SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Years Ended December 31, 2010 and 2009
of
SPECTRA ENERGY RETIREMENT SAVINGS PLAN
Commission File Number 1-33007
Issuer of Securities held pursuant to the Plan is
SPECTRA ENERGY CORP
5400 Westheimer Court
Houston, Texas 77056
SPECTRA ENERGY
RETIREMENT SAVINGS PLAN
Financial Statements as of and for the years ended December 31, 2010 and 2009,
Supplemental Schedules as of and for the year ended December 31, 2010, and
Report of Independent Registered Public Accounting Firms
SPECTRA ENERGY RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
| Page | ||||
| 1 | ||||
| FINANCIAL STATEMENTS: |
||||
| Statements of Net Assets Available for Benefits as of December 31, 2010 and 2009 |
3 | |||
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2010 |
4 | |||
| 5 | ||||
| SUPPLEMENTAL SCHEDULES: |
||||
| 13 | ||||
| 21 | ||||
| 23 | ||||
| NOTE: | All 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, as amended, have been omitted because they are not applicable. |
Report of Independent Registered Public Accounting Firm
To the Trustees and Participants of
Spectra Energy Retirement Savings Plan
Houston, Texas
We have audited the accompanying statement of net assets available for benefits of the Spectra Energy Retirement Savings Plan (the “Plan”) as of December 31, 2010 and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of Plan management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit 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. An audit also includes assessing the accounting principles used and significant estimates made by Plan management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 as of December 31, 2010 and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.
As noted in Note 2 to the financial statements, the Plan retrospectively adopted, Accounting Standards Update ASU No. 2010-25 Reporting Loans to Participants by Defined Contribution Pension Plans issued by the Financial Accounting Standards Board, or FASB. The adoption had no effect on the net assets available for benefits.
Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the table of contents are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended. This supplementary information is the responsibility of Plan management. Such information has been subjected to the auditing procedures applied in the audit 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/ McConnell & Jones LLP
Houston, Texas
June 15, 2011
Report of Independent Registered Public Accounting Firm
To the Trustees and Participants of
Spectra Energy Retirement Savings Plan
Houston, Texas
We have audited, before the effects of the adjustments to retrospectively apply the change in accounting discussed in Note 2 to the financial statements, the accompanying statement of net assets available for benefits of the Spectra Energy Retirement Savings Plan (the “Plan”) as of December 31, 2009 (the 2009 financial statements before the effects of the adjustments discussed in Note 2 to the financial statements are not presented herein). These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the statement of net assets available for benefits of the Plan as of December 31, 2009 (financial statement) based on our audit.
We conducted our audit in accordance with 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 statement is free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statement, before the effects of the adjustments to retrospectively apply the change in accounting discussed in Note 2 to the financial statements, present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2009, in conformity with accounting principles generally accepted in the United States of America.
We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the change in accounting discussed in Note 2 to the financial statements and, accordingly, we do not express an opinion or any other form of assurance about whether such retrospective adjustments are appropriate and have been properly applied. Those retrospective adjustments were audited by other auditors.
/s/ Deloitte & Touche LLP
Houston, Texas
June 28, 2010
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Benefits
(in thousands)
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| ASSETS: |
||||||||
| Investments at fair value: |
||||||||
| Participant-directed investments |
$ | 254,654 | $ | 216,992 | ||||
| Nonparticipant-directed investments |
233,528 | 195,931 | ||||||
| Total investments |
488,182 | 412,923 | ||||||
| Receivables: |
||||||||
| Notes receivable from participants |
8,255 | 7,258 | ||||||
| Other receivables |
255 | 6,152 | ||||||
| Total receivables |
8,510 | 13,410 | ||||||
| Total assets |
496,692 | 426,333 | ||||||
| LIABILITIES: |
||||||||
| Due to broker for securities purchased |
99 | 5,187 | ||||||
| NET ASSETS AVAILABLE FOR BENEFITS |
$ | 496,593 | $ | 421,146 | ||||
See notes to financial statements.
3
RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
(in thousands)
| Year ended December 31, 2010 |
||||
| Additions: |
||||
| Investment income: |
||||
| Net appreciation in fair value of investments |
$ | 58,401 | ||
| Dividends |
10,333 | |||
| Total investment income |
68,734 | |||
| Interest income on notes receivable from participants |
426 | |||
| Contributions: |
||||
| Participant contributions |
17,277 | |||
| Employer contributions |
11,223 | |||
| Rollover contributions |
815 | |||
| Total contributions |
29,315 | |||
| Total additions |
98,475 | |||
| Deductions: |
||||
| Benefits paid to participants |
22,965 | |||
| Administrative expenses |
63 | |||
| Total deductions |
23,028 | |||
| INCREASE IN NET ASSETS |
75,447 | |||
| NET ASSETS AVAILABLE FOR BENEFITS: |
||||
| Beginning of year |
421,146 | |||
| End of year |
$ | 496,593 | ||
See notes to financial statements.
4
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
1. Description of the Plan
The Spectra Energy Retirement Savings Plan (the Plan) is a defined contribution plan and the following description is provided for general information purposes only. Participants should refer to the Plan document for more complete information.
Effective with the separation from Duke Energy Corporation (Duke Energy) on January 2, 2007, Spectra Energy Corp (the Company or Spectra Energy) established the Plan for the benefit of its employees.
Participation and Purpose
The Plan is sponsored by Spectra Energy. Spectra Energy and each of its affiliated companies that is at least 80% owned and that participate in the Plan are collectively referred to as “Participating Companies.”
The purpose of the Plan is to provide an opportunity for eligible employees to enhance their long-range financial security through employee contributions, matching contributions from Participating Companies, and investments among certain investment funds, one of which provides an investment interest in Spectra Energy common stock. This Plan’s Employee Stock Ownership Plan (ESOP) feature is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Generally, employees of Participating Companies are eligible to enter and participate in the Plan if they (1) have attained the age of 18, and (2) are paid on the Participating Companies’ U.S. payroll system.
