-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EcChNZDFSocmfhOX0zOG6HgxC3coXZLziPjdXcpDKlsGNVC8EZ2k/GW07IdpQZg/ AfBzx3hNtdppDWTjc0mrMA== 0000898430-99-002655.txt : 19990630 0000898430-99-002655.hdr.sgml : 19990630 ACCESSION NUMBER: 0000898430-99-002655 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CB RICHARD ELLIS SERVICES INC CENTRAL INDEX KEY: 0000852203 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 521616016 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-12231 FILM NUMBER: 99655417 BUSINESS ADDRESS: STREET 1: 533 S FREMONT AVE CITY: LOS ANGELES STATE: CA ZIP: 90071-1798 BUSINESS PHONE: 2136133123 MAIL ADDRESS: STREET 1: 533 S FREMONT AVE CITY: LOS ANGELES STATE: CA ZIP: 90071-1798 FORMER COMPANY: FORMER CONFORMED NAME: CB COMMERCIAL HOLDINGS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CB ACQUISITION CORP DATE OF NAME CHANGE: 19890731 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1998 ----------------------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from ______________________ to ______________________ Commission file number_________________________________________________________ A. Full title of the plan and the address of the plan, if different from that of the issuer named below: CB Richard Ellis 401(k) Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: CB Richard Ellis Services, Inc. 200 N. Sepulveda Blvd. Suite # 300 El Segundo, CA 90245 1 CB RICHARD ELLIS 401(k) PLAN ---------------------------- INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES -------------------------------------------------------- DECEMBER 31, 1998 ----------------- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statement of Net Assets Available for Plan Benefits, with Fund Information as of December 31, 1998 Statement of Net Assets Available for Plan Benefits, with Fund Information as of December 31, 1997 Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information for the year ended December 31, 1998 NOTES TO FINANCIAL STATEMENTS SUPPLEMENTAL SCHEDULES I. Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1998 II. Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1998 NOTE: Schedules other than those listed above have been omitted because they are not applicable or are not required by 29 CFR 2520.103 - 10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. 2 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ---------------------------------------- To the Investment Advisory Committee of CB Richard Ellis Services 401(k) Plan: We have audited the accompanying statements of net assets available for plan benefits, with fund information of CB RICHARD ELLIS 401(k) PLAN (the Plan) as of December 31, 1998 and 1997, and the related statement of changes in net assets available for plan benefits, with fund information for the year ended December 31, 1998. These financial statements with fund information and supplemental schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and supplemental schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits as of December 31, 1998 and 1997, and the changes in net assets available for plan benefits for the year ended December 31, 1998, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the index to the financial statements are presented for purposes 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 fund information in the statements of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the 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. ARTHUR ANDERSEN LLP Los Angeles, California June 22, 1999 3 CB RICHARD ELLIS 401(k) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION AS OF DECEMBER 31, 1998
Non-participant Directed Participant Directed --------------- ---------------------------------------------------------------------------------- Common Stock Mutual Funds ------------------------- -------------------------------------------------------------------- T. Rowe CB Richard CB Richard Baron Janus Science Vanguard Vanguard Ellis Stock Ellis Stock Asset Worldwide Technology 500 Index International Fund Fund Fund Fund Fund Fund Growth Fund ----------- ----------- ----------- ---------- ----------- ----------- ------------- INVESTMENTS: Mutual Funds $ - $ - $12,538,229 $2,966,623 $12,022,673 $28,060,957 $11,940,999 Pooled Separate Account - - - - - - - Common Stock - CB 15,190,019 26,817,619 - - - - - Loan Receivable - - - - - - - ----------- ----------- ----------- ---------- ----------- ----------- ----------- Total Investments 15,190,019 26,817,619 12,538,229 2,966,623 12,022,673 28,060,957 11,940,999 ----------- ----------- ----------- ---------- ----------- ----------- ----------- RECEIVABLES: Employee contributions - 14,211 18,007 10,867 16,735 22,345 14,152 ----------- ----------- ----------- ---------- ----------- ----------- ----------- Total Receivables - 14,211 18,007 10,867 16,735 22,345 14,152 ----------- ----------- ----------- ---------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1998 $15,190,019 $26,831,830 $12,556,236 $2,977,490 $12,039,408 $28,083,302 $11,955,151 =========== =========== =========== ========== =========== =========== =========== Participant Directed ---------------------------------------------------------------- Mutual Funds ---------------------------------------------------------------- Vanguard Vanguard Vanguard Vanguard LifeStrategy LifeStrategy LifeStrategy LifeStrategy Conservative Growth Income Moderate Growth Fund Fund Fund Growth Fund ------------- ------------- ------------- ------------- INVESTMENTS: Mutual Funds $236,104 $1,393,521 $5,204,884 $237,427 Pooled Separate Account - - - - Common Stock - CB - - - - Loan Receivable - - - - -------- --------- --------- -------- Total Investments 236,104 1,393,521 5,204,884 237,427 -------- --------- --------- -------- RECEIVABLES: Employee contributions 568 2,281 5,019 2,264 -------- --------- --------- -------- Total Receivables 568 2,281 5,019 2,264 -------- --------- --------- -------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1998 $236,672 $1,395,802 $5,209,903 $239,691 ======== ========== ========== ========
