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, 2007
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 for Legacy Fleet and MBNA (formerly The Bank of America 401(k) Plan for Legacy Fleet)
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
FOR LEGACY FLEET AND MBNA
(FORMERLY THE BANK OF AMERICA 401(k)
PLAN FOR LEGACY FLEET)
FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE
TOGETHER WITH REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
DECEMBER 31, 2007 AND 2006
MORRIS, DAVIS & CHAN LLP
Certified Public Accountants
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Index to Financial Statements and Supplemental Schedule
December 31, 2007 and 2006
Page | ||
1 | ||
Financial Statements: |
||
2 | ||
Statements of Changes in Net Assets Available for Plan Benefits |
3 | |
4-19 | ||
Supplemental Schedule: |
||
20-23 |
i
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Plan Participants and the Corporate Benefits Committee of
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet):
We have audited the accompanying statements of net assets available for benefits of The Bank of America 401(k) Plan for Legacy Fleet and MBNA (Formerly The Bank of America 401(k) Plan for Legacy Fleet) (the Plan) as of December 31, 2007 and 2006, 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, 2007 and 2006, 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, 2007 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of 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 6, 2008
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Statements of Net Assets Available for Benefits
December 31, 2007 and 2006
2007 | 2006 | ||||||
Assets |
|||||||
Investments, at fair value |
|||||||
Money market and interest bearing cash |
$ | 89,014,283 | $ | 24,316,149 | |||
Mutual funds |
2,641,155,666 | 2,056,879,916 | |||||
Common and collective trusts |
21,798,139 | 20,662,709 | |||||
Common stocks |
844,781,342 | 962,264,901 | |||||
Investment contracts |
739,252,933 | 673,876,207 | |||||
Wrap contracts |
(1,815 | ) | 380,386 | ||||
Other investments |
56,442,673 | 31,860,488 | |||||
Total investments |
4,392,443,221 | 3,770,240,756 | |||||
Accrued dividends and interest receivable |
1,758,322 | 1,383,540 | |||||
Employer contribution receivable |
5,295,388 | 3,396,636 | |||||
Employee contribution receivable |
4,185,361 | 3,160,314 | |||||
Transfer due from MBNA Corporation 401(k) Plus Savings Plan merger |
| 891,750,300 | |||||
Transfer due from the Nexstar Financial Corporation 401(k) Plan merger |
| 15,764,711 | |||||
Due from broker for securities sold |
269,798 | | |||||
Other receivable |
724,230 | 740,301 | |||||
Total assets |
4,404,676,320 | 4,686,436,558 | |||||
Liabilities |
|||||||
Due to broker for securities purchased |
17,712,337 | 5,125,953 | |||||
Other payable |
150,021 | 22,500 | |||||
Total liabilities |
17,862,358 | 5,148,453 | |||||
Net assets reflecting all investments at fair value |
4,386,813,962 | 4,681,288,105 | |||||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts (Note 5) |
2,122,450 | 6,362,688 | |||||
Net assets available for benefits |
$ | 4,388,936,412 | $ | 4,687,650,793 | |||
The accompanying notes are an integral part of these financial statements.
2
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 2007 and 2006
2007 | 2006 | ||||||
Additions |
|||||||
Investment (loss) income |
|||||||
Net (depreciation) appreciation in fair value of investments (Note 6) |
$ | (329,458,104 | ) | $ | 266,948,169 | ||
Interest |
46,339,905 | 36,598,339 | |||||
Dividends |
49,938,348 | 39,173,053 | |||||
Investment income from registered investment companies |
216,464,660 | 115,098,710 | |||||
Other income |
2,111 | 171,316 | |||||
Total investment (loss) income |
(16,713,080 | ) | 457,989,587 | ||||
Contributions |
|||||||
Employees |
160,063,007 | 120,419,919 | |||||
Employer |
87,195,353 | 59,459,962 | |||||
Total contributions |
247,258,360 | 179,879,881 | |||||
Total additions |
230,545,280 | 637,869,468 | |||||
Deductions |
|||||||
Benefits paid to plan participants |
527,405,324 | 457,498,188 | |||||
Trustee and administrative fees (Note 2) |
1,606,551 | 802,637 | |||||
Other expense |
247,786 | 22,479 | |||||
Total deductions |
529,259,661 | 458,323,304 | |||||
Net (decrease) increase before mergers and transfers |
(298,714,381 | ) | 179,546,164 | ||||
Transfer due from MBNA Corporation 401(k) Plus Savings Plan merger |
| 891,750,300 | |||||
Transfer due from the Nexstar Financial Corporation 401(k) Plan merger |
| 15,764,711 | |||||
Net (decrease) increase |
(298,714,381 | ) | 1,087,061,175 | ||||
Net assets available for benefits |
|||||||
Beginning of year |
4,687,650,793 | 3,600,589,618 | |||||
End of year |
$ | 4,388,936,412 | $ | 4,687,650,793 | |||
The accompanying notes are an integral part of these financial statements.
