form11k09.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 fiscal year ended December 31, 2009 |
Commission file number 1-5128 |
|
MEREDITH SAVINGS AND INVESTMENT PLAN |
|
(Full title of the plan and the address of the plan, if different from that of the issuer named below) |
|
Meredith Corporation
1716 Locust Street
Des Moines, Iowa 50309-3023 |
|
(Name of issuer of the securities held pursuant to the plan and the address of its principal executive office) |
REQUIRED INFORMATION
4. Financial Statements and Supplemental Schedule for the Plan
The Meredith Savings and Investment Plan (the Plan) is subject to the Employee Retirement Income Security Act of 1974 (ERISA). In lieu of the requirements of Items 1 - 3 of this Form, the Plan is filing financial statements and supplemental schedule prepared in accordance with the financial reporting requirements of ERISA. The Plan financial
statements as of December 31, 2009 and 2008, and for the year ended December 31, 2009, and supplemental schedule as of December 31, 2009, have been audited by KPMG LLP, Independent Registered Public Accounting Firm, and their report is included herein.
EXHIBITS
23. Consent of Independent Registered Public Accounting Firm, KPMG LLP
|
MEREDITH SAVINGS AND INVESTMENT PLAN |
| |
|
Financial Statements as of December 31, 2009 and 2008, |
|
and for the Year Ended December 31, 2009, |
|
Supplemental Schedule as of December 31, 2009, |
|
and Report of Independent Registered Public Accounting Firm |
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TABLE OF CONTENTS |
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Page |
| |
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Report of Independent Registered Public Accounting Firm |
1 |
| |
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Financial Statements |
|
| |
|
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Statements of Net Assets Available for Benefits as of December 31, 2009 and 2008 |
2 |
| |
|
|
Statement of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 2009 |
3 |
| |
|
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Notes to Financial Statements |
4 |
| |
|
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Supplemental Schedule |
|
| |
|
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Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
as of December 31, 2009 |
11 |
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|
| |
|
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Note: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. |
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Report of Independent Registered Public Accounting Firm
Meredith Savings and Investment Plan Committee:
We have audited the accompanying statements of net assets available for benefits of the Meredith Savings and Investment Plan (the Plan) as of December 31, 2009 and 2008, and the related statement of changes in net assets available for benefits for the year ended December 31, 2009. 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 in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the 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, 2009 and 2008, and the changes in net assets available for benefits for the year ended December 31, 2009, in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic financial statements of the Plan taken as a whole. The supplemental Schedule H, line 4i – schedule of assets (held at year end) as of December 31, 2009, is 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. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ KPMG LLP
Des Moines, Iowa
June 25, 2010
Meredith Savings and Investment Plan
Statements of Net Assets Available for Benefits
|
Assets |
December 31, |
|
2009 |
|
|
2008 |
|
| |
|
|
|
|
|
|
|
Investments, at fair value |
$ |
223,767,403 |
|
$ |
173,397,215 |
|
|
Employee contribution receivable |
|
240 |
|
|
- |
|
|
Employer contribution receivable |
|
714 |
|
|
- |
|
|
Net assets available for benefits, before adjustment |
|
223,768,357 |
|
|
173,397,215 |
|
|
Adjustment from fair value to contract value for fully
benefit-responsive investment contracts |
|
(69,066 |
) |
|
2,146,134 |
|
|
Net assets available for benefits |
$ |
223,699,291 |
|
$ |
175,543,349 |
|
See accompanying Notes to Financial Statements.
Meredith Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits
|
Year Ended December 31, |
|
2009 |
|
| |
|
|
|
|
Additions to net assets attributed to |
|
|
|
|
Contributions |
|
|
|
|
Participant |
|
16,047,094 |
|
|
Employer |
|
7,948,383 |
|
|
Rollovers |
|
900,741 |
|
|
Total contributions |
|
24,896,218 |
|
|
Dividend income |
|
2,589,569 |
|
|
Net appreciation in fair value of investments |
|
43,385,476 |
|
|
Net investment income |
|
45,975,045 |
|
|
Total additions |
|
70,871,263 |
|
|
Deductions from net assets attributed to |
|
|
|
|
Benefits paid to participants |
|
22,715,321 |
|
|
Net increase in net assets available for benefits |
|
48,155,942 |
|
|
Net assets available for benefits at beginning of year |
|
175,543,349 |
|
|
Net assets available for benefits at end of year |
$ |
223,699,291 |
|
|
See accompanying Notes to Financial Statements. |
|
|
|
Meredith Savings and Investment Plan
Notes to Financial Statements
1. Description of Plan
The following description of the Meredith Savings and Investment 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 - The Plan is a defined contribution plan covering substantially all employees of Meredith Corporation (Meredith or the Company). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions - Full and part-time employees are eligible to begin contributions to the Plan at any time. Temporary and on-call employees must work 1,000 hours and complete a year of service to be eligible
to make Plan contributions. On a pretax basis, employees may contribute a maximum of 50 percent of their compensation to the Plan, subject to certain limitations. To be eligible to receive Company matching contributions all employees must complete a year of service in which they work at least 1,000 hours. The Company matches 100 percent of the first 3 percent of a participant’s eligible compensation contributed to the Plan and 50 percent of the next 2 percent of a participant’s eligible compensation
contributed to the Plan. Additional amounts may be contributed at the discretion of the Company. No such additional discretionary contributions were made during the year ended December 31, 2009. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.
