As filed with the Securities and Exchange Commission on June 28, 2011
Registration No. 001-13202
 


 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

 
FORM 11-K
 
 
 
x  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the fiscal year ended December 31, 2010
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:  001-13202
 
 
A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
 
Nokia Retirement Savings and Investment Plan
Nokia Inc.
102 Corporate Park Drive
White Plains, NY 10604

 
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
Nokia Corporation
Keilalahdentie 4, P.O. Box 226
FIN-00045 NOKIA GROUP
Espoo, Finland

 

 



 
 
 
 
  
Nokia Retirement Savings and Investment Plan
 

 
TABLE OF CONTENTS
 
 
  Page
   
Report of Independent Registered Public Accounting Firm
  5
   
Financial Statements as of December 31, 2010 and 2009 for the years then ended
  6
   
Signature Page
  18
   
Index To Exhibits
  19
   
Consent of Independent Registered Public Accounting Firm
  20
   
 
 
 

 
 
 

 
 
 
 
 
 

Nokia Retirement Savings and Investment Plan
Financial Statements and Supplemental Schedule
December 31, 2010 and 2009
 
 
 
 
 
 
 
 

 
   
Nokia Retirement Savings and Investment Plan
Contents

 

 
 
Page
   
Report of Independent Registered Public Accounting Firm
1
   
Financial Statements
 
   
Statements of Net Assets Available for Benefits at December 31, 2010 and 2009
2
   
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2010
3
   
Notes to Financial Statements
4
   
   
Supplemental Schedule
 
   
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) at December 31, 2010
13
   
Consent of Independent Registered Public Accounting Firm
14


Note:
Other schedules required by section 2520-103.10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.
 
 
 
 
 

 
 
Report of Independent Registered Public Accounting Firm

To the Participants and Administrator of
Nokia Retirement Savings and Investment Plan:

In our opinion, the accompanying statements 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 Nokia Retirement Savings and Investment Plan (the “Plan”) at December 31, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010 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 the standards of the Public Company Accounting Oversight Board (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, 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 H, Line 4i - Schedule of Assets (Held at End of Year), at December 31, 2010 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 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 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

Dallas, Texas
June 28, 2011
 
 
 
 
 
 

 
     
Nokia Retirement Savings and Investment Plan
Statements of Net Assets Available for Benefits
December 31, 2010 and 2009


 
 
   
2010
   
2009
 
             
Assets
           
Investments, at fair value
  $ 571,848,585     $ 498,091,852  
                 
Receivables
               
Employer contributions
    497,371       363,014  
Participant contributions
    726,057       493,003  
Participant loans
    8,259,817       7,797,750  
                 
Total assets
    581,331,830       506,745,619  
                 
Liabilities
               
Accrued expenses
    144,697       134,812  
                 
Net assets available for benefits at fair value
    581,187,133       506,610,807  
                 
Adjustment from fair value to contract value for fully benefit responsive investment contracts
    (635,636 )     883,331  
                 
Net assets available for benefits
  $ 580,551,497     $ 507,494,138  









 

The accompanying notes are an integral part of these financial statements
   
 
2

 
    
Nokia Retirement Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2010

 

 
Investment income
     
Net appreciation in fair value of investments
  $ 39,723,858  
Dividend and interest income
    13,765,550  
         
Total investment income
    53,489,408  
         
Contributions
       
Employer
    25,776,220  
Participant
    33,512,837  
Rollovers
    7,066,981  
         
Total contributions
    66,356,038  
         
         
Deductions
       
Benefits paid to participants
    (46,442,166 )
Administrative expenses and other
    (345,921 )
         
Total deductions
    (46,788,087 )
         
         
Net increase in net assets available for benefits
    73,057,359  
         
Net assets available for benefits
       
Beginning of year
  $ 507,494,138  
         
End of year
  $ 580,551,497  
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements
  
 
3

 
    
Nokia Retirement Savings and Investment Plan
Notes to Financial Statements

 

 
1.
Description of Plan
The following description of the Nokia Retirement Savings and Investment Plan (as Amended and Restated 2010) (the “Plan”) provides only general information.  More complete information regarding items such as eligibility requirements, vesting and benefit provisions may be found in the Plan document, which is available to all Plan participants.

General
The Plan is a defined contribution plan that covers eligible employees of Nokia, Inc. (the “Company” or “Nokia”).  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

The Plan administrator, Nokia, retains responsibility for oversight of the Plan and the Plan’s day-to-day administration.

