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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
     
þ   ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended February 28, 2005
or
     
o   TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission file number 1-13873
A) Full title of the plan and the address of the plan, if different from that of issuer name below:
STEELCASE INC. RETIREMENT PLAN
B) Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Steelcase Inc.
901 44th Street SE
Grand Rapids, Michigan 49508
 
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.
Steelcase Inc. Retirement Plan
         
     
Date: August 26, 2005  By:   /s/ James P. Keane    
    James P. Keane   
    Senior Vice President,
Chief Financial Officer
Steelcase, Inc. 		  
 

Steelcase Inc. Retirement Plan
Contents
         
    3  
         
Financial Statements
        
       
February 28, 2005 and February 29, 2004
     4  
       
Years Ended February 28, 2005 and February 29, 2004
     5  
    6 - 13  
         
Supplemental Schedule
        
       
February 28, 2005
     14 - 24  
         
Exhibit Index
        
 Consent of Independent Registered Public Accounting Firm

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Report of Independent Registered Public Accounting Firm
Plan Administrator of Steelcase Inc.
     Retirement Plan
Grand Rapids, Michigan
We have audited the accompanying statements of net assets available for benefits of Steelcase Inc. Retirement Plan (the Plan) as of February 28, 2005 and February 29, 2004, and the related statement of changes in net assets available for benefits for the years ended February 28, 2005 and February 29, 2004. These financial statements are the responsibility of the plan administrator. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits include consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements, referred to above, present fairly, in all material respects, the net assets available for benefits of the Plan as of February 28, 2005 and February 29, 2004, and changes in net assets available for benefits for the years ended February 28, 2005 and February 29, 2004, in conformity with accounting principles generally accepted in the United States of America.
Our audits of the Plan’s financial statements were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) as of and for the year ended February 28, 2005 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental information is the responsibility of the plan administrator. The supplemental information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Grand Rapids, Michigan
June 9, 2005

 

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Steelcase Inc. Retirement Plan
Statements of Net Assets Available for Benefits
                 
    February 28,     February 29,  
    2005     2004  
 
                
 
 
                
Investments:
                
Mutual funds
   $ 229,825,567     $ 307,262,463  
Common collective trust funds
     813,083,304       717,394,397  
Money market funds
     108,793,662       128,997,329  
U.S. government securities
     112,762,352       106,235,987  
Corporate bonds
     33,176,642       118,991,784  
Private investment funds
     31,511,206       —  
Contract with insurance company
     1,809,752       3,417,975  
Foreign Bonds/Warrants
     632,032       —  
Steelcase Inc. common stock
     765,993       637,249  
Participant loans
     16,239,014       19,569,300  
 
                
 
 
                
Total investments
     1,348,599,524       1,402,506,484  
Cash
     76,382       5,162,561  
Accrued investment income
     943,437       2,642,791  
Investment transactions pending settlement
     7,302,075       (3,339,081 )
Company contribution receivable
     15,053,324       16,297,545  
Cash surrender value of life insurance
                
(face amount $73,393,547 and $87,188,657)
     16,538,742       17,744,639  
 
                
 
 
                
Net Assets Available for Benefits
   $ 1,388,513,484     $ 1,441,014,939  
 
  
  
  
  
  
  
  
  
See accompanying notes to financial statements.

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Steelcase Inc. Retirement Plan
Statement of Changes in Net Assets Available for Benefits
                 
    February 28,     February 29,  
Year ended   2005     2004  
 
                
 
 
                
Additions
                
Contributions:
                
Company contributions
   $ 14,356,956     $ 12,160,433  
Participant contributions
     18,668,548       19,002,552  
Rollovers
     636,824       258,507  
Investment income (loss):
                
Net appreciation in market value
     56,184,528       182,111,688  
Interest on corporate bonds
     1,319,338       10,972,838  
Dividends from mutual funds
     10,601,715       13,335,559  
Interest on U.S. government securities
     4,964,044       7,053,013  
Insurance proceeds
     3,652,871       5,381,802  
Interest on money market funds
     2,122,486       1,523,577  
Dividends from common stocks
     4,391       1,519,458  
Interest on participant loans
     902,854       1,215,304  
Interest on private investment funds
     2,874,009       —  
Decrease in cash surrender value of life insurance
     (1,205,897 )     (1,884,161 )
 
                
 
 
                
Total Additions
     115,082,667       252,650,570  
 
                
 
 
                
Deductions
                
Benefits paid to participants
     163,795,115       160,895,615  
Insurance premiums
     869,876       1,043,462  
Administrative expenses
     2,919,131       1,483,987  
 
                
 
 
                
Total Deductions
     167,584,122       163,423,064  
 
                
 
 
                
Net increase (decrease)
     (52,501,455 )     89,227,506  
Net Assets Available for Benefits, beginning of year
     1,441,014,939       1,351,787,433  
 
                
 
 
                
Net Assets Available for Benefits, end of year
   $ 1,388,513,484     $ 1,441,014,939  
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.

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Steelcase Inc. Retirement Plan
Notes to Financial Statements

         
1.
  Plan Description   General

The following description of the Plan provides only general information. Participants should refer to the Plan agreement or Summary Plan Description for a more complete description of the Plan’s provisions.

