<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS 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 the fiscal year ended December 31, 1993
VIKING FINANCIAL SECURITY PLAN
(Full title of the plan)
411 E. Plumeria Dr.
San Jose, CA 95134
(Full address of the plan)
ROADWAY SERVICES, INC.
------------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
1077 Gorge Boulevard
P.O. Box 88
Akron, Ohio 44309-0088
(Address of principal executive office)
<PAGE> 2
REQUIRED INFORMATION
The following financial statements are furnished for the plan:
Audited Financial Statements and Supplemental Schedules of the Viking Financial
Security Plan for the years ended December 31, 1993 and 1992.
The foregoing plan financial statements were prepared in accordance with the
financial reporting requirements of ERISA and were audited by independent
auditors.
EXHIBITS
Consent of independent auditors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Chairman of the Administrative Committee has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
VIKING FINANCIAL SECURITY PLAN
/S/ T. L. STAMBAUGH
---------------------------------------
T. L. STAMBAUGH T. L. Stambaugh, Senior
Vice President - Human
Resources of Viking Freight
System, Inc. and Chairman of
the Administrative Committee
June 27, 1994
<PAGE> 3
Financial Statements and
Supplemental Schedules
Viking Financial Security Plan
YEARS ENDED DECEMBER 31, 1993 AND 1992
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE> 4
<TABLE>
Viking Financial Security Plan
Financial Statements and
Supplemental Schedules
Years ended December 31, 1993 and 1992
<CAPTION>
CONTENTS
<S> <C>
Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Audited Financial Statements
Statements of Net Assets Available for Plan Benefits . . . . . . . . . . . . . . . . . . . . . . . 2
Statements of Changes in Net Assets Available for Plan Benefits . . . . . . . . . . . . . . . . . . 4
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Supplemental Schedules
Form 5500 Item 27a - Schedule of Assets Held for Investment Purposes . . . . . . . . . . . . . . 12
Form 5500 Item 27d - Schedules of Reportable Transactions:
Category (i)--Individual Transactions in Excess of 5% of the
Current Value of Plan Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Category (iii)--Series of Transactions in Excess of 5% of the
Current Value of Plan Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
</TABLE>
<PAGE> 5
[Ernst & Young Letterhead]
Report of Independent Auditors
The Administrative Committee
Viking Financial Security Plan
We have audited the accompanying statements of net assets available for plan
benefits of the Viking Financial Security Plan as of December 31, 1993 and
1992, 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 audits 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, information regarding the net assets
available for plan benefits of the Plan at December 31, 1993 and 1992, and the
changes therein 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
listed in the table of contents 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.
ERNST & YOUNG
April 28, 1994
<PAGE> 6
<TABLE>
Viking Financial Security Plan
Statements of Net Assets Available for Plan Benefits
December 31, 1993
<CAPTION>
VIKING
COMPANY FIXED ASSET INCOME S&P 500 EMPLOYEE
STOCK INCOME ALLOCATION ACCUMULATION STOCK LOAN
FUND FUND FUND FUND FUND ACCOUNT TOTAL
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Cash and temporary cash
investments $ 133,650 $ 14,719 $ - $ 938 $ - $ - $ 149,307
Contributions receivable:
Employee 20,558 - 29,870 25,634 25,360 - 101,422
Employer 456,877 - 774,093 733,961 578,350 - 2,543,281
Interest receivable 3,877 36 - - - - 3,913
Loans receivable - - - - - 4,661,737 4,661,737
Investments, at fair value:
Company Stock Fund
(Common Stock of Roadway
Services, Inc.) 7,478,040 - - - - - 7,478,040
Collective investment funds - - 15,911,505 11,639,788 11,241,893 - 38,793,186
Guaranteed investment contracts:
Nonrestricted - - - 1,062,116 - - 1,062,116
Restricted - 3,883,635 - - - - 3,883,635
