<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(D)
-----
OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE FISCAL YEAR ENDED
DECEMBER 31, 1999
OR
TRANSITION REPORT PURSUANT TO SECTION 15(D)
-----
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______ TO _______
COMMISSION FILE NUMBER 1-6862
A. FULL TITLE OF THE PLAN AND ADDRESS OF THE PLAN,
IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW:
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
DONALDSON, LUFKIN & JENRETTE, INC.
277 PARK AVENUE
NEW YORK, NEW YORK 10172
B. NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN
AND ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:
DONALDSON, LUFKIN & JENRETTE, INC.
277 PARK AVENUE
NEW YORK, NEW YORK 10172
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
TABLE OF CONTENTS
PAGE NUMBER
INDEPENDENT AUDITORS' REPORT.......................................... 3
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER
31, 1999 AND 1998:
Statements of Net Assets Available for Plan Benefits ............ 4
Statements of Changes in Net Assets Available for
Plan Benefits.................................................. 5
Notes to Financial Statements.................................... 6
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED
DECEMBER 31, 1999:
Schedule of Assets Held for Investment Purposes.................. 20
Schedule of Assets Held for Investment Purposes which
were both Acquired and Disposed of within the Plan Year........ 25
Schedule of Reportable Transactions.............................. 26
<PAGE>
INDEPENDENT AUDITORS' REPORT
----------------------------
The Retirement Committee of the
401(K) Retirement Savings Plan for
Employees of Donaldson, Lufkin & Jenrette, Inc.:
We have audited the accompanying statements of net assets available for plan
benefits of the 401(K) Retirement Savings Plan for Employees of Donaldson,
Lufkin & Jenrette, Inc. (the "Plan") as of December 31, 1999 and 1998, and the
related statements of changes in net assets available for plan benefits for the
years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 plan benefits of the Plan as
of December 31, 1999 and 1998 and the changes in net assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 1999 supplementary information
included in Schedules 1 through 3 is presented for the purpose of additional
analysis and is not a required part of the basic financial statements, but is
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplementary schedules are the responsibility of
the Plan's management. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ KPMG LLP
New York, NY
June 27, 2000
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Statements of Net Assets Available for Plan Benefits
December 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
Participation in funds:
Fidelity Blue Chip Growth Fund $15,264,821 $ -
Fidelity Dividend Growth Fund 7,510,830 -
Fidelity Freedom Income Fund 51,832 -
Fidelity Freedom 2000 Fund 1,320,104 -
Fidelity Freedom 2010 Fund 2,051,099 -
Fidelity Freedom 2020 Fund 1,582,741 -
Fidelity Freedom 2030 Fund 1,154,026 -
Fidelity Money Market Trust: Retirement Money
Market Portfolio 52,092,788 -
FMTC Select Equity Small Capitalization Collective
Trust 2,213,900 -
Vanguard Index Trust - 500 Portfolio 17,036,943 -
Vanguard/Windsor II 3,057,012 -
Vanguard International Growth Portfolio 4,065,019 -
DLJ Winthrop Fixed Income Fund D 108,755,808 -
DLJ Winthrop Growth & Income Fund D 46,931,566 -
DLJ Winthrop International Equity Fund D 2,843,679 -
DLJ Winthrop Growth Fund D 10,715,683 -
DLJ Winthrop High Income Fund D 1,123,237 -
DLJ Stock Fund (New) 55,491,070 -
Alliance/Frontier Growth Fund 580,174,215 -
Growth Fund (Old) - 491,965,179
Balanced Fund (Old) - 80,461,832
Bond Fund (Old) - 91,369,360
Money Market Fund (Old) - 41,064,533
DLJ Stock Fund (Old) - 42,245,820
Segregated Fund 7,905 7,750
Loans to participants 8,149,376 4,910,152
------------- -------------
Net assets available for plan benefits $ 921,593,654 $ 752,024,626
============= =============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Statements of Changes in Net Assets
Available for Plan Benefits
Years Ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
--------------- ---------------
<S> <C> <C>
Investment income:
Net realized gains from sale of securities $ 52,865,018 $ 87,290,026
Net change in unrealized appreciation in
market value of investments 75,885,691 47,056,675
Interest and dividends 12,666,748 12,711,439
--------------- ---------------
Investment income 141,417,457 147,058,140
Administrative expenses (183,156) (189,847)
--------------- ---------------
Net investment income 141,234,301 146,868,293
--------------- ---------------
Contributions:
Employer 8,743,918 5,784,395
Employee 47,824,804 37,557,813
--------------- ---------------
Total contributions 56,568,722 43,342,208
Benefits paid to participants (28,158,603) (22,448,354)
Outstanding defaulted loans (75,392) -
--------------- ---------------
Net increase in assets available for plan benefits 169,569,028 167,762,147
Net assets available for employee benefits:
Beginning of year 752,024,626 584,262,479
--------------- ---------------
End of year $ 921,593,654 $ 752,024,626
=============== ===============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Notes to Financial Statements
December 31, 1999 and 1998
(1) ORGANIZATION
On December 10, 1999, Donaldson, Lufkin & Jenrette, Inc. (the
"Company") changed the name of its retirement plan from Profit Sharing
Plan for Employees of Donaldson, Lufkin & Jenrette, Inc. to 401(K)
Retirement Savings Plan for Employees of Donaldson, Lufkin &
Jenrette, Inc. (the "Plan").
On March 1, 1999, Fidelity Management Trust Company ("FMTC" or the
"Trustee") replaced Winthrop Trust Company as the trustee of the
Trust Under the 401(k) Retirement Savings Plan for Employees of
Donaldson, Lufkin & Jenrette, Inc. (the "Trust") and Bank of New
York as the custodian of the Plan. FMTC, in its capacity as trustee,
may subcontract some of the services provided under the Trust
Agreement to its agents or affiliates and that certain of such
services may be provided pursuant to one or more other contractual
agreements or relationships. Currently, Bankers Trust and Brown,
Brothers Harriman & Company are providing certain custodial services
for Fidelity. In addition, several affiliated Fidelity companies,
including Fidelity Investments Institutional Operations Company
Inc., and Fidelity Investments Institutional Services Company, Inc.
began to provide recordkeeping and employee communication services
for the Plan.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements of the Plan have been prepared on
the accrual basis of accounting.
The Plan's investments are carried at fair value or estimated fair
value. Quoted market prices, if available, are used to value
investments. Cost is considered to approximate fair value for pooled
temporary investments. Participants' accounts are maintained in
shares/units and valued daily by crediting the number of
shares/units with the current price each day. Loans to participants
are valued at cost, which approximates fair value.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the amounts of
income and expenses during the reporting period. Actual results could
differ from those estimates.
Purchases and sales of investments are recorded on a trade-date basis.
Dividend income is recorded on the ex-dividend date.
Benefits are recorded when paid.
The Plan's percentage interest in the Trust is based upon the ratio of
the Plan's total assets to the total assets of the Trust. At December
31, 1999 and 1998, the Plan had interests of approximately 99.71% and
99.67% of the Trust's assets, respectively.
Costs associated with the administration of the Plan are paid partly
out of Plan assets, and partly by the Company, on a voluntary basis.
Certain reclassifications have been made to prior year financial
statements to conform to the 1999 presentation.
(3) PLAN DESCRIPTION
The following description of the Plan provides general information
only. Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions. The Plan is a defined
contribution plan that is subject to the provisions of the Plan
Agreement. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA"). The following is a
summary of the current provisions of the Plan.
(a)ELIGIBILITY
Officers and employees in the United States and U.S. residents
seconded to an office located outside the United States
are eligible to participate if they are employed by the Company
or an affiliate which has adopted the Plan. They are eligible to
participate in the Plan, effective with their date of employment.
