11-K 1 k87671e11vk.htm ANNUAL REPORT OF STEELCASE INC. RETIREMENT PLAN e11vk
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the fiscal year ended February 29, 2004

Commission file number 1-13873

STEELCASE INC. RETIREMENT PLAN

Steelcase Inc.

901 44th Street SE
Grand Rapids, Michigan 49508

Reference is hereby made to the Financial Statements attached hereto, which begin on page 3.

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Steelcase Inc. Retirement Plan
         
     
Date: August 23, 2004  By:             /s/ James P. Keane    
                James P. Keane   
             Senior Vice President,
        Chief Financial Officer
             Steelcase, Inc.		  
 

 

Steelcase Inc. Retirement Plan

Contents

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Report of Independent Registered Public Accounting Firm

Plan Administrator of Steelcase Inc.
     Retirement Plan
Grand Rapids, Michigan

We have audited the accompanying statements of net assets available for benefits of Steelcase Inc. Retirement Plan (formerly Steelcase Inc. Employees’ Profit-Sharing Retirement Plan) (the Plan) as of February 29, 2004 and February 28, 2003, and the related statement of changes in net assets available for benefits for the year ended February 29, 2004. These financial statements are the responsibility of the plan administrator. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements, referred to above, present fairly, in all material respects, the net assets available for benefits of the Plan as of February 29, 2004 and February 28, 2003, and changes in net assets available for benefits for the year ended February 29, 2004, in conformity with accounting principles generally accepted in the United States of America.

Our audits of the Plan’s financial statements were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) as of and for the year ended February 29, 2004 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental information is the responsibility of the plan administrator. The supplemental information has been subjected to the auditing procedures applied in the audit 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/ BDO SEIDMAN, LLP
Grand Rapids, Michigan
July 25, 2004

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Steelcase Inc. Retirement Plan

Statements of Net Assets Available for Benefits

               
 
  
  
 February 29,
2004
  
  
  
 February 28,
2003
  
Investments:
                
Mutual funds and common/collective trust funds
   $ 1,024,656,860     $ 627,684,430  
Money market funds
     128,997,329       223,943,737  
U.S. government securities
     106,235,987       157,436,356  
Corporate bonds
     118,991,784       192,986,632  
Common stock
     —       74,272,040  
Contract with insurance company
     3,417,975       3,832,624  
Steelcase Inc. common stock
     637,249       322,636  
Participant loans
     19,569,300       24,351,428  
 
  
  
  
  
  
  
  
  
Total investments
     1,402,506,484       1,304,829,883  
Cash
     5,162,561       75,000  
Accrued investment income
     2,642,791       4,212,365  
Investment transaction pending settlement
     (3,339,081 )     4,024,818  
Company contribution receivable
     16,297,545       19,016,567  
Cash surrender value of life insurance
                
(face amount $87,188,657 and $108,577,416)
     17,744,639       19,628,800  
 
  
  
  
  
  
  
  
  
Net Assets Available for Benefits
   $ 1,441,014,939     $ 1,351,787,433  
 
  
  
  
  
  
  
  
  

See accompanying notes to financial statements.

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Steelcase Inc. Retirement Plan

Statement of Changes in Net Assets Available for Benefits

       
      February 29,
Year ended
  
  
 2004
Additions
        
Contributions:
        
Company contributions
   $ 12,160,433  
Participant contributions
     19,002,552  
Rollovers
     258,507  
Investment income (loss):
        
Net appreciation in market value
     182,111,688  
Interest on corporate bonds
     10,972,838  
Dividends from mutual funds
     13,335,559  
Interest on U.S. government securities
     7,053,013  
Insurance proceeds
     5,381,802  
Interest on money market
     1,523,577  
Dividends on stocks
     1,519,458  
Interest earned on participant loans
     1,215,304  
Decrease in cash surrender value of life insurance
     (1,884,161 )
 
 
 
 
 
Total Additions
     252,650,570  
 
 
 
 
 
Deductions
          
Benefits paid to participants
     160,895,615  
Insurance premiums
     1,043,462  
Administrative expenses
     1,483,987  
 
 
 
 
 
Total Deductions
     163,423,064  
 
 
 
 
 
Net increase (decrease)
     89,227,506  
Net Assets Available for Benefits, beginning of year
     1,351,787,433  
 
 
 
 
 
Net Assets Available for Benefits, end of year
   $ 1,441,014,939  
 
 
 
 
 

See accompanying notes to financial statements.

