================================================================================
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, 2000 Commission file number 1-9553
OR
/ / Transition Report Pursuant to Section 15(d) of the Securities Exchange
Act of 1934
CBS EMPLOYEE INVESTMENT FUND
--------------------------------------------------------------------------------
(Full title of the plan)
VIACOM INC.
--------------------------------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
1515 Broadway
New York, New York 10036
--------------------------------------------------------------------------------
(Address of principal executive offices)
================================================================================
CBS EMPLOYEE INVESTMENT FUND
--------------------------------------------------------------------------------
TABLE OF CONTENTS
-----------------
Page
----
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits
As of December 31, 2000 and 1999 2
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2000 3
Notes to Financial Statements 4-13
SUPPLEMENTAL SCHEDULES:
Schedule of Assets Held for Investment Purposes at End of Year S1-S22
Schedule of Reportable Transactions
For the Year Ended December 31, 2000 S23
All other schedules are omitted as not applicable or not required.
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: June 8, 2001 By: /s/ Barbara Mickowski
------------------------
Barbara Mickowski
Member of the Retirement Committee
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, 2000 and
1999, and the related statement of changes in net assets available for benefits
for the year ended December 31, 2000. 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 auditing standards generally accepted
in the United States of America. 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, 2000 and 1999, and the changes in net assets available for benefits
for the year ended December 31, 2000 in conformity with accounting principles
generally accepted in the United States of America.
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 at end of year 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, 2000, 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
June 8, 2001
1
CBS EMPLOYEE INVESTMENT FUND
Statements of Net Assets Available for Benefits
As of December 31, 2000 and 1999
--------------------------------------------------------------------------------
(in thousands)
2000 1999
---- ----
ASSETS
Investments:
Investments, at fair value $ 789,482 $ 947,557
Investments, at contract value 381,207 417,395
Loans to participants 16,751 17,596
---------- ----------
Total investments 1,187,440 1,382,548
---------- ----------
Cash -- 261
Employer's contributions receivable 991 988
Employees' contributions receivable 969 1,134
Interest and dividends receivable 80 72
Receivable from brokers for unsettled trades -- 1,966
---------- ----------
Total assets 1,189,480 1,386,969
---------- ----------
LIABILITIES
Payable to brokers for unsettled trades 1,850 1,471
Other liabilities 522 80
---------- ----------
Total liabilities 2,372 1,551
---------- ----------
Net assets available for benefits $1,187,108 $1,385,418
========== ==========
The accompanying notes are an integral part of these financial statements.
2
CBS EMPLOYEE INVESTMENT FUND
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2000
--------------------------------------------------------------------------------
(in thousands)
ADDITIONS
Contributions:
Employer $ 15,726
Employee 41,607
-----------
57,333
-----------
Investment income:
Dividends 5,803
Interest 26,456
Net (depreciation) of investments (118,442)
------------
Investment income, net (86,183)
------------
Transfers from Westinghouse Savings Program 8,252
-----------
Total additions (20,598)
------------
DEDUCTIONS
Benefits paid to participants 88,170
Administrative expenses 936
Transfers to Infinity Broadway Corporation
Employees' 401(k) Plan 88,606
-----------
Total deductions 177,712
-----------
Net (decrease) (198,310)
Net assets available for benefits,
beginning of year 1,385,418
-----------
Net assets available for benefits,
end of year $ 1,187,108
===========
The accompanying notes are an integral part of these financial statements.
3
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The CBS Employee Investment Fund ("the Plan") was established by CBS
Broadcasting Inc. (the "Company") (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"). Viacom became
the sponsor of the Plan effective with the merger. The Viacom Retirement
Committee serves as the plan administrator.
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).
Participants should refer to the Plan document for a complete
description of the Plan.
Plan Amendments
---------------
Effective January 1, 2000, the Plan was amended to allow all active
employees of the Westinghouse Savings Program, another qualified plan
sponsored by the Company, to become participants of the Plan.
Effective January 1, 2000, the Plan was amended to provide for certain
participants of the Plan to be transferred to the Infinity Broadcasting
Corporation Employees' 401(k) Plan, another qualified plan sponsored by
a Viacom subsidiary.
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.
Investment Options
------------------
The Plan had eleven investment options, which were: 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
4
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN (continued)
Investment Options (continued)
------------------
Fund, Company Stock Fund, 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.
On February 14, 2001, Infinity Broadcasting merged into Viacom. Pursuant
to the merger, each share of Infinity stock held in the Infinity Stock
Fund was converted into 0.592 of shares of Viacom Class B Common Stock,
and the Infinity Stock Fund was merged into the Viacom Stock Fund.
Employees are allowed to transfer balances among any of the fund
options in increments of 1%.
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;
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.
Participant Loans
-----------------
Additionally, the Plan maintains a Loan Provision Fund for 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
5
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN (continued)
Participant Loans (continued)
-----------------
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.
Contributions
-------------
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 $10,500. 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. Allocations to the funds may be made in 1 percentage
point 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
2000 and 1999, the Company match equaled 80% and 50% of each $1.00
contributed on a before-tax basis, respectively, 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.
6
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN (continued)
Distribution
------------
Upon termination, participants have the option of receiving the balance in
their accounts in cash, monthly or annual 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 and for plan expenses.
At December 31, 2000 and 1999, forfeited non-vested amounts were
$180,406 and $52,000, 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.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
-------------------
The financial statements of the Plan have been prepared under the
accrual method of accounting.
Investment Valuation
--------------------
An individual participant's interest in the funds of the Plan is
represented by the dollar value of the participant's individual
account.
Investments, except for certain guaranteed annuity and investment
contracts, are stated at
7
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Investment Valuation (continued)
--------------------
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.
Payment of Benefits
-------------------
Benefits are recorded when paid.
Use of Estimates
----------------
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
the Plan Administrator to make estimates and assumptions that affect
the reported amounts and disclosures. Accordingly, actual results could
differ from those estimates.
Reclassifications
-----------------
Certain 1999 information has been reclassified to conform with the 2000
presentation.
8
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
3. INVESTMENTS
Investments held by the Plan at December 31, 2000 and 1999 are
summarized by their fair and contract values in the following table:
December 31,
--------------------------
2000 1999
---------- ----------
(in thousands)
Investments at Fair Value as
Determined by Quoted Market Prices
Common stocks $ 203,871(A) $ 237,792(A)
Preferred stock 637 -
U.S. Government securities 4 -
Registered investment companies 104,506 109,124
Investments at Estimated Fair Value
Common collective trusts 480,464 600,641
Investments at Contract Value
Value of interest in unallocated
insurance contracts 381,207 417,395
---------- ----------
$1,170,689 $1,364,952
========== ==========
(A) Includes common stock of related parties, Viacom ($170,657) and
Infinity Broadcasting ($15,563) in 2000 and CBS Corp. ($192,819)
and Infinity Broadcasting ($17,851) in 1999.
Investments that represent 5 percent or more of the Plan's Net Assets are
listed in the following table:
December 31,
--------------------------
2000 1999
---------- ----------
(in thousands)
CBS Corporation Common Stock $ - $ 192,819
Viacom Inc. Class B Common Stock 170,657 -
Barclay Equity Index Fund 420,766 48,520
Vanguard Star Fund - 59,796
Monumental Life Ins Co. - 60,447
State Street Bank and Trust 65,393 66,750
9
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
3. INVESTMENTS (continued)
The net (depreciation) in the fair value of investments is summarized
as follows:
Year Ended
December 31, 2000
-----------------
(in thousands)
Investments at Fair Value as Determined
by Quoted Market Prices
Common stocks $ (68,634)
Registered investment companies (2,275)
Investments at Estimated Fair Value
Common collective trusts (47,533)
----------
$ (118,442)
==========
The Plan has a number of benefit-responsive investment contracts with
certain insurance companies. At December 31, 2000 and 1999, the Plan
held $381 million and $417 million, respectively, of unallocated
insurance contracts. These contracts are recorded at their contract
values. The relevant contract and fair value information is summarized
below:
2000: (in thousands)
----------------------------------------------------------------------------------------------------------
Effective Interest Contract Fair
Investment Contracts Date Rate Value Value
----------------------------------------------------------------------------------------------------------
Allstate Life Ins. Co. 01/08/98 6.04% $ 48,684 $ 48,424
Allstate Life Ins. Co. 08/16/96 6.67% 10,532 10,550
Chase 06/10/99 6.66% 38,261 39,700
John Hancock Life Ins. (Fixed) 12/01/95 6.00% 7,489 7,480
John Hancock Life Inc. (Variable) 06/10/97 5.27% 9,051 8,940
John Hancock Life Ins. 03/05/98 5.84% 29,222 29,506
John Hancock Life Ins. (MBIA) 01/13/99 6.00% 23,717 23,686
Monumental Life Ins. Co. 07/01/00 6.65% 29,935 29,982
New York Life Ins. Co. 07/01/94 7.25% 4,574 4,656
New York Life Ins. Co. 09/08/94 7.35% 8,761 8,969
New York Life Ins. Co. (MBIA) 01/13/99 7.25% 14,455 14,710
Prudential (MBIA) 06/30/95 6.26% 35,120 35,204
State Street Bank & Trust 08/19/98 6.39% 65,393 66,309
UBS 11/23/99 6.89% 56,013 56,544
----------------------------------------------------------------------------------------------------------
Total $ 381,207 $ 384,660
==========================================================================================================
10
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
3. INVESTMENTS (continued)
1999: (in thousands)
----------------------------------------------------------------------------------------------------------
Effective Interest Contract Fair
Investment Contracts Date Rate Value Value
----------------------------------------------------------------------------------------------------------
Allstate Life Ins. Co. 01/08/96 6.67% $ 10,536 $ 10,553
Allstate Life Ins. Co. 01/08/98 5.45% 53,061 51,256
Chase 06/01/99 5.82% 34,042 33,568
John Hancock Mutual Life 01/13/99 6.15% 41,747 40,826
John Hancock Mutual Life 01/13/99 7.00% 22,373 21,994
Monumental Life Ins. Co. 03/27/97 7.00% 60,447 58,630
New York Life Ins. Co. 07/01/94 7.45% 14,347 14,466
New York Life Ins. Co. 07/01/94 7.55% 8,481 8,563
New York Life Ins. Co. 01/13/99 7.25% 37,979 39,115
Prudential (MBIA) 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
----------------------------------------------------------------------------------------------------------
4. 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 counsel believe that
the Plan is designed and is currently being operated in compliance with
the applicable requirements of the IRC. Viacom filed, with the IRS,
an application for a new determination letter on May 1, 2001.
