<PAGE> 1
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996.
COMMISSION FILE NUMBER: 0-1532
A. Full title of the plan and the address of the plan, if
different than that of the issuer named below:
MARSH SUPERMARKETS, INC. 401(K) PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
MARSH SUPERMARKETS, INC.
9800 CROSSPOINT BOULEVARD
INDIANAPOLIS, INDIANA 46256
<PAGE> 2
FINANCIAL STATEMENTS AND EXHIBITS
The following financial statements of Marsh Supermarkets, Inc. 401(k)
Plan are included herein:
Report of Independent Auditors
Statement of Net Assets Available for Benefits, with Fund Information
as of December 31, 1996 and December 31, 1995
Statement of Changes in Net Assets Available for Benefits, with Fund Information
for the Years Ended December 31, 1996 and December 31, 1995
Notes to Financial Statements
Schedules
Consent of Independent Auditors
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Retirement Committee has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
MARSH SUPERMARKETS, INC. 401(k) PLAN
By: /s/ P. Lawrence Butt
---------------------------
P. Lawrence Butt, Secretary
Retirement Committee
June 26, 1997
<PAGE> 3
Financial Statements and Schedules
Marsh Supermarkets, Inc. 401(k) Plan
YEARS ENDED DECEMBER 31, 1996 AND 1995
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE> 4
Marsh Supermarkets, Inc. 401(k) Plan
Financial Statements and Schedules
Years ended December 31, 1996 and 1995
CONTENTS
<TABLE>
<S> <C>
Report of Independent Auditors .......................................................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits, with Fund Information................................2
Statements of Changes in Net Assets Available for Benefits, with Fund Information ....................4
Notes to the Financial Statements ...................................................................6
Schedules
Line 27(a) - Schedule of Assets Held for Investment Purposes ........................................11
Line 27(d) - Schedule of Reportable Transactions ....................................................12
</TABLE>
<PAGE> 5
Report of Independent Auditors
Administrative Committee
Marsh Supermarkets, Inc. 401(k) Plan
We have audited the accompanying statements of net assets available for
benefits, with fund information, of the Marsh Supermarkets, Inc. 401(k) Plan as
of December 31, 1996 and 1995, and the related statements of changes in net
assets available for benefits, with fund information, 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, 1996 and 1995, 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 performed 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, 1996, 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 and 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 audits of the
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
June 11, 1997
1
<PAGE> 6
Marsh Supermarkets, Inc. 401(k) Plan
Statements of Net Assets Available for Benefits, with Fund Information
December 31, 1996
<TABLE>
<CAPTION>
Victory
Fidelity Templeton Investment
Magellan Fidelity Foreign Quality
Fund Contrafund Fund Bond Fund
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
Assets
Investments, at fair value: (Note 3)
Money market funds $ -- $ -- $ -- $ --
Loans to participants -- -- -- --
Marsh stock -- -- -- --
Mutual funds 7,351,236 1,231,780 788,788 3,300,441
Guaranteed investment contracts -- -- -- --
----------- ----------- ----------- -----------
Total investments 7,351,236 1,231,780 788,788 3,300,441
Receivables and other assets:
Employee contributions 48,550 8,135 5,209 21,797
Employer contributions -- -- -- --
Interest and dividends receivable 10 1 -- --
----------- ----------- ----------- -----------
48,560 8,136 5,209 21,797
----------- ----------- ----------- -----------
Total assets 7,399,796 1,239,916 793,997 3,322,238
Liabilities
Refunds of excess contributions
due to participants 11,988 8,706 4,564 10,858
Due to (from) brokers (22,495) 21,879 3,606 (2,558)
Due to (from) other funds (184,763) (31,119) (9,869) (53,072)
----------- ----------- ----------- -----------
