<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
_________________________
(Mark One):
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
- - ----
EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 1993.
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
- - ----
EXCHANGE ACT OF 1934.
For the transition period from _______________ to _______________
Commission file number: 0-1502
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
AMERICAN GREETINGS RETIREMENT
PROFIT SHARING AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
AMERICAN GREETINGS CORPORATION
ONE AMERICAN ROAD
CLEVELAND, OHIO 44144
_________________________
REQUIRED INFORMATION
The following financial statements are being furnished for the
American Greetings Retirement Profit Sharing and Savings Plan (the "Plan"):
1. Audited statements of net assets available for benefits as of
December 31, 1993 and 1992.
<PAGE> 2
2. Audited statements of changes in net assets available for
benefits for the years ended December 31, 1993 and 1992.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN GREETINGS RETIREMENT
PROFIT SHARING AND SAVINGS PLAN
June 29, 1994 By: /s/ Harvey Levin
-----------------------------------
Name: Harvey Levin
Title: Senior Vice-President
-2-
<PAGE> 3
Audited Financial Statements and
Supplemental Schedules
AMERICAN GREETINGS RETIREMENT
PROFIT SHARING AND SAVINGS PLAN
December 31, 1993
<PAGE> 4
Report of Independent Auditors
Administrative Committee of the Retirement
Profit Sharing and Savings Plan
American Greetings Corporation
Cleveland, Ohio
We have audited the accompanying statements of net assets available for
benefits of American Greetings Retirement Profit Sharing and Savings Plan as of
December 31, 1993 and 1992, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements
are the responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1993 and 1992, and the changes in its net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1993 and reportable
transactions for the year then ended are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The supplemental schedules
have been subjected to the auditing procedures applied in our audit of the 1993
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the 1993 financial statements taken as a whole.
/s/ Ernst & Young
Ernst & Young
June 17, 1994
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<PAGE> 5
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Statements of Net Assets Available for Benefits
<CAPTION>
DECEMBER 31, 1993
-----------------------------------------------------------------------------------------
FIXED COMPANY
COMMON INCOME STOCK PARTICIPANT
FUND FUND FUND LOAN FUND TOTAL
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Money market funds and repurchase
agreements $ 2,582,016 $ 9,160,207 $ 1,032,223 $ 12,774,446
U.S. Government and agency securities 167,822,933 167,822,933
Corporate obligations 7,421,786 7,421,786
Common stocks 57,921,551 57,921,551
Common stock of American Greetings
Corporation
37,850,704 37,850,704
Participant loans $ 68,166 68,166
Other 69,650 69,650
-----------------------------------------------------------------------------------------
TOTAL INVESTMENTS 60,503,567 184,474,576 38,882,927 68,166 283,929,236
Deposits with insurance companies 87,511,622 87,511,622
Receivables:
Employer's contribution 4,728,220 14,430,040 2,879,620 22,037,880
Participants' contributions 287,518 656,306 170,950 1,114,774
Accrued income 56,220 2,048,774 1,513 2,106,507
Due from broker for securities sold 118,651 36,374,531 36,493,182
----------------------------------------------------- -----------------
TOTAL RECEIVABLES 5,190,609 53,509,651 3,052,083 61,752,343
Cash 195,768 195,768
-----------------------------------------------------------------------------------------
TOTAL ASSETS 65,889,944 325,495,849 41,935,010 68,166 433,388,969
LIABILITIES
Accrued expenses (377,740) (205,600) (583,340)
Due to broker for securities purchased (63,447,969) (63,447,969)
-----------------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $ 65,512,204 $ 261,842,280 $ 41,935,010 $ 68,166 $ 369,357,660
=========================================================================================
<CAPTION>
DECEMBER 31, 1992
- - ----------------------------------------------------------------------------------------------
FIXED COMPANY
COMMON INCOME STOCK PARTICIPANT
FUND FUND FUND LOAN TOTAL
- - ----------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 3,052,837 $ 64,129,318 $ 365,722 $ 67,547,877
92,260,794 92,260,794
10,434,366 10,434,366
47,220,319 47,220,319
14,654,672 14,654,672
$ 111,580 111,580
0
- - ----------------------------------------------------------------------------------------------
50,273,156 166,824,478 15,020,394 111,580 232,229,608
104,262,699 104,262,699
4,005,512 13,218,408 1,349,977 18,573,897
197,579 488,733 66,017 752,329
56,675 1,729,130 750 1,786,555
12,995,938 12,995,938
- - ------------------------------------------------------------- ----------------
4,259,766 28,432,209 1,416,744 34,108,719
0
- - ----------------------------------------------------------------------------------------------
54,532,922 299,519,386 16,437,138 111,580 370,601,026
(82,964) (43,841) (2,128) (128,933)
(54,666,875) (54,666,875)
- - ----------------------------------------------------------------------------------------------
$ 54,449,958 $ 244,808,670 $ 16,435,010 $ 111,580 $ 315,805,218
==============================================================================================
<FN>
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
-2-
<PAGE> 6
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Statements of Changes in Net Assets Available for Benefits
<CAPTION>
YEAR ENDED DECEMBER 31, 1993
--------------------------------------------------------------------------------------
FIXED COMPANY
COMMON INCOME STOCK PARTICIPANT
FUND FUND FUND LOAN FUND TOTAL
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO
Net realized and unrealized appreciation of
investments--Note C $ 5,429,489 $ 2,860,677 $ 8,737,445 $ 17,027,611
Interest and dividend income 682,144 16,201,325 15,732 $ 4,405 16,903,606
Dividends from American Greetings
Corporation common stock 388,927 388,927
Contributions:
Participants 2,763,484 6,662,368 1,399,462 10,825,314
Employer 4,728,220 14,430,040 2,879,620 22,037,880
--------------------------------------------------------------------------------------
TOTAL ADDITIONS 13,603,337 40,154,410 13,421,186 4,405 67,183,338
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO
Benefits paid to participants 910,058 10,661,536 651,722 47,819 12,271,135
Administrative expenses 410,345 933,197 16,219 1,359,761
--------------------------------------------------------------------------------------
TOTAL DEDUCTIONS 1,320,403 11,594,733 667,941 47,819 13,630,896
--------------------------------------------------------------------------------------
NET INCREASE (DECREASE) PRIOR TO INTERFUND
TRANSFERS 12,282,934 28,559,677 12,753,245 (43,414) 53,552,442
Interfund transfers--net (1,220,688) (11,526,067) 12,746,755 0
--------------------------------------------------------------------------------------
NET INCREASE (DECREASE) 11,062,246 17,033,610 25,500,000 (43,414) 53,552,442
Net assets available for benefits at beginning of
year 54,449,958 244,808,670 16,435,010 111,580 315,805,218
--------------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS AT
END OF YEAR $ 65,512,204 $ 261,842,280 $ 41,935,010 $ 68,166 $ 369,357,660
======================================================================================
<CAPTION>
YEAR ENDED DECEMBER 31, 1992
- - ---------------------------------------------------------------------------------------------
FIXED COMPANY
COMMON INCOME STOCK PARTICIPANT
FUND FUND FUND LOAN TOTAL
- - ---------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 5,858,584 $ 1,011,868 $ 2,867,027 $ 9,737,479
524,432 17,844,457 16,886 $ 5,502 18,391,277
212,148 212,148
1,444,030 6,083,032 637,072 8,164,134
5,273,576 11,904,773 1,395,547 18,573,896
- - ---------------------------------------------------------------------------------------------
13,100,622 36,844,130 5,128,680 5,502 55,078,934
758,841 8,627,902 446,048 29,768 9,862,559
271,458 467,523 10,230 749,211
- - ---------------------------------------------------------------------------------------------
1,030,299 9,095,425 456,278 29,768 10,611,770
- - ---------------------------------------------------------------------------------------------
12,070,323 27,748,705 4,672,402 (24,266) 44,467,164
23,201,517 (25,478,404) 2,276,887 0
- - ---------------------------------------------------------------------------------------------
35,271,840 2,270,301 6,949,289 (24,266) 44,467,164
19,178,118 242,538,369 9,485,721 135,846 271,338,054
- - ---------------------------------------------------------------------------------------------
$ 54,449,958 $ 244,808,670 $ 16,435,010 $ 111,580 $ 315,805,218
=============================================================================================
<FN>
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
-3-
<PAGE> 7
American Greetings Retirement Profit Sharing and Savings Plan
Notes to Financial Statements
Years Ended December 31, 1993 and 1992
A. DESCRIPTION OF THE PLAN
The following description of the American Greetings Retirement Profit Sharing
and Savings Plan (the Plan) provides only general information. Participants
should refer to the plan agreement, copies of which are available from the
Administrative Committee, for a more complete description of the Plan's
provisions.
