaried Employees
Schedule H—Line 4i—Schedule of Assets (Held at End of Year)
At December 31, 2005
                     
    Description of        
    investment        
    (including rate of        
Identity of issue, borrower,   interest and   Number of   Current
lessor, or similar party   maturity date)   Shares   Value
*Fidelity Puritan Fund
  Mutual Fund     886,745     $ 16,608,751  
*Fidelity Growth & Income Fund
  Mutual Fund     1,798,131       61,855,718  
*Fidelity Diversified International Fund
  Mutual Fund     372,951       12,135,840  
*Fidelity Dividend Growth Fund
  Mutual Fund     142,461       4,101,440  
*Fidelity Retirement Money Market Portfolio
  Mutual Fund     21,871,150       21,871,150  
*Fidelity U.S. Equity Index Commingled Pool
  Common Collective
Trust 		    960,987       37,709,118  
Baron Asset Fund
  Mutual Fund     211,575       11,909,562  
Longleaf Small Cap Fund
  Mutual Fund     349,075       9,432,010  
Small Business Administration guaranteed loans
   $275,412 face amount, 7.85% interest, maturity date 10/21/2014             238,638  
 
   $327,122 face amount, 5.87% interest, maturity date 3/6/2010             233,289  
 
   $189,630 face amount, 6.02% interest, maturity date 4/3/2015             152,643  
 
   $350,000 face amount, 6.50% interest, maturity date 11/1/2006             10,911  
 
   $100,000 face amount, 7.08% interest, maturity date 12/10/2006             5,508  
 
   $1,500,000 face amount, 4.52% interest, maturity date 2/10/2013             1,092,404  
 
   $114,020 face amount, 5.41% interest, maturity date 7/22/2015             109,657  
 
   $212,836 face amount, 3.50% interest, maturity date 7/31/2012             153,830  
 
   $51,391 face amount, 2.50% interest, maturity date 12/02/2007             26,904  
 
   $298,714 face amount, 5.23% interest, maturity date 2/01/2016             252,972  
 
   $60,708 face amount, 6.58% interest, maturity date 1/16/2008             34,580  
 
   $444,362 face amount, 5.13% interest, maturity date 9/25/2018             426,445  
 
   $184,102 face amount, 3.50% interest, maturity date 7/17/2013             135,322  
 
   $206,641 face amount, 2.50% interest, maturity date 7/16/2018             150,603  
 
   $167,611 face amount, 0.00% interest, maturity date 8/11/2018             1,982  
 
   $108,089 face amount, 6.34% interest, maturity date 9/09/2008             67,657  
 
   $406,879 face amount, 3.00% interest, maturity date 9/15/2013             283,214  
 
   $430,140 face amount, 5.38% interest, maturity date 7/19/2014             326,352  
 
   $209,331 face amount, 7.25% interest, maturity date 3/01/2014             177,154  
 
   $273,417 face amount, 7.85% interest, maturity date 3/19/2017             244,586  
 
   $573,056 face amount, 7.95% interest, maturity date 11/29/2015             484,946  
 
   $1,222,350 face amount, 5.13% interest, maturity date 5/12/2019             1,157,227  
 
   $505,895 face amount, 6.63% interest, maturity date 11/26/2009             6,527  
 
   $107,588 face amount, 5.86% interest, maturity date 7/19/2009             45,810  
 
   $69,975 face amount, 6.99% interest, maturity date 9/13/2007             36,073  
 
   $418,972 face amount, 7.66% interest, maturity date 11/09/2009             301,091  
 
   $240,786 face amount, 6.54% interest, maturity date 10/01/2009             157,852  
 
   $107,289 face amount, 7.27% interest, maturity date 10/19/2013             93,326  
 
   $1,000,000 face amount, 5.14% interest, maturity date 8/10/2013             797,395  
 
   $1,000,000 face amount, 5.20% interest, maturity date 8/1/2012             702,791  
 
   $250,000 face amount, 6.15% interest, maturity date 11/1/2013             55,524  
 
   $700,000 face amount, 6.10% interest, maturity date 3/1/2006             6,126  
 
   $150,000 face amount, 6.00% interest, maturity date 3/1/2009             9,390  
 
   $250,000 face amount, 6.95% interest, maturity date 5/1/2007             14,294  
 
   $500,000 face amount, 7.05% interest, maturity date 5/1/2005             7,661  
 
   $200,000 face amount, 6.55% interest, maturity date 7/1/2007             13,500  
 
   $250,000 face amount, 5.45% interest, maturity date 1/1/2009             48,240  
 
   $200,000 face amount, 6.75% interest, maturity date 1/1/2007             8,202  
 
   $550,000 face amount, 5.80% interest, maturity date 1/1/2006             11,592  
 
   $250,000 face amount, 5.15% interest, maturity date 11/1/2008             31,231  
 
   $164,524 face amount, 7.58% interest, maturity date 2/3/2013             132,620  
 
   $84,890 face amount, 5.49% interest, maturity date 4/29/2009             49,803  
 
   $71,953 face amount, 5.38% interest, maturity date 4/12/2011             36,579  

12

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
 
   $198,390 face amount, 5.47% interest, maturity date 3/12/2016             181,434  
 
   $132,265 face amount, 5.98% interest, maturity date 5/2/2011             102,772  
 
   $663,821 face amount, 5.36% interest, maturity date 7/17/2016             625,007  
 
   $189,424 face amount, 5.67% interest, maturity date 5/25/2013             154,550  
 
