[X]
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
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Supplemental
Schedules:
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Schedule
H, Line 4i - Schedule of Assets (Held at End of
Year)
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Exhibits:
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23
- Consent of Independent Auditors
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Financial Statements and
Supplemental Schedule
Textron
Savings Plan
Years Ended
December 31, 2008 and 2007
With Report
of Independent Registered Public Accounting Firm
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Report of Independent Registered Public Accounting Firm |
1
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Audited Financial Statements: | |
Statements of Net Assets Available for Benefits |
2
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Statements of Changes in Net Assets Available for Benefits |
3
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Notes to Financial Statements |
4
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Supplemental Schedule: | |
Schedule H, Line 4i, Schedule of Assets (Held at End of Year) |
17
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December
31
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||||||||
2008
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2007
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Assets
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Investments,
at fair value
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$ | 1,372,388 | $ | 2,958,159 | ||||
Accrued
investment income
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7,339 | 5,576 | ||||||
Receivables:
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Participant
contributions
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- | 4,056 | ||||||
Employer
contributions
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- | 1,790 | ||||||
- | 5,846 | |||||||
Total
assets
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1,379,727 | 2,969,581 | ||||||
Liabilities
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Accrued
expenses
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464 | 69 | ||||||
Net
assets available for benefits, at fair value
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1,379,263 | 2,969,512 | ||||||
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
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7,795 | (1,152 | ) | |||||
Net
assets available for benefits
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$ | 1,387,058 | $ | 2,968,360 |
Year
Ended December 31,
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2008
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2007
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Additions
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Interest
and dividends
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$ | 72,219 | $ | 96,883 | ||||
Net
(depreciation) appreciation in fair value of investments
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(1,725,425 | ) | 568,455 | |||||
(1,653,206 | ) | 665,338 | ||||||
Contributions:
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Participants
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158,349 | 141,418 | ||||||
Employer
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63,655 | 54,430 | ||||||
Participant
rollovers
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9,270 | 10,092 | ||||||
231,274 | 205,940 | |||||||
Transfers
from other plans
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15,145 | 2,297 | ||||||
Total
additions, net of investment (loss) income
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(1,406,787 | ) | 873,575 | |||||
Deductions
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Benefit
payments
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173,161 | 272,246 | ||||||
Administrative
expenses
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1,186 | 562 | ||||||
Other
expenses
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168 | - | ||||||
Total
deductions
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174,515 | 272,808 | ||||||
Net
(decrease) increase
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(1,581,302 | ) | 600,767 | |||||
Net
assets available for benefits:
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Beginning
of year
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2,968,360 | 2,367,593 | ||||||
End
of year
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$ | 1,387,058 | $ | 2,968,360 |
Months
of Service
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Vested
Percentage
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24
months but less than 36 months
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25%
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36
months but less than 48 months
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50%
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48
months but less than 60 months
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75%
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60
months or more
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100%
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December
31, 2008
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(In
millions)
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Level
1
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Level
2
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Level
3
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Assets
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Textron
Stock Fund
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$ | 389,220 | $ | — | $ | — | ||||||
Mutual
Funds
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620,690 | — | — | |||||||||
Stable
Value Fund
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Money Market
Fund
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5,150 | — | — | |||||||||
Guaranteed Investment Contracts
(GICs)
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— | — | 82,992 | |||||||||
Common Collective Trust
Funds
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— | 238,227 | — | |||||||||
Participant
Notes Receivable
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— | 36,109 | — | |||||||||
Total Assets
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$ | 1,015,060 | $ | 274,336 | $ | 82,992 |
(In
thousands)
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December
31, 2008
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Balance,
beginning of period
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$ | 88,582 | ||
Additions
for the period:
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Contributions
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31,000 | |||
Interest
Earned
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3,749 | |||
Unrealized
Gains
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4,496 | |||
Disbursements
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(44,835 | ) | ||
Balance,
end of period
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$ | 82,992 |
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·
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Fees
associated with in-service withdrawals, distributions and loans are
charged directly to the associated participant
account.
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·
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Fees
with respect to each investment fund are charged against the investment
returns of those investment funds and allocated on a pro-rata basis to
participants who invest in those investment
funds.
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·
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Expenses
associated with qualified domestic relation orders are charged directly to
the related participant
account.
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·
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Expenses
associated with operating the Plan, such as recordkeeping fees, legal
fees, consulting fees, transfer fees, annuity fees, annual reporting fees,
claims processing fees, cost of supplies and similar fees, are charged to
the accounts of participants on a pro rata
basis.
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Year
Ended December 31,
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2008
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2007
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(In
thousands)
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Textron
Inc. Stock Fund
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$ | (1,348,861 | ) | $ | 564,036 | |||||
Mutual
funds
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(376,564 | ) | 4,419 | |||||||
$ | (1,725,425 | ) | $ | 568,455 |
December
31,
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|||||||||
2008
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2007
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(In
thousands)
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Textron
Stock Fund
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$ | 389,220 | $ | 1,611,547 | |||||
Vanguard
Institutional Index Fund
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143,808 | 239,655 | |||||||
Fidelity
Diversified International Fund
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73,385 | 149,718 | |||||||
NATIXIS
Financial (Dwight Target 2 Fund) (b)
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72,494 |
(a)
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State
Street (Dwight Target 2 Fund) (b)
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83,333 |
(a)
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PIMCO
Total Return Fund
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72,613 |
(a)
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(b)
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Amount
shown represents contract value, which is the relevant value included in
net assets available for benefits. As December 31, 2008, the fair value of
the NATIXIS Financial (Dwight Target 2 Fund) and State Street (Dwight
Target 2 Fund) common collective trusts were $66,171 and $77,092,
respectively.
