e11vk
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORT OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
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| þ |
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ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year Ended December 31, 2005
OR
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| o |
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TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
File Number 33-42485
| A. |
|
Full title of the Plan and address of the Plan, if different from that of the issuer named
below: |
COMERICA INCORPORATED PREFERRED SAVINGS PLAN
| B. |
|
Name of issuer of securities held pursuant to the Plan and the address of its principal
executive office: |
COMERICA INCORPORATED
Comerica Tower at
One Detroit Center
500 Woodward Avenue
Detroit, Michigan 48226
Comerica Incorporated Preferred Savings Plan
Financial Statements
and Supplemental Schedules
Fiscal Year Ended December 31, 2005
Table of Contents
Financial Statements and Supplemental Schedules
Comerica Incorporated Preferred Savings Plan
December 31, 2005 and 2004, and
Year Ended December 31, 2005
with Report of Independent Registered Public Accounting Firm
Comerica Incorporated
Preferred Savings Plan
Financial Statements and Supplemental Schedules
December 31, 2005 and 2004, and
Year Ended December 31, 2005
Contents
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Report of Independent Registered Public Accounting Firm
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1 |
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Financial Statements |
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Statements of Assets Available for Benefits
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2 |
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Statement of Changes in Assets Available for Benefits
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3 |
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Notes to Financial Statements
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4 |
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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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10 |
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Schedule H, Line 4j – Schedule of Reportable Transactions
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11 |
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Report of Independent Registered Public Accounting Firm
The Employee Benefits Committee
Comerica Incorporated Preferred Savings Plan
We have audited the accompanying statements of assets available for benefits of the Comerica
Incorporated Preferred Savings Plan as of December 31, 2005 and 2004, and the related statement of
changes in assets available for benefits for the year ended December 31, 2005. 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 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. We
were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our
audits 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, and 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 assets available for benefits of the Plan at December 31, 2005 and 2004, and the
changes in its assets available for benefits for the year ended December 31, 2005, in conformity
with U.S. generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial statements taken as a
whole. The accompanying supplemental schedules of assets (held at end of year) as of December 31,
2005, and reportable transactions for the year then ended, are presented for purposes of additional
analysis and are not a required part of the financial statements but are 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. These supplemental schedules are the
responsibility of the Plan’s management. The supplemental schedules have been subjected to the
auditing procedures applied in our audits of the financial statements and, in our opinion, are
fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Ernst
& Young LLP
May 18, 2006
Detroit,
Michigan
1
Comerica Incorporated Preferred Savings Plan
Statements of Assets Available for Benefits
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December 31, |
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2005 |
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2004 |
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Assets |
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|
|
|
|
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|
Investments, at fair value: |
|
|
|
|
|
|
|
|
Mutual and money market funds |
|
$ |
258,741,798 |
|
|
$ |
226,402,970 |
|
Collective trust funds |
|
|
232,496,757 |
|
|
|
222,784,933 |
|
Comerica Incorporated Common Stock |
|
|
233,973,874 |
|
|
|
263,011,408 |
|
Participant loans |
|
|
21,026,092 |
|
|
|
20,348,615 |
|
| |
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Total investments |
|
|
746,238,521 |
|
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|
732,547,926 |
|
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|
|
|
|
|
|
|
|
Accrued income |
|
|
2,283,511 |
|
|
|
2,665,167 |
|
Employer contributions receivable |
|
|
8,507,135 |
|
|
|
6,198,000 |
|
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Assets available for benefits |
|
$ |
757,029,167 |
|
|
$ |
741,411,093 |
|
| |
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|
See accompanying notes.
2
Comerica Incorporated Preferred Savings Plan
Statement of Changes in Assets
Available for Benefits
Year Ended December 31, 2005
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Additions |
|
|
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Participant contributions |
|
$ |
39,739,946 |
|
Employer contributions |
|
|
14,852,452 |
|
Interest and dividend income |
|
|
22,257,926 |
|
|
|
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Total additions |
|
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76,850,324 |
|
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|
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Deductions |
|
|
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|
Distributions to participants |
|
|
63,879,601 |
|
Loan fees |
|
|
125,738 |
|
|
|
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Total deductions |
|
|
64,005,339 |
|
|
|
|
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Net appreciation in fair value of investments |
|
|
2,773,089 |
|
|
|
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Net increase |
|
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15,618,074 |
|
Assets available for benefits: |
|
|
|
|
Beginning of
year |
|
|
741,411,093 |
|
|
|
|
|
End of year |
|
$ |
757,029,167 |
|
|
|
|
|
See accompanying notes.
