SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
AND EXCHANGE ACT OF 1934 [FEE REQUIRED]
For fiscal year ended December 31, 1993
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File Number: 1-10951
A. Full title of the plan and the address of the plan, if
different from that of the issuer below: Federated
Department Stores, Inc. Retirement Income and Thrift
Incentive Plan.
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
Federated Department Stores, Inc., 7 West Seventh Street,
Cincinnati, Ohio 45202.
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Financial Statements and Schedules
December 31, 1993 and 1992
With Independent Auditors' Report Thereon
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
December 31, 1993 and 1992
Index
Independent Auditors' Report
Statements of Net Assets Available for Benefits with Fund Information
- December 31, 1993 and 1992
Statements of Changes in Net Assets Available for Benefits with Fund
Information - Years Ended December 31, 1993 and 1992
Notes to Financial Statements
Schedules
Schedule of Investments - December 31, 1993.................. 1
Schedule of Reportable Transactions - Year Ended
December 31, 1993.......................................... 2
Independent Auditors' Report
Pension and Profit Sharing Committee
Federated Department Stores, Inc.
Retirement Income and Thrift Incentive Plan:
We have audited the accompanying statements of net assets available
for benefits of Federated Department Stores, Inc. Retirement Income
and Thrift Incentive 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.
As further discussed in Note 1 to the financial statements, effective
July 1, 1993, the Allied Stores Corporation Profit Sharing -
Investment Plan was merged into the Plan.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for
benefits of the Plan as of December 31, 1993 and 1992 and the changes
in 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
basic financial statements taken as a whole. The supplemental
schedules of Investments and Reportable Transactions are presented for
the purpose of additional analysis and are not a required part of the
basic financial statements, but are 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.
The Fund Information in the statements of net assets available for
benefits and the statements of changes in net assets available for
benefits is presented for purposes of additional analysis rather than
to present the net assets available for plan benefits and changes in
net assets available for plan benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the auditing
procedures applied in the audits of the basic financial statements
and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
\s\ KPMG Peat Marwick
KPMG Peat Marwick
Cincinnati, Ohio
May 27, 1994
<TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Statement of Net Assets Available for Benefits with Fund Information
December 31, 1993
<CAPTION>
Stability
Diversified Income Thrift Incentive Fund
Fund Fund Fund A Fund B Fund C Total
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value
(note 4):
U.S. Government securities.... $ 52,393,841 $18,168,193 $ 97,319,505 $ - $ - $167,881,539
Corporate debt instruments.... 22,866,893 3,441,855 65,495,034 - - 91,803,782
Corporate stock-preferred..... 268,800 - - - - 268,800
Corporate stock-common........ 59,776,694 - - 1,292 - 59,777,986
Common/collective trusts...... 37,628,034 381,605 19,649,985 122,243,966 63,031,355 242,934,945
Other investments............. - - 17,327,689 - - 17,327,689
172,934,262 21,991,653 199,792,213 122,245,258 63,031,355 579,994,741
Insurance contracts, at contract
value (note 3)................. - - 62,304,820 - - 62,304,820
Total investments....... 172,934,262 21,991,653 262,097,033 122,245,258 63,031,355 642,299,561
Receivables:
Employer contributions........ - - 6,429,813 - - 6,429,813
Employee contributions........ - - 839,053 355,771 209,346 1,404,170
Accrued interest and dividends 888,403 166,768 2,150,136 2,199 1,655 3,209,161
Securities sold............... 5,721,058 - 3,833,316 - - 9,554,374
Total receivables....... 6,609,461 166,768 13,252,318 357,970 211,001 20,597,518
Cash............................ 153,957 - 750,223 1 - 904,181
Total assets............ 179,697,680 22,158,421 276,099,574 122,603,229 63,242,356 663,801,260
Accrued liabilities:
Securities purchased............ 17,639,360 - 2,505,235 - - 20,144,595
Other accrued liabilities....... 178,555 23,089 156,578 151,487 17,296 527,005
Total liabilities....... 17,817,915 23,089 2,661,813 151,487 17,296 20,671,600
Net assets available for plan
benefits......................... $161,879,765 $22,135,332 $273,437,761 $122,451,742 $63,225,060 $643,129,660
The accompanying notes are an integral part of these financial statements.
(Continued)
</TABLE>
<TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Statement of Net Assets Available for Benefits with Fund Information
December 31, 1992
<CAPTION>
Stability
Diversified Income Thrift Incentive Fund
Fund Fund Fund A Fund B Fund C Total
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value
(note 4):
U.S. Government securities.... $ 58,289,066 $21,286,200 $ 53,998,169 $ - $ - $133,573,435
Corporate debt instruments.... 15,490,874 4,718,175 99,522,630 - - 119,731,679
Corporate stock - preferred... 393,600 - - - - 393,600
Corporate stock - common...... 67,145,023 - - - - 67,145,023
Common/collective trusts...... 25,798,824 1,146,943 25,754,563 53,708,814 29,217,442 135,626,586
Other investments............. - - 14,269,375 - - 14,269,375
Total investments....... 167,117,387 27,151,318 193,544,737 53,708,814 29,217,442 470,739,698
Receivables:
Employer contributions........ - - 3,614,000 - - 3,614,000
Employee contributions........ - - 436,168 193,526 103,361 733,055
Accrued interest and dividends 1,025,657 113,957 1,203,323 1,112 3,380 2,347,429
Securities sold............... 295,739 - 243,120 - - 538,859
Total receivables....... 1,321,396 113,957 5,496,611 194,638 106,741 7,233,343
Cash............................ 3,124 - - - - 3,124
Total assets............ 168,441,907 27,265,275 199,041,348 53,903,452 29,324,183 477,976,165
Accrued liabilities:
Securities purchased............ 366,186 - 11,110,154 606 1,488 11,478,434
Other accrued liabilities....... 166,578 15,543 113,999 71,809 13,189 381,118
Total liabilities....... 532,764 15,543 11,224,153 72,415 14,677 11,859,552
Net assets available for plan
benefits......................... $167,909,143 $27,249,732 $187,817,195 $53,831,037 $29,309,506 $466,116,613
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year Ended December 31, 1993
<CAPTION>
Stability
Diversified Income Thrift Incentive Fund
Fund Fund Fund A Fund B Fund C Total
<S> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest................... $ 5,238,683 $ 1,110,233 $ 12,752,807 $ 3,773,660 $ 499,120 $ 23,374,503
Dividends.................. 2,025,310 - - - 807,770 2,833,080
Net appreciation (depreciation)
in fair value of investments
(note 4).................. 9,271,581 183,760 (1,057,525) 6,723,796 3,073,125 18,194,737
Net investment income... 16,535,574 1,293,993 11,695,282 10,497,456 4,380,015 44,402,320
Contributions:
Employer................... - - 6,580,293 - 6,580,293
Employee................... - - 20,509,639 8,684,167 5,145,692 34,339,498
Total contributions..... - - 27,089,932 8,684,167 5,145,692 40,919,791
Total additions......... 16,535,574 1,293,993 38,785,214 19,181,623 9,525,707 85,322,111
Deductions:
Distributions................ 19,650,619 8,603,639 57,852,627 14,974,248 5,152,036 106,233,169
Administrative expenses
(note 7)................... 653,933 65,154 497,024 546,087 64,704 1,826,902
Total deductions........ 20,304,552 8,668,793 58,349,651 15,520,335 5,216,740 108,060,071
Transfer of assets from the
Allied Stores Corporation Profit
Sharing-Investment Plan...... - - 115,473,375 57,596,618 26,681,014 199,751,007
Interfund transfers............ (2,260,400) 2,260,400 (10,288,372) 7,362,799 2,925,573 -
Net increase (decrease). (6,029,378) (5,114,400) 85,620,566 68,620,705 33,915,554 177,013,047
Net assets available for plan
benefits:
Beginning of year........... 167,909,143 27,249,732 187,817,195 53,831,037 29,309,506 466,116,613
End of year................. $161,879,765 $22,135,332 $273,437,761 $122,451,742 $63,225,060 $643,129,660
The accompanying notes are an integral part of these financial statements.
