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]. |
| For the fiscal year ended December 31, 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 |
Commission File Number: 1-7775
| A. | Full title of plan and the address of the plan, if different from that of the issuer named below: |
COAL COMPANY SALARY DEFERRAL
AND PROFIT SHARING PLAN
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
Massey Energy Company
4 North 4th Street
Richmond, Virginia 23219
REQUIRED INFORMATION
Financial Statements. The following financial statements and schedules are filed as part of this annual report and appear immediately after the signature page hereof.
| 1. | Statement of Net Assets Available for Benefits |
| 2. | Statement of Changes in Net Assets Available for Benefits |
| 3. | Notes to Financial Statements |
| 4. | Schedule H, Line 4i – Schedule of Assets (Held at End of Year) |
Exhibits. The following exhibits are filed as part of this annual report:
| Exhibit | 23.1 – Consent of Ernst & Young LLP. |
| Exhibit | 99.1 – Certification pursuant to 18 U.S.C., Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley |
| Act | of 2002 |
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.
| COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN | ||
| By: |
/s/ JOHN M. POMA | |
| John M. Poma Vice President, Human Resources | ||
Dated: June 27, 2003
COAL COMPANY SALARY DEFERRAL AND
PROFIT SHARING PLAN
Financial Statements and Supplemental Schedule
Years ended December 31, 2002 and 2001 with Report of Independent Auditors
Coal Company Salary Deferral and Profit Sharing Plan
Financial Statements and Supplemental Schedule
Years ended December 31, 2002 and 2001
| Report of Independent Auditors | 1 | |
| Financial Statements | ||
| Statements of Net Assets Available for Benefits | 2 | |
| Statement of Changes in Net Assets Available for Benefits | 3 | |
| Notes to Financial Statements | 4 | |
| Supplemental Schedule | ||
| Schedule H, Line 4i – Schedule of Assets (Held at End of Year) | 10 | |
Report of Independent Auditors
Board of Directors
Coal Company Salary Deferral and Profit Sharing Plan
We have audited the accompanying statements of net assets available for benefits of the Coal Company Salary Deferral and Profit Sharing Plan as of December 31, 2002 and 2001, and the related statement of changes in net assets available for benefits for the year ended December 31, 2002. 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 in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2002 and 2001, and the changes in its net assets available for benefits for the year ended December 31, 2002 in conformity with accounting principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2002, is presented for the purpose of additional analysis and is not a required part of the financial statements but is 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. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
June 25, 2003
1
Coal Company Salary Deferral and Profit Sharing Plan
Statements of Net Assets Available for Benefits
| December 31 | ||||||
| 2002 |
2001 | |||||
| Investments, at fair value |
$ | 115,742,562 | $ | 124,511,932 | ||
| Receivables: |
||||||
| Investment income |
404,127 | 146,780 | ||||
| Contributions due from employees |
314,681 | 464,155 | ||||
| Contributions due from employer |
986,588 | 1,822,463 | ||||
| Total receivables |
1,705,396 | 2,433,398 | ||||
| Net assets available for benefits |
$ | 117,447,958 | $ | 126,945,330 | ||
See accompanying notes to financial statements.
2
Coal Company Salary Deferral and Profit Sharing Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2002
| Additions: |
||||
| Employer contributions |
$ | 3,861,832 | ||
| Employee contributions |
10,883,809 | |||
| Investment income |
3,012,334 | |||
| Total additions |
17,757,975 | |||
| Deductions: |
||||
| Withdrawals by participants |
(13,336,138 | ) | ||
| Net depreciation in fair value of investments |
(13,919,209 | ) | ||
| Total deductions |
(27,255,347 | ) | ||
| Net assets available for benefits at beginning of year |
126,945,330 | |||
| Net assets available for benefits at end of year |
$ | 117,447,958 | ||
See accompanying notes to financial statements.