3
Comerica Incorporated Preferred Savings Plan
Notes to Financial Statements
December 31, 2005 and 2004, and
Year Ended December 31, 2005
1. Description of the Plan
The Comerica Incorporated Preferred Savings Plan (the Plan) is a defined contribution plan covering
all eligible employees of Comerica Incorporated (the Corporation) and certain subsidiaries.
Information about the Plan agreement, participants’ investment alternatives and the vesting and
benefit provisions is contained in the summary plan description captioned “Comerica Incorporated
Preferred Savings Plan.” Copies of this summary plan description are available through the
Corporation’s Human Resources Office.
Participants may make annual contributions to the Plan on a pre-tax basis, not to exceed the lesser
of 50% of the participant’s annual compensation, or the IRS allowed maximum ($14,000, plus an
additional $4,000 for participants age 50 or over, in 2005, and $13,000, plus an additional $3,000
for participants age 50 or over, in 2004).
The Corporation will match a percentage of the first $3,000 of the participant’s pre-tax
contributions, as defined by the Plan. In addition, the Corporation may make discretionary
contributions based upon attaining certain corporate financial performance measurements. Both the
Corporation match and discretionary contribution are invested in the Corporation’s common stock.
Participants’ investments in the Corporation’s common stock, including vested corporate matching
contributions, are held in an Employee Stock Ownership Plan (ESOP). Participants may elect to
either reinvest the dividends in the Corporation’s common stock within the Plan or receive the
dividends as cash with their regular pay.
Contributions receivable represent amounts due from the Corporation under a performance match
program, which rewards employees through a corporate contribution to the participants’ accounts.
Participants
direct the investment of their accounts, except the current period’s nonparticipant-directed investment in the Corporation’s common stock, among the investment funds offered by the
Plan. The benefit to which a participant is entitled is the benefit that can be provided from the
participant’s account.
4
Comerica Incorporated Preferred Savings Plan
Notes to Financial Statements
December 31, 2005 and 2004, and
Year Ended December 31, 2005
1. Description of the Plan (continued)
The Corporation’s matching contributions based on the first $3,000 of the participant’s pretax
contributions are held in a restricted Comerica Incorporated Common Stock account until the end of
the calendar year, when the assets held in such account become unrestricted and, therefore,
eligible to be reallocated by the participants to other fund options. Approximately $7.1 million of
restricted common stock was transferred to unrestricted funds during the plan year ended December
31, 2005.
Unallocated matching employer contributions resulting from employee forfeitures are retained in the
Plan and used to reduce future employer contributions. Employee forfeitures during the period are
included in employer contributions in the accompanying statement of changes in assets available for
benefits and are primarily retained in the Comerica Incorporated Common Stock balance as of
December 31, 2005.
The following table presents a summary of changes in unallocated matching employer contributions
during the plan year:
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|
Balance at January 1, 2005 |
|
$ |
612,546 |
|
Employee forfeitures during the year |
|
|
537,709 |
|
Reduction of employer contributions |
|
|
(436,157 |
) |
Net depreciation in fair value of investments |
|
|
(56,129 |
) |
Dividend income |
|
|
18,322 |
|
|
|
|
|
Balance at December 31, 2005 |
|
$ |
676,291 |
|
|
|
|
|
The Corporation has the right to amend or terminate the Plan at any time. In the event the Plan is
terminated, all participants’ accounts become fully vested and nonforfeitable.
Effective January 1, 2004, the Plan year changed to a calendar year ending December 31.
Transactions occurring on December 31, 2003 are included in the plan period ended December 31,
2004.
2. Summary of Significant Accounting Policies
The fair values of the participation units owned by the Plan in mutual and collective trust funds
are based on the net asset values on the last business day of the plan year.
5
Comerica Incorporated Preferred Savings Plan
Notes to Financial Statements
December 31, 2005 and 2004, and
Year Ended December 31, 2005
2. Summary of Significant Accounting Policies (continued)
Marketable securities are stated at fair value. Securities traded on a national securities exchange
are valued at the last reported sales price on the last business day of the plan year. Investments
traded in the over-the-counter market and listed securities for which no sale was reported on that
date are valued at the average of the last reported bid and ask prices.
