EXHIBIT 99.1
SECUTITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to _____________.
Commission file number 1-8729
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
UNISYS SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
UNISYS CORPORATION
Unisys Way
Blue Bell, Pennsylvania 19424
REQUIRED INFORMATION
Financial Statements and Supplemental Schedule
Unisys Savings Plan
Years ended December 31, 2000 and 1999
with Report of Independent Auditors
CONTENTS
Report of Independent Auditors 1
Audited Financial Statements:
Statements of Assets Available for Benefits 2
Statements of Changes in Assets Available for Benefits 3
Notes to Financial Statements 4
Supplemental Schedule:
Schedule of Assets Held (for Investment Purposes at End of Year) 9
Exhibit:
Consent of Independent Auditors
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan administrator has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
UNISYS SAVINGS PLAN
UNISYS CORPORATION
Date: June 25, 2001 By: /s/ Janet Brutschea Haugen
--------------------------
Janet Brutschea Haugen
Senior Vice President and
Chief Financial Officer
1
Report of Independent Auditors
Unisys Corporation
Employee Benefits Administrative Committee
We have audited the accompanying statements of assets available for benefits
of the Unisys Savings Plan (the "Plan") as of December 31, 2000 and 1999, and
the related statements of changes in 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 auditing standards generally
accepted in the United States. 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 provided a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of the Plan at
December 31, 2000 and 1999, and the changes in assets available for benefits
for the years then ended, in conformity with accounting principles generally
accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplemental schedule
of assets held (for investment purposes at end of year) as of December 31,
2000, is presented for purposes of additional analysis and is not a required
part of the financial statements but is supplementary information required by
the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. This supplemental
schedule is the responsibility of the Plan's management. The supplemental
schedule has been subjected to the auditing procedures applied in our audits
of the financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken as a whole.
Ernst & Young LLP
Philadelphia, Pennsylvania
May 4, 2001
2
Unisys Savings Plan
Statements of Assets Available for Benefits
December 31
2000 1999
----------------------------------
(In Thousands)
Investments at fair value:
Fidelity Mutual Funds $ 1,850,258 $ 2,023,196
Unisys Common Stock Funds 262,009 497,535
Unisys Interest Income Fund 377,906 404,086
Fidelity Money Market Funds 179,508 171,390
Fidelity U.S. Equity Index Commingled
Pool Fund 30,074 36,764
Participants' Loans 20,255 21,675
Frozen Investment Contracts 23 2,234
----------------------------------
Assets available for benefits $ 2,720,033 $ 3,156,880
==================================
See notes to financial statements.
3
Unisys Savings Plan
Statements of Changes in Assets Available for Benefits
Year ended December 31
2000 1999
-----------------------------------
(In Thousands)
Additions:
Investment income:
Interest and dividends $ 215,566 $ 193,709
Net (depreciation) appreciation
in fair value of investments (538,201) 185,090
Contributions:
Employer 18,471 8,630
Employee 88,260 82,492
-----------------------------------
Total additions (215,904) 469,921
-----------------------------------
Deductions:
Benefit payments 225,307 184,084
Administrative and other expenses 339 287
-----------------------------------
Total deductions 225,646 184,371
-----------------------------------
Transfers from purchased plans 4,703 -
-----------------------------------
Net (decrease) increase (436,847) 285,550
Assets available for benefits:
Beginning of year 3,156,880 2,871,330
-----------------------------------
End of year $ 2,720,033 $ 3,156,880
===================================
See notes to financial statements.
4
Unisys Savings Plan
Notes to Financial Statements
December 31, 2000
1. PLAN DESCRIPTION
The Unisys Savings Plan (the "Plan") is a defined contribution plan that
covers nonbargaining employees paid from a United States payroll of Unisys
Corporation (the "Company") and bargaining unit employees whose collective
bargaining agreement provides for participation in the Plan. The Employee
Benefits Administrative Committee is the Plan administrator. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA").
Participants should refer to the Plan document, summary plan description and
their respective bargaining unit agreement, if applicable, for complete
information.
