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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
Commission File Number 1-977
CBS EMPLOYEE INVESTMENT FUND
(Full title of the Plan)
CBS CORPORATION
51 West 52nd Street
New York, New York 10019
(Name of issuer of the securities held pursuant to the Plan
and the address of its principal executive office)
<PAGE> 2
CBS EMPLOYEE INVESTMENT FUND
FINANCIAL STATEMENTS
FOR THE YEARS ENDED
DECEMBER 31, 1997 AND 1996
AND
SUPPLEMENTAL SCHEDULES
AS OF DECEMBER 31, 1997
<PAGE> 3
CBS EMPLOYEE INVESTMENT FUND
TABLE OF CONTENTS
-----------------
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Independent auditors' report 1
FINANCIAL STATEMENTS:
Statements of net assets available for benefits with fund information
as of December 31, 1997 and 1996 2-3
Statements of changes in net assets available for benefits with fund information
for the years ended December 31, 1997 and 1996 4-5
Notes to financial statements 6-13
SUPPLEMENTAL SCHEDULES:
Item 27a - Schedule of assets held for investment purposes
as of December 31, 1997 14-23
Item 27d - Schedule of reportable transactions
for the year ended December 31, 1997 24
</TABLE>
<PAGE> 4
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
with fund information of the CBS Employee Investment Fund ("the Plan") as of
December 31, 1997 and 1996, and the related statements of changes in net assets
available for benefits with fund information for the years ended December 31,
1997 and 1996. 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, 1997 and 1996, and the changes in net assets available for benefits
for the years ended December 31, 1997 and 1996 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, 1997, and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ MITCHELL & TITUS, LLP
- -------------------------
New York, New York
May 27, 1998
<PAGE> 5
CBS EMPLOYEE INVESTMENT FUND
STATEMENT OF NET ASSETS AVAILABLE FOR
BENEFITS WITH FUND INFORMATION
As of December 31, 1997
<TABLE>
<CAPTION>
Equity Fixed Income Common Stock- Balanced
(Fund A) (Fund B) Employer (Fund E)
-------- -------- -------- --------
ASSETS
------
<S> <C> <C> <C> <C>
Cash $ - $ - $ - $ 48,000
Investments, at fair value (Notes 2 and 5) 390,411,000 3,205,000 51,621,000 49,928,000
Investments, at contract value (Notes 2 and 5) - 399,099,000 - -
Loans to participants (Note 1) - - - -
Interest and dividends receivable 443,000 34,000 15,000 65,000
Receivable from brokers for unsettled trades - - - 674,000
--------------- -------------- ------------- -------------
Total assets 390,854,000 402,338,000 51,636,000 50,715,000
--------------- -------------- ------------- -------------
LIABILITIES
-----------
Cash overdrafts 2,424,000 9,000 - -
Payable to brokers for unsettled trades - - 1,712,000 173,000
Administration services payable - 56,000 - -
Unallocated principal amount - - - -
--------------- -------------- ------------- -------------
Total liabilities 2,424,000 65,000 1,712,000 173,000
--------------- -------------- ------------- -------------
Net assets available for benefits $ 388,430,000 $ 402,273,000 $ 49,924,000 $ 50,542,000
=============== ============== ============= =============
</TABLE>
<TABLE>
<CAPTION>
Loan
Provision
Fund Total
---- -----
ASSETS
------
<S> <C> <C>
Cash $ - $ 48,000
Investments, at fair value (Notes 2 and 5) 6,000 495,171,000
Investments, at contract value (Notes 2 and 5) - 399,099,000
Loans to participants (Note 1) 8,642,000 8,642,000
Interest and dividends receivable - 557,000
Receivable from brokers for unsettled trades - 674,000
------------ --------------
Total assets 8,648,000 904,191,000
------------ --------------
LIABILITIES
-----------
Cash overdrafts - 2,433,000
Payable to brokers for unsettled trades - 1,885,000
Administration services payable - 56,000
Unallocated principal amount 3,000 3,000
------------ --------------
Total liabilities 3,000 4,377,000
------------ --------------
Net assets available for benefits $ 8,645,000 $ 899,814,000
============ ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
-2-
<PAGE> 6
CBS EMPLOYEE INVESTMENT FUND
STATEMENT OF NET ASSETS AVAILABLE FOR
BENEFITS WITH FUND INFORMATION
As of December 31, 1996
<TABLE>
<CAPTION>
Equity Fixed Income Balanced
(Fund A) (Fund B) (Fund E)
-------- -------- --------
ASSETS
------
<S> <C> <C> <C>
Cash $ 2,000 $ - $ -
Investments, at fair value (Notes 2 and 5) 330,512,000 4,506,000 38,438,000
Investments, at contract value (Notes 2 and 5) - 421,355,000 -
Loans to participants (Note 1) - - -
Interest and dividends receivable 385,000 19,000 243,000
Receivable from brokers for unsettled trades 6,838,000 - 1,000
