SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
Annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934
For fiscal year ended December 31, 1992
Commission file number: 1-10951
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below: Federated Department Stores, Inc. Retirement
Income And Thrift Incentive Plan, 7 West Seventh Street, Cincinnati, Ohio
45202.
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, 1992 and 1991
(With Independent Auditors' Report Thereon)
<PAGE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
December 31, 1992 and 1991
Index
Independent Auditors' Report
Statements of Net Assets Available for Plan Benefits - December 31, 1992 and
1991
Statements of Changes in Net Assets Available for Plan Benefits - Years Ended
December 31, 1992 and 1991
Notes to Financial Statements
Schedule
Schedule of Investments - December 31, 1992.................. 1
Schedule of Reportable Transactions - Year Ended
December 31, 1992.......................................... 2
Exhibit
Consent of KPMG Peat Marwick 1
<PAGE>
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 plan
benefits of Federated Department Stores, Inc. Retirement Income and Thrift
Incentive Plan as of December 31, 1992 and 1991 and the related statements of
changes in net assets available for plan 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 as of
December 31, 1992 and 1991 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 supplemental schedules 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
September 30, 1993
<TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Statement of Net Assets Available for Plan Benefits
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 3):
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
See accompanying notes to financial statements.
</TABLE>
(Continued)
<TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1991
<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 3):
Certificates of deposit....... $ - $ 2,000,094 $ 4,000,126 $ - $ - $ 6,000,220
U.S. Government securities.... 48,238,008 32,776,416 87,979,250 - - 168,993,674
Corporate debt instruments.... 29,936,244 - 80,634,569 - - 110,570,813
Corporate stock-preferred..... 510,600 - - - - 510,600
Corporate stock-common........ 77,204,949 - - - - 77,204,949
Common/collective trusts...... 28,793,524 386,494 6,114,856 49,207,183 24,050,464 108,552,521
Other investments............. - - 20,253,225 - - 20,253,225
184,683,325 35,163,004 198,982,026 49,207,183 24,050,464 492,086,002
Insurance contracts, at contract
value (note 3)................. 1,603,574 - - - - 1,603,574
Total investments....... 186,286,899 35,163,004 198,982,026 49,207,183 24,050,464 493,689,576
Receivables:
Employer contributions........ - - 3,115,268 - - 3,115,268
Employee contributions........ - - 579,912 190,419 95,209 865,540
Accrued interest and dividends 1,317,208 444,475 2,848,825 1,403 1,050 4,612,961
Securities sold............... 521,626 - 255,306 - - 776,932
Total receivables....... 1,838,834 444,475 6,799,311 191,822 96,259 9,370,701
Cash............................ 183,593 - - - 621 184,214
Total assets............ 188,309,326 35,607,479 205,781,337 49,399,005 24,147,344 503,244,491
Accrued liabilities:
Securities purchased............ 321,018 - - - - 321,018
Other accrued liabilities....... 175,745 17,953 114,418 65,446 11,344 384,906
Total liabilities....... 496,763 17,953 114,418 65,446 11,344 705,924
Net assets available for plan
benefits......................... $187,812,563 $35,589,526 $205,666,919 $49,333,559 $24,136,000 $502,538,567
See accompanying notes to financial statements.
</TABLE>
<TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Statement of Changes in Net Assets Available for Plan Benefits
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 3)...... 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 6)................... 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
See accompanying notes to financial statements.
</TABLE>
(Continued)
<TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1991
<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................... $ 7,455,375 $ 2,819,059 $ 14,899,751 $ 2,631,433 $ 711,025 $ 28,516,643
Dividends.................. 2,382,822 - - - - 2,382,822
Net appreciation in fair
value of investments
(note 3).................. 31,691,445 645,694 2,987,972 7,733,365 4,557,154 47,615,630
Net investment income... 41,529,642 3,464,753 17,887,723 10,364,798 5,268,179 78,515,095
Contributions:
Employer................... - - 3,115,268 - - 3,115,268
Employee................... - - 14,965,112 4,997,161 2,554,343 22,516,616
Total contributions..... - - 18,080,380 4,997,161 2,554,343 25,631,884
Total additions......... 41,529,642 3,464,753 35,968,103 15,361,959 7,822,522 104,146,979
Deductions:
Distributions................ 20,380,657 10,978,084 35,732,480 5,752,245 2,558,945 75,402,411
Administrative expenses
(note 6)................... 728,080 76,132 495,694 297,521 9,037 1,606,464
Total deductions........ 21,108,737 11,054,216 36,228,174 6,049,766 2,567,982 77,008,875
Interfund transfers............ (2,568,304) 2,568,304 879,703 (1,072,461) 192,758 -
Net increase (decrease). 17,852,601 (5,021,159) 619,632 8,239,732 5,447,298 27,138,104
Net assets available for plan
benefits:
Beginning of year........... 169,959,962 40,610,685 205,047,287 41,093,827 18,688,702 475,400,463
End of year................. $187,812,563 $35,589,526 $205,666,919 $49,333,559 $24,136,000 $502,538,567
See accompanying notes to financial statements.
</TABLE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements
December 31, 1992 and 1991
(1) Summary of Significant Accounting Policies
a) Basis of Presentation
The accompanying financial statements of Federated Department Stores,
Inc. Retirement Income and Thrift Incentive Plan (the "Plan") have
been prepared on the accrual basis of accounting.
b) Investments
Investments are reported at market value or fair value as determined
by quoted market prices on an active market. However, 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 are considered 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.
(2) 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, 1992, 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)
<PAGE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1992 and 1991
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.
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 the 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 Company contributions. For 1984 and subsequent years,
the Company's annual aggregate contribution is an amount equal to the
greater 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 20.7% and 20% of participants' basic savings for years
ended December 31, 1992 and 1991, respectively.
Individual participant accounts are maintained in the Plan. Account
balances are affected by participant and Company contributions, earnings on
investments and forfeitures. Earnings on investments are allocated in the
proportion an individual account balance bears to the total of all
participant account balances on the immediately preceding valuation date.