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

         
1.
  Plan Description   General

Effective the close of business on February 28, 2003, the Steelcase Inc. 401(k) Retirement Plan and the Steelcase Inc. Employees’ Money Purchase Plan merged into the Steelcase Inc. Employees’ Profit-Sharing Retirement Plan. The name then changed to the Steelcase Inc. Retirement Plan (Plan). The following description of the Plan provides only general information. Participants should refer to the Plan agreement or Summary Plan Description for a more complete description of the Plan’s provisions.

The Plan is a defined contribution plan where participants have accounts in at least one of three account categories: 1) 401(k); 2) Profit-Sharing; and 3) Nondiscretionary. It covers primarily all employees of the North America business unit of Steelcase Inc. (Company) and certain other affiliates, divisions and locations of the Company that participate in the Plan and provides for benefits upon termination of employment, death or disability. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

Contributions

     401(k) - Participants may elect to defer to the Plan, on a pre-tax basis, specified maximum amounts of eligible compensation as defined in the Plan. Participants may also elect to contribute an amount equal to pre-tax elective deferrals, as selected by the participant, under BenefitSystems, a cafeteria plan established and maintained by the Company. Additionally, participants may contribute amounts representing distributions from other qualified plans.

     Certain participating affiliates, divisions and locations may make matching contributions at their discretion on behalf of their participants, at the level and under the conditions determined by them each year.

     Profit-Sharing - Contributions are made at the discretion of the Company. For the fiscal 2004 plan year, profit-sharing

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

contributions were made at some locations.

     Nondiscretionary - Company contributions are required to be 5% of the eligible compensation of participants at select locations annually.

Participant Accounts

Participants may direct all or part of their account to be invested in various investment options offered by the Plan. Earnings, net gains and losses, and administrative expenses are allocated daily to the accounts of participants based on the number of units of each individual investment in the participants’ accounts.

     401(k) - Pre-tax elective deferral contributions are allocated to the participants’ accounts on a weekly, bi-weekly or monthly basis. Matching contributions are allocated as soon as administratively feasible. Transfers between investment funds can be made on a daily basis.

     Profit-Sharing - Profit-sharing contributions are allocated to the accounts of participants based on the ratio that the eligible compensation of each participant at the location making the contribution bears to the total eligible compensation of all participants at that location. Transfers between investment funds can be made once per calendar quarter.

     Participants at select locations who have been employed by the Company for at least three years may also elect to purchase life insurance from profit-sharing contributions allocated to their account, subject to certain limitations.

     Nondiscretionary - Nondiscretionary contributions are allocated to the accounts of the eligible participants on behalf of whom those contributions are made. Transfers between investment funds can be made once per calendar quarter.

Vesting

     401(k) - Pre-tax elective deferral and matching contributions to 401(k) accounts vest immediately.

     Profit-Sharing and Nondiscretionary - A participant’s profit-sharing and nondiscretionary vested percentage is determined as follows:

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

       
      Vested  
Years of vesting service
  
  
 percentage
  
Less than 3
     0 %
3 but less than 4
     20  
4 but less than 5
     40  
5 but less than 6
     60  
6 but less than 7
     80  
7 or more
     100  
 
  
  
  
  

Payment of Benefits

Upon termination of service, a participant may elect to receive either a lump-sum distribution equal to the value of the participant’s account, regular installments (not less frequent than annual), a partial distribution, an annuity purchased equal to the value of the participant’s account or a transfer into another qualified retirement plan or IRA. Limited in-service distributions are also available for participants who experience a hardship, as defined in the Plan, or reach age 59 ½.

Forfeitures

Forfeitures apply to profit-sharing and nondiscretionary accounts. Primarily, forfeited amounts are applied to reduce subsequent Company contributions. At February 29, 2004 and February 28, 2003, forfeited nonvested accounts totaled $1,575,158 and $2,584,147, respectively.

