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The Directed Account Plan Board of Directors have terminated the TCW Select Equities I, Janus Small Cap Value and Longleaf Partners International funds effective August 18, 2006.  These funds were terminated due to consistent poor performance.   A rebalancing of the affected Growth Stock, International Stock and Diversified Small Cap Stock Options has resulted in the following target allocations, effective August 18, 2006:

Allocation
Growth Stock Option Managers Before Current
TCW Select Equities I (tgcex) – terminated* 20% 0%
Marsico Focus 20% 20%
Wellington Mid Cap Opportunities 20% 20%
Turner Mid Cap Growth 420% 20%
BGI – Growth Index 20% 40%

*The assets of the TCW Select Equities I fund have been allocated to the BGI Growth Index until a suitable replacement manager is identified.

Allocation
International Stock Option Managers Before Current
Longleaf Partners International (llinx) – terminated 10% 0%
First Eagle Overseas – SGOIX 12% 12%
American Century International Discovery (twegx) 10% 10%
American Century International Growth (twiex) 10% 10%
Templeton Instl. Foreign Equity (tfeqx) 10% 12%
Oppenheimer Intl. Small Co. A (osmax) 10% 10%
Thornburg Intl. Value (tgvix) 10% 10%
Marsico Intl. Opportunity (miofx) 10% 12%
Dimensional Emerging Markets Value (dfevx) 8% 8%
BGI EAFE Index – separately managed 10% 14%
Allocation
Diversified Small Co. Stock Option Managers Before Current
Janus Small Cap Value (jsivx) – terminated** 10% 0%
Royce Opportunity (rypnx) 15% 15%
Dimensional US Micro Cap Portfolio (dfscx) 15% 15%
Century Small Cap Select Instl. (csmcx) 15% 15%
Third Avenue Small Cap Value (tascx) 15% 15%
Legg Mason Opportunity (lmofx) 10% 10%
BGI Small Company Index 20% 30%

**The assets of the Janus Small Cap Value fund have been allocated to the BGI Small Company Index until a suitable replacement manager is identified.

Call The DAP Service Center 1-877-489-2327 for a fact sheet/prospectus on any of the above funds. Click on the funds above to view their fund fact sheet.

The Directed Account Plan
3221 McKelvey Rd. Ste 105
Bridgeton, MO 63044
314-739-7373
Fax: 636-739-7978

Alternate Pilot Board Member

Job Description: This individual serves as the alternate to the Pilot Board Members who represent the Directed Account Plan participants.  The Pilot Board Members’ duty is to oversee the Plan by utilizing their investment education and experience to insure that the participants are well served.  Since this is an alternate position, this individual will train under the Pilot Board Members.  In the event that a Pilot Board Member should resign, this individual will be considered as the replacement Pilot Board Member.

Job Applicant Requirements: Applicants must be a former TWA Pilot and have a current balance in The Directed Account Plan.  Investment education and experience is important to perform the job duties.

Responsibilities & Powers: As an Alternate Pilot Board Member, the primary duty is to learn the responsibilities and powers of the Pilot Board Members.  This will require attendance of several manager reviews and the four Board of Directors Meetings each year.  The responsibilities and powers of the Pilot Board Members are as follow:

  1. Shall select, terminate, replace, and monitor the Plan Administrator, the Trustee and the record keeper.  Shall approve, oversee, execute, alter, and renew or terminate all contracts and agreements with providers of service whose fees are paid by the Plan.
  2. May select, terminate, replace, monitor, and direct Investment Managers and shall formulate objectives and guidelines for Investment Funds.
  3. Shall select, add, subtract, and monitor Investment Funds.
  4. May contract for reasonable and necessary services for the operation of Plan assets.
  5. May approve the Plan’s purchase of fiduciary liability insurance.
  6. Shall approve an annual budget covering all expense paid by the Plan.

Compensation: This position will be compensated for each meeting attended at a predetermined hourly rate taking into consideration flight pay loss, travel expenses and other associated expenses.

How to Apply: Please send resume and short statement of your interest in the position to:

Email twadap@swbell.net

Mail – The Directed Account Plan
3221 McKelvey Road Ste. 105
Bridgeton, MO 63044

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