The Plan is a defined contribution plan where participants have accounts in at least one of three account categories: 1) 401(k); 2) Profit-Sharing; and 3) Nondiscretionary. It covers primarily all employees of the North America business unit of Steelcase Inc. (Company) and certain other affiliates, divisions and locations of the Company that participate in the Plan and provides for benefits upon termination of employment, death or disability. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

Contributions

     401(k) - Participants may elect to defer to the Plan, on a pre-tax basis, specified maximum amounts of eligible compensation as defined in the Plan. At participating locations, participants may also elect to contribute an amount equal to pre-tax elective deferrals, as selected by the participant, under BenefitSystems, a cafeteria plan established and maintained by the Company. Additionally, participants may contribute amounts representing distributions from other qualified plans.

     Certain participating affiliates, divisions and locations may make matching contributions at their discretion on behalf of their participants, at the level and under the conditions determined by them each year.

     Profit-Sharing - Contributions are made at the discretion of the Company. For the fiscal 2005 and 2004 plan years, profit-sharing contributions were made at some locations.

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

     Nondiscretionary - Company contributions are required to be 5% of the eligible compensation of participants at select locations annually. Participants at these select locations become eligible to receive nondiscretionary contributions upon completion of one year of service.

Participant Accounts

Participants may direct their account to be invested in various investment options offered by the Plan. Earnings, net gains and losses, and administrative expenses are allocated daily to the accounts of participants based on the number of units of each individual investment in the participants’ accounts.

     401(k) - Pre-tax elective deferral contributions are allocated to the participants’ accounts on a weekly, bi-weekly or monthly basis. Matching contributions are allocated as soon as administratively feasible. Transfers between investment funds can be made on a daily basis.

     Profit-Sharing - Profit-sharing contributions are allocated to the accounts of participants based on the ratio that the eligible compensation of each participant at the location making the contribution bears to the total eligible compensation of all participants at that location. Transfers between investment funds can be made on a quarterly basis.

     Participants at select locations who have been employed by the Company for at least three years may also elect to purchase life insurance from profit-sharing contributions allocated to their account, subject to certain limitations.

     Nondiscretionary - Nondiscretionary contributions are allocated to the accounts of participants on behalf of whom those contributions are made. Transfers between investment funds can be made on a quarterly basis.

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

Vesting

     401(k) - Pre-tax elective deferral and matching contributions to 401(k) accounts vest immediately.

     Profit-Sharing and Nondiscretionary - A participant’s profit-sharing and nondiscretionary vested percentage is determined as follows:

         
    Vested  
Years of vesting service   percentage  
 
        
 
 
        
Less than 3
     0 %
3 but less than 4
     20  
4 but less than 5
     40  
5 but less than 6
     60  
6 but less than 7
     80  
7 or more
     100  

Payment of Benefits

Upon termination of service, a participant may elect to receive either a lump-sum distribution equal to the value of the participant’s account, regular installments (not less frequent than annual), a partial distribution, an annuity purchased equal to the value of the participant’s account or a transfer into another qualified retirement plan or IRA. Limited in-service distributions are also available for participants who experience a hardship, as defined in the Plan, or reach age 59 1/2.

Forfeitures

Forfeitures apply to the nonvested portion of profit-sharing and nondiscretionary accounts. Primarily, forfeited amounts are applied to reduce subsequent Company contributions. At February 28, 2005 and February 29, 2004, forfeited nonvested accounts totaled $710,652 and $1,575,158, respectively.

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

Participant Loans

Participant loans apply only to 401(k) (including matching), profit-sharing, rollover and post-tax (if any) accounts. Participants may, with the consent of the plan administrator, borrow up to 50% of their vested account balance or $15,000 ($50,000 for loans made prior to September 1, 2000 under the Steelcase Inc. Group Retirement Plan), whichever is less. The loans are secured by the balance in the participant’s account and bear interest at 5.00% - 10.00% The loans are repaid ratably through payroll deductions over a period of four and a half years or less, except that a loan used to purchase the principal residence of the participant may be repaid over a longer term. Interest earned on participant loans is allocated to the respective investment funds in accordance with participant elections for current contributions.

         
2.
  Significant
Accounting
Policies 		  Basis of Accounting

The accompanying financial statements are prepared under the accrual method of accounting.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets and changes therein. Actual results could differ from those estimates.

Concentrations of Risk

The Plan utilizes various investment instruments which are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the financial statements.

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

Investment Valuation

Investments in mutual funds, common/collective trust funds, money market funds, government securities, corporate bonds, private investment funds, foreign bonds, warrants and common stock are stated at fair value based on quoted market prices. The CIGNA Chartered Guaranteed Long-Term Account is stated at contract value, which approximates fair value. Contract value represents contributions made under the contract, plus interest at the contract rate, less any withdrawals. Participant loans are stated at cost, which approximates fair value.

Administrative Expenses

Certain administrative expenses of the Plan are paid by the Plan, as allowed. Administrative expenses primarily include direct billed investment manager fees, legal fees, recordkeeper fees and trustee fees and totaled $2,919,131 and $1,483,987 for the years ended February 28, 2005 and February 29, 2004, respectively.

Investment manager fees totaled approximately $5.2 million and $6.5 million for the years ended February 28, 2005 and February 29, 2004, respectively and are either billed directly or indirectly to the Plan. Those billed directly are typically from common collective trust fund investments and recorded as an Administrative Expense, noted above. They totaled approximately $1.9 million and $600,000 for the years ended February 28, 2005 and February 29, 2004, respectively. Investment manager fees billed indirectly to the Plan are typically from mutual fund investments and recorded as an offset in Net Appreciation of Investments. They totaled approximately $3.3 million and $5.9 million for the years ended February 28, 2005 and February 29, 2004, respectively.