(Continued)
</TABLE>
<TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year Ended December 31, 1992
<CAPTION>
Stability
Diversified Income Thrift Incentive Fund
Fund Fund Fund A Fund B Fund C Total
<S> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest................... $ 6,609,428 $ 1,842,841 $ 11,614,266 $ 2,767,373 $ 761,619 $ 23,595,527
Dividends.................. 2,061,980 - - - - 2,061,980
Net appreciation (depreciation)
in fair value of
investments (note 4)...... 5,316,647 (19,655) (696,976) 1,101,846 1,143,281 6,845,143
Net investment income... 13,988,055 1,823,186 10,917,290 3,869,219 1,904,900 32,502,650
Contributions:
Employer................... - - 3,614,000 - - 3,614,000
Employee................... - - 14,914,850 6,673,885 3,583,762 25,172,497
Total contributions..... - - 18,528,850 6,673,885 3,583,762 28,786,497
Total additions......... 13,988,055 1,823,186 29,446,140 10,543,104 5,488,662 61,289,147
Deductions:
Distributions................ 30,604,544 12,686,069 39,948,011 9,029,262 3,872,121 96,140,007
Administrative expenses
(note 7)................... 697,988 65,854 475,975 279,171 52,106 1,571,094
Total deductions........ 31,302,532 12,751,923 40,423,986 9,308,433 3,924,227 97,711,101
Interfund transfers............ (2,588,943) 2,588,943 (6,871,878) 3,262,807 3,609,071 -
Net increase (decrease). (19,903,420) (8,339,794) (17,849,724) 4,497,478 5,173,506 (36,421,954)
Net assets available for plan
benefits:
Beginning of year............ 187,812,563 35,589,526 205,666,919 49,333,559 24,136,000 502,538,567
End of year.................. $167,909,143 $27,249,732 $187,817,195 $53,831,037 $29,309,506 $466,116,613
The accompanying notes are an intergral part of these financial statements.
</TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements
December 31, 1993 and 1992
(1) Merger
Effective July 1, 1993, the Allied Stores Corporation Profit
Sharing - Investment Plan ("Allied Plan") was merged ("Allied
Merger") into the Federated Department Stores, Inc. Retirement
Income and Thrift Incentive Plan (the "Plan"). Thereafter, the
Allied Plan ceased to exist and all participants of the Allied
Plan became participants in the Plan.
(2) Summary of Significant Accounting Policies
a) Basis of Presentation
The accompanying financial statements of the Plan have been
prepared on the accrual basis of accounting.
b) Investments
Investments are reported at fair value as determined by
quoted market prices on an active market. Corporate bonds
are valued based on yields currently available on comparable
securities of issuers with similar credit ratings.
Purchases and sales of securities are recorded on a
trade-date basis. Realized gains and losses on the sale of
securities are reported on the average cost method.
Cash equivalents include highly liquid temporary cash
investments.
Dividend income is recorded on the ex-dividend date. Income
from other investments is recorded as earned on an accrual
basis.
c) Insurance Contracts
Insurance contracts are valued at contract value, which
represents contributions made under the contract, plus
interest earned, less benefits paid and expenses charged.
(3) Description of the Plan
The following brief description of the Plan is provided for
general information purposes only. Participants should refer to
the Plan document for more complete information.
General
Allied Stores Corporation ("Allied") was merged into Federated
Department Stores, Inc. ("Federated") (collectively, the
"Company") on February 4, 1992. The Company sponsors retirement
benefit and profit sharing- investment programs for employees as
previously established by Federated (the "Plan") and Allied. As
of December 31, 1993, the Plan consists of two parts: a
retirement income plan and a thrift incentive plan. The Plan was
adopted in 1953 and is subject to the provisions of ERISA and
U.S. tax law.
(Continued)
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1993 and 1992
Eligibility and Vesting
Employees are generally eligible for participation in the Plan
after one year of service of at least 1,000 hours. Participants
are immediately 100% vested in their own and the Company's
contributions.
Participant Accounts
An account is maintained for each participant in the Plan which
shows the participant's separate interest in the Retirement
Income and Thrift Incentive portions of the Plan. At the end of
each year, the Company's contributions and forfeitures are
allocated to individual accounts for participants who did not
make a withdrawal of basic (first 5%) savings during the year, in
the proportion that each participant's basic savings made and not
withdrawn during the year bears to the aggregate amounts of basic
savings made and not withdrawn by all participants during the
year. Additional voluntary contributions (any contributions in
excess of 5% of compensation) do not participate in the Company's
allocation. Allocations are made at year end only to persons who
are active participants on the last day of the year. At the end
of each month, investment earnings are allocated to individual
accounts on amounts not withdrawn during the month in the
proportion that each such participant's interest at the beginning
of the month bears to the total of all such participants'
interests at the beginning of such month.
Retirement Income
Retirement Income interests represent Company contributions to
the Retirement Income portion of the Plan prior to January 1,
1984 and the earnings on such contributions. A defined benefit
pension plan (the Pension Plan) was adopted as of January 1,
1984. With the Pension Plan in place, the Company continues to
make contributions to the Thrift Incentive portion of the Plan as
described below and has the right to make additional
contributions to the Retirement Income portion of the Plan.
Thrift Incentive
The Thrift Incentive portion of the Plan provides for voluntary
contributions by participating employees and for Company
contributions matching a portion of the participants'
contributions.
Participants may elect to contribute to the Thrift Incentive
portion of the Plan an amount equal to 1% to 10% (subject to
certain limitations) of the participant's eligible compensation.
Alternatively, a participant may elect to make these
contributions (subject to certain limitations) on a pre-tax basis
pursuant to Section 401 (k) of the Internal Revenue Code.
Contributions up to 5% of eligible compensation are basic savings
which are eligible for matching Company contributions. For 1984
and subsequent years, the Company's annual contribution is an
amount equal to the greater
(Continued)
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1993 and 1992
of 2% of the Company's pre-tax income from participating
divisions or the amount necessary to match 20% of participants'
basic savings. The Company contributed 22.0% and 20.7% of
participants' basic savings for years ended December 31, 1993 and
1992, respectively.
In connection with the Allied Merger, the Company contributed
37.5% of participants' basic contributions in the Allied Plan for
the six months ended July 1, 1993.
Participants are permitted to make withdrawals of their after-tax
contributions to the Thrift Incentive portion of the Plan at any
time. Withdrawals of pre-tax contributions are subject to the
hardship rules of Section 401 of the Internal Revenue Code. At
termination, participants may elect to receive the balance of
their account either in a lump sum or an annuity contract.
(4) Investments
The Company has entered into a trust agreement with the Trustee
with respect to the operation of the Plan and the establishment
and management of the trust fund. The Trustee invests all
contributions to the Plan among several investment funds. The
funds are:
. Diversified Fund - This fund is composed of employer
contributions to the Retirement Income portion of the Plan
and certain amounts transferred when certain plans were
merged, together with the net earnings thereon. All amounts
in this fund are invested in corporate equity and
fixed-income securities, government fixed-income securities
and common/collective trusts.