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Identity
of Issue
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Description
of Investments, Including Rate of Interest and Number of Shares or
Units
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Current
Value
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Textron
Stock Fund*
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28,052 | $ | 389,220 | |||||
Mutual
Funds:
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Vanguard
Institutional Index Fund
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1,742 | 143,808 | ||||||
Fidelity
Diversified International Fund*
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3,412 | 73,385 | ||||||
Fidelity
Equity Income Fund*
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1,238 | 38,223 | ||||||
Fidelity
Blue Chip Growth Fund*
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1,527 | 40,186 | ||||||
Fidelity
Small Cap Stock Fund*
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3,386 | 33,183 | ||||||
PIMCO
Total Return Fund
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7,161 | 72,613 | ||||||
Vanguard
Strategic Equity Fund
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2,525 | 29,548 | ||||||
Vanguard
Institutional Developed Markets Index Fund
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3,030 | 22,600 | ||||||
Fidelity
Freedom Fund 2020*
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2,677 | 26,904 | ||||||
Fidelity
Freedom Fund 2025*
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3,003 | 24,714 | ||||||
Fidelity
Freedom Fund 2015*
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2,682 | 22,957 | ||||||
Fidelity
Freedom Fund 2010*
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1,713 | 17,746 | ||||||
Fidelity
Freedom Fund 2030*
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1,825 | 17,817 | ||||||
Fidelity
Freedom Fund 2040*
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3,341 | 18,678 | ||||||
Vanguard
High-Yield Corporate Fund
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3,158 | 13,485 | ||||||
Fidelity
Freedom Fund 2035*
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1,687 | 13,545 | ||||||
Fidelity
Freedom Income Fund*
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447 | 4,275 | ||||||
Fidelity
Freedom Fund 2005*
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192 | 1,610 | ||||||
Fidelity
Freedom Fund 2050*
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420 | 2,715 | ||||||
Fidelity
Freedom Fund 2045*
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410 | 2,698 | ||||||
Total
Mutual Funds
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620,690 | |||||||
Stable
Value Fund:
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Cash/Cash
Equivalent:
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Fidelity
Institutional Money Market Fund
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2.17 | % | 5,150 |
Identity
of Issue
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Description
of Investments, Including Rate of Interest and Number of Shares or
Units
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Current
Value
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Guaranteed
Investment Contracts:
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Metropolitan
Life Insurance Co.
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4.03 | % | $ | 2,728 | ||||
Matures
1/15/10
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Metropolitan
Life Insurance Co.
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4.59 | % | 3,066 | |||||
Matures
6/15/10
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Metropolitan
Life Insurance Co.
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5.04 | % | 6,189 | |||||
Matures
5/15/10, 5/15/13
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Metropolitan
Life Insurance Co.
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5.63 | % | 10,896 | |||||
Matures
6/15/11
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Monumental
Life Insurance Co.
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4.16 | % | 5,905 | |||||
Matures
6/15/09
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Monumental
Life Insurance Co.
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4.39 | % | 5,895 | |||||
Matures
3/16/09
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Monumental
Life Insurance Co.
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5.53 | % | 10,883 | |||||
Matures
6/7/10
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Monumental
Life Insurance Co.
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4.29 | % | 5,169 | |||||
Matures
3/15/12
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Pacific
Life Insurance Co.
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4.45 | % | 5,907 | |||||
Matures
3/15/10
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Pacific
Life Insurance Co.
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5.53 | % | 8,200 | |||||
Matures
9/15/11, 9/14/12
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Prudential
Life Insurance Co.
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4.80 | % | 5,206 | |||||
Matures
2/15/13
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Prudential
Life Insurance Co.
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5.58 | % | 7,209 | |||||
Matures
6/15/12
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Total
Guaranteed Investment Contracts
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77,253 | |||||||
Identity
of Issue
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Description
of Investments, Including Rate of Interest and Number of Shares or
Units
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Current
Value
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Common
Collective Trust Funds:
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NATIXIS
Financial (Dwight Target 2 Fund)
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3.49 | % | $ | 72,494 | ||||
State
Street Bank (Dwight Target 2 Fund)
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3.77 | % | 83,333 | |||||
NATIXIS
Financial (JP Morgan Intermediate Bond Trust Fund)
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4.31 | % | 36,006 | |||||
State
Street Bank (Dwight Target 5 Fund)
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3.77 | % | 23,694 | |||||
NATIXIS
Financial (Vanguard Intermediate-Term Bond Index Fund)
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4.31 | % | 36,117 | |||||
SEI
Stable Asset Fund
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2.59 | % | 117 | |||||
Total
Common Collective Trust Funds
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251,761 | |||||||
Total
Stable Value Fund
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334,164 | |||||||
Participant
notes receivable *
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5% - 10.5 | % | 36,109 | |||||
$ | 1,380,183 |