11-K 1 eth20210623_11k.htm FORM 11-K eth20210623_11k.htm

 



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

(Mark One)

 

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2020

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______ to _______

 

Commission File Number: 1-11806

 

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

 

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

ETHAN ALLEN INTERIORS INC.

25 Lake Avenue Ext.

Danbury, Connecticut 06811-5286

 

 

 

 



 

 

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

 

Table of Contents

 

 

Page
   

Report of Independent Registered Public Accounting Firm.

1
   

Financial Statements:

 
Statements of Net Assets Available for Benefits as of December 31, 2020 and 2019

2

   

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2020

3
   
Notes to Financial Statements

4

   

Supplemental Schedule:

 
Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of  December 31, 2020

11

   

Exhibit Index

12
   

Signature

12

 

 

 
 

 

Report of Independent Registered Public Accounting Firm

 

 

To the Ethan Allen Retirement Committee and Plan Participants of

The Ethan Allen Retirement Savings Plan

 

 

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of The Ethan Allen Retirement Savings Plan (the Plan) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Report on Supplemental Information

The supplemental information in the accompanying Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2020, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

 

/s/ RSM US LLP

 

We have served as the Plan’s auditor since 2016.

 

Stamford, Connecticut

June 25, 2021

 

1

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

 

Statements of Net Assets Available for Benefits

As of December 31, 2020 and 2019

 

 

   

As of December 31,

 
   

2020

   

2019

 

ASSETS

               

Investments, at fair value

  $ 219,130,426     $ 214,018,274  

Receivables

               

Employer contributions

    2,713,032       3,224,641  

Notes receivable from participants

    3,708,760       4,590,947  

Total receivables

    6,421,792       7,815,588  

Total assets

    225,552,218       221,833,862  
                 

LIABILITIES

               

Excess deferrals due to participants and other liabilities

    -       5,375  

Net assets available for benefits

  $ 225,552,218     $ 221,828,487  

 

See accompanying notes to financial statements.

 

2

 

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

 

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2020

 

 

Additions to net assets attributed to

       

Net appreciation in fair values of investments

  $ 24,883,600  

Interest and dividend income from investments

    7,375,693  

Total investment gains, net

    32,259,293  
         

Interest from notes receivable from participants

    175,050  

Contributions

       

Participants

    7,648,405  

Employer

    2,713,032  

Rollovers

    636,487  

Total contributions

    10,997,924  
         

Total additions

    43,432,267  
         

Deductions from net assets attributed to

       

Benefits paid to participants

    39,351,438  

Administrative expenses

    357,098  

Total deductions

    39,708,536  
         

Net increase

    3,723,731  
         

Net assets available for benefits

       

Beginning of year

    221,828,487  

End of year

  $ 225,552,218  

 

See accompanying notes to financial statements.

 

3

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2020

 

(1)

Description of the Plan

 

The Ethan Allen Retirement Savings Plan (the “Plan”) is a defined contribution plan sponsored and administered by Ethan Allen Global, Inc. and its subsidiaries (collectively the “Company,” the “Employer,” or the “Plan Sponsor”).

 

The following description is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

 

General

 

The Plan was formed effective July 1, 1994 through the merger of the Retirement Program of Ethan Allen Inc. (the “Retirement Program”) into the Ethan Allen 401(k) Employee Savings Plan. On January 1, 1999, the name of the Plan was changed from The Ethan Allen Profit Sharing and 401(k) Retirement Plan to The Ethan Allen Retirement Savings Plan.

 

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and is a participant-directed defined contribution plan.

 

Eligibility

 

All U.S. employees of the Company are eligible to participate in the Plan on the first day of any subsequent April, July, October or January coincident with or next following the three-month anniversary of their date of hire.  Effective January 1, 2021, all U.S. employees of the Company are eligible to participate in the Plan on the first day of employment. However, the following employees or classes of employees are not eligible to participate: (i) employees whose compensation and conditions of employment are subject to determination by collective bargaining; and (ii) employees who are non-resident aliens and who received no earned income (within the meaning of the Code) from the Company.

 

Contributions

 

Participants may contribute from 1% to 100% of their compensation (as defined in the Plan), up to a maximum tax deferred contribution level of $19,500 in 2020 and participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions, up to a maximum of $6,500 extra in 2020, to the 401(k) portion of the Plan (as permitted by the Secretary of the Treasury under section 415(d) of the Internal Revenue Code of 1986, as amended). Participants may, in addition, contribute amounts in excess of their tax deferred contribution on an after-tax basis in the amount of 1% to 100% of their compensation. The participant’s tax-deferred contribution and after-tax contribution, in the aggregate, may not exceed 100% of their compensation.