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.
11
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
5. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits
per the financial statements to Form 5500:
December 31,
----------------------------------
2000 1999
--------------- ---------------
(in thousands)
Net assets available for benefits per the financial
statements $ 1,187,108 $ 1,385,418
Amounts allocated to withdrawing participants (243) (200)
------------ --------------
Net assets available for benefits per Form 5500 $ 1,186,865 $ 1,385,218
============ ==============
The following is a reconciliation of benefits paid to participants per
the financial statements to Form 5500:
Year Ended
December 31, 2000
-----------------
(in thousands)
Benefits paid to participants per the financial
statements $ 88,170
Add: Amounts allocated to withdrawing participants
during the year 243
Less: Amounts allocated to withdrawing participants
during the previous year (200)
--------
Benefits paid to participants per Form 5500 $ 88,213
========
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.
6. 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.
12
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
--------------------------------------------------------------------------------
7. SUBSEQUENT EVENTS
Effective January 1, 2001, the King World Productions, Inc. Retirement
Savings Plan was merged into the Plan. On January 2, 2001, assets for
155 participants were transferred to the Plan. The market value of the
assets at that time was approximately $22,000,000.
13
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
INTEREST - BEARING CASH
-----------------------
CANADIAN DOLLAR TRADING $ 406 $ 406
------------------- --------------------
TOTAL INTEREST BEARING-CASH 406 406
------------------- --------------------
COMMON/COLLECTIVE TRUSTS
------------------------
SPAIN FD INC COM 12,282 7,621
CASH HELD AT WELLS FARGO BANK 175 175
TBC INC POOLED EMPLOYEE FUNDS DAILY LIQUIDITY FUND 16,563,231 16,563,231
STATE STREET EAFE FUND 10,333,970 9,958,277
BARCLAY EQUITY INDEX FUND F 316,398,340 420,766,092
J P MORGAN ACTIVE US EQUITY FD 30,726,701 33,168,914
------------------- --------------------
TOTAL COMMON/COLLECTIVE TRUSTS 374,034,699 480,464,310
------------------- --------------------
U.S GOVT SECURITIES
-------------------
U S TREASURY BILL 03/29/2001 DD 09/28/2000 4,960 4,960
------------------- --------------------
TOTAL U.S GOVT SECURITIES 4,960 4,960
------------------- --------------------
UNALLOCATED INSURANCE CONTRACTS
-------------------------------
ALLSTATE LIFE INS CO 10,531,996 10,531,996
6.67% 04/11/2001 DD 08/16/96
ALLSTATE LIFE INS CO CONTRACT 48,684,387 48,684,387
6.04% 08/15/2003 DD 01/08/98
CHASE SYNTH #401811 38,260,607 38,260,607
6.66% 02/14/2004 DD 06/01/99
JOHN HANCOCK MBIA INSD 8379 23,715,717 23,715,717
6.00% 06/03/2001 DTD 01/13/99
JOHN HANCOCK MUTUAL LIFE #8379 45,762,328 45,762,328
5.84% - 6.00% 06/30/2001
NEW YORK LIFE GAC #GA-06563002 4,574,055 4,574,055
7.25% 04/19/2003 DD 07/01/94
NEW YORK LIFE GIC #GS-06563 8,761,421 8,761,421
7.35% 04/19/2003
NEW YORK LIFE MBIA INS#6563002 14,455,523 14,455,523
7.25% 04/19/2003 DTD 01/13/99
STATE STREET BANK & TRUST GIC 65,392,686 65,392,686
6.39% 8/19/2003 DD 8/19/98
TRANSAMERICA LIFE INS #76894 29,934,887 29,934,887
6.65% 12/31/2099 DD 03/01/99
S1
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
UBS AG CONTRACT #5034 56,013,395 56,013,395
5.90% 11/22/2005 DD 11/23/99
PRUDENTIAL GP ANTY GA-8086-211 35,119,678 35,119,678
6.39% 07/01/2001 DD 06/30/95
------------------- --------------------
TOTAL UNALLOCATED INSURANCE CONTRACTS 381,206,680 381,206,680
------------------- --------------------
PARTICIPANT LOANS
-----------------
LOANS TO PARTICIPANTS 6.5% 0 16,750,766
------------------- --------------------
TOTAL PARTICIPANT LOANS 0 16,750,766
------------------- --------------------
CORPORATE STOCK-PREFERRED
-------------------------
CARLTON COMMUNICATIONS PLC ADR. 23,375 22,875
ESPIRITO SANTO OVERSEAS LTD 8 1/2% NON CUM GAUR PREF SHS B 26,832 26,832
REPSOL INTL CAP LTD PFD 7.45% SER A 31,269 33,563
AS EKSPORTFINANS PFD ADR SER 8.70% 39,966 41,100
ANZ EXCH PFD TR II TR UNIT EXCH NON CUM PREF SHS 23,751 24,688
ABN AMRO CAP FDG TR I GTD TR NON-CUMULATIVE PFD SECS 7.5% 23,061 24,250
AMERICAN ANNUITY GROUP CAP TR ORIGINATED PFD SECS 9.25% 25,129 24,125
AMERICAN RE CAP GTD QUARTERLY INCOME PFD SECS 8.5% 25,066 24,938
BERGEN CAP TR I TOPRS 7.80% 11,375 15,000
EQUITY RESDTL PPTYS TR PFD SBI SER A 9.375% 24,064 24,750
FARMERS GRP CAP GTD QUARTERLY INCOME PFD SECS A% 24,878 24,875
FIRST INDL RLTY TR DEPST PFD D 20,618 20,563
GREAT-WEST LIFE & ANNTY INS CAP SUB CAP INCOME SECS 22,341 23,125
HERCULES TR TOPRS 9.42% 25,693 17,500
HOUSEHOLD CAP TR ORIGINATED PF SECS 8.70% 25,066 25,125
NEXEN INC CDN ORIGINATED PFD SECS 9.75% CORPS 26,257 23,938
NORTEL INVERSOTA S A SPONSORED ADR REPSTG PFD SER B 137 48
NOVA CHEMICALS CORP PFD SECS 9.040% 25,380 10,918
OMEGA HEALTHCARE INVS INC PFD SER A 9.25% 22,873 13,250
PLACER DOME INC CDN ORIGINATED PFD SER A 8.625% 24,126 19,375
PROLOGIS TR PFD SH BEN INT SER A 24,252 23,250
ROYAL BK SCOTLAND GRP PLC SPON ADR SER J REPSTG PREF J 25,066 25,312
SHAW COMMNS US$ CDN ORIGINATED PFD SECS SER A 25,380 22,563
SUNCOR INC US$ PFD SECS 9.125% 25,693 25,125
TRANSCANADA CAP TOPR 8.75% 51,010 50,375
UNUMPROVIDENT PFD 8.8% SER A 24,941 24,812
WESTPAC CAP TR I 8% TOPICS 24,126 24,500
------------------- --------------------
TOTAL CORPORATE STOCK-PREFERRED 671,725 636,775
