e11vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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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, 2010
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-12981
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
(Full title of the plan)
AMETEK, Inc.
1100 Cassatt Road, P.O. Box 1764
Berwyn, Pennsylvania 19312-1177
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Financial Statements and Supplemental Schedule
Years Ended December 31, 2010 and 2009
Contents
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Financial Statements (Unaudited): |
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Statements of Assets Available for Benefits |
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2 |
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Statements 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 Schedule: |
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Schedule H, Line 4i Schedule of Assets (Held at End of Year) |
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11 |
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Signatures |
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12 |
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1
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Statements of Assets Available for Benefits
(Unaudited)
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December 31, |
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2010 |
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2009 |
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Assets: |
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Investments |
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$ |
1,616,776 |
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$ |
1,384,007 |
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Investment in the AMETEK, Inc. Master Trust |
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429,060 |
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278,965 |
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Total investments, at fair value |
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2,045,836 |
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1,662,972 |
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Receivables: |
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Employer contributions |
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90,537 |
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109,569 |
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Participant contributions |
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38,198 |
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4,904 |
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Notes receivable from participants |
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203,547 |
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131,551 |
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Total receivables |
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332,282 |
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246,024 |
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Assets available for benefits, at fair value |
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2,378,118 |
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1,908,996 |
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Adjustment from fair value to contract value for Common Collective Trust |
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(15,105 |
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(7,805 |
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Assets available for benefits |
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$ |
2,363,013 |
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$ |
1,901,191 |
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See accompanying notes.
2
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Statements of Changes in Assets Available for Benefits
(Unaudited)
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Year Ended December 31, |
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2010 |
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2009 |
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Additions: |
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Contributions: |
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Employer |
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$ |
128,735 |
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$ |
109,569 |
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Participant |
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75,122 |
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71,325 |
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203,857 |
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180,894 |
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Investment income: |
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Net appreciation in fair value of investments |
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103,738 |
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137,727 |
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Interest and dividend income from investments |
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39,853 |
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39,039 |
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Interest income on notes receivable from participants |
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8,960 |
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8,447 |
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Plan interest in the AMETEK, Inc. Master Trust |
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154,815 |
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52,774 |
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307,366 |
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237,987 |
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Total additions |
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511,223 |
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418,881 |
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Deductions: |
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Benefits paid to participants |
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(49,401 |
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(33,949 |
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Net increase |
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461,822 |
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384,932 |
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Assets available for benefits: |
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Beginning of year |
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1,901,191 |
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1,516,259 |
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End of year |
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$ |
2,363,013 |
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$ |
1,901,191 |
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See accompanying notes.
3
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2010
(Unaudited)
1. Description of the Plan
General
The following description of the Solidstate Controls, Inc. Hourly Employees (CWA) Retirement
Plan (the Plan) provides only summarized information. Participants should refer to the Plan
document for a more complete description of the Plans provisions, copies of which may be obtained
from AMETEK, Inc. (AMETEK, the Company or the Plan Sponsor).
The Plan is a tax-deferred 401(k) defined contribution savings plan which provides eligible
employees (whose employment is governed by the terms of a collective bargaining agreement with the
Communications Workers of America (CWA)) of Solidstate Controls, Inc., an opportunity to invest a
portion of their compensation, as defined by the Plan, in one or a combination of investment
programs. See Note 3.
Participant Eligibility
A Solidstate Controls, Inc. CWA employee, who is not specifically an ineligible employee as
defined by the Plan, shall become a participant in the Plan as of the first day of a fiscal quarter
beginning after the completion of one year of service.
Contributions
Each year, participants have an opportunity to invest up to 16% (maximum 6% before tax and
maximum 10% after tax) of their annual compensation, as defined by the Plan, in multiples of one
percent, except for certain highly compensated participants who may be subject to certain
regulatory limitations. Certain groups of participants have an opportunity to invest catch-up
contributions up to Internal Revenue Service (IRS) annual limits. Participants may also
contribute amounts representing rollovers from other qualified plans. Participants direct their
elective contributions into various investment options offered by the Plan and can change their
investment options on a daily basis.