   $405,021 face amount, 5.97% interest, maturity date 10/29/2011             316,742  
 
   $277,843 face amount, 5.13% interest, maturity date 10/17/2013             229,598  
 
   $156,267 face amount, 6.27% interest, maturity date 3/8/2012             113,699  
 
   $94,072 face amount, 4.88% interest, maturity date 4/15/2012             77,366  
 
   $286,424 face amount, 5.61% interest, maturity date 1/17/2018             244,948  
 
   $246,303 face amount, 5.51% interest, maturity date 9/19/2017             209,634  
 
   $503,741 face amount, 7.23% interest, maturity date 9/24/2018             449,886  
 
   $102,628 face amount, 4.38% interest, maturity date 6/27/2009             70,344  
 
   $267,791 face amount, 4.61% interest, maturity date 5/15/2011             191,305  
 
   $51,697 face amount, 4.48% interest, maturity date 9/9/2009             35,483  
 
   $467,019 face amount, 5.61% interest, maturity date 4/10/2018             410,152  
 
   $101,654 face amount, 6.59% interest, maturity date 8/20/2013             81,557  
 
   $501,128 face amount, 5.61% interest, maturity date 4/28/2019             363,596  
 
   $501,128 face amount, 5.61% interest, maturity date 4/28/2019             363,597  
 
   $127,112 face amount, 5.73% interest, maturity date 11/7/2018             111,644  
 
   $546,109 face amount, 5.61% interest, maturity date 6/20/2019             502,659  
 
   $339,602 face amount, 5.61% interest, maturity date 4/7/2019             296,313  
 
   $538,154 face amount, 5.46% interest, maturity date 9/17/2018             518,587  
 
   $165,023 face amount, 4.65% interest, maturity date 10/3/2010             135,371  
 
   $226,457 face amount, 5.61% interest, maturity date 3/15/2019             207,756  
 
   $945,589 face amount, 5.42% interest, maturity date 12/11/2015             892,114  
 
   $256,027 face amount, 5.26% interest, maturity date 6/4/2011             210,619  
 
   $404,250 face amount, 5.61% interest, maturity date 6/18/2019             371,811  
 
   $424,115 face amount, 5.58% interest, maturity date 5/23/2020             408,495  
 
   $142,991 face amount, 5.90% interest, maturity date 8/1/2010             108,881  
 
   $272,179 face amount, 5.63% interest, maturity date 7/1/2012             206,467  
 
   $180,539 face amount, 3.50% interest, maturity date 8/12/2013             125,351  
 
   $206,001 face amount, 3.00% interest, maturity date 6/9/2017             145,476  
 
   $342,596 face amount, 6.13% interest, maturity date 12/31/2013             283,187  
 
   $154,433 face amount, 5.88% interest, maturity date 1/15/2006             137,994  
 
   $184,343 face amount, 7.26% interest, maturity date 2/10/2014             154,061  
 
   $182,111 face amount, 6.89% interest, maturity date 9/29/2009             127,485  
 
   $107,048 face amount, 7.49% interest, maturity date 3/13/2007             50,340  
 
   $88,061 face amount, 6.13% interest, maturity date 9/30/2007             41,964  
 
   $135,510 face amount, 5.08% interest, maturity date 2/4/2008             2,287  
 
   $62,556 face amount, 7.93% interest, maturity date 4/22/2009             33,326  
 
   $79,804 face amount, 6.73% interest, maturity date 12/23/2009             55,385  

13

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
 
   $58,020 face amount, 8.83% interest, maturity date 12/21/2009             41,417  
US Department of Agriculture guaranteed loans
   $248,400 face amount, 5.09% interest, maturity date 3/1/2020             237,769  
 
   $135,000 face amount, 4.83% interest, maturity date 4/1/2012             125,979  
En Boat LLC corporate bond
   $500,000 face amount, 4.63% interest, maturity date 7/18/2028             441,761  
Rowan Cos, Inc. corporate bond
   $300,000 face amount, 2.80% interest, maturity date 10/20/2013             210,907  
Government National Mortgage Association loans
   $500,000 face amount, 4.49%, maturity date 4/16/2023             478,995  
 
   $1,518,976 face amount, 4.26%, maturity date 7/16/2029             1,499,956  
 
   $500,000 face amount, 3.52%, maturity date 1/16/2032             373,664  
 
   $1,500,000 face amount, 4.43%, maturity date 8/16/2033             1,428,464  
 
   $700,000 face amount, 5.00%, maturity date 5/15/2018             430,981  
 
   $886,763 face amount, 5.50%, maturity date 10/20/2017             337,727  
 
   $1,000,000 face amount, 4.65%, maturity date 11/16/2033             950,776  
 
   $500,000 face amount, 5.06%, maturity date 2/16/2046             480,174  
 
   $250,000 face amount, 6.00%, maturity date 2/15/2014             39,519  
 
   $1,400,000 face amount, 5.00%, maturity date 4/20/2018             785,018  
 
   $1,600,000 face amount, 5.00%, maturity
date 4/16/2018		             1,031,557  
 
   $1,000,000 face amount, 5.50%, maturity date 4/15/2025             964,323  
 
   $1,000,000 face amount, 5.50%, maturity date 5/20/2017             313,774  
 
   $200,000 face amount, 6.00%, maturity date 6/15/2013             65,441  
 
   $1,000,000 face amount, 6.25%, maturity date 7/15/2022             880,254  
 
   $200,000 face amount, 6.00%, maturity date 7/15/2013             25,467  
 
   $1,500,000 face amount, 5.50%, maturity date 7/20/2017             522,426  
 
   $750,000 face amount, 5.50%, maturity date 7/20/2018             406,528  
 
   $500,000 face amount, 4.38%, maturity date 1/20/2023             17,081  
 
   $1,000,000 face amount, 4.38%, maturity date 1/20/2023             48,759  
 
   $1,000,000 face amount, 4.38%, maturity date 1/20/2024             52,727  
 
   $1,000,000 face amount, 4.13%, maturity date 12/20/2025             3,999  
 
   $500,000 face amount, 4.38% interest, maturity date 2/20/2021             15,524  
 
   $1,030,492 face amount, 5.50% interest, maturity date 3/20/2020             950,781  
 