 

The Company, at its discretion, may elect to match participants’ pre-tax contributions to the 401(k) portion of the Plan. Participants who are employed by the Company on the last scheduled work day of the Plan year are entitled to receive the Employer matching contributions, if any. The actual contribution is made in the ensuing year. The Company elected to match 100% of the first $500 of pre-tax contributions and 50% of the next $1,600 of pre-tax contributions for the 2020 Plan year. As such, the maximum annual Company match, on a per participant basis, was $1,300. For 2020, the Company made cash contributions on a pre-tax basis totaling $2,218,032 in satisfaction of its Employer matching contribution election for allocation to the accounts of participants. The Company’s matching contribution followed the participants’ investment choices as of the date paid.

 

4

 

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2020

 

Employer contributions, if any, to the profit-sharing portion of the Plan on behalf of each participant are determined by the Company, although the maximum amount that can be contributed to a participant’s account in any year is the lesser of (i) $57,000 (or $63,500 including catch-up contributions, as permitted under section 415(d) of the Internal Revenue Code of 1986, as amended) or (ii) 100% of the participant’s compensation for that Plan year. The Company declared and paid a profit-sharing contribution of $495,000 for the 2020 Plan year. Employer profit-sharing contributions are allocated to each participant based on each participant’s compensation (as defined in the Plan) to total compensation of all participants during the year.

 

Vesting

 

All elective contributions made by participants, including earnings on those contributions, Company matching contributions, and Company profit-sharing contributions vest immediately. Effective January 1, 2021, all participants with a date of hire on or after January 1, 2021 shall cliff vest 100% of Company contributions received after three years of service.

 

Investment Options

 

Participants direct the investment of their contributions, and Employer discretionary matching cash contributions into various investment options offered by the Plan. The Plan currently offers a broad range of mutual funds, a self-directed brokerage account and a benefit responsive collective trust as investment options for participants. Participants have primarily purchased shares of mutual funds, common and preferred stock and money market funds through the self-directed brokerage account.

 

Participants Accounts

 

A separate account is maintained for each participant. Net investment income is comprised of dividend income, and net appreciation (depreciation) in fair value of investments and is allocated daily to each participant’s account on a proportional basis according to account balances so that each account bears its proportionate share of income or loss.

 

Notes Receivable from Participants (Participant Loans)

 

The Loan Fund is a noncontributory fund used to account for and administer loans to participants. Each participant may apply to Great-West Life & Annuity Insurance Company (the “Recordkeeper”) for a loan against the 401(k) portion of that participant’s account. The maximum amount which may be borrowed by the participant is limited to the lesser of (a) $50,000 or (b) 50% of the 401(k) portion of such participant’s account at the time of such loan. The term of these loans generally shall not exceed five years, and in certain circumstances, greater than five years as defined in the Plan document. If a participant’s employment terminates for any reason and no payment is made by the end of the second quarter following the last payment date, the loan balances will be deemed distributed and become taxable income to the participant. Participants may continue to make loan repayments after termination of employment under procedures established by the Plan administrator.

 

Loans are processed by the Recordkeeper upon approval of the application. The Plan Sponsor has determined that loans shall bear interest equal to the Prime Rate as of the preceding month’s close plus 1.00%. Loan rates on outstanding loans ranged from 4.25% to 7.25% during both 2020 and 2019 with maturities through 2030. Participant loans are classified as notes receivable in the statements of net assets available for benefits and measured at their unpaid principal balance plus any accrued but unpaid interest.

 

5

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2020

 

Distributions and Withdrawals, including Payment of Benefits

 

Participants may elect to receive their benefits when they reach age 59½, or when they leave the Company. The Plan also provides death benefits to the designated beneficiary of eligible participants. An employee may withdraw any or all of their after-tax 401(k) contributions and participant rollover contributions at any time; early withdrawal of pre-tax and Company match 401(k) contributions may only be made by a participant upon attaining the age of 59½ or because of serious financial hardship, subject to limitations. Distributions are usually made in cash. If a participant’s account includes shares of Company stock, a participant can elect to receive a distribution in cash or stock. Unless a participant elects otherwise, in no event shall distributions commence later than sixty days after the close of the Plan year in which the latest of the following events occurs: the participant’s attainment of age 65; the tenth anniversary of the date on which the employee began participating in the plan; the participant’s termination date. Participants (active or otherwise) must commence required minimum distributions from the Plan beginning on April 1 of the calendar year following the later of the year in which employment terminates or the year in which the participant reaches the age of 70½.

 

Benefits are recorded when paid.