-------------- -------------- -------------
Total assets 337,737,000 425,880,000 38,682,000
-------------- -------------- -------------
LIABILITIES
-----------
Cash overdrafts - 9,000 -
Payable to brokers for unsettled trades 1,791,000 - -
Unallocated principal amount - - -
-------------- -------------- -------------
Total liabilities 1,791,000 9,000 -
-------------- -------------- -------------
Net assets available for benefits $ 335,946,000 $ 425,871,000 $ 38,682,000
============== ============== =============
</TABLE>
<TABLE>
<CAPTION>
Loan
Provision
Fund Total
---- -----
ASSETS
------
<S> <C> <C>
Cash $ - $ 2,000
Investments, at fair value (Notes 2 and 5) 6,000 373,462,000
Investments, at contract value (Notes 2 and 5) - 421,355,000
Loans to participants (Note 1) 7,771,000 7,771,000
Interest and dividends receivable - 647,000
Receivable from brokers for unsettled trades - 6,839,000
------------ --------------
Total assets 7,777,000 810,076,000
------------ --------------
LIABILITIES
-----------
Cash overdrafts - 9,000
Payable to brokers for unsettled trades - 1,791,000
Unallocated principal amount 3,000 3,000
------------ --------------
Total liabilities 3,000 1,803,000
------------ --------------
Net assets available for benefits $ 7,774,000 $ 808,273,000
============ ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
-3-
<PAGE> 7
CBS EMPLOYEE INVESTMENT FUND
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS WITH FUND INFORMATION
For the year ended December 31, 1997
<TABLE>
<CAPTION>
Equity Fixed Income Common Stock - Balanced
(Fund A) (Fund B) Employer (Fund E)
-------- -------- -------- --------
<S> <C> <C> <C> <C>
ADDITIONS:
Contributions (Note 3):
Employer $ - $ - $ 8,915,000 $ -
Employee 14,860,000 8,828,000 1,305,000 3,098,000
--------------- --------------- ------------- -------------
14,860,000 8,828,000 10,220,000 3,098,000
--------------- --------------- ------------- -------------
Investment income:
Dividends 3,921,000 - 144,000 504,000
Interest 750,000 28,963,000 67,000 993,000
Net appreciation of investments 81,172,000 2,000 9,439,000 6,803,000
Other 2,000 - - -
--------------- --------------- ------------- -------------
Investment income, net 85,845,000 28,965,000 9,650,000 8,300,000
--------------- --------------- ------------- -------------
Total additions 100,705,000 37,793,000 19,870,000 11,398,000
--------------- --------------- ------------- -------------
DEDUCTIONS:
Distributions and withdrawals (Note 4) 27,241,000 47,288,000 980,000 2,527,000
--------------- --------------- ------------- -------------
Net increase (decrease) prior to loans to
participants and interfund transfers 73,464,000 (9,495,000) 18,890,000 8,871,000
Loans to participants (2,413,000) (1,649,000) (253,000) (259,000
Loan repayments 1,990,000 1,224,000 73,000 227,000
Net interfund transfers (20,557,000) (13,678,000) 31,214,000 3,021,000
--------------- --------------- ------------- -------------
NET INCREASE (DECREASE) 52,484,000 (23,598,000) 49,924,000 11,860,000
Net assets available for benefits, beginning of year 335,946,000 425,871,000 - 38,682,000
--------------- --------------- ------------- -------------
Net assets available for benefits, end of year $ 388,430,000 $ 402,273,000 $ 49,924,000 $ 50,542,000
=============== =============== ============= =============
</TABLE>
<TABLE>
<CAPTION>
Loan
Provision
Fund Total
--------- -----
ADDITIONS:
Contributions (Note 3):
<S> <C> <C>
Employer $ - $ 8,915,000
Employee - 28,091,000
-------------- --------------
- 37,006,000
-------------- --------------
Investment income:
Dividends - 4,569,000
Interest 586,000 31,359,000
Net appreciation of investments - 97,416,000
Other 177,000 179,000
-------------- --------------
Investment income, net 763,000 133,523,000
-------------- --------------
Total additions 763,000 170,529,000
-------------- --------------
DEDUCTIONS:
Distributions and withdrawals (Note 4) 952,000 78,988,000
-------------- --------------
Net increase (decrease) prior to loans to
participants and interfund transfers (189,000) 91,541,000
Loans to participants 4,574,000 -
Loan repayments (3,514,000) -
Net interfund transfers - -
-------------- -------------
NET INCREASE (DECREASE) 871,000 91,541,000
Net assets available for benefits, beginning of year 7,774,000 808,273,000
-------------- --------------
Net assets available for benefits, end of year $ 8,645,000 $ 899,814,000
============== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE> 8
CBS EMPLOYEE INVESTMENT FUND
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS WITH FUND INFORMATION
For the year ended December 31, 1996
<TABLE>
<CAPTION>
CBS Inc. CBS Inc.