On the other hand, Company contributions and forfeitures are credited to
the individual accounts of active participants at the end of the year based
on the ratio each participant's basic savings made and not withdrawn
during the year bears to the total of all participant basic savings made
and not withdrawn in that year.
(Continued)
<PAGE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1992 and 1991
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.
(3) Investments
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 to the Thrift
Incentive portion of the Plan are allocated to individual accounts for
individuals 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.
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 cash equivalents.
. 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. This fund also contains accounts of retired
participants currently receiving benefits directly from the Trust.
All amounts in this fund are invested in certificates of deposit and
short-term, fixed-income corporate and government bonds.
(Continued)
<PAGE>
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1992 and 1991
. 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. Fund B is invested
in corporate and government fixed income securities, equity
securities and cash equivalents. Fund C is invested in an equity
index fund consisting of Standard and Poor's 500 stock investments.
Beginning with the Company contribution for 1989, Company
contributions, and net earnings thereon, were directed to Fund A.
The following table presents the fair or contract value of investments held by
the Trustee. Investments that represent five percent or more of the Plan's
total net assets are separately identified.
<TABLE>
<CAPTION>
December 31, 1992 December 31, 1991
Number of Number of
Shares or Fair or Shares or Fair or
Principal Contract Principal Contract
Amount Value Amount Value
<S> <C> <C> <C> <C>
Investments, at fair value:
Certificates of deposit. $ - $ 6,000,220
U.S. Government securities:
U.S. Treasury Notes,
5.0%, 6/30/94........$ 27,600,000 27,914,916 -
U.S. Treasury Notes,
5.5%, 11/30/93....... - $32,000,000 32,430,080
U.S. Treasury Notes,
6.125%, 9/30/93...... - 28,000,000 28,673,680
Other................. 105,658,519 107,889,914
Corporate debt
instruments........... 119,731,679 110,570,813
Corporate stock-preferred 393,600 510,600
Corporate stock-common.. 67,145,023 77,204,949
Common/collective trusts:
Mellon Equity Index
Fund................. 200,292 74,314,132 209,530 72,209,447
Mellon Bank Long Bond
Index Fund........... 144,805 26,159,720 143,003 23,890,881
TBC Inc. Pooled Employee
Funds Daily Liquidity
Fund................. 35,152,346 35,152,346 12,451,695 12,451,695
Other................. 388 498
Other investments....... 14,269,375 20,253,225
Total investments at
fair value........... 470,739,698 492,086,002
Insurance contracts, at
contract value........... - 1,603,574
Total investments..... $470,739,698 $493,689,576
</TABLE>
(Continued)
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1992 and 1991
Net appreciation in the fair value of investments for the years ended
December 31, 1992 and 1991 was $6,845,143 and $47,615,630, respectively, as
follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
December 31, 1992 December 31, 1991
<S> <C> <C>
Certificates of deposit........... $ (220) $ 6,039
U.S. Government securities........ 43,410 5,687,823
Corporate debt instruments........ (992,346) 3,089,196
Corporate stock-preferred......... (56,005) 61,050
Corporate stock-common............ 4,971,242 21,418,793
Common/collective trusts.......... 2,898,412 17,569,327
Other investments................. (19,350) (216,598)
Net appreciation in fair value
of investments................ $ 6,845,143 $ 47,615,630
</TABLE>
(4) 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.
(5) Federal Income Taxes
The Internal Revenue Service issued its latest determination letter on
July 31, 1987, which stated that the Plan and its underlying trust qualify
under the applicable provisions of the Internal Revenue Code and,
therefore, are exempt from federal income taxes. In the opinion of the
Plan Administrator, the Plan and its underlying trust have operated under
the terms of the Plan and remain qualified under the applicable provisions
of the Internal Revenue Code.
(6) Administrative Expenses
Investment managers' expenses and trustee fees are paid by the Plan.
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Notes to Financial Statements, Continued
December 31, 1992 and 1991
(7) Subsequent Event
Effective July 1, 1993, the Allied Stores Corporation Profit Sharing -
Investment Plan ("Allied Plan") was merged into the Plan ("Allied
Merger"). The Allied Merger had no effect on the value of the Plan net
assets as of December 31, 1992.
The approximate effect of the Allied Merger on the net assets of the Plan
just prior and subsequent to the merger on July 1, 1993 is summarized
below (all information is unaudited and presented in thousands):
<TABLE>
<CAPTION>
Stability
Diversified Income Thrift Incentive Fund
Fund Fund Fund A Fund B Fund C Total
<S> <C> <C> <C> <C> <C> <C>
Net assets available for
plan benefits - Pre-merger $166,256 $24,148 $185,906 $ 57,469 $30,532 $464,311
Allied merger - - 115,379 57,554 26,681 199,614
Net assets available for
plan benefits - Post-merger $166,256 $24,148 $301,285 $115,023 $57,213 $663,925
</TABLE>
SIGNATURES
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 January 13, 1994 \s\ Boris Auerbach
Boris Auerbach
Vice President and Member of
Retirement Committee
<TABLE>
Schedule 1
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund
Schedule of Investments
December 31, 1992
<CAPTION>
Fair/Contract
Description Cost Value
<S> <C> <C>
Investments, at fair value:
U. S. Government securities......... $ 55,151,158 $ 58,289,066
Corporate debt instruments.......... 14,819,640 15,490,874
Corporate stock-preferred........... 388,991 393,600
Corporate stock-common.............. 48,394,437 67,145,023
Common/collective trusts............ 20,826,660 25,798,824
Total investments................ $139,580,886 $167,117,387
See accompanying detailed listing of investments.