3
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
1. | Description of the Plan |
The following description of The Bank of America 401(k) Plan for Legacy Fleet and MBNA (formerly The Bank of America 401(k) Plan for Legacy Fleet) (the Plan), is provided for general information purposes only. Participants should refer to the Summary Plan Description for a more complete description of applicable Plan provisions. Other Plan provisions may also apply to participants from predecessor plans that have merged into the Plan.
Plan Sponsor and Participating Employers
Bank of America Corporation (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 sponsored by the Corporation. 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 Asset 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
4
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
1. | Description of the Plan (Continued) |
Investment Alternatives
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 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. The Vanguard® Total Stock Market Index Fund was exchanged for the Vanguard® Institutional Total Stock Market Index Fund Institutional Plus effective June 22, 2007.
Participants may elect to modify existing investment allocations on a periodic basis subject to the provisions of the 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 2007 and 2006 were limited to $15,500 and $15,000, respectively, for participants who are below age 50. Additional contributions of $5,000 in 2007 and 2006 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 $87,195,353 and $59,459,962 for 2007 and 2006, respectively.
5
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
1. | Description of the Plan (Continued) |
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, disability or after age 59 1/2; |
(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 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 for Legacy Fleet (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.
6
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
1. | Description of the Plan (Continued) |
Loans to Participants
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 (ii) if greater, the highest outstanding balance of any other loan from the 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.
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% to 11% and 6% to 11% for loans held by the Plan during 2007 and 2006, 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.
Mergers and Acquisitions
MBNA Corporation (MBNA) merged with the Corporation effective January 1, 2006.
Effective December 31, 2006, the MBNA Corporation 401(k) Plus Savings Plan (MBNA Plan) and the Nexstar Financial Corporation 401(k) Plan were merged into the Plan. Total assets transferred to the Plan as of December 31, 2006 were $891,750,300 and $15,764,711, respectively.
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.
7
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
2. | Summary of Significant Accounting Policies (Continued) |
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.
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). 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. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.
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.
8
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
2. | Summary of Significant Accounting Policies (Continued) |
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.
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 Asset Fund, a separately managed account that is managed by an unaffiliated investment advisor, Standish Mellon Asset Management Company, LLC. Effective December 14, 2007, MCM is no longer an affiliate.
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 for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
3. | Concentrations of Investment Risk |
Included in the Supplemental Schedule of Assets, is a complete listing of the Plans investments at December 31, 2007. Investments at December 31, 2007 and 2006 that represent 5% or more of the Plans net assets available for benefits include the following:
2007 | 2006 | |||||
Bank of America Corporation Common Stock |
$ | 844,779,315 | $ | 962,262,332 | ||
Columbia Large Cap Index Fund |
267,437,368 | * | ||||
Columbia Mid Cap Index Fund |
301,623,752 | * | ||||
Growth Fund of America |
377,741,696 | 235,736,969 | ||||
Dodge & Cox Stock Fund |
539,906,256 | 496,546,391 | ||||
Fidelity Diversified International Fund |
325,192,467 | 248,605,165 |
* Investment was below 5% of the Plans net assets at year end.
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 4.86% and 4.98%, respectively, for 2007 and 4.85% and 4.92%, respectively, for 2006. The average yield credited to participants was 4.80% for both 2007 and 2006. The fair market values of these investment contracts reported in aggregate for the Stable Asset Fund were $823,314,081 and $704,650,831 as of December 31, 2007 and 2006, respectively.