The Plan provides for AMETEK contributions equal to 50% of compensation contributed by each
participant, up to a maximum percentage ranging from 1% to 6% of the participants compensation as
determined by the terms of the collective bargaining agreement. Matching Company contributions are
credited to participants accounts typically on an annual lump sum basis and are allocated in the
same manner as that of the participants elections. However, the Company may make its matching
contribution payment to the Plan at any time prior to the due date prescribed by law for filing the
Companys federal income tax return for that Plan year.
The Plan has a retirement feature for eligible participants, whereby the Company makes
contributions to the Plan on behalf of such participants at a rate of $0.70 and $0.65 for each hour
that an active participant is paid compensation in 2010 and 2009, respectively. Participant
contributions under the retirement feature of the Plan are not permitted. Investment programs and
transfer and exchange privileges available under the retirement feature are the same as for the
savings feature under the Plan.
Forfeited Company contributions, which are insignificant in amount, are used to reduce future
employer retirement contributions or to pay Plan administrative expenses.
Participant Accounts
Each participants account is credited with the participants contributions and allocations of
(a) the Companys contributions and (b) Plan net earnings. Allocations are based on participant
earnings and/or account balances, as defined. The benefit to which a participant is entitled is the
balance in the participants vested account.
Vesting
Participants are fully vested at all times in participant contributions. Employer matching
contributions and related earnings and employer retirement contributions and related earnings are
fully vested after three years of service.
4
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2010
(Unaudited)
1. Description of the Plan (continued)
Participant Loans
Participants may borrow a minimum of $1,000 or up to a maximum equal to the lesser of $50,000
or 50% of their account balance. Participants may have up to two loans outstanding at any time,
although only one loan may be for a primary residence, the sum of which may not exceed the maximum
allowable under the Plan. Repayment terms of the loans are generally limited to no longer than 60
months from inception or for a reasonable period of time in excess of 60 months for the purchase of
a principal residence, as fixed by the Companys Pension Investment Committee. The loans are
secured by the balance in the participants account and bear interest at rates established by the
Companys Pension Investment Committee, which approximate rates charged by commercial lending
institutions for comparable loans. Interest rates on loans outstanding at December 31, 2010 and
2009 ranged between 4.25% and 9.25%, respectively. Principal and interest is paid ratably through
payroll deductions.
Payment of Benefits
On termination of service, death, disability or retirement, a participant may receive a
qualified joint and survivor annuity, a direct rollover or a lump-sum amount equal to his or her
vested account. When a participant attains age 591/2 while still an employee, he or she can elect to
withdraw a specified portion of his or her vested account balance without incurring an income tax
penalty. Also, in certain cases of financial hardship, a participant may elect to withdraw up to a
specified portion of his or her vested account balance, regardless of age. All plan withdrawals
and distributions require spousal consent.
Administrative Expenses
The expenses of administering the Plan are payable from the trust funds, unless the Company
elects to pay such expenses. From inception of the Plan to the present, the Company has elected to
pay such expenses directly.
Plan Termination
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974,
as amended (ERISA). While the Company has not expressed any intent to terminate the Plan, it is
free to do so at any time subject to the provisions of ERISA and applicable labor agreements. In
the event of Plan termination, each participants account would become fully vested and each
participant will receive the value of his or her separate vested account.
2. Summary of Significant Accounting Policies
Basis of Financial Statements and Presentation Format
The accompanying financial statements are unaudited because the number of participants in the
Plan is fewer than the number of participants which would require audited financial statements
under ERISA. The accompanying financial statements have been prepared on the accrual basis of
accounting, in accordance with U.S. generally accepted accounting principles (GAAP). At December
31, 2010 and 2009, there were no outstanding liabilities for amounts owed to withdrawing
participants. Certain reclassifications of prior year amounts have been made to conform to the
current presentation as related to the classification of notes receivable from participants. See
Note 8.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires Plan management
to make estimates and assumptions that affect amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates and assumptions.
