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, 2001
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 0-24612
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
ADTRAN, INC. 401(k) RETIREMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
ADTRAN, INC.
901 Explorer Boulevard
Huntsville, Alabama 35806-2807
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.
ADTRAN, INC. 401(k) RETIREMENT PLAN
Date: June 27, 2002 /s/ James E. Matthews
-----------------------------------
James E. Matthews
Senior Vice President - Finance and
Chief Financial Officer
ADTRAN, Inc.
401(k) Retirement Plan
Financial Statements and Supplemental Schedules
December 31, 2001 and 2000
ADTRAN, Inc. 401(k) Retirement Plan
Table of Contents
- --------------------------------------------------------------------------------
Pages
Report of Independent Accountants 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits
December 31, 2001 and 2000 2
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 2001 3
Notes to Financial Statements 4 - 9
*Supplemental Schedules:
Schedule of Assets Held For Investment Purposes
as of December 31, 2001 10
Schedule of Reportable Transactions
for the Year Ended December 31, 2001 11 - 13
*Other schedules required by 29 CFR 2520.130-10 of the Department of Labor's
Rules and Regulations for Disclosure under the Employee Retirement Income
Security Act of 1974 have been omitted because they are not applicable.
Report of Independent Accountants
To the Participants and Administrator of the
ADTRAN, Inc. 401(k) Retirement Plan
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statement of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
plan benefits of ADTRAN, Inc. 401(k) Retirement Plan (the "Plan") at December
31, 2001 and 2000, and the changes in net assets available for plan benefits for
the year ended December 31, 2001 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 auditing standards
generally accepted in the United States of America, which 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 schedules, as listed on
the accompanying 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. These supplemental schedules are the responsibility of the
Plan's management. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ PricewaterhouseCoopers LLP
June 27, 2002
1
ADTRAN, Inc. 401(k) Retirement Plan
Statements of Net Assets Available for Plan Benefits
December 31, 2001 and 2000
- --------------------------------------------------------------------------------
2001 2000
ASSETS
Investments, at market value:
Pooled separate accounts $ 31,931,963 $ 24,452,424
Participant loans 1,072,535 1,142,093
ADTRAN stock fund 907,862 414,021
Investments, at contract value:
Guaranteed investment contracts - 3,299,540
------------- ------------
Total investments 33,912,360 29,308,078
------------- ------------
Contributions receivable:
Employer 45,849 39,185
Employee 103,189 90,345
------------- ------------
149,038 129,530
------------- ------------
Net assets available for plan benefits $ 34,061,398 $ 29,437,608
============= ============
The accompanying notes are an integral part of these financial statements.
2
ADTRAN, Inc. 401(k) Retirement Plan
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 2001
- --------------------------------------------------------------------------------
Investment loss:
Interest and dividend income $ 878,507
Net depreciation in market value of investments (2,941,885)
------------
Total investment loss (2,063,378)
------------
Contributions:
Employee contributions 5,399,639
Rollover contributions 633,809
Employer contributions 2,444,908
-------------
Total contributions 8,478,356
-------------
Total additions 6,414,978
-------------
Benefits payments 1,784,111
Administrative expenses 7,077
-------------
Total deductions 1,791,188
-------------
Net increase 4,623,790
Net assets available for plan benefits:
Beginning of year 29,437,608
-------------
End of year $ 34,061,398
=============
The accompanying notes are an integral part of these financial statements.
3
ADTRAN, Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Years Ended December 31, 2001 and 2000
- --------------------------------------------------------------------------------
1. Description of the Plan
The following description of the ADTRAN, Inc. 401(k) Retirement Plan
(the Plan) provides only general information. Participants should refer
to the Plan Document for a more complete description of the Plan's
provisions.
