EX-99.1 2 0002.txt Exhibit 99.1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________ FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended: December 31, 1999 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from ________ to ________ Commission file number: 1-4850 A. Full title of plan and the address of the plan, if different from that of the issuer named below: Computer Sciences Corporation Matched Asset Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Computer Sciences Corporation 2100 East Grand Avenue El Segundo, California 90245 TABLE OF CONTENTS ----------------- Description Page ----------- ---- (a) Financial Statements: Independent Auditors' Report....................................... 3 Statements of Net Assets Available for Benefits As of December 31, 1999 and 1998................................. 4 Statements of Changes in Net Assets Available for Benefits For the Years Ended December 31, 1999 and 1998................... 5 Notes to Financial Statements...................................... 6 (b) Exhibit: Independent Auditors' Consent...................................... E-1 (c) Supplemental Schedules: Schedule of Assets Held for Investment Purposes.................... S-1 Schedule of Reportable Transactions................................ S-5 2 INDEPENDENT AUDITORS' REPORT Employee Retirement Plan Committee Computer Sciences Corporation El Segundo, California We have audited the accompanying statements of net assets available for benefits of the Computer Sciences Corporation Matched Asset Plan (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 accounting principles generally accepted in the United States of America of America. Those standards require that we plan and perform the audits 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, such 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 then ended in conformity with accounting principles generally accepted in the United States of America. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in Section C of the table of contents 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. These supplemental schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/Deloitte & Touche LLP June 16, 2000 3 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, --------------------------------- 1999 1998 -------------- -------------- ASSETS Investments (Notes 2, 5, 9 and 10): Cash $ 508,529 Short-term investments $ 80,785,800 10,297,485 Long-term investments--at fair value: Plan interest in Master Trust 174,961,001 CSC Stock Fund 569,521,853 380,378,825 Employee loans (Note 6) 24,067,854 21,042,106 Interest in registered investment companies Brinson U.S. Balanced Fund 39,109,557 71,679,904 Mellon Enhanced Asset Fund 83,443,899 77,207,126 Brinson U.S. Equity Fund 181,608,317 263,161,997 Mellon S&P 500 Stock Index Fund 281,011,005 179,469,818 Black Rock Core Bond Fund 5,454,439 Vanguard High Yield Bond Fund 3,369,664 Mellon Balanced 40/60 Fund 8,462,934 Mellon Balanced 60/40 Fund 20,444,734 Mellon Balanced 80/20 Fund 31,402,919 Mellon S&P 500 Select Fund 24,760,868 Mellon Market Completion Fund 12,667,946 Bernstein International Value Portfolio Fund 6,661,305 Corporate bonds 77,254,423 Government bonds 52,235,414 Other bonds 17,464,594 -------------- -------------- Total investments 1,519,727,525 1,178,706,791 Receivables: Employer contribution 293,000 Participants' contribution 1,565,285 Accrued income 988,961 16,760 Unsettled trades 39,664,599 864,521 Other 246,807 -------------- -------------- Total receivables 40,900,367 2,739,566 -------------- -------------- Total Assets 1,560,627,892 1,181,446,357 -------------- -------------- LIABILITIES Accounts payable 2,471,734 1,914,407 Accrued expenses 740,633 693,068 Unsettled trade payables 41,942,639 2,791,900 -------------- -------------- Total Liabilities 45,155,006 5,399,375 -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS $1,515,472,886 $1,176,046,982
See Notes to Financial Statements 4 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended December 31 --------------------------------- 1999 1998 -------------- -------------- ADDITIONS Investment Income: Net appreciation in fair value of investments (Note 9) $ 206,245,357 $ 190,408,299 Interest 11,217,438 927,110 Dividends 16,441,381 19,529,963 Plan interest in Master Trust investment income (Note 5) 11,827,691 -------------- -------------- 233,904,176 222,693,063 Less investment management fees (1,424,639) (1,454,871) -------------- -------------- 232,479,537 221,238,192 Contributions: Employee 108,153,469 98,450,484 Employer 18,771,010 16,139,568 Employee rollovers 10,462,137 9,782,838 Transfers from other plans, net (Note 8) 69,182,873 13,861,524 -------------- -------------- 206,569,489 138,234,414 -------------- -------------- Total Additions 439,049,026 359,472,606 -------------- -------------- DEDUCTIONS Distributions to participants (Notes 1 and 7) 99,623,122 102,500,733 -------------- -------------- Total Deductions 99,623,122 102,500,733 -------------- -------------- Net Increase 339,425,904 256,971,873 Net Assets Available for Benefits at Beginning of Year 1,176,046,982 919,075,109 -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $1,515,472,886 $1,176,046,982 ============== ==============
See Notes to Financial Statements 5 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Note 1 Description of the Plan ----------------------- The following brief description of the Computer Sciences Corporation Matched Asset Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan documents for more complete information. The Plan was adopted by the action of the Board of Directors of Computer Sciences Corporation (the "Company") taken on November 3, 1986, and constitutes an amendment and restatement of the Employee Stock Purchase Plan ("the Prior Plan"). The Plan is a continuation of the Prior Plan and is qualified under the Internal Revenue Code (the "Code"), as amended, Section 401(a) and, effective as of January 1, 1987, with respect to the portion thereof that qualifies as a qualified cash or deferred arrangement, to satisfy the requirement of Code Section 401(k). It is also subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The Company reserves the right to discontinue its contributions and terminate the Plan subject to the provisions of ERISA. Upon such termination, the participants' rights to the Company's contributions vest immediately and the account balances are fully paid to the participants. Eligibility and Participation ----------------------------- Any eligible employee who has satisfied the Plan's age and service requirements, and is employed by the Company, and who receives a stated compensation in respect of employment on the payroll of the Company, is eligible to become a participant, with the exception of a person who is represented by a collective bargaining unit and whose benefits have been the subject of good faith bargaining under a contract that does not specify that such person is eligible to participate in the Plan. In addition, the Company may determine to exempt all employees of any division, unit, facility or class from coverage under the Plan. Any person who leaves the employ of the Company and, at a later time becomes re-employed, must reapply to participate in the Plan, provided he or she otherwise meets the eligibility requirements. There were approximately 24,976 and 25,005 participating employees at December 31, 1999 and 1998, respectively. 