UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2006
or
¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission file number 1-6523
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
The Bank of America 401(k) Plan
B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:
Bank of America Corporation
Bank of America Corporate Center
Charlotte, NC 28255
THE BANK OF AMERICA 401(k) PLAN
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULE WITH
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
DECEMBER 31, 2006 AND 2005
MORRIS, DAVIS & CHAN LLP
Certified Public Accountants
The Bank of America 401(k) Plan
Index to Financial Statements and Supplemental Schedule
December 31, 2006 and 2005
Page | ||
1 | ||
Financial Statements: |
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2 | ||
3 | ||
4 - 18 | ||
Supplemental Schedule: |
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19 - 29 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Plan Participants and the Corporate Benefits Committee of The Bank of America 401(k) Plan:
We have audited the accompanying statements of net assets available for benefits of The Bank of America 401(k) Plan (the Plan) as of December 31, 2006 and 2005, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2006 and 2005, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedule of assets as of December 31, 2006 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 Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plans management. The supplemental schedule has been subjected to the auditing procedures applied in our 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/ Morris Davis & Chan LLP
Charlotte, North Carolina
June 15, 2007
The Bank of America 401(k) Plan
Statements of Net Assets Available for Benefits
December 31, 2006 and 2005
2006 | 2005 | |||||
Assets |
||||||
Investments, at fair value (Notes 1 and 2) |
||||||
Bank of America Corporation Common Stock (Notes 3 and 8) |
$ | 4,133,569,603 | $ | 3,943,802,661 | ||
Bank of America Corporation Preferred Stock |
| 50,933 | ||||
Common and preferred stock |
3,487,707 | 4,000,600 | ||||
Investment contracts (Notes 2 and 5) |
1,203,856,536 | 1,096,436,254 | ||||
Collective Investment funds |
23,774,952 | 22,628,221 | ||||
Columbia Fund investments (Notes 3 and 8) |
||||||
Money market |
102,893,888 | 104,318,705 | ||||
Fixed income |
131,957,960 | 121,229,024 | ||||
Equity |
2,687,465,796 | 2,278,919,342 | ||||
Mutual funds |
1,431,765,631 | 834,892,161 | ||||
Corporate debt and asset-backed securities |
521,353 | 479,323 | ||||
Mortgage-backed securities |
435,558 | 536,386 | ||||
U.S. government and government agency obligations |
1,477,232 | 1,702,612 | ||||
Other investments |
75,500,338 | 8,672,856 | ||||
Total investments |
9,796,706,554 | 8,417,669,078 | ||||
Accrued dividends and interest receivable |
1,187,415 | 825,981 | ||||
Employer contribution receivable |
25,535,157 | 14,232,959 | ||||
Employee contribution receivable |
14,780,034 | 12,441,114 | ||||
Other receivable |
748,372 | 41,456 | ||||
Total assets |
9,838,957,532 | 8,445,210,588 | ||||
Liabilities |
||||||
Due to broker for securities purchased |
16,502,243 | 11,908,960 | ||||
Other payable |
253,718 | | ||||
Total liabilities |
16,755,961 | 11,908,960 | ||||
Net assets reflecting all investments at fair value |
9,822,201,571 | 8,433,301,628 | ||||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts (Note 5) |
12,288,400 | 9,129,274 | ||||
Net assets available for benefits |
$ | 9,834,489,971 | $ | 8,442,430,902 | ||
The accompanying notes are an integral part of these financial statements.
2
The Bank of Amedrica 401(k) Plan
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 2006 and 2005
2006 | 2005 | |||||
Investment income |
||||||
Interest |
$ | 58,709,119 | $ | 50,410,950 | ||
Dividends |
||||||
Bank of America Corporation Common Stock |
169,077,252 | 167,280,022 | ||||
Bank of America Corporation Preferred Stock |
1,268 | 3,321 | ||||
Other common and preferred stock |
308,455 | 301,666 | ||||
Investment income from Columbia Fund investments |
124,935,905 | 80,295,780 | ||||
Investment income from other mutual funds |
86,842,655 | 32,062,571 | ||||
Other |
1,393,843 | 921,926 | ||||
Net appreciation in fair value of investments (Note 6) |
916,117,512 | 57,472,342 | ||||
Total investment income |
1,357,386,009 | 388,748,578 | ||||
Contributions |
||||||
Employees |
550,938,393 | 458,460,666 | ||||
Employer |
256,073,608 | 222,522,260 | ||||
Total contributions |
807,012,001 | 680,982,926 | ||||
Total additions |
2,164,398,010 | 1,069,731,504 | ||||
Benefits paid to plan participants |
766,932,280 | 761,638,819 | ||||
Other expense |
227,115 | 134,834 | ||||
Trustee and administrative fees (Note 2) |
5,179,546 | 9,643,898 | ||||
Total deductions |
772,338,941 | 771,417,551 | ||||
Net increase |
1,392,059,069 | 298,313,953 | ||||
Net assets available for benefits |
||||||
Beginning of year |
8,442,430,902 | 8,144,116,949 | ||||
End of year |
$ | 9,834,489,971 | $ | 8,442,430,902 | ||
The accompanying notes are an integral part of these financial statements.
3
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
1. | Description of the Plan |
The following description of The Bank of America 401(k) Plan (the Plan) is provided for general information purposes only. Participants should refer to the Associate Handbook and any supplements thereto for a more complete description of applicable Plan provisions. Other Plan provisions may also apply to participants from predecessor plans assumed by Bank of America Corporation (the Corporation) and merged into the Plan.
Plan Sponsor and Participating Employers
The Corporation is the Plan sponsor. Participating employers in the Plan include the Corporation and certain of the Corporations principal subsidiaries.
General
The Plan is a defined contribution plan for employees of the Corporation and participating subsidiaries. It is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). All employees covered by the Plan are eligible to make pre-tax contributions as soon as administratively practical after employment commences. After-tax contributions are not permitted.
All employees covered by the Plan are eligible to receive company matching contributions after completing 12 months of service. Any pre-tax contributions made prior to completing 12 months of service are not eligible for the company matching contribution.
The Plan is administered by the Bank of America Corporation Corporate Benefits Committee (the Committee). The Board of Directors of the Corporation has the right at any time to remove any member of the Committee. Members of the Committee serve without compensation and act by majority vote. The Committee has overall responsibility for the operation and administration of the Plan including the power to construe and interpret the Plan, decide all questions that arise thereunder, and to delegate responsibilities.
Investment Alternatives
The Plan provides participants with 19 investment alternatives. These investment alternatives are the Stable Capital Fund, the Bank of America Corporation Common Stock Fund, which invests primarily in the Corporations common stock, and 17 investment alternatives that invest, respectively, in the following mutual funds: the Columbia Large Cap Value Fund, the Columbia Core Bond Fund, the Columbia Large Cap Index Fund, Columbia Multi-Advisor International Equity Fund, the Columbia Marsico Focused Equities Fund, the Columbia Small Cap Index Fund, the Columbia Mid Cap Index Fund, the Columbia LifeGoal® Income & Growth Portfolio, the Columbia LifeGoal® Balanced Growth Portfolio, the Columbia LifeGoal® Growth Portfolio, the Batterymarch U.S. Small Cap Equity Portfolio, the Western Asset Core
4
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
1. | Description of the Plan (Continued) |
Bond Portfolio, the Vanguard® Total Stock Market Index Fund, the Dodge & Cox Stock Fund, the Growth Fund of America®, the Fidelity Diversified International Fund and the Fidelity Real Estate Investment Portfolio.
Participants may elect to modify existing investment allocations on a periodic basis subject to the provisions of the Plan.
The Plan also includes a Segregated Fund that is not available for additional participant investments. The Segregated Fund consists of the segregated investments and accounts of certain participants of the former NationsBank Texas Plan.
Plan Trustee
Bank of America, N.A. is the Plan Trustee.
