-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, I6Vdhjr8Lv63V04Ex2KVqd4KCCH/LmqGrFSBIVZSiNMn/DNaTUohaJkfu8gclPiG FUQ9CTHf3jScvkzdZzXoSQ== 0000950152-94-000668.txt : 19940706 0000950152-94-000668.hdr.sgml : 19940706 ACCESSION NUMBER: 0000950152-94-000668 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN GREETINGS CORP CENTRAL INDEX KEY: 0000005133 STANDARD INDUSTRIAL CLASSIFICATION: 2771 IRS NUMBER: 340065325 STATE OF INCORPORATION: OH FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01502 FILM NUMBER: 94536901 BUSINESS ADDRESS: STREET 1: 10500 AMERICAN RD CITY: CLEVELAND STATE: OH ZIP: 44144 BUSINESS PHONE: 2162527300 MAIL ADDRESS: STREET 1: 10500 AMERICAN ROAD CITY: CLEVELAND STATE: OH ZIP: 44144 11-K 1 AMERICAN GREETINGS 1 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 _________________________ (Mark One): X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES - - ---- EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 1993. OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES - - ---- EXCHANGE ACT OF 1934. For the transition period from _______________ to _______________ Commission file number: 0-1502 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: AMERICAN GREETINGS RETIREMENT PROFIT SHARING AND SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: AMERICAN GREETINGS CORPORATION ONE AMERICAN ROAD CLEVELAND, OHIO 44144 _________________________ REQUIRED INFORMATION The following financial statements are being furnished for the American Greetings Retirement Profit Sharing and Savings Plan (the "Plan"): 1. Audited statements of net assets available for benefits as of December 31, 1993 and 1992. 2 2. Audited statements of changes in net assets available for benefits for the years ended December 31, 1993 and 1992. SIGNATURES The Plan. 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. AMERICAN GREETINGS RETIREMENT PROFIT SHARING AND SAVINGS PLAN June 29, 1994 By: /s/ Harvey Levin ----------------------------------- Name: Harvey Levin Title: Senior Vice-President -2- 3 Audited Financial Statements and Supplemental Schedules AMERICAN GREETINGS RETIREMENT PROFIT SHARING AND SAVINGS PLAN December 31, 1993 4 Report of Independent Auditors Administrative Committee of the Retirement Profit Sharing and Savings Plan American Greetings Corporation Cleveland, Ohio We have audited the accompanying statements of net assets available for benefits of American Greetings Retirement Profit Sharing and Savings Plan as of December 31, 1993 and 1992, 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 generally accepted auditing standards. 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 at December 31, 1993 and 1992, and the changes in its net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1993 and reportable transactions for the year then ended are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 financial statements taken as a whole. /s/ Ernst & Young Ernst & Young June 17, 1994 -1- 5 American Greetings Retirement Profit Sharing and Savings Plan Statements of Net Assets Available for Benefits
DECEMBER 31, 1993 ----------------------------------------------------------------------------------------- FIXED COMPANY COMMON INCOME STOCK PARTICIPANT FUND FUND FUND LOAN FUND TOTAL ----------------------------------------------------------------------------------------- ASSETS Investments, at fair value: Money market funds and repurchase agreements $ 2,582,016 $ 9,160,207 $ 1,032,223 $ 12,774,446 U.S. Government and agency securities 167,822,933 167,822,933 Corporate obligations 7,421,786 7,421,786 Common stocks 57,921,551 57,921,551 Common stock of American Greetings Corporation 37,850,704 37,850,704 Participant loans $ 68,166 68,166 Other 69,650 69,650 ----------------------------------------------------------------------------------------- TOTAL INVESTMENTS 60,503,567 184,474,576 38,882,927 68,166 283,929,236 Deposits with insurance companies 87,511,622 87,511,622 Receivables: Employer's contribution 4,728,220 14,430,040 2,879,620 22,037,880 Participants' contributions 287,518 656,306 170,950 1,114,774 Accrued income 56,220 2,048,774 1,513 2,106,507 Due from broker for securities sold 118,651 36,374,531 36,493,182 ----------------------------------------------------- ----------------- TOTAL RECEIVABLES 5,190,609 53,509,651 3,052,083 61,752,343 Cash 195,768 195,768 ----------------------------------------------------------------------------------------- TOTAL ASSETS 65,889,944 325,495,849 41,935,010 68,166 433,388,969 LIABILITIES Accrued expenses (377,740) (205,600) (583,340) Due to broker for securities purchased (63,447,969) (63,447,969) ----------------------------------------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS $ 65,512,204 $ 261,842,280 $ 41,935,010 $ 68,166 $ 369,357,660 ========================================================================================= DECEMBER 31, 1992 - - ---------------------------------------------------------------------------------------------- FIXED COMPANY COMMON INCOME STOCK PARTICIPANT FUND FUND FUND LOAN TOTAL - - ---------------------------------------------------------------------------------------------- $ 3,052,837 $ 64,129,318 $ 365,722 $ 67,547,877 92,260,794 92,260,794 10,434,366 10,434,366 47,220,319 47,220,319 14,654,672 14,654,672 $ 111,580 111,580 0 - - ---------------------------------------------------------------------------------------------- 50,273,156 166,824,478 15,020,394 111,580 232,229,608 104,262,699 104,262,699 4,005,512 13,218,408 1,349,977 18,573,897 197,579 488,733 66,017 752,329 56,675 1,729,130 750 1,786,555 12,995,938 12,995,938 - - ------------------------------------------------------------- ---------------- 4,259,766 28,432,209 1,416,744 34,108,719 0 - - ---------------------------------------------------------------------------------------------- 54,532,922 299,519,386 16,437,138 111,580 370,601,026 (82,964) (43,841) (2,128) (128,933) (54,666,875) (54,666,875) - - ---------------------------------------------------------------------------------------------- $ 54,449,958 $ 244,808,670 $ 16,435,010 $ 111,580 $ 315,805,218 ============================================================================================== SEE NOTES TO FINANCIAL STATEMENTS.