6 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Employee and Company Contributions ---------------------------------- Subject to certain limitations described below, an eligible employee who elects to become a participant may authorize any whole percentage (at least 1% but not more than 15%) of such employee's monthly compensation (as defined in the Plan) to be deferred and contributed to the trust fund on his or her behalf, up to a maximum amount of $10,000 for 1999 and 1998. Any compensation deferral in excess of $10,000 for 1999 and 1998, together with income allocable to that excess, will be returned to a participant. Any matching Company contributions attributable to any excess contribution, and income allocable thereto, will either be returned to the Company or applied to reduce future matching Company contributions. In order to qualify for the special tax treatment accorded to plans by Section 401(k) of the Code, contributions on behalf of participants under the Plan must meet two nondiscrimination tests designed to prevent a disproportionate compensation deferral election by employees who are highly compensated in relation to other employees. The Committee may cause the percentage authorized by the highly compensated participants to be reduced if the Plan does not meet both of the nondiscrimination tests. A participant is not permitted to make voluntary after-tax contributions to the Plan. The Company will contribute and forward to the trust fund, together with a compensation deferral contribution equal to each participant's qualifying compensation deferral, an amount equal to 50% of the first 3% of the participant's compensation deferral (except for three groups of employees: the first group is a small number of employees to whom under the terms of their contract agreement the Company will contribute an amount equal to 50% of the first 4% of the participant's compensation deferral; the second group to whom under the terms of their contract agreement the Company will contribute an amount equal to 100% of the first 7% of the participant's compensation deferral; and the third group to whom under the terms of their contract agreement the Company will contribute an amount equal to 50% of the first 6% of the participant's compensation deferral). Matching contributions will be invested in the Company Stock Fund, which invests in the common stock of Computer Sciences Corporation. 7 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Participant Accounts -------------------- Each participant's account is credited with the participant's contribution and the Company's matching contribution and allocations of Plan earnings, and is charged with an allocation of investment management fees. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Vesting of Participants' Interests/Forfeitures ---------------------------------------------- A participant's interest in his or her Compensation Deferral Account, Retirement Account, After Tax Account, and Rollover Account is at all times fully vested in the participant or, when appropriate, in the participant's beneficiary or legal representative. Each participant has a vested interest in the value of his or her Matching Contribution Account equal to twenty-five percent (25%) after completing two full years of service and increasing by twenty-five percent (25%) for each additional full year of service (except for a small number of participants who, under the terms of their contract agreement, will vest 100% after 2 years). Vesting accelerates to 100% in the event of reaching age 65 while employed by the Company or upon severance by reason of death or total and permanent disability. Any nonvested portion of the Matching Contributions Account will be forfeited upon withdrawal from the Plan. Forfeitures may be applied to reduce future matching contributions by the Company. Such forfeitures during 1999 and 1998 amounted to $1,101,182 and $2,186,594, respectively. Distributable Amounts, Withdrawals and Refunds ---------------------------------------------- A participant may become entitled to a distribution of his or her distributable benefit by reason of retirement, death, total and permanent disability, voluntary termination of employment, or dismissal. The rules of payment of a participant's distributable benefit depend upon age of the participant, the number of years of service completed by the participant and the type of severance. The total amounts distributed during 1999 and 1998, excluding hardship withdrawals, were $97,933,989 and $101,578,143, respectively. 8 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 While still an employee, a participant may, upon at least a 30 day written notice to the Committee, make a withdrawal of his or her compensation deferral contributions if the Committee finds, after considering the participant's request, that an adequate financial hardship and resulting need for such amount has been demonstrated by the participant. These withdrawals during 1999 and 1998 totaled $1,689,133 and $922,590, respectively. In order for the Plan to meet the nondiscrimination tests, the Committee has caused the compensation deferral percentage for certain highly compensated employees to be reduced, which has also resulted in the return of excess compensation deferrals. Note 2 Summary of Significant Accounting Policies ------------------------------------------ The accounting and reporting policies followed in preparation of the financial statements of the Plan of the Company conform with accounting principles generally accepted in the United States of America. The following is a summary of the significant policies. Use of Estimates ---------------- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Assets of the Plan ------------------ The assets of the Plan are held in a trust with fourteen sub-accounts representing the investment options. The investment income in the respective sub-accounts is allocated to the participants. Contributions to, and payments from, the Plan are specifically identified to the applicable sub- accounts within the trust. Security Transactions --------------------- Security transactions are accounted for on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is accounted for on the accrual basis. In general, participants in the Company Stock Fund receive distributions in certificates for shares of the common stock of the Company. 