GENERAL
The Plan is a defined contribution plan covering substantially all full-time
employees of American Greetings Corporation (the Corporation) and domestic
subsidiaries who are not covered under another defined contribution or defined
benefit plan. The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA).
CONTRIBUTIONS
The Corporation contributes 8% of its consolidated domestic pretax profits,
excluding dividends and gains and losses from capital asset and foreign
currency transactions, to the Plan. Additional amounts may be contributed at
the option of the Corporation's Board of Directors.
Additionally, participants may contribute 2% to 15% of pretax annual
compensation, as defined in the Plan. The Corporation may restrict individual
deferrals below 15% in order to meet certain governmental limitations. Prior
to August 1993, participant contributions were limited to 8% of pretax annual
compensation. The Corporation contributes 25% of the first 6% of annual
compensation that a participant contributes to the Plan, provided that the
Corporation achieves certain financial goals. Such contributions are invested
in accordance with the participants' investment elections.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's 401(k)
contributions and allocations of the Corporation's profit sharing contribution
and 401(k) match, and Plan earnings; allocations are based on participant
compensation, participant elections, and account balances, respectively. The
benefit to which a participant is entitled is the benefit that can be provided
from the participant's account. Each participant is fully vested.
INVESTMENT OPTIONS
Participants direct the investment of their account, together with their share
of the Corporation's annual contribution, in the Common Fund, the Fixed Income
Fund, the Company Stock Fund, or allocated among the three Funds in 10%
multiples.
-4-
<PAGE> 8
American Greetings Retirement Profit Sharing and Savings Plan
Notes to Financial Statements - Continued
A. DESCRIPTION OF THE PLAN--CONTINUED
PAYMENT OF BENEFITS
At the time of a participant's retirement or termination of service the
participant may elect to purchase an annuity contract, receive a lump sum
payment or be paid in installments. At December 31, 1993, $78,763,119 of the
Plan's assets represent accounts of individuals who have retired or terminated
employment with the Corporation and do not participate in the Corporation's
contribution to the Plan.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Corporation has the
right under the Plan to discontinue its contributions at anytime and to
terminate the Plan subject to the provisions of ERISA. In the event of Plan
termination, the assets of the Plan will be distributed to the participants on
the basis of individual account balances at the date of termination. Benefit
payments within the Participant Loan Fund represent terminated employees' loan
balances which are recognized as distributions at termination.
B. SUMMARY OF ACCOUNTING POLICIES
The financial statements of the Plan are presented on the accrual basis of
accounting. All the funds of the Plan are accounted for by the Trustee,
National City Bank of Cleveland. National City Bank is an investment advisor
to the NCC Funds. The Plan invests a portion of its assets in the NCC Funds.
Securities traded on a national securities exchange are valued at the last
reported sales price on the last business day of the Plan year. Securities
traded in the over-the-counter market and listed securities for which no sale
was reported on that date are valued at the last reported bid price.
The value of deposits with insurance companies represents contributions made to
deposit contracts plus interest at the contract rate, less funds transferred to
the Trustee to pay retirement benefits and the insurance companies'
administrative expenses.
Audit and legal fees are paid by the Corporation. All other expenses of the
Plan are paid by the Plan.
Certain amounts from the 1992 financial statements have been reclassified to
conform with the current year presentation.
-5-
<PAGE> 9
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Notes to Financial Statements Continued
C. INVESTMENTS
The fair value of individual investments that represented 5% or more of the
fair value of Plan net assets are as follows:
<CAPTION>
1993 1992
-------------------------------------
<S> <C> <C>
Freddie Gold ("FGLD"), 6.5%, 30 year
TBA April 1994, due April 14, 2024 $ 23,077,734
Metropolitan Life Insurance Company,
May 22, 1995, 9.46% 20,635,480 $ 18,852,074
NCC Money Market Portfolio 24,336,250
</TABLE>
<TABLE>
During the years ended December 31, 1993 and 1992 the Plan's investments
(including investments bought, sold and held during the year) appreciated
(depreciated) in fair value as follows:
<CAPTION>
DECEMBER 31
1993 1992
-------------------------------------
<S> <C> <C>
INVESTMENTS AT FAIR VALUE AS DETERMINED BY QUOTED
MARKET PRICE
U.S. Government and agency securities $ 5,536,112 $ 3,374,990
Corporate obligations and other (2,941,014) (2,358,920)
Preferred stocks (25,934)
Common stocks 5,429,489 5,880,316
Common stock of American
Greetings Corporation 8,737,445 2,867,027
Other 265,579
-------------------------------------
$ 17,027,611 $ 9,737,479
=====================================
<FN>
The Plan held 36,912 Class A shares and 1,076,344 Class B shares of American
Greetings Corporation common stock at December 31, 1993 (36,912 and 550,744 at
December 31, 1992, respectively, as restated for the two for one stock split on
September 10, 1993). Class B shares are not publicly traded.