3
Coal Company Salary Deferral and Profit Sharing Plan
December 31, 2002 and 2001
1. Plan Description
The following description of the Coal Company Salary Deferral and Profit Sharing Plan (the Plan) provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan’s provisions and definitions of certain terms referenced herein.
General
The Plan is a contributory defined contribution plan established effective January 1, 1985 by A. T. Massey Coal Company, Inc. (the Company or the Plan Sponsor), a wholly owned subsidiary of Massey Energy Company, and is administered by the Company for the benefit of eligible employees, including eligible employees of certain subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
On July 17, 2001, the Board of Directors of Massey Energy Company approved a resolution to freeze the Mingo-Pike Employees’ Pension Plan effective October 1, 2001 and merge the assets into the Plan. Assets of the Mingo-Pike Plan were transferred to the Plan on October 1, 2001.
Participation
Eligible employees may begin participation on the first day of the calendar quarter after hire.
Participant Accounts
Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contributions and (b) plan earnings, net of fund management fees. Allocations of earnings are based on participant account balances within each fund. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account balance.
Contributions and Vesting
Participants may elect to defer up to 15% of their compensation, as defined by the Plan and as limited by restrictions of the Internal Revenue Code. Effective October 1, 2001, the Plan Sponsor contributes 30% of the first 10% of compensation that a participant contributes to the Plan. Prior to this date, all contributions by the Plan Sponsor were discretionary.
4
Coal Company Salary Deferral and Profit Sharing Plan
Notes to Financial Statements (continued)
1. Plan Description (continued)
Contributions and Vesting (continued)
The Plan Sponsor also may continue to contribute a discretionary amount to the Plan each year as determined by its management.
The Matching Account for a Participant who was an Employee on September 30, 2001, is fully vested and nonforfeitable at all times. The Discretionary Matching Account and Matching Account for an individual who was hired on or after October 1, 2001 shall become fully vested if the Participant dies or reaches his Normal Retirement Age while employed by the Plan Sponsor or any of its participating subsidiaries. Otherwise, such Participant shall vest 20% after two years of service and then shall vest 20% each year after the first two years until fully vested.
Upon enrollment in the Plan, employees may direct their investments to any of the Plan’s fund options. Participants may change their investment options monthly.
Distributions
Participants may obtain distributions from their accounts, subject to certain restrictions, upon termination of employment, retirement, upon reaching age 59 1/2, or by incurring a disability or hardship, as defined by the Plan. Designated beneficiaries are entitled to receive the participant’s unpaid benefits upon the death of the participant.
Loans to Participants
Loans are made from the participant’s account and are secured by the participant’s remaining account balance. Prior to January 1, 2002, participants were permitted to borrow from their accounts a minimum of $1,000 and a maximum equal to the lesser of 50% of the participant’s account or $50,000 in accordance with the Department of Labor’s regulations on loans to participants. Loans shall bear a reasonable rate of interest and must be repaid over a period not to exceed 5 years unless the loan was used to purchase the participant’s primary residence, in which case the loan term may not exceed 10 years. Principal and interest is paid ratably through regular payroll deductions. Loans to terminated participants and loans in default are treated as distributions to the participant. Effective December 31, 2001, the provision to grant new loans to participants was eliminated.
5
Coal Company Salary Deferral and Profit Sharing Plan
Notes to Financial Statements (continued)
1. Plan Description (continued)
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 to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would receive the full value of their individual account.
2. Summary of Accounting Policies
Accounting Method
The financial statements of the Plan have been prepared using the accrual method of accounting.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Investments
All of the Plan’s investments are stated at fair value. Common trusts are valued at quoted redemption values determined by the trustee. Government securities, corporate debt instruments and shares of registered investment companies are valued at quoted market values on the last business day of the Plan year. Participant loans are valued at their outstanding balances, which approximate fair value. Securities transactions are recorded as of the trade date. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Administrative Expenses
Expenses of the Plan are paid by the Plan Sponsor.
