FINANCIAL STATEMENTS:

 

 

 

 

SUPPLEMENTAL SCHEDULE —

 

ASSETS:

Investments:

Mutual funds

Separately managed funds

Stable value fund

Dell Stock Fund

Common collective trust

Participant loans

Short-term investment funds

 

 

Total investments

 

Receivables:

Interest income

Due from broker — unsettled trades

Employer contributions

 

 

Total receivables

 

 

Total assets

 

LIABILITIES:

Administrative expenses payable

Due to broker

 

 

Total liabilities

 

 

NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE

 

ADJUSTMENT FROM FAIR VALUE TO CONTRACT VALUE FOR FULLY BENEFIT-RESPONSIVE STABLE VALUE FUND

 

 

NET ASSETS AVAILABLE FOR BENEFITS

 

ADDITIONS:

Contributions:

Employee

Employer

Employee rollovers

 

 

Total contributions

 

 

Investment income:

Interest and dividends

Interest on participant loans

Net appreciation in fair value of investments

 

 

Total investment income

 

 

Total additions

 

 

DEDUCTIONS:

Benefits paid to participants

Administrative expenses

 

 

Total deductions

 

 

INCREASE IN NET ASSETS

 

NET ASSETS AVAILABLE FOR BENEFITS:

Beginning of year

 

 

End of year

 

The following brief description of the Dell Inc. 401(k) Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General — Dell Inc. (the “Company” or “Employer”) originally adopted the Plan on June 1, 1989, and subsequently amended and restated the Plan effective January 1, 2007, and January 1, 2009. The Benefits Administration Committee of the Company (“BAC”) controls and manages the operation and administration of the Plan.

The Plan is a defined contribution plan covering all U.S. resident employees of the Company who are not covered by a collective bargaining agreement. Participation in the Plan is at the election of the employee. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

In 2006, the Company acquired Alienware Corporation (“Alienware”), and the Alienware employees became eligible to participate in the Plan on August 3, 2009. The BAC approved the assets of the Alienware Corporation Profit Sharing Plan & Trust to be merged into the Plan, with the transfer of participant accounts expected to occur by the end of 2011.

Dell acquired Perot Systems on November 3, 2009. As of January 1, 2010, the Perot Systems employees are eligible to participate in the Plan. The BAC approved the assets of the Perot Systems Corporation Retirement Savings Plan to be merged into the Plan, with the transfer of participant accounts to occur in 2010.

Participant Contributions — Contributions are made to the Plan by the Company on behalf of each eligible participant based upon the participant’s elected compensation deferral through payroll deductions. The deferrals are funded by the Company at the end of each payroll period. The amount eligible participants may elect to contribute to the Plan ranges from 1% to 50% of their eligible compensation, in whole percentages, up to the annual statutory limit of $16,500 as permitted by the Internal Revenue Code of 1986, as amended (“IRC”). Highly compensated employees, as defined by the IRC, may be subject to more restrictive maximum annual contribution limits if the Plan fails to satisfy certain testing criteria set forth in the IRC. The Plan relies on the safe harbor rules of Section 401(k)(12) of the IRC in order to satisfy the nondiscrimination testing requirements. Participants age 50 or over may elect to contribute an additional $5,500 (“catch-up contributions”) over the base statutory limit in accordance with the Economic Growth and Tax Relief Reconciliation Act of 2001.

The Plan also permits employees to contribute balances from other qualified plans (“rollover contributions”).

Employer Contributions — For 2009, the Company matched 100% of the first 5% of eligible compensation that each participant contributed to the Plan. The Company’s matching contributions were made at the end of each payroll period. Additional discretionary Employer contributions may be made upon the approval of the Company’s Board of Directors.

The Company made no additional discretionary contributions for the year ended December 31, 2009. All of the Company’s contributions are invested at the participant’s discretion among the fund elections. Neither participant, Company matching, nor discretionary contributions, if any, are required to be invested in the Dell Stock Fund.

Participant Accounts — Each participant’s account is credited with the participant’s contributions, allocations of Company matching and discretionary contributions, and Plan earnings or losses offset by withdrawals and Plan administrative expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Vesting — Participants are immediately vested in their contributions and earnings thereon. Participants are also immediately vested in all Employer contributions and any earnings thereon.