------------------- --------------------
S2
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
REGISTERED INVESTMENT COMPANIES
-------------------------------
AIM EQUITY FDS INC CONSTELLATI FD CL A SHS 2,703 2,325
ALLIANCE PREMIER GROWTH FD CL A 8,598 7,756
ALLIANCE UTIL INCOME FD INC CL C 63,355 61,885
AMERICAN CENTY CAP PORTFOLIO INC EQUITY INCOME FD INV 51,775 54,712
AMERICAN CENTY CAP PORTFOLIOS INC VALUE FD INV 50,846 52,859
AMERICAN CENTY MUT FDS ULTRA TWENTIETH CENTY ULTRA FD INV 67,632 62,892
BARON ASSET FUND SH BEN INT 179,173 175,997
BERGER INVT PORTFOLIO TR MID CAP GROWTH FD 28,540 20,103
CORPORATE HIGH YIELD FD III INC COM 49,878 35,750
DFA INVT DIMENSIONS GROUP INC U S 6-10 SMALL CO PORTFOLIO 23,565,498 21,860,346
DAVIS N Y VENTURE FD INC CL C 61,545 54,887
* DREYFUS 100% US TREAS MM FD 2,739,011 2,739,011
* DREYFUS/LAUREL PREM MIDCAP A PREMIER MIDCAP STK FD CL A 24,230 20,350
* DREYFUS/LAUREL DISC STK FD R 3,451 3,547
* DREYFUS GROWTH & VALUE FDS INC PREIMER TECHN GROWTH FD CL R 60,974 39,155
* DREYFUS TECHNOLOGY GROWTH FD 200,909 192,638
* DREYFUS NEW LEADERS FUND INC 5,690 6,282
FIDELITY INVT TR NORDIC FD 30,231 24,414
FIDELITY COMWLTH TR LARGE CAP STK FD 8,322 6,759
FIDELITY ADVISOR SER VII TECH FD T 3,629 1,874
FIDELITY CHARLES STR TR ASSET MANAGER 35,360 33,488
FIDELITY EQUITY INCOME FD SH BEN INT 1,043 1,068
FIDELITY HASTINGS STR TR GROW& INC II PORTFOLIO 3,533 3,389
FIDELITY MT VERNON STR TR GROWTH CO FD 20,526 15,457
FIDELITY MT VERNON STR TR GROWTH CO FD 60,178 43,226
FIDELITY SECS FD OTC PORTFOLIO 11,971 7,655
FIDELITY SECS FD GROWTH & INCOME PORTFOLIO 37,276 36,124
FIDELITY SECS FD BLUE CHIP GROWTH FD 18,201 16,438
FIDELITY SELECT PORTFOLIOS TECHNOLOGY PORTFOLIO 85,833 63,412
FIDELITY SELECT PORTFOLIOS HEALTH CARE PORFOLIO 6,009 7,059
FIDELITY SELECT PORTFOLIO INS PORTFOLIO 20,556 22,148
FIDELITY SELECT PORTFOLIOS DEVELOPING COMMNTS PORTFOLIO 47,397 36,360
FIDELITY SELECT PORTFOLIOS BIOTECHNOLOGY PORTFOLIO 30,131 24,815
FIDELITY SELECT PORTFOLIOS SOFTWARE & COMPUTER SVCS PORTF 7,967 4,837
FIDELITY SELECT PORTFOLIOS TELECOMMUNICATIONS PORTFOLIO 12,644 7,856
FIDELITY SELECT PORTFOLIOS BROKERAGE &INVT MGMT PORTFOLI 3 4
FIDELITY SELECT PORTFOLIOS ELE PORTFOLIO 91,068 57,997
FIDELITY SELECT PORTFOLIOS COMPUTERS PORTFOLIO 19,256 18,068
FIDELITY UN STR TR EXPORT CO FD 3,513 3,341
S3
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
FIRSTHAND FDS TECHNOLOGY VALUE FD 49,748 27,443
FRANKLIN REAL ESTATE SECS TR SH BEN INT CL I 6,807 7,621
FRANKLIN REAL ESTATE SECS TR SBI ADVISOR CL 14,368 15,742
H & Q LIFE SCIENCES INVESTORS SH BEN INT 20,031 19,410
INVESCO SECTOR FDS INC TECHNOLOGY FD CL 11 20,513 12,141
INVESCO SECTOR FDS INC TELECOMMUNICATIONS FD INV CL 8,274 6,201
INVESCO COMBINATION STK&BD FDS INC BALANCED FD 4,085 4,033
JANUS INVT FD SH BEN INT 105,120 105,696
JANUS INVT FD GROWTH & INCOME FD 7,290 6,808
JANUS INVT FD WORLDWIDE FD 220,792 188,504
JANUS INVT FD TWENTY FD 166,401 156,558
JANUS INVT FD STRATEGIC VALUE FD 8,302 8,082
JANUS INVT FD GLOBAL TECH FD 119,286 94,412
JANUS INVT FD GLOBAL LIFE SCIENCES FD 109,060 98,443
JANUS INVT FD SPL SITUATIONS FD 3,798 3,465
JANUS INVT FD OLYMPUS FD 194,677 162,797
JANUS INVT FD ENTERPRISE FD 157,780 99,454
JANUS INVT FD MERCURY FD 115,939 94,761
JANUS INVT FD BALANCED FD 4,739 4,730
KAUFMANN FD INC COM 68,726 55,235
LOOMIS SAYLES FDS MID-CAP GROWTH FD RETAIL CL 25,368 23,263
LORD ABBETT MID CAP VALUE FD INC COM 43,104 44,995
MUNDER FRAMLINGTON FDS TR HEALTHCARE FD CL A SHS 5,942 5,090
MUNDER FDS INC FUTURE TECHN FD CL A 4,930 2,209
MUNDER FDS INC NETNET FD CL A 110,525 63,821
NASDAQ 100 TR UNIT SER 1 335,456 234,959
NAVELLER PERFORMANCE FDS MID CAP GR PORTFOLIO 23,829 29,926
NAVELLER PERFORMANCE FDS AGGRESSIVE SMALL CAP PORTFOLIO 2,905 2,504
NAVELLIER PERFORMANCE FDS LARGE CAP GROWTH PORTFOLIO 8,402 7,161
NEUBERGER & BERMAN EQUITY FDS GENESIS FD 10,591 12,647
NEW PERSPECTIVE FD INC COM 31,008 29,131
OPPENHEIMER GLOBAL GROWTH & INCOME FD CL C 31,042 25,205
OPPENHEIMER CHAMPION INC FD A 25,842 20,971
OPPENHEIMER DEVELOPING MKTS FD CL C 31,190 26,193
PBHG FDS INC SELECT EQUITY FD 289,790 158,608
PBHG FDS INC TECHNOLOGY & COMMUNICATIONS FD 174,930 72,372
PBHG FDS INC STRATEGIC SMALL CO FD PBHG CL 28,827 26,210
PBHG FDS INC MED CAP VALUE FD PBHG CL 7,872 7,734
PBHG FDS INC CORE GROWTH FD 27,889 21,040
* DREYFUS S&P MIDCAP INDEX 30,769 30,367
PILGRIM MUT FDS LARGE CAP GRWOTH FD CL A 12,914 10,627
PILGRIM MUT FDS WORLDWIDE GRTH FD CL C 85,954 59,163
S4
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
PILGRIM MUT FDS INTL SMALL CAP GROWTH FD CL C 32,143 24,183
PRICE T ROWE GROWTH STK FD INC COM 37,032 32,740
PRUDENTIAL SECTOR FDS INC HEALTH SCIENCES FD CL A 2,926 2,429
PUTNAM FD FOR GROWTH & INCOME CL A SHS 20,633 21,460
PUTNAM FDS TR NEW CENTURY GROWTH FD CL A 19,323 10,423
PUTNAM GLOBAL GROWTH FD INC 28,166 19,111
PUTNAM GLOBAL GROWTH FD INC CL SHS 34,214 23,268
PUTNAM INVT FDS GROWTH OPPTYS FD CL A 29,825 22,929
PUTNAM VISTA FD INC COM 30,355 23,502
RCM EQUITY FDS INC DRESDNER RCM BIOTECHNOLOGY FD 4,004 3,649
RS INVT TR EMERGING GROWTH FD 145,384 81,594
RESERVE PRIVATE EQ SER SMALL CAP GROWTH FD CL R 14,035 10,153
ROWE T PRICE BLUE CHIP GROWTH FD INC COM 11,921 13,844
ROWE T PRICE DIVID GROWTH FD INC COM 5,805 5,833
ROWE T PRICE EQUITY INCOME FD SH BEN INT 80,279 72,821
ROWE T PRICE MID CAP GROWTH FD INC COM 12,003 14,790
ROWE T PRICE INTL FDS INC INTL DISCOVERY FD 17,279 11,945
ROWE T PRICE SCIENCE & TECH FD INC CAP STK 17,428 9,679
RYDEX SER TR OTC FD 73,606 44,703