The accompanying notes are an integral part of this statement. 4 CB RICHARD ELLIS 401(k) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION AS OF DECEMBER 31, 1998
Participant Directed --------------------------------------------------------------------------------------- Mutual Funds --------------------------------------------------------------------------------------- Vanguard Vanguard Morgan Prime Money Vanguard Vanguard Vanguard Growth Market PRIMECAP Wellington Windsor II Fund Fund Fund Fund Fund ------------- ------------- ------------- ------------- ------------- INVESTMENTS: Mutual Funds $ 17,959,469 $ 12,906,902 $ 7,098,716 $ 28,922,841 $ 53,074,438 Pooled Separate Account - - - - - Common Stock - CB - - - - - Loan Receivable - - - - - ------------- ------------- ------------- ------------- ------------- Total Investments 17,959,469 12,906,902 7,098,716 28,922,841 53,074,438 ------------- ------------- ------------- ------------- ------------- RECEIVABLES: Employee contributions 15,252 9,758 9,241 31,778 27,452 ------------- ------------- ------------- ------------- ------------- Total Receivables 15,252 9,758 9,241 31,778 27,452 ------------- ------------- ------------- ------------- ------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1998 $ 17,974,721 $ 12,916,660 $ 7,107,957 $ 28,954,619 $ 53,101,890 ============= ============= ============= ============= ============= ------------------------------------------------ Common/ Collective -------------- Vanguard Retirement Participant Savings Trust Loans Total --------------- --------------- ------------- INVESTMENTS: Mutual Funds $ - $ - $ 194,563,783 Pooled Separate Account 18,426,079 - 18,426,079 Common Stock - CB - - 42,007,638 Loan Receivable - 2,825,479 2,825,479 --------------- --------------- ------------- Total Investments 18,426,079 2,825,479 257,822,979 --------------- --------------- ------------- RECEIVABLES: Employee contributions 9,295 - 209,225 --------------- --------------- ------------- Total Receivables 9,295 - 209,225 --------------- --------------- ------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1998 $ 18,435,374 $ 2,825,479 $ 258,032,204 =============== =============== =============
The accompanying notes are an integral part of this statement. 5 CB RICHARD ELLIS 401(k) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION AS OF DECEMBER 31, 1997
Non-participant Directed Participant Directed ------------- ------------------------------------------------------------- Common Stock Mutual Funds ---------------------------- ----------------------------------------------- CB CB Equity Capital Prime Stock Stock Income Appreciation Reserve Fund Fund Fund Fund Fund ----------- ----------- ------------ ------------ ---------- INVESTMENTS: Mutual Funds $ - $ - $51,043,258 $23,754,263 $8,836,261 Pooled Separate Account - - - - - Common Stock - CB 22,627,890 50,817,624 - - - Loan Receivable - - - - - ----------- ----------- ---------- ----------- ---------- Total Investments 22,627,890 50,817,624 51,043,258 23,754,263 8,836,261 ----------- ----------- ---------- ----------- ---------- RECEIVABLES: Employee contributions - 26,689 120,982 75,076 19,317 Employer contributions 2,890,000 - - - - Loan repayments - 730 7,358 3,563 6,134 ----------- ----------- ---------- ----------- ---------- Total Receivables 2,890,000 27,419 128,340 78,639 25,451 ----------- ----------- ---------- ----------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1997 $25,517,890 $50,845,043 $51,171,598 $23,832,902 $8,861,712 =========== =========== =========== =========== ========== Participant Directed ------------- ---------------------------------------------------------------- Mutual Funds ---------------------------- ------------------------------------------------- New International America Spectrum Stock Growth Income Equity New Asia Fund Fund Fund Index Fund Value Fund ----------- ----------- ---------- ------------- ------------ INVESTMENTS: Mutual Funds $11,394,765 $12,044,850 $3,149,546 $6,667,927 $2,217,292 Pooled Separate Account - - - - - Common Stock - CB - - - - - Loan Receivable - - - - - ----------- ----------- ---------- ----------- ---------- Total Investments 11,394,765 12,044,850 3,149,546 6,667,927 2,217,292 ----------- ----------- ---------- ----------- ---------- RECEIVABLES: Employee contributions 55,818 76,174 20,586 42,008 18,172 Employer contributions - - - - - Loan repayments 4,210 2,879 558 2,553 2,189 ----------- ----------- ---------- ----------- ---------- Total Receivables 60,028 79,053 21,144 44,561 20,361 ----------- ----------- ---------- ----------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFIT AS OF DECEMBER 31, 1997 $11,454,793 $12,123,903 $3,170,690 $ 6,712,488 $2,237,653 =========== =========== ========== =========== ==========
The accompanying notes are an integral part of this financial statement. 6 CB RICHARD ELLIS 401(k) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION AS OF DECEMBER 31, 1997
Participant Directed ----------------------------------------------------------------------------------------------- Pooled Mutual Funds Separate Account -------------------------------------------------------------- ----------- T. Rowe Science and Mid-Cap Spectrum Blue Chip Stable Technology Small-Cap Growth Growth Growth Value Participant Fund Value Fund Fund Fund Fund Fund Loans Total ----------- ----------- ---------- -------- ---------- ----------- ------------ ----------- INVESTMENTS: Mutual Funds $7,322,032 $12,303,617 $2,071,809 $397,576 $2,854,453 $ - $ - $144,057,649 Pooled Separate Account - - - - - 14,373,593 - 14,373,593 Common Stock - CB - - - - - - - 73,445,514 Loan Receivable - - - - - - 2,371,802 2,371,802 ---------- ----------- ---------- -------- ---------- ----------- ---------- ------------ Total Investments 7,322,032 12,303,617 2,071,809 397,576 2,854,453 14,373,593 2,371,802 234,248,558 ---------- ----------- ---------- -------- ---------- ----------- ---------- ------------ RECEIVABLES: Employee contributions 82,010 66,256 15,174 4,705 24,537 32,777 - 680,281 Employer contributions - - - - - - - 2,890,000 Loan repayments 2,546 4,009 64 132 271 2,130 (39,326) - ---------- ----------- ---------- -------- ---------- ----------- ---------- ------------ Total Receivables 84,556 70,265 15,238 4,837 24,808 34,907 (39,326) 3,570,281 ---------- ----------- ---------- -------- ---------- ----------- ---------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AS OF DECEMBER 31, 1997 $7,406,588 $12,373,882 $2,087,047 $402,413 $2,879,261 $14,408,500 $2,332,476 $237,818,839 ========== =========== ========== ======== ========== =========== ========== ============