Eligibility
Employees are eligible to participate in the Plan after completing one hour of service and attaining age 18; however, individuals identified as interns, part time and cooperatives in the payroll system are not eligible to participate in the Plan.

Contributions
Participant contributions take the form of before-tax contributions and are deferred from federal income taxes.  The Plan does not allow for voluntary after-tax contributions for employees working in the United States.  Voluntary after-tax contributions are permitted with respect to those participants who are working outside the United States on temporary assignments.

Participants may also contribute rollover contributions from other qualified plans.

Participants contribute a percentage of their compensation, as defined in the Plan agreement.  The maximum contribution rate is 50% of eligible compensation of which up to $16,500 (the maximum annual salary deferral contribution limit as set forth by the Internal Revenue Code (the “Code) for 2010 plan year) may be made pre-tax.  All participants who are eligible to make elective deferrals under the Plan and those who have attained age 50 before the close of the Plan year were eligible to make additional catch-up contributions of up to $5,500 during fiscal 2010.

Participant contributions are matched by the Company in cash at the rate of one dollar per dollar up to 8% of a participant’s eligible earnings.  Contributions made by participants and the related company match are invested based on each participant’s election and can be in any combination of investment options under the Plan including Fidelity mutual funds, Nokia ADR shares, common stocks and other mutual funds through a self-directed brokerage option.  Additional discretionary employer contributions may be made upon the approval of the Company’s Board of Directors. The Company made no additional discretionary contributions for the year ended December 31, 2010. There are no restrictions on moving participant contributions and related Company contributions out of the Nokia stock investment option.

Participant and Company contributions are subject to certain IRS limitations.
 
 
4

 
    
Nokia Retirement Savings and Investment Plan
Notes to Financial Statements


 
Participant Accounts
Each participant’s account is credited with the participant’s voluntary contributions, the employer’s matching contribution, an allocation of the employer’s discretionary contribution, if any, and an allocation of investment income from each fund as defined in the Plan agreement.  Plan earnings are allocated to a participant’s account at the rate attributable to the participant’s specific account balance on each day the New York Stock Exchange is open for business or any other day selected by the Plan’s 401(k) committee. Additionally, the Plan has certain expenses that are deducted from participant accounts.  The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Participant Loans
Participants are able to borrow from their fund accounts a minimum of $1,000 up to a maximum of the lesser of $50,000 or 50% of their vested account balance at market interest rates payable under various term lengths specified in the loan agreement.  The loans, maturing at various dates through 2040, are collateralized by the balance in the participant’s account.  The loans bear interest rates that reflect the prime rate for the month when issued and ranged from 3.25 percent to 9.5 percent at December 31, 2010.  Principal and interest is repaid ratably through bi-monthly payroll deductions.

Vesting
Participants vest in employer contributions at a rate of 25% per year of service, reaching full vesting after four years of service.  Participants are always fully vested in their contributions and earnings thereon.

Forfeitures
At December 31, 2010 and 2009, forfeited non-vested accounts totaled $1,006,900 and $1,259,910, respectively.  These accounts will be used to reduce future employer contributions and/or pay Plan administrative fees and certain investment charges.  In 2010, employer contributions were reduced by $1,753,351 and Plan administrative fees and certain investment charges of $317,614 were paid from forfeited non-vested accounts.

Payment of Benefits
Upon termination of employment for reasons other than disability or death - a participant’s benefits will be payable as follows (subject to spousal rights, if any):
 
 
-
Nokia ADR shares are paid out in cash or certificates as requested by the participant.  Fractional shares are paid in cash.

 
-
A participant whose vested account is more than $1,000 may elect to have benefits paid in a lump-sum payment or may choose to leave funds in the Plan up to age 70½.

 
-
A participant who has a vested account balance of $1,000 or less will automatically be paid in a lump-sum payment.

Plan Termination
While it has not expressed any intent to do so, the Company may discontinue the Plan at any time subject to the provisions of ERISA.  In the event of Plan termination, participants will become 100% vested in their accounts.  Assets in the Plan will be distributed in accordance with the Plan document.

 
5

 
    
Nokia Retirement Savings and Investment Plan
Notes to Financial Statements

 

2.
Summary of Significant Accounting Policies

Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States.

Income Recognition and Investment Valuation
Purchases and sales of securities are recorded on a trade-date basis.  Dividend income is recorded on the ex-dividend date.  Interest income is recognized on the accrual basis.

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 realized gains and losses and the unrealized appreciation (depreciation) on those investments.