. Stability Income Fund - This fund consists of balances in
the Retirement Income portion of the Plan of participants
who were at least 60 years of age prior to December 31,
1986, or who have attained age 55 and who have completed at
least ten years of service and have elected to transfer all
or part of their balance out of the Diversified Fund. All
amounts in this fund are invested in common/collective
trusts and short-term, fixed-income corporate and government
bonds.
. Thrift Incentive Fund - This fund includes Company and
participants' contributions to the Thrift Incentive portion
of the Plan, together with the net earnings thereon. The
amounts in this fund are invested in three separate
investment options as directed by the participants. Fund A
is invested in fixed-income investments, insurance contracts
and common/collective trusts. Fund B is invested in equity
securities and common/collective trusts. Fund C is invested
in an equity index fund consisting of Standard and Poor's
500 stock investments.
(Continued)
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1993 and 1992
Beginning with the Company contribution for 1989, Company
contributions, and net earnings thereon, were directed to
Fund A. Effective April 1, 1994, a fourth investment option
was established, Fund D, and amounts in this fund are
invested in the common stock of the Company. Future Company
contributions are expected to be credited to Fund D.
Subsequently, participants may elect to redirect Company
contributions to other investment options.
The following table presents the fair or contract value of investments
held as of December 31, 1993 and 1992 by the Trustee. Investments
that represent five percent or more of the Plan's total net assets are
separately identified.
<TABLE>
<CAPTION>
December 31, 1993 December 31, 1992
<S> <C> <C>
Investments, at fair value:
U.S. Government securities:
U.S. Treasury Notes, 5.0%,
6/30/94......................... $ - $ 27,914,916
Other............................ 167,881,539 105,658,519
Corporate debt instruments......... 91,803,782 119,731,679
Corporate stock-preferred.......... 268,800 393,600
Corporate stock-common............. 59,777,986 67,145,023
Common/collective trusts:
EB Opening Stock Index Fund...... 84,066,714
EB Opening Asset Allocation Fund. 63,363,241
Mellon Equity Index Fund......... - 74,314,132
Mellon Bank Long Bond Index Fund. - 26,159,720
TBC Inc. Pooled Employee Funds
Daily Liquidity Fund............ 36,758,298 35,152,346
Other............................ 58,746,692 388
Other investments.................. 17,327,689 14,269,375
Total investments at fair value.. 579,994,741 470,739,698
Insurance contracts, at contract
value.............................. 62,304,820 -
Total investments.... $642,299,561 $470,739,698
</TABLE>
<TABLE>
Net appreciation in the fair value of investments for the years ended
December 31, 1993 and 1992 was as follows:
<CAPTION>
Year Ended Year Ended
December 31, 1993 December 31, 1992
<S> <C> <C>
Certificates of deposit........... $ 307 $ (220)
U.S. Government securities........ 1,839,336 43,410
Corporate debt instruments........ (860,362) (992,346)
Corporate stock-preferred......... (124,800) (56,005)
Corporate stock-common............ 6,140,522 4,971,242
Common/collective trusts.......... 11,145,136 2,898,412
Other investments................. 54,598 (19,350)
Net appreciation in fair value
of investments................ $18,194,737 $ 6,845,143
(Continued)
</TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1993 and 1992
(5) Plan Termination
Although the Company has not expressed any intent to terminate
the Plan, it may do so at any time. In the event the Plan is
terminated, the Company would have no further obligation to make
contributions, and all sums credited to individual accounts
(after expenses) would be distributed to participants.
(6) Federal Income Taxes
The Plan obtained its latest determination letter on July 31,
1987, in which the Internal Revenue Service stated that the Plan,
as then designed, was in compliance with the applicable
requirements of the Internal Revenue Code. The Plan has been
amended since receiving the determination letter. However, the
Plan administrator and the Plan's tax counsel believe that the
Plan is currently designed and being operated in compliance with
the applicable requirements of the Internal Revenue Code.
Therefore, no provision for income taxes has been included in the
Plan's financial statements.
(7) Administrative Expenses
Investment managers' expenses and trustee fees are paid by 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.
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT
INCENTIVE PLAN
Date: June 27, 1994 \s\ John R. Sims
John R. Sims
Vice President and Chairman of the
Retirement Committee
<TABLE>
Schedule 1
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund
Schedule of Investments
December 31, 1993
<CAPTION>
Current
Description Cost Value
<S> <C> <C>
Investments, at fair value:
U. S. Government securities......... $ 51,129,487 $ 52,393,841
Corporate debt instruments.......... 22,403,797 22,866,893
Corporate stock-preferred........... 388,991 268,800
Corporate stock-common.............. 44,976,604 59,776,694
Common/collective trusts............ 36,798,375 37,628,034
Total investments................ $155,697,254 $172,934,262
See accompanying detailed listing of investments.
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
U. S. Government Securities
2,984,538.6000 FHLMC Group #D3-8144 $ 2,952,827.87 99.1560 $ 2,959,349.09
6.500% 08/01/2023 DD 08/01/93
147.7800 FHLMC Multiclass Mtg P/C 1148A 147.06 99.7816 147.46
7.500% 01/15/2019
1,967,293.8000 FHLMC Multiclass Mtg P/C 13 SA 1,957,457.33 101.6950 2,000,639.43
Var/Rt 04/25/2023
1,294,650.1500 FHLMC Multiclass Mtg P/C 1600SD 1,310,833.27 101.4870 1,313,902.50
Var/Rt 10/15/2008
1,489,940.2500 FHLMC Multiclass Mtg P/C G024SA 1,417,305.66 96.6250 1,439,654.77
Var/Rt 11/25/2023
1,800,000.0000 Fed Home Ln Bk Disc Nt 1,787,676.00 99.3153 1,787,676.00
Mat 01/06/1994