Individuals age 50 or older (and those who will turn 50 by the end of the calendar year) have the opportunity to make additional pretax contributions to the Plan if their contributions are otherwise limited by the tax laws or the Plan limit. Additional contributions cannot exceed the maximum amount allowed under the federal tax laws for that
calendar year. The Company does not match additional contributions.
Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution, the Company’s matching contribution, and Plan earnings.
Investments - Participants direct the investment of their contributions into various investment options offered by the Plan. Company matching contributions are invested in the same investment options as the
participant’s contributions.
Vesting - Participants are immediately vested in their contributions, the Company’s matching contributions, and investment earnings.
Payment of Benefits - On termination of service, a participant may receive a lump-sum amount equal to the vested value of his or her account. Upon death or retirement, a participant may elect to receive quarterly, semi-annual, or annual installments, not to exceed
15 years.
2. Summary of Significant Accounting Policies
Basis of Accounting - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the
amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Statement of Net Assets Available for Benefits presents the fair value of the Wells Fargo Stable Return Fund investment contracts, as well as the adjustment of the fully benefit-responsive investment contract from fair value to contract value. The Statement of Changes in Net assets Available for Benefits is prepared on a contract value basis.
Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein and disclosure of contingent assets and liabilities.
Actual results could differ from those estimates.
Risks and Uncertainties - The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it
is 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.
The Plan provides for investment in the Company's common and Class B stock. At December 31, 2009 and 2008, approximately 9 percent and 6 percent of the Plan's total assets were invested in common and Class B stock of the Company, respectively. The underlying values of the Company's common and Class B stock are entirely
dependent upon the performance of the Company and the market's evaluation of such performance.
Investment Valuation and Income Recognition - The Plan's investments are stated at fair value. Shares of mutual funds are valued at quoted market prices which represent the net asset values of shares held by the Plan at year-end. The fully benefit-responsive investment
contract is stated at fair value and then adjusted to contract value. Fair value of the contract is calculated by discounting the related cash flows based on current yields of similar instruments with comparable durations.
The Meredith Corporation Stock Fund (the Fund) is a fund that pools contributions among participants to buy common stock of Meredith and a certain amount of short-term investments. Common stock of the Company is purchased at the daily closing price as reported in the New York Stock Exchange composite. Ownership is measured in units of the
Fund instead of shares of stock.
No Class B stock of the Company is publicly traded or available for sale. All Class B shares, however, are convertible to shares of the Company’s common stock on a one-to-one basis.
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.
Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.
Administrative Expenses - Administrative expenses of the Plan are paid by the Company.
Payment of Benefits - Benefit payments to participants are recorded upon distribution. As of December 31, 2009, there were no amounts allocated to accounts of participants who had elected to withdraw from the Plan but had not yet been paid.
Recently Adopted Accounting Standards – In June 2009, the Financial Accounting Standards Board (FASB) approved its Accounting Standards Codification (Codification) as the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities.
Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The Codification does not change current GAAP, but is intended to simplify user access to authoritative literature related to a particular topic. Because the Codification does not change or alter existing GAAP, its adoption did not have any impact on the Plan's financial position or results of operations. Its adoption did affect the way the Plan references GAAP in its
financial statements and accounting policies.
In May 2009, the FASB issued FASB Statement No. 165, Subsequent Events, which was codified into ASC 855, Subsequent Events, to provide general standards of accounting for and disclosure of events that occur after the
balance sheet date, but before financial statements are issued or are available to be issued. ASC 855 was amended in February 2010. The Plan has adopted ASC 855, as amended.