</TABLE>
(Continued)
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
U. S. Government Securities
<S> <C> <C> <C> <C>
3,025,743.6000 FHLMC Group #55-4209 2,874,013.61 104.1250 3,150,555.52
8.000% 08/01/2008 DD 11/01/90
4,150,000.0000 FHLMC Multiclass Mtg Ctfs 122F 3,963,250.00 107.2500 4,450,875.00
8.750% 10/15/2005
4,300,000.0000 FHLMC Mlticlss Mtg Ser 1052-D 3,994,968.75 102.1860 4,393,998.00
7.500% 10/15/2017
1,000,000.0000 FHLMC Multiclass Mtg P/C 199-G 908,281.25 101.2971 1,012,971.20
8.000% 02/15/2016
1,760,210.7000 FHLMC Multiclass Mtg P/C 1125A 1,758,745.66 103.2100 1,816,713.46
8.250% 08/15/2013 DD 08/01/91
780,529.1800 FHLMC Multiclass Mtg P/C 1148A 776,724.05 101.2423 790,226.08
7.500% 01/15/2019
2,032,149.2500 FHLMC Multiclass Mtg P/C 1272H 2,054,159.68 99.2500 2,016,908.13
8.000% 05/15/2007
500,000.0000 Fed Farm Cr Bk Cons Sys Disc 499,312.50 99.8625 499,312.50
Mat 01/14/1993
500,000.0000 Fed Home Ln Mtg Corp Disc Nts 499,404.17 99.8808 499,404.17
Mat 01/12/1993
1,704,218.9200 FNMA GTD Remic Pt Ctf 92-G42-A 1,738,569.59 101.6560 1,732,440.79
7.000% 10/25/2015
1,526,215.4200 FNMA GTD Remic Pt Ctf 92-127-G 1,568,186.35 102.4657 1,563,847.92
7.750% 07/25/2007
1,714,681.2800 FNMA GTD Remic P/T Ctf 88-20-B 1,683,103.77 104.7970 1,796,934.54
9.000% 07/25/2003
3,500,000.0000 Government TR CTFS Current 1-C 3,638,670.00 111.6360 3,907,260.00
9.250% 11/15/2001
3,000,000.0000 REFCO Cpn Strips Generic Int 2,131,290.00 86.9700 2,609,100.00
Due 10/15/1995
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
3,200,000.0000 U. S. Treasury Notes 3,356,484.38 108.2970 3,465,504.00
08.000% 05/15/2001 DD 05/15/91
800,000.0000 U. S. Treasury Notes 795,888.00 105.4370 843,496.00
07.250% 08/31/1996 DD 09/03/91
2,020,000.0000 U. S. Treasury Notes 1,991,909.38 101.6560 2,053,451.20
06.250% 01/31/1997 DD 01/31/92
400,000.0000 U. S. Treasury Notes 410,843.75 101.6720 406,688.00
05.375% 04/30/1994 DD 04/30/92
5,535,000.0000 U. S. Treasury Notes 5,634,017.43 102.3440 5,664,740.40
05.875% 05/15/1995 DD 05/15/92
4,100,000.0000 U. S. Treasury Notes 4,208,192.50 105.3120 4,317,792.00
07.500% 05/15/2002 DD 05/15/92
2,000,000.0000 U. S. Treasury Notes 1,938,750.00 97.7810 1,955,620.00
06.375% 08/15/2002 DD 08/15/92
500,000.0000 U. S. Treasury Notes 503,515.62 99.8590 499,295.00
04.250% 08/31/1994 DD 08/31/92
200,000.0000 U. S. Treasury Notes 195,812.50 101.0940 202,188.00
7.375% 04/15/1993 DD 04/03/86
800,000.0000 U. S. Treasury Notes 800,625.00 108.5780 868,624.00
08.500% 08/15/1995 DD 06/01/90
7,000,000.0000 U. S. Treasury Notes 7,226,440.19 111.0160 7,771,120.00
08.750% 10/15/1997 DD 10/15/90
Total U. S. Government Securities 55,151,158.13 58,289,065.91
Corporate Debt Instruments
820,000.0000 Associates Corp North Amer Deb 816,597.00 106.6080 874,185.60
8.750% 02/01/1996
680,789.2100 CFAC Grantor Tr 1990-A Partn 675,379.47 105.3430 717,163.78
9.400% 03/15/1997
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
1,100,000.0000 First USA Bk Wilmington 88-A 1,124,234.38 101.8750 1,120,625.00
9.150% 10/31/1995
1,000,000.0000 Ford Mtr Cr Med Term #Tr 194 1,011,530.00 102.0830 1,020,830.00
9.550% 05/24/1993
270,000.0000 Great Westn Finl Corp Nt 271,979.10 102.3920 276,458.40
8.625% 12/01/1998 DD 12/02/91
2,095,086.7900 Guild Fin Corp Mtg Coll B B-2 2,131,952.08 103.9120 2,177,046.59
8.850% 02/01/2015
1,000,000.0000 Home Svgs Amer Irwindale CA Nt 1,005,625.00 109.1350 1,091,350.00
10.250% 12/05/1996
1,170,000.0000 Home Svgs Amer Calif FA Nt 1,161,421.70 110.4530 1,292,300.10
10.500% 06/12/1997
2,000,000.0000 Household Cr Card Tr 90-1 Cl A 1,998,800.00 103.2550 2,065,100.00
9.100% 04/15/1995
2,000,000.0000 JCP Master Cr Card Tr Ctf-D 2,061,562.50 105.5010 2,110,020.00
8.700% 09/15/1995
760,040.1200 SPNB Home Equity Ln Abs 91-1-A 756,136.99 103.0100 782,917.33
7.850% 05/15/1998
1,780,000.0000 Whirlpool Corp Mtn #Tr 00013 1,804,421.60 110.2740 1,962,877.20
9.060% 03/13/2001 DD 03/12/91
Total Corporate Debt Instruments 14,819,639.82 15,490,874.00
Corporate Stock - Preferred
38,400.0000 RJR Nabisco Hldgs Corp Depstry 388,991.16 10.2500 393,600.00
Shs Repstg 1/4Shpfd Con $0.835
Total Corporate Stock - Preferred 388,991.16 393,600.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
Corporate Stock - Common
<S> <C> <C> <C> <C>
9,000.0000 Exel Ltd Ord 267,866.50 47.2500 425,250.00
2,000.0000 AMR Corp Del 122,068.00 67.5000 135,000.00
7,900.0000 ARCO Chem Co 278,069.81 43.7500 345,625.00
6,000.0000 AETNA Life & Cas Co 227,234.80 46.5000 279,000.00