Participant Loans

Participant loans apply only to 401(k) (including matching), profit-sharing, rollover and post-tax (if any) accounts. Participants may, with the consent of the plan administrator,

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

borrow up to 50% of their vested account balance or $15,000 ($50,000 for loans made prior to September 1, 2000 under the Steelcase Inc. Group Retirement Plan), whichever is less. The loans are secured by the balance in the participant’s account and bear interest at 5.00% - 10.50%. The loans are repaid ratably through payroll deductions over a period of four and one-half years or less. Loans made prior to September 1, 2000 under the Steelcase Inc. Group Retirement Plan must be repaid in five years or less, except that a loan used to purchase the principal residence of the participant may be repaid over a longer term. Interest earned on participant loans is allocated to the respective investment funds in accordance with participant elections for current contributions.

         
2.
  Significant
Accounting
Policies 		  Basis of Accounting

The accompanying financial statements are prepared under the accrual method of accounting.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets and changes therein. Actual results could differ from those estimates.

Concentrations of Risk

The Plan utilizes various investment instruments which are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the financial statements.

Investment Valuation

Investments in mutual funds, common/collective trust funds,

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

money market funds, government securities, corporate bonds and common stock are stated at fair value based on quoted market prices. The CIGNA Charted Guaranteed Long-Term Account is stated at contract value, which approximates fair value. Contract value represents contributions made under the contract, plus interest at the contract rate, less any withdrawals. Participant loans are stated at cost, which approximates fair value.

Administrative Expenses

Certain administrative expenses of the Plan are paid by the Plan, as allowed. Administrative expenses totaled $1,483,987 for the year ended February 29, 2004.

Payment of Benefits

Benefits are recorded when paid.

         
3.
  Investments   At the end of the fiscal 2003 plan year, the Company added new asset managers in order to minimize risk and maximize the potential return for participants. Fifth Third Bank continues to manage a portion of the assets and is the trustee for the plan. As a result of the change in managers, the asset mix also changed. However, there was no change in the four available asset categories (Balanced, General, Long-Term Growth and Money Market) provided to participants.
 
 
      The following presents investments that represent 5% or more of the Plan’s net assets available for benefits as of February 29, 2004:
               
    February 29,     February 28,
    2004     2003
Mutual Funds:
                
Fifth Third Equity Index Fund
   $ 52,389,129 *   $ 219,403,627  
Fifth Third Short Term Bond Fund
     40,270,198 *     146,173,212  
Fifth Third Small Cap Growth Fund
     2,736,532 *     74,578,735  
Common/Collective Funds:
                
Fifth Third Equity Index Fund
     240,536,300       219,403,627  
NTGI-QM Collective Daily Aggregate
                
Bond Index Fund
     133,877,456       —  
Fifth Third Small/Mid Cap Core Fund
     73,361,034       74,578,735  

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

               
Fifth Third Short Term Bond
                
Collective Fund
     57,585,811 *     146,173,212  
Money Market Funds:
                
Fifth Third Institutional Money
                
Market Fund
     113,822,336       —  
Fifth Third Prime Money Market Fund
     15,174,993 *     223,943,737  
 
 
 
 
 
 
 
 
 

* Less than 5%

During the fiscal 2004 plan year, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in fair value as follows:

       
      February 29,
Year ended
  
  
 2004
Common/collective fund
   $ 134,665,119  
Mutual funds
     47,071,152  
Common stock of Steelcase Inc.
     199,242  
Insurance contract
     176,175  
 
  
  
  
  
Net appreciation in market value
   $ 182,111,688  
 
 
 
 
 
         
4.
  Related Party
Transactions 		  Investments in money market funds and certain mutual funds are managed by Fifth Third Bank, trustee of the Plan. Certain common/collective trust funds are managed by Bank of New York, custodian of the Plan. These transactions qualify as party-in-interest transactions and are exempt under the provisions of Prohibited Transaction Exemption #77-4.
         
5.
  Plan Termination   Although it has not expressed any intent to do so, the Company has the right to discontinue contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of termination, the assets are to be used for the payment of all debts of the Plan and any remaining funds or property shall be vested completely in the participants’ accounts and distributed among them as they become eligible under the provisions of the Plan.
         
