Form 11-K
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 11-K

 


 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the fiscal year ended December 31, 2004;

 

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from             

 

Commission file number: 001-14901

 


 

A. Full title of the plan and the address of the plan, if different from that of issuer named below:

 

Consol Energy Inc. Investment Plan for Salaried Employees

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

Consol Energy Inc.

1800 Washington Road

Pittsburgh, Pennsylvania 15241

 

Registrant’s telephone number including area code: 412-831-4000

 



Table of Contents

Consol Energy Inc.

Investment Plan for

Salaried Employees

Financial Statements and Supplemental Schedule

December 31, 2004 and 2003


Table of Contents

Consol Energy Inc.

Investment Plan for

Salaried Employees

Index

December 31, 2004 and 2003

 

     Page(s)

Report of Independent Registered Public Accounting Firm

   1

Financial Statements

    

Statements of Net Assets Available for Benefits

   2

Statement of Changes in Net Assets Available For Benefits

   3

Notes to Financial Statements

   4-11

Supplemental Schedule

    

Schedule H, Part IV line 4(i) Schedule of Assets Held for Investment Purposes at End of Year

   13-22

Note:

  Other Schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act (“ERISA”) of 1974 have been omitted because they are not applicable.     

Signatures

   23-24

Exhibit 23 – Consent of Independent Registered Public Accounting Firm

    


Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Trustees and Participants of

CONSOL Energy Inc. Investment Plan for Salaried Employees

 

We have audited the accompanying statement of net assets available for benefits of CONSOL Energy Inc. Investment Plan for Salaried Employees (the “Plan”) as of December 31, 2004, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of CONSOL Energy Inc. Investment Plan for Salaried Employees as of and for the year ended December 31, 2003 were audited by other auditors whose report dated June 14, 2004, expressed an unqualified opinion on those statements.

 

We conducted our audit in accordance with 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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included 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 Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2004, and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of Assets Held for Investment Purposes at End of Year as of December 31, 2004, is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audit of the basic 2004 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

 

/s/ McCRORY & McDOWELL LLC

Pittsburgh, PA

June 28, 2005

 

1


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Statements of Net Assets Available for Benefits

 

ASSETS

 

(in thousands of dollars)

 

   December 31

     2004

   2003

Investment at Contract Value

             

Stable Value Fund

   $ 574,670    $ 558,250
    

  

Investments at Fair Value

             

Interests in Registered Investment Companies

     165,062      151,795

Barclays 3-Way Fund

     0      15,120

Merrill Lynch Aggressive Asset Allocation Portfolio

     0      1,257

Merrill Lynch Conservative Asset Allocation Portfolio

     0      458

Merrill Lynch Moderate Asset Allocation Portfolio

     0      2,659

Merrill Lynch Small Cap Index Trust

     0      3,110

Merrill Lynch International Index Trust

     0      937

Merrill Lynch Equity Index Trust

     46,291      14,019

E.I. DuPont de Nemours & Company Common Stock

     140,426      161,373

CONSOL Stock Fund

     72,186      42,568

Daimler Chrysler AG Common Stock

     103      117

Participant Loans

     14,449      14,115
    

  

       438,517      407,528
    

  

Total Investments

     1,013,187      965,778

Receivables

             

Due from Broker for Securities Sold

     224      612

Accrued Interest and Dividends

     7      5
    

  

       231      617

Cash

     78      617
    

  

NET ASSETS AVAILABLE FOR BENEFITS

   $ 1,013,496    $ 967,012
    

  

 

The accompanying notes are an integral part of these financial statements.

 

2


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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Statement of Changes in Net Assets Available for Benefits

 

(in thousands of dollars)

 

  

For the Year Ended

December 31,

2004


Additions to Net Assets Attributable to:

      

Contributions:

      

Participants – Contributions

   $ 20,765

Participants – Rollovers

     23,367

Employer

     12,156
    

       56,288
    

Investment Income:

      

Interest and Dividends

     10,960

Net Appreciation in Fair Value of Investments

     81,573
    

       92,533
    

Total Additions

     148,821
    

Deductions from Net Assets Attributed to:

      

Benefits Paid to Participants

     102,334

Administrative Expense

     3
    

Total Deductions

     102,337
    

Net Additions

     46,484

Net Assets Available for Benefits

      

Beginning of Year

     967,012
    

END OF YEAR

   $ 1,013,496
    

 

The accompanying notes are an integral part of these financial statements.

 

3


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2004 and 2003

 

1. DESCRIPTION OF PLAN

 

The following brief description of the CONSOL Energy Inc. Investment Plan for Salaried Employees (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

 

General – The Plan is a defined contribution plan established in 1953. Salaried, operations and maintenance and, in certain circumstances, production and maintenance employees of CONSOL Energy Inc. and participating employers (“CONSOL Energy” or the “Company”) are eligible to participate in the Plan on the first of the month following the start of regular full-time employment. In addition, temporary employees are eligible to participate in the Plan upon completion of a period of 12 consecutive months, commencing upon their employment date or anniversary date thereof, during which the employee completes 1,000 or more hours of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

 

On April 29, 1999, CONSOL Energy underwent an initial public offering. In connection with the public offering, the Plan offers CONSOL Energy common stock (“CONSOL Stock Fund”) as an investment option. Participants of the Plan were able to transfer funds into the CONSOL Stock Fund in June 1999 and to allocate contributions to this fund in July 1999. In addition, participants were no longer able to allocate contributions to E.I. DuPont de Nemours & Company (“DuPont”) common stock (“DuPont Stock Fund”).