-2- 6 American Greetings Retirement Profit Sharing and Savings Plan Statements of Changes in Net Assets Available for Benefits
YEAR ENDED DECEMBER 31, 1993 -------------------------------------------------------------------------------------- FIXED COMPANY COMMON INCOME STOCK PARTICIPANT FUND FUND FUND LOAN FUND TOTAL -------------------------------------------------------------------------------------- ADDITIONS TO NET ASSETS ATTRIBUTED TO Net realized and unrealized appreciation of investments--Note C $ 5,429,489 $ 2,860,677 $ 8,737,445 $ 17,027,611 Interest and dividend income 682,144 16,201,325 15,732 $ 4,405 16,903,606 Dividends from American Greetings Corporation common stock 388,927 388,927 Contributions: Participants 2,763,484 6,662,368 1,399,462 10,825,314 Employer 4,728,220 14,430,040 2,879,620 22,037,880 -------------------------------------------------------------------------------------- TOTAL ADDITIONS 13,603,337 40,154,410 13,421,186 4,405 67,183,338 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO Benefits paid to participants 910,058 10,661,536 651,722 47,819 12,271,135 Administrative expenses 410,345 933,197 16,219 1,359,761 -------------------------------------------------------------------------------------- TOTAL DEDUCTIONS 1,320,403 11,594,733 667,941 47,819 13,630,896 -------------------------------------------------------------------------------------- NET INCREASE (DECREASE) PRIOR TO INTERFUND TRANSFERS 12,282,934 28,559,677 12,753,245 (43,414) 53,552,442 Interfund transfers--net (1,220,688) (11,526,067) 12,746,755 0 -------------------------------------------------------------------------------------- NET INCREASE (DECREASE) 11,062,246 17,033,610 25,500,000 (43,414) 53,552,442 Net assets available for benefits at beginning of year 54,449,958 244,808,670 16,435,010 111,580 315,805,218 -------------------------------------------------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 65,512,204 $ 261,842,280 $ 41,935,010 $ 68,166 $ 369,357,660 ====================================================================================== YEAR ENDED DECEMBER 31, 1992 - - --------------------------------------------------------------------------------------------- FIXED COMPANY COMMON INCOME STOCK PARTICIPANT FUND FUND FUND LOAN TOTAL - - --------------------------------------------------------------------------------------------- $ 5,858,584 $ 1,011,868 $ 2,867,027 $ 9,737,479 524,432 17,844,457 16,886 $ 5,502 18,391,277 212,148 212,148 1,444,030 6,083,032 637,072 8,164,134 5,273,576 11,904,773 1,395,547 18,573,896 - - --------------------------------------------------------------------------------------------- 13,100,622 36,844,130 5,128,680 5,502 55,078,934 758,841 8,627,902 446,048 29,768 9,862,559 271,458 467,523 10,230 749,211 - - --------------------------------------------------------------------------------------------- 1,030,299 9,095,425 456,278 29,768 10,611,770 - - --------------------------------------------------------------------------------------------- 12,070,323 27,748,705 4,672,402 (24,266) 44,467,164 23,201,517 (25,478,404) 2,276,887 0 - - --------------------------------------------------------------------------------------------- 35,271,840 2,270,301 6,949,289 (24,266) 44,467,164 19,178,118 242,538,369 9,485,721 135,846 271,338,054 - - --------------------------------------------------------------------------------------------- $ 54,449,958 $ 244,808,670 $ 16,435,010 $ 111,580 $ 315,805,218 ============================================================================================= SEE NOTES TO FINANCIAL STATEMENTS.
-3- 7 American Greetings Retirement Profit Sharing and Savings Plan Notes to Financial Statements Years Ended December 31, 1993 and 1992 A. DESCRIPTION OF THE PLAN The following description of the American Greetings Retirement Profit Sharing and Savings Plan (the Plan) provides only general information. Participants should refer to the plan agreement, copies of which are available from the Administrative Committee, for a more complete description of the Plan's provisions. GENERAL The Plan is a defined contribution plan covering substantially all full-time employees of American Greetings Corporation (the Corporation) and domestic subsidiaries who are not covered under another defined contribution or defined benefit plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). CONTRIBUTIONS The Corporation contributes 8% of its consolidated domestic pretax profits, excluding dividends and gains and losses from capital asset and foreign currency transactions, to the Plan. Additional amounts may be contributed at the option of the Corporation's Board of Directors. Additionally, participants may contribute 2% to 15% of pretax annual compensation, as defined in the Plan. The Corporation may restrict individual deferrals below 15% in order to meet certain governmental limitations. Prior to August 1993, participant contributions were limited to 8% of pretax annual compensation. The Corporation contributes 25% of the first 6% of annual compensation that a participant contributes to the Plan, provided that the Corporation achieves certain financial goals. Such contributions are invested in accordance with the participants' investment elections. PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's 401(k) contributions and allocations of the Corporation's profit sharing contribution and 401(k) match, and Plan earnings; allocations are based on participant compensation, participant elections, and account balances, respectively. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. Each participant is fully vested. INVESTMENT OPTIONS Participants direct the investment of their account, together with their share of the Corporation's annual contribution, in the Common Fund, the Fixed Income Fund, the Company Stock Fund, or allocated among the three Funds in 10% multiples. -4- 8 American Greetings Retirement Profit Sharing and Savings Plan Notes to Financial Statements - Continued A. DESCRIPTION OF THE PLAN--CONTINUED PAYMENT OF BENEFITS At the time of a participant's retirement or termination of service the participant may elect to purchase an annuity contract, receive a lump sum payment or be paid in installments. At December 31, 1993, $78,763,119 of the Plan's assets represent accounts of individuals who have retired or terminated employment with the Corporation and do not participate in the Corporation's contribution to the Plan. PLAN TERMINATION Although it has not expressed any intent to do so, the Corporation has the right under the Plan to discontinue its contributions at anytime and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, the assets of the Plan will be distributed to the participants on the basis of individual account balances at the date of termination. Benefit payments within the Participant Loan Fund represent terminated employees' loan balances which are recognized as distributions at termination. B. SUMMARY OF ACCOUNTING POLICIES The financial statements of the Plan are presented on the accrual basis of accounting. All the funds of the Plan are accounted for by the Trustee, National City Bank of Cleveland. National City Bank is an investment advisor to the NCC Funds. The Plan invests a portion of its assets in the NCC Funds. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year. Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last reported bid price. The value of deposits with insurance companies represents contributions made to deposit contracts plus interest at the contract rate, less funds transferred to the Trustee to pay retirement benefits and the insurance companies' administrative expenses. Audit and legal fees are paid by the Corporation. All other expenses of the Plan are paid by the Plan. Certain amounts from the 1992 financial statements have been reclassified to conform with the current year presentation. -5- 9 American Greetings Retirement Profit Sharing and Savings Plan Notes to Financial Statements Continued C. INVESTMENTS The fair value of individual investments that represented 5% or more of the fair value of Plan net assets are as follows:
1993 1992 ------------------------------------- Freddie Gold ("FGLD"), 6.5%, 30 year TBA April 1994, due April 14, 2024 $ 23,077,734 Metropolitan Life Insurance Company, May 22, 1995, 9.46% 20,635,480 $ 18,852,074 NCC Money Market Portfolio 24,336,250
During the years ended December 31, 1993 and 1992 the Plan's investments (including investments bought, sold and held during the year) appreciated (depreciated) in fair value as follows:
DECEMBER 31 1993 1992 ------------------------------------- INVESTMENTS AT FAIR VALUE AS DETERMINED BY QUOTED MARKET PRICE U.S. Government and agency securities $ 5,536,112 $ 3,374,990 Corporate obligations and other (2,941,014) (2,358,920) Preferred stocks (25,934) Common stocks 5,429,489 5,880,316 Common stock of American Greetings Corporation 8,737,445 2,867,027 Other 265,579 ------------------------------------- $ 17,027,611 $ 9,737,479 ===================================== The Plan held 36,912 Class A shares and 1,076,344 Class B shares of American Greetings Corporation common stock at December 31, 1993 (36,912 and 550,744 at December 31, 1992, respectively, as restated for the two for one stock split on September 10, 1993). Class B shares are not publicly traded.