Total liabilities (195,270) (534) (1,699) (44,772)
----------- ----------- ----------- -----------
Net assets available for benefits $ 7,595,066 $ 1,240,450 $ 795,696 $ 3,367,010
=========== =========== =========== ===========
<CAPTION>
Marsh
EB MaGIC Stock Participant
Fund Fund Loans Total
----------- ----------- ------------ -----------
Assets
Investments, at fair value: (Note 3)
Money market funds $ -- $ 61,533 $ -- $ 61,533
Loans to participants -- -- 452,400 452,400
Marsh stock -- -- 6,876,246 6,876,246
Mutual funds -- -- -- 12,672,245
Guaranteed investment contracts 1,244,207 -- -- 1,244,207
----------- ----------- ----------- -----------
Total investments 1,244,207 6,937,779 452,400 21,306,631
Receivables and other assets:
Employee contributions 8,217 45,819 -- 137,727
Employer contributions -- 25,633 -- 25,633
Interest and dividends receivable 1 237 -- 249
----------- ----------- ----------- -----------
8,218 71,689 -- 163,609
----------- ----------- ----------- -----------
Total assets 1,252,425 7,009,468 452,400 21,470,240
Liabilities
Refunds of excess contributions
due to participants 7,783 5,280 -- 49,179
Due to (from) brokers (2,046) 54,979 -- 53,365
Due to (from) other funds (13,261) (160,316) 452,400 --
----------- ----------- ----------- -----------
Total liabilities (7,524) (100,057) 452,400 102,544
----------- ----------- ----------- -----------
Net assets available for benefits $ 1,259,949 $ 7,109,525 $ -- $21,367,696
=========== =========== =========== ===========
</TABLE>
SEE ACCOMPANYING NOTES
2
<PAGE> 7
Marsh Supermarkets, Inc. 401(k) Plan
Statements of Net Assets Available for Benefits,
with Fund Information (continued)
December 31, 1995
<TABLE>
<CAPTION>
Victory
Fidelity Templeton Investment
Magellan Fidelity Foreign Quality
Fund Contrafund Fund Bond Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Assets
Investments, at fair value: (Note 3)
Money market funds $ 92,570 $ 22,647 $ 989 $ 34,253
Loans to participants -- -- -- --
Marsh stock -- -- -- --
Mutual funds 5,511,120 423,468 349,133 2,607,553
----------- ----------- ----------- -----------
Total investments 5,603,690 446,115 350,122 2,641,806
Receivables and other assets:
Employee contributions 70,458 5,609 4,402 33,217
Employer contributions -- -- -- --
Interest and dividends receivable 15,977 981 6 182
----------- ----------- ----------- -----------
86,435 6,590 4,408 33,399
----------- ----------- ----------- -----------
Total assets 5,690,125 452,705 354,530 2,675,205
Liabilities
Due to brokers 15,746 924 -- --
Due to (from) other funds (84,406) (4,738) (3,054) (25,845)
Accrued management fees 3,429 249 -- --
----------- ----------- ----------- -----------
Total liabilities (65,231) (3,565) (3,054) (25,845)
----------- ----------- ----------- -----------
Net assets available for benefits $ 5,755,356 $ 456,270 $ 357,584 $ 2,701,050
=========== =========== =========== ===========
<CAPTION>
Victory
Prime Marsh
Obligation Stock Participant
Fund Fund Loans Total
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Assets
Investments, at fair value: (Note 3)
Money market funds $ 883,269 $ 124,500 $ -- $ 1,158,228
Loans to participants -- -- 194,102 194,102
Marsh stock -- 5,552,678 -- 5,552,678
Mutual funds -- -- -- 8,891,274
----------- ----------- ----------- -----------
Total investments 883,269 5,677,178 194,102 15,796,282
Receivables and other assets:
Employee contributions 11,106 71,382 -- 196,174
Employer contributions -- 30,378 -- 30,378
Interest and dividends receivable 60 554 -- 17,760
----------- ----------- ----------- -----------
11,166 102,314 -- 244,312
----------- ----------- ----------- -----------
Total assets 894,435 5,779,492 194,102 16,040,594
Liabilities
Due to brokers -- 27,334 -- 44,004
Due to (from) other funds (9,000) (67,059) 194,102 --
Accrued management fees 8 3,453 -- 7,139
----------- ----------- ----------- -----------
Total liabilities (8,992) (36,272) 194,102 51,143
----------- ----------- ----------- -----------
Net assets available for benefits $ 903,427 $ 5,815,764 $ -- $15,989,451
=========== =========== =========== ===========
</TABLE>
SEE ACCOMPANYING NOTES.