   $500,000 face amount, 4.38% interest, maturity date 4/20/2021             11,826  
 
   $500,000 face amount, 4.38% interest, maturity date 4/20/2022             21,990  
 
   $994,600 face amount, 4.38% interest, maturity date 4/20/2026             18,332  
 
   $500,000 face amount, 4.38% interest, maturity date 5/20/2022             18,232  
 
   $511,310 face amount, 4.38% interest, maturity date 1/20/2026             12,371  
 
   $350,000 face amount, 4.13% interest, maturity date 11/20/2021             14,590  
 
   $370,000 face amount, 4.13% interest, maturity date 11/20/2024             11,748  
 
   $245,000 face amount, 4.63% interest, maturity date 12/20/2021             3,028  
 
   $1,129,515 face amount, 5.50% interest, maturity date 12/20/2019             899,146  
 
   $900,000 face amount, 5.00% interest, maturity date 12/20/2019             775,653  
 
   $460,000 face amount, 4.38% interest, maturity date 5/20/2023             18,162  
 
   $341,111 face amount, 4.38% interest, maturity date 5/20/2023             12,024  
 
   $450,000 face amount, 5.00% interest, maturity date 5/20/2020             420,812  
 
   $222,810 face amount, 4.75% interest, maturity date 8/20/2021             8,592  
 
   $175,000 face amount, 5.50% interest, maturity date 8/20/2019             1,339,904  
 
   $467,935 face amount, 5.25% interest, maturity date 9/20/2021             6,169  
 
   $310,000 face amount, 4.75% interest, maturity date 9/20/2022             11,940  
 
   $417,000 face amount, 4.75% interest, maturity date 9/20/2023             16,647  
 
   $1,000,000 face amount, 4.75% interest, maturity date 9/20/2025             17,931  
 
   $100,000 face amount, 4.50% interest, maturity date 9/20/2034             71,399  
 
   $1,555,882 face amount, 5.50% interest, maturity date 2/15/2019             967,679  
Farmer’s Home Administration Mortgage guaranteed loans
   $118,103 face amount, 5.10% interest, maturity date 3/1/2014             99,896  
 
   $675,000 face amount, 5.48% interest, maturity date 12/15/2018             597,423  
 
   $243,024 face amount, 4.63% interest, maturity date 2/5/2013             204,534  
 
   $195,419 face amount, 4,18% interest, maturity date 12/20/1970             132,163  
 
   $1,781,179 face amount, 4.73% interest, maturity date 5/2/2018             1,553,199  
 
   $880,875 face amount, 5.20% interest, maturity date 6/4/2018             773,007  

14

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
 
   $1,281,931 face amount, 6.98% interest, maturity date 6/1/2014             1,070,165  
 
   $374,483 face amount, 5.38% interest, maturity date 6/23/2015             343,184  
 
   $431,970 face amount, 5.48% interest, maturity date 7/1/2011             364,209  
 
   $215,895 face amount, 5.03% interest, maturity date 10/21/2012             173,063  
 
   $181,254 face amount, 7.28% interest, maturity date 8/23/2014             124,890  
 
   $127,385 face amount, 4.75% interest, maturity date 8/25/2012             100,506  
 
   $255,795 face amount, 5.12% interest, maturity date 8/30/2017             226,417  
 
   $155,994 face amount, 6.18% interest, maturity date 1/13/2012             106,124  
 
   $141,141 face amount, 5.47% interest, maturity date 3/15/2016             131,999  
 
   $232,928 face amount, 5.62% interest, maturity date 6/6/2018             194,512  
 
   $648,000 face amount, 5.61% interest, maturity date 9/26/2019             592,652  
 
   $3,600,000 face amount, 4.75% interest, maturity date 5/1/2012             2,973,435  
 
   $392,595 face amount, 5.75% interest, maturity date 10/21/2021             358,033  
 
   $113,370 face amount, 5.75% interest, maturity date 11/15/2021             103,437  
 
   $194,118 face amount, 5.88% interest, maturity date 2/4/2014             152,316  
 
   $201,479 face amount, 6.13% interest, maturity date 11/5/2017             124,406  
 
   $393,307 face amount, 6.53% interest, maturity date 3/10/2015             323,846  
 
   $1,953,773 face amount, 4.25% interest, maturity date 9/5/2014             1,586,261  
 
   $355,959 face amount, 5.38% interest, maturity date 9/21/2014             324,049  
 
   $346,366 face amount, 5.00% interest, maturity date 9/21/2011             302,697  
 
   $272,120 face amount, 5.63% interest, maturity date 3/25/2007             214,750  
 
   $1,517,009 face amount, 5.68% interest, maturity date 8/31/2014             1,252,680  
 
   $157,500 face amount, 5.60% interest, maturity date 6/25/2014             138,845  
 