10
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
5. | Investment Contracts (Continued) |
The Stable Asset 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.
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.
11
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
5. | Investment Contracts (Continued) |
Fair values for variable synthetic GICs are calculated using the present value of the contracts future cash flow values discounted by comparable swap rates.
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.
12
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
5. | Investment Contracts (Continued) |
All contracts are benefit responsive unless otherwise noted.
2007 | |||||||||||||
Major Credit Rating |
Investment at Fair Value |
Wrap Contract Fair Value |
Adjustment to Contract |
||||||||||
Fixed Maturity Synthetic |
|||||||||||||
Monumental Life Insurance Company |
AAA/Aaa | $ | 75,736,712 | $ | (19,651 | ) | $ | 149,596 | |||||
Rabobank |
AAA/Aaa | 8,350,018 | (375 | ) | 30,178 | ||||||||
Royal Bank of Canada |
AAA/Aaa | 34,837,629 | | 216,785 | |||||||||
Natixis Financial Products, Inc. |
AAA/Aaa | 34,182,660 | 1,722 | (734,965 | ) | ||||||||
State Street Bank |
AAA/Aa2 | 22,569,761 | 972 | 54,782 | |||||||||
Constant Duration Synthetic |
|||||||||||||
AIG Financial Products |
AA/Aa2 | 12,913,130 | 1,960 | 40,729 | |||||||||
AIG Financial Products |
AA/Aa2 | 2,301,897 | 494 | (78,062 | ) | ||||||||
AIG Financial Products |
AAA/Aaa | 36,114,944 | 13,186 | 141,217 | |||||||||
AIG Financial Products |
AA/Aa2 | 80,184,939 | (15,733 | ) | 2,038,946 | ||||||||
Natixis Financial Products, Inc. |
AA/Aa2 | 11,847,203 | | 37,408 | |||||||||
Natixis Financial Products, Inc. |
AA+/Aa1 | 84,154,599 | 30,459 | 188,486 | |||||||||
Natixis Financial Products, Inc. |
AA+/Aa1 | 17,033,109 | (2,916 | ) | 55,875 | ||||||||
State Street Bank |
AA+/Aa1 | 27,289,319 | (4,672 | ) | 95,127 | ||||||||
J P Morgan Chase Bank |
AA/Aa2 | 30,578,038 | | 91,897 | |||||||||
Pacific Life |
AAA/Aaa | 88,129,789 | | 279,830 | |||||||||
Rabobank |
AA/Aa2 | 26,092,088 | 3,960 | 87,109 | |||||||||
Rabobank |
AAA/Aaa | 13,315,644 | | 43,094 | |||||||||
Rabobank |
AA/Aa2 | 19,379,243 | 8,494 | (266,841 | ) | ||||||||
Royal Bank of Canada |
AA-/Aa2 | 47,383,454 | | (251,516 | ) | ||||||||
Transamerica |
AA/Aa2 | 44,680,588 | (19,715 | ) | (281,256 | ) | |||||||
Transamerica |
AAA/Aaa | 22,178,169 | | 77,718 | |||||||||
Total Investment Contracts |
739,252,933 | (1,815 | ) | 2,016,137 | |||||||||
Collective Investment Trusts |
|||||||||||||
Mellon |
AA+/Aa1 | 21,798,139 | | 106,313 | |||||||||
Columbia Fund Investment-Money Market |
|||||||||||||
Columbia Cash Reserves, Capital Class |
62,264,824 | | | ||||||||||
Total |
$ | 823,315,896 | $ | (1,815 | ) | $ | 2,122,450 | ||||||
13
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
5. | Investment Contracts (Continued) |
2006 | ||||||||||||
Major Credit Rating |
Investment at Fair Value |
Wrap Contract Fair Value |
Adjustment to Contract |
|||||||||
Guaranteed Investment Contracts |
||||||||||||
Genworth Life |
AA-/Aa3 | $ | 6,874,379 | $ | | $ | 648 | |||||
Hartford Life Insurance Company |
AA-/Aa3 | 13,727,168 | | | ||||||||
MetLife Insurance Company |