 

Investment Management Fees and Operating Expenses

 

Investment management fees and operating expenses charged to the Plan for investments in the various funds are deducted from income earned on a daily basis and are reflected as a component of net appreciation in fair values of investments.

 

Administrative Expenses

 

In 2020, administrative expenses, other than (i) certain transaction fees borne by the participants and (ii) audit, legal and investment advisory fees borne by the Company, were paid by the Plan, in accordance with Plan provisions, and allocated to participant accounts based upon their account balances. Fees paid for recordkeeping and trust services amounted to $357,098 for the year ended December 31, 2020. The investment funds offered by the Plan have investment fees and expenses that are indirectly borne by the Plan and charged against the related funds’ net asset values.

 

Plan Termination

 

Although the Company has not expressed any intent to do so, it has the right under the Plan, to the extent permitted by law, to discontinue its contributions, and to terminate the Plan in accordance with the provisions of ERISA. If the Plan is terminated, each participant’s interest will be payable in full according to the Plan provisions. The Company also has the right under the Plan, to the extent permitted by law, to amend or replace it for any reason.

 

CARES Act

 

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was passed by the U.S. Senate on March 27, 2020. The CARES Act contains several provisions that temporarily impact 401(k) plans, such as the waiver of required minimum distributions, new Coronavirus-related distributions and loan relief options. Plan management evaluated these provisions and subsequently adopted them.

 

6

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2020

 

(2)

Summary of Significant Accounting Policies

 

Basis of Accounting and Presentation

 

The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results may differ from those estimates.

 

Investments Valuation and Income Recognition

 

The Plan’s investments are stated at their fair values in the statements of net assets available for benefits at December 31, 2020 and 2019. The shares of registered investment companies (mutual funds) are valued at quoted market prices. The mutual funds are valued at the Net Asset Value (“NAV”) of shares held by the Plan at year end based on the closing price reported on the active market on which the individual mutual funds are traded. The Company’s common stock is traded on a national securities exchange and is valued at the last reported sales price on the last day of the Plan year. Plan interests in collective trusts are reported at fair value as determined based on net asset value as provided by the Recordkeeper.

 

Under the terms of a trust agreement between Great-West Trust Company, LLC (the “Trustee”) and the Company, the Trustee administers the trust fund on behalf of the Plan. The value of the investments and changes therein of this trust have been reported to the Plan by the Trustee.

 

Purchases and sales of securities are recorded on a trade–date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

 

Fair Value Measurements

 

The Plan performs fair value measurements in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurement (ASC 820). Refer to Note 3 for the fair value measurement disclosures associated with the Plan’s investments.

 

Risks and Uncertainties

 

The Plan’s exposure to credit losses in the event of nonperformance of investments is limited to the carrying value of its investments. Investment securities, in general, are exposed to various risks, such as risk of foreign currency fluctuations relative to the U.S. Dollar, interest rate risk, credit risk, and overall market volatility risk. During the year ended December 31, 2020, net appreciation in fair values of investments totaled approximately $24.9 million. 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 that such changes could materially affect the amounts reported in the statements of net assets available for benefits, participant account balances and the statement of changes in net assets available for benefits.

 

On March 11, 2020, the World Health Organization declared the COVID-19 outbreak to be a global pandemic. The global COVID-19 pandemic impacted the world economy, including the financial markets, which increased volatility within the Plan’s investment portfolio during 2020.

 

7

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2020

 

(3)

Fair Value Measurements

 

The Plan performs fair value measurements in accordance with the guidance provided by FASB ASC 820 for all financial assets and non-financial assets that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at their fair values, the Plan considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities, such as inherent risk, transfer restrictions, and risk of nonperformance.

 

ASC 820 establishes a fair value hierarchy that requires the Plan to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or a liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value:

 

 

Level 1: quoted prices in active markets for identical assets or liabilities;

 

 

Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or

 

 

Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities.

 

The following section describes the valuation methodologies used by the Plan to measure different financial assets at fair value. There were no transfers between levels during the year ended December 31, 2020.

 

Mutual Funds

 

Valued at the NAV of shares held by the Plan at year end based on the closing price reported on the active market on which the individual mutual funds are traded.

 

Collective Trusts

 

Valued at the NAV of the underlying assets owned by the fund, minus its liabilities and then divided by the number of units outstanding. The NAV is provided by the Recordkeeper, and is used as a practical expedient to estimating fair value. This practical expedient is not used when it is determined to be probable that the Plan will sell the investment for an amount materially different than the reported NAV.

 

Common Stock

 

Valued at the closing price reported on the active market on which the individual securities are traded.

