SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2001 OR [_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ___________ Commission file number 1-8344 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: The Limited, Inc. Savings and Retirement Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Limited Brands, Inc. Three Limited Parkway P O BOX 16000 Columbus, Ohio 43216
The Limited, Inc. Savings and Retirement Plan Report on Audits of Financial Statements As of and for the Years Ended December 31, 2001 and 2000 And Supplemental Schedule as of December 31, 2001 - -------------------------------------------------------------------------------- Contents Report of Independent Public Accountants......................................1 Financial Statements Statements of Net Assets Available for Benefits...............................2 Statements of Changes in Net Assets Available for Benefits....................3 Notes to Financial Statements.................................................4 Supplementary Schedule Schedule of Assets Held at End of Year.......................................13
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Board of Directors of Limited Brands, Inc. and the Plan Administrator of The Limited, Inc. Savings and Retirement Plan: We have audited the accompanying statements of net assets available for benefits of The Limited, Inc. Savings and Retirement Plan as of December 31, 2001 and 2000, and the related statements of changes in net assets available for benefits for the years then ended. 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 auditing standards generally accepted in the United States of America. 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, 2001 and 2000, 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 performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held at end of year 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. 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/ Ary & Roepcke Columbus, Ohio April 12, 2002 -1-
The Limited, Inc. Savings and Retirement Plan Statements of Net Assets Available for Benefits December 31, 2001 and 2000 2001 2000 ------------ ------------ Assets Investments $360,766,347 $406,759,271 Receivable for contributions: Employer 29,130,885 25,234,258 Participants 1,509,112 1,600,717 ------------ ------------ Total receivable contributions 30,639,997 26,834,975 ------------ ------------ Due from brokers 585 - Accrued interest and dividends 5,874 13,863 ------------ ------------ Total assets 391,412,803 433,608,109 ------------ ------------ Liabilities Cash overdraft 542 1,135 Due to brokers 11,714 - Administrative fees payable 150,719 141,710 ------------ ------------ Total liabilities 162,975 142,845 ------------ ------------ Net assets available for benefits $391,249,828 $433,465,264 ============ ============ The accompanying notes are an integral part of these financial statements. -2-
The Limited, Inc. Savings and Retirement Plan Statements of Changes in Net Assets Available for Benefits For the Years Ended December 31, 2001 and 2000 2001 2000 ------------ ------------ Additions Investment income: Net depreciation in fair value of investments $(48,765,089) $(74,624,579) Earnings from investment contracts 7,143,927 5,927,208 Earnings from mutual funds 2,006,435 20,084,246 Dividends 1,380,804 1,424,582 Earnings from common collective trusts 202,187 392,764 ------------ ------------ Total investment loss (38,031,736) (46,795,779) ------------ ------------ Contributions: Employer 40,338,039 34,937,314 Participant deferrals 16,407,043 17,145,959 Participant rollovers 1,312,416 2,438,600 ------------ ------------ Total contributions 58,057,498 54,521,873 ------------ ------------ Total additions 20,025,762 7,726,094 ------------ ------------ Deductions Distributions to participants 42,567,528 56,984,295 Administrative expenses 1,415,833 1,822,883 ------------ ------------ Total deductions 43,983,361 58,807,178 ------------ ------------ Net decrease prior to transfers (23,957,599) (51,081,084) Transfer of net assets available for benefits to plan of former affiliate (18,257,837) - ------------ ------------ Net decrease (42,215,436) (51,081,084) Net assets available for benefits Beginning of year 433,465,264 484,546,348 ------------ ------------ End of year $391,249,828 $433,465,264 ============ ============ The accompanying notes are an integral part of these financial statements. -3-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 (1) Description of the plan General The Limited, Inc. Savings and Retirement Plan (the "Plan") is a defined contribution plan covering certain employees of Limited Brands, Inc. (formerly "The Limited, Inc.") and its affiliates (the "Employer") who are at least 21 years of age and have completed a year of employment with 1,000 or more hours of service. Effective January 1, 2000, employees whose base salary equals or exceeds $100,000 and have met the eligibility requirements, described above, are eligible to receive retirement contributions, but may not elect to make voluntary 401(k) contributions. Certain employees of the Employer, who are covered by a collective bargaining agreement, are not eligible to participate in the Plan. Effective August 16, 2001, Limited Brands, Inc. sold Lane Bryant, a subsidiary, to Charming Shoppes, Inc. Subsequent to the sale, the net assets available for benefits allocated to the former participants employed by Lane Bryant were transferred to the plan sponsored by Lane Bryant. Effective July 1, 2001, the Plan was amended to provide to Lane Bryant participants: 1) a non-service related retirement contribution of 4% of that portion of their compensation earned through August 16, 2001 that does not exceed $50,000 and 7% of that portion that exceeds $50,000 if participant completed 300 hours year-to-date as of August 16,2001, 2) a service related contribution of 1% of their compensation earned through August 16, 2001 for participants who completed five or more years of vesting service and 300 hours year-to-date as of August 16, 2001, and 