FORM 11 K
Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 11-K

 

 

x Annual Report Pursuant to Section 15(d) of The Securities Exchange Act of 1934

 

For the Fiscal Year ended December 31, 2002

 

OR

 

¨ Transition Report Pursuant to Section 15(d) of The Securities Exchange Act of 1934

 

 

Commission file number 33-89584

 

 

NEWS AMERICA SAVINGS PLAN

1211 Avenue of the Americas

New York, New York 10036

 

(Full title of the plan and the address of the plan,

if different from that of the issuer named below)

 

 

THE NEWS CORPORATION LIMITED

2 Holt Street

Sydney, NSW

Australia

 

(Name of issuer of the securities held pursuant to the plan

and the address of its principal executive office)


Table of Contents

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.

 

 

NEWS AMERICA SAVINGS PLAN

By:

 

/S/    THEODORE EXARHAKOS


    Theodore Exarhakos
    Vice President, Benefits, News America Incorporated

 

Date:  June 30, 2003


Table of Contents

 

 

 

 

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

 

News America Savings Plan

 

December 31, 2002 and 2001

with Report of Independent Auditors

 


Table of Contents

News America Savings Plan

 

Financial Statements

and Supplemental Schedule

 

December 31, 2002 and 2001

 

 

 

Contents

 

 

Report of Independent Auditors

   1

Statements of Net Assets Available for Benefits

   2

Statement of Changes in Net Assets Available for Benefits

   3

Notes to Financial Statements

   4

Supplemental Schedule

    

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

   17

 


Table of Contents

Report of Independent Auditors

 

Plan Administrator

News America Savings Plan:

 

We have audited the accompanying statements of net assets available for benefits of the News America Savings Plan as of December 31, 2002 and 2001, 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. 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, 2002 and 2001, and the changes in its net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States.

 

Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2002 is presented for the purpose of additional analysis and is not a required part of the 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 our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

 

 

 

 

 

/s/    Ernst & Young LLP

New York, New York

June 24, 2003

 

 

1


Table of Contents

News America Savings Plan

 

Statements of Net Assets Available for Benefits

 

 

     December 31

     2002

   2001

Assets

             

Investments, at fair value

   $ 138,989,615    $ 12,584,387

Participant loans

     2,751,949      2,975,922

Cash

     —        139,751,499

Receivables:

             

Participant contributions

     —        438,249

Employer contributions

     —        248,962
    

  

Total receivables

     —        687,211
    

  

Total assets

     141,741,564      155,999,019
    

  

Liabilities

             

Excess contributions due to participants

     41,632      180,580
    

  

Total liabilities

     41,632      180,580
    

  

Net assets available for benefits

   $ 141,699,932    $ 155,818,439
    

  

 

The accompanying notes are an integral part of these financial statements.

 

2


Table of Contents

News America Savings Plan

 

Statement of Changes in Net Assets Available for Benefits

 

 

     Year ended December 31

 
     2002

    2001

 

Additions

                

Investment income:

                

Dividends and interest

   $ 2,630,680     $ 5,216,514  
    


 


Total investment income

     2,630,680       5,216,514  

Contributions:

                

Participants

     14,434,619       14,382,898  

Employer

     4,637,503       4,470,757  
    


 


Total contributions

     19,072,122       18,853,655  

Asset transfers, net

     —         3,697,366  
    


 


Total additions

     21,702,802       27,767,535  

Deductions

                

Net realized and unrealized depreciation in fair value of investments

     23,837,003       16,867,785  

Benefits paid to participants

     11,956,314       16,107,355  

Other deductions

     27,992       28,871  
    


 


Total deductions

     35,821,309       33,004,011  
    


 


Net decrease

     (14,118,507 )     (5,236,476 )

Net assets available for benefits:

                

Beginning of year

     155,818,439       161,054,915  
    


 


End of year

   $ 141,699,932     $ 155,818,439  
    


 


 

The accompanying notes are an integral part of these financial statements.

 

 

3


Table of Contents

News America Savings Plan

 

Notes to Financial Statements

 

December 31, 2002

 

 

1.    Description of Plan

 

General

 

The News America Savings Plan (“Plan”) is a defined contribution plan sponsored by News America Incorporated (“Company”) a wholly-owned subsidiary of The News Corporation Limited (“News Corporation”).

 

The following description of the Plan is provided for general information only. For more detailed information, participants should refer to the Plan document.