-6- 10 American Greetings Retirement Profit Sharing and Savings Plan Notes to Financial Statements Continued D. DEPOSITS WITH INSURANCE COMPANIES At December 31, 1993 and 1992 the Plan had deposits with the following insurance companies:
INTEREST DECEMBER 31 COMPANY MATURITY RATE 1993 1992 -------------------------------------------------------------------------------------------------- Pacific Mutual Life Insurance Company December 31, 1995 9.40% $ 13,011,481 $ 11,893,492 CNA Insurance Company May 25, 1996 9.85% 15,287,161 13,916,396 Confederation Life Insurance May 10, 1993 9.26% 7,487,053 Company May 5, 1994 9.81% 5,276,586 5,276,312 May 24, 1994 9.80% 10,498,699 10,496,010 Mutual Benefit Life Insurance Company (MBL) * * 1,668,606 1,668,606 Great West Mutual Life May 11, 1994 9.52% 8,217,743 7,513,154 Assurance Company May 5, 1994 9.86% 5,276,608 5,267,418 Phoenix Mutual Life Insurance May 11, 1993 9.20% 14,952,531 Company May 25, 1994 9.83% 7,639,258 6,939,653 Metropolitan Life Insurance Company May 22, 1995 9.46% 20,635,480 18,852,074 ------------------------------ $ 87,511,622 $ 104,262,699 ============================== * On July 16, 1991, the Superior Court of New Jersey entered an Order appointing the Commissioner of Insurance of the State of New Jersey as Rehabilitator of MBL. The Rehabilitator has been directed to conduct the business of MBL and to begin taking such steps appropriate toward moving the cause and conditions that have made rehabilitation necessary. Maturity date and interest rate are subject to the provisions of a Rehabilitation Program, which was adopted in April, 1994.
-7- 11 American Greetings Retirement Profit Sharing and Savings Plan Notes to Financial Statements-Continued E. INCOME TAX STATUS The Internal Revenue Service has issued a favorable determination letter indicating the Plan qualifies under Section 401(a) of the Internal Revenue Code and, therefore, is not subject to tax under present income tax laws. The Plan is required to operate in conformity with the Code to maintain its qualification. The Plan administrator is not aware of any course of action or series of events that might adversely affect the Plan's qualified status. F. SUBSEQUENT EVENTS Effective March 1994, qualified employees of Magnivision, a wholly-owned subsidiary of the American Greetings Corporation (acquired in 1993), became eligible to participate in the Plan. Effective July 1, 1994, the Plan's trustee and recordkeeper is expected to be The Vanguard Group of Investment Companies (Vanguard). Vanguard will replace National City Bank of Cleveland as trustee and Cammock & Cammock as recordkeeper. Also, the Plan will be revised to offer six investment options as opposed to the three currently offered. -8- 12 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes Year Ended December 31, 1993
Col. (b) Col. (c) Col. (d) Col. (e) Description of Investment Including Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or Similar Party Maturity Value Cost Current Value - - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AND AGENCY SECURITIES FGLD 6.5%, 30 Year TBA April 94 3,946,250 $3,928,125 FGLD 6.5%, 30 Year TBA April 94, 23,184,219 23,077,734 due 4-14-24 Collateralized Mtr. Oblig. Tr 9 Coll. Mtg. Oblig. Cl. C 7.75%, due 2-25-12 418,409 415,827 Collateralized Mtg. Secs. Corp. Coll. Mtg. Oblig. Ser. S Cl. S-1 Var. rate, due 10-1-17 1,531,831 1,531,947 Collateralized Mtg. Secs. Corp. Coll. Mtg. Oblig. Ser. S Cl. S-1 Var. rate, due 10-1-17 3,282,496 3,282,743 Collateralized Mtg. Secs. Corp. Coll. Mtg. Oblig. Ser. 88- 16 Cl. 16-B, 9.10%, due 2-27-18 2,546,842 2,544,889 Collateralized Mtg. Secs. Corp. Coll. Mtg. Oblig. 1991-9 Cl. F 8.25%, due 6-20-18 512,656 516,170 Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1007 Cl. 1007G, var. rate due 10-15-20 3,043,125 3,045,000 Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1078 Cl. 1078EA ,var. rate, due 2-15-17 600,469 600,936 Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1110 Cl. 1110-F ,var. rate, due 5-15-05 7,227,871 7,237,972 Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 203 Cl. 203-A, var. rate, due 4-15-23 7,922,082 7,924,430 Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1344 Cl. 1344F, 3.8125%, due 8-15-07 7,606,475 7,643,357 Federal Home Ln. Mtg. Corp. Multiclass 1341-FA Series 1341, 3.725%, due 9-15-05 8,569,063 8,614,155 Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1377 Cl. 1377-F, var. rate, due 767,504 798,753 9-15-07 Federal Home Ln. Mtg. Corp. Multiclass Ser. 1401 Cl. 1401-K, var. rate, due 9-15-20 348,031 351,584 Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1443 Cl. 1443-K, var. rate, due 4-15-20 922,057 923,211 Federal Home Ln. Mtg. Corp. Multiclass Partn. CTF Gtd. Ser. 50 Cl. 50-G , 8.00%, due 6-15-20 2,013,723 2,116,168 Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 95 Cl. 95-C, 9.00%, due 11-15-20 346,103 342,461