6.
  Income Tax Status   The Internal Revenue Service has determined and informed the plan administrator in a letter dated March 28, 1997, that the Plan is qualified and the trust established under the Plan is tax-exempt under the appropriate sections of the Internal Revenue Code (IRC). The merged plan requested a determination letter from the Internal

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

Revenue Service as to its continuing tax qualified status and is now awaiting approval. Although the Plan has been amended since receiving the original determination letter, the plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

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Steelcase Inc. Retirement Plan

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

EIN: 38-0819050
Plan Number: 001

February 29, 2004
                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
 
   Mutual Funds (Units)                    
 
  
Baron Growth Fund
     431,735.339     **   $ 16,168,489  
 
  
Delaware Pooled Trust
     2,391,097.998     **     27,928,025  
*
  
Fifth Third Disciplined Large Value Fund Inst
     396,922.535     **     5,453,716  
*
  
Fifth Third Equity Index Fund Inst
     2,395,479.150     **     52,389,129  
*
  
Fifth Third Intermediate Bond Fund Inst
     1,643,384.947     **     16,795,394  
*
  
Fifth Third International Equity Fund Inst
     150,207.500     **     1,448,000  
*
  
Fifth Third Mid Cap Growth Fund Inst
     154,273.781     **     2,164,461  
*
  
Fifth Third Multi-Cap Value Fund Inst
     49,387.646     **     1,178,389  
*
  
Fifth Third Quality Growth Fund Inst
     326,654.559     **     5,321,202  
*
  
Fifth Third Short Term Bond Fund Inst
     4,134,517.201     **     40,270,198  
*
  
Fifth Third Small Cap Growth Fund Inst
     158,639.524     **     2,736,532  
 
  
Growth Fund of America
     1,080,535.972     **     27,726,553  
 
  
Templeton Foreign Fund A
     1,410,366.037     **     15,683,270  
 
  
Van Kampen Corporate Bond Fund A
     1,922,049.609     **     13,108,378  
 
  
Van Kampen Emerging Growth Fund A
     1,656,729.471     **     61,199,587  
 
  
Vanguard Windsor Ii Admiral
     357,541.228     **     17,691,140  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
   Total Mutual Funds                 307,262,463  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
   Common/Collective Trust Funds (Units)                    
*
  
The Bank of New York Collective Short-
                    
 
  
Term Invest Fd Non-Disc
     3,124.070     **     3,124  
 
  
Wells Fargo High Yield Bond Fund
     2,633,588.394     **     28,717,174  
 
  
The Boston Co - Emerging Mkts Equity Fund
     1,255,056.334     **     28,731,326  
 
  
EAFE Plus - JP Morgan Chase Bank
     4,827,539.089     **     61,116,645  
 
  
US Real Estate - JP Morgan Chase Bank
     1,657,985.759     **     33,806,330  
 
  
Montgomery US Core Fixed Income Fund
     5,747,403.441     **     59,659,197  
 
  
NTGI-QM Collective Daily Aggregate Bond
                    
 
  
Index Fund
     431,784.760     **     133,877,456  
*
  
Fifth Third Equity Index Fund
     10,938,440.182     **     240,536,300  
*
  
Fifth Third Short Term Bond Collective Fund
     5,858,170.000     **     57,585,811  

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Steelcase Inc. Retirement Plan

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

February 29, 2004

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
*
  
Fifth Third Small/Mid Cap Core Fund
     4,233,181.415     **   $ 73,361,034  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
   Total Common/Collective Trust Funds                 717,394,397  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Total Mutual Funds and Common/Collective Trust                    
 
  
Funds
                 1,024,656,860  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Money Market Funds (Units)                    
*
  
Fifth Third Prime Money Market Fund Inst
     15,174,993.110     **     15,174,993  
*
  
Fifth Third Institutional Money Mkt Fund
     113,822,336.260     **     113,822,336  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
   Total Money Market Funds                 128,997,329  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. Government Securities (Par Value)                    
 
  
Federal Home Ln Bks 2.5000% Due 03/15/06
                    
 
  
Issued 01/21/03
     6,150,000.000     **     6,232,641  
 
  
Federal Home Ln Bks 3.8750% Due 08/22/08
                    
 
  
Issued 08/22/03
     2,285,000.000     **     2,332,842  
 
  
Federal Home Ln Bks 4.5000% Due 09/16/13
                    
 
  
