a11k1208.htm
UNITED STATES
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 Year Ended December 31, 2008
Commission
File Number: 0-01989
Seneca Foods Corporation Employees'
Savings Plan
(Full
title of the Plan)
Seneca
Foods Corporation
(Name of
issuer of the securities held pursuant to the Plan)
3736
South Main Street, Marion, New York 14505
(Address
of principal executive office)
REQUIRED
INFORMATION
1. Plan
financial statements and schedules examined by an independent
accountant
prepared in accordance with financial reporting requirements
of
ERISA.
See
accompanying index on page 3.
2.
Signature
SENECA FOODS CORPORATION EMPLOYEES'
SAVINGS PLAN
REPORT ON AUDITS OF FINANCIAL
STATEMENTS
AND
SUPPLEMENTAL SCHEDULES
DECEMBER
31, 2008 AND 2007
Bobbitt, Pittenger & Company,
P.A.
SENECA FOODS CORPORATION EMPLOYEES'
SAVINGS PLAN
CONTENTS
PAGE
FINANCIAL
STATEMENTS
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
1 |
|
|
STATEMENTS OF
NET ASSETS AVAILABLE FOR BENEFITS |
2 |
|
|
STATEMENTS OF
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS |
3 |
|
|
NOTES TO FINANCIAL
STATEMENTS |
4 |
|
|
SUPPLEMENTAL
SCHEDULE |
|
|
|
SCHEDULE OF
ASSETS HELD AT END OF YEAR |
11 |
|
|
SCHEDULE OF
REPORTABLE TRANSACTIONS
|
12 |
Bobbitt,
Pittenger & Company, P.A.
Certified
Public Accountants
June 15,
2009
Seneca
Foods Corporation
Employees’
Savings Plan
Marion,
New York
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
We have
audited the accompanying statements of net assets available for benefits of
Seneca Foods Corporation Employees' Savings Plan (“the Plan”) as of December 31,
2008 and 2007, and the related statements of changes in net assets available for
benefits for the years then ended. Seneca Foods Corporation
Employees' Savings Plan’s management is responsible for these financial
statements. Our responsibility is to express an opinion on these
financial statements based on our audits.
We
conducted our audits 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. 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 overall
financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 2008 and 2007, and the changes in net assets available for benefits
for the years then ended in conformity with accounting principles generally
accepted in the United States of America.
Our
audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules
listed in the foregoing Table of Contents are 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. The 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 when considered in relation to the basic financial statements
taken as a whole.
/s/Bobbitt, Pittenger & Company, P.A.
Certified
Public Accountants
1605 Main Street, Suite 1010 Sarasota,
FL 34236 Telephone:
941-366-4450 FAX # 941-954-7508
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
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STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
December 31,
|
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|
|
2008
|
|
|
2007
|
|
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|
|
|
|
|
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|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS:
|
|
|
|
|
|
|
At
fair value:
|
|
|
|
|
|
|
U.S.
Bank Stable Asset Fund
|
|
$ |
13,035,395 |
|
|
$ |
10,747,455 |
|
American
Beacon Balanced Fund
|
|
|
11,415,567 |
|
|
|
15,789,072 |
|
Seneca
Foods Corporation Employer Stock Fund
|
|
|
11,379,669 |
|
|
|
11,599,040 |
|
First
American Equity Index Fund Y
|
|
|
7,428,002 |
|
|
|
11,405,020 |
|
Federated
Capital Appreciation Fund A
|
|
|
4,394,969 |
|
|
|
7,747,264 |
|
Dreyfus
International Stock Index
|
|
|
3,679,586 |
|
|
|
5,218,729 |
|
American
Growth Fund R4
|
|
|
2,882,648 |
|
|
|
3,799,960 |
|
PIMCO
Real Return Fund
|
|
|
2,843,308 |
|
|
|
2,503,749 |
|
Wells
Fargo Advantage Small Cap Val Z
|
|
|
2,812,016 |
|
|
|
4,613,624 |
|
Dodge
& Cox Stock Fund
|
|
|
1,881,622 |
|
|
|
2,780,958 |
|
Dreyfus
Mid-Cap Index Fund
|
|
|
1,814,167 |
|
|
|
3,600,997 |
|
First
American Mid Cap Growth Opp Y
|
|
|
824,857 |
|
|
|
497,887 |
|
First
American Small Cap Select Fund Class Y
|
|
|
550,602 |
|
|
|
327,075 |
|
First
American Mid Cap Value Fund Y
|
|
|
454,719 |
|
|
|
446,624 |
|
|
|
|
|
|
|
|
|
|
Total
investments
|
|
|
65,397,127 |
|
|
|
81,077,454 |
|
|
|
|
|
|
|
|
|
|
LOANS
RECEIVABLE
|
|
|
375,050 |
|
|
|
328,347 |
|
|
|
|
|
|
|
|
|
|
EMPLOYER
CONTRIBUTIONS RECEIVABLE
|
|
|
1,594,361 |
|
|
|
1,450,978 |
|
|
|
|
|
|
|
|
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|
NET
ASSETS AVAILABLE FOR BENEFITS
|
|
$ |
67,366,538 |
|
|
$ |
82,856,779 |
|
|
|
|
|
|
|
|
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|
|
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|
|
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|
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|
See notes to the financial statements.