-1- 13 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Identity of Issue, Borrower, Lessor or Description of Investment Including Similar Party Maturity Date, Rate of Interest, Par or Maturity Value Cost Current Value - - ------------------------------------------------------------------------------------------------------------------------------------ GOVERNMENT AND AGENCY SECURITIES-- CONTINUED Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1990-126 Cl. 126-F, var. rate, due 10-25-20 1,013,438 1,013,130 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Tr. 1991-46 Cl. F dated 5-25-91, 6.8125%, due 5-25-21 1,333,551 1,316,141 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Tr. 1991- 162 Cl. F, 9.95742%, due 5-25-15 1,912,315 1,912,315 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1992-G04 Cl.-FA, var. rate, due 5-25-15 188,615 188,615 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1992-39 Fltg. Rt., due 7-25-15 790,678 1,244,798 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTFS Remic. Tr. 1992-G28 Cl.-FA, var. rate, 4.50%, due 5-25-07 3,082,271 2,674,136 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1992-G29 Cl.-S, var. rate, due 7-25-22 278,865 278,865 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1992-97 Cl.-FB, var. rate, due 5-25-17 205,321 205,415 Federal Natl. Mtg. Assn. 1992-151 F CMO, 3.875%, due 8-25-07 537,883 541,535 Federal Natl. Mtg. Assn. 1992-151 F CMO, 3.875%, due 8-25-07 8,035,876 8,355,111 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic Tr. 1992-172 Cl. F, var. rate, due 6-25-17 9,988,162 9,978,723 Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic Tr. 1990-28 Cl. 28-T, 9%, due 3-25-00 2,003,490 2,003,490 Federal Natl. Mtg. Assn. Gtd. Pass Thru CTF Pool #057366, 7.75%, due 10-1-02 3,150,790 3,052,080 Federal Natl. Mtg. Assn. Gtd. Pass Thru CTF Pool #066264, 6.00%, due 7-1-04 1,024,448 1,183,145 Federal Natl. Mtg. Assn. Gtd. Pass Thru CTF Pool #190120, 8.50%, due 8-1-23 1,965,053 1,965,053 GNMA Gtd. Pass Thru CTF Pool #352703 dated 7-1-93, 7.00%, due 7-15-23 899,225 890,932 GNMA Gtd. Pass Thru CTF Pool #05489, 9%, due 4-15-05 155,839 151,526 GNMA Gtd. Pass Thru CTF Pool #23652, 9%, due 6-15-09 315,043 308,073 GNMA Gtd. Pass Thru CTF Pool #23849, 9%, due 11-15-08 346,904 344,034 GNMA Gtd. Pass Thru CTF Pool #24467, 8%, due 12-15-07 116,273 115,716 GNMA Gtd. Pass Thru CTF Pool #24607, 9%, due 10-15-08 229,656 224,220
-2- 14 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Description of Investment Including Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or Similar Party Maturity Value Cost Current Value - - ------------------------------------------------------------------------------------------------------------------------------------ GOVERNMENT AND AGENCY SECURITIES-- CONTINUED GNMA Gtd. Pass Thru CTF Pool #27249, 9%, due 12-15-08 115,667 112,999 GNMA Gtd. Pass Thru CTF Pool #27632, 9%, due 10-15-08 226,784 222,050 GNMA Gtd. Pass Thru CTF Pool #27755, 9%, due 11-15-08 321,037 315,477 GNMA Gtd. Pass Thru CTF Pool #27972, 9%, due 2-15- 09 213,457 207,823 GNMA Gtd. Pass Thru CTF Pool #29029, 9%, due 11-15-08 668,580 657,636 GNMA Gtd. Pass Thru CTF Pool #31498, 9%, due 4-15-09 333,026 322,068 GNMA Gtd. Pass Thru CTF Pool #32655, 9%, due 7-15-09 442,844 433,761 GNMA Gtd. Pass Thru CTF Pool #33497, 9%, due 7-15-09 350,765 347,234 GNMA Gtd. Pass Thru CTF Pool #139881, 9%, due 4-15-16 571,568 549,698 GNMA Gtd. Pass Thru CTF Pool #145725, 9%, due 5-15-16 301,952 293,682 GNMA Gtd. Pass Thru CTF Pool #154042, 9%, due 5-15-16 409,605 396,375 GNMA Gtd. Pass Thru CTF Pool #160143, 9%, due 5-15-16 184,618 177,702 GNMA Gtd. Pass Thru CTF Pool #160520, 9%, due 5-15-16 432,150 421,395 GNMA Gtd. Pass Thru CTF Pool #163861, 9% due 10-15-16 155,956 151,480 GNMA Gtd. Pass Thru CTF Pool #164500, 9%, due 6-15-16 214,923 213,645 GNMA Gtd. Pass Thru CTF Pool #165997, 9%, due 7- 15-16 193,372 186,994 GNMA Gtd. Pass Thru CTF Pool #166138, 9%, due 7-15-16 198,131 192,227 GNMA Gtd. Pass Thru CTF Pool #168812, 9%, due 7-15-16 635,036 630,370 GNMA Gtd. Pass Thru CTF Pool #169037, 9%, due 8-15-16 354,848 353,147 GNMA Gtd. Pass Thru CTF Pool #169619, 9%, due 8-15-16 225,327 220,505 GNMA Gtd. Pass Thru CTF Pool #169799, 9%, due 8-15-16 921,052 888,192 GNMA Gtd. Pass Thru CTF Pool #169833, 9%, due 9-15-16 203,714 197,773 GNMA Gtd. Pass Thru CTF Pool #171364, 9%, due 8-15-16 200,163 193,714 GNMA Gtd. Pass Thru CTF Pool #172908, 9%, due 9-15-16 242,666 235,612 GNMA Gtd. Pass Thru CTF Pool #173653, 9%, due 10-15-16 202,100 195,066 GNMA Gtd. Pass Thru CTF Pool #174501, 9%, due 9-15-16 955,529 929,716 GNMA Gtd. Pass Thru CTF Pool #177766, 8%, due 9-15-16 234,325 232,570 GNMA Gtd. Pass Thru CTF Pool #181749, 9%, due 4-15-17 220,327 217,908 GNMA Gtd. Pass Thru CTF Pool #183175, 9%, due 11-15-16 305,875 300,276 GNMA Gtd. Pass Thru CTF Pool #189256, 8%, due 4-15-17 54,183 53,632 GNMA Gtd. Pass Thru CTF Pool #190846, 9%, due 11-15-16 200,481 192,581 GNMA Gtd. Pass Thru CTF Pool #191465, 9%, due 1-15-17 209,737 202,297
-3- 15 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Description of Investment Including Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or Similar Party Maturity Value Cost Current Value - - ---------------------------------------------------------------------------------------------------------------------------- GOVERNMENT AND AGENCY SECURITIES-- CONTINUED GNMA Gtd. Pass Thru CTF Pool #192100, 8%, due 4-15-17 258,787 257,333 GNMA Gtd. Pass Thru CTF Pool #194653, 9%, due 11-15-16 356,778 344,496 GNMA Gtd. Pass Thru CTF Pool #198718, 9% ,due 6-15-17 218,637 211,960 GNMA Gtd. Pass Thru CTF Pool #199154, 8%, due 4-15-17 51,042 50,605 GNMA Gtd. Pass Thru CTF Pool #200785, 8%, due 4-15-17 845,367 837,360 GNMA Gtd. Pass Thru CTF Pool #203796, 8%, due 5-15-17 272,710 270,836 GNMA Gtd. Pass Thru CTF Pool #208827, 8%, due 5-15-17 219,560 216,817 GNMA Gtd. Pass Thru CTF Pool #216402, 9%, due 8-15-17 204,443 198,075 GNMA Gtd. Pass Thru CTF Pool #217289, 9%, due 6-15-17 299,387 287,493 GNMA Gtd. Pass Thru CTF Pool #219727, 8%, due 5-15-17 665,334 662,057 GNMA Gtd. Pass Thru CTF Pool #318800, 8%, due 2-15-22 574,207 567,567 GNMA Gtd. Pass Thru CTF Pool #322266, 8%, due 1-15-22 317,554 312,092 United States Treasury Notes 6.25%, due 1-31-97 12,571,875 12,551,280 United States Treasury Notes Dated 11-30-92 1,985,500 1,971,840 United States Treasury Notes Dated 11-15-86, 7.25%, due 11- 15--96 12,894,375 12,858,721 United States Treasury Notes Dated 1-16-90, 6.00%, due 1-15-97 13,173,750 13,136,281 ----------------------------- TOTAL GOVERNMENT AND AGENCY SECURITIES 167,772,006 167,822,933 =============================