AA/Aa2 | 8,214,437 | | 1,115 | ||||||||
New York Life |
AA+/Aaa | 4,530,568 | | 880 | ||||||||
Fixed Maturity Synthetic |
||||||||||||
Monumental Life Insurance Company |
AAA/Aaa | 82,848,474 | 9,222 | 1,175,814 | ||||||||
Rabobank |
AAA/Aaa | 11,818,609 | 2,267 | 204,175 | ||||||||
Royal Bank of Canada |
AAA/Aaa | 34,487,626 | 20,646 | 556,649 | ||||||||
Constant Duration Synthetic |
||||||||||||
AIG Financial Products |
AA/Aa2 | 22,229,871 | 9,410 | (228,936 | ) | |||||||
AIG Financial Products |
AA/Aa2 | 12,265,556 | 5,547 | 82,174 | ||||||||
AIG Financial Products |
AAA/Aaa | 33,933,950 | 33,893 | 509,313 | ||||||||
AIG Financial Products |
AA/Aa2 | 76,474,782 | 44,902 | 1,865,474 | ||||||||
IXIS Financial Products, Inc. |
AA+/Aa1 | 79,579,934 | 81,642 | 583,997 | ||||||||
IXIS Financial Products, Inc. |
AA/Aa2 | 11,251,697 | 3,393 | 78,959 | ||||||||
J P Morgan Chase Bank |
AA/Aa2 | 29,045,518 | 8,760 | 206,531 | ||||||||
Pacific Life |
AAA/Aaa | 82,825,767 | 55,093 | 1,186,677 | ||||||||
Rabobank |
AA/Aa2 | 18,333,780 | 23,219 | (251,111 | ) | |||||||
Rabobank |
AAA/Aaa | 12,511,428 | 8,324 | 180,244 | ||||||||
Rabobank |
AA/Aa2 | 24,788,206 | 11,214 | 176,729 | ||||||||
Royal Bank of Canada |
AA-/Aa2 | 45,014,368 | 31,003 | (319,717 | ) | |||||||
Transamerica |
AA/Aa2 | 42,274,339 | 17,981 | (231,726 | ) | |||||||
Transamerica |
AAA/Aaa | 20,845,750 | 13,870 | 303,212 | ||||||||
Total Investment Contracts |
673,876,207 | 380,386 | 6,081,101 | |||||||||
Collective Investment Trusts |
||||||||||||
Mellon |
AA+/Aa1 | 20,662,709 | | 281,587 | ||||||||
Columbia Fund Investment-Money Market |
||||||||||||
Columbia Cash Reserves, Capital Class |
9,731,529 | | | |||||||||
Total |
$ | 704,270,445 | $ | 380,386 | $ | 6,362,688 | ||||||
14
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
5. | Investment Contracts (Continued) |
Reconciliation of adjustment from fair value to contract value:
2007 | 2006 | |||||||
Beginning balance |
$ | 6,362,688 | $ | 7,179,343 | ||||
Decrease of fair value to contract value |
(4,240,238 | ) | (816,655 | ) | ||||
Ending balance |
$ | 2,122,450 | $ | 6,362,688 | ||||
6. | Net (Depreciation) Appreciation in Fair Value of Investments |
For the years ended December 31, 2007 and 2006, the Plans investments (including gains and losses on investments bought and sold, as well as held during the year) (depreciated) appreciated in fair value by $(329,458,104) and $266,948,169, respectively, as follows:
2007 | 2006 | ||||||
Mutual funds |
$ | (78,662,912 | ) | $ | 129,612,376 | ||
Common stocks |
(250,795,571 | ) | 134,400,398 | ||||
Other investments |
379 | 2,935,395 | |||||
Net (depreciation) appreciation in fair value of investments |
$ | (329,458,104 | ) | $ | 266,948,169 | ||
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.
8. | Related Party Transactions |
The Plan holds investments in various funds that are part of the Columbia Funds mutual fund family.
15
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
8. | Related Party Transactions (Continued) |
MCM (up until December 14, 2007) 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. At December 31, 2007 and 2006, the Plan held investments in the Columbia Fund Family of $1,093,534,964 and $769,296,703, respectively.
