A. |
Full title of the plan and the address of the plan, if different from that of the issuer named below:
|
B. |
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
|
Report of Independent Registered Public Accounting Firm
|
3-4
|
|
|
|
|
Financial Statements and Supplemental Schedule as of December 31, 2018 and 2017,
and for the year ended December 31, 2018
|
5 - 15
|
|
|
|
|
Signature Page
|
16
|
Armanino LLP
15950 N. Dallas Parkway Suite 600
Dallas, TX 75248-6685
972 661 1843 main
armaninoLLP.com
|
|
Page
|
||
Report of Independent Registered Public Accounting Firm
|
3-4
|
|
|
|
|
Financial Statements
|
|
|
|
|
|
Statements of Net Assets Available for Benefits as of December 31, 2018 and 2017
|
6
|
|
|
|
|
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2018
|
7
|
|
|
|
|
Notes to Financial Statements
|
8-13
|
|
|
|
|
Supplemental Schedule
|
|
|
|
|
|
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2018
|
15
|
|
|
|
|
Note:
|
Other schedules required by Section 2520-103.10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 have been omitted because they are not applicable.
|
|
|
2018
|
2017
|
||||||
Assets
|
||||||||
Investments, at fair value
|
$
|
71,062,168
|
$
|
77,857,244
|
||||
Receivables:
|
||||||||
Notes receivable from participants
|
249,371
|
613,643
|
||||||
Contributions receivable
|
-
|
7,800
|
||||||
Net assets available for benefits
|
$
|
71,311,539
|
$
|
78,478,687
|
Additions:
|
||||
Contributions:
|
||||
Employer
|
$
|
1,342,832
|
||
Participant
|
2,209,928
|
|||
Rollovers
|
915,157
|
|||
Total contributions
|
4,467,917
|
|||
Dividend and other interest income
|
2,387,223
|
|||
Interest income from notes receivable from participants
|
16,375
|
|||
Total additions
|
6,871,515
|
|||
Deductions:
|
||||
Benefits paid to participants
|
(7,401,437
|
)
|
||
Net depreciation in fair value of investments
|
(6,551,347
|
)
|
||
Administrative expenses and other
|
(85,879
|
)
|
||
Total deductions
|
(14,038,663
|
)
|
||
Net decrease
|
(7,167,148
|
)
|
||
|
||||
Net assets available for benefits
|
||||
Beginning of year
|
78,478,687
|
|||
End of year
|
$
|
71,311,539
|
December 31, 2018
|
Level 1
|
Level 2
|
Total
|
|||||||||
Mutual Funds
|
$
|
62,232,533
|
$
|
-
|
$
|
62,232,533
|
||||||
Nokia ADR common stock
|
1,317,000
|
-
|
1,317,000
|
|||||||||
Self-directed brokerage accounts
|
3,754,625
|
-
|
3,754,625
|
|||||||||
Total Assets in the fair value hierarchy
|
$
|
67,304,158
|
-
|
67,304,158
|
||||||||
Investments, at net asset value
|
3,758,010
|
|||||||||||
Investments, at fair value
|
$
|
71,062,168
|
December
31, 2017
|
Level 1
|
Level 2
|
Total
|
|||||||||
Mutual Funds
|
$
|
69,802,012
|
$
|
-
|
$
|
69,802,012
|
||||||
Nokia ADR common stock
|
1,022,390
|
-
|
1,022,390
|
|||||||||
Self-directed brokerage accounts
|
3,683,895
|
-
|
3,683,895
|
|||||||||