-4- 16 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Description of Investment Including Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or Similar Party Maturity Value Cost Current Value - - ----------------------------------------------------------------------------------------------------------------- PARTY-IN-INTEREST INVESTMENTS CORPORATE STOCK COMMON American Greetings Corp. Class A 36,912 shares $ 346,248 $ 1,255,008 American Greetings Corp. Class B 1,076,344 shares 19,405,219 36,595,696 -------------------------------- $ 19,751,467 $ 37,850,704 ================================ OBLIGATIONS DUE WITHIN ONE YEAR NCC Money Market Portfolio $ 4,501,246 $ 4,501,246 NCC Funds Government Portfolio 6,652,206 6,652,206 Federated Trust for U.S. Treasury 1,620,994 1,620,994 -------------------------------- $ 12,774,446 $ 12,774,446 ================================
-5- 17 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Description of Investment Including Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or Similar Party Maturity Value Cost Current Value - - -------------------------------------------------------------------------------------------------------------------- UNALLOCATED INSURANCE CONTRACTS Mutual Benefit Life GA-4207 Subject to rehabilitation program $ 1,668,606 $ 1,668,606 Confederation Life GIC 61753 9.81%, Matures 5-5-94 5,276,586 5,276,586 GIC 61789 9.80%, Matures 5-24-94 10,498,699 10,498,699 ------------------------------- 15,775,285 15,775,285 Great West Life 17091 9.86%, Matures 5-5-94 5,276,608 5,276,608 16971 9.52%, Matures 5-11-94 8,217,743 8,217,743 ------------------------------- 13,494,351 13,494,351 Phoenix Mutual PI 0126 9.83%, Matures 5-24-94 7,639,258 7,639,258 Pacific Mutual G-25755.02 9.40%, Matures 12-31-95 13,011,481 13,011,481 CNA Insurance Co. 9.85%, Matures 5-25-96 15,287,161 15,287,161 Metropolitan Life GAC 11727 9.46%, Matures 5-22-95 20,635,480 20,635,480 ------------------------------- TOTAL INSURANCE CONTRACT ASSETS $ 87,511,622 $ 87,511,622 ===============================
-6- 18 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Identity of Issue, Borrower, Lessor or Description of Investment Including Similar Party Maturity Date, Rate of Interest, Par or Maturity Value Cost Current Value - - ----------------------------------------------------------------------------------------------------------------- CORPORATE STOCK--COMMON ARI Network Services Inc. 75,000 shares $ 532,500 $ 281,250 Acclaim Entertainment 37,500 shares 509,375 796,875 Alza Corp. 23,600 shares 885,042 666,700 American International Group Inc. 16,900 shares 1,054,607 1,482,975 Anadarko Pete Corp. 6,100 shares 217,889 276,788 Analog Devices Inc. 12,900 shares 265,995 317,663 Applied Materials Inc. 11,700 shares 206,254 453,375 Bank Boston Corp. 55,000 shares 1,129,265 1,265,000 Blockbuster Entertainment Corp. 9,400 shares 291,763 287,875 Burlington Northern Inc. 5,300 shares 293,277 306,738 Campbell Soup Co. 2,800 shares 115,618 114,800 Caterpillar Inc. 4,300 shares 381,976 382,700 Chase Manhattan Corp. 10,400 shares 354,475 352,300 Chemical Banking Corp. 10,500 shares 423,327 421,313 Chevron Corp. 6,100 shares 475,397 531,463 Chrysler Corp. 8,800 shares 354,317 468,600 Chubb Corp. 10,000 shares 894,510 778,750 Cisco System Inc. 121,700 shares 530,623 7,864,863 Citicorp 60,000 shares 1,091,100 2,212,500 Coca-Cola Co. 9,700 shares 393,161 432,863 Compaq Computer Corp. 5,500 shares 281,444 406,313 DSC Communications Corp. 5,000 shares 304,258 307,500 Dana Corp. 6,800 shares 325,774 407,150 Dean Witter Discover & Co. 8,900 shares 339,342 308,163 Dresser Industries 13,400 shares 322,672 278,050 Eastman Kodak Co. 5,800 shares 358,667 326,250 Echlin Inc. 10,000 shares 324,266 332,500 Elan Plc Adr 7,800 shares 281,813 330,525 Electronic Arts 12,000 shares 348,000 360,000 Enron Corp. 8,300 shares 177,871 240,700 Equitable Cos. Inc. 15,100 shares 418,426 407,700 Federal Express Corp. 5,200 shares 358,121 368,550 First Chicago Corp. 7,300 shares 255,074 315,725 First Interstate Bancorp. 3,500 shares 152,742 224,438 Fleet Financial Group Inc. 8,500 shares 271,898 283,688 Forest Labs Inc. 13,000 shares 235,898 619,125
- - -7- 19 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item--27a Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Identity of Issue, Borrower, Lessor or Description of Investment Including Similar Party Maturity Date, Rate of Interest, Par or Maturity Value Cost Current Value - - ----------------------------------------------------------------------------------------------------------------- CORPORATE STOCK--COMMON-- CONTINUED GC Companies Inc. 1,430 shares $ 45,242 $ 49,514 General Electric Co. 7,800 shares 779,954 818,025 General Motors Corp. 10,100 shares 445,323 554,238 General Motors Corp. Class E 10,600 shares 332,596 310,050 Harcourt General Inc. 14,300 shares 430,993 518,375 Hercules Inc. 2,700 shares 197,066 306,450 Home Depot Inc. 35,000 shares 1,453,065 1,382,500 ITT Corp. Cap. 3,700 shares 276,593 337,625 Imcera Group Inc. 7,800 shares 275,796 262,275 Intel Corp. 6,900 shares 335,056 427,800 International Game Technology 8,600 shares 185,084 253,700 Intuit 4,500 shares 200,957 191,813 Johnson & Johnson 6,600 shares 296,866 296,175 Kerr McGee Corp. 6,500 shares 290,627 294,125 Learning Co. 27,000 shares 568,620 408,375 Leggett & Platt Inc. 8,500 shares 311,254 425,000 Lincoln National Corp. Ind. 7,100 shares 233,897 308,850 Lowes Companies Inc. 8,000 shares 198,021 476,000 MCN Corp. 8,100 shares 249,504 281,475 MCI Communications Corp. 16,900 shares 471,089 477,425 Magna International Inc. 7,000 shares 195,777 348,250 Merck & Co. Inc. 39,700 shares 1,747,855 1,364,688 Microsoft Corp. 13,850 shares 505,422 1,116,656 Mobil Corp. 6,900 shares 454,632 545,963 Monsanto Co. 3,000 shares 216,192 220,125 Motorola Inc. 5,200 shares 308,813 479,700 Nationsbank Corp. 22,000 shares 1,031,730 1,078,000 Nextel Communications Inc. 53,000 shares 2,075,511 1,974,250 Novell Inc. 46,000 shares 846,971 954,500 Oracle System Corp. 10,100 shares 133,308 290,375 Parametric Tech Corp. 32,000 shares 135,395 1,240,000 Paychex Inc. 1,500 shares 52,100 52,500 Penney J. C. Inc. 9,000 shares 458,278 473,625 Perrigo Co. 10,000 shares 310,636 342,500 Perseptive Biosystems Inc. 8,000 shares 144,000 230,000 Pfizer Inc. 22,200 shares 1,541,679 1,600,800