Participants employed with the Company as of January 1, 2005, became fully vested in all Employer contributions and earnings thereon. Participants that terminated employment with the Company prior to January 1, 2005, forfeited unvested amounts to the Plan. If a portion of a participant’s account was forfeited and the participant returns to employment with the Company within five years from the date of termination, the previously forfeited amounts will be restored and fully vested if the Participant repays any prior distribution received from the Plan within five years from the participant’s date of rehire.

Forfeitures — Company contributions forfeited by unvested terminated participants may be used by the Company to satisfy Plan administrative expenses or to reduce future Company contributions. During 2009, $23,877 in forfeitures were used to reduce Company contributions. There were no unallocated forfeited non-vested accounts at December 31, 2009 and 2008.

Benefit Payments — Participants are entitled to receive a distribution of the vested portion of their account upon reaching age 59¹/2, termination of employment, disability, death, or in the event of financial hardship. A participant may defer benefit payments until reaching age 70¹/2, provided his or her vested account balance is greater than $5,000; otherwise, in the event of a distribution greater than $1,000 but less than $5,000, the participant may elect either a direct rollover to an individual retirement account (“IRA”) or another qualified plan or a lump-sum amount equal to the value of the vested portion of his or her account upon termination of service. If an employee fails to make an election of one of these options within 90 days of the termination date, his or her vested account balance will automatically be directed to a rollover IRA. Similarly, participants with a vested account balance of less than $1,000 may elect either of the options noted above. If an election is not made within 90 days of the termination date, the balance will be distributed to the participant in a lump sum. Payment of benefits prior to termination of service may be made under certain circumstances as defined by the Plan.

Administration and Plan Expenses — Plan assets are held in trust by J.P. Morgan Chase Bank, N.A. (the “Plan Trustee”). The Plan’s third-party recordkeeper is Hewitt Associates, LLP. Administrative expenses are primarily paid by the participants of the Plan and are allocated to participant accounts ratably based on fund balances.

Investments — The Plan is invested in mutual funds, a common collective trust, separately managed funds, the Dwight Stable Value Fund (the “Dwight Fund”) and the Dell Stock Fund. The following investments represent separately managed funds which are comprised of investments in common stocks, mutual funds and cash equivalents: Dell Inc. 401(k) Dodge & Cox Large Cap Fund, Dell Inc. 401(k) Dodge & Cox Balanced Fund, and the Dell Inc. 401(k) Times Square Small/Mid Cap Growth Fund (collectively, the “Core Funds”). The Plan invests in all investments on a unitized basis.

In addition to the Core Funds, participants may elect to contribute to funds that invest in a mix of the Core Funds and the Dwight Fund, based on target retirement dates (“Pre-Mixed Portfolios”). The Pre-Mixed Portfolios provide for diversification of investments based on the participants’ expected retirement date.

The American Growth Fund and American Euro Pacific Growth Fund contain a trading restriction that requires shareholders who sell more than $5,000 from either fund to wait at least 30 days before repurchasing more than $5,000 worth of units of that fund per transaction. The restriction applies to transfers and reallocations of current account balances. The restriction does not apply to sales/purchases of $5,000 or less, rollovers, and retirement plan contributions and distributions. The restriction also excludes activity in any of the Pre-Mixed Portfolios that contain either the American Growth Fund or the American Euro Pacific Growth Fund.

Risks and Uncertainties — The Plan provides for various investments in common stock, short-term investments, mutual funds, a common collective trust, separately managed accounts, and the Dwight Fund. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, and the recent volatility in the financial markets, it is at least reasonably possible that changes will continue to occur in the near term that could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.

Participant Loans — Participants may take out a maximum loan amount equal to the lesser of (i) $50,000 less the highest outstanding loan balance during the past 12 months or (ii) 50% of the available vested portion of their account balance less any current outstanding loan balance (minimum loan amount of $500). Each participant’s loan is collateralized by the participant’s vested account balance and is charged an interest rate equal to the prime rate on the date of loan origination plus 1.0% and a one-time fee of $75. Loan repayment period cannot exceed four and a half years except when the proceeds of the loan are used to acquire the participant’s primary residence, when the repayment period cannot exceed 20 years. At December 31, 2009, loans bore interest at rates ranging between 4.25% and 10.50% and are due at various dates through August 25, 2031.

