|
A.
Full title of the plan and the address of the plan, if different from that
of the issuer named below:
|
|
B.Name
of the issuer of the securities held pursuant to the plan and the address
of its principal executive office:
|
|
Taubman
Centers, Inc.,
|
|
200
East Long Lake Road,
|
|
Suite
300, P.O. Box 200,
|
|
Bloomfield
Hills, Michigan 48304-2324.
|
December 31
|
||||||||
2008
|
2007
|
|||||||
ASSETS:
|
||||||||
Investments
at fair value (Notes 3 and 4)
|
$ | 85,595,181 | $ | 115,967,484 | ||||
Contributions
receivable from participants
|
96,438 | 93,434 | ||||||
Contributions
receivable from employer
|
103,211 | 93,097 | ||||||
Net
assets available for benefits at fair value
|
85,794,830 | 116,154,015 | ||||||
Adjustment
from fair value to contract value for
|
||||||||
fully
benefit-responsive investment contracts
|
292,248 | (162,075 | ) | |||||
NET
ASSETS AVAILABLE FOR BENEFITS
|
$ | 86,087,078 | $ | 115,991,940 |
NET
ASSETS AVAILABLE FOR BENEFITS AT THE BEGINNING OF
THE
YEAR
|
$ | 115,991,940 | ||
ADDITIONS:
|
||||
Participant
contributions
|
3,838,333 | |||
Employer
contributions
|
2,600,387 | |||
Investment
income-
|
||||
Interest
and dividends
|
3,459,392 | |||
Net
depreciation in fair value of investments (Note 3)
|
(32,168,221 | ) | ||
Loan
interest income
|
100,436 | |||
Other
income
|
57,530 | |||
Total
additions
|
(22,112,143 | ) | ||
DEDUCTIONS-
|
||||
Benefit
payments and withdrawals
|
7,792,719 | |||
Total
deductions
|
7,792,719 | |||
NET
ASSETS AVAILABLE FOR BENEFITS AT THE END OF THE YEAR
|
$ | 86,087,078 |
Employee
Contribution
Percentage
|
Employer
Contribution
Percentage
|
0%
|
2%
|
3
|
3
|
4
|
4
|
5
|
5
|
6
|
6
|
7
or more
|
7
|
Full
Years
of Service
|
Vesting
Percentage
|
1
|
10
|
% |
2
|
30
|
|
3
|
50
|
|
4
|
70
|
|
5
or more
|
100
|
|
December 31
|
||||||||
2008
|
2007
|
|||||||
Investments
at fair value:
|
||||||||
Retirement
Savings Trust
|
$ | 22,354,664 | * | $ | 21,420,118 | * | ||
Company
Stock – Taubman Stock Fund
|
$ | 2,234,882 | $ | 4,444,277 | ||||
Registered
Investment Companies:
|
||||||||
Bond
-
|
||||||||
Total
Bond Market Index Fund Investor
|
$ | 8,808,547 | * | $ | 6,467,972 | * | ||
Balanced
-
|
||||||||
Wellington
Fund Investor
|
9,298,905 | * | 13,046,989 | * | ||||
Domestic
Equity:
|
||||||||
500
Index Fund Signal Shares
|
17,497,906 | * | 29,350,492 | * | ||||
Explorer
Fund Investor
|
2,687,516 | 5,237,107 | ||||||
Small-Cap
Index Fund Investor
|
2,230,359 | 3,861,531 | ||||||
Target
Retirement 2005 Fund
|
62,496 | 585,992 | ||||||
Target
Retirement 2010 Fund
|
218,967 | 555,470 | ||||||
Target
Retirement 2015 Fund
|
2,045,412 | 2,260,038 | ||||||
Target
Retirement 2020 Fund
|
557,027 | 345,187 | ||||||
Target
Retirement 2025 Fund
|
617,729 | 551,065 | ||||||
Target
Retirement 2030 Fund
|
375,619 | 481,489 | ||||||
Target
Retirement 2035 Fund
|
151,619 | 151,634 | ||||||
Target
Retirement 2040 Fund
|
75,367 | 63,056 | ||||||
Target
Retirement 2045 Fund
|
47,805 | 49,552 | ||||||
Target
Retirement 2050 Fund
|
179,877 | 191,192 | ||||||
Target
Retirement Income
|
100,883 | 101,933 | ||||||
Growth
Index Fund Investor
|
3,639,816 | 5,874,162 | * | |||||
Extended
Market Index Fund Investor
|
1,801,519 | 3,050,341 | ||||||
Value
Index Fund Investor
|
2,350,645 | 3,449,862 | ||||||
Foreign
Equity -
|
||||||||
International
Growth Fund Investor
|
4,364,560 | * | 8,164,631 | * | ||||
REIT
Portfolio - REIT Index Fund Investor
|
2,480,668 | 4,896,093 | ||||||
Total