 

The CONSOL Stock Fund investment option is an Employee Stock Ownership Plan (“ESOP”), whereby participants in the plan will be given the opportunity to elect to receive cash for dividends declared on CONSOL Energy stock. If a participant does not make an election, the dividends will be reinvested in the CONSOL Stock Fund.

 

Contributions – During the year 2004 participants could, with certain restrictions, contribute a maximum of 44% of monthly base pay to the Plan exclusive of supplemental make-up deposits. CONSOL Energy and participating employers match these contributions, dollar for dollar, up to 6% of base pay (as defined by the Plan). The employer and employee contributions may not exceed $41,000 and $40,000 for the years 2004 and 2003, respectively. Contributions may be made with before-tax or after-tax dollars. In addition, subject to certain limitations, a participant is allowed to make lump-sum savings deposits in cash to the Plan. For the year ended December 31, 2004, the Plan was amended for full-time employees hired or rehired on or after August 1, 2004. For these employees, CONSOL Energy and participating employers match participant’s contributions, dollar for dollar, up to 9% of base pay (as defined by the Plan).

 

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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2004 and 2003

 

1. DESCRIPTION OF PLAN (Continued)

 

Participant Accounts – Each participant’s account is credited with the participant’s contributions and allocations of the Company’s contributions and plan investment earnings and is charged with an allocation of administrative expenses and plan investment losses. Allocations are based on participant earnings or account balances, as defined. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

 

Investment Options – Upon enrollment in the Plan, a participant may direct employee contributions in any of the funds included in the supplemental schedule of assets (held at end of year), which is attached to these financial statements, except for E.I. DuPont de Nemours & Company Common Stock, Daimler Chrysler AG Common Stock and Fidelity Low Price Stock Fund. These options are no longer available to Plan participants.

 

Vesting – Plan participants vest upon completion of three cumulative years of service. Participants are always 100% vested in their deposits and in the earnings on both their deposits and the Company’s contributions.

 

Participant Loans – Participants may borrow up to one-half of their nonforfeitable account balances subject to certain minimum and maximum loan limitations. Such loans are repayable over periods of 12 to 60 months (120 months maximum if for the purchase of a principal residence) and bear an interest rate equal to the average rate charged by selected major banks for secured personal loans. Principal and interest are paid ratably through payroll deductions.

 

Payment of Benefits – Participants who retire from active service may elect to make withdrawals until April 1 of the calendar year following the year in which the participant attains age 70 1/2. They may also elect an option to have their account distributed over a period of not less than two years or more than a period which would pay the account balance during the employee’s actuarial life in either a fixed or variable amount. Before-tax deposits may be withdrawn only in the event of an employee’s retirement, death, termination, attainment of age 59½ or defined hardship. At December 31, 2004 and 2003; approximately $82,000 and $617,000 was payable to withdrawing participants.

 

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Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2004 and 2003

 

1. DESCRIPTION OF PLAN (Continued)

 

Forfeitures – Nonvested participants whose services with the Company have been terminated will forfeit their entire Company matching source. Total forfeitures were approximately $47,000 and $32,000 for the years ended December 31, 2004 and 2003, respectively. Forfeitures are used to reduce the employer matching contributions to the Plan.

 

Plan Termination – Although it has not expressed any intent to do so, CONSOL Energy has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Accounting – The financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America.

 

Investment Valuation and Income Recognition – The Plan’s investments are stated at fair value except for the Stable Value Fund (Note 3). The Stable Value Fund is comprised of guaranteed investment contracts (“GIC”), separate account portfolios (“SAP”) and synthetic GICs (“SYN”), all of which are held with multiple insurance companies. These fully benefit responsive contracts are held for investment purposes by the Plan and are stated at contract value (which represents contributions made under the contract, plus earnings, less withdrawals and administrative expenses). Participants may ordinarily direct the withdrawals or transfer of all or a portion of their investment at contract value. Changes in contract value of the investment contracts are recognized in the statement of changes in net assets available for benefits as they occur. There are no reserves against contract value for credit risk of the contract issuer or otherwise. The fair value of the Stable Value Fund at December 31, 2004 and 2003 was $600,271,000 and $589,068,000, respectively.

 

Investments in common stocks, common stock funds and registered investment companies are stated at fair value based on publicly quoted market prices. Investments in Common/Collective Trusts are valued at the net asset value of units held by the Plan at year end by the applicable custodian.

 

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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2004 and 2003

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Purchases and sales of investments are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Gains and losses on the sale of DuPont and CONSOL Energy common stock are based on the average cost of the securities sold. The CONSOL Stock Fund, which is comprised solely of CONSOL Energy common stock, is valued at its quoted market price at year end. Participant loans are valued at cost, which approximates fair value.

 

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

 

Risks and Uncertainties – The Plan provides for various investment options. These investments are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is possible that changes in the near or long term could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits.