 

Established in 1986, the Plan covers substantially all nonunion employees of the Company and its affiliates. The Plan meets the requirements of Internal Revenue Code Section 401(k) which permits employees to exclude contributions to the Plan from their current taxable income, subject to certain limits. The Plan is subject to the regulations of the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code of 1986, as amended.

 

Assets Held in Trust

 

Through December 31, 2001, all Plan assets were held in trust with The Vanguard Fiduciary Trust and UBS PaineWebber Incorporated (“Paine Webber”). As of December 31, 2001, the Plan changed trustees from the Vanguard Fiduciary Trust to Fidelity Management Trust Company (“Fidelity”). In accordance with the change, the Plan’s investments in The News Corporation Limited’s Ordinary Stock Fund and Preferred Stock Fund were transferred to Fidelity on December 31, 2001. The remaining assets held by Vanguard were liquidated prior to year-end and cash amounting to $139,751,499 was transferred to Fidelity on January 2, 2002. Paine Webber continues to serve as the Plan’s trustee for the investment vehicle that allows investment in participant-elected securities. Among other duties, Fidelity and Paine Webber (collectively referred to as “Trustees”) are responsible for the custody, record keeping and investing of the Plan assets and for the payment of benefits to eligible participants. All contributions are invested by the Trustees as designated by the Plan participants.

 

 

4


Table of Contents

News America Savings Plan

 

Notes to Financial Statements (continued)

 

 

1.    Description of Plan (continued)

 

The investment options available to the participants for the year ended December 31, 2002 and their related investment objectives were as follows:

 

Scudder International Fund—Invests in primarily common stocks of established companies outside the United States and will normally invest in at least three different countries at all times. It seeks to increase the value of investments over the long term through capital growth.

 

PIMCO Total Return Admin Fund—Invests in all types of bonds, including U.S. government, corporate, mortgage and foreign. It seeks to provide high total returns that exceeds general bond market indices.

 

Morgan Stanley Institutional Mid Cap Growth Adviser—Invests primarily in common stocks of small-to-medium-sized companies with market caps between $500 million and $3 billion that are growing rapidly and are expected to continue to grow and perform well. It seeks to increase the value of investments over the long term through price appreciation of mid-sized growth companies.

 

Morgan Stanley Institutional Fund, Inc. Small Company Growth Portfolio—Class B—Invests primarily in common stocks of small-to-medium-sized domestic (US) corporations and, to a limited extent, foreign (non-US) corporations. It seeks to increase the value of investments over the long term through price appreciation of small-and medium-sized companies.

 

Fidelity Equity-Income Fund—Normally invests at least 65% of total assets in income-producing equity securities, which tend to lead to investments in large cap “value” stocks. It seeks to provide a yield that exceeds the composite yield of the S&P 500.

 

Fidelity Growth Company Fund—Invests primarily in common stocks that are believed to have above-average growth potential. The fund may invest in securities of domestic and foreign issuers. It seeks to provide capital appreciation.

 

Fidelity Retirement Money Market Fund—Invests in U.S. dollar denominated money market securities and repurchase agreements for those securities. It seeks to provide a high level of current income that is consistent with the preservation of capital and liquidity.

 

5


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News America Savings Plan

 

Notes to Financial Statements (continued)

 

 

1.    Description of Plan (continued)

 

Fidelity Spartan U.S. Equity Index Fund—Invests at least 80% of assets in common stocks included in the S&P 500, which broadly represents the performance of common stocks publicly traded in the United States. It seeks to provide investment results that correspond to the total return performance of common stocks publicly traded in the United States.

 

Oakmark Select—Invests primarily in common stocks of US companies. The fund is non-diversified which means that it is not limited to a percentage of assets that it may invest in any one issuers. It seeks to increase the value of investments over the long term through capital growth.

 

Janus Advisor Worldwide Fund—Invests primarily in common stocks of foreign and domestic companies with flexibility to invest on a worldwide basis. It seeks to increase the value of investments over the long term through capital growth.

 

Fidelity Freedom Income Fund—Invests in other Fidelity mutual funds to provide moderate asset allocation consisting of underlying Fidelity stock, bond, and money market mutual funds (approximately 20% stock, 40% bonds and 40% money market which will gradually become more conservative over time). It seeks to provide high current income and, as a secondary objective, some capital appreciation for those already in retirement.

 

Fidelity Freedom 2000 Fund—The Fidelity Freedom Funds invest in other Fidelity mutual funds to provide moderate asset allocation consisting of underlying Fidelity stock, bond, and money market mutual funds (approximately 26% stock, 42% bonds and 32% money market which will gradually become more conservative over time). It seeks to provide high total returns for those planning to retire around 2000.