Registered Investment Companies
|
$ | 59,593,242 | $ | 88,735,788 | ||||
Participant
Loans
|
1,412,393 | 1,367,301 | ||||||
$ | 85,595,181 | $ | 115,967,484 |
Bond
-
|
||||
Total
Bond Market Index Fund Investor
|
$ | 8,412 | ||
Balanced
-
|
||||
Wellington
Fund Investor
|
(3,217,359 | ) | ||
Domestic
Equity:
|
||||
500
Index Fund Signal Shares
|
(11,013,085 | ) | ||
Explorer
Fund Investor
|
(1,954,818 | ) | ||
Small-Cap
Index Fund Investor
|
(1,337,720 | ) | ||
Target
Retirement 2005 Fund
|
(30,947 | ) | ||
Target
Retirement 2010 Fund
|
(66,134 | ) | ||
Target
Retirement 2015 Fund
|
(709,939 | ) | ||
Target
Retirement 2020 Fund
|
(155,256 | ) | ||
Target
Retirement 2025 Fund
|
(223,542 | ) | ||
Target
Retirement 2030 Fund
|
(181,180 | ) | ||
Target
Retirement 2035 Fund
|
(71,674 | ) | ||
Target
Retirement 2040 Fund
|
(30,088 | ) | ||
Target
Retirement 2045 Fund
|
(21,442 | ) | ||
Target
Retirement 2050 Fund
|
(34,069 | ) | ||
Target
Retirement Income
|
(57,675 | ) | ||
Extended
Market Index Fund Investor
|
(1,210,406 | ) | ||
Value
Index Fund Investor
|
(1,362,515 | ) | ||
Growth
Index Fund Investor
|
(2,450,825 | ) | ||
Foreign
Equity -
|
||||
International
Growth Fund Investor
|
(4,209,053 | ) | ||
REIT
Portfolio - REIT Index Fund Investor
|
(1,882,269 | ) | ||
Company
Stock - Taubman Stock Fund
|
(1,956,637 | ) | ||
$ | (32,168,221 | ) |
4.
|
FAIR
VALUE MEASUREMENTS
|
|
On
January 1, 2008, the Plan adopted FASB Statement No. 157, Fair Value
Measurements, as well as certain related FASB staff
positions. Statement No. 157 defines fair value as the price
that would be received from selling an asset or paid to transfer a
liability in an orderly transaction between market participants at the
measurement date. When determining the fair value
measurements for assets and liabilities required to be recorded at fair
value, the Plan considers the principal or most advantageous market in
which it would transact and considers assumptions that marketplace
participants would use when pricing the asset or liability, such as
inherent risk, transfer restrictions, and risk of
nonperformance.
|
|
Statement
No. 157 also establishes a fair value hierarchy for measurements of fair
value as follows:
|
·
|
Level
1 - quoted market prices in active markets for identical assets or
liabilities
|
·
|
Level
2 – inputs other than Level 1 that are observable, either directly or
indirectly, such as quoted prices in active markets for similar assets or
liabilities, quoted prices for identical or similar assets or liabilities
in markets that are not active, or other inputs that are observable or can
be corroborated by observable market data for substantially the full term
of the assets or liabilities
|
·
|
Level
3 – unobservable inputs that are supported by little or no market activity
and that are significant to the fair value of the assets or
liabilities
|
Fair Value Measurements Using Input
Type
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investments
in Registered Investment Companies
|
$ | 59,593,242 | - | - | $ | 59,593,242 | ||||||||||
Taubman
Stock Fund
|
2,234,882 | - | - | 2,234,882 | ||||||||||||
Vanguard
Retirement Savings Trust
|
- | 22,354,664 | - | 22,354,664 | ||||||||||||
Participant
Loans
|
- | - | 1,412,393 | 1,412,393 | ||||||||||||
Total
|
$ | 61,828,124 | $ | 22,354,664 | $ | 1,412,393 | $ | 85,595,181 |
·
|
Investments
in registered investment companies are valued using quoted market prices,
as all have active markets.