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Notes to Financial Statements
(b)CONTRIBUTIONS
The Board of Directors, at its discretion, determines the Company's
contribution prior to the close of each Plan year. Profit sharing
contributions are allocated to participants as follows. First, a
profit sharing contribution is allocated to all staff employees as a
uniform percent of each employee's base compensation. Then, profit
sharing contributions may be made to executive employees by group,
based upon the profitability of each group. The contribution is
allocated in an amount equal to a uniform percentage of their Base
Compensation in excess of the Social Security taxable wage base.
This percentage can not be in excess of the percentage contributed on
behalf of staff employees. Each group's level of contribution for
its executives, therefore, could range from zero to the staff
percent. Lastly, the balance of the profit sharing contribution, if
any, is allocated among the participants in a uniform percentage of
Base Compensation. No contributions have been allocated to
executives for the years ended December 31, 1999 and 1998.
For the Plan, "Base Compensation" is defined as base salary which does
not include other forms of compensation such as overtime, bonuses,
commissions, severance pay, etc., unless an employee is paid solely on
a commission basis, in which case base compensation means all
commissions received up to a maximum of $50,000 per year for plan years
before January 1, 1999, or $100,000 per year for plan years beginning
on or after January 1, 1999.
For plan years beginning before January 1, 1999, once the Company
declared its contribution, each participating employee could elect to
take as much as 50% of the Company contribution allocated to such
employee in cash before the Company makes its contribution to the Plan.
In addition, each participating employee may elect to reduce his or her
Base Compensation or other compensation each payroll period or
otherwise and direct his employer to contribute an identical amount to
the Plan on his or her behalf in cash as a salary reduction
contribution. For plan years beginning on or after January 1, 1999, the
option to take 50% in cash is no longer available.
Under the amended Internal Revenue Code of 1986 ("Code"), the maximum
salary reduction contribution is $10,500 and $10,000 for 1999 and 1998,
respectively.
Because of the above limitation and other limitations placed upon
contributions under such plans by the Code, some of the highest paid
employees could be limited in the amount each could add to the
Company's contribution under the salary reduction feature or, in
certain circumstances, could not make any salary reduction
contributions. In some cases, such employees might even be obligated to
take a portion of the Company's basic contribution in cash.
(c)FORFEITURES/VESTING
The profit sharing account consists of: (a) the portion of each year's
Company contribution which the participant could not elect to take in
cash for plan years prior to January 1, 1999; and (b) the amount of
each year's Company contribution for plan years beginning on and after
January 1, 1999. For any participant who was employed on or after
November 1, 1990, this amount is subject to a risk of forfeiture. The
entire amount of such account would be forfeited if such participant
should terminate within five years after employment. After five years
of service such participant is 100% vested, as are all participants who
were employed prior to November 1, 1990. Forfeitures arising from
terminations of employment are accumulated throughout the year and
used to offset the Company contribution at the close of the year.
(d)DISTRIBUTIONS
Upon termination of employment, other than by reason of death or
disability, participants are entitled to receive their entire interest
in their profit sharing account, only if vested, and their entire
interest in the remainder of their Plan account. Participants are
always 100% vested in their profit sharing account if they become
disabled or die. Distributions may be paid to the participant in a
lump sum or installments as requested by the participant. As
required by law, a participant may also elect to postpone payment
of his or her vested interest in the Plan until a later date if his/her
balance is $5,000 or greater.
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Notes to Financial Statements
(e)TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan subject to the provisions of the Employee
Retirement Income Security Act of 1974. In the event of Plan
termination, the full value of all accounts shall be held in trust for
the participants in accordance with the provisions of the Plan.
(f)CHANGES IN THE INVESTMENT OPTIONS
On November 1, 1998, the Company established the DLJ Stock Fund. This
fund allows employees to invest up to 50 percent of their contributions
into the DLJ Stock Fund. Members who were actively employed by the
Company on September 30, 1998, were also given the opportunity to elect
to transfer up to 50 percent of their existing account balances into
the DLJ Stock Fund. The current limit on the amount of DLJ Common Stock
that may be held by the fund is 3,000,000 shares.
The DLJ Stock Fund is managed according to investment guidelines
established by the Investment Committee. At any time, installment
distributions from the DLJ Stock Fund shall be made in cash only.
Withdrawals from the DLJ Stock Fund will be processed in-kind.
Fractional shares are distributed as cash.
In March 1999, a total of 19 funds from the Fidelity, Vanguard and DLJ
Winthrop fund families became available as investment options. Assets
invested in the existing funds at March 1, 1999, were reallocated to
the new funds according to terms set by the Retirement Committee.
Participants' contributions can be invested in any of the funds listed
below. Investments of contributions among the investment funds can be
made in increments of 1-20% (in whole percents), with a maximum of 50%
of contributions permitted to be invested in the DLJ Stock Fund.
Participants can elect to change their contribution rate and investment
direction of new contributions on a daily basis. Participants may also
elect to transfer existing fund balances among the investment funds on
a daily basis. However, no inter-fund transfers will be allowed that
would cause more than 50% of a participant's resulting account
balance in the Plan as of the prior business day to be invested in
the DLJ Stock Fund.
The following is a general description of each investment fund in which
the Plan invested since March 1999, as directed by participants:
FIDELITY BLUE CHIP GROWTH FUND: This fund invests its assets primarily
in common stocks of well-known and established companies. Normally, at
least 65% of the fund's total assets are invested in the common stock
of blue chip companies.
FIDELITY DIVIDEND GROWTH FUND: This fund invests in stocks of companies
that have the potential to increase the amount of their dividends or
begin paying them if none are being paid now. The focus of this fund
is medium-to-large companies.
FMTC SELECT EQUITY SMALL CAPITALIZATION COLLECTIVE TRUST: This trust is
a small-commingled pool that uses an innovative investment approach
that capitalizes on fundamental research by combining qualitative stock
selection with quantitative risk control. The performance objective is
to provide active return over the Russell 2000 Index while maintaining
low active volatility.
FIDELITY FREEDOM INCOME FUND: This asset allocation mutual fund invests
approximately 20% in Fidelity stock mutual funds, 40% in Fidelity bond
mutual funds and 40% in Fidelity money market mutual funds.
FIDELITY FREEDOM 2000 FUND: This asset allocation mutual fund invests
approximately 41% in Fidelity stock mutual funds, approximately 44% in
Fidelity bond mutual funds, and approximately 15% in Fidelity money
market mutual funds. The mix of underlying funds will gradually become
conservative over time.
FIDELITY FREEDOM 2010 FUND: This asset allocation mutual fund invests
approximately 65% in Fidelity stock mutual funds, approximately 33% in
Fidelity bond mutual funds, and approximately 2% in Fidelity money
market mutual funds. The mix of underlying funds will gradually become
conservative over time.
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Notes to Financial Statements
FIDELITY FREEDOM 2020 FUND: This asset allocation mutual fund invests
approximately 80% in Fidelity stock mutual funds and approximately 20%
in Fidelity bond mutual funds. The mix of underlying funds will
gradually become conservative over time.
FIDELITY FREEDOM 2030 FUND: This asset allocation mutual fund invests
approximately 84% in Fidelity stock mutual funds and approximately 16%
in Fidelity bond mutual funds. The mix of underlying funds will
gradually become conservative over time.
FIDELITY MONEY MARKET TRUST: RETIREMENT MONEY MARKET PORTFOLIO: This
fund invests in U.S. dollar denominated money market securities of
domestic and foreign issuers and repurchase agreements. The fund may
also enter into reverse repurchase agreements. More than 25% of the
fund's total assets will be invested in the financial services
industry.
VANGUARD INTERNATIONAL GROWTH PORTFOLIO: This fund invests in stocks of
high-quality, seasoned companies located outside the United States with
records of good growth. The portfolio invests in more than 15 foreign
markets, emphasizing companies with above-average growth potential.