Due to a shift in the type of investments the Plan was holding from fiscal 2004 to 2005, there was an increase in direct billed investment manager fees and a decrease in indirect investment manager fees from fiscal 2004 to 2005.

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Steelcase Inc. Retirement Plan

Notes to Financial Statements

Payment of Benefits

Benefits are recorded when paid.
         
3.
  Investments   The Board of Directors of the Company through it’s Compensation Committee, has delegated authority to the Investment Committee (Committee) to set the investment policy for the Plan, review results of plan investments, recommend changes in plan investment options, and oversee asset managers. The Committee is made up of members of the Board of Directors, members of management and plan trustees.
 
       
 
      The Profit Sharing and Nondiscretionary portions of the Plan offer four investment options (Balanced Fund, General Fund, Long-Term Growth Fund and Money Market Fund) to participants. Each of these funds represents several assets in various investment categories, (mutual funds, common/collective trust funds, money market funds, government securities, corporate bonds, private investment funds, foreign bonds, warrants, common stock and contracts with an insurance company), that the Company has grouped together into a single investment option. The 401(k) portion of the Plan offers 11 investment options with varying levels of risk to participants.
 
       
 
      At the end of the fiscal 2004 plan year, the Company added several new asset managers in order to reduce risk to the Plan arising from entire investment options being managed by a single entity and by increasing the number of investment options available to participants. Because of the new asset managers, the underlying asset mix of the Profit Sharing and Nondiscretionary investment fund options of the Plan also changed.

The following presents investments that represent 5% or more of the Plan’s net assets available for benefits as of February 29, 2004:

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Steelcase Inc. Retirement Plan
Notes to Financial Statements

               
    February 28,     February 29,
    2005     2004
Mutual Funds:
                
Vanguard Extended Market Index Inst
   $ 81,199,225     $ —  
Common/Collective Trust Funds:
                
Fifth Third Equity Index Fund Commingled
     236,813,836       240,536,300  
NTGI-QM Collective Daily Aggregate
            
Bond Index Fund
     129,336,956       133,877,456  
Fifth Third Small/Mid Cap Core Fund
     72,604,389       73,361,034  
Montgomery US Core Fixed Income Fund
     143,625,397       59,659,197 *
Money Market Funds:
                
Fifth Third Institutional Money Market Fund
     107,461,327       113,822,336  
 
 
 
 
 
 
 
 
 

* Less than 5%

During the fiscal 2005 and 2004 plan year, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in fair value as follows:

               
    February 28,     February 29,
Year ended   2005     2004
Common/collective trust fund
   $ 45,988,821     $ 35,725,695  
Mutual funds
     14,965,338       129,070,762  
Private investment funds
     (2,110,101 )     92,152  
Common stock
     2,780       22,991,725  
U.S. Government Securities
     (2,436,756 )     (3,414,355 )
Corporate bonds
     (372,549 )     (2,729,707 )
Foreign bonds/warrants
     (344 )     —  
Steelcase Inc. common stock
     18,780       199,241  
Contract with insurance company
     128,559       176,175  
 
  
  
  
  
  
  
  
Net appreciation in market value
   $ 56,184,528     $ 182,111,688
 
 
 
 
 
 
 
 
 
         
4.
  Related Party
Transactions 		  Investments in money market funds and certain mutual funds are managed by Fifth Third Bank, trustee of the Plan. Certain common/collective trust funds are managed by Bank of New York, custodian of the Plan. These transactions qualify as party-in-interest transactions and are exempt under the provisions of Prohibited Transaction Exemption #77-4. The fees paid by the Plan to the trustee totaled $250,000 for fiscal 2005 and 2004.
5.
 
Plan Termination
 		 
Although it has not expressed any intent to do so, the Company has

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Steelcase Inc. Retirement Plan
Notes to Financial Statements

the right to discontinue contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of termination, the assets are to be used for the payment of all debts of the Plan and any remaining funds or property are to be vested completely in the participants’ accounts and distributed among them as they become eligible under the provisions of the Plan.
         
6.
  Income Tax Status   The Plan has requested a determination letter from the Internal Revenue Service regarding its tax qualified status and is now awaiting approval. However, the plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Internal Revenue Code.

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Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

EIN: 38-0819050
Plan Number: 001
February 28, 2005
                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
   
Money Market Funds
                    
*  
Fifth Third Prime Money Market Fund Inst
    1,332,334.700     **   $ 1,332,335  
*  
Fifth Third Institutional Money Mkt Fund
    107,461,327.190     **     107,461,327  
 
  
  
  
  
  
  
  
  
  
  
  
  
   
Total Money Market Funds
               
108,793,662
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
Mutual Funds
                    
   
American Funds Growth Fund Of America R5
    1,044,486.399     **     28,493,588  
   
Western Asset Core Plus Bond Inst
    1,220,217.416     **     12,958,709  
   
Delaware Pooled Trust
    2,371,906.149     **     29,601,389  
*  
Fifth Third Short Term Bond Fund Inst
    3,471,705.722     **     32,772,902  
   
Templeton Foreign Fund A
    1,566,687.189     **     19,708,925  
   
Vanguard Extended Market Index Inst
    2,628,657.321     **     81,199,225  
   
Vanguard Windsor Ii Admiral
    454,461.682     **     25,090,829  
 
  
  
  
  
  
  
  
  
  
  
  
  
   
Total Mutual Funds
               
229,825,567
  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
   Common/Collective Trust Funds                    
   