</TABLE>
-6-
<PAGE> 10
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Notes to Financial Statements Continued
D. DEPOSITS WITH INSURANCE COMPANIES
At December 31, 1993 and 1992 the Plan had deposits with the following
insurance companies:
<CAPTION>
INTEREST DECEMBER 31
COMPANY MATURITY RATE 1993 1992
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pacific Mutual Life Insurance
Company December 31, 1995 9.40% $ 13,011,481 $ 11,893,492
CNA Insurance Company May 25, 1996 9.85% 15,287,161 13,916,396
Confederation Life Insurance May 10, 1993 9.26% 7,487,053
Company May 5, 1994 9.81% 5,276,586 5,276,312
May 24, 1994 9.80% 10,498,699 10,496,010
Mutual Benefit Life Insurance
Company (MBL) * * 1,668,606 1,668,606
Great West Mutual Life May 11, 1994 9.52% 8,217,743 7,513,154
Assurance Company May 5, 1994 9.86% 5,276,608 5,267,418
Phoenix Mutual Life Insurance May 11, 1993 9.20% 14,952,531
Company May 25, 1994 9.83% 7,639,258 6,939,653
Metropolitan Life Insurance
Company May 22, 1995 9.46% 20,635,480 18,852,074
------------------------------
$ 87,511,622 $ 104,262,699
==============================
<FN>
* On July 16, 1991, the Superior Court of New Jersey entered an Order
appointing the Commissioner of Insurance of the State of New Jersey as
Rehabilitator of MBL. The Rehabilitator has been directed to conduct the
business of MBL and to begin taking such steps appropriate toward moving
the cause and conditions that have made rehabilitation necessary. Maturity
date and interest rate are subject to the provisions of a Rehabilitation
Program, which was adopted in April, 1994.
</TABLE>
-7-
<PAGE> 11
American Greetings Retirement Profit Sharing and Savings Plan
Notes to Financial Statements-Continued
E. INCOME TAX STATUS
The Internal Revenue Service has issued a favorable determination letter
indicating the Plan qualifies under Section 401(a) of the Internal Revenue Code
and, therefore, is not subject to tax under present income tax laws. The Plan
is required to operate in conformity with the Code to maintain its
qualification. The Plan administrator is not aware of any course of action or
series of events that might adversely affect the Plan's qualified status.
F. SUBSEQUENT EVENTS
Effective March 1994, qualified employees of Magnivision, a wholly-owned
subsidiary of the American Greetings Corporation (acquired in 1993), became
eligible to participate in the Plan.
Effective July 1, 1994, the Plan's trustee and recordkeeper is expected to be
The Vanguard Group of Investment Companies (Vanguard). Vanguard will replace
National City Bank of Cleveland as trustee and Cammock & Cammock as
recordkeeper. Also, the Plan will be revised to offer six investment options
as opposed to the three currently offered.
-8-
<PAGE> 12
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes
Year Ended December 31, 1993
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Description of Investment Including
Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or
Similar Party Maturity Value Cost Current Value
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
GOVERNMENT AND AGENCY SECURITIES
FGLD 6.5%, 30 Year TBA April 94 3,946,250 $3,928,125
FGLD 6.5%, 30 Year TBA April 94, 23,184,219 23,077,734
due 4-14-24
Collateralized Mtr. Oblig. Tr 9 Coll. Mtg.
Oblig. Cl. C 7.75%, due 2-25-12 418,409 415,827
Collateralized Mtg. Secs. Corp. Coll.
Mtg. Oblig. Ser. S Cl. S-1 Var. rate, due 10-1-17 1,531,831 1,531,947
Collateralized Mtg. Secs. Corp. Coll.
Mtg. Oblig. Ser. S Cl. S-1 Var. rate, due 10-1-17 3,282,496 3,282,743
Collateralized Mtg. Secs. Corp. Coll.
Mtg. Oblig. Ser. 88- 16 Cl. 16-B, 9.10%, due 2-27-18 2,546,842 2,544,889
Collateralized Mtg. Secs. Corp. Coll.
Mtg. Oblig. 1991-9 Cl. F 8.25%, due 6-20-18 512,656 516,170
Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1007
Cl. 1007G, var. rate due 10-15-20 3,043,125 3,045,000
Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1078
Cl. 1078EA ,var. rate, due 2-15-17 600,469 600,936
Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1110
Cl. 1110-F ,var. rate, due 5-15-05 7,227,871 7,237,972
Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 203 Cl.
203-A, var. rate, due 4-15-23 7,922,082 7,924,430
Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1344
Cl. 1344F, 3.8125%, due 8-15-07 7,606,475 7,643,357
Federal Home Ln. Mtg. Corp. Multiclass 1341-FA Series 1341, 3.725%,
due 9-15-05 8,569,063 8,614,155
Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1377
Cl. 1377-F, var. rate, due 767,504 798,753
9-15-07
Federal Home Ln. Mtg. Corp. Multiclass Ser. 1401 Cl. 1401-K, var. rate,
due 9-15-20 348,031 351,584
Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 1443
Cl. 1443-K, var. rate, due 4-15-20 922,057 923,211
Federal Home Ln. Mtg. Corp. Multiclass Partn. CTF Gtd. Ser. 50 Cl. 50-G ,
8.00%, due 6-15-20 2,013,723 2,116,168
Federal Home Ln. Mtg. Corp. Multiclass Mtg. Partn. CTFS Gtd. Ser. 95 Cl.
95-C, 9.00%, due 11-15-20 346,103 342,461
</TABLE>
-1-
<PAGE> 13
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Identity of Issue, Borrower, Lessor or Description of Investment Including
Similar Party Maturity Date, Rate of Interest, Par or
Maturity Value Cost Current Value
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
GOVERNMENT AND AGENCY SECURITIES--
CONTINUED
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1990-126 Cl. 126-F,
var. rate, due 10-25-20 1,013,438 1,013,130
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Tr. 1991-46 Cl. F dated 5-25-91,
6.8125%, due 5-25-21 1,333,551 1,316,141
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Tr. 1991- 162 Cl. F, 9.95742%,
due 5-25-15 1,912,315 1,912,315
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1992-G04 Cl.-FA, var.
rate, due 5-25-15 188,615 188,615
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1992-39 Fltg. Rt.,
due 7-25-15 790,678 1,244,798
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTFS Remic. Tr. 1992-G28 Cl.-FA,
var. rate, 4.50%, due 5-25-07 3,082,271 2,674,136
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1992-G29 Cl.-S, var.
rate, due 7-25-22 278,865 278,865
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic. Tr. 1992-97 Cl.-FB, var.
rate, due 5-25-17 205,321 205,415
Federal Natl. Mtg. Assn. 1992-151 F CMO, 3.875%, due 8-25-07 537,883 541,535
Federal Natl. Mtg. Assn. 1992-151 F CMO, 3.875%, due 8-25-07 8,035,876 8,355,111
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic Tr. 1992-172 Cl. F, var.