VANGUARD INDEX TRUST - 500 PORTFOLIO: This equity fund's objective is
to replicate the investment performance of the Standard & Poor's 500
Index.
VANGUARD/WINDSOR II: This equity fund invests in stocks of large and
medium-sized companies that are generally overlooked in the market.
DLJ WINTHROP INTERNATIONAL EQUITY FUND: This fund invests primarily in
non-U.S. common stocks and other equity securities of companies
represented in the Europe, Australia and Far East Index, which is an
unmanaged index of over 1,000 foreign stocks. It focuses in particular
on stocks with reasonable value, reliable earnings, and high
quality-management.
DLJ WINTHROP GROWTH FUND: This fund invests primarily in common stocks,
securities convertible into common stock, and other equity securities
of well known and established companies.
DLJ WINTHROP HIGH INCOME FUND: This fixed income (bond) fund invests in
a mix of corporate bonds and notes, as well as convertible securities
and preferred stocks that are rated in the lower categories of
established rating services. Lower rated securities are also known as
"junk bonds" which are considered speculative securities.
DLJ WINTHROP FIXED INCOME FUND: This fund invests primarily in high
quality corporate bonds, U.S. government securities, commercial paper
and obligations issued or guaranteed by national or state bank holding
companies.
DLJ WINTHROP GROWTH & INCOME FUND: This fund invests in dividend paying
common stocks, preferred stocks and securities convertible into common
stock. It may also invest in debt securities of at least upper medium
quality, U.S. government securities and money market instruments.
ALLIANCE/FRONTIER GROWTH FUND: This is a growth managed account
investing primarily in common stocks although a portion of the Fund may
be invested in smaller companies or business "turnarounds" if market
conditions appear favorable to such investments. Although basically an
equity fund, assets may be invested in short- or long-term fixed income
securities when the rate of return is deemed superior to that available
on stocks.
DLJ STOCK FUND: This fund invests primarily in the stock of DLJ as well
as in short-term investments.
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Notes to Financial Statements
(4) PARTIES IN INTEREST
Certain Plan investments are managed by investment advisers
affiliated with the Company and, accordingly, these transactions
qualify as party-in-interest.
(5) RELATED PARTY TRANSACTIONS
Certain investment advisors are affiliated entities. These affiliates
are paid fees directly by the Company.
(6) FEDERAL INCOME TAXES
The Plan has received a determination letter dated August 17, 1995 from
the Internal Revenue Service stating that it is designed in
accordance with the applicable sections of the Internal Revenue Code
("IRC"). The Plan Administrator believes that the Plan is operating in
accordance with the applicable sections of the IRC. Accordingly, no
provision for income tax has been made in the financial statements.
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
NOTES TO FINANCIAL STATEMENTS
(7) PARTICIPATION IN TRUST FUNDS
Under the terms of the Trust Agreement between the Company and Fidelity
Management Trust Company, the Trustee adminsters the Trust on behalf of the
various pension, profit sharing and thrift plans of the Company and certain of
its affiliated companies (the "Plans"). Each of the participating Plans has an
interest in the collective assets of the Trust which include money committed to
the Trust by the individual plans and investment income, net of related costs.
The net assets available for employee benefits for the Group Trust Funds as of
December 31, 1999 are as follows:
<TABLE>
<CAPTION>
FIDELITY FIDELITY
BLUE CHIP DIVIDEND FIDELITY
GROWTH GROWTH FREEDOM INCOME
FUND FUND FUND
-------------------- -------------------- --------------------
<S> <C> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ 14,604,251 $ 7,271,970 $ 42,443
Collective trusts - - -
Common stock - - -
Loans to participants - - -
-------------------- -------------------- --------------------
14,604,251 7,271,970 42,443
Cash and cash equivalents - - -
Savings bank deposits - - -
Contribution Receivable-Employer 601,180 214,107 8,649
Contribution Receivable-Employees 59,390 24,753 740
-------------------- -------------------- --------------------
Net Assets Available for
Employee Benefits $ 15,264,821 $ 7,510,830 $ 51,832
==================== ==================== ====================
Plan's Participation in Group
Trust Funds:
Amount $ 15,264,821 $ 7,510,830 $ 51,832
==================== ==================== ====================
Percent 100.00% 100.00% 100.00%
==================== ==================== ====================
<CAPTION>
FIDELITY FIDELITY FIDELITY
FREEDOM 2000 FREEDOM 2010 FREEDOM 2020
FUND FUND FUND
-------------------- ----------------- ------------------
<S> <C> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ 1,305,884 $ 2,008,152 $ 1,522,191
Collective trusts - - -
Common stock - - -
Loans to participants - - -
-------------------- ----------------- ------------------
1,305,884 2,008,152 1,522,191
Cash and cash equivalents - - -
Savings bank deposits - - -
Contribution Receivable-Employer 12,608 39,417 52,548
Contribution Receivable-Employees 1,612 3,530 8,002
-------------------- ----------------- ------------------
Net Assets Available for
Employee Benefits $ 1,320,104 $ 2,051,099 $ 1,582,741
==================== ================= ==================
Plan's Participation in Group
Trust Funds:
Amount $ 1,320,104 $ 2,051,099 $ 1,582,741
==================== ================= ==================
Percent 100.00% 100.00% 100.00%
==================== ================= ==================
<CAPTION>
FIDELITY MONEY FMTC SELECT
MARKET TRUST: EQUITY SMALL
FIDELITY RETIREMENT CAPITALIZATION
FREEDOM 2030 MONEY MARKET COLLECTIVE
FUND PORTFOLIO TRUST
------------------ ------------------- -----------------
<S> <C> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ 1,026,612 $ - $ -
Collective trusts - - 2,151,431
Common stock - - -
Loans to participants - - -
------------------ ------------------- -----------------
1,026,612 - 2,151,431
Cash and cash equivalents - 50,928,581 -
Savings bank deposits - - -
Contribution Receivable-Employer 118,589 1,080,183 55,254
Contribution Receivable-Employees 8,825 84,024 7,215
------------------ ------------------- -----------------
Net Assets Available for
Employee Benefits $ 1,154,026 $ 52,092,788 $ 2,213,900
================== =================== =================
Plan's Participation in Group
Trust Funds:
Amount $ 1,154,026 $ 52,092,788 $ 2,213,900
================== =================== =================
Percent 100.00% 100.00% 100.00%
================== =================== =================
<CAPTION>
VANGUARD
INDEX TRUST
500 VANGUARD/
PORTFOLIO WINDSOR II
------------------- --------------------
<S> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ 16,368,404 $ 2,976,354
Collective trusts - -
Common stock - -
Loans to participants - -
------------------- --------------------
16,368,404 2,976,354
Cash and cash equivalents - -
Savings bank deposits - -
Contribution Receivable-Employer 587,496 71,140
Contribution Receivable-Employees 81,043 9,518
------------------- --------------------
Net Assets Available for
Employee Benefits $ 17,036,943 $ 3,057,012
=================== ====================
Plan's Participation in Group
Trust Funds:
Amount $ 17,036,943 $ 3,057,012
=================== ====================
Percent 100.00% 100.00%
=================== ====================
</TABLE>
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
NOTES TO FINANCIAL STATEMENTS
(7) Participation in Trust Funds
<TABLE>
<CAPTION>
VANGUARD DLJ WINTHROP DLJ WINTHROP
INTERNATIONAL FIXED GROWTH &
GROWTH INCOME INCOME
PORTFOLIO FUND FUND
------------------- ------------------------ ----------------------
<S> <C> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ 3,914,504 $ 109,191,434 $ 47,728,687
Collective trusts - - -
Common stock - - -
Loans to participants - - -
------------------- ------------------------ ----------------------
3,914,504 109,191,434 47,728,687