6
Coal Company Salary Deferral and Profit Sharing Plan
Notes to Financial Statements (continued)
3. Investments
All of the Plan’s investments are held in a trust fund administered by Wachovia Bank, N.A. Effective July 1, 2001, the Plan began offering as an investment option Massey Energy Company’s common stock. At December 31, 2002 and 2001, investments in each fund (including short-term investments allocated to such funds) consisted of the following:
| December 31 | ||||||
| 2002 |
2001 | |||||
| Fixed Income Fund |
$ | 27,491,271 | $ | 13,508,003 | ||
| Money Market Fund |
23,945,920 | 18,737,184 | ||||
| American Balanced Fund |
22,945,921 | 28,489,215 | ||||
| Fundamental Investors |
19,886,319 | 31,304,187 | ||||
| AIM Constellation Fund |
12,414,307 | 20,667,017 | ||||
| Loan Fund |
3,742,127 | 6,257,731 | ||||
| Massey Energy Stock Fund |
3,380,526 | 5,548,595 | ||||
| Pimco Renaissance Fund |
1,130,718 | — | ||||
| Vanguard 500 Fund |
805,453 | — | ||||
| $ | 115,742,562 | $ | 124,511,932 | |||
During 2002, the Plan’s investments (including investments purchased and sold, as well as held during the year) depreciated in value by $13,919,209 as follows:
| Year Ended December 31, 2002 |
||||
| Fixed Income Fund |
$ | 1,302,580 | ||
| Money Market Fund |
(34,681 | ) | ||
| American Balanced Fund |
(2,603,782 | ) | ||
| Fundamental Investors |
(5,080,618 | ) | ||
| AIM Constellation Fund |
(4,342,785 | ) | ||
| Massey Energy Stock Fund |
(2,631,797 | ) | ||
| Pimco Renaissance Fund |
(144,075 | ) | ||
| Vanguard 500 Fund |
(384,051 | ) | ||
| $ | (13,919,209 | ) | ||
7
Coal Company Salary Deferral and Profit Sharing Plan
Notes to Financial Statements (continued)
4. Related Party Transactions
Certain Plan assets are invested in funds sponsored by Wachovia Bank, N.A. (the Trustee). Transactions involving these instruments are considered to be party-in-interest transactions for which statutory exemption exists under the Department of Labor Regulations.
5. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated April 28, 2003, 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. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax-exempt.
6. Differences Between Financial Statements and Forms 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
| December 31 | ||||||
| 2002 |
2001 | |||||
| Net assets available for benefits per the financial statements |
$ | 117,447,958 | $ | 126,945,330 | ||
| Amounts allocated to withdrawn participants |
1,589,086 | 1,741,646 | ||||
| Net assets available for benefits per the Form 5500 |
$ | 115,858,872 | $ | 125,203,684 | ||
8
Coal Company Salary Deferral and Profit Sharing Plan
Notes to Financial Statements (continued)
6. Differences Between Financial Statements and Forms 5500 (continued)
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
| Year ended December 31, 2002 |
||||
| Benefits paid to participants per the financial statements |
$ | 13,336,138 | ||
| Add: Amounts allocated on Form 5500 to withdrawn participants in the current year |
1,589,086 | |||
| Less: Amounts allocated on form 5500 to withdrawn participants in the prior year |
(1,741,646 | ) | ||
| Benefits paid to participants per the Form 5500 |
$ | 13,183,578 | ||
Amounts allocated to withdrawn participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to year-end but not yet paid.
7. Subsequent Event
On April 1, 2003, the Plan Sponsor changed the Trustee from Wachovia Bank, N.A. to AMVESCAP National Trust Company. Additionally, beginning April 1, 2003, eligible employees may begin participation on any day after hire and participants may change their investment options daily.