Notes Receivable from Participants
Notes receivable from participants represent participant loans that are recorded at their
unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable
from participants is recorded when it is earned. Related fees are paid from participants accounts.
No allowance for credit losses has been recorded as of December 31, 2010 or 2009. If a participant
ceases to make loan repayments and the plan administrator deems the participant loan to be a
distribution, the participant loan balance is reduced and a benefit payment is recorded.
5
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2010
(Unaudited)
2. Summary of Significant Accounting Policies (continued)
Master Trust
Effective April 1, 2009, AMETEK entered into the AMETEK, Inc. Master Trust (Master Trust)
agreement with the Vanguard Fiduciary Trust Company (Trustee). Under the Master Trust agreement,
the AMETEK Stock Fund of certain employee savings plans of AMETEK are combined. Participating
plans purchase units of participation in the AMETEK Stock Fund based on their contributions to such
fund along with income that the fund may earn, less distributions made to the plans participants.
The Plans interest in the assets of the Master Trust was less than one percent at both
December 31, 2010 and 2009. The value of the assets held by the Master Trust was $54,855,739 and
$36,130,454 at December 31, 2010 and 2009, respectively.
A summary of the investment income for the assets held by the Master Trust was as follows:
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Year Ended |
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April 1, 2009 to |
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December 31, 2010 |
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December 31, 2009 |
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Net appreciation in fair value of investment |
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$ |
19,288,304 |
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$ |
6,721,141 |
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Interest and dividend income on investment |
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153,872 |
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113,957 |
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Total investment income |
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$ |
19,442,176 |
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$ |
6,835,098 |
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Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to
various risks such as interest rate, market fluctuation and credit risks. Due to the level of risk
associated with certain investment securities, it is at least 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.
Investment Valuation and Income Recognition
Investments held by the Plan are stated at fair value. Fair value is defined as the exchange
price that would be received for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction between
market participants on the measurement date. See Note 4.
Investments in shares of registered investment companies are valued at quoted market prices,
which represent the net asset values of shares held by the Plan at year end. Money market and
short-term investments are carried at the fair value established by the issuer and/or the trustee.
The AMETEK Stock Fund is valued at its year end unit closing price.
The Plan invests in investment contracts through a common collective trust (Vanguard
Retirement Savings Trust). The statements of assets available for benefits present the fair value
of the Vanguard Retirement Savings Trust and the adjustment from fair value to contract value. The
fair value of the Plans interest in the Vanguard Retirement Savings Trust is based on information
reported by the issuer of the common collective trust at year end. The contract value of the
Vanguard Retirement Savings Trust represents contributions plus earnings, less participant
withdrawals and administrative expenses.
Purchases and sales of investments are reflected on trade dates. Realized gains and losses on
sales of investments are based on the average cost of such investments. Interest income is
recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Income from
other investments is recorded as earned.
6
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2010
(Unaudited)
3. Investment Programs
At December 31, 2010 and 2009, the Vanguard Fiduciary Trust Company was the Trustee and a
party-in-interest to the Plan.
A participant may direct contributions (up to certain specified limits) in any of the
following investment options:
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AMETEK Stock Fund |
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Vanguard Retirement Savings Trust |
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Registered investment companies: |
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Vanguard Total Bond Market Index Fund* |
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Vanguard LifeStrategy Funds |
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Vanguard Wellington Fund |
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Vanguard Windsor II Fund** |
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Vanguard PRIMECAP Fund** |
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Vanguard Small-Cap Index Fund** |
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Vanguard 500 Index Fund** |
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Artio International Equity Fund |
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BlackRock Small Cap Growth Equity Portfolio Fund** |
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BlackRock Inflation Protected Bond Fund* |
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Keeley Small Cap Value** |
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* |
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Represents Fixed-Income Securities Level 1 investments. See Note 4. |
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** |
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Represents Domestic Equities Level 1 investments. See Note 4. |
Participants may change their investment options or transfer existing account balances to
other investment options daily.
