Table of Contents
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K/A
(Amendment No. 1)
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.
|
|
|
|
|
|
For the fiscal year ended
December 31, 2009
|
|
|
|
OR
|
|
|
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
|
|
|
|
|
|
For the transition period from
to
|
|
|
|
|
|
Commission File Number
333-10184
|
|
|
A.
Full title of the plan and the address of the plan, if
different from that of the issuer named below:
|
UNI
Care
SAVINGS
PLAN
UNILEVER UNITED STATES, INC.
800 SYLVAN AVENUE
ENGLEWOOD CLIFFS, NEW JERSEY 07632
|
|
B.
Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
|
UNILEVER N.V.
WEENA 455
3013 AL, ROTTERDAM
THE NETHERLANDS
Table of Contents
EXPLANATORY NOTE
The
UNI
Care
Savings Plan is filing this
amendment to its Form 11-K for the fiscal year ended December 31, 2009 (the
Form 11-K) because it inadvertently omitted the conformed signature of the
authorized signatory in the initial filing of the Form 11-K. The conformed
signature is now included on the signature page of this filing.
UNI
Care
Savings
Plan
Index
(*)
Other supplemental schedules required by 29 CFR 2520.103-10 of the
Department of Labors Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974 have not been
included as they are not applicable.
Table
of Contents
Report of Independent Registered
Public Accounting Firm
To
the Participants and Administrator of the
UNI
Care
Savings Plan
In
our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the UNI
Care
Savings Plan (the Plan) at December 31,
2009 and December 31, 2008, and the changes in net assets available for
benefits for the years then ended in conformity with accounting principles
generally accepted in the United States of America. These financial statements are the
responsibility of the Plans 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 the standards of
the Public Company Accounting Oversight Board (United States). Those standards 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) is presented
for the purpose of additional analysis and is not a required part of the basic
financial statements but is supplementary information required by the
Department of Labors Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedule is the
responsibility of the Plans management.
The supplemental schedule has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/
PricewaterhouseCoopers LLP
|
|
|
|
|
|
Florham
Park, New Jersey
|
|
June 21,
2010
|
|
1
Table of
Contents
Unicare Savings Plan
Statements of Net Assets Available for Benefits
As of December 31, 2009 and 2008
|
|
2009
|
|
2008
|
|
Assets
|
|
|
|
|
|
Investment in the Unilever United
States, Inc.
|
|
|
|
|
|
Master Trust, at fair value
|
|
$
|
1,424,967,958
|
|
$
|
1,250,284,075
|
|
Loans to participants
|
|
24,440,406
|
|
25,771,463
|
|
Total investments
|
|
1,449,408,364
|
|
1,276,055,538
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
|
|
Participant contributions
|
|
1,273,769
|
|
1,282,351
|
|
Employer contributions
|
|
830,174
|
|
765,652
|
|
Due from TIGI Plan
|
|
1,096,649
|
|
|
|
|
|
|
|
|
|
Net assets, at fair value
|
|
1,452,608,956
|
|
1,278,103,541
|
|
|
|
|
|
|
|
Adjustment from fair value to contract value for
interest in the Master Trust relating to fully benefit-responsive investment
contracts
|
|
(22,870,886
|
)
|
(7,965,104
|
)
|
|
|
|
|
|
|
Net assets available for benefits
|
|
$
|
1,429,738,070
|
|
$
|
1,270,138,437
|
|
The accompanying notes are an integral part of these financial
statements.
2
Table of Contents
UNI
Care
Savings Plan
Statements of Changes in Net Assets Available for Benefits
For the years ended December 31, 2009 and 2008
|
|
2009
|
|
2008
|
|
Investment Results
|
|
|
|
|
|
Net investment income (loss) from Plan interest in
Unilever United States, Inc. Master Trust
|
|
$
|
|
204,155,821
|
|
$
|
|
(313,771,930
|
)
|
|
|
|
|
|
|
Additions
|
|
|
|
|
|
Additions to net assets attributed to:
|
|
|
|
|
|
Interest from participant loans
|
|
1,692,605
|
|
2,057,487
|
|
Contributions and other additions:
|
|
|
|
|
|
Contributions from participants
|
|
49,097,863
|
|
52,187,120
|
|
Contributions from employer
|
|
27,699,369
|
|
26,543,956
|
|
Rollover contributions
|
|
8,565,810
|
|
17,140,164
|
|
Total additions
|
|
87,055,647
|
|
97,928,727
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
Deductions to net assets attributed to:
|
|
|
|
|
|
Benefits paid to participants
|
|
131,602,040
|
|
210,270,442
|
|
Transfer to Union Plan
|
|
4,641
|
|
|
|
Administrative expenses
|
|
1,101,803
|
|
341,580
|
|
Total deductions
|
|
132,708,484
|
|
210,612,022
|
|
|
|
|
|
|
|
Transfer from TIGI Plan
|
|
1,096,649
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
159,599,633
|
|
(426,455,225
|
)
|
|
|
|
|
|
|
Net assets available for benefits:
|
|
|
|
|
|
Beginning of year
|
|
1,270,138,437
|
|
1,696,593,662
|
|
End of year
|
|
$
|
|
1,429,738,070
|
|
$
|
|
1,270,138,437
|
|
The accompanying notes are an integral part of these financial
statements.
3
Table of Contents
UNI
Care
Savings Plan
Notes to Financial Statements
For the years ended December 31, 2009 and 2008
1.
Description of the Plan
The UNI
Care
Savings Plan (the Plan) is a defined contribution plan
that is subject to the provisions of the Employee Retirement Income Security
Act of 1974, as amended (ERISA). The
Plan is sponsored by Unilever United States, Inc. (the Company or Unilever
US) and its assets, along with the assets of the Savings Plan for Union
Employees of Unilever (the Union Plan), an affiliated plan sponsored by
Conopco, Inc., an affiliate of the Plan, are maintained in the Unilever
United States, Inc. Master Trust (the Master Trust). As of December 31, 2008 only the Plan
and the Union Plan were participants in the Master Trust, following the merger
of the Good Humor Breyers Savings Plan (GHB Plan) into the Union
plan. The following brief description of
the Plan is provided for general information purposes only. Participants should refer to the summary plan
description for more complete information.