Common Stock - Common Stock -
Employer Employee
Equity Fixed Income Contributions Contributions
(Fund A) (Fund B) (Fund C) (Fund D)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
ADDITIONS:
Contributions (Note 3):
Employer $ 4,833,000 $ 4,034,000 $ - $ -
Employee 12,762,000 9,432,000 - -
-------------- --------------- -------------- --------------
17,595,000 13,466,000 - -
-------------- --------------- -------------- --------------
Investment income:
Dividends 4,578,000 - - -
Interest 576,000 30,029,000 411,000 62,000
Net appreciation of investments 42,021,000 - - -
Other 10,000 - 8,000 -
-------------- --------------- -------------- --------------
Investment income, net 47,185,000 30,029,000 419,000 62,000
-------------- --------------- -------------- --------------
Total additions 64,780,000 43,495,000 419,000 62,000
-------------- --------------- -------------- --------------
DEDUCTIONS:
Distributions and withdrawals (Note 4) 25,949,000 46,205,000 2,401,000 409,000
-------------- --------------- -------------- --------------
Net increase (decrease) prior to loans to
participants and interfund transfers 38,831,000 (2,710,000) (1,982,000) (347,000)
Other - - (637,000) -
Loans to participants (2,251,000) (1,936,000) - (4,000)
Loan repayments 1,535,000 1,332,000 7,000 1,000
Net interfund transfers (105,000) 13,820,000 (17,170,000) (2,855,000)
-------------- --------------- -------------- --------------
NET INCREASE (DECREASE) 38,010,000 10,506,000 (19,782,000) (3,205,000)
Net assets available for benefits, beginning of year 297,936,000 415,365,000 19,782,000 3,205,000
-------------- --------------- -------------- --------------
Net assets available for benefits, end of year $ 335,946,000 $ 425,871,000 $ - $ -
============== =============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
Loan
Balanced Provision
(Fund E) Fund Total
---------- ------ ------
<S> <C> <C> <C>
ADDITIONS:
Contributions (Note 3):
Employer $ 695,000 $ - $ 9,562,000
Employee 1,839,000 - 24,033,000
-------------- ------------ --------------
2,534,000 - 33,595,000
-------------- ------------ --------------
Investment income:
Dividends 396,000 - 4,974,000
Interest 723,000 547,000 32,348,000
Net appreciation of investments 3,758,000 - 45,779,000
Other 5,000 - 23,000
-------------- ------------ --------------
Investment income, net 4,882,000 547,000 83,124,000
-------------- ------------ --------------
Total additions 7,416,000 547,000 116,719,000
-------------- ------------ --------------
DEDUCTIONS:
Distributions and withdrawals (Note 4) 1,667,000 312,000 76,943,000
-------------- ------------ --------------
Net increase (decrease) prior to loans to
participants and interfund transfers 5,749,000 235,000 39,776,000
Other - - (637,000)
Loans to participants (140,000) 4,331,000 -
Loan repayments 142,000 (3,017,000) -
Net interfund transfers 6,310,000 - -
-------------- ------------- --------------
NET INCREASE (DECREASE) 12,061,000 1,549,000 39,139,000
Net assets available for benefits, beginning of year 26,621,000 6,225,000 769,134,000
-------------- ------------ --------------
Net assets available for benefits, end of year $ 38,682,000 $ 7,774,000 $ 808,273,000
============== ============ ==============
</TABLE>
The accompanying notes are an integral part of these financial statements..
-5-
<PAGE> 9
CBS EMPLOYEE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 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") (formerly conducted
business as Westinghouse Electric Corporation) to provide a
convenient way for employees of the Company to save and invest
for their future financial needs. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of
1974 (ERISA).
On November 24, 1995, pursuant to the Agreement and Plan of
Merger (the "Merger") dated August 1, 1995, the Corporation
acquired CBS Broadcasting, Inc.
Effective June 28, 1996, in connection with the Merger, all
amounts held in Funds C and D for which a participant had not
elected a transfer to Funds A, B, or E were transferred to
Fund B.
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 or regularly scheduled part-time basis
in executive, non-union office and hourly positions, are
eligible to participate upon completing one year of Company
service. Other groups designated by the Company or by the
terms of a collective bargaining agreement with the Company
are also eligible. Participants should refer to the Plan
document for a complete description of the Plan.
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 in any one year. 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 Fund B (Fixed Income 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 a
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.
-6-
<PAGE> 10
CBS EMPLOYEE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES:
Basis of Accounting
-------------------
The financial statements of the Plan have been prepared under
the accrual method of accounting.
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 change in the appreciation or depreciation of
investments, which consists of the realized gains or losses
and the unrealized appreciation (depreciation) on those
investments, is reflected in the Statement of Changes in Net
Assets Available for Benefits With Fund Information.
-7-
<PAGE> 11
CBS EMPLOYEE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 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.
NOTE 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
and their contributions consist of two types: Basic Employee
Contributions and Supplemental Employee Contributions.
Required "Basic Employee Contributions" are equivalent to
amounts between 1 percent and 2-1/2 percent of base annual
salary and may be increased to 3 percent if the total of a
participant's age and years of service equals 55, and to 4
percent if the participant also has attained age 50. These
basic contributions are fully matched by the Company. The
contributions may be treated as after-tax or before-tax
contributions. Participants may also make additional
voluntary "Supplemental Employee Contributions" up to a
combined total (Basic plus Supplemental Contributions) of
12 1/2 percent of base pay.
Company contributions become vested at the rate of 33-1/3
percent 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.
Employer and employee contributions are directed by
participants to any combination of the following four funds
(in increments of 0.5 percent of annual base salary as
designated by the employee): an equity fund (Fund A); a fixed
income fund (Fund B); a balanced fund (Fund E) and an employer
common stock fund. All employer and employee contributions are
subject to specified limitations as described in ERISA and
other applicable federal and state laws.
-8-
<PAGE> 12
CBS EMPLOYEE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 4. DISTRIBUTIONS:
Upon termination, participants have the option of receiving
the balance in their Fund A, B, E and the employer common
stock funds 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 $3,500, 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 70 1/2. Terminated participants
with account balances of less than $3,500 receive mandatory
lumpsum payment.
Non-vested employer contributions are forfeited upon
termination and are used to reduce future employer
contributions. At December 31, 1997 and 1996, forfeited
nonvested amounts were $57,000 and $51,000, respectively.
Plan participants may make up to two withdrawals from their
accounts (Funds A, B, E and the employer common stock fund) in
a calendar year.
The Tax Reform Act of 1986 imposed a 10 percent penalty on
certain withdrawals and distributions made before the
participant reaches age 59 years and six months.
Under these circumstances, withdrawals can only be made in the
case of financial hardship and only if funds are not
reasonably available from other sources.
