================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549-1004 ________________________ FORM 11-K (Mark One) /X/ Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the period ended December 31, 1999 Commission file number 1-9533 OR / / Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 CBS EMPLOYEE INVESTMENT FUND -------------------------------------------------------------------------- (Full title of the plan) VIACOM INC. --------------------------------------------------------------------------- (Name of issuer of the securities held pursuant to the plan) 1515 Broadway New York, New York 10036 --------------------------------------------------------------------------- (Address of principal executive offices) ================================================================================
CBS EMPLOYEE INVESTMENT FUND - -------------------------------------------------------------------------------- TABLE OF CONTENTS ----------------- Page ---- INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits As of December 31, 1999 and 1998 2 Statements of Changes in Net Assets Available for Benefits For the Years Ended December 31, 1999 and 1998 3 Notes to Financial Statements 4-12 SUPPLEMENTAL SCHEDULES: Schedule H, Part IV- Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 S1-S14 Line 4(j) - Schedule of Reportable Transactions For the Year Ended December 31, 1999 S15-S16 Exhibit: I - Consent of Independent Accountants SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the persons who administer the Plan have duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized. CBS Employee Investment Fund Date: May 26, 2000 By: /s/ A.G. Ambrosio ----------------------------- A.G. Ambrosio Plan Administrator
INDEPENDENT AUDITORS' REPORT To the Plan Administrator of the CBS Employee Investment Fund We have audited the accompanying statements of net assets available for benefits of the CBS Employee Investment Fund ("the Plan") as of December 31, 1999 and 1998, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above, present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1999 and 1998, and the changes in net assets available for benefits for the years ended December 31, 1999 and 1998 in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are 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. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 1999, and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Mitchell & Titus LLP Philadelphia, Pennsylvania May 26, 2000 1
CBS EMPLOYEE INVESTMENT FUND Statements of Net Assets Available for Benefits December 31, 1999 and 1998 - -------------------------------------------------------------------------------- (in thousands) 1999 1998 ---------- ---------- ASSETS Cash $ 261 $ 1,425 Investments, at fair value 947,557 709,986 Investments, at contract value 417,395 434,357 Loans to participants 17,596 16,079 Employer's contributions receivable 988 -- Employee's contributions receivable 1,134 -- Interest and dividends receivable 72 116 Receivable from brokers for unsettled trades 1,966 814 ---------- ---------- Total assets 1,386,969 1,162,777 ---------- ---------- LIABILITIES Payable to brokers for unsettled trades 1,471 2,995 Other liabilities 80 184 ---------- ---------- Total liabilities 1,551 3,179 ---------- ---------- Net assets available for benefits $1,385,418 $1,159,598 ========== ========== The accompanying notes are an integral part of these financial statements. 2
CBS EMPLOYEE INVESTMENT FUND Statements of Changes in Net Assets Available for Benefits For the Years Ended December 31, 1999 and 1998 - -------------------------------------------------------------------------------- (in thousands) 1999 1998 ---------- ---------- ADDITIONS Contributions: Employer $ 11,587 $ 9,329 Employee 54,148 41,103 ---------- ---------- 65,735 50,432 ---------- ---------- Investment income: Dividends 3,335 2,766 Interest 27,914 29,053 Net appreciation of investments 219,577 130,464 ---------- ---------- Investment income, net 250,826 162,283 ---------- ---------- Transfers in - Group W employees -- 134,524 ---------- ---------- Total additions 316,561 347,239 ---------- ---------- DEDUCTIONS Benefits paid to participants 89,300 86,574 Administrative expenses 1,441 881 ---------- ---------- Total deductions 90,741 87,455 ---------- ---------- Net increase 225,820 259,784 Net assets available for benefits, beginning of year 1,159,598 899,814 ---------- ---------- Net assets available for benefits, end of year $1,385,418 $1,159,598 ========== ========== The accompanying notes are an integral part of these financial statements. 3
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF THE PLAN The CBS Employee Investment Fund ("the Plan") was established by CBS Broadcasting Inc. (the "Company" and the "Plan Administrator") (formerly CBS, Inc.) a wholly owned subsidiary of CBS Corporation (the "Corporation" or "CBS") (formerly conducted business as Westinghouse Electric Corporation). On May 4, 2000, CBS was merged with and into Viacom Inc. ("Viacom"). The Plan was established to provide a convenient way for employees of the Company to save and invest for retirement. The Plan is considered a defined contribution type of profit sharing plan and, is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Beginning April 1, 1999 the Plan's investment options were modified as outlined below. Participants should refer to the Plan document for a complete description of the Plan. Eligibility ----------- All employees of the Company and certain of its subsidiaries in the United States, as well as U.S. citizens abroad, who are employed on a full-time basis in executive, non-union office and hourly positions, are eligible to participate in the Plan immediately. Employees working on a part-time basis are eligible to participate in the Plan upon the completion of one year of employment, if the employee worked at least 1,000 hours in that year. Other groups designated by the Company or by the terms of a collective bargaining agreement are also eligible to participate in the Plan. Investments ----------- Beginning April 1, 1999, the Plan was modified to add the Infinity Stock Fund as an investment option. The Plan now has eleven investment options, which are: Stable Value Fund, Short Term Life Cycle Fund, Medium Term Life Cycle Fund, Long Term Life Cycle Fund, S&P Index Fund, Active U.S. Equity Fund, Small Cap U.S. Equity Fund, International Equity Fund, Company Stock Fund (consists of CBS Corporation common stock), Infinity Stock Fund and the Self-Directed Account. Pursuant to the May 4, 2000 merger between CBS and Viacom, each share of CBS common stock held by the Plan was converted into 1.085 shares of Viacom Class B Common Stock. Plan provisions and investment options have remained the same and employer contributions are now being invested in Viacom Class B Common Stock. Employees are allowed to transfer balances among any of the eleven fund options in increments of 1%. 4