Contributions
The Plan provides for participant pre-tax contributions through salary deductions ranging from 1% to 30% of base pay, overtime pay, shift differential pay, vacation and holiday pay, short-term disability benefits, and commissions, bonuses or other incentive pay designated by the Committee. In accordance with federal law, annual pre-tax contributions for 2006 and 2005 were limited to $15,000 and $14,000, respectively, for participants who are below age 50. Additional contributions of $5,000 in 2006 and $4,000 in 2005 were permitted for participants over age 50. Participants are permitted to change their contribution rate in multiples of 1% on a daily basis.
Company matching contributions are calculated and allocated to the participants account on a pay period basis. The company matching contribution is equal to the first 5% of plan-eligible compensation contributed by the participant for the pay period. Company matching contributions are made in cash and are directed to the same investment choices as the pre-tax contributions. An end of year true-up matching contribution is also provided.
Employer contributions include forfeitures and additional contributions made in the form of cash. After consideration of forfeitures, the actual cash remitted by the Corporation was $256,073,608 and $222,522,260 for 2006 and 2005, respectively.
Payment of Benefits
While still in service, participants may generally withdraw employee and employer vested contributions as follows:
(1) |
Employee contributions may be withdrawn in the case of financial hardship within the meaning of Section 401(k) of the Internal Revenue Code (IRC), disability or after age 59 1/2; |
5
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
1. | Description of the Plan (Continued) |
(2) |
Company matching contributions for 2005 and later Plan years may be withdrawn in the case of disability or after age 59 1/2; and |
(3) |
Company matching contributions for pre-2005 Plan years may be withdrawn in the case of financial hardship (as referenced above), disability, after 5 years of Plan participation, or after age 59 1/2. |
Following a participants death, disability, retirement or other separation from service, all vested amounts held in the Plan for a participants benefit are payable in a single lump sum. The form of payment is cash, except to the extent that the participant elects to have the portion of his/her account invested in the Bank of America Corporation Common Stock Fund (and while maintained any other Plan investment fund primarily invested in Bank of America Corporation Common Stock) distributed in shares of Bank of America Corporation Common Stock. Participants may elect to roll over a portion or all of their vested Plan balance to increase their monthly annuity payment under The Bank of America Pension Plan (the Pension Plan) if their vested balances in both the Pension Plan and this Plan exceed $5,000. The Pension Plan is a defined benefit cash balance plan providing retirement benefits to eligible employees. The Plan provides other payment methods for certain participants in predecessor plans merged with the Plan.
Vesting of Benefits
Each participant is 100% vested in the participants pre-tax and rollover contributions to the Plan and company matching contributions as well as earnings thereon.
Participant Accounts
Each participants account is credited with the allocation of their pre-tax and matching contributions each pay period. Earnings for all funds are allocated to a participants account on a daily basis, based on the participants account balance in relation to the total fund balance. Participants may elect to have the dividends earned on the Corporations stock allocated to their accounts, paid directly in cash or reinvested in the Plan. Loan interest is credited to the investment funds of the participant making the payment.
Loans to Participants
During 2006 the Plan began making loans to participants. Prior to 2006, the Plan did not permit new loans to participants and the Plans Loan Fund consisted of participant loans made under merged plans.
6
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
1. | Description of the Plan (Continued) |
Participants with vested account balances of at least $2,000 may borrow from their vested account balance. The minimum loan amount is $1,000. The maximum loan amount is $50,000. The maximum loan amount is reduced by (i) the outstanding balance of any other loan from the Plan or the Bank of America Pension Plan or (ii) if greater, the highest outstanding balance of any other loan from the Plan or the Bank of America Pension Plan any time during the one year period ending immediately before the date of the loan. The maximum loan amount may also not exceed 50% of the participants vested account balance, reduced by the outstanding balance of any other loan from the Plan or the Bank of America Pension Plan.
Participants may apply for a general purpose loan or a primary residence loan. At any time participants may have only one general purpose loan and one primary residence loan outstanding from the Plan.
Each loan bears an interest rate equal to the prime rate plus 1% and is fixed for the life of the loan. Interest rates ranged from 4.0% to 11.5% and 6.0% to 12.0% for loans held by the Plan during 2006 and 2005, respectively.
Loan repayments are made from payroll deductions and are invested in accordance with the participants current investment direction for future contributions. The repayment period for general purpose loans is 12 to 57 months. In the case of a primary residence loan, the repayment period can be up to 180 months.
2. | Summary of Significant Accounting Policies |
Significant accounting policies of the Plan are summarized below:
Basis of Accounting
The financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Revenues are recognized as earned. Benefits paid to plan participants are recorded when paid. All other expenses are recorded as incurred.
Management Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of Plan assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of Plan additions and deductions during the reporting period. Actual results could differ from those estimates.
7
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
2. | Summary of Significant Accounting Policies (Continued) |
Valuation of Investments
Mutual funds are valued at the net asset value of the fund units owned.
Mortgage notes receivable, certificates of deposit, annuity contracts and cash equivalents are valued at face value which approximates fair value as determined in good faith by Bank of America, N.A., the Trustee, a wholly-owned indirect subsidiary of the Corporation.
Participant loans are valued at cost, which approximates market as determined in good faith by Bank of America, N.A., the Trustee.
Investment contracts are stated at fair market value and are adjusted to contract value (which represent contributions made under the contract, plus interest earned, less withdrawals and administrative expenses) on the Statement of Net Assets Available for Benefits (see note 5: Investment Contracts).
All other investments are valued at fair value as of the end of the Plan year, based on quoted market prices. The fair market values of investments that do not have readily ascertainable market values have been estimated by the Bank of America, N.A., the Trustee.
Investment Transactions
Realized gains or losses on investment transactions are recorded as the difference between proceeds received and cost.
Cost is determined on the average cost basis, except for Bank of America Corporation Common Stock, which is determined based on the aggregate participant level average cost basis.
Net appreciation (depreciation) in fair value of investments includes the reversal of previously recognized appreciation (depreciation) related to investments sold during the period.
Investment securities purchased and sold are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
8
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
2. | Summary of Significant Accounting Policies (Continued) |
Plan Expenses
Bank of America, N.A. Trustee direct expenses, some professional fees and certain administrative fees for associate communication and services, recordkeeping and benefit payment services are paid by the Plan. These expenses are borne by participants based on their investments in the Plans investment funds. Other administrative expenses and some professional fees are paid by the Corporation.
Investment Management
The Plan provides 19 investment alternatives to participants. Some of these investment alternatives are primarily invested in mutual funds from the Columbia Funds mutual fund families, which are administered and advised by certain affiliates of the Corporation. The affiliates are Marsico Capital Management, LLC (MCM), and Columbia Management Advisors (CMA), which are all part of the Columbia Management Group, the primary asset management division of the Corporation. The other investment alternatives are primarily invested in (i) mutual funds that are not administered or advised by affiliates of the Corporation, (ii) the Corporations common stock, or (iii) in the case of the Stable Capital Fund, a separately managed account that is managed by an unaffiliated investment advisor, Standish Mellon Asset Management Company, LLC.
New Accounting Pronouncement
As described in Financial Accounting Standards Board Staff Position, FSP AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans (the FSP), investment contracts held by a defined-contribution plan are 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 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 FSP, the Statement of Net Assets Available for Benefits presents the fair value of the investment contracts from fair value to contract value. Prior year balances have been reclassified accordingly. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.
Reclassifications
Certain amounts in the prior year financial statements and notes have been reclassified to conform to current year presentation.
9
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
3. | Concentrations of Investment Risk |
Included in the Supplemental Schedule of Assets, is a complete listing of the Plans investments at December 31, 2006. Investments at December 31, 2006 and 2005 that represent 5% or more of the Plans net assets available for benefits include the following:
2006 | 2005 | |||||
Bank of America Corporation Common Stock |
$ | 4,133,569,603 | $ | 3,943,802,661 | ||
Columbia Large Cap Index Fund |
826,433,219 | 750,270,684 |
4. | Risks and Uncertainties |
The Plan invests in various investment securities. 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, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants account balances and the amounts reported in the statement of net assets available for benefits.
