SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] Annual report pursuant to Section 15(d) of the Securities Exchange
Act of 1934
(No fee required, effective October 7, 1996)
For the fiscal year ended December 30, 2002
or
[ ] Transition report pursuant to Section 15(d) of the Securities Exchange
Act of 1934
(No fee required)
For the transition period from to
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Commission file number 1-15827
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Visteon Investment Savings Plan
for Hourly Employees
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Visteon Corporation
17000 Rotunda Drive
Dearborn, Michigan 48120
REQUIRED INFORMATION
FINANCIAL STATEMENTS AND SCHEDULES.
Report of Independent Auditors.
Statement of Net Assets Available for Benefits as of December 30, 2002 and
2001.
Statement of Changes in Net Assets Available for Benefits for the Years
Ended December 30, 2002 and 2001.
Schedule of Assets (Held at End of Year) as of December 30, 2002 and 2001.
Reportable Transactions for the Year Ended December 30, 2001.
EXHIBITS.
23 Consent of Independent Accountants
99 Certification of Periodic Financial Reports
11K-1
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
VISTEON INVESTMENT SAVINGS PLAN
FOR HOURLY EMPLOYEES
Date: June 27, 2003 By /s/ Robert H. Marcin
-------------------------------
Robert H. Marcin
Plan Administrator
11K-2
VISTEON INVESTMENT SAVINGS
PLAN FOR HOURLY EMPLOYEES
REPORT ON AUDITS OF FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
FOR THE YEARS ENDED DECEMBER 30, 2002 AND 2001
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
CONTENTS
DECEMBER 30, 2002 AND 2001
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PAGE(s)
REPORT OF INDEPENDENT AUDITORS.................................................1
FINANCIAL STATEMENTS
Statement of Net Assets Available for Benefits as of
December 30, 2002 and 2001....................................................2
Statement of Changes in Net Assets Available for Benefits for the
Year Ended December 30, 2002..................................................3
Notes to Financial Statements................................................4-9
ADDITIONAL INFORMATION
Schedule I -- Schedule of Assets (Held at End of Year) as of
December 30, 2002.........................................................10-11
Schedule II -- Schedule of Reportable Transactions for the
Year Ended December 30, 2002................................................ 12
REPORT OF INDEPENDENT AUDITORS
To the Participants and Administrator of the
Visteon Investment Savings Plan for Hourly Employees
In our opinion, the accompanying statement of net assets available for benefits
and the related statement of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Visteon Investment Savings Plan for Hourly Employees (the "Plan") at
December 30, 2002 and 2001, and the changes in net assets available for benefits
for the year ended December 30, 2002, in conformity with accounting principles
generally accepted in the United States of America. 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 of these statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit 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.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of Assets (Held
at End of Year) and Schedule of Reportable Transactions are presented for the
purpose of additional analysis and are not a required part of the basic
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 the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
June 24, 2003
1
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 30, 2002 AND 2001
--------------------------------------------------------------------------------
2002 2001
ASSETS
Investments, at fair value $539,225 $ 142,216
Loans to participants 16,706 -
-------- ---------
Net assets available for benefits $555,931 $ 142,216
======== =========
The accompanying notes are an integral part of the financial statements.
2
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 30, 2002
--------------------------------------------------------------------------------
ADDITIONS
Additions to net assets attributed to
Net appreciation (depreciation) in fair value
of investments $ (72,113)
Interest and dividend income 9,394
---------
(62,719)
Contributions
Employee contributions 484,110
Other additions
Loan interest 200
---------
Total additions 421,591
DEDUCTIONS
Deductions from net assets attributed to
Withdrawal of participants' accounts (7,872)
Administrative expense (4)
---------
Total deductions (7,876)
---------
Net increase 413,715
---------
Net assets available for benefits
Beginning of year 142,216
---------
End of year $ 555,931
=========
The accompanying notes are an integral part of the financial statements.
3
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 30, 2002 AND 2001
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1. DESCRIPTION OF THE PLAN
The following description of the Visteon Investment Savings Plan for
Hourly Employees (the "Plan") provides only general information. The Plan
was established effective July 1, 2000. The provisions of the Plan are
governed in all respects by the detailed terms and conditions contained
in the Plan document. Participants should refer to the Plan document for
a complete description of the Plan's provisions.