Eligibility
All employees of the Company and its subsidiaries,
divisions and branches scheduled to work twenty or more hours a week are eligible
to participate in the Plan, except for:
·
employees covered by
collective bargaining agreements;
·
full-time temporary status
employees;
·
directors active only in
that capacity;
·
nonresident aliens; and
·
weekly paid employees of
Bestfoods Caribbean; and
·
employees of
Chesebrough-Ponds Manufacturing Company in Las Piedras, Puerto Rico.
Subject to the exceptions above, employees who are not
regularly scheduled to work twenty or more hours a week can participate in the
Plan after completing one Year of Service.
Contributions
Plan participants are permitted to make voluntary
contributions to the Plan through payroll deductions. Before-tax contributions, representing 401(k) contributions,
are deposited in a before-tax account and after-tax contributions, where
applicable, are deposited in an after-tax account. Before-tax contributions for each participant
were limited to $16,500 and $15,500 for 2009 and 2008, respectively.
The maximum permitted contributions vary as follows:
A)
Employees at the Puerto Rico
locations: the lesser of 10% of the eligible compensation through payroll
deductions on a before tax basis or the statutory amount permitted under the
Puerto Rico Code. In addition, participants may contribute up to 10% of the
eligible compensation through payroll deductions on an after tax basis, not
subject to any statutory amount under the Puerto Rico Code. Employees at the Puerto Rico locations are no
longer eligible to participate in the Plan effective January 1, 2010.
4
Table of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
B)
All other employees: 1% to
50% of eligible compensation through payroll deductions on a before-tax basis,
an after-tax basis or a combination of both, provided that the maximum
participant contributions to the before-tax and after-tax accounts do not
exceed 50% of eligible compensation.
Participants, other than Puerto Rico employees, who will
be age 50 or older by the end of the Plan year are eligible to make before-tax
catch-up contributions. Catch-up
contributions are limited to $5,500 and $5,000 for eligible employees for 2009
and 2008, respectively.
The Company has a matching program in which it
contributes a portion of participant contributions to the participants
account. These contributions are
recorded in a company matching account.
Company matching contributions vary at the discretion of the Company and
are as follows:
A)
Employees who are covered
under the cash balance formula of the UNI
Care
Retirement
Plan or not covered at all under the UNI
Care
Retirement
Plan: 100% of the first 5% of eligible earnings; and
B)
Remaining employees who are
covered under the final average pay formula of the UNI
Care
Retirement Plan: 100% of the first 3% of eligible earnings and 50% of the next
2% of eligible earnings.
Employees hired after January 1, 2007, are eligible for employer
non-elective contributions at a rate of 4% of eligible earnings following one
Year of Service.
All contributions are deposited in the Master Trust.
Plan Transfers
The TIGI Linea, LP 401(k) Savings Plan (TIGI Plan)
merged into the UNICare Savings Plan.
Assets of the TIGI Plan were liquidated on December 31, 2009
resulting in the transfer of assets of $1,064,506.58 into the Plan. Effective January 1, 2010, participants
of the TIGI Plan became eligible to participate in the UNICare Savings
Plan. Such amount included approximately
$32,142 of participants loans. The TIGI
Plan was a qualified non-standardized 401(k) plan of a business unit of
the Unilever group.
During 2009, $4,641 of assets attributable to the
account balances of certain employees were transferred from the Plan to the
Union Plan.
Participant Accounts
Each participants account is credited with: (a) the
participants contribution, (b) the Companys contributions, and (c) an
allocation of Plan earnings (losses) and administrative expenses. Allocations are based on participant earnings
(losses) or account balances, as defined.
The benefit to which a participant is entitled is the benefit that can
be provided from the vested portion of the participants account. At December 31, 2009 and 2008, there
were 12,831 and 12,894 participants in the plan with account balances,
respectively.
Vesting
Participants are fully vested in all of their
contributions in the before-tax and after-tax accounts as well as the earnings
thereon. Company matching contributions
are vested 100% immediately.
5
Table of
Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
Vesting provisions relating to Company non-elective
contributions are 100% after 3 years of service or attainment of age 65, death
or disability.
The balance of forfeitures was $160,136 and $457,765 as
of December 31, 2009 and 2008, respectively. Amounts forfeited by non-vested participants
who terminated employment during the years ended December 31, 2009 and
2008 were $134,753 and $46,236, respectively.
Forfeitures reduced Company matching contributions and Company
non-elective contributions in the amount of $450,000 and $0 for the years ended
December 31, 2009 and 2008, respectively.
Payment of Benefits
During employment, participants may withdraw all or part
of their after-tax account, where applicable, and earnings thereon. Participants may apply for financial hardship
withdrawals of up to 100% of the value of their after-tax account, where
applicable, and the eligible portion of their vested before-tax account based
on plan provisions, prior to attaining age 59.5, provided the withdrawal does
not exceed the amount of the hardship.
Upon attainment of age 59.5, participants may withdraw all or part of
their after-tax account, before -tax account, company matching account,
and vested non-elective contribution account.
Upon termination of employment, participants are
entitled to all of their vested balances.
Terminated employees whose vested balances exceed $1,000 may leave their
account balances in the Plan until they attain the age 65. Terminated employees whose vested balances
are $1,000 or less are subject to an involuntary cash out.
Retired employees may elect to leave their account
balances in the Plan until they attain age 70.5, at which time Internal Revenue
Service regulations require minimum distributions to be made. Failure to make a
voluntary election to defer payment will result in a total distribution of
vested Plan balances at age 65.
Participants who retire under the provisions of certain
defined benefit plans sponsored by the Company may roll over their lump sum
distribution to the Plan.