9 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Valuation of Investment Securities ---------------------------------- Investments in common stocks, fixed income securities and institutional investment vehicles are stated at fair value based upon closing sales prices reported on recognized securities exchanges on the last business day of the plan year or, for the listed securities having no sales reported and for unlisted securities, upon last reported bid prices on that date. Investments in short-term investments are stated at cost which approximates fair value. Payment of Benefits ------------------- Benefits are recorded when paid. Reclassifications ----------------- The Plan has adopted Statement of Position 99-3, "Accounting and Reporting of Certain Defined Contribution Plan Investments and Other Disclosure Matters." As a result, a reclassification of the prior year's financial statements has been made to eliminate the by-fund disclosures. Note 3 Income Tax Status ----------------- The Internal Revenue Service has determined and informed the Company by a letter dated July 18, 1996, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Committee believes that the Plan is designed and operated to qualify under Section 401(a) of the Code and, with respect to its qualified cash or deferred arrangement, under Section 401(k) of the Code. When the requirements of Section 401(k) of the Code are satisfied, the following tax consequences result: (i) A participant is not subject to federal income tax on Company contributions to the Plan or on income or realized gains in Plan Accounts attributable to the participant until a distribution from the Plan is made to him or her. (ii) The participant is able to exclude from his or her income for federal income tax purposes, the amount of his or her compensation deferral contributions, subject to a maximum exclusion of $10,000 for the 1999 and 1998 taxable years of the participant. (iii) On distribution of a participant's vested interest in the Plan, the participant generally is subject to federal income taxation, except that: (1) tax on "net unrealized appreciation" on any Company stock distributed as a part of a "lump sum distribution" generally is deferred until the participant disposes of such stock, and (2) tax may be deferred to the extent the participant is eligible for and complies with certain rules permitting the "rollover" of a qualifying distribution to another retirement plan, or individual retirement account. 10 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Note 4 Reconciliation of Financial Statements to Form 5500 ---------------------------------------------------
December 31, --------------------------------- 1999 1998 -------------- -------------- Net assets available for benefits per the financial statements $1,515,472,886 $1,176,046,982 Amounts allocated to withdrawing Participants (13,001,753) (8,055,721) -------------- -------------- Net assets available for benefits per Form 5500 $1,502,471,133 $1,167,991,261 ============== ==============
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
Year ended December 31, 1999 1998 ------------ ------------ Benefits paid to participants per the financial statements $ 99,623,122 $102,500,733 Add: Amounts allocated to withdrawing participants at December 31, 1999 13,001,753 8,055,721 Less: Amounts allocated to withdrawing participants at December 31, 1998 (8,055,721) (11,552,858) ------------ ------------ Benefits paid to participants per the Form 5500 $104,569,154 $ 99,003,596 ============ ============
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 1999 but not paid as of that date. Note 5 Investment Funds ---------------- Participant contributions - Subject to rules the Committee may from time to time adopt, each participant has the right to designate one or more of the following investment funds established by the Committee for the investment of his or her compensation deferral contributions, in increments of 1%. After an initial election has been made, a participant may designate a different Fund into which future compensation deferral contributions shall be invested as of the first day of any payroll period that coincides with or immediately follows the first day of any month once within a calendar quarter. In addition, a participant may elect to redesignate any amounts in his or her accounts as of the last business day of any month to be invested in a different Fund. These elections may be made by giving such advance notice as may be required by the Plan administrator. 11 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Following are the investment funds available for participant contributions: The Money Market Fund --------------------- The Money Market Fund is invested in institutional shares of the Vanguard Prime Money Market Fund. The Fund seeks the highest level of income consistent with maintaining stability of principal. The Fund measures its performance against the Lipper Institutional Money Market Funds Average benchmark. This benchmark consists of the average return for all money market funds included in Lipper Analytical Services' "Money Market Fund" category. The Short Duration Bond Fund (formerly the Fixed Income Fund) ---------------------------- The Short Duration Bond Fund seeks to modestly outperform the total return (income plus capital appreciation) of the Merrill Lynch 1-3 Year Index while limiting the risk of underperformance versus the index. The Merrill Lynch 1- 3 Year Index represents U.S. Treasury issued securities with final maturities ranging from one to three years. In 1998, the Fixed Income Fund represented holdings of units in a Master Trust investment vehicle and was managed by BlackRock Financial Management. The investment portfolio was actively managed and consisted of short-term (1- 3 year) fixed income instruments which included: U.S. Treasury and agency securities, corporate bonds, mortgage-backed securities and asset-backed fixed income securities. All of the Fund's assets were rated single-A or better at the time of purchase and all securities were U.S. dollar denominated. All new cash flows into the Fund were invested in this actively managed bond fund. At December 31, 1998 the Plan's interest in the net assets of the Master Trust was approximately 89%. Investment income and administrative expenses relating to the Master Trust were allocated to individual plans based upon average monthly balances invested by each plan. Subsequent to December 31, 1998, the Plan terminated its interest in the Master Trust and transferred these funds to the Short Duration Bond Fund. 12 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 The following table represents the fair value of investments for the Master Trust.