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF THE PLAN (continued) Investments (continued) ----------- The Self-Directed Account allows Plan participants to establish an investment account with the trustee and gain access to an expanded number of investment options. A Self-Directed Account can be established if the participant has a Plan balance of at least $5,000 and the minimum initial investment option is $2,500. Additional transfers into the Self-Directed Account must be in $1,000 increments. Fees are charged on transactions in the Self-Directed Account and are charged directly against the participant's Self-Directed Account balance. Additionally, the Plan maintains a Loan Provision Fund relating to outstanding participant loans as discussed below. The Plan allows employees to request loans from their account without incurring a taxable event. Participants may request loans for a minimum of $1,000, but not to exceed the lesser of $50,000 (reduced by the highest outstanding balance of any loan from the Plan during the prior twelve months) or one half of the market value of the vested portions of all the participant's separate accounts on the date of the loan. No more than one loan may be made per year, and not more than two loans may be outstanding. When a participant has two loans, one of the outstanding loans must be for the purpose of purchasing a primary residence. Interest on participants' loans are based on the latest blended rate for the Stable Value Fund, rounded to the nearest quarter percentage point, as of the valuation date of the calendar quarter preceding the loan's effective date. The loans must be repaid within five years, with the exception of a loan used to acquire a primary residence, for which repayment is not to exceed fifteen years. In the event of default on a loan payment, all remaining payments are considered immediately due and payable. The defaulted portion of any outstanding loan including accrued interest is offset against the remaining balance in the participant's account. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting ------------------- The financial statements of the Plan have been prepared under the accrual method of accounting. 5
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - -------------------------------------------------------------------------------- 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Basis of Accounting (continued) ------------------- During the year the Plan adopted Statement of Position 99-3 ("SOP 99-3") Accounting for and Reporting of Certain Defined Contribution Plan Investments and Other Disclosure Matters. Pursuant to SOP 99-3, a defined contribution plan that provides participant-directed investment programs is no longer required to disclose amounts relating to those individual programs as a separate fund in the financial statements in columnar form, or in the related disclosures. Reclassification ---------------- Pursuant to the adoption of SOP-99-3, certain information for 1998 has been reclassified to conform to the 1999 presentation. Investment Valuation -------------------- An individual participant's interest in the funds of the Plan is represented by the dollar value of the participant's individual account. Investments, except for certain guaranteed annuity and investment contracts, are stated at fair value. Investments in securities traded on a national securities exchange are valued at the closing sales price on the last business day of the year; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last reported bid price; participations in pooled trust funds are stated at the Trust's beneficial interest in the aggregate fair value of assets held by the particular fund as reported by the Plan's fund manager. The carrying value of the Plan's investment in the guaranteed annuity contracts and guaranteed investment contracts is cost plus accrued interest. Investment Transactions and Investment Income --------------------------------------------- Purchases and sales of securities are reflected on a trade-date basis. Gain or loss on sales of securities is based on average cost. Dividend income is recorded on the ex-dividend date. Income from other investments is recorded as earned on an accrual basis. The net appreciation (depreciation) of investments, consists of the realized gains and losses and the unrealized appreciation (depreciation) on those investments, as reflected in the Statement of Changes in Net Assets Available for Benefits. 6
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - -------------------------------------------------------------------------------- 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates ---------------- The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Payment of Benefits ------------------- Benefits are recorded when paid. 3. CONTRIBUTIONS Contributions from participants and the Company are recorded in the period the Company makes payroll deductions from participants. Employee participation in the Plan is voluntary. Employee contributions can be between 1% and 15% of base annual salary on a before or after-tax basis. Employees may contribute, on a before-tax basis, up to a maximum of $10,000. Participants may also make additional voluntary lump sum contributions on an after-tax basis. Employee contributions are directed by participants to any combination of funds, as designated by the employee. Subsequent to January 1, 1998, such allocations to the funds may be made in 1 