-------------------------------------------------------------------------------------------------
8,093,002 3,898,390 16,715,468 13,462,437 11,845,603 4,661,737 58,676,637
LIABILITIES
Expenses payable 2,656 33,411 - 938 - - 37,005
-------------------------------------------------------------------------------------------------
2,656 33,411 - 938 - - 37,005
-------------------------------------------------------------------------------------------------
Net assets available for plan
benefits $8,090,346 $3,864,979 $16,715,468 $13,461,499 $11,845,603 $4,661,737 $58,639,632
====================================================================================================
<FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
</TABLE>
2
<PAGE> 7
<TABLE>
Viking Financial Security Plan
Statements of Net Assets Available for Plan Benefits
December 31, 1992
<CAPTION>
VIKING
COMPANY FIXED ASSET INCOME S&P 500 EMPLOYEE
STOCK INCOME ALLOCATION ACCUMULATION STOCK LOAN
FUND FUND FUND FUND FUND ACCOUNT TOTAL
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Cash and temporary cash
investments $ 70,673 $ - $ - $ - $ - $ 11,731 $ 82,404
Contributions receivable:
Employee 50,822 - 88,005 86,082 65,430 - 290,339
Employer 427,409 - 705,223 684,719 478,135 - 2,295,486
Interest receivable 7,022 - - 4,916 - - 11,938
Loans receivable - - - - - 3,639,871 3,639,871
Investments, at fair value:
Company Stock Fund (Common
Stock of Roadway Services,
Inc.) 7,049,016 - - - - - 7,049,016
Collective investment funds - - 11,579,053 6,453,533 8,663,179 - 26,695,765
Guaranteed investment contracts:
Nonrestricted - - - 4,065,714 - - 4,065,714
Restricted - 3,836,902 - - - - 3,836,902
---------------------------------------------------------------------------------------------------
7,604,942 3,836,902 12,372,281 11,294,964 9,206,744 3,651,602 47,967,435
---------------------------------------------------------------------------------------------------
LIABILITIES
Expenses payable 6,285 - - - - - 6,285
---------------------------------------------------------------------------------------------------
6,285 - - - - - 6,285
---------------------------------------------------------------------------------------------------
Net assets available for
plan benefits $ 7,598,657 $ 3,836,902 $12,372,281 $11,294,964 $9,206,744 $ 3,651,602 $47,961,150
===================================================================================================
<FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
</TABLE>
3
<PAGE> 8
<TABLE>
Viking Financial Security Plan
Statements of Changes in Net Assets Available for Plan Benefits
December 31, 1993
<CAPTION>
VIKING
COMPANY FIXED ASSET INCOME S&P 500 EMPLOYEE
STOCK INCOME ALLOCATION ACCUMULATION STOCK SWEEP LOAN
FUND FUND FUND FUND FUND ACCOUNT ACCOUNT TOTAL
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CONTRIBUTIONS
Plan participants $ 1,310,668 $ - $ 2,107,449 $ 2,162,458 $ 1,540,766 $ - $ - $ 7,121,341
Employer 456,877 - 774,093 733,704 578,338 - - 2,543,021
------------------------------------------------------------------------------------------------------
1,767,545 - 2,881,542 2,896,162 2,119,104 - - 9,664,353
Income from investments:
Dividends 126,673 - 406,463 - 134,551 - - 667,687
Interest 2,762 161,002 - 699,375 - 18 382,862 1,246,019
------------------------------------------------------------------------------------------------------
129,435 161,002 406,463 699,375 134,551 18 382,862 1,913,706
Transfers between accounts
and loans to participants (276,360) (132,925) 90,843 (598,157) 62,085 5,562 848,952 -
DISTRIBUTIONS
Lump sum settlements and
withdrawals 299,120 - 518,763 818,659 433,146 5,506 221,679 2,296,873
Expenses 7,026 - 12,006 11,171 8,495 74 - 38,772
------------------------------------------------------------------------------------------------------
306,146 - 530,769 829,830 441,641 5,580 221,679 2,335,645
Net realized and unrealized
appreciation
(depreciation) of
investments (822,785) - 1,495,108 (1,015) 764,760 - - 1,436,068
------------------------------------------------------------------------------------------------------