-8- 20 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Description of Investment Including Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or Similar Party Maturity Value Cost Current Value - - ----------------------------------------------------------------------------------------------------------------- CORPORATE STOCK--COMMON-- CONTINUED Pitney Bowes Inc. 5,800 shares $ 244,729 $ 239,975 Premark Intl. Inc. 4,800 shares 284,653 385,200 Primerica Corp. Nev. 10,400 shares 378,315 404,300 Procter & Gamble Co. 8,200 shares 431,827 467,400 Promus Cos. Inc. 9,300 shares 224,780 425,475 QVC Network Inc. 4,900 shares 207,527 192,325 Raytheon Co. 4,300 shares 265,604 283,800 Rockwell International Corp. 9,900 shares 350,602 367,538 Sears Roebuck & Co. 9,900 shares 440,646 523,463 Sensomatic Electric Corp. 9,300 shares 182,961 322,013 Shaw Industries Inc. 12,600 shares 214,586 321,300 Silicon Graphic Inc. 13,800 shares 302,200 341,550 Sonat Inc. 11,300 shares 330,989 326,288 Sprint Corp. 12,500 shares 386,323 434,375 Synopsys Inc. 22,000 shares 772,420 995,500 Sysco 10,600 shares 315,339 310,050 TJX Cos. Inc. 14,900 shares 449,094 433,960 Tele Communications Inc. 10,000 shares 306,481 302,500 3 D Company 10,000 shares 280,000 220,000 Transamerica Corp. 5,300 shares 308,396 300,775 Trinity Industries Inc. 8,700 shares 207,213 375,188 United Health Care Corp. 4,300 shares 206,552 326,260 U.S. Healthcare Inc. 5,850 shares 229,331 337,100 Value Health Inc. 20,000 shares 609,375 630,000 Viacom Inc. 4,100 shares 186,071 183,988 Wellsfleet Communications Inc. 23,800 shares 1,037,800 1,535,100 Wendys Intl. Inc. 20,500 shares 256,809 356,188 Whirlpool Corp. 6,800 shares 421,844 452,200 Williams Cos. Inc. Del. 9,200 shares 271,857 224,250 ---------------------------------- TOTAL CORPORATE STOCK--COMMON $ 42,996,963 $ 57,921,551 ==================================
-9- 21 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Description of Investment Including Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or Similar Party Maturity Value Cost Current Value - - ----------------------------------------------------------------------------------------------------------------- CORPORATE BONDS Case Equip. Ln. Tr. 93-A Asset Bk. Nt. Class A-2 4.40%, due 11-15-98 $ 1,672,121 $ 1,672,121 Chase Manhattan Cr. Card Master Tr. 1991-2 Asset Backed CTF dated 9-17-91 7.65%, due 11-15-98 1,579,219 1,573,590 PaineWebber CMO Tr. Ser. A Coll. Mtg. Oblig. Class A-1, floating rate, due 2-1-12 418,336 416,067 PaineWebber CMO Tr. Ser. N Class N-4, floating rate, due 1-1- 19 301,364 301,737 Prudential Home Mtg. Secs. Co. Mtg. Pass Thru CTF Ser. 1992-39 Class A-1, 5.15%, due 11-25-07 307,440 307,440 Ryland Acceptance Corp. Four Coll. Mtg. Bd. Ser. 39 Class 39- A, floating rate, due 2-20-17 226,480 226,479 Ryland Acceptance Corp. Four Coll. Mtg. Bd. Ser. 71 Class 71- D, floating rate, due 2-1-13 339,100 338,677 TMAC CNO Tr. 1986-2 Coll. Mtg. Oblig. Class 2-A, floating rate, due 3-20-18 1,261,779 934,370 Thomson McKinnon Mtg. Asset Tr. Ser. Five Coll. Mtg. Oblig. Class V-F, floating rate, due 1-20-14 477,621 476,282 Westam Mtg. Finl. Corp. Mtg. Coll. Bd. Ser. C Class 3-A, floating rate, due 6-1-07 1,175,580 1,175,023 ----------------------------- TOTAL CORPORATE BONDS $ 7,759,040 $ 7,421,786 =============================
-10- 22 American Greetings Corporation Employees' Retirement Profit Sharing Plan EIN: 34-0065325 Item 27a--Schedule of Assets Held for Investment Purposes--Continued
Col. (b) Col. (c) Col. (d) Col. (e) Description of Investment Including Identity of Issue, Borrower, Maturity Date, Rate of Interest, Par or Lessor or Similar Party Maturity Value Cost Current Value - - ----------------------------------------------------------------------------------------------------------------- OTHER INVESTMENTS Put Option 40 contracts Apr. 94, 6.5% FGLD, put to expire, 3-31-94, strike price $97.78125 $ 27,500 $ 31,200 Put Option 90 contracts Apr. 94 , 6.5% FGLD, put to expire, 3-31-94 ,strike price $97.78125 63,281 70,200 Put Option 120 contracts Apr. 94 , 6.5% FGLD, put to expire, 3-31-94 ,strike price $97.78125 82,500 93,600 Put Option 25 contracts Apr. 94 , 6.3% FGLD, put to expire, 3-31-94, strike price $97.78125 17,188 19,500 Call Option 25 contracts Apr. 94, 6.5% FGLD, put to expire, 3-31-94, strike price $97.78125 (17,188) (13,250) Call Option 90 contracts Apr. 94 , 6.5% FGLD, put to expire, 3-31-94, strike price $97.78125 (63,281) (46,800) Call Option 40 contracts Apr. 94 , 6.5% FGLD, put to expire, 3-31-94, strike price $97.78125 (27,500) (21,200) Call Option 120 contracts Apr. 94 , 6.3% FGLD, put to expire, 3-31-94, strike price $97.78125 (82,500) (63,600) ------------------------------- TOTAL OTHER INVESTMENTS $ 0 $ 69,650 ===============================
-11- 23 American Greetings Retirement Profit Sharing and Savings Plan Item 27d--Reportable Transactions Year Ended December 31, 1993 SECTION A Individual transactions which involve an amount in excess of 5% of the fair value of plan assets on January 1, 1993.