Investments
Participants have the option to invest in, and direct
the Company matching contributions towards a wide variety of funds including
stable value, fixed income, balanced, equity and the Unilever N.V. Stock
Fund. The funds are as follows:
·
The INVESCO (also known as
PRIMCO) Interest Income Fund is primarily invested in a diversified portfolio
of investment contracts issued by high quality financial institutions such as
insurance companies and banks. Each
contract has its own specific terms, including interest rate and maturity
date. The crediting interest rates at December 31,
2009 and 2008 for the contracts range from .25% to 5.71% and 2.08% to 5.01%,
respectively. The average crediting
interest rates at December 31, 2009 and 2008 for the contracts are 4.31%
and 4.50%, respectively.
·
PIMCO Total Return Fund
Institutional Class, Unilever N.V. Stock Fund, Fidelity Contrafund, American
Funds Washington Mutual Investors Fund (R5) (introduced October 16, 2008),
Northern Trust Total US Equity Index Fund (introduced July 1, 2008) and
the Northern Trust International Equity Index Fund (introduced July 1,
2008).
6
Table of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
·
The following were available until August 28,
2008: Fidelity Asset Manager Fund,
NTGI-QM S&P 500 Equity Index Fund, Fidelity Magellan Fund, Harbor Capital
Appreciation Fund, Fidelity Growth & Income Portfolio Fund, T. Rowe
Price Small Cap Stock Fund, Fidelity Select Health Care Portfolio Fund,
Fidelity Select Technology Portfolio Fund, Fidelity Select Financial Services
Portfolio Fund, Fidelity Select Natural Resources Portfolio Fund,
NTGI-QM Collective
Daily Russell 1000 Value Equity Index Fund, Legg Mason Partners Emerging
Markets Equity Fund and the
Fidelity Select International Equity
Portfolio Fund. The American Funds
Washington Mutual Investors Fund Class A, was available until October 16,
2008.
·
Effective July 1, 2008 the Plan
introduced Vanguard Target Retirement Trusts, including: Vanguard Target
Retirement Income Trust II, Vanguard Target Retirement 2005 Trust II, Vanguard
Target Retirement 2010 Trust II,
Vanguard Target Retirement 2015 Trust II, Vanguard Target Retirement
2020 Trust II, Vanguard Target Retirement 2025 Trust II, Vanguard Target Retirement 2030 Trust II,
Vanguard Target Retirement 2035 Trust II, Vanguard Target Retirement 2040 Trust
II, Vanguard Target Retirement 2045 Trust II, and Vanguard Target Retirement
2050 Trust II.
·
Effective July 1, 2008, the Plan
introduced self directed brokerage accounts whereby the participant is able to
select from approximately 4,600 mutual funds.
As of December 31, 2009 and 2008, $55,922,119 and $39,314,002,
respectively, was invested through the brokerage accounts at the Master Trust
level. The brokerage account consisted
of $49,367,799 and $6,554,320 in mutual funds and short-term investments as of December 31,
2009, respectively. The brokerage
account consisted of $30,052,249 and $9,261,753 in mutual funds and short-term
investments as of December 31, 2008, respectively. As of December 31, 2009 and 2008,
$51,849,902 and $36,015,483, respectively, of the Master Trust brokerage
account is held by the Plan.
Loans to Plan Participants
At the request of the Plan participants, loans are
permitted up to the lesser of $50,000 reduced by the largest outstanding loan
balance in the previous 12 months or one-half of the participants vested
interest in accounts less any outstanding loans. Loans bear interest at a fixed rate based on
the Reuters published prime rate plus one percent, adjusted quarterly. Loans relating to the acquisition or
construction of a participants principal residence are to be repaid within
fifteen years. All other loans are
required to be repaid within five years.
Interest rates ranging from 4.25% to 10.5% and 5% to
10.5% were charged on the loans for the years ended December 31, 2009 and
2008, respectively.
Administration
The Plan provides that the Benefits Administration
Committee is responsible for the general administration of the Plan.
2.
Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared on the
accrual basis of accounting in conformity with the accounting principles
generally accepted in the United States of America (GAAP).
7
Table of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
Accounting Standards Codification
In June 2009, the
Financial Accounting Standards Board (FASB) issued the Accounting Standards
Codification (ASC) 105. The statement
confirmed that the FASB Accounting Standards Codification (the Codification)
is the single official source of authoritative accounting principles generally
accepted in the United States of America (GAAP) (other than guidance issued
by the SEC), superseding existing FASB, American Institute of Certified Public
Accountants, Emerging Issues Task Force, and related literature. The Codification does not change GAAP. Instead, it introduces a new structure that
is organized in an easily accessible, user friendly online research system. The Codification, which changed the
referencing of financial standards, is effective for interim and annual periods
ending on or after September 15, 2009.
Thereafter, only one level of authoritative GAAP exists. All other literature is considered
non-authoritative. The adoption of ASC
105 did not impact the Plans financial statements.
Valuation of Plan Investments and
Income Recognition
The assets of the Plan have been commingled in the
Master Trust with the assets of the Union Plan and the GHB Plan (until it
merged into the Union Plan effective December 31, 2008) for investment and
administrative purposes. The investment
in the Master Trust represents the Plans interest in the net assets of the
Master Trust. The Plans investment is
stated at fair value and is based on the beginning of the year value of the
Plans interest in the Master Trust plus contributions and allocated investment
income (loss) less distributions and allocated expenses. Participants loans are valued at cost plus
accrued interest, which approximates fair value.
The Plan presents in the Statements of Changes in Net
Assets Available for Benefits the investment income (loss) for the Plans
interest in the Master Trust, which consists of its allocated share of
investment income, realized gains and losses, and the change in unrealized
appreciation and depreciation from the Master Trust.
The Plans interest in the Master Trust represents more
than 5 percent of the Plans net assets available for benefits as of December 31,
2009 and 2008.
