UNITED STATES
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
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 1-12188
SODEXHO MARRIOTT SERVICES, INC.
-------------------------------
401(K) EMPLOYEES' RETIREMENT
-------------------------------
SAVINGS PLAN AND TRUST
-------------------------------
(Full title of the plan)
9801 Washingtonian Boulevard, Gaithersburg, Maryland 20878
---------------------------------------------------- ----------
(Address of the plan) (Zip Code)
SODEXHO MARRIOTT SERVICES, INC.
------------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
9801 Washingtonian Boulevard, Gaithersburg, Maryland 20878
---------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
FINANCIAL STATEMENTS AND EXHIBITS
- ---------------------------------
(a) Financial statements and supplemental schedule as of December 31, 2000,
and 1999, prepared in accordance with financial reporting requirements
of ERISA.
Beginning at the next page of this document.
(b) Exhibits
The following exhibits are furnished with this Form 11-K:
(23) Consent of Independent Auditors - Ernst & Young LLP
SIGNATURES
----------
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the administrative committee (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
SODEXHO MARRIOTT SERVICES, INC.
401(K) EMPLOYEES' RETIREMENT
SAVINGS PLAN AND TRUST
Date: June 28, 2001 /s/ JOHN M. BUSH
------------------ ---------------------------
John M. Bush
Senior Vice President and
Chief Financial Officer
Sodexho, Inc.
(formerly known as
Sodexho Marriott Services, Inc.)
SODEXHO MARRIOTT SERVICES, INC. 401(K) EMPLOYEES'
RETIREMENT SAVINGS PLAN AND TRUST
Audited Financial Statements and Supplemental Schedule
Year ended December 31, 2000 with Report of Independent Auditors
Sodexho Marriott Services, Inc.
401(k) Employees' Retirement
Savings Plan and Trust
Audited Financial Statements and
Supplemental Schedule
Year ended December 31, 2000
CONTENTS
Report of Independent Auditors...............................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits..............................2
Statement of Changes in Net Assets Available for Benefits....................3
Notes to Financial Statements................................................4
Supplemental Schedule
Schedule H, Line 4i--Schedule of Assets (Held At End of Year)...............12
Report of Independent Auditors
Administrative Committee
Sodexho Marriott Services, Inc. 401(k) Employees'
Retirement Savings Plan and Trust
We have audited the accompanying statements of net assets available for benefits
of Sodexho Marriott Services, Inc. Employees' 401(k) Retirement Savings Plan and
Trust as of December 31, 2000 and 1999, and the related statement of changes in
net assets available for benefits for the year ended December 31, 2000. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2000 and 1999, and the changes in its net assets available for
benefits for the year ended December 31, 2000, 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 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 audit 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.
/s/ Ernst & Young LLP
May 11, 2001, except for Note 9,
as to which the date is
June 15, 2001
McLean, Virginia
1
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Statements of Net Assets Available for Benefits
December 31
2000 1999
------------------------------------------
ASSETS
Cash $ 33,419 $ 71,620
Investments 570,783,105 542,565,262
Employer contributions receivable 3,758,243 3,134,121
------------------------------------------
Total assets 574,574,767 545,771,003
LIABILITIES
Custodian and advisor fees payable 55,291 38,164
Excess contributions due to participants 2,042,989 1,606,128
------------------------------------------
Total liabilities 2,098,280 1,644,292
------------------------------------------
Net assets available for benefits $ 572,476,487 $ 544,126,711
==========================================
SEE ACCOMPANYING NOTES.
2
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2000
ADDITIONS
Investment income:
Dividends and interest $ 32,454,124
Net realized and unrealized depreciation in aggregate
fair value of investments (10,632,366)
Less investment expense (250,522)
-------------------------
Total net investment income 21,571,236
Contributions:
Participants 38,558,751
Employer 11,929,510
-------------------------
Total contributions 50,488,261
-------------------------
Total additions 72,059,497
DEDUCTIONS
Benefits paid to participants 42,978,863
Transfers to other plans 481,362
Administrative expenses 249,496
-------------------------
Total deductions 43,709,721
-------------------------
Net increase 28,349,776
Net assets available for benefits at beginning of year 544,126,711
-------------------------
Net assets available for benefits at end of year $ 572,476,487
=========================
SEE ACCOMPANYING NOTES.