The Plans investments are stated at fair value.  The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any 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 assets measured at fair value.  There have been no changes in the methodologies used at December 31, 2010 and 2009.

Investments in Nokia American Depository Shares (“Nokia ADR shares”) and common stocks are valued at quoted market prices on the last business day of the year.  Mutual funds are valued at the net asset value of shares held by the Plan at year-end.

The Fidelity Managed Income Portfolio II Fund invests primarily in investment contracts, including guaranteed and security-backed investment contracts.  As required by Accounting Standards Codification (ASC”) 946, Financial Services – Investment Companies (ASC 946), investment contracts held by a defined-contribution plan are required to be reported at fair value.  However, the 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 a result, the Statement of Net Assets Available for Benefits presents 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 Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.  Fair value of the investment contracts is determined by the fund manager or the fair value of the fund’s investments in externally managed stable value commingled investment funds provided to the fund by external managers of these funds.  Contract value consists of the book value, or cost plus accrued interest, of the underlying investment contracts.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.  Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a difference fair value measurement at reporting date.

Accounting Pronouncements
The FASB is the authoritative body for financial accounting and reporting in the United States. The following is a list of recent pronouncements issued by the FASB:

In January 2010, the FASB issued guidance adding new disclosure requirements for Levels 1 and 2 fair value measures, separate disclosures of purchases, sales, issuances, and settlements relating to Level 3 measurements and clarification of existing fair value disclosures. The guidance is effective for periods beginning after December 15, 2009, except for the requirement to provide Level 3 activity of purchases, sales, issuances, and settlements on a gross basis, which is effective for fiscal years beginning after December 15, 2010. As this new guidance provides only disclosure requirements, its adoption did not have any effect on the Plan’s reported net assets or changes in net assets.
   
 
6

 
    
Nokia Retirement Savings and Investment Plan
Notes to Financial Statements

 

In September 2010, the Financial Accounting Standards Board issued Accounting Standards Update 2010-25 (ASU 2010-25) Reporting Loans to Participants by Defined Contribution Pension Plans. ASU 2010-25 updates Accounting Standards Codification Topic 962 — Defined Contribution Pension Plans. ASU 2010-25 requires defined contribution plans to report loans to employees as notes receivable rather than plan investments subject to fair value reporting and are measured at their unpaid principal balance plus any accrued but unpaid interest. ASU 2010-25 is effective for plan years beginning after December 15, 2010 and permits early adoption. The Plan adopted ASU 2010-25 effective fiscal year 2010 and accordingly reclassified prior year employee loan balances from investments to receivables consistent with current presentation.

In May 2011, the FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” ASU 2011-4 is intended to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The amendments are of two types: (i) those that clarify the Board’s intent about the application of existing fair value measurement and disclosure requirements and (ii) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The update is effective for annual periods beginning after December 15, 2011. The Company is in the process of evaluating the impact of the adoption of this update on the Plan’s financial statements.
 

The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2010:
 

 
   
Level 1
   
Level 2
   
Total
 
Mutual funds
  $ 454,099,111           $ 454,099,111  
Collective investment trust
            64,372,651       64,372,651  
Common stocks
    53,376,823               53,376,823  
Total assets at fair value
  $ 507,475,934     $ 64,372,651     $ 571,848,585  


The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2009:


   
Level 1
   
Level 2
   
Total
 
Mutual funds
  $ 377,509,933           $ 377,509,933  
Collective investment trust
            63,813,744       63,813,744  
Common stocks
    56,768,175               56,768,175  
Total assets at fair value
  $ 434,278,108     $ 63,813,744     $ 498,091,852  
 

 
 
7

 
    
Nokia Retirement Savings and Investment Plan
Notes to Financial Statements

 

Plan Expenses
Expenses incurred by the Plan for audit fees, certain administration fees and certain investment charges are paid by the Plan.  All other operating expenses of the Plan are paid by the Company.

Risks and Uncertainties
The Plan invests in various investment securities.  Investment securities are exposed to various risks such as interest rate, market and credit risks.  Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will continue to occur in the near term and that such change could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.

Financial instruments which potentially subject the Plan to concentrations of credit risk consist of the Plan’s investments and contributions receivable.

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements.  Estimates also affect the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Benefits
Benefit distributions to participants are recorded when paid.

Subsequent Events
The Plan has evaluated subsequent events through June 28, 2011, which is the date the financial statements were issued, and has identified the following subsequent event.