-9-
<PAGE> 13
CBS EMPLOYEE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 5. INVESTMENTS:
Investments held by the Plan at December 31, 1997 and 1996 are
summarized in the following table:
<TABLE>
<CAPTION>
EQUITY FIXED INCOME COMMON STOCK-
(FUND A) (FUND B) EMPLOYER
------------------------ ------------------------ -----------------------
*CONTRACT/
FAIR VALUE COST FAIR VALUE COST FAIR VALUE COST
------------ ------------ ----------- ------------ ----------- -----------
1997:
-----
<S> <C> <C> <C> <C> <C> <C>
Common stocks** $390,411,000 $338,905,000 $ - $ - $48,081,000 $40,846,000
Value of interest
unallocated
insurance contracts** - - 399,099,000* 399,099,000 - -
Common Collective
Trust - - - - - -
Money market funds** - - 3,205,000 3,205,000 3,540,000 3,540,000
Participant loans - - - - - -
----------- ----------- ----------- ----------- ---------- ----------
$390,411,000 $338,905,000 $402,304,000 $402,304,000 $51,621,000 $44,386,000
============ ============ ============ ============ =========== ===========
1996:
-----
Common stocks** $322,400,000 $237,897,000 $ - $ - $ - $ -
Value of interest
unallocated
insurance contracts** - - 421,355,000* 421,355,000 - -
Money market funds 3,798,000 3,798,000 4,506,000 4,506,000 - -
Corporate debt - - - - - -
Government securities - - - - - -
Other 4,314,000 3,300,000 - - - -
Participant loans - - - - - -
----------- ----------- ----------- ----------- ---------- ----------
$330,512,000 $244,995,000 $425,861,000 $425,861,000 $ - $ -
============ ============ ============ ============ ========== ==========
</TABLE>
<TABLE>
<CAPTION>
LOAN
BALANCED PROVISION
(FUND E) FUND TOTAL
--------------------- ------------------- --------------------
*CONTRACT/
FAIR VALUE COST FAIR VALUE COST FAIR VALUE COST
----------- ----------- ---------- ---------- ----------- --------
1997:
-----
<S> <C> <C> <C> <C> <C> <C>
Common stocks** $ - $ - $ - $ - $438,492,000 $379,751,000
Value of interest
unallocated
insurance contracts** - - - - 399,099,000* 399,099,000
Common Collective
Trust - - 6,000 6,000 6,000 6,000
Money market funds** 49,928,000 49,928,000 - - 56,673,000 56,673,000
Participant loans - - 8,642,000 8,642,000 8,642,000 8,642,000
--------- --------- --------- --------- ----------- -----------
$49,928,000 $49,928,000 $8,648,000 $8,648,000 $902,912,000 $844,171,000
=========== =========== ========== ========== ============ ============
1996:
-----
Common stocks** $25,161,000 $21,925,000 $ - $ - $347,561,000 $259,822,000
Value of interest
unallocated
insurance contracts** - - - - 421,355,000* 421,355,000
Money market funds 1,335,000 1,335,000 6,000 6,000 9,645,000 9,645,000
Corporate debt 4,863,000 4,876,000 - - 4,863,000 4,876,000
Government securities 7,079,000 7,137,000 - - 7,079,000 7,137,000
Other - - - - 4,314,000 3,300,000
Participant loans - - 7,771,000 7,771,000 7,771,000 7,771,000
--------- --------- --------- --------- ----------- -----------
$38,438,000 $35,273,000 $7,777,000 $7,777,000 $802,588,000 $713,906,000
=========== =========== ========== ========== ============ ============
</TABLE>
**Represents 5 percent or more of the Plan's net assets
*Represents contract value
-10-
<PAGE> 14
CBS EMPLOYEE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 5. INVESTMENTS: (Continued)
For the years ended December 31, 1997 and 1996, the net
appreciation of the fair value of the investments is
summarized as follows:
<TABLE>
<CAPTION>
FIXED COMMON
EQUITY INCOME STOCK- BALANCED
(FUND A) (FUND B) EMPLOYER (FUND E) TOTAL
------------- -------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
1997:
Common stocks $ 81,620,000 $ 2,000 $ 9,439,000 $ 6,765,000 $ 97,826,000
Corporate debt - - - (23,000) (23,000)
Government
securities - - - 61,000 61,000
Other (448,000) - - - (448,000)
------------- -------- ------------ ------------ --------------
$ 81,172,000 $ 2,000 $ 9,439,000 $ 6,803,000 $ 97,416,000
============= ======== ============ ============ ==============
1996:
Common stocks $ 39,172,000 $ - $ - $ 3,998,000 $ 43,170,000
Corporate debt - - - (68,000) (68,000)
Government
securities - - - (170,000) (170,000)
Other 2,849,000 - - (2,000) 2,847,000
------------- -------- ------------ ------------ --------------
$ 42,021,000 $ - $ - $ 3,758,000 $ 45,779,000
============= ======== ============ ============ ==============
</TABLE>
The Plan has a number of benefit-responsive investment
contracts with certain insurance companies. At December 31,
