1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) [X] Annual report pursuant to section 15 (d) of the Securities Exchange Act of 1934 (fee required) For the fiscal year ended December 31, 1994 or [ ] Transition report pursuant to section 15 (d) of the Securities Exchange Act of 1934 (no fees required) For the transition period from to . Commission file number: 0 - 14579 A. Full title of the plan and the address of The Plan, if different from that of the issuer named below: Gander Mountain, Inc. Associates' Savings Plan B. Name of issuer of securities held pursuant to The Plan and the address of its principal executive office: Gander Mountain, Inc. P.O. Box 128 Highway W Wilmot, Wisconsin 53192 2 The following financial statements are furnished herewith: Report of Independent Accountants Statement of Financial Condition at December 31, 1994, 1993 and 1992 Statement of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 1994, 1993 1992 Notes to Financial Statements The following exhibit is furnished herewith: Exhibit 24.1. Consent of Price Waterhouse Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized. GANDER MOUNTAIN, INC. ASSOCIATES' SAVINGS PLAN /s/Kenneth C. Bloom ------------------------ Kenneth C. Bloom Executive Vice President Chief Financial Officer June 29, 1995 3 GANDER MOUNTAIN, INC. ASSOCIATES' SAVINGS PLAN December 31, 1994 Audited Financial Statements and Schedules 4 GANDER MOUNTAIN, INC. Associates' Savings Plan INDEX December 31, 1994 AUDITED FINANCIAL STATEMENTS Page No. - ---------------------------- -------- Report of Independent Accountants . . . . . . . . . . . 1 Statements of Financial Condition . . . . . . . . . . . 2 - 4 Statements of Changes in Net Assets Available for Plan Benefits . . . . . . . . . . . . . . . . . . 5 - 7 Notes to Financial Statements . . . . . . . . . . . . . 8 - 12 FORM 5500 SCHEDULES - ------------------- Schedule of Assets Held for Investment . . . . . . . . 13 - 15 Schedule of Reportable Transactions . . . . . . . . . . 16 - 18 5 GANDER MOUNTAIN, INC. Associates' Savings Plan AUDIT REPORT FROM ACCOUNTANTS PRICE WATERHOUSE LLP REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of the Gander Mountain, Inc. Associates' Savings Plan In our opinion, the financial statements listed in the accompanying index present fairly, in all material respects, the net assets available for plan benefits of the Gander Mountain, Inc. Associates' Savings Plan at December 31, 1994, 1993 and 1992, and the changes in its net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The Form 5500 schedules listed in the accompanying index are presented for purposes of additional analysis and are not a required part of the basic financial statements but are additional information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of financial condition and the statements of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. PRICE WATERHOUSE LLP June 16, 1995 -1- 6 GANDER MOUNTAIN, INC. Associates' Savings Plan STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 1994 Money GMI Equity Market Balanced Stock Growth Fund Fund Fund Fund Total -------- -------- -------- -------- ---------- ASSETS Cash $0 ($1,804) ($400) ($30,016) ($32,220) Investments - at market: Short Term Investments 411,154 8,869 4,842 0 424,865 Fixed Income 308,872 311,254 0 0 620,126 Equities - Other 0 500,862 672,685 640,140 1,813,687 Receivables: Pending Trade 0 0 0 28,000 28,000 Employer Contributions 7,807 8,591 5,247 7,981 29,626 Employee Contributions 85,465 99,015 68,296 103,709 356,485 Interfund Receivable 0 199 0 0 199 Miscellaneous 0 0 0 0 0 Accrued Income 1,992 22 7 33 2,054 -------- -------- -------- -------- ---------- TOTAL ASSETS $815,290 $927,008 $750,677 $749,847 $3,242,822 -------- -------- -------- -------- ---------- LIABILITIES Pending Trade 0 0 6,766 0 6,766 Interfund Payable 0 0 0 199 199 Other Payable 45,874 23,385 6,523 6,384 82,166 -------- -------- -------- -------- ---------- TOTAL LIABILITIES $45,874 $23,385 $13,289 $6,583 $89,131 -------- -------- -------- -------- ---------- NET ASSET AVAILABLE FOR PLAN BENEFITS $769,416 $903,623 $737,388 $743,264 $3,153,691 ======== ======== ======== ======== ========== The accompanying notes are an integral part of the financial statements. - 2 - 7 GANDER MOUNTAIN, INC. Associates' Savings Plan STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 1993 Money GMI Equity Market Balanced Stock Growth Fund Fund Fund Fund Total -------- -------- -------- -------- ---------- ASSETS Cash ($233) ($83) $0 ($84) ($400) Investments - at market: Short Term Investments 339,733 33,292 22,707 25,018 420,750 Fixed Income 291,263 272,438 0 0 563,701 Equities - Other 0 390,555 375,934 579,804 1,346,293 Receivables: Pending Trade 0 0 0 1,625 1,625 Employer Contributions 7,307 8,233 4,439 7,373 27,352 Employee Contributions 14,250 17,629 9,517 14,302 55,698 Interfund Receivable 8,973 467 19 5,138 14,597 Miscellaneous 0 0 0 0 0 Accrued Income 868 14 20 13 915 -------- -------- -------- -------- ---------- TOTAL ASSETS $662,161 $722,545 $412,636 $633,189 $2,430,531 -------- -------- -------- -------- ---------- LIABILITIES Pending Trade 0 0 22,676 0 22,676 Interfund Payable 0 14,597 0 0 14,597 Other Payable 1,326 434 181 0 1,941 -------- -------- -------- -------- ---------- TOTAL LIABILITIES $1,326 $15,031 $22,857 $0 $39,214 -------- -------- -------- -------- ---------- NET ASSET AVAILABLE FOR PLAN BENEFITS $660,835 $707,514 $389,779 $633,189 $2,391,317 ======== ======== ======== ======== ========== The accompanying notes are an integral part of the financial statements. - 3 - 8 GANDER MOUNTAIN, INC. Associates' Savings Plan STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 1992 Money GMI Equity Market Balanced Stock Growth Fund Fund Fund Fund Total -------- -------- -------- -------- ---------- ASSETS Cash ($6,878) ($923) ($6,076) ($2,660) ($16,537) Investments - at market: Short Term Investments 191,611 30,005 24,604 28,404 274,624 Fixed Income 274,131 157,399 0 0 431,530 Equities - Other 0 251,101 152,166 360,962 764,229 Receivables: Employer Contributions 11,995 14,528 922 23,809 51,254 Employee Contributions 9,900 9,667 6,918 10,242 36,727 Interfund Receivable 5,719 588 2,541 860 9,708 Miscellaneous 353 444 0 0 797 Accrued Income 484 27 35 31 577 -------- -------- -------- -------- ---------- TOTAL ASSETS $487,315 $462,836 $181,110 $421,648 $1,552,909 -------- -------- -------- -------- ---------- LIABILITIES Pending Trade $0 $0 $18,524 $0 $18,524 Interfund Payable 460 2,397 1,159 5,692 9,708 Other Payable 3,607 1,645 3,556 $1,233 10,041 -------- -------- -------- -------- ---------- TOTAL LIABILITIES $4,067 $4,042 $23,239 $6,925 $38,273 -------- -------- -------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $483,248 $458,794 $157,871 $414,723 $1,514,636 ======== ======== ======== ======== ========== The accompanying notes are an integral part of the financial statements. - 4 - 9 GANDER MOUNTAIN, INC. Associates' Savings Plan STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1994 Money GMI Market Balanced Stock Growth Fund Fund Fund Fund Total -------- -------- -------- -------- ---------- Investment Income: Interest $17,614 $24,133 $345 $569 $42,661 Dividends 0 4,613 0 6,707 11,320 Net realized gain (loss) on investments 0 4,769 12,397 8,350 25,516 Net unrealized appreciation (depreciation) of investments 17,609 (44,294) 123,857 (33,018) 64,154 -------- -------- -------- -------- ---------- Net investment income 35,223 (10,779) 136,599 (17,392) 143,651 -------- -------- -------- -------- ---------- Contributions: Employer 29,264 34,871 23,687 35,758 123,580 Employee 183,589 253,289 145,052 235,648 817,578 -------- -------- -------- -------- ---------- Total contributions 212,853 288,160 168,739 271,406 941,158 -------- -------- -------- -------- ---------- Adjustments: Interfund transfers (23,057) (3,763) 64,060 (37,240) 0 Participant withdrawals (116,438) (77,509) (21,789) (106,699) (322,435) -------- -------- -------- -------- ---------- Total adjustments (139,495) (81,272) 42,271 (143,939) (322,435) -------- -------- -------- -------- ---------- Increase in net assets during the year 108,581 196,109 347,609 