Contributions
Participants may authorize payroll deductions from eligible earnings in the form of before-tax deferrals and/or after-tax deferrals. Participants may elect to contribute (subject to certain limitations) up to 75% of eligible earnings per pay period without regard to years of service. Various provisions of the Internal Revenue Code (IRC) may limit the deferrals of some highly compensated employees. The Plan is required to return contributions received during the Plan year in excess of IRC limits. All deferrals are exempt, up to the allowed maximum, from federal and state income tax withholding in the year they are deferred, but are subject to payroll taxes. Participant deferrals are intended to satisfy the requirements of Section 401(k) of the IRC. Participating Companies contribute (subject to certain limitations) an amount equal to 100% of before-tax contributions, excluding catch-up contributions, of up to 6% of eligible pay per pay period. Participant after-tax contributions and matching contributions are intended to satisfy the requirements of Section 401(m) of the IRC.
Employees who are eligible to make before-tax deferrals under the plan and who have attained age 50 before the close of the Plan year shall be eligible to make catch-up contributions, in accordance with and subject to certain limitations.
For the ESOP portion of the Plan, matching contributions shall be invested in the Spectra Energy Common Stock Fund and shall thereafter be subject to participant direction. The Employer may contribute the matching contribution in cash or company stock, at the discretion of the employer. The company stock is valued as determined in accordance with procedures established by the Spectra Energy Benefits Committee, the Plan Administrator. The Employer made no stock contributions in 2010.
Rollover Contributions to the Plan
Rollover contributions represent amounts recorded when participants elect to contribute amounts to their Plan accounts from other eligible, tax-qualified retirement plans or qualified individual retirement accounts. Rollover contributions of $815 thousand were made to the Plan in 2010.
Investments
Subject to limitations discussed below, participants may invest their Plan accounts in any or all of the investment funds offered in the Plan.
Participants under the Duke Energy Retirement Savings Plan who were transferred into the Plan may have a portion of their account invested in Duke Energy Common Stock Fund (prior ESOP account). However, no new amounts may be invested in this fund. As of December 31, 2009, the Duke Energy Common Stock Fund was no longer available under the Plan and the assets of the fund were liquidated in 2010 and reinvested into the Vanguard Prime Money Market Fund. As of December 31, 2009, $11.7 million remained in the Duke Energy Common Stock Fund.
5
Through December 31, 2010, matching contributions were initially invested in the Spectra Energy Common Stock Fund; however, participants could transfer all or a portion of the matching contributions out of the Spectra Energy Common Stock Fund into any other fund as early as the next business day. Effective January 1, 2011, participants are required to make separate investment elections for matching contributions.
Participant Accounts
Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, Company contributions, and Plan earnings, and charged with benefit payments and allocations of Plan losses. Allocations are based on participant earnings or account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. The selection from available investment funds is the sole responsibility of each participant.
Vesting and Payment of Benefits
Participants are 100% vested in their Plan accounts. Participants may elect to receive certain distributions from their Plan accounts during continuation of employment. The Plan provides for several different types of in-service withdrawals, including hardship and age 59 1/2 withdrawals. A hardship distribution must comply with Section 401(k) of the IRC.
Upon termination of employment for any reason, participants (or if deceased, their beneficiaries) may request the distribution of the balance of their Plan accounts. Distributions are made as soon as practicable after the occasion for the distribution, except that participants may elect that a distribution be delayed until no later than April 1 of the calendar year following the calendar year in which they attain age 70 1/2. A beneficiary of a deceased participant may elect that a distribution be delayed for up to one year following the date of death.
Notes Receivable from Participants
Participants may borrow, with some limitations, from their accounts a minimum of $1,000 up to a maximum equal to the lesser of (i) $50,000 minus the highest outstanding loan balance during the 12-month period prior to the new loan, or (ii) 50% of their account balances. The terms of the notes that represent these loans range up to 58 months or up to 15 years for the purchase of a primary residence. The note is secured by the balance in the participant’s Plan account and the interest rate will be a reasonable fixed rate that is determined in accordance with the procedures established by the Spectra Energy Benefits Committee, which consider all relevant factors, including current rates of interest charged by commercial banks for similar notes. Principal and interest is paid ratably through payroll deductions. Note receipts will be reinvested based on the participant’s investment election for employee contributions at the time of repayment.
These loans shall be available to each eligible employee who is actively employed by the Company, and whose account balance totals at least $2,000; provided, however, that (1) if the eligible employee had a prior loan under the Plan that has been paid in full, the final payment on such loan was made at least seven days prior to the effective date of the new loan, and (2) any amounts in the prior ESOP account shall not be liquidated to fund such loan.
6
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
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 net assets available for benefits and changes therein. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the amounts reported in the financial statements.
Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded to participant accounts on the dividend payment date.
Management fees and operating expenses charged to the Plan for investments in the common trust funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.
Administrative Expenses
Administrative expenses of the Plan are paid by the Plan or the Company as provided in the Plan document.
Beginning with the 2010 Plan year, former employees who have account balances remaining under the Plan (and alternate payees under any qualified domestic relations order) will be charged with a portion of the Plan’s record keeping expenses; the amount that will be charged is $25.75 per quarter. Active employees and participants who terminated due to disability will not be charged with such expenses. Administrative expenses other than these record keeping expenses will continue to be paid by the Company.
Notes Receivable from Participants
Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. No allowance for credit losses has been recorded as of December 31, 2010 or 2009. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.
Payment of Benefits
Benefit payments to participants are recorded upon distribution.
7
New Accounting Standards Adopted
In January 2010, the Financial Accounting Standards Board (FASB), issued Accounting Standards Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures, which amends Accounting Standards Codification Subtopic No. 820-10, relating to fair value measurements, adding new disclosure requirements for Levels 1 and 2, separate disclosures of purchase, sales, issuances and settlements relating to Level 3 measurements and clarification of existing fair value disclosures.
In September 2010, the FASB issued ASU No. 2010-25, Reporting Loans to Participants by Defined Contribution Pension Plans (ASU No. 2010-25), clarifying the classification and measurement of participant loans by defined contribution pension plans. Participant loans are required to be classified as notes receivable from participants (rather than investments) and measured at their unpaid principal balance, plus any accrued but unpaid interest. The guidance, which must be applied retrospectively, is effective for fiscal years after December 15, 2010 with early adoption permitted.