The Boston Co - Emerging Mkts Equity Fund
    1,131,406.893     **     33,064,722  
   
Eafe Plus - JP Morgan Chase Bank
    4,296,265.079     **     63,498,798  
   
US Real Estate - JP Morgan Chase Bank
    1,426,470.949     **     34,520,597  
   
Montgomery US Core Fixed Income Fund
    13,985,490.830     **     143,625,397  

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Steelcase Inc. Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
   
NTGI-QM Collective Daily Aggregate Bond Index Fund
    406,972.105     **     129,336,956  
*  
Fifth Third Equity Index Collective Fund
    2,091,053.255     **     47,926,941  
*  
Fifth Third Equity Index Fund Commingled
    10,081,474.519     **     236,813,836  
*  
Fifth Third Short Term Bond Collective Fund
    5,221,380.643     **     51,691,668  
*  
Fifth Third Small/Mid Cap Core Fund Collective Fund
    3,945,890.711     **     72,604,389  
 
  
  
  
  
  
  
  
  
  
  
  
  
   
Total Common/Collective Trust Funds
               
813,083,304
  
 
  
  
  
  
  
  
  
  
  
  
  
  
   
U.S. Government Securities
                    
   
Federal Home Loan Mtge Corp 7.0000%
Due 12/01/14 Issued 01/01/03
    1,211,000.000     **     437,371  
   
Federal Home Loan Mtge Corp 7.0000%
Due 03/01/16 Issued 01/01/03
    1,362,000.000     **     408,833  
   
Federal Home Loan Mtge Corp 2.8500%
Due 02/23/07 Issued 02/23/04
    400,000.000     **     393,125  
   
Federal Home Loan Mtge Corp 4.0000%
Due 05/01/19 Issued 05/01/04
    1,000,000.000     **     914,802  
   
Federal Home Loan Mtge Corp Remic Tr 6.0000%
Due 10/15/16 Issued 10/01/01
    1,700,000.000     **     1,723,980  
   
Federal Home Loan Mtge Corp Remic Tr 6.0000%
Due 12/15/16 Issued 12/01/01
    1,050,000.000     **     995,125  
   
Federal Home Loan Bks 4.5000%
Due 11/15/12 Issued 11/22/02
    250,000.000     **     250,312  
   
Federal Home Loan Bks 2.5000%
Due 03/15/06 Issued 01/21/03
    4,150,000.000     **     4,109,797  
   
Federal Home Loan Mtge Corp 6.0000%
Due 11/15/23 Issued 11/01/93
    1,100,000.000     **     1,138,776  
   
Federal Home Loan Mtge Corp Remic Tr 6.5000%
Due 05/15/24 Issued 05/01/94
    835,000.000     **     874,807  
   
Federal Home Loan Mtge Corp Remic Tr 6.0000%
Due 11/15/28 Issued 11/01/98
    1,175,000.000     **     1,200,473  
   
Federal Home Loan Bks 4.5000%
Due 09/16/13 Issued 09/22/03
    2,700,000.000     **     2,694,094  
   
Federal Home Loan Bks 3.6250%
Due 11/14/08 Issued 10/27/03
    1,925,000.000     **     1,896,727  
   
Federal Home Loan Mtge Corp 7.2200%
Due 6/14/06 Issued 06/14/96
     1,250,000.000     **     1,308,594  
   
Federal Home Loan Mtge Corp 5.7500%
Due 04/15/08 Issued 04/09/98
    380,000.000     **     399,475  

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Steelcase Inc. Retirement Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
   
Federal Home Loan Mtge Corp Deb 2.3750%
Due 02/15/07 Issued 01/16/04
    200,000.000     **     194,875  
   
Federal Natl Mtge Assn Gtd Remic 6.5000%
Due 07/25/23 Issued 08/01/93
    550,000.000     **     572,849  
   
Federal Natl Mtge Assn Gtd 6.5000% Due 04/25/23
Issued 11/01/93
    840,000.000     **     859,441  
   
Federal Natl Mtge Assn Deb 6.3750% Due 06/15/09
Issued 06/08/99
    375,000.000     **     406,055  
   
Federal Natl Mtge Assn 6.6250% Due 09/15/09
Issued 09/01/99
    500,000.000     **     547,969  
   
Federal Natl Mtge Assn 7.2500% Due 01/15/10
Issued 01/14/00
    3,000,000.000     **     3,384,375  
   
Federal Natl Mtge Assn 6.0000% Due 05/15/11
Issued 05/25/01
    1,350,000.000     **     1,463,906  
   
Federal Natl Mtge Assn 3.2500% Due 01/15/08
Issued 01/10/03
    250,000.000     **     245,156  
   
Federal Natl Mtge 4.2500% Due 06/25/21
Issued 05/01/03
    1,300,000.000     **     829,817  
   
Federal Natl Mtge Assn Remic Tr 4.0000%
Due 05/25/22 Issued 07/01/03
    1,070,000.000     **     798,804  
   
Federal Home Loan Mtge Corp Remic Tr 5.0000%
Due 07/15/14 Issued 01/01/03
    1,090,000.000     **     1,104,869  
   
Federal Home Loan Mtge Corp 3.5000% Due 12/15/22
Issued 04/01/03
    1,140,000.000     **     680,837  
   
Federal Home Loan Mtge Corp Grp # 2594qd 5.0000%
Due 08/15/27 Issued 04/01/03
    1,289,000.000     **     1,295,179  
   
Federal Home Loan Mtge Corp 4.5000% Due 06/15/18
Issued 06/01/03
    860,000.000     **     884,326  
   