Fair Value on Description Purchase Price Selling Price Expenses Cost of Asset Transaction Date Gain (Loss) - - ------------------------------------------------------------------------------------------------------------------------------------ Bear Stearns Repurchase Agreement Dated 11-9-92, 3.375%, due 1-15-93 $ 15,000,000 $ 15,000,000 $ 15,000,000 Salomon Repurchase Agreement Dated 12-7-92, 3.55%, due 1-4-93 15,000,000 15,000,000 15,000,000 Salomon Repurchase Agreement Dated 1-4-93, 3.20%, due 2-4-93 15,000,000 15,000,000 15,000,000 Bear Stearns Repurchase Agreement Dated 1-15-93, 3.125%, due 4-14-93 15,000,000 15,000,000 15,000,000 Salomon Repurchase Agreement Dated 2-4-93, 3.10%, due 3-5-93 15,000,000 15,000,000 15,000,000 Agency Mtg. Repurchase Agreement Dated 3-5-93, 3.80%, due 4-7-93 15,000,000 15,000,000 15,000,000 Salomon Repurchase Agreement 3.10%, due 6-14-93 15,000,000 15,000,000 15,000,000 Bear Stearns Repurchase Agreement 3.08%, due 7-14-93 15,000,000 15,000,000 15,000,000 Phoenix Mutual Group Pension Net Interest Rate 9.20%, Mature 5-11-93, Contract #PI 0126 15,378,869 15,378,869 15,378,869 NCC Funds Money Market Portfolio--Trust 25,000,000 25,000,000 25,000,000 NCC Funds Money Market Portfolio--Trust $23,313,228 23,313,228 NCC Funds Money Market Portfolio--Trust 30,186,625 30,186,625 30,186,625 NCC Funds Money Market Portfolio--Trust 30,186,625 30,186,625 30,186,625
-1- 24 American Greetings Retirement Profit Sharing and Savings Plan Item 27d--Reportable Transactions--Continued SECTION A--CONTINUED
Description Purchase Price Selling Price Expenses Cost of Asset Transaction Date Gain(Loss) - - ------------------------------------------------------------------------------------------------------------------------------------ NCC Funds Money Market Portfolio--Trust $ (30,186,625) $ (30,186,625) $ (30,186,625) NCC Funds Money Market Portfolio--Trust $ 25,000,000 25,000,000 NCC Funds Money Market Portfolio--Trust 23,248,699 23,248,699 23,248,699 NCC Funds Government Portfolio 30,001,551 30,001,551 NCC Funds Government Portfolio 30,001,551 30,001,551 NCC Funds Government Portfolio (30,001,551) (30,001,551) NCC Funds Government Portfolio 15,122,833 15,122,833 NCC Funds Government Portfolio 16,012,786 16,012,786 16,012,786 GNMA, 7.0%, 30 Year TBA, due 9-16-23 21,754,688 21,308,438 21,754,688 $ 446,250 GNMA, 7.0%, 30 Year TBA, due 11-17-23 17,361,250 17,504,688 17,361,250 (143,438) Federal National Mtg. Assn. Gtd. Remic. Pass Thru CT Remic. Trust 1992-172 CL-F, Var. Rt., due 6-25-17 16,759,655 16,759,655 Salomon Repurchase Agreement Dated 1-4-93, 3.20%, due 2-4-93 15,000,000 15,000,000 Salomon Repurchase Agreement Dated 2-4-93, 3.10%, due 3-5-93 15,000,000 15,000,000 Agency Mtg. Repurchase Agreement Dated 3-5-93, 3.80%, due 4-7-93 15,000,000 15,000,000 Salomon Repurchase Agreement 3.10%, due 6-14-93 15,000,000 15,000,000 United States Treasury Notes Dated 8-31-92, 4.25%, due 8-31-94 19,552,603 19,552,603
-2- 25 American Greetings Retirement Profit Sharing and Savings Plan Item 27d--Reportable Transactions--Continued SECTION A--CONTINUED
Cost Gain Description Purchase Price Selling Price Expenses of Asset Transaction Date (Loss) - - ------------------------------------------------------------------------------------------------------------------------------------ Bear Stearns Repurchase Agreement Dated 1-15-93, 3.125%, due 4-14-93 $ 15,000,000 $ 15,000,000 Bear Stearns Repurchase Agreement 3.08%, due 7-14-93 15,000,000 15,000,000 FNMA, 6.5%, 30 Year TBA, due 11-15-23 $ 14,967,188 $ 15,103,125 14,967,188 $ (135,937) United States Treasury Notes Dated 8-31-92, 4.25%, due 8-31-94 21,141,722 21,212,400 21,141,722 (70,678) GNMA, 7.0%, TBA, due 8-17-23 21,377,344 20,962,500 21,377,344 414,844 GNMA, 7.0%, 30 Year TBA, due 9-16-23 21,308,438 21,308,438 GNMA, 7.0%, 30 Year TBA, due 11-17-23 21,623,438 21,623,438 FGLD, 7.0%, 30 Year TBA 14,889,688 14,889,688 14,889,688 United States Treasury Notes Dated 5-15-86, 7.375%, due 5-15-96 22,786,641 22,786,641 FNMA, 6.5%, 30 Year TBA, due 11-15-23 15,103,125 15,103,125
-3- 26 American Greetings Retirement Profit Sharing and Savings Plan Item 27d--Reportable Transactions--Continued Year Ended December 31, 1993 SECTION B Transactions in a plan year concerning a series of the same issue which when sales and purchases are aggregated involve an amount in excess of 5% of the fair value of plan assets on January 1, 1993.