3
<PAGE> 8
Marsh Supermarkets, Inc. 401(k) Plan
Statements of Changes in Net Assets Available for Benefits,
with Fund Information
Year ended December 31, 1996
<TABLE>
<CAPTION>
Victory
Fidelity Templeton Investment
Magellan Fidelity Foreign Quality EB MaGIC
Fund Contrafund Fund Bond Fund Fund
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net realized and unrealized
appreciation (depreciation)
in fair value of
investments (Note 3) $ 695,518 $ 157,970 $ 75,004 $ (92,758) $ 48,607
Interest 937 133 9 89 130
Dividends 35,444 -- 18,612 174,813 --
----------- ----------- ----------- ----------- -----------
731,899 158,103 93,625 82,144 48,737
Contributions:
Employee 1,790,537 341,354 256,299 884,034 290,267
Employer -- -- -- -- --
----------- ----------- ----------- ----------- -----------
1,790,537 341,354 256,299 884,034 290,267
----------- ----------- ----------- ----------- -----------
Total additions 2,522,436 499,457 349,924 966,178 339,004
Deductions from net assets
attributed to:
Benefits paid to participants
or their beneficiaries 379,588 49,004 36,417 256,575 76,242
Administrative expenses 7,511 716 -- -- --
----------- ----------- ----------- ----------- -----------
Total deductions 387,099 49,720 36,417 256,575 76,242
----------- ----------- ----------- ----------- -----------
Net increase prior to interfund transfers 2,135,337 449,737 313,507 709,603 262,762
Transfers (295,627) 334,443 124,605 (43,643) 997,187
----------- ----------- ----------- ----------- -----------
Net increase (decrease) 1,839,710 784,180 438,112 665,960 1,259,949
Net assets available for benefits:
Beginning of year 5,755,356 456,270 357,584 2,701,050 --
----------- ----------- ----------- ----------- -----------
End of year $ 7,595,066 $ 1,240,450 $ 795,696 $ 3,367,010 $ 1,259,949
=========== =========== =========== =========== ===========
<CAPTION>
Victory
Prime Marsh
Obligation Stock Participant
Fund Fund Loans Total
----------- ----------- ------------ -----------
Additions to net assets attributed to:
Investment income:
Net realized and unrealized
appreciation (depreciation)
in fair value of
investments (Note 3) $ 12,335 $ (305,435) $ -- $ 591,241
Interest 2 3,753 26,181 31,234
Dividends 105 209,265 -- 438,239
----------- ----------- ----------- -----------
12,442 (92,417) 26,181 1,060,714
Contributions:
Employee 93,907 928,737 -- 4,585,135
Employer -- 915,138 -- 915,138
----------- ----------- ---------- -----------
93,907 1,843,875 -- 5,500,273
----------- ----------- ----------- -----------
Total additions 106,349 1,751,458 26,181 6,560,987
Deductions from net assets
attributed to:
Benefits paid to participants
or their beneficiaries 17,950 326,042 19,354 1,161,172
Administrative expenses -- 13,343 -- 21,570
----------- ----------- ----------- -----------
Total deductions 17,950 339,385 19,354 1,182,742
----------- ----------- ----------- -----------
Net increase prior to interfund transfers 88,399 1,412,073 6,827 5,378,245
Transfers (991,826) (118,312) (6,827) --
----------- ----------- ----------- -----------
Net increase (decrease) (903,427) 1,293,761 -- 5,378,245
Net assets available for benefits:
Beginning of year 903,427 5,815,764 -- 15,989,451
----------- ----------- ----------- -----------
End of year $ -- $ 7,109,525 $ -- $21,367,696
=========== =========== =========== ===========
</TABLE>
See accompanying notes.