1997 and 1996, the Plan held $399 million and $421 million,
respectively, of unallocated insurance contracts. These
investments represent a concentration of credit risk. These
contracts are disclosed at their contract and fair value as
summarized below:
<TABLE>
<CAPTION>
1997:
Effective Contract
Investment Contracts Date Rate Contract Value Fair value
-------------------- ---- ---- -------------- ----------
<S> <C> <C> <C> <C>
Aetna Life (MBIA Insured) 10/01/96 6.81 $ 83,549,000 $ 83,681,000
Allstate Life Ins. Co. 08/16/96 6.67 10,532,000 10,693,000
Bankers Trust 06/19/91 9.00 7,624,000 7,624,000
John Hancock Mutual Life 11/28/95 6.15 55,582,000 55,526,000
John Hancock Mutual Life 06/10/97 5.71 11,060,000 11,061,000
New York Life Ins. Co. 07/01/92 8.00 54,013,000 54,800,000
New York Life Ins. Co. 07/01/94 7.45 64,422,000 66,213,000
New York Life Ins. Co. 09/08/94 7.55 15,329,000 15,793,000
Jackson National Life 08/23/96 6.46 10,837,000 10,900,000
Prudential (MBIA Insured) 05/16/97 6.63 33,081,000 33,104,000
Peoples Security Life 03/27/97 6.62 53,070,000 54,382,000
-------------- ---------------
$ 399,099,000 $ 403,777,000
============== ===============
</TABLE>
-11-
<PAGE> 15
CBS EMPLOYEE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 5. INVESTMENTS: (Continued)
<TABLE>
<CAPTION>
1996:
Effective Contract
Investment Contracts Date Rate Contract Value Fair value
-------------------- --------- -------- -------------- ----------
<S> <C> <C> <C> <C>
Aetna Life (MBIA Insurance) 06/30/93 6.63% $ 78,222,000 $ 79,345,000
Allstate Life Ins. Co. 08/01/96 6.67 5,168,000 5,320,000
Bankers Trust 06/19/91 9.00 90,932,000 90,466,000
John Hancock Mutual Life 11/28/95 6.15 71,338,000 71,338,000
New York Life Ins. Co. 07/01/92 8.00 64,272,000 66,122,000
New York Life Ins. Co. 07/01/94 7.45 59,954,000 62,101,000
New York Life Ins. Co. 09/08/94 7.55 14,253,000 14,811,000
Jackson National Life 08/23/96 6.46 6,192,000 6,260,000
Prudential GP. Anty 06/30/95 6.64 31,024,000 31,101,000
--------------- ----------------
$ 421,355,000 $ 426,864,000
=============== ================
</TABLE>
The average yield, crediting interest rate and minimum
interest rate is the same as the contract rate. There are no
valuation reserves to adjust contract amounts to fair value.
Interest rates are constant during the life of the contract
and there are no interest rate resets. There are no
limitations on contract guarantees.
NOTE 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.
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.
NOTE 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500:
The following is a reconciliation of net assets available for
benefits according to the financial statements to Form 5500:
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------------------
1997 1996
----------------- ----------------
<S> <C> <C>
Net assets available for benefits per the financial
statements $ 899,814,000 $ 808,273,000
Amounts allocated to withdrawing participants (1,083,000)
----------------- ----------------
Net assets available for benefits per Form 5500 $ 898,731,000 $ 808,273,000
================= =================
</TABLE>
-12-
<PAGE> 16
CBS EMPLOYEE INVESTMENT FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500:
(Continued)
The following is a reconciliation of benefits paid to
participants according to the financial statements to Form
5500:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
---------------------------------
1997 1996
-------------- ---------------
<S> <C> <C>
Benefits paid to Participants per the financial statements $ 78,988,000 $ 76,943,000
Add: Amounts allocated to withdrawing participants
at December 31 1,083,000 -
Less: Amounts allocated to withdrawing participants
at December 31 - (7,703,000)
-------------- ---------------
Benefits paid to participants per Form 5500 $ 80,071,000 $ 69,240,000
============== ===============
</TABLE>
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.
NOTE 8. PLAN EXPENSES:
The expenses of administering the Plan are borne by the Plan.
NOTE 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 percent 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.
NOTE 10. SUBSEQUENT EVENTS:
On January 2, 1998, certain employees of CBS Corporation who
were formerly Westinghouse Electric Corporation employees
engaged in the business of radio, television and cable
broadcasting or who provided management services in a position