2007 | 2006 | |||||
Columbia Fund Money Market |
||||||
Columbia Cash Reserves, Capital Class |
$ | 89,014,283 | $ | 24,316,149 | ||
89,014,283 | 24,316,149 | |||||
Columbia Fund Fixed Income |
||||||
Columbia Core Bond Fund |
97,455,445 | 99,283,836 | ||||
97,455,445 | 99,283,836 | |||||
Columbia Fund Equity |
||||||
Columbia Mid Cap Index Fund |
301,623,752 | 197,787,229 | ||||
Columbia Multi-Advisor International Equity Fund |
31,146,855 | 10,508,195 | ||||
Columbia Large Cap Index Fund |
267,437,368 | 165,636,650 | ||||
Columbia Small Cap Index Fund |
34,726,690 | 20,104,669 | ||||
Columbia Large Cap Value Fund |
208,907,422 | 224,886,696 | ||||
Columbia Marsico Focused Equities Fund |
29,313,730 | 13,351,046 | ||||
LifeGoal Balanced Growth Portfolio |
11,018,652 | 4,752,129 | ||||
LifeGoal Growth Portfolio |
17,437,105 | 6,293,802 | ||||
LifeGoal Income and Growth Portfolio |
5,453,662 | 2,376,302 | ||||
907,065,236 | 645,696,718 | |||||
Total Columbia Fund Family |
$ | 1,093,534,964 | $ | 769,296,703 | ||
Investment income from the Columbia Funds totaled $78,124,604 and $38,677,772 for the years ended December 31, 2007 and 2006.
At December 31, 2007 and 2006, the Plan held investments in the Bank of America Corporation Common Stock valued at $844,779,315 and $962,262,332, respectively.
16
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
8. | Related Party Transactions (Continued) |
The Plan earned dividends of $49,938,308 and $39,173,003 for the Bank of America Corporation common stock held during the years ended December 31, 2007 and 2006, respectively.
For the years ended December 31, 2007 and 2006, the Plan paid direct expenses to the Trustee totaling $150,941 and $127,964, respectively.
9. | Federal Income Tax Status |
The Plan has received a determination letter from the Internal Revenue Service dated August 8, 2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code and, therefore, the related trust is exempt from taxation. The Plan has been amended since receiving a determination letter but the Committee believes that the Plan continues to qualify as a tax-exempt defined contribution plan, and the Committee is not aware of any course of action or series of events that has occurred that might adversely affect the Plans qualified status.
10. | Reconciliation to Form 5500 |
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
December 31 | ||||||||
2007 | 2006 | |||||||
Net assets available for benefits per financial statements |
$ | 4,388,936,412 | $ | 4,687,650,793 | ||||
Benefit obligations payable |
(997,836 | ) | (522,802 | ) | ||||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
(2,122,450 | ) | (6,362,688 | ) | ||||
Net assets available for benefits per Form 5500 |
$ | 4,385,816,126 | $ | 4,680,765,303 | ||||
The following is a reconciliation of investment (loss) income per the financial statements to the Form 5500: | ||||||||
Year Ended December 31 | ||||||||
2007 | 2006 | |||||||
Total investment (loss) income per the financial statements |
$ | (16,713,080 | ) | $ | 457,989,587 | |||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
(2,122,450 | ) | (6,362,688 | ) | ||||
Total investment (loss) income per Form 5500 |
$ | (18,835,530 | ) | $ | 451,626,899 | |||
17
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
10. | Reconciliation to Form 5500 (Continued) |
The following is a reconciliation of benefits paid to plan participants per the financial statements to Form 5500:
Year Ended December 31 | |||||||
2007 | 2006 | ||||||
Benefits paid to plan participants per the financial statements |
$ | 527,405,324 | $ | 457,498,188 | |||
Add: Benefit obligations payable at end of year |
997,836 | 522,802 | |||||
Less: Benefit obligations payable at beginning of year |
(522,802 | ) | | ||||
Benefits paid to plan participants per Form 5500 |
$ | 527,880,358 | $ | 458,020,990 | |||
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.