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
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STATEMENTS
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
|
|
|
|
|
FOR
THE YEAR ENDED DECEMBER 31,
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2008
|
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|
2007
|
|
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|
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|
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ADDITIONS:
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ADDITIONS
TO NET ASSETS ATTRIBUTED TO:
|
|
|
|
|
|
|
Net
(depreciation) appreciation in fair value of investments
|
|
$ |
(21,361,794 |
) |
|
$ |
2,532,574 |
|
Interest
and dividend income
|
|
|
1,398,268 |
|
|
|
1,030,232 |
|
Contributions:
|
|
|
|
|
|
|
|
|
Participant
|
|
|
6,592,605 |
|
|
|
6,079,277 |
|
Employer
|
|
|
1,598,622 |
|
|
|
1,450,978 |
|
|
|
|
|
|
|
|
|
|
Total
additions
|
|
|
(11,772,299 |
) |
|
|
11,093,061 |
|
|
|
|
|
|
|
|
|
|
DEDUCTIONS:
|
|
|
|
|
|
|
|
|
Deductions
from net assets attributed to:
|
|
|
|
|
|
|
|
|
Benefits
paid to participants
|
|
|
3,689,110 |
|
|
|
7,602,933 |
|
Other
expenses
|
|
|
28,832 |
|
|
|
2,045 |
|
|
|
|
3,717,942 |
|
|
|
7,604,978 |
|
|
|
|
|
|
|
|
|
|
NET
(DECREASE) INCREASE
|
|
|
(15,490,241 |
) |
|
|
3,488,083 |
|
|
|
|
|
|
|
|
|
|
NET
ASSETS AVAILABLE FOR BENEFITS,
|
|
|
|
|
|
|
|
|
BEGINNING
OF YEAR
|
|
|
82,856,779 |
|
|
|
79,368,696 |
|
|
|
|
|
|
|
|
|
|
NET
ASSETS AVAILABLE FOR BENEFITS,
|
|
|
|
|
|
|
|
|
END
OF YEAR
|
|
$ |
67,366,538 |
|
|
$ |
82,856,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
See notes
to the financial statements.
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
NOTES TO
FINANCIAL STATEMENTS
YEARS
ENDED DECEMBER 31, 2008 AND 2007
NOTE A -
DESCRIPTION OF PLAN
The
following description of Seneca Foods Corporation Employees' Savings Plan ("the
Plan") provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provisions.
General
The Plan
is a defined contribution plan intended to qualify as a cash or deferred
arrangement under Section 401(k) of the Internal Revenue Code. Substantially all
employees of Seneca Foods Corporation ("the Company") are eligible to
participate after completion of twelve months employment and attainment of age
eighteen. The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 ("ERISA").
Contributions
Each
year, participants may contribute up to 60 percent of pretax annual
compensation, as defined by the Plan. Participants who have attained age 50
before the end of the Plan year are eligible to make catch-up contributions.
Participants may also contribute amounts representing distributions from other
qualified defined benefit or defined contribution plans. Participants direct the
investment of their contributions into various investment options offered by the
Plan. The Company may contribute additional amounts at the discretion of the
Company's Board of Directors. The Company contribution is invested directly in
the Seneca Foods Corporation Employer Stock Fund and is allocated to
participants based on the participants’ pro rata share of total participating
payroll.
Participant
Accounts
Each
participant’s account is credited with the participant’s contribution and
allocations of (a) the Company’s contributions and (b) Plan earnings, and
charged with an allocation of administrative expenses. Allocations
are based on participant earnings or account balances, as
defined. The benefit to which a participant is entitled is the
benefit that can be provided from the participant’s vested account.