3) full vesting in the Employer's contributions. Effective January 1, 2000, the Plan was amended to among other things: 1) change the eligibility as noted under eligibility above and under participant's voluntary contributions below, and 2) allow forfeitures to be applied to reduce Plan expenses. The following description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. -4-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 Contributions Employer's contributions: The Employer may provide a non-service related retirement contribution of 4% of annual compensation up to the Social Security wage base and 7% of annual compensation thereafter and a service related retirement contribution of 1% of annual compensation for participants who have completed five or more years of vesting service as of the last day of the Plan year. Participants who complete 500 hours of service during the Plan year and are participants on the last day of the Plan year are eligible. The annual compensation of each participant taken into account under the Plan is limited to the maximum amount permitted under Section 401(a)(17) of the Internal Revenue Code. The annual compensation limit for the Plan year ended December 31, 2001 was $170,000. The Employer may also provide a matching contribution of 100% of the participant's voluntary contributions up to 3% of the participant's total annual compensation. Participant's voluntary contributions: A participant may elect to make a voluntary tax-deferred contribution of 1% to 6% of his or her annual compensation up to the maximum permitted under Section 402(g) of the Internal Revenue Code adjusted annually ($10,500 at December 31, 2001). This voluntary tax-deferred contribution may be limited by Section 401(k) of the Internal Revenue Code. Effective January 1, 2000, a participant whose base salary equals or exceeds $100,000 will cease being a participant for purposes of making voluntary contributions, the first day of the Plan year following the year in which the $100,000 base salary threshold is met. Instead, such employee will become a participant in the Supplemental Retirement Plan, a non-qualified plan, for purposes of making voluntary contributions. Investment options Limited Brands, Inc. Common Stock Fund - invests primarily in common stock of Limited Brands, Inc. with up to 3% of the fund being invested in money-market instruments. The goal of the fund is capital growth and dividend income. Intimate Brands, Inc. Common Stock Fund - invests primarily in common stock of Intimate Brands, Inc., an 84%-owned subsidiary of Limited Brands, Inc., with up to 3% of the fund being invested in money-market instruments. The goal of the fund is capital growth and dividend income. SARP Stable Value Fund - invests primarily in investment contracts, stable value contracts and short-term investments. The goal of the fund is preservation of principal and income while maximizing current income. -5-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 Investment options (continued) Vanguard Institutional Index Fund - a mutual fund, investing in the 500 stocks that comprise the Standard & Poor's 500 Composite Stock Price Index (S&P 500) in proportion to their weighting in the index. The goal of the fund is long-term growth of capital and income from dividends. Vanguard U.S. Growth Fund - a mutual fund, investing primarily in large-capitalization stocks of seasoned U.S. companies with records of growth. The goal of the fund is long-term capital growth. Janus Overseas Fund - a mutual fund, investing at least 65% of its total assets in securities of issuers from at least five different countries, excluding the United States. The goal of the fund is long-term capital growth. American Century Income & Growth Fund - a mutual fund, investing primarily in common stocks selected from a universe of the 1,500 largest companies traded in the United States. The goal of the fund is dividend growth, current income, and capital appreciation. AIM Balanced Fund (Class A) - a mutual fund, investing primarily in high-yielding securities, including common stocks, preferred stocks, convertible securities and bonds. The goal of the fund is high total return consistent with preservation of capital. AXP Selective Fund (Class Y) - a mutual fund, investing primarily in medium-to high-quality corporate bonds and other highly rated debt instruments including government securities and short-term investments. The goal of the fund is current income and preservation of capital. American Express Trust Long-Term Horizon (80:20) - a common collective trust, investing in a predetermined mix of growth, growth/income and income investments. The goal of the trust is to create a diversified portfolio with a moderate risk profile designed for individuals with long-term goals. American Express Trust Medium-Term Horizon (50:50) - a common collective trust, investing in a predetermined mix of growth, growth/income, income, and money market (cash equivalents) investments. The goal of the trust is to create a diversified portfolio with a conservative risk profile designed for individuals with medium-term goals. American Express Trust Short-Term Horizon (25:75) - a common collective trust, investing in a predetermined mix of growth, growth/income, income, and money market (cash equivalents) investments. The goal of the trust is to create a diversified portfolio with a conservative risk profile designed for individuals with short-term goals. Self-Directed Brokerage Account - allowing the participant to invest in securities not offered otherwise. -6-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 Frozen investment options The Abercrombie & Fitch Co. and Too, Inc. Stock Funds were previous investment options. Subsequent to a tax-free exchange offer on May 19, 1998, establishing Abercrombie & Fitch Co. as an independent company and the spin-off of Too, Inc. effective August 23, 1999, no additional contributions were permitted to these funds as of the respective dates. Vesting A participant is fully and immediately vested for voluntary and rollover