percentage point increments (previously .5% increments). The Company may make performance based discretionary contributions to the Plan. Company matching contributions are based on employees' before tax contributions (up to a maximum of 5% of eligible pay). In 1999 and 1998, the Company match equaled 50% of each $1.00 contributed on a before-tax basis, up to 5% of eligible pay. Employer contributions are initially directed to the Company Stock Fund. Employees can subsequently transfer the employer contribution, in increments of 1% to any of the fund options. Company contributions become vested at the rate of 33-1/3% per annum until fully vested after three years of employment. The overall maximum annual contribution to the Plan for a participant, including before-tax, after-tax and Company matching contributions is $30,000 or 25% of an employee's base pay. All employer and employee contributions are subject to specified limitations as described in ERISA and other applicable federal and state laws. 7
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - -------------------------------------------------------------------------------- 4. DISTRIBUTIONS Upon termination, participants have the option of receiving the balance in their accounts in cash or monthly payments over a period of time not to exceed 240 months. For terminated participants, who have an account balance in excess of $5,000, an option is available to leave their account balance in the Plan and have it distributed at any valuation date provided however, that payments commence no later than April 1, of the year following the year in which they reach age 70 1/2. Terminated participants with account balances of less than $5,000 receive a mandatory lump sum payment. Non-vested employer contributions are forfeited upon termination and are used to reduce future employer contributions. At December 31, 1999 and 1998, forfeited nonvested amounts were $52,000 and $152,000, respectively. Withdrawals of a participant's after tax contributions account are permitted at any time, but are limited to two withdrawals per calendar year. Withdrawals of a participant's tax-deferred contributions are permitted after the participant has reached age 59-1/2, or before reaching such age in the event of hardship, but are limited to two withdrawals per calendar year. The Tax Reform Act of 1986 imposed a 10% penalty on certain withdrawals and distributions made before the participant reaches age 59-1/2. 5. INVESTMENTS Investments held by the Plan at December 31, 1999 and 1998 are summarized by their fair and contract values in the following table: (in thousands) ---------------------------------------- 1999 1998 ---------- ---------- Common stocks $ 237,792 (B) (C) $ 106,963 (B) Value of interest in unallocated insurance contracts 417,395 (A) (B) 434,357 (A) (B) Common collective trust 600,641 (B) 510,028 (B) Registered investment companies 109,124 (B) 92,995 (B) Participants loans 17,596 16,079 ---------- ---------- $1,382,548 $1,160,422 ========== ========== (A) Represents contract value. (B) Represents 5 percent or more of the Plan's net assets. (C) Includes common stock of related parties, CBS Corporation ($192,819) and Infinity Broadcasting ($17,851). 8
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - -------------------------------------------------------------------------------- 5. INVESTMENTS (continued) For the years ended December 31, 1999 and 1998, the net appreciation in the fair value of investments is summarized as follows: (in thousands) ---------------------------------------- 1999 1998 ----------- --------- Common stocks $103,102 $ 9,744 Common collective trust 106,468 113,027 Registered investment companies 10,007 7,693 -------- -------- $219,577 $130,464 ======== ======== The Plan has a number of benefit-responsive investment contracts with certain insurance companies. At December 31, 1999 and 1998, the Plan held $417 million and $434 million, respectively, of unallocated insurance contracts. These contracts are recorded at their contract values. The relevant contract and fair value information is summarized below: 1999: (in thousands) ----------------------------------------------------------------------- Effective Contract Contract Fair Investment Contracts Date Rate Value Value ----------------------------------------------------------------------- Allstate Life Ins. Co. 01/08/96 6.67% $ 10,536 $ 10,553 Allstate Life Ins. Co. 01/08/98 5.45% 53,061 51,256 Chase 06/01/99 5.82% 34,042 33,568 John Hancock Mutual Life 01/13/99 6.15% 41,747 40,826 John Hancock Mutual Life 01/13/99 7.00% 22,373 21,994 Monumental Life Ins. Co. 03/27/97 7.00% 60,447 58,630 New York Life Ins. Co. 07/01/94 7.45% 14,347 14,466 New York Life Ins. Co. 07/01/94 7.55% 8,481 8,563 New York Life Ins. Co. 01/13/99 7.25% 37,979 39,115 Prudential (MBIA Insured) 06/30/95 6.64% 37,508 37,457 State Street Bank and Trust 08/19/98 5.36% 66,750 64,282 Transamerica Life Ins. Co. 03/01/99 6.12% 28,116 27,409 UBS 11/22/99 5.90% 2,008 1,996 ----------------------------------------------------------------------- Total $417,395 $410,115 ======================================================================= 9
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - ------------------------------------------------------------------------------- 5. INVESTMENTS (continued) 1998: (in thousands) ------------------------------------------------------------------ Effective Contract Contract Fair Investment Contracts Date Rate Value Value ------------------------------------------------------------------ Aetna Life (MBIA Insured) 04/01/98 6.50% $ 89,130 $ 89,906 Allstate Life Ins. Co. 08/16/96 6.67% 10,534 10,793 Allstate Life Ins. Co. 01/08/98 5.99% 54,254 54,923 Jackson National Life 08/23/96 6.46% 11,536 11,563 John Hancock Mutual Life 11/28/95 6.00% 27,772 27,867 John Hancock Mutual Life 06/10/97 4.33% 15,050 15,176 John Hancock Mutual Life 03/05/98 5.35% 26,218 26,511 Monumental Life Ins. Co. 12/01/98 6.61% 60,696 62,370 New York Life Ins. Co. 07/01/92 7.80% 13,567 13,635 New York Life Ins. Co. 07/01/94 7.25% 52,350 52,910 New York Life Ins. Co. 09/08/94 7.35% 7,900 8,436 Prudential (MBIA Insured) 04/01/98 6.26% 35,225 36,079 State Street Bank and Trust 08/19/98 5.33% 30,125 30,511 ------------------------------------------------------------------ Total $434,357 $440,680 ================================================================== 6. TAX STATUS The Internal Revenue Service has determined and informed the Company by a letter dated May 13, 1997, that the Plan is designed in accordance with applicable sections of the Internal Revenue Code ("IRC"). The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Participants will not be subject to income tax on contributions made on their behalf by the Company nor on the plan earnings credited to their account until such time as they withdraw all or any part of their accumulated balance. 10