TYPE AND PURPOSE OF THE PLAN
The Plan is a defined contribution plan established to encourage and
facilitate systematic savings and investment by eligible hourly employees
of Visteon Corporation ("Visteon") and to provide them with an
opportunity to become stockholders of Visteon. The Plan includes
provisions for voting shares of Visteon stock. It is subject to certain
provisions of the Employee Retirement Income Security Act of 1974, as
amended, ("ERISA") applicable to defined contribution pension plans.
ELIGIBILITY AND VESTING
Hourly employees are eligible to participate in the Plan three months
after their date of hire. Certain other part-time and temporary employees
may also be eligible to participate in the Plan. Participation in the
Plan is voluntary. Participants are immediately 100% vested in their
contributions and actual earnings thereon, regardless of length of
service.
CONTRIBUTIONS
Under the Plan, and subject to limits required to be imposed by the
Internal Revenue Code of 1986, as amended (the "Code") participants may
elect to contribute up to 40 percent of their eligible wages.
Participants may also elect to reduce their annual profit sharing bonus,
if any, to be contributed to the Plan. Effective June 1, 2002,
participants who have attained the age of 50 are eligible to make
supplemental contributions. Such contributions are excluded from
participants' taxable income.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contributions and allocations of (a) plan earnings, and (b) certain fund
expenses. Allocations are based on participant earnings or account
balances. Under the Plan, certain funds will charge a fee on short term
transfers which is paid from the participant's account. The benefit to
which a participant is entitled is determined from the participant's
account.
PLAN ADMINISTRATIVE EXPENSES
Plan administrative expenses are paid by Visteon and not charged to
participants' accounts.
4
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 30, 2002 AND 2001
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DISTRIBUTIONS
Distributions of benefits shall be made upon the occurrence of any one of
the following:
- Retirement of the participant at age 65;
- Deferred retirement of the participant beyond age 65;
- In-service withdrawal of the participant at age 59-1/2;
- Total and permanent disability of the participant;
- Death of the participant; or
- Termination of employment
Benefits due upon death are paid in a lump sum and are based on vested
amounts in the participants' accounts. Benefits due upon termination,
retirement, withdrawal, or disability are paid in a lump sum or through
installments payable monthly, quarterly, semi-annually, or annually and
are based on vested amounts in the participants' accounts. In addition,
terminated participants with benefits due in excess of $3,500 may defer
such benefits until age 65 or until age 70-1/2 in the event that
employment termination occurred.
INVESTMENT OPTIONS AND PARTICIPATION
Participant contributions are invested in accordance with the
participant's election in one or more of several investment options
available in the Plan. The more significant of these options are as
follows:
The Visteon Stock Fund is a unitized stock fund investment in Visteon
common stock with a portion of the fund's assets invested in short-term
investments.
The Managed Income Portfolio II is a stable value fund that is a
commingled pool of the Fidelity Group Trust for Employee Benefit Plans
composed of high quality, fixed-income investments. The Portfolio may
also purchase investment contracts issued by the insurance companies or
banks. Exposure to any single issuer is capped at 5 percent. The
Portfolio purchases money market units to provide daily liquidity.
The Fidelity Magellan Fund is a growth mutual fund that seeks capital
appreciation. The fund invests in securities of domestic, foreign, and
multinational issuers, however not more than 40 percent of the fund's
assets may be invested in companies operating exclusively in any one
foreign country.
The Fidelity Government Fund seeks to provide a high level of current
income consistent with preservation of principal. The Fund normally
invests at least 65 percent of total assets in US government securities.
The Fund is managed to have similar overall interest rate risk to the
Lehman Brothers Government Bond Index. Because the fund can invest in
securities with any maturity, it has the potential for higher yields than
a money market fund but also carries a higher degree of investment risk.
Investments in the Fund are not guaranteed or insured by the US
government or by the FDIC.
5
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 30, 2002 AND 2001
--------------------------------------------------------------------------------
Details of investments held as of December 30, 2002 are set forth in the
Schedule of Assets (Held at End of Year).
TRANSFERS OF ASSETS
The Plan permits the transfer of assets among investment options, with
certain restrictions related to transfers to T. Rowe Price Funds and
Scudder Funds.