contributions and is credited with a year of vesting service in the Employer's contributions for each Plan year that they are credited with at least 500 hours of service. A summary of vesting percentages in the Employer's contributions follows: Years of vested service Percentage ----------------------- ---------- Less than 3 years 0% 3 years 20 4 years 40 5 years 60 6 years 80 7 years 100 Payment of benefits The full value of participants' accounts becomes payable upon retirement, disability, or death. Upon termination of employment for any other reason, participants' accounts, to the extent vested, become payable. Those participants with vested account balances greater than $5,000 have the option of leaving their accounts invested in the Plan until age 65. All benefits will be paid as a lump-sum distribution. Those participants holding shares of Employer Securities will have the option of receiving such amounts in whole shares of Employer Securities and cash for any fractional shares. Participants have the option of having their benefit paid directly to an eligible retirement plan specified by the participant. A participant who is fully vested in his or her account and who has participated in the Plan for at least seven years may obtain an in-service withdrawal from their account based on the percentage amounts designated by the Plan. A participant may also request a hardship distribution due to an immediate and heavy financial need based on the terms of the Plan. Amounts allocated to participants withdrawn from the Plan Amounts allocated, but not yet paid, to participants withdrawn from the Plan were $117,246 and $1,064,451 as of December 31, 2001 and 2000, respectively. -7-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 Forfeitures Forfeitures are used to reduce the Employer's required contributions, and if so elected by the Employer, to reduce administrative expenses. Forfeitures of $7,510,832 and $10,405,105 were used to reduce contributions for the years ended December 31, 2001 and 2000, respectively. Forfeitures of $363,585 and $769,952 were used to reduce administrative expenses for the years ended December 31, 2001 and 2000, respectively. Expenses and fees Expenses of the Plan are deducted from participants' accounts as follows: 1) annual participant fee of from $12 to $200 based on account balance, deducted on a quarterly basis, 2) a $10 disbursement fee for withdrawals and terminations, 3) a $3 fee for recurring installment disbursements, and 4) a $50 annual fee for a self directed brokerage account. Investments in the Limited Brands, Inc., Intimate Brands, Inc., Too, Inc., and Abercrombie & Fitch Co. stock funds are charged an administrative fee of 3 basis points through a reduction in earnings. Investments in the SARP Stable Value Fund are charged an administrative fee of 30 basis points through a reduction in earnings. The Employer pays administrative expenses incurred in excess of fees collected from participants by either direct payment or forfeitures. Expenses and fees excluding those paid directly have been reported in the financial statements as administrative expenses. Brokerage fees, transfer taxes and other expenses incurred in connection with the investment of the Plan's assets will be added to the cost of investments purchased or deducted from the proceeds of investments sold. (2) Summary of accounting policies Basis of presentation The accompanying financial statements have been prepared on the accrual basis of accounting, including investment valuation and income recognition. Estimates The Plan prepares its financial statements in conformity with accounting principles generally accepted in the United States, which requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of the financial statements and the changes in net assets available for benefits during the reporting period and, when applicable, disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates. -8-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 Risks The plan provides for the various investment options as described in Note 1. Any investment is exposed to various risks, such as interest rate, market and credit. These risks could result in a material effect on participants' account balances and the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits. Income recognition 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. Investment valuation Mutual funds are stated at fair value as determined by quoted market prices, which represents the net asset value of shares held by the Plan at year-end. Common stocks are valued as determined by quoted market prices. The common collective trusts are valued on a daily basis. The value of each unit is determined by subtracting total liabilities from the total value of the assets, including accrued income, and dividing the amount remaining by the number of units outstanding on the valuation date. Investment contracts are recorded at contract value (Note 4). Net depreciation in fair value of investments Net realized and unrealized appreciation (depreciation) is recorded in the accompanying statements of changes in net assets available for benefits as net depreciation in fair value of investments. Benefit payments Benefits are recorded when paid. Reclassification of prior year information Certain prior year information has been reclassified to conform to current year presentation. -9-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 (3) Investments The Plan's investments are held by the American Express Trust Company, trustee of the Plan. The following table presents balances at December 31, 2001 and 2000 for the Plan's current investment options. Investments that represent five percent or more of the Plan's net assets are separately identified. 