On April 27, 2011, Nokia announced plans to reduce its global work force by 7,000 employees. Part of the reduction will be a transfer of 3,000 employees to global consulting firm Accenture PLC. The Company expects to be complete with the implementation of their reduction efforts by the end of 2011. The Plan has determined that the reduction in work force could have a material impact on total net assets available for benefit, as well as benefits paid to participants in 2011.
 

 
 
8

 
    
Nokia Retirement Savings and Investment Plan
Notes to Financial Statements

 

3.
Investments
The following table presents the individual investment securities of the Plan's net assets available for benefits at December 31, 2010 and 2009:

   
2010
   
2009
 
             
American Depository Shares
           
Nokia ADR shares
  $ 38,256,405 *   $ 44,777,688 *
                 
All other common stock, primarily domestic, individually less than 5% of net assets
    15,120,418       11,990,487  
                           Total ADR shares/common stock     53,376,823       56,768,175  
                 
Collective Investment Trust
               
Fidelity Managed Income Portfolio II Fund
    64,372,651 *     63,813,744 *
                 
Mutual Funds
               
Allianz NFJ Small Cap Value Fund
    52,341,059 *     40,573,677 *
American Balanced Fund
    33,320,830 *     31,269,776 *
American EuroPacific Growth Fund
    70,431,956 *     66,980,746 *
American Funds Growth Fund of America
    34,579,952 *     32,122,503 *
PIMCO Total Return Fund
    63,707,073 *     54,865,101 *
Vanguard Institutional Index Fund
    68,549,577 *     41,473,144 *
All other mutual funds, individually less than 5% of net assets, by asset class:
               
   Large Cap
    19,293,820       37,323,905  
   Mid Cap
    18,941,538       12,379,154  
   Small Cap
    23,438,739       15,105,110  
   Participant Directed Brokerage
    13,701,924       11,420,175  
   Target Date
    55,792,643       33,996,642  
                 
                           Total mutual funds   $ 454,099,111     $ 377,509,933  
                 
                 
Total investments at fair value
  $ 571,848,585     $ 498,091,852  
   
* Indicates investments that represent 5% or more of the Plan's net assets available for benefits.


The Plan’s investments (including investments bought, sold and held during the year) appreciated (depreciated) in fair value as follows:

Nokia ADR shares
  $ (7,995,740 )
Common stocks
    3,510,694  
Mutual funds
    44,208,904  
Net appreciation in fair value of investments
  $ 39,723,858  

At December 31, 2010, approximately 7% of the Plan’s assets are invested in the Nokia ADR shares (9% at December 31, 2009).  The Plan owned 3,707,016 shares with a fair value of $10.32 per share at December 31, 2010 and 3,484,645 shares with a fair value of $12.85 per share at December 31, 2009.
 
 
9

 
    
Nokia Retirement Savings and Investment Plan
Notes to Financial Statements

 

4.
Tax Status
 
The Internal Revenue Service has determined and informed the Company in a letter dated November 16, 2009 that the Plan, as then designed, was in compliance with the applicable requirements of the Code.  The Plan has been amended since receipt of the determination letter; however, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code.  Therefore, no provision for income taxes has been included in the Plan’s financial statements.

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS.  The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2010, there are no uncertain positions taken or expected to be taken that would require recognition of liability (or asset) or disclosure in the financial statements.  The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.  The Plan administrator believes it is no longer subject to income examinations for years prior to 2007.

5.
Related Party Transactions

The Plan purchased and sold approximately $5,929,055 and $4,445,864 in Nokia ADR shares, respectively, during 2010.  The Nokia ADR shares were bought/sold in the open market at quoted fair market values at the date of purchase/sale.

The Plan is administered by Fidelity Investments Institutional Operations Company as the recordkeeper and Fidelity Management Trust Company as the trustee.  Accordingly, transactions with the Fidelity Managed Income Portfolio II Fund qualify as party-in-interest transactions.

6.
Litigation
On April 19, 2010 and April 21, 2010, two individuals filed separate putative class action lawsuits against Nokia and the directors and officers of Nokia, and certain other employees and representatives of the Company, claiming to represent all persons who were participants in or beneficiaries of the Plan who participated in the Plan between January 1, 2008 and the present and whose accounts included investments in Nokia stock.  The plaintiffs allege that the defendants failed to comply with their statutory and fiduciary duties when they failed to remove Nokia stock as a plan investment option.  The cases were consolidated and an amended consolidated complaint was filed on September 15, 2010.  The amended complaint alleges that the named individuals failed to disclose alleged material adverse facts about Nokia’s business, that the matters significantly increased the risk of Nokia stock ownership, and as a result of that knowledge, the named defendants should have removed Nokia stock as a Plan investment option.  A motion to dismiss has been filed and is pending before the court.
 