Reclassifications
As described above, the Plan adopted ASU No. 2010-25, and has reclassified participant loans from investments to notes receivable from participants. Net assets available for benefits of the Plan were not affected by the adoption of the new guidance.
3. Investments
The Plan’s investments that represented 5% or more of the Plan’s net assets available for benefits are as follows:
| December 31, | ||||||||||||||||
| 2010 | 2009 | |||||||||||||||
| (in thousands) | ||||||||||||||||
| Equivalent Units |
Equivalent Units |
|||||||||||||||
| Spectra Energy Common Stock* |
$ | 228,087 | 17,647 | $ | 180,523 | 16,999 | ||||||||||
| BlackRock Equity Index Fund |
26,267 | 566 | 22,711 | 565 | ||||||||||||
| PIMCO Total Return Fund |
37,680 | 3,472 | 34,310 | 3,177 | ||||||||||||
| Vanguard Prime Money Market Fund |
71,414 | 71,414 | 61,792 | 61,792 | ||||||||||||
| * | Nonparticipant-directed and party-in-interest. |
The Plan’s investments, including gains and losses on investments bought and sold, as well as held during the year, appreciated (depreciated) in value as follows:
| December 31, 2010 | ||||
| (in thousands) | ||||
| Common stock funds: |
||||
| Spectra Energy Common Stock Fund* |
$ | 41,218 | ||
| Duke Energy Common Stock Fund |
(140 | ) | ||
| Common collective trust funds: |
||||
| Equity funds |
9,052 | |||
| Balanced funds |
3,146 | |||
| Registered investment fund |
687 | |||
| Target date funds |
480 | |||
| Separately managed funds—equity |
3,958 | |||
| Total appreciation in fair value of investments |
$ | 58,401 | ||
| * | Nonparticipant-directed and party-in-interest. |
4. Nonparticipant-directed Investments
Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is shown in the tables below. The Spectra Energy Common Stock Fund and the Duke Energy Common Stock Fund are considered to be nonparticipant-directed for purposes of this disclosure as the participant-directed and nonparticipant-directed amounts cannot be separately determined.
8
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| (in thousands) | ||||||||
| Net Assets: |
||||||||
| Spectra Energy common stock |
$ | 228,087 | $ | 180,523 | ||||
| Duke Energy common stock |
— | 11,728 | ||||||
| Interest bearing cash |
5,441 | 3,680 | ||||||
| Accrued interest and dividends |
229 | 5,428 | ||||||
| Due to broker for securities purchased |
(11 | ) | (4,840 | ) | ||||
| Net assets |
$ | 233,746 | $ | 196,519 | ||||
| December 31, 2010 | ||||
| (in thousands) | ||||
| Changes in Net Assets: |
||||
| Net appreciation in fair value of investments |
$ | 41,078 | ||
| Contributions |
18,209 | |||
| Dividends |
6,723 | |||
| Interest |
240 | |||
| Loan repayment |
1,804 | |||
| Loan issuances |
(2,104 | ) | ||
| Transfers from participant-directed investments |
143,927 | |||
| Transfers to participant-directed investments |
(164,555 | ) | ||
| Administrative expenses |
(29 | ) | ||
| Benefits paid to participants |
(8,066 | ) | ||
| Changes in net assets |
$ | 37,227 | ||
5. Related Party Transactions
Participants typically receive distributions in cash; however, they may elect to receive the amount that is invested in the Spectra Energy Common Stock Fund as of the date of distribution in whole shares of Spectra Energy common stock and cash for any fractional shares. In-kind distributions qualify as related party transactions. For the year ended December 31, 2010, in-kind distributions were $3 million for the Spectra Energy Common Stock Fund.
6. Exempt Party-in-Interest Transactions
Fidelity Management Trust Company (Fidelity) is the trustee as defined by the Plan and, therefore, transactions with Fidelity and the funds they manage qualify as party-in-interest transactions. Investment management fees and operating fees paid by the Plan were included as a reduction of the return earned on each fund. Administrative fees paid by the Plan were $63 thousand for the year ended December 31, 2010.
Included in the Plan’s investments are shares of common stock of Spectra Energy, the Plan’s sponsor. Transactions in shares of Spectra Energy common stock qualify as party-in-interest transactions. At December 31, 2010 and 2009, the Plan held 9,127,139 and 8,801,723 shares, respectively, which equates to 17,646,654 and 16,999,015 equivalent units, respectively, under the Plan’s unitized recordkeeping approach, of Spectra Energy common stock with a cost basis of $192.1 million and $180.2 million, respectively. During the year ended December 31, 2010, the Plan recorded related dividend income of approximately $6.7 million.
7. Plan Termination
Although it has not expressed any intention 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 set forth in ERISA. In the event that the Plan is terminated, participants’ accounts will be distributed as permitted by law.
8. Federal Income Tax Status
The Plan has applied for but has not received a determination letter from the Internal Revenue Service. The Plan’s management believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income tax has been included in the Plan’s financial statements.
9
9. Fair Value Measurements
Assets and liabilities are fair valued by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The three levels of the fair value hierarchy are described as follows:
Level 1
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities.
Level 2
Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Money market funds are valued at cost, which approximates fair value. Shares of registered investment funds are valued at quoted market prices, which represent the net assets value of shares held by the Plan at year end. Spectra Energy Common Stock Fund and Duke Energy Common Stock Fund are stated at estimated fair values, which have been determined based on the fair value of the underlying investments within the funds; these common stock funds are unitized funds specific to the Plan. Investments in common collective investment trust funds and separately managed funds (funds) are stated at fair values, which have been determined based on the unit values of the funds. Unit values are determined by the organization sponsoring such funds by dividing the fund’s net assets at fair value by its units outstanding at each valuation date.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although 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 different fair value measurement at the reporting date.