CONTRIBUTIONS
Each year, participants may contribute up to 20% or 12% of their pretax
compensation, as defined in the Plan, depending on their classification as a
non-highly compensated or highly compensated employee, respectively. The Plan
allows the Company to make discretionary matching contributions, as
determined annually by the Company's Board of Directors. The matching
contribution is made in Company common stock and was 50% and 25% of the first
4% of pretax compensation contributed by the participant during 2000 and
1999, respectively. The Plan also allows for rollover contributions from
other qualified defined contribution plans.
A participant who had Tax Deductible Contributions Accounts (L.E.R.A.) or
After-Tax Contributions Accounts retains those accounts under the Plan. No
additional L.E.R.A. or After Tax Contributions are allowed.
Under the Global Performance Equity Program (G-PEP) shares of Unisys Common
Stock were awarded by the Company to participating employees based on the
attainment of corporate and/or business unit performance goals. G-PEP awards
are maintained in a separate account on behalf of each participant and are
subject to special withdrawal and transfer rules. The last award, under this
program, was made during 1998. During 1999, the Company allowed participants
to invest all or part of their account balances in the Unisys Global
Performance Equity Fund in any of the other available funds. Unisys shares
remaining in G-PEP accounts were transferred to the Unisys Common Stock Fund.
INVESTMENT OPTIONS
Participants may elect to have their current contributions and existing
account balances invested in any one or more of the investment options
offered and managed by Fidelity Management & Research Company and Fidelity
Management Trust Company (Fidelity). Information regarding the investment
options is available in the Plan Prospectus, the quarterly participant
statements and in each investment fund's prospectus made available by
Fidelity.
5
1. PLAN DESCRIPTION (continued)
PARTICIPANT ACCOUNTS
Participant accounts are credited with requested pre-tax, after-tax,
rollover, L.E.R.A., G-PEP, and Company matching contributions and an
allocation of investment income (losses), and they are charged with an
allocation of administrative expenses based on account balances. The benefit
to which a participant is entitled is equal to the vested portion of their
account.
VESTING AND FORFEITURES
Plan participants are immediately vested in their contributions, Company
matching contributions and earnings thereon. Effective January 1, 2000 the
Plan was amended to immediately vest all past and future Company matching
contributions.
DISTRIBUTIONS/WITHDRAWALS
On termination of service, a participant may receive a lump-sum amount equal
to the vested value of his or her account, or upon death, disability or
retirement, elect to receive payments in the form of an annuity or annual
installments over a maximum of twenty years. Plan participants also may
receive in-service withdrawals in certain circumstances as defined in the
Plan. Loans are also available to Plan participants in accordance with Plan
rules and procedures.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its matching contributions and/or to terminate
the Plan at any time subject to the provisions of ERISA.
2. SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to
make estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could differ from
those estimates.
6
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value, except for the Unisys
Interest Income Fund which includes investments in guaranteed investment
contracts issued principally by insurance companies and financial
institutions which are valued at contract value as estimated by the insurance
companies. Contract value represents contributions and reinvested income,
less any withdrawals plus accrued interest, because these investments have
fully benefit responsive features. All participant initiated transactions
with the fund are permitted at contract value with no conditions, limits or
restrictions. However, withdrawals influenced by Company-initiated events,
such as in connection with the sale of a business, may result in a
distribution at other than contract value. No reserves have been provided or
are considered necessary against contract values for credit risk of contract
issuers or otherwise. Contract value of these investment contracts
approximates their fair value. Interest accrued on the contract balances,
during 2000 and 1999, at rates ranging from 5.02% to 8.71% and from 4.94% to
8.71%, respectively. Interest rates are set at the time the contract is
negotiated and, depending on the terms of the contract, are fixed through the
maturity date or are re-set quarterly, semi-annually or annually. The average
yield on the contracts was 6.24% and 6.12%, for 2000 and 1999, respectively.
As of December 31, 2000 and 1999, because of the large number of investment
contracts with numerous counterparties, the Plan had no significant
concentrations of credit risk.