 

Fidelity Freedom 2010 Fund—The Fidelity Freedom Funds invest in other Fidelity mutual funds to provide moderate asset allocation consisting of underlying Fidelity stock, bond, and money market mutual funds (approximately 47% stock, 44% bonds and 9% money market which will gradually become more conservative over time). It seeks to provide high total returns for those planning to retire around 2010.

 

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News America Savings Plan

 

Notes to Financial Statements (continued)

 

1. Description of Plan (continued)

 

Fidelity Freedom 2020 Fund—The Fidelity Freedom Funds invest in other Fidelity mutual funds to provide moderate asset allocation consisting of underlying Fidelity stock, bond, and money market mutual funds (approximately 71% stock, 29% bonds and 0% money market which will gradually become more conservative over time). It seeks to provide high total returns for those planning to retire around 2020.

 

Fidelity Freedom 2030 Fund—The Fidelity Freedom Funds invest in other Fidelity mutual funds to provide moderate asset allocation consisting of underlying Fidelity stock, bond, and money market mutual funds (approximately 83% stock, 17% bonds and 0% money market which will gradually become more conservative over time). It seeks to provide high total returns for those planning to retire around 2030.

 

Fidelity Freedom 2040 Fund—The Fidelity Freedom Funds invest in other Fidelity mutual funds to provide moderate asset allocation consisting of underlying Fidelity stock, bond, and money market mutual funds (approximately 90% stock, 10% bonds and 32% money market which will gradually become more conservative over time). It seeks to provide high total returns for those planning to retire around 2040.

 

The News Corporation Limited’s Ordinary Stock Fund—This fund invests in News Corporation’s ordinary stock to provide the possibility of long-term growth through increases in the value of the stock and dividend reinvestment.

 

The News Corporation Limited’s Preferred Stock Fund—This fund invests in News Corporation’s preferred stock to provide the possibility of long-term growth through increases in the value of the stock and dividend reinvestment.

 

Fidelity BrokerageLink—A self-directed investment vehicle through Fidelity that allows investment in participant-selected securities provided the participant has a beginning balance of greater than $5,000.

 

PaineWebber—A self-directed investment vehicle that allows investment in participant-selected securities provided the participant has a beginning balance of greater than $5,000.

 

7


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News America Savings Plan

 

Notes to Financial Statements (continued)

 

1.    Description of Plan (continued)

 

Participants should refer to the prospectus issued for these funds for more complete descriptions of their investment policies and the related risks.

 

The investment options available to the participants for the year ended December 31, 2001 and their related investment objectives were as follows:

 

Vanguard Retirement Savings Trust—A collective investment trust that seeks to provide high level of income and a stable share value of $1. It invests primarily in investment contracts issued by insurance companies and commercial banks, providing a guaranteed rate of interest and protection of principal for a fixed period using various investment contracts. It also invests in alternative contracts that are backed by high-quality bonds and bond mutual funds owned by the trust.

 

Vanguard Prime Money Market Fund—A money market fund that seeks to provide a high level of income and a stable share price of $1 by investing in short-term, high quality money market instruments issued by financial institutions, nonfinancial corporations, the U.S. Government and federal agencies.

 

Vanguard Total Bond Market Index Fund—A bond fund that seeks to match the total return of the Lehman Brothers Aggregate Bond Index, a widely recognized measure of the entire U.S. taxable bond market.

 

Vanguard U.S. Growth Fund—An equity fund that seeks long-term capital appreciation by investing in a diversified portfolio of common stocks with above-average growth potential.

 

Vanguard Windsor II Fund—An equity fund that seeks long-term capital appreciation and dividend income by investing primarily in common stocks.

 

Vanguard Wellington Fund—A diversified trust fund that seeks to provide income and long-term growth of capital, without undue risk to capital, by investing in both stocks and bonds.

 

8


Table of Contents

News America Savings Plan

 

Notes to Financial Statements (continued)

 

1.    Description of Plan (continued)

 

Vanguard 500 Index Fund—An equity fund that attempts to provide investment results that correspond to the price and yield performance of publicly traded stocks, in the aggregate, as represented by the Standard & Poor’s 500 Composite Stock Price Index.

 

Vanguard International Growth Fund—An equity fund that seeks long-term capital by investing in common stocks of companies based outside of the United States.

 

Vanguard Extended Market Index Fund—An equity fund that seeks to provide long-term growth of capital by attempting to match the performance of the Wilshire 4500 Equity Index, which is comprised of mid- and small-capitalization companies.

 

Vanguard Life Strategy Income Fund—A mutual fund that seeks a conservative to moderately high level of income by investment in four Vanguard funds.

 

Vanguard Life Strategy Conservative Growth Fund—A mutual fund that seeks a high level of income and moderate long-term growth of capital and income by investing in five Vanguard funds.

 

Vanguard Life Strategy Moderate Growth Fund— A mutual fund that seeks a reasonable level of income and long-term growth of capital and income by investing in four Vanguard funds.

 

Vanguard Life Strategy Growth Fund—A mutual fund that seeks moderate to aggressive long-term growth of capital and income by investing in four Vanguard funds.

 

The News Corporation Limited’s Ordinary Stock Fund—This fund invests in News Corporation’s ordinary stock to provide the possibility of long-term growth through increases in the value of the stock and dividend reinvestment.

 

9


Table of Contents

News America Savings Plan

 

Notes to Financial Statements (continued)

 

1.    Description of Plan (continued)

 

The News Corporation Limited’s Preferred Stock Fund—This fund invests in News Corporation’s preferred stock to provide the possibility of long-term growth through increases in the value of the stock and dividend reinvestment.

 

PaineWebber—A self-directed investment vehicle that allows investment in participant selected securities provided the participant has a beginning balance of greater than $5,000. This investment option was closed to new participants effective December 31, 2001. Participants electing to self-direct their investments after that date are required to use the Fidelity BrokerageLink option. Participants should refer to the prospectus issued for these funds for more complete descriptions of their investment policies and the related risks.

 

Eligibility  

 

All employees age 21 or older are eligible for Plan participation on the first of the month following 30 days of full-time regular employment provided they are scheduled to complete at least 1,000 hours of service during a 12-month period.

 

Contributions and Vesting

 

Plan participants are entitled to contribute, subject to certain Internal Revenue Service regulations, from 1% to a maximum of 20% (15% in 2001) of their pre-tax compensation, as defined, and up to 10% of their after-tax compensation, as defined, not to exceed a combined deferral percentage of 27% (22% in 2001). Participants’ voluntary contributions of up to 6% of their compensation are matched at 50% by the Company. Starting in 2002, the Plan also offers Catch-Up contributions for those eligible in percentage increments from 1% to a maximum of 20% up to the IRS maximum.

 

10


Table of Contents

News America Savings Plan

 

Notes to Financial Statements (continued)

 

 

1.    Description of Plan (continued)

 

Participants’ voluntary contributions and actual earnings thereon become vested immediately. Matching contributions in participants’ accounts vest at the rate of 20% for each year of service up to five years, except for those participants who formerly participated in the Consumer Card Marketing Inc. 401(k) Profit Sharing Plan and Trust as of December 31, 2000. Such participants become vested in employer matching contributions over three years. Forfeitures (normally unvested interests of terminated participants’ matching contribution accounts) are allocated to reduce future matching contributions. Total forfeitures for the years ended December 31, 2002 and 2001 were approximately $472,680 and $666,000, respectively. The Company used approximately $448,165 to offset 2002 employer contributions.

 

Participant Accounts

 

A separate account is maintained by the Trustees for each participant to record the participant’s pre-tax and after-tax contributions, the employer’s matching contribution and Plan earnings.

 

Participant Loans

 

Participants may borrow from the Plan a minimum of $1,000 and a maximum amount generally not to exceed the lesser of $50,000 or 50% of the participant’s vested account balance. The loans are payable over a period not to exceed five years or, if the proceeds are used to purchase the participant’s principal residence, the loans are payable over a period not to exceed 20 years, and bear interest at prime plus 1%. The loans are secured by the pledge of the participant’s interest in the Plan.

 

At December 31, 2002, interest rates ranged from 5.75% to 6.00%. Participants are required to pay off outstanding loan balances when they leave the Company or the loan balances will be treated as taxable distributions to the participants. Participants may prepay their loans at any time without penalty.

 

11


Table of Contents

News America Savings Plan

 

Notes to Financial Statements (continued)

 

 

1.    Description of Plan (continued)

 

Payment of Benefits

 

Plan participants or beneficiaries are eligible to receive a benefit payment equal to their vested account balance upon termination of employment, retirement, death or permanent disability, as stipulated in the Plan agreement. Such benefits shall be made in a lump-sum payment, subject to certain restrictions as defined in the Plan.

 

Plan Termination

 

Although it has not expressed any intent to do so, the Company may terminate the Plan at any time, subject to the provisions set forth in ERISA. In the event of Plan termination, the accounts of all participants affected shall become fully vested and nonforfeitable. Assets remaining in the trust fund will be distributed to the participants and beneficiaries in proportion to their respective account balances.