RYDEX SER TR BIOTECHNOLOGY FD INVS CL 6,382 7,110
SCUDDER INTL FD INC GREATER EUROPE GROWTH FD 1,522 1,865
SECTOR SPDR TR SBI BASIC INDS 7,034 8,569
SELIGMAN COMMUNICATIONS & INFORMATION FD INC CL A SHS 63,779 32,953
SOUND SHORE FD INC COM 50,000 50,269
STRONG EQUITY FDS INC MID CAP GROWTH FD 26,073 23,141
STRONG ASIA PAC FD INC COM 2,098 1,307
VAN KAMPEN EQ TRII TECH FD CL C 10,100 7,556
VAN WAGONER FDS INC MICRO-CAP FD 51,999 41,581
VAN WAGONER FDS INC EMERGING GROWTH FDS 106,268 76,886
VAN WAGONER FDS INC POST VENTURE FD 24,566 16,091
VANGUARD STAR FD CONSERVATIVE GROWTH PORTFOLIO 7,190,575 7,129,764
VANGUARD STAR FD MODERATE GROWTH PORTFOLIO 47,823,317 52,671,788
VANGUARD STAR FD GROWTH PORTFOLIO 15,393,847 15,591,930
VANGUARD WORLD FD U S GROWTH PORTFOLIO 30,240 23,105
VANGUARD EQUITY INC FD GROWTH EQUITY FD 15,000 12,624
VANGUARD EXPLORER FD INC COM 12,875 9,920
VANGUARD/PRIMECAP FD INC COM 22,000 18,137
VANGUARD/WINDSOR FD INC II VANGUARD/WINDSOR II PORTFOLIO 5,081 4,486
VANGUARD INTL EQUITY INDEX FD INC PAC PORTFOLIO 274,620 271,326
WARBURG PINCUS JAPAN GROWTH FD 8,435 3,161
WASATCH ADVISORS FDS INC MICRO-CAP FD 31,092 32,039
WASHINGTON MUT INVS FD INC COM 6,690 5,932
S5
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
WIRELESS FD SHS 10,365 5,520
YACKMAN FD INC COM 57,250 53,812
ZWEIG FD INC 44,235 44,156
------------------- --------------------
TOTAL REGISTERED INVESTMENT COMPANIES 102,365,074 104,506,100
------------------- --------------------
CORPORATE STOCK-COMMON
----------------------
WSI INTERACTIVE MKTG INC COM 47,535 1,152
ACCLAIM ENTMT INC PAR $0.02 360 77
ACTV INC 7,905 850
ADC TELECOMMUNICATIONS INC 6,426 4,459
ADOBE SYS INC DEL COM 22,717 11,638
ADVANCED DIGITAL INFORMATION CORP 4,721 2,300
ADVANCED ENERGY INDS INC 3,923 2,250
ADVANCED MICRO DEVICES INC COM 135,751 46,645
ADVANCED OPTICS ELECTRONICS INC COM 60,255 13,378
ADVANCED VIRAL RESH CORP 6,206 4,607
AEROFLEX INC 2,298 2,883
AETHER SYSTEM INC COM 4,526 1,213
AFFYMETRIX INC OC-CAP STK 19,950 29,775
AGILENT TECHNOLOGIES INC 24,407 15,221
AIRBORNE INC COM 5,037 1,892
AIRTECH INTL GRP INC COM NEW 5,585 713
AKAMAI TECHNOLOGIES INC 85,699 15,944
ALCATEL ADR 4,737 11,188
ALCOA INC COM 9,842 10,134
ALLIED RISER COMMNS CORP COM 7,717 863
ALLSTATE CORP COM 14,971 26,138
ALZA CORP COM 7,754 17,000
AMAZON.COM INC COM 59,478 20,200
AMBI INC 8,659 987
AMDOCS LTD COM 2,128 1,988
AMERICA ONLINE INC DEL COM 2,484,884 1,431,811
AMERICAN BIOMED INC 12 -
AMERICAN DIVERSIFIED GROUP INC 918 311
AMERICAN EXPRESS CO COM 9,972 8,241
AMERICAN INTL GROUP INC COM 1,001 1,774
AMERICAN SKIING CO COM 22,431 14,375
AMERITRADE HLDG CORP CL A 33,816 8,925
AMGEN INC 98,694 96,418
AMR CORP DEL COM 34,471 39,188
AMYLIN PHARMACEUTICALS INC COM 9,239 6,300
S6
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
ANALOG DEVICES INC COM 18,457 12,797
ANGLO AMERN PLATINUM CORP LTD NEW ADR 1,708 1,860
ANHEUSER BUSCH COS INC COM 663 819
ANIKA THERAPEUTICS INC COM 8,080 781
ANSWERTHINK INC 1,291 805
APPLE COMPUTER INC 140,345 46,856
APPLIED DIGITAL SOLUTIONS INC 1,240 138
APPLIED MATLS INC COM 79,956 45,443
APPLIED MICRO CIRCUITS CORP CD COM 44,823 41,351
ARC WIRELESS SOLUTIONS INC COM 1,750 1,250
ARIBA INC COM 1,138,457 1,106,028
ASCENDANT SOLUTIONS INC COM 13,534 141
AT HOME CORP SER A COM 42,133 6,964
AT&T CORP AT&T WIRELESS 35,013 24,237
AT&T CORP COM 194,343 90,043
AT&T CORP COM LIBERTY MEDIA A 535 488
ATMEL CORP COM 14,335 8,973
AURORA BIOSCIENCES CORP COM 9,639 6,287
AUTOCO COM INC 6,234 650
AUTOMATIC DATA PROCESSING INC COM 17,340 18,994
AVANEX CORP COM 7,051 3,574
AVAYA INC COM 50,548 14,571
AVON PRODS INC COM 4,069 4,835
AXA FINL INC COM 3,253 5,588
BACKWEB TECHNOLOGIES LTD COM 37,942 6,750
BALLARD PWR SYS INC 420 631
BANK OF AMERICA CORP 7,596 6,376
BARNESANDNOBLE COM INC CL A 3,925 604
BEA SYS INC COM 44,952 80,506
BED BATH & BEYOND INC COM 9,815 8,950
BELLSOUTH CORP COM 8,289 8,187
BERKSHIRE HATHAWAY INC DEL B 261,380 306,020
BERKSHIRE HATHAWAY INC DEL CLA COM 184,628 213,000
BICO INC COM 2,280 564
BIOFILTRATION SYS INC COM 8,812 4,387
BIOGEN INC COM 5,486 6,006
BIOPURE CORP CL A COM 10,981 10,600
BIOSHIELD TECHNOLOGIES INC COM 16,495 94
BIOTIME INC 824 750
BLACK BOX CORP DEL COM 12,023 12,078
BMC SOFTWARE INC COM 15,733 7,700
BOEING CO COM 4,274 7,260
S7
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
BOISE CASCADE CORP COM 2,928 3,362
BRAINTECH INC NEW COM 21,853 1,365
BRANDMAKERS INC COM 2,061 32
BRIDGE TECHNOLOGY INC COM 5,785 1,031
BRILLIANCE CHINA AUTOMOTIVE HLDGS LTD SPONS ADR 1,476 2,625
BRILLIANT DIGITAC ENTMT INC COM 1,093 137
BRISTOL MYERS SQUIBB CO COM 2,538 3,697
BROADCOM CORP CL A COM 116,768 74,928
BROADVISION INC 44,676 12,403
BROADWING INC COM 3,722 2,281
BROCADE COMMN SYS INC COM 141,073 91,812
BUY COM INC COM 2,981 65
CABLE DESIGN TECHNOLOGIES CORP COM 3,196 2,522
CABLETRON SYS INC COM 292 226
CABLEVISION SYS CORP CL A 1,040 1,699
CABOT MICROELECTRONICS CORP COM 5,046 5,194
CALPINE CORP COM 34,914 58,581
CALYPTE BIOMEDICAL CORP 523 126
CANDIE'S INC 36,502 16,270
CATERPILLAR INC 13,232 11,537
CELL PATHWAYS INC NEW COM 39,036 5,700
CELSION CORP COM 3,720 480
CENDANT CORP COM 13,268 9,625
CENTURY CASINOS INC COM 2,288 2,194
CERIDIAN CORP COM 15,159 14,793
CERTICOM CORP COM 6,657 4,299
CHASE MANHATTAN CORP NEW COM 10,935 9,542
CHECKPOINT SOFTWARE TECH 10,848 13,356
CHEVRON CORP COM 2,427 2,533
CHILDRENS BEVERAGE GROUP INC COM 171 8
CIENA CORP COM 68,532 76,131
CIGNA CORP COM 2,514 3,307
CIRCUIT SYS INC 1,028 30
CISCO SYS INC COM 1,861,752 1,594,375