Issued 09/22/03
     5,700,000.000     **     5,744,531  
 
  
Federal Home Ln Bks 3.6250% Due 11/14/08
                    
 
  
Issued 10/27/03
     1,925,000.000     **     1,961,695  
 
  
Federal Home Ln Mtg Corp 7.2200% Due
                    
 
  
6/14/06 Issued 06/14/96
     3,250,000.000     **     3,632,891  
 
  
Federal Home Ln Mtg Corp 5.7500% Due
                    
 
  
04/15/08 Issued 04/09/98
     380,000.000     **     421,681  
 
  
Federal Natl Mtg Assn Deb 5.6250% Due
                    
 
  
05/14/04 Issued 05/10/99
     6,875,000.000     **     6,939,453  
 
  
Federal Natl Mtg Assn Deb 6.3750% Due
                    
 
  
06/15/09 Issued 06/08/99
     375,000.000     **     428,555  
 
  
Federal Natl Mtg Assn 6.6250% Due 09/15/09
                    
 
  
Issued 09/01/99
     500,000.000     **     578,281  
 
  
Federal Natl Mtg Assn 7.2500% Due 01/15/10
                    
 
  
Issued 01/14/00
     9,500,000.000     **     11,340,625  
 
  
Federal Natl Mtg Assn 6.0000% Due 05/15/11
                    
 
  
Issued 05/25/01
     1,200,000.000     **     1,352,250  

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Steelcase Inc. Retirement Plan

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

February 29, 2004

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
 
  
Federal Natl Mtg Assn M/T/N 6.4800% Due
                    
 
  
06/28/04 Issued 06/25/97
     5,750,000.000     **   $ 5,851,315  
 
  
Federal Natl Mtg Assn Pool # 685315
                    
 
  
5.5000% Due 02/01/33 Issued 02/01/03
     13,258,777.913     **     13,574,602  
 
  
United States Treas Nts 6.0000% Due 08/15/09
                    
 
  
Issued 08/15/99
     900,000.000     **     1,032,188  
 
  
United States Treas Nts 5.7500% Due 08/15/10
                    
 
  
Issued 08/15/00
     1,600,000.000     **     1,822,500  
 
  
United States Treas Nts 5.0000% Due 08/15/11
                    
 
  
Issued 08/15/01
     3,175,000.000     **     3,465,711  
 
  
United States Treas Nts 3.5000% Due 11/15/06
                    
 
  
Issued 11/15/01
     1,900,000.000     **     1,974,813  
 
  
United States Treas Nts 7.8750% Due 11/15/04
                    
 
  
Issued 11/15/94
     1,000,000.000     **     1,047,500  
 
  
United States Treas Nts 4.3750% Due 05/15/07
                    
 
  
Issued 05/15/02
     6,375,000.000     **     6,795,352  
 
  
United States Treas Nts 4.3750% Due 08/15/12
                    
 
  
Issued 08/15/02
     2,850,000.000     **     2,972,016  
 
  
United States Treas Nts 1.5000% Due 02/28/05
                    
 
  
Issued 02/28/03
     750,000.000     **     752,578  
 
  
United States Treas Nts 2.3750% Due 08/15/06
                    
 
  
Issued 08/15/03
     4,350,000.000     **     4,401,656  
 
  
United States Treas Nts 4.2500% Due 08/15/13
                    
 
  
Issued 08/15/03
     1,675,000.000     **     1,716,875  
 
  
United States Treas Nts 2.0000% Due 08/31/05
                    
 
  
Issued 09/02/03
     14,780,000.000     **     14,918,562  
 
  
United States Treas Nts 1.6250% Due 09/30/05
                    
 
  
Issued 09/30/03
     1,900,000.000     **     1,906,531  
 
  
United States Treas Nts 3.1250% Due 10/15/08
                    
 
  
Issued 10/15/03
     275,000.000     **     278,437  
 
  
United States Treas Nts 3.3750% Due 11/15/08
                    
 
  
Issued 11/15/03
     2,700,000.000     **     2,759,906  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
   Total U.S. Government Securities                 106,235,987  
 
 
 
 
 
 
 
 
 
 
 
 
 
 

