[X]
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the fiscal year ended December 31,
2008
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OR
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[ ]
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the transition period from to
.
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Commission
file number 000-52059
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Page
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Number
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||||
Audited
Financial Statements (Modified Cash Basis):
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||||
Supplemental
Schedule (Modofoed Cash Basis):
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PGT SAVINGS PLAN
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||||||||
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
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||||||||
(Modified
Cash Basis)
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||||||||
At
December 31,
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||||||||
2008
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2007
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|||||||
Assets:
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||||||||
Investments,
at fair value
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$ | 28,082,363 | $ | 43,990,424 | ||||
Adjustment
from fair value to contract value for fully benefit-
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||||||||
responsive
investment contracts within common collective trust
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50,263 | (8,997 | ) | |||||
Net
assets available for benefits
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$ | 28,132,626 | $ | 43,981,427 | ||||
See
accompanying notes.
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PGT SAVINGS PLAN
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||||||||
STATEMENTS
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
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||||||||
(Modified
Cash Basis)
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||||||||
Years
ended December 31,
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||||||||
(Reductions
in)/additions to net assets:
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2008
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2007
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||||||
Investment
(loss) income:
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||||||||
Interest
and dividends
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$ | 1,480,787 | $ | 1,954,425 | ||||
Net
(depreciation)/appreciation in fair value of investments
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(13,107,557 | ) | 842,584 | |||||
Total
investment (loss)/income
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(11,626,770 | ) | 2,797,009 | |||||
Contributions:
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||||||||
Employer
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33,536 | 1,999,548 | ||||||
Participants
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2,801,979 | 4,073,781 | ||||||
Rollovers
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143,714 | 321,443 | ||||||
Total
contributions
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2,979,229 | 6,394,772 | ||||||
Total
(reductions)/additions
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(8,647,541 | ) | 9,191,781 | |||||
Deductions
from net assets:
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||||||||
Distributions
to participants
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(7,159,910 | ) | (4,558,056 | ) | ||||
Administrative
fee
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(17,250 | ) | (24,100 | ) | ||||
Total
deductions
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(7,177,160 | ) | (4,582,156 | ) | ||||
Net
(decrease)/increase in net assets available for benefits
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(15,824,701 | ) | 4,609,625 | |||||
Net
assets available for benefits at beginning of year
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43,957,327 | 39,347,702 | ||||||
Net
assets available for benefits at end of year
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$ | 28,132,626 | $ | 43,957,327 | ||||
See
accompanying notes.
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Years
ended December 31,
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||||||||
2008
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2007
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|||||||
Fair
value determined by quoted market prices:
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Mutual
funds
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$ | (12,967,558 | ) | $ | 864,660 | |||
Common
stock
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(139,999 | ) | (22,076 | ) | ||||
Net
(depreciation)/appreciation in fair value of investments
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$ | (13,107,557 | ) | $ | 842,584 |
At
December 31,
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||||||||
2008
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2007
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|||||||
T.
Rowe Price:
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||||||||
Retirement
2010 Fund
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$ | 1,833,339 | $ | 4,361,196 | ||||
Retirement
2015 Fund
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2,790,798 | 5,414,449 | ||||||
Retirement
2020 Fund
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4,273,590 | 7,325,293 | ||||||
Retirement
2025 Fund
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3,393,456 | 6,773,638 | ||||||
Retirement
2030 Fund
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2,520,855 | 4,693,214 | ||||||
Retirement
2035 Fund
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1,678,560 | 3,110,538 | ||||||
Retirement
2040 Fund
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* | 2,308,194 | ||||||
Stable
Value Fund
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5,361,895 | * | ||||||
* -
Less than 5% of the fair value of the Plan's net assets.
