ASSETS
|
2006
|
2005
|
|||||
Investments,
at fair value (Note 3)
Cash
|
$
|
50,778,933
74,852
|
$
|
50,706,914
1,506
|
|||
Receivables:
|
|||||||
Employer
Contribution
|
82,586
|
24,877
|
|||||
Participant
Contribution
|
55,130
|
57,004
|
|||||
Accrued
interest and dividends
|
25,408
|
16,581
|
|||||
Total
Receivables
|
163,124
|
98,462
|
|||||
Total
assets
|
51,016,909
|
50,806,882
|
|||||
LIABILITIES
|
|||||||
Accrued
Expenses
|
-
|
75
|
|||||
Due
to broker
Total
liabilities
|
-
-
|
671
746
|
|||||
Net
assets reflecting all assets at fair value
|
51,016,909
|
50,806,136
|
|||||
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
|
57,095
|
59,191
|
|||||
Net
assets available for benefits
|
$
|
51,074,004
|
$
|
50,865,327
|
Additions:
|
||||
Investment
income (deficit):
Deficit
from Master Trust (Note 3)
|
$
|
(4,782,944
|
)
|
|
Net
appreciation in fair value of investments (Note 3)
|
2,716,242
|
|||
Interest
|
309,144
|
|||
Dividends
|
178,356
|
|||
Total
investment deficit
|
(1,579,202
|
)
|
||
Contributions:
|
||||
Participant
|
3,287,300
|
|||
Employer
|
1,477,103
|
|||
Rollover
contributions
|
77,517
|
|||
Total
contributions
|
4,841,920
|
|||
Total
additions
|
3,262,718
|
|||
Deductions:
|
||||
Distributions
to participants
|
3,656,073
|
|||
Administrative
costs
|
20,178
|
|||
Total
deductions
|
3,676,251
|
|||
Net
decrease before transfers
Transfers,
net (Note 10)
|
(413,533)
622,210
|
|||
Increase
in net assets available for benefits
|
208,677
|
|||
Net
assets available for benefits:
|
||||
Beginning
of year
|
50,865,327
|
|||
End
of year
|
$
|
51,074,004
|
||
December
31, 2006
|
December
31, 2005
|
||||||
Units
|
604,522
|
607,749
|
|||||
Market
Price
|
$
|
17,924,368
|
$
|
23,324,428
|
December
31, 2006
|
December
31, 2005
|
||||||
M&I
Stable Principal Fund,, 5,321,125 and 4,672,960 units,
respectively
|
$
|
5,321,125
|
$
|
4,672,960
|
|||
Investment
in Modine Company Stock Master Trust Fund, 604,522 and 607,749 units,
respectively
|
17,924,368
*
|
23,324,428
*
|
|||||
Vanguard
Institutional Index Fund, 65,775 and 62,685 units,
respectively
|
8,523,805
|
7,146,728
|
|||||
M&I
Diversified Stock Fund, 79,649 and 75,780 units,
respectively
|
2,821,525
|
**
|
|||||
Wells
Fargo Small-Cap Value Fund, 93,826 and -, respectively
|
2,920,789
|
-
|
Common
Collective Funds
|
$
|
676,697
|
||
Mutual
Funds
|
2,039,545
|
|||
$
|
2,716,242
|
Plan's
Share of Master
Trust’s
Net Assets
|
|||||||
2006
|
2005
|
||||||
Modine
Company Stock Master Trust Fund
|
23.50
|
%
|
20.56
|
%
|
2006
|
2005
|
||||||
Investments
at fair value
|
|||||||
Modine
Common Stock
|
$
|
75,565,420
|
$
|
111,517,700
|
|||
Receivables
(payables), net
|
9,046
|
5,949
|
|||||
Cash
and cash equivalents
|
694,894
|
1,953,070
|
|||||
Net
Assets
|
$
|
76,269,360
|
$
|
113,476,719
|
Net
depreciation in fair value of Modine Common Stock
|
$(25,225,534)
|
|||
Interest
|
76,247
|
|||
Dividends
on Modine Common Stock
|
2,247,775
|
|||
Total
|
$
|
(22,901,512
|
)
|
December
31, 2006
|
December
31, 2005
|
||||||
Net