The common stock funds are classified as Level 2 because unitized stock funds are comprised of common stock and a short-term cash component. The value of a unit reflects the combined market value of the underlying stock and market value of the short-term cash position. The market value of the common stock portion of the fund is based on the closing market price of the common stock on the New York Stock Exchange times the number of shares held in the fund.
10
The tables below include the major categories for debt and equity securities on the basis of the nature and risk of the investments:
| December 31, 2010 | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Investment | (in thousands) | |||||||||||
| Money market funds |
$ | 71,414 | $ | — | $ | 71,414 | ||||||
| Registered investment funds |
56,921 | — | 56,921 | |||||||||
| Common stock fund |
5,441 | 228,087 | 233,528 | |||||||||
| Common collective trust funds: |
||||||||||||
| Equity funds |
— | 70,689 | 70,689 | |||||||||
| Fixed income funds |
— | 1,284 | 1,284 | |||||||||
| Balanced funds |
— | 28,654 | 28,654 | |||||||||
| Target date funds |
— | 5,792 | 5,792 | |||||||||
| Separately managed funds - equity |
473 | 19,427 | 19,900 | |||||||||
| Total |
$ | 134,249 | $ | 353,933 | $ | 488,182 | ||||||
| December 31, 2009 | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Investment | (in thousands) | |||||||||||
| Money market funds |
$ | 61,792 | $ | — | $ | 61,792 | ||||||
| Registered investment funds |
51,799 | — | 51,799 | |||||||||
| Common stock funds |
3,680 | 192,251 | 195,931 | |||||||||
| Common collective trust funds: |
||||||||||||
| Equity funds |
— | 61,525 | 61,525 | |||||||||
| Balanced funds |
— | 25,595 | 25,595 | |||||||||
| Separately managed funds - equity |
281 | 16,000 | 16,281 | |||||||||
| Total |
$ | 117,552 | $ | 295,371 | $ | 412,923 | ||||||
11
10. Net Asset Value (NAV) Per Share
The Plan’s investments for which fair values is estimated using NAV per share are summarized in the following tables.
| Fair Value Estimated Using NAV per
Share December 31, 2010 | ||||||||||||
| Investment | Fair Value * | Unfunded Commitment |
Redemption Frequency |
Other Redemption Restrictions |
Redemption Notice Period | |||||||
| (in thousands) | ||||||||||||
| State Street Global Advisory-Conservative Balanced Fund (a) |
$ | 9,051 | None | Immediate | None | None | ||||||
| State Street Global Advisory-Moderate Balanced Fund (b) |
9,587 | None | Immediate | None | None | |||||||
| State Street Global Advisory-Aggressive Balanced Fund (c) |
10,016 | None | Immediate | None | None | |||||||
| BlackRock Equity Index Fund (d) |
26,267 | None | Immediate | None | None | |||||||
| U.S. Mid/Small Cap Strategy Fund (e) |
19,900 | None | Immediate | None | None | |||||||
| Spectra Energy Common Stock Fund (f) |
233,528 | None | Immediate | Immediate | None | |||||||
| Fair Value Estimated Using NAV per
Share December 31, 2009 | ||||||||||||
| Investment | Fair Value * | Unfunded Commitment |
Redemption Frequency |
Other Redemption Restrictions |
Redemption Notice Period | |||||||
| (in thousands) | ||||||||||||
| State Street Global Advisory-Conservative Balanced Fund (a) |
$ | 7,606 | None | Immediate | None | None | ||||||
| State Street Global Advisory-Moderate Balanced Fund (b) |
9,237 | None | Immediate | None | None | |||||||
| State Street Global Advisory-Aggressive Balanced Fund (c) |
8,752 | None | Immediate | None | None | |||||||
| BlackRock Equity Index Fund (d) |
22,711 | None | Immediate | None | None | |||||||
| U.S. Small Cap Equity Fund (e) |
16,281 | None | Immediate | None | None | |||||||
| Spectra Energy Common Stock Fund (f) |
184,203 | None | Immediate | Immediate | None | |||||||
| BlackRock Large Cap Value Fund (g) |
20,488 | None | Immediate | None | None | |||||||
| U.S. Large Cap Growth Equity Fund (h) |
18,326 | None | Immediate | None | None | |||||||
| Duke Energy Common Stock Fund (i) |
11,728 | None | Immediate | No exchanges into this fund |
None | |||||||
| * | The fair values of the investments have been estimated using the net asset value of the investment. |
| (a) | The State Street Global Advisory (SSGA) Conservative Balanced Fund seeks to provide a stand-alone, well-diversified investment fund for investors who have a short-to-medium investment time frame or are looking for a single investment fund that provides an opportunity for stable income with controlled risk in addition to some growth. |
| (b) | The SSGA Moderate Balanced Fund seeks to provide a stand-alone, well-diversified investment fund for investors who have a longer investment time frame or are looking for a single investment fund that provides the opportunity for income and long-term capital growth. |