11. | Subsequent Events |
| On October 1, 2007, the Company acquired all the outstanding shares of ABN AMRO North America Holding Company. Effective April 7, 2008, the ABN AMRO Group 401(k) Retirement Savings Plan was merged into the Plan. The total amount to be transferred as of April 7, 2008 was approximately $963,000,000. |
| Effective April 7, 2008, the Plans name was changed to the Bank of America 401(k) Plan for Legacy Companies. |
| Beginning January 1, 2008, the following changes were made to the Plans investment alternatives. Ten LifePath target-date retirement funds, managed by Barclays Global Investors, were added as investment alternatives, and the Columbia LifeGoal® Income & Growth Portfolio, the Columbia LifeGoal® Balanced Growth Portfolio and the Columbia LifeGoal® Growth Portfolio were removed as investment alternatives. |
18
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
Notes to Financial Statements
December 31, 2007 and 2006
12. | Litigation |
On June 24, 2005, three former employees of MBNA filed a lawsuit in the United States District Court for the District of Delaware against MBNA, MBNAs Pension and 401(k) Plan Committee, and certain directors and officers of MBNA. The lawsuit is a purported class action brought on behalf of participants in the MBNA Plan. The complaint alleges that defendants breached various fiduciary duties under ERISA by allowing a substantial portion of the MBNA Plans assets to be invested in MBNA common stock and by failing to disclose to MBNA Plan participants certain information regarding MBNAs financial condition. The lawsuit is based on the following facts. On January 21, 2005, MBNA disclosed its 2005 earnings objective. After MBNA disclosed its objective, trends in MBNAs U.S. credit card business declined and, on April 21, 2005, MBNA announced that management believed MBNAs 2005 earnings would be significantly below its objective. MBNAs stock price dropped following this announcement. In connection with the foregoing facts, the lawsuit alleges that the defendants breached their fiduciary duties under ERISA to the MBNA Plan Participants and beneficiaries by offering MBNA common stock as an investment option, purchasing MBNA common stock for the MBNA Plan, holding MBNA common stock in the MBNA Plan, monitoring the MBNA Plans investment in MBNA common stock, and communicating information concerning MBNAs financial performance to MBNA Plan participants and beneficiaries. The plaintiff seeks unspecified monetary and equitable relief, including reasonable attorneys fees. On January 9, 2006, defendants moved to dismiss the complaint in its entirety. The Court denied that motion on July 6, 2007. The parties are proceeding with discovery, and the trial in the action is scheduled to begin on January 12, 2009. The Corporation denies all claims made in the lawsuit and intends to defend the matter vigorously.
19
The Bank of America 401(k) Plan for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
EIN 56-0906609 Plan No. 006
Schedule H, Line 4i - Schedule of Assets
December 31, 2007
( a ) |
( b ) Identity of Issue, Borrower, |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | ||||||||
Money Market and Interest Bearing Cash |
|||||||||||
* |
Columbia |
Capital Class | 89,014,283 | units | $ | 89,014,283 | |||||
Total Money Market and Interest Bearing Cash |
89,014,283 | ||||||||||
Mutual Funds |
|||||||||||
American Funds |
Growth Fund of America | 11,110,050 | units | 377,741,696 | |||||||
* |
Columbia |
Core Bond Fund | 9,255,028 | units | 97,455,445 | ||||||
* |
Columbia |
Multi-Advisor International | 1,784,920 | units | 31,146,855 | ||||||
* |
Columbia |
Large Cap Value Fund | 15,226,489 | units | 208,907,422 | ||||||
* |
Columbia |