Cash and cash equivalents - - -
Savings bank deposits - - -
Contribution Receivable-Employer 134,302 432,551 467,660
Contribution Receivable-Employees 16,213 43,385 39,894
------------------- ------------------------ ----------------------
Net Assets Available for
Employee Benefits $4,065,019 $ 109,667,370 $ 48,236,241
=================== ======================== ======================
Plan's Participation in Group
Trust Funds:
Amount $4,065,019 $ 108,755,808 $ 46,931,566
=================== ======================== ======================
Percent 100.00% 99.17% 97.29%
=================== ======================== ======================
<CAPTION>
DLJ WINTHROP
INTERNATIONAL DLJ WINTHROP DLJ WINTHROP
EQUITY GROWTH HIGH INCOME
FUND FUND FUND
------------------------- ------------------ -----------------------
<S> <C> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ 2,799,323 $ 10,275,466 $ 1,100,053
Collective trusts - - -
Common stock - - -
Loans to participants - - -
------------------------- ------------------ -----------------------
2,799,323 10,275,466 1,100,053
Cash and cash equivalents - - -
Savings bank deposits - - -
Contribution Receivable-Employer 38,077 411,755 19,088
Contribution Receivable-Employees 6,279 28,462 4,096
------------------------- ------------------ -----------------------
Net Assets Available for
Employee Benefits $ 2,843,679 $ 10,715,683 $ 1,123,237
========================= ================== =======================
Plan's Participation in Group
Trust Funds:
Amount $ 2,843,679 $ 10,715,683 $ 1,123,237
========================= ================== =======================
Percent 100.00% 100.00% 100.00%
========================= ================== =======================
<CAPTION>
ALLIANCE/
DLJ STOCK FRONTIER GROWTH
FUND GROWTH FUND
(NEW) FUND (OLD)
------------------- --------------------- --------------
<S> <C> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ - $525,202,567 $ -
Collective trusts - - -
Common stock 52,386,330 * 51,051,749 -
Loans to participants - - -
------------------- --------------------- --------------
52,386,330 576,254,316 -
Cash and cash equivalents 2,740,212 - -
Savings bank deposits - - -
Contribution Receivable-Employer 329,891 4,052,777 -
Contribution Receivable-Employees 34,637 318,926 -
------------------- --------------------- --------------
Net Assets Available for
Employee Benefits $ 55,491,070 $ 580,626,019 $ -
=================== ===================== ==============
Plan's Participation in Group
Trust Funds:
Amount $ 55,491,070 $ 580,174,215 $ -
=================== ===================== ==============
Percent 100.00% 99.92% 100.00%
=================== ===================== ==============
<CAPTION>
BALANCED BOND
FUND FUND
(OLD) (OLD)
------------------ ------------
<S> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ - $ -
Collective trusts - -
Common stock - -
Loans to participants - -
------------------ ------------
- -
Cash and cash equivalents - -
Savings bank deposits - -
Contribution Receivable-Employer - -
Contribution Receivable-Employees - -
------------------ ------------
Net Assets Available for
Employee Benefits $ - $ -
================== ============
Plan's Participation in Group
Trust Funds:
Amount $ - $ -
================== ============
Percent 100.00% 100.00%
================== ============
</TABLE>
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
NOTES TO FINANCIAL STATEMENTS
(7) Participation in Trust Funds
<TABLE>
<CAPTION>
DLJ MONEY MARKET
STOCK FUND FUND SEGREGATED LOANS TO
(OLD) (OLD) FUND PARTICIPANTS TOTAL
------ ------ ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Mutual funds $ - $ - $ - $ - $747,338,295
Collective trusts - - - - 2,151,431
Common stock - - - - 103,438,079
Loans to participants - - - 8,149,376 8,149,376
------ ------ ---------- ---------- -----------
- - - 8,149,376 861,077,181
Cash and cash equivalents - - - - 53,668,793
Savings bank deposits - - 7,905 - 7,095
Contribution Receivable-Employer - - - - 8,727,272
Contribution Receivable-Employees - - - - 780,544
------ ------ ---------- ---------- -----------
Net Assets Available for
Employee Benefits $ - $ - $ 7,905 $8,149,376 $924,261,695
====== ====== ========== ========== ===========
Plan's Participation in Group
Trust Funds:
Amount $ - $ - $ 7,905 $8,149,376 $921,593,654
====== ====== ========== ========== ===========
Percent 100.00% 100.00% 100.00% 100.00% 99.71%
====== ====== ========== ========== ==========
</TABLE>
As of December 31, 1999, the Plan's investment in DLJ Common Stock was
$52,386,330, which exceeded 5% of net assets of the Plan.
<PAGE>
TRUST UNDER THE 401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Notes to Financial Statements
(7) Participation in Trust Funds
Under the terms of the Trust Agreement between the Company and Fidelity
Management Trust Company, the Trustee administers the Trust on behalf of the
various pension, profit sharing and thrift plans of the Company and certain of
its affiliated companies (the "Plans"). Each of the participating Plans has an
interest in the collective assets of the Trust which include money committed to
the Trust by the individual plans and investment income, net of related costs.
The net assets available for employee benefits for the Group Trust Funds as of
December 31, 1998 are as follows:
<TABLE>
<CAPTION>
Balanced
Growth Fund Fund Bond Fund
------------- ------------ ------------
<S> <C> <C> <C>
Collective Short-Term Investments $ 35,005,196 $ - $ 4,120,264
Mutual Funds 9,768,990 10,992,523 -
Commercial Paper - - 5,902,197
Government Bonds - 22,365,951 40,274,564
Corporate Bonds - 8,962,765 43,037,094
Preferred Stock - - -
Common Stock 443,874,147 36,037,785 -
Loans to Participants - - 4,910,152
------------- ------------ ------------
488,648,333 78,359,024 98,244,271
Cash - (902,403) -
Savings Bank Deposits - - -
Contribution Receivable-Employer 5,200,837 633,471 252,447
Accrued Dividends and Interest 195,762 569,744 889,561
Contribution Receivable-Employee 1,624 525,845 229,651
Receivable for securities sold 7,226,844 230,431 -
Other Receivables 2,838,607 13 110,010
Interfund Receivable/(Payable) (1,703,058) 3,110,019 (3,293,770)
Payable for securities purchased (9,610,847) (30,431) -
Other Payables (473,137) (7,765) (82,404)
------------- ------------ ------------
Net Assets Available For Employee Benefits $ 492,324,965 $ 82,487,948 $ 96,349,766
============= ============ ============
Plan's Participation in Group Trust Funds:
Amount $ 491,965,179 $ 80,461,832 $ 96,279,512
============= ============ ============
Percent 99.93% 97.54% 99.93%
============= ============ ============
<CAPTION>
Money Market DLJ Stock Segregated
Fund Fund Fund Total
------------ ------------ -------- -------------
<S> <C> <C> <C> <C>
Collective Short-Term Investments $ 37,857,652 $ $ - $ 76,983,112
Mutual Funds - - - 20,761,513
Commercial Paper - - - 5,902,197
Government Bonds - - - 62,640,515
Corporate Bonds - - - 51,999,859
Preferred Stock - - - 0
Common Stock - 42,212,862 - 522,124,794
Loans to Participants - - - 4,910,152
------------ ------------ -------- -------------
37,857,652 42,212,862 - 745,322,142
Cash - - - (902,403)
Savings Bank Deposits - - 7,750 7,750
Contribution Receivable-Employer 496,404 - - 6,583,159
Accrued Dividends and Interest 151,051 449 - 1,806,567
Contribution Receivable-Employee 132,387 - - 889,507
Receivable for securities sold - - - 7,457,275
Other Receivables 572,739 - - 3,521,369
Interfund Receivable/(Payable) 1,854,300 32,509 - -
Payable for securities purchased - - - (9,641,278)
Other Payables - - - (563,306)
------------ ------------ -------- -------------
Net Assets Available For Employee Benefits $ 41,064,533 $ 42,245,820 $ 7,750 $ 754,480,782
============ ============ ======= =============
Plan's Participation in Group Trust Funds:
Amount $ 41,064,533 $ 42,245,820 $ 7,750 $ 752,024,626
============ ============ ======= =============
Percent 100.00% 100.00% 100.00% 99.67%
============ ============ ======= =============
</TABLE>
As of December 31, 1998, the Plan's investment in DLJ Common Stock was
$42,212,862, which exceeded 5% of net assets of the Plan.