3
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Plan and Trust
Notes to Financial Statements
December 31, 2000
1. DESCRIPTION OF THE PLAN
The following description of the Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust (the Plan) provides only general
information. Additional information about the Plan's provisions is in the
Summary Plan Description. Copies of the report are available from Sodexho
Marriott Services, Inc. (the Company).
On March 27, 1998, Marriott International, Inc. spun off its lodging, senior
living and distribution services business into a new corporation called New
Marriott. The remaining contract services division, referred to as Marriott
Management Services Corp., then merged with the North American operations of
Sodexho Alliance, Sodexho USA, and became Sodexho Marriott Services, Inc.
Employees of Sodexho Marriott Services, Inc. became eligible to participate in
the Plan.
Effective January 1, 1999, eligible participants from Sodexho USA were able to
participate in the Plan. On April 9, 1999, assets from the Sodexho Savings Plus
Plan were transferred into the Plan and initially invested according to similar
participant directed investment options, except for the Retirement Income Plan
Fund. The Retirement Income Plan Fund contains former assets from participants
in the Seiler Corporation Retirement Income Plan, a predecessor to the Sodexho
Savings Plus Plan and is a nonparticipant-directed fund.
Assets of the Plan are held in trust under an agreement between the Company and
T. Rowe Price (the Trustee). T. Rowe Price is also the record-keeper for the
Plan.
GENERAL
The Plan is a defined contribution plan covering eligible employees over the age
of 21 who have completed at least 1,000 hours of service with the Company or its
predecessors within a 12-month period. It is subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended (ERISA).
The majority of the Plan's expenses are paid by the Company.
4
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
CONTRIBUTIONS
Participants may make voluntary contributions to the Plan from 1% to 15% of
their gross annual compensation or a fixed dollar amount (minimum $3 per week).
The amount that may be contributed is limited by the Internal Revenue Code as
applicable to the type of plan. Participants may also elect to make after-tax
contributions. Effective January 1, 2000, only non-highly compensated
participants may make after-tax contributions to the Plan. The Company's
contribution to the Plan is a discretionary amount determined by the Company's
Board of Directors. For the 2000 plan year, the employer matching contribution
was $.50 for every dollar contributed by a participant up to 6% of a
participant's eligible compensation. Participants may also transfer amounts into
the Plan that represent distributions from other qualified defined benefit or
defined contribution plans. Investment of employee and Company contributions is
participant directed.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contributions,
allocations of the Company's contributions and earnings on related investments.
Allocations of Company contributions are made on a pro rata basis based on an
individual participant's contributions. Allocations of earnings are based on
account balances on a daily basis. Forfeited balances of terminated
participants' nonvested accounts are used to reduce future Plan administrative
expenses.
VESTING
Participants are immediately vested in their voluntary contributions plus actual
earnings thereon. Employer contributions and earnings thereon vest according to
the anniversary date of continuous years of service as follows:
Years of Service Vesting Percentage
---------------- ------------------
Less than 2 0%
2 40%
3 60%
4 80%
5 100%
5
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
VESTING (CONTINUED)
Participants vest in employer contributions fully upon death, permanent
disability or upon retirement.
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct employer and employee
contributions in any of 14 investment options. Participants may change their
investment options in 1% increments on a daily basis. Participants can invest in
any of 13 available funds and Sodexho Marriott Services, Inc. common stock. No
further contributions can be made to the Retirement Income Plan Fund or in
Marriott International, Inc. common stock.
PARTICIPANT LOANS
Under certain conditions, participants may borrow from their fund accounts a
minimum of $400 and a maximum equal to the lesser of $50,000, reduced by the
highest outstanding loan balance in the previous 12-month period, or 50% of
their vested account balance. Loan terms range from one to four years or up to
10 years for the purchase of a primary residence. The loans are secured by the
balance in the participant's account and bear interest at the prime rate at the
end of the previous quarter as published by the Wall Street Journal, plus 1%.