Investment Contracts (Also See
Note 4)
The Plan accounts for synthetic guaranteed investment
contracts at contract value in accordance with Topic 946, Financial Services
Investment Companies (ASC 946) of the Codification. ASC 946 clarifies the definition of fully
benefit-responsive investment contracts for contracts held by defined
contribution plans along with the financial statement presentation and
disclosure of such contracts. Investment
contracts held by a defined-contribution plan are required to be reported at
fair value. However, contract value is
the relevant measurement attribute for that portion of the net assets available
for benefits of a defined-contribution plan attributable to fully
benefit-responsive investment contracts because contract value is the amount
participants would receive if they were to initiate permitted transactions
under the terms of the plan. As required
by ASC 946, the accompanying Statements of Net Assets Available for Benefits
present the fair value of the investment contracts as well as the adjustment of
the fully benefit-responsive investment contracts from fair value to contract
value. The accompanying Statements of
Changes in Net Assets Available for Benefits are prepared on a contract value
basis.
Benefit Payments
Benefit payments are recorded when paid and include
deemed distributions of $79,924 and $4,784 for the years ended December 31,
2009 and 2008, respectively.
8
Table of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
Administrative Expenses
Investment management, recordkeeping and certain
professional fees are paid by the Plan.
All other administrative expenses are paid by the Company.
Use of Estimates
The preparation of financial statements in conformity
with accounting standards generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets, liabilities and changes therein, and disclosure of
contingent assets and liabilities at the date of the financial statements. These significant estimates include fair
market values of investments. Actual
results could differ from those estimates.
Risks and Uncertainties
The Plan provides for various investment options in any
combination of stocks, commingled funds, mutual funds, 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 December 31, 2009 and 2008
Statements of Net Assets Available for Benefits.
The Master Trust is exposed to credit loss in the event
of non-performance by the companies with whom guaranteed investment contracts
are placed. However, the Plan does not
anticipate non-performance by these companies and believes that the risk to the
Master Trust portfolio from credit loss is not material due to the diversified
nature of the assets held.
Effects of New Accounting
Pronouncements
In April 2009 the FASB
issued FSP FAS 157-4, Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased and
Identifying Transactions That Are Not Orderly. Subsequently in June 2009
this was codified as part of Topic 820, Fair Value Measurements and Disclosures
(ASC 820) of the Codification, reaffirming that fair value is the price that
would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date under
current market conditions. The guidance reaffirms the need to use judgment in
determining if a formerly active market has become inactive and in determining
fair values when the market has become inactive. The guidance also requires
disclosures by major category about the attributes of investments consistent
with the guidance for major security types in GAAP on investments in debt and
equity securities. This guidance is
effective for fiscal years and interim periods ending after June 15,
2009. The adoption of this topic did not
have a material impact on the Plans financial statements.
In September 2009, the
FASB issued Update 2009-12 - Investment in Certain Entities that Calculate Net
Asset Value per Share (or Its Equivalent) to ASC 820. This update provides
guidance on estimating the fair value of a companys investments in investment
companies when the investment does not have a readily determinable fair value.
It permits the use of the investments net asset value as a practical expedient
to determine fair value. This guidance also required additional disclosure of
the attributes of these investments such as: (i) the nature of any
restrictions on the reporting entitys ability to redeem its investment; (ii) unfunded
commitments; and (iii) investment strategies of the investees. This
guidance is effective for periods ending after December 15, 2009. The
adoption did not have a material impact on the Plans financial condition or
results of operations and all applicable disclosures are included in these
financial statements.
9
Table of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
In January 2010, the
FASB issued Update 2010-06 Improving Disclosures about Fair Value
Measurements, to ASC 820. This guidance requires: (i) separate disclosure
of significant transfers between Level 1 and Level 2 and reasons for the
transfers; (ii) disclosure, on a gross basis, of purchases, sales,
issuances, and net settlements within Level 3; (iii) disclosures by class
of assets and liabilities; and (iv) a description of the valuation
techniques and inputs used to measure fair value for both recurring and
nonrecurring fair value measurements. This guidance is effective for reporting
periods beginning after December 15, 2009, except for the Level 3
disclosure requirements, which will be effective for fiscal years beginning
after December 15, 2010 and interim periods within those fiscal
years. The Plan is currently evaluating
the impact that this guidance will have on the financial statement disclosures.
Subsequent Events
In January 2010 the Plan transferred assets
attributable to 96 participant accounts in the amount of approximately $4
million to the Unilever Savings Plan for Puerto Rico Employees, an affiliated
plan sponsored by the Company. Such
amounts included approximately $647,000 of participant loans.
The Plan has evaluated all subsequent events through the
date that the financial statements were available to be issued.
3.
Tax Status of the Plan
Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements of the Internal
Revenue Code of 1986, as amended (the Code).
Although the Plan was subsequently amended, the Company, based in part
on the advice of the Plans legal counsel, believes that the Plan currently is
designed and operated in compliance with the applicable provisions of the
Code. Therefore, no provision for income
taxes has been included in the Plans financial statements. The IRS reserves the right to perform a
review of the Plans tax status.
4.
Investments Held by the Master Trust
At December 31, 2009, the Master Trust comprises
the assets of the Plan, UNI
Care
Savings
Plan and all affiliated plans of Unilever US.
The Plan has a 92.7% and a 92.3% interest in the investments of the
Master Trust as of December 31, 2009 and 2008, respectively. The Union Plan comprises approximately 7.3%
and 7.7% respectively, of the investments held by the Master Trust as of
December 31, 2009 and 2008. Certain
investment assets of the Master Trust, related earnings (losses) and expenses
are allocated to the plans participating in the Master Trust based upon the
total of each individual participants share of the Master Trust.