Vesting
Participants
are vested immediately in their contributions plus actual earnings thereon.
Vesting in the Company’s contribution portion of their accounts is based on
years of continuous service. A participant is 100 percent vested after three
years of credited service.
Participant
Loans
Participants
may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to
the lesser of $50,000 or 50 percent of their account balance, whichever is
less. The loans are secured by the balance in the participant’s
account and bear interest at rates that range from 4% to 9.5%, which are
commensurate with local prevailing rates as determined by the
Plan.
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
NOTES TO
FINANCIAL STATEMENTS
NOTE A -
DESCRIPTION OF PLAN (CONTINUED)
Participant Loans
(Continued)
Principal
and interest is paid ratably through monthly payroll deductions. The term of the
loan should not exceed five years except in the case of a loan used to acquire a
dwelling unit that is to be the principal residence of the
participant.
Payment of
Benefits
On
termination of service due to death, disability or retirement, a participant may
elect to receive an amount equal to the value of the participant’s vested
interest in his or her account in a current lump sum if the balance is less than
$5,000 or a deferred lump sum if the balance is greater than $5,000. For
termination of service due to other reasons, a participant may receive the value
of the vested interest in his or her account as a lump sum distribution,
however, if the value exceeds $1,000 ($5,000 before March 28, 2005), no
distribution shall be made before the participant’s 65th
birthday without written consent.
Forfeited
Accounts
At
December 31, 2008 and 2007 forfeited non-vested accounts totaled approximately
$7,000 and $15,000, respectively. These accounts will be used to
reduce future employer contributions. Also, in 2008, employer contributions were
reduced by $14,483 from forfeited nonvested accounts.
NOTE B -
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of
Accounting
The
accompanying financial statements have been prepared on the accrual basis of
accounting.
Use of
Estimates
The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and changes therein, and
disclosure of contingent assets and liabilities. Actual results could differ
from those estimates.
Investment Valuation and
Income Recognition
Investments
are reported at fair value. Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. See Note F for discussion of fair
value measurements.
Purchases
and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Net (depreciation) appreciation includes the Plan’s gains and losses on
investments bought and sold as well as held during the year.
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
NOTES TO
FINANCIAL STATEMENTS
NOTE B -
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Payment of
Benefits
Benefits
are recorded when paid.
Operating
Expenses
All
expenses of maintaining the Plan are paid by the Company.
NOTE C -
TAX STATUS
The Plan
obtained its latest determination letter on April 30, 1999, in which the
Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code. The
Plan has been amended since receiving the determination letter. However, the
Plan administrator and the Plan’s tax counsel believe that the Plan is currently
designed and being operated in compliance with the applicable requirements of
the Internal Revenue Code.
NOTE D -
INVESTMENTS
The
following presents investments that represent 5 percent or more of the Plan’s
net assets at December 31:
|
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|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
U.S.
Bank Stable Asset Fund
|
|
$ |
13,035,395 |
|
|
$ |
10,747,455 |
|
American
Beacon Balanced Fund
|
|
|
11,415,567 |
|
|
|
15,789,072 |
|
Seneca
Foods Corporation Employer Stock Fund
|
|
|
11,379,669 |
|
|
|
11,599,040 |
|
First
American Equity Index Fund Y
|
|
|
7,428,002 |
|
|
|
11,405,020 |
|
Federated
Capital Appreciation Fund A
|
|
|
4,394,969 |
|
|
|
7,747,264 |
|
Dreyfus
International Stock Index
|
|
|
3,679,586 |
|
|
|
5,218,729 |
|
Wells
Fargo Advantage Small Cap Val Z
|
|
|
|
|
|
|
4,613,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
Mutual
funds
|
|
$ |
(21,855,381 |
) |
|
$ |
3,260,764 |
|
Collective
investment funds
|
|
|
493,587 |
|
|
|
(728,190 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
(21,361,794 |
) |
|
$ |
2,532,574 |
|
|
|
|
|
|
|
|
|
|
*
Nonparticipant-directed
During
2008 and 2007, the Plan’s investments (including gains and losses on investments
bought and sold, as well as held during the year) (depreciated) appreciated in
value by $(21,361,794) and $2,532,574, respectively. The (depreciation)
appreciation in each fund category is as follows:
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
NOTES TO
FINANCIAL STATEMENTS
NOTE E -
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 as follows at December
31:
2008
2007
Net
assets:
Seneca Foods Corporation Employer
Stock Fund $11,379,669 $11,599,040
Changes
in net assets:
Contributions $
1,692,123 $1,658,128
Net depreciation in fair
value (1,033,485)
(852,886)
Withdrawals by
participants
(878,009) (1,168,308)
$
(219,371) $ (363,066)
NOTE F –
FAIR VALUE MEASUREMENTS
FASB
Statement No. 157, Fair Value
Measurements, establishes a framework for measuring fair value. That
framework provides a fair value hierarchy that prioritizes the inputs to
valuation techniques used to measure fair value. The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or
liabilities (level 1 measurements) and the lowest priority to unobservable
inputs (level 3 measurements). The three levels of the fair value hierarchy
under FASB Statement No. 157 are described as follows:
Level
1
|
Inputs
to the valuation methodology are unadjusted quoted prices for identical
assets or liabilities in active markets that the Plan has the ability to
access.
