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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 HOURLY 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 HOURLY 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 December 31, 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)
     11    
 
*   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   20

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 Hourly 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 Hourly 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 Hourly Employees (the “Plan”) at December 31, 2005 and 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 HOURLY EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
                 
    December 31  
    2005     2004  
ASSETS
                
Investments, at fair value
                
VF Corporation Common Stock - 30,731 shares in 2005 and 34,743 shares in 2004
   $ 1,700,647     $ 1,924,095  
Other securities
     11,450,218       11,516,797  
 
            
Total investments
     13,150,865       13,440,892  
Loans receivable from participants
     668,798       639,038  
 
            
 
                
Net assets available for benefits
   $ 13,819,663     $ 14,079,930  
 
            
See notes to financial statements.

5

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
         
    Year Ended  
    December 31, 2005  
Investment income
        
Net realized and unrealized appreciation in fair value of investments
   $ 180,604  
Dividends on VF Corporation common stock
     34,164  
Income from mutual funds and bank common trust funds
     467,110  
 
      
 
     681,878  
Interest on participant loans
     26,855  
Participant contributions
     540,956  
VF Corporation contributions
     42,591  
Transfer merged plans (Note C)
     306,492  
 
      
 
     1,598,772  
 
        
Benefits paid to participants
     (1,831,031 )
Administrative expenses
     (28,008 )
 
      
Net decrease
     (260,267 )
 
        
Net assets available for benefits
        
Beginning of period
     14,079,930  
 
      
End of period
   $ 13,819,663  
 
      
See notes to financial statements.

6

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
NOTE A — DESCRIPTION OF THE PLAN
VF Corporation (“VF”) sponsors the VF Corporation Retirement Savings Plan for Hourly 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 Plan, hourly employees of specified subsidiaries may elect to contribute between 2% and 50% of their compensation to the Plan.
Effective January 1, 2005, VF added a noncontributory Retirement contribution feature for employees hired after January 1, 2005 and eligible employees of newly 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.
Employee contributions under the Compensation Deferral feature and 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 and investment funds’ earnings. 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. Forfeitures are used to reduce VF’s obligations to pay Plan expenses. Unused forfeitures at December 31, 2005 that are available to reduce future Plan Sponsor Contributions totalled $3,796. Participants may elect to receive distributions in a lump sum, or accounts may be rolled over into another IRS-approved tax deferral account.
Participants may borrow up to 50% or $50,000 of the participant’s total account balance in the Compensation Deferral portion of the Plan. 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 409 and 477 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 became 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 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.

7

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
NOTE B — SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 $306,492.
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 stock of the Plan Sponsor. These transactions also qualify as party-in-interest transactions.

8

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS (Continued)
NOTE F — INVESTMENTS
Net realized and unrealized appreciation and year-end fair value of investments included in Plan equity includes the following:
                         
    Net Realized        
    Appreciation in        
    Fair Value for     Fair Value  
    the Year Ended     At December 31,  
    December 31, 2005     2005     2004  
Fair value as determined by quoted market or stated redemption price:
                        
VF Corporation Common Stock
   $ 949     $ 1,700,647     $ 1,924,095  
Mutual funds
     8,284       7,912,635       7,684,345  
 
                  
 
     9,233       9,613,282       9,608,440  
 
                  
 
                        
Fair value as determined by Plan trustee:
                        
 
                        
Government guaranteed loans
     171,371       3,537,583       3,832,452  
 
                  
 
     171,371       3,537,583       3,832,452  
 
                  
 
   $ 180,604     $ 13,150,865     $ 13,440,892  
 
                  

9

 

VF CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY 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
Fidelity Growth & Income Fund (41,313 shares and 39,152 shares)
   $ 1,421,177     $ 1,496,008  
Fidelity Puritan Fund (42,397 shares and 43,886 shares)
     794,104       831,646  
Fidelity US Equity Index Commingled Pool (29,277 shares and 33,131 shares)
     1,148,839       1,239,767  
VF Corporation Common Stock (30,731 shares and 34,743 shares)
     1,700,647       1,924,095  
Fidelity Retirement Money Market Portfolio (1,278,243 shares and 1,260,617 shares)
     1,278,243       1,260,617  
Baron Asset Fund (14,516 shares and 15,372 shares)
     817,115       807,350  

10

 

VF Corporation Retirement Savings Plan
For Hourly Employees
Schedule H — Line 4i — Schedule of Assets (Held at End of Year)
At December 31, 2005
                     
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 Puritan Fund
  Mutual Fund     42,397     $ 794,104  
*Fidelity Growth & Income Fund
  Mutual Fund     41,313       1,421,177  
*Fidelity Diversified International Fund
  Mutual Fund     10,627       345,792  
*Fidelity Dividend Growth Fund
  Mutual Fund     2,304       66,340  
*Fidelity Retirement Money Market Portfolio
  Mutual Fund     1,278,243       1,278,243  
*Fidelity U.S. Equity Index Commingled Pool
  Common Collective Trust     29,277       1,148,839  
Baron Asset Fund
  Mutual Fund     14,516       817,115  
Longleaf Small Cap Fund
  Mutual Fund     21,367       577,337  
Small Business Administration guaranteed loans
   $275,412 face amount, 7.85% interest, maturity date 10/21/2014             9,853  
 