 

Payment of Benefits – Benefits are recorded when paid.

 

Administrative Expenses – Certain administrative expenses of the Plan, such as trustee fees, accounting and legal fees are provided to the Plan by CONSOL Energy without cost. Other administrative expenses are borne by the Plan.

 

7


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2004 and 2003

 

3. INVESTMENTS

 

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

 

(in thousands of dollars)

 

        2004

   2003

E.I. DuPont de Nemours & Company common stock, 2,862,919 and 3,516,507 shares, respectively

        $ 140,426    $ 161,373

CONSOL Energy Inc. common stock, 1,758,494 and 1,643,532 shares, respectively

          72,186      42,568

*LM Western Asset Core Plus, 5,995,955 and 6,060,594 shares, respectively

          63,917      63,576

*PIMCO Low Duration Fund, 7,775,816 and 8,810,584 shares, respectively

          79,313      90,220

*GEM Trust: GEM Trust Risk-Controlled 2

   6,359,169 units      64,222      0

*GEM Trust: GEM Trust Opportunistic 1

   6,278,445 units      63,531      0

*GEM Trust: GEM Trust Opportunistic 2

   6,485,302 units      65,611      0

*GEM Trust: GEM Trust Opportunistic 3

   6,521,489 units      66,116      0

* These investments are included in the Stable Value Fund.

 

During 2004, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $81,573,000 as follows:

 

(in thousands of dollars)

 

  

Net

Appreciation in
Investment
Value During
Year


Registered investment companies

   $ 15,248

Common stock

      

CONSOL Stock Fund

     26,712

E.I. DuPont de Nemours & Company

     7,930

Daimler Chrysler AG

     3

Stable Value Fund

     27,834

Common/Collective Trusts

     3,846
    

     $ 81,573
    

 

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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2004 and 2003

 

3. INVESTMENTS (Continued)

 

The Stable Value Fund is a separate account held by the Plan. The investment contracts are entered into based on an evaluation of the credit risk of the contract issuers and/or third party guarantors. Collateral is generally not provided. The Stable Value Fund includes traditional guaranteed investment contracts as well as synthetic guaranteed investment contracts. A synthetic guaranteed investment contract provides for a guaranteed return on principal over a specified period of time through the use of underlying assets and a benefit responsive wrapper contract issued by a third party. Included in the contract value of synthetic guaranteed investment contracts is approximately $(18,800,000) and $(21,700,000) at December 31, 2004 and 2003, respectively, attributable to wrapper contract providers representing the amounts by which the value of contracts are greater than (less than) the value of the underlying assets.

 

The composition of assets of the Stable Value Fund as of December 31, 2004 and 2003 are as follows:

 

(in thousands of dollars)

 

   2004

   2003

Investment contracts

   $ 571,392    $ 551,652

Short-term investments

     3,278      6,598
    

  

     $ 574,670    $ 558,250
    

  

 

The composition of changes in net assets of the Stable Value Fund for the year ended December 31, 2004 is as follows:

 

(in thousands of dollars)

 

      

Employer contributions

   $ 6,420  

Participant contributions and rollovers

     34,798  
    


Total contributions

     41,218  

Interest and dividend income

     444  

Net realized/unrealized appreciation in fair value

     27,834  

Benefits paid to participants

     (73,944 )

Administrative Expense

     (1 )

Net loan activity

     (760 )

Net interfund transfers

     21,629  
    


Increase in net assets available for benefits

     16,420  

Net Assets

        

Beginning of year

     558,250  
    


End of year

   $ 574,670  
    


 

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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2004 and 2003

 

3. INVESTMENTS (Continued)

 

The aggregate crediting rates for all contracts as of December 31, 2004 and 2003 were 5.19% and 5.36%, respectively. The crediting rates for SAP and SYN contracts are reset annually and are based on the market value of the underlying portfolio of assets backing these contracts. Inputs used to determine the crediting rate include each contract’s portfolio market value, current yield-to-maturity, duration (i.e., weighted average life), and market value relative to contract value. The average yield of the Stable Value Fund was approximately 5.29% and 5.53% in 2004 and 2003, respectively.

 

Participants investing in the Stable Value Fund or Common/Collective Trusts are assigned units at the time of investment based on the net asset value per unit.

 

4. TAX STATUS

 

The Plan obtained its latest determination letter on September 17, 2002, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

 

5. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

 

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2004 and 2003 to Form 5500:

 

(in thousands of dollars)

 

   2004

    2003

 

Net assets available for benefits per the financial statements

   $ 1,013,496     $ 967,012  

Amounts allocated to withdrawing participants

     (82 )     (617 )
    


 


Net assets available for benefits per the Form 5500

   $ 1,013,414     $ 966,395  
    


 


 

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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2004 and 2003

 

5. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (Continued)

 

The following is a reconciliation of benefits paid to participants per the financial statements for the year ended December 31, 2004, to Form 5500:

 

(in thousands of dollars)

 

      

Benefits paid to participants per the financial statements

   $ 102,334  

Amounts allocated to withdrawing participants at December 31, 2004

     82  

Less: Amounts allocated to withdrawing participants at December 31, 2003

     (617 )
    


Benefits paid to participants per form 5500

   $ 101,799  
    


 

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2004 and 2003, but not yet paid as of that date.