Principal and interest are paid weekly through payroll deductions.
PAYMENT OF BENEFITS
Benefits provided by the Plan are paid from net assets available for benefits.
The benefit to which a Plan participant is entitled is the benefit that can be
provided by the contributions and earnings thereon allocated to such
participant's account.
6
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
PAYMENT OF BENEFITS (CONTINUED)
Benefit payments are made upon separation, retirement, permanent disability, or
death. In-service before-tax distributions are permitted for all participants
who have attained the age of 59 1/2 or the Plan Administrator approves a
withdrawal for financial hardship. After-tax distributions are also permitted
although there are some stipulations if basic after-tax contributions are
withdrawn. Upon termination of service, a participant may elect to receive
either a lump sum amount equal to their account balance, annual installments
over a specified period chosen by the participant, or payments in the form of an
annuity.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The financial statements have been prepared on the accrual basis of accounting.
Benefits are recorded when paid.
INVESTMENTS VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value except for its investment in
Guaranteed Investment Contracts (GICs), synthetic GICs and pooled separate
accounts that are valued at contract value. The Plan owns the assets underlying
the synthetic GICs, which consist primarily of U.S. government securities,
corporate debt obligations, mortgage-backed and other asset-backed securities.
Fair values of the underlying securities are determined by closing prices on the
last business day of the year for those securities traded on national exchanges,
at the average bid quotations for those securities traded in over-the-counter
markets or at fair value as determined by the Trustee for securities for which
there is not an established market. Synthetic GICs utilize a benefit responsive
"wrapper" contract issued by a financially responsible third party that provides
market and cash flow risk protection to the Plan. The value of the wrapper
contracts is the difference between the fair value of the underlying assets and
the contract value attributable by the wrapper to these assets. Pooled separate
accounts are valued at contract value, which approximates fair value.
7
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
INVESTMENTS VALUATION AND INCOME RECOGNITION (CONTINUED)
Shares of mutual and collective investment funds are valued at market prices,
that represent the net asset value of shares held by the Plan at year-end. The
Company's stock and Marriott International, Inc. stock are valued at their
quoted market price. Investments in government obligations are valued at fair
value as determined by the investment manager. Investments in money market funds
are valued at cost, which approximates fair value. Participant notes receivable
are valued at outstanding balances, which approximate 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. Realized gains and losses from security transactions are
reported on an average cost method.
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.
3. INVESTMENTS
Investments that represent 5% or more of the fair value of the Plan's net assets
available for benefits are as follows:
December 31
2000 1999
-------------------------------------
Marriott International, Inc. common stock $ 67,361,988 $ 63,939,339
T. Rowe Price Blue Chip Growth Fund 130,335,251 136,650,621
T. Rowe Price Personal Strategy Balanced Fund 68,185,831 71,450,626
T. Rowe Price Stable Value Fund 77,952,760 61,170,089
8
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
The Plan's investments (including investments purchased, sold, as well as held
during the year) appreciated (depreciated) in fair value as determined by quoted
market prices as follows:
Year Ended
December 31, 2000
-------------------------
Net realized and unrealized appreciation (depreciation) in
aggregate fair value of investments:
Common stock $ 21,358,634
Mutual and collective investment funds (32,596,024)
Government obligations 605,024
-------------------------
Total $(10,632,366)
=========================
4. NONPARTICIPANT DIRECTED INVESTMENTS
Information about net assets and the significant components of the changes in
net assets relating to the Retirement Income Plan Fund, a nonparticipant
directed investment fund, is as follows:
December 31
2000 1999
----------------------- ----------------------
Net assets held by State Street Bank and Trust Company:
Investments, at estimated fair value:
State Street Short Term Investment Fund $ 1,380,018 $ 1,511,300
Growth Opportunity Series A Fund 8,055,140 7,904,730