In January 2010, the FASB issued Accounting Standards Update 2010-06, Improving Disclosures about Fair Value Measurements, (ASU 2010-06). ASU 2010-06 amended ASC 820 to clarify certain existing fair value disclosures and require a number of additional disclosures.
The guidance in ASU 2010-06 clarified that disclosures should be presented separately for each “class” of assets and liabilities measured at fair value and provided guidance on how to determine the appropriate classes of assets and liabilities to be presented. ASU 2010-06 also clarified the requirement for entities to disclose information about both the valuation techniques and inputs used in estimating Level 2 and Level 3 fair value measurements. In addition, ASU 2010-06 introduced
new requirements to disclose the amounts (on a gross basis) and reasons for any significant transfers between Levels 1, 2 and 3 of the fair value hierarchy and present information regarding the purchases, sales, issuances and settlements of Level 3 assets and liabilities on a gross basis. With the exception of the requirement to present changes in Level 3 measurements on a gross basis, which is delayed until 2011, the guidance in ASU 2010-06 becomes effective for reporting periods beginning after December 15,
2009. Plan management is currently evaluating the effect that the provisions of ASU 2010-06 will have on the Plan’s financial statements.
3. Investments
The fair value of the Plan’s investments that represent 5 percent or more of the Plan’s net assets as of December 31, 2009 and 2008, are as follows:
| |
|
2009 |
|
|
2008 |
|
| |
|
|
|
|
|
|
|
Wells Fargo Stable Return N Fund |
$ |
34,501,073 |
|
$ |
38,500,343 |
|
|
Principal LargeCap S&P 500 Index Separate Account |
|
30,004,629 |
|
|
24,111,443 |
|
|
American Funds EuroPacific Growth R4 Fund |
|
23,331,986 |
|
|
16,140,945 |
|
|
Principal LargeCap Blend II Separate Account |
|
22,148,026 |
|
|
17,160,215 |
|
|
T. Rowe Price Small-Cap Stock Fund |
|
19,616,593 |
|
|
13,939,495 |
|
|
Meredith Corporation Stock Fund |
|
18,946,860 |
|
|
10,682,440 |
|
|
Vanguard Total Bond Market Index Inst Fund |
|
16,198,099 |
|
|
15,077,258 |
|
|
Principal MidCap Blend Separate Account |
|
15,471,319 |
|
|
11,449,735 |
|
|
Vanguard Target Retirement 2030 Fund |
|
11,847,127 |
|
|
* |
|
|
Principal LifeTime 2030 Separate Account |
|
* |
|
|
9,057,434 |
|
|
|
In December 2009, Meredith replaced the Principal LifeTime 2030 Separate Account with the Vanguard Target Retirement 2030 Fund. |
During the year ended December 31, 2009, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:
| |
|
|
2009 |
|
| |
|
|
|
|
Domestic stock funds |
$ |
20,849,459 |
|
|
Meredith Corporation Stock Fund and Class B shares |
|
8,551,872 |
|
|
International stock fund |
|
6,053,795 |
|
|
Moderate funds |
|
5,667,191 |
|
|
Stable fund |
|
1,136,319 |
|
|
Bond funds |
|
580,501 |
|
|
Balanced funds |
|
546,339 |
|
|
Net appreciation in fair value of investments |
$ |
43,385,476 |
|
4. Investment Contract
The Plan maintains a fully benefit-responsive investment contract with Wells Fargo Bank, N.A. (Wells Fargo). Contributions are maintained in a pooled account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses charged by Wells Fargo. As described in Note 2,
because the investment contract is fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the investment contract. Contract value, as reported by Wells Fargo, represents contributions made under the contract plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value; however, the investment
contract is subject to certain restrictions which may impact the Plan’s ability to fully realize the investment contract’s value under certain conditions. The average yields on the contract for the years ended December 31, 2009 and 2008, were 3.40 percent and 5.29 percent, respectively. The crediting interest rates on the contract for the years ended December 31, 2009 and 2008, were 3.32 percent and 4.10 percent, respectively. The basis and frequency of determining the crediting interest
rate is done on a quarterly basis. There were no guarantees or limitations on the contract at December 31, 2009 and 2008.
5. Fair Value Measurements
Fair value is a market-based measurement, not an entity specific measurement. Therefore, a fair value measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy was established,
which prioritizes the inputs used in measuring fair values. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. The three levels of the fair value hierarchy are described as follows:
|
Level 1: |
Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. |
|
Level 2: |
Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: |
| |
• |
quoted prices for similar assets and liabilities in active markets |
| |
• |
quoted prices for identical or similar assets or liabilities in markets that are not active |
| |
• |
observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals) |
| |
• |
inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
|
Level 3: |
Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). |
The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety.