110,075 762,374 Net assets available for Plan benefits, beginning of year 660,835 707,514 389,779 633,189 2,391,317 -------- -------- -------- -------- ---------- Net assets available for Plan benefits, end of year $769,416 $903,623 $737,388 $743,264 $3,153,691 ======== ======== ======== ======== ========== The accompanying notes are an integral part of the financial statements. - 5 - 10 GANDER MOUNTAIN, INC. Associates' Savings Plan STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1993 Money GMI Market Balanced Stock Growth Fund Fund Fund Fund Total -------- -------- -------- -------- ---------- Investment Income: Interest $9,326 $16,138 $198 $674 $26,336 Dividends 0 3,972 0 5,966 9,938 Net realized gain (loss) on investments 0 2,577 (7,030) 3,764 (689) Net unrealized appreciation (depreciation) of investments 17,133 31,575 63,778 42,609 155,095 -------- -------- -------- -------- ---------- Net investment income 26,459 54,262 56,946 53,013 190,680 -------- -------- -------- -------- ---------- Contributions: Employer 25,955 28,669 16,518 28,668 99,810 Employee 165,410 171,022 115,642 201,896 653,970 -------- -------- -------- -------- ---------- Total contributions 191,365 199,691 132,160 230,564 753,780 -------- -------- -------- -------- ---------- Adjustments: Interfund transfers (22,658) 3,965 51,422 (32,729) 0 Participant withdrawals (17,579) (9,198) (8,620) (32,382) (67,779) -------- -------- -------- -------- ---------- Total adjustments (40,237) (5,233) 42,802 (65,111) (67,779) -------- -------- -------- -------- ---------- Increase in net assets during the year 177,587 248,720 231,908 218,466 876,681 Net assets available for Plan benefits, beginning of year 483,248 458,794 157,871 414,723 1,514,636 -------- -------- -------- -------- ---------- Net assets available for Plan benefits, end of year $660,835 $707,514 $389,779 $633,189 $2,391,317 ======== ======== ======== ======== ========== The accompanying notes are an integral part of the financial statements. -6- 11 GANDER MOUNTAIN, INC. Associates' Savings Plan STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1992 Money GMI Market Balanced Stock Growth Fund Fund Fund Fund Total -------- -------- -------- -------- --------- Investment Income: Interest $5,965 $11,664 $87 $0 $17,716 Dividends 0 2,901 0 4,104 7,005 Net realized gain (loss) on investments 0 2,407 315 490 3,212 Net unrealized appreciation (depreciation) of investments 19,038 12,585 (6,515) 29,331 54,439 -------- -------- -------- -------- --------- Net investment income (loss) 25,003 29,557 (6,113) 33,925 82,372 -------- -------- -------- -------- --------- Contributions: Employer 21,219 23,250 10,909 26,266 81,644 Employee 115,528 118,892 57,899 131,214 423,533 -------- -------- -------- -------- --------- Total contributions 136,747 142,142 68,808 157,480 505,177 -------- -------- -------- -------- --------- Adjustments: Administrative expenses (2,917) (3,386) (710) (1,347) (8,360) Misc receipts / reimbursements 2,917 3,386 710 1,347 8,360 Interfund transfers (208,689) (53,727) 25,108 237,308 0 Participant withdrawals (17,105) (18,844) (10,275) (13,990) (60,214) -------- -------- -------- -------- --------- Total adjustments (225,794) (72,571) 14,833 223,318 (60,214) -------- -------- -------- -------- --------- Increase (decrease) in net assets during the year (64,044) 99,128 77,528 414,723 527,335 Net assets available for Plan benefits, beginning of year 547,292 359,666 80,343 0 987,301 -------- -------- -------- -------- --------- Net assets available for Plan benefits, end of year $483,248 $458,794 $157,871 $414,723 1,514,636 ======== ======== ======== ======== ========= The accompanying notes are an integral part of the financial statements. - 7 - 12 GANDER MOUNTAIN, INC. Associates' Savings Plan NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 NOTE A - DESCRIPTION OF PLAN The Gander Mountain, Inc. (GMI) Associates' Savings Plan (The Plan), a defined contribution plan, was established pursuant to a resolution of the Board of Directors of GMI effective January 1, 1987. The Plan