|
|
|
Level
2 |
Inputs
to the valuation methodology include |
·
|
Quoted
prices for similar assets or liabilities in active
markets;
|
·
|
Quoted
prices for identical or similar assets or liabilities in inactive
markets;
|
·
|
Inputs
other than quoted prices that are observable for the asset or
liability;
|
·
|
Inputs
that are derived principally from or corroborated by observable market
data by correlation or other means.
|
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
NOTES TO
FINANCIAL STATEMENTS
NOTE F –
FAIR VALUE MEASUREMENTS (CONTINUED)
If the
asset or liability has a specified (contractual) term, the level 2 inputs must
be observable for substantially the full term of the asset or
liability.
Level
3
|
Inputs
to the valuation methodology are unobservable and significant to the fair
value measurement.
|
The asset
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.
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, 2008
and 2007.
Mutual funds: Valued at the
net asset value (NAV) of shares held by the Plan at year end.
Participant loans: Valued at
amortized cost, which approximates fair value.
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
following table sets forth by level, within the fair value hierarchy, the Plan’s
assets at fair value as of December 31, 2008 and 2007:
|
|
Assets at fair value as of December 31,
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual
funds
|
|
$ |
65,397,127 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
65,397,127 |
|
Participant
loans
|
|
|
|
|
|
|
|
|
|
|
375,050 |
|
|
|
375,050 |
|
|
|
$ |
65,397,127 |
|
|
$ |
|
|
|
$ |
375,050 |
|
|
$ |
65,772,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets at fair value as of December 31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual
funds
|
|
$ |
81,077,454 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
81,077,454 |
|
Participant
loans
|
|
|
|
|
|
|
|
|
|
|
328,347 |
|
|
|
328,347 |
|
|
|
$ |
81,077,454 |
|
|
$ |
|
|
|
$ |
328,347 |
|
|
$ |
81,405,801 |
|
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
NOTES TO
FINANCIAL STATEMENTS
NOTE F –
FAIR VALUE MEASUREMENTS (CONTINUED)
Level 3 Gains and
Losses
The
following table sets forth a summary of changes in the fair value of the Plan’s
level 3 assets for the year ended December 31, 2008.
Level
3 Assets
|
Year ended December 31,
2008
|
|
|
|
|
|
|
Participant
|
|
|
|
loans
|
|
|
|
|
|
Balance,
beginning of year
|
|
$ |
328,347 |
|
|
|
|
|
|
Purchases,
sales, issuances,
|
|
|
|
|
and
settlements (net)
|
|
|
46,703 |
|
|
|
|
|
|
Balance,
end of year
|
|
$ |
375,050 |
|
NOTE G -
PLAN TERMINATION
Although
it has not expressed any intent to do so, the Company has the right under the
Plan to discontinue its contributions at any time and/or to terminate the Plan
subject to the provisions of ERISA. In the event of plan termination,
participants will become 100 percent vested in their accounts. Any unallocated
assets of the Plan shall be allocated to participant accounts and distributed in
such a manner as the company may determine.
NOTE H -
RECONCILIATION OF FINANCIAL STATEMENTS
TO SCHEDULE H OF
FORM 5500
No
reconciliation of net assets available for benefits and changes in net assets
available for benefits per the financial statements to the Form 5500 is
required.
NOTE I –
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 occur in the near term and that such changes could
materially affect participants’ account balances and the amounts reported in the
statements of net assets available for benefits.