5. | Investment Contracts |
The terms of the majority of the contracts are benefit responsive, providing a guarantee by the issuer to pay principal plus accrued interest in response to benefit-related requests for payment. The average yield and crediting interest rates for such investments were 4.80% and 4.89%, respectively, for 2006 and 4.59% and 4.69%, respectively, for 2005. The average yield credited to participants was 4.76% and 4.38% for 2006 and 2005, respectively. The fair market values of these investment contracts reported in aggregate for the Stable Capital Fund were $1,269,953,003 and $1,164,577,683 as of December 31, 2006 and 2005, respectively.
The Stable Capital Fund contains Traditional, Separate Account Fixed Maturity Synthetic, and Constant Duration Synthetic Guaranteed Investment Contracts. These are described below.
Guaranteed Investment Contracts
Traditional Guaranteed Investment Contracts (GICs) are unsecured, general account obligations of insurance companies. The obligation is backed by the general account assets of the insurance company that writes the investment contract. The crediting rate on this product is typically fixed for the life of the investment.
10
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
5. | Investment Contracts (Continued) |
Separate account GICs are investments in a segregated account of assets maintained by an insurance company for the benefit of the investors. The total return of the segregated account assets supports the separate account GICs return. The credited rate on this product will reset periodically and it will have an interest rate of not less than 0%.
Fair values of GICs are calculated using the present value of the contracts future cash flow values discounted by comparable duration Wall Street Journal GIC Index rates.
Fixed Maturity Synthetic Guaranteed Investment Contracts
General fixed maturity synthetic GICs consist of an asset or collection of assets that are owned by the fund (or plan) and a benefit responsive, book value wrap contract purchased for the portfolio. The wrap contract provides book value accounting for the asset and assures that book value, benefit responsive payments will be made for participant directed withdrawals. The crediting rate of the contract is set at the start of the contract and typically resets every quarter. Generally, Fixed Maturity Synthetics are held to maturity. The initial crediting rate is established based on the market interest rates at the time the initial asset is purchased and it will have an interest crediting rate not less than 0%.
Fair values of general fixed maturity synthetic GICs are calculated using the sum of all assets market values provided by FT Interactive, a third party vendor Standish Mellon has engaged to provide fixed income prices on a monthly basis.
Variable synthetic GICs consist of an asset or collection of assets that are managed by the bank or insurance company and are held in a bankruptcy remote vehicle for the benefit of the fund (or plan). The contract is benefit responsive and provides next day liquidity at book value. The crediting rate on this product resets every quarter based on the then current market index rates and an investment spread. The investment spread is established at time of issuance and is guaranteed by the issuer for the life of the investment.
Fair values for variable synthetic GICs are calculated using the present value of the contracts future cash flow values discounted by comparable swap rates.
11
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
5. | Investment Contracts (Continued) |
Constant Duration Synthetic Guaranteed Investment Contracts
Constant duration synthetic GICs consist of a portfolio of securities owned by the fund (or plan) and a benefit responsive, book value wrap contract purchased for the portfolio. The wrap contract amortizes gains and losses of the underlying securities over the portfolio duration, and assures that book value, benefit responsive payments will be made for participant directed withdrawals. The crediting rate on a constant duration synthetic GIC resets every quarter based on the book value of the contract, the market yield of the underlying assets, the market value of the underlying assets and the average duration of the underlying assets. The crediting rate aims at converging the book value of the contract and the market value of the underlying portfolio over the duration of the contract and therefore will be affected by movements in interest rates and/or changes in the market value of the underlying portfolio. The initial crediting rate is established based on the market interest rates at the time the underlying portfolio is first put together and it will have an interest crediting rate of not less than 0%.
Fair values for constant duration synthetic GICs are calculated using the market values provided by the external investment managers Standish Mellon or its clients have engaged to provide investment services.
It is probable that withdrawals and transfers resulting from the following events will limit the ability of the fund to transact at book or contract value. Instead, market value will likely be used in determining the payouts to the participants:
a) | Employer- initiated events events within the control of the plan or the plan sponsor which would have a material and adverse impact on the Fund; |
b) | Employer communications designed to induce participants to transfer from the fund; |
c) | Competing fund transfer or violation of equity wash or equivalent rules in place; |
d) | Changes of qualification status of employer or plan. |
In general, issuers may terminate the contract and settle at other than contract value if the qualification status of employer or plan changes, breach of material obligations under the contract and misrepresentation by the contract holder, or failure of the underlying portfolio to conform to the pre-established investment guidelines.
All contracts are benefit responsive unless otherwise noted.
12
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
5. | Investment Contracts (Continued) |
2006 | |||||||||||||
Major Credit Rating |
Investment at Fair Value |
Wrap Contract Fair Value |
Adjustment to Contract |
||||||||||
Guaranteed Investment Contracts |
|||||||||||||
Canada Life |
AA/Aa3 | $ | 10,016,785 | $ | | $ | | ||||||
Canada Life |
AA/Aa3 | 7,182,994 | | | |||||||||
Canada Life |
AA/Aa3 | 6,749,899 | | | |||||||||
Hartford Life Insurance Company |
AA-/Aa3 | 6,005,114 | | | |||||||||
Pacific Life Insurance Company |
AA/Aa3 | 22,922,731 | | 339,869 | |||||||||
Principal Life Insurance Company |
AA/Aa2 | 23,172,235 | | 121,613 | |||||||||
Pruco Life |
AAA/Aaa | 9,625,412 | | | |||||||||
Pruco Life |
AAA/Aaa | 9,987,827 | | | |||||||||
Genworth Life |
AA-/Aa3 | 4,499,455 | | 500 | |||||||||
Fixed Maturity Synthetic Guaranteed Investment Contracts |
|||||||||||||
Rabobank |
AAA/Aaa | 90,776,853 | (13,118 | ) | 1,013,975 | ||||||||
State Street Bank |
AAA/Aaa | 44,668,338 | (6,695 | ) | (190,141 | ) | |||||||
Rabobank |
AAA/Aaa | 21,715,405 | (3,220 | ) | 281,145 | ||||||||
UBS AG |
AAA/Aaa | 186,502,975 | (59,180 | ) | 4,748,559 | ||||||||
Constant Duration Synthetic Guaranteed Investment Contracts |
|||||||||||||
IXIS Financial Products |