2001 2000 ------------ ------------ Investments at fair value as determined by: Quoted market price Common stock: Limited Brands, Inc. $ 57,485,589 $ 69,100,258 Other 20,499,209 16,880,923 ------------ ------------ 77,984,798 85,981,181 ------------ ------------ Mutual funds: Vanguard Institutional Index Fund 80,845,380 95,254,571 Vanguard U.S. Growth Fund 53,445,849 77,713,075 AIM Balanced Class A Fund 23,234,958 26,356,111 Other 11,166,668 9,451,000 ------------ ------------ 168,692,855 208,774,757 ------------ ------------ Total quoted market price 246,677,653 294,755,938 Contract cost Investment contracts 104,878,013 93,314,059 Estimated fair value Common collective trusts 9,210,681 18,689,274 ------------ ------------ Total investments at fair value $360,766,347 $406,759,271 ============ ============ The Plan's investments (including investments bought, sold, and held during the year) appreciation (depreciation) in value for the years ended December 31, 2001 and 2000, is set forth below: 2001 2000 ------------- ------------ Investments at fair value as determined by: Quoted market price Common stock $ (5,548,014) $(23,366,324) Mutual funds (43,539,345) (52,135,638) Other - (3,135) ------------ ------------ (49,087,359) (75,505,097) Estimated fair value Common collective trusts 322,270 880,518 ------------ ------------ Net depreciation in fair value $(48,765,089) $(74,624,579) ============ ============ -10-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 (4) Investment contracts The Plan, under the SARP Stable Value Fund investment option, enters into investment contracts with insurance companies and financial institutions. The contracts are included in the financial statements at contract value, because they are fully benefit responsive. Contract value represents contributions made under the contract, plus earnings, less Plan withdrawals and administrative expenses. These contracts provide a liquidity guarantee, by financially responsible third parties, of principal and previously accrued interest which can be utilized for liquidations, transfers, or hardship withdrawals initiated by plan participants exercising their rights under the terms of the on-going Plan. There are no reserves against contract value for credit risk of the contract issuer or otherwise. The fair value of the investment contracts at December 31, 2001 and 2000 was $109,657,811 and $85,423,308, respectively. The average yield for the investment contracts was approximately 6.95% and 7.15% for the years ended December 31, 2001 and 2000, respectively. The weighted average crediting rate for these contracts was 7.14% and 7.27% at December 31, 2001 and 2000, respectively. The crediting rate is based on an agreed upon rate with the issuer, but cannot be less than zero. (5) Tax status The Plan obtained its latest determination letter on January 30, 1995, in which the Internal Revenue Service stated that the Plan, as amended and restated January 1, 1992 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 designed and is currently being operated in compliance with the applicable requirements of the Internal Revenue Code. (6) Plan administration A committee comprised of members appointed by the Board of Directors of the Employer administers the Plan. (7) Plan termination Although the Employer has not expressed any intent to do so, the Employer has the right under the Plan to discontinue its contributions at any time. Limited Brands, Inc. has the right at any time, by action of its Board of Directors, to terminate the Plan subject to provisions of ERISA. Upon Plan termination or partial termination, participants will become fully vested in their accounts. (8) Parties-in-interest American Express Trust Company, trustee of the Plan, its subsidiaries and affiliates maintain and manage certain of the investments of the Plan for which the Plan is charged. -11-
The Limited, Inc. Savings and Retirement Plan Notes to Financial Statements December 31, 2001 and 2000 (9) Reconciliation of financial statements to Form 5500 The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500: 2001 2000 ------------- ------------ Net Assets Available for Benefits Per the Financial Statements $391,249,828 $433,465,264 Amounts Allocated to Withdrawing Participants (117,246) (1,064,451) ------------ ------------ Net Assets Available for Benefits Per Form 5500 $391,132,582 $432,400,813 ============ ============ The following is a reconciliation of benefits paid to participants per the financial statements to Form 5500: Benefits Paid to Participants Per the Financial Statements $ 42,567,528 Amounts Allocated to Withdrawing Participants: At December 31, 2001 117,246 At December 31, 2000 (1,064,451) ------------ Benefits Paid to Participants Per Form 5500 $ 41,620,323 ============ Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. (10) Subsequent events Effective January 1, 2002, the Plan was amended to, among other things: 1) increase allowable tax-deferred contributions to 15%, 2) change the Employer's match to 100% of the participant's voluntary contributions up to 4% of the participant's total annual compensation, 3) reduce the non-service related retirement contribution by 1%, 4) increase the service related retirement contribution by 1% for annual compensation in excess of the social security wage base, 5) fully vest participants in the Employer's matching contribution, and 6) allow employees whose base salary equals or exceeds $100,000 to make voluntary contributions. On March 21, 2002, Limited Brands, Inc. completed a tax-free tender offer and merger which resulted in the acquisition of the Intimate Brands, Inc. minority interest. As a result, each share of Intimate Brands, Inc. common stock in the Plan was exchanged for 1.1 shares of Limited Brands, Inc. common stock. -12-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value -------------------------- -------------------------------- ------ --------------- * Limited Brands, Inc. Common Stock - 3,905,271 shares $57,485,589 * Intimate Brands, Inc. Common Stock - 663,606 shares 9,861,186 Too, Inc. Common Stock - 260,221 shares 7,156,078 Abercrombie & Fitch Co. Common Stock - 77,745 shares 2,062,575 Applied Materials Common Stock - 2,821 shares 113,122 Cisco Systems Common Stock - 5,164 shares 93,520 General Electric Common Stock - 2,158 shares 86,493 EMC Corp. Common Stock - 6,422 shares 86,312 Texas Instruments Common Stock - 2,726 shares 76,328 JDS Uniphase Corp. Common Stock - 6,655 shares 57,765 Nasdaq Gold TR I UIT Common Stock - 1,300 shares 50,583 Dell Computer Corp. Common Stock - 1,750 shares 47,565 Nokia Corp. ADR Common Stock - 1,351 shares 33,140 Microsoft Corp. Common Stock - 492 shares 32,595 Immunex Corp. Common Stock - 1,150 shares 31,867 Krispy Kreme Doughnuts Common Stock - 661 shares 29,216 Cree, Inc. Common Stock - 930 shares 27,398 PMC-Sierra, Inc. Common Stock - 1,265 shares 26,894 Wal-Mart Stores Common Stock - 459 shares 26,415 Qualcomm, Inc. Common Stock - 522 shares 26,361 * Represents a party in interest (1) Cost information omitted - investment is part of individual account plan that a participant or beneficiary directed with respect to assets allocated to his or her account. The notes to the financial statements are an integral part of this schedule. -13-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value -------------------------- -------------------------------- ------ --------------- Intel Corp. Common Stock - 782 shares 24,594 Lucent Technologies Common Stock - 3,461 shares 21,804 Tyco International, Ltd. Common Stock - 351 shares 20,674 Oak Technology, Inc. Common Stock - 1,333 shares 18,329 Oracle Systems Common Stock - 1,216 shares 16,793 Sun Microsystems Common Stock - 1,253 shares 15,412 Citigroup, Inc. Common Stock - 280 shares 14,134 AOL Time Warner, Inc. Common Stock - 432 shares 13,867 RF Micro-Devices Common Stock - 706 shares 13,576 Gentex Corp. Common Stock - 500 shares 13,365 Network Appliance Common Stock - 600 shares 13,122 Broadcom Corp. Common Stock - 300 shares 12,261 Worldcom. Inc. Common Stock - 840 shares 11,827 Compaq Computer Common Stock - 1,175 shares 11,468 WebMD Corp. Common Stock - 1,603 shares 11,317 Verizon Communications Common Stock - 237 shares 11,248 Home Depot Common Stock - 220 shares 11,222 Indymac Bancorp, Inc. Common Stock - 450 shares 10,521 * American Express Common Stock - 260 shares 9,279 Walt Disney Co. Common Stock - 400 shares 8,288 Motorola, Inc. Common Stock - 590 shares 8,862 Corning, Inc. Common Stock - 945 shares 8,429 Asia Satellite ADR Common Stock - 500 shares 8,200 The notes to the financial statements are an integral part of this schedule. -14-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value -------------------------- -------------------------------- ------ ------------- Sungard Data Systems Common Stock - 270 shares 7,811 Xilinx, Inc. Common Stock - 200 shares 7,810 Nortel Networks Corp. Common Stock - 1,000 shares 7,460 LSI Logic Corp. Common Stock - 462 shares 7,290 Ballard Power Systems Common Stock - 225 shares 6,653 Drugstore.com, Inc. Common Stock - 3,400 shares 6,630 Cardinal Health, Inc. Common Stock - 100 shares 6,466 United Technologies Common Stock - 100 shares 6,463 Emulex Corp. Common Stock - 150 shares 5,927 AT&T Wireless Services Common Stock - 399 shares 5,734 Qwest Comm Intl, Inc. Common Stock - 350 shares 4,946 Alexion Pharmaceutical Common Stock - 201 shares 4,912 Applied Micro Circuits Common Stock - 400 shares 4,528 Philip Morris Co. Common Stock - 97 shares 4,447 Ciena Corporation Common Stock - 300 shares 4,293 Echelon Corp. Common Stock - 300 shares 4,248 Jupiter Networks Common Stock - 222 shares 4,207 Siebel Systems Common Stock - 150 shares 4,197 Ivax Common Stock - 200 shares 4,028 People Soft Common Stock - 100 shares 4,020 Pfizer, Inc. Common Stock - 100 shares 3,985 Tanox, Inc. COM Common Stock - 212 shares 3,923 Huntington Bancshare Common Stock - 220 shares 3,782 The notes to the financial statements are an integral part of this schedule. -15-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - ----------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ---------------------------- ------------------------------- -------- ------------ Fuelcell Energy Corp. Common Stock - 200 shares 3,628 McData Common Stock - 138 shares 3,381 Time Warner Telecom Common Stock - 190 shares 3,361 Buca, Inc. Common Stock - 200 shares 3,242 Pixelworks, Inc. Common Stock - 200 shares 3,212 Procter & Gamble Common Stock - 40 shares 3,165 Ariba, Inc. Common Stock - 508 shares 3,129 Caci International, Inc. Common Stock - 78 shares 3,080 Palm, Inc. Common Stock - 793 shares 3,077 Quantum Corp. Common Stock - 300 shares 2,955 Atmel Corp. Common Stock - 400 shares 2,948 Boeing Co. Common Stock - 75 shares 2,909 Advanced Micro Dev. Common Stock - 180 shares 2,855 Cortex Pharmaceuticals Common Stock - 1,000 shares 2,580 Vitesse Corp. Common Stock - 200 shares 2,486 Yahoo, Inc. Common Stock - 138 shares 2,448 Online Power Supply Common Stock - 1,000 shares 2,430 Metromedia Fiber Network Common Stock - 5,500 shares 2,420 Rambus, Inc. Common Stock - 300 shares 2,397 Coca-Cola Co. Common Stock - 50 shares 2,358 Echostar Comm Common Stock - 85 shares 2,334 Glogic Corp. Common Stock - 50 shares 2,226 CMGI, Inc. Common Stock - 1,335 shares 2,176 The notes to the financial statments are an integral part of this schedule. -16-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - ----------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ----------------------------- -------------------------------- -------- ------------ Abercrombie & Fitch Common Stock - 79 shares 2,095 Stem Cells, Inc. Common Stock - 600 shares 2,094 Handspring, Inc. Common Stock - 300 shares 2,022 Gateway, Inc. Common Stock - 250 shares 2,010 Sanmina-Sci Corporation Common Stock - 100 shares 1,990 General Magic, Inc. Common Stock - 4,916 shares 1,917 Comcast Corp. Common Stock - 52 shares 1,872 Genzyme Corp. Common Stock - 30 shares 1,795 Wind River Systems Common Stock - 100 shares 1,791 Sonus Networks Common Stock - 377 shares 1,741 Bayer A G ADR Common Stock - 54 shares 1,716 Bio Technology General Corp. Common Stock - 200 shares 1,646 Ford Motor Company Common Stock - 100 shares 1,572 VA Software Corporation Common Stock - 625 shares 1,531 Finisar Corp. Common Stock - 150 shares 1,526 Micromuse, Inc. Common Stock - 100 shares 1,500 AT&T Corp. Common Stock - 82 shares 1,479 XM Satellite Radio Common Stock - 80 shares 1,469 Zoran Corp. Common Stock - 45 shares 1,469 Photon Dynamics, Inc. Common Stock - 32 shares 1,461 Activision, Inc. Common Stock - 56 shares 1,457 Microstrategy Common Stock - 375 shares 1,444 America West Holdings Common Stock - 400 shares 1,400 The notes to the financial statements are an integral part of this schedule. -17-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - ----------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ----------------------------- -------------------------------- -------- ------------ Noven Common Stock - 75 shares 1,331 Frontier Oil Corp. Common Stock - 75 shares 1,248 Hewlett Packard Common Stock - 57 shares 1,171 Sirius Satellite Radio Common Stock - 100 shares 1,163 Chiquita Brands Common Stock - 1,800 shares 1,152 Foundry Networks Common Stock - 140 shares 1,141 Verticalnet, Inc. Common Stock - 800 shares 1,120 L-3 Communications Common Stock - 12 shares 1,080 Brocade Communications Common Stock - 32 shares 1,060 Extreme Networks, Inc. Common Stock - 82 shares 1,058 Inet Technologies, Inc. Common Stock - 100 shares 1,057 Kraft Foods, Inc. Common Stock - 30 shares 1,021 Unify Common Stock - 3,390 shares 1,017 Itron, Inc. Common Stock - 33 shares 1,000 Women First Healthcare Common Stock - 100 shares 999 Art Technology, Inc. Common Stock - 275 shares 957 USAir Group Common Stock - 150 shares 951 Tengasco Common Stock - 105 shares 869 Global Crossing, Ltd. Common Stock - 1,020 shares 857 Orchid Biosciences, Inc. Common Stock - 147 shares 808 I2 Technologies Common Stock - 100 shares 790 Avaya Common Stock - 61 shares 741 Enron Corp. Common Stock - 1,200 shares 720 The notes to the financial statements are an integral part of this schedule. -18-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - ------------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ----------------------------- -------------------------------- -------- -------------- Williams Communications Common Stock - 300 shares 705 Barnes & Noble.com, Inc. Common Stock - 427 shares 658 Glenayre Technologies Common Stock - 400 shares 652 Storage Networks, Inc. Common Stock - 100 shares 618 Koninklijke Philips Electronics Common Stock - 21 shares 611 AK Steel Common Stock - 50 shares 569 ADB Systems Int'l Common Stock - 2,087 shares 563 Apex Mortgage Capital Common Stock - 50 shares 563 Knight Trading Group, Inc. Common Stock - 50 shares 551 Sycamore Networks, Inc. Common Stock - 85 shares 456 Koala Corp. Common Stock - 500 shares 450 Avanex Corporation Common Stock - 75 shares 443 Axcess, Inc. Common Stock - 100 shares 438 Utilicorp United Common Stock - 17 shares 428 Orbital Sciences Corp. Common Stock - 100 shares 413 ASM Lithography Common Stock - 24 shares 409 New Focus, Inc. Common Stock - 101 shares 385 Redback Networks Common Stock - 94 shares 371 McLeod, Inc. Common Stock - 1,000 shares 370 Vasomedical, Inc. Common Stock - 100 shares 370 Pinacle Holdings Common Stock - 1,000 shares 340 Citrix Systems, Inc. Common Stock - 15 shares 340 Plaintree Systems, Inc. Common Stock - 2,000 shares 330 The notes to the financial statements are an integral part of this schedule. -19-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - ----------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ----------------------------- -------------------------------- ------- ------------ Power-One, Inc. Common Stock - 31 shares 323 Corvis Corp. Common Stock - 100 shares 323 Worldcom, Inc. MCI Group Common Stock - 24 shares 305 Eagle Wireless Intl Inc. Common Stock - 370 shares 226 Apple Computer Common Stock - 10 shares 219 Marvel Enterprises, Inc. Common Stock - 50 shares 190 Kmart Corp. Common Stock - 32 shares 175 Conexant Systems, Inc. Common Stock - 11 shares 158 Oni Systems, Corp. Common Stock - 24 shares 150 Internet Capital Group Common Stock - 100 shares 121 Novell, Inc. Common Stock - 25 shares 115 Razorfish, Inc. Common Stock - 459 shares 101 XO Communications Common Stock - 1,000 shares 96 Amazon Com, Inc. Common Stock - 8 shares 87 Polaroid Corp. Common Stock - 1,000 shares 80 Pumatech, Inc. Common Stock - 28 shares 72 Barpoint.com, Inc. Common Stock - 235 shares 71 Serviceware Tech, Inc. Common Stock - 200 shares 64 Sunday Commun, Ltd. ADR Common Stock - 60 shares 61 Xybernaut Corp. Common Stock - 20 shares 48 Warnaco Common Stock - 800 shares 46 Northpoint Community Group Common Stock - 300 shares 45 Exodus Communications Common Stock - 1,100 shares 43 The notes to the financial statements are an integral part of this schedule. -20-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - ------------------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment including (1) Identity of issue, borrower, maturity date, rate of interest, lessor, or similar party collateral, par or maturity value Cost Current Value ------------------------------------- --------------------------------------------- ------- -------------------- Loudeye Technologies Common Stock - 50 shares 37 Vertical Computer Sys Common Stock - 2,532 shares 33 Struthers, Inc. Common Stock - 4,000 shares 32 Zimmer Holdings, Inc. Common Stock - 1 share 31 Pawnbroker.com, Inc. Common Stock - 338 shares 27 Calypte Biomedical CP Common Stock - 40 shares 7 Econnect Common Stock - 145 shares 6 Intertek, Inc. Common Stock - 100 shares 6 Bradlees, Inc. Common Stock - 2,700 shares 5 Verado Holdings, Inc. Common Stock - 60 shares 2 Comporsitech, Ltd. Common Stock - 295 shares 1 * American Express Trust Common Collective Trust - 3,363,546.050 3,363,546 Money Market I shares * American Express Trust Common Collective Trust - 103,196.532 2,346,999 Horizon Long-Term (80:20) shares * American Express Trust Horizon Common Collective Trust - 56,321.072 1,222,562 Medium-Term (50:50) shares * American Express Trust Horizon Common Collective Trust - 53,263.628 963,378 Short-Term (25:75) shares * American Express Trust Money Market Common Collective Trust - 769,404.890 769,405 II shares * American Express Trust Income I Common Collective Trust - 9,402.349 shares 544,791 The notes to the financial statements are an integral part of this schedule. -21-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 (a) (b) (c) (d) (e) Description of investment including (1) Identity of issue, borrower, maturity date, rate of interest, lessor, or similar party collateral, par or maturity value Cost Current Value ----------------------------------- ----------------------------------------- ------- ------------------ Vanguard Institutional Index Fund Mutual Fund - 770,763.472 shares 80,845,380 Vanguard U.S. Growth Fund Mutual Fund - 2,835,323.586 shares 53,445,849 AIM Balanced Fund Mutual Fund - 895,719.285 shares 23,234,958 Janus Overseas Fund Mutual Fund - 294,865.898 shares 5,985,779 American Century Income & Growth Mutual Fund - 96,033.800 shares 2,626,524 Fund * American Express Selective Fund Mutual Fund - 181,620.084 shares 1,609,154 Reserve Fund Mutual Fund - 558,170.740 shares 558,171 Janus Olympus Fund Mutual Fund - 1,346.011 shares 37,486 American Century International Mutual Fund - 3,704.963 shares 29,529 Growth Fund Janus Worldwide Fund Mutual Fund - 646.369 shares 28,337 Invesco Technology Fund Mutual Fund - 769.115 shares 25,050 Buffalo Small Cap Fund Mutual Fund - 1,085.689 shares 21,670 Janus Mercury Fund Mutual Fund - 1,022.189 shares 21,251 CS Warburg Pincus Emerging Growth Mutual Fund - 750.111 shares 20,246 Fund Turner Small Cap Value Mutual Fund - 1,031.890 shares 20,173 Fund Scudder Select 500 Fund Mutual Fund - 1,495.250 shares 16,956 The notes to the financial statements are an integral part of this schedule. -22-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 (a) (b) (c) (d) (e) Description of investment including (1) Identity of issue, borrower, maturity date, rate of interest, lessor, or similar party collateral, par or maturity value Cost Current Value ------------------------------------- --------------------------------------- ------- ------------------ Strong Enterprise Fund Mutual Fund - 762.758 shares 16,887 * American Express S&P 500 Index Fund Mutual Fund - 3,484.226 shares 15,470 CS Capital Appreciation Fund Mutual Fund - 696.464 shares 12,460 Invesco Dynamics Fund Mutual Fund - 589.164 shares 9,385 Dodge & Cox Stock Fund Mutual Fund - 65.629 shares 6,596 Invesco Health Sciences Fund Mutual Fund - 124.257 shares 6,292 Artisan International Fund Mutual Fund - 333.289 shares 6,119 PBHG Large Cap 20 Fund Mutual Fund - 372.043 shares 6,061 PBHG Small Cap Value Fund Mutual Fund - 267.136 shares 5,514 Firsthand Funds Technology Value Mutual Fund - 133.281 shares 5,498 Fund Pacific Century Mutual Fund - 20,000 shares 5,200 Strong Growth 20 Fund Mutual Fund - 289.825 shares 4,272 Janus Fund 2 Mutual Fund - 557.292 shares 4,152 Oakmark Equity and Income Fund Mutual Fund - 219.287 shares 4,085 Dodge & Cox Balanced Fund Mutual Fund - 61.593 shares 4,029 T. Rowe Price Capital Appreciation Mutual Fund - 274.636 shares 4,021 Fund PBHG Large Cap Value Fund Mutual Fund - 276.609 shares 3,778 Janus Global Life Sciences Fund Mutual Fund - 179.276 shares 3,150 The notes to the financial statements are an integral part of this schedule. -23-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 (a) (b) (c) (d) (e) Description of investment including (1) Identity of issue, borrower, maturity date, rate of interest, lessor, or similar party collateral, par or maturity value Cost Current Value ------------------------------------- --------------------------------------- ------- ------------------ Gabelli Global Communications Fund Mutual Fund - 223.763 shares 3,124 Invesco Telecommunications Fund Mutual Fund - 171.489 shares 2,850 Turner New Enterprise Fund Mutual Fund - 552.486 shares 2,718 Invesco Leisure Fund Mutual Fund - 67.474 shares 2,540 SSGA Real Estate Equity Fund Mutual Fund - 245.288 shares 2,419 Janus Investment Fund Mutual Fund - 68.472 shares 2,191 Invesco Energy Fund Mutual Fund - 123.153 shares 2,139 Dresdner RCM Global Technology Fund Mutual Fund - 68.446 shares 2,073 Strong Small Cap Value Fund Mutual Fund - 100.529 shares 2,033 Van Wagoner Technology Fund Mutual Fund - 127.421 shares 2,031 Janus Strategic Value Fund Mutual Fund - 204.390 shares 1,893 CS Global Telecom Fund Mutual Fund - 59.304 shares 1,784 Firsthand Funds Technology Leaders Mutual Fund - 78.170 shares 1,474 Fund * American Express Blue Chip Mutual Fund - 182.727 shares 1,471 Advantage Fund Strong Mid Cap Growth Fund Mutual Fund - 99.480 shares 1,390 Artisan Mid Cap Fund Mutual Fund - 49.015 shares 1,264 Oak Associates Red Oak Technology Mutual Fund - 131.096 shares 1,257 Select Portfolio The notes to the financial statements are an integral part of this schedule. -24-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 (a) (b) (c) (d) (e) Description of investment including (1) Identity of issue, borrower, maturity date, rate of interest, lessor, or similar party collateral, par or maturity value Cost Current Value ------------------------------------- ------------------------------------------- ------- ------------------ Janus Orion Fund Mutual Fund - 192.136 shares 1,149 Green Century Balanced Fund Mutual Fund - 64.496 shares 1,033 Dreyfus Founders Funds Discovery Mutual Fund - 36.171 shares 1,029 Fund American Century Twentieth Century Mutual Fund - 92.238 shares 1,024 Vista Fund American Century Twentieth Century Mutual Fund - 94.072 shares 1,019 Heritage Fund PBHG Technology & Communications Mutual Fund - 55.434 shares 909 Fund CS Global Post Venture Capital Fund Mutual Fund - 53.267 shares 881 TIAA-CREF Growth & Income Fund Mutual Fund - 63.697 shares 769 Oak Associates Pin Oak Aggressive Mutual Fund - 23.226 shares 555 Stock Portfolio Janus Fund Mutual Fund - 14.406 shares 354 Protective Investment Contract - 5,000,000 - 7.30% due 5,313,467 2/17/04 GE Life Investment Contract - 5,000,000 - 7.10% due 5,132,329 11/15/04 Travelers Investment Contract - 5,000,000 - 7.20% due 5,074,843 10/15/03 GE Life Investment Contract - 3,000,000 - 7.79% due 3,165,314 4/15/05 Protective Investment Contract - 3,000,000 - 7.71% due 3,162,992 4/15/03 The notes to the financial statements are an integral part of this