Daily Government Corp. Fund 4,860,567 6,840,995
----------------------- ----------------------
Total retirement Income Plan Fund $14,295,725 $16,257,025
======================= ======================
Year ended
December 31
2000
---------------------
Changes in net assets:
Net realized and unrealized depreciation in aggregate
fair value of investments $ (710,795)
Benefits paid to participants (1,136,880)
Transfers to participant-directed funds (113,625)
---------------------
$(1,961,300)
=====================
9
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
5. GUARANTEED INVESTMENT CONTRACTS
The GICs and synthetic GICs held by the Plan are fully benefit responsive, as
defined in the American Institute of Certified Public Accountants' Statement of
Position 94-4, REPORTING OF INVESTMENT CONTRACTS HELD BY HEALTH AND WELFARE
BENEFIT PLANS AND DEFINED CONTRIBUTION PENSION PLANS. A fully benefit responsive
investment contract provides a liquidity guarantee, by a financially responsible
third party, of principal and previously accrued interest for liquidations,
transfers, loans or hardship withdrawals initiated by plan participants
exercising their rights to withdraw, borrow or transfer funds under the terms of
the plan. GICs and synthetic GICs are unallocated insurance contracts stated at
contract value (contributions made under the contract, plus interest at the
contract rate, less funds used to pay benefits and administrative expenses). All
participant-initiated transactions are permitted at contract value with no
conditions, limits, or restrictions. The contract balances at December 31, 2000
and 1999 totaled $29,689,115 and $45,878,935, respectively.
The crediting rate at which interest is accrued to the contract balances ranged
from 5.01% to 6.82% and 5.30% and 7.98% for the years ended December 31, 2000
and 1999, respectively. These interest rates are reset either quarterly or
semiannually as defined by each contract. The minimum interest rates under the
terms of contracts having such minimum rates range from 0.0% to 1.0% and 0.0% to
3.0% for 2000 and 1999, respectively. The average yield was approximately 6.80%
and 6.63% for the years ended December 31, 2000 and 1999, respectively.
The estimated fair values of these contracts have been determined by the Trustee
using available market information and valuation methodologies. However,
considerable judgment is necessarily required in interpreting market data to
develop these estimates. In addition, fair values fluctuate on a daily basis.
The use of different market assumptions and/or estimation methodologies may have
a material effect on the estimated fair value amounts. The fair values
calculated for the contracts at December 31, 2000 and 1999 are $29,439,684 and
$45,153,552, respectively.
6. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
10
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
7. INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated June 18, 1999, stating that the Plan is qualified under Section 401(a) of
the Internal Revenue Code (the Code) and, therefore, the related trust is exempt
from taxation. Subsequent to the issuance of this determination letter, the Plan
was amended. 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, as amended, is qualified and the related
trust is tax-exempt.
8. PARTY-IN-INTEREST TRANSACTIONS
The following funds are sponsored by the Trustee: T. Rowe Price Personal
Strategy Income Fund, T. Rowe Price Blue Chip Growth Fund, T. Rowe Price
Personal Strategy Balanced Fund, T. Rowe Price Equity Income Fund, T. Rowe Price
Mid-Cap Growth Fund, T. Rowe Price Personal Strategy Growth Fund, T. Rowe Price
New Horizons Fund, and T. Rowe Price Stable Value Fund. The plan also invests in
company stock of Marriott International, Inc. and Sodexho Marriott Services,
Inc. Transactions involving these investments are considered to be
party-in-interest transactions for which a statutory exemption exists.
9. SUBSEQUENT EVENT
On June 15, 2001, Sodexho Alliance, S.A. announced the completion of its tender
offer for the publicly held shares of common stock of the Company for $32 per
share in cash through its wholly owned subsidiary, SMS Acquisition Corp. SMS
Acquisition Corp. will be merged with and into the Company with the Company
becoming a wholly owned subsidiary of Sodexho Alliance, S.A. As a result, the
Company's stock will be de-listed and participants in the Plan will receive cash
equivalent to $32 per share. The Company's stock price was approximately $22 and
$32 per share as of December 31, 2000 and June 15, 2001, respectively. These
funds will be deposited into the T. Rowe Price Stable Value Fund and can be
re-directed by participants at any time.