AA+/Aa1 | 178,887,832 | (86,905 | ) | 251,383 | ||||||||
Rabobank |
AA+/Aa1 | 90,177,535 | (14,914 | ) | 1,999,930 | ||||||||
Transamerica |
AA+/Aa1 | 132,588,012 | (21,896 | ) | 780,356 | ||||||||
AIG Financial Products |
AA+/Aa1 | 190,919,404 | (91,505 | ) | 1,218,043 | ||||||||
Royal Bank of Canada |
AA+/Aa1 | 157,719,766 | (52,272 | ) | 1,558,797 | ||||||||
Cash Equivalent |
| ||||||||||||
IXIS Financial Products |
AAA/Aaa | 10,087,669 | | 11,797 | |||||||||
Total Investment Contracts |
1,204,206,241 | (349,705 | ) | 12,135,826 | |||||||||
Collective Investment Trust |
|||||||||||||
Goode |
AA/Aa2 | 23,774,952 | | 152,574 | |||||||||
Columbia Fund Investment, Money Market |
|||||||||||||
Columbia Cash Reserves, Capital Class |
42,321,515 | | | ||||||||||
$ | 1,270,302,708 | $ | (349,705 | ) | $ | 12,288,400 | |||||||
13
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
5. | Investment Contracts (Continued) |
2005 | |||||||||||||
Major Credit Rating |
Investment at Fair Value |
Wrap Contract Fair Value |
Adjustment to Contract Value |
||||||||||
Guaranteed Investment Contracts |
|||||||||||||
Allstate |
AA/Aa2 | $ | 19,514,325 | $ | | $ | 3,155 | ||||||
Canada Life |
AA/Aa3 | 10,173,403 | | (104,497 | ) | ||||||||
Canada Life |
AA/Aa3 | 10,261,934 | | (138,739 | ) | ||||||||
Canada Life |
AA/Aa3 | 9,886,658 | | 130,127 | |||||||||
Hartford Life Insurance Company |
AA-/Aa3 | 8,151,786 | | (109,862 | ) | ||||||||
Hartford Life Insurance Company |
AA-/Aa3 | 7,554,650 | | | |||||||||
Pruco Life |
AAA/Aaa | 12,452,638 | | (114,343 | ) | ||||||||
Pruco Life |
AAA/Aaa | 9,534,833 | | 66,077 | |||||||||
Pacific Life Insurance Company |
AA/Aa3 | 22,009,199 | | 337,197 | |||||||||
Principal Life Insurance Company |
AA/Aa2 | 22,106,853 | | 304,008 | |||||||||
Security Life of Denver |
AA/Aa3 | 4,273,252 | | 475 | |||||||||
GE Capital Assurance Company |
AA-/Aa3 | 6,345,552 | | 851 | |||||||||
GE Life & Annuity Assurance Company |
AA-/Aa3 | 4,297,749 | | 23,314 | |||||||||
John Hancock |
AA+/Aa2 | 7,553,661 | | 1,171 | |||||||||
Fixed Maturity Synthetic Guaranteed Investment Contracts |
|||||||||||||
Rabobank |
AAA/Aaa | 70,509,773 | (12,848 | ) | 924,695 | ||||||||
Rabobank |
AAA/Aaa | 21,746,973 | (3,995 | ) | 219,274 | ||||||||
UBS AG |
AAA/Aaa | 173,942,538 | (73,977 | ) | 5,036,925 | ||||||||
Constant Duration Synthetic Guaranteed Investment Contracts |
|||||||||||||
IXIS Financial Products |
AA+/Aa1 | 138,951,703 | (112,902 | ) | (274,391 | ) | |||||||
Rabobank |
AA+/Aa1 | 76,535,629 | (12,804 | ) | 2,034,402 | ||||||||
Transamerica |
AA+/Aa1 | 127,064,111 | (20,846 | ) | (125,526 | ) | |||||||
AIG Financial Products |
AA+/Aa1 | 182,870,917 | (89,338 | ) | (23,632 | ) | |||||||
Royal Bank of Canada |
AA+/Aa1 | 151,074,652 | (49,825 | ) | 709,074 | ||||||||
Total Investment Contracts |
1,096,812,789 | (376,535 | ) | 8,899,755 | |||||||||
Collective Investment Trust |
|||||||||||||
Goode |
AA/Aa2 | 22,628,221 | | 229,519 | |||||||||
Columbia Fund Investment, Money Market |
|||||||||||||
Columbia Cash Reserves, Capital Class |
45,513,208 | | | ||||||||||
$ | 1,164,954,218 | $ | (376,535 | ) | $ | 9,129,274 | |||||||
14
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
5. | Investment Contracts (Continued) |
Reconciliation of adjustment from fair value to contract value:
2006 | 2005 | |||||
Beginning balance |
$ | 9,129,274 | $ | | ||
Increase of fair value to contract value |
3,159,126 | 9,129,274 | ||||
Increase due to fully benefit responsive changes |
| | ||||
Ending balance |
$ | 12,288,400 | $ | 9,129,274 | ||
6. | Net Appreciation in Fair Value of Investments |
For the years ended December 31, 2006 and 2005, the Plans investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in fair value by $916,117,512 and $57,472,342 respectively, as follows:
2006 | 2005 | |||||||
Bank of America Corporation Common Stock |
$ | 578,463,175 | $ | (79,096,559 | ) | |||
Bank of America Corporation Preferred Stock |
(54 | ) | | |||||
Common and preferred stock |
395,182 | 131,090 | ||||||
Columbia Fund Investments: |
||||||||
Fixed Income |
(927,180 | ) | (2,657,442 | ) | ||||
Equity |
223,888,418 | 94,907,785 | ||||||
Mutual funds |
113,146,866 | 43,305,434 | ||||||
Collective Investment Trust |
1,116,456 | 1,011,647 | ||||||
Corporate debt and asset-backed securities |
37,029 | (64,987 | ) | |||||
Mortgage-backed securities |
(6,439 | ) | (10,385 | ) | ||||
U.S. government and government agency obligations |
(15,955 | ) | (31,858 | ) | ||||
Other investments |
20,014 | (22,383 | ) | |||||
Net appreciation in fair value of investments |
$ | 916,117,512 | $ | 57,472,342 | ||||
7. | Plan Termination |
Although it has not expressed any intention to do so, the Corporation has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event the Plan terminates, the total amounts credited to the accounts of each participant become fully vested and nonforfeitable.
15
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
8. | Related Party Transactions |
The Plan holds investments in various funds that are part of the Columbia Funds mutual fund family.
MCM and CMA are non-bank affiliates of the Corporation and provide advisory services to Columbia Funds. As advisors to and administrators of the funds, affiliates receive fees directly from the funds for providing services to the funds, including investment management services. Columbia Fund Distributors, Inc. administers and distributes Columbia Funds.
Investment units and shares of Columbia Funds are purchased at net asset value. The investments held at December 31, 2006 and 2005 were as follows:
2006 | 2005 | |||||
Columbia Fund Money Market |
||||||
Columbia Cash Reserves, Capital Class |
$ | 98,297,792 | $ | 99,261,956 | ||
Columbia Cash Reserves, Trust Class |
4,596,096 | 5,056,749 | ||||
102,893,888 | 104,318,705 | |||||
Columbia Fund Fixed Income |
||||||
Columbia Total Return Bond Fund |
271,239 | 299,222 | ||||
Columbia Short-Term Bond Fund |
551,657 | 632,621 | ||||
Columbia Core Bond Fund |
130,904,548 | 120,048,712 | ||||
Columbia Federal Securities Fund |
216,146 | 234,147 | ||||
Columbia Strategic Income Fund |
14,370 | 14,322 | ||||
131,957,960 | 121,229,024 | |||||
Columbia Fund Equity |
||||||
Columbia Mid Cap Index Fund |
415,960,050 | 370,250,584 | ||||
Columbia Multi-Advisor International Equity Fund |
220,958,421 | 152,954,641 | ||||
Columbia Large Cap Index Fund |
826,433,219 | 750,270,684 | ||||
Columbia Small Cap Index Fund |
293,665,652 | 239,835,299 | ||||
Columbia Large Cap Value Fund |
232,582,995 | 183,274,222 | ||||
Columbia Marsico Focused Equities Fund |
202,251,812 | 173,258,551 | ||||
Columbia Marsico Growth Fund |
736,091 | 14,156 | ||||
Columbia Mid Cap Growth Fund |
16,948 | 15,276 | ||||
Columbia Convertible Securities Fund |
48,741 | 51,012 | ||||
LifeGoal Balanced Growth Portfolio |
249,884,974 | 218,012,694 | ||||
LifeGoal Growth Portfolio |
192,859,156 | 146,204,073 | ||||
LifeGoal Income and Growth Portfolio |
52,067,737 | 44,778,150 | ||||
2,687,465,796 | 2,278,919,342 | |||||
Total Columbia Fund Family |
$ | 2,922,317,644 | $ | 2,504,467,071 | ||
At December 31, 2006 and 2005, the Plan held investments in the Bank of America Corporation Common Stock valued at $4,133,569,603 and $3,943,802,661, respectively.
