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