9
Supplemental Schedule
Coal Company Salary Deferral and Profit Sharing Plan
Schedule H, Line 4i—Schedule of Assets (Held at End of Year)
Employer Identification Number 54-0295165, Plan Number 002
Year ended December 31, 2002
| Identity of Issue, Borrower, Lessor or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
Current Value | |||
| Common/Collective Trusts: |
|||||
| *WB DTF Short-Term Investment Fund |
26,022,275 | $ | 26,022,275 | ||
| Government Securities: |
|||||
| Federal Home loan Bank Note |
Maturing 9/15/2003; 5.125%; $100,000 par | $ | 102,688 | ||
| U.S. Treasury Bonds |
Maturing 2/29/2004; 3.000%; $1,500,000 par | 1,530,000 | |||
| Federal Farm Credit Bank Bond |
Maturing 10/01/2004; 2.375%; 1,100,000 par | 1,110,318 | |||
| U.S. Treasury Bonds |
Maturing 10/31/2004; 2.125%; $2,150,000 par | 2,173,521 | |||
| U.S. Treasury Notes |
Maturing 11/15/2004; 5.875%; $100,000 par | 108,000 | |||
| U.S. Treasury Notes |
Maturing 5/15/2005; 6.500%; $450,000 par | 499,500 | |||
| Federal Home Loan Mortgage Corp. |
Maturing 9/15/2005; 2.875%; $900,000 par | 917,154 | |||
| U.S. Treasury Notes |
Maturing 11/15/2005; 5.875%; $900,000 par | 998,154 | |||
| U.S. Treasury Notes |
Maturing 5/15/2006; 4.625%; $45,000 par | 48,530 | |||
| U.S. Treasury Bonds |
Maturing 11/15/2006; 3.500%; $500,000 par | 520,315 | |||
| U.S. Treasury Bonds |
Maturing 8/15/2007; 3.250%; $350,000 par | 358,641 | |||
| Identity of Issue, Borrower, Lessor or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
Current Value | |||
| Government Securities (continued): |
|||||
| U.S. Treasury Notes |
Maturing 5/15/2008; 5.625%; $400,000 par | $ | 453,876 | ||
| Federal National Mortgage Association |
Maturing 1/15/2009; 5.250%; $1,700,000 par | 1,859,902 | |||
| Federal Home Loan Mortgage Corp. |
Maturing 3/15/2009; 5.750%; $200,000 par | 224,562 | |||
| Federal Home Loan Mortgage Corp. |
Maturing 9/15/2010; 6.875%; $200,000 par | 238,562 | |||
| U.S. Treasury Bills |
Maturing 2/15/2011; 5.000%; $400,000 par | 439,500 | |||
| U.S. Treasury Bonds |
Maturing 8/15/2011; 5.000%; $750,000 par | 822,420 | |||
| Federal Home Loan Mortgage Corp. |
Maturing 1/15/2012; 5.750%; $300,000 par | 333,843 | |||
| U.S. Treasury Bonds |
Maturing 2/15/2012; 4.875%; $50,000 par | 54,297 | |||
| Federal National Mortgage Association |
Maturing 9/15/2012; 4.375%; $500,000 par | 501,405 | |||
| Total Government Securities |
$ | 13,295,188 | |||
| Corporate Debt Instruments: |
|||||
| Aflac Inc. |
Maturing 4/15/2009; 6.50%; $300,000 par | $ | 329,673 | ||
| Alcoa Inc. |
Maturing 8/1/2005; 7.25%; $300,000 par | 335,955 | |||
| American General Finance Corp. |
Maturing 11/1/2003; 5.75%; $100,000 par | 103,071 | |||
| Associates Corp. N.A. |
Maturing 5/16/2005; 6.20%; $75,000 par | 80,780 | |||
| Bank America Corp. |
Maturing 10/15/2006; 4.75%; $300,000 par | 317,481 | |||
| Bank New York Company Inc. |