1,937,586.5600 FNMA Gtd Remic P/T Ctf 93-50SB 1,869,771.03 97.2500 1,884,302.93
Var/Rt 01/25/2023
1,739,861.5400 FNMA Gtd Remic P/T Ctf 93-185S 1,730,427.76 100.0440 1,740,627.78
Var/Rt 09/25/2023
1,969,592.3600 FNMA Gtd Remic P/T Ctf 93-220A 1,942,510.47 98.2190 1,934,513.92
6.000% 11/25/2013
3,500,000.0000 Government Tr Ctfs Current 1-C 3,638,670.00 116.9680 4,093,880.00
9.250% 11/15/2001
3,000,000.0000 REFCO Cpn Strips Generic Int 2,131,290.00 92.9970 2,789,910.00
Due 10/15/1995
3,100,000.0000 U S Treasury Notes 3,129,546.87 100.5310 3,116,461.00
04.250% 01/31/1995 DD 02/01/93
1,530,000.0000 U S Treasury Notes 1,535,253.53 100.6560 1,540,036.80
04.625% 02/15/1996 DD 02/16/93
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
1,200,000.0000 U S Treasury Notes 1,200,206.73 100.0310 1,200,372.00
03.875% 03/31/1995 DD 03/31/93
3,680,000.0000 U S Treasury Notes 3,703,087.50 100.2660 3,689,788.80
04.250% 07/31/1995 DD 08/02/93
535,000.0000 U S Treasury Notes 544,570.79 102.5000 548,375.00
05.875% 05/15/1995 DD 05/15/92
1,000,000.0000 U S Treasury Notes 1,000,125.00 104.2970 1,042,970.00
06.375% 08/15/2002 DD 08/15/92
4,600,000.0000 U S Treasury Notes 4,603,593.75 100.0620 4,602,852.00
04.250% 11/30/1995 DD 11/30/93
2,005,000.0000 U S Treasury Notes 1,997,011.33 99.5940 1,996,859.70
4.375% 11/15/1996 DD 11/15/93
800,000.0000 U S Treasury Notes 800,625.00 106.8590 854,872.00
08.500% 08/15/1995 DD 06/01/90
2,940,000.0000 Commit to Pur FHLMC Gold 30 yr 2,945,512.50 99.1560 2,915,186.40
6.500% 01/01/2024
3,600,000.0000 Commit to Pur FNMA 7 yr 3,570,750.00 99.4060 3,578,616.00
5.500% 09/01/2001
5,400,000.0000 Commit to Pur FHLMC Gold 5,360,287.50 99.3120 5,362,848.00
6.000% 02/01/2009
Total U S Government Securities 51,129,486.95 52,393,841.58
Corporate Debt Instruments
1,879,663.6000 AFC Home Equity TR92-4 Cl A 1,879,663.35 102.1200 1,919,512.47
6.200% 11/15/2007
1,278,359.0000 AFC Home Equity Ln 93-2 Cl A 1,276,761.05 100.2810 1,281,951.19
6.000% 08/20/2013
2,688,268.3000 Advanta Home Equity 93-2 Cl A2 2,748,752.89 100.7500 2,708,430.31
6.150% 10/25/2009
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
820,000.0000 Associates Corp North Amer Deb 816,597.00 106.7050 874,981.00
8.750% 02/01/1996
1,000,000.0000 Bear Stearns Cos Inc Sr Nt 1,166,330.00 116.0770 1,160,770.00
9.375% 06/01/2001
470,920.4800 CFAC Grantor Tr 1990-A Partn 467,321.66 104.4370 491,815.22
9.400% 03/15/1997
2,000,000.0000 Fleet Finl Group Inc 2,020,080.00 101.7370 2,034,740.00
5.625% 07/01/1995 DD 07/13/92
270,000.0000 Great Westn Finl Corp Nt 271,979.10 109.9890 296,970.30
8.625% 12/01/1998 DD 12/02/91
859,238.2300 Guild Fin Corp Mtg Coll B B-2 874,357.45 102.3030 879,026.49
8.850% 02/01/2015
307,586.9900 JCP Master Cr Card Tr Ctf-D 317,054.90 100.4110 308,851.17
8.700% 09/15/1995
345,109.0400 SPNB Home Equity Ln Abs 91-1-A 343,336.76 104.8640 361,895.14
7.850% 05/15/1998
670,000.0000 Salomon Inc Mtn Tr #00112 722,273.40 109.8250 735,827.50
8.050% 06/15/1999 DD 06/10/92
2,554,543.7100 TMS Home Equity Ln Tr 93-C A-3 2,555,771.87 100.7800 2,574,469.15
5.750% 10/15/2022 DD 09/01/93
1,000,000.0000 Tenneco Inc Sr Sub Nt 1,151,890.00 115.4630 1,154,630.00
10.000% 08/01/1998 DD 08/01/91
2,000,000.0000 Texas Utils Elec Co 1,995,340.00 99.7840 1,995,680.00
5.750% 07/01/1998 DD 07/22/93
1,993,111.4700 UCFC Ln Tr Home Equity D-1 A-1 1,991,865.78 99.8120 1,989,364.42
5.450% 02/10/2014 DD 11/01/93
1,780,000.0000 Whirlpool Corp Mtn #Tr 00013 1,804,421.60 117.8640 2,097,979.20
9.060% 03/13/2001 DD 03/12/91
Total Corporate Debt Instruments 22,403,796.81 22,866,893.56
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
Corporate Stock - Preferred
38,400.0000 RJR Nabisco Hldgs Corp Depstry 388,991.16 7.0000 268,800.00
Shs Repstg 1/4Shpfd Con $0.835
Total Corporate Stock - Preferred 388,991.16 268,800.00
Corporate Stock - Common
12,800.0000 ACR Ltd Ord 345,230.14 31.1250 398,400.00
7,000.0000 Exel Ltd Ord 208,340.61 44.3750 310,625.00
5,900.0000 AMR Corp Del 365,201.62 67.0000 395,300.00
8,200.0000 ARCO Chem Co 292,014.45 43.2500 354,650.00
5,000.0000 AETNA Life & Cas Co 189,362.33 60.3750 301,875.00
11,000.0000 Ahmanson H F & Co 135,935.13 19.6250 215,875.00
7,200.0000 Allegheny Pwr Sys Inc 134,127.00 26.5000 190,800.00
9,900.0000 Allied Signal Inc 590,070.02 79.0000 782,100.00
11,000.0000 American Brands Inc 408,302.00 33.2500 365,750.00
8,100.0000 American Express Co 161,297.39 30.8750 250,087.50
4,000.0000 American Gen Corp 57,832.75 28.6250 114,500.00
5,800.0000 American Home Prods Corp 315,878.00 64.7500 375,550.00
10,000.0000 American Intl Group Inc 698,278.37 87.7500 877,500.00
16,000.0000 American Tel & Teleg Co 847,814.70 52.5000 840,000.00
5,400.0000 Ameritech Corp New 335,987.74 76.7500 414,450.00
5,800.0000 AMGEN Inc 317,633.00 49.5000 287,100.00
3,600.0000 Amoco Corp 172,026.51 52.8750 190,350.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
6,500.0000 Anadarko Pete Corp 255,348.50 45.3750 294,937.50
9,200.0000 Arkla Inc 173,967.00 7.8750 72,450.00
4,300.0000 Atlantic Richfield Co 490,122.68 105.2500 452,575.00
7,200.0000 Avon Prods Inc 362,012.91 48.6250 350,100.00
7,300.0000 Baltimore Gas & Elec Co 140,865.67 25.3750 185,237.50
1,800.0000 Bankers Tr N Y Corp 78,408.75 79.1250 142,425.00
400.0000 Barnett Bks Inc 6,305.60 41.5000 16,600.00
5,500.0000 Bell Atlantic Corp 250,370.79 59.2500 325,875.00
7,000.0000 Bellsouth Corp 336,699.19 58.0000 406,000.00
18,500.0000 Black & Decker Corp 403,466.22 19.7500 365,375.00
6,500.0000 Blockbuster Entmt Corp 208,807.05 30.6250 199,062.50
1,600.0000 Boatmens Bancshares Inc 45,506.70 29.8750 47,800.00
6,300.0000 Borden Inc 169,101.25 17.0000 107,100.00
9,000.0000 Bristol Myers Squibb 530,661.40 58.2500 524,250.00
2,000.0000 Burlington Northn Inc 114,097.45 57.8750 115,750.00
6,500.0000 Burlington Res Inc 189,631.71 42.3750 275,437.50
6,100.0000 Cigna Corp 257,387.55 62.7500 382,775.00
11,500.0000 CUC Intl Inc 262,847.90 36.0000 414,000.00
8,400.0000 Caesars World Inc 304,168.27 53.3750 448,350.00