10
Table of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended
December 31, 2009 and 2008
The Plans approximate share of various
investments held by the Master Trust at December 31, 2009 and 2008 were as
follows:
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Short-term investment funds
|
|
91.0
|
%
|
90.5
|
%
|
Mutual funds
|
|
95.5
|
%
|
95.3
|
%
|
Commingled funds
|
|
94.4
|
%
|
94.6
|
%
|
Unilever N.V. stock
|
|
92.3
|
%
|
91.4
|
%
|
Synthetic guaranteed
investment contracts
|
|
89.7
|
%
|
89.5
|
%
|
As of December 31, 2009 and 2008, the
investment categories of the Master Trust were as follows:
|
|
2009
|
|
2008
|
|
Investments, at fair value
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment funds
|
|
$
|
17,720,608
|
|
$
|
19,998,192
|
|
Mutual funds
|
|
194,534,713
|
|
131,586,253
|
|
Commingled funds
|
|
687,740,967
|
|
561,718,878
|
|
Unilever N.V. stock
|
|
62,072,868
|
|
48,015,850
|
|
Synthetic guaranteed investment contracts
|
|
576,134,272
|
|
593,719,704
|
|
Master Trust investments, at fair value
|
|
1,538,203,428
|
|
1,355,038,877
|
|
|
|
|
|
|
|
Adjustment to contract value
|
|
(25,507,248
|
)
|
(8,901,693
|
)
|
Net amount
|
|
$
|
1,512,696,180
|
|
$
|
1,346,137,184
|
|
The following presents investments that represent 5 percent or more of
the Master Trusts net assets as of December 31, 2009 and 2008:
|
|
2009
|
|
2008
|
|
Investments,
at fair value as determined by
quoted market price
|
|
|
|
|
|
Commingled funds
|
|
|
|
|
|
Vanguard Target Retirement
2015 Trust II,
4,346,980
shares
|
|
$
|
77,767,480
|
|
$
|
71,516,326
|
|
Vanguard Target Retirement
2020 Trust II,
6,864,325
shares
|
|
$
|
117,036,739
|
|
$
|
102,553,602
|
|
Vanguard Target Retirement
2025 Trust II,
7,640,130
shares
|
|
$
|
124,610,518
|
|
$
|
101,200,428
|
|
Vanguard Target Retirement
2030 Trust II,
7,233,682
shares
|
|
$
|
112,556,087
|
|
$
|
90,653,725
|
|
11
Table of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
|
|
2009
|
|
2008
|
|
Investments,
at estimated fair value
|
|
|
|
|
|
Synthetic guaranteed
investment contracts
|
|
|
|
|
|
JP Morgan Chase Contract #
441619-IAAA
|
|
$
|
100,000,317
|
|
$
|
107,492,330
|
|
|
|
|
|
|
|
State Street Bank and Trust
Company Contract
# 103108
|
|
$
|
96,050,826
|
|
$
|
105,332,247
|
|
|
|
|
|
|
|
Bank of America Contract #
99-052
|
|
$
|
51,525,371
|
*
|
$
|
102,631,137
|
|
|
|
|
|
|
|
NATIXIS Financial Contract #
1419-01
|
|
$
|
126,484,508
|
|
$
|
119,412,377
|
|
|
|
|
|
|
|
Pacific Life Insurance
Contract #G27253.01.0001
|
|
$
|
91,840,962
|
|
$
|
86,744,473
|
|
|
|
|
|
|
|
ING Contract #60099
|
|
$
|
58,653,924
|
*
|
$
|
72,107,140
|
|
*
- Less than 5%
As of December 31, 2009, the fully
benefit-responsive contracts of the Master Trust were as follows:
|
|
Major
|
|
|
|
|
|
|
|
credit
|
|
|
|
|
|
|
|
ratings
|
|
Investments,
|
|
Adjustment to
|
|
|
|
(unaudited)
|
|
at fair value
|
|
contract value
|
|
JP Morgan Chase (IGT PIMCO
AAA or Better
Intermediate
Fund)
|
|
AA-
|
|
$
|
100,000,317
|
|
$
|
(8,675,107
|
)
|
State Street Bank (IGT WAM
AAA or Better
Intermediate
Fund)
|
|
AA-
|
|
96,050,826
|
|
(5,708,036
|
)
|
Bank of America (IGT PIMCO
AAA or Better
Intermediate
Fund)
|
|
A+
|
|
51,525,372
|
|
(1,802,466
|
)
|
Bank of America (IGT WAM AAA
or Better
Intermediate Fund)
|
|
A+
|
|
51,578,365
|
|
(1,831,904
|
)
|
NATIXIS Capital Markets (IGT
Invesco
Short-term Bond Fund)
|
|
A+
|
|
126,484,508
|
|
(3,492,656
|
)
|
ING Life & Annuity
(IGT Invesco Short-term
Bond
Fund)
|
|
A+
|
|
58,653,924
|
|
(1,422,361
|
)
|
Pacific Life Insurance (IGT
Invesco Short-term
Bond Fund)
|
|
AA-
|
|
91,840,960
|
|
(2,574,718
|
)
|
|
|
|
|
$
|
576,134,272
|
|
$
|
(25,507,248
|
)
|
12
Table
of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
As of December 31, 2008, the fully
benefit-responsive contracts of the Master Trust were as follows:
|
|
Major
|
|
|
|
|
|
|
|
credit
|
|
|
|
|
|
|
|
ratings
|
|
Investments,
|
|
Adjustment to
|
|
|
|
(unaudited)
|
|
at fair value
|
|
contract value
|
|
JP Morgan Chase (IGT PIMCO AAA or Better
Intermediate Fund)
|
|
AA-
|
|
$
|
107,492,330
|
|
$
|
(7,591,732
|
)
|
State Street Bank (IGT Intermediate
Government Fund)
|
|
AA
|
|
105,332,247
|
|
(6,185,181
|
)
|
Bank of America (IGT Intermediate
Government Fund)
|
|
AA-
|
|
102,631,137
|
|
(3,447,405
|
)
|
NATIXIS Capital Markets (IGT Short-term Bond
Fund)
|
|
A+
|
|
119,412,377
|
|
3,427,421
|
|
ING Life & Annuity (IGT Short-term
Bond Fund)
|
|
AA
|
|
72,107,140
|
|
2,462,063
|
|
Pacific Life Insurance (IGT Invesco Short-term
Bond Fund)
|
|
AA
|
|
86,744,473
|
|
2,433,141
|
|
|
|
|
|
$
|
593,719,704
|
|
$
|
(8,901,693
|
)
|
The investment income (loss), net of investment
expenses, of the Master Trust net assets for the years ended December 31,
2009 and 2008 were as follows:
|
|
2009
|
|
2008
|
|
Net
appreciation (depreciation) in fair value
of net investments:
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at fair value as determined by quoted
market price
|
|
|
|
|
|
Mutual funds
|
|
$
|
29,716,064
|
|
$
|
(130,168,794
|
)
|
Unilever N.V. stock
|
|
15,314,827
|
|
(21,898,019
|
)
|
|
|
|
|
|
|
Investments,
at estimated fair value
|
|
|
|
|
|
Commingled funds
|
|
141,962,778
|
|
(228,550,987
|
)
|
Net appreciation
(depreciation)
|
|
186,993,669
|
|
(380,617,800
|
)
|
Interest
|
|
22,593,166
|
|
27,086,960
|
|
Dividends
|
|
7,389,654
|
|
18,645,515
|
|
Total net investment income
(loss)
|
|
$
|
216,976,489
|
|
$
|
(334,885,325
|
)
|
Investment valuation and income
recognition of Master Trust
Master Trust investments are stated at fair value. Investments in mutual funds are valued at the
published net asset value of shares held at year end. Investments in commingled funds are stated at
fair value based on unit values provided by the administrator, which are based
on market values of underlying investments.