 

Interest Bearing and Non-Interest Bearing Cash

 

The fair values are based on net asset values of the short-term investment funds.

 

8

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2020

 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

 

The following table presents the Plan’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019. There are currently no redemption restrictions on these investments.

 

   

December 31, 2020

   

December 31, 2019

 
   

Fair Value Measurements

           

Fair Value Measurements

         
   

Using Input Type

           

Using Input Type

         
   

Level 1

   

Level 2

   

Total

   

Level 1

   

Level 2

   

Total

 

Mutual funds

  $ 192,728,377     $ -     $ 192,728,377     $ 187,787,163     $ -     $ 187,787,163  

Ethan Allen common stock

    3,927,912       -       3,927,912       4,438,051       -       4,438,051  

Self-directed brokerage accounts

    2,687,795       -       2,687,795       2,060,914       -       2,060,914  

Total investments measured at fair value

  $ 199,344,084     $ -     $ 199,344,084     $ 194,286,128     $ -     $ 194,286,128  
                                                 

Other funds measured at net asset value (a)

              19,786,342                       19,732,146  
                                                 

Total investments

                  $ 219,130,426                     $ 214,018,274  

 

 

(a)

In accordance with FASB Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

 

The Plan’s valuation techniques used to measure the fair values of mutual funds, common stock, and self-directed brokerage accounts that were classified as Level 1 in the table above were derived from quoted market prices as substantially all of these instruments have active markets. There were no Level 2 or 3 investments as of December 31, 2020 and 2019, respectively. A description of the valuation techniques used to measure the fair values of other funds are included in Note 4 below.

 

(4)

Fair Value of Investments in Certain Entities that Calculate Net Asset Value per share

 

The following table sets forth additional disclosures of the Plan’s investments whose fair value is estimated using net asset value per share (or its equivalent) as of December 31, 2020 and 2019:

 

   

Fair Value

 

Unfunded

 

Redemption

 

Redemption

 

Investment Type

 

2020

   

2019

 

Commitment

 

Frequency

 

Notice Period

 
                             

Other Funds

  $ 19,786,342     $ 19,732,146  

None

 

Daily

 

None

 

 

The Ethan Allen Stable Value Fund is a unitized, blended investment option consisting of guaranteed investment contracts (“GICs”) held in a separate account structure in the name of the Plan, together with an investment in the Putnam Stable Value Fund. The unitized Fund itself is not a mutual fund or a collective investment trust. The Fund’s primary investment objective is to provide preservation of principal, maintain a stable interest rate, and provide daily liquidity at contract value for participant withdrawals and transfers. The Putnam Stable Value Fund is a collective trust and is comprised of investment contracts including traditional GICs and Synthetic GICs (security-backed investment contracts) issued by insurance companies and other financial institutions. The investment contracts help to stabilize the value and returns of the fund. These contracts are backed by a portfolio of fixed income securities. There have been no changes in valuation methodology as of December 31, 2020 and 2019.

 

9

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2020

 

(5)

Party-in-Interest Transactions

 

As of December 31, 2020 and 2019, approximately 1.7% and 2.0% of Plan assets, respectively, were held in the form of shares of the Company’s common stock. Transactions involving the Company’s common stock qualify as party-in-interest transactions under the provisions of ERISA. During 2020, the Plan received dividend income on Company common stock totaling $138,677.

 

Certain members of the Company’s management perform administrative and fiduciary duties for the Plan that qualify them as parties-in-interest and/or related parties of the Plan. Transactions between such members of the Company’s management and the Plan were routine in nature and conducted pursuant to the Plan’s provisions as of and during the year ended December 31, 2020.

 

As described in Note 2 above, Great-West Trust Company, LLC is a directed trustee of the Plan and Great-West Life & Annuity Insurance Company serves as the recordkeeper to maintain the individual accounts of each Plan participant.

 

(6)

Income Tax Status

 

In 2016 the IRS published Revenue Procedure 2016-37, which stated that it was ending the remedial amendment cycle program, effective January 1, 2017, and that it would review only new or terminating individually designed plans going forward. Prior to 2017, individually designed retirement plans were generally required to renew IRS determinations of qualified status every five years (referred to as the remedial amendment cycle program). As a result of Revenue Procedures 2016-37, the Plan was not required to obtain a new IRS determination letter upon the expiration of the previously received determination letter dated March 14, 2013, which had stated that the Plan is a qualified plan under Section 401(a) of the Internal Revenue Code and the corresponding trust is exempt from income tax under Section 501(a) of the Internal Revenue Code.