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Average
yields for the year ended December 31, 2008:
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Based
on actual earnings
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4.57%
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Based
on interest rates credited to participants
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4.23%
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Fair
Value Measurements at Reporting Date Using:
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||||||||||||||||
Quoted
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Significant
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Significant
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||||||||||||||
Prices
in
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Other
Observable
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Unobservable
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||||||||||||||
December
31,
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Active
Markets
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Inputs
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Inputs
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|||||||||||||
Description
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2008
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(Level
1)
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(Level
2)
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(Level
3)
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||||||||||||
Assets:
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||||||||||||||||
Uninvested
cash
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$ | 68 | $ | 68 | $ | - | $ | - | ||||||||
Common
stock
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112,224 | 112,224 | - | - | ||||||||||||
Loans
to participants
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2,632,210 | - | - | 2,632,210 | ||||||||||||
Mutual
funds
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19,975,966 | 19,975,966 | - | - | ||||||||||||
Common
collective trusts
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5,361,895 | - | 5,361,895 | - | ||||||||||||
Grand
total
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$ | 28,082,363 | $ | 20,088,258 | $ | 5,361,895 | $ | 2,632,210 |
Loans
to
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||||
Participants
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||||
Beginning
balance
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$ | 3,092,943 | ||
Issuances
and settlements (net)
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(460,733 | ) | ||
Ending
balance
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$ | 2,632,210 |
At
December 31,
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||||||||
2008
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2007
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|||||||
Net
assets available for benefits per the financial statements
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$ | 28,132,626 | $ | 43,981,427 | ||||
Adjustment
from contract value to fair value for fully
benefit-responsive
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||||||||
investment
contracts within common collective trust
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(50,263 | ) | 8,997 | |||||
Net
assets available for benefits per Form 5500
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$ | 28,082,363 | $ | 43,990,424 |
Years
ended December 31,
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||||||||
2008
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2007
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Net
(decrease)/increase in net assets available for benefits
per
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$ | (15,824,701 | ) | $ | 4,609,625 | |||
the
financial statements
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||||||||
Adjustment
from contract value to fair value for fully
benefit-responsive
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||||||||
investment
contracts within common collective trust:
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Prior
year
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(8,997 | ) | 5,013 | |||||
Current
year
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(50,263 | ) | 8,997 | |||||
Net
(loss)/ income per Form 5500
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$ | (15,883,961 | ) | $ | 4,623,635 |
PGT Savings Plan
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||||||||||
EIN:
59-2038649 Plan No.: 001
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Schedule
H, Line 4i
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Schedule
of Assets (Held at End of Year)
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(Modified
Cash Basis)
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December
31, 2008
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(c)
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Description
of Investment
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(e)
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(b)
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Including
Maturity Date,
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Current
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||||||||
Identity
of Issue, Borrower,
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Rate
of Interest, Collateral,
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(d)
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Market
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|||||||
(a)
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Lessor,
or Similar Party
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Par,
or Maturity Value
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Cost
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Value
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Western
Asset Core Plus, FI
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Intermediate
Term Bond Fund
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#
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$ | 181,833 | ||||||
American
Beacon Large Cap Value
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Large
Cap Growth Fund
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#
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111,631 | |||||||
American
Europacific Growth Fund
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Foreign
Large Blend Fund
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#
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342,261 | |||||||
Buffalo
Small Cap Fund
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Small
Cap Growth Fund
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#
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70,280 | |||||||
Harbor
Capital Appreciation Fund
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Large
Growth Fund
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#
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99,749 | |||||||
*
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T
Rowe Price Retirement Income Fund
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Blended
Assets Fund
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#
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98,221 | ||||||
*
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T
Rowe Price Retirement 2005 Fund
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Blended
Assets Fund
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#
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300,916 | ||||||
*
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T
Rowe Price Retirement 2010 Fund
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Blended
Assets Fund
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#
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1,833,339 | ||||||
*
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T
Rowe Price Retirement 2015 Fund
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Blended
Assets Fund
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#
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2,790,798 | ||||||
*
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T
Rowe Price Retirement 2020 Fund
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Blended
Assets Fund
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#
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4,273,590 | ||||||
*
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T
Rowe Price Retirement 2025 Fund
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Blended
Assets Fund
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#
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3,393,456 | ||||||
*
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T
Rowe Price Retirement 2030 Fund
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Blended
Assets Fund
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#
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2,520,855 | ||||||
*
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T
Rowe Price Retirement 2035 Fund
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Blended
Assets Fund
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#
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1,678,560 | ||||||
*
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T
Rowe Price Retirement 2040 Fund
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Blended
Assets Fund
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#
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1,138,475 | ||||||
*
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T
Rowe Price Retirement 2045 Fund
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Blended
Assets Fund
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#
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702,115 | ||||||
*
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T
Rowe Price Retirement 2050 Fund
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Blended
Assets Fund
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#
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14,545 | ||||||
*
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T
Rowe Price Retirement 2055 Fund
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Blended
Assets Fund
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#
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8,833 | ||||||
Vanguard
500 Index, Signal Fund
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Large
Blended Fund
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#
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215,343 | |||||||
Wells
Fargo Adv Small Cap Value Fund
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Small
Cap Fund
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#
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195,714 | |||||||
U.S.
Treasury Money Fund
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Money
Market Fund
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#
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5,452 | |||||||
*
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T
Rowe Price Stable Value Fund, Sch E
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Collective
Trust Fund
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#
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5,361,895 | ||||||
*
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PGT,
Inc.
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Common
Stock
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#
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112,224 | ||||||
*
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Loans
to participants
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Interest
rates ranging from 5.0% to 10.5%
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#
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2,632,210 | ||||||
*
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PGT
Savings Plan
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Uninvested
Cash
|
68 | |||||||
$ | 28,082,363 | |||||||||
*
Indicates party-in-interest to the Plan.
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#
Historical cost is not required as investments are
participant-directed.
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PGT
SAVINGS PLAN
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Date: June 26, 2009
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By:
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/s/
Jeffrey T. Jackson
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Jeffrey
T. Jackson
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Executive
Vice President and Chief Financial Officer
PGT,
Inc.
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Exhibit
Number
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Description
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23.1
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Consent
of Independent Registered Public Accounting Firm – Kirkland, Russ, Murphy
& Tapp, P.A.
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23.2
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Consent
of Independent Registered Public Accounting Firm – Ernst & Young
LLP
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