4
<PAGE> 9
Marsh Supermarkets, Inc. 401(k) Plan
Statements of Changes in Net Assets Available for Benefits,
with Fund Information (continued)
Year ended December 31, 1995
<TABLE>
<CAPTION>
Victory
Fidelity Templeton Investment
Magellan Fidelity Foreign Quality
Fund Contrafund Fund Bond Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net realized and unrealized
appreciation in fair value
of investments (Note 3) $ 1,221,293 $ 76,459 $ 16,697 $ 192,191
Interest 16,537 1,019 (400) 1,291
Dividends 16,354 -- 8,864 136,964
----------- ----------- ----------- -----------
1,254,184 77,478 25,161 330,446
Contributions:
Employee 1,730,322 229,330 203,705 920,238
Employer -- -- -- --
----------- ----------- ----------- -----------
1,730,322 229,330 203,705 920,238
----------- ----------- ----------- -----------
Total additions 2,984,506 306,808 228,866 1,250,684
Deductions from net assets
attributed to:
Benefits paid to participants
or their beneficiaries 279,168 10,936 9,371 172,541
Administrative expenses 10,886 680 -- --
----------- ----------- ----------- -----------
Total deductions 290,054 11,616 9,371 172,541
----------- ----------- ----------- -----------
Net increase prior to interfund transfers 2,694,452 295,192 219,495 1,078,143
Transfers 88,401 38,632 21,898 (89,778)
----------- ----------- ----------- -----------
Net increase 2,782,853 333,824 241,393 988,365
Net assets available for benefits:
Beginning of year 2,972,503 122,446 116,191 1,712,685
----------- ----------- ----------- -----------
End of year $ 5,755,356 $ 456,270 $ 357,584 $ 2,701,050
=========== =========== =========== ===========
<CAPTION>
Victory
Prime Marsh
Obligation Stock Participant
Fund Fund Loans Total
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net realized and unrealized
appreciation in fair value
of investments (Note 3) $ 3,439 $ 1,159,315 $ -- 2,669,394
Interest 36,030 5,761 8,959 69,197
Dividends -- 153,108 -- 315,290
----------- ----------- ----------- -----------
39,469 1,318,184 8,959 3,053,881
Contributions:
Employee 382,870 944,280 -- 4,410,745
Employer -- 878,512 -- 878,512
----------- ----------- ----------- -----------
382,870 1,822,792 -- 5,289,257
----------- ----------- ----------- -----------
Total additions 422,339 3,140,976 8,959 8,343,138
Deductions from net assets
attributed to:
Benefits paid to participants
or their beneficiaries 92,275 268,193 6,121 838,605
Administrative expenses 1,096 10,384 -- 23,046
----------- ----------- ----------- -----------
Total deductions 93,371 278,577 6,121 861,651
----------- ----------- ----------- -----------
Net increase prior to interfund transfers 328,968 2,862,399 2,838 7,481,487
Transfers (27,766) (28,549) (2,838) --
----------- ----------- ----------- -----------
Net increase 301,202 2,833,850 -- 7,481,487
Net assets available for benefits:
Beginning of year 602,225 2,981,914 -- 8,507,964
----------- ----------- ----------- -----------
End of year $ 903,427 $ 5,815,764 $ -- $15,989,451
=========== =========== =========== ===========
</TABLE>
See accompanying notes
5
<PAGE> 10
Marsh Supermarkets, Inc. 401(k) Plan
Notes to Financial Statements
December 31, 1996
1. DESCRIPTION OF THE PLAN
The following description of the Marsh Supermarkets, Inc. 401(k) Plan (the
"Plan") provides only general information. Participants should refer to the
Summary Plan Description for a more complete description of the Plan's
provisions.
GENERAL
The Marsh Supermarkets, Inc. 401(k) Plan was established by Marsh Supermarkets,
Inc. (the "Company") to provide retirement benefits for participating eligible
employees. The Company's Retirement Committee, appointed by the Board of
Directors of the Company, serves as the Plan Administrative Committee. The
trustee of the Plan is Key Trust Company of Indiana, N.A. ("Key Trust").
The Plan is a defined contribution retirement plan covering all employees of the
Company who have met certain requirements for participation. The Plan provides
for normal retirement at age 65, but includes a provision that allows
participants to elect to receive benefits prior to their normal retirement age.
The Plan also has provisions allowing for hardship withdrawals and loans.
CONTRIBUTIONS
The Plan provides for employees to contribute from one to 15 percent (up to the
IRS maximum) of their compensation on a pre-tax basis. The Company contributes
an amount equal to 25 percent of employee before tax contributions (excluding
contributions in excess of six percent of compensation) in the form of Company
stock. The Plan also provides for an additional discretionary contribution
determined by the Board of Directors of the Company; however, no discretionary
contributions were made during 1996 or 1995.
ALLOCATIONS TO PARTICIPANTS
Income on the investments of the funds is allocated daily to participants'
accounts based on their account balance. Forfeited balances of terminated
participants' nonvested accounts are used to reduce future Company
contributions.
6
<PAGE> 11
Marsh Supermarkets, Inc. 401(k) Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct their contributions to
these investment options:
Fidelity Magellan Fund--Funds are invested in common stock and
securities convertible into common stock of domestic, foreign and
multi-national issuers that offer potential growth.
Fidelity Contrafund--Funds are invested in equity securities of
companies that are considered under-valued with the objective of
obtaining capital appreciation.