The accompanying notes are an integral part of this financial statement. 7 CB RICHARD ELLIS 401(k) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998
Participant Directed ------------------------------------------------------------------------------- Common Stock Mutual Funds -------------------------------------------------------------------------------------------- CB Richard Equity Capital Prime International Ellis Stock Income Appreciation Reserve Stock New America Fund Fund Fund Fund Fund Growth Fund -------------------------------------------------------------------------------------------- ADDITIONS: Employee contributions $ 4,786,041 $ 2,722,878 $ 2,034,090 $ 453,747 $ 934,843 $ 1,315,906 Koll Rollovers - - - - - ------------ ------------ ------------ ----------- ------------ ------------ Total Contributions 4,786,041 2,722,878 2,034,090 453,747 934,843 1,315,906 Investment Income Interest & Dividends 4,712 859,219 - 279,201 - - Net appreciation/(depreciation) in fair value of investments (32,369,099) 1,430,777 1,008,535 - 1,848,794 1,714,337 ------------ ------------ ------------ ----------- ------------ ------------ Total investment income (32,364,387) 2,289,996 1,008,535 279,201 1,848,794 1,714,337 ------------ ------------ ------------ ----------- ------------ ------------ Total Additions (27,578,346) 5,012,874 3,042,625 732,948 2,783,637 3,030,243 ------------ ------------ ------------ ----------- ------------ ------------ DEDUCTIONS: Distributions to participants (3,041,985) (2,300,207) (993,754) (696,957) (699,752) (461,330) ------------ ------------ ------------ ----------- ------------ ------------ Total Deductions (3,041,985) (2,300,207) (993,754) (696,957) (699,752) (461,330) ------------ ------------ ------------ ----------- ------------ ------------ NET TRANSFERS (3,713,220) (54,080,662) (25,976,391) (9,040,846) (13,604,784) (14,857,776) LOANS, NET OF REPAYMENTS (7,533) 196,397 94,618 143,143 66,106 164,960 ------------ ------------ ------------ ----------- ------------ ------------ Net increase (decrease) (34,341,084) (51,171,598) (23,832,902) (8,861,712) (11,454,793) (12,123,903) NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 76,362,933 51,171,598 23,832,902 8,861,712 11,454,793 12,123,903 ------------ ------------ ------------ ---------- ------------ ------------ End of year $ 42,021,849 $ - $ - $ - - $ ============ ============ ============ ========== ============ ============ Participant Directed ------------------------------------------------- Mutual Funds ------------------------------------------------- Spectrum Equity Index New Asia Income Fund Fund Value Fund ------------ -------------- ------------ ADDITIONS: Employee contributions $ 446,874 $ 1,685,494 $ 294,883 Koll Rollovers - - - ----------- -------------- ----------- Total Contributions 446,874 1,685,494 294,883 Investment Income Interest & Dividends 134,340 57,230 - Net appreciation/(depreciation) in fair value of investments 9,369 1,318,492 (565,887) ----------- -------------- ------------ Total investment income 143,709 1,375,722 (565,887) ----------- -------------- ------------ Total Additions 590,583 3,061,216 (271,004) ----------- -------------- ------------ DEDUCTIONS: Distributions to participants (53,910) (363,647) (125,079) ----------- -------------- ----------- Total Deductions (53,910) (363,647) (125,079) ----------- -------------- ----------- NET TRANSFERS (3,727,972) (9,472,531) (1,853,964) LOANS, NET OF REPAYMENTS 20,609 62,474 12,394 ----------- -------------- ----------- Net increase (decrease) (3,170,690) (6,712,488) (2,237,653) NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 3,170,690 6,712,488 2,237,653 ----------- -------------- ------------ End of year $ - $ - $ - =========== ============== ============
The accompanying notes are an integral part of this statement. 8 CB RICHARD ELLIS 401(k) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998
Participant Directed ---------------------------------------------------------------------------- Pooled Mutual Funds Separate Account ---------------------------------------------------------- ---------------- Stable Small-Cap Mid-Cap Spectrum Blue Chip Value Value Fund Growth Fund Growth Fund Growth Fund Fund ------------ ----------- ----------- ----------- ------------ ADDITIONS: Employee contributions $ 1,471,816 $ 715,493 $ 196,877 $ 1,450,979 $ 651,938 Koll Rollovers - - - - - ------------ ----------- --------- ----------- ------------ Total Contributions 1,471,816 715,493 196,877 1,450,979 651,938 Investment Income Interest & Dividends - - - - 521,563 Net appreciation/(depreciation) in fair value of investments (490,133) 292,632 41,008 693,535 - ------------ ----------- --------- ----------- ------------ Total investment income (490,133) 292,632 41,008 693,535 521,563 ------------ ----------- --------- ----------- ------------ Total Additions 981,683 1,008,125 237,885 2,144,514 1,173,501 ------------ ----------- --------- ----------- ------------ DEDUCTIONS: Distributions to participants (638,168) (66,523) (6,418) (126,122) (1,579,906) ------------ ----------- --------- ----------- ------------ Total Deductions (638,168) (66,523) (6,418) (126,122) (1,579,906) ------------ ----------- --------- ----------- ------------ NET TRANSFERS (12,758,007) (3,037,260) (637,223) (4,926,473) (14,048,256) LOANS, NET OF REPAYMENTS 40,610 8,611 3,343 28,820 46,161 ------------ ----------- --------- ----------- ------------ Net increase (decrease) (12,373,882) (2,087,047) (402,413) (2,879,261) (14,408,500) NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 12,373,882 2,087,047 402,413 