|
·
|
The
Taubman Stock Fund consists of common stock of Taubman Centers, Inc. and
cash and/or money market investments sufficient to help accommodate daily
transactions and is valued using quoted market
prices.
|
·
|
The
Vanguard Retirement Savings Trust is a collective investment trust fund
that invests solely in the Vanguard Retirement Savings Master
Trust. The underlying investments of the Master Trust are
primarily in pools of investment contracts that are issued by insurance
companies and commercial banks and in contracts that are backed by
high-quality bonds, bond and securities trusts, and mutual
funds. The investments of the Master Trust are valued based on
the aggregate market values of the applicable bonds, bond and securities
trusts, and other investments.
|
·
|
Participant
loans are valued at their outstanding balances, which approximates fair
value.
|
|
Below
is a summary of changes in the fair value of the Plan’s Level 3
investments for the year ended December 31,
2008:
|
Participant Loans
|
||||
Balance
as of January 1, 2008
|
$ | 1,367,301 | ||
Issuances,
repayments, and settlements, net
|
45,092 | |||
Balance
as of December 31, 2008
|
$ | 1,412,393 |
5.
|
TERMINATION OF THE
PLAN
|
6.
|
TAX
STATUS
|
SCHEDULE
OF ASSETS (HELD AT END OF YEAR)
|
|
FORM
5500 SCHEDULE H, Part IV, Line 4i
|
Employer
Number
38-3081510
|
AS
OF DECEMBER 31, 2008
|
Plan
Number
001 001
|
NAME
OF ISSUER
|
NAME
OF INVESTMENT
|
CURRENT
VALUE
|
|||
* Vanguard
|
Retirement
Savings Trust
|
$ | 22,354,664 | ||
* Vanguard
|
500
Index Fund Signal Shares
|
17,497,906 | |||
* Vanguard
|
Wellington
Fund Investor
|
9,298,905 | |||
* Vanguard
|
Total
Bond Market Index Fund Investor
|
8,808,547 | |||
* Vanguard
|
International
Growth Fund Investor
|
4,364,560 | |||
* Vanguard
|
Growth
Index Fund Investor
|
3,639,816 | |||
* Vanguard
|
Explorer
Fund Investor
|
2,687,516 | |||
* Vanguard
|
REIT
Index Fund Investor
|
2,480,668 | |||
* Vanguard
|
Value
Index Fund Investor
|
2,350,645 | |||
* Taubman
Centers, Inc.
|
Taubman
Stock Fund
|
2,234,882 | |||
* Vanguard
|
Small-Cap
Index Fund Investor
|
2,230,359 | |||
* Vanguard
|
Extended
Market Index Fund Investor
|
1,801,519 | |||
* Vanguard
|
Target
Retirement 2005 Fund
|
62,496 | |||
* Vanguard
|
Target
Retirement 2010 Fund
|
218,967 | |||
* Vanguard
|
Target
Retirement 2015 Fund
|
2,045,412 | |||
* Vanguard
|
Target
Retirement 2020 Fund
|
557,027 | |||
* Vanguard
|
Target
Retirement 2025 Fund
|
617,729 | |||
* Vanguard
|
Target
Retirement 2030 Fund
|
375,619 | |||
* Vanguard
|
Target
Retirement 2035 Fund
|
151,619 | |||
* Vanguard
|
Target
Retirement 2040 Fund
|
75,367 | |||
* Vanguard
|
Target
Retirement 2045 Fund
|
47,805 | |||
* Vanguard
|
Target
Retirement 2050 Fund
|
179,877 | |||
* Vanguard
|
Target
Retirement Income
|
100,883 | |||
* Loans
to 132 participants
|
Participant
borrowings against their individual account balances, interest rates from
4.25% to 9.25%, and maturing through August 2018
|
1,412,393 | ** | ||
Total
|
$
|
85,595,181 |
|
______________________
|