General - ADTRAN, Inc. (the Company and the Employer) formed the Plan
effective January 1, 1990 to provide certain retirement benefits for
its employees. The Plan is a defined contribution plan subject to the
provisions set forth in the Employee Retirement Income Security Act of
1974 (ERISA) and the provisions of Internal Revenue Service (IRS) Code
Sections 401(a) and 401(k). The Plan is funded by discretionary
employee contributions as well as nondiscretionary employer
contributions. The plan assets are held by Fidelity Management Trust
Company (Fidelity) which executes investment transactions, receives the
plan contributions, credits participants' individual accounts and pays
benefits to participants and their beneficiaries in accordance with the
provisions of the Plan. The Plan was amended, effective July 1, 1997,
to allow the Company's common stock to be purchased by the Plan.
Effective January 1, 2001, the Company's Board of Directors adopted
various revisions to the Plan. The revisions included changing the name
of the Plan to the ADTRAN, Inc. 401(k) Retirement Plan and adopting
various amendments to bring the Plan into compliance with the
provisions of IRS Code Section 401(k)(12)(c) as a "design-based safe
harbor" plan for nondiscrimination purposes. As amended, the Plan
provides that the Company will make nonelective contributions of 3% of
each eligible participant's annual compensation. Participants cannot
receive such nonelective contributions until separation from service,
disability or death. In addition, the Plan no longer requires (or
permits) the Company to make matching contributions for employee
elective deferrals. Under the Plan as amended, there is no longer a
minimum age requirement for employees to be eligible to participate,
and there is no longer a minimum service required for employees to be
eligible to make elective deferrals under the Plan. As amended, the
Plan permits participants to change their contribution rate as of the
first payroll period of each quarter. However, employees must complete
one year of service to be eligible for the "safe harbor" contribution
of 3% of their compensation.
Effective March 1, 2001, the Plan was further amended in connection
with the appointment of Fidelity as trustee and recordkeeper of the
Plan. This amendment permitted participants to elect to receive a
distribution from the Plan in the form of company stock. Also, the Plan
loan provisions were modified to limit outstanding loans to two at a
time. Furthermore, effective March 1, 2001, employees hired before
January 1, 2001 became eligible for the "safe harbor" nonelective
contribution after 6 months of service. Employees hired on or after
January 1, 2001 were required to complete a year of service to be
eligible for the "safe harbor" nonelective contribution.
The Plan was amended a third time during 2001. The amendment, effective
December 1, 2001, excluded co-op employees hired on or after December
1, 2001 from participation in the Plan.
Effective March 1, 2001, the Board of Directors appointed Fidelity
Management Trust Company (Fidelity) as trustee and recordkeeper of the
Plan. Thus, all investment transactions qualify as party-in-interest
transactions. The plan assets were transferred to Fidelity on March 1,
2001.
4
ADTRAN, Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Years Ended December 31, 2001 and 2000
- --------------------------------------------------------------------------------
The change in trustees initiated a "Black Out" period beginning January
31, 2001 and continuing through April 16, 2001. During this period, new
contributions could not be invested in the employee-selected funds and
existing contributions could not be moved from the funds previously
selected with the former trustee. Furthermore, the funds could not be
withdrawn from the Plan until the Trustee had time to accurately
complete the conversion. During this period, employee contributions
continued to be made through payroll deductions and were held by the
Company until the end of the Black Out period. At the end of the Black
Out period, the contributions were subsequently remitted to Fidelity
and invested in various investment options as requested by each
participant.
Eligibility - All regular employees are eligible to participate in the
elective deferral portion of the Plan immediately upon hire, and in the
safe harbor nonelective portion of the Plan following the completion of
one year of service (except seasonal and co-op employees, leased
employees, and nonresident aliens with no U.S.-source income).
Contributions - Eligible employees that participate in the Plan may
elect to have the Company contribute any whole percentage up to 16% of
their compensation (as defined in the Plan Document) to the Plan on
their behalf, subject to the maximum allowed by the IRS ($10,500 per
participant in 2001).
Under the terms of the Plan, the Company is required to make
nonelective contributions of 3% of each eligible participant's
compensation.
Participant Accounts - Each participant's account is credited with the
employee's contribution and the Company's nonelective contribution
(and in past years, matching contributions), plus plan earnings.
Allocations of earnings are based on account balances, as defined more
fully in the Plan Document. Each participant directs how contributions
made to the Plan on his/her behalf are to be invested among the
investment options available under the Plan. The Plan currently offers
twenty-one pooled separate accounts and a company stock fund.