Federal Natl Mtge Assn Gtd 4.5000% Due 09/25/18
Issued 08/01/03
    1,600,000.000     **     1,512,896  
   
Federal Natl Mtge Assn Remic Tr 5.0000%
Due 12/25/32 Issued 08/01/03
    550,000.000     **     547,214  
   
Federal Home Loan Mtge Corp 4.5000% Due 07/15/18
Issued 07/01/03
    860,000.000     **     879,212  
   
Federal Natl Mtge Assn Remic Tr 4.5000%
Due 08/25/25 Issued 04/01/04
    1,050,000.000     **     1,038,758  
   
Federal Natl Mtge Assn Gtd Remic 3.2500%
Due 08/25/25 Issued 04/01/04
    550,000.000     **     486,129  
   
Federal Natl Mtge Assn Pool #4200 4.5000%
Due 06/25/19 Issued 05/01/04
    1,115,000.000     **     1,061,116  
   
Federal Natl Mtge Assn 5.5000% Due 07/25/24
Issued 06/01/04
    850,000.000     **     871,763  
   
Federal Natl Mtge Assn Remic Tr 4.0000%
Due 10/25/19 Issued 09/01/04
    1,100,000.000     **     1,019,179  
   
Federal Natl Mtge Assn Remic Tr 4.0000%
Due 11/25/19 Issued 10/01/01
    1,175,000.000     **     1,084,936  

16

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Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
   
Federal Home Loan Mtge Corp Remic 5.0000%
Due 08/15/22 Issued 08/01/03
    1,450,000.000     **     1,217,741  
   
Federal Home Loan Mtge Corp 5.0000%
Due 11/15/20 Issued 08/01/03
    840,000.000     **     844,245  
   
Federal Home Loan Mtge Corp 5.0000%
Due 08/15/26 Issued 08/01/03
    1,525,000.000     **     1,557,006  
   
Federal Home Loan Mtge Corp Remic Tr 4.0000%
Due 08/15/18 Issued 08/01/03
    800,000.000     **     739,635  
   
Federal Home Loan Mtge Corp Remic Tr 4.0000%
Due 01/15/17 Issued 10/01/03
    860,000.000     **     812,842  
   
Federal Home Loan Mtge Corp Remic Tr 4.0000%
Due 09/15/19 Issued 10/01/03
    1,125,000.000     **     918,384  
   
Federal Home Loan Mtge Corp Remic Tr 5.0000%
Due 05/15/20 Issued 10/01/03
    1,090,000.000     **     1,100,409  
   
Federal Home Loan Mtge Corp 5.0000%
Due 09/15/18 Issued 11/01/03
    1,015,000.000     **     1,025,290  
   
Federal Home Loan Mtge Corp Remic 5.0000%
Due 02/15/24 Issued 02/01/04
    1,010,000.000     **     981,342  
   
Federal Home Loan Mtge Corp 5.0000%
Due 05/15/27 Issued 03/01/04
    1,450,000.000     **     1,462,341  
   
Federal Home Loan Mtge Corp 6.5000%
Due 11/15/17 Issued 04/01/04
    1,050,000.000     **     994,845  
   
Federal Home Loan Mtge Corp 5.0000%
Due 11/15/17 Issued 04/01/04
    1,450,000.000     **     1,474,092  
   
Federal Natl Mtge Assn Pool # 685315 5.5000%
Due 02/01/33 Issued 02/01/03
    6,500,000.000     **     4,081,041  
   
Federal Natl Mtge Assn Pool # 721608 4.0000%
Due 07/01/18 Issued 06/01/03
    400,000.000     **     321,930  
   
Federal Natl Mtge Assn Pool # 726912 4.0000%
Due 08/01/33 Issued 08/01/03
    1,175,000.000     **     1,006,711  
   
Federal Natl Mtge Assn Pool # 740462 5.0000%
Due 11/01/18 Issued 10/01/03
    1,250,000.000     **     1,099,175  
   
Federal Natl Mtge Assn Pool # 756216 5.0000%
Due 01/01/34 Issued 01/01/04
    600,000.000     **     540,802  
   
Federal Natl Mtge Assn Pool # 767378 5.5000%
Due 03/01/34 Issued 03/01/04
    575,000.000     **     547,212  
   
Federal Natl Mtge Assn Pool # 773629 5.5000%
Due 04/01/34 Issued 03/01/04
    700,000.000     **     639,959  
   
Federal Natl Mtge Assn Pool # 776657 4.5000%
Due 06/01/29 Issued 06/01/04
    1,010,000.000     **     808,358  
   
Federal Natl Mtge Assn Pool # 810663 5.0000%
Due 01/01/35 Issued 01/01/05
    65,000.000     **     64,048  
   
United States Treasury Bonds 7.5000%
Due 11/15/16 Issued 11/15/86
    1,700,000.000     **     2,156,609  
   
United States Treasury Bonds 7.2500%
Due 08/15/22 Issued 08/15/92
    1,700,000.000     **     2,199,307  

17

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Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)   Lessor or Similar Party   Maturity Value   Cost   Current Value
 
 
   
United States Treasury Bonds 6.8750% Due 08/15/25
Issued 08/15/95
    1,500,000.000     **     1,905,234  
   
United States Treasury Bonds 6.6250% Due 02/15/27
Issued 02/15/97
    2,450,000.000     **     3,054,929  
   
United States Treasury Bonds 6.3750% Due 08/15/27
Issued 08/15/97
    850,000.000     **     1,033,311  
   