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - -------------------------------------------------------------------------------- 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500: December 31, ----------------------------------- 1999 1998 ---------- ---------- (in thousands) Net assets available for benefits per the financial statements $1,385,418 $1,159,598 Amounts allocated to withdrawing participants (200) (1,080) ---------- ---------- Net assets available for benefits per Form 5500 $1,385,218 $1,158,518 ========== ========== The following is a reconciliation of benefits paid to participants per the financial statements to Form 5500: Year Ended December 31, -------------------------------------- 1999 1998 -------------- ------------- (in thousands) Benefits paid to Participants per the financial statements $89,300 $86,574 Add: Amounts allocated to withdrawing participants during the year 200 1,080 Less: Amounts allocated to withdrawing participants during the previous year (1,080) (1,083) -------------- ------------- Benefits paid to participants per Form 5500 $88,420 $86,571 ============== ============= Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. 8. PLAN EXPENSES Certain administrative expenses are paid by the Company. 9. PLAN TERMINATION The Company has not expressed any intent to terminate the Plan. However, it is free to do so at any time, subject to the provisions of ERISA. In the event of termination, participants will become 100% vested and the net assets of the Plan shall be allocated among the participants and their respective beneficiaries of the Plan in the order provided for in ERISA. 11
CBS EMPLOYEE INVESTMENT FUND Notes to Financial Statements December 31, 1999 and 1998 - -------------------------------------------------------------------------------- 10. SUBSEQUENT EVENTS Plan Amendments --------------- Effective January 1, 2000, all active employees of the Westinghouse Savings Plan, another qualified plan sponsored by the Company, became participants of the Plan. On January 6, 2000, assets relating to sixty-seven Westinghouse Savings Plan participants were transferred to the Plan. The market value of the assets at that time was $8,252,000. Effective January 1, 2000, certain participants of the Plan were transferred to the Infinity Broadcasting Corporation Employees' 401(k) Plan, another qualified plan sponsored by the Company. On January 13, 2000, assets relating to two thousand and forty-four Plan participants were transferred to the Infinity Broadcasting Corporation 401(k) Plan. The market value of the assets at that time was $88,608,000. 12
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 ================================================================================ (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - --- ------------------------------------------------------------ ------------ ------------ Interest-Bearing Cash ---------------------- CANADIAN DOLLAR TRADING $ 422 $ 422 Corporate Stock - Common ------------------------ AMFM INC COM 11,438 19,386 AMR CORP DEL 59,375 67,000 AT&T CORP COM 81,158 74,034 AT&T CORP COM LIBERTY MEDIA A 535 1,023 ASD SYSTEM COM 13,534 8,875 ACXIOM CORP COM 1,483 1,200 ADVANCED MICRO DEVICES INC 8,499 11,807 AGILENT TECHNOLOGIES INC 4,975 9,046 AIRONET WIRELESS COMMN INC COM 2,808 8,348 ALCOA INC COM 7,048 9,628 ALCATEL ADR 4,737 9,000 ALLSTATE CORP COM 12,531 12,031 AMAZON COM INC 240,540 297,573 AMERCO INC COM 5,117 5,000 AMERICA ONLINE INC DEL 2,773,961 3,443,056 AMERICAN BUSINESS FINL SVCS 1,337 1,175 AMERICAN EXPRESS CO 3,308 4,988 AMERICAN INTL GROUP INC COM 1,043 1,352 AMERITRADE HLDG CORP CL A 84,415 56,821 AMGEN INC 35,667 49,612 ANHEUSER BUSCH COS INC COM 663 638 APPLE COMPUTER INC 5,147 10,281 APPLIED DIGITAL SOLUTIONS INC 1,240 1,500 APPLIED MATLS INC 34,236 57,009 ARIBA INC COM 1,093,161 1,695,350 AT HOME CORP SER A COM 42,016 27,612 ATPLAN INC COM 13,644 8,394 AUTHORISZOR INC COM 3,588 3,588 AVANT CORP COM 3,149 3,000 BJ SVCS CO 7,813 20,906 BMC SOFTWARE INC COM 3,342 5,995 BALLARD PWR SYS INC 7,391 5,638 BANK OF AMERICA CORP 13,259 11,995 BANK ONE CORP COM 4,806 3,200 BANYAN SYS INC 10,867 10,820 BARNESANDNOBLE COM INC CL A 1,481 851 BE INC COM 798 1,118 BEA SYS INC COM 73,660 111,341 BECTON DICKINSON & CO COM 7,786 8,081 S1
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 ================================================================================ (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - --- ------------------------------------------------------------ ------------ ------------ BELL ATLANTIC CORP COM 9,317 9,234 BELL CDA INTL INC 13,227 20,419 BELL INDS INC 2,944 3,243 BELL SOUTH CORP 4,683 4,681 BERKSHIRE HATHAWAY INC DEL CLA 346,970 280,500 BERKSHIRE HATHAWAY INC DEL B 126,045 102,480 BEST BUY INC COM 19,136 18,442 BID COM INTL INC COM 2,068 498 BIOGEN INC COM 14,389 18,590 BLACKROCK INC CL A COM 849 859 BOEING CO COM 5,537 6,630 BOSTON CHICKEN INC 3,735 920 BOSTON SCIENTIFIC CORP COM 13,132 15,313 BOTTOMLINE TECHNOLOGIES DEL INC 4,804 5,004 BRAINTECH INC NEW YORK 4,528 3,188 BRILLIANT DIGITAC ENTMT INC 1,093 788 BRISTOL MYERS SQUIBB CO COM 12,727 12,838 BROADCOM CORP CL A COM 73,640 115,759 BROADVISION INC 5,635 9,694 BROCADE COMMN SYS INC COM 6,071 53,100 * CBS CORP COM 108,843,002 192,818,563 CMGI INC 180,113 397,039 CABLEVISION SYS CORP CL A 1,118 1,510 CABLETRON SYS INC COM 292 390 CAMBELL SOUP CO COM 5,500 3,869 CANDIE'S INC 22,239 9,084 CASINO AIRLINK INC COM 50 110 CATERPILLAR INC 11,941 10,325 CELL GENESYS INC COM 1,224 1,281 CELL PATHWAYS INC NEW COM 945 925 CENDANT CORP COM 1,648 2,656 CERIDIAN CORP COM 20,430 21,563 CHASE MANHATTAN CORP NEW COM 8,108 7,769 CHEMDEX CORP COM 10,015 16,983 CHEVRON CORP COM 2,488 2,599 CISCO SYS INC COM 901,206 1,772,597 CITIGROUP INC COM 47,903 101,323 CLARION COML HLDGS INC CL A 5,958 7,750 CLOROX CO COM 584 504 COCA COLA CO COM 52,092 52,837 COGNITRONICS CORP 3,559 3,357 COMMERCE ONE INC DEL COM 57,833 26,528 S2