relocated to CBS Corporation headquarters (Group W employees),
and currently participating in the Westinghouse Savings
Program will begin participating in the Plan.
Effective January 1, 1998, the Company match contribution
changed from an automatic match to a performance-based
discretionary match on employees' before-tax contributions.
-13-
<PAGE> 17
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
CORPORATE STOCK - COMMON
------------------------
<S> <C> <C> <C> <C> <C>
130,700.0000 EXEL LTD ORD FOR ADR SHS 4,859,818.10 63.3750 8,283,112.50 3,423,294.40
3,423,294.40 I
289,600.0000 AK STL HLDG CORP COM 5,787,384.49 17.6875 5,122,300.00 665,084.49-
665,084.49- I
42,600.0000 AMR CORP DEL COM 3,793,034.69 128.5000 5,474,100.00 1,681,065.31
1,681,065.31 I
86,100.0000 ALLSTATE CORP COM 5,356,443.00 90.8750 7,824,337.50 2,467,894.50
2,467,894.50 I
119,100.0000 ALUMINUM CO AMER COM 8,701,285.22 70.3750 8,381,662.50 319,622.72-
319,622.72- I
28,300.0000 AMERICAN STD COS INC DEL 1,065,046.00 38.3125 1,084,243.75 19,197.75
19,197.75 I
201,100.0000 ANHEUSER BUSCH COS INC COM 8,659,374.34 44.0000 8,848,400.00 189,025.66
189,025.66 I
184,200.0000 APPLIED MATLS INC COM 5,828,432.90 30.1250 5,549,025.00 279,407.90-
279,407.90- I
107,000.0000 BELO A H CORP COM SER A 3,201,065.03 56.1250 6,005,375.00 2,804,309.97
2,804,309.97 I
190,500.0000 BIOGEN INC COM 6,905,449.95 36.3750 6,929,437.50 23,987.55
23,987.55 I
137,800.0000 BOEING CO COM 6,651,401.70 48.9375 6,743,587.50 92,185.80
92,185.80 I
191,300.0000 BROWNING FERRIS INDS INC COM 5,398,432.46 37.0000 7,078,100.00 1,679,667.54
1,679,667.54 I
</TABLE>
-14-
<PAGE> 18
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
<S> <C> <C> <C> <C> <C>
92,800.0000 CALENERGY INC COM 3,535,386.94 28.7500 2,668,000.00 867,386.94-
867,386.94- I
178,500.0000 CALLAWAY GOLF CO COM 5,764,157.60 28.5625 5,098,406.25 665,751.35-
665,751.35- I
69,200.0000 CHASE MANHATTAN CORP NEW COM 7,800,600.12 109.5000 7,577,400.00 223,200.12-
223,200.12- I
300,200.0000 CHRYSLER CORP COM 8,498,933.17 35.1875 10,563,287.50 2,064,354.33
2,064,354.33 I
42,500.0000 CITICORP COM 2,068,942.25 126.4375 5,373,593.75 3,304,651.50
3,304,651.50 I
199,900.0000 COLUMBIA/HCA HEALTHCARE CORP COM 5,635,948.32 29.6250 5,922,037.50 286,089.18
286,089.18 I
206,500.0000 COMCAST CORP CL A SPL 3,148,234.02 31.5625 6,517,656.25 3,369,422.23
3,369,422.23 I
207,900.0000 CONTINENTAL AIRLS INC CL B 6,354,525.29 48.1250 10,005,187.50 3,650,662.21
3,650,662.21 I
69,900.0000 CORNING INC COM 2,898,783.29 37.1250 2,595,037.50 303,745.79-
303,745.79- I
59,100.0000 COSTCO COS INC COM 1,501,193.34 44.6250 2,637,337.50 1,136,144.16
1,136,144.16 I
239,400.0000 COUNTRYWIDE CR INDS INC COM 4,970,669.63 42.8750 10,264,275.00 5,293,605.37
5,293,605.37 I
92,956.0000 CROWN CORK & SEAL INC COM 4,470,687.67 50.1250 4,659,419.50 188,731.83
188,731.83 I
</TABLE>
-15-
<PAGE> 19
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
<S> <C> <C> <C> <C> <C>
47,900.0000 DELTA AIR LINES INC DEL COM 3,783,532.83 119.0000 5,700,100.00 1,916,567.17
1,916,567.17 I
95,900.0000 DUPONT E I DE NEMOURS & CO COM 5,120,842.70 60.0625 5,759,993.75 639,151.05
639,151.05 I
207,900.0000 ENRON CORP COM 7,790,438.93 41.5625 8,640,843.75 858,404.82
858,404.82 I
54,400.0000 FIRST CHICAGO NBD CORP COM 3,687,136.42 83.5000 4,542,400.00 855,263.58
855,263.58 I
88,900.0000 GENERAL MTRS CORP COM 4,188,246.00 60.6250 5,389,562.50 1,201,316.50
1,201,316.50 I
136,100.0000 GOODYEAR TIRE & RUBR CO COM 7,675,931.17 63.6250 8,659,362.50 983,431.33
983,431.33 I
433,200.0000 GULF CDA RES LTD ORD 2,842,528.44 7.0000 3,032,400.00 189,871.56
189,871.56 I
144,500.0000 HARCOURT GEN INC 5,132,678.69 54.7500 7,911,375.00 2,778,696.31
2,778,696.31 I
241,800.0000 HOST MARRIOTT CORP COM 3,938,140.34 19.6250 4,745,325.00 807,184.66
807,184.66 I
163,400.0000 ILLINOVA CORP COM 3,641,562.00 26.9375 4,401,587.50 760,025.50
760,025.50 I
139,100.0000 KLA TENCOR CORP 6,723,560.72 38.6250 5,372,737,50 1,350,823.22-
1,350,823.22- I
209,600.0000 KOMAG INC COM 5,301,182.49 14.8750 3,117,800.00 2,183,382.49-
2,183,382.49- I
</TABLE>
-16-
<PAGE> 20
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
<S> <C> <C> <C> <C> <C>
107,700.0000 LEAR CORP COM 3,950,977.08 47.5000 5,115,750.00 1,164,772.92
1,164,772.92 I
152,600.0000 MCDONALDS CORP COM 7,056,722,38 47.7500 7,286,650.00 229,927.62
229,927.62 I
128,000.0000 MEAD CORP COM 3,477,514.93 28.0000 3,584,000.00 106,485.07
106,485.07 I