Following is a description of the valuation methods used for assets measured at fair value.
Registered investment companies — The fair values of these securities are based on observable market quotations for identical assets and are priced on a daily basis at the close of business.
Meredith common stock — The fair value of the common stock is valued at the closing price reported on the active market on which the security is traded and is classified within Level 1 in the fair value hierarchy table above.
Meredith Class B stock — The fair values of these securities are based on observable market quotations for identical assets and are valued at the closing price reported on the active market on which the individual securities are traded.
Pooled separate accounts — The fair value of units held in pooled separate accounts are valued at the unit value as reported by the investment manager of the accounts.
Common trust fund — The fair value of the investments in the common trust fund is determined by the fund trustee based on the fair value of the underlying securities within the fund, which represent the net asset value of the shares held by the Plan at year end.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuations 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.
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value as of December 31, 2009 and 2008:
| |
Fair Value Measurement Using |
|
| |
|
Quoted
Prices in Active
Markets (Level 1) |
|
Significant
Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
|
Total Fair
Value |
|
Investments in registered |
|
|
|
|
|
|
|
|
|
investment companies |
$ |
102,333,991 |
$ |
- |
$ |
- |
$ |
102,333,991 |
|
Meredith common stock |
|
18,946,860 |
|
- |
|
- |
|
18,946,860 |
|
Pooled separate accounts |
|
- |
|
67,623,974 |
|
- |
|
67,623,974 |
|
Common trust fund |
|
- |
|
34,501,073 |
|
- |
|
34,501,073 |
|
Meredith Class B stock |
|
- |
|
361,505 |
|
- |
|
361,505 |
|
Total investments, at fair value |
$ |
121,280,851 |
$ |
102,486,552 |
$ |
- |
$ |
223,767,403 |
| |
Fair Value Measurement Using |
|
| |
|
Quoted
Prices in Active
Markets (Level 1) |
|
Significant
Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
|
Total Fair
Value |
|
Investments in registered |
|
|
|
|
|
|
|
|
|
investment companies |
$ |
48,564,846 |
$ |
- |
$ |
- |
$ |
48,564,846 |
|
Meredith common stock |
|
10,682,440 |
|
- |
|
- |
|
10,682,440 |
|
Pooled separate accounts |
|
- |
|
75,404,898 |
|
- |
|
75,404,898 |
|
Common trust fund |
|
- |
|
38,500,343 |
|
- |
|
38,500,343 |
|
Meredith Class B stock |
|
- |
|
244,688 |
|
- |
|
244,688 |
|
Total investments, at fair value |
$ |
59,247,286 |
$ |
114,149,929 |
$ |
- |
$ |
173,397,215 |
6. Exempt Party-In-Interest Transactions
Certain Plan investments are shares in pooled separate accounts managed by the Principal Life Insurance Company (Principal). Principal is the Plan Administrator and, therefore, these transactions qualify as exempt party-in-interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return
earned on each investment.
At December 31, 2009 and 2008, the Meredith Common Stock Fund held 623,968 and 621,584 shares, respectively, of the common stock of Meredith, the sponsoring employer, with a cost basis of $16,119,207 and $16,795,334, respectively. In addition, at December 31, 2009 and 2008, the Plan held 11,718 and 14,293 shares, respectively, of
the Company’s Class B stock, with a cost basis of $59,900 and $66,367, respectively. During the year ended December 31, 2009, the Plan recorded dividend income from Company common stock of $564,323.
7. 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 to terminate the Plan subject to the provisions of ERISA.
8. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated November 9, 2006, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain
its qualification. The Plan Administrator 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.
9. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of December 31, 2009 and 2008.