2,879,261 14,408,500 ------------ ----------- --------- ----------- ------------ End of year $ - $ - $ - $ - $ - ============ =========== ========= =========== ============ Participant Directed ------------------------------------------------------------------ Mutual Funds ------------------------------------------------------------------ T. Rowe Janus Science Baron Asset Worldwide Technology Vanguard 500 Fund Fund Fund Index Fund ----------- ---------- ----------- ------------ ADDITIONS: Employee contributions $ 733,354 $ 213,029 $ 2,215,611 $ 1,531,970 Koll Rollovers - - - 5,099,112 ----------- ---------- ----------- ----------- Total Contributions 733,354 213,029 2,215,611 6,631,082 Investment Income Interest & Dividends 10,906 10,929 308,073 262,134 Net appreciation/(depreciation) in fair value of investments 537,756 79,122 3,081,580 2,395,977 ----------- ---------- ----------- ----------- Total investment income 548,662 90,051 3,389,653 2,658,111 ----------- ---------- ----------- ----------- Total Additions 1,282,016 303,080 5,605,264 9,289,193 ----------- ---------- ----------- ----------- DEDUCTIONS: Distributions to participants (134,041) (67,072) (555,307) (799,432) ----------- ---------- ----------- ----------- Total Deductions (134,041) (67,072) (555,307) (799,432) ----------- ---------- ----------- ----------- NET TRANSFERS 11,422,484 2,724,133 (486,383) 19,639,524 - LOANS, NET OF REPAYMENTS (14,223) 17,349 69,246 (45,983) ---------- ---------- ----------- ----------- Net increase (decrease) 12,556,236 2,977,490 4,632,820 28,083,302 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year - - 7,406,588 - ----------- ---------- ----------- ----------- End of year $12,556,236 $2,977,490 $12,039,408 $28,083,302 =========== ========== =========== ===========
The accompanying notes are an integral part of this statement. 9 CB RICHARD ELLIS 401(k) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998
Participant Directed ------------------------------------------------------------------------- Mutual Funds ------------------------------------------------------------------------- Vanguard Vanguard LifeStrategy Vanguard Vanguard International Cons. Grwth LifeStrategy LifeStrategy Growth Fund Fund Growth Fund Income Fund ------------- ------------- ------------- ------------ ADDITIONS: Employee contributions $ 437,716 $ 21,860 $ 111,646 $ 239,502 Koll Rollovers 271,727 - 358,007 23,637 ----------- -------- ---------- ---------- Total Contributions 709,443 21,860 469,653 263,139 Investment Income Interest & Dividends 237,876 7,172 39,514 199,747 Net appreciation/(depreciation) in fair value of investments (331,745) 9,560 70,292 104,287 ----------- -------- ---------- ---------- Total investment income (93,869) 16,732 109,806 304,034 ----------- -------- ---------- ---------- Total Additions 615,574 38,592 579,459 567,173 ----------- -------- ---------- ---------- DEDUCTIONS: Distributions to participants (431,034) - (53,012) (21,050) ----------- -------- ---------- ---------- Total Deductions (431,034) - (53,012) (21,050) ----------- -------- ---------- ---------- NET TRANSFERS 11,758,834 196,873 866,299 4,665,834 LOANS, NET OF REPAYMENTS 11,777 1,207 3,056 (2,054) ----------- -------- ---------- ---------- Net increase (decrease) 11,955,151 236,672 1,395,802 5,209,903 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year - - - - ----------- -------- ---------- ---------- End of year $11,955,151 $236,672 $1,395,802 $5,209,903 =========== ======== ========== ========== Participant Directed --------------------------------------------------------------------------- Mutual Funds --------------------------------------------------------------------------- Vanguard LifeStrategy Vanguard Vanguard Prime Vanguard Vanguard Mod Grwth Morgan Growth Money Market PRIMECAP Wellington Fund Fund Fund Fund Fund ------------ ------------- -------------- ---------- ----------- ADDITIONS: Employee contributions $ 56,669 $ 674,367 $ 352,946 $ 374,723 $ 931,522 Koll Rollovers 227,064 3,127,930 5,301 2,820,465 4,780,607 --------- ----------- ----------- ---------- ----------- Total Contributions 283,733 3,802,297 358,247 3,195,188 5,712,129 Investment Income Interest & Dividends 7,170 1,052,195 267,626 226,388 2,800,607 Net appreciation/(depreciation) in fair value of investments (6,959) 42,473 - 558,854 (1,718,326) --------- ----------- ----------- ---------- ----------- Total investment income 211 1,094,668 267,626 785,242 1,082,281 --------- ----------- ----------- ---------- ----------- Total Additions 283,944 4,896,965 625,873 3,980,430 6,794,410 --------- ----------- ----------- ---------- ----------- DEDUCTIONS: Distributions to participants (10,363) (798,371) (551,125) (352,176) (1,247,501) --------- ----------- ----------- ---------- ----------- Total Deductions (10,363) (798,371) (551,125) (352,176) (1,247,501) --------- ----------- ----------- ---------- ----------- NET TRANSFERS (30,007) 13,848,152 12,783,624 3,488,051 23,425,326 LOANS, NET OF REPAYMENTS (3,883) 27,975 58,288 (8,348) (17,616) --------- ----------- ----------- ---------- ----------- Net increase (decrease) 239,691 17,974,721 12,916,660 7,107,957 28,954,619 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year - - - - - --------- ----------- ----------- ---------- ----------- End of year $ 239,691 $17,974,721 $12,916,660 $7,107,957 $28,954,619 ========= =========== =========== ========== ===========
The accompanying notes are an integral part of this statement. 10