The fair values of individual investments that represent five percent or more of the Plans
assets are as follows:
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December 31, |
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2010 |
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2009 |
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Vanguard Retirement Savings Trust (stated at contract value) |
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$ |
368,410 |
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$ |
353,167 |
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Vanguard Total Bond Market Index Fund |
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286,603 |
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239,780 |
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Vanguard 500 Index Fund |
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205,024 |
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164,859 |
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Vanguard LifeStrategy Growth Fund |
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171,653 |
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128,890 |
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Vanguard Wellington Fund |
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152,782 |
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136,720 |
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Vanguard LifeStrategy Conservative Growth Fund* |
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89,721 |
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Vanguard LifeStrategy Moderate Growth Fund* |
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76,203 |
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* |
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At December 31, 2010, this investment represented less than five percent of the fair value of
the Plans assets. |
During 2010 and 2009, the Plans investments (including gains and losses on investments
bought, sold, as well as, held during the year) appreciated (depreciated) in value, as follows:
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December 31, |
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2010 |
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2009 |
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Common stock |
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$ |
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$ |
7,022 |
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Registered investment companies |
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103,738 |
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130,705 |
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$ |
103,738 |
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$ |
137,727 |
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7
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2010
(Unaudited)
4. Fair Value Measurements
The Plan utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to
measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets
or inputs that are observable for the asset or liability, either directly or indirectly through
market corroboration, for substantially the full term of the financial instrument. Level 3 inputs
are unobservable inputs based on the Plans own assumptions used to measure assets and liabilities
at fair value. A financial asset or liabilitys classification within the hierarchy is determined
based on the lowest level input that is significant to the fair value measurement.
The AMETEK Stock Fund held by the Master Trust is considered a level 2 investment within the
fair value hierarchy.
The following tables sets forth by level, within the fair value hierarchy, the Plans assets
at fair value:
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December 31, 2010 |
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Total |
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Level 1 |
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Level 2 |
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Vanguard Prime Money Market |
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$ |
16,232 |
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$ |
16,232 |
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$ |
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Vanguard Total Bond Market Index Fund(1) |
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|
286,603 |
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|
286,603 |
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Vanguard LifeStrategy Funds(2) |
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|
360,676 |
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|
360,676 |
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Vanguard Wellington Fund(3) |
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|
152,782 |
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|
152,782 |
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Mutual Funds Domestic Equities |
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|
366,274 |
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|
366,274 |
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Artio International Equity Fund |
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|
50,694 |
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|
50,694 |
|
|
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|
Vanguard Retirement Savings Trust(4) |
|
|
383,515 |
|
|
|
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|
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|
383,515 |
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|
|
|
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Total Investments (excluding Master Trust) at Fair Value |
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$ |
1,616,776 |
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|
$ |
1,233,261 |
|
|
$ |
383,515 |
|
|
|
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|
|
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|
|
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December 31, 2009 |
|
|
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Total |
|
|
Level 1 |
|
|
Level 2 |
|
Vanguard Prime Money Market |
|
$ |
9,771 |
|
|
$ |
9,771 |
|
|
$ |
|
|
Vanguard Total Bond Market Index Fund(1) |
|
|
239,780 |
|
|
|
239,780 |
|
|
|
|
|
Vanguard LifeStrategy Funds(2) |
|
|
294,814 |
|
|
|
294,814 |
|
|
|
|
|
Vanguard Wellington Fund(3) |
|
|
136,720 |
|
|
|
136,720 |
|
|
|
|
|
Mutual Funds Domestic Equities |
|
|
295,858 |
|
|
|
295,858 |
|
|
|
|
|
Artio International Equity Fund |
|
|
46,092 |
|
|
|
46,092 |
|
|
|
|
|
Vanguard Retirement Savings Trust(4) |
|
|
360,972 |
|
|
|
|
|
|
|
360,972 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments (excluding Master Trust) at Fair Value |
|
$ |
1,384,007 |
|
|
$ |
1,023,035 |
|
|
$ |
360,972 |
|
|
|
|
|
|
|
|
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(1) |
|
This category includes investments primarily in U.S. and international government and
corporation bonds designed to minimize the adverse effects of interest rate fluctuations.