Marsico Focused Equities Fund | 1,169,275 | units | 29,313,730 | ||||||
* |
Columbia |
Large Cap Index Fund | 9,426,767 | units | 267,437,368 | ||||||
* |
Columbia |
Lifegoal Balanced Growth Portfolio | 898,016 | units | 11,018,652 | ||||||
* |
Columbia |
Lifegoal Growth Portfolio | 1,160,153 | units | 17,437,105 | ||||||
* |
Columbia |
Lifegoal Income & Growth Portfolio | 504,502 | units | 5,453,662 | ||||||
* |
Columbia |
Mid Cap Index Fund | 25,626,487 | units | 301,623,752 | ||||||
* |
Columbia |
Small Cap Index Fund | 1,802,112 | units | 34,726,690 | ||||||
Dodge & Cox |
Stock Fund | 3,905,007 | units | 539,906,256 | |||||||
* |
Fidelity |
Diversified International Fund | 8,150,187 | units | 325,192,467 | ||||||
* |
Fidelity |
Real Estate Investment Portfolio | 712,616 | units | 18,513,760 | ||||||
Legg Mason |
Batterymarch US Small Cap Fund | 13,431,670 | units | 128,944,037 | |||||||
Vanguard |
Total Stock Market Index Fund - Institutional | 1,438,961 | units | 45,888,456 | |||||||
Western Asset |
Core Bond Portfolio | 18,372,898 | units | 200,448,313 | |||||||
Total Mutual Funds |
2,641,155,666 | ||||||||||
* | 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 for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
EIN 56-0906609 Plan No. 006
Schedule H, Line 4i - Schedule of Assets
December 31, 2007
( a) |
( b ) Identity of Issue, Borrower, |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | |||||||||||
Common and Collective Trusts |
||||||||||||||
Mellon | Stable Value Pooled Fund | 21,904,452 | units | $ | 21,798,139 | |||||||||
Total Common and Collective Trusts |
21,798,139 | |||||||||||||
Common Stocks |
||||||||||||||
Aerovias De Mexico Sa | Common Stock | 1,000 | shares | 26 | ||||||||||
* |
Bank of America Corporation | Common Stock | 20,474,535 | shares | 844,779,315 | |||||||||
Commerce One Inc | Common Stock | 30 | shares | 4 | ||||||||||
Consolidated Silver Tusk Mines | Common Stock | 5,100 | shares | 153 | ||||||||||
Corp Mexicana Aviacion Sa | Common Stock | 28 | shares | 1 | ||||||||||
Epresence Inc | Common Stock | 100 | shares | 1 | ||||||||||
Neurotech Dev Corp | Common Stock | 24,545 | shares | 2 | ||||||||||
NMC Inc | Common Stock | 11,000 | shares | 55 | ||||||||||
PCCW Ltd | Common Stock | 1,290 | shares | 766 | ||||||||||
Prime Cap Corp | Common Stock | 1,000 | shares | 1 | ||||||||||
Progress Energy Inc | Common Stock | 50 | shares | 17 | ||||||||||
Seagate Technology | Common Stock | 300 | shares | 300 | ||||||||||
Select Software Tools Ltd | Common Stock | 10,000 | shares | 2 | ||||||||||
Tri-Lite Inc | Common Stock | 1,119 | shares | 699 | ||||||||||
Total Common Stocks |
844,781,342 | |||||||||||||
Investment Contracts |
||||||||||||||
AIG Financial Products | Guaranteed Investment Contract 656150; 6.090% | $ | 2,301,897 | |||||||||||
AIG Financial Products | Wrapper Contract | 494 | ||||||||||||
Total AIG Financial Products |
2,302,391 |
* | 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 for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
EIN 56-0906609 Plan No. 006
Schedule H, Line 4i - Schedule of Assets
December 31, 2007
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | ||||||||
AIG Financial Products | Guaranteed Investment Contract 656151; 4.910% |
$ | 12,913,130 | ||||||||
AIG Financial Products | Wrapper Contract |
1,960 | |||||||||
Total AIG Financial Products |
$ | 12,915,090 | |||||||||
AIG Financial Products | Guaranteed Investment Contract 656152; 5.360% |
36,114,944 | |||||||||
AIG Financial Products | Wrapper Contract |
13,186 | |||||||||
Total AIG Financial Products |
36,128,130 | ||||||||||
AIG Financial Products | Guaranteed Investment Contract 656153; 4.840% |
80,184,939 | |||||||||
AIG Financial Products | Wrapper Contract |