CITIGROUP INC COM 155,760 232,896
CITYVIEW CORP LTD NEW SHS 550 370
CLARENT CORP DEL COM 11,339 4,525
CLARION COML HLDGS INC CL A 6,801 8,296
CLEAR CHANNEL COMMUNICATIONS INC COM 13,108 11,237
CLEARWORKS NET INC COM 46,924 11,812
CLOROX CO COM 597 355
CMGI INC 274,203 18,963
S8
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
CNET NETWORKS INC COM 7,490 2,992
COCA COLA CO COM 33,701 38,086
COCA COLA ENTERPRISES INC COM 2,190 1,900
COGNIZANT TECH SOLUTIONS CL A 16,386 14,525
COHERENT INC COM 5,546 3,250
COHESIAN TECHNOLOGIES INC COM 1,833 1,137
COMCAST CORP CL A 4,421 4,131
COMCAST CORP CL A SPL 59,045 73,062
COMDISCO INC DEL COM 20,772 6,862
COMMERCE ONE INC DEL COM 97,559 36,095
COMPAQ COMPUTER CORP COM 65,560 35,633
COMPUTER ASSOC INTL INC COM 20,095 13,650
COMPUTER TASK GROUP INC COM 1,814 1,969
COMPUTERIZED THERMAN IMAGING INC 1,400 150
COMPUWARE CORP 17,929 8,919
CONEXANT SYSTEMS INC 27,058 5,104
CONSECO INC COM 1,508 2,123
CONSYGEN INC COM 354 110
COPPER MTN NETWORK INC COM 11,556 2,953
COR THERAPEUTICS INC 7,914 10,556
COREL CORP 65,662 5,140
CORNING INC COM 222,261 107,737
CORONADO INDS INC COM 13,054 2,430
COSMOZ COM INC COM 1,130 11
COSTCO WHSL CORP NEW COM 14,432 15,975
COVAD COMMUNICATIONS GROUP INC COM 3,845 1,014
CREE INC COM 26,859 28,425
CSX CORP COM 4,463 5,187
CUMULUS MEDIA INC CL A 9,660 725
CURIS INC COM 4,175 1,775
CYBERCASH INC 505 41
CYBERSENTRY INC COM 1,198 9
CYBERSOURCE CORP DEL COM 3,267 178
CYBERTEL COMMNS CORP COM 1,387 200
CYPRESS BIOSCIENCE INC 17,089 2,212
DAIMLER CHRYSLER AG ORD 695 371
DATA DIMENSIONS COM PAR $0.001 5,652 275
DATATEC SYS INC COM 3,780 437
DAYTON MNG CORP COM NEW 424 77
DEERE & CO COM 1,013 1,374
DELL COMPUTER CORP COM 286,017 141,383
DELPHI AUTOMOTIVE SYS CORP COM 45,171 27,810
S9
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
DETOUR MAGAZINE INC COM 1,800 208
DIAMOND ENTMT CORP COM NEW 1,062 80
DIEDRICH COFFEE INC 5,311 562
DIGITAL IMPACT INC DEL COM 2,348 1,927
DIGITAL IS INC DEL COM 504 487
DIGITAL LIGHTWAVE INC COM 1,761 729
DIMETHAID RESH INC COM 5,740 4,115
DIODES INC 10,069 10,375
DISNEY WALT CO COM 188,582 161,226
DISNEY WALT INTERNET GROUP COM 20,761 3,019
DME INTERACTIVE HLDGS INC COM 19,004 2,190
DOUBLECLICK INC COM 14,024 5,236
DOVER DOWNS ENTMT INC 5,349 5,594
DOW CHEM CO COM 2,765 3,662
DU PONT E I DE NEMOURS & CO COM 9,798 7,440
DUKE ENERGY CORP COM 129,704 132,137
DUPONT PHOTOMASKS INC 4,944 3,963
DYNEGY INC NEW CL A 21,620 28,031
E DIGITAL CORP COM 19,574 4,436
E TRADE GROUP INC 42,441 13,828
EARTHLINK INC COM 15,779 5,534
EARTHWEB INC COM 2,008 1,106
EASTMAN KODAK CO COM 12,578 10,159
EBAY INC COM 71,074 29,766
ECHELON CORP OC COM 1,436 931
ECHOSTAR COMMUNICATIONS CORP NEW CL A 12,177 5,960
ECONNECT COM 26,980 1,217
EGLOBE INC COM NEW 2,480 3
EL PASO ENERGY CORP DEL COM 3,005 3,581
ELAN PLC ADR 7,138 7,584
ELCOM INTL INC 25,242 11,939
ELECTRONICS FOR IMAGING INC 2,083 1,115
ELOT INC COM 8,022 739
EMACHNES INC COM 1,535 131
EMC CORP MASS 1,314,320 1,440,523
EMULEX CORP NEW 14,730 23,981
EMUSIC COM INC COM 17,146 2,529
ENERGIZER HLDGS INC COM 488 427
ENERGY CONVERSION DEVICES INC 9,130 6,480
ENRON CORP COM 24,902 33,250
ENTERTAINMENT BLVD INC COM 20,745 141
ENTREMED INC COM 5,079 2,536
S10
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
ENTROPIN INC COM 740 450
ENZON INC COM 30,087 40,402
EPRESENCE INC COM 2,009 434
ERICSSON L M TEL CO ADR CL B SEK 10 57,450 30,642
ESOFT INC COM 4,061 469
ETOYS INC COM 43,053 1,265
EURBID COM INC COM 11 5
EXCALIBUR TECHNOLOGIES CORP 6,418 4,252
EXODUS COMMUNICATIONS INC COM 145,651 62,120
EXPEDIA INC CL A SHS 2,345 1,434
EXTREME NETWORKS INC COM 938 783
EXXON MOBIL CORP 9,780 10,432
FANNIE MAE 1,940 2,602
FASTCOMM COMMUNICATIONS CORP 6,136 594
FDN INC COM 71,329 1,339
FEDERATED DEPT STORES INC DEL COM 2,696 3,500
FIDELITY SELECT PORTFOLIOS UTILS PORTFOLIO 5,910 4,549
FIRST AMERN SCIENTIFIC COM 28,133 5,358
FIRST UN CORP COM 4,156 2,781
FIRST YEARS INC 1,914 1,370
FLEET BOSTON FINL CORP COM 3,663 3,756
FLEXTRONICS INTERNATIONAL LTD 6,405 5,700
FONAR CORP 19,467 13,125
FONIX CORP DEL COM 22,175 4,714
FORD MTR CO DEL COM PAR $0.01 7,049 6,375
FOREST LABS INC CL A COM 13,403 13,287
FOUNDRY NETWORKS INC COM 102,093 22,500
FREEMARKETS INC COM 2,472 665
FUEL CELL ENERGY INC COM 7,196 13,712
GAP INC COM 1,000 918
GEMSTAR-TV GUIDE INTL INC 18,836 11,485
GENAISSANCE PHARMACEUTICALS IN COM 2,343 2,700
GENENTECH INC 5,612 4,075
GENERAL AMERN INVS INC 3,771 3,600
GENERAL ELEC CO COM 448,986 387,598
GENERAL MTRS CORP COM 91,598 58,018
GENESIS MICROCHIP INC COM 2,031 925
GENOME THERAPEUTICS CORP 26,278 8,363
GENTA INC COM NEW 8,837 9,600
GENZYME CORP MOLECULAR ONCOLOGY DIV COM 13,031 8,269
GEORGIA PAC CORP COM 2,772 3,112
S11
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
GERON CORP 87,307 27,324
GILEAD SCIENCES INC COM 10,513 16,587
GILLETTE CO COM 13,613 12,210
GLAXOSMITHKLINE PLC ADS 13,069 12,746
GLOBAL CROSSING LTD 237,069 102,477
GLOBAL TECHNOVATIONS INC COM 4,434 1,875
GLOBIX CORP-COM 49,742 6,875
GOODYEAR TIRE & RUBR CO COM 1,474 621
GREEN MTN COFFEE INC COM 2,785 5,000
GRIC COMMUNICATIONS INC COM 5,083 242
HANDSPRING INC COM 12,271 8,761
HARKEN ENERGY CORP COM NEW 1,166 337
HARMONIC INC COM 6,071 2,133
HASBRO INC COM 6,344 2,125
HASTINGS ENTMT INC COM 426 208
HAUPPAGUE DIGITAL INC 500 57
HEALTH CARE PPTY INVS INC COM 39,615 35,850
HEARME COM 88 6
HEMISPHERX BIOPHARMA INC 260 190
HEWLETT PACKARD CO COM 13,914 8,395
HILTON HOTELS CORP COM 493 452
HOME DEPOT INC COM 113,721 121,985
HOMESTAKE MNG CO COM 2,604 1,256
HONEYWELL INTL INC COM 2,523 2,365