16
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
8. | Related Party Transactions (Continued) |
For the years ended December 31, 2006 and 2005, the Plan paid direct expenses to the Trustee totaling $187,018 and $278,695, respectively.
9. | Reconciliation to Form 5500 |
The following is a reconciliation of net assets available for benefits according to the financial statements to Form 5500:
2006 | 2005 | ||||||
Net assets available for benefits per the financial statements |
$ | 9,834,489,971 | $ | 8,442,430,902 | |||
Benefit obligations payable |
(775,753 | ) | | ||||
Net assets available for benefits per Form 5500 |
$ | 9,833,714,218 | $ | 8,442,430,902 | |||
The following is a reconciliation of benefits paid to Plan participants according to the financial statements to Form 5500:
2006 | 2005 | ||||||
Benefits paid to plan participants per the financial statements |
$ | 766,932,280 | $ | 761,638,819 | |||
Add: Benefit obligations payable at end of year |
775,753 | | |||||
Less: Benefit obligations payable at beginning of year |
| (862,509 | ) | ||||
Benefits paid to plan participants per Form 5500 |
$ | 767,708,033 | $ | 760,776,310 | |||
Benefit obligations payable and related benefits paid are recorded on Form 5500 for those claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. For financial statement purposes, such amounts are not recorded until paid.
10. | Federal Income Tax Status |
On March 5, 1998, the Plan Sponsor was informed by a letter from the Internal Revenue Service (IRS) that the Plan was designed in accordance with applicable sections of the IRC. Subsequent to this issuance of the determination letter, the Plan was amended. The Plan Sponsor has requested an updated determination letter.
17
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2006 and 2005
10. | Federal Income Tax Status (Continued) |
Currently, the 1998 and 1999 Plan years are under audit by the IRS. The audit includes a review of voluntary transfers by participants of assets of the Plan to The Bank of America Pension Plan and whether such transfers were in accordance with applicable law. In December 2005, the Corporation received a Technical Advice Memorandum (TAM) from the National Office of the IRS that concluded that the amendments made to the Plan in 1998 to permit the transfers violated the anti-cutback rule of Section 411(d)(6) of the IRC. In November 2006, the Corporation received another TAM denying the Corporations request that the conclusion reached in the first TAM be applied prospectively only. The Corporation continues to participate in administrative proceedings with the IRS regarding issues raised in the audit.
Subject to resolution of the administrative proceeding noted above, the plan administrator believes the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified and the related trust is tax exempt.
Under present federal income tax laws, a participating employee will not be subject to federal income taxes on the contributions by the employer, or on the interest, dividends or profits on the sale of investments received by the trustee, until the participating employees account is distributed.
11. | Litigation |
The Plan is the subject of litigation involving the voluntary transfers from the Plan to The Bank of America Pension Plan referenced in Note 10 above. The outcome of this litigation cannot be predicted at this time.
The Plan is the subject of litigation involving alleged market timing arrangements in certain Nations Funds mutual funds in which the Plan is invested. In December 2005 the Corporation and other named defendants in the litigation entered into a settlement that among other things, is contingent upon a minimum threshold amount being received by the Nations Funds shareholders and/or the Nations Funds mutual funds from a previously established regulatory settlement fund. The settlement is subject to court approval.
The Plan is the subject of litigation alleging certain ERISA violations related to fees and expenses related to (i) investments by the Plan, the Bank of America Pension Plan, and their respective predecessor plans in investment funds offered or managed by Corporation subsidiaries or affiliates and (ii) the use of Corporation subsidiaries or affiliates in other matters of plan administration and investment.
18
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
( e ) Current Value | ||||||
Common and Preferred Stock | |||||||||
* |
Bank of America Corporation | Common Stock | 77,422,169 shares | $ | 4,133,569,603 | ||||
Total Bank of America Corporation Common Stock | 4,133,569,603 | ||||||||
Abbott Labs | Common Stock | 800 shares | 38,968 | ||||||
Agere Systems, Inc. | Common Stock | 6 shares | 115 | ||||||
Alcatel-Lucent | Common Stock | 49 shares | 697 | ||||||
Amerco | Preferred Stock | 400 shares | 10,108 | ||||||
Ameren Corporation | Common Stock | 400 shares | 21,492 | ||||||
American Electric Power, Inc. | Common Stock | 400 shares | 17,032 | ||||||
Aquila, Inc. | Common Stock | 750 shares | 3,525 | ||||||
AT&T Inc. | Common Stock | 2,677 shares | 95,703 | ||||||
Automatic Data Processing, Inc. | Common Stock | 400 shares | 19,700 | ||||||
Avaya, Inc. | Common Stock | 208 shares | 2,908 | ||||||
BP PLC | Common Stock | 4,286 shares | 287,591 | ||||||
Baker Hughes, Inc. | Common Stock | 200 shares | 14,932 | ||||||
Caterpillar, Inc. | Common Stock | 2,000 shares | 122,660 | ||||||
Champs Entertainment, Inc. | Common Stock | 2,000 shares | 13,900 | ||||||
Chevron Corporation | Common Stock | 300 shares | 22,059 | ||||||
China Direct, Inc. | Common Stock | 2 shares | 12 | ||||||
Chiquita Brands International, Inc. | Common Stock | 1,000 shares | 15,970 | ||||||
Citigroup, Inc. | Common Stock | 6,500 shares | 362,050 | ||||||
Comcast Corporation | Common Stock | 97 shares | 4,106 | ||||||
Conagra Foods, Inc. | Common Stock | 500 shares | 13,500 | ||||||
ConocoPhillips | Common Stock | 988 shares | 71,087 | ||||||
Conseco, Inc. | Common Stock | 15 shares | 300 |
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
19
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | ||||||
Corts Trust | Preferred Stock | 800 shares | $ | 21,104 | |||||
Countrywide | Preferred Stock | 800 shares | 20,120 | ||||||
Covad Communications Group, Inc. | Common Stock | 500 shares | 690 | ||||||
Diamond Offshore Drilling, Inc. | Common Stock | 400 shares | 31,976 | ||||||
Dominion Res, Inc. | Common Stock | 400 shares | 33,536 | ||||||
Duke Energy Corporation | Common Stock | 200 shares | 6,642 | ||||||
Encana Corporation | Common Stock | 300 shares | 13,785 | ||||||