Shares of registered investment companies are valued at quoted market prices
which represent net asset values of shares held by the Plan year-end. Shares
of Unisys common stock are valued at the closing market price on the last day
of the Plan year. Participant loans are valued at the outstanding principal
balance, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is reported on the accrual basis. Dividends are recorded on
the ex-dividend date. Realized gains and losses from securities sold are
reported on an average cost basis.
Investments in Frozen Investment Contracts represent the cash balance from
payments made to the Plan from the Conservation Estate of the Executive Life
Insurance Company ("ELIC") and from state guaranty associations in settlement
of claims made by the Plan as a result of the insolvency of ELIC. The
remaining cash balance at December 31, 2000 represents amounts that will be
allocated to Plan participants or applied to pay administrative expense of
the Plan.
7
3. INVESTMENTS
The Plan's investments at December 31, 2000 and 1999 were held in trusts with
Fidelity Management Trust Company, First Union National Bank, and Oriental
Bank & Trust, each of which was established for the investment of the Plan's
assets.
During 2000 and 1999 the Plan's investments (including investments purchased,
sold, as well as held during the year) (depreciated) appreciated in fair
value as follows (in thousands):
2000 1999
--------------------------------------
Fidelity Mutual Funds $ (313,144) $ 190,468
Unisys Common Stock Funds (242,693) (13,562)
Unisys U.S. Equity Index Commingled
Pool Fund (3,108) 6,378
Frozen Investment Contracts 20,744 1,806
--------------------------------------
$ (538,201) $ 185,090
======================================
Investments that represent 5% or more of fair value of the Plan's assets are
as follows:
2000 1999
--------------------------------------
*Unisys Stock Fund $ 244,215 $ 453,710
Unisys Interest Income Fund 377,906 404,086
Fidelity Magellan Fund 393,232 460,126
Fidelity Asset Manager Fund 254,566 273,764
Fidelity Asset Manager Growth Fund 269,618 311,052
Fidelity Retirement Money Market Fund 140,912 **
*Nonparticipant-directed
**Did not represent 5% or more of fair value
The net assets and significant components of the changes in net assets
relating to the non-participant-directed investments are as follows:
December 31
2000 1999
--------------------------------------
(In thousands)
Net assets:
Unisys Stock Fund $ 244,215 $ 453,710
Unisys Common Stock Fund 17,731 42,508
Interest-Bearing Cash 62 1,317
Unisys Interest Income Fund 377,906 404,086
Frozen Investment Contracts 23 2,234
--------------------------------------
Total $ 639,937 $ 903,855
======================================
8
3. INVESTMENTS (continued)
Year ended December 31
2000 1999
--------------------------------------
(In thousands)
Changes in net assets:
Interest and dividends $ 25,213 $ 25,542
Net depreciation in fair value
of investments (222,034) (11,783)
Contributions 32,573 19,794
Benefit payments (63,230) (60,252)
Administrative and other expenses (27) (87)
Net transfers (36,413) 16,054
--------------------------------------
Total $ (263,918) $ (10,732)
======================================
At December 31, 2000 the Plan held 1,212,376 and 16,411,373 shares of Unisys
Common Stock in the Unisys Common Stock Fund and Unisys Stock Fund,
respectively. At December 31, 1999 the Plan held 1,330,985 and 14,081,197
shares of Unisys Common Stock in the Unisys Common Stock Fund and Unisys
Stock Fund, respectively.
4. TAX STATUS OF THE PLAN
The Plan has received a determination letter from the Internal Revenue
Service dated June 24, 1996, stating that the Plan is qualified under Section
401(a) of the Internal Revenue Code and, therefore, the related trusts are
exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The Plan
Administrator believes the Plan is being operated in compliance with the
applicable requirements of the Code and, therefore, believes that the Plan is
qualified and the related trusts are tax-exempt.