December 31, ------------ 1998 ------------ Investments at fair value: Corporate bonds $118,380,288 U.S. government securities 57,684,732 Other bonds 16,164,613 Short-term investments 3,777,721 Accrued income 966,721 ------------ $196,974,075 ============
Investment income for the Master Trust is as follows:
December 31, ------------ 1998 ------------ Investment income: Net appreciation in fair value of investments $ 1,731,522 Interest: Corporate bonds 6,710,396 U.S. government securities 3,786,462 Other bonds 691,664 Short-term investments 365,214 ------------ 13,285,258 Less investment management fees (227,349) ------------ $ 13,057,909 ============
The Black Rock Core Bond Fund ----------------------------- The Core Bond Fund seeks to modestly outperform the total return (income plus capital appreciation) of the Lehman Aggregate Index while limiting the risk of underperformance versus the Index. The Lehman Brothers Aggregate Index primarily consists of U.S. Treasury, corporate, mortgage and asset-backed securities and attempts to replicate the total U.S. fixed income investment grade bond market. 13 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 The Vanguard High Yield Bond Fund --------------------------------- The High Yield Bond Fund is invested in shares of the Vanguard High-Yield Bond Fund. The High Yield Bond Fund seeks a high level of interest income and modest long-term growth of capital. The Fund measures its performance against the Lehman Brothers High Yield Bond Index benchmark. This Index covers the universe of fixed rate, publicly issued non-investment grade debt registered with the Securities and Exchange Commission. The Mellon Balanced 40/60 Fund ------------------------------ The Fund's investment objective is to allocate assets to stock and bond index portfolios using fixed allocations. The targeted allocations are 40 percent stocks and 60 percent bonds. The portfolios seek to match the aggregate performance of the Wilshire 5000 Index and Lehman Brothers Aggregate Bond Index benchmarks using the targeted allocations. The portfolios may invest in individual securities and/or financial futures or options. The Mellon Balanced 60/40 Fund ------------------------------ The Fund's investment objective is to allocate assets to stock and bond index portfolios using fixed allocations. The targeted allocations are 60 percent stocks and 40 percent bonds. The portfolios seek to match the aggregate performance of the Wilshire 5000 Index and Lehman Brothers Aggregate Bond Index benchmarks using the targeted allocations. The portfolios may invest in individual securities and/or financial futures or options. The Mellon Balanced 80/20 Fund ------------------------------ The Fund's investment objective is to allocate assets to stock and bond index portfolios using fixed allocations. The targeted allocations are 80 percent stocks and 20 percent bonds. The portfolios seek to match the performance of the Wilshire 5000 Index and Lehman Brothers Aggregate Bond Index benchmarks using the targeted allocation. The portfolios may invest in individual securities and/or financial futures or options. The Active Allocation Fund (formerly the Balanced Fund) -------------------------- The Fund's investment objective is to outperform a balanced benchmark by actively allocating assets among stocks, bonds, and cash equivalents. The Fund's benchmark is a static mix of 65 percent U.S. equities and 35 percent U.S. fixed income securities. It includes the Brinson U.S. Balanced Fund and the Mellon Enhanced Asset Fund. 14 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 The Active U.S. Equity Fund (formerly the Active Equity Fund) --------------------------- The Active U.S. Equity Fund's objective is to maximize total return, consisting of both capital appreciation and current income, without assuming undue risk. The Fund is diversified across a wide range of U.S. equity securities. The Active U.S. Equity Fund's benchmark is the Wilshire 5000 Index, which includes large, intermediate and small capitalization issues as compiled by an independent data provider. It includes the Brinson U.S. Equity Fund. The Mellon S&P 500 Stock Index Fund (formerly the Stock Index Fund) ----------------------------------- The Fund seeks to match the performance of the S&P 500 Index, which is composed of common stocks that represent a large cross-section of the U.S. publicly traded stock market. This Fund provides exposure to large company stocks. The Fund may invest in the individual securities that comprise the S&P 500 and/or unleveraged S&P 500 financial futures or options. The Mellon S&P 500 Select Fund ------------------------------ The Fund's investment objective is to modestly outperform the S&P 500 Index while maintaining equivalent risk exposure. The Fund invests in a diversified portfolio of stocks that match the fundamental risk characteristics of the S&P 500 Index. The Mellon Market Completion Fund --------------------------------- The Fund seeks to match the performance of the Wilshire 4500 Index. The Fund sets out to complement the other funds, which are benchmarked to the S&P 500 Index, by offering a disciplined, structured, and cost-effective vehicle through which investors can gain diversified exposure to the market of small- and mid-size company stocks. This Fund is designated the Completion Fund because the Wilshire 4500 Index, when combined with the large capitalized stock weighted S&P 500 Index, would equate to the entire market often depicted by the Wilshire 5000 Index. The Bernstein International Value Portfolio Fund ------------------------------------------------ The International Equity Fund invests in established companies drawn from the major developed nations in Europe, Australia and the Far East, plus Canada. 15 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 The Fund seeks to: modestly outperform the major foreign stock markets, with carefully controlled volatility over full market cycles; and ensure broad portfolio diversification - the primary benefit of international investing; and manage currency risk. Over time, research driven, value-oriented stock selection is expected to account for approximately 70 percent of the Fund's premium (over the benchmark), with country allocation and currency management each contributing 15 percent. The CSC Stock Fund ------------------ The CSC Stock Fund invests in the common stock of Computer Sciences Corporation (CSC). The return of this fund is based on the performance of CSC common stock. The financial performance of the Company, growth factors in its industry, the U.S. and world economies, and the performance of the stock market in general as well as other factors will affect the performance of CSC stock. Note 6 Participant Loans ----------------- The Plan allows participants to borrow from their vested account balances from a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balances, subject to certain limitations. The loans bear interest at the prime rate quoted in the Wall Street Journal plus 1%, which is set on a quarterly basis. Loan terms range from 1-5 years or up to 15 years for purchase of a primary residence. Loans are recorded at cost, which approximate fair value, on the Statement of Net Assets Available for Benefits. The loans (which are accounted for in the Loan Fund) are deducted from the participants' accounts according to a priority specified in the Plan's loan rules and, within each account, pro rata from the funds based on their balances at the time. Loan repayments are reinvested in the participants' funds according to their current investment election. The repayments are similarly allocated among participants' accounts according to the priority specified in the Plan's rules. 