The fair value of investments in the Corporation’s common stock is based on the last reported sales
price on the last business day of the plan year as traded on the New York Stock Exchange.
The participant loans are valued at their outstanding balances, which approximate fair value.
Administrative expenses incurred in connection with the operation of the Plan are borne by the
Corporation, except for a $10 per quarter loan fee paid by participants for loans originated prior
to July 1, 2004, which is reported in loan fees in the accompanying statement of changes in assets
available for benefits. In addition, a one-time $50 loan application fee was charged directly to
the participant’s account for each new loan originated prior to July 15, 2005.
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the amounts in the
financial statements and accompanying notes. Actual results could differ from those estimates.
3. Investments
The fair value of individual investments that represent 5% or more of the Plan assets at the end of
the respective years are as follows:
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December 31, |
| |
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2005 |
|
2004 |
| |
|
|
Comerica Incorporated Common Stock * |
|
$ |
233,973,874 |
|
|
$ |
263,011,048 |
|
Comerica
S&P 500 Index Fund |
|
|
110,537,314 |
|
|
|
112,775,898 |
|
Comerica Stable Value Fund |
|
|
111,341,571 |
|
|
|
110,009,035 |
|
Neuberger Berman Genesis Fund |
|
|
39,726,948 |
|
|
** |
|
|
|
| * |
|
Includes nonparticipant-directed investments |
| |
| ** |
|
Less than 5% |
6
Comerica Incorporated Preferred Savings Plan
Notes to Financial Statements
December 31, 2005 and 2004, and
Year Ended December 31, 2005
3. Investments (continued)
During the year ended December 31, 2005, the Plan’s investments (including investments bought and
sold, as well as held during the year) appreciated (depreciated) in fair value as follows:
| |
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|
| |
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Year Ended |
|
| |
|
December 31, |
|
| |
|
2005 |
|
Mutual and money market funds |
|
$ |
10,737,270 |
|
Collective trust funds |
|
|
9,398,636 |
|
Comerica Incorporated Common Stock |
|
|
(17,362,817 |
) |
|
|
|
|
|
|
$ |
2,773,089 |
|
|
|
|
|
4. Nonparticipant-Directed Investments
The following information represents the assets and the significant components of changes in assets
related to the nonparticipant-directed portion of the Comerica Incorporated Common Stock
investment.
| |
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|
|
|
|
|
|
| |
|
December 31, |
|
December 31, |
| |
|
2005 |
|
2004 |
| |
|
|
Investment, at fair value: |
|
|
|
|
|
|
|
|
Comerica Incorporated Common Stock |
|
$ |
6,516,035 |
|
|
$ |
7,525,374 |
|
| |
|
|
| |
|
|
|
|
| |
|
Year Ended |
|
| |
|
December 31, |
|
| |
|
2005 |
|
Changes in assets: |
|
|
|
|
Employer contributions |
|
$ |
6,327,265 |
|
Interest and dividend income |
|
|
88,839 |
|
Distributions to participants |
|
|
(83,241 |
) |
Net depreciation in fair value of investments |
|
|
(282,047 |
) |
Transfer of assets from restricted common
stock account to unrestricted account |
|
|
(7,060,155 |
) |
|
|
|
|
Decrease in assets |
|
$ |
(1,009,339 |
) |
|
|
|
|
7
Comerica Incorporated Preferred Savings Plan
Notes to Financial Statements
December
31, 2005 and 2004, and
Year Ended December 31, 2005
5. Transactions With Parties-in-Interest
The following is a summary of transactions (at cost) with parties-in-interest:
| |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Munder |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Comerica |
|
Comerica |
|
Cash |
|
Munder |
|
Munder |
|
Munder |
|
Munder |
|
Munder |
|
Munder |
| |