is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and is intended to qualify as a defined contribution plan as described in Section 401(k) of the Internal Revenue Code (Code). Following is a summary of significant provisions of The Plan. Changes in The Plan - The Plan was amended and restated effective January 1, 1992 to change The Plan name from Gander Mountain, Inc. Employees' Savings Plan to Gander Mountain, Inc. Associates' Savings Plan. Further, certain amendments were incorporated into The Plan to enhance it's benefits and allow for more flexibility. The major amendments are as follows: - The investment options were increased from three funds to four funds. The fourth fund is an Equity fund investing in equity securities in small to medium sized companies, Mutual Funds, or Collective Investment Trusts. - Quarterly contributions, investment elections and entry dates have been established. - Gander Mountain, Inc. will make its matching contribution to the funds on a quarterly basis. Eligibility - All employees of GMI are eligible to participate in The Plan on the first January 1, April 1, July 1 or October 1 entry date following twelve consecutive months of service in which 1,000 or more hours of service have been completed. - 8 - 13 GANDER MOUNTAIN, INC. Associates' Savings Plan NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 Contributions - All participating employees may elect to contribute up to 15% of defined compensation on a pre-tax basis, with GMI contributing an amount as determined by the Board of Directors currently equal to 25% of the first 6% of employee contributions. Participants may change their percentage of contribution quarterly effective as of any entry date (January 1, April 1, July 1, or October 1). Participating employees may contribute a rollover amount into The Plan from another qualified plan or conduit IRA. Vesting - All participating employees are fully vested in all contributions made by them and any rollover amounts from another qualified plan. The GMI matching contribution is vested to the participating employee based upon the employees' years of uninterrupted service at the rate of 20% per year with full vesting achieved at the end of the fifth year of service. Full vesting also occurs on death, total and permanent disability or attainment of age 65 while employed by GMI. Investment Options - All amounts contributed under provisions of The Plan will be invested as the participants direct among the following investment alternatives: Money Market Fund -- Contributions are invested in short-term money market instruments managed by a bank, savings and loan association, or other financial institutions, short-term securities issued or granted by the United States Government or its agencies, short-term commercial paper or guaranteed investment contracts. Balanced Fund -- Contributions are invested in a diversified mix of common stocks, intermediate or long-term bonds and money market instruments. GMI Stock Fund -- Contributions not to exceed 25% of total contributions are invested in GMI common stock. Equity Growth Fund -- Contributions are invested in equity securities in small to medium sized companies, Mutual Funds, or Collective Investment Trusts. - 9 - 14 GANDER MOUNTAIN, INC. Associates' Savings Plan NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 Participant's investment decisions among the alternatives must be made in increments of 10% which may be changed quarterly. Each participant account is reviewed quarterly to determine the net investment gain or loss since the last evaluation. Earnings in each fund are allocated to the participant's account quarterly based upon the average account balance during the period. At December 31, 1994, 1993 and 1992, the number of participants in each investment fund was as follows: December December December 1994 1993 1992 -------- -------- -------- Money Market Fund 288 257 193 Balanced Fund 299 265 194 GMI Stock Fund 277 216 175 Equity Growth Fund 276 229 167 Withdrawals - Withdrawals by participants are limited to the participants' vested balances valued as of the last