14,000.0000 Ahmanson H F & Co 173,008.35 19.2500 269,500.00
4,000.0000 Air Prods & Chems Inc 185,172.50 46.7500 187,000.00
4,700.0000 Allegheny Pwr Sys Inc 175,110.25 47.8750 225,012.50
7,000.0000 Allied Signal Inc 382,979.10 60.5000 423,500.00
4,300.0000 American Brands Inc 178,300.00 40.5000 174,150.00
15,100.0000 American Express Co 300,690.20 24.8750 375,612.50
3,400.0000 American Gen Corp 98,315.68 57.0000 193,800.00
4,600.0000 American Home Prods Corp 243,556.00 67.5000 310,500.00
6,500.0000 American Intl Group Inc 640,561.82 116.0000 754,000.00
9,400.0000 American Tel & Teleg Co 397,714.00 51.0000 479,400.00
5,800.0000 Ameritech Corp New 350,026.06 71.2500 413,250.00
4,800.0000 AMGEN Inc 280,633.00 70.6250 339,000.00
3,600.0000 Amoco Corp 172,026.51 48.7500 175,500.00
15,500.0000 Applied Bioscience Intl Inc 216,145.81 9.3750 145,312.50
14,200.0000 Arkla Inc 268,514.28 8.5000 120,700.00
3,600.0000 Atlantic Richfield Co 412,852.85 114.7500 413,100.00
9,000.0000 Baltimore Gas & Elec Co 173,670.00 23.3750 210,375.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
472.0000 Bankamerica Corp 12,440.95 46.5000 21,948.00
1,700.0000 Bankers Tr N Y Corp 70,477.75 68.5000 116,450.00
2,600.0000 Barnett Bks Inc 40,986.40 41.2500 107,250.00
7,600.0000 Bell Atlantic Corp 341,260.40 51.2500 389,500.00
8,300.0000 Bellsouth Corp 399,229.04 51.3750 426,412.50
11,500.0000 Bemis Inc 288,372.50 25.1250 288,937.50
21,300.0000 Black & Decker Corp 473,752.04 18.1250 386,062.50
23,700.0000 Blockbuster Entmt Corp 304,073.05 18.7500 444,375.00
4,200.0000 Boise Cascade Corp 106,655.22 21.1250 88,725.00
4,600.0000 Borden Inc 132,468.30 28.6250 131,675.00
1,400.0000 Briggs & Stratton Corp 36,848.00 46.5000 65,100.00
4,700.0000 Bristol Myers Squibb 213,224.47 67.5000 317,250.00
900.0000 Burlington Northn Inc 23,800.50 43.5000 39,150.00
6,500.0000 Burlington Res Inc 166,552.87 40.0000 260,000.00
6,500.0000 Cigna Corp 260,510.47 58.6250 381,062.50
21,700.0000 CMS Energy Corp 375,289.40 18.3750 398,737.50
4,000.0000 CUC Intl Inc 105,971.50 29.0000 116,000.00
10,500.0000 Caesars World Inc 373,730.00 38.6250 405,562.50
6,200.0000 Chase Manhattan Corp 68,634.00 28.5000 176,700.00
12,350.0000 Chemical Bkg Corp 341,292.25 38.6250 477,018.75
6,400.0000 Chevron Corp 438,106.30 69.5000 444,800.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
10,500.0000 Chrysler Corp 139,044.26 32.0000 336,000.00
5,350.0000 Chubb Corp 168,389.77 88.8750 475,481.25
8,950.0000 Circuit City Stores Inc 177,299.50 51.7500 463,162.50
3,750.0000 Circus Circus Enterprises Inc 122,342.65 56.7500 212,812.50
3,400.0000 Clorox Co 130,914.45 46.5000 158,100.00
5,500.0000 Comerica Inc 342,022.50 64.0000 352,000.00
23,350.0000 Computer Assoc Intl Inc 165,693.62 20.2500 472,837.50
10,600.0000 Consolidated Edison Co NY Inc 243,646.30 32.6250 345,825.00
8,300.0000 Consolidated Nat Gas Co 326,755.34 45.5000 377,650.00
16,600.0000 Consolidated Rail Corp 623,159.00 47.5000 788,500.00
13,900.0000 Continental Corp 342,448.07 26.8750 373,562.50
9,000.0000 Corning Inc 264,593.87 37.5000 337,500.00
19,500.0000 Costco Whsl Corp 211,814.07 24.5000 477,750.00
2,300.0000 Dana Corp 61,330.46 47.0000 108,100.00
12,350.0000 Dayton Hudson Corp 758,431.35 75.7500 935,512.50
6,000.0000 Disney Walt Co 60,451.64 43.0000 258,000.00
5,050.0000 Dow Chem Co 224,556.36 57.2500 289,112.50
19,000.0000 Dresser Inds Inc 379,774.21 18.0000 342,000.00
3,800.0000 Du Pont E I De Nemours & Co 128,554.00 47.1250 179,075.00
6,100.0000 Dun & Bradstreet Corp 231,240.43 57.7500 352,275.00
10,000.0000 Eastman Kodak Co 416,831.45 40.5000 405,000.00
5,200.0000 Eaton Corp 142,154.14 81.6250 424,450.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
1,900.0000 Echlin Inc 21,270.50 23.3750 44,412.50
6,500.0000 Exxon Corp 319,065.81 61.1250 397,312.50
11,500.0000 FPL Group Inc 318,492.50 36.2500 416,875.00
19,800.0000 Federal Hom Ln Mgt Corp Common 425,597.81 48.3750 957,825.00
6,125.0000 Federal Natl Mtg Assn 64,349.25 76.3750 467,796.88
11,350.0000 First Intst Bancorp 367,738.66 46.7500 530,612.50
10,100.0000 Ford Mtr Co Del 455,852.81 42.8750 433,037.50
7,700.0000 GTE Corp 226,917.27 34.6250 266,612.50
4,500.0000 General Elec Co 297,283.12 85.5000 384,750.00
4,500.0000 General Mls Inc 301,280.00 68.5000 308,250.00
14,350.0000 General Mtrs Corp 462,870.80 32.2500 462,787.50
24,000.0000 General Mtrs Corp Cl E 328,467.16 32.8750 789,000.00
5,000.0000 Georgia Pac Corp 236,365.50 62.3750 311,875.00