Maturing 2/1/2009; 7.30%; $200,000 par | 234,354 | |||
| Identity of Issue, Borrower, Lessor or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
Current Value | |||
| Corporate Debt Instruments (Cont.): |
|||||
| BB&T Corp. |
Maturing 8/1/2011; 6.50%; $300,000 par | $ | 338,829 | ||
| Bear Stearns Companies Inc. |
Maturing 1/15/2007; 5.70%; $300,000 par | 323,913 | |||
| Bellsouth Corp. |
Maturing 10/15/2006; 5.00%; $300,000 par | 320,322 | |||
| Campbell Soup |
Maturing 10/1/2008; 5.875%; $300,000 par | 332,721 | |||
| Chase Manhattan Corp |
Maturing 6/1/2007; 7.25%; $170,000 par | 189,298 | |||
| Citigroup Inc. |
Maturing 6/30/2005; 4.125%; $300,000 par | 312,561 | |||
| Coca Cola Enterprise Inc. |
Maturing 11/1/2008; 5.75%; $100,000 par | 110,421 | |||
| Countrywide Home Loans Inc. |
Maturing 8/1/2006; 5.50%; $300,000 par | 318,990 | |||
| Disney |
Maturing 2/8/2005; 7.30%; $200,000 par | 217,708 | |||
| Disney |
Maturing 3/30/2006; 6.75%; $100,000 par | 109,205 | |||
| Dominion Resources Inc. VA |
Maturing 6/15/2010; 8.125%; $150,000 par | 174,510 | |||
| Duke Energy Field Services LLC |
Maturing 2/1/2011; 6.875%; $175,000 par | 174,443 | |||
| Eastman Kodak |
Maturing 6/15/2005; 7.25%; $130,000 par | 141,033 | |||
| Fleetboston Financial Corp. |
Maturing 9/15/2005; 7.25%; $175,000 par | 193,774 | |||
| Fred Meyer Inc. |
Maturing 3/1/2005; 7.375%; $186,000 par | 201,899 | |||
| Gannett Company Inc. |
Maturing 4/1/2007; 5.50%; $250,000 par | 271,873 | |||
| Identity of Issue, Borrower, Lessor or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
Current Value | |||
| Corporate Debt Instruments (Cont.): |
|||||
| General Motors Acceptance Corp. |
Maturing 3/2/2011; 7.25%; $175,000 par | $ | 178,330 | ||
| Goldman Sachs Group Inc. |
Maturing 9/1/2012; 5.70%; $300,000 par | 312,012 | |||
| GTE North Inc. |
Maturing 11/15/2008; 5.65%; $75,000 par | 80,410 | |||
| Hartford Financial Services Group |
Maturing 6/15/2005; 7.75%; $300,000 par | 332,268 | |||
| HSBC Holdings PLC |
Maturing 12/12/2012; 5.25%; $450,000 par | 461,241 | |||
| International Lease Finance |
Maturing 6/2/2003; 4.75%; $140,000 par | 141,704 | |||
| International Paper |
Maturing 7/8/2005; 8.125%; $200,000 par | 223,860 | |||
| International Paper |
Maturing 10/30/2012; 5.85%; $175,000 par | 183,232 | |||
| Kellogg |
Maturing 4/1/2011; 6.60%; $150,000 par | 168,936 | |||
| Kraft Foods Inc. |
Maturing 11/1/2006; 4.625%; $300,000 par | 315,405 | |||
| Lehman Brothers Holdings Inc. |
Maturing 1/18/2012; 6.625%; $300,000 par | 332,049 | |||
| Lockheed Martin Corp. |
Maturing 5/15/2006; 7.25%; $150,000 par | 168,932 | |||
| Marsh & McLennan Companies Inc. |
Maturing 6/15/2004; 6.625%; $300,000 par | 320,424 | |||
| Mellon Funding |
Maturing 5/14/2011; 6.40%; $200,000 par | 222,604 | |||
| Merrill Lynch |
Maturing 2/17/2009; 6.00%; $300,000 par | 325,962 | |||
| Morgan Stanley |
Maturing 4/15/2006; 6.10%; $100,000 par | 108,936 | |||