Allocations of company contributions each year are based on each
participant's compensation, as defined in the Plan Document. The
benefit to which a participant is entitled is the benefit that can be
provided from the participant's account.
Vesting - Employees are always 100% vested in their accounts under the
Plan.
Retirement Date - The normal retirement date is the first day of the
calendar month following the date a participant reaches age 62. Early
retirement is permitted after a participant reaches age 59-1/2.
Distribution of Benefits - Benefits commence upon one of several dates:
normal retirement, early retirement, date of disability, pre-retirement
death and upon termination other than described above. Benefits are
distributed by means of either a lump sum payment or by one of various
conventional annuity options.
Other - The Plan allows for participant hardship withdrawals at any
time from the pre-tax, rollover and matching portions of a
participant's account if certain conditions are met. The Plan also
allows for in-service withdrawals at age 59-1/2 from the pre-tax,
rollover and matching portions of a participant's account.
5
ADTRAN, Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Years Ended December 31, 2001 and 2000
- --------------------------------------------------------------------------------
Participant Loans - Participants may borrow a minimum of $1,000 from
their fund accounts up to a maximum equal to the lesser of $50,000 or
50% of their account balance. Loan transactions are treated as
transfers between the investment fund and the participant loan fund.
Loan terms range from one to five years unless such loan is used to
acquire a principal residence. The outstanding loans at December 31,
2001 are collateralized by the balances in the participants' accounts
and bear interest at rates commensurate with local prevailing rates as
determined quarterly by the plan administrator. Interest rates range
from 5.75% to 10.5% for loans that were outstanding as of December 31,
2001.
Administrative Expenses - All expenses incident to the functioning of
the Plan may be paid out of plan assets unless paid by the Company.
Accrued expenses constitute a liability of the Plan until paid, and may
be reimbursed by the Company. Any such reimbursement is not considered
an employer contribution.
Plan Termination - While it is the intention of the Company to
permanently continue the Plan, the Company has the right to amend or
terminate the Plan at any time upon written notice to the plan
administrator and Trustee. No amendment may permit any plan assets to
revert to the Employer or be used for any purpose other than to provide
benefits to participants and their beneficiaries. Upon termination of
the Plan, plan assets will be distributed to participants and their
beneficiaries in accordance with the Plan and subject to IRS and ERISA
guidelines.
2. Summary of Significant Accounting Policies
The following is a summary of accounting policies utilized in the
financial statements which were prepared in accordance with accounting
principles generally accepted in the United States of America.
Basis of Accounting - The accompanying financial statements of the Plan
are maintained on the accrual basis of accounting.
Valuation of Investments - The Plan's investments are stated at market
value. The shares of pooled separate accounts are valued at quoted
market prices, which represent the net asset value of shares held by
the Plan at year-end. The market value of equity securities which are
traded on a national exchange are valued at the last reported sales
price on the last business day of the plan year. Purchases and sales of
investments are reflected as of the trade date. Dividend and interest
income is recorded when earned. Participant loans are valued at their
outstanding balances, which approximate market value.
The Plan presents, in the statement of changes in net assets available
for plan benefits, the net appreciation (depreciation) in the market
value of its investments which consists of the realized gains or losses
and the unrealized appreciation (depreciation) on those investments.
Contributions - Contributions from the Employer are accrued based on
amounts declared by the Company. Contributions from employees are
recorded in the period in which the Company makes the deductions from
the participants' payroll.
Risks and Uncertainties - The Plan provides for various investment
options which in turn invest in any combination of stocks, bonds and
other investment securities. Investment securities are exposed to
various risks such as interest rate, market and credit risks. Due to
the level of risk
6
ADTRAN, Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Years Ended December 31, 2001 and 2000
- --------------------------------------------------------------------------------
associated with certain investment securities and the
level of uncertainty related to changes in the value of investment
securities, it is at least reasonably possible that changes in risks in
the near term could materially affect participants' account balances
and the amounts reported in the statement of net assets available for
plan benefits and the statement of changes in net assets available for
plan benefits.