United States Treasury Notes 6.1250% Due 08/15/07
Issued 08/15/97
    250,000.000     **     264,336  
   
United States Treasury Notes 5.6250% Due 05/15/08
Issued 05/15/98
    300,000.000     **     316,512  
   
United States Treasury Notes 6.0000% Due 08/15/09
Issued 08/15/99
    900,000.000     **     974,781  
   
United States Treasury Notes 6.5000% Due 02/15/10
Issued 02/15/00
    3,975,000.000     **     4,416,901  
   
United States Treasury Notes 5.7500% Due 08/15/10
Issued 08/15/00
    2,850,000.000     **     3,085,570  
   
United States Treasury Notes 5.0000% Due 08/15/11
Issued 08/15/01
    1,050,000.000     **     1,100,242  
   
United States Treasury Notes 3.5000% Due 11/15/06
Issued 11/15/01
    1,900,000.000     **     1,899,335  
   
United States Treasury Notes 4.3750% Due 05/15/07
Issued 05/15/02
    5,000,000.000     **     5,078,300  
   
United States Treasury Notes 2.3750% Due 08/15/06
Issued 08/15/03
    4,900,000.000     **     4,826,108  
   
United States Treasury Notes 4.2500% Due 08/15/13
Issued 08/15/03
    1,550,000.000     **     1,542,854  
   
United States Treasury Notes 3.1250% Due 09/15/08
Issued 09/15/03
    250,000.000     **     244,102  
   
United States Treasury Notes 2.6250% Due 11/15/06
Issued 11/17/03
    300,000.000     **     295,547  
   
United States Treasury Notes 3.3750% Due 11/15/08
Issued 11/15/03
    1,200,000.000     **     1,179,792  
   
United States Treasury Notes 3.2500% Due 01/15/09
Issued 01/15/04
    4,325,000.000     **     4,227,860  
   
United States Treasury Notes Secs Stripped
Due 05/15/09 Issued 03/15/85
    3,400,000.000     **     2,887,875  
   
United States Treasury Notes Secs Stripped
Due 11/15/12 Issued 11/15/82
    325,000.000     **     232,924  
   
United States Treasury Stripped Coupons Due 11/15/15
Issued 01/01/86
    5,700,000.000     **     3,495,582  
   
United States Treasury Notes Secs Stripped
Due 05/15/16 Issued 09/14/87
    3,350,000.000     **     1,999,246  
   
United States Treasury Secs Stripped Due 02/15/23
Issued 02/15/93
    3,850,000.000     **     1,591,734  
 
 
   
Total U.S. Government Securities
         
**
    
112,762,352
  
 
 

18

Table of Contents

Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)   Lessor or Similar Party   Maturity Value   Cost   Current Value
 
 
   
Corporate Bonds
          **        
   
Abn Amro Mtge Corp 4.5000% Due 07/25/18
Issued 06/01/03
    920,000.000     **     544,102  
   
American Airls Pass Thru Tr 7.0240% Due 10/15/09
Issued 10/06/99
    85,000.000     **     87,157  
   
American Express Cr Corp 3.0000% Due 05/16/08
Issued 05/16/03
    595,000.000     **     574,502  
   
American Express Cr Account 4.3500%
Due 12/15/11 Issued 06/02/04
    790,000.000     **     791,544  
   
American Gen Fin Corp M/T/N 4.6250%
Due 05/15/09 Issued 05/20/04
    155,000.000     **     155,835  
   
Banc Amer Fdg Corp 5.5000% Due 10/25/34
Issued 09/01/04
    865,000.000     **     781,660  
   
Banc Amer Mtge Secs Inc 5.7500% Due 08/25/34
Issued 07/01/04
    860,000.000     **     885,261  
   
Bank Amer Corp 6.2500% Due 04/15/12
Issued 04/22/02
    575,000.000     **     628,895  
   
Bank Amer Corp 4.8750% Due 09/15/12
Issued 09/25/02
    35,000.000     **     35,411  
   
Bank Amer Corp 3.8750% Due 01/15/08
Issued 11/26/02
    500,000.000     **     497,100  
   
Bear Stearns Coml Mtge Secs Inc 3.7000%
Due 08/13/46 Issued 11/01/04
    260,000.000     **     255,473  
   
Bear Stearns Cos Inc 5.7000% Due 01/15/07
Issued 01/15/02
    595,000.000     **     613,534  
   
Bear Stearns Cos Inc 4.0000% Due 01/31/08
Issued 12/26/02
    15,000.000     **     14,912  
   
Bottling Group Llc 5.0000% Due 11/15/13
Issued 11/17/03
    325,000.000     **     330,479  
   
Cit Group Inc M/T/N 6.8750% Due 11/01/09
Issued 11/05/02
    20,000.000     **     21,890  
   
Cit Group Inc Medium Term Sr 4.7500%
Due 12/15/10 Issued 12/09/03
    525,000.000     **     525,373  
   
Cwabs Inc V/R 2.8000% Due 05/25/36
Issued 12/29/04
    1,025,000.000     **     1,025,851  
   
Capital One Auto Fin Tr 3.0700% Due 07/15/08
Issued 05/25/04
    580,000.000     **     573,741  

19

Table of Contents

Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)   Lessor or Similar Party   Maturity Value   Cost   Current Value
 
 
   
Caterpillar Inc 7.2500% Due 09/15/09
Issued 09/17/99
    100,000.000     **     111,249  
   