6,400.0000 Goodyear Tire & Rubr Co 320,000.00 68.3750 437,600.00
38,600.0000 Great Westn Finl Corp 464,712.95 17.5000 675,500.00
8,000.0000 Green Tree Financial Corp 265,328.00 48.0000 384,000.00
6,000.0000 Hanson PLC Adr 107,610.00 18.2500 109,500.00
2,300.0000 Harland John H Co 48,063.00 26.0000 59,800.00
6,800.0000 Hercules Inc 214,676.00 63.5000 431,800.00
9,200.0000 Hewlett Packard Co 676,094.39 69.8750 642,850.00
19,000.0000 Home Depot Inc 101,737.30 67.5000 1,282,500.00
12,800.0000 Honeywell Inc 181,980.28 33.2500 425,600.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
6,000.0000 Humana Inc 126,845.60 20.5000 123,000.00
24,300.0000 I B P Inc 430,386.72 20.1250 489,037.50
8,850.0000 IMC Fertilizer Group Inc 463,692.80 42.6250 377,231.25
6,000.0000 ITT Corp 389,580.74 72.0000 432,000.00
9,150.0000 Intel Corp 421,796.03 87.0000 796,050.00
9,950.0000 Intl Business Machs Corp 983,542.71 50.3750 501,231.25
9,000.0000 Johnson & Johnson 426,542.47 50.5000 454,500.00
19,300.0000 K Mart Corp 235,075.82 24.5000 472,850.00
6,500.0000 Kimberly Clark Corp 259,327.98 59.0000 383,500.00
4,500.0000 Knight Ridder Inc 274,354.00 58.0000 261,000.00
6,100.0000 Lincoln Natl Corp Ind 251,991.00 74.0000 451,400.00
3,400.0000 Loews Corp 168,802.42 120.1250 408,425.00
18,900.0000 Lowes Cos Inc 292,701.73 24.1250 455,962.50
18,000.0000 Magna Intl Class A 448,151.50 26.6250 479,250.00
6,800.0000 Mapco Inc 377,808.00 54.0000 367,200.00
4,400.0000 Martin Marietta Corp 219,164.00 69.5000 305,800.00
19,100.0000 Masco Corp 500,333.29 29.6250 565,837.50
3,200.0000 Maytag Corp 35,753.60 14.8750 47,600.00
5,500.0000 McDonalds Corp 235,938.00 48.7500 268,125.00
1,700.0000 McGraw Hill Inc 82,994.00 61.3750 104,337.50
5,100.0000 McKesson Corp 153,902.70 42.5000 216,750.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
14,000.0000 Medco Containment Svcs Inc 166,670.56 37.7500 528,500.00
5,500.0000 Medical Care Amer Inc 255,250.00 24.0000 132,000.00
15,500.0000 Merck & Co Inc 296,226.06 43.3750 672,312.50
5,000.0000 Microsoft Corp 133,539.17 85.3750 426,875.00
4,100.0000 Minnesota Mng & Mfg Co 386,217.00 100.6250 412,562.50
6,500.0000 Mobil Corp 391,562.64 63.1250 410,312.50
3,300.0000 Monsanto Co 177,810.50 57.6250 190,162.50
2,800.0000 Morgan J P & Co Inc 120,728.50 65.7500 184,100.00
13,800.0000 Morgan Stanley Group Inc 719,638.37 55.7500 769,350.00
5,000.0000 Motorola Inc 278,682.52 104.5000 522,500.00
16,100.0000 National Svc Inds Inc 379,772.44 25.8750 416,587.50
17,650.0000 Nationsbank Corp 663,231.39 51.3750 906,768.75
1,900.0000 Nicor Inc 81,405.93 49.7500 94,525.00
2,700.0000 Northern Sts Pwr Co Minn 94,860.70 43.2500 116,775.00
26,650.0000 Norwest Corp 586,823.20 43.1250 1,149,281.25
27,000.0000 Novell Inc 145,145.25 28.5000 769,500.00
5,600.0000 Nynex Corp 390,855.29 83.8750 469,700.00
11,900.0000 Ogden Corp 218,155.43 22.7500 270,725.00
8,500.0000 Oklahoma Gas & Elec Co 326,689.00 34.1250 290,062.50
10,000.0000 Oracle Sys Corp 224,270.60 28.3750 283,750.00
7,600.0000 PNC Finl Corp 80,541.00 28.5000 216,600.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
6,225.0000 PPG Inds Inc 281,387.79 65.8750 410,071.88
4,800.0000 Pacific Enterprises 191,161.70 18.5000 88,800.00
10,500.0000 Pacific Telesis Group 261,532.91 44.3750 465,937.50
21,700.0000 Pacificorp 462,480.35 19.7500 428,575.00
3,000.0000 Penney J C Inc 133,902.15 77.7500 233,250.00
6,000.0000 Pennsylvania Pwr & Lt Co 129,810.00 27.2500 163,500.00
13,000.0000 Pepsico Inc 89,754.63 41.5000 539,500.00
11,000.0000 Pfizer Inc 441,177.50 72.5000 797,500.00
13,200.0000 Philip Morris Cos Inc 176,587.49 77.1250 1,018,050.00
13,000.0000 Pitney Bowes Inc 354,933.00 39.8750 518,375.00
5,500.0000 Policy Mgmt Sys Corp 268,220.00 83.5000 459,250.00
7,700.0000 Potomac Elec Pwr Co 162,316.00 23.8750 183,837.50
24,100.0000 Praxair Inc 400,421.15 16.7500 403,675.00
13,700.0000 Public Svs Enterprise Group 360,859.58 30.8750 422,987.50
8,800.0000 Raytheon Co 304,157.03 51.2500 451,000.00
4,000.0000 Readers Digest Assn Inc Class A 156,427.66 54.0000 216,000.00
Non Vtg
13,400.0000 Reebok Intl Ltd 416,013.72 34.0000 455,600.00
16,600.0000 Repsol SA Sponsored Adr 369,191.40 24.0000 398,400.00
5,000.0000 Reuters Hldgs PLC Adr B 301,421.00 63.7500 318,750.00
7,500.0000 Reynolds Metals Co 434,752.50 53.1250 398,437.50
2,100.0000 Royal Dutch Pete Co N Y Reg Sh 169,976.00 81.0000 170,100.00
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, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