Total Assets in the fair value hierarchy
|
$
|
74,508,297
|
-
|
74,508,297
|
||||||||
Investments, at net asset value
|
3,348,947
|
|||||||||||
Investments, at fair value
|
$
|
77,857,244
|
Nokia USA Inc. Retirement Savings and Investment Plan
|
EIN: 58-1248993
|
|
Schedule H, Part IV Line 4i – Schedule of Assets (Held at End of Year)
|
Plan No.: 001
|
|
December 31, 2018 |
(a)
|
|
(b)
Identity of Issue, Borrower, Lessor
or Similar Party
|
(c)
Description
of Investment
|
(d)
Cost**
|
|
(e)
Current
Value
|
|
||
|
|
American Balanced Fund
|
Mutual fund
|
|
|
$
|
4,866,471
|
|
|
|
|
American EuroPacific Growth Fund
|
Mutual fund
|
|
|
|
3,443,324
|
|
|
*
|
Fidelity Extended Market Index Fund
|
Mutual Fund
|
3,268,084
|
||||||
*
|
Fidelity Global ex US Index Fund
|
Mutual Fund
|
2,047,474
|
||||||
|
*
|
|
Fidelity Managed Income Portfolio Fund
|
Collective investment trust
|
|
|
|
3,758,010
|
|
|
*
|
|
Nokia ADR Shares
|
ADR shares
|
|
|
|
1,317,000
|
|
Northern Small Cap Value Fund
|
Mutual Fund
|
9,129
|
|||||||
|
|
|
PIMCO Total Return Fund
|
Mutual fund
|
|
|
|
3,542,076
|
|
|
|
T. Rowe Price Blue Chip Growth Fund
|
Mutual fund
|
|
|
|
2,028,946
|
|
|
|
|
|
Vanguard Institutional Index Fund
|
Mutual fund
|
|
|
|
10,830,836
|
|
|
|
|
Vanguard Small Growth Institutional Index Fund
|
Mutual fund
|
|
|
|
3,367,236
|
|
|
|
|
Vanguard Target Retirement 2015
|
Mutual fund
|
|
|
|
416,567
|
|
|
|
|
Vanguard Target Retirement 2020
|
Mutual fund
|
|
|
|
2,510,274
|
|
|
|
|
Vanguard Target Retirement 2025
|
Mutual fund
|
|
|
|
3,220,434
|
|
|
|
|
Vanguard Target Retirement 2030
|
Mutual fund
|
|
|
|
2,708,279
|
|
|
|
|
Vanguard Target Retirement 2035
|
Mutual fund
|
|
|
|
5,385,134
|
|
|
|
|
Vanguard Target Retirement 2040
|
Mutual fund
|
|
|
|
4,886,403
|
|
|
|
|
Vanguard Target Retirement 2045
|
Mutual fund
|
|
|
|
4,052,761
|
|
|
|
|
Vanguard Target Retirement 2050
|
Mutual fund
|
|
|
|
1,616,652
|
|
|
|
|
Vanguard Target Retirement 2055
|
Mutual fund
|
|
|
|
963,629
|
|
Vanguard Target Retirement 2060
|
Mutual fund
|
|
|
|
907
|
||||
|
|
|
Vanguard Target Retirement Funds
|
Mutual fund
|
|
|
|
813,990
|
|
BlackRock U.S. Total Bond Index Fund
|
Mutual Fund
|
340,878
|
|||||||
|
|
|
Vanguard Windsor II Fund
|
Mutual fund
|
|
|
|
1,913,049
|
|
|
|
|
BrokerageLink
|
Common stocks and mutual funds
|
|
|
|
3,754,625
|
|
|
|
|
Subtotal
|
|
|
|
|
71,062,168
|
|
|
*
|
|
Notes receivable from participants
|
Interest rate is 3.25% - 4.50%, maturing at various dates through 2046
|
|
|
|
249,371
|
|
|
|
|
$
|
71,311,539
|
|
|
Nokia USA Inc. Retirement Savings and Investment Plan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date: June 20, 2019
|
By:
|
/s/ Robin Ward
|
|
|
|
Name: Robin Ward
|
|
|
|
Title: Plan Administrator
|
|
|
|
|
|
By:
|
/s/ John Hickey
|
||
|
Name: John Hickey
|
||
|
Title: Chairman of 401(k) Committee
|