Ericsson LM Tel Company | Common Stock | 1,697 shares | 68,270 | ||||||
Exxon Mobil Corporation | Common Stock | 3,600 shares | 275,868 | ||||||
FPL Group, Inc. | Common Stock | 2,700 shares | 146,934 | ||||||
First BanCorp | Common Stock | 5,000 shares | 47,650 | ||||||
General Electric Company | Common Stock | 1,500 shares | 55,815 | ||||||
Great Atlantic & Pacific Tea, Inc. | Preferred Stock | 800 shares | 20,520 | ||||||
Harken Energy Corporation | Common Stock | 3,267 shares | 1,666 | ||||||
Headwaters, Inc. | Common Stock | 400 shares | 9,584 | ||||||
Hewlett-Packard Company | Common Stock | 316 shares | 13,016 | ||||||
Hospira, Inc. | Common Stock | 80 shares | 2,686 | ||||||
International Business Machines | Common Stock | 800 shares | 77,720 | ||||||
Johnson & Johnson | Common Stock | 2,200 shares | 145,244 | ||||||
Keyspan Corporation | Common Stock | 210 shares | 8,648 | ||||||
Lowes Companies, Inc. | Common Stock | 1,000 shares | 31,150 | ||||||
Merck & Company, Inc. | Common Stock | 800 shares | 34,880 | ||||||
Motorola, Inc. | Common Stock | 3,570 shares | 73,399 | ||||||
Nokia Corporation | Common Stock | 200 shares | 4,064 | ||||||
Novartis | Common Stock | 200 shares | 11,488 | ||||||
Oracle Corporation | Common Stock | 2,000 shares | 34,280 | ||||||
Penney JC Company, Inc. | Common Stock | 500 shares | 38,680 | ||||||
Pepsico, Inc. | Common Stock | 250 shares | 15,638 |
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
20
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | ||||||||||
Pfizer, Inc. | Common Stock | 6,000 shares | $ | 155,400 | |||||||||
Primus | Preferred Stock | 1,000 shares | 25,000 | ||||||||||
Procter & Gamble Company | Common Stock | 397 shares | 25,515 | ||||||||||
Pulte Homes, Inc. | Preferred Stock | 400 shares | 10,384 | ||||||||||
Royal Dutch Shell Petroleum Company | Common Stock | 1,000 shares | 70,790 | ||||||||||
St. Paul Travelers Company, Inc. | Common Stock | 342 shares | 18,362 | ||||||||||
Saturns Tribune Company | Preferred Stock | 800 shares | 17,400 | ||||||||||
Scana Corporation | Common Stock | 631 shares | 25,631 | ||||||||||
Schering Plough Corporation | Common Stock | 800 shares | 18,912 | ||||||||||
Ship Fin International | Common Stock | 2,000 shares | 47,520 | ||||||||||
Southern Company | Common Stock | 200 shares | 7,372 | ||||||||||
Taiwan Semiconductor Manufacturing Ltd. | Common Stock | 6,729 shares | 73,548 | ||||||||||
Texas Instruments, Inc. | Common Stock | 1,000 shares | 28,800 | ||||||||||
Time Warner, Inc. | Common Stock | 2,000 shares | 43,560 | ||||||||||
TXU Corporation | Common Stock | 3,800 shares | 205,998 | ||||||||||
United States Cellular Corporation | Preferred Stock | 800 shares | 20,688 | ||||||||||
Wal Mart Stores, Inc. | Common Stock | 4,000 shares | 184,720 | ||||||||||
Wyeth | Common Stock | 1,600 shares | 81,472 | ||||||||||
Xcel Energy, Inc. | Common Stock | 1,872 shares | 43,167 | ||||||||||
Total Common and Preferred Stock | 3,487,707 | ||||||||||||
Investment Contracts | |||||||||||||
AIG Financial Products | Guaranteed Investment Contract # 443770;5.150% | $ | 190,919,404 | ||||||||||
AIG Financial Products | Wrapper Contract | (91,505 | ) | ||||||||||
Total AIG Financial Products |
190,827,899 |
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
21
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | ||||||||
Canada Life |
Guaranteed Investment Contract # P46153; 3.900% | $ | 10,016,785 | ||||||||
Canada Life |
Guaranteed Investment Contract # P46116; 5.600% | 7,182,994 | |||||||||
Canada Life |
Guaranteed Investment Contract # P46120; 6.140% | 6,749,899 | |||||||||
Genworth Life |
Guaranteed Investment Contract # GS 3665 GELAC; 4.140% | 4,499,455 | |||||||||
Hartford Life Insurance Company |
Guaranteed Investment Contract # GA 10560; 6.150% | 6,005,114 | |||||||||
IXIS Financial Products, Inc. |
Guaranteed Investment Contract # WR 1046-01; 5.270% | $ | 178,887,832 | ||||||||
IXIS Financial Products, Inc. |
Wrapper Contract | (86,905 | ) | ||||||||
Total IXIS Financial Products Inc. |
178,800,927 | ||||||||||
IXIS Financial Products, Inc. |
Guaranteed Investment Contract # 546-25; 5.000% | 10,087,669 | |||||||||
Pacific Life Insurance Company |
Guaranteed Investment Contract # G 26772.01; 4.100% | 22,922,731 | |||||||||
Principal Life Insurance Company |
Guaranteed Investment Contract # GA 4-50332-1; 3.940% | 23,172,235 | |||||||||
Pruco Life |
Guaranteed Investment Contract # GA-10137-211; 5.590% | 9,625,412 | |||||||||
Pruco Life |
Guaranteed Investment Contract # GA-10137-212; 4.030% | 9,987,827 | |||||||||
Rabobank |
Guaranteed Investment Contract # BOA 070201; 4.590% | 90,177,535 | |||||||||
Rabobank |
Wrapper Contract | (14,914 | ) | ||||||||
Total Rabobank |
90,162,621 | ||||||||||
Rabobank |
Guaranteed Investment Contract # BOA 040301; 4.810% | 90,776,853 | |||||||||
Rabobank |
Wrapper Contract | (13,118 | ) | ||||||||
Total Rabobank |
90,763,735 | ||||||||||
Rabobank |
Guaranteed Investment Contract # BOA 040302; 4.770% | 21,715,405 | |||||||||
Rabobank |
Wrapper Contract | (3,220 | ) | ||||||||
Total Rabobank |
21,712,185 | ||||||||||
Royal Bank of Canada |
Guaranteed Investment Contract # NYSM-03BAC-0504; 5.040% | 157,719,766 | |||||||||
Royal Bank of Canada |
Wrapper Contract | (52,272 | ) | ||||||||
Total Royal Bank of Canada |
157,667,494 |
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
22
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | ||||||||||
State Street Bank |
Guaranteed Investment Contract # 106009; 5.440% | $ | 44,668,338 | ||||||||||
State Street Bank |
Wrapper Contract | (6,695 | ) | ||||||||||
Total State Street Bank |
$ | 44,661,643 | |||||||||||
Transamerica |
Guaranteed Investment Contract # TDA76933TR; 5.150% |
132,588,012 | |||||||||||
Transamerica |
Wrapper Contract | (21,896 | ) | ||||||||||
Total Transamerica |
132,566,116 | ||||||||||||
UBS AG |
Guaranteed Investment Contract # 2670; 4.110% | 186,502,975 | |||||||||||
UBS AG |
Wrapper Contract | (59,180 | ) | ||||||||||
Total UBS AG |
186,443,795 | ||||||||||||
Total Investment Contracts |
1,203,856,536 | ||||||||||||
Collective Investment Trusts |
|||||||||||||
Goode |
Stable Value Trust Fund | 1,694,416 units | 23,774,952 | ||||||||||
Total Collective Investment Trusts |
23,774,952 | ||||||||||||
Columbia Fund Investments - Money Market |
|||||||||||||
* |
Columbia |
Cash Reserves, Capital Class | 98,297,792 units | 98,297,792 | |||||||||
* |
Columbia |
Cash Reserves, Trust Class | 4,596,096 units | 4,596,096 | |||||||||
Total Columbia Fund Investments - Money Market |
102,893,888 | ||||||||||||