16 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Note 7 Benefits Payable ---------------- As of December 31, 1999 and 1998, net assets available for benefits included benefits of $13,001,753 and $8,055,721 respectively, due to participants who have withdrawn from participation in the Plan. Note 8 Transfers from Other Plans -------------------------- During the years ended December 31, 1999 and 1998, the Plan had several transfers from other plans. The asset values of these transfers during 1999 were as follows: $2,299,474 from the AT&T Long Term Savings Plan for Management Employees; $1,501,095 from the Budget Group Inc. Savings Plus Plan; $33,887,332 from the Continuum Savings Plan; $2,472,089 from the Employees of Dupont or Conoco Savings Plan; $323,700 from the Enron Corporation Savings Plan; $29,311,697 from the Hogan Systems Inc. Savings and Profits Sharing Plan; $629,488 from the Integral/InPower; $2,276,308 from the Republic National Bank Plan; $633,569 from the SGRP- Sabre Group Retirement Plan; $3,812,732 from The Pinnacle Group Inc. 401(k) Plan; and $4,321,483 from the United Technologies Corp. (UTC) Employees Savings Plan. For 1998, the asset values of these transfers were as follows: $7,380,010 from APM; $2,816,617 from BDM; $1,736,677 from Security Life; $776,503 from Heller; $637,478 from Dupont Conoco; $224,931 from Liberty; $206,213 from Statistica; $75,615 and from CNA Employees' Saving Plan; $66,426 in 1998 from Electronic Data Systems; $53,500 in 1998 from Volpe; and $5,079 from Credit Services. The Plan also had several transfers to other plans in 1999 and 1998 as a result of spin-offs. The 1999 asset values of these transfers were as follows: $12,112,529 to the CNA Employee Savings Plan and $173,565 for the NCTR conversion. In 1998, the value of transfers to other plans were as follows: $80,399 in to Faxnet; $33,046 to ITDS; $3,343 to Artemis Holding; and $737 to Planmetrics, Inc. Savings and Profit Sharing Plan. 17 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Note 9 Investments ----------- The Plan's investments are held in a bank-administered trust fund. The following table presents investments. Investments that represents 5 percent or more the Plan's net assets are separately identified.
December 31, --------------------------------- 1999 1998 -------------- -------------- Investments at Fair Value as Determined by Quoted Market Price Corporate bonds $ 77,254,423 Other bonds 69,700,008 CSC Company stock* 569,521,853 $ 380,378,825 Plan interest in Master Trust 174,961,001 Interest in registered investment companies: Mellon Enhanced Asset Fund 83,443,899 77,207,126 Brinson U.S. Balanced Fund 39,109,557 71,679,904 Brinson U.S. Equity Fund 181,608,317 263,161,997 Mellon Stock Index Fund 281,011,005 179,469,818 Other mutual funds 113,224,809 Other short-term investments 80,785,800 10,806,014 -------------- -------------- 1,495,659,671 1,157,664,685 -------------- -------------- Investments at Estimated Fair Value Employee loan fund 24,067,854 21,042,106 -------------- -------------- 24,067,854 21,042,106 -------------- -------------- Total investments $1,519,727,525 $1,178,706,791 ============== ==============
*non-participant directed investment 18 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 During 1999 and 1998 the Plan's investments (including investments bought, sold, and held during the year) appreciated in value by $206,245,357 and $190,408,299, respectively, as follows: Net Change in Fair Value
Year Ended Year Ended December 31, 1999 December 31, 1998 ----------------- ----------------- Investments at Fair Value as Determined by Quoted Market Price Corporate bonds $ (1,595,085) Other bonds (2,411,978) CSC Company stock 183,319,392 $129,496,024 Interest in registered investment companies: Mellon Enhanced Asset Fund 124,240 4,885,347 Brinson U.S. Balanced Fund (3,031,707) 7,031,772 Brinson U.S. Equity Fund (19,638,305) 20,288,161 Mellon Stock Index Fund 40,533,855 28,706,995 Other mutual funds 8,944,945 ------------ ------------ Net change in fair value $206,245,357 $190,408,299 ============ ============
Nonparticipant-Directed Investment ---------------------------------- In accordance with the provisions of the Plan, the Trustee must promptly invest matching Company contributions paid into the trust fund in the Company Stock Fund. An exception is in the case of a participant who has (i) attained at least age 59 1/2, or (ii) has been credited with at least five years of service and has attained at least age 55 and has made an election to designate different Funds. However, employee contributions are participant- directed to any of the fourteen sub-accounts representing the investment options. 19 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Note 9 Investments (continued) ----------------------- Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows:
Year Ended Year Ended December 31, 1999 December 31, 1998 ----------------- ----------------- Changes in Net Assets of CSC Company stock: Employee contributions $ 25,245,446 $ 21,319,413 Company contributions 18,406,070 15,776,009 Rollovers 1,497,629 1,563,856 Transfer to other investment funds (6,197,641) 3,515,912 Plan-to-Plan Transfers 3,995,653 846,182 Net appreciation 183,319,393 129,496,024 Benefits paid to participants (37,123,522) (30,908,574) ------------ ------------ $189,143,028 $141,608,822 ============ ============
20 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Note 10 Investments 1999 ----------------