| Identity of Issue, Borrower, Lessor or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
Current Value | |||
| Corporate Debt Instruments (Cont.): |
|||||
| Morgan Stanley |
Maturing 3/1/2007; 6.875%; $40,000 par | $ | 45,012 | ||
| Morgan Stanley |
Maturing 4/1/2012; 6.60%; $100,000 par | 277,080 | |||
| National Rural Utilities Cooperative |
Maturing 11/1/2008; 5.75%; $175,000 par | 191,877 | |||
| Occidental Pete Corp. |
Maturing 1/15/2012; 6.75%; $150,000 par | 170,859 | |||
| Pepsi Bottling Holdings Inc. |
Maturing 2/17/2009; 5.625%; $175,000 par | 190,698 | |||
| PP&L Transition Bond Co LLC |
Maturing 6/25/2009; 7.05%; $55,000 par | 62,708 | |||
| Procter & Gamble |
Maturing 12/15/2004; 6.60%; $300,000 par | 327,042 | |||
| Progress Energy Inc. |
Maturing 3/1/2006; 6.75%; $127,000 par | 136,407 | |||
| Progress Energy Inc. |
Maturing 3/1/2011; 7.10%; $150,000 par | 165,315 | |||
| Safeway, Inc. |
Maturing 9/15/2004; 7.25%; $125,000 par | 134,533 | |||
| SBC Communications Inc. |
Maturing 5/2/2006; 5.75%; $300,000 par | 325,353 | |||
| Sonoco Products |
Maturing 11/15/2004; 7.00%; $170,000 par | 184,244 | |||
| Suntrust Bank |
Maturing 4/1/2011; 6.375%; $300,000 par | 334,560 | |||
| Target Corp. |
Maturing 10/1/2008; 5.40%; $250,000 par | 270,117 | |||
| Textron Financial Corp. |
Maturing 3/15/2004; 5.95%; $200,000 par | 207,742 | |||
| Union Pac Corp. |
Maturing 5/1/2005; 7.60%; $250,000 par | 278,248 | |||
| Identity of Issue, Borrower, Lessor or Similar Party |
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
Current Value | |||
| Corporate Debt Instruments (Cont.): |
|||||
| Wal Mart Stores Inc. |
Maturing 8/10/2004; 6.55%; $300,000 par | $ | 322,464 | ||
| Wells Fargo & Co. |
Maturing 8/24/2005; 7.25%; $200,000 par | 224,504 | |||
| Wells Fargo & Co. |
Maturing 9/1/2012; 5.125%; $200,000 par | 206,830 | |||
| Weyerhaeuser |
Maturing 3/15/2012; 6.75%; $175,000 par | 190,809 | |||
| Total Corporate Debt Instruments |
$ | 13,255,521 | |||
| Registered Investment Companies: |
|||||
| American Balanced Fund |
1,563,142 shares | $ | 22,540,511 | ||
| Fundamental Investments |
884,382 shares | 19,659,816 | |||
| AIM Equity Funds, Inc.—Constellation Fund Class A |
733,585 shares | 12,199,526 | |||
| Pimco Funds Multi Manager Renaissance A |
71,826 shares | 1,044,343 | |||
| Vanguard 500 Index Fund |
9,595 shares | 778,658 | |||
| Total Registered Investment Companies |
$ | 56,222,854 | |||
| Common Stock: |
|||||
| Massey Energy Company |
329,691 shares | $ | 3,204,597 | ||
| *Participant Loans: |
Interest rates range from 7.0% to 11.5% maturity dates vary with remaining terms of 1 to 10 years |
$ | 3,742,127 | ||
| Grand Total |
$ | 115,742,562 | |||
| * | Party-in-interest. |
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 23.1 | Consent of Ernst & Young LLP. | |
| 99.1 |
Certification pursuant to 18 U.S.C., Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |