x
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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¨
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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TABLE
OF CONTENTS
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Page
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REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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1
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FINANCIAL
STATEMENTS:
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Statements
of Net Assets Available for Benefits as of December 31, 2009 and
2008
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2
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Statement
of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 2009
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3
|
Notes
to Financial Statements as of December 31, 2009 and 2008, and for the
Year Ended December 31, 2009
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4–12
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SUPPLEMENTAL
SCHEDULE —
|
|
Form
5500, Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
as of December 31, 2009
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14
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NOTE:
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All
other schedules required by Section 2520.103-10 of the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 have been omitted because
they are not applicable.
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THE
RITE AID 401(k) PLAN
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STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
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AS
OF DECEMBER 31, 2009 AND 2008
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2009
|
2008
|
|||||||
ASSETS:
|
||||||||
Participant-directed
investments — at fair value
|
$ | 1,907,594,727 | $ | 1,527,308,557 | ||||
Contributions
receivable:
|
||||||||
Employer
|
43,949,412 | 4,498,792 | ||||||
Employee
|
2,093,282 | |||||||
Total
contributions receivable
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46,042,694 | 4,498,792 | ||||||
NET
ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
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1,953,637,421 | 1,531,807,349 | ||||||
ADJUSTMENTS
FROM FAIR VALUE TO CONTRACT VALUE FOR FULLY BENEFIT-RESPONSIVE INVESTMENT
CONTRACTS
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(11,002,044 | ) | 3,046,085 | |||||
NET
ASSETS AVAILABLE FOR BENEFITS
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$ | 1,942,635,377 | $ | 1,534,853,434 |
THE
RITE AID 401(k) PLAN
|
STATEMENT
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
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FOR
THE YEAR ENDED DECEMBER 31, 2009
|
ADDITIONS:
|
||||
Employee
contributions
|
$ | 132,599,979 | ||
Employer
contributions
|
61,562,963 | |||
Rollover
contributions
|
2,122,066 | |||
Investment
income
|
27,690,535 | |||
Net
appreciation in fair value of investments
|
341,131,549 | |||
Total
additions
|
565,107,092 | |||
DEDUCTIONS:
|
||||
Benefit
payments
|
156,223,027 | |||
Administrative
expenses
|
1,102,122 | |||
Total
deductions
|
157,325,149 | |||
INCREASE
IN NET ASSETS AVAILABLE FOR BENEFITS
|
407,781,943 | |||
NET
ASSETS AVAILABLE FOR BENEFITS — Beginning of year
|
1,534,853,434 | |||
NET
ASSETS AVAILABLE FOR BENEFITS — End of year
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$ | 1,942,635,377 |
AS
OF DECEMBER 31, 2009 AND 2008, AND FOR THE YEAR ENDED DECEMBER 31,
2009
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1.
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DESCRIPTION
OF THE PLAN
|
2.
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SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
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3.
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FAIR
VALUE MEASUREMENTS
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December
31,
|
||||||||||
2009
|
2008
|
|||||||||
Level
1:
|
||||||||||
Mutual
Funds:
|
||||||||||
T.
Rowe Price
|
Retirement
2020
|
$ | 105,365,732 | $ | 78,669,140 | |||||
T.
Rowe Price
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Retirement
2025
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93,432,015 | 67,001,336 | |||||||
T.
Rowe Price
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Retirement
2015
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84,518,866 | 66,774,688 | |||||||
T.
Rowe Price
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Retirement
2030
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92,405,645 | 64,122,281 | |||||||
T.
Rowe Price
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Retirement
2035
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68,969,201 | 47,299,318 | |||||||
T.
Rowe Price
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Retirement
2040
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68,934,156 | 46,351,346 | |||||||
T.
Rowe Price
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Retirement
2010
|
45,129,645 | 38,902,379 | |||||||
T.
Rowe Price
|
International
Equity Index Fund
|
31,572,095 | 22,946,480 | |||||||
T.
Rowe Price
|
Retirement
2045
|
31,968,476 | 18,197,562 | |||||||
T.
Rowe Price
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Retirement
Income Fund
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14,299,265 | 15,361,858 | |||||||
T.
Rowe Price
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Retirement
2005
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14,150,448 | 14,217,078 | |||||||
T.
Rowe Price
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Extended
Equity Market Index Fund
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12,972,289 | 8,686,860 | |||||||
T.
Rowe Price
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Retirement
2050
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6,082,644 | 2,522,022 | |||||||
T.
Rowe Price
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Retirement
2055
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2,865,229 | 1,687,487 | |||||||
T.
Rowe Price
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Insurance
Fund
|
987 | 1,006 | |||||||
Vanguard
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Instl
Index Fund
|
131,538,152 | 107,524,315 | |||||||
Dodge
& Cox
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Balanced
Fund
|
123,205,378 | 97,692,192 | |||||||
Pimco
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Total
Return Instl
|
92,535,042 | 73,404,130 | |||||||
Vanguard
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Small-Cap
Index Instl
|
16,711,104 | 10,347,088 | |||||||
Total
Mutual Funds
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1,036,656,369 | 781,708,566 | ||||||||
Custom
Funds:
|
||||||||||
Northern
Trust Global Advisors
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Large-Cap
Growth Fund
|
121,445,096 | 85,793,699 | |||||||
Northern
Trust Global Advisors
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International
Equity Fund
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86,662,417 | 67,975,108 | |||||||
Northern
Trust Global Advisors
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Large-Cap
Value Fund
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63,211,744 | 51,373,793 | |||||||
Northern
Trust Global Advisors
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Small-Cap
Fund
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66,019,410 | 47,872,705 | |||||||
Northern
Trust Global Advisors
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Mid-Cap
Fund
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48,761,076 | 34,043,083 | |||||||
Total
Custom Funds
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386,099,743 | 287,058,388 | ||||||||
Company
Stock Fund
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||||||||||
Rite
Aid Corporation
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Company
Stock Fund
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4,685,313 | 1,008,174 | |||||||
Uninvested
Cash
|
2,350 | |||||||||
Total
Level 1
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1,427,443,775 | 1,069,775,128 | ||||||||
Level
2:
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||||||||||
Common
and Collective Trusts
|
||||||||||
Bond
Index Trust
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17,267,458 | 14,997,242 | ||||||||
Stable
Value Fund Synthetic
|
||||||||||
Guaranteed
Investment Contract
|
||||||||||
Prudential
and T. Rowe Price
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Stable
Value Fund
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419,378,747 | 400,555,390 | |||||||
Total
Level 2
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436,646,205 | 415,552,632 | ||||||||
Level
3:
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||||||||||
Participant
notes
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Loan
Fund
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43,504,747 | 41,980,797 | |||||||
Total
Level 3
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43,504,747 | 41,980,797 | ||||||||
Total
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$ | 1,907,594,727 | $ | 1,527,308,557 |
Participant
Notes
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||||||||
For
the Year Ended December 31, 2008
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Receivable
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Total
Fair Value
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||||||
Beginning
balance
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$ | 44,299,121 | $ | 44,299,121 | ||||
Total
gains or losses (realized/unrealized)
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– | – | ||||||
Purchases,
sales, issuances and settlements — net
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(2,318,324 | ) | (2,318,324 | ) | ||||
Transfers
in and/or out of Level 3
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– | – | ||||||
Ending
balance
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$ | 41,980,797 | $ | 41,980,797 | ||||
Participant
Notes
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||||||||
For
the Year Ended December 31, 2009
|
Receivable
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Total
Fair Value
|
||||||
Beginning
balance
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$ | 41,980,797 | $ | 41,980,797 | ||||
Total
gains or losses (realized/unrealized)
|
– | – | ||||||
Purchases,
sales, issuances and settlements — net
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1,523,950 | 1,523,950 | ||||||
Transfers
in and/or out of Level 3
|
– | – | ||||||
Ending
balance
|
$ | 43,504,747 | $ | 43,504,747 |
4.
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SYNTHETIC
GUARANTEED INVESTMENT CONTRACT
|
2009
|
2008
|
|||||||
Average
yields:
|
||||||||
Based
on annualized earnings (1)
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4.02 | % | 4.80 | % | ||||
Based
on interest rate credited to participants (2)
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4.43 | 4.25 |
(1)
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Computed
by dividing the annualized one-day actual earnings of the contract on the
last day of the Plan year by the fair value of the investments on the same
date.
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(2)
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Computed
by dividing the annualized one-day earnings credited to participants on
the last day of the Plan year by the fair value of the investments on the
same date.
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5.
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INVESTMENTS
|
2009
|
2008
|
|||||||
Stable
Value Fund
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$ | 419,378,747 | $ | 400,555,390 | ||||
Vanguard
Institutional Index Fund
|
131,538,152 | 107,524,315 | ||||||
Dodge
& Cox Balanced Fund
|
123,205,378 | 97,692,192 | ||||||
Northern
Trust Global Advisors Large-Cap Growth Fund
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121,445,096 | 85,793,699 | ||||||
T.
Rowe Price Retirement 2020
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105,365,732 | 78,669,140 |
Investments:
|
||||
Rite
Aid corporate stock
|
$ | 4,017,577 | ||
Mutual
funds
|
218,110,754 | |||
Custom
funds
|
99,075,693 | |||
Common
and collective trusts
|
1,292,726 | |||
Stable
value fund
|
18,634,799 | |||
Net
appreciation in fair value of investments
|
$ | 341,131,549 |
6.
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TAX
STATUS
|
7.
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PLAN
TERMINATION
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8.
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PARTY-IN-INTEREST
TRANSACTIONS
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9.
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CONTINGENCY
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10.
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RECONCILIATION
OF FINANCIALS TO FORM 5500
|
Net
assets available for benefits per the financial statements at contract
value
|
$ | 1,942,635,377 | ||
Adjustment
from contract value to fair value for fully benefit-responsive investment
contracts
|
11,002,044 | |||
Net
assets available for benefits per Form 5500, Schedule H, Part I (line
L)
|
$ | 1,953,637,421 |
Employee
contributions
|
$ | 132,599,979 | ||
Employer
contributions
|
61,562,963 | |||
Rollover
contributions
|
2,122,066 | |||
Investment
income
|
27,690,536 | |||
Net
appreciation in fair value of investments
|
341,131,549 | |||
Prior
year adjustment from fair value to contract value for fully
benefit-responsive investment contracts
|
3,046,085 | |||
Current
year adjustment from fair value to contract value for fully
benefit-responsive investment contracts
|
11,002,044 | |||
Total
gain per Form 5500, Schedule H, Part II (line 2d)
|
$ | 579,155,222 |
At
|
||||||||||
Identity
of Issuer, Borrower,
|
Number
|
Fair
Market
|
||||||||
Lessor
or Similar Party and Description
|
of
Shares
|
Value
|
||||||||
*
|
Common
and Collective Trusts — T. Rowe Price
|
Bond
Index Trust
|
612,104 | $ | 17,267,458 | |||||
Mutual
Funds:
|
||||||||||
*
|
T.
Rowe Price
|
Retirement
2020
|
7,216,831 | 105,365,732 | ||||||
*
|
T.
Rowe Price
|
Retirement
2025
|
8,806,033 | 93,432,015 | ||||||
*
|
T.
Rowe Price
|
Retirement
2015
|
7,921,168 | 84,518,866 | ||||||
*
|
T.
Rowe Price
|
Retirement
2030
|
6,111,484 | 92,405,645 | ||||||
*
|
T.
Rowe Price
|
Retirement
2035
|
6,475,981 | 68,969,201 | ||||||
*
|
T.
Rowe Price
|
Retirement
2040
|
4,550,109 | 68,934,156 | ||||||
*
|
T.
Rowe Price
|
Retirement
2010
|
3,235,100 | 45,129,645 | ||||||
*
|
T.
Rowe Price
|
International
Equity Index Fund
|
2,839,217 | 31,572,095 | ||||||
*
|
T.
Rowe Price
|
Retirement
2045
|
3,165,196 | 31,968,476 | ||||||
*
|
T.
Rowe Price
|
Retirement
Income Fund
|
1,171,111 | 14,299,265 | ||||||
*
|
T.
Rowe Price
|
Retirement
2005
|
1,355,407 | 14,150,448 | ||||||
*
|
T.
Rowe Price
|
Extended
Equity Market Index Fund
|
1,011,090 | 12,972,289 | ||||||
*
|
T.
Rowe Price
|
Retirement
2050
|
717,293 | 6,082,644 | ||||||
*
|
T.
Rowe Price
|
Retirement
2055
|
341,913 | 2,865,229 | ||||||
*
|
T.
Rowe Price
|
Insurance
Fund
|
987 | 987 | ||||||
Vanguard
|
Instl
Index Fund
|
1,289,843 | 131,538,152 | |||||||
Dodge
& Cox
|
Balanced
Fund
|
1,924,182 | 123,205,378 | |||||||
Pimco
|
Total
Return Instl
|
8,568,059 | 92,535,042 | |||||||
Vanguard
|
Small-Cap
Index Instl
|
607,677 | 16,711,104 | |||||||
Total
Mutual Funds
|
1,036,656,369 | |||||||||
Custom
Funds:
|
||||||||||
Northern
Trust Global Advisors
|
Large-Cap
Growth Fund
|
10,862,710 | 121,445,096 | |||||||
Northern
Trust Global Advisors
|
International
Equity Fund
|
5,638,414 | 86,662,417 | |||||||
Northern
Trust Global Advisors
|
Large-Cap
Value Fund
|
5,684,509 | 63,211,744 | |||||||
Northern
Trust Global Advisors
|
Small-Cap
Fund
|
4,746,183 | 66,019,410 | |||||||
Northern
Trust Global Advisors
|
Mid-Cap
Fund
|
3,785,798 | 48,761,076 | |||||||
Total
Custom Funds
|
386,099,743 | |||||||||
Stable
Value Fund Synthetic Guaranteed Investment
|
||||||||||
Contract
— Prudential and *T. Rowe Price
|
Stable
Value Fund
|
31,681,668 | 419,378,747 | |||||||
*
|
Company
Stock Fund — Rite Aid Corporation
|
Company
Stock Fund
|
3,102,856 | 4,685,313 | ||||||
*
|
Participant
notes
|
Loan
Fund**
|
43,504,747 | |||||||
Uninvested
Cash
|
2,350 | |||||||||
Total
Assets Held at End of Year
|
$ | 1,907,594,727 |
*
|
Party-in-interest.
|
**
|
The
loans range in interest rates from 4.0% to 10.5% and expire through
2022.
|
THE
RITE AID 401(k) PLAN
|
||
By:
|
/s/ Kenneth Black
|
|
Kenneth
Black, not in his individual capacity, but solely
|
||
as
an authorized signatory for the Employee Benefits
|
||
Administration
Committee
|
||
Date: June
29, 2010
|
Exhibit
|
||
Number
|
Description
|
|
23.1
|
|
Consent
of Independent Registered Public Accounting
Firm
|