Net increase in net assets 491,689 28,077 4,343,187 2,166,535 2,638,859 - 1,010,135 10,678,482
Net assets available for plan
benefits at beginning of 7,598,657 3,836,902 12,372,281 11,294,964 9,206,744 - 3,651,602 47,961,150
year ------------------------------------------------------------------------------------------------------
Net assets available for
plan benefits at end of
year $ 8,090,346 $ 3,864,979 $16,715,468 $13,461,499 $11,845,603 $ - $4,661,737 $58,639,632
======================================================================================================
<FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
</TABLE>
4
<PAGE> 9
<TABLE>
Viking Financial Security Plan
Statements of Changes in Net Assets Available for Plan Benefits (continued)
December 31, 1992
<CAPTION>
WELLS FARGO
COMPANY FIXED EQUITY ASSET
STOCK INCOME INDEX ALLOCATION
FUND FUND FUND FUND
-----------------------------------------------------------
<S> <C> <C> <C> <C>
CONTRIBUTIONS
Plan participants $1,074,380 $ - $ - $ 1,868,490
Employer 438,700 - - 707,916
----------------------------------------------------------
1,513,080 - - 2,576,406
Income from investments:
Dividends 90,631 - - -
Interest 3,285 56,674 - -
----------------------------------------------------------
93,916 56,674 - -
Transfers between accounts
and loans to participants 332,531 (9,275,697) (7,488,011) 124,073
DISTRIBUTIONS
Lump sum settlements
and withdrawals 339,807 49,784 63,892 483,728
Expenses 8,380 - 8 6,538
----------------------------------------------------------
348,187 49,784 63,900 490,266
Net realized and unrealized appreciation
(depreciation) of investments 563,418 - (140,298) 781,353
----------------------------------------------------------
Net increase(decrease) in net assets
available for plan benefits 2,154,758 (9,268,807) (7,692,209) 2,991,566
Net assets available for plan benefits
at beginning of year 5,443,899 13,105,709 7,692,209 9,380,715
----------------------------------------------------------
Net assets available for plan benefits
at end of year $7,598,657 $ 3,836,902 $ - $12,372,281
==========================================================
VIKING
INCOME S&P 500 EMPLOYEE
ACCUMULATION STOCK SWEEP LOAN
FUND FUND ACCOUNT ACCOUNT TOTAL
---------------------------------------------------------------------------
<C> <C> <C> <C> <C>
CONTRIBUTIONS
Plan participants $ 2,007,605 $ 1,262,098 $ - $ - $ 6,212,573
Employer 711,064 481,230 - - 2,338,910
---------------------------------------------------------------------------
2,718,669 1,743,328 - - 8,551,483
Income from investments:
Dividends - - - - 90,631
Interest 700,056 - 4,029 313,783 1,077,827
---------------------------------------------------------------------------
700,056 - 4,029 313,783 1,168,458
Transfers between accounts
and loans to participants 8,621,162 7,119,477 (555,377) 1,121,842 -
DISTRIBUTIONS
Lump sum settlements
and withdrawals 721,466 385,459 10,896 222,656 2,277,688
Expenses 6,611 4,774 1,860 - 28,171
---------------------------------------------------------------------------
728,077 390,233 12,756 222,656 2,305,859
Net realized and unrealized appreciation
(depreciation) of investments (16,846) 734,172 - - 1,921,799
---------------------------------------------------------------------------
Net increase(decrease) in net assets
available for plan benefits 11,294,964 9,206,744 (564,104) 1,212,969 9,335,881
Net assets available for plan benefits
at beginning of year - - 564,104 2,438,633 38,625,269
---------------------------------------------------------------------------
Net assets available for plan benefits
at end of year $11,294,964 $ 9,206,744 $ - $ 3,651,602 $47,961,150
===========================================================================
<FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
</TABLE>
5
<PAGE> 10
Viking Financial Security Plan
Notes to Financial Statements (continued)
December 31, 1993
1. SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Viking Financial Security Plan (the Plan) have
been prepared on the accrual basis.