Templeton Foreign Fund--Funds are invested in stocks and debt
obligations of companies and governments outside of the United States,
with the objective of achieving long-term capital growth.
Victory Investment Quality Bond Fund--Funds are invested in a broad
portfolio of investment grade fixed income securities, including U.S.
Treasuries, Federal Agency issues, corporate bonds, and asset-backed
securities. The investment objective of the Fund is to seek total
return with an emphasis on a high level of income.
EB MaGIC Fund--Funds are primarily invested in a diversified portfolio
of guaranteed investment contracts with various insurance companies.
The investment objective of the Fund is to seek a reasonable level of
income together with stability of principal. This Fund became available
to participants on April 1, 1996.
Victory Prime Obligation Fund--Funds are invested in U.S.
dollar-denominated, high quality, short-term debt instruments
(primarily commercial paper) and other high quality instruments. This
fund was discontinued as an investment option on March 31, 1996.
Marsh Stock Fund--Funds are invested in Class A Common Stock and Class
B Common Stock of the Company.
7
<PAGE> 12
Marsh Supermarkets, Inc. 401(k) Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
PAYMENT OF BENEFITS
Upon retirement or termination, a participant shall receive contributions made
to the Plan, the vested portion of the employer contributions and an allocable
share of the Plan's earnings or losses. Benefits are payable in a lump sum no
later than 60 days after the end of the plan year in which a participant reaches
normal retirement age or terminates employment.
EXPENSES OF THE PLAN
Investment management fees reduce plan earnings. All other plan expenses are
paid by the sponsor.
VESTING POLICY
Employer benefits are vested as follows:
Years of Service Percentage Vested
---------------- -----------------
1 20
2 40
3 60
4 80
5 100
2. SUMMARY OF ACCOUNTING POLICIES
INVESTMENTS
Investments are carried at fair value. The fair value of investments in
securities traded on a national securities exchange is determined based on the
last reported sale on the last business day of the plan year as quoted in
business publications and by security brokers. Dividends are recorded as income
on the dividend record date.
USE OF ESTIMATES
Preparation of the financial statements requires the use of management's
estimates. Actual results could differ from those estimates.
8
<PAGE> 13
Marsh Supermarkets, Inc. 401(k) Plan
Notes to Financial Statements (continued)
3. INVESTMENTS
Investments held by the Plan at December 31 are presented in the following
table. Investments that represent 5 percent or more of the Plan's net assets are
separately identified.
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
INVESTMENTS AT FAIR VALUE AS DETERMINED
BY QUOTED MARKET PRICE
Fidelity Magellan Fund $ 7,351,236 $ 5,511,120
Fidelity Contrafund 1,231,780 423,468
Templeton Foreign Fund 788,788 349,133
Victory Investment Qualify Bond Fund 3,300,441 2,607,553
Marsh Class A Common Stock:
265,837 and 217,965 shares 3,622,029 2,888,036
Marsh Class B Common Stock:
286,085 and 201,105 shares 3,254,217 2,664,642
----------- -----------
19,548,491 14,443,952
INVESTMENTS AT ESTIMATED FAIR VALUE
Money market funds 61,533 1,158,228
Loans to participants 452,400 194,102
EB MaGIC Fund 1,244,207 --
----------- -----------
1,758,140 1,352,330
----------- -----------
Total investments at fair value $21,306,631 $15,796,282
=========== ===========
</TABLE>
During 1996, the Plan's investments (including investments bought, sold, and
held during the year) appreciated (depreciated) in value by $591,241 as follows:
YEAR ENDED
DECEMBER 31, 1996
-----------------
INVESTMENTS AT FAIR VALUE AS DETERMINED
BY QUOTED MARKET PRICE
Fidelity Magellan Fund $ 695,518
Fidelity Contrafund 157,970
Templeton Foreign Fund 75,004
Victory Investment Quality Bond Fund (92,758)
EB MaGIC Fund 48,607
Victory Prime Obligation Fund 12,335
Marsh Stock Fund (305,435)
---------
Net change in fair value $ 591,241
=========
9
<PAGE> 14
Marsh Supermarkets, Inc. 401(k) Plan
Notes to Financial Statements (continued)
4. TAX STATUS
The Internal Revenue Service ruled on April 25, 1995 that the Plan qualifies
under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the
related trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC and ERISA
to maintain its qualification. The Administrative Committee is not aware of any
course of action or series of events that have occurred that might adversely
affect the Plan's qualified status.
5. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right to
discontinue its Plan contributions at any time and to terminate the Plan subject
to the provisions of ERISA. In the event of Plan termination, participants will
become 100 percent vested in their accounts.
10
<PAGE> 15
Marsh Supermarkets, Inc. 401(k) Plan
Line 27(a) - Schedule of Assets Held for Investment Purposes
December 31, 1996
<TABLE>
<CAPTION>
EIN Number: 35-0918179
Plan Number: 004
(b) (c) (d) (e)
Identity of Issue Description of Investment Cost Market
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Key Trust* 666,440.287 shares Fidelity Magellan Fund $ 6,825,826 $ 7,351,236
Key Trust* 100,774.792 shares Fidelity Contrafund 1,124,539 1,231,780
Key Trust* 76,137.845 shares Templeton Foreign Fund 731,639 788,788
Key Trust* 344,154.406 shares Victory Investment
Quality Bond Fund 3,316,919 3,300,441
Key Trust* 108,700.462 shares EB MaGIC Fund 1,197,978 1,244,207
Key Trust* Employee Benefits Money Market Fund 61,533 61,533
Marsh Supermarkets, Inc.* 265,837 shares of Class A Common Stock 3,240,512 3,622,029
Marsh Supermarkets, Inc.* 286,085 shares of Class B Common Stock 3,252,960 3,254,217
Loans to Participants Interest rates ranging from 7.0% to 10.0% -- 452,400
-------------------------------------
$19,751,906 $21,306,631
=====================================
</TABLE>
* Indicates party-in-interest to the Plan.
11
<PAGE> 16
Marsh Supermarkets, Inc.
Line 27(d) - Schedule of Reportable Transactions
Year Ended December 31, 1996
<TABLE>
<CAPTION>
EIN Number: 35-0918179
Plan Number: 004
Date of
(a) (b) Transaction/ (c) (d) (g) (h) (i)
Identity Number of Purchase Selling Cost of Value at Date Net Gain
of Party Description of Asset Transactions Price Price Assets Sold of Transaction or (Loss)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Category (i) - Single transactions in excess of 5% of plan assets:
Key Trust Victory Prime
Obligation Fund
Sale April 3, 1996 $ -- $ 980,426 $ 980,426 $ 980,426 $ --
Key Trust EB MaGIC Fund
Purchase April 3, 1996 980,427 -- -- 980,427 --
Category (iii) - A series of transactions in excess of 5% of plan assets:
KeyBank Fidelity Magellan Fund
Purchases 92 8,264,966 -- -- 8,264,966 --
Sales 104 -- 7,142,862 7,072,652 7,142,862 70,210
Key Trust Fidelity Contrafund
Purchases 135 1,514,996 -- -- 1,514,996 --
Sales 44 -- 853,114 785,797 853,114 67,317
Key Trust Victory Investment
Quality Bond Fund
Purchases 114 1,106,793 -- -- 1,106,793 --
Sales 85 -- 321,147 324,095 321,147 (2,948)
Key Trust EB MaGIC Fund
Purchases 68 1,324,188 -- -- 1,324,188 --
Sales 57 -- 128,588 126,210 128,588 2,378
Key Trust Victory Prime
Obligation Fund
Deposits 41 1,167,361 -- -- 1,167,361 --
Withdrawals 36 -- 2,062,964 2,047,191 2,062,964 15,773
Marsh Supermarkets Class A Common Stock
Purchases 59 816,060 -- -- 816,060 --
Marsh Supermarkets Class B Common Stock
Purchases 58 817,958 -- -- 817,958 --
Key Trust Employee Benefits
Money Market Fund
Deposits 387 2,259,846 -- -- 2,259,846 --
Withdrawals 471 -- 2,473,272 2,473,272 2,473,272 --
</TABLE>
Information concerning (e) "Lease Rental" and (f) "Expense Incurred with
Transaction" has not been presented as it is not applicable.
There were no category (ii) or (iv) reportable transactions during 1996.
12
<PAGE> 1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8 number 33-56626) pertaining to the Marsh Supermarkets, Inc. 401(k) Plan of
our report, dated June 11, 1997, with respect to the financial statements and
schedules of the Marsh Supermarkets, Inc. 401(k) Plan included in this Annual
Report (Form 11-K) for the year ended December 31, 1996.
Ernst & Young LLP
June 26, 1997