9,450.0000 Chemical Bkg Corp 261,150.75 40.1250 379,181.25
5,100.0000 Chevron Corp 349,115.96 87.1250 444,337.50
500.0000 Chiron Corp 40,660.60 84.0000 42,000.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
7,700.0000 Chrysler Corp 110,893.47 53.2500 410,025.00
4,250.0000 Chubb Corp 133,767.57 77.8750 330,968.75
2,500.0000 Clorox Co 96,260.63 54.2500 135,625.00
5,500.0000 Computer Assoc Intl Inc 213,837.80 40.0000 220,000.00
8,400.0000 Conrail Inc 310,652.02 66.8750 561,750.00
6,100.0000 Consolidated Edison Co NY Inc 140,211.55 32.1250 195,962.50
6,600.0000 Consolidated Nat Gas Co 259,829.55 47.0000 310,200.00
15,100.0000 Consorcio G Grupo Dina S A De 242,643.89 27.8750 420,912.50
CV Sponsored ADR
6,100.0000 Continental Corp 150,282.96 27.6250 168,512.50
1,500.0000 Cooper Inds Inc 72,782.65 49.2500 73,875.00
2,000.0000 Corestates Finl Corp 53,412.50 26.1250 52,250.00
5,500.0000 DSC Communications Corp 304,970.00 61.5000 338,250.00
200.0000 Dana Corp 5,333.08 59.8750 11,975.00
9,350.0000 Dayton Hudson Corp 579,250.54 66.6250 622,943.75
9,000.0000 Dean Witter Discover & Co 331,256.17 34.6250 311,625.00
6,550.0000 Dow Chem Co 310,653.63 56.7500 371,712.50
4,200.0000 Du Pont E I De Nemours & Co 146,628.00 48.2500 202,650.00
5,600.0000 Dun & Bradstreet Corp 228,405.01 61.6250 345,100.00
14,200.0000 Eastman Kodak Co 696,005.48 56.2500 798,750.00
7,100.0000 El Paso Nat Gas Co New 242,651.00 36.0000 255,600.00
8,000.0000 Enron Corp 270,589.80 29.0000 232,000.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
6,000.0000 Ericsson L M Tel Co ADR Cl B 266,812.00 40.3750 242,250.00
Sek 10
8,300.0000 Exxon Corp 453,841.35 63.1250 523,937.50
10,100.0000 FPL Group Inc 287,948.91 39.1250 395,162.50
16,300.0000 Federal Hom Ln Mgt Corp Common 417,151.31 49.8750 812,962.50
4,700.0000 Federal Natl Mtg Assn 49,378.20 78.5000 368,950.00
11,700.0000 First Colony Corp 306,432.00 25.3750 296,887.50
6,350.0000 First Intst Bancorp 214,166.43 64.1250 407,193.75
500.0000 First Un Corp 19,155.00 41.2500 20,625.00
9,000.0000 Firstar Corp 304,371.50 30.7500 276,750.00
16,200.0000 Ford Mtr Co Del 812,124.61 64.5000 1,044,900.00
1,500.0000 Forest Labs Inc Cl A 67,481.25 47.6250 71,437.50
11,100.0000 GTE Corp 353,158.01 35.0000 388,500.00
5,000.0000 General Elec Co 344,813.12 104.8750 524,375.00
4,000.0000 General Instr Corp New 225,424.00 56.5000 226,000.00
3,500.0000 General Mls Inc 219,474.10 60.7500 212,625.00
7,700.0000 General Mtrs Corp 237,906.60 54.8750 422,537.50
13,500.0000 General Mtrs Corp Cl E 184,762.78 29.2500 394,875.00
19,100.0000 Glaxco Hldgs PLC Sponsored ADR 350,992.06 20.8750 398,712.50
5,600.0000 Goodyear Tire & Rubr Co 140,000.00 45.7500 256,200.00
16,300.0000 Great Westn Finl Corp 211,766.03 20.0000 326,000.00
5,500.0000 Green Tree Financial Corp 91,206.50 48.0000 264,000.00
12,000.0000 Hanson Plc ADR 220,396.00 20.0000 240,000.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
4,300.0000 Harland John H Co 93,008.00 21.6250 92,987.50
8,200.0000 Hewlett Packard Co 612,770.39 79.0000 647,800.00
18,000.0000 Home Depot Inc 78,750.40 39.5000 711,000.00
10,000.0000 Honeywell Inc 194,906.23 34.2500 342,500.00
13,300.0000 I B P Inc 235,561.46 25.8750 344,137.50
4,000.0000 ITT Corp 259,720.49 91.2500 365,000.00
13,400.0000 Intel Corp 406,432.07 62.0000 830,800.00
8,050.0000 Intl Business Machs Corp 795,730.53 56.5000 454,825.00
8,000.0000 Johnson & Johnson 374,320.95 44.8750 359,000.00
17,000.0000 K Mart Corp 209,111.99 21.5000 365,500.00
2,000.0000 Keycorp 79,235.38 35.3750 70,750.00
8,600.0000 Lilly Eli & Co 421,356.70 59.3750 510,625.00
6,900.0000 Lincoln Natl Corp Ind 142,519.50 43.5000 300,150.00
4,000.0000 Litton Inds Inc 255,770.50 64.5000 258,000.00
3,400.0000 Loews Corp 168,802.42 93.0000 316,200.00
12,400.0000 Magna Intl Class A 396,821.92 49.7500 616,900.00
6,300.0000 Mapco Inc 347,616.50 61.1250 385,087.50
8,400.0000 Martin Marietta Corp New 231,390.89 44.5000 373,800.00
10,000.0000 Masco Corp 262,620.25 37.0000 370,000.00
1,100.0000 Maytag Corp 12,290.30 18.0000 19,800.00
2,000.0000 McDermott Intl Inc 51,657.80 26.5000 53,000.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
1,400.0000 McGraw Hill Inc 68,348.00 67.6250 94,675.00
2,300.0000 McKesson Corp 69,407.10 54.0000 124,200.00
8,400.0000 Mead Corp 380,998.80 45.0000 378,000.00
4,500.0000 Medtronic Inc 277,234.50 82.1250 369,562.50
5,000.0000 Merrill Lynch & Co Inc 203,620.00 42.0000 210,000.00
5,500.0000 Microsoft Corp 177,226.67 80.6250 443,437.50
300.0000 Minnesota Mng & Mfg Co 25,725.75 108.7500 32,625.00
6,500.0000 Mobil Corp 394,714.35 79.1250 514,312.50
3,100.0000 Monsanto Co 166,357.07 73.3750 227,462.50
2,600.0000 Morgan J P & Co Inc 120,148.84 69.3750 180,375.00
3,500.0000 Morgan Stanley Group Inc 172,505.65 70.7500 247,625.00
8,000.0000 Motorola Inc 284,953.47 92.2500 738,000.00
15,400.0000 National Svc Inds Inc 363,260.59 25.6250 394,625.00
7,500.0000 Nationsbank Corp 278,115.00 49.0000 367,500.00
3,100.0000 Nicor Inc 66,410.10 28.0000 86,800.00
2,700.0000 Northern Sts Pwr Co Minn 94,860.70 43.1250 116,437.50
47,000.0000 Norwest Corp 520,315.68 24.3750 1,145,625.00
18,500.0000 Novell Inc 104,916.97 20.7500 383,875.00
12,400.0000 Nynex Corp 458,995.02 40.1250 497,550.00
14,100.0000 Ogden Corp 279,054.38 22.7500 320,775.00
7,000.0000 Oklahoma Gas & Elec Co 269,038.00 37.0000 259,000.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
16,500.0000 Oracle Sys Corp 185,023.24 28.7500 474,375.00
17,500.0000 Outboard Marine Corp 332,732.68 22.3750 391,562.50
6,600.0000 PNC Bk Corp 69,943.50 29.0000 191,400.00
5,500.0000 PPG Inds Inc 248,615.72 75.8750 417,312.50
2,800.0000 Pacific Enterprises 111,510.99 23.7500 66,500.00
8,900.0000 Pacific Telesis Group 199,524.91 54.2500 482,825.00
17,700.0000 Pacificorp 377,230.52 19.2500 340,725.00
2,500.0000 Penney J C Inc 55,792.56 52.6250 131,562.50
3,200.0000 Pennsylvania Pwr & Lt Co 69,232.00 27.0000 86,400.00
11,500.0000 Pepsico Inc 122,882.03 40.8750 470,062.50
17,200.0000 Pfizer Inc 810,449.50 69.0000 1,186,800.00