Principal Fair Value Amount or Contract or Shares Cost Value ------------- ------------ ------------ Clearing Account BNY Collective Short-Term Invst. Fund sh. 5,559,894 $ 5,559,894 $ 5,559,894 Short Duration Bond Fund (formerly Fixed Income Fund) Corporate bonds* sh.77,916,345 78,372,959 77,254,423 Government bonds sh.52,868,147 53,159,388 52,235,414 Other Bonds sh.17,688,006 17,734,700 17,464,594 BNY Collective Short-Term Invst. Fund sh. 1,870,536 1,870,536 1,870,536 Active Allocation Fund (formerly Balanced Fund) Brinson Partners Inc.: U.S. Bond Fund sh. 190,262 26,403,958 25,047,921 U.S. Stock Equity Fund sh. 35,536 14,654,792 14,061,636 BTC U.S. Cash Management Fund sh. 6,093,428 6,093,428 6,093,428 Mellon Bank Enhanced Asset Fund* sh. 774,788 83,279,997 83,443,899 Active U.S. Equity Fund (formerly Active Equity Fund) Brinson Partners Inc.: U.S. Equity with Cash Fund* sh. 510,332 197,836,011 181,608,317 U.S. Cash Management Fund sh. 7,812,077 7,812,077 7,812,077 Mellon S&P 500 Stock Index Fund (formerly Stock Index Fund) Mellon Capital Liquidity Stock Index Fund* sh. 898,089 327,940,910 281,011,005 CSC Stock Fund Computer Sciences Common Stock* sh. 6,018,725 392,138,573 569,521,853 BNY Collective Short-Term Invst. Fund sh. 8,104,486 8,104,486 8,104,486 Employee Loan Fund Participant Loans $24,067,854 24,067,854 24,067,854 Money Market Fund Vanguard Money Market Fund sh.51,345,379 51,345,379 51,345,379 Core Bond Fund Black Rock Core Bond Fund sh. 597,419 5,713,802 5,454,439
*represents investments greater than 5% of net assets 21 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Note 10 Investments 1999 (continued) ----------------------------
Principal Fair Value Amount or Contract or Shares Cost Value ----------- -------------- -------------- High Yield Bond Fund Vanguard High Yield Bond Fund sh. 455,976 3,477,085 3,369,664 Mellon Balanced 40/60 Fund Mellon Capital: EB Daily Market Completion Fund sh. 5,623 643,827 843,499 EB Daily Liquidity Fund sh. 49,485 5,261,769 5,055,032 EB Daily Liquidity Stock Index Fund sh. 8,196 2,261,641 2,564,403 Mellon Balanced 60/40 Fund Mellon Capital: EB Daily Market Completion Fund sh. 20,259 2,359,652 3,039,115 EB Daily Liquidity Fund sh. 80,055 8,468,879 8,177,894 EB Daily Liquidity Stock Index Fund sh. 29,491 8,219,943 9,227,725 Mellon Balanced 80/20 Fund Mellon Capital: EB Daily Market Completion Fund sh. 41,361 4,899,902 6,204,630 EB Daily Liquidity Fund sh. 61,482 6,464,946 6,280,584 EB Daily Liquidity Stock Index Fund sh. 60,459 16,963,820 18,917,705 Mellon S&P 500 Select Fund Mellon Capital EB Daily Liquid Active sh. 195,163 22,792,208 24,760,868 Mellon Market Completion Fund Mellon Capital EB Daily Market Completion sh. 84,447 10,495,561 12,667,946 Bernstein International Value Portfolio Fund Sanford Bernstein Int'l Value Portfolio sh. 313,473 6,211,843 6,661,305 -------------- -------------- $1,400,609,820 $1,519,727,525 ============== ============== Total Long-Term Investments $1,319,824,020 $1,438,941,725 Total Short-Term Investments 80,785,800 80,785,800 -------------- -------------- $1,400,609,820 $1,519,727,525 ============== ==============
*represents investments greater than 5% of net assets 22 COMPUTER SCIENCES CORPORATION MATCHED ASSET PLAN NOTES TO FINANCIAL STATEMENTS For the two years ended December 31, 1999 Note 10 Investments 1998 ----------------
Principal Fair Value Amount or Contract or Shares Cost Value ------------ ------------ -------------- Fixed Income Fund Interest in Master Trust* $282,086,762 $174,339,624 $ 174,961,001 BNY Collective Short-Term Invst. Fund sh. 419,934 419,934 419,934 Balanced Fund Brinson Partners Inc.: U.S. Bond Fund* 377,098 47,231,044 49,321,216 U.S. Stock Equity Fund sh. 54,362 13,335,155 22,358,688 Mellon Bank Enhanced Asset Fund* sh. 718,239 72,377,700 77,207,126 BNY Collective Short-Term Invst. Fund sh.1,305,353 1,305,353 1,305,353 Cash sh. 508,529 508,529 508,529 Active Equity Fund Brinson Partners Inc.: U.S. Equity Portfolio* sh. 686,993 156,058,114 263,161,997 U.S. Cash Management Fund sh. 2 2 2 BNY Collective Short-Term Invst. Fund sh.3,204,111 3,204,111 3,204,111 Stock Index Fund Mellon Capital: Mellon Capital Mgmt. Stock Index Fund* sh. 451,193 118,174,427 178,136,929 Mellon EB Daily Opening Stock Index Fund sh. 4,429 1,260,964 1,332,889 Mellon Temporary Investment Fund sh. 71,688 71,688 71,688 BNY Collective Short-Term Invst. Fund sh.1,850,178 1,850,178 1,850,178 Company Stock Fund Computer Sciences Common Stock* sh.5,920,293 119,007,404 380,378,825 BNY Collective Short-Term Invst. Fund sh.3,446,219 3,446,219 3,446,219 Employee Loan Fund Participant Loans $ 21,042,106 21,042,106 21,042,106 ------------ -------------- $733,632,552 $1,178,706,791 ============ ============== Total Long-Term Investments $722,826,538 $1,167,900,777 Total Short-Term Investments 10,806,014 10,806,014 ------------ -------------- $733,632,552 $1,178,706,791 ============ ==============
*represents investments greater than 5% of net assets 23 SIGNATURES The Plan. Pursuant to the requirements of the Securities Act of 1934, the Computer Sciences Corporation Retirement Plans Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. Computer Sciences Corporation MATCHED ASSET PLAN Date: June 28, 2000 By: /s/ LEON J. LEVEL ----------------------------------- Leon J. Level Chairman, Computer Sciences Corporation Retirement Plans Committee 24 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Computer Sciences Corporation Registration Statement No. 333-00755 on Form S-8 of our report dated June 16, 2000, appearing in this Annual Report on Form 11-K of the Computer Sciences Corporation Matched Asset Plan for the year ended December 31, 1999. /s/ DELOITTE & TOUCHE LLP Los Angeles, California June 28, 2000 E-1 1999 Form 5500, Schedule H, Line 4i Computer Sciences Corporation EIN 95-2043126 Matched Asset Plan 001 SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR --------------------------------------------------------------
(a) (b)Identity of issue, (c)Description of investment including (d)Cost (e)Current borrower, lessor or maturity date, rate of interest, Value similar party collateral, par or maturity value --- ---------------------- ------------------------------------------- ---------- ----------- Asset Securitization Asset-Backed Sec.- Mortg. Pass-thru Certif. Corp 02/14/41 6.500% $1,446,902 $1,399,871 Citicorp Mtg Secs Inc Asset-Backed Sec.- Mortg. Pass-thru Certif. 02/25/09 6.000% 1,174,500 1,160,064 Credit Suisse First Asset-Backed Sec.- Mortg. Pass-thru Certif. Boston Mtg 08/25/27 7.250% 1,009,710 1,003,321 CWMBS Inc Asset-Backed Sec.- Mortg. Pass-thru Certif. 03/25/28 7.000% 1,067,806 1,056,317 Deutsche Mortgage & Asset-Backed Sec.- Mortg. Pass-thru Certif. Asset Receiving 09/15/07 6.220% 579,290 553,387 DLJ Mtg Accep Corp Asset-Backed Sec.- Mortg. Pass-thru Certif. Restr 144A 11/12/21 6.860% 1,010,413 972,043 Green Tree Finl Corp Asset-Backed Sec.- Mortg. Pass-thru Certif. 08/15/23 7.050% 1,234,285 1,215,983 Greenpoint Asset-Backed Sec.- Mortg. Pass-thru Certif. Manufactured Hsg 08/15/15 6.010% 1,499,612 1,447,545 Newcourt Equipment Asset-Backed Sec.- Mortg. Pass-thru Certif. Trust Secs 12/20/02 5.240% 2,187,867 2,173,910 Morgan Stanley Asset-Backed Sec.- Mortg. Pass-thru Certif. Cap I Inc 10/15/07 6.330% 644,376 610,304 Prudential Home Mtg Asset-Backed Sec.- Mortg. Pass-thru Certif. Secs Co 05/25/24 7.050% 314,347 311,009 Residential Accredit Asset-Backed Sec.