   $327,122 face amount, 5.87% interest, maturity date 3/6/2010             9,632  
 
   $189,630 face amount, 6.02% interest, maturity date 4/3/2015             6,302  
 
   $350,000 face amount, 6.50% interest, maturity date 11/1/2006             451  
 
   $250,000 face amount, 5.45% interest, maturity date 1/1/2009             1,992  
 
   $200,000 face amount, 6.75% interest, maturity date 1/1/2007             339  
 
   $550,000 face amount, 5.80% interest, maturity date 1/1/2006             479  
 
   $100,000 face amount, 7.08% interest, maturity date 12/10/2006             227  
 
   $114,020 face amount, 5.41% interest, maturity date 7/22/2015             4,528  
 
   $212,836 face amount, 3.50% interest, maturity date 7/31/2012             6,351  
 
   $51,391 face amount, 2.50% interest, maturity date 12/02/2007             1,111  
 
   $298,714 face amount, 5.23% interest, maturity date 2/01/2016             10,445  
 
   $60,708 face amount, 6.58% interest, maturity date 1/16/2008             1,428  
 
   $444,362 face amount, 5.13% interest, maturity date 9/25/2018             17,607  
 
   $184,102 face amount, 3.50% interest, maturity date 7/17/2013             5,587  
 
   $206,641 face amount, 2.50% interest, maturity date 7/16/2018             6,218  
 
   $167,611 face amount, 0.00% interest, maturity date 8/11/2018             82  
 
   $108,089 face amount, 6.34% interest, maturity date 9/09/2008             2,793  
 
   $406,879 face amount, 3.00% interest, maturity date 9/15/2013             11,693  
 
   $430,140 face amount, 5.38% interest, maturity date 7/19/2014             13,474  
 
   $209,331 face amount, 7.25% interest, maturity date 3/01/2014             7,314  
 
   $273,417 face amount, 7.85% interest, maturity date 3/19/2017             10,098  
 
   $573,056 face amount, 7.95% interest, maturity date 11/29/2015             20,022  
 
   $1,222,350 face amount, 5.13% interest, maturity date 5/12/2019             47,780  
 
   $505,895 face amount, 6.63% interest, maturity date 11/26/2009             270  
 
   $107,588 face amount, 5.86% interest, maturity date 7/19/2009             1,891  
 
   $69,975 face amount, 6.99% interest, maturity date 9/13/2007             1,489  
 
   $418,972 face amount, 7.66% interest, maturity date 11/09/2009             12,432  
 
   $240,786 face amount, 6.54% interest, maturity date 10/01/2009             6,517  
 
   $107,289 face amount, 7.27% interest, maturity date 10/19/2013             3,853  
 
   $1,500,000 face amount, 4.52% interest, maturity date 2/10/2013             45,103  
 
   $1,000,000 face amount, 5.14% interest, maturity date 8/10/2013             32,923  
 
   $1,000,000 face amount, 5.20% interest, maturity date 8/1/2012             29,017  
 
   $250,000 face amount, 5.15% interest, maturity date 11/1/2008             1,289  

11

 

                     
Identity of issue,   Description of investment        
borrower, lessor, or   (including rate of interest   Number of   Current
or similar party   and maturity date)   Shares   Value
 
   $250,000 face amount, 6.15% interest, maturity date 11/1/2013             2,292  
 
   $700,000 face amount, 6.10% interest, maturity date 3/1/2006             253  
 
   $150,000 face amount, 6.00% interest, maturity date 3/1/2009             388  
 
   $250,000 face amount, 6.95% interest, maturity date 5/1/2007             590  
 
   $500,000 face amount, 7.05% interest, maturity date 5/1/2005             316  
 
   $200,000 face amount, 6.55% interest, maturity date 7/1/2007             557  
 
   $164,524 face amount, 7.58% interest, maturity date 2/3/2013             5,476  
 
   $84,890 face amount, 5.49% interest, maturity date 4/29/2009             2,056  
 
   $71,953 face amount, 5.38% interest, maturity date 4/12/2011             1,510  
 
   $198,390 face amount, 5.47% interest, maturity date 3/12/2016             7,491  
 
   $132,265 face amount, 5.98% interest, maturity date 5/2/2011             4,243  
 
   $663,821 face amount, 5.36% interest, maturity date 7/17/2016             25,805  
 
   $189,424 face amount, 5.67% interest, maturity date 5/25/2013             6,381  
 
   $405,021 face amount, 5.97% interest, maturity date 10/29/2011             13,078  
 