Unilever N.V. common stock is valued at the last close price at end of
the year. Short-term investments are valued at amortized cost, which is cost
plus accrued interest,
13
Table of
Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended
December 31, 2009 and 2008
which approximates fair
value. Investment contracts are stated
at fair value based on the sum of the fair value of the underlying investments
and the fair value of the wrapper.
Purchases and sales of securities are recorded as of the
trade date. Dividend income is recorded
on the ex-dividend date and interest is recorded on the accrual basis.
Investment income (loss) for the Master Trust includes
net appreciation (depreciation) of investments, as well as, interest and
dividends from investments. The net
appreciation (depreciation) of investments held in the Master Trust consists of
the realized gains (losses) and the unrealized appreciation (depreciation) on
these investments.
Investment contracts
The Master Trust entered into benefit-responsive
investment contracts, such as synthetic guaranteed investment contracts (GICs),
with various third party financial institutions. These benefit-responsive investment contracts
are held through the INVESCO Interest Income Fund (the Fund). Contract values represent contributions made
to the investment contract plus earnings, less participant withdrawals and
administrative expenses.
A synthetic GIC provides for a fixed return on principal
over a specified period of time through fully benefit-responsive wrapper
contracts issued by third party financial institutions which are backed by
underlying assets owned by the Master Trust.
The wrapper contract amortizes the realized and unrealized gains and
losses on the underlying fixed income investments, typically over the duration
of the investments through adjustments to the future interest crediting rate
(which is the rate earned by participants in the Fund for the underlying
investments). The issuer of the wrapper
contract provides assurance that the adjustments to the interest crediting rate
do not result in a future interest crediting rate that is less than zero. An interest crediting rate less than zero
would result in a loss of principal or accrued interest.
Calculating the Interest
Crediting Rate in Wrapper Contracts
The key factors that influence future interest crediting
rates for a wrapper contract include:
·
The level of market interest rates
·
The amount and timing of participant contributions, transfers, and
withdrawals into/out of the wrapper contract
·
The investment returns generated by the fixed income investments that
back the wrapper contract
·
The duration of the underlying investments backing the wrapper contract
Wrapper contracts interest crediting rates are
typically reset on a monthly or quarterly basis. While there may be slight variations from one
contract to another, most wrapper contracts use a formula that is based on the
characteristics of the underlying fixed income portfolio. Over time, the crediting rate formula
amortizes the Funds realized and unrealized market value gains and losses over
the duration of the underlying investments.
Because changes in the market interest rates affect the
yield to maturity and the market value of the underlying investments, they can
have a material impact on the wrapper contracts interest crediting rate. In addition, participant withdrawals and transfers
from the Fund are paid at contract value but funded through the market value
liquidation of the underlying investments, which also impacts the interest
crediting rate. The resulting gains and
losses in the market value of the
14
Table of
Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended
December 31, 2009 and 2008
underlying investments relative to the contract value
are presented on the Plans Statements of Net Assets Available for Benefits as
the Adjustment from Fair Value to Contract Value. If the Adjustment from Fair Value to Contract
Value is positive for a given contract, this indicates that the contract value
is greater than the market value of the underlying investments. The embedded market value losses will be
amortized in the future through a lower interest crediting rate than would
otherwise be the case. And if the
Adjustment from Fair Value to Contract Value figure is negative, this indicates
that the contract value is less than the market value of the underlying
investments. The amortization of the
embedded market value gains will cause the future interest crediting rate to be
higher than it otherwise would have been.
All wrapper contracts provide for a minimum interest
crediting rate of zero percent. In the
event that the interest crediting rate should fall to zero and the requirements
of the wrapper contract are satisfied, the wrapper issuers will pay to the Plan
the shortfall needed to maintain the interest crediting rate at zero. This helps to ensure that participants
principal and accrued interest will be protected.
Events That Limit the Ability of
the Plan to Transact at Contract Value
In certain circumstances, the amount withdrawn from the
wrapper contract would be payable at fair value rather than at contract
value. These events include termination
of the Plan, a material adverse change to the provisions of the Plan, if the
employer elects to withdraw from a wrapper contract in order to switch to a
different investment provider, or if the terms of a successor plan (in the
event of the spin-off or sale of a division) do not meet the wrapper contract
issuers underwriting criteria for issuance of a clone wrapper contract. The events described above that could result
in the payment of benefits at market value rather than contract value are not
probable of occurring in the foreseeable future.