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 and the reported amounts of additions and
deductions during the reporting periods. Actual results could differ
from those estimates.
3. Investments
The Plan's investments, other than participant loans and the ADTRAN
stock fund, are held in unallocated contracts or pooled separate
accounts sponsored by the Trustee. Investments as of December 31,
2001 and 2000 and investment information for the year ended December
31, 2001 are as follows:
Description 2001 2000
----------- ---------- ------------
Guaranteed investment contracts:
AUSA Stable Fund $ - $ 2,608,057
AUSA Government Fixed Fund - 691,483
Pooled separate accounts:
AUSA Money Market Fund - 517,806
AUSA Value and Income Fund - 3,811,365
AUSA Growth and Income Fund - 5,252,928
AUSA Special Equity Fund - 4,867,055
AUSA Intermediate Government Bond Fund - 944,768
AUSA Balanced Fund - 2,649,548
AUSA Government/Corporate Bond Fund - 370,390
AUSA Short Horizon SAF Fund - 128,594
AUSA Intermediate Horizon SAF Fund - 1,031,946
AUSA Inter/Long Horizon SAF Fund - 1,681,815
Diversified Stock Index Fund - 1,613,428
Diversified Aggressive Equity Fund - 997,278
Diversified Equity Growth Fund - 386,185
Diversified International Fund 199,318
Fidelity Managed Income Portfolio Fund 3,256,078 -
Fidelity Retirement Money Market Fund 883,867 -
Fidelity Equity Income Fund 4,063,997 -
Fidelity Fund 4,980,923 -
MSI Small Company Growth B Fund 5,030,042 -
Fidelity Government Income Fund 2,010,392 -
Fidelity Balanced Fund 2,917,681 -
Fidelity US BD Index Fund 632,997 -
Fidelity Freedom 2000 Fund 632,287 -
7
ADTRAN, Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Years Ended December 31, 2001 and 2000
- --------------------------------------------------------------------------------
Fidelity Freedom 2010 Fund 829,138 -
Fidelity Freedom 2020 Fund 1,879,125 -
Spartan US Equity Index Fund 2,090,063 -
Fidelity Aggressive Growth Fund 1,170,707 -
Fidelity Blue Chip Fund 693,041 -
Fidelity Divers International Fund 348,826 -
Fidelity Growth Company Fund 93,506 -
Fidelity Freedom Income Fund 1,373 -
Fidelity Freedom 2030 Fund 43,626 -
Fidelity Freedom 2040 Fund 29,894 -
Fidelity Low Price Stock Fund 344,400 -
ADTRAN Stock Fund 907,862 414,021
Participant Loans 1,072,535 1,142,093
---------------- ----------------
Total investments $ 33,912,360 $ 29,308,078
================ ================
Interest and dividend income:
Diversified Investment Advisors $ 40,199
Fidelity Management Trust Company 838,308
----------------
$ 878,507
================
Net depreciation in market value of investments
Diversified Investment Advisors $ (1,367,752)
Fidelity Management Trust Company (1,574,133)
----------------
$ (2,941,885)
================
The following is a summary of assets held in excess of 5% of the Plan's net
assets available for plan benefits at December 31, 2001 and 2000:
2001 2000
AUSA Stable Fund $ 2,608,057
AUSA Value and Income Fund $ 3,811,365
AUSA Growth and Income Fund $ 5,252,928
AUSA Special Equity Fund $ 4,867,055
AUSA Balanced Fund $ 2,649,548
AUSA Inter/Long Horizon SAF Fund $ 1,681,815
Diversified Stock Index Fund $ 1,613,428
Fidelity Managed Income Portfolio Fund $ 3,256,078
Fidelity Equity Income Fund $ 4,063,997
Fidelity Fund $ 4,980,923
MSI Small Company Growth B Fund $ 5,030,042
Fidelity Government Income Fund $ 2,010,392
Fidelity Balanced Fund $ 2,917,681
Fidelity Freedom 2020 Fund $ 1,879,125
Spartan US Equity Index Fund $ 2,090,063
8
ADTRAN, Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Years Ended December 31, 2001 and 2000
- --------------------------------------------------------------------------------
The Plan's investments (including investments bought and sold, as well as
held, during the year) depreciated in value by $2,941,885 during the year
ended December 31, 2001, as follows:
Pooled separate accounts $ (3,042,938)
ADTRAN stock fund 101,053
-----------------
$ (2,941,885)
=================
4. Income Tax Status
The Plan has received a favorable determination letter from the Internal
Revenue Service, stating that the Plan, as then designed, was in
compliance with the applicable requirements of the IRS. Although the Plan
has since been amended, the Plan administrator and the Plan's tax advisors
believe that the Plan is operating in such a manner so as not to jeopardize
its favorable tax status. Accordingly, no provision for income taxes has
been included in the Plan's financial statements.