   $277,843 face amount, 5.13% interest, maturity date 10/17/2013             9,480  
 
   $156,267 face amount, 6.27% interest, maturity date 3/8/2012             4,694  
 
   $94,072 face amount, 4.88% interest, maturity date 4/15/2012             3,194  
 
   $286,424 face amount, 5.61% interest, maturity date 1/17/2018             10,113  
 
   $246,303 face amount, 5.51% interest, maturity date 9/19/2017             8,655  
 
   $503,741 face amount, 7.23% interest, maturity date 9/24/2018             18,575  
 
   $102,628 face amount, 4.38% interest, maturity date 6/27/2009             2,904  
 
   $267,791 face amount, 4.61% interest, maturity date 5/15/2011             7,899  
 
   $51,697 face amount, 4.48% interest, maturity date 9/9/2009             1,465  
 
   $467,019 face amount, 5.61% interest, maturity date 4/10/2018             16,934  
 
   $101,654 face amount, 6.59% interest, maturity date 8/20/2013             3,367  
 
   $501,128 face amount, 5.61% interest, maturity date 4/28/2019             15,012  
 
   $501,128 face amount, 5.61% interest, maturity date 4/28/2019             15,012  
 
   $127,112 face amount, 5.73% interest, maturity date 11/7/2018             4,610  
 
   $546,109 face amount, 5.61% interest, maturity date 6/20/2019             20,754  
 
   $339,602 face amount, 5.61% interest, maturity date 4/7/2019             12,234  
 
   $538,154 face amount, 5.46% interest, maturity date 9/17/2018             21,411  
 
   $165,023 face amount, 4.65% interest, maturity date 10/3/2010             5,589  
 
   $226,457 face amount, 5.61% interest, maturity date 3/15/2019             8,578  
 
   $945,589 face amount, 5.42% interest, maturity date 12/11/2015             36,834  
 
   $256,027 face amount, 5.26% interest, maturity date 6/4/2011             8,696  
 
   $404,250 face amount, 5.61% interest, maturity date 6/18/2019             15,351  
 
   $424,115 face amount, 5.58% interest, maturity date 5/23/2020             16,866  
 
   $142,991 face amount, 5.90% interest, maturity date 8/1/2010             4,496  
 
   $272,179 face amount, 5.63% interest, maturity date 7/1/2012             8,525  
 
   $180,539 face amount, 3.50% interest, maturity date 8/12/2013             5,176  
 
   $206,001 face amount, 3.00% interest, maturity date 6/9/2017             6,006  
 
   $342,596 face amount, 6.13% interest, maturity date 12/31/2013             11,692  

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
 
   $154,433 face amount, 5.88% interest, maturity date 1/15/2006             5,697  
 
   $184,343 face amount, 7.26% interest, maturity date 2/10/2014             6,361  
 
   $182,111 face amount, 6.89% interest, maturity date 9/29/2009             5,264  
 
   $107,048 face amount, 7.49% interest, maturity date 3/13/2007             2,078  
 
   $88,061 face amount, 6.13% interest, maturity date 9/30/2007             1,733  
 
   $135,510 face amount, 5.08% interest, maturity date 2/4/2008             94  
 
   $62,556 face amount, 7.93% interest, maturity date 4/22/2009             1,376  
 
   $79,804 face amount, 6.73% interest, maturity date 12/23/2009             2,287  
 
   $58,020 face amount, 8.83% interest, maturity date 12/21/2009             1,710  
US Department of Agriculture guaranteed loans
   $248,400 face amount, 5.09% interest, maturity date 3/1/2020             9,817  
 
   $135,000 face amount, 4.83% interest, maturity date 4/1/2012             5,201  
En Boat LLC corporate bond
   $500,000 face amount, 4.63% interest, maturity date 7/18/2028             18,239  
Rowan Cos, Inc. corporate bond
   $300,000 face amount, 2.80% interest, maturity date 10/20/2013             8,708  
Kansas State Development Financial Authority bonds
   $500,000 face amount, 4.50% interest, maturity date 10/1/2011             19,826  
 
   $500,000 face amount, 4.37% interest, maturity date 10/1/2010             19,826  
Government National Mortgage Association loans
   $460,000 face amount, 4.38% interest, maturity date 5/20/2023             750  
 
