Exhibit 99.1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
/ X / ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934.
For the fiscal year ended: December 31, 1996
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the transition period from ___________ to ___________
Commission file number: 1-4850
A. Full title of plan and the address of the plan, if different
from that of the issuer named below: CSC Matched Asset Plan
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Computer Sciences Corporation
2100 East Grand Avenue
El Segundo, California 90245
TABLE OF CONTENTS
Description Page
- ----------- ----
(A) FINANCIAL STATEMENTS:
Independent Auditors' Report .................................... 3
Statements of Net Assets Available for Benefits
As of December 31, 1996 and 1995 ................................ 4
Statements of Changes in Net Assets Available for Benefits
For the Years Ended December 31, 1996 and 1995 .................. 5
Notes to Financial Statements ................................... 6
(B) EXHIBIT:
Independent Auditors' Consent ................................... E-1
(C) SUPPLEMENTAL SCHEDULES:
Schedule of Assets Held for Investment Purposes ................. S-1
Schedule of Reportable Transactions ............................. S-2
2
INDEPENDENT AUDITORS' REPORT
Employee Retirement Plan Committee
Computer Sciences Corporation
El Segundo, California
We have audited the accompanying statements of net assets available for benefits
of the Computer Sciences Corporation Matched Asset Plan (the "Plan") as of
December 31, 1996 and 1995, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1996 and 1995, and the changes in net assets available for benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in
Section C of the table of contents are presented for the purpose of additional
analysis and are not a required part of the basic financial statements, but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of
the Plan's management. Such schedules have been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/Deloitte & Touche LLP
May 30, 1997
3
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
STATEMENTS OF NET ASSETS
AVAILABLE FOR BENEFITS
DECEMBER 31
----------------------------
1996 1995
------------ ------------
ASSETS
Investments (Notes 2, 5, 9 and 10):
Short-term investments $ 4,881,963 $ 10,365,460
Long-term investments--at fair value:
Interest in registered investment companies
Brinson U.S. Bond Fund 69,326,850 48,488,514
Brinson U.S. Stock Fund 37,602,556 37,038,021
Brinson U.S. Equity Fund 190,510,057 136,221,964
Mellon Stock Index Funds 58,160,214 33,224,815
CSC Company stock 220,003,596 174,584,246
Employee loans (Note 6) 16,021,749 13,707,311
Plan interest in Master Trust 91,252,142 58,741,224
Guaranteed investment contracts--at contract value 61,203,657 81,854,138
------------ ------------
Total investments 748,962,784 594,225,693
------------ ------------
Receivables:
Employer contribution 323,412 290,013
Participants' contribution 3,111,463 2,491,947
Accrued income 42,949 41,668
Plan to plan transfers (Note 8) 3,303,099 903
Other 79,569
------------ ------------
Total Receivables 6,780,923 2,904,100
------------ ------------
Total Assets 755,743,707 597,129,793
------------ ------------
LIABILITIES
Accounts Payable 968,671 949,287
Accrued Expenses 218,770 180,915
Unsettled Trade Payables 85,443
------------ ------------
Total Liabilities 1,272,884 1,130,202
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $754,470,823 $595,999,591
------------ ------------
------------ ------------
See Notes to Financial Statements
4
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31
----------------------------
1996 1995
------------- -------------
ADDITIONS
Investment Income:
Net appreciation in fair value of
investments (Note 9) $ 76,497,351 $ 98,167,163
Interest 5,423,422 6,778,781
Dividends 9,668,924 7,935,204
Plan interest in Master Trust investment income 3,071,796 5,143,489
------------- -------------
94,661,493 118,024,637
Less Investment Management Fees (833,263) (594,867)
------------- -------------
93,828,230 117,429,770
Contributions:
Employee 66,417,162 58,859,224
Employer 11,665,836 10,356,204
Employee Rollovers 15,151,958 14,294,926
Transfers From Other Plans (Note 8) 17,337,285 3,925,306
------------- -------------
110,572,241 87,435,660
------------- -------------
Total Additions 204,400,471 204,865,430
------------- -------------
DEDUCTIONS
Distributions to Participants (Notes 1 and 7) 45,929,239 40,485,979
------------- -------------
Total Deductions 45,929,239 40,485,979
------------- -------------
Net Increase 158,471,232 164,379,451
Net Assets Available for Benefits at Beginning
of Year 595,999,591 431,620,140
------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $754,470,823 $595,999,591
------------- -------------
------------- -------------
See Notes to Financial Statements
5
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Note 1 DESCRIPTION OF THE PLAN
The following brief description of the Computer Sciences Corporation Matched
Asset Plan (the "Plan") is provided for general information purposes only.
Participants should refer to the Plan documents for more complete information.
The Plan was adopted by the action of the Board of Directors of Computer
Sciences Corporation (the "Company") taken on November 3, 1986, and constitutes
an amendment and restatement of the Employee Stock Purchase Plan ("the Prior
Plan").