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 ================================================================================ (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - --- ------------------------------------------------------------ ------------ ------------ COMPAQ COMPUTER CORP 107,323 90,719 COMPUSA INC COM 1,508 1,266 COMTECH TELECOMMUNICATIONS COR NEW 2,447 1,475 CONEXANT SYSTEMS INC 12,484 12,943 CONVERGYS CORP COM 1,938 3,075 COREL CORP 69,732 32,549 COSMOZ COM INC COM 1,130 394 COVAD COMMUNIVATIONS GROUP INC COM 6,931 7,272 CREE INC COM 10,206 25,613 CRESCENT REAL ESTATE EQUITIES INC TR TEX RE COM 2,300 1,838 CYBERSOURCE CORP DEL COM 3,267 3,881 DATA BROADCASTING CORP 7,822 2,475 DAYTON HUDSON CORP COM 4,608 5,141 DAYTON MNG CORP COM 1,460 1,161 DEERE & CO COM 1,013 1,301 DELL COMPUTER CORP COM 285,874 395,658 DELPHI AUTOMOTIVE SYS CORP COM 41,889 35,784 DETOUR MAGAZINE INC COM 325 136 DIAMOND ENTMT CORP COM 1,063 235 DIAMOND OFFSHORE DRILLING INC COM 9,441 9,169 DIGITAL INSIGHT CORP COM 4,122 3,638 DIGITAL RIV INC COM 7,248 6,296 DISNEY WALT CO COM 258,069 248,003 DISNEY WALT CO GO COM 48,672 31,611 DOUBLECLICK INC COM 36,432 85,535 DU PONT E I DE NEMOURS & CO COM 9,743 10,145 E DIGITAL CORP COM 12,882 16,962 E-LOAN INC COM 6,363 2,763 EMC CORP MASS 559,624 1,124,947 E TRADE GROUP INC 50,363 45,745 EASTMAN KODAK CO COM 4,738 4,571 EBAY INC COM 38,222 37,681 ECHOSTAR COMMUNICATIONS CORP NEW CLA 62,558 119,925 EGGHEAD.COM INC NEW COM 1,862 1,619 EL PASO ENERGY CORP DEL COM 3,897 3,881 ELAN PLC ADR 5,811 4,927 ELCOM INTL INC COM 3,083 2,550 ELECTRIC CITY CORP COM 623 388 EMULEX CORP NEW 8,184 11,250 ENRON CORP COM 8,193 8,875 ERICSSON L M TEL CO ADR CL B SEK 10 24,596 32,844 S3
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 ================================================================================ (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - --- ------------------------------------------------------------ ------------ ------------ ESHARE TECHNOLOGIES INC GA 4,396 5,119 ETOYS INC COM 11,700 3,938 EVISIONS USA COM INC COM 9,036 9,036 EXECUTONE INFORMATION SYS INC 6,015 6,715 EXODUS COMMUNICATIONS INC COM 60,588 75,846 EXXON MOBIL CORP 9,618 9,668 FTD COM INC CL A COM 16,357 10,500 FREDDIE MAC CORP COM 4,697 4,706 FANNIE MAE 12,931 12,488 FIDELITY SELECT PORTFOLIOS UTILS PORTFOLIO 7,322 7,163 FIDELITY VALUE FD SH BEN INT 5,106 4,875 FIRST AMERN FINL CORP CALIF 6,425 2,488 FIRST ENTMT HOLDING CORP COM 937 321 FIRST UN CORP COM 6,081 3,294 FIRSTAR CORP COM 2,547 2,113 FLEET BOSTON FINL CORP COM 5,364 5,222 4 KIDS ENTERTAINMENT 11,535 5,264 GIC GLOBAL INTERTAINMENT CORP COM 737 52 GAP INC COM 5,361 7,245 GENERAL ELECTRIC CO COM 165,532 198,689 GENERAL MOTORS CORP COM 6,348 6,469 GENERAL NUTRITION COS INC COM 1,791 2,481 GENESIS MICROCHIP INC COM 1,881 2,113 GENOME THERAPEUTICS CORP 12,546 16,125 GENSET SA SPONSORED ADR 3,107 3,813 GILLETTE CO COM 34,793 30,396 GLOBAL NETWORK INC COM 1,275 150 GLOBAL TECHNOVATIONS INC COM 4,434 2,625 GOODYEAR TIRE & RUBR CO COM 1,474 758 GO2NET INC COM 9,878 17,052 GREEN LEAF TECHNOLOGIES CORP COM 2,573 800 HRPT PPTYS TR COM SBI 38,443 22,500 HALLIBURTON CO 5,184 7,044 HARTCOURT COS INC COM NEW 1,837 1,506 HASBRO INC COM 6,344 3,788 HAUPPAGUE DIGITAL INC 500 382 HEALTH CARE PPTY INVS INC COM 39,615 28,650 HEMISPHERX BIOPHARMA INC 273 398 HEWLETT PACKARD CO COM 765 1,138 HOME DEPOT INC COM 86,436 136,950 HOMESTAKE MNG CO COM 2,604 2,344 HONEYWELL INTL INC COM 6,814 7,789 S4
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 ================================================================================ (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - --- ------------------------------------------------------------ ------------ ------------ HOUSEHOLD INTL INC COM 38,365 35,388 IDT CORP 2,968 1,888 ICT GROUP INC 1,237 1,838 I-LINK CORP COM 3,188 4,172 IDENTIX INC 5,847 4,991 IMATRON INC 4,925 6,093 IMPERIAL PETE RECOVERY CORP COM 3,750 2,063 * INFINITY BROADCASTING NEW CL A COM 16,895,937 17,851,149 INFORMATION HWY COM INC COM 615 575 INFORMIX CORP COM 5,318 5,719 INFOSPACE INC COM 18,298 85,600 INSIGHT HEALTH SVCS CORP 8,400 7,350 INSITE VISION INC 2,868 2,750 INTEL CORP CALIF 260,938 327,604 INTERDIGITAL COMMUNICATIONS CORP 11,578 46,725 INTERMEDIA COMMUNICATIONS 5,336 7,763 IBM CORP COM 613,393 385,564 INTERNATIONAL INTERNET INC COM 400 936 INTERNATIONAL RECTIFIER CORP COM 1,057 1,040 INTERNATIONAL SPEEDWAY CORP CL A 1,822 1,511 INTERNET CAP GROUP INC COM 48,770 67,320 ISIS PHARMACEUTICALS 129 63 IVILLAGE INC COM 10,671 6,075 JDS UNIPHASE CORP COM 53,821 127,114 JFAX.COM INC COM 1,162 1,008 JOHNSON & JOHNSON COM 10,089 10,271 K MART CORP COM 4,192 3,190 KERAVISION INC 27,686 6,609 KEY ENERGY SERVICES INC COM 37,500 41,500 KINDER MORAN INC KANS COM 13,096 20,188 KNIGHT/TRIMARK GROUP INC CL A 234,448 263,350 LS CAP CORP COM 105,000 31 LMKI INC 9,992 6,897 LSI INDS INC OHIO COM 4,988 4,541 L-3 COMMUNICATIONS HLDGS INC COM 4,656 4,163 LANVISION SYS INC 2,682 825 LAS VEGAS ENTMT NTWK NEW COM 2,161 4,454 LEXMARK INTL GROUP INC CL A 13,912 18,100 LILLY ELI & CO COM 3,565 3,325 LINMORE INC COM 5,966 5,966 LUCENT TECHNOLOGIES INC COM 1,007,170 1,280,798 LYCOS INC 27,379 58,876 S5