|
Incorporated |
|
Stable Value |
|
Investment |
|
Bond |
|
Large Cap |
|
U.S. Government |
|
S&P Small Cap |
|
MidCap Core |
|
S&P MidCap |
| |
|
Common Stock |
|
Fund |
|
Fund |
|
Fund |
|
Value Fund |
|
Income Fund |
|
Index Fund |
|
Growth Fund |
|
Index Fund |
| |
|
|
Balance at December 30, 2003 |
|
$ |
183,575,414 |
|
|
$ |
102,454,457 |
|
|
$ |
– |
|
|
$ |
5,251,834 |
|
|
$ |
8,161,643 |
|
|
$ |
15,763,123 |
|
|
$ |
1,943,118 |
|
|
$ |
7,254,094 |
|
|
$ |
8,968,470 |
|
Purchases in 2004 |
|
|
36,968,655 |
|
|
|
32,176,888 |
|
|
|
80,973,490 |
|
|
|
2,852,385 |
|
|
|
3,155,708 |
|
|
|
4,182,319 |
|
|
|
4,115,306 |
|
|
|
5,311,889 |
|
|
|
3,578,390 |
|
Sales in 2004 |
|
|
31,099,912 |
|
|
|
29,525,580 |
|
|
|
79,839,514 |
|
|
|
1,838,765 |
|
|
|
1,599,739 |
|
|
|
4,180,382 |
|
|
|
1,545,327 |
|
|
|
1,481,414 |
|
|
|
1,852,325 |
|
Transfer to/from funds |
|
|
(4,002,624 |
) |
|
|
4,903,270 |
|
|
|
– |
|
|
|
(64,170 |
) |
|
|
(38,462 |
) |
|
|
(77,647 |
) |
|
|
– |
|
|
|
(75,493 |
) |
|
|
(20,316 |
) |
| |
|
|
Balance at December 31, 2004 |
|
|
185,441,533 |
|
|
|
110,009,035 |
|
|
|
1,133,976 |
|
|
|
6,201,284 |
|
|
|
9,679,150 |
|
|
|
15,687,413 |
|
|
|
4,513,097 |
|
|
|
11,009,076 |
|
|
|
10,674,219 |
|
Purchases in 2005 |
|
|
37,696,217 |
|
|
|
28,550,883 |
|
|
|
31,371,312 |
|
|
|
2,571,169 |
|
|
|
5,366,520 |
|
|
|
2,570,238 |
|
|
|
3,308,229 |
|
|
|
7,117,361 |
|
|
|
4,561,017 |
|
Sales in 2005 |
|
|
33,500,583 |
|
|
|
31,908,656 |
|
|
|
32,505,288 |
|
|
|
1,496,391 |
|
|
|
3,902,228 |
|
|
|
1,688,852 |
|
|
|
2,621,001 |
|
|
|
2,589,146 |
|
|
|
2,443,756 |
|
Transfer to/from funds |
|
|
(3,889,261 |
) |
|
|
1,037,985 |
|
|
|
– |
|
|
|
(10,068 |
) |
|
|
15,145,328 |
|
|
|
(16,568,799 |
) |
|
|
– |
|
|
|
(31,256 |
) |
|
|
– |
|
| |
|
|
Balance at December 31, 2005 |
|
$ |
185,747,906 |
|
|
$ |
107,689,247 |
|
|
$ |
– |
|
|
$ |
7,265,994 |
|
|
$ |
26,288,770 |
|
|
$ |
– |
|
|
$ |
5,200,325 |
|
|
$ |
15,506,035 |
|
|
$ |
12,791,480 |
|
| |
|
|
| |
| |
|
Comerica |
|
Comerica |
|
Comerica |
|
Comerica |
|
Comerica |
|
Comerica |
|
Comerica |
|
|
|
|
|
|
| |
|
Destination |
|
Destination |
|
Destination |
|
Destination |
|
Destination |
|
S&P 500 Index |
|
S&P 500 Index |
|
|
|
|
|
|
| |
|
Retirement Fund |
|
2015 Fund |
|
2025 Fund |
|
2035 Fund |
|
2045 Fund |
|
Fund |
|
Fund I |
|
Total |
|
|
|
|
| |
|
|
|
|
|
|
Balance at December 30, 2003 |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
77,731,701 |
|
|
$ |
411,103,854 |
|
|
|
|
|
Purchases in 2004 |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
112,123,677 |
|
|
|
7,968,185 |
|
|
|
293,406,892 |
|
|
|
|
|
Sales in 2004 |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
7,626,811 |
|
|
|
85,699,886 |
|
|
|
246,289,655 |
|
|
|
|
|
Transfer to/from funds |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
624,558 |
|
|
|
|
|
| |
|
|
|
|
|
|
Balance at December 31, 2004 |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
104,496,866 |
|
|
|
– |
|
|
|
458,845,649 |
|
|
|
|
|
Purchases in 2005 |
|
|
1,729,267 |
|
|
|
5,365,008 |
|
|
|
2,824,107 |
|
|
|
495,582 |
|
|
|
319,455 |
|
|
|
10,511,854 |
|
|
|
– |
|
|
|
144,358,219 |
|
|
|
|
|
Sales in 2005 |
|
|
13,333 |
|
|
|
374,202 |
|
|
|
34,484 |
|
|
|
23,841 |
|
|
|
2,354 |
|
|
|
16,676,234 |
|
|
|
– |
|
|
|
129,780,349 |
|
|
|
|
|
Transfer to/from funds |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(4,316,071 |
) |
|
|
|
|
| |
|
|
|
|
|
|
Balance at December 31, 2005 |
|
$ |
1,715,934 |
|
|
$ |
4,990,806 |
|
|
$ |
2,789,623 |
|
|
$ |
471,741 |
|
|
$ |
317,101 |
|
|
$ |
98,332,486 |
|
|
$ |
– |
|
|
$ |
469,107,448 |
|
|
|
|
|
| |
|
|
|
|
|
|
The Munder mutual funds are managed by Munder Capital Management, a consolidated subsidiary of Comerica Incorporated.