The Plan is a continuation of the Prior Plan and is qualified under the Internal
Revenue Code (the "Code"), as amended, Section 401(a) and, effective as of
January 1, 1987, with respect to the portion thereof that qualifies as a
qualified cash or deferred arrangement, to satisfy the requirement of Code
Section 401(k). It is also subject to the provisions of the Employee Retirement
Income Security Act of 1974 ("ERISA").
The Company reserves the right to discontinue its contributions and terminate
the Plan subject to the provisions of ERISA. Upon such termination, the
participants' rights to the Company's contributions vest immediately and the
account balances are fully paid to the participants.
ELIGIBILITY AND PARTICIPATION
Any eligible employee who has satisfied the Plan's age and service requirements,
and is employed by the Company, and who receives a stated compensation in
respect of employment on the payroll of the Company, is eligible to become a
participant, with the exception of a person who is represented by a collective
bargaining unit and whose benefits have been the subject of good faith
bargaining under a contract that does not specify that such person is eligible
to participate in the Plan. In addition, the Company may determine to exempt
all employees of any division, unit, facility or class from coverage under the
Plan. Any person who leaves the employ of the Company and, at a later time
becomes re-employed, must reapply to participate in the Plan, provided he or she
otherwise meets the eligibility requirements.
There were approximately 17,267 participating employees at December 31, 1996.
6
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
EMPLOYEE AND COMPANY CONTRIBUTIONS
Subject to certain limitations described below, an eligible employee who elects
to become a participant may authorize any whole percentage (at least 1% but not
more than 15%) of such employee's monthly compensation (as defined in the Plan)
to be deferred and contributed to the trust fund on his or her behalf, up to a
maximum amount of $9,500 for calendar year 1996. Any compensation deferral in
excess of $9,500, together with income allocable to that excess, will be
returned to a participant. Any matching Company contributions attributable to
any excess contribution, and income allocable thereto, will either be returned
to the Company or applied to reduce future matching Company contributions.
In order to qualify for the special tax treatment accorded to plans by Section
401(k) of the Code, contributions on behalf of participants under the Plan must
meet two nondiscrimination tests designed to prevent a disproportionate
compensation deferral election by employees who are highly compensated in
relation to other employees. The Committee may cause the percentage authorized
by the highly compensated participants to be reduced if the Plan does not meet
both of the nondiscrimination tests.
A participant is not permitted to make voluntary after-tax contributions to the
Plan.
The Company will contribute and forward to the trust fund, together with a
compensation deferral contribution equal to each participant's qualifying
compensation deferral, an amount equal to 50% of the first 3% of the
participant's compensation deferral (except for a small number of participants,
to whom under the terms of their contract agreement the Company will contribute
an amount equal to 50% of the first 4% of the participant's compensation
deferral). Matching contributions will be invested in the Company Stock Fund,
which invests primarily in the common stock of Computer Sciences Corporation.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contribution and
allocations of the Company's contribution and Plan earnings, and is charged with
an allocation of investment management fees. Allocations are based on
participant earnings or account balances, as defined. The benefit to which a
participant is entitled is the benefit that can provided from the participant's
vested account.
7
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
VESTING OF PARTICIPANTS' INTERESTS/FORFEITURES
A participant's interest in his or her Compensation Deferral Account, Retirement
Account, After Tax Account, and Rollover Account is at all times fully vested in
the participant or, when appropriate, in the participant's beneficiary or legal
representative.
The vested interest of each participant in the value of his or her Matching
Contributions Account depends on the number of full years of service such
participant has with the Company, as shown below:
NUMBER OF FULL YEARS OF SERVICE VESTED INTEREST IN MATCHING CONTRIBUTION
- ------------------------------- ----------------------------------------
1 .................................. 0%
2 .................................. 25%
3 .................................. 50%
4 .................................. 75%
5 ................................. 100%
(except for a small number of participants, who under the terms of their
contract agreement will vest 100% after 2 years or more)
Any nonvested portion of the Matching Contributions Account will be forfeited
upon withdrawal from the Plan. Forfeitures may be applied to reduce future
matching contributions by the Company. Such forfeitures during 1996 and 1995
amounted to $1,097,819 and $1,120,945, respectively.
DISTRIBUTABLE AMOUNTS, WITHDRAWALS AND REFUNDS
A participant may become entitled to a distribution of his or her distributable
benefit by reason of retirement, death, total and permanent disability,
voluntary termination of employment, or dismissal. The rules of payment of a
participant's distributable benefit depend upon age of the participant, the
number of years of service completed by the participant and the type of
severance. The total amounts distributed during 1996 and 1995 were $44,996,599
and $39,637,011, respectively.