Citigroup Inc 3.5000% Due 02/01/08
Issued 01/31/03
    15,000.000     **     14,750  
   
Citigroup Inc 5.0000% Due 09/15/14
Issued 09/16/04
    790,000.000     **     792,149  
   
Comcast Corp New 5.5000% Due 03/15/11
Issued 03/14/03
    300,000.000     **     312,171  
   
Conoco Funding Co 6.3500% Due 10/15/11
Issued 10/11/01
    500,000.000     **     550,895  
   
Consolidated Edison Co N Y Inc 4.7000% Due 06/15/09
Issued 06/17/04
     220,000.000     **     223,010  
   
Countrywide Home Loans Inc M/T/N 6.6250%
Due 05/15/07 Issued 05/17/02
    500,000.000     **     515,410  
   
Countrywide Home Loans Inc 4.0000% Due 03/22/11
Issued 03/22/04
    20,000.000     **     19,118  
   
Credit Suisse First Boston USA 6.5000% Due 01/15/12
Issued 01/11/02
    400,000.000     **     440,668  
   
Credit Suisse First Boston USA 5.7500% Due 04/15/07
Issued 04/08/02
    400,000.000     **     413,888  
   
Credit Suisse Fb USA Inc 4.7000% Due 06/01/09
Issued 05/27/04
    20,000.000     **     20,195  
   
Deere John Cap Corp Medium 3.6250% Due 05/25/07
Issued 05/28/04
    250,000.000     **     247,266  
   
Du Pont E I De Nemours & Co 4.1250% Due 04/30/10
Issued 04/30/04
    215,000.000     **     212,613  
   
Duke Energy Corp 6.2500% Due 01/15/12
Issued 01/14/02
    250,000.000     **     270,535  
   
Eop Oper Ltd Partnership 6.7500% Due 02/15/12
Issued 02/15/02
    160,000.000     **     176,186  
   
Erp Oper Ltd Partnership 4.7500% Due 06/15/09
Issued 06/04/04
    55,000.000     **     55,418  
   
Fmr Corp 4.7500% Due 03/01/13
Issued 02/27/03
    375,000.000     **     371,066  
   
First Data Corp 3.9000% Due 10/01/09
Issued 09/16/04
    290,000.000     **     284,980  
   
First Horizon Mtge Passthru Tr 4.5000% Due 09/25/19
Issued 05/01/04
    1,120,000.000     **     1,099,354  
   
Fleet Boston Corp 7.3750% Due 12/01/09
Issued 12/06/99
    20,000.000     **     22,465  

20

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Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
       
(c)
        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)   Lessor or Similar Party   Maturity Value   Cost   Current Value
 
   
Ford Cr Auto Owner Tr 2.9300% Due 03/15/08
Issued 05/25/04
    1,015,000.000     **     1,004,061  
   
Ford Mtr Cr Co 7.8750% Due 06/15/10
Issued 06/14/00
    500,000.000     **     533,750  
   
General Elec Cap Corp M/T/N 2.7500% Due 05/01/08
Issued 05/02/03
    635,000.000     **     622,357  
   
General Elec Cap Corp M/T/N 2.7500% Due 09/25/06
Issued 09/17/03
    525,000.000     **     517,036  
   
General Elec Cap Corp M/T/N 6.0000% Due 06/15/12
Issued 06/07/02
    225,000.000     **     242,989  
   
General Mtrs Accep Corp 7.2500% Due 03/02/11
Issued 03/02/01
    300,000.000     **     304,356  
   
General Mtrs Accep Corp 6.1250% Due 02/01/07
Issued 02/01/02
    300,000.000     **     305,313  
   
Glaxosmithkline Cap Inc 4.3750% Due 04/15/14
Issued 04/06/04
    335,000.000     **     323,131  
   
Goldman Sachs Inc 6.6000% Due 01/15/12
Issued 01/10/02
    960,000.000     **     1,060,493  
   
Harrahs Oper Inc 8.0000% Due 02/01/11
Issued 01/29/01
    135,000.000     **     155,181  
   
Household Fin Corp 7.0000% Due 05/15/12
Issued 05/22/02
    725,000.000     **     817,698  
   
Household Fin Corp 4.7500% Due 05/15/09
Issued 05/26/04
    20,000.000     **     20,233  
   
International Lease Fin Corp 4.7500% Due 02/15/08
Issued 02/10/03
    230,000.000     **     231,711  
   
International Paper Co 4.0000% Due 04/01/10
Issued 03/18/04
    285,000.000     **     276,590  
   
Keycorp New 7.5000% Due 6/15/06
Issued 06/10/96
    210,000.000     **     219,618  
   
Keycorp Mtn 4.7000% Due 05/21/09
Issued 05/21/04
    100,000.000     **     100,567  
   
Keyspan Gas East 7.8750% Due 02/01/10
Issued 02/01/00
    140,000.000     **     161,104  
   
Lehman Brothers Hldgs Inc 4.0000% Due 01/22/08
Issued 01/21/03
    20,000.000     **     19,902  
   
Lehman Brothers Hldgs Inc 3.5000% Due 08/07/08
Issued 07/28/03
    500,000.000     **     486,953  
   
Mastr Adj Rate Mtges Tr 3.8177% Due 12/25/34
Issued 11/01/04
    530,000.000     **     505,338  

21

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Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate of        
    (b)   Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)   Lessor or Similar Party   Maturity Value   Cost   Current Value
 
 
   
Mastr Alternative Loan Tr 5.5000% Due 12/25/33
Issued 11/01/03
    600,000.000     **     499,511  
   