 

The 401(k) Committee believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. Management evaluated the Plan’s tax positions and concluded that the Plan had maintained its tax-exempt status and had taken no uncertain tax positions that require adjustment to the financial statements. Therefore, no provision or liability for income taxes has been included in the financial statements at December 31, 2020 or 2019. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

 

(7)

Subsequent Event

 

The Plan has evaluated subsequent events through June 25, 2021, the date the financial statements were available to be issued.

 

10

 

THE ETHAN ALLEN

RETIREMENT SAVINGS PLAN

Schedule H, Line 4(i) Schedule of Assets (Held at End of Year)

As of December 31, 2020

 

     

(b)
Identity of Issuer, Borrower,

   

(c)
Description of Investment, Including
Maturity Date, Rate of Interest,

   

(e)
Current

 

(a)

   

Lessor, or Similar Party

   

Collateral, Par, or Maturity Value

   

Value

 
     

Mutual Funds

               
     

American Beacon Small Cap Value Investor Fund

   

62,574 shares

    $ 1,503,024  
     

Carillon Eagle MidCap Growth Fund

   

187,300 shares

      16,877,635  
     

Dodge & Cox International Stock Fund

   

126,412 shares

      5,524,223  
     

Fidelity Advisor International Capital

   

528 shares

      15,548  
     

JPMorgan MidCap Value-Select Fund

   

228,080 shares

      8,306,663  
     

MainStay Winslow Large Cap Growth

   

3,024,872 shares

      40,170,299  
     

PIMCO Total Return

   

485,499 shares

      5,146,288  
     

T Rowe Price Retirement 2005 - Adv

   

63,395 shares

      1,385,494  
     

T Rowe Price Retirement 2010 - Adv

   

232,065 shares

      3,042,374  
     

T Rowe Price Retirement 2015 - Adv

   

84,619 shares

      1,137,281  
     

T Rowe Price Retirement 2020 - Adv

   

822,039 shares

      11,607,195  
     

T Rowe Price Retirement 2025 - Adv

   

435,807 shares

      6,463,021  
     

T Rowe Price Retirement 2030 - Adv

   

1,113,319 shares

      16,978,110  
     

T Rowe Price Retirement 2035 - Adv

   

392,978 shares

      6,189,397  
     

T Rowe Price Retirement 2040 - Adv

   

553,838 shares

      8,894,645  
     

T Rowe Price Retirement 2045 - Adv

   

216,425 shares

      3,545,040  
     

T Rowe Price Retirement 2050 - Adv

   

273,869 shares

      4,472,289  
     

T Rowe Price Retirement 2055 - Adv

   

139,903 shares

      2,308,396  
     

T Rowe Price Retirement 2060 - Adv

   

26,630 shares

      442,051  
     

Vanguard Extended Market Index

   

16,829 shares

      2,099,422  
     

Vanguard Institutional Index Fund

   

56,439 shares

      18,707,822  
     

Vanguard Equity Income - Admiral

   

63,346 shares

      5,025,239  
     

Vanguard Total Bond Market Index

   

1,044,954 shares

      12,142,366  
     

Vanguard Total Intl. Stock Index - Instl

   

81,712 shares

      10,605,432  
     

Wasatch Core Growth

   

1,520 shares

      139,123  
                    192,728,377  
     

Common Stock

               
*    

Ethan Allen Interiors Inc.

   

Common Stock, 194,355 shares held

      3,927,912  
                       
     

Self-Directed Brokerage Fund

   

Various, including registered investment companies, common stock, money market funds and cash

      2,687,795  
                       
     

Other Funds

               
     

Ethan Allen Stable Value Fund

   

19,786,342 shares; $1.00 par value

      19,786,342  
           

Total Investments

    $ 219,130,426  
                       
*    

Notes Receivable from Participants

   

Participant Loans (various interest rates ranging between 4.25% and 7.25% and maturing through 2030)

    $ 3,708,760  
                       
*    

Indicates a party-in-interest to the Plan

               
                       
     

Column (d), cost, has been omitted, as all investments are participant directed.

         

 

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EXHIBIT INDEX

 

 

The following document is filed as an exhibit to this report:

 

Exhibit  
Number Exhibit Description
23.1 Consent of Independent Registered Public Accounting Firm

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, Ethan Allen Interiors Inc., as administrator of, and issuer of the securities held pursuant to The Ethan Allen Retirement Savings Plan, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

THE ETHAN ALLEN RETIREMENT SAVINGS PLAN

 

 

 

 

 

Date:         June 25, 2021

By:

/s/ Corey Whitely

 

 

 

 

 

 

Corey Whitely

 

  Executive Vice President, Administration and Chief Financial Officer

 

12