| (c) | The SSGA Aggressive Balanced Fund seeks to provide a stand-alone, well-diversified investment fund for investors who have a longer investment time frame or are looking for a single investment fund that provides the opportunity for long-term capital growth and some income. |
| (d) | The BlackRock Equity Index Fund seeks to provide long-term capital growth and income by attempting to provide results that track the performance of the Standard & Poors 500 (S&P 500) Index. |
| (e) | The U.S. Mid/Small Cap Strategy Fund and U.S. Small Cap Equity Fund seek a return (capital appreciation and current income) greater than that of the Russell 2500 Index. In doing so, the fund will place relatively greater emphasis on capital appreciation than on current income. |
| (f) | The Spectra Energy Common Stock Fund is for investors seeking capital appreciation over the long-term through, and with an acceptance of the volatility inherent with, investment in a single company’s stock. |
| (g) | The BlackRock Large Cap Value Fund seeks to provide investors with a method of capturing the returns of the market of large U.S. value stocks. |
| (h) | The U.S. Large Cap Growth Equity Fund seeks to provide investors with a method of capturing the returns of the market of large U.S. growth stocks. |
| (i) | The Duke Energy Common Stock Fund is for investors seeking capital appreciation over the long-term through, and with an acceptance of the volatility inherent with, investment in a single company’s stock. This fund is “frozen,” meaning that participants may exchange their investment out of, but may not increase their investment in, the Duke Energy Common Stock Fund. |
12
Retirement Savings Plan
Form 5500, Schedule H, Part IV, Line 4i-Schedule of Assets (Held at End of Year)
EIN: 20-5413139 PN: 002
| (a) |
(b) Identity of Issuer, Borrower, Lessor or Similar Party |
(c) Description of Investment including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value |
(d) Cost | (e) Current Value |
||||||||
| December 31, 2010 | ||||||||||||
| (in thousands) | ||||||||||||
| Interest bearing cash |
Interest bearing cash | $ | ** | $ | 5,914 | |||||||
| Vanguard Prime Money Market Fund |
Money Market Fund | ** | 71,414 | |||||||||
| Registered Investment Funds: |
||||||||||||
| Templeton Foreign Equity Fund |
Registered Investment Fund | ** | 17,979 | |||||||||
| PIMCO Total Return Fund |
Registered Investment Fund | ** | 37,680 | |||||||||
| American Beacon Small Cap Value Equity Fund |
Registered Investment Fund | ** | 1,262 | |||||||||
| Total registered investment funds |
56,921 | |||||||||||
| Common Collective Trust Funds: | ||||||||||||
| BlackRock Equity Index Fund |
Common Collective Trust Fund | ** | 26,267 | |||||||||
| Robeco Large Cap Value Fund |
Common Collective Trust Fund | ** | 22,028 | |||||||||
| State Street Global Advisory-Conservative Balanced Fund |
Common Collective Trust Fund | ** | 9,051 | |||||||||
| State Street Global Advisory-Moderate Balanced Fund |
Common Collective Trust Fund | ** | 9,587 | |||||||||
| State Street Global Advisory-Aggressive Balance Fund |
Common Collective Trust Fund | ** | 10,016 | |||||||||
| Rainier U.S. Large Cap Growth Equity Fund |
Common Collective Trust Fund | ** | 21,326 | |||||||||
| TCW U.S. Small Cap Growth Equity Fund |
Common Collective Trust Fund | ** | 1,068 | |||||||||
| BlackRock US Debt Fund |
Common Collective Trust Fund | ** | 1,284 | |||||||||
| BlackRock LifePath Retirement Fund |
Common Collective Trust Fund | ** | 182 | |||||||||
| BlackRock LifePath 2015 Fund |
Common Collective Trust Fund | ** | 1,135 | |||||||||
| BlackRock LifePath 2020 Fund |
Common Collective Trust Fund | ** | 2,230 | |||||||||
| BlackRock LifePath 2025 Fund |
Common Collective Trust Fund | ** | 1,263 | |||||||||
| BlackRock LifePath 2030 Fund |
Common Collective Trust Fund | ** | 551 | |||||||||
| BlackRock LifePath 2035 Fund |
Common Collective Trust Fund | ** | 115 | |||||||||
| BlackRock LifePath 2040 Fund |
Common Collective Trust Fund | ** | 118 | |||||||||
| BlackRock LifePath 2045 Fund |
Common Collective Trust Fund | ** | 56 | |||||||||
| BlackRock LifePath 2050 Fund |
Common Collective Trust Fund | ** | 142 | |||||||||
| Total common and collective trust funds |
106,419 | |||||||||||
| Common and Company Stock | ||||||||||||
| * |
Spectra Energy Corp |
Common Stock | 192,104 | 228,087 | ||||||||
13
| Separately Managed Fund | ||||||||||||
| U.S. Mid/Small Cap Strategy Fund |
Separately Managed Fund | ** | ||||||||||
| Aaron’s Inc |
129 | |||||||||||
| Advance America Cash Advance Centers Inc |
19 | |||||||||||
| AEP Industries Inc |
8 | |||||||||||
| Agco Corp |
278 | |||||||||||
| Agree Realty Corp |
14 | |||||||||||
| Air T Inc |
3 | |||||||||||
| Air Transport Services Grp I |
21 | |||||||||||
| Aircastle Ltd |
35 | |||||||||||
| Alaska Air Group Inc |
153 | |||||||||||
| Albany International Corp |
43 | |||||||||||
| Amer Independence |
3 | |||||||||||