 

6. TRANSACTIONS WITH PARTIES-IN-INTEREST

 

Plan investments include collective investment fund managed by Merrill Lynch. Merrill Lynch is the trustee as defined by the Plan and, therefore, these transactions qualify as those conducted with a party-in-interest to the Plan.

 

One of the investment vehicles available to employees, the CONSOL Stock Fund, contains stock of CONSOL Energy. The Plan held 1,758,494 shares and 1,643,532 shares of CONSOL Energy’s common stock at December 31, 2004 and 2003, respectively.

 

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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

 

SUPPLEMENTAL SCHEDULE

 

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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number

of

shares/units


  

(e) Current
Value

(in 000s)


     Common Stock                 

*

   Consol Stock Fund         1,758,494    $ 72,186
     E.I. DuPont de Nemours & Company         2,862,919      140,426
     Daimler Chrysler AG         2,143      103
                   

     Total Common Stock                212,715
     Interests in Registered Investment Companies                 

*

   Merrill Lynch    Basic Value Fund    474,688      15,105
     Fidelity Investments    Low Priced Stock Fund    541,019      21,776
          Growth and Income Portfolio    221,031      8,446
          Magellan Fund    317,129      32,915
     Templeton    Foreign Fund    936,591      11,520
     Smith Barney    Large Cap Growth Fund    883,816      19,329
     PIMCO    Total Return Fund    297,921      3,179
     American Funds    Europacific Growth Fund    190,198      6,706
     Hotchkis and Wiley    Mid Cap Value Fund    457,378      12,436
     The Managers    Special Equity Fund    55,918      5,055
     Alger    Mid Cap Growth Fund    1,061,456      17,907
     State Street Research    Aurora Fund    264,034      10,688
                   

     Total interests in registered investment companies                165,062
     Stable Value Fund                 
    

Hartford Life Insurance Company

   GIC, 4.80%, 08/02/2010    10,303,808      10,304
    

Hartford Life Insurance Company

   GIC, 4.60%, 06/01/2011    10,034,560      10,035
    

New York Life Ins Co

   GIC, 4.40%, 12/02/2010    10,061,534      10,062
    

Security Life of Denver

   GIC, 6.19%, 03/03/2008    24,509,099      24,509
    

Connecticut General Life Ins.

   GIC, 7.14%, 10/01/2007    40,724,344      40,724

 

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CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


  

(e) Current
Value

(in 000s)


 
    

John Hancock Life Ins. Co.

   GIC, 6.01%, 05/31/2006    3,734,594    3,735  
    

Transamerica

   GIC, 7.10%, 11/30/2006    19,567,879    19,568  

*

  

Merrill Lynch Premier Fund

   Money Market Fund, 2.17%    3,278,375    3,278  
     Perpetual Window Global Wrap:                 
    

AIG Life Insurance Company

   Synthetic GIC 4.29%, opened    28,673,120       
    

ING Life Insurance & Annuity Co.

   Synthetic GIC 4.29%, opened    28,673,120       
    

JPMorgan Chase Bank

   Synthetic GIC 4.29%, opened    28,673,120       
    

Monumental Life Insurance Co

   Synthetic GIC 4.29%, opened    28,673,120       
    

State Street Bank & Trust

   Synthetic GIC 4.29%, opened    28,673,120       
     Underlying Security Description:                 
     PIMCO Total Return Fund    Mutual Fund    331,019    3,532  
     PIMCO Low Duration Fund    Mutual Fund    7,775,816    79,313  
     LM Western Asset Core Plus    Mutual Fund    5,995,955    63,917  
     Various Insurance Companies    Synthetic Wrapper Agreements         (3,397 )
     Total Return Tier Global Wrap:                 
    

AIG Life Insurance Company

   Synthetic GIC 5.22%, opened    61,817,962       
    

ING Life Insurance & Annuity Co.

   Synthetic GIC 5.22%, opened    61,817,962       
    

JPMorgan Chase Bank

   Synthetic GIC 5.22%, opened    61,817,962       
    

Monumental Life Insurance Co

   Synthetic GIC 5.22%, opened    61,817,962       
    

State Street Bank & Trust

   Synthetic GIC 5.22%, opened    61,817,962       
     Underlying Security Description:                 
     GEM Trust Risk-Controlled 2    6,359,168.598 units of participation         64,222  
     GEM Trust Opportunistic 1    6,278,445.4788 units of participation         63,531  
     GEM Trust Opportunistic 2    6,485,301.8904 units of participation         65,611  
     GEM Trust Opportunistic 3    6,521,488.7146 units of participation         66,116  
     FNMA Pool 499190    6.5% 01 Jun 2029    37,322    39  
     FNMA Pool 493343    6.5% 01 Apr 2029    2,469    3  
     Intl Bank Recon + Dev    7.625% 19 Jan 2023    290,000    379  
     Gnma Pool 419569    6.5% 15 Feb 2026    15,077    16  
     Ameritech Capital Funding Co    6.25% 18 May 2009    137,000    148  
     Fed Hm Ln Pc Pool C13094    6% 01 Aug 2028    56,838    59  