day of the prior plan year or as of the most recent quarterly valuation date. Withdrawals of participant contributions are limited to "Financial Hardships" as defined by IRS regulations. In addition, participants will have their pre-tax contributions suspended for a period of one year if a hardship withdrawal is approved. Furthermore, the Tax Reform Act of 1986 imposes certain penalties on withdrawals before the age of 59 1/2. Distribution - If a participant retires at age 65, leaves GMI employment for any reason, or becomes totally and permanently disabled, he or she is entitled to a lump-sum distribution of the vested benefits in his or her account as of the end of the quarterly period used to value the account. In the event of the death of a participant, a lump-sum distribution of the participant's vested benefits will be paid to the participant's spouse, named beneficiary, or estate as circumstances require. Loans - The Plan has no current loan provisions, however, The Plan may adopt a policy permitting loans to participants. Forfeitures - The Plan provides that upon termination of employment a participant's nonvested funds are provisionally forfeited, and allocated with the Company's matching contribution as soon as practicable following each Plan year. After a five year break-in-service the forfeiture is final. However, if a participant resumes employment with the Company prior to expiration of the five year break-in-service, any conditionally forfeited amount shall be reinstated from current forfeitures and income, if available, or from a special Company contribution. - 10 - 15 GANDER MOUNTAIN, INC. Associates' Savings Plan NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Method - The accounts of The Plan are maintained on an accrual basis. Investment Valuation - Investments are stated at market value based on the quoted net asset values on the last business day of The Plan year. Guaranteed Investment Contracts are stated at contract value. Income Recognition - Since The Plan's assets are reported at current market value in the financial statements, the Statement of Changes in Net Assets Available for Plan Benefits reflects both realized gains and losses and unrealized appreciation and depreciation of The Plan's assets. Expenses of the Plan - Trustee fees, accounting fees and certain other administrative expenses are paid by GMI. NOTE C - NET REALIZED GAINS (LOSSES) Net realized gains (losses) on dispositions of investments for the years ended December 31, 1994, 1993 and 1992 were as follows: Cost - Weighted Net Realized Funds Average Proceeds Gain (Loss) - ----- -------- -------- ------------ Money Market December 31, 1994 $ 34,204 $ 34,204 $ 0 December 31, 1993 61,531 61,531 0 December 31, 1992 389,574 389,574 0 Balanced December 31, 1994 $185,651 $190,420 $ 4,769 December 31, 1993 107,422 109,999 2,577 December 31, 1992 117,252 119,659 2,407 GMI Stock December 31, 1994 $193,914 $206,311 $ 12,397 December 31, 1993 108,451 101,421 (7,030) December 31, 1992 27,525 27,840 315 Equity Growth December 31, 1994 $242,085 $250,435 $ 8,350 December 31, 1993 173,465 177,229 3,764 December 31, 1992 320,793 321,283 490 - 11 - 16 GANDER MOUNTAIN, INC. Associates' Savings Plan NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 NOTE D - NET UNREALIZED APPRECIATION (DEPRECIATION) Net unrealized appreciation (depreciation) of investments included in the Statement of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 1994, 1993 and 1992 are as follows: PLAN YEAR ENDED ----------------------------------------------------------- December 31, December 31, December 31, Funds 1994 1993 1992 - --------------------- ------------ ------------ ------------ Money Market Beginning of period 50,437 33,304 14,266 End of period 68,046 50,437 33,304 --------- --------- --------- Net change 17,609 17,133 19,038 Balanced Beginning of period 122,183 90,608 78,023 End of period 77,889 122,183 90,608 -------- --------- --------- Net change (44,294) 31,575 12,585 GMI Stock Beginning of period 77,436 13,658 20,173 End of period 201,293 77,436 13,658 -------- --------- --------- Net change 123,857 63,778 (6,515) Equity Growth Beginning of period 71,940 29,331 0 End of period 38,922 71,940 29,331 -------- --------- --------- Net change (33,018) 42,609 29,331 NOTE E - INCOME TAXES The Plan administrator and management of Gander Mountain, Inc. believe The Plan conforms with the requirements of the Employee Retirement Income Security Act of 1974. A favorable determination letter has been received from the Internal Revenue Service as to the qualified tax status of The Plan. - 12 - 17 GANDER MOUNTAIN, INC. Associates' Savings Plan SCHEDULE OF ASSETS HELD FOR INVESTMENT DECEMBER 31, 1994 Par Value or Number of Fair Description of Investment Units/Shares Cost Value - ------------------------------------------------------------------------------------------------------------------- Money Market Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 411,154 $411,154 $411,154 Firstar Bank - Madison Money GIC Fund 15,864 240,828 308,872 ------------- ------------- $651,982 $720,026 ============= ============= Balanced Fund: FIrstar Bank - Madison Money Market Employee Benefit Fund 8,869 $8,869 $8,869 FIrstar Bank - Madison Total Return Bond Fund Employee Benefit Fund 4,779 71,739 67,321 FIrstar Bank - Madison Total Intermediate Term Bond Employee Benefit Investment Fund 12,470 242,507 229,576 FIrstar Bank - Madison Short Term Bond Fund Employee Benefit 1,263 15,350 14,357 FIrstar Bank - Madison Equity Growth Fund A Employee Benefit 1,715 153,513 199,157 FIrstar Bank - Madison Special Equity Growth Fund B Employee Benefit 1,174 172,953 208,625 FIrstar Bank - Madison Emerging Equity Growth Fund C Employee Benefit 2,975 78,165 93,080 ------------- ------------- $743,096 $820,985 ============= ============= GMI Stock Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 4,842 $4,842 $4,842 Gander Mountain, Inc. Common Stock 41,396 470,511 672,685 ------------- ------------- $475,353 $677,527 ============= ============= Growth Fund: Firstar Bank - Madison Equity Growth Fund A Employee Benefit 2,120 233,283 246,177 Firstar Bank - Madison Special Equity Growth Fund B Employee Benefit 1,457 244,425 258,989 Firstar Bank - Madison Emerging Equity Growth Fund C Employee Benefit 4,314 123,510 134,974 ------------- ------------- $601,218 $640,140 ============= ============= - 13 - 18 GANDER MOUNTAIN, INC. Associates' Savings Plan SCHEDULE OF ASSETS HELD FOR INVESTMENT DECEMBER 31, 1993 Par Value or Number of Fair Description of Investment Units/Shares Cost Value - --------------------------------------------------------------------------------------------------------------------------------- Money Market Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 339,733 $339,733 $339,733 Firstar Bank - Madison Money GIC Fund 15,864 240,827 291,263 ------------- ------------- $580,560 $630,996 ============= ============= Balanced Fund: FIrstar Bank - Madison Money Market Employee Benefit Fund 33,292 $33,292 $33,292 FIrstar Bank - Madison Total Return Bond Fund Employee Benefit Fund 5,028 69,840 72,750 FIrstar Bank - Madison Total Intermediate Term Bond Employee Benefit Investment Fund 9,686 174,801 181,462 FIrstar Bank - Madison Short Term Bond Fund Employee Benefit 1,615 18,477 18,226 FIrstar Bank - Madison Equity Growth Fund A Employee Benefit 1,390 109,496 169,755 FIrstar Bank - Madison Special Equity Growth Fund B Employee Benefit 790 105,557 142,617 FIrstar Bank - Madison Emerging Equity Growth Fund C Employee Benefit 2,484 62,639 78,183 ------------- ------------- $574,102 $696,285 ============= ============= GMI Stock Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 22,707 $22,707 $22,707 Gander Mountain, Inc. Common Stock 29,485 297,841 375,934 ------------- ------------- $320,548 $398,641 ============= ============= Growth Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 25,018 $25,018 $25,018 Firstar Bank - Madison Equity Growth Fund A Employee Benefit 1,899 198,157 231,917 Firstar Bank - Madison Special Equity Growth Fund B Employee Benefit 1,294 210,717 233,602 Firstar Bank - Madison Emerging Equity Growth Fund C