11
Supplemental Schedule
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Schedule H, Line 4i--Schedule of Assets (Held At End of Year)
EIN-52-0936594 Plan-003
December 31, 2000
Description of
Investment,
Including Maturity
Date, Rate of
Identity of Issue, Borrower, Interest, Par or
Lessor, or Similar Party Maturity Value Cost Current Value
- ----------------------------------------------------------------------------------------------------------------------------
Money market funds:
Marriott Disbursement Account** 125,861 shares * $ 125,861
State Street Short Term Investment Fund 1,380,018 shares $1,380,018 1,380,018
-------------------
Total money market funds 1,505,879
Mutual funds and collective investment funds:
T. Rowe Price Personal Strategy Income Fund** 154,378 shares * 2,034,695
Spectrum Income Fund 116,615 shares * 1,255,939
Janus Worldwide Fund 499,489 shares * 28,400,996
T. Rowe Price Blue Chip Growth Fund** 3,850,377 shares * 130,335,251
T. Rowe Price Personal Strategy Balanced Fund** 4,283,030 shares * 68,185,831
T. Rowe Price Equity Income Fund** 1,009,188 shares * 24,896,656
Vanguard Institutional Index Fund 176,681 shares * 21,328,907
T. Rowe Price Mid-Cap Growth Fund** 666,837 shares * 26,533,449
T. Rowe Price Personal Strategy Growth Fund** 186,316 shares * 3,530,690
T. Rowe Price New Horizons Fund** 760,965 shares * 18,179,463
Western Asset Core Portfolio 1,656,143 shares * 18,002,275
T. Rowe Price Stable Value Fund** 77,952,760 shares * 77,952,760
Scudder International Fund 242,921 shares * 12,221,338
Growth Opportunity Series A Fund 600,547 shares 8,110,336 8,055,140
-------------------
Total mutual funds and collective investment funds 440,913,390
Government obligations:
Daily Government Corp. Fund 315,395 shares 4,408,694 4,860,567
-------------------
Total government obligations 4,860,567
Common stock:
Sodexho Marriott Services, Inc.** 448,239 shares * 9,917,286
Marriott International, Inc.** 1,594,367 shares * 67,361,988
-------------------
Total common stock 77,279,274
12
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Schedule H, Line 4i--Schedule of Assets (Held At End of Year)
(continued)
EIN-52-0936594 Plan-003
December 31, 2000
Description of
Investment,
Including Maturity
Date, Rate of
Identity of Issue, Borrower, Interest, Par or
Lessor, or Similar Party Maturity Value Cost Current Value
- -------------------------------------------------------------------------------------------------------------------------------
Synthetic guaranteed investment contracts:
Allstate Life Insurance Company (contract #77075-A):
US Treasury Notes 11/30/2001, 5.88% * $ 3,810,830
Net wrapper value * 23,808
-------------------
3,834,638
Caisse des Depots (contract #WR-1364-01):
Federal Home Loan Bank 1/21/2003, 5.50% * 998,470
US Treasury Notes 6/30/2003, 5.38% * 2,212,826
US Treasury Notes 3/31/2003, 5.50% * 1,007,480
Cash * 59,125
Net wrapper value * 27,167
-------------------
4,305,068
Caisse des Depots (contract #BR-364-01):
GMAC Commercial Mortgage Securities 12/15/2004, 6.45% * 625,114
Morgan Stanley Capital 10/15/2007, 6.33% * 291,717
Net wrapper value * 220,296
-------------------
1,137,127
Continental Assurance Company (contract#630-05865):
US Treasury Notes 2/15/2004, 5.88% * 1,224,960
Net wrapper value * (16,403)
-------------------
1,208,557
Monumental Life Insurance Company
(contract #BDA00388TR):
CITRV 11/17/2008, 6.25% * 751,412
The Money Store Improvement Loan 11/15/2013, 7.03% * 528,097
Net wrapper value * (6,830)
-------------------