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
NOTES TO FINANCIAL STATEMENTS
(7), Continued
The change in net assets available for employee benefits for the Trust under the
401(K) Retirement Savings Plan for Employees of Donaldson, Lufkin & Jenrette for
the year ended December 31, 1999 is as follows:
<TABLE>
<CAPTION>
FIDELITY FIDELITY
BLUE CHIP DIVIDEND FIDELITY FIDELITY
GROWTH GROWTH FREEDOM INCOME FREEDOM 2000
FUND FUND FUND FUND
---------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net realized gains (losses) from sale
of securities $ 25,801 $ (58,579) $ 44 $ 8,480
Net change in unrealized
appreciation (depreciation) of investments 1,309,860 (143,352) 538 30,133
Interest and Dividends 242,566 295,307 1,209 49,827
---------------- --------------- ---------------- ----------------
1,578,227 93,376 1,791 88,440
Administrative expenses (64) (38) (1) (1)
---------------- --------------- ---------------- ----------------
Net investment income (loss) 1,578,163 93,338 1,790 88,439
Contributions:
Employer 601,180 214,107 8,649 12,608
Employee 2,207,301 1,081,277 38,458 63,409
---------------- --------------- ---------------- ----------------
Total contributions 2,808,481 1,295,384 47,107 76,017
Benefits paid to participants (87,361) (130,367) - (8,530)
---------------- --------------- ---------------- ----------------
Net additions 4,299,283 1,258,355 48,897 155,926
Net Assets Available for Employee
Benefits:
Beginning of year - - - -
Net amounts transferred for loans (99,007) (7,133) (535) 105
Oustanding defaulted loans - - - -
Net interfund transfers 11,064,545 6,259,608 3,470 1,164,073
---------------- --------------- ---------------- ----------------
End of year $15,264,821 $7,510,830 $51,832 $1,320,104
================ =============== ================ ================
</TABLE>
<TABLE>
<CAPTION>
FIDELITY MONEY
MARKET TRUST:
FIDELITY FIDELITY FIDELITY RETIREMENT
FREEDOM 2010 FREEDOM 2020 FREEDOM 2030 MONEY MARKET
FUND FUND FUND PORTFOLIO
-------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net realized gains (losses) from sale
of securities $ 3,518 $ 350 $ 3,610 $ -
Net change in unrealized
appreciation (depreciation) of investments 47,864 109,120 72,453 -
Interest and Dividends 75,860 56,761 31,755 1,022,327
-------------- --------------- --------------- ----------------
127,242 166,231 107,818 1,022,327
Administrative expenses (1) (6) (4) (145)
-------------- --------------- --------------- ----------------
Net investment income (loss) 127,241 166,225 107,814 1,022,182
Contributions:
Employer 39,417 52,548 118,589 1,082,553
Employee 248,487 208,728 275,979 2,652,416
-------------- --------------- --------------- ----------------
Total contributions 287,904 261,276 394,568 3,734,969
Benefits paid to participants (456) (3,122) (324) (2,005,155)
-------------- --------------- --------------- ----------------
Net additions 414,689 424,379 502,058 2,751,996
Net Assets Available for Employee
Benefits:
Beginning of year - - - -
Net amounts transferred for loans 93 (27,035) (9,783) 286,579
Oustanding defaulted loans - - - -
Net interfund transfers 1,636,317 1,185,397 661,751 49,054,213
-------------- --------------- --------------- ----------------
End of year $2,051,099 $1,582,741 $1,154,026 $52,092,788
============== =============== =============== ================
</TABLE>
<TABLE>
<CAPTION>
FMTC SELECT
EQUITY SMALL VANGUARD
CAPITALIZATION INDEX TRUST
COLLECTIVE 500
TRUST PORTFOLIO
-------------- ---------------
<S> <C> <C>
INVESTMENT INCOME:
Net realized gains (losses) from sale
of securities $ (10,399) $ 28,300
Net change in unrealized
appreciation (depreciation) of investments 215,829 1,145,547
Interest and Dividends 2,502 165,098
-------------- ---------------
207,932 1,338,945
Administrative expenses (10) (59)
-------------- ---------------
Net investment income (loss) 207,922 1,338,886
Contributions:
Employer 55,254 587,496
Employee 512,744 3,320,537
-------------- ---------------
Total contributions 567,998 3,908,033
Benefits paid to participants (8,614) (137,461)
-------------- ---------------
Net additions 767,306 5,109,458
Net Assets Available for Employee
Benefits:
Beginning of year - -
Net amounts transferred for loans (27,154) (200,975)
Oustanding defaulted loans - -
Net interfund transfers 1,473,748 12,128,460
-------------- ---------------
End of year $2,213,900 $17,036,943
============== ===============
</TABLE>
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
NOTES TO FINANCIAL STATEMENTS
(7), Continued
<TABLE>
<CAPTION>
VANGUARD DLJ WINTHROP DLJ WINTHROP
INTERNATIONAL FIXED GROWTH &
VANGUARD/ GROWTH INCOME INCOME
WINDSOR II PORTFOLIO FUND FUND
-------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net realized gains (losses) from sale
of securities $ (116,217) $ 9,296 $ (479,487) $ (109,374)
Net change in unrealized
appreciation (depreciation) of investments (377,322) 363,329 (3,888,242) 31,996
Interest and Dividends 192,991 185,851 4,548,685 1,965,539
-------------- --------------- --------------- ----------------
(300,548) 558,476 180,956 1,888,161
Administrative expenses (8) (14) (289) (195)
-------------- --------------- --------------- ----------------
Net investment income (loss) (300,556) 558,462 180,667 1,887,966
Contributions:
Employer 71,140 134,302 433,195 468,205
Employee 436,623 742,536 1,122,709 1,240,693
-------------- --------------- --------------- ----------------
Total contributions 507,763 876,838 1,555,904 1,708,898
Benefits paid to participants (11,102) (4,101) (3,298,264) (1,219,432)
-------------- --------------- --------------- ----------------
Net additions 196,105 1,431,199 (1,561,693) 2,377,432
Net Assets Available for Employee
Benefits:
Beginning of year - - - -
Net amounts transferred for loans (34,761) (32,159) (245,698) (192,868)
Oustanding defaulted loans - - - -
Net interfund transfers 2,895,668 2,665,979 111,474,761 46,051,677
-------------- --------------- --------------- ----------------
End of year $3,057,012 $4,065,019 $109,667,370 $48,236,241
============== =============== =============== ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DLJ WINTHROP
INTERNATIONAL DLJ WINTHROP DLJ WINTHROP DLJ STOCK
EQUITY GROWTH HIGH INCOME FUND
FUND FUND FUND (NEW)
-------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net realized gains (losses) from sale
of securities $ 745 $ 4,163 $ (8,282) $ 672,839
Net change in unrealized
appreciation (depreciation) of investments 159,997 573,379 (14,289) (21,956,041)
Interest and Dividends 267,790 480,615 49,713 9,642
-------------- --------------- --------------- ----------------
428,532 1,058,157 27,142 (21,273,560)
Administrative expenses (15) (15) (2) (367)
-------------- --------------- --------------- ----------------
Net investment income (loss) 428,517 1,058,142 27,140 (21,273,927)
Contributions:
Employer 38,077 411,755 19,088 329,891
Employee 119,601 869,009 174,092 1,111,815
-------------- --------------- --------------- ----------------
Total contributions 157,678 1,280,764 193,180 1,441,706
Benefits paid to participants (3,334) (1,017) (11,330) (510,076)
-------------- --------------- --------------- ----------------
Net additions 582,861 2,337,889 208,990 (20,342,297)
Net Assets Available for Employee
Benefits:
Beginning of year - - - -
Net amounts transferred for loans (22,182) (12,288) (19,073) 23,620
Oustanding defaulted loans - - - -
Net interfund transfers 2,283,000 8,390,082 933,320 75,809,747
-------------- --------------- --------------- ----------------
End of year $2,843,679 $10,715,683 $ 1,123,237 $55,491,070