Plan Termination — Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, Plan assets will be distributed in accordance with the Plan document.

Basis of Accounting — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Use of Estimates — The preparation of financial statements in conformity with GAAP requires the use of management estimates. These estimates are subjective in nature and involve assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of investment income and deductions during the fiscal year. Actual results could differ from those estimates.

Contributions — Participant and Employer contributions are recorded in the period the Employer makes the payroll deduction or upon approval by the Company for discretionary Employer contributions, if any.

Investment Valuation and Income Recognition —The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments in shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end.

The investment in the common collective trust and separately managed accounts are stated at estimated fair value based on the fair value of the underlying investments and is allocated to participant accounts based on the unit value of the fund. Participant loans are valued using a discounted cash flow model.

The Dwight Fund is a stable value fund that is a separate account consisting of cash and fixed income investment funds wrapped with insurance contracts. The fair value of the Dwight Fund is based on the fair value of its underlying investments then adjusted by the issuer to contract value (see Note 3). Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. Contract value represents contributions made to the fund, plus earnings, less participant withdrawals.

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

The Plan presents, in the Statement of Changes in Net Assets Available for Benefits, the net appreciation (depreciation) in the fair value of investments, which consist of realized gains and losses and the unrealized appreciation (depreciation) on those investments.

Unit Values — Individual participant accounts invested in the common collective trust and separately managed accounts are maintained on a unit value basis. Participants do not have beneficial ownership in specific underlying securities or other assets in the common collective trust or the separately managed accounts, but have an interest therein represented by units valued as of the last business day of the period. The common collective trust and the separately managed accounts earn dividends and interest, which are automatically reinvested in additional units. Generally, contributions to and withdrawal payments from the common collective trust and the separately managed accounts are converted to units by dividing the amounts of such transactions by the unit values as last determined, and the participants’ accounts are charged or credited with the number of units properly attributable to each participant.

Contract Value — The Dwight Fund is considered to be a stable value fund and is therefore required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to direct or indirect investment in fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. As required by the applicable accounting guidance on the Reporting of Fully Benefit-Responsive Investment Contracts, the statement of net assets available for benefits presents the Dwight Fund at fair value, and an additional line item is presented representing the adjustment from fair value to contract value. The statement of changes in net assets available for benefits is prepared on a contract value basis.

Payment of Benefits — Benefits are recorded when paid.

Accounting Pronouncements — The Financial Accounting Standards Board (“FASB”) is the authoritative body for financial accounting and reporting in the United States.

During 2009, the Plan adopted fair value measurements guidance for all nonfinancial assets and nonfinancial liabilities recognized or disclosed at fair value in the financial statements on a nonrecurring basis. In addition, the Plan adopted the new FASB fair value guidance related to the valuation of instruments in inactive markets and guidance related to the measurement of liabilities. The Plan’s adoption of these new pronouncements did not have a material impact on the Plan financial statements for the year ended December 31, 2009 (see Note 3).

In January 2010, the FASB issued additional guidance on the disclosure of fair value measurements, related to transfers in and out of Levels 1 and 2, and separate disclosures about purchases, sales, issuances, and settlements in Level 3. The new guidance also provides clarification on other disclosures related to the level of disaggregation among assets and liabilities and to the inputs and valuation techniques used to measure fair value. As this new guidance provides only disclosure requirements, the adoption will not have any effect on the Plan’s reported net assets or changes in net assets.

Reclassification — Certain prior period balances have been reclassified to conform to the current year presentation. There was no impact on net assets available for benefits related to this reclassification.

The following tables present the hierarchy for the Plan’s assets measured at fair value on a recurring basis as of December 31, 2009 and 2008.