1,272,679
13
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Schedule H, Line 4i--Schedule of Assets (Held At End of Year)
(continued)
EIN-52-0936594 Plan-003
December 31, 2000
Description of
Investment,
Including Maturity
Date, Rate of
Identity of Issue, Borrower, Interest, Par or
Lessor, or Similar Party Maturity Value Cost Current Value
- ----------------------------------------------------------------------------------------------------------------------------
Synthetic guaranteed investment contracts (continued):
National Westminster Bank (contract #SAM-200 A):
American Express CR Account 12/15/2003, 6.80% * $ 475,822
American Express Master Trust 8/15/2002, 7.60% * 383,495
California Infrastructure & Eco. Dev. Bank 9/25/2005, 6.32% * 382,675
California Infrastructure & Eco. Dev. Bank 9/25/2005, 6.28% * 382,386
First Omni Bank Credit Card 9/15/2003, 6.65% * 475,233
Prime Credit Card Master Trust 7/15/2004, 6.70% * 760,775
Net wrapper value * 4,832
-------------------
2,865,218
Rabobank Nederland (contract #SDH049802):
First USA Credit Card Master Trust 3/17/2005, 6.42% * 1,022,902
Net wrapper value * (30,710)
-------------------
992,192
Rabobank Nederland (contract #SDH049801):
Merrill Lynch Mortgage Investment 11/21/2028, 6.69% * 998,554
Net wrapper value * 433
-------------------
998,987
State Street Bank (contract #98071):
US Treasury Notes 9/30/2002, 5.88% * 4,042,280
Net wrapper value * 28,425
-------------------
4,070,705
Transamerica Life Insurance and Annuity Company
(Contract #TDA76762):
Asset backed securities:
California Infrastructure & Eco. Dev. Bank 9/25/2008, 6.31% * 201,872
Heller Equipment Asset Receivable 3/14/2004, 6.65% * 50,438
MMCA Auto Owner TR 8/15/2003, 6.80% * 50,345
ONYX Accep. Owner TR 11/15/2003, 6.82% * 50,299
Sears Credit Account Master TR 2/16/2007, 6.35% * 100,679
14
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Schedule H, Line 4i--Schedule of Assets (Held At End of Year)
(continued)
EIN-52-0936594 Plan-003
December 31, 2000
Description of
Investment,
Including Maturity
Date, Rate of
Identity of Issue, Borrower, Interest, Par or
Lessor, or Similar Party Maturity Value Cost Current Value
- ----------------------------------------------------------------------------------------------------------------------------
Transamerica Life Insurance and Annuity Company
(Contract #TDA76762) (continued):
Corporate Debt Securities:
AIG Sunamerica Global Financing 6/15/2005, 7.60% * $ 264,060
Bayer Corporation 10/01/2002, 6.50% * 95,838
Energy Louisiana 1st Mtg. 3/01/2008, 6.50% * 92,341
General Electric Capital Corp. 5/15/2005, 7.50% * 68,626
Harvard University 4/15/2007, 8.13% * 207,968
Jersey Cent Power DTD 10/01/2004, 7.13% * 96,435
Merck & Company, Inc. 3/01/2028, 6.40% * 97,066
Morgan Stanley Dean Witter Discover 6/15/2005, 7.75% * 36,851
Nippon Teleg & Tel Corp. 3/25/2008, 6.00% * 126,540
Northern Trust Company 11/09/2004, 6.65% * 50,582
Quebec (Providence of) 4/15/2003, 8.80% * 100,588
Southern New England Tel. Mtn. 8/1/2007, 7.13% * 97,530
Union Bank Switzerland 7/15/2006, 7.25% * 193,908
Wal Mart Stores, Inc. 10/15/2005, 5.88% * 94,464
Mortgage Backed Securities:
Federal National Mortgage Association 3/17/2018, 6.50% * 191,436
FHLMC Gold C3-2195 10/01/2029, 6.00% * 166,489
FHLMC Gold C3-4971 12/01/2029, 7.50% * 244,414
FNMA 30 Year 1/1/2029, 6.00% * 126,148
FNMA 30 Year 2/1/2029, 6.00% * 91,401
FNMA 30 Year 2/1/2029, 6.00% * 349,975
FNMA 30 Year 8/1/2029, 7.00% * 45,878
Gov't Nat'l Marketing Assoc. 15 Year 4/15/2013, 7.00% * 262,097