============== =============== =============== ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE/
FRONTIER GROWTH BALANCED
GROWTH FUND FUND
FUND (OLD) (OLD)
-------------- --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Net realized gains (losses) from sale
of securities $ 4,063,309 $ 27,816,474 $ 5,486,036
Net change in unrealized
appreciation (depreciation) of investments 90,670,248 (3,846,066) (2,843,792)
Interest and Dividends 507,151 661,204 424,697
-------------- --------------- ---------------
95,240,708 24,631,612 3,066,941
Administrative expenses (2,097) (179,741) -
-------------- --------------- ---------------
Net investment income (loss) 95,238,611 24,451,871 3,066,941
Contributions:
Employer 4,065,864 - -
Employee 8,222,707 17,731,968 2,862,217
-------------- --------------- ---------------
Total contributions 12,288,571 17,731,968 2,862,217
Benefits paid to participants (15,019,833) (3,222,921) (525,100)
-------------- --------------- ---------------
Net additions 92,507,349 38,960,918 5,404,058
Net Assets Available for Employee
Benefits:
Beginning of year - 492,324,965 82,487,948
Net amounts transferred for loans (2,819,209) - -
Oustanding defaulted loans - - -
Net interfund transfers 490,937,879 (531,285,883) (87,892,006)
-------------- --------------- ---------------
End of year $580,626,019 $ - $ -
============== =============== ===============
</TABLE>
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
NOTES TO FINANCIAL STATEMENTS
(7), Continued
<TABLE>
<CAPTION>
BOND DLJ MONEY MARKET
FUND STOCK FUND FUND SEGREGATED
(OLD) (OLD) (OLD) FUND
----------------- ----------------- ---------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Net realized gains (losses) from sale
of securities $ 2,297,549 $ 13,425,622 $(119,572) $ -
Net change in unrealized
appreciation (depreciation) of
investments (2,147,316) 16,485,517 -
Interest and Dividends 1,026,283 97,783 324,415 155
------------- ----------------- ------------------ ----------------
1,176,516 30,008,922 204,843 155
Administrative expenses - (84) 0 -
------------- ----------------- ------------------ ----------------
Net investment income (loss) 1,176,516 30,008,838 204,843 155
Contributions:
Employer - - - -
Employee 1,070,713 86,110 1,424,675 -
------------- ----------------- ------------------ ---------------
Total contributions 1,070,713 86,110 1,424,675 -
Benefits paid to participants (1,224,914) - (725,789) -
------------- ----------------- ------------------ ----------------
Net additions 1,022,315 30,094,948 903,729 155
Net Assets Available for Employee
Benefits:
Beginning of year 91,439,614 42,245,820 41,064,533 7,750
Net amounts transferred for loans (45,890) - 170,737 -
Oustanding defaulted loans - - - -
Net interfund transfers (92,416,039) (72,340,768) (42,138,999) -
------------- ----------------- --------------------- -------------
End of year $0 $0 $0 $7,905
============= ================= ===================== =============
<CAPTION>
DLJ
LOANS TO Profit Sharing
PARTICIPANTS TOTAL Portion
-------------------- -------------------- ------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Net realized gains (losses) from sale
of securities $ - $ 52,944,226 $ 52,865,018
Net change in unrealized
appreciation (depreciation) of investments 75,999,390 75,885,691
Interest and Dividends - 12,685,726 12,666,748
------------------- ------------------- ------------------
- 141,629,342 141,417,457
Administrative expenses - (183,156) (183,156)
------------------- ------------------- ------------------
Net investment income (loss) - 141,446,186 141,234,301
Contributions:
Employer - 8,743,918 8,743,918
Employee - 47,824,804 47,824,804
------------------- ------------------- ------------------
Total contributions - 56,568,722 56,568,722
Benefits paid to participants - (28,158,603) (28,158,603)
------------------- ------------------- ------------------
Net additions - 169,856,305 169,644,420
Net Assets Available for Employee
Benefits:
Beginning of year 4,910,152 754,480,782 752,024,626
Net amounts transferred for loans 3,314,616 - -
Oustanding defaulted loans (75,392) (75,392) (75,392)
Net interfund transfers - - -
------------------- ------------------- ------------------
End of year $8,149,376 $924,261,695 $921,593,654
=================== =================== ==================
</TABLE>
<PAGE>
(7), Continued
The change in net assets available for employee benefits for the Trust
under the 401(k) Retirement Savings Plan for Employees of Donaldson Lufkin &
Jenrette, Inc. for the year ended December 31, 1998 as follows:
<TABLE>
<CAPTION>
Balanced Money Market
Growth Fund Fund Bond Fund Fund
-------------- -------------- ------------- ------------
<S> <C> <C> <C> <C>
Investment income:
Net realized gains from sale
of securities $ 80,839,106 $ 4,660,792 $ 1,976,296 $ -
Net change in unrealized appreciation of
investments 40,171,184 1,656,518 508,762 -
Interest and dividends 2,965,994 2,786,196 5,238,653 1,705,773
-------------- -------------- ------------- ------------
123,976,284 9,103,506 7,723,711 1,705,773
Administrative expenses (179,851) - - -
-------------- -------------- ------------- ------------
Net investment income 123,796,433 9,103,506 7,723,711 1,705,773
-------------- -------------- ------------- ------------
Contributions:
Employer 4,581,837 557,052 216,930 428,576
Employee 29,202,343 5,272,874 1,848,365 1,234,231
-------------- -------------- ------------- ------------
Total contributions 33,784,180 5,829,926 2,065,295 1,662,807
Benefits paid to participants (14,531,126) (3,020,170) (3,986,890) (910,168)
-------------- -------------- ------------- ------------
Net additions 143,049,487 11,913,262 5,802,116 2,458,412
Net Assets Available For Employee
Benefits:
Beginning of year 387,647,292 75,327,925 93,608,209 29,813,992
Net interfund transfers (38,371,814) (4,753,239) (3,060,559) 8,792,129
-------------- -------------- ------------- ------------
End of year $ 492,324,965 $ 82,487,948 $ 96,349,766 $ 41,064,533
============== ============== ============ ============
<CAPTION>
DLJ 401(K)
Retirement Savings
DLJ Stock Segregated Plan's
Fund Fund Total Portion
-------------- ------------- --------------- --------------
<S> <C> <C> <C> <C>
Investment income:
Net realized gains from sale
of securities $ - $ - $ 87,476,194 $ 87,290,026
Net change in unrealized appreciation of
investments 4,820,571 - 47,157,035 47,056,675
Interest and dividends 41,762 173 12,738,551 12,711,439
-------------- ------------- --------------- --------------
4,862,333 173 147,371,780 147,058,140
Administrative expenses (9,996) - (189,847) (189,847)
-------------- ------------- --------------- --------------
Net investment income 4,852,337 173 147,181,933 146,868,293
-------------- ------------- --------------- --------------
Contributions:
Employer - - 5,784,395 5,784,395
Employee - - 37,557,813 37,557,813
-------------- ------------- --------------- --------------
Total contributions - - 43,342,208 43,342,208
Benefits paid to participants - - (22,448,354) (22,448,354)
-------------- ------------- --------------- --------------
Net additions 4,852,337 173 168,075,787 167,762,147
Net Assets Available For Employee
Benefits:
Beginning of year - 7,577 586,404,995 584,262,479
Net interfund transfers 37,393,483 - - -
-------------- ------------- --------------- --------------
End of year $ 42,245,820 $ 7,750 $ 754,480,782 $ 752,024,626
============ ======= ============= =============
</TABLE>
<PAGE>
401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON LUFKIN & JENRETTE, INC.