 

14


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


   

(e) Current
Value

(in 000s)


     Duke Cap Corp    6.75% 15 Jul 2018    121,000     136
     Gnma Pool 780975    6% 15 Feb 2029    7,148     7
     FHLMC TBA Jan 30 Gold Single    5.5% 01 Dec 2099    1,500,000     1,524
     Eurodollar Futures    5-Jun    500,000     —  
     Eurodollar Futures    5-Jun    (750,000 )   —  
     Eurodollar Futures    5-Sep    (500,000 )   —  
     Eurodollar Futures    5-Mar    500,000     —  
     FNMA Pool 426119    8% 15 Jun 2026    35,368     38
     Fed Hm Ln Pc Pool C80253    9% 01 Jan 2025    27,173     30
     Procter + Gamble Co    8% 26 Oct 2029    69,000     93
     Intl Bk For Recon + Dev    0% 15 Feb 2015    21,000     13
     Intl Bk For Recon + Dev    0% 15 Feb 2016    63,000     35
     United States Tres Sc Strp Int    0.01% 15 May 2021    450,000     199
     Archer Daniels Midland Co    8.875% 15 Apr 2011    84,000     104
     Tyson Foods Inc    7% 01 May 2018    86,000     96
     Coastal Corp    6.5% 15 May 2006    120,000     125
     United States Tres Sc Strp Int    0% 15 May 2019    805,000     400
     British Columbia Prov CDA    5.375% 29 Oct 2008    178,000     188
     Financing Corp    9.65% 02 Nov 2018    450,000     661
     Financing Corp    8.6% 26 Sep 2019    75,000     103
     United States Tres Sc Strp Int    0% 15 May 2018    2,770,000     1,460
     General Mtrs Corp    7.1% 15 Mar 2006    173,000     179
     Fnma Pool 482922    6.5% 01 Apr 2029    13,022     14
     Fnma Pool 503854    6% 01 Jul 2029    21,741     23
     Eastman Chem Co    7.25% 15 Jan 2024    155,000     177
     Federal Home Ln Bks    5.925% 09 Apr 2008    1,000,000     1,067
     Federal Natl Mtg Assn REMIC    7.5% 25 Mar 2007    163,826     169
     Enron Corp    6.75% 01 Jul 2005    120,000     1
     Time Warner Entmt Co L P    8.875% 01 Oct 2012    100,000     124
     Hydro Quebec    8.4% 15 Jan 2022    120,000     161
     United States Tres Sc Strp Int    0% 15 Aug 2017    1,215,000     668

 

15


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


   

(e) Current
Value

(in 000s)


 
     AES Eastn Energy Lp    9% 02 Jan 2017    97,457     111  
     Landesbank Baden Wurttembe    7.625% 01 Feb 2023    106,000     131  
     Israel St    6.375% 15 Dec 2005    86,000     89  
     Norfolk Southn Corp    7.05% 01 May 2037    50,000     59  
     Japan Bk Intl Cooperation    7.125% 20 Jun 2005    200,000     204  
     Federal Natl Mtg Assn REMIC    9.99% 25 Sep 2017    28,200     31  
     FNMA Pool 323347    7% 01 Sep 2028    118,631     126  
     Diageo Cap PLC    6.125% 15 Aug 2005    259,000     264  
     BBV Intl Fin Ltd    7% 01 Dec 2025    112,000     127  
     United States Tres Sc Strp Int    0% 15 Feb 2019    1,304,000     658  
     Sun Microsystems Inc    7.65% 15 Aug 2009    100,000     112  
     FHLMC TBA Jan 30 Gold Single    6% 01 Dec 2099    (14,000,000 )   (14,457 )
     British Sky Broadcasting Group    8.2% 15 Jul 2009    60,000     69  
     Tennessee Valley Auth    6.25% 15 Dec 2017    55,000     61  
     Pemex Fin Ltd    6.3% 15 May 2010    120,000     129  
     Time Warner Inc    9.125% 15 Jan 2013    90,000     113  
     Murphy Oil Corp    7.05% 01 May 2029    320,000     367  
     Continental Airls Pass Thru Tr    6.94% 15 Oct 2013    90,119     88  
     Goldman Sachs Group Inc    7.35% 01 Oct 2009    120,000     137  
     TRW Inc.    7.125% 01 Jun 2009    73,000     80  
     U S West Cap Fdg Inc    6.875% 15 Jul 2028    236,000     192  
     Continental Airls Pass Thru Tr    8.048% 01 Nov 2020    101,051     102  
     Nationsbank Corp    7.8% 15 Sep 2016    89,000     107  
     Fnma Pool 533373    6.5% 01 Mar 2030    33,447     35  
     Fnma Pool 503290    6.5% 01 Jun 2029    11,078     12  
     Becton Dickinson + Co    7% 01 Aug 2027    103,000     120  
     NSTAR    8% 15 Feb 2010    120,000     141  
     Morgan Stanley Group Inc    8% 15 Jun 2010    60,000     71  
     Norfolk Southn Corp    6.2% 15 Apr 2009    44,000     48  
     Sprint Cap Corp    6.875% 15 Nov 2028    107,000     116  
     Bank Of America    7.8% 15 Feb 2010    300,000     350  