8
Comerica Incorporated Preferred Savings Plan
Notes to Financial Statements
December 31, 2005 and 2004, and
Year Ended December 31, 2005
6. Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated November 14,
2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the
Code) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is
required to operate in conformity with the Code to maintain its qualification. The plan
administrator believes the Plan is being operated in compliance with the applicable requirements of
the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt.
7. Differences Between Financial Statements and Form 5500
Amounts allocated to withdrawn participants are recorded on the Form 5500 for benefit claims that
have been processed and approved for payment prior to year-end but not yet paid. At December 31,
2005, there were no claims approved but not yet paid. The amount allocated on Form 5500 to
withdrawn participants at December 31, 2004 was $2,739,391.
8. 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 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 statements of assets available for benefits.
9
Comerica Incorporated Preferred Savings Plan
EIN: #38-1998421 Plan #002
Schedule H, Line 4i – Schedule of Assets
(Held at End of Year)
December 31, 2005
| |
|
|
|
|
|
|
|
|
| |
|
Description of Investment Including |
|
|
|
|
|
| Identity of Issue, Borrower, |
|
Maturity Date, Rate of Interest, |
|
|
|
Current |
|
| Lessor, or Similar Party |
|
Collateral, Par, or Maturity Value |
|
Cost |
|
Value |
|
| |
| Mutual and Money Market Funds |
|
|
|
|
|
|
| *Munder |
|
S&P MidCap Index Fund – 1,244,607 shares |
|
** |
|
$ |
15,258,883 |
|
| |
|
S&P Small Cap Index Fund – 361,138 shares |
|
** |
|
|
5,749,320 |
|
| |
|
Large Cap Value Fund – 1,844,931 shares |
|
** |
|
|
28,153,646 |
|
| |
|
MidCap Core Growth Fund – 870,495 shares |
|
** |
|
|
19,890,817 |
|
| |
|
Bond Fund – 756,811 shares |
|
** |
|
|
7,106,458 |
|
| |
|
|
|
|
|
|
|
|
| Neuberger Berman |
|
Neuberger Berman Genesis Fund – 818,269 shares |
|
** |
|
|
39,726,948 |
|
| |
|
|
|
|
|
|
|
|
| Fidelity Advisor |
|
Fidelity Advisor Equity Growth Fund – 291,009 shares |
|
** |
|
|
13,991,693 |
|
| |
|
|
|
|
|
|
|
|
| Franklin/Templeton Investments |
|
Franklin Rising Dividends Fund – 585,225 shares |
|
** |
|
|
18,949,575 |
|
| |
|
Templeton Growth Fund – 1,029,723 shares |
|
** |
|
|
23,621,847 |
|
| |
|
|
|
|
|
|
|
|
| William Blair Funds |
|
William Blair Growth Fund – 205,070 shares |
|
** |
|
|
2,323,439 |
|
| |
|
William Blair International Growth Fund – 1,123,747 shares |
|
** |
|
|
28,340,909 |
|
| |
|
|
|
|
|
|
|
|
| Heritage Funds |
|
Heritage Small Cap Stock Fund – 522,634 shares |
|
** |
|
|
17,435,063 |
|
| |
|
|
|
|
|
|
|
|
| Van Kampen Funds |
|
Van Kampen Equity & Income Fund – 2,563,847 shares |
|
** |
|
|
22,254,193 |
|
| |
|
Van Kampen Government Securities – 1,583,261 shares |
|
** |
|
|
15,939,007 |
|
| |
|
|
|
|
|
|
|
| Total Mutual and Money Market Funds |
|
|
|
|
258,741,798 |
|
| |
|
|
|
|
|
|
|
|
| Collective Trust Funds |
|
|
|
|
|
|
|
|
| *Comerica Incorporated |
|
Stable Value Fund – 10,742,382 units |
|
** |
|
|
111,341,571 |
|
| |
|
S&P 500 Index Fund – 10,025,515 units |