rate, due 6-25-17 9,988,162 9,978,723
Federal Natl. Mtg. Assn. Gtd. Remic Pass Thru CTF Remic Tr. 1990-28 Cl. 28-T, 9%,
due 3-25-00 2,003,490 2,003,490
Federal Natl. Mtg. Assn. Gtd. Pass Thru CTF Pool #057366, 7.75%,
due 10-1-02 3,150,790 3,052,080
Federal Natl. Mtg. Assn. Gtd. Pass Thru CTF Pool #066264, 6.00%, due 7-1-04 1,024,448 1,183,145
Federal Natl. Mtg. Assn. Gtd. Pass Thru CTF Pool #190120, 8.50%, due 8-1-23
1,965,053 1,965,053
GNMA Gtd. Pass Thru CTF Pool #352703 dated 7-1-93,
7.00%, due 7-15-23 899,225 890,932
GNMA Gtd. Pass Thru CTF Pool #05489, 9%, due 4-15-05 155,839 151,526
GNMA Gtd. Pass Thru CTF Pool #23652, 9%, due 6-15-09 315,043 308,073
GNMA Gtd. Pass Thru CTF Pool #23849, 9%, due 11-15-08 346,904 344,034
GNMA Gtd. Pass Thru CTF Pool #24467, 8%, due 12-15-07 116,273 115,716
GNMA Gtd. Pass Thru CTF Pool #24607, 9%, due 10-15-08 229,656 224,220
</TABLE>
-2-
<PAGE> 14
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Description of Investment Including
Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or
Similar Party Maturity Value Cost Current Value
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
GOVERNMENT AND AGENCY SECURITIES--
CONTINUED
GNMA Gtd. Pass Thru CTF Pool #27249, 9%, due 12-15-08 115,667 112,999
GNMA Gtd. Pass Thru CTF Pool #27632, 9%, due 10-15-08 226,784 222,050
GNMA Gtd. Pass Thru CTF Pool #27755, 9%, due 11-15-08 321,037 315,477
GNMA Gtd. Pass Thru CTF Pool #27972, 9%, due 2-15- 09 213,457 207,823
GNMA Gtd. Pass Thru CTF Pool #29029, 9%, due 11-15-08 668,580 657,636
GNMA Gtd. Pass Thru CTF Pool #31498, 9%, due 4-15-09 333,026 322,068
GNMA Gtd. Pass Thru CTF Pool #32655, 9%, due 7-15-09 442,844 433,761
GNMA Gtd. Pass Thru CTF Pool #33497, 9%, due 7-15-09 350,765 347,234
GNMA Gtd. Pass Thru CTF Pool #139881, 9%, due 4-15-16 571,568 549,698
GNMA Gtd. Pass Thru CTF Pool #145725, 9%, due 5-15-16 301,952 293,682
GNMA Gtd. Pass Thru CTF Pool #154042, 9%, due 5-15-16 409,605 396,375
GNMA Gtd. Pass Thru CTF Pool #160143, 9%, due 5-15-16 184,618 177,702
GNMA Gtd. Pass Thru CTF Pool #160520, 9%, due 5-15-16 432,150 421,395
GNMA Gtd. Pass Thru CTF Pool #163861, 9% due 10-15-16 155,956 151,480
GNMA Gtd. Pass Thru CTF Pool #164500, 9%, due 6-15-16 214,923 213,645
GNMA Gtd. Pass Thru CTF Pool #165997, 9%, due 7- 15-16 193,372 186,994
GNMA Gtd. Pass Thru CTF Pool #166138, 9%, due 7-15-16 198,131 192,227
GNMA Gtd. Pass Thru CTF Pool #168812, 9%, due 7-15-16 635,036 630,370
GNMA Gtd. Pass Thru CTF Pool #169037, 9%, due 8-15-16 354,848 353,147
GNMA Gtd. Pass Thru CTF Pool #169619, 9%, due 8-15-16 225,327 220,505
GNMA Gtd. Pass Thru CTF Pool #169799, 9%, due 8-15-16 921,052 888,192
GNMA Gtd. Pass Thru CTF Pool #169833, 9%, due 9-15-16 203,714 197,773
GNMA Gtd. Pass Thru CTF Pool #171364, 9%, due 8-15-16 200,163 193,714
GNMA Gtd. Pass Thru CTF Pool #172908, 9%, due 9-15-16 242,666 235,612
GNMA Gtd. Pass Thru CTF Pool #173653, 9%, due 10-15-16 202,100 195,066
GNMA Gtd. Pass Thru CTF Pool #174501, 9%, due 9-15-16 955,529 929,716
GNMA Gtd. Pass Thru CTF Pool #177766, 8%, due 9-15-16 234,325 232,570
GNMA Gtd. Pass Thru CTF Pool #181749, 9%, due 4-15-17 220,327 217,908
GNMA Gtd. Pass Thru CTF Pool #183175, 9%, due 11-15-16 305,875 300,276
GNMA Gtd. Pass Thru CTF Pool #189256, 8%, due 4-15-17 54,183 53,632
GNMA Gtd. Pass Thru CTF Pool #190846, 9%, due 11-15-16 200,481 192,581
GNMA Gtd. Pass Thru CTF Pool #191465, 9%, due 1-15-17 209,737 202,297
</TABLE>
-3-
<PAGE> 15
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Description of Investment Including
Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or
Similar Party Maturity Value Cost Current Value
- - ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
GOVERNMENT AND AGENCY SECURITIES--
CONTINUED
GNMA Gtd. Pass Thru CTF Pool #192100, 8%, due 4-15-17 258,787 257,333
GNMA Gtd. Pass Thru CTF Pool #194653, 9%, due
11-15-16 356,778 344,496
GNMA Gtd. Pass Thru CTF Pool #198718, 9% ,due 6-15-17 218,637 211,960
GNMA Gtd. Pass Thru CTF Pool #199154, 8%, due 4-15-17 51,042 50,605
GNMA Gtd. Pass Thru CTF Pool #200785, 8%, due 4-15-17 845,367 837,360
GNMA Gtd. Pass Thru CTF Pool #203796, 8%, due 5-15-17 272,710 270,836
GNMA Gtd. Pass Thru CTF Pool #208827, 8%, due 5-15-17 219,560 216,817
GNMA Gtd. Pass Thru CTF Pool #216402, 9%, due 8-15-17 204,443 198,075
GNMA Gtd. Pass Thru CTF Pool #217289, 9%, due 6-15-17 299,387 287,493
GNMA Gtd. Pass Thru CTF Pool #219727, 8%, due 5-15-17 665,334 662,057
GNMA Gtd. Pass Thru CTF Pool #318800, 8%, due 2-15-22 574,207 567,567
GNMA Gtd. Pass Thru CTF Pool #322266, 8%, due 1-15-22 317,554 312,092
United States Treasury Notes 6.25%, due 1-31-97 12,571,875 12,551,280
United States Treasury Notes Dated 11-30-92 1,985,500 1,971,840
United States Treasury Notes Dated 11-15-86, 7.25%, due 11- 15--96 12,894,375 12,858,721
United States Treasury Notes Dated 1-16-90, 6.00%, due 1-15-97 13,173,750 13,136,281
-----------------------------
TOTAL GOVERNMENT AND AGENCY
SECURITIES 167,772,006 167,822,933
=============================
</TABLE>
-4-
<PAGE> 16
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Description of Investment Including
Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or
Similar Party Maturity Value Cost Current Value
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PARTY-IN-INTEREST INVESTMENTS
CORPORATE STOCK COMMON
American Greetings Corp. Class A 36,912 shares $ 346,248 $ 1,255,008