Employee Benefit 3,631 98,990 114,285 ------------- ------------- $532,882 $604,822 ============= ============= - 14 - 19 GANDER MOUNTAIN, INC. Associates' Savings SCHEDULE OF ASSETS HELD FOR INVESTMENT DECEMBER 31, 1992 Par Value or Number of Fair Description of Investment Units/Shares Cost Value - -------------------------------------------------------------------------- Balanced Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 30,005 $30,005 $30,005 Firstar Bank - Madison Total Return Bond Fund Employee Benefit 2,935 $35,878 $38,089 Firstar Bank - Madison Total Intermediate Term Bond Employee Benefit Investment Fund 6,487 $105,652 $110,794 Firstar Bank - Madison Short Term Bond Fund Employee Benefit 800 $8,611 $8,516 Firstar Bank - Madison Equity Growth Fund A Employee Benefit 1,101 $73,336 $121,387 Firstar Bank - Madison Special Equity Growth Fund B Employee Benefit 520 $59,590 $87,353 Firstar Bank - Madison Emerging Equity Growth Fund C Employee Benefit 1,494 $34,824 $42,361 ----------- ----------- $347,896 $438,505 =========== =========== Money Market Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 191,611 $191,611 $191,611 Firstar Bank - Madison Money GIC Fund 15,864 $240,828 $274,131 ----------- ----------- $432,439 $465,742 =========== =========== GMI Stock Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 24,604 $24,604 $24,604 Gander Mountain, Inc. Common Stock 14,155 $138,508 $152,166 ----------- ----------- $163,112 $176,770 =========== =========== Growth Fund: Firstar Bank - Madison Money Market Employee Benefit Fund 28,404 $28,404 $28,404 Firstar Bank - Madison Equity Growth Fund A Employee Benefit 1,300 $127,448 $143,327 Firstar Bank - Madison Special Equity Growth Fund B Employee Benefit 867 $136,825 $145,644 Firstar Bank - Madison Emerging Equity Growth Fund C Employee Benefit 2,539 $67,358 $71,991 ----------- ----------- $360,035 $389,366 =========== =========== - 15 - 20 GANDER MOUNTAIN, INC. Associates' Savings Plan SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994 Current Value of Asset on Purchase Selling Cost of Transaction Gain Identity of Party Involved Description Price Price Asset Date (Loss) - ------------------------------------------------------------------------------------------------------------------------------------ Firstar Bank - Madison Money Market Employee Benefit Fund: Aggregate purchases $412,446 $412,446 Aggregate sales $408,331 $408,331 $0 ---------------------------------------------------------------------------- Firstar Bank - Madison Equity Growth Fund A Employee Benefit: Aggregate purchases $141,179 $141,179 Aggregate sales $75,600 $67,373 $8,227 ---------------------------------------------------------------------------- Firstar Bank - Madison Special Equity Growth Fund B Employee Benefit: Aggregate purchases $168,178 $168,178 Aggregate sales $75,600 $72,113 $3,487 ---------------------------------------------------------------------------- Firstar Bank - Madison Emerging Equity Growth Fund C: Aggregate purchases $68,940 $68,940 Aggregate sales $32,300 $29,836 $2,464 ---------------------------------------------------------------------------- Firstar Bank - Madison Total Return Bond Fund Employee Benefit: Aggregate purchases $0 $0 Aggregate sales $3,500 $3,595 ($95) ---------------------------------------------------------------------------- Firstar Bank - Madison Total Intermediate Term Bond Employee Benefit Fund: Aggregate purchases $59,000 $59,000 Aggregate sales $7,500 $7,668 ($168) ---------------------------------------------------------------------------- Firstar Bank - Madison Total Short Term Bond Fund Employee Benefit: Aggregate purchases $10,000 $10,000 Aggregate sales $14,000 $14,797 ($797) ---------------------------------------------------------------------------- Gander Mountain, Inc. Common Stock: Aggregate purchases $225,037 $225,037 Aggregate sales $64,539 $52,142 $12,397 ---------------------------------------------------------------------------- -16- 21 GANDER MOUNTAIN, INC. Associates' Savings Plan SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1993 