   $373,500 face amount, 5.38% interest, maturity date 9/1/2011             325,456  
 
   $330,300 face amount, 5.38% interest, maturity date 9/1/2001             282,596  
 
   $567,038 face amount, 5.53% interest, maturity date 6/25/2011             479,239  
 
   $210,222 face amount, 4.78% interest, maturity date 9/25/2008             158,011  
 
   $674,288 face amount, 5.18% interest, maturity date 10/26/2014             621,211  
 
   $258,300 face amount, 5.83% interest, maturity date 12/15/2019             243,663  
 
   $178,689 face amount, 4.45% interest, maturity date 3/25/2011             142,271  
 
   $2,200,000 face amount, 5.00% interest, maturity date 1/1/2010             586,068  
 
   $500,000 face amount, 5.00% interest, maturity date 12/11/2015             478,249  
 
   $566,461 face amount, 5.40% interest, maturity date 7/25/2017             530,796  
 
   $108,825 face amount, 5.63% interest, maturity date 3/10/2006             53,847  
 
   $184,857 face amount, 5.63% interest, maturity date 3/10/2014             133,030  
 
   $101,863 face amount, 6.62% interest, maturity date 1/21/2011             75,493  
 
   $674,450 face amount, 5.62% interest, maturity date 8/1/2018             594,516  
 
   $444,241 face amount, 5.62% interest, maturity date 7/17/2018             396,313  
 
   $191,955 face amount, 5.68% interest, maturity date 2/18/2014             148,844  
 
   $583,061 face amount, 5.48% interest, maturity date 9/20/2016             503,727  

15

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
 
   $133,251 face amount, 7.07% interest, maturity date 12/17/2010             90,970  
 
   $183,505 face amount, 5.23% interest, maturity date 3/2/2014             139,881  
 
   $662,652 face amount, 5.38% interest, maturity date 5/23/2015             559,774  
 
   $206,572 face amount, 6.63% interest, maturity date 5/18/2014             169,980  
 
   $597,540 face amount, 5.48% interest, maturity date 8/10/2016             512,383  
 
   $417,445 face amount, 7.79% interest, maturity date 1/11/2015             349,587  
 
   $92,598 face amount, 6.81% interest, maturity date 12/29/2008             60,419  
 
   $121,500 face amount, 5.43% interest, maturity date 6/1/2011             101,829  
 
   $358,668 face amount, 6.56% interest, maturity date 10/2/2016             322,334  
 
   $178,112 face amount, 5.00% interest, maturity date 12/28/2009             146,680  
 
   $173,990 face amount, 5.38% interest, maturity date 3/1/2018             158,659  
 
   $150,908 face amount, 6.63% interest, maturity date 12/15/2015             131,877  
 
   $325,390 face amount, 4.25% interest, maturity date 1/1/2010             244,984  
 
   $194,523 face amount, 4.60% interest, maturity date 11/15/2010             118,613  
 
   $162,000 face amount, 6.13% interest, maturity date 8/1/2019             151,735  
 
   $331,132 face amount, 5.60% interest, maturity date 8/1/2017             296,306  
 
   $75,886 face amount, 4.48% interest, maturity date 8/1/2009             54,159  
 
   $160,702 face amount, 4.83% interest, maturity date 8/1/2009             113,556  
 
   $201,383 face amount, 6.63% interest, maturity date 3/31/2008             116,263  
 
   $312,190 face amount, 6.63% interest, maturity date 8/1/2015             273,681  
 
   $212,746 face amount, 4.88% interest, maturity date 4/1/2015             183,918  
 
   $280,754 face amount, 6.63% interest, maturity date 3/1/2014             239,591  
 
   $158,080 face amount, 6.63% interest, maturity date 12/31/2014             119,743  
 