American Greetings Corp. Class B 1,076,344 shares 19,405,219 36,595,696
--------------------------------
$ 19,751,467 $ 37,850,704
================================
OBLIGATIONS DUE WITHIN ONE YEAR
NCC Money Market Portfolio $ 4,501,246 $ 4,501,246
NCC Funds Government Portfolio 6,652,206 6,652,206
Federated Trust for U.S. Treasury 1,620,994 1,620,994
--------------------------------
$ 12,774,446 $ 12,774,446
================================
</TABLE>
-5-
<PAGE> 17
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Description of Investment Including
Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or
Similar Party Maturity Value Cost Current Value
- - --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNALLOCATED INSURANCE CONTRACTS
Mutual Benefit Life
GA-4207 Subject to rehabilitation program $ 1,668,606 $ 1,668,606
Confederation Life
GIC 61753 9.81%, Matures 5-5-94 5,276,586 5,276,586
GIC 61789 9.80%, Matures 5-24-94 10,498,699 10,498,699
-------------------------------
15,775,285 15,775,285
Great West Life
17091 9.86%, Matures 5-5-94 5,276,608 5,276,608
16971 9.52%, Matures 5-11-94 8,217,743 8,217,743
-------------------------------
13,494,351 13,494,351
Phoenix Mutual
PI 0126 9.83%, Matures 5-24-94 7,639,258 7,639,258
Pacific Mutual
G-25755.02 9.40%, Matures 12-31-95 13,011,481 13,011,481
CNA Insurance Co. 9.85%, Matures 5-25-96 15,287,161 15,287,161
Metropolitan Life
GAC 11727 9.46%, Matures 5-22-95 20,635,480 20,635,480
-------------------------------
TOTAL INSURANCE CONTRACT ASSETS $ 87,511,622 $ 87,511,622
===============================
</TABLE>
-6-
<PAGE> 18
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Identity of Issue, Borrower, Lessor or Description of Investment Including
Similar Party Maturity Date, Rate of Interest, Par or
Maturity Value Cost Current Value
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE STOCK--COMMON
ARI Network Services Inc. 75,000 shares $ 532,500 $ 281,250
Acclaim Entertainment 37,500 shares 509,375 796,875
Alza Corp. 23,600 shares 885,042 666,700
American International Group Inc. 16,900 shares 1,054,607 1,482,975
Anadarko Pete Corp. 6,100 shares 217,889 276,788
Analog Devices Inc. 12,900 shares 265,995 317,663
Applied Materials Inc. 11,700 shares 206,254 453,375
Bank Boston Corp. 55,000 shares 1,129,265 1,265,000
Blockbuster Entertainment Corp. 9,400 shares 291,763 287,875
Burlington Northern Inc. 5,300 shares 293,277 306,738
Campbell Soup Co. 2,800 shares 115,618 114,800
Caterpillar Inc. 4,300 shares 381,976 382,700
Chase Manhattan Corp. 10,400 shares 354,475 352,300
Chemical Banking Corp. 10,500 shares 423,327 421,313
Chevron Corp. 6,100 shares 475,397 531,463
Chrysler Corp. 8,800 shares 354,317 468,600
Chubb Corp. 10,000 shares 894,510 778,750
Cisco System Inc. 121,700 shares 530,623 7,864,863
Citicorp 60,000 shares 1,091,100 2,212,500
Coca-Cola Co. 9,700 shares 393,161 432,863
Compaq Computer Corp. 5,500 shares 281,444 406,313
DSC Communications Corp. 5,000 shares 304,258 307,500
Dana Corp. 6,800 shares 325,774 407,150
Dean Witter Discover & Co. 8,900 shares 339,342 308,163
Dresser Industries 13,400 shares 322,672 278,050
Eastman Kodak Co. 5,800 shares 358,667 326,250
Echlin Inc. 10,000 shares 324,266 332,500
Elan Plc Adr 7,800 shares 281,813 330,525
Electronic Arts 12,000 shares 348,000 360,000
Enron Corp. 8,300 shares 177,871 240,700
Equitable Cos. Inc. 15,100 shares 418,426 407,700
Federal Express Corp. 5,200 shares 358,121 368,550
First Chicago Corp. 7,300 shares 255,074 315,725
First Interstate Bancorp. 3,500 shares 152,742 224,438
Fleet Financial Group Inc. 8,500 shares 271,898 283,688
Forest Labs Inc. 13,000 shares 235,898 619,125
</TABLE>
- - -7-
<PAGE> 19
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item--27a Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Identity of Issue, Borrower, Lessor or Description of Investment Including
Similar Party Maturity Date, Rate of Interest, Par or
Maturity Value Cost Current Value
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE STOCK--COMMON--
CONTINUED
GC Companies Inc. 1,430 shares $ 45,242 $ 49,514
General Electric Co. 7,800 shares 779,954 818,025
General Motors Corp. 10,100 shares 445,323 554,238
General Motors Corp. Class E 10,600 shares 332,596 310,050
Harcourt General Inc. 14,300 shares 430,993 518,375
Hercules Inc. 2,700 shares 197,066 306,450
Home Depot Inc. 35,000 shares 1,453,065 1,382,500
ITT Corp. Cap. 3,700 shares 276,593 337,625
Imcera Group Inc. 7,800 shares 275,796 262,275
Intel Corp. 6,900 shares 335,056 427,800
International Game Technology 8,600 shares 185,084 253,700
Intuit 4,500 shares 200,957 191,813
Johnson & Johnson 6,600 shares 296,866 296,175
Kerr McGee Corp. 6,500 shares 290,627 294,125
Learning Co. 27,000 shares 568,620 408,375
Leggett & Platt Inc. 8,500 shares 311,254 425,000
Lincoln National Corp. Ind. 7,100 shares 233,897 308,850
Lowes Companies Inc. 8,000 shares 198,021 476,000
MCN Corp. 8,100 shares 249,504 281,475
MCI Communications Corp. 16,900 shares 471,089 477,425
Magna International Inc. 7,000 shares 195,777 348,250
Merck & Co. Inc. 39,700 shares 1,747,855 1,364,688
Microsoft Corp. 13,850 shares 505,422 1,116,656
Mobil Corp. 6,900 shares 454,632 545,963
Monsanto Co. 3,000 shares 216,192 220,125
Motorola Inc. 5,200 shares 308,813 479,700
Nationsbank Corp. 22,000 shares 1,031,730 1,078,000