15,300.0000 Philip Morris Cos Inc 575,904.40 55.6250 851,062.50
6,900.0000 Potomac Elec Pwr Co 145,452.00 26.7500 184,575.00
22,500.0000 Praxair Inc 368,688.83 16.6250 374,062.50
14,500.0000 Price/Costco Inc 163,126.51 19.2500 279,125.00
3,750.0000 Promus Cos Inc 131,307.00 45.7500 171,562.50
11,200.0000 Public Svs Enterprise Group 295,009.29 32.0000 358,400.00
2,000.0000 Qualcomm Inc 118,063.00 53.0000 106,000.00
6,000.0000 Raytheon Co 207,379.79 66.0000 396,000.00
12,300.0000 Repsol SA Sponsored Adr 273,557.49 30.8750 379,762.50
6,200.0000 Royal Dutch Pete Co N Y Reg Sh 557,740.28 104.3750 647,125.00
Par N Gldr 5
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
4,000.0000 Ryder Sys Inc 103,334.80 26.5000 106,000.00
17,800.0000 Scecorp 348,710.68 20.0000 356,000.00
7,150.0000 Salomon Inc 267,376.76 47.6250 340,518.75
1,900.0000 Scana Corp 69,531.86 49.7500 94,525.00
1,400.0000 Sears Roebuck & Co 26,844.42 52.8750 74,025.00
2,000.0000 Sensormatic Electrs Corp 63,182.50 34.6250 69,250.00
6,000.0000 Silicon Graphics Inc 131,184.70 24.7500 148,500.00
3,000.0000 Southwest Airls Co 84,813.50 37.3750 112,125.00
3,000.0000 Sun Inc 81,639.93 29.3750 88,125.00
13,000.0000 Synoptics Communications Inc 362,443.72 27.8750 362,375.00
1,000.0000 Tambrands Inc 42,122.50 44.2500 44,250.00
11,000.0000 Telefonos de Mexico S A Sponsored 443,075.62 67.5000 742,500.00
Adr Repstg Sh Ord L
8,300.0000 Tenneco Inc 398,215.19 52.6250 436,787.50
7,700.0000 Texaco Inc 459,817.13 64.7500 498,575.00
4,000.0000 Texas Instrs Inc 195,729.50 63.5000 254,000.00
6,900.0000 Texas Utils Co 253,167.90 43.2500 298,425.00
6,700.0000 Textron Inc 287,809.94 58.2500 390,275.00
2,000.0000 Thomas & Betts Corp 92,482.00 58.5000 117,000.00
5,500.0000 Time Warner Inc 233,547.15 44.2500 243,375.00
7,000.0000 Toys R Us Inc 201,057.25 40.8750 286,125.00
10,200.0000 Travelers Corp 181,242.00 31.1250 317,475.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
8,700.0000 USX-Marathon Group New 185,235.03 16.5000 143,550.00
6,500.0000 Unum Corp 360,495.00 52.5000 341,250.00
2,600.0000 Union Camp Corp 88,661.46 47.6250 123,825.00
3,300.0000 Union Carbide Corp 30,840.33 22.3750 73,837.50
900.0000 Union Elec Co 28,216.80 39.2500 35,325.00
7,500.0000 Union Pac Corp 361,499.52 62.6250 469,687.50
8,000.0000 U S West Inc 289,281.20 45.8750 367,000.00
12,000.0000 Upjohn Co 378,971.10 29.0000 348,000.00
2,500.0000 Vodafone Group PLC Sponsored ADR 204,304.00 89.2500 223,125.00
1,200.0000 Wachovia Corp New 24,192.00 33.5000 40,200.00
20,900.0000 Wal Mart Stores Inc 43,120.39 25.0000 522,500.00
6,700.0000 Westinghouse Elec Corp 156,941.17 14.1250 94,637.50
12,200.0000 Weyerhaeuser Co 418,660.01 44.6250 544,425.00
6,000.0000 Whirlpool Corp 220,909.31 66.5000 399,000.00
9,800.0000 Woolworth Corp 248,839.90 25.3750 248,675.00
14,300.0000 YPF Sociedad Anonima Sponsored 298,225.67 26.0000 371,800.00
ADR Repstg Cl D Shs
Total Corporate Stock - Common 44,976,604.21 59,776,693.75
Common/Collective Trusts
187,738.0000 EB Opening Stock Index Fd 20,796,182.23 115.1916 21,625,840.60
112.0000 Mellon Temp Inv Fund 112.00 100.0000 112.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
16,002,081.0000 *TBC Inc Pooled Employee Funds
Daily Liquidity Fund 16,002,081.00 1.0000 16,002,081.00
Total Common/Collective Trusts 36,798,375.23 37,628,033.60
Total Investments $155,697,254.36 $172,934,262.49
*Denotes Party-in-interest
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Stability Income Fund
Schedule of Investments
December 31, 1993
<CAPTION>
Description Cost Current Value
<S> <C> <C>
Investments, at fair value:
U. S. Government securities........ $ 18,118,962 $ 18,168,193
Corporate debt instruments......... 3,481,011 3,441,855
Common/collective trusts........... 381,605 381,605
Total investments............... $ 21,981,578 $ 21,991,653
See accompanying detailed listing of investments.
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Stability Income Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
U S Government Securities
2,000,000.0000 FHLMC Multiclass Mtg P/C 1178F $2,046,875.00 102.1340 $ 2,042,680.00
6.750% 03/15/2005
720,968.4000 FNMA Gtd Remic P/T Ctf 88-09-C 730,431.11 100.9390 727,738.29
7.000% 03/25/2011
2,000,000.0000 U S Treasury Notes 2,000,937.50 99.6720 1,993,440.00
03.875% 08/31/1995 DD 08/31/93
5,300,000.0000 U S Treasury Notes 5,298,821.88 99.5940 5,278,482.00
03.875% 09/30/1995 DD 09/30/93
2,500,000.0000 U S Treasury Notes 2,503,450.00 100.0620 2,501,550.00
04.250% 11/30/1995 DD 11/30/93
1,500,000.0000 U S Treasury Notes 1,500,703.13 100.0000 1,500,000.00
04.250% 12/31/1995 DD 12/31/93
4,300,000.0000 U S Treas Strip Generic Tint 4,037,743.00 95.9140 4,124,302.00
02/15/1995
Total U.S. Government Securities 18,118,961.62 18,168,192.29
Corporate Debt Instruments
2,000,000.0000 Ford Mtr Cr Mtn Tr #00367 2,154,060.00 105.4900 2,109,800.00
8.875% 03/13/1995 DD 03/12/91
1,308,347.9400 Premier Auto Tr 92-3 Abs 1,326,951.01 101.8120 1,332,055.20
5.900% 11/17/1997
Total Corporate Debt Instruments 3,481,011.01 3,441,855.20
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Stability Income Fund, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
Common/Collective Trusts
381,605.0000 *TBC Inc Pooled Employee Funds 381,605.00 1.0000 381,605.00
Daily Liquidity Fund
Total Common/Collective Trusts 381,605.00 381,605.00
Total Investments $21,981,577.63 $21,991,652.49
*Denotes Party-in-interest
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund A
Schedule of Investments
December 31, 1993
<CAPTION>
Description Cost Current Value
<S> <C> <C>
Investments, at fair value:
U. S. Government securities...... $ 98,200,358 $ 97,319,505
Corporate debt instruments....... 65,640,310 65,495,034
Common/collective trusts......... 19,649,985 19,649,985
Other investments................ 17,311,966 17,327,689
200,802,619 199,792,213
Insurance contracts, at contract
value............................ 62,304,820 62,304,820
Total investments............. $263,107,439 $262,097,033
See accompanying detailed listing of investments.