(15,733 | ) | ||||||||
Total AIG Financial Products |
80,169,206 | ||||||||||
J P Morgan Chase Bank | Guaranteed Investment Contract AFLEET401k; 4.840% |
30,578,038 | |||||||||
Monumental Life Insurance Company | Guaranteed Investment Contract MDA00694TR; 4.600% |
75,736,712 | |||||||||
Monumental Life Insurance Company | Wrapper Contract |
(19,651 | ) | ||||||||
Total Monumental Life Insurance Company |
75,717,061 | ||||||||||
Natixis Financial Products, Inc. | Guaranteed Investment Contract 1920-01; 5.080% |
84,154,599 | |||||||||
Natixis Financial Products, Inc. | Wrapper Contract |
30,459 | |||||||||
Total Natixis Financial Products Inc. |
84,185,058 | ||||||||||
Natixis Financial Products, Inc. | Guaranteed Investment Contract 1920-02; 4.890% |
11,847,204 | |||||||||
Natixis Financial Products, Inc. | Guaranteed Investment Contract 1920-03; 5.150% |
17,033,109 | |||||||||
Natixis Financial Products, Inc. | Wrapper Contract |
(2,916 | ) | ||||||||
Total Natixis Financial Products Inc. |
17,030,193 | ||||||||||
Natixis Financial Products, Inc. | Guaranteed Investment Contract 1920-04; 4.540% |
34,182,660 | |||||||||
Natixis Financial Products, Inc. | Wrapper Contract |
1,722 | |||||||||
Total Natixis Financial Products Inc. |
34,184,382 | ||||||||||
Pacific Life Insurance Company | Guaranteed Investment Contract G26920.01.0001; 5.230% |
88,129,789 | |||||||||
Rabobank | Guaranteed Investment Contract FBF060201; 5.600% |
19,379,243 | |||||||||
Rabobank | Wrapper Contract |
8,494 | |||||||||
Total Rabobank |
19,387,737 | ||||||||||
Rabobank | Guaranteed Investment Contract FBF060202; 5.250% |
13,315,644 |
* | 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 for Legacy Fleet and MBNA
(Formerly The Bank of America 401(k) Plan for Legacy Fleet)
EIN 56-0906609 Plan No. 006
Schedule H, Line 4i - Schedule of Assets
December 31, 2007
( a ) |
( b ) Identity of Issue, Borrower, Lessor, or Similar Party |
( c ) Description of Investment Including Maturity Date, |
( e ) Current Value | ||||||||
Rabobank | Guaranteed Investment Contract FBF060203; 4.870% |
$ | 26,092,088 | ||||||||
Rabobank | Wrapper Contract |
3,960 | |||||||||
Total Rabobank |
$ | 26,096,048 | |||||||||
Rabobank | Guaranteed Investment Contract FBF060204; 4.160% |
8,350,018 | |||||||||
Rabobank | Wrapper Contract |
(375 | ) | ||||||||
Total Rabobank |
8,349,643 | ||||||||||
Royal Bank of Canada | Guaranteed Investment Contract FleetBoston02; 5.150% |
47,383,454 | |||||||||
Royal Bank of Canada | Guaranteed Investment Contract FleetBoston05; 4.680% |
34,837,629 | |||||||||
State Street | Guaranteed Investment Contract # 106043; 5.150% |
27,289,319 | |||||||||
State Street | Wrapper Contract |
(4,672 | ) | ||||||||
Total State Street |
27,284,647 | ||||||||||
State Street | Guaranteed Investment Contract # 106044; 4.670% |
22,569,760 | |||||||||
State Street | Wrapper Contract |
972 | |||||||||
Total State Street |
22,570,732 | ||||||||||
Transamerica | Guaranteed Investment Contract TDA77009TR; 5.450% |
44,680,588 | |||||||||
Transamerica | Wrapper Contract |
(19,715 | ) | ||||||||
Total Transamerica |
44,660,873 | ||||||||||
Transamerica | Guaranteed Investment Contract TDA77010TR; 5.230% |
22,178,169 | |||||||||
Total Investment Contracts | 739,251,118 | ||||||||||
Other Investments | |||||||||||
* |
Participant Loans | Interest rates ranging from 4.00% to 11.00% |
56,442,673 | ||||||||
Total Other Investments | 56,442,673 | ||||||||||
Total |
$ | 4,392,443,221 | |||||||||
* | Investments with parties-in-interest as defined under ERISA. |
Column (d) Cost was omitted as all investments are participant-directed.
23
Exhibit Index
Exhibit No. |
||
23.1 |
Consent of Morris, Davis & Chan LLP, Independent Registered Public Accounting Firm. |