 

Expenses

 

The majority of expenses incurred by the Plan are paid by the Company.

 

 

2.    Summary of Significant Accounting Policies

 

Basis of Accounting

 

The financial statements of the Plan are prepared under the accrual basis of accounting.

 

Investment Valuation and Income Recognition

 

The Plan’s investments are stated at fair value. Investments in mutual funds are valued at quoted market prices which represent the net asset value of shares held by the Plan at the end of the reporting period. Investments in stock funds are valued at the year-end unit closing price, comprised of the year-end market price plus uninvested cash position. Investments in common stock are valued at quoted market prices. Participant loans are valued at their outstanding balances, which approximate fair value.

 

12


Table of Contents

News America Savings Plan

 

Notes to Financial Statements (continued)

 

 

2.    Summary of Significant Accounting Policies (continued)

 

Dividend income is recorded on the ex-dividend date. Interest income is recognized when earned. Purchases and sales are recorded on a trade date basis.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.

 

3.    Investments

 

As further described in Note 1, the Plan’s investments were liquidated prior to the year-end of 2001 to facilitate the investment transfer to Fidelity Investments. Investments that represent 5% or more of the Plan’s net assets as of December 31, 2002 and 2001 are as follows:

 

     12/31/2002

     12/31/2001

Fidelity Growth Company

   $ 9,980,977     

PIMCO Total Return Admin

     11,005,522     

Fidelity Equity-Income

     13,325,060     

Fidelity Freedom Fund 2010

     22,123,307     

Fidelity Spartan US Equity Index

     28,530,154     

Fidelity Retirement Money Market

     28,553,566     

 

As of December 31, 2001, there were no individual investments greater than 5% of the Plan’s net assets available for benefits.

 

 

13


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News America Savings Plan

 

Notes to Financial Statements (continued)

 

 

3.    Investments (continued)

 

During 2002, the Plan’s investments (including gains and losses on investments bought and sold as well as held during the year) depreciated as follows:

 

Paine Webber Self Direct Accounts

   $ (902,186 )

BrokerageLink

     (31,779 )

Pimco Total Return

     173,466  

MSIFT Midcap Growth

     (1,321,717 )

MSI SM Co Growth B

     (89,236 )

Oakmark Select I

     (511,450 )

Janus Adv Worldwide I

     (36,237 )

Scudder International Fund S

     (898,804 )

The News Corporation Limited’s Ordinary Stock Fund

     (562,080 )

The News Corporation Limited’s Preferred Stock Fund

     (609,937 )

Fidelity Equity Inc.

     (3,054,661 )

Fidelity Growth Co

     (4,729,004 )

Fidelity Freedom Income

     (4,761 )

Fidelity Freedom 2000

     (20,154 )

Fidelity Freedom 2010

     (2,283,939 )

Fidelity Freedom 2020

     (175,870 )

Fidelity Freedom 2030

     (102,752 )

Fidelity Retirement Money Market

     (219 )

Fidelity Spartan US Equity Index

     (8,659,796 )

Fidelity Freedom 2040

     (15,887 )
    


     $ (23,837,003 )
    


 

4.    Tax Status

 

The Plan has received a determination letter from the Internal Revenue Service dated September 11, 2002, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (“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, as amended, is qualified and the related trust is tax exempt. The Plan administrator has indicated that it will take the necessary steps, if any, to maintain the Plan’s qualified status.

 

14


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News America Savings Plan

 

Notes to Financial Statements (continued)

 

 

5.    Transactions with Parties-in-Interest

 

The Plan’s investments in mutual funds managed by the Trustees and its investments in the Plan Sponsor’s ordinary and preferred stock funds as well as its investments in the common stock of various subsidiaries of the Plan Sponsor, are considered to be party-in-interest transactions.

 

6.    Change in Participating Employers

 

Effective December 31, 2001, Maximum Golf ceased being a participating employer in the Plan.

 

Effective April 14, 2002, Rawkus Entertainment, LLC, ceased being a participating employer in the Plan.

 

Effective June 30, 2002, News Digital Media ceased being a participating employer in the Plan.

 

Effective August 31, 2002, the News Group/Times Newspaper ceased being a participating employer in the Plan.