Gov't Nat'l Marketing Assoc. 30 Year 8/15/2021, 9.50% * 67,463
Gov't Nat'l Marketing Association 7/15/2024, 8.50% * 13,673
Gov't Nat'l Marketing Assoc. GPM 10/15/2009, 9.50% * 33,845
Gov't Nat'l Marketing Association I 6/15/2024, 9.00% * 368,168
Gov't Nat'l Marketing Association I 10/15/2008, 9.00% * 13,783
15
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Schedule H, Line 4i--Schedule of Assets (Held At End of Year)
(continued)
EIN-52-0936594 Plan-003
December 31, 2000
Description of
Investment,
Including Maturity
Date, Rate of
Identity of Issue, Borrower, Interest, Par or
Lessor, or Similar Party Maturity Value Cost Current Value
- ----------------------------------------------------------------------------------------------------------------------------
Transamerica Life Insurance and Annuity Company
(Contract #TDA76762) (continued):
Mortgage Backed Securities:
Gov't Nat'l Marketing Association I 12/15/2008, 9.00% * $ 14,182
Gov't Nat'l Marketing Association I 11/15/2008, 9.00% * 16,874
Gov't Nat'l Marketing Association I 11/15/2024, 8.50% * 13,820
Gov't Nat'l Marketing Association II 3/20/2019, 10.50% * 28,619
Gov't Nat'l Marketing Association II 8/20/2020, 10.00% * 1,162
Gov't Nat'l Marketing Association II 7/20/2026, 8.50% * 29,047
Gov't Nat'l Marketing Association II 9/20/2019, 10.00% * 5,133
Gov't Nat'l Marketing Association II 3/20/2025, 10.00% * 9,670
Gov't Nat'l Marketing Association II 12/20/2018, 10.00% * 2,963
Other:
Bank of New York Collective Fund * 466,155
Cash * 94,730
US Government and Agency:
Federal Home Loan Banks 12/2/2003, 5.13% * 98,606
Federal Nat'l Marketing Association 5/15/2008, 6.00% * 100,334
Federal Home Loan Banks 10/9/2002, 6.12% * 20,115
Federal Home Loan Mortgage 1/15/2005, 6.875% * 111,359
Tennessee Valley Authority 12/15/2017, 6.25% * 135,665
US Treasury Bonds 8/15/2025, 6.88% * 111,057
US Treasury Notes 5/15/2007, 6.63% * 1,240,436
US Treasury Bonds 11/15/2016, 7.50% * 60,346
US Treasury Bonds 11/15/2027, 6.13% * 161,441
US Treasury Notes 8/15/2010, 5.75% * 628,782
US Treasury Notes 11/15/2026, 6.50% * 303,296
Net wrapper value * (1,587)
-------------------
7,703,405
-------------------
Total synthetic guaranteed investment contracts 28,388,576
16
Sodexho Marriott Services, Inc. 401(k)
Employees' Retirement Savings Plan and Trust
Schedule H, Line 4i--Schedule of Assets (Held At End of Year)
(continued)
EIN-52-0936594 Plan-003
December 31, 2000
Description of
Investment,
Including Maturity
Date, Rate of
Identity of Issue, Borrower, Interest, Par or
Lessor, or Similar Party Maturity Value Cost Current Value
- ----------------------------------------------------------------------------------------------------------------------------
Guaranteed investment contract:
Pacific Life 3/20/2001, 6.81% * $ 1,300,539
-------------------
Total guaranteed investment contracts 1,300,539
Pooled separate accounts:
Massachusetts Mutual Life Insurance Company 11/05/2006, 5.88% * 557,104
Metropolitan Life Insurance Company 12/31/2000, 5.55% * 2,635,471
-------------------
Total pooled separate accounts 3,192,575
Interest rates range
Participant loans** from 8.25% to 10.5% 13,342,305
-------------------
Total investments $ 570,783,105
===================
* Historical cost information is not required for participant-directed funds.
** Party-in-interest
17
INDEX TO EXHIBITS
-----------------
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
(23) Consent of Independent Auditors - Ernst & Young LLP
Exhibits omitted are not required or not applicable.