   $285,498 face amount, 6.53% interest, maturity date 4/1/2014             244,294  
 
   $158,600 face amount, 4.00% interest, maturity date 3/1/2008             94,556  
 
   $543,355 face amount, 5.38%, maturity date 4/23/2015             460,037  
 
   $58,979 face amount, 6.30%, maturity date 6/30/2013             50,080  
 
   $331,029 face amount, 4.28%, maturity date 4/1/2007             144,121  
 
   $63,000 face amount, 5.63%, maturity date 7/1/2012             60,388  
 
   $225,000 face amount, 5.80%, maturity date 8/1/2020             217,567  
 
   $40,500 face amount, 5.63%, maturity date 6/1/2012             38,827  
 
   $37,800 face amount, 5.63%, maturity date 12/1/2009             35,968  
 
   $90,000 face amount, 5.47%, maturity date 5/1/2012             86,246  
 
   $126,000 face amount, 5.80%, maturity date 5/1/2020             121,546  
 
   $90,000 face amount, 5.50%, maturity date 6/1/2012             85,787  
 
   $68,400 face amount, 4.00%, maturity date 7/15/2009             51,858  
 
   $100,800 face amount, 6.12%, maturity date 8/1/2019             94,410  
 
   $50,400 face amount, 5.25%, maturity date 1/1/2012             43,406  
 
   $108,000 face amount, 5.88%, maturity date 8/1/2019             101,011  
 
   $98,960 face amount, 4.33%, maturity date 12/15/2010             75,249  
 
   $14,326 face amount, 4.43%, maturity date 5/1/2008             4,382  
 
   $47,860 face amount, 4.43%, maturity date 3/1/2010             36,450  
 
   $31,288 face amount, 4.08%, maturity date 1/1/2010             22,887  
 
   $95,523 face amount, 6.91%, maturity date 4/9/2006             21,260  
 
   $44,892 face amount, 5.75%, maturity date 12/17/2015             39,381  
 
   $141,139 face amount, 3.58%, maturity date 6/28/2009             94,856  
 
   $106,107 face amount, 3.85%, maturity date 6/25/2010             76,810  

16

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
 
   $665,729 face amount, 5.37%, maturity date 3/27/2019             597,520  
 
   $38,383 face amount, 5.63%, maturity date 11/15/2012             28,977  
 
   $27,408 face amount, 5.25%, maturity date 12/31/2011             21,251  
 
   $97,263 face amount, 7.13%, maturity date 2/28/2014             69,892  
 
   $84,404 face amount, 5.24%, maturity date 1/11/2006             5,264  
Kansas State Development Financial Authority bonds
   $500,000 face amount, 4.50% interest, maturity date 10/1/2011             480,174  
 
   $500,000 face amount, 4.37% interest, maturity date 10/1/2010             480,174  
*UMB Scout Prime Fund
   Money Market Fund             2,797,340  
*VF Corporation Common Stock
  Common Stock     846,302       46,834,359  
*VF Corporation ESOP Preferred Stock
  Preferred Stock     760,062       67,298,970  
PIMCO TOT RETURN ADM
   Mutual Fund     138,838       1,457,803  
TMPL FOREIGN SM CO A
   Mutual Fund     7,841       159,400  
ABF BALANCED PA
   Mutual Fund     2,679       36,280  
ABF LARGE CAP VAL PA
   Mutual Fund     37,722       752,171  
ABF INTL EQUITY PA
   Mutual Fund     749       15,413  
ABF SH TERM BOND PA
   Mutual Fund     499       4,370  
MUTUAL DISCOVERY A
   Mutual Fund     41,770       1,087,680  
BARON GROWTH
   Mutual Fund     96,889       4,398,762  
MSI US LG CAP GRTH B
   Mutual Fund     6,818       130,983  
CALV NEWVIS SM CP A
   Mutual Fund     624       10,292  
CALVERT SIF BALNCD A
   Mutual Fund     38       1,073  
CALVERT SIF:EQUITY A
   Mutual Fund     436       15,386  
CALVERT CAP ACC A
   Mutual Fund     1,110       26,409  
CALVERT INTL EQTY A
   Mutual Fund     6       127  
FMA SMALL COMPANY IS
   Mutual Fund     2,970       58,025  
FPA CRESCENT
   Mutual Fund     25,681       646,390  
RHJ MICRO CAP
   Mutual Fund     34,960       668,089  
OLDMUT EMRG GROWTH Z
   Mutual Fund     4,209       59,430  
ARIEL FUND
   Mutual Fund     55,348       2,771,282  
ARIEL APPRECIATION
   Mutual Fund     50,319       2,350,886  
LB CORE BOND NB INV
   Mutual Fund     7,796       76,787  
ALGER CAP APPREC I
   Mutual Fund     80,298       1,127,390  
ALGER MIDCAP GRTH I
   Mutual Fund     74,394       1,243,865  
ALGER SMALL CAP I
   Mutual Fund     10,527       220,748  
FKLN SMMIDCAP GRTH A
   Mutual Fund     17,036       642,614  
DREY FNDRS BALNCED F
   Mutual Fund     1,865       16,018  
DREY FNDRS EQ GRTH F
   Mutual Fund     8,872       45,954  
DREY FNDRS GROWTH F
   Mutual Fund     11,090       121,657  
DREY FNDRS MC GRTH F
   Mutual Fund     14,089       67,345  
DREY FNDRS WW GRTH F
   Mutual Fund     3,303       47,108  
DREY FNDRS PASSPRT F
   Mutual Fund     1,209       24,306  
OLDMUT GROWTH Z
   Mutual Fund     6,630       141,417  
AIM DYNAMICS INV
   Mutual Fund     22,538       410,414  
AIM SM CO GRTH INV
   Mutual Fund     13,119       173,956  
TEMPLETON FOREIGN A
   Mutual Fund     30,662       388,799  
JANUS FLEXIBLE BOND
   Mutual Fund     22,647       214,470  
DREY FNDRS DISCVRY F
   Mutual Fund     19,742       564,225  
MUTUAL SHARES CL A
   Mutual Fund     23,129       550,703  
MANAGERS SPECIAL EQ
   Mutual Fund     416       36,118  
MSI GLOBAL VAL EQ B
   Mutual Fund     2,321       41,066  