Nextel Communications Inc. 53,000 shares 2,075,511 1,974,250
Novell Inc. 46,000 shares 846,971 954,500
Oracle System Corp. 10,100 shares 133,308 290,375
Parametric Tech Corp. 32,000 shares 135,395 1,240,000
Paychex Inc. 1,500 shares 52,100 52,500
Penney J. C. Inc. 9,000 shares 458,278 473,625
Perrigo Co. 10,000 shares 310,636 342,500
Perseptive Biosystems Inc. 8,000 shares 144,000 230,000
Pfizer Inc. 22,200 shares 1,541,679 1,600,800
</TABLE>
-8-
<PAGE> 20
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Description of Investment Including
Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or
Similar Party Maturity Value Cost Current Value
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE STOCK--COMMON--
CONTINUED
Pitney Bowes Inc. 5,800 shares $ 244,729 $ 239,975
Premark Intl. Inc. 4,800 shares 284,653 385,200
Primerica Corp. Nev. 10,400 shares 378,315 404,300
Procter & Gamble Co. 8,200 shares 431,827 467,400
Promus Cos. Inc. 9,300 shares 224,780 425,475
QVC Network Inc. 4,900 shares 207,527 192,325
Raytheon Co. 4,300 shares 265,604 283,800
Rockwell International Corp. 9,900 shares 350,602 367,538
Sears Roebuck & Co. 9,900 shares 440,646 523,463
Sensomatic Electric Corp. 9,300 shares 182,961 322,013
Shaw Industries Inc. 12,600 shares 214,586 321,300
Silicon Graphic Inc. 13,800 shares 302,200 341,550
Sonat Inc. 11,300 shares 330,989 326,288
Sprint Corp. 12,500 shares 386,323 434,375
Synopsys Inc. 22,000 shares 772,420 995,500
Sysco 10,600 shares 315,339 310,050
TJX Cos. Inc. 14,900 shares 449,094 433,960
Tele Communications Inc. 10,000 shares 306,481 302,500
3 D Company 10,000 shares 280,000 220,000
Transamerica Corp. 5,300 shares 308,396 300,775
Trinity Industries Inc. 8,700 shares 207,213 375,188
United Health Care Corp. 4,300 shares 206,552 326,260
U.S. Healthcare Inc. 5,850 shares 229,331 337,100
Value Health Inc. 20,000 shares 609,375 630,000
Viacom Inc. 4,100 shares 186,071 183,988
Wellsfleet Communications Inc. 23,800 shares 1,037,800 1,535,100
Wendys Intl. Inc. 20,500 shares 256,809 356,188
Whirlpool Corp. 6,800 shares 421,844 452,200
Williams Cos. Inc. Del. 9,200 shares 271,857 224,250
----------------------------------
TOTAL CORPORATE STOCK--COMMON $ 42,996,963 $ 57,921,551
==================================
</TABLE>
-9-
<PAGE> 21
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Description of Investment Including
Identity of Issue, Borrower, Lessor or Maturity Date, Rate of Interest, Par or
Similar Party Maturity Value Cost Current Value
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE BONDS
Case Equip. Ln. Tr. 93-A Asset Bk. Nt.
Class A-2 4.40%, due 11-15-98 $ 1,672,121 $ 1,672,121
Chase Manhattan Cr. Card Master Tr.
1991-2 Asset Backed CTF dated
9-17-91 7.65%, due 11-15-98 1,579,219 1,573,590
PaineWebber CMO Tr. Ser. A Coll. Mtg. Oblig. Class A-1,
floating rate, due 2-1-12 418,336 416,067
PaineWebber CMO Tr. Ser. N Class N-4, floating rate, due 1-1- 19 301,364 301,737
Prudential Home Mtg. Secs. Co. Mtg. Pass Thru CTF Ser. 1992-39 Class A-1,
5.15%, due 11-25-07 307,440 307,440
Ryland Acceptance Corp. Four Coll. Mtg. Bd. Ser. 39 Class 39- A,
floating rate, due 2-20-17 226,480 226,479
Ryland Acceptance Corp. Four Coll. Mtg. Bd. Ser. 71 Class 71- D,
floating rate, due 2-1-13 339,100 338,677
TMAC CNO Tr. 1986-2 Coll. Mtg. Oblig. Class 2-A,
floating rate, due 3-20-18 1,261,779 934,370
Thomson McKinnon Mtg. Asset Tr. Ser. Five Coll. Mtg. Oblig. Class V-F,
floating rate, due 1-20-14 477,621 476,282
Westam Mtg. Finl. Corp. Mtg. Coll. Bd. Ser. C Class 3-A,
floating rate, due 6-1-07 1,175,580 1,175,023
-----------------------------
TOTAL CORPORATE BONDS $ 7,759,040 $ 7,421,786
=============================
</TABLE>
-10-
<PAGE> 22
<TABLE>
American Greetings Corporation
Employees' Retirement Profit Sharing Plan
EIN: 34-0065325
Item 27a--Schedule of Assets Held for Investment Purposes--Continued
<CAPTION>
Col. (b) Col. (c) Col. (d) Col. (e)
Description of Investment Including
Identity of Issue, Borrower, Maturity Date, Rate of Interest, Par or
Lessor or Similar Party Maturity Value Cost Current Value
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OTHER INVESTMENTS
Put Option 40 contracts Apr. 94, 6.5% FGLD, put to expire,
3-31-94, strike price $97.78125 $ 27,500 $ 31,200
Put Option 90 contracts Apr. 94 , 6.5% FGLD, put to expire,
3-31-94 ,strike price $97.78125 63,281 70,200
Put Option 120 contracts Apr. 94 , 6.5% FGLD, put to expire,
3-31-94 ,strike price $97.78125 82,500 93,600
Put Option 25 contracts Apr. 94 , 6.3% FGLD, put to expire,
3-31-94, strike price $97.78125 17,188 19,500
Call Option 25 contracts Apr. 94, 6.5% FGLD, put to expire,
3-31-94, strike price $97.78125 (17,188) (13,250)
Call Option 90 contracts Apr. 94 , 6.5% FGLD, put to expire,
3-31-94, strike price $97.78125 (63,281) (46,800)
Call Option 40 contracts Apr. 94 , 6.5% FGLD, put to expire,
3-31-94, strike price $97.78125 (27,500) (21,200)
Call Option 120 contracts Apr. 94 , 6.3% FGLD, put to expire,
3-31-94, strike price $97.78125 (82,500) (63,600)
-------------------------------
TOTAL OTHER INVESTMENTS $ 0 $ 69,650
===============================
</TABLE>
-11-
<PAGE> 23
American Greetings Retirement Profit Sharing and Savings Plan
Item 27d--Reportable Transactions
Year Ended December 31, 1993
SECTION A
Individual transactions which involve an amount in excess of 5% of the fair
value of plan assets on January 1, 1993.