Purchases Sales Total ----------------------------------------------------------------------- Gain Description No. Amount No. Amount No. Amount (Loss) - - ---------------------------------- ------------------------------------------------------------------------ --------- FHLMC Gold, 7.5%, TBA, February 93 2 $ 17,111,563 2 $ 17,111,563 $ 180,625 FGLD TBA, 7.5%, 5-13-93 2 $ 16,893,750 2 17,456,875 4 34,350,625 563,125 15 Year FHLMC Gold, 7.0%, MBS 2 9,129,375 2 9,248,906 4 18,378,281 119,531 FNMA, 7.5%, TBA, May 93 1 8,157,500 1 8,265,000 2 16,422,500 140,000 FNMA, 7.0%, TBA, June 93 Maturity 6-15-23 2 13,044,688 2 13,085,313 4 26,130,001 40,625 GNMA, 7.0%, 30 Year TBA, due 6-16-93 2 17,124,844 2 17,100,938 4 34,225,782 (23,906) FNMA, 7.5%, 30 Year TBA, June 93 1 8,232,500 1 8,239,375 2 16,471,875 6,875 FNMA, 7%, TBA, due 9-14-23 2 16,896,250 2 17,312,188 4 34,208,438 415,938 GNMA, 7%, TBA, due 8-17-23 3 24,957,500 2 25,449,219 5 50,406,719 491,719 FNMA, 7.5%, 30 Year TBA, due 7-14-23 1 9,227,813 1 9,300,938 2 18,528,751 73,125 FGLD, 7.0%, 30 Year TBA, due 10-14-23 2 18,699,453 2 18,997,188 4 37,696,641 14,949,531 GNMA, 7.0%, 30 Year TBA, due 9-16-23 2 25,367,188 2 25,898,438 4 51,265,626 531,250 FNMA, 7.5%, 30 Year TBA, due 9-14-23 1 8,152,500 1 8,245,000 2 16,397,500 92,500 GNMA, 7.0%, 30 Year TBA, due 11-17-23 1 21,623,438 2 21,457,500 3 43,080,938 (165,938) FGLD, 6.5%, 30 Year TBA, due 12-14-23 1 14,536,250 1 14,472,813 2 29,009,063 63,438 FGLD, 6.5%, 30 Year TBA, due 12-14-23 1 9,022,500 1 8,983,125 2 18,005,625 (39,375) FNMA, 6.5%, 30 Year TBA, due 12-14-23 1 13,105,625 1 12,987,813 2 26,093,438 (117,813) FNMA, 6.5%, 30 Year TBA, due 11-15-23 1 15,103,125 1 14,967,188 2 30,070,313 (135,937)
-4- 27 American Greetings Retirement Profit Sharing and Savings Plan Item 27d--Reportable Transactions--Continued SECTION B - CONTINUED
Purchases Sales Total ----------------------------------------------------------------------------------------- Gain Description No. Amount No. Amount No. Amount (Loss) - - ------------------------------------ ----------------------------------------------------------------------------------------- FGLD, 6.5%, 30 Year TBA, due 4-14-24 3 $ 23,184,219 3 $ 23,184,219 FGLD, 6.5%, 30 Year TBA, January 94 2 23,382,500 3 $ 23,419,219 5 46,801,719 $ 36,719 Bear Stearns Repurchase Agreement Dated 11-9-92, 3.375%, due 1-15-93 1 15,000,000 1 15,000,000 Salomon Repurchase Agreement Dated 12-7-92, 3.55%, due 1-4-93 1 15,000,000 1 15,000,000 Salomon Repurchase Agreement Dated 1-4-93, 3.20%, due 2-4-93 1 15,000,000 1 15,000,000 2 30,000,000 Bear Stearns Repurchase Agreement Dated 1-15-93, 3.125%, due 4-14-93 1 15,000,000 1 15,000,000 2 30,000,000 Salomon Repurchase Agreement Dated 2-4-93, 3.10%, due 3-5-93 1 15,000,000 1 15,000,000 2 30,000,000 Merrill Lynch Repurchase Agreement Dated 2-12-93, 3.05%, due 3-11-93 1 10,000,000 1 10,000,000 2 20,000,000 Agency Mtg. Repurchase Agreement Dated 3-5-93, 3.08%, due 4-7-93 1 15,000,000 1 15,000,000 2 30,000,000 Merrill Lynch Repurchase Agreement 3.05%, due 4-7-93 1 10,750,000 1 10,750,000 2 21,500,000 Merrill Lynch Repurchase Agreement Dated 4-7-93, 3.05%, due 5-13-93 1 10,750,000 1 10,750,000 2 21,500,000 Salomon Repurchase Agreement 3.10%, due 6-14-93 1 15,000,000 1 15,000,000 2 30,000,000 Bear Stearns Repurchase Agreement 3.08%, due 7-14-93 1 15,000,000 1 15,000,000 2 30,000,000 Merrill Lynch Repurchase Agreement Dated 5-13-93, 3.0%, due 7-16-93 1 11,500,000 1 11,500,000 2 23,000,000
-5- 28 American Greetings Retirement Profit Sharing and Savings Plan Item 27d--Reportable Transactions--Continued
SECTION B--CONTINUED Purchases Sales Total Gain --------------------------------------------------------------------- ---------- Description No. Amount No. Amount No. Amount (Loss) - - ---------------------------------------- --------------------------------------------------------------------- ---------- Federal Home Loan Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Gold, 30 Yr. TBA, 6.50%, due 10-14-23 1 $ 14,588,359 1 $ 14,651,797 2 $ 29,240,156 $ 63,438 Federal Home Loan Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Gold, 30 Yr. TBA, 6.50%, due 10-14-23 2 18,098,438 2 18,188,438 4 36,286,876 90,000 Federal National Mortgage TBA, 7.50%, due 4-1-23 1 7,922,500 1 8,190,000 2 16,112,500 267,500 Federal Natl. Mtg. Assn. Gtd. Remic. Pass Thru CTF Remic Tr 1992-172 CL-F, Var. Rt., due 6-25-17 1 16,759,655 6 6,770,941 7 23,530,596 (5,290) Federal Home Loan Mtg. Corp., 6.50%, due 9-20-08 1 8,095,000 1 8,162,500 2 16,257,500 8,162,500 Federal National Mortgage Assn., 7.0%, due 9-14-23 1 8,949,375 1 9,264,375 2 18,213,750 315,000 Federal Home Loan Mtg. Corp. Multiclass Mtg. Partn. CTF Gtd., 6.50%, due 12-14-23 1 9,022,500 1 8,983,125 2 18,005,625 (39,375) Federal Natl. Mtg. Assn. Gtd. Mtg. Pass Thru CTF, 6.50%, due 12-14-23 1 13,105,625 1 12,987,813 2 26,093,438 (117,813) Federal Home Loan Mtg. Corp. Multiclass Mtg. Partn. CTF Gtd. Gold, TBA, 6.50%, due 1-15-24 1 8,955,000 1 8,969,063 2 17,924,063 14,063 United States Treasury Notes Dated 8-31-92, 4.25%, due 8-31-94 2 21,212,400 1 21,141,722 3 42,354,122 (70,678) United States Treasury Notes Dated 6-30-93, 5.125%, due 6-30-98 4 16,827,720 3 16,595,266 7 33,422,986 (232,455) United States Treasury Notes Dated 5-15-86, 7.375%, due 5-15-96 1 22,786,641 5 22,779,750 6 45,566,391 (6,891)
-6- 29 American Greetings Retirement Profit Sharing and Savings Plan Item 27d--Reportable Transactions--Continued
SECTION B--CONTINUED Purchases Sales Total --------------------------------------------------------------------------- Gain Description No. Amount No. Amount No. Amount (Loss) - - ----------------------------------------- ---------------------------------------------------------------------------- ---------- Phoenix Mutual Group Pension Net Interest Rate9.20%, Mature 5-11-93, Contract #PI 0126 4 $ 426,339 1 $ 15,378,869 5 $ 15,805,208 NCC Funds Money Market Portfolio--Trust 80 52,730,166 126 74,643,264 206 127,373,430 NCC Funds Money Market Portfolio--Trust 141 80,809,985 146 78,731,891 287 159,541,876 NCC Funds Government Portfolio 161 99,382,628 76 94,677,954 237 194,060,582 Federated Trust for U.S. Treasury Obligations 121 16,587,130 117 16,747,513 238 33,334,643
-7- 30 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-45673) pertaining to the American Greetings Retirement Profit Sharing and Savings Plan of our report dated June 17, 1994, with respect to the financial statements and schedules of the American Greetings Retirement Profit Sharing and Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1993. /S/ Ernst & Young ------------------------ Ernst & Young Cleveland, Ohio June 24, 1994 -----END PRIVACY-ENHANCED MESSAGE-----