Assets:
|
|||||||
Modine
Common Stock
Proliance
Fund
|
$
|
9,487,810
-
|
$
|
11,860,537
29,593
|
|||
Year
Ended
|
|||||||
December
31, 2006
|
|||||||
Changes
in Net Assets:
|
|||||||
Contributions
|
$
|
1,477,103
|
|||||
Investment
Income
|
(2,588,415
|
)
|
|||||
Benefits
paid to Participants
|
(1,291,008
|
)
|
|||||
$
|
(2,402,320
|
)
|
2006
|
2005
|
||||||
Net
assets available for benefits
|
|||||||
per
the financial statements
|
$
|
51,074,004
|
$
|
50,865,327
|
|||
Adjustment
for loan defaults
|
(25,332
|
)
|
(16,274
|
)
|
|||
Benefits
payable to participants
|
(1,443
|
)
|
(1,431
|
)
|
|||
Net
assets per the Form 5500
|
$
|
51,047,229
|
$
|
50,847,622
|
Decrease
in net assets available for benefits, prior to transfers,
|
||||
per
the financial statements
|
$
|
(413,533
|
)
|
|
Prior
year benefits payable to participants
|
1,431
|
|||
Current
year benefits payable to participants
|
(1,443
|
)
|
||
Loan
defaults
|
(9,058
|
)
|
||
Net
income (loss) per the Form 5500
|
$
|
(422,603
|
)
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
||||||||||||
Identity
of issuer, borrower, lessor or similar party
|
Description
of investment including
maturity
date, rate of interest,
collateral,
par or maturity value
|
Shares
or units
|
Cost
|
Current
value
|
||||||||||||
Common
Collective Funds
|
||||||||||||||||
*
*
|
Marshall
& Ilsley Trust Company
Marshall
& Ilsley Trust Company
|
Diversified
Income Fund
Growth
Balanced Fund
|
95,418
66,809
|
**
**
|
$
2,066,794
1,926,037
|
|||||||||||
*
*
|
Marshall
& Ilsley Trust Company
Marshall
& Ilsley Trust Company
|
Diversified
Stock Fund
Stable
Principal Fund
|
79,649
5,321,125
|
**
**
|
2,821,525
5,321,125
|
|||||||||||
Mutual
Funds
|
||||||||||||||||
The
Vanguard Group
|
Vanguard
Institutional Index Fund
|
65,775
|
**
|
8,523,805
|
||||||||||||
Goldman
Sachs Trust
|
Mid-Cap
Value Fund
|
32,325
|
**
|
1,257,769
|
||||||||||||
American
Funds, Inc.
|
Growth
Fund of America
|
28,477
|
**
|
924,068
|
||||||||||||
Legg
Mason
|
Value
Fund
|
18,715
|
**
|
1,360,957
|
||||||||||||
Calamos
Investment Trust
|
Growth
Fund
|
11,680
|
**
|
629,577
|
||||||||||||
Dodge
and Cox
|
Stock
Fund
|
11,222
|
**
|
1,722,143
|
||||||||||||
Well
Fargo Funds Trust
|
Advantage
Small-Cap Value Fund
|
93,826
|
**
|
2,920,789
|
||||||||||||
Fidelity
Advisors Series VIII
|
Diversified
International Fund
|
97,931
|
**
|
2,209,326
|
||||||||||||
PIMCO
Funds
|
Total
Return Fund
|
2,214
|
**
|
22,982
|
||||||||||||
Other
|
||||||||||||||||
*
|
Participant
Loans
|
5.00
- 10.00% interest rate; various
maturity
date through May 20, 2016
|
1,204,763
|
|||||||||||||
*
|
Marshall
& Ilsley Trust Company
|
Modine
Company Stock Master Trust Fund (Common Stock and Marshall
Money
Market
Fund)
|
604,522
|
$18,246,475
|
17,924,368
|
|||||||||||
$50,836,028
|
Exhibit
|
||
Number
|
Description
|
|
23.1
|
Consent
of Independent Registered Public Accounting Firm, filed
herewith.
|
MODINE
401(k) RETIREMENT PLAN
|
|
FOR
HOURLY EMPLOYEES
|
|
6/28/2007
|
/s/Dean
R. Zakos
|
Date
|
Dean
R. Zakos
|