<TABLE>
<CAPTION>
Fair Value on
Description Purchase Price Selling Price Expenses Cost of Asset Transaction Date Gain (Loss)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bear Stearns Repurchase Agreement
Dated 11-9-92, 3.375%, due 1-15-93 $ 15,000,000 $ 15,000,000 $ 15,000,000
Salomon Repurchase Agreement
Dated 12-7-92, 3.55%, due 1-4-93 15,000,000 15,000,000 15,000,000
Salomon Repurchase Agreement
Dated 1-4-93, 3.20%, due 2-4-93 15,000,000 15,000,000 15,000,000
Bear Stearns Repurchase Agreement
Dated 1-15-93, 3.125%, due 4-14-93 15,000,000 15,000,000 15,000,000
Salomon Repurchase Agreement
Dated 2-4-93, 3.10%, due 3-5-93 15,000,000 15,000,000 15,000,000
Agency Mtg. Repurchase Agreement
Dated 3-5-93, 3.80%, due 4-7-93 15,000,000 15,000,000 15,000,000
Salomon Repurchase Agreement
3.10%, due 6-14-93 15,000,000 15,000,000 15,000,000
Bear Stearns Repurchase Agreement
3.08%, due 7-14-93 15,000,000 15,000,000 15,000,000
Phoenix Mutual Group Pension Net Interest Rate
9.20%, Mature 5-11-93, Contract #PI 0126 15,378,869 15,378,869 15,378,869
NCC Funds Money Market Portfolio--Trust 25,000,000 25,000,000 25,000,000
NCC Funds Money Market Portfolio--Trust $23,313,228 23,313,228
NCC Funds Money Market Portfolio--Trust 30,186,625 30,186,625 30,186,625
NCC Funds Money Market Portfolio--Trust 30,186,625 30,186,625 30,186,625
</TABLE>
-1-
<PAGE> 24
American Greetings Retirement Profit Sharing and Savings Plan
Item 27d--Reportable Transactions--Continued
SECTION A--CONTINUED
<TABLE>
<CAPTION>
Description Purchase Price Selling Price Expenses Cost of Asset Transaction Date Gain(Loss)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NCC Funds Money Market Portfolio--Trust $ (30,186,625) $ (30,186,625) $ (30,186,625)
NCC Funds Money Market Portfolio--Trust $ 25,000,000 25,000,000
NCC Funds Money Market Portfolio--Trust 23,248,699 23,248,699 23,248,699
NCC Funds Government Portfolio 30,001,551 30,001,551
NCC Funds Government Portfolio 30,001,551 30,001,551
NCC Funds Government Portfolio (30,001,551) (30,001,551)
NCC Funds Government Portfolio 15,122,833 15,122,833
NCC Funds Government Portfolio 16,012,786 16,012,786 16,012,786
GNMA, 7.0%, 30 Year TBA, due 9-16-23 21,754,688 21,308,438 21,754,688 $ 446,250
GNMA, 7.0%, 30 Year TBA, due 11-17-23 17,361,250 17,504,688 17,361,250 (143,438)
Federal National Mtg. Assn. Gtd. Remic.
Pass Thru CT Remic. Trust 1992-172 CL-F,
Var. Rt., due 6-25-17 16,759,655 16,759,655
Salomon Repurchase Agreement
Dated 1-4-93, 3.20%, due 2-4-93 15,000,000 15,000,000
Salomon Repurchase Agreement
Dated 2-4-93, 3.10%, due 3-5-93 15,000,000 15,000,000
Agency Mtg. Repurchase Agreement
Dated 3-5-93, 3.80%, due 4-7-93 15,000,000 15,000,000
Salomon Repurchase Agreement
3.10%, due 6-14-93 15,000,000 15,000,000
United States Treasury Notes
Dated 8-31-92, 4.25%, due 8-31-94 19,552,603 19,552,603
</TABLE>
-2-
<PAGE> 25
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Item 27d--Reportable Transactions--Continued
SECTION A--CONTINUED
<CAPTION>
Cost Gain
Description Purchase Price Selling Price Expenses of Asset Transaction Date (Loss)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bear Stearns Repurchase Agreement
Dated 1-15-93, 3.125%, due 4-14-93 $ 15,000,000 $ 15,000,000
Bear Stearns Repurchase Agreement
3.08%, due 7-14-93 15,000,000 15,000,000
FNMA, 6.5%, 30 Year TBA, due 11-15-23 $ 14,967,188 $ 15,103,125 14,967,188 $ (135,937)
United States Treasury Notes
Dated 8-31-92, 4.25%, due 8-31-94 21,141,722 21,212,400 21,141,722 (70,678)
GNMA, 7.0%, TBA, due 8-17-23 21,377,344 20,962,500 21,377,344 414,844
GNMA, 7.0%, 30 Year TBA, due 9-16-23 21,308,438 21,308,438
GNMA, 7.0%, 30 Year TBA, due 11-17-23 21,623,438 21,623,438
FGLD, 7.0%, 30 Year TBA 14,889,688 14,889,688 14,889,688
United States Treasury Notes
Dated 5-15-86, 7.375%, due 5-15-96 22,786,641 22,786,641
FNMA, 6.5%, 30 Year TBA, due 11-15-23 15,103,125 15,103,125
</TABLE>
-3-
<PAGE> 26
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Item 27d--Reportable Transactions--Continued
Year Ended December 31, 1993
SECTION B
Transactions in a plan year concerning a series of the same issue which when
sales and purchases are aggregated involve an amount in excess of 5% of the
fair value of plan assets on January 1, 1993.
<CAPTION>
Purchases Sales Total
----------------------------------------------------------------------- Gain
Description No. Amount No. Amount No. Amount (Loss)
- - ---------------------------------- ------------------------------------------------------------------------ ---------
<S> <C> <C> <C> <C> <C> <C>
FHLMC Gold, 7.5%, TBA, February 93 2 $ 17,111,563 2 $ 17,111,563 $ 180,625
FGLD TBA, 7.5%, 5-13-93 2 $ 16,893,750 2 17,456,875 4 34,350,625 563,125
15 Year FHLMC Gold, 7.0%, MBS 2 9,129,375 2 9,248,906 4 18,378,281 119,531
FNMA, 7.5%, TBA, May 93 1 8,157,500 1 8,265,000 2 16,422,500 140,000
FNMA, 7.0%, TBA, June 93
Maturity 6-15-23 2 13,044,688 2 13,085,313 4 26,130,001 40,625
GNMA, 7.0%, 30 Year TBA, due 6-16-93 2 17,124,844 2 17,100,938 4 34,225,782 (23,906)
FNMA, 7.5%, 30 Year TBA, June 93 1 8,232,500 1 8,239,375 2 16,471,875 6,875
FNMA, 7%, TBA, due 9-14-23 2 16,896,250 2 17,312,188 4 34,208,438 415,938
GNMA, 7%, TBA, due 8-17-23 3 24,957,500 2 25,449,219 5 50,406,719 491,719
FNMA, 7.5%, 30 Year TBA, due 7-14-23 1 9,227,813 1 9,300,938 2 18,528,751 73,125
FGLD, 7.0%, 30 Year TBA, due 10-14-23 2 18,699,453 2 18,997,188 4 37,696,641 14,949,531
GNMA, 7.0%, 30 Year TBA, due 9-16-23 2 25,367,188 2 25,898,438 4 51,265,626 531,250
FNMA, 7.5%, 30 Year TBA, due 9-14-23 1 8,152,500 1 8,245,000 2 16,397,500 92,500