Current Value of Asset on Purchase Selling Cost of Transaction Gain Identity of Party Involved Description Price Price Asset Date (Loss) - ------------------------------------------------------------------------------------------------------------------------------------ Firstar Bank - Madison Money Market Employee Benefit Fund: Aggregate purchases $456,108 $456,108 Aggregate sales $309,982 $309,982 $0 ------------------------------------------------------------------------------- Firstar Bank - Madison Equity Growth Fund A Employee Benefit: Aggregate purchases $142,522 $142,522 Aggregate sales $45,236 $40,000 $5,236 ------------------------------------------------------------------------------- Firstar Bank - Madison Special Equity Growth Fund B Employee Benefit: Aggregate purchases $146,811 $146,811 Aggregate sales $32,652 $31,457 $1,195 ------------------------------------------------------------------------------- Firstar Bank - Madison Emerging Equity Growth Fund C: Aggregate purchases $73,448 $73,448 Aggregate sales $15,013 $15,088 ($75) ------------------------------------------------------------------------------- Firstar Bank - Madison Total Return Bond Fund Employee Benefit: Aggregate purchases $29,994 $29,994 Aggregate sales $0 $0 $0 ------------------------------------------------------------------------------- Firstar Bank - Madison Total Intermediate Term Bond Employee Benefit Fund: Aggregate purchases $58,943 $58,943 Aggregate sales $0 $0 $0 ------------------------------------------------------------------------------- Firstar Bank - Madison Total Short Term Bond Fun Employee Benefit: Aggregate purchases $9,990 $9,990 Aggregate sales $1,002 $1,018 ($16) ------------------------------------------------------------------------------- Gander Mountain, Inc. Common Stock: Aggregate purchases $212,430 $212,430 Aggregate sales $46,293 $53,323 ($7,030) ------------------------------------------------------------------------------- -17- 22 GANDER MOUNTAIN, INC. Associates' Savings Plan SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1992 Current Value of Asset on Purchase Selling Cost of Transaction Gain Identity of Party Involve Description Price Price Asset Date (Loss) - ------------------------------------------------------------------------------------------------------------------------ Firstar Bank - Madison Money Market Employee Benefit Fund: Aggregate purchases $802,424 $802,424 Aggregate sales $626,629 $626,629 $0 ------------------------------------------------------------------- Firstar Bank - Madison Capital Preservation Fund Employee Benefit: Aggregate purchases $0 $0 Aggregate sales $195,000 $195,000 $0 ------------------------------------------------------------------- Firstar Bank - Madison Equity Growth Fund A Employee Benefit: Aggregate purchases $141,469 $141,469 Aggregate sales $11,161 $8,520 $2,641 ------------------------------------------------------------------- Firstar Bank - Madison Special Equity Growth Fund B Employee Benefit: Aggregate purchases $146,175 $146,175 Aggregate sales $0 $0 $0 ------------------------------------------------------------------- Firstar Bank - Madison Emerging Equity Growth Fund C: Aggregate purchases $82,918 $82,918 Aggregate sales $0 $0 $0 ------------------------------------------------------------------- Firstar Bank - Madison Total Return Bond Fund Employee Benefit: Aggregate purchases $2,995 $2,995 Aggregate sales $0 $0 $0 ------------------------------------------------------------------- Firstar Bank - Madison Total Intermediate Term Bond Employee Benefit Fund: Aggregate purchases $15,979 $15,979 Aggregate sales $6,005 $5,749 $256 ------------------------------------------------------------------- Firstar Bank - Madison Total Short Term Bond Fund Employee Benefit Aggregate purchases $8,000 $8,000 Aggregate sales $0 $0 $0 ------------------------------------------------------------------- Gander Mountain, Inc. Common Stock: Aggregate purchases $109,064 $109,064 Aggregate sales $19,560 $19,245 $315 ------------------------------------------------------------------- -18-