| American Pacific Corp |
3 | |||||||||||
| American Safety Ins Hldgs Ltd |
7 | |||||||||||
| American Water Works Co Inc |
225 | |||||||||||
| Ameristar Casinos Inc |
28 | |||||||||||
| Ampco-Pittsburgh Corp |
11 | |||||||||||
| Applied Micro Circuits Corp |
47 | |||||||||||
| Arch Chemicals Inc |
64 | |||||||||||
| Arrow Electronics Inc |
265 | |||||||||||
| Ashford Hospitality Trust Inc |
35 | |||||||||||
| Aspen Insurance Holdings Ltd |
88 | |||||||||||
| Astec Industries Inc |
25 | |||||||||||
| Atlas Air Worldwide Holdings Inc |
96 | |||||||||||
| Atmos Energy Corp |
25 | |||||||||||
| Aviat Networks Inc |
7 | |||||||||||
| Avid Technology |
24 | |||||||||||
| Avis Budget Group |
30 | |||||||||||
| Avnet Inc |
218 | |||||||||||
| Ball Corp |
330 | |||||||||||
| Bancorp Rhode Island |
9 | |||||||||||
| Barnes & Noble Inc |
37 | |||||||||||
| Barry R G Corp Ohio |
2 | |||||||||||
| Benchmark Electronics Inc |
51 | |||||||||||
| Benihana Inc |
6 | |||||||||||
| Berkshire Hills Bancorp Inc |
6 | |||||||||||
| Black Box Corp |
69 | |||||||||||
| Blyth Inc |
17 | |||||||||||
| Bob Evans Farms Inc |
44 | |||||||||||
| Boyd Gaming Corp |
38 | |||||||||||
| Briggs & Stratton Corp |
61 | |||||||||||
| Brooks Automation Inc |
15 | |||||||||||
| C S G Systems International Inc |
44 | |||||||||||
| C&F Financial Corp |
6 | |||||||||||
| Cabela’s Inc |
61 | |||||||||||
| Cabot Corp |
69 | |||||||||||
| CACI International Inc |
116 | |||||||||||
| Cambrex Corp |
12 | |||||||||||
| Career Education Corp |
91 | |||||||||||
| Carrols Restaurant Group Inc |
7 | |||||||||||
| Casey’s General Stores Inc |
67 | |||||||||||
| Cash America International Inc |
74 | |||||||||||
| CBL & Assoc Pptys Inc |
7 | |||||||||||
| CEC Entertainment Inc |
66 | |||||||||||
| Cedar Shopping Ctrs Inc |
23 | |||||||||||
| Century Bancorp Inc/MA |
5 | |||||||||||
| Chase Corporation |
8 | |||||||||||
14
| China Sky One Medical Inc |
7 | |||||||||
| China-Biotics Inc |
19 | |||||||||
| Choice Hotels International Inc |
14 | |||||||||
| Ciber Inc |
28 | |||||||||
| Coca-cola Bottling |
11 | |||||||||
| Codorus Valley Bancorp Inc |
3 | |||||||||
| Cognex Corp |
22 | |||||||||
| Coherent Inc |
16 | |||||||||
| Coldwater Creek Inc |
13 | |||||||||
| Coleman Cable Inc |
4 | |||||||||
| Commonwealth REIT |
110 | |||||||||
| Communications Systems Inc |
7 | |||||||||
| Complete Production Services Inc |
127 | |||||||||
| Concurrent Computer Corp |
3 | |||||||||
| Conmed Corp |
9 | |||||||||
| Conn’s Inc |
3 | |||||||||
| Constellation Brands Inc |
332 | |||||||||
| Convergys Corp |
102 | |||||||||
| Core-mark Holding Co Inc |
25 | |||||||||
| Corn Products International Inc |
235 | |||||||||
| Covenant Transportation Group Inc |
9 | |||||||||
| Coventry Health Care Inc |
203 | |||||||||
| Cracker Barrel Old Ctry Store |
94 | |||||||||
| Crane Co |
140 | |||||||||
| Crawford & Co |
3 | |||||||||
| Cross (a.T.) Co |
10 | |||||||||
| Cubist Pharmaceuticals Inc |
81 | |||||||||
| Curtiss Wright Corp |
29 | |||||||||
| Cypress Semiconductor Corp |
203 | |||||||||
| Daily Journal Corp |
12 | |||||||||
| Dana Holding Corp |
33 | |||||||||
| Delta Apparel, Inc. |
5 | |||||||||
| Delta Natural Gas Co Inc |
9 | |||||||||
| Deluxe Corp |
84 | |||||||||
| Denny’s Corp |
17 | |||||||||
| Dineequity Inc |
59 | |||||||||
| Dish Network Corp |
40 | |||||||||
| Dollar Financial Corp |
54 | |||||||||
| Domtar Corp |
213 | |||||||||
| Douglas Emmett Inc |
106 | |||||||||
| Dover Downs Gaming & Entertainment Inc |
1 | |||||||||
| Ducommun Inc |
19 | |||||||||
| DXP Enterprises Inc |
14 | |||||||||
| Dynamics Research Corp |
11 | |||||||||
| Eastman Chemical Co |
378 | |||||||||
| Education Management Corp |
29 | |||||||||
| Electronics for Imaging Inc |
43 | |||||||||
| Elizabeth Arden Inc |
38 | |||||||||
| EMS Technologies Inc |
22 | |||||||||
| Endo Pharmaceuticals Holdings Inc |
229 | |||||||||
| Energizer Holdings Inc |
211 | |||||||||
| Enersys |
102 | |||||||||
| Ennis Inc |
29 | |||||||||
| ePlus Inc |
7 |
15
| Esterline Technologies Corp |
144 | |||||||||||
| Ethan Allen Interiors Inc |
34 | |||||||||||
| EZcorp Inc |
81 | |||||||||||
| Fair Isaac Corp |
33 | |||||||||||
| Fairchild Semiconductor International Inc |
127 | |||||||||||
| Federal Agric Mtg Corp |
10 | |||||||||||
| FEI Co |
14 | |||||||||||
| FiberTower Corp |
14 | |||||||||||
| First Defiance Financial Corp |
7 | |||||||||||
| First Financial Holdings Inc |
13 | |||||||||||
| First Finl Svc Corp |
1 | |||||||||||
| First Horizon National Corp |
143 | |||||||||||
| FirstMerit Corp |
23 | |||||||||||
| Five Star Quality Care |
16 | |||||||||||
| Flexsteel Industries |
9 | |||||||||||
| Fossil Inc |
233 | |||||||||||
| Frisch’s Restaurants Inc |
7 | |||||||||||
| Full House Resorts, Inc. |
4 | |||||||||||
| Furniture Brands Int |
16 | |||||||||||
| G&K Services Inc |