   $500,000 face amount, 4.49%, maturity date 4/16/2023             19,777  
 
   $1,518,976 face amount, 4.26%, maturity date 7/16/2029             61,930  
 
   $500,000 face amount, 3.52%, maturity date 1/16/2032             15,428  
 
   $1,500,000 face amount, 4.43%, maturity date 8/16/2033             58,979  
 
   $700,000 face amount, 5.00%, maturity date 5/15/2018             17,794  
 
   $886,763 face amount, 5.50%, maturity date 10/20/2017             13,944  
 
   $1,000,000 face amount, 4.65%, maturity date 11/16/2033             39,256  
 
   $500,000 face amount, 5.06%, maturity date 2/16/2046             19,826  
 
   $250,000 face amount, 6.00%, maturity date 2/15/2014             1,632  
 
   $1,400,000 face amount, 5.00%, maturity date 4/20/2018             32,412  
 
   $1,600,000 face amount, 5.00%, maturity date 4/16/2018             42,591  
 
   $1,000,000 face amount, 5.50%, maturity date 4/15/2025             39,815  
 
   $1,000,000 face amount, 5.50%, maturity date 5/20/2017             12,955  
 
   $200,000 face amount, 6.00%, maturity date 6/15/2013             2,702  
 
   $1,000,000 face amount, 6.25%, maturity date 7/15/2022             36,344  
 
   $200,000 face amount, 6.00%, maturity date 7/15/2013             1,052  
 
   $1,500,000 face amount, 5.50%, maturity date 7/20/2017             21,570  
 
   $750,000 face amount, 5.50%, maturity date 7/20/2018             16,785  
 
   $500,000 face amount, 4.38%, maturity date 1/20/2023             705  
 
   $1,000,000 face amount, 4.38%, maturity date 1/20/2023             2,013  
 
   $1,000,000 face amount, 4.38%, maturity date 1/20/2024             2,177  
 
   $1,000,000 face amount, 4.13%, maturity date 12/20/2025             165  
 
   $341,111 face amount, 4.38% interest, maturity date 5/20/2023             496  
 
   $450,000 face amount, 5.00% interest, maturity date 5/20/2020             17,375  
 
   $222,810 face amount, 4.75% interest, maturity date 8/20/2021             355  
 
   $175,000 face amount, 5.50% interest, maturity date 8/20/2019             55,322  

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
 
   $467,935 face amount, 5.25% interest, maturity date 9/20/2021             255  
 
   $310,000 face amount, 4.75% interest, maturity date 9/20/2022             493  
 
   $417,000 face amount, 4.75% interest, maturity date 9/20/2023             687  
 
   $1,000,000 face amount, 4.75% interest, maturity date 9/20/2025             740  
 
   $100,000 face amount, 4.50% interest, maturity date 9/20/2034             2,948  
 
   $1,555,882 face amount, 5.50% interest, maturity date 2/15/2019             39,954  
 
   $500,000 face amount, 4.38% interest, maturity date 2/20/2021             641  
 
   $1,030,492 face amount, 5.50% interest, maturity date 3/20/2020             39,256  
 
   $500,000 face amount, 4.38% interest, maturity date 4/20/2021             488  
 
   $500,000 face amount, 4.38% interest, maturity date 4/20/2022             908  
 
   $994,600 face amount, 4.38% interest, maturity date 4/20/2026             757  
 
   $500,000 face amount, 4.38% interest, maturity date 5/20/2022             753  
 
   $511,310 face amount, 4.38% interest, maturity date 1/20/2026             511  
 
   $350,000 face amount, 4.13% interest, maturity date 11/20/2021             602  
 
   $370,000 face amount, 4.13% interest, maturity date 11/20/2024             485  
 
   $245,000 face amount, 4.63% interest, maturity date 12/20/2021             125  
 
   $1,129,515 face amount, 5.50% interest, maturity date 12/20/2019             37,124  
 
   $900,000 face amount, 5.00% interest, maturity date 12/20/2019             32,025  
UMB Scout Prime Fund
   Money Market Fund             115,497  
Farmer’s Home Administration Mortgage guaranteed loans
   $121,500 face amount, 5.43% interest, maturity date 6/1/2011             4,204  
 