CB RICHARD ELLIS 401(k) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998 Participant Directed ---------------------------------------------- Common/ Collective --------------------------------- Vanguard Vanguard Windsor II Retirement Participant Fund Savings Trust Loan Total Funds & Loans ------------- ------------- ------------ -------------- ADDITIONS: Employee contributions $ 1,188,693 $ 350,445 $ - $ 28,595,912 Koll Rollovers - 2,610,703 302,982 19,627,535 ------------- ------------- ------------ -------------- Total Contributions 1,188,693 2,961,148 302,982 48,223,447 Investment Income Interest & Dividends 4,982,861 459,365 230,524 12,959,352 Net appreciation/(depreciation) in fair value of investments (2,970,192) - - (23,214,961) ------------- ------------- ------------ -------------- Total investment income 2,012,669 459,365 230,524 (10,255,609) ------------- ------------- ------------ -------------- Total Additions 3,201,362 3,420,513 533,506 37,967,838 ------------- ------------- ------------ -------------- DEDUCTIONS: Distributions to participants (842,377) (682,933) (54,921) (17,754,473) ------------- ------------- ------------ -------------- Total Deductions (842,377) (682,933) (54,921) (17,754,473) ------------- ------------- ------------ -------------- NET TRANSFERS 50,692,331 15,680,125 1,060,165 - LOANS, NET OF REPAYMENTS 50,574 17,669 (1,045,747) - ------------- ------------- ------------ -------------- Net increase (decrease) 53,101,890 18,435,374 493,003 20,213,365 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year - - 2,332,476 237,818,839 ------------- ------------- ------------ -------------- End of year $ 53,101,890 $ 18,435,374 $ 2,825,479 $ 258,032,204 ============= ============= ============ ==============
The accompanying notes are an integral part of this statement. 11 CB RICHARD ELLIS 401(k) PLAN ---------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1998 ----------------- 1. Description of the Plan ----------------------- The following is a summary description of the CB Richard Ellis 401(k) Plan, formerly the CB Commercial 401(k) Capital Accumulation Plan, (the "Plan"), which is sponsored by CB Richard Ellis Services, Inc., formerly CB Commercial Real Estate Services Group, Inc. (together with its subsidiaries, "CB" or the "Company"). Participants should refer to the Plan document for a further description of the provisions of the Plan. General ------- The Plan is a defined contribution plan, which provides retirement benefits for eligible employees of the Company who elect to participate. It became effective on April 19, 1989, and is a spin-off from the Coldwell Banker Real Estate Group Capital Accumulation Plan (the "Prior Plan"). The Plan covers substantially all employees of the Company and the Investment Advisory Committee believes it is designed to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code of 1986 (the "Code"). The Plan is also subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA") as amended. Administration -------------- The Plan is administered by the Investment Advisory Committee (the "Committee" or the "Plan Administrator") appointed by the Chief Executive Officer of the Company. The Committee has been given all powers necessary to carry out its duties, including, but not limited to, the power to administer and interpret the Plan, to answer all questions affecting eligibility of participants in the Plan and to authorize disbursements for the payment of Plan benefits. Trustee, Custodian and Fund Manager of Investments -------------------------------------------------- The Vanguard Group (the "Trustee"), together with its affiliates, serves as trustee, custodian and fund manager of the Plan investments. The Trustee is the primary recordkeeper for the Plan, determines the value of Plan investments, other than the value of the CB Stock Fund, and is regularly required to provide an accounting of all receipts, disbursements and transactions made on behalf of the Plan. Prior to July 1, 1998, the trustee, custodian, and fund manager of the Plan was T. Rowe Price Trust Company. 12 Contributions -------------- Participants in the Plan who are not highly compensated employees, as defined in the Plan, may elect to contribute from 1 to 15 percent of compensation before taxes through compensation deferrals. The percentage of compensation for contributions of highly compensated employees may be limited by the Committee and is currently limited to 5 percent of their pretax compensation. The Company may make discretionary matching and profit sharing contributions to the Plan in such amounts as determined by the Board of Directors. The Company did not authorize a discretionary matching contribution in 1998. All employer contributions are invested in the CB Stock Fund. Koll Rollover ------------- During August 1997, the Company acquired all of the outstanding common stock of Koll Real Estate Services ("Koll"). On July 1, 1998 the participant account balances of those employees acquired in the Koll acquisition were transferred into the Plan from the Koll Company 401(k) Plus Plan. The rollover of certain assets from the Koll Company 401(k) Plus Plan to the Plan was approximately $20 million and are included in Koll Rollovers in the Statement of Changes in Net Assets for the year ended December 31, 1998. Investment Selections --------------------- Upon enrollment in the plan a participant may direct employee contributions in any of the investment funds below. Participants may also elect to transfer all or a portion of their investments between investment funds. The following fund options were available throughout 1998 and 1997: a. CB Stock Fund - consists of investment in common stock of CB Richard Ellis Services, Inc. Prior to November 25, 1996, CB Stock was not publicly traded. Subsequent to the commencement of public trading of CB Stock pursuant to an initial public offering and through May 25, 1997, sales and purchases of CB Stock by Plan participants were not permitted for a limited time period. Contributions by employer and employees are shown as non-participant and participant directed funds in the accompanying Statements of Net Assets Available For Plan Benefits With Fund Information. Activity for participant and non- participant directed investments in the CB Stock Fund are shown combined in the accompanying Statement of Changes in Net Assets Available For Plan Benefits, With Fund Information. 