Mutual funds:

Fixed income funds

Domestic equity funds

International equity funds

 

Total mutual funds

 

Separately managed funds:

Mutual funds - fixed income

Short-term investment funds

Common stock

 

Total separately managed funds

 

Stable value fund:

Fixed income funds

Short-term investment funds

Synthetic contract wrappers

 

Total stable value fund

 

Dell Stock Fund

Common collective trust

Participant loans

Short-term investment funds

 

 

Total assets measured at fair value

 

Mutual funds:

Fixed income funds

Growth funds

International equity funds

 

Total mutual funds

 

Separately managed funds:

Mutual funds - fixed income

Short-term investment funds

Common stock

 

Total separately managed funds

 

Stable value fund:

Fixed income funds

Short-term investment funds

Synthetic contract wrappers

 

Total stable value fund

 

Dell Stock Fund

Common collective trust

Participant loans

Short-term investment funds

 

 

Total assets measured at fair value

 

The valuation methods described in Note 2 may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following is a description of valuation methodologies used for the fair value measurements of investments:

Mutual funds

Consists of registered investment companies investments valued at their net asset value, which can be market corroborated.

 

Separately managed funds

Consists of various common stocks and mutual funds. The values of the separately managed funds may be market corroborated as their underlying investments are the following: stocks, level 1, are valued at the closing price reported on the active market on which the security is traded and mutual funds, level 2, are valued at their net asset value, which can be market corroborated.

 

Stable value fund

Consists of cash and fixed income investment funds wrapped with insurance contracts. The fixed income investment funds are valued at their net asset value, and the fair value of the wrapped insurance contracts is determined using a discounted cash flow model with inputs derived from observable market data. The valuation of the wrapped insurance contracts is not significant to the overall valuation of the Fund.

 

Dell Stock Fund

Consists of Dell stock which is valued at the closing price reported on the active market.

 

Common collective trust

Consists of a common collective trust valued at estimated fair value by the issuer of the fund, and can be market corroborated.

 

Participant loans

Valued at fair value using a discounted cash flow model with inputs derived from observable market data.

 

Short-term investment funds

Consists of money market funds, which are valued at their net asset value, which can be market corroborated.

The following table presents investments that represent 5% or more of the Plan’s net assets at December 31:

Mutual funds:

American Euro Pacific Growth Fund

PIMCO Total Return Fund

Neuberger Berman Genesis Fund

American Growth Fund

 

Separately managed funds:

Dell Inc. 401(k) Dodge & Cox Balanced Fund

Dell Inc. 401(k) Dodge & Cox Large Cap Value Fund

 

Dwight Stable Value Fund

 

Dell Stock Fund

 

Common collective trust:

BlackRock Equity Index Fund (formerly BGI Equity Index Fund)

At December 31, 2009 and 2008, the Plan owned 10,238,164 and 11,172,963 shares of the Dell Stock Fund valued at $147,020,035 and $114,411,141, respectively. This represents approximately 8% of the Plan’s investments as of December 31, 2009 and 2008. The value of amounts invested in the Dell Stock Fund is among other things, dependent upon the performance of Dell Inc. and the market’s valuation of such performance. It is at least reasonably possible that changes in the fair value of the Dell Stock Fund in the near term could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits and the statement of changes in net assets available for benefits.

The changes in fair value during 2009 for the Plan’s investments (including investments purchased, sold, as well as held during the year) are as follows:

 

Mutual funds

Separately managed funds:

Common stock

Mutual fund

Stable value fund

Dell Stock Fund

Common collective trust

Participant loans

 

 

Total net change in fair value of investments

 

The Dwight Fund is a self-managed stable value investment option. The Dwight Fund may invest in a variety of stable value products including guaranteed investment contracts (“GICs”) issued by insurance companies and other financial institutions, and other investment products (separate account contracts and synthetic GICs) with similar characteristics. The Dwight Fund did not hold any GIC contracts or any separate account contracts during the years ended December 31, 2009 and 2008.

A synthetic GIC (“SIC”), also known as a wrap contract, is an investment contract issued by an insurance company or other financial institution, backed by a portfolio of bonds or other fixed income assets that are owned by the Plan. These assets underlying the wrap contract are maintained by a third party custodian, separate from the contract issuer’s general assets. The contracts are obligated to provide an interest rate not less than zero. SICs utilize the benefit responsive wrap contracts to provide market and cash flow risk protection to the Plan thus guaranteeing the value of the underlying investment for the life of the contract. This enables the Plan to realize a specific known value for the assets if it needs to liquidate them to make benefit payments. These contracts provide that realized and unrealized gains and losses on the underlying assets are not reflected immediately in the net assets of the Dwight Fund, but rather are amortized over the duration of the underlying assets or other agreed upon period through adjustments to the future interest crediting rates. The issuer guarantees that all qualified participant withdrawals will occur at contract value, which represents contributions made under the contract, plus earnings, less withdrawals made under the contract and administrative expenses.