- Mortg. Pass-thru Certif. Lns Inc 07/25/27 7.500% 118,140 117,010 Residential Fdg Mtg Asset-Backed Sec.- Mortg. Pass-thru Certif. Secs I Inc 01/25/09 6.375% 1,142,855 1,125,947 Residentisl Accredit Asset-Backed Sec.- Mortg. Pass-thru Certif. Lns Inc 10/25/28 6.750% 1,578,609 1,552,541 Sequoia Mtg Tr 2 Asset-Backed Sec.- Mortg. Pass-thru Certif. 10/25/24 6.147% 1,573,107 1,569,124 Union Planters Mtg Asset-Backed Sec.- Mortg. Pass-thru Certif. Fin Corp 01/25/28 6.350% 699,913 686,390 Union Planters Mtg Asset-Backed Sec.- Mortg. Pass-thru Certif. Fin Corp 04/01/29 6.250% 1,178,027 1,144,066 Arcadia Automobile Asset-Backed Sec.- Auto. Loan Receiv. Receivables 11/15/02 5.950% 2,696,288 2,651,106 Chase Manhattan Asset-Backed Sec.- Auto. Loan Receiv. Grantor 09/15/02 6.610% 261,150 258,323 Chevy Chase Auto Asset-Backed Sec.- Auto. Loan Receiv. Receivables 03/20/04 6.200% 527,711 519,846 Chevy Chase Auto Asset-Backed Sec.- Auto. Loan Receiv. Receivables 10/15/03 6.500% 463,102 457,751 First Sec Auto Grantor Asset-Backed Sec.- Auto. Loan Receiv. 08/15/03 6.300% 336,024 335,867 First Security Auto Asset-Backed Sec.- Auto. Loan Receiv. Owner 10/15/03 6.000% 2,325,000 2,302,448 Ford Cr Auto Owner Asset-Backed Sec.- Auto. Loan Receiv. 11/15/01 5.310% 2,080,313 2,082,381 Ford Cr Auto Owner Asset-Backed Sec.- Auto. Loan Receiv. 09/16/02 6.080% 2,149,884 2,130,499 Honda Auto Lease Asset-Backed Sec.- Auto. Loan Receiv. 09/16/02 6.450% 3,099,516 3,088,375 Mellon Auto Grantor Asset-Backed Sec.- Auto. Loan Receiv. 10/17/05 5.460% 1,493,981 1,496,109 Money Store Auto Asset-Backed Sec.- Auto. Loan Receiv. 03/20/04 6.350% 294,901 290,603 Navistar Finl Owner Asset-Backed Sec.- Auto. Loan Receiv. 04/15/03 5.950% 2,224,689 2,199,835 Nissan Auto Asset-Backed Sec.- Auto. Loan Receiv. Receivables 1999-A 09/15/03 6.470% 1,274,831 1,264,800 Olympic Automobile Asset-Backed Sec.- Auto. Loan Receiv. Receivables 10/15/01 7.350% 291,374 289,804 Olympic Automobile Asset-Backed Sec.- Auto. Loan Receiv. Receivables 03/15/02 6.700% 1,200,113 1,189,014
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(a) (b)Identity of issue, (c)Description of investment including (d)Cost (e)Current borrower, lessor or maturity date, rate of interest, Value similar party collateral, par or maturity value --- ---------------------- ------------------------------------------- ---------- ----------- Onyx Accep Owner Asset-Backed Sec.- Auto. Loan Receiv. 02/15/03 5.780% 2,674,617 2,638,700 Toyota Auto Asset-Backed Sec.- Auto. Loan Receiv. Receivables 1999-A 08/16/04 6.150% 2,024,211 2,003,029 World Omni Automobile Asset-Backed Sec.- Auto. Loan Receiv. Lease Trust 11/15/02 6.250% 924,076 918,183 Banc One Cr Card Asset-Backed Sec.- Credit Card Receiv. Master Tr 07/15/02 8.000% 2,331,796 2,307,115 Dayton Hudson Cr Card Asset-Backed Sec.- Credit Card Receiv. Master Tr 08/25/05 6.250% 1,279,743 1,221,422 Sears Cr Account Asset-Backed Sec.- Credit Card Receiv. Master Tr 10/16/06 6.450% 2,179,246 2,116,594 Standard Cr Card Asset-Backed Sec.- Credit Card Receiv. Master Tr 11/07/03 8.250% 3,369,110 3,225,316 Standard Credit Card Asset-Backed Sec.- Credit Card Receiv. 02/07/00 7.850% 1,665,026 1,623,513 Copelco Cap Fdg Corp X Asset-Backed Securities - Miscellaneous 04/20/05 6.270% 663,648 660,396 Copelco Cap Funding Asset-Backed Securities - Miscellaneous Corp 03/15/02 5.665% 1,550,047 1,531,586 Copelco Capital Asset-Backed Securities - Miscellaneous Funding Corp 03/15/01 5.500% 2,000,000 1,995,720 DLJ Mtg Accep Corp Asset-Backed Securities - Miscellaneous 12/17/27 6.650% 443,982 439,697 Green Tree Asset-Backed Securities - Miscellaneous Recreational Equip 02/15/11 6.170% 1,292,484 1,282,164 Green Tree Asset-Backed Securities - Miscellaneous Recreational Equip 02/15/18 6.490% 889,910 870,238 & Consumer IFC SBAP 97-1A V/R Asset-Backed Securities - Miscellaneous 01/15/24 1,132,543 1,117,147 Massachusetts Rrb Spl Asset-Backed Securities - Miscellaneous Purp Tr 09/15/05 6.450% 1,724,582 1,703,593 Missouri Higher Ed Ln Asset-Backed Securities - Miscellaneous Auth Student Ln 07/25/08 1,449,751 1,450,273 Newcourt Equipment Asset-Backed Securities - Miscellaneous Trust Secs 10/15/02 5.450% 1,245,703 1,239,050 Ryder Veh Lease Tr Asset-Backed Securities - Miscellaneous 04/15/04 6.680% 1,399,805 1,389,920 TMS SBA Ln Tr Asset-Backed Securities - Miscellaneous 01/15/25 6.730% 625,723 632,044 TMS SBA Ln Tr Asset-Backed Securities - Miscellaneous 04/15/24 6.110% 1,037,473 1,017,402 TMS SBA Ln Tr V/R Asset-Backed Securities - Miscellaneous 01/15/25 6.250% 937,640 926,663 Donaldson Lufkin & Financial & insurance corp. bonds Jenrette Inc 04/01/02 5.875% 1,644,803 1,601,655 MBNA Master Cr Card Financial & insurance corp. bonds Tr Ii 01/15/03 6.600% 2,563,148 2,552,397 Metropolitan Life In Financial & insurance corp. bonds Co Surplus Nt Restr 11/01/03 6.300% 890,532 881,544 Morgan St Dean Witter Financial & insurance corp. bonds 01/15/03 7.125% 1,254,724 1,253,469 U S Treasury Bonds Government Bonds 11/15/08 8.750% 1,993,644 1,942,114 U S Treasury Notes Government Bonds 10/15/06 6.500% 1,365,881 1,346,203 U S Treasury Notes Government Bonds 11/30/01 5.875% 6,114,851 6,096,656 U S Treasury Notes Government Bonds 02/28/01 5.000% 342,910 340,687 U S Treasury Notes Government Bonds 08/31/01 5.500% 6,531,346 6,491,981 U S Treasury Notes Government Bonds 06/30/01 5.750% 450,378 447,188 U S Treas Infl Idx Note Government Bonds 01/15/07 3.375% 2,964,396 2,917,608 U S Treasury Notes Government Bonds Trsy Infl Indx Pric 01/15/08 3.625% 1,099,466 1,077,873 Federal Home Loan U. S. Agencies Securities Mortgage Corp. 07/01/27 6.961% 2,755,171 2,669,733 Federal Home Loan U. S. Agencies Securities Mortgage Corp. 09/01/10 6.500% 412,904 396,139 Federal Home Loan U. S. Agencies Securities Mortgage Corp. 09/01/11 7.000% 1,646,772 1,635,940 Federal National U. S. Agencies Securities Mortgage Assoc. 05/01/09 7.500% 1,704,827 1,656,597 Federal National U. S. Agencies Securities Mortgage Assoc. 11/01/03 6.000% 1,352,467 1,316,897