HRPT PPTYS TR COM SBI 38,443 18,906
HUFFY CORP COM 8,552 6,045
HUMAN GENOME SCIENCES INC COM 6,656 5,545
I SECTOR CORP COM 1,850 800
IBEAM BROADCASTING CORP COM 7,246 1,061
IBM CORP COM 273,248 158,578
ICOS CORP 5,010 5,194
IDENTIX INC 5,847 4,294
II-VI INC 1,776 1,245
ILEX ONCOLOGY INC COM 1,493 1,316
ILLINOIS SUPERCONDUCTOR CORP 15,799 1,257
IMAGING DIAGNOSTIC SYS INC COM 19,706 5,629
IMAGING TECHNOLOGIES CORP COM 2,956 70
IMATRON INC 6,905 3,351
IMMUNEX CORP NEW 8,248 4,875
IMMUNOMEDICS INC 3,433 3,225
IMPALA PLATINUM HLDGS LTD ADR 1,453 1,529
IMPCO TECHNOLOGIES INC COM 26,941 12,000
S12
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
* INFINITY BROADCASTING NEW CL A 18,212,917 15,562,752
INFORMIX CORP COM 23,228 4,676
INFOSPACE INC COM 55,560 19,067
INKTOMI CORP COM 19,931 3,378
INSIGHT HEALTH SVCS CORP 17,259 11,550
INTEL CORP CALIF COM 434,808 331,353
INTELLICALL INC 4,815 3,000
INTELLICORP 158 56
INTERACTIVE TELESIS INC COM NEW 22,319 5,275
INTERNATIONAL FIBERCOM INC COM 8,498 1,689
INTERNATIONAL INTERNET INC COM 1,000 952
INTERNATIONAL PAPER CO COM 3,715 4,081
INTERNATIONAL RECTIFIER CORP COM 2,008 1,500
INTERNATIONAL SPEEDWAY CORP CL A 1,821 1,140
INTERNET CAP GROUP INC COM 82,432 8,448
INTERNET SOLUTIONS FOR BUSINES INC COM 3,590 25
INTUITIVE SURGICAL INC COM 3,509 1,700
IRIDIUM WORLD COMM INC COM 4,552 105
ISIS PHARMACEUTICALS 147 106
ISONICS CORP COM 300 275
IVAX CORP 20,231 21,065
IVILLAGE INC COM 16,441 637
IVOICE COM INC COM 670 17
I2 TECHNOLOGIES INC 16,907 13,594
JACOBSON RESONANCE ENTERPRISES INC COM 75,519 5,807
JDS UNIPHASE CORP COM 1,002,530 400,742
JOHNSON & JOHNSON COM 9,910 11,587
JUNIPER NETWORKS INC COM 63,133 63,662
KANAKARIS COMMNS INC COM 3,009 101
KEITHLEY INSTRS INC COM 8,369 5,813
KELLYS COFFEE GROUP INC COM 1,012 480
KEMET CORP COM 3,585 1,512
KERAVISION INC 27,685 371
KEY ENERGY SERVICES INC COM 130,569 83,500
KIDSTORYSPLUS.COM INC COM 6,356 155
KIMBERLY CLARK CORP COM 4,002 4,736
KINDER MORGAN INC KANS COM 10,476 41,750
KNIGHT TRADING GROUP INC COM 200,484 84,183
KOPIN CORP 71,959 30,953
KOREA THRUNET CO LTD CL A 5,178 332
KPN QWEST NV 5,330 2,329
KRISPY KREME DOUGHNUTS INC.COM 4,035 8,300
S13
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
KYOCERA CORP ADR 2,635 2,124
L-3 COMMUNICATIONS HLDGS INC COM 924 1,540
LAS VEGAS ENTMT NTWK NEW COM 2,161 4,453
LATTICE SEMICONDUCTOR CORP COM 2,581 1,838
LERNOUT & HAUSPIE SPEECH PRO 1,371 44
LIBERATE TECHNOLOGIES COM 724 409
LIBERTY ALL STAR EQ SH BEN INT 12,764 12,375
LIBERTY SATELLITE & TECHNOLOGY INC 993 237
LIFE PT INC COM 10,979 6,656
LILLY ELI & CO COM 5,741 6,514
LINCOLN NATL CORP IND COM 1,631 2,318
LINEAR TECHNOLOGY CORP COM 10,595 8,232
LOCH HARRIS INC COM NEW 16,357 460
LOEWS CINEPLEX ENTMT CORP 3,749 657
LOGIO INC COM 316 22
LONMIN PUB LTD CO SPON ADR 1,505 1,428
LORAL SPACE & COMMUNICATIONS N Y COM 6,751 1,434
LOUDEYE TECHNOLOGIES INC COM 5,585 172
LSI INDS INC OHIO COM 4,988 4,292
LSI LOGIC CORP COM 33,311 15,381
LUCENT TECHNOLOGIES INC COM 945,774 270,597
LYNX THERAPEUTICS INC COM NEW 6,262 1,800
M & T BK CORP COM 5,386 7,480
MARCHFIRST INC COM 4,259 150
MARCONI PLC SPONSORED ADR 16,449 20,563
MARKETWATCH COM INC 2,971 300
MARTHA STEWART LIVING 380 201
MATRITECH INC COM 10,562 4,475
MBNA CORP COM 2,802 2,770
MCDATA CORP CL B 3,210 1,752
MEDIA 100 INC COM 8,864 1,281
MEDIMMUNE INC COM 2,350 1,860
MEDITRUST PAIRED CTF NEW 1 COM MEDITRUST CORP & 1 COM 39,916 7,687
MEDTRONIC INC COM 2,194 2,958
MELLON FINL CORP COM 3,116 4,623
MERCK & CO INC COM 9,854 12,391
MERCURY INTERACTIVE CORP 7,631 6,317
MERRILL LYNCH & CO INC 64,033 132,284
METRICOM INC 23,132 6,490
METROMEDIA FIBER NETWORK CL A 81,249 44,793
MICREL INC 2,847 1,684
MICRON TECHNOLOGY INC COM 16,738 17,750
S14
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
MICROSOFT CORP COM 1,348,467 759,496
MICROSTRATEGY INC CL A 54,697 9,690
MICROWARE SYS CORP 588 438
MINNESOTA MNG & MFG CO COM 5,866 8,074
MOLEX INC COM 3,149 2,130
MOMENTUM BUSINESS APPLICATIONS A 536 337
MONACO COACH CORP COM 9,188 8,844
MONTANA PWR CO COM 3,946 2,075
MORGAN J P & CO INC COM 14,456 18,536
MOTOROLA INC COM 138,997 81,061
MPHASE TECHNOLOGIES INC COM 41,457 5,763
MP3 COM INC COM 1,558 539
MRV COMMUNICATIONS INC CALIF 15,166 5,350
MTR GAMING GROUP INC COM 711 950
MULTEX SYS INC COM 3,119 1,656
MUSICMAKER.COM INC COM NEW 940 28
MYRIAD GENETICS INC 459 828
MYTURN COM COM 1,025 94
NATIONAL SCIENTIFIC CORP COM 26,026 11,560
NATIONAL SEMICONDUCTOR CORP COM 1,676 1,006
NATIONWIDE HEALTH PPTYS INC COM 40,668 25,750
NAVARRE CORP 5,605 547
NBC INTERNET INC CL A 12,336 571
NCR CORP NEW 6,563 7,025
NCT GROUP INC COM 1,431 188
NEOFORMA COM INC COM 1,717 28
NEORX CORP COM PAR $0.02 1,473 263
NETBANK INC COM 1,626 394
NETMANAGE INC COM 8,250 2,813
NETWORK ACCESS SOLUTIONS CORP COM 1,941 34
NETWORK APPLIANCE INC COM 152,569 128,375
NETZERO INC COM 2,839 206
NET2PHONE INC COM 20,456 2,950
NEW ERA OF NETWORKS INC COM 12,475 1,175
NEW VISUAL ENTMT INC COM NEW 121 150
NEWELL RUBBERMAID INC 1,024 865
NEXELL THERAPEUTICS INC COM NEW 26,906 3,370
NEXMED INC COM 2,753 4,000
NEXTEL COMMUNICATIONS INC CL A 15,994 6,188
NIKE INC CL B COM 481 614
NIPPON TELEG & TEL CORP ADR SPONSORED 6,446 3,569
NOKIA CORP SPON ADR COM 394,088 350,610
S15
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
NORDSTROM INC WASH COM 3,170 3,638
NORSTAR GROUP INC COM NEW 2,625 188
NORTEL NETWORKS CORP NEW COM 213,636 145,339
NORTHEAST UTILS COM 17,923 24,250
NORTHWEST AIRLS CORP CL A 4,510 3,555
NORTRAN PHARMACEUTICALS INC COM 11,970 3,419