9,400.0000 Scecorp 360,045.31 44.0000 413,600.00
11,400.0000 Salomon Inc 426,307.00 38.1250 434,625.00
13,000.0000 Santa Fe Energy Res 250,838.42 8.6250 112,125.00
3,000.0000 Scana Corp 109,787.14 40.5000 121,500.00
12,400.0000 Sears Roebuck & Co 323,239.15 45.5000 564,200.00
7,000.0000 Student Ln Marketing Assn New Vtg 234,768.87 68.8750 482,125.00
12,200.0000 Telefonos de Mexico S A Sponsored 459,284.04 56.0000 683,200.00
Adr Repstg Sh Ord L
7,400.0000 Tenneco Inc 340,924.19 40.6250 300,625.00
6,900.0000 Texaco Inc 407,863.25 59.7500 412,275.00
2,500.0000 Texas Instrs Inc 114,703.50 46.6250 116,562.50
8,100.0000 Texas Utils Co 297,197.10 42.5000 344,250.00
9,600.0000 Textron Inc 412,384.40 44.7500 429,600.00
2,800.0000 Thomas & Betts Corp 129,474.80 65.5000 183,400.00
6,000.0000 Toys R Us Inc 162,278.25 40.1250 240,750.00
9,000.0000 Travelers Corp 125,505.00 27.2500 245,250.00
17,100.0000 Trinova Corp 452,524.93 21.3750 365,512.50
12,700.0000 USX-Marathon Group New 270,400.56 17.2500 219,075.00
2,600.0000 Union Camp Corp 86,526.82 46.1250 119,925.00
4,300.0000 Union Carbide Corp 40,185.89 16.6250 71,487.50
3,000.0000 Union Elec Co 94,056.00 37.3750 112,125.00
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Diversified Fund, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
8,000.0000 Union Pac Corp 355,240.50 58.5000 468,000.00
9,500.0000 U S West Inc 339,669.17 38.3750 364,562.50
7,000.0000 Upjohn Co 240,513.50 32.2500 225,750.00
1,000.0000 Wachovia Corp New 40,320.00 68.2500 68,250.00
21,200.0000 Wal Mart Stores Inc 87,478.70 64.0000 1,356,800.00
15,500.0000 Waste Mgmt Inc 154,343.23 40.0000 620,000.00
9,000.0000 Westinghouse Elec Corp 210,816.49 13.3750 120,375.00
12,700.0000 Weyerhaeuser Co 255,938.87 36.8750 468,312.50
10,050.0000 Whirlpool Corp 370,023.11 44.6250 448,481.25
14,700.0000 Woolworth Corp 327,486.50 31.6250 464,887.50
3,400.0000 Xerox Corp 165,676.00 79.2500 269,450.00
Total Corporate Stock - Common 48,394,436.39 67,145,023.01
Common/Collective Trusts
309.2500 Mellon Temp Inv Fund 309.25 100.0000 309.25
51,276.0000 Mellon Equity Index Fund 14,052,716.90 371.0289 19,024,880.85
6,773,634.0000 *TBC Inc Pooled Employee Funds 6,773,634.00 1.0000 6,773,634.00
Daily Liquidity Fund
Total Common/Collective Trusts 20,826,660.15 25,798,824.10
Total Investment 139,580,885.65 167,117,387.02
(Continued)
*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, 1992
<CAPTION>
Description Cost Fair Value
<S> <C> <C>
Investments, at fair value:
U. S. Government securities........ $ 21,358,049 $ 21,286,200
Corporate debt instruments......... 4,742,390 4,718,175
Common/collective trusts........... 1,146,943 1,146,943
Total investments............... $ 27,247,382 $ 27,151,318
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, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
U. S. Government Securities
<S> <C> <C> <C> <C>
3,000,000.0000 Fed Farm Cr Bks Cons Sys Bds 3,003,900.00 100.0910 3,002,730.00
Fltg Rt 06/15/1993 DD 06/15/90
11,600,000.0000 U S Treasury Notes 11,814,843.75 101.1410 11,732,356.00
05.000% 06/30/1994 DD 06/30/92
5,600,000.0000 U S Treasury Notes 5,602,625.00 100.0940 5,605,264.00
04.625% 12/31/1994 DD 12/31/92
1,000,000.0000 U S Treas Strip Generic Tint 936,680.00 94.5850 945,850.00
05/15/1994
Total U.S. Government Securities 21,358,048.75 21,286,200.00
Corporate Debt Instruments
2,000,000.0000 Corestates Cap Corp Mtn SR0011 2,094,940.00 105.0200 2,100,400.00
8.625% 03/15/1994 DD 03/12/91
2,500,000.0000 International Lse Fin Corp Mtn 2,647,450.00 104.7110 2,617,775.00
9.650% 12/15/1993 DD 12/13/88
Total Corporate Debt Instruments 4,742,390.00 4,718,175.00
Common/Collective Trusts
1,146,943.0000 *TBC Inc Pooled Employee Funds 1,146,943.00 1.0000 1,146,943.00
Daily Liquidity Fund
Total Common/Collective Trusts 1,146,943.00 1,146,943.00
Total Investment 27,247,381.75 27,151,318.00
(Continued)
*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, 1992
<CAPTION>
Description Cost Fair Value
<S> <C> <C>
Investments, at fair value:
U. S. Government securities...... $ 53,987,358 $ 53,998,169
Corporate debt instruments....... 99,382,584 99,522,630
Common/collective trusts......... 25,754,563 25,754,563
Other investments................ 14,308,250 14,269,375
Total investments............. $193,432,755 $193,544,737
See accompanying detailed listing of investments.
(Continued)
</TABLE>
<TABLE>
Schedule 1, Continued
FEDERATED DEPARTMENT STORES, INC.