9
Supplemental Schedule
Unisys Savings Plan
EIN 38-0387840 Plan-004
Schedule H, Line 4i
Schedule of Assets Held (for Investment Purposes at End of Year)
December 31, 2000
Description of Investment
Including Maturity Date,
Identity of Issue, Borrower, Rate of Interest, Par or Current
Lessor or Similar Party Maturity Value Cost Value
- ---------------------------------------------------------------------------------------------------------
*Fidelity Mutual Funds:
Fidelity Fund 820,321 shares $ 27,752,999 $ 26,873,711
Puritan Fund 925,770 shares 16,536,486 17,432,254
Trend Fund 79,917 shares 4,816,643 4,508,131
Ginnie Mae Portfolio Fund 383,855 shares 4,071,111 4,118,767
Magellan Fund 3,296,162 shares 302,116,837 393,232,102
Contra Fund 2,045,722 shares 95,649,382 100,588,174
Equity Income Fund 288,567 shares 13,526,775 15,418,117
Growth Company Fund 919,493 shares 67,708,018 65,679,353
Investment Grade Bond Fund 846,069 shares 6,114,290 6,057,857
Growth & Income Portfolio Fund 1,350,595 shares 49,169,498 56,860,065
Intermediate Bond Fund 345,726 shares 3,496,146 3,471,086
Capital & Income Portfolio Fund 858,696 shares 8,170,127 6,637,722
Value Fund 368,740 shares 17,497,842 17,091,077
Mortgage Securities Portfolio Fund 170,065 shares 1,826,748 1,829,899
Government Securities Fund 771,768 shares 7,552,926 7,617,346
Retirement Growth Fund 1,043,809 shares 25,550,614 22,974,240
Over-The-Counter Portfolio Fund 695,995 shares 36,914,175 28,570,578
Overseas Fund 282,581 shares 9,698,841 9,712,298
Europe Fund 321,788 shares 9,739,273 9,579,619
Pacific Fund 329,926 shares 6,033,425 5,704,414
Real Estate Investment Portfolio Fund 301,804 shares 5,047,574 5,583,375
Balanced Fund 645,505 shares 9,460,043 9,805,215
International Growth & Income Fund 343,149 shares 7,417,626 7,796,352
Capital Appreciation Fund 397,006 shares 9,049,484 8,825,454
Conv. Securities Fund 580,482 shares 12,809,399 12,062,416
Canada Fund 87,235 shares 1,886,073 1,833,689
Utilities Fund 1,159,061 shares 22,806,562 18,649,288
Blue Chip Fund 1,888,908 shares 76,845,331 97,335,445
Asset Manager Fund 15,134,741 shares 247,873,878 254,566,350
Disciplined Equity Fund 274,715 shares 7,076,937 7,093,138
Low-Priced Fund 577,799 shares 13,159,450 13,358,707
Worldwide Fund 447,331 shares 6,960,288 6,991,779
Equity Income II Fund 1,783,572 shares 42,543,369 42,556,026
Stock Selector Fund 444,050 shares 11,189,112 11,030,207
Asset Manager Growth Fund 16,946,479 shares 272,846,103 269,618,483
Emerging Markets Fund 205,482 shares 2,318,106 1,650,020
Emerging Markets Growth Fund 2,135,146 shares 105,714,040 77,228,235
Diversified International Fund 727,111 shares 13,860,564 15,952,811
Asset Manager Income Fund 3,126,735 shares 35,896,701 36,676,600
Diversified Growth Fund 1,316,216 shares 35,054,753 39,433,830
New Markets Income Fund 261,683 shares 2,978,507 2,980,574
Export & Multinational Fund 207,425 shares 4,058,810 3,501,342
Global Balanced Fund 56,075 shares 861,456 977,381
International Value Fund 155,096 shares 2,732,532 2,064,328
Small Capital Stock Fund 607,847 shares 8,762,937 9,865,362