15

Table of Contents

Steelcase Inc. Retirement Plan

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

February 29, 2004

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
 
   Corporate Bonds (Par Value)                    
 
  
American Express Cr Corp 3.0000% Due
                    
 
  
05/16/08 Issued 05/16/03
     4,275,000.000     **         $ 4,250,547  
 
  
Assoc Corp of N Amer 7.5000% Due 05/10/06
                    
 
  
Issued 05/10/96
     975,000.000     **     1,087,223  
 
  
Bank Amer Corp 6.2500% Due 04/15/12 Issued
                  
 
  
04/22/02
     2,375,000.000     **   2,666,555  
 
  
Bank Amer Corp 3.8750% Due 01/15/08 Issued
                    
 
  
11/26/02
     1,000,000.000     **     1,031,000  
 
  
Bank One Tex N A M/T/N 6.2500% Due
                    
 
  
02/15/08 Issued 02/26/98
     2,375,000.000     **     2,642,948  
 
  
Bank One Corp 6.0000% Due 08/01/08 Issued
                    
 
  
08/08/01
     1,625,000.000     **     1,806,350  
 
  
Bank Of America Corp 6.6250% Due 06/15/04
                    
 
  
Issued 06/15/99
     3,100,000.000     **     3,148,484  
 
  
Bear Stearns Cos Inc 5.7000% Due 01/15/07
                    
 
  
Issued 01/15/02
     2,595,000.000     **     2,816,769  
 
  
Bottling Group LLC 5.0000% Due 11/15/13
                    
 
  
Issued 11/17/03
     2,225,000.000     **     2,290,359  
 
  
Cit Group Inc Medium Term Sr 4.7500% Due
                    
 
  
12/15/10 Issued 12/09/03
     1,625,000.000     **     1,670,890  
 
  
Caterpillar Inc 7.2500% Due 09/15/09 Issued
                    
 
  
09/17/99
     600,000.000     **     707,562  
 
  
Citigroup Inc 7.2500% Due 10/01/10 Issued
                    
 
  
10/11/00
     5,200,000.000     **     6,133,192  
 
  
Conoco Funding Co 6.3500% Due 10/15/11
                    
 
  
Issued 10/11/01
     5,200,000.000     **     5,911,932  
 
  
Countrywide Home Lns Inc M/T/N 5.6250%
                   
 
  
Due 05/15/07 Issued 05/17/02
     4,000,000.000     **     4,338,000  
 
  
Credit Suisse First Boston USA 6.5000% Due
                    
 
  
01/15/12 Issued 01/11/02
     1,600,000.000     **     1,807,728  
 
  
Credit Suisse First Boston USA 5.7500% Due
                    
 
  
04/15/07 Issued 04/08/02
     3,200,000.000     **     3,482,720  
 
  
Fmr Corp 4.7500% Due 03/01/13 Issued
                    
 
  
02/27/03
     2,575,000.000     **     2,591,738  

16

Table of Contents

Steelcase Inc. Retirement Plan

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

February 29, 2004

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)   Lessor or Similar Party   Maturity Value   Cost   Current Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
First Tenn Bk Natl Assn 4.6250% Due 05/15/13
                    
 
  
Issued 05/01/03
     2,625,000.000     **   $   2,629,174  
 
  
Geico Corp Nt 7.5000% Due 04/15/05 Issued
                    
 
  
04/24/95
     4,050,000.000     **     4,306,892  
 
  
General Elec Cap Corp 8.7500% Due 05/21/07
                    
 
  
Issued 05/21/90
     2,120,000.000     **     2,522,630  
 
  
General Elec Cap Corp M/T/N 8.1250% Due
                    
 
  
04/01/08 Issued 04/14/94
     1,300,000.000     **   1,540,760  
 
  
General Elec Cap Corp M/T/N 3.5000% Due
                    
 
  
05/01/08 Issued 05/02/03
     2,600,000.000     **     2,636,348  
 
  
General Elec Cap Corp M/T/N 2.7500% Due
                    
 
  
09/25/06 Issued 09/17/03
     1,625,000.000     **     1,643,027  
 
  
Goldman Sachs Inc 6.6000% Due 01/15/12
                    
 
  