| |
|
2009 |
|
|
2008 |
|
| |
|
|
|
|
|
|
|
Net assets available for benefits per the financial statements |
$ |
223,699,291 |
|
$ |
175,543,349 |
|
|
Adjustment from contract value to fair value for fully
benefit-responsive investment contracts |
|
69,066 |
|
|
(2,146,134 |
) |
|
Net assets available for benefits per Form 5500 |
$ |
223,768,357 |
|
$ |
173,397,215 |
|
For the year ended December 31, 2009, the following is a reconciliation of net appreciation in fair value of investments per the financial statements to the Form 5500:
|
Year Ended December 31, |
|
2009 |
|
| |
|
|
|
|
Total net appreciation in fair value of investments per the financial statements |
$ |
43,385,476 |
|
|
Change in adjustment from contract value to fair value for fully-benefit
responsive investment contract |
|
2,215,200 |
|
|
Net appreciation in fair value of investments per the Form 5500 |
$ |
45,600,676 |
|
MEREDITH SAVINGS AND INVESTMENT PLAN
|
EIN: 42 0410230 PLAN NUMBER 004
FORM 5500, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2009 |
|
(a) |
(b)
Identity of Issue, Borrower, Lessor, or Similar Party |
(c)
Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value |
(d)
Cost |
|
(e)
Current Value |
| |
|
|
|
|
|
| |
Pooled Separate Accounts |
|
|
|
|
|
* |
Principal Life Insurance Company |
Principal LargeCap S&P 500 Index Separate Account |
** |
$ |
30,004,629 |
|
* |
Principal Life Insurance Company |
Principal LargeCap Blend II Separate Account |
** |
|
22,148,026 |
|
* |
Principal Life Insurance Company |
Principal MidCap Blend Separate Account |
** |
|
15,471,319 |
| |
|
|
|
|
67,623,974 |
| |
|
|
|
|
|
| |
Common Trust Fund |
|
|
|
|
| |
Wells Fargo Bank, N.A. |
Wells Fargo Stable Return N Fund |
** |
|
34,501,073 |
| |
|
|
|
|
|
| |
Registered Investment Companies |
|
|
|
| |
T. Rowe Price Funds |
T. Rowe Price Small-Cap Stock Fund |
** |
|
19,616,593 |
| |
The American Funds |
American Funds EuroPacific Growth R4Fund |
** |
|
23,331,986 |
| |
The American Funds |
American Funds New Perspective R5 Fund |
** |
|
544,917 |
| |
PIMCO |
PIMCO Total Return Instl Fund |
** |
|
7,088,323 |
| |
Vanguard Group |
Vanguard Total International Stock Index |
** |
|
620,660 |
| |
Vanguard Group |
Vanguard Extended Market Index Signal Fund |
** |
|
505,306 |
| |
Vanguard Group |
Vanguard PRIMECAP Core Fund |
** |
|
1,464,979 |
| |
Vanguard Group |
Vanguard Total Bond Market Index Inst Fund |
** |
|
16,198,099 |
| |
Vanguard Group |
Vanguard Target Retirement Income Investor Fund |
** |
|
1,032,869 |
| |
Vanguard Group |
Vanguard Target Retirement 2010 Fund |
** |
|
2,554,663 |
| |
Vanguard Group |
Vanguard Target Retirement 2015 Fund |
** |
|
193,493 |
| |
Vanguard Group |
Vanguard Target Retirement 2020 Fund |
** |
|
5,104,085 |
| |
Vanguard Group |
Vanguard Target Retirement 2025 Fund |
** |
|
1,092,015 |
| |
Vanguard Group |
Vanguard Target Retirement 2030 Fund |
** |
|
11,847,127 |
| |
Vanguard Group |
Vanguard Target Retirement 2035 Fund |
** |
|
699,281 |
| |
Vanguard Group |
Vanguard Target Retirement 2040 Fund |
** |
|
6,163,063 |
| |
Vanguard Group |
Vanguard Target Retirement 2045 Fund |
** |
|
868,097 |
| |
Vanguard Group |
Vanguard Target Retirement 2050 Fund |
** |
|
3,408,435 |
| |
|
|
|
|
102,333,991 |
| |
|
|
|
|
|
| |
Employer Securities |
|
|
|
|
|
* |
Meredith Corporation |
623,968 shares of common stock |
** |
|
18,946,860 |
|
* |
Meredith Corporation |
11,718 shares of Class B stock |
** |
|
361,505 |
| |
|
|
|
|
19,308,365 |
| |
|
|
|
|
|
| |
|
|
|
$ |
223,767,403 |
|
* |
Party-in-interest |
|
** |
Cost information is not required for participant directed investments and therefore is not included. |
| |
|
|
See accompanying report of independent registered public accounting firm. |
SIGNATURE
|
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 thereunto duly authorized. |
| |
|
|
| |
|
|
| |
MEREDITH SAVINGS AND INVESTMENT PLAN
(Name of Plan) |
| |
|
|
| |
/s/ Steven M. Cappaert |
|
| |
Steven M. Cappaert
Corporate Controller of Meredith Corporation |
| |
|
|
|
Date: June 25, 2010 |
|
|
INDEX TO ATTACHED EXHIBIT
| |
Exhibit
Number |
|
Item |
| |
|
|
| |
|
23 |
Consent of Independent Registered Public Accounting Firm |