Investments are reported at fair value, which equals the market quotation for
the funds and common stock at December 31, 1993, with the difference between
cost and market value reflected in the statements of changes in net assets
available for plan benefits included in net realized and unrealized
appreciation (depreciation) of investments. The cost of securities sold is
determined using the average cost method.
Substantially all administrative fees are paid by Viking Freight, Inc., the
Plan sponsor.
The assets of the Plan are held by Wells Fargo Bank N.A., San Francisco, CA.,
the Trustee of the Plan, and are invested primarily in the following investment
funds:
COMPANY STOCK FUND - The assets of the fund are invested in the common
stock of Roadway Services, Inc. The fair value of the investment is
determined based upon the closing quoted market price on the last business
day of the Plan year.
FIXED INCOME FUND - The assets of the fund are invested in a guaranteed
investment contract with Mutual Benefit Life. Since July 16, 1991, assets
invested in the Mutual Benefit Life Guaranteed Investment Contract have
been restricted (SEE NOTE 5). Effective in February 1992, all unrestricted
assets of this fund were liquidated and transferred to the Viking Income
Accumulation Fund.
ASSET ALLOCATION FUND - The assets of this fund were invested in the
Wells Fargo Asset Allocation Fund as of December 31, 1992. On July 2,
1993, these investments were sold and reinvested in the Wellsfunds Asset
Allocation Fund. The investments of the fund are allocated among three
asset classes: common stock, U.S. Treasury bonds, and money market
instruments. The fair value of the units owned by the Plan is based upon
quoted redemption values on the last business day of the plan year. This
fund is valued on a daily basis.
6
<PAGE> 11
Viking Financial Security Plan
Notes to Financial Statements (continued)
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
VIKING INCOME ACCUMULATION FUND - The assets of the fund are invested
in a mix of fixed-rate and variable-rate investments. The assets consist of
guaranteed investment contracts with New York Life Insurance and Seafirst
National Bank and an investment in the Wells Fargo Income Accumulation
Fund. The guaranteed investment contracts earn a guaranteed rate of return,
and the withdrawal of funds is restricted as specified in the contracts.
The Wells Fargo Income Accumulation Fund is part of the Wells Fargo
Institutional Trust Company Collective Trust Funds and invests in
guaranteed investment contracts, bank investment contracts, U.S. government
securities, and short-term money market instruments. The fair value of the
units owned by the Plan in the collective investment fund is based upon
quoted redemption values on the last business day of the Plan year.
S&P 500 STOCK FUND - The assets of this fund were invested in the Wells
Fargo S&P 500 Stock Fund as of December 31, 1992. On July 2, 1993, these
investments were sold and reinvested in the Wellsfunds S&P 500 Stock Fund.
The equity fund invests daily in the same stocks and substantially the same
percentages as the S&P 500 Index. The fair value of the units owned by the
Plan is based upon quoted redemption values on the last business day of the
Plan year.
SWEEP ACCOUNT - Any contributions, distributions, purchases, or sales
of fund assets are transacted in the Sweep Account. The Sweep Account is a
short-term money market account.
EMPLOYEE LOAN ACCOUNT - This account includes all loans made to
participants. Participants pay interest on the loans at rates between 8%
and 13-1/2%.
7
<PAGE> 12
Viking Financial Security Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN
The Plan is designed to qualify under the Internal Revenue Code as a profit
sharing plan which includes a cash or deferred arrangement and allows employees
to contribute from 1% to 15% of their total pay on a before-tax basis, subject
to certain limitations applicable to highly compensated employees. The
before-tax contributions are not currently subject to federal or state income
taxes. Employees are eligible to become active members of the Plan upon
reaching the age of twenty-one, completing 12 months of service, and working at
least 1,000 hours during that period.