Notes to Financial Statements
(7), Continued
The change in unrealized appreciation of investments held in the Group Trust
Fund was $75,999,390 and $47,157,035 during 1999 and 1998, respectively, as
follows:
<TABLE>
<CAPTION>
1999 1998
------------ --------
<S> <C>
Change in unrealized appreciation (depreciation) of investments:
Government bonds $(2,200,305) $ 436,179
Corporate bonds and debentures (844,603) 603,046
Preferred stock - 15,030
Common stock 48,460,073 47,255,173
Mutual funds 30,368,194 (1,152,579)
Trusts 215,829 --
Short-term investments 202 186
----------- ------------
$75,999,390 $ 47,157,035
=========== ============
Plan's participation in Group Trust Fund's
Net unrealized appreciation $75,885,691 $ 47,056,675
=========== ============
</TABLE>
(8) Reconciliation of Financial Statements to Form 5500
---------------------------------------------------
At December 31, 1998, the Plan owed employees who were terminated during the
Plan year the value of their account balances as of the month end immediately
following termination. This amount, $2,632,614 was paid and charged against
net assets of the Plan subsequent to December 31, 1998. At December 31, 1999,
there were no benefits payable to terminated employees.
A reconciliation of the net assets of the Plan as reported and the net assets
of the Plan included in the Form 5500 is as follows:
<TABLE>
<CAPTION>
1999 1998
------------ -------------
<S> <C> <C>
Net assets per Statement of Net Assets available
for Plan Benefits $ 921,593,654 $ 752,024,626
Adjustment for benefits paid to terminated
Employees subsequent to end of year - (2,632,614)
------------- -------------
Net assets available to participants per Form 5500 $ 921,593,654 $ 749,392,012
============= =============
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
1999 1998
------------- ------------
Benefits paid to participants per the financial statements $ 28,158,603 $ 22,448,354
Add: Amounts allocated to withdrawing participants
at end of year - 2,632,614
Less: Amounts allocated to withdrawing participants
at beginning of year (2,632,614) (3,138,635)
------------- ------------
Benefits paid to participants per Form 5500 $ 25,525,989 $ 21,942,333
============= ============
</TABLE>
Amounts allocated to withdrawing participants are recorded on the 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.
<PAGE>
SCHEDULE 1
TRUST UNDER THE 401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Item 27a-Schedule of Assets Held for Investment Purposes
December 31, 1999
<TABLE>
<CAPTION>
Fair Value or
Number of Estimated
Shares/Units Fair Value
Security or Par Value Cost (Note 2)
-------------------- ------------ ---- --------
<S> <C> <C> <C>
Mutual Funds:
Fidelity Blue Chip Growth Fund * 242,959 $ 13,294,391 $ 14,604,251
Fidelity Dividend Growth Fund * 250,844 7,415,322 7,271,970
Fidelity Freedom Income Fund * 3,746 41,905 42,443
Fidelity 2000 Fund * 100,530 1,275,752 1,305,884
Fidelity 2010 Fund * 135,047 1,960,288 2,008,152
Fidelity 2020 Fund * 92,930 1,413,071 1,522,191
Fidelity 2030 Fund * 60,818 954,159 1,026,612
Vanguard Index Trust 500 Portfolio 120,952 15,222,856 16,368,404
Vanguard/Windsor II 119,197 3,353,677 2,976,354
Vanguard International Growth Portfolio 174,055 3,551,175 3,914,504
DLJ Winthrop Fixed Income Fund * 11,222,141 113,079,676 109,191,434
DLJ Winthrop Growth and Income Fund * 2,012,171 47,696,690 47,728,687
DLJ Winthrop High Income Fund * 113,058 1,114,343 1,100,053
DLJ Winthrop International Equity Fund * 197,553 2,639,326 2,799,323
DLJ Winthrop Growth Fund * 471,784 9,702,087 10,275,466
------------ ------------
Total Mutual Funds $ 222,714,718 $222,135,728
============= ============
Trusts:
FMTC Select Small
Capitalization
Collective Trust 171,292 $ 1,935,602 $ 2,151,431
============= =============
Loans to Participants 8,149,376 $ 8,149,376 $ 8,149,376
============= =============
</TABLE>
* Represents investment with a party-in-interest
<PAGE>
Schedule 1
TRUST UNDER THE 401(K) RETIREMENT SAVINGS
PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Item 27a - Schedule of Assets Held
for Investment Purposes
December 31, 1999
<TABLE>
<CAPTION>
--------------------------------------------------
Fair Value or
Number of Estimated
Shares/Units Fair Value
Security or Par Value Cost (Note 2)
-------- --------------------------------------------------
<S> <C> <C> <C>
Alliance/Frontier Growth Fund:
Alliance Mutual Fund * 48,465,460 485,584,068 525,202,567
----------- ----------- -------------
Frontier Holdings:
ADELPHIA COMMUNIC CORP 0 0 129,875
AES CORP 5,300.00 315,169 396,175
AFFILIATED COMPUTER SVCS A 11,700.00 428,654 538,200
AK STEEL HLDG CORP 21,978.00 399,225 414,835
ALTERA CORP 14,200.00 326,865 703,788
AMERICA ONLINE INC 3,700.00 246,238 279,119
AMERICAN INTL GROUP INC 3,875.00 280,868 418,984
AMFM INC 8,200.00 239,145 641,650
AMPHENOL CORP CL A 3,900.00 272,591 259,594
ANALOG DEVICES INC 6,900.00 361,311 641,700
APOLLO GROUP CL A 10,000.00 265,363 200,625
APPLIED MATERIALS INC 5,300.00 303,734 671,444
AT&T CORP-LIBERTY MEDIA GROUP CL A 8,500.00 294,116 550,475
ATLAS AIR INC 11,200.00 270,758 307,300
ATMEL CORP 29,200.00 333,203 863,225
BEST BUY CO INC 3,300.00 207,026 165,619
BT GOVT STIF FUND 0 0 0
CBS CORP 7,500.00 249,405 479,531
CHASE MANHATTAN CORP NEW 12,600.00 428,072 978,863
CIENA CORP 5,000.00 252,707 287,500
CIRCUIT CITY STORES INC 7,100.00 259,375 319,944
CISCO SYSTEMS INC 28,000.00 353,173 2,999,500
CITIGROUP INC 10,550.00 465,788 586,184
CLEAR CHANNEL COMM 16,200.00 966,520 1,445,850
CMG INC 500 111,269 138,438
COMCAST CL A SPECIAL 7,800.00 304,218 394,388
COMDISCO INC 9,000.00 300,745 335,250
COMPUWARE CORP 7,100.00 198,956 264,475
COMVERSE TECHNOLOGY INC 6,750.00 157,476 977,063
COSTCO WHOLESALE CORP 7,000.00 368,017 638,750
CYPRESS SEMI-CONDUCTOR CO 8,500.00 227,179 275,188
DANAHER CORP 19,400.00 334,442 936,050