Mastr Alternative Loan Tr 4.5000% Due 09/25/19
Issued 09/01/04
    585,000.000     **     545,549  
   
Merrill Lynch & Co Inc M/T/N 3.9287% Due 05/22/06
Issued 05/22/01
    425,000.000     **     426,908  
   
Morgan Stanley 5.3000% Due 03/01/13
Issued 02/26/03
    425,000.000     **     435,842  
   
Morgan Stanley & Co Inc 4.2500% Due 05/15/10
Issued 05/07/03
    510,000.000     **     502,972  
   
Mortgage It Tr 2.8000% Due 02/25/35
Issued 01/19/05
    265,000.000     **     267,176  
   
National City Bk Cleveland 4.6250% Due 05/01/13
Issued 05/08/03
    400,000.000     **     392,468  
   
Onyx Accep Owner Tr 3.0900% Due 09/15/08
Issued 05/27/04
    705,000.000     **     699,892  
   
Pseg Pwr Llc 3.7500% Due 04/01/09
Issued 03/30/04
    80,000.000     **     77,799  
   
Principal Life Income Fundings M/T/N 3.2000%
Due 04/01/09 Issued 03/29/04
    130,000.000     **     124,093  
   
Protective Life Secd Trs Secd 4.0000% Due 04/01/11
Issued 04/01/04
    300,000.000     **     288,522  
   
Residential Accredit Loans Inc 5.0000% Due 06/25/34
Issued 06/01/04
    499,834.000     **     495,339  
   
Sempra Energy 4.7500% Due 05/15/09
Issued 05/21/04
    85,000.000     **     85,428  
   
Union Pac Corp 6.125% Due 01/15/12
Issued 01/17/02
    170,000.000     **     183,184  
   
Verizon Fla Inc 6.1250% Due 01/15/13
Issued 10/01/02
    655,000.000     **     691,110  
   
Wfs Finl 2004-2 Owner Tr 2.8500% Due 09/22/08
Issued 05/27/04
    1,100,000.000     **     1,088,861  
   
Wachovia Bk Coml Mtge Tr 4.0390% Due 10/15/41
Issued 11/01/04
    340,000.000     **     332,753  
   
Wachovia Corp New 5.6250% Due 12/15/08
Issued 12/21/98
    350,000.000     **     367,553  
   
Washington Mut Inc 4.2000% Due 01/15/10
Issued 12/20/04
    360,000.000     **     354,114  
   
Wells Fargo & Co New 3.5000% Due 4/4/08
Issued 03/25/03
    800,000.000     **     789,112  

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Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
   
Wells Fargo & Co New 3.1250% Due 04/01/09
Issued 03/24/04
    25,000.000     **     23,926  
   
Wells Fargo Mtge Backed Secs Due 01/25/35
    865,000.000     **     843,365  
   
Wells Fargo Mtge Backed Secs 5.0000%
Due 07/25/19 Issued 06/01/04
    725,000.000     **     680,230  
   
Wells Fargo Mtge Backed Secs 3.5410%
Due 09/25/34 Issued 08/01/04
    475,000.000     **     461,793  
   
Xl Cap Ltd 5.2500% Due 09/15/14
Issued 08/23/04
    115,000.000     **     114,656  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Total Corporate Bonds
               
33,176,642
  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Private Investment Funds
                    
   
Wells Fargo Collective Short Term Invest Fund
    2,011,400.670     **     2,011,401  
   
Wells Fargo High Yield Bond Fund
    2,671,430.484     **     29,499,805  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Total Private Investment Funds
               
31,511,206
  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Foreign Bonds
                    
   
Quebec Prov Cda 4.8750% Due 05/05/14
Issued 05/05/04
    275,000.000     **     277,129  
   
Royal Bk Cda Montreal Que 3.8750%
Due 05/04/09 Issued 04/29/04
    360,000.000     **     354,535  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Total Foreign Bonds
               
631,664
  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Warrants
                    
   
Lucent Technologies Inc Wts
    413.000     **     368  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Total Warrants
               
368
  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Contracts With Insurance Company
                    
   
Cigna Chartered Guaranteed Long-Term A/C
    58,289.807     **     1,809,752  
 
  
  
  
  
  
  
  
  
  
  
  
  
 
Total Contracts With Insurance Company
               
1,809,752
  
 
  
  
  
  
  
  
  
  
  
  
  
  

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Steelcase Inc. Retirement Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

February 28, 2005

                         
        (c)        
        Description of        
        Investment,        
        Including Maturity        
        Date, Rate        
    (b)   of Interest,        
    Identity of Issuer, Borrower,   Collateral, Par or   (d)   (e)
(a)
  
 Lessor or Similar Party
  
 Maturity Value
  
 Cost
  
 Current Value
   
Common Stock
                    
*  
Steelcase Inc Cl A
    53,641.000     **     765,993  
 
 
 
 
 
 
 
 
 
 
 
 
 
   
Total Common Stock
               
765,993
  
 
   
Participant Loans
                    
   
Plan Loans - Various Participant notes
    5.00-10.00 %   —     16,239,014  
 
   
Total Participant Loans
               
16,239,014
  
 
   
Total Investments
             
$1,348,599,524
  
 
 
 
 
 
 
 
 
 
 
 
 
 

*   A party-in-interest as defined by ERISA.
 
**   The cost of participant-directed investments is not required to be disclosed.

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EXHIBIT INDEX
     
Exhibit No.   Description
23
  Consent of Independent Registered Public Accounting Firm