17

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
MSIFT BALANCED ADV
   Mutual Fund     873       10,559  
MSIFT CP FX INC ADV
   Mutual Fund     4,040       46,380  
MSIFT HIGH YIELD ADV
   Mutual Fund     9,615       49,998  
MSIFT MIDCAP GTH ADV
   Mutual Fund     17,534       425,017  
MSIFT VALUE ADVISER
   Mutual Fund     13,975       238,830  
MSI SM CO GROWTH B
   Mutual Fund     22,676       279,138  
MSI ACTIVE INTL B
   Mutual Fund     7,297       92,236  
MSI EMERGING MKTS B
   Mutual Fund     129,401       3,245,382  
AIM PREM EQUITY A
   Mutual Fund     3,178       33,024  
NB FOCUS TRUST
   Mutual Fund     3,929       93,636  
NB GENESIS — TR CL
   Mutual Fund     56,480       2,742,084  
NB MANHATTAN TRUST
   Mutual Fund     4,403       53,325  
NB PARTNERS TRUST
   Mutual Fund     16,464       356,441  
NB SOCIALLY RESP TR
   Mutual Fund     1,308       20,584  
OAKMARK FUND I
   Mutual Fund     8,778       358,842  
ALLNZ CCM CAP AP ADM
   Mutual Fund     9,065       175,502  
ALLNZ CCM MID CP ADM
   Mutual Fund     8,899       239,201  
PIM GLBBND AD UNHDGD
   Mutual Fund     14,492       138,396  
PIMCO HIGH YIELD ADM
   Mutual Fund     25,667       249,486  
PIMCO LOW DUR ADM
   Mutual Fund     58,517       584,585  
PIMCO LT US GOVT ADM
   Mutual Fund     84,990       934,894  
WFA ULTRA ST INC INV
   Mutual Fund     4,383       40,101  
WFA SHRTTERM BND INV
   Mutual Fund     35,006       298,947  
WFA DISCOVERY INV
   Mutual Fund     9,051       185,277  
WFA GROWTH INV
   Mutual Fund     24,797       522,979  
WFA COMMON STOCK Z
   Mutual Fund     5,500       119,725  
WFA OPPORTUNITY INV
   Mutual Fund     11,108       498,400  
WFA LG CAP GRTH INV
   Mutual Fund     6,720       164,906  
WFA GOVT SECURTY INV
   Mutual Fund     16,041       167,784  
TEMPLETON DEV MKTS A
   Mutual Fund     16,628       389,431  
TEMPLETON GROWTH A
   Mutual Fund     31,967       733,330  
TMPL GLOBAL BOND A
   Mutual Fund     36,911       380,554  
TEMPLETON WORLD A
   Mutual Fund     29,076       515,814  
USAA CORNERSTONE
   Mutual Fund     1,348       34,903  
USAA GNMA TRUST
   Mutual Fund     5,695       54,619  
USAA INCOME FUND
   Mutual Fund     21,029       256,552  
USAA INCOME STOCK
   Mutual Fund     10,040       152,615  
USAA INTERNATIONAL
   Mutual Fund     1,303       30,404  
USAA GROWTH FUND
   Mutual Fund     1,603       24,405  
USAA EMERGING MKTS
   Mutual Fund     12,691       200,013  
AIM CONSTELLATION A
   Mutual Fund     2,991       74,080  
CS CAP APPREC COM
   Mutual Fund     6,514       112,633  
CS MID CAP GRTH COM
   Mutual Fund     1,702       56,622  
CS GLOBAL FX INC COM
   Mutual Fund     297       2,822  
RS EMERGING GROWTH
   Mutual Fund     2,144       69,858  

18

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
JANUS ADV WRLDWIDE S
   Mutual Fund     533       15,452  
ARTISAN INTL
   Mutual Fund     1,494       37,812  
MSI INTL EQUITY B
   Mutual Fund     1,423       28,734  
NB GUARDIAN TRUST
   Mutual Fund     1,943       27,292  
DWS INTERNATIONAL S
   Mutual Fund     1,279       64,454  
DOMINI SOCIAL EQUITY
   Mutual Fund     3,957       118,425  
AIM WEINGARTEN A
   Mutual Fund     3,370       47,011  
DWS GLOBAL OPPS S
   Mutual Fund     1,255       49,020  
JANUS ADV LC GRTH S
   Mutual Fund     1,194       25,693  
JANUS ADV MC GRTH S
   Mutual Fund     2,954       82,901  
JANUS ADV FORTY S
   Mutual Fund     8,196       235,463  
JANUS ADV INTL GTH S
   Mutual Fund     1,364       51,645  
JANUS ADV BALANCED S
   Mutual Fund     1,746       45,655  
JANUS ADV FLEX BND S
   Mutual Fund     331       3,939  
DWS GRTH & INCOME S
   Mutual Fund     556       12,121  
AIM BLUE CHIP A
   Mutual Fund     3,436       41,369  
TCW GAL AGGR GRTH N
   Mutual Fund     145       1,915  
MSI LGCP REL VAL B
   Mutual Fund     4,832       53,583  
AIM GBL AGGR GRTH A
   Mutual Fund     198       4,246  
MANAGERS BOND FUND
   Mutual Fund     29,147       702,732  
MANAGERS CAP APPREC
   Mutual Fund     78       2,171  
MANAGERS VALUE
   Mutual Fund     1,369       38,301  
RS SMALLER CO GROWTH
   Mutual Fund     5,107       107,806  
TCW GALILEO SEL EQ N
   Mutual Fund     3,567       70,834  
CS LARGE CAP VALUE A
   Mutual Fund     4,635       89,549  
AIM BASIC VALUE A
   Mutual Fund     1,890       64,675  
GRTMORE MDCPGR LDR A
   Mutual Fund     423       6,207  
GARTMORE VAL OPPS A
   Mutual Fund     4       59  
LM VALUE TRUST FI CL
   Mutual Fund     3,473       258,664  
ARTISAN MID CAP INV
   Mutual Fund     5,318       164,438  
CS SMALL CAP VAL COM
   Mutual Fund     10,426       231,659  
OAKMARK EQ & INC I
   Mutual Fund     26,045       650,601  
ROYCE LOW PR STK INV
   Mutual Fund     22,980       356,886  
OLDMUT LARGE CAP Z
   Mutual Fund     820       10,508  
OLDMUT MID CAP Z
   Mutual Fund     715       12,997  
WFA SMALL CAP VAL Z
   Mutual Fund     16,642       502,092  
VK GROWTH & INCOME A
   Mutual Fund     17,159       352,442  
DWS/D HIGH RTN EQ A
   Mutual Fund     3,448       156,239  
AIM MIDCAP CORE EQ A
   Mutual Fund     4,944       141,260  
CS INTL FOCUS COM
   Mutual Fund     2,615       36,747  
WEST ASSET CORE FI
   Mutual Fund     394       4,419  
ALLNZ NFJ SMCPVAL AD
   Mutual Fund     14,144       409,038  
LD ABBETT MIDCPVAL P
   Mutual Fund     27,363       600,888  
AIM LG CAP GRTH INV
   Mutual Fund     10,525       112,510  
AIM HIGH YIELD INV
   Mutual Fund     2,652       11,561  
AIM INCOME FUND INV
   Mutual Fund     444       2,842  
AIM LGCP BSC VAL INV
   Mutual Fund     2,450       35,211  
AIM DIVSF DIVD INV
   Mutual Fund     3,067       38,057  
AIM BASIC BAL INV
   Mutual Fund     7,647       93,679  
*FID FIDELITY
   Mutual Fund     49,091       1,562,079  
*FID TREND
   Mutual Fund     2,061       117,923  
*FID SEL COMPUTERS
   Mutual Fund     1,405       50,691  
*FID SEL ELECTRONICS
   Mutual Fund     1,856       81,184  
*FID SEL FOOD & AG
   Mutual Fund     2,120       107,381  
*FID GINNIE MAE
   Mutual Fund     62,955       683,056  