The assets underlying the SICs in the Dwight Fund are comprised of cash equivalents, fixed income funds, and a wrap contract. There were no valuation reserves against the SICs at December 31, 2009 and 2008.

Crediting interest rates on the SICs are reset monthly based on yield to maturity and expected cash flow over the life of the related supporting assets. All contracts have a minimum guarantee on all rate resets of an interest rate of not less than zero percent.

The crediting interest rates for the SICs in the Dwight Fund as of December 31, 2009 and 2008, ranged from 1.24% to 2.98% and 2.83% to 4.64%, respectively. The aggregate average annual yield for the SICs in the Dwight Fund for the years ended December 31, 2009 and 2008, were 2.78% and 3.93%, respectively. There are no restrictions on participant withdrawals from the Dwight Fund. Certain withdrawals which are not deemed to be participant initiated and not in compliance with the investment contracts’ provisions, are subject to certain penalties.

The Plan obtained its latest determination letter dated August 18, 2003, from the Internal Revenue Service informing the Company that the Plan and related trust are designed in compliance with Section 401(a) of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. The Company believes that the related trust is exempt from federal income tax under Section 501(a) of the IRC. Therefore, the financial statements contain no provision for income taxes. The Plan filed for a new determination letter in December 2009.

The Plan invests in a money market fund, short-term investments, and mutual funds offered by the Plan Trustee. These transactions qualify as exempt party-in-interest transactions. Administrative expenses on the statement of changes in net assets available for benefits include amounts paid to the Plan Trustee as well as to Hewitt Associates, LLP, Mercer Investment Consulting, and Financial Engines, Inc., which are also exempt parties-in-interest.

In prior years, the Company inadvertently failed to register with the U.S. Securities and Exchange Commission the issuance of certain Dell Inc. common stock held by the Plan. As a result, the Company made a registered rescission offer to buy back these shares from eligible Plan participants at the original purchase price plus interest, or to reimburse eligible Plan participants for losses that they may have incurred if their shares had been sold. Shares eligible for the rescission offer were purchased by Plan participants between March 31, 2006, and April 3, 2007. The registered rescission offer to eligible Plan participants, which was effective as of August 8, 2008, and expired on September 26, 2008, resulted in the repurchase from participants of the following shares at the stated fair value. Additional interest and losses were paid and allocated to participant accounts during 2009 and 2008 and is included in the statement of changes in net assets available for benefits as Employer contributions.

 

Repurchased shares

 

Fair value

Interest and losses

The following tables reconciles the net assets available for benefits at December 31 from the Plan’s financial statements to Form 5500. The stable value fund is adjusted to contract value in the Plan’s financial statements, but is shown on Form 5500 at fair value.

 

Net assets available for benefits per the financial statements

Certain deemed distributions of participant loans

Adjustment from contract value to fair value for fully
benefit-responsive stable value fund

 

 

Net assets available for benefits per Form 5500

 

Certain loans are treated as deemed distributions for tax purposes and removed from Plan assets on the Form 5500. For financial statement reporting purposes, these loans are reported as part of Plan assets as they have not been cancelled and are considered outstanding under the terms of the Plan document and related loan policies.

The following is a reconciliation of the Plan’s increase in net assets available for benefits reported in the Plan financial statements for the year ended December 31, 2009, to the Plan’s increase in net assets available for benefits reported in the Plan’s Form 5500:

 

Increase in net assets available for benefits per financial statements

Add: Reversal of prior year adjustment from contract value to fair
value for fully benefit-responsive stable value fund

Reversal for prior year deemed distributions

Less: Current year adjustment from contract value to fair value for fully
benefit-responsive stable value fund

 

 

Increase in net assets available for benefits per Form 5500

 

Effective January 1, 2010, The Bank of New York Mellon replaced JP Morgan Chase Bank, N.A. as the Plan’s Trustee.