RETIREMENT INCOME AND THRIFT INCENTIVE PLAN
Thrift Incentive Fund - Fund A, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
U. S. Government Securities
<S> <C> <C> <C> <C>
2,000,000.0000 Fed Farm Cr Bks Cons Sys Bds 2,002,600.00 100.0910 2,001,820.00
Fltg Rt 06/15/1993 DD 06/15/90
5,000,000.0000 U S Treasury Notes 5,064,227.20 101.6720 5,083,600.00
05.375% 04/30/1994 DD 04/30/92
16,000,000.0000 U S Treasury Notes 16,285,156.25 101.1410 16,182,560.00
05.000% 06/30/1994 DD 06/30/92
5,000,000.0000 U S Treasury Notes 4,999,609.38 99.8590 4,992,950.00
04.250% 08/31/1994 DD 08/31/92
8,600,000.0000 U S Treasury Notes 8,604,031.25 100.0940 8,608,084.00
04.625% 12/31/1994 DD 12/31/92
6,300,000.0000 U S Treas Strip Generic Tint 5,925,484.00 94.5850 5,958,855.00
05/15/1994
5,000,000.0000 Commitment to Purchase FNMA 5,500,000.00 110.7810 5,539,050.00
11.000% 01/19/2012
5,000,000.0000 Commitment to Purchase GNMA 5,606,250.00 112.6250 5,631,250.00
11.000% 01/25/2017
Total U.S. Government Securities 53,987,358.08 53,998,169.00
Corporate Debt Instruments
3,530,000.0000 Alaska Housing Finance Corp 3,500,965.75 99.1250 3,499,112.50
Fltg/Rt 15/07/2001
3,000,000.0000 Bankers Trust New York Corp 2,930,109.38 99.5800 2,987,400.00
Fltg Rt Sub Nts 2000 US$ (Var)
4,000,000.0000 Citizens Fed S&L Assn US$1000 4,015,131.25 99.5900 3,983,600.00
Var Rt March 5, 1996
640,000.000 Morgan (J.P.) & Co Sub Nt US$ 632,853.33 100.0900 640,576.00
Fltg Rt 19/12/1997
(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, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
2,000,000.0000 Natl Westminster Fin Bv Gtd Nt 1,941,200.00 92.1450 1,842,900.00
Fltg/Rt 2005 US$
3,350,000.0000 Regie Des Installations Olymp 3,346,440.62 99.9650 3,348,827.50
Var/Rt 11/21/1994
772,985.3600 Asset Backed Secs Corp Oblig-7 797,669.02 100.8580 779,617.57
9.250% 04/15/1995
3,000,000.0000 Associates Corp North Amer 3,121,620.00 102.1650 3,064,950.00
9.200% 07/01/1993
707,051.8600 Bear Stearns Invs CMO 88-6 6-A 613,792.10 98.7750 698,390.47
Zero Cpn 12/01/2018
801,932.2100 Bear Stearns Invs CMO 88-8 8-A 695,705.45 98.9360 793,399.65
Zero Cpn 12/01/2018
263,642.5900 CFC Grantor Tr 4B Asset Backed 273,760.69 102.1810 269,392.63
9.200% 11/15/1996
1,928,594.6900 CFC Grantor Tr 11A Marine Ctf 1,951,700.17 103.4710 1,995,536.21
8.900% 08/15/1997
1,359,039.7100 Chemical Bk Cr Card Tr 89-A 1,373,904.21 103.8740 1,411,688.91
8.750% 12/15/1994
2,140,275.3800 Chemical Bk Grantor Tr 88-B 2,202,745.76 102.3240 2,190,015.38
9.100% 10/17/1994
3,500,000.0000 Citicorp Mtg Secs Inc 91-17 A3 3,611,562.50 104.9940 3,674,790.00
8.500% 10/25/2017
1,187,165.7800 First Intst Auto Tr 1990-1 Ctf 1,209,381.67 102.4680 1,216,465.03
9.000% 10/15/1996
3,753,882.2600 GE Cap Mtg Svcs 92-4 Cl 4A-1 3,847,654.25 102.6380 3,852,909.67
8.000% 04/25/2022
4,400,000.0000 GE Cap Mtg Svcs Inc 92-13 13-B 4,474,250.00 101.9840 4,487,296.00
7.000% 12/25/2007
(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, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
1,446,211.5800 GMAC 1991-B Grantor Tr Asset A 1,450,067.28 101.8400 1,472,821.87
6.750% 06/15/1996
3,993,857.3600 GMAC 92-F Grantor Tr Abs Cl A 3,987,616.95 99.0900 3,957,513.26
4.500% 09/15/1997
1,750,000.0000 GMAC Med Term Nts # Tr 00433 1,821,400.00 103.1900 1,805,825.00
8.550% 03/15/1994 DD 03/11/91
3,000,000.0000 General Mtrs A/C Mtn #Tr453 2,994,870.00 100.5680 3,017,040.00
8.000% 03/15/1993 DD 03/15/91
300,000.0000 General Mtrs Accep Mtr Mtn 301,776.00 100.0990 300,297.00
5.400% 04/08/1993 DD 04/08/92
550,710.5500 Hibernia Natl BK Grantor 90-A 554,445.21 103.5760 570,403.96
8.300% 12/15/1995
5,000,000.0000 International Lse Fin Mtn 0014 4,973,100.00 101.8330 5,091,650.00
6.380% 03/18/1994 DD 03/18/92
2,000,000.0000 International Lease Fin Corp 1,997,040.00 100.1230 2,002,460.00
7.850% 01/12/1993 DD 04/10/91
450,529.1800 Meridian Grantor Tr 91-A Ctf 450,174.77 102.0930 459,958.76
7.950% 02/15/1996
1,285,000.0000 Nippon Teleg & Tel Pub Corp Gt 1,405,501.77 109.1070 1,402,024.95
13.35% 6/13/94
6,000,000.0000 Philip Morris Cos Inc Mtn 0086 6,273,960.00 103.9800 6,238,800.00
8.450% 12/14/1993 DD 12/14/90
4,450,000.0000 Prudential Home Mtg 92-42 Clai 4,450,000.00 100.1880 4,458,366.00
5.350% 01/25/2008
3,994,026.6800 SPNB Home Equity Ln Ctf 91-2-A 4,062,347.49 101.4060 3,999,479.70
8.100% 06/15/2020 DD 07/15/91
3,000,000.0000 Sears Roebuck & Co 3,137,670.00 101.5780 3,047,340.00
9.350% 05/15/1993
3,235,000.0000 Security Pac Corp Nt 3,387,756.70 103.8780 3,360,453.30
8.900% 03/15/1994
(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, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
<S> <C> <C> <C> <C>