PARTICIPANT LOANS
Participants may borrow from the Plan in amounts beginning with a minimum
amount of $1,000, up to a maximum amount not to exceed the lesser of: (a)
$50,000, or (b) 50% of their vested account balances, at an interest rate
equal to the annual prime rate as published by the Wall Street Journal.
Repayment of any loan is made through employee payroll deductions not
less frequently than once per calendar quarter.
ADMINISTRATION
The Plan administrator is responsible for general administration of the
Plan for the exclusive benefit of the Plan participants and their
beneficiaries, subject to the specific terms of the Plan. Assets of the
Plan and related investments are administered by Fidelity Management
Trust Company (the "Trustee"). It is the trustee's responsibility to
invest Plan assets and to distribute benefits to participants. The
Trustee is also responsible for daily administration of Plan activity.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared under the accrual
method of accounting.
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan investments are stated at fair value as determined by the
Trustee. Purchases and sales are recorded on the trade-date basis.
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
CONTRIBUTIONS
Contributions to the Plan from employees are recorded in the period that
payroll deductions are made from participants.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets at the date of the financial
statements and the reported amounts of additions and deductions during
the reporting period. Actual results could differ from those estimates.
6
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 30, 2002 AND 2001
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RISKS AND UNCERTAINTIES
The Plan's invested assets ultimately consist of stocks, bonds, fixed
income securities, and other investment securities. Investment securities
are exposed to various risks, such as interest rate, market and credit.
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 at least reasonably possible that changes in
risks in the near term would materially affect participants' account
balances and the amounts reported in the statement of net assets
available for plan benefits and the statement of changes in net assets
available for benefits.
3. MASTER TRUST (IN THOUSANDS)
All assets of the Plan are held by the Visteon Corporation Master Trust
(the "Master Trust"). The Visteon Investment Plan also has all of its
investments in the Master Trust. A summary of the assets of the Master
Trust as of December 30, 2002 and 2001 is as follows:
2002 2001
Investments, at fair value
Common stock fund $ 32,924 $ 57,384
Common and commingled trust funds 80,009 63,371
Mutual funds 128,858 117,155
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Total investments 241,791 237,910
Loans 6,124 4,158
--------- ---------
Total assets $ 247,915 $ 242,068
========= =========
Interest and dividend income of the Master Trust for the year ended
December 30, 2002 was $5,144.
The net appreciation (depreciation) in fair value of Master Trust
investments consists of realized gains or losses and the unrealized
appreciation (depreciation) on those investments. During the year ended
December 30, 2002 investments depreciated as follows:
Mutual funds $ (25,631)
Common stock fund (31,621)
Common and commingled trust funds (1,910)
---------
$ (59,162)
=========
7
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 30, 2002 AND 2001
--------------------------------------------------------------------------------
The Plan investments and, in turn, the investments held by the Master
Trust are generally directed by participants based on their elections.
Allocation of the Master Trust to the participating plans as of December
30, 2002 and 2001 is as follows:
2002 2001
EIN 38-3519512, Plan 005 -
Visteon Investment Savings Plan for Hourly Employees $ 556 $ 142
EIN 38-3519512, Plan 002 -
Visteon Investment Plan 247,359 241,926
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$247,915 $242,068
======== ========
4. INVESTMENTS
The following investments represent 5% or more of the Plan's net assets
available for benefits at December 30, 2002 and 2001:
2002 2001
Visteon Stock Fund, 20,111 and 2,734 units, respectively $ 82,856 $ 24,304
Fidelity Fund, 284 units * 8,209
Fidelity Magellan Fund, 500 and 161 units, respectively 39,540 16,732
Fidelity Growth and Income Portfolio, 216 units * 8,085
Fidelity Managed Income Portfolio II, 162,902 and 40,907 units,
respectively 162,902 40,907
Fidelity Government Income, 2,761 units 28,940 *
========= ========
$ 314,238 $ 98,237
========= ========
* Investments represents less than 5% of the Plan's net assets available
for benefits.