Issuer-Initiated Contract Termination
Examples of events that would permit a wrapper contract
issuer to terminate a wrapper contract upon short notice include the Plans
loss of its qualified status, un-cured material breaches of responsibilities,
or material and adverse changes to the provisions of the Plan. If one of these events was to occur, the
wrapper contract issuer could terminate the wrapper contract at the market
value of the underlying investments.
For the Master Trust, the contract values of the
synthetic GICs were approximately $551 million and $585 million at December 31,
2009 and 2008, respectively. As of December 31,
2009 and 2008 the fair value of the synthetic GICs, based upon the fair value
of underlying assets and wrapper contracts was greater than the contract value
by $25.5 million and $8.9 million, respectively
As of December 31, 2009 and 2008, the average
yields for synthetic GICs were as follows:
Average yields for synthetic GICs
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Based on actual earnings
|
|
2.53
|
%
|
5.23
|
%
|
Based on interest rate
credited to participants
|
|
4.12
|
%
|
4.43
|
%
|
15
Table
of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
Fair value measurements
ASC 820 provides the framework for measuring fair
value. That framework provides a fair
value hierarchy that prioritizes the inputs to valuation techniques used to
measure fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for
identical assets or liabilities (level 1 measurements) and the lowest priority
to unobservable inputs (level 3 measurements).
The three levels of the fair value hierarchy under this standard are
described as follows:
·
Level
1 - Inputs to the valuation methodology are unadjusted quoted prices for
identical assets or liabilities in active markets that the Plan has the ability
to access.
·
Level
2 - Inputs to the valuation methodology that are observable, either directly or
indirectly, such as quoted prices for similar assets or liabilities; quoted
prices in markets that are not active; or other inputs that are observable or
can be corroborated by observable market data for substantially the full term
of the assets or liabilities. If the
asset or liability has a specified (contractual) term, the level 2 input must
be observable for substantially the full term of the asset or liability.
·
Level
3 - Inputs to the valuation methodology are unobservable and significant to the
fair value measurement.
A financial instruments categorization within the
valuation hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Valuation
techniques used need to maximize the use of observable inputs and minimize the
use of unobservable inputs. The
following is a description of the valuation methodologies used for instruments
measured at fair value, including the general classification of such
instruments pursuant to the valuation hierarchy:
Mutual Funds
A mutual funds Net Asset Value (NAV) is based on the
value of underlying assets owned by the Fund minus its liabilities and then
divided by the number of shares outstanding calculated as of the close of
business of the New York Stock Exchange. The funds assets normally are valued
as of this time for the purpose of computing the funds NAV. Since the NAV is a quoted price in a market
that is active, they are classified within Level 1 of the valuation hierarchy.
Synthetic Guaranteed Investment
Contracts
The fair value of the synthetic guaranteed investment
contracts is based on the underlying investments. The underlying investments
are common/collective trust funds, which are public investment vehicles, valued
at the NAV as described above. Because the NAV is a quoted price in a market
that is not active, they are classified within Level 2 of the valuation
hierarchy. The value of the wrapper
contracts is determined using observable inputs including rebid rates from the
wrapper provider. The fair value of the
wrapper contracts at December 31, 2009 and 2008 of $613,757 and $812,811,
respectively, is included in the synthetic guaranteed investment contracts amount
of the Master Trust shown below.
Commingled Funds
These investments are public investment vehicles valued
using the Net Asset Value (NAV) provided by the administrator of the fund.
The NAV is based on the value of the underlying assets owned by the fund, minus
its liabilities, and then divided by the number of shares outstanding. The NAV
is a quoted price in a market that is not active and classified within Level 2
of the valuation
16
Table of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended
December 31, 2009 and 2008
hierarchy. Each
common/collective trust fund provides for daily redemptions by the Plan at
reported net asset values per share with no advance notice requirement.
Unilever N.V. Common Stock
Unilever N.V. common stock is valued at the closing
price reported on the New York Stock Exchange Composite Transaction Tape and is
classified within Level 1 of the valuation hierarchy.
Short-term Investment Funds
The Short-term Investment funds are valued at quoted
market prices in an active market, which represent the net asset values of
shares held by the Plan at year end and are classified within Level 1 of the
valuation hierarchy.
In accordance with the guidance relating to fair value
measurements, the following table represents the Master Trusts fair value
hierarchy for its financial assets measured at fair value on a recurring basis
as of December 31, 2009 and 2008:
2009
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Mutual funds:
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
$
|
71,724,074
|
|
$
|
|
|
$
|
|
|
$
|
71,724,074
|
|
Large cap funds
|
|
73,442,840
|
|
|
|
|
|
73,442,840
|
|
Brokerage Link
|
|
49,367,799
|
|
|
|
|
|
49,367,799
|
|
Total mutual funds
|
|
194,534,713
|
|
|
|
|
|
194,534,713
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic guaranteed investment contracts
|
|
|
|
576,134,272
|
|
|
|
576,134,272
|
|
|
|
|
|
|
|
|
|
|
|
Commingled funds:
|
|
|
|
|
|
|
|
|
|
Index funds
|
|
|
|
687,740,967
|
|
|
|
687,740,967
|
|
|
|
|
|
|
|
|
|
|
|
Unilever N.V. Stock
|
|
62,072,868
|
|
|
|
|
|
62,072,868
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment funds
|
|
17,720,608
|
|
|
|
|
|
17,720,608
|
|
|
|
|
|
|
|
|
|
|
|
Investments at fair value
|
|
$
|
274,328,189
|
|
$
|
1,263,875,239
|
|
$
|
|
|
$
|
1,538,203,428
|
|
17
Table
of Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the years ended December 31, 2009 and 2008
2008
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Mutual funds:
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
$
|
49,214,005
|
|
$
|
|
|
|
|
49,214,005
|
|
Large cap funds
|
|
52,319,999
|
|
|
|
|
|
52,319,999
|
|
Brokerage Link
|
|
30,052,249
|
|
|
|
|
|
30,052,249
|
|
Total mutual funds
|
|
131,586,253
|
|
|
|
|
|
131,586,253
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic guaranteed investment contracts
|
|
|
|
593,719,704
|
|
|
|
593,719,704
|
|
|
|
|
|
|
|
|
|
|
|
Commingled funds:
|
|
|
|
|
|
|
|
|
|
Index funds
|
|
|
|
561,718,878
|
|
|
|
561,718,878
|
|
|
|
|
|
|
|
|
|
|
|
Unilever N.V. Stock
|
|
48,015,850
|
|
|
|
|
|
48,015,850
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment funds
|
|
19,998,192
|
|
|
|
|
|
19,998,192
|
|
|
|
|
|
|
|
|
|
|
|
Investments at fair value
|
|
$
|
199,600,295
|
|
$
|
1,155,438,582
|
|
$
|
|
|
$
|
1,355,038,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Plans participant loans are valued using Level 3 inputs. Changes in the fair value of Plans
investments that are valued using Level 3 inputs during the years ended December 31,
2009 and 2008 were as follows:
Balance at December 31,
2007
|
|
$
|
25,695,707
|
|
Purchases, issuances, and
settlements, net
|
|
75,756
|
|
Balance at December 31,
2008
|
|
25,771,463
|
|
Purchases, issuances, and settlements, net
|
|
(1,331,057
|
)
|
Balance at December 31, 2009
|
|
$
|
24,440,406
|
|
5.