GNMA, 7.0%, 30 Year TBA, due 11-17-23 1 21,623,438 2 21,457,500 3 43,080,938 (165,938)
FGLD, 6.5%, 30 Year TBA, due 12-14-23 1 14,536,250 1 14,472,813 2 29,009,063 63,438
FGLD, 6.5%, 30 Year TBA, due 12-14-23 1 9,022,500 1 8,983,125 2 18,005,625 (39,375)
FNMA, 6.5%, 30 Year TBA, due 12-14-23 1 13,105,625 1 12,987,813 2 26,093,438 (117,813)
FNMA, 6.5%, 30 Year TBA, due 11-15-23 1 15,103,125 1 14,967,188 2 30,070,313 (135,937)
</TABLE>
-4-
<PAGE> 27
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Item 27d--Reportable Transactions--Continued
SECTION B - CONTINUED
<CAPTION>
Purchases Sales Total
-----------------------------------------------------------------------------------------
Gain
Description No. Amount No. Amount No. Amount (Loss)
- - ------------------------------------ -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FGLD, 6.5%, 30 Year TBA, due 4-14-24 3 $ 23,184,219 3 $ 23,184,219
FGLD, 6.5%, 30 Year TBA, January 94 2 23,382,500 3 $ 23,419,219 5 46,801,719 $ 36,719
Bear Stearns Repurchase Agreement
Dated 11-9-92, 3.375%, due 1-15-93 1 15,000,000 1 15,000,000
Salomon Repurchase Agreement
Dated 12-7-92, 3.55%, due 1-4-93 1 15,000,000 1 15,000,000
Salomon Repurchase Agreement
Dated 1-4-93, 3.20%, due 2-4-93 1 15,000,000 1 15,000,000 2 30,000,000
Bear Stearns Repurchase Agreement
Dated 1-15-93, 3.125%, due 4-14-93 1 15,000,000 1 15,000,000 2 30,000,000
Salomon Repurchase Agreement
Dated 2-4-93, 3.10%, due 3-5-93 1 15,000,000 1 15,000,000 2 30,000,000
Merrill Lynch Repurchase Agreement
Dated 2-12-93, 3.05%, due 3-11-93 1 10,000,000 1 10,000,000 2 20,000,000
Agency Mtg. Repurchase Agreement
Dated 3-5-93, 3.08%, due 4-7-93 1 15,000,000 1 15,000,000 2 30,000,000
Merrill Lynch Repurchase Agreement
3.05%, due 4-7-93 1 10,750,000 1 10,750,000 2 21,500,000
Merrill Lynch Repurchase Agreement
Dated 4-7-93, 3.05%, due 5-13-93 1 10,750,000 1 10,750,000 2 21,500,000
Salomon Repurchase Agreement
3.10%, due 6-14-93 1 15,000,000 1 15,000,000 2 30,000,000
Bear Stearns Repurchase Agreement
3.08%, due 7-14-93 1 15,000,000 1 15,000,000 2 30,000,000
Merrill Lynch Repurchase Agreement
Dated 5-13-93, 3.0%, due 7-16-93 1 11,500,000 1 11,500,000 2 23,000,000
</TABLE>
-5-
<PAGE> 28
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Item 27d--Reportable Transactions--Continued
<CAPTION>
SECTION B--CONTINUED
Purchases Sales Total Gain
--------------------------------------------------------------------- ----------
Description No. Amount No. Amount No. Amount (Loss)
- - ---------------------------------------- --------------------------------------------------------------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Federal Home Loan Mtg. Corp. Multiclass
Mtg. Partn. CTFS Gtd. Gold, 30 Yr. TBA,
6.50%, due 10-14-23 1 $ 14,588,359 1 $ 14,651,797 2 $ 29,240,156 $ 63,438
Federal Home Loan Mtg. Corp. Multiclass
Mtg. Partn. CTFS Gtd. Gold, 30 Yr. TBA,
6.50%, due 10-14-23 2 18,098,438 2 18,188,438 4 36,286,876 90,000
Federal National Mortgage TBA,
7.50%, due 4-1-23 1 7,922,500 1 8,190,000 2 16,112,500 267,500
Federal Natl. Mtg. Assn. Gtd. Remic. Pass
Thru CTF Remic Tr 1992-172 CL-F, Var. Rt.,
due 6-25-17 1 16,759,655 6 6,770,941 7 23,530,596 (5,290)
Federal Home Loan Mtg. Corp.,
6.50%, due 9-20-08 1 8,095,000 1 8,162,500 2 16,257,500 8,162,500
Federal National Mortgage Assn.,
7.0%, due 9-14-23 1 8,949,375 1 9,264,375 2 18,213,750 315,000
Federal Home Loan Mtg. Corp. Multiclass Mtg.
Partn. CTF Gtd., 6.50%, due 12-14-23 1 9,022,500 1 8,983,125 2 18,005,625 (39,375)
Federal Natl. Mtg. Assn. Gtd. Mtg. Pass Thru CTF,
6.50%, due 12-14-23 1 13,105,625 1 12,987,813 2 26,093,438 (117,813)
Federal Home Loan Mtg. Corp. Multiclass Mtg.
Partn. CTF Gtd. Gold, TBA, 6.50%, due 1-15-24 1 8,955,000 1 8,969,063 2 17,924,063 14,063
United States Treasury Notes
Dated 8-31-92, 4.25%, due 8-31-94 2 21,212,400 1 21,141,722 3 42,354,122 (70,678)
United States Treasury Notes
Dated 6-30-93, 5.125%, due 6-30-98 4 16,827,720 3 16,595,266 7 33,422,986 (232,455)
United States Treasury Notes
Dated 5-15-86, 7.375%, due 5-15-96 1 22,786,641 5 22,779,750 6 45,566,391 (6,891)
</TABLE>
-6-
<PAGE> 29
<TABLE>
American Greetings Retirement Profit Sharing and Savings Plan
Item 27d--Reportable Transactions--Continued
<CAPTION>
SECTION B--CONTINUED
Purchases Sales Total
--------------------------------------------------------------------------- Gain
Description No. Amount No. Amount No. Amount (Loss)
- - ----------------------------------------- ---------------------------------------------------------------------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Phoenix Mutual Group Pension Net
Interest Rate9.20%, Mature 5-11-93,
Contract #PI 0126 4 $ 426,339 1 $ 15,378,869 5 $ 15,805,208
NCC Funds Money Market Portfolio--Trust 80 52,730,166 126 74,643,264 206 127,373,430
NCC Funds Money Market Portfolio--Trust 141 80,809,985 146 78,731,891 287 159,541,876
NCC Funds Government Portfolio 161 99,382,628 76 94,677,954 237 194,060,582
Federated Trust for U.S. Treasury
Obligations 121 16,587,130 117 16,747,513 238 33,334,643
</TABLE>
-7-
<PAGE> 30
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-45673) pertaining to the American
Greetings Retirement Profit Sharing and Savings Plan of our
report dated June 17, 1994, with respect to the financial
statements and schedules of the American Greetings Retirement
Profit Sharing and Savings Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 1993.
/S/ Ernst & Young
------------------------
Ernst & Young
Cleveland, Ohio
June 24, 1994