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund A, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
U S Government Securities
5,000,000.0000 FHLMC Multiclass Mtg P/C 1178F $5,117,187.50 102.1340 $5,106,700.00
6.750% 03/15/2005
1,586,130.4800 FNMA Gtd Remic P/T Ctf 88-09-C 1,606,948.45 100.9390 1,601,024.25
7.000% 03/25/2011
1,378,166.3800 Resolution Tr Corp 92-C4 Cl A2 1,406,590.78 100.4830 1,384,822.92
Var Rt 06/25/2024
1,350,000.0000 Resolution Tr Corp 93-C3 A-3 1,363,921.88 101.0000 1,363,500.00
Var/Rt 12/25/2024
4,700,000.0000 U S Treasury Notes 5,132,546.88 108.2500 5,087,750.00
07.875% 07/31/1996 DD 07/31/91
1,000,000.0000 U S Treasury Notes 1,084,687.50 106.8440 1,068,440.00
07.250% 08/31/1996 DD 09/03/91
1,000,000.0000 U S Treasury Notes 996,219.62 102.5940 1,025,940.00
05.625% 08/31/1997 DD 08/31/92
1,000,000.0000 U S Treasury Notes 1,009,151.76 103.7810 1,037,810.00
06.000% 11/30/1997 DD 11/30/92
3,000,000.0000 U S Treasury Notes 3,068,906.25 100.2190 3,006,570.00
05.125% 04/30/1998 DD 04/30/93
16,000,000.0000 U S Treasury Notes 15,995,703.13 98.3440 15,735,040.00
04.750% 08/31/1998 DD 08/31/93
18,500,000.0000 U S Treasury Notes 18,503,750.27 99.5940 18,424,890.00
03.875% 09/30/1995 DD 09/30/93
8,800,000.0000 U S Treasury Notes 8,764,000.01 99.5310 8,758,728.00
03.875% 10/31/1995 DD 11/01/93
4,000,000.0000 U S Treasury Notes 4,001,875.00 100.0000 4,000,000.00
04.250% 12/31/1995 DD 12/31/93
4,250,000.0000 U S Treasury Notes 4,508,984.38 103.5160 4,399,430.00
13.125% 05/15/1994 DD 05/15/84
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund A, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
8,000,000.0000 U S Treasury Notes 9,100,000.00 112.4840 8,998,720.00
08.625% 08/15/1997 DD 08/15/97
13,000,000.0000 U S Treasury Notes 14,034,649.78 106.3280 13,822,640.00
07.500% 01/31/1996 DD 01/31/91
2,250,000.0000 Commitment to Purchase FNMA 2,505,234.38 111.0000 2,497,500.00
6.500% 03/14/2024
Total U.S. Government Securities 98,200,357.57 97,319,505.17
Corporate Debt Instruments
800,000.000 Banca Commerciale Italiana Spa 779,000.00 97.4750 779,800.00
Fltg Rt 12/06/1998
2,000,000.0000 Natl Westminster Fin Bv Gtd Nt 1,941,200.00 96.3050 1,926,100.00
Fltg/Rt 2005 US$
4,000,000.0000 American Expr Co Ib Nt 4,000,000.00 100.0000 4,000,000.00
03.220% 02/28/1994 DD 12/27/93
4,000,000.0000 American Gen Corp Ib Nt 4,000,000.00 100.0000 4,000,000.00
03.130% 01/18/1994 DD 11/16/93
4,000,000.0000 Associates Cp NA Ib Nt 4,000,000.00 100.0000 4,000,000.00
03.150% 01/18/1994 DD 09/01/93
3,100,000.0000 Barclays US Fdg Ib Nt 3,100,000.00 100.0000 3,100,000.00
03.310% 01/15/1994 DD 11/29/93
4,000,000.0000 Bell South Telecom Disc 3,971,033.33 99.2758 3,971,033.33
02/18/1994
300,000.0000 Beneficial Corp Mtn 308,670.00 100.1800 300,540.00
8.750% 01/19/1994 DD 01/18/91
126,610.3400 CFC Grantor Tr 4B Asset Backed 131,469.41 100.8590 127,697.92
9.200% 11/15/1996
3,000,000.0000 Chevron Oil Fin Ib Nt 3,000,000.00 100.0000 3,000,000.00
03.250% 01/24/1994 DD 11/30/93
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund A, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
4,000,000.0000 Ford Mtr Cr Co Nt 4,388,680.00 108.2390 4,329,560.00
8.875% 03/15/1996 DD 03/18/91
4,000,000.0000 General Elec Cap Ib Nt 4,000,000.00 100.0000 4,000,000.00
03.220% 01/28/1994 DD 12/27/93
2,000,000.0000 Intl Lease Fin Mtn #TR00065 1,989,500.00 100.9750 2,019,500.00
5.600% 04/01/1997 DD 03/15/93
2,000,000.0000 International Lease Corp Mtn 2,008,440.00 101.3870 2,027,740.00
6.000% 04/30/1998 DD 06/11/93
3,100,000.0000 Merrill Lynch Co Disc 3,089,615.00 99.6650 3,089,615.00
01/15/1994
4,000,000.0000 Onoda USA Inc Disc 3,976,130.00 99.4032 3,976,130.00
01/21/1994
4,470,188.7700 Premier Auto Tr 92-3 Abs 4,518,860.01 101.8120 4,551,188.59
5.900% 11/17/1997
1,827,214.0800 SPNB Home Equity Ln Ctf 91-2-A 1,882,030.50 102.0000 1,863,758.36
8.100% 06/15/2020 DD 07/15/91
3,535,000.0000 Security Pac Corp Nt 3,698,496.70 100.9160 3,567,380.60
8.900% 03/15/1994
4,000,000.0000 Smith Barney Shsn Ib Nt 4,000,000.00 100.0000 4,000,000.00
03.280% 02/03/1994 DD 12/27/93
1,813,671.3800 U S Auto Receivable Tr 90-4A 1,857,185.36 101.1010 1,833,639.90
8.650% 11/15/1995 DD
5,000,000.0000 United Tech Corp Mtn Tr #0002 5,000,000.00 100.6270 5,031,350.00
Fltg Rt 06/01/1994
Total Corporate Debt Instruments 65,640,310.31 65,495,033.70
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund A, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
Common/Collective Trusts
<S> <C> <C> <C> <C>
19,649,985.0000 *TBC INC Pooled Employee Funds 19,649,985.00 1.0000 19,649,985.00
Daily Liquidity Fund
Total Common/Collective Trusts 19,649,985.00 19,649,985.00
Other Investments
3,530,000.0000 Alaska Housing Finance Corp 3,500,965.75 99.1300 3,499,289.00
Fltg/Rt 15/07/2001
2,000,000.0000 Ireland Floating Rt Nts 1,994,600.00 99.7300 1,994,600.00
06/12/1998 US$ (Var)
4,000,000.0000 New Zealand US $ (Var) 3,999,600.00 100.0400 4,001,600.00
Fltg Rate Nts 04/06/1990
4,000,000.0000 Quebec (Province of), Canada Nts 3,896,800.00 96.1200 3,844,800.00
Var/Rt 15/10/2001
4,000,000.0000 State Bk Victoria Gtd Cap Nts 3,920,000.00 99.6850 3,987,400.00
Var/Rt 27/06/1999
Total Other Investments 17,311,965.75 17,327,689.00
Unallocated Insurance Contracts
5,619,742.7900 Prudential GA#5807 Subcde 211 5,619,742.79 100.0000 5,619,742.79