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
23
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
( e ) Current Value | ||||||
Columbia Fund Investments - Fixed Income |
|||||||||
* |
Columbia |
Core Bond Fund | 12,408,014 units | $ | 130,904,548 | ||||
* |
Columbia |
Federal Securities Fund | 20,763 units | 216,146 | |||||
* |
Columbia |
Short Term Bond Fund | 56,349 units | 551,657 | |||||
* |
Columbia |
Strategic Income Fund | 2,419 units | 14,370 | |||||
* |
Columbia |
Total Return Bond Fund | 27,877 units | 271,239 | |||||
Total Columbia Fund Investments - Fixed Income |
131,957,960 | ||||||||
Columbia Fund Investments - Equity |
|||||||||
* |
Columbia |
Convertible Securities Fund | 2,988 units | 48,741 | |||||
* |
Columbia |
Large Cap Index | 30,128,809 units | 826,433,219 | |||||
* |
Columbia |
Large Cap Value | 15,341,886 units | 232,582,994 | |||||
* |
Columbia |
LifeGoal Balanced Growth Portfolio | 20,549,751 units | 249,884,974 | |||||
* |
Columbia |
LifeGoal Growth Portfolio | 13,337,424 units | 192,859,156 | |||||
* |
Columbia |
LifeGoal Income & Growth Portfolio | 4,798,870 units | 52,067,737 | |||||
* |
Columbia |
Marsico Focused Equities Fund | 9,057,403 units | 202,251,812 | |||||
* |
Columbia |
Marsico Growth Fund | 33,027 units | 736,091 | |||||
* |
Columbia |
Mid Cap Growth Fund | 674 units | 16,948 | |||||
* |
Columbia |
Mid Cap Index Fund | 34,433,779 units | 415,960,050 | |||||
* |
Columbia |
Multi-Advisory International Equity Fund | 12,691,466 units | 220,958,421 | |||||
* |
Columbia |
Small Cap Index Fund | 13,378,845 units | 293,665,653 | |||||
Total Columbia Fund Investments - Equity |
2,687,465,796 | ||||||||
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
24
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( c ) | |||||||||
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
( e ) Current Value | ||||||
Mutual Funds |
|||||||||
Aberdeen |
Asia-Pacific Income Fund | 8,500 units | $ | 52,871 | |||||
Alliance Bernstein |
US Government Bond Fund | 16,591 units | 112,652 | ||||||
Allianz RCM |
Biotechnology Fund | 2,876 units | 72,191 | ||||||
Allianz RCM |
Global Technology Fund | 8,451 units | 350,820 | ||||||
American Century |
Select Fund | 2,095 units | 76,939 | ||||||
American Funds |
Growth Fund of America | 5,725,014 units | 188,123,966 | ||||||
American Funds |
Intermediate Bond Fund | 11,199 units | 150,285 | ||||||
Batterymarch |
US Small Cap Fund | 3,902,047 units | 43,468,803 | ||||||
DWS |
Short Term Bond Fund | 4,951 units | 48,912 | ||||||
Dodge & Cox |
Stock Fund | 2,765,426 units | 424,382,275 | ||||||
* |
Fidelity |
Diversified International Fund | 9,181,908 units | 339,271,514 | |||||
* |
Fidelity |
Small Cap Independence Fund | 1,823 units | 38,377 | |||||
* |
Fidelity |
Disciplined Equity Fund | 2,287 units | 66,366 | |||||
* |
Fidelity |
Asset Manager | 11,188 units | 180,241 | |||||
* |
Fidelity |
Real Estate Investment Portfolio | 5,888,441 units | 214,162,593 | |||||
* |
Fidelity |
Equity Income II Fund | 2,636 units | 63,890 | |||||
* |
Fidelity |
Ginnie Mae Portfolio | 17,897 units | 192,752 | |||||
Freehold |
Realty Trust | 2,000 units | 25,417 | ||||||
H & Q |
Healthcare Fund | 3,310 units | 54,522 | ||||||
Janus |
3,786 units | 179,667 | |||||||
Matthews |
Asia-Pacific Fund | 300 units | 5,076 | ||||||
Matthews |
International Fund | 200 units | 4,742 | ||||||
MFS |
Charter Income Trust | 1,755 units | 15,023 | ||||||
MTB |
Group International Fund | 679 units | 8,663 | ||||||
Nicholas Fund |
Nicholas Fund | 2,713 units | 158,372 | ||||||
Pengrowth |
Energy Trust | 2,000 units | 34,420 | ||||||
Van Kampen |
US Mortgage Fund | 5,245 units | 69,966 | ||||||
Vanguard |
Energy Fund | 923 units | 59,629 |
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
25
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( b ) | ( c ) | ||||||||
( a ) |
Identity of Issue, Borrower, Lessor, or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
( e ) Current Value | ||||||
Vanguard |
Wellington Fund | 18,635 units | 604,326 | ||||||
Vanguard |
Wellesley Income Fund | 1,406 units | $ | 30,657 | |||||
Vanguard |
Windsor Fund | 7,355 units | 137,104 | ||||||
Vanguard |
Windsor II Fund | 7,800 units | 271,057 | ||||||
Vanguard |
GNMA Fund | 60,913 units | 621,918 | ||||||
Vanguard |
Intermediate Term Treasury Fund | 7,379 units | 79,400 | ||||||
Vanguard |
500 Index Fund | 881 units | 114,985 | ||||||
Vanguard |
Total Stock Market Index Fund - Investor | 367 units | 12,501 | ||||||
Vanguard |
Total Stock Market Index Fund - Institutional | 4,603,180 units | 156,968,440 | ||||||
Western Asset |
Core Bond Portfolio | 5,407,830 units | 61,324,791 | ||||||
Western Asset |
High Income Opportunity Fund | 1,520 units | 10,260 | ||||||
White Oak |
Growth Stock Fund | 3,097 units | 99,909 | ||||||
Zweig |
Total Return Fund | 10,075 units | 59,339 | ||||||
Total Mutual Funds |
1,431,765,631 | ||||||||
Corporate Debt & Asset-Backed Securities |
|||||||||
AT&T Broadband Corporation |
Dtd 11/18/02 9.455% Due 11/15/22 | 24,000 shares | 31,079 | ||||||
Ford Motor Credit Company |
Dtd 10/25/01 7.250% Due 10/25/11 | 50,000 shares | 48,964 | ||||||
General Electric Capital Corporation |
Dtd 03/23/06 6.000% Due 03/15/32 | 100,000 shares | 96,971 | ||||||
General Electric Capital Corporation |
Dtd 08/26/04 5.500% Due 08/15/23 | 100,000 shares | 93,059 | ||||||
General Motors Acceptance Corporation |
Dtd 03/05/02 7.400% Due 03/15/17 | 50,000 shares | 49,622 | ||||||
General Motors Acceptance Corporation |
Dtd 08/12/03 7.250% Due 08/15/18 | 100,000 shares | 96,908 | ||||||
Household Financial Corporation |
Dtd 05/06/04 5.650% Due 05/15/19 | 50,000 shares | 47,189 | ||||||
Polaroid Corporation |
Dtd 02/17/99 Due 02/15/06 IN DFLT | 50,000 shares | 4,563 | ||||||
Prudential Financial |
Dtd 05/06/04 5.750% Due 05/15/19 | 50,000 shares | 47,999 | ||||||
Weirton Steel Corporation |
Dtd 07/03/96 11.375% Due 7/01/04 IN DFLT | 50,000 shares | 4,999 | ||||||
Total Corporate Debt & Asset-Backed Securities |
521,353 | ||||||||
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
26
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( c ) | |||||||||
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
( e ) Current Value | ||||||
Mortgage-Backed Securities |
|||||||||
ABN Amro Mortgage Corporation |
Dtd 09/01/03 6.000% Due 10/25/33 | 79,000 shares | $ | 77,154 | |||||
Federal Home Loan Mortgage |
Dtd 10/01/04 6.000% Due 07/15/34 | 10,000 shares | 9,999 | ||||||
Federal National Mortgage Association |
Dtd 10/01/01 6.000% Due 11/25/31 | 10,000 shares | 10,102 | ||||||