NOVELL INC 10,787 7,557
NOVELLUS SYS INC 2,705 5,391
NU HORIZONS ELECTRS CORP 1,963 1,341
NUANCE COMMUNICATIONS 11,838 6,469
NUMEREX CORP N Y COM 2,251 1,650
NX NETWORKS INC COM 13,881 938
N2H2 COM 99,247 2,188
OCEAN ENERGY INC TEX COM 6,511 8,688
OFFICIAL PMTS CORP COM 4,292 1,031
OMEGA HEALTHCARE INVS INC COM 25,881 3,750
OMNISKY CORP COM 2,087 815
ON2.COM INC COM 1,065 116
OPENTV CORP CL A 19,199 4,856
OPENWAVE SYS INC 13,288 6,951
ORACLE CORPORATION COM 325,724 313,817
ORASURE TECHNOLOGIES INC COM 3,810 4,125
ORTHODONTIC CTRS AMER INC COM 7,574 9,531
OTTER TAIL PWR CO 1,075 1,388
OXIS INTL INC COM NEW 3,308 375
P COM INC COM 1,015 613
PACE HEALTH MANAGEMENT SYSTEM 1,880 280
PACIFIC AEROSPACE&ELECTRONICS COM 4,957 406
PACIFIC CNTRY CYBERWORKS LTD SHS 14,299 14,299
PACIFIC GULF PPTYS INC 50,179 13,708
PALM INC COM 86,506 71,914
PANAMERICAN BANCORP COM 601 21
PARAMETRIC TECHNOLOGY CORP COM 1,128 1,344
PARK PL ENTMT CORP COM 11,919 9,550
PARTY CITY CORP 1,212 314
PATRIOT SCIENTIFIC CORP 3,719 510
PAXAR CORP 968 1,019
PAXSON COMMUNICATIONS CORP 1,200 1,194
PAYCHEX INC COM 18,581 34,038
PE CORP COM CELERA GENOMICS 4,324 4,324
PEAPOD INC COM 10,520 781
PEOPLESOFT INC COM 32,903 44,625
S16
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
PEPSI BOTTLING GROUP INC COM 537 1,194
PEREGRINE PHARMACEUTICALS INC COM 132,431 23,041
PEREGRINE SYS INC COM 9,804 4,938
PERLE SYS LTD 1,033 69
PETS COM INC COM 13,022 139
PFIZER INC COM STK USD0.05 187,035 219,996
PHARMACIA CORP COM 35,521 43,310
PHARMOS CORP NEW 679 80
PHILIP MORRIS COS INC COM 1,920 2,332
PHOTON DYNAMICS INC COM 13,453 4,838
PIER 1 IMPORTS INC COM 3,155 3,310
PIXTECH INC 7,457 2,188
PLUG PWR INC COM 12,389 2,938
PLUM CREEK TIMBER CO INC COM 58,428 52,000
PMC SIERRA INC 57,084 38,841
POLAROID CORP COM 2,969 1,163
POWER-ONE INC COM 20,998 7,863
PRANDIUM INC COM 5,041 94
PRICELINE COM INC COM 6,507 739
PRIMUS TELECOMMUNICATIONS GROUP INC COM 9,021 463
PRINCETON VIDEO IMAGE INC COM 32,144 6,971
PRIORITY HEALTHCARE CORP B 2,735 4,081
PRO NET LINK CORP 22,954 2,880
PROCTER & GAMBLE CO COM 5,947 7,844
PRODIGY COMMUNS CORP CL A 4,433 150
PROXIM INC COM 3,004 2,752
PSINET INC 25,469 805
PUMATECH INC 25,712 2,743
PURCHASEPRO COM INC COM 6,922 2,100
PURE H2O BIO TECHNOLOGIES INC COM 165 94
PW EAGLE INC COM 15,162 7,875
QIAO XING UNIVERSAL TELE INC 12,244 1,265
QLOGIC CORP COM 24,963 27,874
QUALCOMM INC 490,011 392,117
QUANTA SVCS INC COM 32,450 33,797
QUANTUM CORP DSSG COM 4,916 5,300
QUICKLOGIC CORP CDT-COM 3,409 694
QWEST COMMUNICATIONS INTL INC COM 51,860 55,754
QXL RICARDO PLC SPONS ADR 17,333 1,050
RADIANT SYS INC COM 8,985 3,075
RADIO ONE INC CL A 3,353 1,603
RADIO ONE INC CL D NON VTG 3,000 2,200
S17
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
RADIO UNICA COMMNS CORP COM 12,216 5,625
RAMBUS INC DEL COM 48,355 44,976
RAMTRON INTL CORP COM NEW 5,039 1,575
RAZORFISH INC CL A COM 5,361 3,253
RCN CORP COM 2,384 631
REAL NETWORKS INC COM 45,791 7,732
RED HAT INC COM 10,177 2,663
REDBACK NETWORKS INC COM 20,479 5,986
RELIANCE GROUP HLDGS INC COM 4,473 90
RELIANT ENERGY INC 7,993 8,663
REMEDY CORP COM 6,829 4,969
REPLIGEN CORP 15,036 6,514
RESEARCH FRONTIERS INC 8,190 13,125
RESEARCH IN MOTION LTD COM 9,784 8,000
RF MICRO DEVICES INC COM 32,802 32,925
RITE AID CORP COM 24,755 10,462
ROBINSON NUGENT INC 3,835 4,588
ROGUE WAVE SOFTWARE INC COM 27,456 10,088
RSL COMMUNCIATIONS LTD CL A 5,368 34
S & P 500 DEPOSITORY RECEIPT 67,682 65,594
SAFEGUARD SCIENTIFICS INC 29,601 4,306
SAGENT TECHNOLOGY INC OC-COM 8,820 550
SANCHEZ COMPUTER ASSOCS INC COM 3,657 1,650
SANDISK CORP 6,809 1,388
SANMINA CORP COM 3,090 3,831
SANTA CRUZ OPERATION INC 2,873 128
SAP AKIENGESELLSCHAFT SPONS ADR 4,288 3,369
SAVE THE WORLD AIR INC COM 37,403 625
SBC COMMUNICATIONS INC COM 10,343 11,699
SCHAWK INC CL A 12,017 10,500
SCHERING PLOUGH CORP COM 1,037 1,419
SCHWAB CHARLES CORP NEW COM 11,855 10,499
SCIENTIFIC ATLANTA INC 126,738 116,248
SCIOS INC 19,995 21,448
SDL INC NEW CUSIP 46612J101 360,763 208,796
SEAGATE TECHNOLOGY ESCROW 0 0
SEARS ROEBUCK & CO COM 1,540 1,286
SENIOR HSG PPTYS TR SH BEN INT 3,922 2,328
SHEFFIELD PHARMACEUTICALS INC 1,087 938
SIDEWARE SYS INC COM 26,516 1,248
SIEBEL SYS INC 29,829 22,316
SILICON IMAGE INC COM 1,741 718
S18
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
SILICON STORAGE TECHNOLOGYINC 23,369 10,478
SIRIUS SATELLITE RADIO INC COM 4,141 2,605
SMITH MICRO SOFTWARE INC 1,282 181
SOLECTRON CORP 1,042 712
SOLOMON ALLIANCE GROUP INC COM 2,014 172
SONY CORP AMERN SH NEW ADR 4,481 2,224
SOURCE MEDIA INC COM NEW 221 5
SOUTH ATLANTIC RES LTD COM 7,502 3,287
SOUTHERN CO COM 12,594 16,625
SOVEREIGN BANCORP INC COM 7,560 8,125
SPATIALIZER AUDIO LABS INC COM 7,974 920
SPECTRUM OIL CORP COM NEW 4,881 2,277
SPEECHWORKS INTL INC COM 3,260 1,570
SPEEDWAY MOTORSPORTS INC COM 2,334 1,968
SPORTSLINE.COM INC COM 5,559 1,333
ST MARY LD & EXPL CO 4,010 5,863
STARBASE CORP 1,031 469
STARNET COMMUNICATIONS INTL INC COM 1,988 59
STARUNI CORP COM 11,760 2,240
STARWOOD HOTELS & RESORTS PAIRED CTF 234 212
STEMCELLS INC COM 1,097 250
STMICROELECTRONICS N V SHS N Y REGISTRY 2,560 1,927
STORAGE NETWORKS INC OC COM 2,028 2,109
STRATEGIC DISTR INC 5,832 875
STRUTHERS INC COM NEW 925 406
SUN MICROSYSTEMS INC COM 375,928 347,350
SUNGARD DATA SYS INC COM 6,631 9,425
SUNRISE TECHNOLOGIES INTL INC 11,508 4,453
SUPERCONDUCTOR TECHNOLOGIES 2,793 181
SYCAMORE NETWORKS INC COM 20,812 7,450
SYNOPSYS INC COM 1,309 1,423
SYNTROLEUM CORP COM 8,525 6,800
TALBOTS INC 13,383 8,669
TARGET CORP COM 8,161 8,708
TARGETED GENETICS CORP 2,197 669