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 - -------------------------------------------------------------------------------- (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - ------------------------------------------------------ ------------ ------------------ MCI WORLDCOM INC COM 100,153 99,651 MGI SOFTWARE INC COM 3,667 4,200 MTR GAMING GROUP INC COM 711 613 MAKER COMMUNICATIONS INC COM 6,021 8,550 MANITOWAC INC COM 493 408 MARTHA STEWART LIVING OMNIMEDIA CL A 380 240 MECON INC COM 7,955 10,813 MEDITRUST PAIRED CTF NEW 1 COM 39,916 16,500 MERCK & CO INC COM 16,101 14,119 MERIX CORP 1,331 1,100 MERRILL LYNCH & CO INC 69,382 85,812 METRICOM INC 22,836 24,610 METROMEDIA FIBER NETWORK CL A 66,195 91,657 MICROSOFT CORP COM 1,089,860 1,519,968 MICROS TO MAINFRAMES INC 8,741 10,538 MICROSTRATEGY INC CL A 6,544 33,600 MICRON TECHNOLOGY INC COM 16,482 15,550 MINDSPRING ENTERPRISES 29,783 19,672 MINNESOTA MNG & MFG CO COM 5,694 6,558 MOBIUS MGMT SYS INC COM 6,146 3,969 MOMENTUM BUSINESS APPLICATIONS A 536 252 MONSANTO CO COM 33,827 25,161 MORGAN J P & CO INC COM 3,058 3,546 MOTOROLA INC COM 40,571 63,023 MPHASE TECHNOLOGIES INC COM 114,076 134,058 MUSIC MAKER COM INC COM 992 558 NBC INTERNET INC CL A 4,990 4,867 NCR CORP NEW 6,563 5,417 NATIONAL SCIENTIFIC CORP COM 26,027 18,750 NATIONWIDE HEALTH PPTYS INC COM 40,668 27,500 NAVARRE CORP 5,548 2,875 NETBANK INC COM 3,090 2,109 NETWORKS ASSOCIATES INC 58,778 58,392 NETMANAGE INC COM 8,250 14,813 NETRIX CORP COM 6,740 5,901 NETOPRIX CORP 6,031 10,680 NETWORK APPLIANCE INC COM 40,101 49,838 NETWORK SOLUTIONS INC COM 5,665 10,879 NETZERO INC COM 1,240 1,347 NEUROCRINE BIOSCIENCES INC COM 1,966 4,950 NEW ERA OF NETWORKS INC COM 12,475 9,525 NEW TEL LTD SPONSORED ADR 41,695 41,695 S6
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 - -------------------------------------------------------------------------------- (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - ------------------------------------------------------ ------------ ------------------- NEW VISUAL ENMT INC COM 380 1,100 NEWBRIDGE NETWORKS CORP COM 10,215 11,281 NEWS CORP LTD ADR NEW COM 2,972 3,825 NEXELL THERAPEUTICS INC COM 1,982 1,250 NOKIA CORP SPON ADR COM 137,423 228,893 NORSTAR GROUP INC COM NEW 9,844 4,725 NORTEL NETWORKS CORP COM 81,620 92,920 NORTHEAST UTILS COM 17,924 20,563 NOVELLUS SYS INC 2,705 6,128 OBJECTSOFT CORP COM NEW 437 56 OFFICIAL PMTS CORP COM 4,292 7,800 OMEGA HEALTHCARE INVS INC COM 25,881 12,688 ONHEALTH NETWORK CO COM 8,419 7,150 ORACLE CORPORATION COM 163,842 300,888 PMC SIERRA INC 8,418 16,031 PANAMERICAN BANCORP COM 545 80 PARTY CITY CORP 1,444 89 PAYCHEX INC COM 9,163 12,000 PEAPOD INC COM 3,872 3,019 PEOPLESOFT INC COM 20,890 23,444 PEPSI BOTTLING GROUP INC COM 3,582 3,313 PEPSICO INC COM 31,795 28,200 PFIZER INC COM 361,877 303,370 PHILIP MORRIS COS INC COM 19,349 12,144 PIER 1 IMPORTS INC COM 7,961 5,234 PLUM CREEK TIMBER CO INC COM 81,800 70,000 PRANDIUM INC COM 844 212 PRICELINE COM INC COM 51,125 30,178 PRINCETON VIDEO IMAGE INC COM 11,625 13,168 PRO NET LINK CORP 14,922 8,124 PRODIGY COMMN CORP COM 4,433 1,938 PSINET INC 11,933 18,525 PURCHASEPRO COM INC COM 806,937 1,113,750 QLOGIC CORP 13,625 27,179 QUALCOMM INC 2,066,659 3,371,033 QUEPASA COM INC OC-COM 9,163 10,150 QWEST COMMUNICATIONS INTL INC 85,882 103,759 RCN CORP COM 2,384 4,850 RMI NET INC COM 18,777 12,053 RF MICRO DEVICES INC COM 25,154 27,375 RAINFOREST CAFE INC COM 91 60 RAMBUS INC DEL COM 5,909 6,204 S7
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 - -------------------------------------------------------------------------------- (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - ------------------------------------------------------ ------------ ------------------ RAZORFISH INC CL A COM 2,277 6,088 REAL NETWORKS INC COM 31,328 46,681 REMEDY CORP COM 6,829 14,213 RESEARCH FRONTIERS INC 8,190 11,109 RETEK INC COM 10,647 7,525 RITE AID CORP COM 16,135 22,307 ROBOTIC VISION SYS INC 683 925 ROCKPORT HEATLHCARE GROUP INC COM 615 188 SBC COMMUNICATIONS INC COM 5,189 4,875 SAFEGUARD SCIENTIFICS INC 28,242 32,600 SCANDINAVIA INC 41,510 102,258 SCHAWK INC CL A 12,017 10,200 SCHERING PLOUGH CORP COM 4,499 3,814 SCHLUMBERGER LTD 19,887 28,063 SCHWAB CHARLES CORP NEW COM 35,244 25,475 SCIENTIFIC ATLANTA INC 9,757 9,499 SEACHANGE INTL INC 13,409 26,531 SEARS ROEBUCK & CO COM 1,540 1,125 SENIOR HSG PPTYS TR SH BEN INT 3,922 3,094 SIDEWARE SYS INC COM 11,453 9,825 SIEBEL SYS INC 8,703 8,400 SILICON IMAGE INC COM 3,693 9,809 SOLECTRON CORP 15,143 19,025 SOURCE MEDIA INC COM NEW 181 185 SOUTH ATLANTIC RES LTD COM 7,502 8,113 SPEEDWAY MOTORSPORTS INC COM 2,334 2,282 SPORTSLINE.COM INC COM 1,799 2,557 STARBASE CORP 1,546 3,281 STARMEDIA NETWORK INC COM 6,700 8,013 STARNET COMMUNICATIONS INTL INC COM 1,988 338 STRATEGIC DISTR INC 5,832 2,875 STRUTHERS INC COM NEW 460 490 SUN MICROSYSTEMS INC COM 221,948 430,243 SUNRISE TECHNOLOGIES INTL INC 11,508 29,531 SURMODICS INC COM 5,958 6,000 SYBASE INC COM 5,560 6,800 SYNOPSYS INC COM 2,437 3,338 SYNTEL INC COM 3,371 3,238 TCI SATELLITE ENTMT INC CL A 790 1,600 TCSI CORP 862 797 TMEX USA INC COM 2,222 1,400 TALX CORP 5,519 5,300 S8
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 - -------------------------------------------------------------------------------- (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - ------------------------------------------------------ ------------- -------------------- TANDY CORP COM 5,063 4,919 TECH DATA CORP COM 12,540 13,563 TECHNICLONE INTL CORP NEW 51,082 21,771 TEGAL CORP COM 2,102 1,548 TELLABS INC COM 19,465 19,256 TENKE MNG CORP COM NEW 4,033 2,728 TEXACO INC COM 1,590 1,629 TEXAS INSTRS INC COM 28,804 41,259 3COM CORP COM 16,737 21,385 TIME WARNER INC COM 18,325 19,452 TITAN CORP 2,196 13,012 TIVO INC COM 7,269 5,873 TOPJOBS NET.PCL SPON ADR 3,662 1,513 TOPPS INC 13,451 14,089 TOTALAXCESS COM INC COM 1,300 360 2THEMART COM INC COM 37,861 9,938 TOTAL ENTMT INC COM 1,328 202 TRIBUNE CO NEW COM 1,022 1,101 TRIKON TECHNOLOGIES INC COM NEW 6,952 5,201 TRIMERIS INC COM 10,922 14,175 TRIQUINT SEMICONDUCTOR INC COM 8,709 11,125 TYCO INTL LTD NEW COM 217,578 269,256 USA TALK COM INC COM 35,194 180 UBID INC COM 3,549 2,650 UNION PAC CORP COM 507 491 UNITED ENERGY CORP NEV COM NEW 17,745 15,469 UNITED PARCEL SVC INC CL B 19,650 20,493 UNITED STATES CELLULAR CORP 3,526 3,533 UNIVERSAL HLTH RLTY SH BEN INT 60,001 43,875 UNIVISION COMMUNICATIONS INC CL A 7,668 11,445 USABANCSHARES.COM INC COM 2,212 2,071 VALUEVISION INTL INC CL A 5,732 8,597 VAN KAMPEN FOCUS PORTFOLIOS 945 2,811 UNIT 140 INTERNET TR SER 13 VARCO INTL INC COM 1,118 1,019 VARI-L INC 4,640 6,850 VELTEX CORP COM 1,240 233 VENCOR INC NEW 1,911 227 VERISIGN INC COM 2,425 5,729 VERTEL CORP COM 5,098 2,719 VERTEX PHARMACEUTICALS INC COM 10,174 10,500 VERTICALNET INC OC-COM 2,210 8,200 S9