There are currently no redemption restrictions on these investments. |
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(2) |
|
This category includes investments in highly diversified funds designed to remain appropriate
for investors in terms of risk throughout a variety of life circumstances. These registered
investment company funds share a common goal of first growing and then later preserving
principal and contain a mix of primarily U.S. and international stocks, plus U.S. Treasury and
corporate bonds. There are currently no redemption restrictions on these investments. |
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(3) |
|
This category includes registered investment company funds that are designed to try and
outperform market returns with moderate movements in share values through a mix of primarily
fairly large, well-known U.S. stocks and U.S. Treasury bonds. There are currently no
redemption restrictions on these investments. |
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(4) |
|
This category includes investments primarily in synthetic investment contracts backed by
high-credit-quality fixed-income investments issued by insurance companies and banks
structured to provide current and stable income. There are currently no redemption
restrictions on these investments. |
8
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2010
(Unaudited)
5. Income Tax Status
The Plan has received a determination letter from the IRS dated June 10, 2010, 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. Subsequent to this determination by the IRS,
the Plan was amended and restated. Once qualified, the Plan is required to operate in conformity
with the Code to maintain its qualification. The Plan Sponsor believes the Plan is being operated
in compliance with the applicable requirements of the Code and therefore believes the Plan is
qualified and the related trust is tax-exempt.
U.S. GAAP requires Plan management to evaluate uncertain tax positions taken by the Plan. The
financial statement effects of a tax position are recognized when the position is more likely than
not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Sponsor
has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2010,
there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest
or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing
jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan
Sponsor believes it is no longer subject to income tax examinations for years prior to 2007.
6. Differences Between Financial Statements and Form 5500
The following is a reconciliation of assets available for benefits per the financial
statements to the Plans Form 5500:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2010 |
|
|
2009 |
|
Assets available for benefits per the financial statements |
|
$ |
2,363,013 |
|
|
$ |
1,901,191 |
|
Adjustment from contract value to fair value for Common Collective Trust |
|
|
15,105 |
|
|
|
7,805 |
|
|
|
|
|
|
|
|
Assets available for benefits per Form 5500 |
|
$ |
2,378,118 |
|
|
$ |
1,908,996 |
|
|
|
|
|
|
|
|
The following is a reconciliation of total additions per the financial statements to total
income per the Plans Form 5500 for the year ended December 31, 2010:
|
|
|
|
|
Total additions per the financial statements |
|
$ |
511,223 |
|
Add: Adjustment from contract value to fair value for Common Collective Trust at December 31, 2010 |
|
|
15,105 |
|
Less: Adjustment from contract value to fair value for Common Collective Trust at December 31, 2009 |
|
|
(7,805 |
) |
|
|
|
|
Total income per Form 5500 |
|
$ |
518,523 |
|
|
|
|
|
7. Plan Amendments
Effective January 1, 2010, the Company will contribute to the Plan as follows:
|
|
|
Effective January 1, 2010, the Companys contribution will be increased by $0.05 per
hour to $0.70 per hour worked. |
|
|
|
|
Effective January 1, 2011, the Companys contribution will be increased by $0.05 per
hour to $0.75 per hour worked. |
9
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2010
(Unaudited)
8. Recent Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards
Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures (ASU 2010-06). ASU 2010-06
provides amendments that clarify existing disclosures and require new disclosures related to fair
value measurements, providing greater disaggregated information on each class of assets and
liabilities and more robust disclosures on transfers between levels 1 and 2, and activity in level
3 fair value measurements. The Plan adopted the applicable provisions within ASU 2010-06 effective
January 1, 2010. See Note 4. The Plan is currently evaluating the impact of adopting the level 3
disclosures of ASU 2010-06 that are effective for fiscal years beginning after December 15, 2010
and for interim periods within those fiscal years.
In February 2010, the FASB issued ASU No. 2010-09, Subsequent Events (ASU 2010-09). ASU
2010-09 removes the requirement for a Securities and Exchange Commission filer to disclose a date
in both the issued and revised financial statements for which the Company evaluated events that
occur after the balance sheet date but before financial statements are issued or are available to
be issued. ASU 2010-09 was effective as of February 2010.