Mid-Capital Stock Fund 1,200,198 shares 29,980,451 31,277,151
Large-Capital Stock Fund 274,507 shares 5,262,462 4,872,496
Europe Capital Appreciation Stock Fund 170,624 shares 3,283,738 3,274,283
Latin America Fund 100,155 shares 1,489,274 1,308,024
Japan Fund 554,839 shares 9,854,771 7,629,031
Southeast Asia Fund 154,128 shares 1,965,882 1,761,680
Freedom Income Fund 53,290 shares 598,373 595,245
Freedom 2000 Fund 32,275 shares 402,855 381,164
Freedom 2010 Fund 207,093 shares 2,988,128 2,866,167
Freedom 2020 Fund 156,794 shares 2,395,933 2,282,915
Freedom 2030 Fund 140,289 shares 2,257,431 2,104,339
Target Timeline 2001 Fund 60,346 shares 566,100 566,050
Target Timeline 2003 Fund 43,217 shares 402,913 401,490
Spartan Total Market Index Fund 89,088 shares 3,141,269 2,984,441
Spartan Extended Market Index Fund 62,544 shares 2,057,032 1,671,181
Spartan International Market Index Fund 28,596 shares 967,752 906,214
Short-Term Bond Fund 287,960 shares 2,506,325 2,482,211
Global Bond Fund 225,435 shares 2,186,509 1,884,638
Fifty Fund 232,319 shares 4,760,734 4,297,905
U.S. Bond Index Portfolio Fund 1,308,690 shares 13,841,900 13,859,028
Institutional Short-Intermed.
Gov't. Portfolio 157,778 shares 1,461,828 1,459,444
-------------------------------------
Total Fidelity Mutual Funds 1,765,523,451 1,850,258,314
*Unisys Common Stock Funds:
Unisys Common Stock Fund 417,298 shares 11,600,420 17,731,001
Unisys Stock Fund 10,664,419 shares 281,092,403 244,215,200
Interest-Bearing Cash 62,250 shares 62,250 62,250
-------------------------------------
Total Unisys Common Stock Funds 292,755,073 262,008,451
*Unisys Interest Income Fund:
CDC #BR-137-02; 5.62% 6,018,852 6,018,852
Comb Ins #CG-1086; 6.35% 7,134,812 7,134,812
Connecticut General Life
Insurance Company #RDGIC 25241; 6.92% 12,690,853 12,690,853
Metropolitan Life Insurance #2474406901; 8.71% 9,919,086 9,919,086
Fidelity Stif Cash Portfolio; 6.53% 33,416,747 33,416,747
Chase Manhattan Bank #400971; 6.08% 5,004,297 5,004,297
Chase Manhattan Bank #400882; 6.02% 2,463,376 2,463,376
Chase Manhattan Bank #400179; 5.85% 6,022,719 6,022,719
Chase Manhattan Bank #400012; 6.28% 192,022 192,022
Chase Manhattan Bank #400015; 6.37% 693,978 693,978
Chase Manhattan Bank #400883; 6.26% 3,473,578 3,473,578
Chase Manhattan Bank #426617; 6.87% 5,602,106 5,602,106
Chase Manhattan Bank #430126; 7.37% 19,494,523 19,494,523
Deutsche Bank #UNI-9; 5.63% 6,005,175 6,005,175
Deutsche Bank #UNI-6; 5.91% 5,009,547 5,009,547
Deutsche Bank #UNI-5; 5.91% 5,018,758 5,018,758
Deutsche Bank #UNI-3; 7.01% 9,920,749 9,920,749
Deutsche Bank #UNI-7; 6.01% 5,089,967 5,089,967
Deutsche Bank #UNI-4; 6.10% 4,031,668 4,031,668
Deutsche Bank #UNI-8; 5.02% 6,128,385 6,128,385
Deutsche Bank #UNI-10; 7.04% 6,054,960 6,054,960
Monumental Life Insurance Company #BDA137TR-15; 5.76% 5,306,194 5,306,194
Monumental Life Insurance Company #BDA137TR-09; 6.37% 3,309,611 3,309,611
Monumental Life Insurance Company #BDA137TR-17; 5.48% 5,560,053 5,560,053
Monumental Life Insurance Company #BDA137TR-14; 5.66% 5,183,760 5,183,760