 

16


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


  

(e) Current
Value

(in 000s)


     Vodafone Airtouch Plc    7.75% 15 Feb 2010    42,000    44
     U S West Communications Inc    6.625% 15 Sep 2005    86,000    88
     Applied Matls Inc    7.125% 15 Oct 2017    432,000    497
     State Street Bank + Trust Co    Short-Term Investment Fund    13,205,195    13,205
     Donnelley R R + Sons Co Medium    6.56% 05 Jul 2005    173,000    176
     Federal Home Ln Mtg Pc Gtd    6.5% 15 Jun 2022    58,992    1
     GNMA Pool 377590    8% 15 Aug 2025    151,127    164
     Compaq Computer Corp    7.65% 01 Aug 2005    120,000    123
     Federal Home Loan Bank    6.875% 15 Aug 2005    330,000    338
     Honeywell Intl Inc    6.875% 03 Oct 2005    137,000    141
     New Vy Gereration 1    7.299% 15 Mar 2019    89,952    105
     British Telecommunications Plc    0.92% 15 Dec 2010    82,000    98
     Burlington Northn Santa Fe    7.125% 15 Dec 2010    200,000    228
     Southwest Gas Corp    8.375% 15 Feb 2011    110,000    130
     Federal Home Loan Mtg Corp    5.875% 21 Mar 2011    530,000    572
     Federal Natl Mtg Assn    5.5% 15 Mar 2011    530,000    568
     Cmnwlth Bank Of Aust    7.125% 10 Jul 2006    280,000    296
     Japan Highway Publ    6.75% 17 Sep 2007    250,000    270
     Hilton Hotels Corp    7.625% 15 May 2008    40,000    44
     FNMA Pool 584869    6.5% 01 Jun 2031    48,873    51
     Delphi Corp    6.55% 15 Jun 2006    170,000    175
     FNMA Pool 535933    6.5% 01 May 2031    50,326    53
     Transocean Sedco Forex    6.625% 15 Apr 2011    120,000    133
     Univision Communications Inc    7.85% 15 Jul 2011    60,000    71
     Gnma Pool 421856    6.5% 15 Apr 2026    4,249    5
     Gnma Pool 288117    10% 15 Mar 2020    13,843    16
     Gnma Pool 294918    10% 15 Sep 2020    20,046    23
     Gnma Pool 296513    10% 15 Dec 2020    36,400    42
     Williams Cos Inc    7.875% 01 Sep 2021    170,000    190
     Autopista Del Maipo Sociedad    7.373% 15 Jun 2022    410,000    496
     General Mtrs Accep Corp    6.875% 15 Sep 2011    130,000    132

 

17


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


  

(e) Current
Value

(in 000s)


     Ford Mtr Cr Co    7.25% 25 Oct 2011    45,000    48
     Ford Mtr Cr Co    6.5% 25 Jan 2007    180,000    187
     Government Backed Trs    0% 15 May 2008    1,040,000    921
     Alcoa Inc    6% 15 Jan 2012    84,000    92
     GNMA I TBA Jan 30 Single Fam    5.5% 01 Dec 2099    4,000,000    4,084
     Qwest Cap Fdg Inc    7% 03 Aug 2009    100,000    99
     Household Fin Corp    5.75% 30 Jan 2007    160,000    167
     General Mtrs Accep Corp    7% 01 Feb 2012    105,000    107
     FED HM LN PC Pool D28599    7.5% 01 Dec 2022    34,339    37
     FNMA Pool 306974    7.5% 01 Jun 2025    3,841    4
     Colgate Palmolive Co Mtn    5.98% 25 Apr 2012    25,000    27
     Kraft Foods Inc    6.25% 01 Jun 2012    15,000    16
     J P Morgan Chase + Co    5.25% 30 May 2007    26,000    27
     Jackson Natl Life Global Fdg    6.125% 30 May 2012    26,000    28
     Sumitomo Mitsui Bk Corp    8% 15 Jun 2012    58,000    69
     Bank Austria    5.75% 08 Jun 2006    300,000    310
     Fed Hm Ln Pc Pool C68628    6% 01 Jul 2032    190,781    197
     At+T Corp    1% 15 Nov 2031    330,000    394
     Japan Fin Corp Mun Enterprises    6.85% 15 Apr 2006    200,000    210
     Florence Italy    6.14% 15 Apr 2014    36,100    40
     Coors Brewing Co    6.375% 15 May 2012    14,000    15
     Gnma Pool 373712    6.5% 15 Apr 2026    4,027    4
     Pearson Inc    7.375% 15 Sep 2006    95,000    101
     Brunswick Corp    7.375% 01 Sep 2023    140,000    156
     Landesbank Baden Wurttemberg    5.125% 30 May 2007    100,000    104
     Financing Corp Cpn Fico Strips    0.01% 06 Jun 2018    180,000    91
     At+T Broadband Corp    8.375% 15 Mar 2013    25,000    31
     FHLMC TBA Jan 30 Gold Single    5% 01 Dec 2099    2,000,000    1,987
     Countrywide Fdg Corp Mtn    4.25% 19 Dec 2007    84,000    85
     Massachusetts Elec Co Secd Mtn    7.39% 01 Oct 2027    85,000    92
     Fed Hm Ln Pc Pool G01477    6% 01 Dec 2032    168,641    174