Viking Freight, Inc. (the Company) matches 50% of the employees' contributions
up to a maximum of 3% of the employees' salaries. The Company's matching
contributions are invested in the Plan's investment options based on elections
by participants. Employees select how to invest their contributions in
increments of 1% among four investment funds: the Viking Income Accumulation
Fund, the Asset Allocation Fund, the S&P 500 Stock Fund, and the Company Stock
Fund (consisting of Roadway Services, Inc. common stock). Employee
contributions, Company matching contributions, and any investment earnings are
100% vested and are nonforfeitable.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue contributions at any time and to terminate the
Plan subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA). Upon termination, participants are entitled to receive the
value of their accounts.
8
<PAGE> 13
<TABLE>
Viking Financial Security Plan
Notes to Financial Statements (continued)
3. INVESTMENTS
The market value and net asset value per share/unit at December 31, 1993 and
1992 for the respective investment funds follows:
<CAPTION>
NET ASSET
MARKET VALUE PER
VALUE SHARE/UNIT
-----------------------------
<S> <C> <C>
December 31, 1993:
Roadway Services, Inc. Common Stock
(124,634 shares) $ 7,478,040 $60.00
===========
Collective investment funds:
Wells Fargo Income Accumulation Fund $ 11,639,788 11.21
Wellsfund, Inc. Asset Allocation Fund 15,911,505 10.27
Wellsfund, Inc. S&P 500 Stock Fund 11,241,893 10.44
------------
$ 38,793,186
============
Guaranteed investment contracts:
Nonrestricted --
New York Life $ 1,062,116 1.00
===========
Restricted --
Mutual Benefit Life $ 3,883,635 1.00
===========
</TABLE>
9
<PAGE> 14
<TABLE>
Viking Financial Security Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
<CAPTION>
NET ASSET
MARKET VALUE PER
VALUE SHARE/UNIT
----------------------------
<S> <C> <C>
December 31, 1992:
Roadway Services, Inc. Common Stock
(103,662 shares) $ 7,049,016 $68.00
===========
Collective investment funds:
Wells Fargo Asset Allocation Fund $ 11,579,053 13.27
Wells Fargo Income Accumulation Fund 6,453,533 10.71
Wells Fargo S&P 500 Stock Fund 8,663,179 14.84
------------
$ 26,695,765
=============
Guaranteed investment contracts:
Nonrestricted:
New York Life $ 1,959,550 1.00
Seafirst National Bank 2,106,164 1.00
-------------
$ 4,065,714
============
Restricted --
Mutual Benefit Life $ 3,836,902 1.00
============
</TABLE>
4. INCOME TAX STATUS
The Internal Revenue Service has ruled (February 22, 1991) that the Plan
qualifies under Section 401(a) of the Internal Revenue Code and is therefore
not subject to tax under present income tax law. The Plan's 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.
10
<PAGE> 15
Viking Financial Security Plan
Notes to Financial Statements (continued)
5. MUTUAL BENEFIT LIFE GUARANTEED INVESTMENT CONTRACT
As of July 16, 1991, the State of New Jersey insurance regulators took control
of Mutual Benefit Life and froze all existing assets of the company. As a
result of these events, the future recoverability of the Plan's assets held by
Mutual Benefit Life is uncertain. Due to the restricted status of the Mutual
Benefit Life Guaranteed Investment Contract, Viking Freight, Inc., as the plan
sponsor, has committed to protect plan participants from any loss of principal
(participant contributions and the Company match) as well as any credited
interest upon maturity of the contract.
11
<PAGE> 16
SUPPLEMENTAL SCHEDULES
<PAGE> 17
<TABLE>
Viking Financial Security Plan
Form 5500 Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
MARKET
IDENTITY OF ISSUER DESCRIPTION OF INVESTMENT COST VALUE
<S> <C> <C> <C>
Common stock of
Roadway Services, Inc.* 124,634 shares of common stock $ 6,647,839 $ 7,478,040
Wellsfunds, Inc. 1,549,319 units of collective
Asset Allocation Fund * investment fund 15,557,272 15,911,505
Wells Fargo Bank, N.A. 1,038,340 units of collective
Wells Fargo Income Accumulation Fund * investment fund 11,640,852 11,639,788
Wellsfunds, Inc. 1,076,810 units of collective
S&P 500 Stock Fund equity investment fund 10,813,124 11,241,893
New York Life Insurance Company:
Guaranteed investment contract Fixed income investment contract 1,062,116 1,062,116
Mutual Benefit Life Insurance Company:**
Guaranteed investment contract Fixed income investment contract 3,883,635 3,883,635
Wells Fargo Bank, N.A.:*
Money market fund Short-term investment fund*** 146,960 146,960
Viking Financial Security Plan Loans receivable maturing at various dates
through 2003 at interest rates ranging from
8% to 13-1/2% 4,661,737 4,661,737
------------- -------------
$ 54,413,535 $ 56,025,674
==================================
<FN>
* A party-in-interest as defined by ERISA.