 

7.    Differences Between Financial Statements and Form 5500

 

The following is a reconciliation of net assets available for benefits at December 31, 2002 and 2001 per the financial statements to Form 5500:

 

     December 31

 
     2002

     2001

 

Net assets available for benefits per the financial statements

   $ 141,699,932      $ 155,818,439  

Amounts allocated to withdrawn participants

     (2,235 )      (84,958 )
    


  


Net assets available for benefits per the Form 5500

   $ 141,697,697      $ 155,733,481  
    


  


 

 

15


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News America Savings Plan

 

Notes to Financial Statements (continued)

 

 

7.    Differences Between Financial Statements and Form 5500 (continued)

 

The following is a reconciliation of benefits paid to participants for the year ended December 31, 2002 per the financial statements to Form 5500:

 

Benefits paid to participants per the financial statements

   $ 11,956,314  

Add amounts allocated to withdrawn participants at end of year

     2,235  

Less amounts allocated to withdrawn participants at beginning of year

     (84,958 )
    


Benefits paid to participants per the Form 5500

   $ 11,873,591  
    


 

Amounts allocated to withdrawn participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to year-end but not yet paid.

 

8.    Plan Merger

 

During 2001, the News America Savings Plan II and certain other plans were merged into the Plan. Such amounts are reported as part of asset transfers, net in the accompanying statement of changes in net assets available for benefits.

 

 

16


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Supplemental Schedule


Table of Contents

News America Savings Plan

 

Schedule H, Line 4(i)—Schedule of Assets

(Held at End of Year)

 

December 31, 2002

 

Identity of Issue


   Units

  

Current

Value


Fidelity held assets

           

*BrokerageLink

        $ 133,929

*Fidelity Freedom 2000

   50,944.35      560,897

*Fidelity Freedom 2010

   1,933,855.55      22,123,307

*Fidelity Freedom 2020

   117,316.21      1,248,244

*Fidelity Freedom 2030

   49,674.16      508,663

*Fidelity Freedom 2040

   18,570.74      108,825

*Fidelity Freedom Income

   22,136.71      234,649

*Fidelity Equity Inc

   335,897.66      13,325,060

*Fidelity Growth Co

   281,789.30      9,980,977

*Fidelity Retire Mmkt

   28,553,565.45      28,553,566

Janus Adv Worldwide

   8,123.56      175,550

MSI Sm Co Growth B

   61,773.32      448,474

MSIFT MidCap Gth Adv

   260,085.18      3,084,610

*News Corporation Limited’s Ordinary Stock Fund

   378,714.69      3,163,176

*News Corporation Limited’s Preferred Stock Fund

   451,829.14      3,926,124

Oakmark Select I

   164,054.56      3,907,780

Pimco Tot Return Adm

   1,031,445.37      11,005,522

Scudder Intl Fund S

   144,851.67      4,397,697

*Fidelity Spartan Us Eq Index

   915,895.79      28,530,154
         

Fidelity Held Total

        $ 135,417,204

PaineWebber Held Assets

           

3M Co

   60      7,398

Abn Amro Hldg

   185      2,993

Aflac Inc

   85      2,560

Agere Systems Inc Class A

   15      22

Agere Systems Inc New Class B

   386      540

Akzo Nobel Nv

   70      2,232

Alcatel Alsthom Compagnie

   455      2,020

Alliance AFD Money Market

   2.84      3

Alliance Growth & Income Fd Inc-B

   36,710.95      93,980

Alliance Growth Fund-C

   10.93      168

Alliance Growth-B

   5,779.38      14,795

Alliance New Europe Fund Inv-B

   2080.84      21,100

 

 

17


Table of Contents

EIN: #13-3249610

Plan: #002

News America Savings Plan

 

Schedule H, Line 4(i)—Schedule of Assets—(continued)

(Held at End of Year)

 

December 31, 2002

 

Identity of Issue


   Units

  

Current

Value


PaineWebber Held Assets (continued)

         

Alstom S.A. Spon ADR

   265    1,344

Amer Intl Group Inc

   194    11,223

America Movil S.A De C.V

   110    1,580

Amgen Inc

   175    8,460

AOL Time Warner

   3,450.00        45,195

AT&T Corp

   478    12,481

AT&T Wireless Services Inc

   768    4,339

Aura Systems Inc.

   67,000.00    3,953

Automatic Data Processing

   190    7,458

Avaya Inc

   121    296

Axa ADR

   175    2,354

Bae Systems Plc Spon

   180    1,437

Banco Bilbao Vizcaya

   475    4,612

BASF AG Spon ADR

   95    3,631

Bayer AG Spon ADR

   125    2,706

Bayerische Hypotheken Und Spon ADR

   170    2,640

Bed Bath & Beyond Inc

   100    3,453

Bellsouth Corp

   500    12,935

Berkshire Hathaway Inc-B

   10    24,230

Boots Co Plc ADR

   180    3,396

Brinson Strategy Fund-C

   43,833.76    56,197

British Amer Tobacco Plc

   155    3,054

Brocade Commun. Systems Inc.

   465    1,925

BT Group Plc Spon

   56    1,754

Cardinal Health Inc

   180    10,654

Cash

        828

Cemex S A Spon ADR

   60    1,291

Centrais Eletricas Bras Sa

   555    1,850

Charter Communications Class-A

   2,750.00    3,245

Cisco Sys Inc

   1,320.00    17,292

Citigroup Inc

   690    24,281

Coca Cola Co

   75    3,288

Colgate Palmolive Co

   185    9,700

Comcast Corp

   773    18,220

 

 

18


Table of Contents

EIN: #13-3249610

Plan: #002

 

News America Savings Plan

 

Schedule H, Line 4(i)—Schedule of Assets—(continued)

(Held at End of Year)

 

December 31, 2002

 

 

Identity of Issue


   Units

  

Current

Value


PaineWebber Held Assets (continued)

         

CompanHia De Bebidas Das Amers

   290    4,512

Compania Anonima Nacional Telefonos De Venezuela

   110    1,386

Contl AG Spons ADR

   90    1,384

Corus Group Plc

   205    855

DBS Group Hldgs Ltd

   128    3,247

Dell Computer Corp

   155    4,145

Deutsche Telekom

   105    1,334

Eaton Vance Worldwide Health Sciences Fund-B

   1,639.01    13,522

Electricidade De Portugal S.A

   140    2,352

Fannie Mae

   125    8,041

First Data Corp

   115    4,072

*Fox Entertainment Group Inc.-A

   2,000.00    51,860

Ft Templeton Growth-A

   680.298    10,837

Gemstar Tv Guide Intl Inc

   4,000.00    13,000

Genl Electric Co

   5,470.00    133,194

Glaxo Smithkline Plc ADR

   70    2,622

GMAC Smartnote Clble

        14,316

Hitachi Ltd ADR New Japan

   105    3,911

HSBC Holdings Plc New Gb

   105    5,773

IBM

   90    6,975

Ing Groep N V Nl Spon ADR

   235    3,957

Integrated Medical Res Inc.

   1,000.00    0

Intel Corp

   4,000.00    62,280

Invesys: Plc Spon

   590    1,002

Iridium World Communications

   100    11

Jardine Strategic Hldgs ADR

   980    4,998

John Hancock Technology-B

   1,392.32    3,188

Johnson & Johnson

   175    9,399

Komatsu Ltd Spon ADR

   165    2,152

Koninklijke Ahold Nv New Spon ADR

   180    2,291

Korea Electric Power

   305    2,592

Kt Corp Spon ADR

   125    2,694

Lowes Companies Inc

   140    5,250

Lucent Technologies

   1,460.00    1,840

 

 

19


Table of Contents

EIN: #13-3249610

Plan: #002

 

News America Savings Plan

 

Schedule H, Line 4(i)—Schedule of Assets—(continued)

(Held at End of Year)

 

December 31, 2002

 

Identity of Issue


   Units

  

Current

Value


PaineWebber Held Assets (continued)

         

Lukoil Oil Co Spon ADR

   50    3,072

Marks & Spencer Spon ADR

   113    3,438

Marsh & Mclennan Cos Inc

   115    5,314

Matsushita Elec Ind ADR Japan

   385    3,696

MBNA Corp

   397    7,551

Medtronic Inc

   265    12,084

Merck & Co

   422    23,889

Merrill Lynch Global Nts

        66,190

Metricom Inc

   100    0

Metrocall Inc

   100    0

MFS Emerging Growth Fund-A

   35.285    583

MFS Emerging Growth Fund-B

   575.143    11,624

MFS Value Fund-B

   1,426.73    23,484

Microsoft

   200    10,340

Millea Holdings Inc ADR

   90    3,168

Mitsubishi Tokyo Financial

   440    2,354

MM02 Plc ADR

   56    400

Munder Netnet Fund-B

   294.334    2,837

Munder Netnet Fund-C

   90.172    869

*News Corp Ltd

   97    2,546

*News Corp Ltd ADR New Austr.