Transactions with Related Parties and Parties-in-Interest
The Unilever N.V. Stock Fund invests in shares of
Unilever N.V. Stock. This fund is
designed as a means for employees to participate in the potential long-term
growth of Unilever N.V. The Master Trust
held approximately 1,920,000 and 1,956,000 shares at December 31, 2009 and
2008, respectively, of common stock in Unilever N.V. The Master Trust also earned dividend income
from the common stock of approximately $2.1 million for the years ended December 31,
2009 and 2008. The Master Trust had
sales and purchases of Unilever N.V. Stock of approximately $20.1 million and
$16.7 million in 2009 and $23.7 million and $29.3 million in 2008,
respectively.
Certain Master Trust investments consist of units in
investment funds managed by Fidelity.
Fidelity owns these investment funds, and is a party-in-interest as
defined by ERISA. In the opinion of the
Company, fees paid during 2009 and 2008 for services rendered by parties-in-interest
were based on customary and reasonable rates for such services. The administration fees paid by the Plan
during 2009 and 2008 disclosed on the statement of changes in net assets
available for benefits were paid to Fidelity.
6. Plan Termination
Although it has not expressed any intent to do so, the
Company has the right under the Plan to discontinue its contributions at any
time and terminate the Plan, subject to the provisions of
18
Table of
Contents
UNI
Care
Savings Plan
Notes
to Financial Statements
For the
years ended December 31, 2009 and 2008
ERISA. In the
event of the Plan termination, the participants rights to their accrued
benefits are non-forfeitable. Any
unallocated assets of the Plan shall be allocated to participant accounts and
distributed in such a manner as the Company may determine.
7. Reconciliation
of Financial Statements to Form 5500
The
following is a reconciliation of net assets available for benefits as disclosed
in the statement of net assets available for benefits at December 31, 2009
and 2008 to amounts presented in Form 5500:
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Net assets available for
benefits as disclosed in the
financial statements
|
|
$
|
1,429,738,070
|
|
$
|
1,270,138,437
|
|
|
|
|
|
|
|
Adjustment from fair value
to contract value for interest
in the Master Trust relating to fully benefit-responsive investment
contracts
|
|
22,870,886
|
|
7,965,104
|
|
|
|
|
|
|
|
Net assets available for
benefits as presented in Form 5500
|
|
$
|
1,452,608,956
|
|
$
|
1,278,103,541
|
|
The following is a reconciliation of investment
loss as disclosed in the statement of changes in net assets available for
benefits for the years ended December 31, 2009 and 2008 to the amounts
presented in Form 5500:
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Net investment (loss) /
income from Plan interest in Unilever
United States Inc. Master Trust as presented in the financial statements
|
|
$
|
204,155,821
|
|
$
|
(313,771,930
|
)
|
|
|
|
|
|
|
Adjustment from fair value
to contract value
|
|
14,905,782
|
|
(4,145,135
|
)
|
|
|
|
|
|
|
Investment (loss) / income
as presented in Form 5500
|
|
$
|
219,061,603
|
|
$
|
(317,917,065
|
)
|
19
Table of Contents
UNI
Care
Savings Plan
Schedule H Line 4i Schedule of Assets (Held at End of Year)
December 31, 2009
|
|
|
|
(c) Description
of Investment Including
|
|
|
|
|
|
|
|
(b)
Identify of Issue, Borrower
|
|
Maturity
Date, Rate of Interest, Collateral, Par
|
|
|
|
(e) Current
|
|
(a)
|
|
Lessor
or Similar Party
|
|
or
Maturity Value
|
|
(d) Cost
**
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Investment in Master
Trust, at fair value
|
|
|
|
|
|
$
|
1,424,967,958
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Loans to Participants
|
|
Interest rates ranging
from 4.25% to 10.5% and with maturities through 2035
|
|
|
|
$
|
24,440,406
|
|
*
|
Denotes
a party-in-interest to the Plan
|
**
|
Not
applicable
|
20
Table
of Contents
UNICare Savings Plan
SIGNATURE
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.
|
UNI
Care
SAVINGS PLAN
|
|
|
|
|
|
By:
|
/S/
Pascale Thomas
|
|
|
PASCALE
THOMAS
|
|
|
DIRECTOR
OF BENEFITS
|
Date:
June 25, 2010
|
|
21
Table of Contents
UNICare Savings Plan
EXHIBIT INDEX
Exhibit Number
|
|
Exhibit
|
23.1*
|
|
Consent
of Independent Registered Public Accounting Firm
|
* Previously filed.
22
Unilever NV (NYSE:UN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Unilever NV (NYSE:UN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024