13 b. Science and Technology Fund - managed by T. Rowe Price, primarily consists of investments in stocks of companies in the science and electronics industries. The following fund options were managed by T. Rowe Price and were available only through June 30, 1998: c. Equity Income Fund - consists of investments in stocks, bonds and other cash equivalents selected with the objective of providing reasonable growth in value. d. Capital Appreciation Fund - consists of investments in stocks of companies in varied industries selected with the objective of providing growth in value through a more aggressive investment approach than the Equity Income Fund. e. Prime Reserve Fund - consists of investments in commercial paper, corporate notes and other short-term investments. f. International Stock Fund - consists of investments in marketable securities of non-United States issuers. The fund seeks a total return on its assets from long term growth of capital and income. g. New America Growth Fund - primarily consists of investments in stocks of companies in service industries. h. Spectrum Income Fund - consists of investments in underlying funds, which have invested in bonds, money-market funds, stocks, international bonds, and high-yield bonds. i. Equity Index Fund - is modeled after the S&P 500 Index and consists of investments in companies that are included in the S&P 500 Index. j. New Asia Value Fund - consists of investments in large and small capitalization companies based in Asia (excluding Japan) and other regions of the Pacific Basin, including Australia and New Zealand. k. Small-Cap Value Fund - primarily consists of investments in stocks of small companies that are believed to be undervalued. l. Stable Value Fund - consists of investments in guaranteed investment contracts, bank investment contracts, and structured investment contracts. m. Mid-Cap Growth Fund- primarily consists of investments in stocks of mid-capitalization companies. 14 n. Spectrum Growth Fund - primarily consists of investments in funds that seek long-term capital appreciation and growth of income by investing in funds that invest primarily in stocks. o. Blue Chip Growth Fund - primarily consists of investments in stocks included in the S&P 500. Subsequent to the change in trustee, from T. Rowe Price to Vanguard, the following fund options were managed by Vanguard and were available beginning July 1, 1998: p. Baron Asset Fund - this fund primarily seeks to provide long-term growth of capital. q. Janus Worldwide Fund - this fund primarily seeks long-term growth of capital consistent with preservation of capital. The fund invests primarily in foreign and domestic common stocks. r. Vanguard 500 Index Fund - this fund seeks to provide long-term growth of capital and income from dividends by holding all of the 500 stocks that make up the unmanaged Standard & Poor's 500 Composite Stock Price Index, a widely recognized benchmark of U.S. stock market performance. s. Vanguard International Growth Fund - this fund seeks to provide long- term growth of capital by investing in stocks of high-quality, seasoned companies based outside the United States. Stocks are selected from more than 15 countries. t. Vanguard LifeStrategy Conservative Growth Fund - this fund seeks to provide a high level of income and moderate long-term growth of capital and income by investing in five Vanguard funds: a domestic stock fund, an international stock fund, two bond funds, and an asset allocation fund. The fund's asset allocation ranges are expected to be 25%-50% stocks, 50%-75% bonds, and 0%-25% cash investments. u. Vanguard LifeStrategy Growth Fund - this fund seeks to provide long- term growth of capital by investing in four other Vanguard funds: a domestic stock fund, an international stock fund, a bond fund, and an asset allocation fund. The fund's asset allocation ranges are expected to be 65%-90% stocks, 10%-35% bonds, and 0%-25% cash investments. v. Vanguard LifeStrategy Income Fund - this fund seeks to provide a high level of income by investing in four Vanguard funds: a stock fund, two bond funds, and an asset allocation fund. The fund's asset allocation ranges are expected to be 5%-30% stocks, 70%-95% bonds, and 0%-25% cash investments. 15 w. Vanguard LifeStrategy Moderate Growth Fund - this fund seeks to provide a reasonable level of income and long-term growth of capital and income by investing in four Vanguard funds: a domestic stock fund, an international stock fund, a bond fund, and an asset allocation fund. The fund's asset allocation ranges are expected to be 45%-70% stocks, 30%-55% bonds, and 0%-25% cash investments. x. Vanguard Morgan Growth Fund - this fund seeks long-term growth of capital by investing primarily in stocks of large and mid-sized companies that have strong records of growth in sales and earnings or that have performed well during certain market cycles. y. Vanguard Prime Money Market Fund - this fund seeks to provide high income and a stable share price of $1 by investing in short-term, high quality money market instruments issued by financial institutions, nonfinancial corporations, the U.S. government, and federal agencies. z. Vanguard PRIMECAP Fund - this fund seeks long-term growth of capital by investing in stocks of companies with above-average prospects for continued earnings growth, strong industry positions, and skilled management teams. aa. Vanguard Wellington Fund - this fund seeks to provide income and long- term growth of capital without undue risk to capital by investing about 65% of its assets in stocks and the remaining 35% in bonds. bb. Vanguard Windsor II Fund - this fund seeks to provide long-term growth of capital and income from dividends by investing in a diversified group of out-of-favor stocks of large-capitalization companies. The stocks generally sell at prices below the overall market average compared to their dividend income and future return potential. cc. Vanguard Retirement Savings Trust - this fund seeks stability of principle and a high level of current income consistent with a two to three year average maturity. The trust is a tax-exempt collective trust invested primarily in investment contracts issued by insurance companies and commercial banks, and similar types of fixed-principle investments. The trust intends to maintain a constant net asset value of $1.00 per share. Participants' Accounts ---------------------- Each participant's account is credited