91,400.0000 MILLIPORE CORP COM 3,752,469.97 33.9375 3,101,887.50 650,582.47-
650,582.47- I
234,700.0000 MIRAGE RESORTS INC COM 5,457,935.32 22.7500 5,339,425.00 118,510.32-
118,510.32- I
162,000.0000 MORTON INTL INC IND NEW COM 5,043,314.47 34.3750 5,568,750.00 525,435.53
525,435.53 I
106,400.0000 NATIONAL SEMICONDUCTOR CORP COM 3,008,088.90 25.9375 2,759,750.00 248,338.90-
248,338.90- I
100,900.0000 NIKE INC CL B COM 5,819,317.68 39.2500 3,960,325.00 1,858,992.68-
1,858,992.68- I
100,700.0000 NOVARTIS AG SPON ADR 6,909,606.32 81.0000 8,156,700.00 1,247,093.68
1,247,093.68 I
179,900.0000 ORYX ENERGY CO COM 3,613,159.10 25.5000 4,587,450.00 974,290.90
974,290.90 I
99,100.0000 OWENS ILL INC NEW 2,034,155.66 37.9375 3,759,606.25 1,725,450.59
1,725,450.59 I
2,000.0000 PG&E CORP COM 46,792.60 30.4375 60,875.00 14,082.40
14,082.40 I
</TABLE>
-17-
<PAGE> 21
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
<S> <C> <C> <C> <C> <C>
146,600.0000 PRAXAIR INC COM 6,247,184.89 45.0000 6,597,000.00 349,815.11
349,815.11 I
127,500.0000 RAYCHEM CORP COM 4,596,480.21 43.0625 5,490,468.75 893,988.54
893,988.54 I
5,669.1530 RAYTHEON CO CL A 230,900.38 49.3125 279,560.11 48,659.73
48,659.73 I
40,900.0000 ROCKWELL INTL CORP NEW COM 2,038,982.07 52.2500 2,137,025.00 98,042.93
98,042.93 I
107,100.0000 SCRIPPS HOWARD INC CL A 3,741,899.68 48.4375 5,187,656.25 1,445,756.57
1,445,756.57 I
239,200.0000 SEAGULL ENERGY CORP COM 5,598,014.20 20.6250 4,933,500.00 664,514.20-
664,514.20- I
151,600.0000 SEARS ROEBUCK & CO COM 7,060,140.98 45.2500 6,859,900.00 200,240.98-
200,240.98- I
245,200.0000 TELE COMMUNICATIONS INTL INC COM SER A 3,904,161.40 18.0000 4,413,600.00 509,438.60
509,438.60 I
62,800.0000 TEMPLE INLAND INC COM 2,602,351.29 52.3125 3,285,225.00 682,873.71
682,873.71 I
115,200.0000 TENNECO INC NEW COM 5,269,826.57 39.5000 4,550,400.00 719,426.57-
719,426.57- I
155,200.0000 TERADYNE INC COM 4,971,938.40 32.0000 4,966,400.00 5,538.40-
5,538.40- I
156,200.0000 TEXAS INSTRS INC COM 7,366,950.88 45.0000 7,029,000.00 337,950.88-
337,950.88- I
</TABLE>
-18-
<PAGE> 22
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
<S> <C> <C> <C> <C> <C>
158,500.0000 3COM CORP COM 6,642,152.43 34.9375 5,537,593.75 1,104,558.68-
1,104,558.68- I
82,300.0000 TIME WARNER INC COM 3,008,879.69 62.0000 5,102,600.00 2,093,720.31
2,093,720.31 I
157,749.0000 TRAVELERS GROUP INC COM 3,552,242.83 53.8750 8,498,727.38 4,946,484.55
4,946,484.55 I
91,400.0000 USG CORP NEW COM 3,336,952.29 49.0000 4,478,600.00 1,141,647.71
1,141,647.71 I
193,800.0000 UNICOM CORP COM 5,541,726.99 30.7500 5,959,350.00 417,623.01
417,623.01 I
114,500.0000 UNION PAC CORP COM 6,530,720.38 62.4375 7,149,093.75 618,373.37
618,373.37 I
233,508.0000 UNION PAC RES GROUP INC COM 6,346,252.98 24.2500 5,662,569.00 683,683.98-
683,683.98- I
50,900.0000 VARIAN ASSOC INC COM 2,717,216.10 50.5625 2,573,631.25 143,584.85-
143,584.85- I
157,600.0000 WAL MART STORES INC COM 3,552,774.22 39.4375 6,215,350.00 2,662,575.78
2,662,575.78 I
61,500.0000 WEYERHAEUSER CO COM 3,103,472.70 49.0625 3,017,343.75 86,128.95-
86,128.95- I
127,200.0000 XILINX INC COM 4,533,272.34 35.0625 4,459,950.00 73,322.34-
73,322.34- I
124,800.0000 YPF SOCIEDAD ANONIMA SPON ADR REPSTG 3,559,453.53 34.1875 4,266,600.00 707,146.47
CL D SHS 707,146.47 I
TOTAL CORPORATE STOCK - COMMON 338,905,012.09 390,411,119.74 51,506,107.65
0.00 C
51,506,107.65 I
TOTAL INVESTMENT 338,905,012.09 390,411,119.74 51,506,107.65
0.00 C
51,506,108 I
</TABLE>
-19-
<PAGE> 23
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
UNALLOCATED INSURANCE CONTRACTS
-------------------------------
<S> <C> <C> <C> <C> <C>
7,623,859.7400 BANKERS TRUST BASIC 7,623,859.74 100.0000 7,623,859.74 0.00
9.00% 01/02/1998
54,013,388.0700 NEW YORK LIFE GAC-06563 54,013,388.07 100.0000 54,013,388.07 0.00
8.00% 06/30/1998
83,548,762.8200 AETNA LIFE INS GIC RLT13789 83,548,762.82 100.0000 83,548,762.82 0.00
6.810% 07/01/1999
64,421,514.6500 NEW YORK LIFE GAC UGA-06563002 64,421,514.65 100.0000 64,421,514.65 0.00
7.450% 06/30/2000 DD 07/01/94
15,329,058.7200 NEW YORK LIFE GIC UGS-06563 15,329,058.72 100.0000 15,329,058.72 0.00
7.550% 06/30/2000
33,081,357.4108 PRUDENTIAL GP ANTY GA-8086-211 33,081,357.41 100.0000 33,081,357.41 0.00
6.640% 07/01/2001 DD 06/30/95
66,642,295.9500 JOHN HANCOCK MUTUAL LIFE 08379 66,642,295.95 100.0000 66,642,295.95 0.00
6.150% 06/30/2001
10,531,995.4900 ALLSTATE LIFE INS CO 10,531,995.49 100.0000 10,531,995.49 0.00