schedule. -25-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - -------------------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ------------------------------- --------------------------------------------- ------- --------------- Travelers Investment Contract - 3,000,000 - 7.80% due 3,146,045 5/15/05 Travelers Investment Contract - 3,000,000 - 7.58% due 3,122,543 6/15/03 Protective Investment Contract - 3,000,000 - 7.92% due 3,088,355 8/15/05 GE Life Investment Contract - 2,000,000 - 7.28% due 2,127,092 2/15/06 Protective Investment Contract - 2,000,000 - 6.15% due 2,085,497 5/15/06 Protective Investment Contract - 2,000,000 - 8.24% due 2,061,226 8/15/05 Hartford Investment Contract - 2,000,000 - 7.07% due 2,005,248 12/14/05 Bank of America I Contract Bank of America I Wrapper Contract Wrapper - 6.95% due 12/31/50 (65,101) FNMA 1999-50 OA CMO Bond - 6.50% due 6/25/23 1,028,452 FNMA 1993-120 HB Bond - 6.50% due 11/25/21 1,007,073 EQCC Home Equity 99-3 A3F Bond - 7.07% due 11/25/24 517,571 FHLMC Series 1804 Class A Bond - 6.00% due 9/15/29 489,292 CMO DLJ Commercial Mortgage Bond - 7.12% due 10/10/08 461,482 Corp. 1999-CG3 A-1A Green Tree Home Bond - 6.82% due 9/15/28 434,865 Improvement 97-D HEA7 IMC Home Equity Bond - 6.40% due 4/20/26 360,480 The notes to the financial statements are an integral part of this schedule. -26-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - -------------------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ------------------------------- --------------------------------------------- ------- --------------- DVI Receivables Corp. 1999-2 Bond - 6.83% due 6/13/03 101,605 A3 American Express Trust Common Collective Trust - 5,061 shares 5,061 Money Market I Bank of America II Contract Bank of America II Contract Wrapper - 7.05% due 12/31/50 (347,610) Wrapper American Express Trust Common Collective Trust - 141,032.822 shares 9,499,689 Bond Fund CDC I Contract CDC I Wrapper Contract Wrapper - 6.97% due 12/31/50 (302,473) FNMA 1999-50 OA CMO Bond - 6.50% due 6/25/23 2,005,650 FNMA 1993-120 HB Bond - 6.50% due 11/25/21 1,963,957 EQCC Home Equity 99-3 A3F Bond - 7.07% due 11/25/24 1,009,349 FHLMC Series 1804 Class A Bond - 6.00% due 9/15/29 954,200 CMO DLJ Commercial Mortgage Bond - 7.12% due 10/10/08 899,965 Corp. 1999-CG3 A-1A Green Tree Home Bond - 6.82% due 9/15/28 848,057 Improvement 97-D HEA7 IMC Home Equity Bond - 6.40% due 4/20/26 702,995 DVI Receivables Corp. 1999-2 Bond - 6.83% due 6/13/03 198,145 A3 American Express Trust Common Collective Trust - 9,870 shares 9,870 Money Market I The notes to the financial statements are an integral part of this schedule. -27-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - -------------------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ------------------------------- --------------------------------------------- ------- --------------- CDC II Contract CDC II Wrapper Contract Wrapper - 5.24% due 12/31/50 (22,369) American Express Trust Common Collective Trust - 62,433.828 shares 4,205,418 Bond Fund JP Morgan Chase Contract JP Morgan Chase Contract Wrapper - 7.47% due 12/31/50 (909,060) Wrapper FNMA 1999-50 OA CMO Bond - 6.50% due 6/25/23 4,979,629 FNMA 1993-120 HB Bond - 6.50% due 11/25/21 4,876,115 EQCC Home Equity 99-3 A3F Bond - 7.07% due 11/25/24 2,506,012 FHLMC Series 1804 Class A Bond - 6.00% due 9/15/29 2,369,088 CMO DLJ Commercial Mortgage Bond - 7.12% due 10/10/08 2,234,433 Corp. 1999-CG3 A-1A Green Tree Home Bond - 6.82% due 9/15/28 2,105,557 Improvement 97-D HEA7 IMC Home Equity Bond - 6.40% due 4/20/26 1,745,396 DVI Receivables Corp. 1999-2 Bond - 6.83% due 6/13/03 491,955 A3 American Express Trust Common Collective Trust - 24,506 shares 24,506 Money Market I The notes to the financial statements are an integral part of this schedule. -28-
The Limited, Inc. Savings and Retirement Plan EIN 31-1048997 Plan #002 Schedule of Assets Held at End of Year December 31, 2001 - -------------------------------------------------------------------------------------------------------------------------------- (a) (b) (c) (d) (e) Description of investment (1) Identity of issue, including maturity date, rate borrower, lessor, or of interest, collateral, par Current similar party or maturity value Cost Value ------------------------------- --------------------------------------------- ------- --------------- Rabobank Contract Rabobank Wrapper Contract Wrapper - 6.10% due 12/31/50 (47,534) American Express Trust Common Collective Trust - 649,231.748 shares 9,402,823 Investment Grade Bond Fund UBS Contract UBS Wrapper Contract Wrapper - 8.62% due 12/31/50 (658,925) FNMA 1999-50 OA CMO Bond - 6.50% due 6/25/23 2,406,037 FNMA 1993-120 HB Bond - 6.50% due 11/25/21 2,356,022 EQCC Home Equity 99-3 A3F Bond - 7.07% due 11/25/24 1,210,845 FHLMC Series 1804 Class A Bond - 6.00% due 9/15/29 1,144,686 CMO DLJ Commercial Mortgage Bond - 7.12% due 10/10/08 1,079,624 Corp. 1999-CG3 A-1A Green Tree Home Bond - 6.82% due 9/15/28 1,017,354 Improvement 97-D HEA7 IMC Home Equity Bond - 6.40% due 4/20/26 843,334 DVI Receivables Corp. 1999-2 Bond - 6.83% due 6/13/03 237,701 A3 American Express Trust Common Collective Trust - 11,841 shares 11,841 Money Market I The notes to the financial statements are an integral part of this schedule. -29-
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 hereunto duly authorized. Date: June 26, 2002 THE LIMITED, INC. SAVINGS AND RETIREMENT PLAN /s/ V. Ann Hailey --------------------------------------------- Name: V. Ann Hailey Title: Executive Vice President and Chief Financial Officer
INDEX TO EXHIBITS Exhibit No. Description - ---------- ----------- 23 Consent of Independent Public Accountants
Exhibit 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS We consent to the incorporation by reference in the Registration Statement (Form S-8 1-8344) pertaining to The Limited, Inc. Savings and Retirement Plan of our report dated April 12, 2002, with respect to the financial statements and supplemental schedule of The Limited, Inc. Savings and Retirement Plan included in this annual report (Form 11-K) for the year ended December 31, 2001. /s/ Ary & Roepcke Columbus, Ohio June 20, 2002