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 - -------------------------------------------------------------------------------- (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - ------------------------------------------------------ ------------- -------------------- * VIACOM INC COM 74,263 88,239 VIATEL INC 20,289 21,450 VIGNETTE CORP COM 9,837 16,300 VIRTUAL TECH CORP 212,559 187,500 VIRTUAL SELLARS COM INC 22,878 20,250 VISHAY INTERTECHNOLOGY INC COM 29,139 31,625 VISX INC DEL 8,499 6,469 VITESSE SEMICONDUCTOR CORP COM 2,490 5,244 WAL MART STORES INC 51,354 63,216 WALGREEN CO 54,666 59,378 WEBB INTERACTIVE SVCS INC COM 16,211 22,204 WINFIELD CAP CORP COM 5,262 4,689 WORDCRUNCHER PUBG TECHNOLOGIES INC COM 6,892 1,323 WORLDGATE COMMUNICATIONS INC COM 21,338 28,967 WORLD WRESTLING FEDN ENTMT INC CL A 5,685 3,450 XCEED INC COM 27,134 41,500 XILINX INC COM 19,637 24,735 XEROX CORP COM 63,879 64,501 YAHOO INC 140,492 368,962 YESMAIL COM INC COM 1,112 1,691 YORK GROUP INC 194 89 ZIXIT CORP COM 4,609 3,963 ZOMAX INC 10,325 13,575 CARLTON COMMUNICATIONS PLC ADR 23,375 20,125 ANZ EXCH PFD TR II TR UNIT 23,751 21,313 ABN AMRO CAP FDG TR I GTD TR 23,061 20,813 AMERICAN ANNUITY GROUP CAP TR 25,129 23,000 AMERICAN RE CAP GTD QUARTERLY 25,066 24,000 BERGEN CAP TR I TOPRS 7.80% 20,242 12,688 CANADIAN OCCIDENTAL PETR PFD 26,257 23,250 EQUITY RESDTL PPTYS TR PFD 24,064 21,313 FARMERS GRP CAP GTD QUARTERLY 24,878 22,500 FIRST INDL RLTY TR DEPST PFD D 20,618 17,500 GREAT-WEST LIFE & ANNTY INS 22,341 19,625 HERCULES TR TOPRS 9.42% 25,693 20,813 HOUSEHOLD CAP TR ORIGINATED PF 25,066 22,625 NOVA CHEMICALS CORP PFD SECS 9.040% 25,380 20,125 OMEGA HEALTHCARE INVS INC PFD SER A 9.25% 22,873 12,125 PLACER DOME INC CDN ORIGINATED PFD 24,127 17,500 PROLOGIS TR PFD SH BEN INT SER A 24,252 20,000 ROYAL BK SCOTLAND GRP PLC SPON 25,066 22,000 SHAW COMMNS US$ CDN 25,380 19,250 S10
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 - -------------------------------------------------------------------------------- (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - ------------------------------------------------------ ------------- -------------------- SUNCOR INC US$ PFD SECS 9.125% 25,693 21,250 TRANSCANADA CAP TOPR 8.75% 51,010 45,188 UNUMPROVIDENT PFD 8.8% SER A 24,941 22,625 WESTPAC CAP TR I 8% TOPICS 24,127 21,625 LERNOUT & HAUSPIE SPEECH PRO 1,266 1,388 DAIMLER CHRYSLER AG ORD 865 702 CHINA COM CORP CL A 61,207 85,465 XCELERA COM INC COM 17,347 13,950 GLOBAL CROSSING LTD 159,703 199,600 GLOBALSTAR TELECOMMUNICATIONS LTD COM 28,747 45,672 IRIDIUM WORLD COMM INC 2,840 185 LORAL SPACE & COMMUNICATIONS N Y COM 10,589 14,588 QIAO XING UNIVERSAL TELE INC 9,498 5,091 TOMMY HILFIGER CORP COM 2,378 2,338 TRANSOCEAN SEDCO FOREX INC COM 98,300 20,105 OPTIBASE LTD COM 4,832 7,226 TTI TEAM TELECOM INTL LTD 5,532 9,063 KPN QWEST NV 5,330 7,841 KOREA THRUNET CO LTD CL A 11,674 9,503 PACIFIC INTERNET COM 8,361 7,979 ------------- -------------------- TOTAL CORPORATE STOCK -- COMMON 146,560,778 237,792,347 ------------- -------------------- LOANS TO PARTICIPANTS --OTHER ----------------------------- CBS CORP LOANS TO PARTICIPANTS - 17,595,720 ------------- -------------------- TOTAL LOANS TO PARTICIPANTS -- OTHER - 17,595,720 ------------- -------------------- UNALLOCATED INSURANCE CONTRACTS ------------------------------- NEW YORK LIFE GAC #GA-06563002 14,346,890 14,346,890 7.45% 06/30/2000 NEW YORK LIFE GIC #GS-06563 8,480,583 8,480,583 7.55% 06/30/2000 PRUDENTIAL GP ANTY GA-8086-211 37,507,611 37,507,611 6.64% 07/01/2001 JOHN HANCOCK MUTUAL LIFE #8379 41,747,504 41,747,504 6.15% 06/30/2001 ALLSTATE LIFE INS CO 10,535,723 10,535,723 6.67% 04/11/2001 MONUMENTAL SYN CONT BDA00331TR 60,447,131 60,447,131 7% 11/05/2001 ALLSTATE LIFE INS CO CONTRACT 53,061,176 53,061,176 5.45% 08/15/2003 STATE STREET BANK & TRUST GIC 66,750,515 66,750,515 5.36% 8/19/2003 S11
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 - -------------------------------------------------------------------------------- (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - -------------------------------------------------------- -------------- -------------------- JOHN HANCOCK MBIA INSD 8379 22,373,318 22,373,318 7% 06/03/2001 NEW YORK LIFE MBIA INS#6563002 37,978,996 37,978,996 7.25% 06/30/2000 TRANSAMERICA LIFE INS #76894 28,115,830 28,115,830 6.12% 12/31/2099 CHASE SYNTH #401811 34,041,781 34,041,781 5.82% 02/14/2004 UBS AG CONTRACT #5034 2,007,779 2,007,779 5.9% 11/22/2005 -------------- -------------------- TOTAL UNALLOCATED INSURANCE CONTRACTS 417,394,837 417,394,837 -------------- -------------------- COMMON/COLLECTIVE TRUST ----------------------- OPPENHEIMER STRATEGIC FDS TR INCOME 9 8 FD CL A SPAIN FD INC COM 9,356 9,030 TBC INC POOLED EMPLOYEE FUNDS 18,389,039 18,389,039 DAILY LIQUIDITY FUND CASH HELD AT WELLS FARGO BANK 146 146 STATE STREET EAFE FUND 8,226,011 9,597,352 BARCLAY EQUITY INDEX FUND F 355,346,269 532,344,750 J P MORGAN LARGE COMPANY FUND 32,268,217 40,301,196 -------------- -------------------- TOTAL COMMON/COLLECTIVE TRUST 414,239,048 600,641,521 -------------- -------------------- REGISTERED INVESTMENT COMPANIES ------------------------------- AIM EQUITY FDS INC CONSTELLATI FD CL A SHS 2,228 2,594 ALLIANCE PREMIERE GROWTH FD CL A 20,741 28,054 AMERICAN CENTY MUT FDS ULTRA 73,663 96,792 TWENTIETH CENTY ULTRA FD INV BARON ASSET FUND SH BEN INT 165,404 175,374 CORPORATE HIGH YIELD FD III INC COM 49,878 40,000 DFA INVT DIMENSIONS GROUP INC 19,257,327 19,934,921 U S 6-10 SMALL CO PORTFOLIO * DREYFUS 100% US TREAS MM FD 2,916,904 2,916,904 * DREYFUS/LAUREL PREM MIDCAP A PREMIER 9,930 10,445 * MIDCAP STK FD CL A * DREYFUS/LAUREL DISC STK FD R 3,271 3,905 * DREYFUS TECHNOLOGY GROWTH FD 156,287 258,271 * DREYFUS NEW LEADERS FUND 4,606 5,785 FIDELITY COMWLTH TR LARGE CAP STK FD 6,001 7,908 FIDELITY CHARLES STR TR ASSET MANAGER 31,747 32,709 S12