6.670% 04/11/2001 DD 08/01/96
10,836,602.2500 PRIMCO GIC JACKSON NATIONAL 10,836,602.25 100.0000 10,836,602.25 0.00
6.460% 03/15/1999 DD 08/01/96
53,069,749.6000 PEOPLES SEC CONT OBD00331TR 53,069,749.60 100.0000 53,069,749.60 0.00
7.00% 11/05/2001 DD 03/27/97
TOTAL UNALLOCATED INSURANCE CONTRACTS 399,098,584.70 399,098,584.70 0.00
COMMON/COLLECTIVE TRUST
-----------------------
3,204,826.0100 TBC INC POOLED EMPLOYEE FUNDS 3,204,826.01 1.0000 3,204,826.01 0.00
DAILY LIQUIDITY FUND
TOTAL COMMON/COLLECTIVE TRUST 3,204,826.01 3,204,826.01 0.00
TOTAL INVESTMENT 402,303,410.71 402,303,410.71 0.00
</TABLE>
-20-
<PAGE> 24
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
CORPORATE STOCK - COMMON
------------------------
<S> <C> <C> <C> <C> <C>
1,633,329.0000 CBS CORP COM 40,846,443.46 29.4375 48,081,122.44 7,234,678.98
7,234,678.98 I
TOTAL CORPORATE STOCK - COMMON 40,846,443.46 48,081,122.44 7,234,678.98
0.00 C
7,234,678.98 I
COMMON/COLLECTIVE TRUST
-----------------------
3,539,550.8900 TBC INC POOLED EMPLOYEE FUNDS 3,539,550.89 1.0000 3,539,550.89 0.00
DAILY LIQUIDITY FUND
TOTAL COMMON/COLLECTIVE TRUST 3,539,550.89 3,539,550.89 0.00
0.00 C
0.00 I
TOTAL INVESTMENT 44,385,994.35 51,620,675.33 7,234,678.98
0.00 C
7,234,678.98 I
</TABLE>
-21-
<PAGE> 25
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
COMMON/COLLECTIVE TRUST
-----------------------
<S> <C> <C> <C> <C> <C>
49,927,840.9800 TBC INC POOLED EMPLOYEE FUNDS 49,927,840.98 1.0000 49,927,840.98 0.00
DAILY LIQUIDITY FUND
TOTAL COMMON/COLLECTIVE TRUST 49,927,840.98 49,927,840.98 0.00
TOTAL INVESTMENT 49,927,840.98 49,927,840.98 0.00
</TABLE>
-22-
<PAGE> 26
CBS EMPLOYEE INVESTMENT FUND
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
As of December 31, 1997
<TABLE>
<CAPTION>
SHARES/ MARKET UNREALIZED
PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
--------- -------------------- ---- ----- ----- ---------
LOANS TO PARTICIPANTS - OTHER
-----------------------------
<S> <C> <C> <C> <C> <C>
8,641,645.2300 CBS INC LOANS TO PARTICIPANTS 8,641,645.23 100.0000 8,641,645.23 0.00
TOTAL LOANS TO PARTICIPANTS - OTHER 8,641,645.23 8,641,645.23 0.00
COMMON/COLLECTIVE TRUST
-----------------------
6,079.8100 TBC INC POOLED EMPLOYEE FUNDS 6,079.81 1.0000 6,079.81 0.00
DAILY LIQUIDITY FUND
TOTAL COMMON/COLLECTIVE TRUST 6,079.81 6,079.81 0.00
TOTAL INVESTMENT 8,647,725.04 8,647,725.04 0.00
</TABLE>
-23-
<PAGE> 27
CBS EMPLOYEE INVESTMENT FUND
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
For the year ended December 31, 1997
<TABLE>
<CAPTION>
Shares/ Cost of Proceeds Cost of Assets
Count Par Value Security Description Purchases From Sales Disposed
- ----- --------- -------------------- --------- ---------- --------
<S> <C> <C> <C> <C> <C>
144 1,589,713.00 Westinghouse Elec Corp Com 38,451,176.33 0.00 0.00
60 557,899.00 Westinghouse Elec Corp Com 0.00 14,172,764.21 12,011,851.56
547 459,301,520.38 TBC Pooled Employee Funds
Daily Liquidity Fund 459,301,520.38 0.00 0.00
516 412,267,584.69 TBC Pooled Employee Funds
Daily Liquidity Fund 0.00 412,267,584.69 412,267,584.69
12 4,034,255.57 Bankers Trust Basic
9.00% 01/02/1998 4,034,255.57 0.00 0.00
12 87,342,502.85 Bankers Trust Basic
9.00% 10/02/1998 0.00 87,342,502.85 87,342,502.85
18 18,824,305.21 John Hancock Mutual Life #8379
6.150% 06/30/2001 18,824,305.21 0.00 0.00
11 23,520,239.88 John Hancock Mutual Life #8379
6.150% 06/30/2001 0.00 23.520,239.88 23,520,239.88
21 54,396,065.66 Peoples Sec Cont #BD00331 TR
7.00% 11/05/2001 DD 03/27/97 54,396,065.66 0.00 0.00
33 1,326,316.06 Peoples Sec Cont #BD00331 TR
7.00% 11/05/2001 DD 03/27/97 0.00 1,326,316.06 1,326,316.06
</TABLE>
- 24 -
<PAGE> 28
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has duly caused this annual report to be signed on behalf of the
Plan by the undersigned thereunto duly authorized.
CBS Employee Investment Fund
Dated: June 24, 1998 By: /s/ A. G. Ambrosio
--------------------
Name: A. G. Ambrosio
Title: Plan Administrator
<PAGE> 29
EXHIBIT INDEX
Exhibit No. Description
23 Consent of Mitchell & Titus LLP
<PAGE> 1
EXHIBIT 23
Consent of Independent Accountants
------------------------
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-51445) of our report dated May 27, 1998, included
in the Annual Report of the CBS Employee Investment Fund on Form 11-K for the
year ended December 31, 1997.
/s/ Mitchell & Titus, LLP
---------------------
New York, New York
June 24, 1998
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