   $358,668 face amount, 6.56% interest, maturity date 10/2/2016             13,309  
 
   $178,112 face amount, 5.00% interest, maturity date 12/28/2009             6,056  
 
   $173,990 face amount, 5.38% interest, maturity date 3/1/2018             6,551  
 
   $150,908 face amount, 6.63% interest, maturity date 12/15/2015             5,445  
 
   $325,390 face amount, 4.25% interest, maturity date 1/1/2010             10,115  
 
   $194,523 face amount, 4.60% interest, maturity date 11/15/2010             4,897  
 
   $162,000 face amount, 6.13% interest, maturity date 8/1/2019             6,265  
 
   $331,132 face amount, 5.60% interest, maturity date 8/1/2017             12,234  
 
   $75,886 face amount, 4.48% interest, maturity date 8/1/2009             2,236  
 
   $160,702 face amount, 4.83% interest, maturity date 8/1/2009             4,689  
 
   $95,523 face amount, 6.91%, maturity date 4/9/2006             878  
 
   $44,892 face amount, 5.75%, maturity date 12/17/2015             1,626  
 
   $141,139 face amount, 3.58%, maturity date 6/28/2009             3,916  
 
   $106,107 face amount, 3.85%, maturity date 6/25/2010             3,171  
 
   $665,729 face amount, 5.37%, maturity date 3/27/2019             24,671  
 
   $38,383 face amount, 5.63%, maturity date 11/15/2012             1,196  
 
   $27,408 face amount, 5.25%, maturity date 12/31/2011             877  
 
   $97,263 face amount, 7.13%, maturity date 2/28/2014             2,886  
 
   $84,404 face amount, 5.24%, maturity date 1/11/2006             217  
 
   $543,355 face amount, 5.38%, maturity date 4/23/2015             18,994  
 
   $58,979 face amount, 6.30%, maturity date 6/30/2013             2,068  
 
   $331,029 face amount, 4.28%, maturity date 4/1/2007             5,950  

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
 
   $63,000 face amount, 5.63%, maturity date 7/1/2012             2,493  
 
   $225,000 face amount, 5.80%, maturity date 8/1/2020             8,983  
 
   $40,500 face amount, 5.63%, maturity date 6/1/2012             1,603  
 
   $37,800 face amount, 5.63%, maturity date 12/1/2009             1,485  
 
   $90,000 face amount, 5.47%, maturity date 5/1/2012             3,561  
 
   $126,000 face amount, 5.80%, maturity date 5/1/2020             5,018  
 
   $90,000 face amount, 5.50%, maturity date 6/1/2012             3,542  
 
   $68,400 face amount, 4.00%, maturity date 7/15/2009             2,141  
 
   $100,800 face amount, 6.12%, maturity date 8/1/2019             3,898  
 
   $50,400 face amount, 5.25%, maturity date 1/1/2012             1,792  
 
   $108,000 face amount, 5.88%, maturity date 8/1/2019             4,171  
 
   $98,960 face amount, 4.33%, maturity date 12/15/2010             3,107  
 
   $14,326 face amount, 4.43%, maturity date 5/1/2008             181  
 
   $47,860 face amount, 4.43%, maturity date 3/1/2010             1,505  
 
   $31,288 face amount, 4.08%, maturity date 1/1/2010             945  
 
   $201,383 face amount, 6.63% interest, maturity date 3/31/2008             4,800  
 
   $312,190 face amount, 6.63% interest, maturity date 8/1/2015             11,300  
 
   $212,746 face amount, 4.88% interest, maturity date 4/1/2015             7,594  
 
   $280,754 face amount, 6.63% interest, maturity date 3/1/2014             9,892  
 
   $158,080 face amount, 6.63% interest, maturity date 12/31/2014             4,944  
 
   $285,498 face amount, 6.53% interest, maturity date 4/1/2014             10,086  
 
   $158,600 face amount, 4.00% interest, maturity date 3/1/2008             3,904  
 
   $118,103 face amount, 5.10% interest, maturity date 3/1/2014             4,125  
 
   $675,000 face amount, 5.48% interest, maturity date 12/15/2018             24,666  
 
   $243,024 face amount, 4.63% interest, maturity date 2/5/2013             8,445  
 
   $195,419 face amount, 4,18% interest, maturity date 12/20/1970             5,457  
 
   $1,781,179 face amount, 4.73% interest, maturity date 5/2/2018             64,129  
 
   $880,875 face amount, 5.20% interest, maturity date 6/4/2018             31,916  
 
   $1,281,931 face amount, 6.98% interest, maturity date 6/1/2014             44,185  
 
   $374,483 face amount, 5.38% interest, maturity date 6/23/2015             14,169  
 
   $431,970 face amount, 5.48% interest, maturity date 7/1/2011             15,038  
 
   $215,895 face amount, 5.03% interest, maturity date 10/21/2012             7,145  
 
   $181,254 face amount, 7.28% interest, maturity date 8/23/2014             5,156  
 
   $127,385 face amount, 4.75% interest, maturity date 8/25/2012             4,150  
 
   $255,795 face amount, 5.12% interest, maturity date 8/30/2017             9,348  
 
   $155,994 face amount, 6.18% interest, maturity date 1/13/2012             4,382  
 
   $141,141 face amount, 5.47% interest, maturity date 3/15/2016             5,450  
 
   $232,928 face amount, 5.62% interest, maturity date 6/6/2018             8,031  
 
   $648,000 face amount, 5.61% interest, maturity date 9/26/2019             24,470  
 
   $3,600,000 face amount, 4.75% interest, maturity date 5/1/2012             122,768  
 
   $392,595 face amount, 5.75% interest, maturity date 10/21/2021             14,782  
 
   $113,370 face amount, 5.75% interest, maturity date 11/15/2021             4,271  

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
 
   $194,118 face amount, 5.88% interest, maturity date 2/4/2014             6,289  
 
   $201,479 face amount, 6.13% interest, maturity date 11/5/2017             5,137  
 
   $393,307 face amount, 6.53% interest, maturity date 3/10/2015             13,371  
 
   $1,953,773 face amount, 4.25% interest, maturity date 9/5/2014             65,494  
 
   $355,959 face amount, 5.38% interest, maturity date 9/21/2014             13,379  
 
   $346,366 face amount, 5.00% interest, maturity date 9/21/2011             12,498  
 
   $272,120 face amount, 5.63% interest, maturity date 3/25/2007             8,867  
 
   $1,517,009 face amount, 5.68% interest, maturity date 8/31/2014             51,721  
 