Federal National Mortgage Association |
Dtd 11/01/01 6.000% Due 12/25/31 | 20,000 shares | 20,051 | ||||||
GNMA |
Pool #030048 Dtd 03/01/79 9.000% Due 02/15/09 | 565 shares | 583 | ||||||
GNMA |
Pool #033190 Dtd 09/01/79 9.500% Due 09/15/09 | 1,679 shares | 1,741 | ||||||
GNMA |
Pool #105474 Dtd 11/01/83 12.500% Due 10/15/13 | 408 shares | 452 | ||||||
GNMA |
Pool #124950 Dtd 05/01/85 9.000% Due 05/15/15 | 3,893 shares | 4,151 | ||||||
GNMA |
Pool #141703 Dtd 10/01/85 11.500% Due 10/15/15 | 238 shares | 266 | ||||||
GNMA |
Pool #158422 Dtd 05/01/86 9.500% Due 05/15/16 | 776 shares | 840 | ||||||
GNMA |
Pool #158990 Dtd 07/01/86 9.000% Due 07/15/16 | 516 shares | 552 | ||||||
GNMA |
Pool #166126 Dtd 07/01/86 9.500% Due 07/15/16 | 485 shares | 525 | ||||||
GNMA |
Pool #180576 Dtd 03/01/87 8.000% Due 03/15/17 | 1,499 shares | 1,580 | ||||||
GNMA |
Pool #194375 Dtd 03/01/87 9.000% Due 02/15/17 | 378 shares | 405 | ||||||
GNMA |
Pool #197040 Dtd 03/01/87 8.000% Due 03/15/17 | 1,980 shares | 2,087 | ||||||
GNMA |
Pool #266976 Dtd 12/01/88 10.000% Due 12/15/18 | 666 shares | 736 | ||||||
GNMA |
Pool #320835 Dtd 04/01/92 7.500% Due 04/15/22 | 1,349 shares | 1,404 | ||||||
GNMA |
Pool #321186 Dtd 07/01/92 8.000% Due 07/15/22 | 2,218 shares | 2,352 | ||||||
GNMA |
Pool #322807 Dtd 02/01/92 8.000% Due 02/15/22 | 677 shares | 718 | ||||||
GNMA |
Pool #330133 Dtd 08/01/92 7.500% Due 08/15/22 | 3,522 shares | 3,673 | ||||||
GNMA |
Pool #334371 Dtd 11/01/92 7.000% Due 11/15/07 | 388 shares | 389 | ||||||
GNMA |
Pool #341342 Dtd 12/01/92 8.000% Due 12/15/22 | 2,500 shares | 2,651 | ||||||
GNMA |
Pool #342553 Dtd 03/01/93 7.500% Due 03/15/23 | 444 shares | 463 | ||||||
GNMA |
Pool #411479 Dtd 11/01/95 7.500% Due 11/15/25 | 2,172 shares | 2,269 | ||||||
GNMA |
Pool #471439 Dtd 10/01/01 6.500% Due 10/15/31 | 4,332 shares | 4,452 | ||||||
GNMA |
Pool #559513 Dtd 04/01/01 6.500% Due 04/15/31 | 3,337 shares | 3,430 | ||||||
GNMA |
Pool #595192 Dtd 11/01/02 5.000% Due 11/15/32 | 35,309 shares | 34,390 |
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
27
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( c ) | |||||||||
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
( e ) Current Value | ||||||
GNMA |
Pool #604337 Dtd 05/01/03 5.500% Due 05/15/33 | 30,052 shares | 29,943 | ||||||
GNMA |
Pool #604740 Dtd 11/01/03 5.000% Due 11/15/33 | 26,918 shares | 26,212 | ||||||
GNMA |
Pool #604897 Dtd 12/01/03 5.000% Due 12/15/33 | 25,304 shares | $ | 24,639 | |||||
GNMA |
Pool #605098 Dtd 03/01/04 5.000% Due 03/15/34 | 73,939 shares | 71,957 | ||||||
GNMA |
Pool #614160 Dtd 06/01/03 5.500% Due 06/15/33 | 15,688 shares | 15,630 | ||||||
GNMA |
Pool #627930 Dtd 02/01/04 5.500% Due 02/15/34 | 21,752 shares | 21,661 | ||||||
GNMA |
Pool #641277 Dtd 04/01/05 5.000% Due 04/15/35 | 35,358 shares | 34,391 | ||||||
Master Asset Securitization Trust |
Dtd 04/01/03 5.500% Due 05/25/33 | 25,000 shares | 23,710 | ||||||
Total Mortgage-Backed Securities |
435,558 | ||||||||
U.S. Government and Government Agency Obligations |
|||||||||
United States |
Treasury Bill Dtd 08/10/06 Due 02/08/07 | 12,000 shares | 11,943 | ||||||
United States |
Treasury Bill Dtd 08/24/06 Due 02/22/07 | 20,000 shares | 19,866 | ||||||
United States |
Treasury Bill Dtd 09/14/06 Due 03/15/07 | 30,000 shares | 29,714 | ||||||
United States |
Treasury Bill Dtd 07/20/06 Due 01/18/07 | 45,000 shares | 44,912 | ||||||
United States |
Treasury Bond Dtd 02/15/91 7.875% Due 02/15/21 | 100,000 shares | 130,227 | ||||||
United States |
Treasury Bond Dtd 05/15/86 7.250% Due 05/15/16 | 10,000 shares | 11,887 | ||||||
United States |
Treasury Note Dtd 03/15/05 4.000% Due 03/15/10 | 100,000 shares | 97,902 | ||||||
United States |
Treasury Note Dtd 08/15/03 3.250% Due 08/15/08 | 30,000 shares | 29,259 | ||||||
United States |
Treasury Note Dtd 08/15/03 4.250% Due 08/15/13 | 100,000 shares | 97,492 | ||||||
United States |
Treasury Note Dtd 08/15/05 4.250% Due 08/15/15 | 100,000 shares | 96,766 | ||||||
United States |
Treasury Note Dtd 08/15/97 6.125% Due 08/15/07 | 100,000 shares | 100,633 | ||||||
United States |
Treasury Note Dtd 11/15/06 4.625% Due 11/15/16 | 100,000 shares | 99,344 | ||||||
United States |
Treasury Note Dtd 11/17/03 3.375% Due 11/15/08 | 150,000 shares | 146,157 | ||||||
United States |
Treasury Note Dtd 11/30/06 4.625% Due 11/30/08 | 120,000 shares | 119,564 | ||||||
United States |
Treasury Note Dtd 02/15/02 4.875% Due 02/15/12 | 100,000 shares | 100,914 | ||||||
United States |
Treasury Note Dtd 08/15/02 3.250% Due 08/15/07 | 150,000 shares | 148,377 |
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
28
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets
December 31, 2006
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | ||||||
United States | Treasury Note Dtd 11/15/02 4.000% Due 11/15/12 | 100,000 shares | $ | 96,551 | |||||
United States | Treasury Note Dtd 02/17/04 4.000% Due 02/15/14 | 100,000 shares | 95,724 | ||||||
Total U.S. Government and Government Agency Obligations |
1,477,232 | ||||||||
Other Investments | |||||||||
* |
Participant Loans | Interest rates range 4.000% to 11.500% | 73,077,205 | ||||||
Bank of Desoto | Certificate of Deposit | 190,000 | |||||||
Bank of Texas | Certificate of Deposit | 279,164 | |||||||
Beal Bank | Certificate of Deposit | 495,000 | |||||||
Century Bank | Certificate of Deposit | 50,000 | |||||||
Comerica Bank | Certificate of Deposit | 100,000 | |||||||
Compass Bank | Certificate of Deposit | 430,000 | |||||||
Conseco, Inc. | Warrant | 44 | |||||||
Entertainment Properties Trust | Real Estate Investment Trust | 15,168 | |||||||
Guaranty Federal Bank | Certificate of Deposit | 199,000 | |||||||
National Bank of Kansas City | Certificate of Deposit | 57,000 | |||||||
National City Bank | Certificate of Deposit | 50,000 | |||||||
New Plan Excel Realty Trust | Real Estate Investment Trust | 10,992 | |||||||
Public Storage, Inc. | Real Estate Investment Trust | 62,400 | |||||||
Reliastar Life Insurance | Single Premium Deferred Annuity | 98,731 | |||||||
Suburban Propane Partners LP | Limited Partnership | 3,801 | |||||||
Texas State Bank | Certificate of Deposit | 85,000 | |||||||
Transportation Alliance Bank | Certificate of Deposit | 98,000 | |||||||
USAA Federal Saving Bank | Certificate of Deposit | 198,833 | |||||||
Total Other Investments | 75,500,338 | ||||||||
Total | $ | 9,796,706,554 | |||||||
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant- directed.
29
Exhibit Index
Exhibit No. | ||
23.1 | Consent of Morris, Davis & Chan LLP, Independent Registered Public Accounting Firm. |