DELL COMPUTER CORP 12,600.00 49,809 642,600
DEVON ENERGY CORP (COMM) 12,200.00 470,768 401,075
DII GROUP INC 6,000.00 235,180 425,813
ECHOSTAR COMMUNICATIONS C 5,900.00 441,025 575,250
ELAN CORP PLC ADR 14,400.00 334,972 424,800
</TABLE>
<PAGE>
TRUST UNDER THE 401(K) RETIREMENT SAVINGS
PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
<TABLE>
<CAPTION>
Fair Value or
Number of Estimated
Shares/Units Fair Value
Security or Par Value Cost (Note 2)
-------- -------------------------------------------------
<S> <C> <C> <C>
ELECTRONICS FOR IMAGING INC 8,400.00 401,412 488,250
EMC CORP 29,100.00 354,786 3,179,175
EXPRESS SCRIPTS INC CL A 3,100.00 209,744 198,400
FAMILY DOLLAR STORES INC 2,500.00 61,355 97,875
FISERV INC 13,350.00 405,043 511,472
GENERAL MOTORS CORP CL H 1,100.00 98,089 105,600
HEALTH MGMT ASSOC INC CL A 12,100.00 124,705 161,838
HEWLETT-PACKARD COMPANY 4,900.00 332,677 558,294
INFINITY BROADCASTING CRP CL A 15,625.00 146,373 565,430
INSIGHT COMMUNICATIONS INC 10,000.00 288,739 296,250
INTEL CORP 12,700.00 392,117 1,045,369
INTUIT INC 5,700.00 154,820 341,644
IRON MOUNTAIN INC (OLD) 4,400.00 131,757 172,975
ITC DELTACOM INC 10,200.00 240,621 281,775
IVAX CORP 15,500.00 316,549 399,125
LAMAR ADVERTISING CO CL A 4,900.00 109,841 296,756
LINENS N THINGS INC 15,100.00 232,191 441,413
LOWES CO INC 8,200.00 426,761 489,950
LSI LOGIC CORP 10,700.00 355,036 722,250
MASTECH CORP 2,700.00 64,692 14,850
MAXIM INTEGRATED PRODUCTS 20,000.00 230,386 943,750
MCI WORLDCOM INC (OLD) 20,700.00 681,074 1,098,394
MEDIAONE GROUP INC 1,200.00 44,137 92,175
MICROSOFT CORP 5,000.00 305,799 583,750
MIH LTD 0 0 33,000
MORGAN STANLEY DEAN WITTER & CO 800 76,525 114,200
MOTOROLA INC 2,400.00 174,644 353,400
NEXTCARD INC 2,200.00 63,423 0
NOKIA CORP PFD SPON ADR 12,000.00 208,158 2,280,000
NOVA CORP GA CO 10,600.00 311,932 334,563
O'REILLY AUTOMOTIVE 18,400.00 354,782 395,600
PARAMETRIC TECHNOLGY CORP 13,900.00 242,366 376,169
PARK PLACE ENTERTAINMENT 6,000.00 80,787 75,000
PATTERSON DENTAL CO 5,700.00 187,826 242,963
PENTAIR INC 6,200.00 255,327 238,700
PERKINELMER INC 4,200.00 160,880 175,088
PMC-SIERRA INC 8,600.00 151,726 1,378,688
</TABLE>
<PAGE>
TRUST UNDER THE 401(K) RETIREMENT SAVINGS
PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
<TABLE>
<CAPTION>
Fair Value or
Number of Estimated
Shares/Units Fair Value
Security or Par Value Cost (Note 2)
-------- -------------------------------------------------
<S> <C> <C> <C>
QUALCOMM INC 1,600.00 79,978 281,800
QWEST COMMUNICATIONS INTL 3,800.00 146,313 163,400
REMEDY CORP 5,900.00 251,269 279,513
ROYAL CARRIBEAN CRUISES LTD 4,000.00 181,119 197,250
RYANAIR HOLDINGS PLC SPON ADR 1,900.00 90,153 104,738
SAFEGUARD SCIENTIFICS INC 3,400.00 237,006 551,013
SANMINA CORP 9,600.00 344,491 958,800
SOLECTRON CORP 15,500.00 151,846 1,474,438
SPRINT CORP 6,700.00 317,308 450,994
SPX CORPORATION 1,800.00 123,288 145,463
SUN MICROSYSTEMS INC 8,000.00 181,959 619,500
SUNGARD DATA SYSTEMS INC 4,600.00 136,261 109,250
SYBRON INTERNATIONAL INC 13,600.00 202,980 335,750
SYLVAN LEARNING SYSTEMS 12,900.00 328,026 167,700
TELEPHONE & DATA SYSTEMS 1,300.00 159,706 163,800
TELLABS INC 6,600.00 139,709 423,638
TERADYNE INC 6,900.00 250,881 455,400
TEXAS INSTRUMENTS INC 11,000.00 415,168 1,065,625
TIME WARNER INCORPORATED 5,100.00 336,618 369,431
TRIBUNE CO 2,200.00 111,826 121,138
UNITEDGLOBALCOM INC CL A 1,600.00 84,864 113,000
USA NETWORKS INC 1,400.00 65,866 77,350
VISHAY INTERTECHNOLOGY INC 14,000.00 345,553 442,750
WARNER-LAMBERT CO 5,700.00 425,132 467,044
WATERS CORP 7,700.00 254,652 408,100
WINSTAR COMMUNICATIONS INC 1,000.00 59,655 74,875
XILINX INC 27,200.00 290,659 1,236,738
--------------------------------------
Total Common Stocks 25,142,728 51,051,749
--------------------------------------
Total Alliance/Frontier Growth Fund $510,726,796 $576,254,316
======================================
</TABLE>
* Represents investment with a party-in-interest.
<PAGE>
SCHEDULE 1 (CONT'D)
TRUST UNDER THE 401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Item 27a-Schedule of Assets Held for Investment Purposes
<TABLE>
<CAPTION>
Fair Value
Number of or Estimated
Shares/Units Fair Value
or par value Cost (Note 2)
---------------- ------------- --------------
SECURITY:
--------
<S> <C> <C> <C>
DLJ Stock Fund:
Common Stocks:
Financial:
Banks & Other Financial Services:
Donaldson, Lufkin & Jenrette, Inc. * 6,365,652 $42,317,628 $ 52,386,330
----------- ------------
Total Financial $ 42,317,628 $ 52,386,330
============ ============
</TABLE>
* Represents investment with a Party-in-interest
<PAGE>
SCHEDULE 2
TRUST UNDER THE 401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Item 27a-Schedule of Assets Held for Investment Purposes
Which Were Both Acquired and Disposed of Within the Plan Year
December 31, 1999
<TABLE>
<CAPTION>
Shares Shares Cost of Proceeds from
Acquired Disposed Acquisitions Dispositions
-------- -------- ------------ ------------
<S> <C> <C> <C> <C>
DESCRIPTION
None
</TABLE>
<PAGE>
SCHEDULE 3
TRUST UNDER THE 401(K) RETIREMENT SAVINGS PLAN FOR EMPLOYEES OF
DONALDSON, LUFKIN & JENRETTE, INC.
Item 27d-Schedule of Reportable Transactions
For the Year Ended December 31, 1999
** No Reportable Transactions**
Reportable transactions, for the purposes of this schedule are:
(a) A single transaction within the plan year in excess of 5% of the
current value of the plan assets.
(b) Any transaction within the plan year involving securities of the same
issue if within the plan year any series of transactions with respect to
such securities amount in the aggregate to more than 5% of the current
value of the plan assets.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned,
hereunto duly authorized.
401(K) Retirement Savings Plan
for Employees of
Donaldson, Lufkin & Jenrette, Inc.
Date: 6/28/00 By: /s/ Paul Barry
------------------------------------
Paul Barry
PLAN ADMINISTRATOR