 

18


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


  

(e) Current
Value

(in 000s)


     Lehman Bros Hldgs Inc    4% 22 Jan 2008    84,000    85
     Bayerische Landesbank    2.5% 30 Mar 2006    84,000    83
     Goldman Sachs Group Inc    6.125% 15 Feb 2033    66,000    68
     Bk Austria Ag    5.375% 28 Dec 2007    350,000    367
     Bear Stearns Cos Inc    3% 30 Mar 2006    84,000    84
     Bayerische Landesbank Girozen    5.375% 24 Sep 2007    150,000    157
     Hanson Australia Fdg Ltd    5.25% 15 Mar 2013    58,000    59
     Kommuninvest I Sverige Ab    0% 05 Jun 2006    180,000    172
     Fed Hm Ln Pc Pool C75494    6% 01 Jan 2033    974,288    1,007
     Fed Hm Ln Pc Pool C01549    6% 01 Apr 2033    485,023    501

*

   Merrill Lynch + Co Inc.    3.7% 21 Apr 2008    68,000    68
     Liberty Media Corp New    5.7% 15 May 2013    70,000    70
     Comerica Inc    4.8% 01 May 2015    80,000    78
     Massachusetss Mut Life Ins Co    5.625% 15 May 2033    70,000    69
     Eurohypo Sa    4.25% 24 Oct 2005    290,000    293
     Intl Bk Recon And Develop    3.01% 29 Jul 2005    210,000    209
     Textron Finl Corp    2.75% 01 Jun 2006    30,000    30
     Export Development Corporation    6.4% 28 Nov 2005    220,000    227
     Royal Bank Of Scotland Grp Plc    4.7% 03 Jul 2018    61,000    57
     Fnma Pool 555436    6% 01 May 2033    31,167    32
     Fnma Pool 555285    6% 01 Mar 2033    51,997    54
     Fed Hm Ln Pc Pool E60022    6.5% 01 Aug 2009    89,306    95
     Liberty Media Corp New    3.5% 25 Sep 2006    60,000    60
     Fed Hm Ln Pc Pool C56016    6% 01 Mar 2031    227,611    235
     Empresa Nacional De Electricid    8.625% 01 Aug 2015    50,000    60
     Federal Home Ln Mtg Corp    2.125% 15 Nov 2005    190,000    189
     Altria Group Inc    7% 04 Nov 2013    50,000    54
     Federal Home Ln Mtg Corp    2.875% 15 Dec 2006    700,000    695
     Hutchison Whampoa Intl    6.25% 24 Jan 2014    100,000    105
     FHLMC TBA Jan 30 Gold Single    4.5% 31 Dec 2099    500,000    483
     Fed Hm Ln Pc Pool A15094    6% 01 Oct 2033    1,000,000    1,033

 

19


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


   

(e) Current
Value

(in 000s)


     Halliburton Co    7.6% 15 Aug 2096    430,000     508
     Federal Farm Cr Bks Cons Sys    7.26% 02 May 2005    205,000     208
     FNMA Pool 318107    7% 01 Aug 2025    1,261     1
     FNMA Pool 414547    7% 01 Feb 2028    13,618     14
     GNMA Ii Pool 318107    6% 20 Nov 2011    85,456     90
     GNMA Pool 421692    6.5% 15 Feb 2026    5,656     6
     GNMA Pool 422131    6.5% 15 Apr 2026    27,882     30
     GNMA Pool 431373    6.5% 15 Sep 2026    22,074     23
     Bank Nederlandse Gemeenten Nv    4.23% 18 Apr 2006    400,000     405
     Bombardier Inc    7.45% 01 May 2034    100,000     85
     International Fin Corp    3.75% 30 Jun 2009    50,000     50
     FNMA Pool 779002    5.5% 01 Jun 2034    1,225,510     1,245
     Danske Bk A/S    1% 29 Dec 2049    17,000     18
     Fed Hm Ln Pc Pool A23452    5.5% 01 Jun 2034    142,749     145
     Fed Hm Ln Pc Pool A23404    5.5% 01 Jun 2034    68,384     70
     Fed Hm Ln Pc Pool A23810    6% 01 Jun 2034    199,875     207
     Federal Funds Futures    4-Dec    2,500,200     —  
     Fed Hm Ln Pc Pool A24451    5.5% 01 Jul 2034    406,982     414
     United States Treas Bills    1.885% 20 Jan 2005    160,000     159
     Us Treas Notes 10Yr Futures    Mar-05    5,000,000     —  
     Allstate Corp    5% 15 Aug 2014    70,000     70
     Fed Hm Ln Pc Pool A24560    5% 01 Jul 2034    272,238     271
     Bellsouth Corp    4.2% 15 Sep 2009    15,000     15
     Federal Home Ln Bks    2.625% 16 Oct 2006    160,000     158
     Landwirtschaftliche Rentenbank    3.25% 12 Oct 2007    80,000     80
     Dbs Bk Ltd Singapore    1% 15 Nov 2019    115,000     114
     Deere John Cap Corp Mtn Bk Ent    3.375% 01 Oct 2007    25,000     25
     Fed Hm Ln Pc Pool A25914    6% 01 Aug 2034    2,999,702     3,101
     U S Treas Bonds Futures    5-Mar    100,000     —  
     U S Treas Bonds Futures    5-Mar    (300,000 )   —  
     Fed Hm Ln Pc Pool A17203    6% 01 Jan 2034    979,242     1,012