   $157,500 face amount, 5.60% interest, maturity date 6/25/2014             5,733  
 
   $373,500 face amount, 5.38% interest, maturity date 9/1/2011             13,437  
 
   $330,300 face amount, 5.38% interest, maturity date 9/1/2001             11,668  
 
   $567,038 face amount, 5.53% interest, maturity date 6/25/2011             19,787  
 
   $210,222 face amount, 4.78% interest, maturity date 9/25/2008             6,524  
 
   $674,288 face amount, 5.18% interest, maturity date 10/26/2014             25,649  
 
   $258,300 face amount, 5.83% interest, maturity date 12/15/2019             10,060  
 
   $178,689 face amount, 4.45% interest, maturity date 3/25/2011             5,874  
 
   $2,200,000 face amount, 5.00% interest, maturity date 1/1/2010             24,198  
 
   $500,000 face amount, 5.00% interest, maturity date 12/11/2015             19,746  
 
   $566,461 face amount, 5.40% interest, maturity date 7/25/2017             21,916  
 
   $108,825 face amount, 5.63% interest, maturity date 3/10/2006             2,223  
 
   $184,857 face amount, 5.63% interest, maturity date 3/10/2014             5,493  
 
   $101,863 face amount, 6.62% interest, maturity date 1/21/2011             3,117  
 
   $674,450 face amount, 5.62% interest, maturity date 8/1/2018             24,546  
 
   $444,241 face amount, 5.62% interest, maturity date 7/17/2018             16,363  
 
   $191,955 face amount, 5.68% interest, maturity date 2/18/2014             6,146  
 
   $583,061 face amount, 5.48% interest, maturity date 9/20/2016             20,798  
 
   $133,251 face amount, 7.07% interest, maturity date 12/17/2010             3,756  
 
   $183,505 face amount, 5.23% interest, maturity date 3/2/2014             5,775  
 
   $662,652 face amount, 5.38% interest, maturity date 5/23/2015             23,112  
 
   $206,572 face amount, 6.63% interest, maturity date 5/18/2014             7,018  
 
   $597,540 face amount, 5.48% interest, maturity date 8/10/2016             21,155  
 
   $417,445 face amount, 7.79% interest, maturity date 1/11/2015             14,434  
 
   $92,598 face amount, 6.81% interest, maturity date 12/29/2008             2,495  
Cash
   Cash and cash equivalents             804,801  

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
*VF Corporation Common Stock
  Common Stock     30,731       1,700,647  
PIMCO TOT RETURN ADM
   Mutual Fund     307       3,221  
TMPL FOREIGN SM CO A
   Mutual Fund     298       6,062  
ABF BALANCED PA
   Mutual Fund     91       1,226  
ABF LARGE CAP VAL PA
   Mutual Fund     159       3,173  
BARON GROWTH
   Mutual Fund     558       25,330  
MSI US LG CAP GRTH B
   Mutual Fund     42       813  
FMA SMALL COMPANY IS
   Mutual Fund     7       129  
FPA CRESCENT
   Mutual Fund     43       1,093  
OLDMUT EMRG GROWTH Z
   Mutual Fund     135       1,908  
ARIEL FUND
   Mutual Fund     107       5,370  
LB CORE BOND NB INV
   Mutual Fund     546       5,379  
ALGER CAP APPREC I
   Mutual Fund     1,460       20,494  
ALGER MIDCAP GRTH I
   Mutual Fund     158       2,649  
ALGER SMALL CAP I
   Mutual Fund     380       7,964  
FKLN SMMIDCAP GRTH A
   Mutual Fund     2       74  
DREY FNDRS BALNCED F
   Mutual Fund     514       4,418  
DREY FNDRS EQ GRTH F
   Mutual Fund     149       774  
DREY FNDRS GROWTH F
   Mutual Fund     326       3,577  
DREY FNDRS MC GRTH F
   Mutual Fund     2,274       10,868  
DREY FNDRS WW GRTH F
   Mutual Fund     271       3,871  
OLDMUT GROWTH Z
   Mutual Fund     235       5,014  
AIM DYNAMICS INV
   Mutual Fund     26       466  
AIM SM CO GRTH INV
   Mutual Fund     2       30  
JANUS FLEXIBLE BOND
   Mutual Fund     1       6  
DREY FNDRS DISCVRY F
   Mutual Fund     117       3,336  
MUTUAL SHARES CL A
   Mutual Fund     5       115  
MSI GLOBAL VAL EQ B
   Mutual Fund     92       1,634  
MSIFT MIDCAP GTH ADV
   Mutual Fund     474       11,498  
MSI SM CO GROWTH B
   Mutual Fund     520       6,397  
NB GENESIS — TR CL
   Mutual Fund     66       3,190  
NB PARTNERS TRUST
   Mutual Fund     1       31  
OAKMARK FUND I
   Mutual Fund     9       361  
ALLNZ CCM CAP AP ADM
   Mutual Fund     409       7,913  
ALLNZ CCM MID CP ADM
   Mutual Fund     6       153  
PIM GLBBND AD UNHDGD
   Mutual Fund     168       1,605  
PIMCO HIGH YIELD ADM
   Mutual Fund     265       2,580  
PIMCO LOW DUR ADM
   Mutual Fund     1       6  
PIMCO LT US GOVT ADM
   Mutual Fund     843       9,270  
WFA ULTRA ST INC INV
   Mutual Fund     1,018       9,316  
WFA SHRTTERM BND INV
   Mutual Fund     22       191  
WFA DISCOVERY INV
   Mutual Fund     15       315  
WFA GROWTH INV
   Mutual Fund     438       9,244  