Effective April 1, 2010, the Company elected to impose a 20% cap on the percentage of future contributions a participant can invest in the Dell Stock Fund investment option. In conjunction with the contribution restriction, participants are no longer permitted to make an elective transfer or balance that will increase their position in the Dell Stock Fund above 20% of their total account balance. In addition, there is a 14 day trading restriction that prevents participants from reallocating or transferring money back into the Dell Stock Fund for 14 days from the date of the last transfer out of the fund.

For the year ended December 31, 2009, subsequent events were evaluated through June 24, 2010, the date the financial statements were available to be issued.

 

Dell Stock Fund

 

 

JPMorgan Domestic Liquidity

 

 

Neuberger Berman Genesis Fund

American Euro Pacific Growth Fund

Dodge & Cox International Stock Fund

PIMCO Total Return Fund

American Growth Fund

 

 

 

 

JPMorgan Domestic Liquidity

AEGON NV AMER REGD CERT(1 SH EURO.12)

AMGEN INC COM STK USDO.0001

AOL INC USDO .01

AUTODESK INC COM STK NPV

BAKER HUGHES INC COM STK USD1

BANK OF NEW YORK MELLON CORP COM STK USD

BB&T CORP COM STK USD5

BMC SOFTWARE INC COM STK USD0 .01

BOSTON SCIENTIFIC CORP COM STK USD0 .01

CADENCE DESIGN SYSTEMS INC COM STK USD0 .01

CAPITAL ONE FINANCIAL CORP COM STK USD0 .01

CARDINAL HEALTH INC COM STK NPV

CAREFUSION CORP USD0 .01

CARMAX INC COM STK USD0 .50

CATERPILLAR INC COM STK USD1

CEMEX S.A.B. DE C.V. ADR EACH REP 10 CPO

CHEVRON CORP COM STK USD0 .75

CITRiX SYSThMS INC COM STK USD0 .001

COMCAST CORP COM CLS ‘A’ USD 0.01

COMPUTER SCIENCES CORP COM STK USD1

COMPUWARE CORP COM STK USD0 .01

COVIDIEN PLC SHS

CREDIT SUISSE GROUP ADR-EACH REPR 1 ORD(

DIAGEO ADR EACH REPR 4 ORD GBPO.28 101/1

DIRECTV COM USD0 .01 CLASS ‘A’

DISH NETWORK CORP CLASS’A’COM STK USD0 .01

DODGE & COX INCOME FUND COM NPV

DOMTAR CORPORATION COM STK USD0 .01

DOW CHEMICAL CO COM STK USD2.50

EATON CORP COM USD0 .50

EBAY INC COM STK USD0 .001

ELECTRONIC ARTS COM STK USD0 .01

ERICSSON(LM) TEL ADR EACH REP 10 ORD’B’

FEDEX CORP COM STK USD0 .10

GENERAL ELECTRIC CO. COM STK USD0.06

 

GENWORTH FINANCIAL INC COM STK USD0 .001

GLAXOSMITHKLINE ADR EACH REPR 2 ORD GBPO

HEWLETT-PACKARD CO COM STK USD0.01

HITACHI ADR-EACH CNV INTO 10 NPV

HOME DEPOT INC COM STK USD0 .05

HSBC HLDGS ADR EACH REPR 5 USD0.50

INTERPUBLIC GROUP COMPANIES INC COM STK

KONINKLIJKE PHILIPS ELECTRONICS NV

LEGG MASON INC COM STK USD0.10

LIBERTY GLOBAL INC COM STK SERIES ‘C’ US

LIBERTY GLOBAL INC COM STK USD0.01 SER’A

LIBERTY MEDIA CORP (NEW) SER‘A’ USD0.01

LIBERTY MEDIA HOLDING COM STK USD0.01 ‘A

LOEWS CORP COM STK USD0.01

MACY’S INC COM STK USD0.01

MAXIM INTEGRATED PRODUCTS COM STK USD0.0

MEDTRONIC INC COM STK USD0.10

MERCK & CO INC(NEW) COM STK USD0.50

MOLEX INC CLASS‘A’N.VTG COM STK USD0.05

MOLEX INC COM STK USD0.05

MOTOROLA INC USD0.01

NEWS CORP CLASS‘A’NON VTG COM STKUSDO.01

NOKIA CORP ADR EACH REPR 1 EUR0.06

NOVARTIS AG ADR EACH REPR 1 CHFO.50(REGD)