|
** |
|
|
110,537,314 |
|
| |
|
Destination Retirement Fund – 169,440 units |
|
** |
|
|
1,753,462 |
|
| |
|
Destination 2015 Fund – 492,143 units |
|
** |
|
|
5,148,804 |
|
| |
|
Destination 2025 Fund – 273,834 units |
|
** |
|
|
2,897,004 |
|
| |
|
Destination 2035 Fund – 46,101 units |
|
** |
|
|
490,434 |
|
| |
|
Destination 2045 Fund – 30,349 units |
|
** |
|
|
328,168 |
|
| |
|
|
|
|
|
|
|
| Total Collective Trust Funds |
|
|
|
|
|
|
232,496,757 |
|
| |
|
|
|
|
|
|
|
|
| *Comerica Incorporated |
|
Common Stock – 4,122,161 shares |
$ |
185,747,906 |
|
|
233,973,874 |
|
| |
|
|
|
|
|
|
|
|
| *Participant loans |
|
Interest rate range: 6% to 10.5%, with various maturity dates |
|
— |
|
|
21,026,092 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Total investments |
|
|
|
|
|
$ |
746,238,521 |
|
| |
|
|
|
|
|
|
|
|
|
|
| * |
|
Party-in-interest. |
| |
| ** |
|
Disclosure of historical cost information is not required for participant-directed investments. |
10
Comerica Incorporated Preferred Savings Plan
EIN: #38-1998421 Plan #002
Schedule H, Line 4j – Schedule of Reportable Transactions
Year Ended December 31, 2005
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Description |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
of Asset |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
Current Value |
|
|
| |
|
(Including Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
Incurred |
|
|
|
|
|
of Asset on |
|
|
| |
|
Rate and Maturity |
|
Purchase |
|
Selling |
|
Lease |
|
With |
|
Cost of |
|
Transaction |
|
Net Gain |
| |
|
in Case of a Loan) |
|
Price |
|
Price |
|
Rental |
|
Transaction* |
|
Asset |
|
Date |
|
(Loss) |
| |
| Category (iii) – A series of transactions involving securities of the same issue
which, when aggregated, involve an amount in excess of 5% of
the current value of plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comerica Incorporated |
|
Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
652 purchases |
|
$ |
37,696,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
37,696,217 |
|
|
$ |
37,696,217 |
|
|
|
|
|
|
|
1,055 sales |
|
|
|
|
|
$ |
44,299,007 |
|
|
|
|
|
|
|
|
|
|
|
33,500,583 |
|
|
|
44,299,007 |
|
|
$ |
10,798,424 |
|
|
|
|
| * |
|
The commissions and fees related to purchases and sales of investments are included in the cost of investment or
proceeds from the sale and are not separately identified by the Trustee. |
There were no category (i), (ii), or (iv) reportable transactions.
11
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the administrator of the
Plan has duly caused this Annual Report to be signed by the undersigned thereunto duly authorized.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Comerica Incorporated |
|
|
| |
|
|
|
Preferred Savings Plan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Jon W. Bilstrom |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jon W. Bilstrom |
|
|
|
|
|
|
|
|
Executive Vice President — Governance, |
|
|
|
|
|
|
|
|
Regulatory Relations and Legal Affairs |
|
|
|
|
|
|
|
|
Comerica Incorporated |
|
|
Dated: June 27, 2006 |
|
|
|
|
|
|
|
|
Exhibit Index
| |
|
|
| Exhibit
No. |
|
Description |
23
|
|
Consent of Ernst and Young LLP |