9 | |||||||||||
| Gamestop Corp |
213 | |||||||||||
| Gannett Co Inc |
213 | |||||||||||
| Genco Shipping & Trading Ltd |
27 | |||||||||||
| Genesco Inc |
64 | |||||||||||
| Gentiva Health Services Inc |
59 | |||||||||||
| Gerber Scientific Int |
13 | |||||||||||
| Gibraltar Industries Inc |
27 | |||||||||||
| GMX Resources Inc |
2 | |||||||||||
| Golden Enterprises Inc |
3 | |||||||||||
| Gulf Resources Inc |
21 | |||||||||||
| Gulfmark Offshore Inc |
49 | |||||||||||
| Harbin Electric Inc |
31 | |||||||||||
| Hastings Entertainment Inc |
4 | |||||||||||
| Haverty Furniture Cos Inc |
16 | |||||||||||
| Hawaiian Holdings |
22 | |||||||||||
| Health Net Inc |
191 | |||||||||||
| Helen of Troy Ltd |
54 | |||||||||||
| Helix Energy Solutions Grp I |
84 | |||||||||||
| Hill Rom Hldgs Inc |
177 | |||||||||||
| Holly Corp |
109 | |||||||||||
| Horace Mann Educators Corp |
26 | |||||||||||
| Horizon Bancorp/IN |
8 | |||||||||||
| Hormel Foods Corp |
20 | |||||||||||
| Hospitality Properties Trust |
143 | |||||||||||
| HQ Sustainable Maritime Industries Inc |
4 | |||||||||||
| HSN Inc |
56 | |||||||||||
| Hubbell Inc |
222 | |||||||||||
| Hughes Communications Inc |
8 | |||||||||||
| Huntsman Corp |
187 | |||||||||||
| IAC InterActiveCorp |
155 | |||||||||||
| Iconix Brand Grp |
51 | |||||||||||
| IDT Corp |
49 | |||||||||||
| Imation Corp |
23 | |||||||||||
| Indiana Community Bancorp |
5 |
16
| Ingram Micro Inc |
172 | |||||||||
| Innospec Inc |
37 | |||||||||
| Insight Enterprises Inc |
41 | |||||||||
| Integrated Device Technology Inc |
71 | |||||||||
| International Coal Group Inc |
69 | |||||||||
| International Flavors & Fragrances Inc |
135 | |||||||||
| International Shipholding Corp |
10 | |||||||||
| Interpublic Group of Cos Inc |
312 | |||||||||
| Intersections Inc |
1 | |||||||||
| Invacare Corp |
69 | |||||||||
| Isle of Capri Casinos Inc |
11 | |||||||||
| Itron Inc |
89 | |||||||||
| Jarden Corp |
160 | |||||||||
| Jefferson Bancshares Inc TN |
2 | |||||||||
| Jo-Ann Stores Inc |
120 | |||||||||
| JOS A Bank Clothiers Inc |
85 | |||||||||
| JW Mays Inc |
3 | |||||||||
| Kelly Services Inc |
40 | |||||||||
| Kemet Corp |
23 | |||||||||
| Kennametal Inc |
8 | |||||||||
| Kenneth Cole Productions Inc |
7 | |||||||||
| Kewaunee Scientific Corp |
4 | |||||||||
| Kindred Healthcare Inc |
54 | |||||||||
| Lakeland Industries Inc |
4 | |||||||||
| Lattice Semiconductor Corp |
47 | |||||||||
| Lawson Products |
2 | |||||||||
| Lexington Realty Trust |
60 | |||||||||
| Lexmark International Inc |
194 | |||||||||
| Littelfuse Inc |
20 | |||||||||
| Mack-Cali Realty Corp |
145 | |||||||||
| Marlin Business Services Corp |
8 | |||||||||
| McCormick & Schmick’s Seafood Restaurants |
9 | |||||||||
| Measurement Specialties Inc |
29 | |||||||||
| Medicines Co/The |
52 | |||||||||
| Mentor Graphics Corp |
83 | |||||||||
| Merchants Bancshares Inc |
11 | |||||||||
| Mindspeed Technologies Inc |
13 | |||||||||
| Mission West Pptys Inc MD |
9 | |||||||||
| Monarch Financial Holdings Inc |
3 | |||||||||
| Motorcar Pts Amer Inc |
10 | |||||||||
| Nash Finch Co |
38 | |||||||||
| National Semiconductor Corp |
19 | |||||||||
| National Western Life Insurance Co |
40 | |||||||||
| Navistar International Corp |
243 | |||||||||
| NCR Corp |
154 | |||||||||
| Nelnet Inc |
43 | |||||||||
| Ness Technologies Inc |
12 | |||||||||
| Net 1 UEPS Technologies Inc |
32 | |||||||||
| New Hampshire Thrift Bncshrs Inc |
5 | |||||||||
| Newmarket Corp |
99 | |||||||||
| Northwest Bancshares Inc |
76 | |||||||||
| Nu Skin Enterprises Inc |
101 | |||||||||
| Ocean Shore Holding Co |
5 | |||||||||
| O’charleys Inc |
9 |
17
| Office Depot Inc |
97 | |||||||||
| Oil Sts Intl Inc |
218 | |||||||||
| Om Group Inc |
85 | |||||||||
| One Liberty Props |
6 | |||||||||
| Oneok Inc |
349 | |||||||||
| Orthofix International NV |
37 | |||||||||
| Oshkosh Corp |
142 | |||||||||
| Pantry Inc/the |
30 | |||||||||
| Parkway Properties Inc. |
28 | |||||||||
| PC Connection Inc |
6 | |||||||||
| PC Mall Inc |
6 | |||||||||
| PDL Biopharma Inc |
12 | |||||||||
| Pennsylvania Real Est Invt Tr |
18 | |||||||||
| PEP Boys-Manny Moe & Jack |
43 | |||||||||
| Perry Ellis International Inc |
19 | |||||||||
| Pervasive Software Inc |
6 | |||||||||
| Pinnacle Entertainment Inc |
53 | |||||||||
| PNM Resources Inc |
43 | |||||||||
| Premiere Global Svcs Inc |
29 | |||||||||
| QC Holdings Inc |
1 | |||||||||
| QCR Holdings Inc |
2 | |||||||||
| RadioShack Corp |
165 | |||||||||
| Radisys Corp |
15 | |||||||||
| Reading Intrl Inc |
7 | |||||||||
| Red Lion Hotels Corp |
8 | |||||||||
| Regal Beloit Corp |
52 | |||||||||
| Regis Corp |
69 | |||||||||
| Reinsurance Group of America Inc |
247 | |||||||||
| Reis Inc |
5 | |||||||||
| Rent-A-Center Inc |
148 | |||||||||
| Republic Awys Hldgs Inc |
16 | |||||||||
| Republic Bancorp Inc/KY |