The Plan believes that the allegations described above are without merit, and it will continue to defend itself against these actions vigorously.

Based upon the information currently available, the Plan does not expect the resolution of any of the matters discussed in this note to have a material adverse effect on the Plan’s financial condition.

 
10

 
    
Nokia Retirement Savings and Investment Plan
Notes to Financial Statements

 

7.
Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

   
2010
   
2009
 
             
Net assets available for benefits per the financial statements
  $ 580,551,497     $ 507,494,138  
Adjustment from contract value to fair value for fully benefit-responsive investment contracts
    635,636       (883,331 )
                 
Net assets available for benefits per the Form 5500
  $ 581,187,133     $ 506,610,807  


The following is a reconciliation of investment income per the financial statements to the Form 5500 for the year ended December 31, 2010:

   
2010
 
       
Investment income per the financial statements
  $ 53,489,408  
Add: Reversal of prior year adjustment from contract value to fair value
    883,331  
Add: Adjustment from contract value to fair value at December 31, 2010
    635,636  
         
Investment income per the Form 5500
  $ 55,008,375  





 
11

 










Supplemental Schedule






 
 
 

 
 
12

 
    
Nokia Retirement Savings and Investment Plan
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
At December 31, 2010

 

(a)
 
(b)
 
(c)
 
(d)
 
(e)
 
   
Identity of Issue, Borrower, Lessor or Similar Party
 
Description of Investment
 
Cost**
 
Current
Value
 
   
Allianz NFJ Small Cap Value Fund
 
Mutual fund
      $ 52,341,059  
   
American Balanced Fund
 
Mutual fund
        33,320,830  
   
American EuroPacific Growth Fund
 
Mutual fund
        70,431,956  
   
American Funds Growth Fund of America
 
Mutual fund
        34,579,952  
*  
Fidelity Managed Income Portfolio II Fund
 
Collective investment trust
        64,372,651  
*  
Nokia ADR Shares
 
ADR shares
        38,256,405  
*  
Fidelity Participant Account Interest Bearing Cash
 
Mutual fund
        1,870,894  
   
PIMCO Total Return Fund
 
Mutual fund
        63,707,073  
   
Spartan Extended Market Index Fund
 
Mutual fund
        18,941,538  
   
Vanguard Institutional Index Fund
 
Mutual fund
        68,549,577  
   
Vanguard Small Growth Institutional Index Fund
 
Mutual fund
        23,438,739  
   
Vanguard Target Retirement 2005
 
Mutual fund
        1,569,049  
   
Vanguard Target Retirement 2010
 
Mutual fund
        153,849  
   
Vanguard Target Retirement 2015
 
Mutual fund
        4,638,925  
   
Vanguard Target Retirement 2020
 
Mutual fund
        1,677,033  
   
Vanguard Target Retirement 2025
 
Mutual fund
        13,328,349  
   
Vanguard Target Retirement 2030
 
Mutual fund
        2,045,464  
   
Vanguard Target Retirement 2035
 
Mutual fund
        17,792,122  
   
Vanguard Target Retirement 2040
 
Mutual fund
        2,583,497  
   
Vanguard Target Retirement 2045
 
Mutual fund
        9,447,492  
   
Vanguard Target Retirement 2050
 
Mutual fund
        562,320  
   
Vanguard Target Retirement Funds
 
Mutual fund
        1,994,544  
   
Vanguard Windsor II Fund
 
Mutual fund
        19,293,820  
   
BrokerageLink
 
Common stocks and mutual funds
        26,951,447  
   
Participant loans
 
Interest rates varying between 3.25% and 9.5% maturing at various dates through 2040
        8,259,817  
                $ 580,108,402  
                     
                     
   
  * Party-in-interest
** Not applicable due to investments being participant-directed
       


 
 
 
 
 
 
13

 
 
SIGNATURES
 
The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
  Nokia Retirement Savings and Investment Plan  
       
       
Date: June 28, 2011 By:    /s/ Linda Fontenaux  
  Name: Linda Fontenaux  
  Title: Plan Administrator  
       

 

 

 
 
 

 
 
INDEX TO EXHIBITS
 

 
Exhibit No.
Exhibit
Page Number
     
23
Consent of PricewaterhouseCoopers LLP,
Independent Registered Public Accounting Firm.