   1,400.00    36,750

*News Corp Ltd Spons ADR

   10,895.00    246,772

Nippon Teleg & Tel Corp

   180    3,179

Nokia Corp Spons ADR Finland

   230    3,565

Nortel Ntwks Corp New (Holding Co)

   2,130.00    3,429

Oracle corp

   220    2,376

Pace Global Fixed Income Inv-P

   1,834.44    21,133

Pace Gov’t Fixed Income Inv-P

   2,378.23    31,036

Pace inter. Fixed income inv-p

   1,110.59    12,794

Pace Intl Emerging Mkts Equity Inv-P

   2,526.64    18,470

Pace Intl Equity Inv-P

   7,218.89    66,775

Pace Lg Co Growth Equity Inv-P

   12,318.86    135,384

Pace Lg Co Value Equity Inv-P

   8,085.85    111,746

Pace Money Mkt Inv-P

   8,235.86    8,236

 

 

20


Table of Contents

EIN: #13-3249610

Plan: #002

 

News America Savings Plan

 

Schedule H, Line 4(i)—Schedule of Assets—(continued)

(Held at End of Year)

 

December 31, 2002

 

Identity of Issue


   Units

  

Current

Value


PaineWebber Held Assets (continued)

         

Pace Sm/Med Co Growth Equity Inv-P

   6,396.60    70,618

Pace Sm/Med Co Value Equity Inv-P

   3,931.69    54,926

Pace Strategic Fixed Income Inv-P

   3,837.17    52,416

Pepsico Inc

   205    8,655

Petroleo Brasileiro

   265    3,551

Pfizer Inc

   405    12,381

Pimco Pea Renassance Fund Class-B

   556.271    7,732

Portugal Telecom SGPS

   357    2,438

Procter & Gamble Co

   60    5,156

PW Pace Large Comp Value Equity

   146.46    2,027

REPSOL YPF S.A SPON

   670    8,764

Reuters Group Plc Spon ADR

   195    3,354

RJ Reynolds Tobacco Holdings

   200    8,422

RMA Money Mkt. Portfolio

   1,060,954.86    1,060,955

Rolls Royce

   390    3,359

Sansom St Mny Mkt Prtfl

   3.71    4

SLM Corp Vtg

   48    4,985

State Street Corp

   125    4,875

Sumitomo Mitsui Banking Corp

   550    1,724

Swire Pac Ltd

   830    3,171

Swisscom AG

   160    4,562

Sysco Corp

   225    6,703

Target Corp

   90    2,700

TDK Corp ADR Japan

   105    4,121

Telebras Telecomun.

   55    1,026

Telecom Argentina Stet France

   150    338

Telecom Corp New Zealand Ltd

   185    3,537

Telecom Italia Spa Repstg

   68    5,167

Telefonica SA

   139    3,693

Telefonos De Mexico

   110    3,518

Texas Instruments

   250    3,753

Travelers Property Casualty Class A

   22    322

Travelers Property Casualty Class B

   46    674

UBS Cash Reserves Fd

   16,054.76    16,055

 

 

21


Table of Contents

EIN: #13-3249610

Plan: #002

 

News America Savings Plan

 

Schedule H, Line 4(i)—Schedule of Assets—(continued)

(Held at End of Year)

 

December 31, 2002

 

Identity of Issue


   Units

  

Current

Value


PaineWebber Held Assets (continued)

           

UBS PW Money Fund

   2,268.40      2,268

UBS PW Ret Money Fund

   76,034.53      79,205

UBS Strategy Fund

   27,724.66      115,612

United Parcel Service

          25,480

United Parcel Service Inc Cl B

   60      3,785

United Health Group Inc

   60      5,010

US Treasury Bill

          49,761

Verizon Communications

   400      15,500

Wal Mart Stores Inc

   2,790.00      140,923

Walgreen Co

   270      7,881

Walt Disney Co

   615      10,030

Wells Fargo & Co

   120      5,624

Worldcom Inc Ga New Mci Group

   20      4

Worldcom Inc.—Worldcom Group

   500      69

Zurich Financial Svcs

   256      2,388
         

PaineWebber Held Total

        $ 3,572,411

Total Investments

        $ 138,989,615

Participant Loans (interest rate from 5.75% to 6.0%)

        $ 2,751,949
             

* Party-in-interest

 

 

22


Table of Contents

EXHIBITS

 

 

Exhibit No.

  

Description


23.1

   Consent of Ernst & Young LLP

99.1

   Certification by K. Rupert Murdoch, Chairman of the Board and Chief Executive of
The News Corporation Limited

99.2

   Certification by David F. DeVoe, Senior Executive Vice President and Chief Financial Officer of
The News Corporation Limited