with an allocation of Company contributions and investment earnings or losses. Allocation of earnings on any of the investment funds, except for the CB Stock Fund, is based on each participant's balance in the investment fund as compared to the total participants' balance in such fund as of the preceding valuation date. 16 Vesting ------- Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company's contribution portion of their accounts plus actual earnings thereon is based upon the occurrence of the earliest of the following: a. 100 percent upon Plan termination. b. 100 percent upon participant attaining age 65, death or disability. c. for participants who commenced employment prior to January 1, 1989, zero percent for less than four years of vesting service, as defined in the Plan, 10 percent for four years of vesting service and 100 percent for five or more years of vesting service. d. for participants who commenced employment after January 1, 1989, zero percent for less than five years of vesting service and 100 percent for five or more years of vesting service. Forfeited Accounts ------------------ Forfeited nonvested accounts are used to reduce future employer contributions. There were no forfeitures used in 1998. Unallocated forfeitures at December 31, 1998 totaled approximately $103,024. Benefit Payments and Withdrawals -------------------------------- Participants are entitled to the vested portion of their accounts upon attaining age 65, termination of employment, disability or death. The Plan also provides for withdrawals due to hardship from the fully vested employee contributions, subject to certain limitations. Benefits are recorded when paid. Loans ----- Participants may elect to borrow from the vested portion of their accounts up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the Participant Loans fund. Such loan principal and related interest are payable by the Participants to their Plan accounts over a period not to exceed 36 months from the date of withdrawal. The loans are secured by the balance in the participant's account and bear interest at the prime rate as determined by the Plan plus 2 percent. Interest on the loans ranged from 5.97 percent to 10.99 percent. Principal and interest is paid ratably through payroll deductions. 17 Transfers between Funds ----------------------- The line item Net Transfers on the Statement of Changes In Net Assets Available For Plan Benefits includes the transfer of funds between T. Rowe Price and Vanguard as a result of the change in trustee during 1998. 2. Summary of Significant Accounting Policies ------------------------------------------ Basis of Accounting ------------------- For financial reporting purposes, the financial statements have been prepared on the accrual basis of accounting. Valuation and Income Recognition -------------------------------- The Plan's investments are stated at fair value. Shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. The Company stock is valued at its quoted market price. Participant loans receivable are valued at cost which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The value of the CB stock was $18.12 and $32.19 on December 31, 1998 and 1997, respectively, representing the latest quoted price at that date on the stock exchange on which it trades. Net appreciation (depreciation) in the fair value of investments is based on the difference between the fair value of the assets at the beginning of the year, or at the time of purchase for assets purchased during the year, and the related fair value on the day investments are sold with respect to realized appreciation (depreciation), or on the last day of the year for unrealized appreciation (depreciation). Use of Estimates ---------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. 3. Related Party Transactions -------------------------- The Trustees and the Company are parties-in-interest as defined by ERISA. The Trustees invest certain Plan assets in shares of mutual funds and common/collective trusts managed by them. Such transactions qualify as party- in-interest transactions permitted by Department of Labor regulations. 18 4. Administrative Expenses ----------------------- Expenses directly related to the administration of the Plan are paid out of Plan assets. However, the Company may elect to pay for some of these expenses. During 1998, the Company elected to pay all Plan expenses. These expenses are not reflected in the accompanying financial statements and were not material to the Plan. 5. Federal Income Tax Status ------------------------- The Internal Revenue Service has determined and informed the Company by a letter dated February 19, 1998, that the Plan is designed in accordance with applicable sections of the Internal Revenue Code. The Committee, using its judgement and the advice of its advisors, including the Plan's tax counsel, believes that the Plan, in all material respects, is designed and operated in a manner that qualifies it for continued tax-exempt status. Accordingly, no taxes have been provided for in the accompanying financial statements. 6. Plan Termination ---------------- Although it has not expressed any intent to do so, the Company has the right under the Plan to amend the Plan or to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. Upon complete discontinuance of the employer's contributions or Plan termination, participants will become fully vested in their account balances. 19 7. Reconciliation to Form 5500 --------------------------- The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
December 31, 1998 1997 ------------ ------------ Net assets available for benefits per the financial statements $258,032,024 $237,818,839 Amounts allocated to withdrawing participants - (80,000) ------------ ------------ Net assets available for benefits per the Form 5500 $258,032,024 $237,738,839 ============ ============
The following is a reconciliation of participant withdrawals and distributions per the financial statements to the Form 5500:
Year Ended December 31, 1998 ----------------- Participant withdrawals and distributions per the financial statements $17,754,473 Add: Amounts allocated to withdrawing participants at December 31, 1998 - Less: Amounts allocated to withdrawing participants at December 31, 1997 (80,000) ----------- Benefits paid to participants per the Form 5500 $17,674,473 ===========
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. 20 Schedule 1 E.I.N. No. 52-1616016 Plan No. 001 CB RICHARD ELLIS 401(K) PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1998
(a) (b) (c) (d) (e) Identity of Issue, Description of Investment including Related Borrower, Lessor, Maturity Date, Rate of Interest, Current Party or Similar Party Collateral, Par, or Maturity Value Cost Value - ------- ------------------------------ --------------------------------------------------- ------------ ------------ * The Vanguard Group 248,085 units of Baron Asset Fund $ 11,780,966 $ 12,538,229 * The Vanguard Group 62,640 units of Janus Worldwide Fund 2,835,576 2,966,623 * T. Rowe Price 319,158 units of T. Rowe Science and 9,810,772 12,022,673 Technology Fund * The Vanguard Group 246,257 units of Vanguard 500 Index Fund 25,586,078 28,060,957 * The Vanguard Group 636,175 units of Vanguard International 12,073,415 11,940,999 Growth Fund * The Vanguard Group 16,050 units of Vanguard LifeStrategy 227,300 236,104 Conservative Growth Fund * The Vanguard Group 74,163 units of Vanguard LifeStrategy 1,320,098 1,393,521 Growth Fund * The Vanguard Group 393,713 units of Vanguard LifeStrategy 5,112,803 5,204,884 Income Fund * The Vanguard Group 14,082 units of Vanguard LifeStrategy 229,431 237,427 Moderate Growth Fund * The Vanguard Group 910,724 units of Vanguard Morgan 17,617,636 17,959,469 Growth Fund * The Vanguard Group 12,906,901 units of Vanguard Prime 12,906,901 12,906,902 Money Market Fund * The Vanguard Group 148,945 units of Vanguard PRIMECAP Fund 6,495,783 7,098,716 * The Vanguard Group 985,446 units of Vanguard Wellington Fund 30,523,600 28,922,841 * The Vanguard Group 1,778,038 units of Vanguard Windsor II Fund 55,692,094 53,074,438 * The Vanguard Group 18,426,079 units of Vanguard Retirement 18,426,080 18,426,079 Savings Trust Fund * CB Richard Ellis Services, Inc. 2,317,663 shares of CB Richard Ellis Services, Inc. 26,875,847 42,007,638 329,948 units of US Treasury Fund ($.01 Par Value) * Participant Loans Loans receivable with interest rates ranging - 2,825,479 from 5.97 percent to 10.99 percent ------------ ------------ Total Assets Held For Investment Purposes $237,514,380 $257,822,979 ============ ============
* Party-in-interest 21 Schedule II E.I.N. No. 52-1616016 Plan No. 001 CB RICHARD ELLIS 401(k) PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1998
Identity of Party Purchase Selling Cost of Net Gain Involved Description of Assets Price Price Asset or (Loss) - ----------------- -------------------------------------- ----------- ----------- ----------- ----------- The Vanguard Group Baron Asset Fund $13,341,605 $ - $13,341,605 $ - - 1,341,132 1,559,408 (218,276) The Vanguard Group T. Rowe Science Tech Fund 11,165,359 - 11,165,359 - - 1,256,589 1,354,588 (97,999) The Vanguard Group Vanguard 500 Index Fund 28,278,852 - 28,278,852 - - 2,613,872 2,695,482 (81,610) The Vanguard Group Vanguard Int'l Growth Fund 14,102,032 - 14,102,032 - - 1,829,287 2,027,615 (198,328) The Vanguard Group Vanguard Morgan Growth 20,312,487 - 20,312,487 - - 2,395,490 2,691,415 (295,925) The Vanguard Group Vanguard Prime Money Market 16,321,346 - 16,321,346 - - 3,414,444 3,414,444 - The Vanguard Group Vanguard Wellington Fund 34,188,447 - 34,188,447 - - 3,547,280 3,664,376 (117,096) The Vanguard Group Vanguard Windsor II Fund 61,069,908 - 61,069,908 - - 5,025,278 5,376,895 (351,617) The Vanguard Group Vanguard Retire Savings Trust 22,054,322 - 22,054,322 - - 3,628,243 3,628,243 - CB Richard Ellis CB Richard Ellis Services, Inc. 81,414,036 - 81,414,036 - Services, Inc. Common Stock - 83,001,961 28,875,356 54,126,605 T. Rowe Price Vanguard Retirement Savings Trust Fund 3,919,508 - 3,919,508 - - 18,304,487 18,304,487 - T. Rowe Price International Stock Fund 1,316,643 - 1,316,643 - - 14,562,226 11,831,623 2,730,603
22 Schedule II E.I.N. No. 52-1616016 Plan No. 001 CB RICHARD ELLIS 401(k) PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1998
Identity of Party Purchase Selling Cost of Net Gain Involved Description of Assets Price Price Asset or (Loss) - ----------------- --------------------- ----------- ----------- ----------- ----------- T. Rowe Price Prime Reserve Fund $ 3,106,924 $ - $ 3,106,924 $ - - 11,944,023 11,944,023 - T. Rowe Price Small Cap Value Fund 2,326,272 - 2,326,272 - - 14,146,889 12,467,952 1,678,937 T. Rowe Price Equity Index Fund 3,631,012 - 3,631,012 - - 11,625,154 8,862,285 2,762,869 T. Rowe Price New America Growth Fund 2,136,584 - 2,136,584 - - 15,932,360 11,778,276 4,154,084 T. Rowe Price Science Technology Fund 2,276,307 - 2,276,307 - - 10,562,672 10,478,669 84,003 T. Rowe Price Equity Income Fund 4,697,781 - 4,697,781 - - 57,233,872 41,742,156 15,491,716 T. Rowe Price Capital Appreciation Fund 2,292,186 - 2,292,186 - - 27,065,102 23,171,540 3,893,562
23 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. CB RICHARD ELLIS 401(k) PLAN By: /s/ Debra L. Morris - -------------------------------------- Debra L. Morris Executive Vice President Global Chief Accounting Office CB Richard Ellis Services, Inc. Dated: June 29, 1999 24 EXHIBIT INDEX ------------- Exhibit No. Exhibit Page Number - -------------------------------------------------------------------------------- 23 Consent of Independent Public Accountants 25 EX-23 2 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS EXHIBIT 23 ---------- CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS ----------------------------------------- As independent public accountants, we hereby consent to the incorporation of our report dated June 22, 1999 included in this Form 11-K for the year ended December 31, 1998, into the Company's previously filed Registration Statements: Form S-8 (File No. 33-39436) and Form S-8 (File No. 333-21599). /s/ ARTHUR ANDERSEN ARTHUR ANDERSEN LLP Los Angeles, California June 29, 1999 -----END PRIVACY-ENHANCED MESSAGE-----