Monumental Life Insurance Company #BDA137TR-08; 6.18% 140,076 140,076
Monumental Life Insurance Company #BDA137TR-13; 5.76% 474,500 474,500
Monumental Life Insurance Company #BDA137TR-19; 6.10% 7,834,497 7,834,497
Monumental Life Insurance Company #MDA134TR; 7.37% 19,492,568 19,492,568
Morgan Guaranty Trust Company #04A; 6.73% 7,053,722 7,053,722
Morgan Guaranty Trust Company #01A; 6.58% 6,773,919 6,773,919
Morgan Guaranty Trust Company #02B; 6.71% 6,853,531 6,853,531
Morgan Guaranty Trust Company #03A; 7.30% 7,541,962 7,541,962
Rabobank Nederland #UNI-119802; 5.69% 4,495,143 4,495,143
Rabobank Nederland #UNI-119801; 5.59% 5,033,710 5,033,710
Rabobank Nederland #UNI-109801; 5.12% 7,137,744 7,137,744
Rabobank Nederland #UNI-1019701; 6.45% 2,407,617 2,407,617
Rabobank Nederland #UNI-1079901; 6.13% 5,136,670 5,136,670
Rabobank Nederland #UNI-019901; 5.43% 5,090,730 5,090,730
Rabobank Nederland #UNI-029901; 5.74% 6,016,355 6,016,355
Rabobank Nederland #UNI-129901; 7.37% 19,494,055 19,494,055
State Street Bank & Trust Company #97066; 6.34% 4,341,608 4,341,608
State Street Bank & Trust Company #98025; 6.11% 6,051,098 6,051,098
State Street Bank & Trust Company #97059; 6.43% 6,038,809 6,038,809
State Street Bank & Trust Company #98152; 5.99% 6,004,192 6,004,192
State Street Bank & Trust Company #98170; 5.61% 6,082,502 6,082,502
Transamerica Life Insurance
and Annuity Company #76686; 6.22% 1,304,646 1,304,646
Transamerica Life Insurance
and Annuity Company #76686-01; 6.75% 5,515,611 5,515,611
Transamerica Life Insurance
and Annuity Company #76686-03; 6.28% 1,143,037 1,143,037
Transamerica Life Insurance
and Annuity Company #76686-04; 6.35% 3,132,611 3,132,611
UBS Warburg #2514; 4.94% 8,104,314 8,104,314
UBS Warburg #2530; 5.72% 4,032,693 4,032,693
UBS Warburg #2616; 6.27% 8,996,471 8,996,471
UBS Warburg #3041; 7.37% 19,492,300 19,492,300
West Deutsche Landsbank #WLB6063; 6.07% 3,137,627 3,137,627
West Deutsche Landsbank #WLB6133; 6.63% 4,806,068 4,806,068
-------------------------------------
377,906,162 377,906,162
*Fidelity Money Market Funds:
Retirement Money Market
Portfolio Fund 140,911,689 shares 140,911,689 140,911,689
Retirement Gov't. Money Market
Portfolio Fund 35,078,886 shares 35,078,886 35,078,886
Daily Income Trust Fund 3,517,704 shares 3,517,704 3,517,704
-------------------------------------
Total Fidelity Money Market Funds 179,508,279 179,508,279
*Fidelity U.S. Equity Index
Commingled Pool Fund 785,005 units 20,650,413 30,073,540
*Participants' Loans - 20,254,770
Frozen Investment Contracts 23,196 23,196
-------------------------------------
Total $2,636,366,574 $2,720,032,712
=====================================
*Party-In-Interest
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statements
(Form S-8 No. 333-56038 and Form S-8 No. 333-87411) pertaining to the Unisys
Savings Plan of Unisys Corporation of our report dated May 4, 2001, with
respect to the financial statements and schedule of the Unisys Savings Plan
included in this Annual Report (Form 11-K) for the year ended December 31,
2000.
Ernst & Young LLP
Philadelphia, Pennsylvania
June 25, 2001