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(a) (b)Identity of issue, (c)Description of investment including (d)Cost (e)Current borrower, lessor or maturity date, rate of interest, Value similar party collateral, par or maturity value --- ---------------------- ------------------------------------------- ---------- ----------- Federal National U. S. Agencies Securities Mortgage Assoc. 04/01/09 7.250% 839,657 817,874 Federal National U. S. Agencies Securities Mortgage Assoc. 02/01/09 5.500% 1,665,635 1,599,277 Federal National U. S. Agencies Securities Mortgage Assoc. 07/01/09 5.500% 1,660,038 1,581,835 Federal National U. S. Agencies Securities Mortgage Assoc. 03/01/29 5.808% 429,639 423,146 Federal National U. S. Agencies Securities Mortgage Assoc. 07/01/09 6.000% 2,792,511 2,756,688 Federal National U. S. Agencies Securities Mortgage Assoc. 04/01/13 7.000% 853,664 847,769 Federal National U. S. Agencies Securities Mortgage Assoc. 08/01/09 8.000% 1,536,090 1,509,108 Federal National U. S. Agencies Securities Mortgage Assoc. 08/01/14 8.500% 895,193 884,394 Federal National U. S. Agencies Securities Mortgage Assoc. 11/01/08 6.500% 2,499,293 2,413,046 FHA Proj Ln Cert Ser U. S. Agencies Securities Pool # 143 Restr 03/01/19 7.430% 1,636,832 1,602,513 Government National U. S. Agencies Securities Mortgage Assoc. 07/16/22 7.500% 1,486,250 1,457,583 Government National U. S. Agencies Securities Mortgage Assoc. 05/16/24 8.000% 3,020,820 2,988,885 Government National U. S. Agencies Securities Mortgage Assoc. 09/15/12 7.000% 559,218 550,122 Government National U. S. Agencies Securities Mortgage Assoc. 12/15/07 7.000% 27,768 27,353 Government National U. S. Agencies Securities Mortgage Assoc. 12/15/07 7.000% 339,121 334,045 Government National U. S. Agencies Securities Mortgage Assoc. 10/15/07 7.000% 124,552 122,689 Government National U. S. Agencies Securities Mortgage Assoc. 12/15/07 7.000% 500,837 494,177 Government National U. S. Agencies Securities Mortgage Assoc. 09/15/08 7.000% 301,679 297,074 Government National U. S. Agencies Securities Mortgage Assoc. 10/15/08 7.000% 462,648 455,197 Government National U. S. Agencies Securities Mortgage Assoc. 09/15/08 7.000% 367,988 362,066 Government National U. S. Agencies Securities Mortgage Assoc. 09/15/08 7.000% 540,467 532,872 Government National U. S. Agencies Securities Mortgage Assoc. 10/15/08 7.000% 70,574 69,440 Government National U. S. Agencies Securities Mortgage Assoc. 04/15/06 7.250% 691,600 676,153 Government National U. S. Agencies Securities Mortgage Assoc. 02/15/09 8.250% 1,122,301 1,096,492 ABFS Equip Contract Tr Other Bonds 10/15/05 6.100% 712,602 694,422 Aerofreighter Fin Tr Other Bonds 12/15/09 7.850% 889,862 867,343 Amresco Independence Other Bonds Fdg Inc 06/15/26 0.000% 1,469,656 1,469,656 Bayview Finl Other Bonds Acquisition Tr 05/25/29 7.010% 1,501,215 1,467,453 Business Ln Ctr Inc Other Bonds V/R Restr 01/15/25 1,269,580 1,274,055 Captec Franchise Tr Other Bonds 05/25/05 6.504% 1,800,666 1,753,038 DLJ Coml Mtg Corp Other Bonds 09/05/01 850,000 850,782 DLJ Mtg Accep Corp Other Bonds 05/15/06 7.400% 1,382,824 1,385,885 FMAC Ln Receivables Tr Other Bonds 11/15/04 5.990% 1,077,300 1,054,374 Franchise Ln Tr Other Bonds 07/15/04 6.240% 997,619 984,095 Honda Auto Receivables Other Bonds Grantor Tr 07/15/04 5.500% 1,403,297 1,394,736 NPF Vi Inc Other Bonds 06/01/02 6.220% 1,618,454 1,559,536 PBG Equip Tr Other Bonds 01/20/12 6.270% 1,885,878 1,854,361 Ryder Veh Lease Tr Other Bonds 09/15/08 6.100% 875,747 854,858 Black Rock Financial Mutual Fund - Core Bond Fund Management, Inc. 5,713,802 5,454,439
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(a) (b)Identity of issue, (c)Description of investment including (d)Cost (e)Current borrower, lessor or maturity date, rate of interest, Value similar party collateral, par or maturity value --- ---------------------- -------------------------------------- -------------- -------------- Brinson Trust Mutual Fund - U.S. Bond Fund 26,403,958 25,047,921 Company, Inc. Brinson Trust Company, Mutual Fund - U.S. Stock Equity Fund 14,654,792 14,061,636 Inc. Brinson Trust Company, Mutual Fund - BTC U.S. Cash Management 6,093,428 6,093,428 Inc. Fund Brinson Trust Company, Mutual Fund - U.S. Equity with 197,836,011 181,608,317 Inc. Cash Fund Brinson Trust Company, Mutual Fund - U.S. Cash Management Fund 7,812,077 7,812,077 Inc. Mellon Capital Mutual Fund - Enhanced Asset Fund 83,279,997 83,443,899 Management Corp. Mellon Capital Mutual Fund - Liquidity Stock 327,940,910 281,011,005 Management Corp. Index Fund Mellon Capital Mutual Fund - EB Daily Market 7,903,381 10,087,244 Management Corp. Completion Fund Mellon Capital Mutual Fund - EB Daily 20,195,594 19,513,510 Management Corp. Liquidity Fund Mellon Capital Mutual Fund - EB Daily Liquidity 27,445,404 30,709,833 Management Corp. Stock Index Fund Mellon Capital Mutual Fund - EB Daily Liquid Active 22,792,208 24,760,868 Management Corp. Mellon Capital Mutual Fund - EB Daily Market 10,495,561 12,667,946 Management Corp. Completion Sanford C. Bernstein Mutual Fund - International 6,211,843 6,661,305 & Co., Inc. Equity Fund * Computer Sciences Common Stock 392,138,573 569,521,853 Corporation * Computer Sciences Employee Loan Fund 24,067,854 24,067,854 Corporation (8.75%) (12/12/2014) The Vanguard Group Mutual Fund - High Yield Bond Fund 3,477,085 3,369,664 The Vanguard Group Money Market Fund 51,345,379 51,345,379 * Bank of New York BNY Collective Short-Term Invst. Fund 15,534,916 15,534,916 -------------- -------------- Total Assets Held for Investment Purposes $1,400,609,820 $1,519,727,525 ============== ==============
*represents party in interest S-4 1999 Form 5500, Schedule H, Line 4j Computer Sciences Corporation EIN 95-2043126 Matched Asset Plan 001 SCHEDULE OF REPORTABLE TRANSACTIONS ----------------------------------- Series Transactions in the Aggregate in Excess of 5% ----------------------------------------------------
(a)Identity (b)Description (c)Purchase (d)Selling (g)Cost of (h)Current Value (i)Net Gain of Party of Asset Price Price Asset of Asset on or (Loss) Involved Transaction Date ----------- -------------- ----------- ---------- ---------- ---------------- ------------ (none to report)
S-5 1999 Form 5500, Schedule H, Line 4j Computer Sciences Corporation EIN 95-2043126 Matched Asset Plan 001 SCHEDULE OF REPORTABLE TRANSACTIONS ----------------------------------- Series Transactions in the Aggregate in Excess of 5% ----------------------------------------------------
(a)Identity (b)Description (c)Purchase (d)Selling (g)Cost of (h)Current (i)Net Gain of Party of Asset Price Price Asset Value or (Loss) Involved of Asset on Transaction Date ------------- -------------- ------------ ------------ ------------ -------------- ------------ Brinson Trust Mutual Fund - Company U.S. Bond Fund - Purchases $ 23,576,337 $ 23,576,337 $ 23,576,337 - Sales $ 46,124,987 47,153,725 46,124,987 $(1,028,738) Brinson Trust Mutual Fund - Company U.S. Equity with Cash - Purchases 65,698,870 65,698,870 65,698,870 - Sales 127,365,481 130,838,318 127,365,481 (3,472,837) Brinson Trust Mutual Fund - Company U.S. BTC Cash Management Fund - Purchases 157,010,591 157,010,591 157,010,591 - Sales 143,105,088 143,105,088 143,105,088 Mellon Capital Mutual Fund - Management Daily Liquidity Stock Index Fund - Purchases 96,627,429 96,627,429 96,627,429 - Sales 9,000,959 11,694,034 9,000,959 (2,693,075) The Vanguard Money Market Group Fund - Purchases 91,768,336 91,768,336 91,768,336 - Sales 40,422,957 40,422,957 40,422,957 Bank of New BNY Short-Term York Money Market Fund - Purchases 479,987,873 479,987,873 479,987,873 - Sales 464,452,957 464,452,957 464,452,957
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