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
WFA OPPORTUNITY INV
   Mutual Fund     179       8,038  
WFA GOVT SECURTY INV
   Mutual Fund     226       2,365  
TEMPLETON GROWTH A
   Mutual Fund     16       357  
TMPL GLOBAL BOND A
   Mutual Fund     47       487  
TEMPLETON WORLD A
   Mutual Fund     65       1,145  
USAA GNMA TRUST
   Mutual Fund     390       3,743  
USAA INCOME FUND
   Mutual Fund     1,840       22,452  
USAA INCOME STOCK
   Mutual Fund     69       1,041  
AIM CONSTELLATION A
   Mutual Fund     15       374  
CS MID CAP GRTH COM
   Mutual Fund     180       5,982  
JANUS ADV WRLDWIDE S
   Mutual Fund     5       151  
DOMINI SOCIAL EQUITY
   Mutual Fund     138       4,124  
JANUS ADV FORTY S
   Mutual Fund     5       148  
JANUS ADV BALANCED S
   Mutual Fund     12       302  
JANUS ADV FLEX BND S
   Mutual Fund     122       1,447  
MSI LGCP REL VAL B
   Mutual Fund     16       181  
MANAGERS BOND FUND
   Mutual Fund     125       3,019  
TCW GALILEO SEL EQ N
   Mutual Fund     29       579  
CS LARGE CAP VALUE A
   Mutual Fund     352       6,806  
ARTISAN MID CAP INV
   Mutual Fund     26       811  
CS SMALL CAP VAL COM
   Mutual Fund     6       138  
OAKMARK EQ & INC I
   Mutual Fund     124       3,092  
ROYCE LOW PR STK INV
   Mutual Fund     18       279  
WFA SMALL CAP VAL Z
   Mutual Fund     55       1,645  
VK GROWTH & INCOME A
   Mutual Fund     14       295  
DWS/D HIGH RTN EQ A
   Mutual Fund     18       796  
WEST ASSET CORE FI
   Mutual Fund     1       2  
ALLNZ NFJ SMCPVAL AD
   Mutual Fund     95       2,753  
LD ABBETT MIDCPVAL P
   Mutual Fund     13       288  
AIM LG CAP GRTH INV
   Mutual Fund     673       7,193  
AIM BASIC BAL INV
   Mutual Fund     88       1,083  
*FID FIDELITY
   Mutual Fund     566       18,022  
*FID TREND
   Mutual Fund     39       2,226  
*FID SEL COMPUTERS
   Mutual Fund     174       6,286  
*FID SEL ELECTRONICS
   Mutual Fund     63       2,777  
*FID SEL FOOD & AG
   Mutual Fund     4       211  
*FID GINNIE MAE
   Mutual Fund     723       7,843  
*FIDELITY MAGELLAN
   Mutual Fund     568       60,429  
*FID CONTRAFUND
   Mutual Fund     357       23,142  
*FID EQUITY INCOME
   Mutual Fund     1,155       60,963  
*FID GROWTH COMPANY
   Mutual Fund     1,443       91,794  
*FIDELITY INVST GR BD
   Mutual Fund     2,230       16,435  
*FID INTERMED BOND
   Mutual Fund     1,110       11,420  
*FID CAPITAL & INCOME
   Mutual Fund     1,884       15,770  
*FID VALUE
   Mutual Fund     232       17,628  
*FID SEL GOLD
   Mutual Fund     928       30,849  
*FID SEL ENERGY SVCS
   Mutual Fund     124       8,129  
*FIDELITY GOVT INCOME
   Mutual Fund     3,737       37,815  
*FIDELITY CASH RESRVE
   Mutual Fund     189       189  
*FID SEL ENERGY
   Mutual Fund     305       14,257  
*FID SEL HEALTHCARE
   Mutual Fund     24       3,265  
*FID SEL TECHNOLOGY
   Mutual Fund     40       2,504  
*FID SEL UTILITIES GR
   Mutual Fund     1       26  
*FID SEL FINANCIAL
   Mutual Fund     2       206  
*FID SEL DEFENSE
   Mutual Fund     32       2,315  
*FID SEL CHEMICAL
   Mutual Fund     3       209  
*FID INDEPENDENCE
   Mutual Fund     9       168  
*FID OTC PORTFOLIO
   Mutual Fund     118       4,460  
*FID OVERSEAS
   Mutual Fund     306       12,741  
*FID SEL HOME FINANCE
   Mutual Fund     18       940  
*FID LEVERAGED CO STK
   Mutual Fund     692       18,014  
*FID REAL ESTATE INVS
   Mutual Fund     416       12,966  
*FID BALANCED
   Mutual Fund     1,129       21,172  
*FID INTL DISCOVERY
   Mutual Fund     51       1,613  
*FID CAP APPRECIATION
   Mutual Fund     17       435  
*FID CONVERTIBLE SEC
   Mutual Fund     333       7,473  
*FID CANADA
   Mutual Fund     73       3,159  
*FIDELITY UTILITIES
   Mutual Fund     327       4,803  
*FID BLUE CHIP GROWTH
   Mutual Fund     227       9,803  
*FID ASSET MANAGER
   Mutual Fund     1,639       26,308  
*FIDELITY LOW PR STK
   Mutual Fund     1,895       77,376  