Issued 01/10/02
     3,625,000.000     **     4,113,976  
 
  
Goldman Sachs Inc 5.2500% Due 04/01/13
                    
 
  
Issued 03/31/03
     375,000.000     **     386,115  
 
  
Household Fin Corp 7.0000% Due 05/15/12
                    
 
  
Issued 05/22/02
     3,200,000.000     **     3,717,248  
 
  
J P Morgan Chase Coml Mtg Secs 5.2550% Due
                    
 
  
07/12/35 Issued 08/01/03
     2,075,000.000     **     2,180,632  
 
  
Keycorp New 7.5000% Due 6/15/06 Issued
                    
 
  
06/10/96
     1,410,000.000     **     1,577,734  
 
  
Lehman Brothers Inc 3.5000% Due 08/07/08
                    
 
  
Issued 07/28/03
     2,500,000.000     **     2,524,075  
 
  
Lehman Brothers Inc 6.5000% Due 04/15/08
                    
 
  
Issued 04/20/98
     750,000.000     **     838,065  
 
  
Mellon Bk N A 7.0000% Due 03/15/06 Issued
                    
 
  
03/18/96
     400,000.000     **     442,200  
 
  
Merrill Lynch & Co Inc M/T/N 3.9287% Due
                    
 
  
05/22/06 Issued 05/22/01
     2,425,000.000     **     2,441,636  
 
  
Morgan Stanley 5.3000% Due 03/01/13 Issued
                    
 
  
02/26/03
     3,425,000.000     **     3,571,632  
 
  
Morgan Stanley 4.2500% Due 05/15/10 Issued
                    
 
  
05/07/03
     2,375,000.000     **     2,415,256  

17

Table of Contents

Steelcase Inc. Retirement Plan

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

February 29, 2004

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)   Lessor or Similar Party   Maturity Value   Cost   Current Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
National Re Corp Sr Nt 8.8500% Due 01/15/05
                    
 
  
Issued 01/19/95
     1,550,000.000     **   $ 1,645,217  
 
  
National City Bk Cleveland 4.6250% Due
                    
 
  
05/01/13 Issued 05/08/03
     2,600,000.000     **     2,593,032  
 
  
Norfolk & Westn Ry Co 8.1250% Due 11/15/04
                    
 
  
Issued 11/15/89
     1,875,000.000     **     1,961,831  
 
  
Northern Tr Co M/T/N 7.5000% Due 02/11/05
                    
 
  
Issued 02/11/00
     5,950,000.000     **     6,278,321  
 
  
Shawmt Bank N A M/T/N 8.6250% Due
                    
 
  
02/15/05 Issued 02/14/95
     6,175,000.000     **   6,617,933  
 
  
U S Bk Natl Assn Minneapolis 5.7000% Due
                    
 
  
12/15/08 Issued 12/16/98
     1,600,000.000     **     1,759,776  
 
  
Verizon Fla Inc 6.1250% Due 01/15/13 Issued
                    
 
  
10/01/02
     3,425,000.000     **     3,719,995  
 
  
Wachovia Corp New 5.6250% Due 12/15/08
                    
 
  
Issued 12/21/98
     2,850,000.000     **     3,107,754  
 
  
Wells Fargo & Co 6.6250% Due 07/15/04
                    
 
  
Issued 07/28/99
     975,000.000     **     994,120  
 
  
Wells Fargo & Co New 3.5000% Due 4/4/08
                    
 
  
Issued 03/25/03
     2,400,000.000     **     2,442,408  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Total Corporate Bonds                 118,991,784  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   CIGNA Chartered Guaranteed Long-Term Account
                  
 
  
(Contract Value)
     115,525.192     **     3,417,975  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Steelcase Inc. Common Stock (Shares)     45,195.000     **     637,249  
 
 
 
 
 
 
 
 
 
 
 
 
 
*
   Participant Loans (Cost)     5.00-10.50 %   —     19,569,300  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Total Investments               $ 1,402,506,484  
 
 
 
 
 
 
 
 
 
 
 
 
 

*   A party-in-interest as defined by ERISA.
**   The cost of participant-directed investments is not required to be disclosed.

18

Table of Contents

EXHIBIT INDEX

       
Exhibit No.
   Description
  
23
  Consent of Independent Registered Public Accounting Firm  

19