The Plan presents in the statement of changes in net assets available for
benefits the net appreciation (depreciation) in the fair value of its
investments which consists of the Plan's realized gains or losses and the
unrealized appreciation (depreciation) on those investments. During 2002,
the Plan's investments depreciated in value by $72,113 as follows:
2002
Mutual funds $ (28,256)
Common stock fund (43,585)
Common and commingled trust funds (272)
---------
$ (72,113)
=========
8
VISTEON INVESTMENT
SAVINGS PLAN FOR HOURLY EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 30, 2002 AND 2001
--------------------------------------------------------------------------------
5. RELATED PARTY TRANSACTIONS
Participants have the option to invest in the Visteon Stock Fund, which
consists of investments in Visteon common stock. These transactions are
exempt transactions with a party-in-interest.
6. TAX STATUS
The Plan obtained its latest determination letter on January 28, 2003, 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.
7. PLAN TERMINATION
Visteon, by action of the Board of Directors, may terminate the Plan at
any time. Termination of the Plan would not affect the rights of a
participant as to the continuance of investment, distribution or
withdrawal of the securities, cash and cash value of the Visteon Stock
Fund units in the account of the participant as of the effective date of
such termination. There are currently no plans to terminate the Plan.
8. SUBSEQUENT EVENTS
Beginning on May 1, 2003, Visteon modified the investment options
available under the Plan. According to the new investment options, the
following funds will replace the funds available at December 30, 2002:
Fidelity Freedom Funds Janus Adviser Capital Appreciation Fund
Domini Social Equity Fund Vanguard Explorer Fund
Vanguard 500 Index Fund Fidelity Diversified International Fund
American Century Equity Income Fund T. Rowe Price International Discovery Fund
Baron Assets Fund Templeton Developing Markets Trust
Clipper Fund Templeton Foreign Fund
Fidelity Contrafund Templeton Foreign Smaller Companies Fund
Fidelity Dividend Growth Fund BGI Bond Index Fund
Fidelity Growth & Income Portfolio Fidelity Government Income Fund
Fidelity Growth Company Fund PIMCO Global Bond Fund - Admin Class
Fidelity Low Priced Stock Fund PIMCO Real Return Bond Fund
PIMCO Total Return III Fund T. Rowe Price High Yield Fund
The Visteon Stock Fund, Common Stock Fund and Managed Income Portfolio II
Fund will remain as an investment option of the plan.
9
VISTEON INVESTMENT SCHEDULE I
SAVINGS PLAN FOR HOURLY EMPLOYEES
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 30, 2002
--------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
DESCRIPTION OF INVESTMENT
IDENTITY OF ISSUER, INCLUDING MATURITY DATE,
LESSOR, BORROWER OR RATE OF INTEREST, COLLATERAL, CURRENT
SIMILAR PARTY PAR OR MATURITY VALUE COST** VALUE
* Fidelity Investments Scudder International Fund, 11,193 units $ 340
* Fidelity Investments Domini Social Equity, 5,578 units 120
* Fidelity Investments T. Rowe Price Spectrum Income, 45,831 units 493
* Fidelity Investments T. Rowe Price Horizons, 97,244 units 1,615
* Fidelity Investments T. Rowe Price International Stock, 16,665 units 148
* Fidelity Investments T. Rowe Price International Discovery, 100,069 units 1,607
* Fidelity Investments Scudder Income S, 199,908 units 2,559
* Fidelity Investments T. Rowe Price New Asia, 144,910 units 810
* Fidelity Investments Scudder Growth & Inc, 344,275 units 5,502
* Fidelity Investments T. Rowe Price High Yield, 112,046 units 703
* Fidelity Investments T. Rowe Price New Era, 2,300 units 47
* Fidelity Investments The Japan Fund S, 33,595 units 204
* Fidelity Investments Vanguard LS Conserv Growth, 10,660 units 137
* Fidelity Investments Vanguard LD Moderate Growth, 48,091 units 667
* Fidelity Investments Vanguard LS Growth, 9,506 units 137
* Fidelity Investments Vanguard 500 Index, 164,280 units 13,331