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
SPARTAN 500 INDEX
   Mutual Fund     59       5,058  
*FID WORLDWIDE
   Mutual Fund     193       3,783  
*FID EQUITY INCOME II
   Mutual Fund     54       1,223  
*FID STOCK SELECTOR
   Mutual Fund     8       205  
*FID ASSET MGR GRTH
   Mutual Fund     4,051       61,095  
*FIDELITY EMERG MRKTS
   Mutual Fund     210       3,872  
*FIDELITY AGGR GROWTH
   Mutual Fund     2,295       40,858  
*FID ASSET MGR INCOME
   Mutual Fund     10       131  
*FID NEW MARKETS INC
   Mutual Fund     56       803  
*FID EXP & MULTINATL
   Mutual Fund     279       5,924  
*FID GLOBAL BALANCED
   Mutual Fund     225       4,733  
*FID SM CAP INDEPEND
   Mutual Fund     68       1,396  
*FID MID CAP STOCK
   Mutual Fund     433       11,506  
*FID DISCOVERY
   Mutual Fund     1,168       13,331  
*FID SMALL CAP STOCK
   Mutual Fund     939       17,186  
*FID EUROPE CAP APP
   Mutual Fund     187       4,121  
*FID ASSET MGR AGGR
   Mutual Fund     68       818  
*FID LATIN AMERICA
   Mutual Fund     683       21,836  
*FID JAPAN
   Mutual Fund     69       1,259  
*FID SOUTHEAST ASIA
   Mutual Fund     13       284  
*FID SEL MED EQ & SYS
   Mutual Fund     167       4,067  
*FID JAPAN SMALLER CO
   Mutual Fund     36       605  
*FID GROWTH & INC II
   Mutual Fund     191       1,936  
*FID STRATEGIC INCOME
   Mutual Fund     154       1,604  
*FID FREEDOM INCOME
   Mutual Fund     2,214       25,168  
*FID FREEDOM 2000
   Mutual Fund     449       5,483  
*FID FREEDOM 2010
   Mutual Fund     4,909       68,969  
*FID FREEDOM 2020
   Mutual Fund     1,232       18,121  
*FID FREEDOM 2030
   Mutual Fund     1,424       21,381  
*FID SM CAP RTMT
   Mutual Fund     1       7  
SPARTAN INTL INDEX
   Mutual Fund     227       8,124  
*FID SHORT TERM BOND
   Mutual Fund     85       750  
*FID INTM GOVT INCOME
   Mutual Fund     149       1,493  
*FID HIGH INCOME
   Mutual Fund     2,187       19,202  
*FID FIFTY
   Mutual Fund     393       8,943  
*FID SEL MEDICAL DEL
   Mutual Fund     129       7,016  
*FID SEL CONSTR/HOUSE
   Mutual Fund     44       2,077  
*FID SEL TRANSPORT
   Mutual Fund     5       221  
*FID SEL NATURAL GAS
   Mutual Fund     148       5,752  
*FID SEL DEVELOP COMM
   Mutual Fund     33       651  
*FID SEL PHARMACEUTCL
   Mutual Fund     680       6,742  
*FIDELITY RET GOVT MM
   Mutual Fund     46,267       46,267  
SPARTAN US EQ INDEX
   Mutual Fund     761       33,622  
*FIDELITY US BD INDEX
   Mutual Fund     2       27  
*FID INST SH INT GOVT
   Mutual Fund     457       4,348  
*FID FREEDOM 2040
   Mutual Fund     972       8,585  
*FID SEL NET & INFSTR
   Mutual Fund     3,281       7,711  
*FID SEL WIRELESS
   Mutual Fund     1,291       8,829  
Loans receivable from participants
  Participant Loans, rates of 4% to 9.5%, maturity dates from 1 to 10 years     N/A       668,798  
 
                   
 
              $ 13,819,663  
 
                   
 
*   Represents a party-in-interest

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