9.580%
4,779,626.9200 Connecticut Mut GAC #70226 4,779,626.92 100.0000 4,779,626.92
14,454,866.9800 Metro Life Ins GIC #11955-8 14,454,866.98 100.0000 14,454,866.98
8.850% 10/01/1995
9,699,585.1800 Metro Life Ins GIC #12354 9,699,585.18 100.0000 9,699,585.18
7.750% 04/01/1994
* Denotes Party-in-interest (Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund A, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
13,219,295.1100 Hancock John Mut Life GAC#6023 13,219,295.11 100.0000 13,219,295.11
9.850% 10/01/1995
14,531,702.8200 Principal Mut Life Ins GIC4322 14,531,702.82 100.0000 14,531,702.82
6.920% 10/01/1996
Total Unallocated Insurance Contracts 62,304,819.80 62,304,819.80
Total Investments $263,107,438.43 $262,097,032.67
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund B
Schedule of Investments
December 31, 1993
<CAPTION>
Description Cost Current Value
<S> <C> <C>
Investments, at fair value:
Corporate stock - common.......... $ 1,093 $ 1,292
Common/collective trusts.......... 113,839,253 122,243,966
Total investments.............. $113,840,346 $122,245,258
See accompanying detailed listing of investments.
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund B, Continued
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
Corporate Stock - Common
<S> <C> <C> <C> <C>
159.0000 Chase Manhattan Corp Wt Exp $ 1,093.13 8.1250 $ 1,291.88
6/30/96
Total Corporate Stock - Common 1,093.13 1,291.88
Common/Collective Trusts
605,710.0000 EB Opening Asset Allocation Fd 61,556,150.40 104.6098 63,363,240.72
597.0000 Mgt Comm Fd Liquidity Fund 597,000.00 1,000.0000 597,000.00
32,406.0000 Mgt Comm Fd Public Bond Fund 8,548,822.81 27,261.2000 8,834,264.47
8,558.0000 Mgt Commingled Fd Mtg Fd 3,071,119.29 375.0570 3,209,737.81
3,789.0000 Mgt Comm Fd Private Placement 1,519,865.57 42,619.7000 1,614,860.43
Fund
7,021.0000 Mgt Comm Fd Intl Equity Fd 7,404,684.10 1,240.5590 8,709,964.74
1,324.0000 Mgt Comm Fd Small Co Fd 2,559,569.60 2,585.2590 3,422,882.92
5,152.0000 Mgt Comm Fd Intl Bond Fund 2,474,435.34 49,510.2000 2,550,765.50
219,749.0000 Mgt Comm Fd Large Co Fd 26,025,630.88 135.8790 29,859,274.37
56.6100 Mellon Temp Inv Fund 56.61 100.0000 56.61
81,853.0000 *TBC Inc Pooled Employee Funds 81,853.00 1.0000 81,853.00
Daily Liquidity Fund
65.1800 Cash held at Morgan
Guaranty Tr 65.18 1.0000 65.18
Total Common/Collective Trusts 113,839,252.78 122,243,965.75
Total Investments $113,840,345.91 $122,245,257.63
(Continued)
*Denotes Party-in-interest
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund C
Schedule of Investments
December 31, 1993
<CAPTION>
SHARES/ CURRENT
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
Common/Collective Trusts
<S> <C> <C> <C> <C>
542,061.0000 EB Opening Stock Index Fd $60,122,275.50 115.1916 $62,440,873.89
54.4700 Mellon Temp Inv Fund 54.47 1.0000 54.47
590,427.0000 *TBC Inc Pooled Employee Funds 590,427.00 1.0000 590,427.00
Daily Liquidity Fund
Total Common/Collective Trusts 60,712,756.97 63,031,355.36
Total Investment $60,712,756.97 $63,031,355.36
*Denotes Party-in-interest.
</TABLE>
<TABLE>
Schedule 2
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Schedule of Reportable Transactions
Year Ended December 31, 1993
<CAPTION>
Proceeds Net Gain
Total from Cost of (Loss)
Description Purchases Sales Sales on Sales
<S> <C> <C> <C> <C>
EB Opening Stock Index
Fund................. $136,325,262 $ 292,261 $ 287,335 $ 4,926
EB Opening Asset
Allocation Fund...... 120,169,405 1,599,364 1,587,750 11,614
Mellon Temp Inv Fund... 34,564,358 60,564,311 60,564,311 -
Mellon Equity Index
Fund................. 63,590,528 114,988,260 97,364,420 17,623,840
Mellon Equity Index
Fund................. - 89,114,163 77,840,740 11,273,423
Mellon Bk Long Bd Index
Fund................. 5,398,985 34,742,768 30,656,163 4,086,605
U.S. Treasury Notes,
4.250%, 8/31/94...... 11,747,711 17,310,859 17,250,836 60,023
U.S. Treasury Notes,
5.000%, 6/30/94...... - 28,078,406 28,100,000 (21,594)
U.S. Treasury Notes,
4.625%, 12/31/94..... 21,660,391 36,085,047 35,867,047 218,000
U.S. Treasury Notes,
4.250%, 1/31/95...... 21,134,375 18,001,375 18,004,828 (3,453)
U.S. Treasury Notes,
4.125%, 5/31/95...... 16,452,305 16,595,430 16,452,305 143,125
U.S. Treasury Notes,
4.125%, 6/30/95...... 13,596,031 13,652,797 13,596,031 56,766
U.S. Treasury Notes,
3.875%, 9/30/95...... 28,303,484 4,483,906 4,500,912 (17,006)
*TBC Inc. Pooled Employee
Funds Daily Liquidity
Fund, various rates.. 445,133,091 443,556,957 443,556,957 -
*Denotes Party-in-interest.
</TABLE>
Independent Auditors' Consent
Pension and Profit Sharing Committee
Federated Department Stores, Inc.
Retirement Income and Thrift Incentive Plan:
We consent to incorporation by reference in registration
statement No. 33-51907 on Form S-8 of Federated Department
Stores, Inc. of our report dated May 27, 1994, relating to the
statements of net assets available for benefits of the Federated
Department Stores, Inc. Retirement Income and Thrift Incentive
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, and the related schedules, which report appears in
the December 31, 1993 annual report on Form 11-K of the Federated
Department Stores, Inc. Retirement Income and Thrift Incentive
Plan.
\s\ KPMG Peat Marwick
KPMG Peat Marwick
Cincinnati, Ohio
June 27, 1994