TCSI CORP 2,795 619
TECH DATA CORP COM 5,016 5,409
TECHNITROL INC 34,438 20,892
TEGAL CORP COM 2,102 284
TEKELEC COM 5,272 3,000
TELCOM SEMICONDUCTOR INC 9,330 4,550
TELEPHONE & DATA SYS INC COM 10,572 9,000
S19
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
TELESERVICES INTERNET GRP INC COM NEW 6,375 978
TELIGENT INC CL A 1,953 775
TELLABS INC COM 19,465 16,950
TENET HEALTHCARE CORP COM 6,097 6,666
TENKE MNG CORP COM NEW 4,033 2,500
TERRA NETWORKS SA SPONS ADR 8,046 5,429
TEVA PHARMACEUTICAL INDS ADR LTD COM 10,878 10,988
TEXACO INC COM 1,698 1,864
TEXAS INSTRS INC COM 53,525 53,250
THERAGENICS CORP 568 500
TIME WARNER INC COM 19,037 14,053
TIVO INC COM 7,269 935
TOLLGRADE COMMUNICATION INC 9,284 7,300
TOMMY HILFIGER CORP COM 2,378 981
TOPJOBS NET.PLC SPON ADR 3,662 269
TOPPS INC 1,882 1,746
TOTAL ENTMT INC COM 1,328 31
TRANSMETA CORP DEL COM 6,119 3,220
TRANSWITCH CORP 9,956 9,781
TRIBUNE CO NEW COM 581 634
TRIMERIS INC COM 14,174 16,463
TRIPATH IMAGING INC COM 12,790 8,750
TRIQUINT SEMICONDUCTOR INC COM 15,698 20,533
TTI TEAM TELECOM INTL LTD 9,681 9,000
TUMBLEWEED COMMN CORP COM 6,675 5,133
TURNSTONE SYS INC COM 5,485 595
TYCO INTL LTD NEW COM 67,730 94,029
U S INTERACTIVE INC COM 4,838 20
UNAPIX ENTMT INC 3,874 32
UNIGENE LABS INC 275 184
UNION PAC CORP COM 479 581
UNITED ENERGY CORP NEV COM NEW 9,548 3,675
UNITED HEALTH GROUP INC COM 12,667 14,730
UNITED PARCEL SVC INC CL B 19,622 17,566
UNIVERSAL HLTH RLTY SH BEN INT 60,001 59,625
UNIVISION COMMUNICATIONS INC CL A 13,329 15,474
UROMED CORP COM NEW 487 475
USA NETWORKS INC COM 12,551 11,663
USA TALK COM INC COM 35,194 30
USA VIDEO INTERACTIVE CORP NEW 128,097 11,500
USABANCSHARES.COM INC COM 571 81
VA LINUX SYS INC COM 594 195
S20
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
VALERO ENERGY CORP COM NEW COM 33,613 37,188
VALUEVISION INTL INC CL A 5,604 1,894
VAN KAMPEN FOCUS PORTFOLIOS 945 1,601
VARI-L INC 4,640 2,400
VASOMEDICAL INC 19,018 6,563
VENCOR INC NEW 1,911 114
VENTRO CORP COM 9,477 153
VERIDIEN CORP 750 313
VERISIGN INC COM 26,282 10,164
VERITAS SOFTWARE CO COM 1,663 1,313
VERIZON COMMUNICATIONS COM 19,889 18,546
VERMONT TEDDY BEAR INC COM 1,971 1,938
VERSO TECHNOLOGIES INC COM 6,260 1,500
VERTEL CORP COM 16,440 1,406
VERTICAL COMPUTER SYS INC COM NEW 8,184 239
VERTICALNET INC OC-COM 7,923 1,058
VESTCOM INTL INC COM 825 544
VIA NET WKS INC COM 2,200 191
* VIACOM INC CL B COM 154,615,515 170,653,726
* VIACOM INC COM 4,655 164,674
VIATEL INC 15,217 1,116
VICAL INC COM 5,059 1,850
VICOR CORP COM 792 456
VIGNETTE CORP COM 6,275 3,330
VIROPHARMA INC COM 7,873 7,242
VIRTUAL SELLARS COM INC 18,688 5,045
VIRTUAL TECH CORP COM 251,736 1,920
VISHAY INTERTECHNOLOGY INC COM 94,553 45,375
VISTEON CORP COM 34 23
VISX INC DEL 1,700 261
VITESSE SEMICONDUCTOR CORP COM 52,633 35,953
VOICE STREAM WIRELESS CORP COM 15,047 10,063
VSOURCE INC COM 35,763 6,270
WAL MART STORES INC COM 64,899 62,124
WALGREEN CO 54,132 84,043
WELLS FARGO & CO NEW COM 3,734 5,569
WESTERN DIGITAL CORP DEL COM 4,906 1,706
WHATSFORFREE TECHNOLOGIES INC COM 1,793 25
WILD OATS MKTS INC 1,224 425
WILLIAMS COMMUNICATIONS GROUP 7,058 2,350
WINFIELD CAP CORP COM 5,262 352
WINK COMMUNICATIONS INC COM 5,640 1,164
S21
CBS EMPLOYEE INVESTMENT FUND
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
--------------------------------------------------------------------------------
Identity of Issue, Borrower, or Similar Party Current
Description of Investment Cost Value
------------------------------------------------------------------ ------------------ --------------------
WINNEBAGO INDS INC 13,534 17,563
WINSTAR COMMUNICATIONS INC COM 3,176 2,396
WMS INDS INC COM 4,562 5,373
WORLD WRESTLING FEDN ENTMT INC CL A 6,972 4,800
WORLDCOM INC GA NEW COM 256,558 85,106
WORLDS.COM INC COM 5,091 144
XCEED INC COM 534 244
XCELERA INC COM 230,678 27,221
XEROX CORP COM 144,369 31,418
XILINX INC COM 12,959 15,221
XO COMMUNICATIONS INC CL A 9,234 3,563
XOMA LTD COM 1,736 2,340
XYBERNAUT CORP COM 5,382 793
YAHOO INC 207,877 72,391
YORK GROUP INC 366 64
ZAPWORLD COM 4,605 2,531
1ST MIRACLE GROUP INC COM 9,271 1,514
2THEMART COM INC COM 37,861 23
21ST CENTY TECHNOLOGIES INC COM 4,141 426
3COM CORP COM 14,215 8,415
724 SOLUTIONS INC COM 56,776 18,740
------------------- --------------------
TOTAL CORPORATE STOCK-COMMON 199,835,349 203,871,405
------------------- --------------------
TOTAL INVESTMENTS 1,058,118,893 1,187,441,402
=================== ====================
*Represents a party-in-interest
S22
CBS EMPLOYEE INVESTMENT FUND
Schedule of Reportable Transactions
For the Year Ended December 31, 2000
--------------------------------------------------------------------------------
Identity of Party Involved Purchase Selling Cost of
Description of Asset Price Price Asset Net Gain
------------------------------------------- ------------ ---------- ---------- -----------
INFINITY BROADCASTING CLASS A COMMON STOCK $ 73,296,787 $ - $ - $ -
INFINITY BROADCASTING CLASS A COMMON STOCK - 71,447,624 69,390,361 2,057,263
VIACOM, INC. CLASS B COMMON STOCK 67,890,973 - - -
VIACOM, INC. CLASS B COMMON STOCK - 38,385,961 22,024,277 16,361,684
TBC INC. POOLED EMPLOYEE FUNDS
DAILY LIQUIDITY FUND 403,445,146 - - -
TBC INC. POOLED EMPLOYEE FUNDS
DAILY LIQUIDITY FUND - 405,270,954 405,270,954 -
JOHN HANCOCK MUTUAL LIFE # 8379
6.150% 06/30/2001 53,446,367 - - -
JOHN HANCOCK MUTUAL LIFE # 8379
6.150% 06/30/2001 - 49,431,544 49,431,544 -
BARCLAY EQUITY INDEX FUND 25,255,314 - - -
BARCLAY EQUITY INDEX FUND - 93,488,697 64,203,244 29,285,453
S23