19

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
*FIDELITY MAGELLAN
   Mutual Fund     28,905       3,076,601  
*FID CONTRAFUND
   Mutual Fund     63,622       4,120,178  
*FID EQUITY INCOME
   Mutual Fund     73,369       3,872,397  
*FID GROWTH COMPANY
   Mutual Fund     67,907       4,320,925  
*FIDELITY INVST GR BD
   Mutual Fund     39,417       290,503  
*FID SEL SOFTWARE
   Mutual Fund     733       38,478  
*FID INTERMED BOND
   Mutual Fund     154,069       1,585,370  
*FID SEL AIR TRANSPRT
   Mutual Fund     604       24,368  
*FID CAPITAL & INCOME
   Mutual Fund     59,739       500,018  
*FID VALUE
   Mutual Fund     71,116       5,396,294  
*FID SEL GOLD
   Mutual Fund     31,933       1,061,453  
*FID SEL BIOTECH
   Mutual Fund     2,339       146,662  
*FID SEL ENERGY SVCS
   Mutual Fund     9,018       592,849  
*FID SEL INSURANCE
   Mutual Fund     1,332       91,093  
*FID SEL RETAILING
   Mutual Fund     224       10,948  
*FIDELITY GOVT INCOME
   Mutual Fund     63,342       641,022  
*FIDELITY CASH RESRVE
   Mutual Fund     23,364       23,364  
*FID SEL ENERGY
   Mutual Fund     31,767       1,485,420  
*FID SEL LEISURE
   Mutual Fund     835       65,404  
*FID SEL HEALTHCARE
   Mutual Fund     3,721       506,352  
*FID SEL TECHNOLOGY
   Mutual Fund     3,342       211,065  
*FID SEL UTILITIES GR
   Mutual Fund     502       21,651  
*FID SEL FINANCIAL
   Mutual Fund     521       59,998  
*FID SEL DEFENSE
   Mutual Fund     17,390       1,272,752  
*FID SEL BROKERAGE
   Mutual Fund     2,547       175,599  
*FID SEL CHEMICAL
   Mutual Fund     3,040       202,736  
*FID INDEPENDENCE
   Mutual Fund     28,097       552,109  
*FID OTC PORTFOLIO
   Mutual Fund     14,615       552,300  
*FID OVERSEAS
   Mutual Fund     38,846       1,616,383  
*FID SEL TELECOMM
   Mutual Fund     180       6,985  
*FID SEL HOME FINANCE
   Mutual Fund     2,067       105,139  
*FID LEVERAGED CO STK
   Mutual Fund     118,398       3,080,717  
*FID EUROPE
   Mutual Fund     4,879       175,494  
*FID PACIFIC BASIN
   Mutual Fund     9,179       235,613  
*FID REAL ESTATE INVS
   Mutual Fund     89,917       2,801,807  
*FID BALANCED
   Mutual Fund     114,492       2,147,867  
*FID INTL DISCOVERY
   Mutual Fund     22,019       697,117  
*FID CAP APPRECIATION
   Mutual Fund     73,055       1,833,692  
*FID CONVERTIBLE SEC
   Mutual Fund     17,111       384,315  
*FID CANADA
   Mutual Fund     21,634       933,094  
*FIDELITY UTILITIES
   Mutual Fund     11,354       166,566  
*FID BLUE CHIP GROWTH
   Mutual Fund     28,686       1,238,095  
*FID ASSET MANAGER
   Mutual Fund     100,726       1,616,652  
*FID DISCIPLINED EQTY
   Mutual Fund     2,160       59,866  
*FIDELITY LOW PR STK
   Mutual Fund     194,585       7,946,841  
SPARTAN 500 INDEX
   Mutual Fund     18,079       1,555,122  
*FID WORLDWIDE
   Mutual Fund     5,080       99,424  
*FID EQUITY INCOME II
   Mutual Fund     13,945       318,783  
*FID STOCK SELECTOR
   Mutual Fund     2,473       61,190  
*FID ASSET MGR GRTH
   Mutual Fund     83,895       1,265,140  
*FIDELITY EMERG MRKTS
   Mutual Fund     34,621       638,409  
*FIDELITY AGGR GROWTH
   Mutual Fund     222,028       3,952,098  
*FID ASSET MGR INCOME
   Mutual Fund     18,418       236,301  
*FID NEW MARKETS INC
   Mutual Fund     40,653       586,628  
*FID EXP & MULTINATL
   Mutual Fund     72,887       1,548,119  
*FID FOCUSED STOCK
   Mutual Fund     9,924       118,097  
*FID GLOBAL BALANCED
   Mutual Fund     14,982       315,521  
*FID AGGRESSIVE INTL
   Mutual Fund     9,661       164,136  