5. Comparison of Financial Statements to Form 5500
Annually, the Company files, on behalf of the Plan, an information return
(Form 5500) that includes financial information prepared on the basis of
cash receipts and disbursements. The accompanying financial statements
differ from the 2001 Form 5500 primarily due to the accrual of employer and
employee contributions for financial statement reporting purposes.
9
Supplemental Schedules
ADTRAN, Inc. 401(k) Retirement Plan
Schedule of Assets Held for Investment Purposes
As of Ended December 31, 2001
- --------------------------------------------------------------------------------
c. Description of Investment Including
b. Identity of Issuer, Borrower, Maturity Date, Rate of Interest, e. Current
a. Lessor, or Similar Party Collateral, Par or Maturity Value Value
- -- -------------------------------------- ---------------------------------------------------------------------------
* Fidelity Managed Income Portfolio Fund Pooled separate account - Stable fund $ 3,256,078
* Fidelity Retirement Money Market Fund Pooled separate account - Money market fund 883,867
* Fidelity Equity Income Fund Pooled separate account - Value and income fund 4,063,997
* Fidelity Fund Pooled separate account - Growth and income fund 4,980,923
MSI Small Company Growth B Fund Pooled separate account - Special equity fund 5,030,042
* Fidelity Government Income Fund Pooled separate account - Intermediate government 2,010,392
* Fidelity Balanced Fund Pooled separate account - Balanced fund 2,917,681
* Fidelity US BD Index Fund Pooled separate account - Government/Corporate bond fund 632,997
* Fidelity Freedom 2000 Fund Pooled separate account - Short horizon SAF fund 632,287
* Fidelity Freedom 2010 Fund Pooled separate account - Intermediate horizon SAF fund 829,138
* Fidelity Freedom 2020 Fund Pooled separate account - Inter/Long horizon SAF fund 1,879,125
Spartan US Equity Index Fund Pooled separate account - Stock index fund 2,090,063
* Fidelity Aggressive Growth Fund Pooled separate account - Agress equity fund 1,170,707
* Fidelity Blue Chip Fund Pooled separate account - Equity growth fund 693,041
* Fidelity Divers International Fund Pooled separate account - International fund 348,826
* Fidelity Growth Company Fund Pooled separate account - Growth company fund 93,506
* Fidelity Freedom Income Fund Pooled separate account - Freedom income fund 1,373
* Fidelity Freedom 2030 Fund Pooled separate account - Freedom 2030 43,626
* Fidelity Freedom 2040 Fund Pooled separate account - Freedom 2040 29,894
* Fidelity Low Price Stock Fund Pooled separate account - Low priced stock 344,400
* ADTRAN Stock Fund ADTRAN, Inc. Common Stock 907,862
* Fidelity Management Trust Company Participant loans - rate of interest: 5.75% - 10.5%;
various maturities 1,072,535
------------
$ 33,912,360
============
* Party-in-interest to the Plan.
10
ADTRAN, Inc. 401(k) Retirement Plan
Schedule of Reportable Transactions
For the Year Ended December 31, 2001
I. Single transactions exceeding 5% of assets.
Schedule Attached.
NOTE - Information required in columns e, f, g, h, and i is not applicable.
II. Series of transactions involving property other than securities.
NONE
III. Series of transactions of same issue exceeding 5% of assets.
NONE
IV. Transactions in conjunction with same person involved in reportable single
transactions.