OCCIDENTAL PETROLEUM CORP COM USD0.20

PANASONIC CORP ADR-EACH CNV INTO 10 ORD

PFIZER INC COM STK USD0.05

PITNEY BOWES INC COM STK USD1

ROYAL DUTCH SRELL ADR EACR REPR 2’A’SRS

SANOFI-AVENTIS ADR ECH REP 1/2 ORD EUR2

SCHLUMBERGER COM STK USD0.01

SLM CORP COM STK USD0.20

SONY CORP ADR EACH REPR 1 ORD

SPRINT NEXTEL CORP FON COM STK NPV

STATE STREET CORP COM STK USD1

SUNTRUST BANKS INC COM STK USD1

SYMANTEC CORP COM STK USDO.01

SYNOPSYS INC COM STK USDO.01

THERMO FISHER SCIENTIFIC INC COM STK USD

TIME WARNER CABLE INC USD0.01

TIME WARNER INC USD0.01

TRAVELERS COS INC/THE

TYCO ELECTRONICS LTD SWITZERLD SHS

TYCO INTERNATIONAL LTD. USD0.80

UNITEDHEALTH GROUP INC COM STK USD0.01

US BANCORP DELAWARE COM STK USD0.01

VODAFONE GROUP SPON ADR REP 10

VULCAN MATERIALS CO COM STK USD1

WALGREEN CO COM STK USD0.078125

WAL-MART STORES INC COM STK USD0.10

WELLPOINT INC COM STK USD0.01

WELLS FARGO & CO COM STK USD1 2/3

XEROX CORP COM STK USD1

 

 

 

JPMorgan Domestic Liquidity

AEGON NV AMER REGD CERT (1 SH EURO.12)

AMGEN INC COM STK USD0. 0001

AOL INC USD0.01

AUTODESK INC COM STK NPV

BAKER HUGHES INC COM STK USD1

BANK OF NEW YORK MELLON CORP COM STK USD

BB&T CORP COM STK USD5

BMC SOFTWARE INC COM STK USD0.01

BOSTON SCIENTIFIC CORP COM STK USD0.01

CADENCE DESIGN SYSTEM S INC COM STK USD0.01

CAPITAL ONE FINANCIAL CORP COM STK USD0.01

CARDINAL HEALTH INC COM STK NPV

CAREFUSION CORP USD0.01

CARMAX INC COM STK USD0.50

CATERPILLAR INC COM STK USD1

CEMEX S.A.B. DE C.V. ADR EACH REP 10 CPO

CHEVRON CORP COM STK USD0.75

CITRIX SYSTEMS INC COM STK USD0.001

COMCAST CORP COM CLS ‘A’ USD 0.01

COMPUTER SCIENCES CORP COM STK USD1

COMPUWARE CORP COM STK USD0.01

COVIDIEN PLC SHS

CREDIT SUISSE GROUP ADR-EACH REPR 1 ORD (BK) LEVEL II

DIAGEO ADR EACH REPR 4 ORD GBPO.28 101/1

DIRECTV COM USD0.01 CLASS ‘A’

DISH NETWORK CORP CLASS‘A’COM STK USD0.0

DOW CHEMICAL CO COM STK USD2.50

EATON CORP COM USD0.50

EBAY INC COM STK USD0.001

ELECTRONIC ARTS COM STK USD0.01

ERICSSON(LM) TEL ADR EACH REP 10 OlU) B’ SEK1

FEDEX CORP COM STK USD0.10

GENERAL ELECTRIC CO. COM STK USD0.06

GENWORTH FINANCIAL INC COM STK USD0.001

GLAXOSMITHKLINE ADR EACH REPR 2 ORD GBPO

HEWLETT-PACKARD CO COM STK USD0.01

HITACHI ADR-EACH CNV INTO 10 NPV

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