SUPPLEMENTAL
SCHEDULE
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
SCHEDULE
OF ASSETS HELD AT END OF YEAR
DECEMBER
31, 2008
|
|
Description
of investment
|
|
|
|
|
|
Identity
of issue,
|
including
maturity date,
|
|
|
|
|
|
borrower,
lessor
|
rate
of interest, collateral,
|
|
|
Current
|
|
|
or
similar party
|
par
or maturity value
|
Cost
|
|
Value
|
|
(a)
|
(b)
|
(c)
|
(d)
|
|
(e)
|
|
|
|
|
|
|
|
|
|
American
Beacon
|
Balanced
Fund
|
|
|
$ |
11,415,567 |
|
|
|
|
|
|
|
|
|
|
American
Funds
|
Growth
Fund of America Class R4
|
|
|
|
2,882,648 |
|
|
|
|
|
|
|
|
|
|
Dodge
& Cox
|
Stock
Fund
|
|
|
|
1,881,622 |
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
Mid
Cap Index Fund
|
|
|
|
1,814,167 |
|
|
|
|
|
|
|
|
|
|
|
International
Stock Index Fund
|
|
|
|
3,679,586 |
|
|
|
|
|
|
|
|
|
|
Federated
|
Capital
Appreciation Fund A
|
|
|
|
4,394,969 |
|
|
|
|
|
|
|
|
|
|
First
American
|
Small
Cap Select Fund Class Y
|
|
|
|
550,602 |
|
|
|
|
|
|
|
|
|
|
|
Equity
Index Fund Y
|
|
|
|
7,428,002 |
|
|
|
|
|
|
|
|
|
|
|
Mid
Cap Growth Y
|
|
|
|
824,857 |
|
|
|
|
|
|
|
|
|
|
|
Mid
Cap Value Y
|
|
|
|
454,719 |
|
|
|
|
|
|
|
|
|
|
Pimco
Funds
|
Real
Return Fund
|
|
|
|
2,843,308 |
|
|
|
|
|
|
|
|
|
|
Wells
Fargo Advantage
|
Small
Cap Value Fund Z
|
|
|
|
2,812,016 |
|
|
|
|
|
|
|
|
|
|
U.S.
Bank
|
Stable
Asset Fund
|
|
|
|
13,035,395 |
|
|
|
|
|
|
|
|
|
*
|
Seneca
Foods
|
|
|
|
|
|
|
|
Corporation
|
Employer
Stock Fund
|
|
|
|
11,379,669 |
|
|
|
|
|
|
|
|
|
|
Participant
Loans
|
Interest
rates 4% - 9.5%
|
|
|
|
375,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Indicates a party-in-interest
SENECA
FOODS CORPORATION EMPLOYEES' SAVINGS PLAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE
OF REPORTABLE TRANSACTIONS
|
|
FOR
THE YEAR ENDED DECEMBER 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h)
CURRENT VALUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OF
ASSET ON
|
|
|
|
|
|
|
(c)
PURCHASE
|
|
|
(d)
SELLING
|
|
|
(g)
COST OF
|
|
|
TRANSACTION
|
|
|
(I)
NET GAIN OR
|
|
(b) DESCRIPTION OF ASSET
|
|
PRICE
|
|
|
PRICE
|
|
|
ASSET
|
|
|
DATE
|
|
|
(LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATEGORY
I -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
single transaction in excess
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
5% of Plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATEGORY
II -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
series of transactions (Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
than
securities) with same
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
person
aggregating 5% of Plan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATEGORY
III -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
series of transactions in a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
security
issue aggregating 5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
Plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Stable Asset Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
6,419,829 |
|
|
|
|
|
|
6,419,829 |
|
|
|
6,419,829 |
|
|
|
|
Sales
|
|
|
|
|
|
|
4,625,241 |
|
|
|
4,413,225 |
|
|
|
4,413,225 |
|
|
|
212,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Beacon Balanced
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
3,072,694 |
|
|
|
3,589,218 |
|
|
|
3,589,218 |
|
|
|
(516,524 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seneca
Foods Employer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
3,973,503 |
|
|
|
|
|
|
|
3,973,503 |
|
|
|
3,973,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATEGORY
IV -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions
in securities with
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a
person if any single
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
transaction
with that person
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
was
in excess of 5% of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees have
duly caused this annual report to be signed on its behalf by the undersigned
thereunto duly authorized.
Seneca
Foods Corporation
Employees'
Savings Plan
(Name of
Plan)
/s/Kraig
H. Kayser
-----------------------
Kraig H.
Kayser June 25,
2009
Sponsor of Seneca Foods
Corporation
Employees'
Savings
Plan