NONE
11
ADTRAN, Inc. 401(k) Retirement Plan
Schedule of Reportable Transactions
For the Year Ended December 31, 2001
- --------------------------------------------------------------------------------
c. Purchase d. Sales
a. Identity of Party Involved b. Description of Asset Price Price
- ------------------------------------------- ----------------------------------------------------- ---------------- ---------------
* Fidelity Managed Income Portfolio Fund Pooled separate account - Stable fund $ 2,655,854
* Fidelity Retirement Money Market Fund Pooled separate account - Money market fund $ 542,233
* Fidelity Equity Income Fund Pooled separate account - Value and income fund $ 3,894,090
* Fidelity Fund Pooled separate account - Growth and income fund $ 4,730,418
MSI Small Company Growth B Fund Pooled separate account - Special equity fund $ 4,897,054
* Fidelity Government Income Fund Pooled separate account - Intermediate government $ 1,642,551
* Fidelity Balanced Fund Pooled separate account - Balanced fund $ 2,641,321
* Fidelity US BD Index Fund Pooled separate account - Government/Corporate
bond fund $ 479,143
* Fidelity Freedom 2000 Fund Pooled separate account - Short horizon SAF fund $ 227,774
* Fidelity Freedom 2010 Fund Pooled separate account - Intermediate horizon
SAF fund $ 1,025,100
* Fidelity Freedom 2020 Fund Pooled separate account - Inter/Long horizon
SAF fund $ 1,724,523
Spartan US Equity Index Fund Pooled separate account - Stock index fund $ 1,670,569
* Fidelity Aggressive Growth Fund Pooled separate account - Agress equity fund $ 935,952
* Fidelity Blue Chip Fund Pooled separate account - Equity growth fund $ 418,897
* Fidelity Divers International Fund Pooled separate account - International fund $ 218,647
* ADTRAN Stock Fund ADTRAN, Inc. Common Stock $ 521,807
* AUSA Life Insurance Company Guaranteed investment contract with insurance
company - Stable fund, interest rate of 6.4%;
maturity date of December 31, 2004 $ 2,655,854
* AUSA Life Insurance Company Guaranteed investment contract - Government
fixed fund, interest rate of 5.65%; various
maturities $ 1,008,532
* AUSA Life Insurance Company Pooled separate account - Money market fund $ 542,233
* AUSA Life Insurance Company Pooled separate account - Value and income fund $ 3,894,090
* AUSA Life Insurance Company Pooled separate account - Growth and income fund $ 4,730,418
* AUSA Life Insurance Company Pooled separate account - Special equity fund $ 4,897,054
* AUSA Life Insurance Company Pooled separate account - Intermediate government $ 634,019
12
ADTRAN, Inc. 401(k) Retirement Plan
Schedule of Reportable Transactions
For the Year Ended December 31, 2001
- --------------------------------------------------------------------------------
c. Purchase d. Sales
a. Identity of Party Involved b. Description of Asset Price Price
- ------------------------------------------- ----------------------------------------------------- ---------------- ----------------
* AUSA Life Insurance Company Pooled separate account - Balanced fund $ 2,641,321
Pooled separate account - Government/Corporate
* AUSA Life Insurance Company bond fund $ 479,143
* AUSA Life Insurance Company Pooled separate account - Short horizon SAF fund $ 227,774
* AUSA Life Insurance Company Pooled separate account - Intermediate horizon
SAF fund $ 1,025,100
* AUSA Life Insurance Company Pooled separate account - Inter/Long horizon
SAF fund $ 1,724,523
* AUSA Life Insurance Company Pooled separate account - Stock index fund $ 1,670,569
* AUSA Life Insurance Company Pooled separate account - Agress equity fund $ 935,952
* AUSA Life Insurance Company Pooled separate account - Equity growth fund $ 418,897
* AUSA Life Insurance Company Pooled separate account - International fund $ 218,647
* ADTRAN Stock Fund ADTRAN, Inc. Common Stock $ 521,807
* Party-in-interest to the Plan.
13