 

20


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


   

(e) Current
Value

(in 000s)


     Fed Hm Ln Pc Pool A15137    6% 01 Nov 2033    3,999,601     4,134
     Fed Hm Ln Pc Pool A23500    6% 01 Jun 2034    1,000,000     1,034
     Fed Hm Ln Pc Pool A19281    6% 01 Aug 2034    499,291     516
     U S Treas Notes 5Yr Futures    5-Mar    5,000,000     —  
     U S Treas Notes 5Yr Futures    5-Mar    (11,000,000 )   —  
     U S Treas Notes 2Yr Futures    5-Mar    14,000,000     —  
     U S Treas Bonds Futures    FEB 113 CALL    (1,000 )   —  
     U S Treas Notes 10Yr Ftrs    FEB 111 PUT    1,000     —  
     Jpmorgan Chase + Co    4.5% 15 Jan 2012    120,000     119
     Kroger Co    4.95% 15 Jan 2015    70,000     70
     Fed Funds Futures    MAR 97.5625 CALL    8,334     —  
     Fed Hm Ln Pc Pool A18524    6% 01 Feb 2034    2,000,001     2,067
     Fed Hm Ln Pc Pool A25078    6% 01 Jul 2034    1,000,001     1,034
     Fed Hm Ln Pc Pool A25792    6% 01 Aug 2034    1,000,001     1,034
     Fed Hm Ln Pc Pool A27286    6% 01 Sep 2034    1,000,001     1,034
     Federal Funds Futures    5-May    833,400     —  
     Bellsouth Corp    5.2% 15 Dec 2016    17,000     17
     U S Treas Notes 10Yr Future    FEB 110 PUT    (1,000 )   —  
     U S Treas Notes 10Yr Future    FEB 112 PUT    1,000     —  
     U S Treas Bonds Futures    FEB 112 CALL    (1,000 )   1
     U S Treas Bonds Futures    FEB 111 PUT    1,000     —  
     Pacificorp    6.71% 15 Jan 2026    400,000     453
     Federal Home Ln Mtg Pc Gtd    8% 25 Apr 2024    319,749     349
     Federal Natl Mtg Assn Remic    8.5% 25 Sep 2021    104,911     114
     Federal Natl Mtg Assn    7.603% 25 Dec 2038    523,199     606
     Government Tr Ctfs    0% 15 May 2011    2,380,000     1,824
     Bgb Finance(Ire)    7.125% 27 Feb 2012    500,000     562
     I.B.R.D. World Bank    5.5% 25 Nov 2013    181,000     197
     Lb Hessen Thuringen Giro    5.75% 10 May 2006    150,000     155
     GNMA Pool 412234    6.5% 15 May 2026    23,230     25
     GNMA Pool 373607    6.5% 15 Mar 2026    1,724     2

 

21


Table of Contents

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

Held for Investment Purposes at End of Year

   Supplemental Schedule

 

(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


  

(d) Number
of

shares/units


   

(e) Current
Value

(in 000s)


 
     GNMA Pool 424276    6.5% 15 Mar 2026    83,212       88  
     United States Tres Sc Strp Int    0% 15 Nov 2027    400,000       125  
     GNMA Pool 457932    6% 15 Dec 2028    89,059       93  
     CAN Finl Corp    7.25% 15 Nov 2023    285,000       305  
     GNMA Pool 412583    6.5% 15 Apr 2026    17,990       19  
     GNMA Pool 413641    6.5% 15 Apr 2026    134,373       142  
     Equitable Res Inc    7.75% 15 Jul 2026    130,000       157  
     Eurodollar Futures    6-Jun    (500,000 )     —    
     Fnma Pool 526224    6% 01 Jul 2029    77,221       80  
     Norsk Hydro A S    7.15% 15 Nov 2025    125,000       148  
     US Dollar         211,962       212  
     Various Receivables                 6,904  
     Various Insurance Companies    Synthetic Wrapper Agreements            (15,924 )
                    


     Total Stable Value Fund                 574,670  
                    


     Common/collective trusts                    

*

   Merrill Lynch    Equity Index Trust    512,978       46,291  
                    


     Common/collective trusts                    

*

   Participant Loans    4.00% to 9.50%            14,449  
                    


                     $ 1,013,187  
                    



* Indicates parties-in-interest

 

22


Table of Contents

Signatures

 

Pursuant to the requirements of the Securities and Exchange act of 1934, the plan administrator of the CONSOL Energy Inc. Investment Plan for Salaried Employees has duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized, in Pittsburgh, Allegheny County, Commonwealth of Pennsylvania.

 

THE CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

 

Date: June 28, 2005   By:  

/s/ Patricia Malanos


        Patricia Malanos
        Plan Administrator

 

23