* Fidelity Investments Vanguard Value Index, 28,629 units 419
* Fidelity Investments Vanguard Growth Index, 23,542 units 470
* Fidelity Investments Vanguard Explorer, 300,473 units 13,669
* Fidelity Investments Vanguard International Value, 12,984 units 244
Comerica Bank, NA Common Stock Fund, 1,621,986 units 9,829
Barclays Global Investors Bond Fund, 1,205,150 units 15,462
* Visteon Corporation Visteon Stock Fund, 21,110,743 units 82,856
* Fidelity Investments Fidelity Fund, 743,790 units 16,557
* Fidelity Investments Fidelity Puritan, 457,413 units 7,223
* Fidelity Investments Fidelity Trend, 124,676 units 4,817
* Fidelity Investments Fidelity Magellan, 500,763 units 39,540
* Fidelity Investments Fidelity Contrafund, 113,846 units 4,394
* Fidelity Investments Fidelity Equity Inc., 385,079 units 15,276
* Fidelity Investments Fidelity Growth Co, 335,157 units 11,871
* Fidelity Investments Fidelity Invest Gr Bd, 908,115 units 6,874
* Fidelity Investments Fidelity Growth & Inc, 389,585 units 11,808
* Fidelity Investments Fidelity Value, 391,695 units 18,171
* Fidelity Investments Fidelity Government Income, 2,761,432 units 28,940
* Fidelity Investments Fidelity Independence Fd, 173,307 units 2,265
* Fidelity Investments Fidelity Overseas, 147,792 units 3,251
* Fidelity Investments Fidelity Europe, 28,372 units 524
* Fidelity Investments Fidelity Real Estate, 862,175 units 15,855
* Fidelity Investments Fidelity Balanced, 247,630 units 3,291
* Fidelity Investments Fidelity International Gr & Inc., 369,051 units 6,207
* Fidelity Investments Fidelity Cap Appreciation, 124,836 units 2,020
* Fidelity Investments Fidelity Canada, 28,695 units 520
10
VISTEON INVESTMENT SCHEDULE I
SAVINGS PLAN FOR HOURLY EMPLOYEES
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 30, 2002
--------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
DESCRIPTION OF INVESTMENT
IDENTITY OF ISSUER, INCLUDING MATURITY DATE,
LESSOR, BORROWER OR RATE OF INTEREST, COLLATERAL, CURRENT
SIMILAR PARTY PAR OR MATURITY VALUE COST** VALUE
* Fidelity Investments Fidelity Utilities, 104,659 units $ 1,015
* Fidelity Investments Fidelity Asset Manager, 77,828 units 1,074
* Fidelity Investments Fidelity Stk Selectr, 67,701 units 1,122
* Fidelity Investments Fidelity Asset Manager Growth, 837,888 units 10,030
* Fidelity Investments Fidelity Asset Manager Income, 97,446 units 1,058
* Fidelity Investments Fidelity Dividend Growth, 130,020 units 2,902
* Fidelity Investments Fidelity New Market Income, 300,035 units 3,399
* Fidelity Investments Fidelity Global Balance, 105,689 units 1,562
* Fidelity Investments Fidelity Small Cap Independence, 254,757 units 3,388
* Fidelity Investments Fidelity Managed Income Portfolio II, 162,902,260
units 162,902
Participant loans Outstanding participant loan balance 16,706
--------
$555,931
========
* Denote party-in-interest.
** Not required per Department of Labor requirements.
11
VISTEON INVESTMENT SCHEDULE II
SAVINGS PLAN FOR HOURLY EMPLOYEES
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 30, 2002
--------------------------------------------------------------------------------
CURRENT
IDENTITY OF PURCHASE SELLING LEASE EXPENSES COST OF VALUE NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE RENTAL INCURRED ASSET OF ASSET OR (LOSS)
REPORTING CRITERION I Single transactions in excess
of five percent of current
value of plan assets.
None.
REPORTING CRITERION II Series of transactions in other
than securities in excess of five
percent of current value of plan
assets
None.
REPORTING CRITERION III Series of transactions in
securities in excess of five
percent of current value of plan
assets
None.
REPORTING CRITERION IV Single transactions with a
nonregulated entity in excess of
five percent of current value of
plan assets.
None.
12
EXHIBIT INDEX
Exhibit Number Exhibit Name
-------------- ------------
23 Consent of PricewaterhouseCoopers LLP
99 Certification of Periodic Financial Reports