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 - -------------------------------------------------------------------------------- (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - -------------------------------------------------------- ------------- ------------------ FIDELITY HASTINGS STR TR GROW & INC 3,497 3,527 II PORTFOLIO FIDELITY MT VERNON STR TR GROWTH CO FD 9,432 13,919 FIDELITY MT VERNON STR TR GROWTH CO FD 40,397 48,407 FIDELITY SECS FD GROWTH & INCOME PORTFOLIO 33,868 36,854 FIDELITY SECS FD BLUE CHIP GRWOTH FD 8,424 9,461 FIDELITY SELECT PORTFOLIOS TECHNOLOGY PORTFOLIO 33,302 56,034 FIDELITY SELECT PORTFOLIOS 6,193 6,141 HEALTH CARE PORTFOLIO FIDELITY SELECT PORTFOLIOS DEVELOPING 33,518 50,187 COMMNTS PORTFOLIO FIDELITY SELECT PORTFOLIOS 1,313 945 REG BKS PORTFOLIO FIDELITY SELECT PORTFOLIOS 5,535 4,979 ENERGY SVC PORTFOLIO FIDELITY SELECT PORTFOLIOS 4,717 5,015 BROKERAGE &INVT MGMT PORTFOLIO FIDELITY SELECT PORTFOLIOS ELE PORTFOLIO 32,111 37,280 FIDELITY SELECT PORTFOLIOS 13,709 25,954 COMPUTERS PORTFOLIO FIDELITY UN STR TR EXPORT CO FD 5,090 6,193 FIRSTHAND FDS TECHNOLOGY VALUE FD 3,535 3,635 FRANKLIN REAL ESTATE SECS TR SBI ADVISOR CL 13,632 11,999 HARRIS ASSOC INVT TR OAKMARK SELECT FD 58,468 48,215 INVESCO MULTIPLE ASSET FDS INC BALANCE FD 3,208 3,760 JANUS INVT FD SH BEN INT 78,556 109,707 JANUS INVT FD GROWTH & INCOME FD 6,633 9,009 JANUS INVT FD WORLDWIDE FD 76,384 106,431 JANUS INVT FD TWENTY FD 229,499 329,102 JANUS INVT GLOBAL TECH FD 246,768 333,366 JANUS INVT FD SPL SITUATIONS 3,558 4,202 JANUS INVT FD OLYMPUS FD 47,856 75,829 JANUS INVT FD MERCURY FD 90,681 124,418 JANUS INVT FD BALANCED FD 4,392 4,835 KAUFMANN FD INC COM 54,773 54,231 MUNDER FDS INC NETNET FD CL A 35,506 72,956 NASDAQ 100 TR UNIT SER 1 48,857 73,100 NAVELLIER PERFORMANCE FDS MID CAP 57,370 82,777 GROWTH PORTFOLIO S13
CBS EMPLOYEE INVESTMENT FUND Schedule H, Part IV, Line 4(i) - Schedule of Assets Held for Investment Purposes As of December 31, 1999 ================================================================================ (b) Identity of Issue, Borrower, or Similar Party (e) Current (a) (c) Description of Investment (d) Cost Value - -- --------------------------------------------------------- ----------- ------- NAVELLIER PERFORMANCE FDS LARGE CAP GROWTH 12,804 17,493 PORTFOLIO NEUBERGER & BERMAN EQUITY FDS GENESIS FD 9,926 9,544 NEW PERSPECTIVE FD INC COM 27,493 31,405 OPPENHEIMER CHAMPION INC FD A 23,534 21,911 PBHG FDS INC TECHNOLOGY & COMMUNICATIONS FD 21,035 22,043 PBHG FDS INC LARGE CAP 20 FD 16,035 16,848 * DREYFUS S&P MIDCAP INDEX 26,513 26,012 PRICE T. ROWE GROWTH STK FD INC COM 30,800 32,652 ROWE T PRICE CAP APPRECIATION FD SH BEN INT 27,923 25,079 ROWE T PRICE BLUE CHIP GROWTH FD INC COM 11,288 14,203 ROWE T PRICE DIVID GROWTH FD INC COM 5,715 5,300 ROWE T PRICE EQUITY INCOME FD SH BEN INT 71,818 64,376 ROWE T PRICE MID CAP GROWTH FD INC COM 10,881 13,768 ROWE T PRICE SCIENCE & TECH FD INC CAP STK 6,909 7,578 RYDEX SER TR OTC FD 51,939 80,275 SCUDDER INTL FD INC GREATER EUROPE GROWTH FUND 12,937 19,125 SELIGMAN COMMUNICATIONS & INFORMATION FD INC CL 5,314 7,351 A SHS TEMPLETON GLOBAL REAL ESTATE FD SH BEN 6,178 5,914 INT CL I VAN WAGONER FDS INC MICRO-CAP FD 54,838 84,596 VAN WAGONER FDS INC EMERGING GROWTH FDS 71,347 112,587 VAN WAGONER FDS INC POST VENTURE FD 10,000 11,402 VAN WAGONER FDS TECH FD 5,049 6,041 VANGUARD STAR FD CONSERVATIVE GROWTH PORTFOLIO 6,039,734 6,224,900 VANGUARD STAR FD MODERATE GROWTH PORTFOLIO 50,693,473 59,796,134 VANGUARD STAR FD GROWTH PORTFOLIO 14,440,148 16,691,116 VANGUARD WORLD FD US GROWTH PORTFOLIO 29,432 35,530 VANGUARD GROWTH & INC PTF 9,995 12,277 VANGUARD BALANCED INDEX FD INC COM 3,035 3,220 VANGUARD/WINDSOR FD INC II 8,073 6,543 VANGUARD/WINDSOR II PORTFOLIO VANGUARD INTL EQUITY INDEX FD INC PAC PORTFOLIO 274,620 370,459 VANGUARD INDEX TR GROWTH PORTFOLIO 16,728 19,785 WARBURG PINCUS JAPAN GROWTH FD 15,134 29,991 WASHINGTON MUT INVS FD INC 36,349 32,402 -------------- --------------- TOTAL REGISTERED INVESTMENT COMPANIES 96,075,765 109,123,990 -------------- -------------- GRAND TOTAL $1,074,270,851 $1,382,548,837 ----------- ============== ============== * Denotes party in interest. S14
CBS EMPLOYEE INVESTMENT FUND Schedule H - Part IV Line 4(j) - Schedule of Reportable Transactions For the year ended December 31, 1999 ================================================================================ c (a) Identity of Party Involved (c) Purchase (d) Selling (g) Cost of (i) Net Gain (b) Description of Asset Price Price Assets or (Loss) - ---------------------------------- ------------- --------------- ------------- ------------- TBC INC POOLED EMPLOYEE FUNDS DAILY LIQUIDITY FUND $327,974,438 $ - $ - $ - TBC INC POOLED EMPLOYEE FUNDS DAILY LIQUIDITY FUND - 321,858,091 321,858,091 - CBS CORP COM 45,747,210 - - - CBS CORP COM - 46,044,527 31,116,190 14,928,337 DREYFUS 100% US TREAS MM FD 31,494,524 - - - DREYFUS 100% US TREAS MM FD - 30,971,362 30,971,362 - INFINITY BROADCASTING NEW CL A 52,318,667 - - - INFINITY BROADCASTING NEW CL A - 37,881,136 35,567,539 2,313,597 BSDT-LATE MONEY DEP ACCT VAR RT 32,490,468 - - - BSDT-LATE MONEY DEP ACCT VAR RT - 32,460,464 32,460,464 - AETNA LIFE INS GIC #LT13789 6.81% 07/01/2005 2,923,415 - - - AETNA LIFE INS GIC #LT13789 6.81% 07/01/2005 - 92,053,235 92,053,235 - S15
CBS EMPLOYEE INVESTMENT FUND Schedule H - Part IV Line 4(j) - Schedule of Reportable Transactions For the year ended December 31, 1999 ================================================================================ (a) Identity of Party Involved (c) Purchase (d) Selling (g) Cost of (i) Net Gain (b) Description of Asset Price Price Assets or (Loss) - ---------------------------------- ------------- --------------- ------------- ------------ JOHN HANCOCK MUTUAL LIFE #8379 6.15% 06/30/2001 24,522,662 - - - JOHN HANCOCK MUTUAL LIFE #8379 6.15% 06/30/2001 - 51,815,519 51,815,519 - STATE STREET BANK & TRUST GIC 5.36% 8/19/2003 49,522,289 - - - STATE STREET BANK & TRUST GIC 5.36% 8/19/2003 - 12,896,379 12,896,379 - CHASE SYNTH #401811 5.82% 02/14/2004 47,497,761 - - - CHASE SYNTH #401811 5.82% 02/14/2004 - 13,455,980 13,455,980 - BARCLAY EQUITY INDEX FUND F 34,754,568 - - - BARCLAY EQUITY INDEX FUND F - 65,846,716 48,520,756 17,325,960 S16
Exhibit I CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the Registration Statement on Form S-8 of our report dated May 26, 2000, included in the Annual Report of the CBS Employee Investment Fund on Form 11-K for the year ended December 31, 1999. /s/ Mitchell & Titus, LLP Philadelphia, Pennsylvania June 26, 2000