*FID SM CAP INDEPEND
   Mutual Fund     18,676       382,486  
*FID MID CAP STOCK
   Mutual Fund     71,157       1,890,648  
*FID LARGE CAP STOCK
   Mutual Fund     14,119       220,398  
*FID DISCOVERY
   Mutual Fund     61,570       702,509  
*FID SMALL CAP STOCK
   Mutual Fund     68,636       1,256,037  
*FID EUROPE CAP APP
   Mutual Fund     13,608       299,656  
*FIDELITY NORDIC
   Mutual Fund     1,882       56,200  
*FID ASSET MGR AGGR
   Mutual Fund     3,966       47,910  
*FID LATIN AMERICA
   Mutual Fund     40,738       1,302,805  
*FID JAPAN
   Mutual Fund     28,654       522,365  
*FID SOUTHEAST ASIA
   Mutual Fund     15,286       324,208  
*FID CHINA REGION
   Mutual Fund     13,748       265,329  
*FID SEL BUS SV & OUT
   Mutual Fund     25       418  
*FID SEL MED EQ & SYS
   Mutual Fund     17,456       424,698  
*FID FOUR IN ONE IDX
   Mutual Fund     7,876       207,446  
*FID JAPAN SMALLER CO
   Mutual Fund     25,618       430,899  
*FID GROWTH & INC II
   Mutual Fund     17,563       178,437  
*FID STRATEGIC INCOME
   Mutual Fund     70,387       734,133  
*FID FREEDOM INCOME
   Mutual Fund     12,327       140,153  
*FID FREEDOM 2000
   Mutual Fund     30,449       371,783  
*FID FREEDOM 2010
   Mutual Fund     330,752       4,647,061  
*FID FREEDOM 2020
   Mutual Fund     352,384       5,183,573  
*FID FREEDOM 2030
   Mutual Fund     248,056       3,725,807  
*FID SM CAP RTMT
   Mutual Fund     3,923       64,109  
SPTN TOTAL MKT INDEX
   Mutual Fund     31,712       1,099,138  
SPTN EXTND MKT INDEX
   Mutual Fund     2,036       70,737  
SPARTAN INTL INDEX
   Mutual Fund     3,052       109,031  
*FID SHORT TERM BOND
   Mutual Fund     50,768       449,808  
*FID INTM GOVT INCOME
   Mutual Fund     10,714       107,458  
*FID HIGH INCOME
   Mutual Fund     43,545       382,328  
*FID FIFTY
   Mutual Fund     29,117       661,827  
*FID SEL AUTOMOTIVE
   Mutual Fund     677       23,101  
*FID SEL MULTIMEDIA
   Mutual Fund     627       29,975  
*FID SEL MEDICAL DEL
   Mutual Fund     19,107       1,042,499  
*FID SEL PAPER&FOREST
   Mutual Fund     410       12,438  
*FID SEL BANKING
   Mutual Fund     3,379       120,446  
*FID SEL INDUST MATER
   Mutual Fund     1,840       81,173  
*FID SEL INDUST EQUIP
   Mutual Fund     160       4,289  
*FID SEL CONSTR/HOUSE
   Mutual Fund     7,191       339,116  
*FID SEL TRANSPORT
   Mutual Fund     2,803       130,863  
*FID SEL NATURAL GAS
   Mutual Fund     39,770       1,543,883  
*FID SEL NATURAL RES
   Mutual Fund     12,563       304,646  
*FID SEL CYCLICAL IND
   Mutual Fund     2,547       49,843  
*FID SEL ENVIRONMENT
   Mutual Fund     637       9,963  
*FID SEL CONSUMER IND
   Mutual Fund     113       2,830  
*FID SEL DEVELOP COMM
   Mutual Fund     831       16,634  
*FID SEL PHARMACEUTCL
   Mutual Fund     11,665       115,714  
*FIDELITY RET GOVT MM
   Mutual Fund     1,242,245       1,242,245  
SPARTAN US EQ INDEX
   Mutual Fund     69,021       3,047,968  
*FIDELITY US BD INDEX
   Mutual Fund     65,760       716,783  
*FID INST SH INT GOVT
   Mutual Fund     3,687       35,067  
*FID FREEDOM 2040
   Mutual Fund     181,747       1,604,826  
*FID SEL NET & INFSTR
   Mutual Fund     42,673       100,282  
*FID SEL WIRELESS
   Mutual Fund     13,013       89,011  
Cash
   Cash and Cash Equivalents     —       2,075,384  
Loans receivable from participants
  Participant Loans, rates of 4% to 10.75%, maturity dates from 1 to
10 years 		    N/A       13,307,493  
 
                   
 
              $ 521,296,076  
 
                   
 
*   Represents a party-in-trust

20