In September 2010, the FASB issued ASU No. 2010-25, Reporting Loans to Participants by Defined
Contribution Pension Plans (ASU 2010-25). ASU 2010-25 provides guidance clarifying the
classification and measurement of participant loans by defined contribution plans. Participant
loans are required to be classified as notes receivable from participants and measured at their
unpaid principal balance, plus accrued but unpaid interest. The Plan adopted ASU 2010-25 effective
December 31, 2010. Prior year amounts and disclosures have been revised to reflect the
retrospective application of ASU 2010-25. The adoption of ASU 2010-25 resulted in a
reclassification of participant loans totaling $131,551 from investments to notes receivable from
participants on the Plans Statement of Assets Available for Benefits as of December 31, 2009.
There was no impact to the Plans net assets as of December 31, 2010 or 2009 as a result of the
adoption of ASU 2010-25.
In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04
amendments result in a consistent definition of fair value and common requirements for measurement
of and disclosure about fair value between U.S. GAAP and International Financial Reporting
Standards (IFRSs). The amendments are to be applied prospectively and are effective for annual
periods beginning after December 15, 2011. The Plan is currently evaluating the impact of adopting
ASU 2011-04 on the Plans financial statements.
10
Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
EIN 141682544 Plan #050
Schedule H, Line 4i Schedule of Assets (Held at End of Year)
December 31, 2010
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Description of investment, including |
|
|
|
|
|
|
maturity date, rate of interest, |
|
|
Current |
|
Identity of issue, borrower, lessor or similar party |
|
collateral, par, or maturity value |
|
|
Value |
|
Vanguard Retirement Savings Trust* |
|
Common/Collective Trust |
|
$ |
383,515 |
|
Vanguard Total Bond Market Index Fund* |
|
Registered Investment Company |
|
|
286,603 |
|
Vanguard LifeStrategy Conservative Growth Fund* |
|
Registered Investment Company |
|
|
97,252 |
|
Vanguard LifeStrategy Growth Fund* |
|
Registered Investment Company |
|
|
171,653 |
|
Vanguard LifeStrategy Moderate Growth Fund* |
|
Registered Investment Company |
|
|
91,771 |
|
Vanguard Wellington Fund* |
|
Registered Investment Company |
|
|
152,782 |
|
Vanguard Windsor II Fund* |
|
Registered Investment Company |
|
|
42,921 |
|
Vanguard PRIMECAP Fund* |
|
Registered Investment Company |
|
|
67,704 |
|
Vanguard Small-Cap Index Fund* |
|
Registered Investment Company |
|
|
26,272 |
|
Vanguard 500 Index Fund* |
|
Registered Investment Company |
|
|
205,024 |
|
Vanguard Prime Money Market Fund* |
|
Registered Investment Company |
|
|
16,232 |
|
Artio International Equity Fund* |
|
Registered Investment Company |
|
|
50,694 |
|
BlackRock Small Cap Growth Equity Portfolio Fund* |
|
Registered Investment Company |
|
|
15,477 |
|
Keeley Small Cap Value* |
|
Registered Investment Company |
|
|
8,876 |
|
|
|
|
|
|
|
|
|
|
|
Total investments |
|
|
1,616,776 |
|
|
|
|
|
|
|
|
|
|
Notes Receivable from Participants* |
|
Interest rates ranging from 4.25% to 9.25% |
|
|
203,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,820,323 |
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Indicates partyininterest to the Plan. |
Historical cost column is not included as all investments are participantdirected.
11
Signatures
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Members of the
Pension Investment Committee have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
|
|
|
|
Solidstate Controls, Inc. |
|
|
Hourly Employees (CWA) Retirement Plan |
|
|
(Name of Plan) |
|
|
|
|
|
Date: June 20, 2011 |
By: |
/s/ John J. Molinelli
|
|
|
|
John J. Molinelli |
|
|
|
Member, Pension Investment Committee |
|
|
12