5,000,000.0000 Toyota Mtr Cr Co Mtn Tr 00033 5,000,000.00 100.2240 5,011,200.00
4.9375% 03/19/1993 DD 03/20/92
3,000,000.0000 Transamer Fin Corp Mtn Tr #025 3,151,020.00 102.0060 3,060,180.00
9.670% 05/10/1993
4,339,282.7300 U S Auto Receivable Tr 90-4A 4,443,391.69 103.5770 4,494,498.87
8.650% 11/15/1995 DD
5,000,000.0000 United Tech Corp Mtn Tr #0002 5,000,000.00 100.7090 5,035,450.00
Fltg Rt 06/01/1994
Total Corporate Debt Instruments 99,382,584.01 99,522,630.19
Common/Collective Trusts
25,754,563.0000 *TBC INC Pooled Employee Funds 25,754,563.00 1.0000 25,754,563.00
Daily Liquidity Fund
Total Common/Collective Trusts 25,754,563.00 25,754,563.00
Other Investments
2,000,000.0000 Ireland Floating Rt Nts 1,994,600.00 99.5900 1,991,800.00
06/12/1998 US$ (Var)
4,000,000.0000 New Zealand US $ (Var) 3,999,600.00 100.0950 4,003,800.00
Fltg Rate Nts 04/06/1990
4,000,000.0000 Quebec (Province of), Canada Nts 3,896,800.00 95.5650 3,822,600.00
Var/Rt 15/10/2001
500,000.0000 State Bank of NSW Gtd US $ 497,250.00 99.6350 498,175.00
F/R Nts 11/02/1998
4,000,000.0000 State Bk Victoria Gtd Cap Nts 3,920,000.00 98.8250 3,953,000.00
Var/Rt 27/06/1999
Total Other Investments 14,308,250.00 14,269,375.00
Total Investment 193,432,755.09 193,544,737.19
* Denotes Party-in-interest (Continued)
</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, 1992
<CAPTION>
Description Cost Fair Value
<S> <C> <C>
Investments, at fair value:
Common/collective trusts.......... $ 46,767,530 $ 53,708,814
Total investments.............. $ 46,767,530 $ 53,708,814
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, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
Common/Collective Trusts
<S> <C> <C> <C> <C>
25.7200 Mellon Temp Inv Fund 25.72 100.0000 25.72
73,557.0000 Mellon Equity Index Fund 22,128,387.25 371.0289 27,291,777.06
144,805.0000 Mellon Bk Long Bd Index Fd 24,381,826.43 180.6548 26,159,719.91
257,291.0000 *TBC Inc Pooled Employee Funds 257,291.00 1.0000 257,291.00
Daily Liquidity Fund
Total Common/Collective Trusts 46,767,530.40 53,708,813.69
Total Investment 46,767,530.40 53,708,813.69
(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, 1992
<CAPTION>
Description Cost Fair Value
<S> <C> <C>
Investments, at fair value:
Common/collective trusts.......... $ 23,574,960 $ 29,217,442
Total investments.............. $ 23,574,960 $ 29,217,442
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 C, Continued
Schedule of Investments
December 31, 1992
<CAPTION>
SHARES/ MARKET
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE
Common/Collective Trusts
<S> <C> <C> <C> <C>
52.6800 Mellon Temp Inv Fund 52.68 100.0000 52.68
75,459.0000 Mellon Equity Index Fund 22,354,992.03 371.0289 27,997,474.14
1,219,915.0000 *TBC Inc Pooled Employee Funds 1,219,915.00 1.0000 1,219,915.00
Daily Liquidity Fund
Total Common/Collective Trusts 23,574,959.71 29,217,441.82
Total Investment 23,574,959.71 29,217,441.82
*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, 1992
<CAPTION>
Total Total Proceeds Net Gain
Number of Total Number from (Loss)
Description Purchases Purchases of Sales Sales on Sales
<S> <C> <C> <C> <C> <C>
Ford Motor Credit Medium Term Notes,
7.27%, 9/10/93........................ 2 $ 13,206,830 2 $ 13,376,220 $169,390
U.S. Treasury Notes, 6.875%, 7/31/93.... 1 1,026,875 10 24,113,453 212,984
U.S. Treasury Notes, 6.125%, 9/30/93.... - - 2 28,569,297 547
U.S. Treasury Notes, 5.5%, 11/30/93..... 4 31,300,781 10 63,684,609 130,156
U.S. Treasury Notes, 5.375%, 4/30/94.... 6 57,704,375 21 52,596,141 366,837
U.S. Treasury Notes, 5.0%, 6/30/94...... 4 28,100,000 - - -
U.S. Treasury Strip Generic Tint,
5/15/94............................... 3 26,907,116 2 20,179,344 134,392
*TBC Inc. Pooled Employee Funds Daily
Liquidity Fund, various rates......... 823 267,220,829 598 244,615,063 -
*Denotes Party-in-interest.
</TABLE>
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors
Federated Department Stores, Inc.:
We consent to incorporation by reference in the Registration Statement on
Form S-8 of Federated Department Stores, Inc. of our report dated September 30,
1993, relating to the statements of net assets available for plan benefits
of Federated Department Stores, Inc. Retirement Income and Thrift Incentive
Plan as of December 31, 1992 and 1991, and the related statements of changes
in net assets available for plan benefits for the years then ended, and
related schedules, which report appears in the December 31, 1992 Annual Report
on Form 11-K of Federated Department Stores, Inc. Retirement Income and
Thrift Incentive Plan.
\s\ KPMG Peat Marwick
KPMG PEAT MARWICK
Cincinnati, Ohio
January 13, 1994