19 | |||||||||
| Revlon Inc |
30 | |||||||||
| Rock-tenn Company |
135 | |||||||||
| Rudolph Techs Inc |
17 | |||||||||
| Ryder System Inc |
179 | |||||||||
| Saga Communications Inc |
6 | |||||||||
| Salem Communications Corp |
4 | |||||||||
| Sanfilippo John B & Son |
9 | |||||||||
| Schulman A Inc |
16 | |||||||||
| SEACOR Holdings Inc |
136 | |||||||||
| Sifco Industries Inc |
7 | |||||||||
| Skywest Inc |
61 | |||||||||
| SL Industries Inc |
7 | |||||||||
| Smart Modular Technologies Wwh Inc |
20 | |||||||||
| Smithfield Foods Inc |
76 | |||||||||
| Southern Missouri Bancorp Inc |
2 | |||||||||
| Southern Union Co NE |
183 | |||||||||
| Span-america Medical Systems Inc |
5 | |||||||||
| Sparton Corp |
1 | |||||||||
| Spirit Aerosystems Holdings Inc |
13 | |||||||||
| SPX Corp |
207 | |||||||||
| Standard Motor Products Inc |
18 | |||||||||
| Standard Register Co |
4 |
18
| Starrett (l.S.) Co |
6 | |||||||||||
| Steelcase Inc |
56 | |||||||||||
| Stepan Co |
41 | |||||||||||
| Strategic Hotels & Resorts Inc |
7 | |||||||||||
| Strattec Security Corp |
10 | |||||||||||
| Sun Bancorp Inc/NJ |
3 | |||||||||||
| Sunpower Corp |
5 | |||||||||||
| Sunstone Hotel Investors Inc |
61 | |||||||||||
| Superior Energy Services Inc |
36 | |||||||||||
| Surewest Communications |
10 | |||||||||||
| Susser Holdings Corp |
7 | |||||||||||
| Synnex Corp |
47 | |||||||||||
| Synopsys Inc |
295 | |||||||||||
| Systemax Inc |
10 | |||||||||||
| Take Two Interactive Softwr Inc |
32 | |||||||||||
| Tech Data Corp |
8 | |||||||||||
| Teche Holding Co |
7 | |||||||||||
| Technology Research Corp |
2 | |||||||||||
| Telephone & Data Systems Inc |
17 | |||||||||||
| Tesoro Corp |
171 | |||||||||||
| Textainer Group Holdings Ltd |
20 | |||||||||||
| The Hallwood Group Incorporated |
5 | |||||||||||
| The Jones Apparel Group |
67 | |||||||||||
| Thomas & Betts Corp |
179 | |||||||||||
| Timberland Co |
78 | |||||||||||
| Timken Co |
234 | |||||||||||
| Tollgrade Communications Inc |
9 | |||||||||||
| Toro Co |
129 | |||||||||||
| Tower Financial Corp |
2 | |||||||||||
| Transatlantic Holdings Inc |
36 | |||||||||||
| Tree.com Inc |
5 | |||||||||||
| Trinity Industries |
147 | |||||||||||
| U S Airways Group Inc |
105 | |||||||||||
| UFP Technologies Inc |
5 | |||||||||||
| Ultrapetrol Bahamas Ltd |
10 | |||||||||||
| Unifi Inc |
18 | |||||||||||
| Unifirst Corp Mass |
53 | |||||||||||
| United Online Inc |
46 | |||||||||||
| United Stationers Inc |
108 | |||||||||||
| Universal American Corp |
31 | |||||||||||
| Universal Insurance Holdings Inc |
6 | |||||||||||
| Validus Holdings Ltd |
147 | |||||||||||
| Vishay Intertechnology Inc |
133 | |||||||||||
| Wabtec Corp |
116 | |||||||||||
| Walter Energy Inc |
422 | |||||||||||
| Watts Water Technologies Inc |
33 | |||||||||||
| West Marine Inc |
13 | |||||||||||
| Willis Lease Finance Corp |
8 | |||||||||||
| World Acceptance Corp |
58 | |||||||||||
| Zygo Corp |
12 | |||||||||||
| Total U.S. Mid/Small Cap Strategy Fund |
19,427 | |||||||||||
| Total investments |
488,182 | |||||||||||
| Spectra Energy Loan Fund-Participant Loans |
Interest rates ranging from 4.25% to 10.50%, maturing through 2025 |
-0- | 8,255 | |||||||||
| $ | 496,437 | |||||||||||
19
| * | Party-in-interest (Note 6). |
| ** | Cost information is not required for participant-directed investments and therefore is not provided. |
20
Retirement Savings Plan
Form 5500, Schedule H, Part IV, Line 4j-Schedule of Reportable Transactions
EIN: 20-5413139 PN: 002
for the Year Ended December 31, 2010
| (a) Identity of Party Involved |
(b) Description of Asset |
(c) Purchase Price | (d) Selling Price | (e) Cost of Asset | (f) Current Value of Asset on Transaction Date |
(g) Net Gain / (Loss) |
||||||||||||||||
| SERIES TRANSACTIONS | ||||||||||||||||||||||
| *Fidelity Management Trust Company |
Spectra Energy Common Stock Fund | |||||||||||||||||||||
| (3,900 Sales) |
$ | 166,604,639 | $ | 161,797,746 | $ | 166,604,639 | $ | 4,806,893 | ||||||||||||||
| (2,921 Purchases) |
$ | 173,750,590 | 173,750,590 | |||||||||||||||||||
| *Fidelity Management Trust Company |
Duke Energy Common Stock Fund | |||||||||||||||||||||
| (13 Sales) |
11,002,294 | 8,783,721 | 11,002,294 | 2,218,573 | ||||||||||||||||||
| (0 Purchases) |
— | — | ||||||||||||||||||||
| * | Represents a party-in-interest to the Plan. |
21
Pursuant to the requirements of the Securities Exchange Act of 1934, the Spectra Energy Corp Benefits Administrative Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
| Spectra Energy Retirement Saving Plan | ||||
| Date June 17, 2011 | By: | /s/ Charlotte Wayland | ||
| Charlotte Wayland | ||||
| VP Executive and U.S. Benefits | ||||
22
(a) Exhibits
| Exhibit |
||
| 23.1 | Consent of Independent Registered Public Accounting Firm. | |
| 23.2 | Consent of Independent Registered Public Accounting Firm. | |
23