** As described in Note 5 of Notes to Financial Statements, the assets of Mutual Benefit Life were frozen by state
insurance regulators.
*** Included in cash on Statement of Assets Available for Plan Benefits.
</TABLE>
12
<PAGE> 18
<TABLE>
Viking Financial Security Plan
Form 5500 Item 27d - Schedules of Reportable Transactions
Year Ended December 31, 1993
Category (i) - Individual Transactions in Excess of 5% of the Current Value of Plan Assets
<CAPTION>
SELLING COST OF CURRENT VALUE AT GAIN (LOSS)
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET PRICE ASSET TRANSACTION DATE ON SALE
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Asset Allocation Fund:
Wells Fargo Asset Allocation Fund * Collective investment fund $ 14,018,028 $ 12,930,999 $ 14,018,038 $ 1,087,039
Wellsfunds, Inc. Asset Allocation
Fund* Collective investment fund - 14,115,846 14,115,846 -
Viking Income Accumulation Fund:
Seafirst National Bank Guaranteed investment
contract 2,290,262 2,290,262 2,290,262 -
S&P 500 Stock Fund:
Wells Fargo S&P 500 Stock Fund * Collective investment fund 9,912,451 9,609,069 9,912,451 303,383
Wellsfunds, Inc. S&P 500 Stock
Fund* Collective investment fund - 9,983,546 9,983,546 -
<FN>
*A party-in-interest as defined by ERISA.
</TABLE>
13
<PAGE> 19
<TABLE>
Viking Financial Security Plan
Form 5500 Item 27d - Schedules of Reportable Transactions (continued)
Year Ended December 31, 1993
Category (iii) - Series of Transactions in Excess of 5% of the Current Value of Plan Assets
<CAPTION>
PURCHASES SALES
---------------------------------- ----------------------------------------------------
IDENTITY OF PARTY INVOLVED AND NUMBER OF NUMBER OF GAIN
DESCRIPTION OF ASSET TRANSACTIONS AMOUNT TRANSACTIONS AMOUNT (LOSS)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Asset Allocation Fund:
Wells Fargo Asset Allocation Fund* 48 $ 1,957,664 64 $ 14,655,475 $ 1,118,758
Wellsfunds, Inc. Asset Allocation Fund* 71 16,186,689 41 651,534 22,117
Viking Income Accumulation Fund:
Seafirst National Bank - - 3 2,106,164 -
Wells Fargo Income Accumulation Fund* 96 7,653,921 124 2,466,651 49
S&P 500 Stock Fund:
Wells Fargo Bank, N.A.* 56 1,516,011 54 10,497,859 318,669
Wellsfunds, Inc. S&P 500 Fund* 62 11,385,351 46 589,549 17,322
Company Stock Fund:
Wells Fargo* Money Market Fund 209 3,381,412 192 3,312,103 -
Roadway Services, Inc.* common stock 81 2,577,298 109 1,325,489 161,927
<FN>
*A party-in-interest as defined by ERISA.
There were no Category (ii) or (iv) reportable transactions during 1993.
</TABLE>
14
<PAGE> 1
[ERNST & YOUNG LETTERHEAD]
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-28546) pertaining to the Viking Financial Security Plan of
our report dated April 28, 1994, with respect to the financial statements and
supplemental schedules of the Viking Financial Security Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1993.
ERNST & YOUNG
June 27, 1994