8
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
While still an employee, a participant may, upon at least a 30 day written
notice to the Committee, make a withdrawal of his or her compensation deferral
contributions if the Committee finds, after considering the participant's
request, that an adequate financial hardship and resulting need for such amount
has been demonstrated by the participant. These withdrawals during 1996 and 1995
totaled $932,640 and $848,968, respectively.
In order for the Plan to meet the nondiscrimination tests, the Committee has
caused the compensation deferral percentage for certain highly compensated
employees to be reduced, which has also resulted in the return of excess
compensation deferrals.
Note 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies followed in preparation of the financial
statements of the Plan of the Company conform with generally accepted accounting
principles. The following is a summary of the significant policies.
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 and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reported period.
Actual results could differ from those estimates.
ASSETS OF THE PLAN
The assets of the Plan are held in a trust with five sub-accounts representing
the investment options. The investment income in the respective sub-accounts is
allocated to the participants. Contributions to, and payments from, the Plan
are specifically identified to the applicable sub-accounts within the trust.
SECURITY TRANSACTIONS
Security transactions are accounted for on a trade-date basis. Dividend income
is recorded on the ex-dividend date. Interest income is accounted for on the
accrual basis.
In general, participants in the Stock Fund receive distributions in certificates
for shares of the common stock of the Company.
9
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
VALUATION OF INVESTMENT SECURITIES
Investments in common stocks and mutual funds are stated at fair value based
upon closing sales prices reported on recognized securities exchanges on the
last business day of the plan year or, for the listed securities having no sales
reported and for unlisted securities, upon last reported bid prices on that
date. Investments in short-term investments are stated at cost which
approximates fair value.
VALUATION OF GUARANTEED INVESTMENT CONTRACTS
The Plan holds guaranteed investment contracts, which are considered to be fully
benefit responsive as access to the funds of these contracts is not restricted.
The guaranteed investment contracts are valued at contract value in accordance
with SOP 94-4. Contract value represents contributions made by participants,
plus interest at the contract rates, less withdrawals or transfers by
participants.
Based on the treasury yield curve for similar type of investments, the fair
value of the guaranteed investment contracts at December 31, 1996 and 1995 was
approximately $61,675,000 and $83,860,000, respectively. The average yield and
crediting interest rates were approximately 7.18% and 7.60% for 1996 and 1995,
respectively. The crediting interest rate is based on an agreed-upon formula
with the issuer, but cannot be less than zero.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
Note 3 INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by a letter
dated July 18, 1996, that the Plan and related trust are designed in accordance
with applicable sections of the Internal Revenue Code (IRC).
The Committee believes that the Plan is designed and operated to qualify under
Section 401(a) of the Code and, with respect to its qualified cash or deferred
arrangement, under Section 401(k) of the Code. When the requirements of Section
401(k) of the Code are satisfied, the following tax consequences result:
10
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
(i) A participant is not subject to federal income tax on Company
contributions to the Plan or on income or realized gains in Plan Accounts
attributable to the participant until a distribution from the Plan is made to
him or her.
(ii) The participant is able to exclude from his or her income for federal
income tax purposes, the amount of his or her compensation deferral
contributions, subject to a maximum exclusion of $9,500 and $9,240 for 1996
and 1995 taxable years of the participant, respectively.
(iii) On distribution of a participant's vested interest in the Plan, the
participant generally is subject to federal income taxation, except that: (1)
tax on "net unrealized appreciation" on any Company stock distributed as a
part of a "lump sum distribution" generally is deferred until the participant
disposes of such stock, and (2) tax may be deferred to the extent the
participant is eligible for and complies with certain rules permitting the
"rollover" of a qualifying distribution to another retirement plan, or
individual retirement account.
Note 4 RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
December 31,
--------------------------
1996 1995
------------ ------------
Net assets available for benefits per the
financial statements $754,470,823 $595,999,591
Amounts allocated to withdrawing participants (10,290,463) (7,912,936)
------------ ------------
Net assets available for benefits per Form 5500 $744,180,360 $588,086,655
------------ ------------
------------ ------------
11
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
December 31, 1996
-------------------
Benefits paid to participants per the financial statements $45,929,239
Add: Amounts allocated to withdrawing participants at
December 31, 1996 10,290,463
Less: Amounts allocated to withdrawing participants at
December 31, 1995 (7,912,936)
-------------------
Benefits paid to participants per the Form 5500 $48,306,766
-------------------
-------------------
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, 1996 but not paid as of that date.
Note 5 INVESTMENT FUNDS
Participant contributions - Subject to rules the Committee may from time to
time adopt, each participant has the right to designate one or more of the
following investment funds established by the Committee for the investment of
his or her compensation deferral contributions, in increments of 10%.
THE FIXED INCOME FUND
The fund is invested in contracts with insurance companies and other
financial institutions. These institutions agree to repay principal with
interest at a fixed rate of return for the life of each contract. This is a
commitment by the insurance company or the financial institution to make
agreed upon payments and that agreement is not secured, insured or guaranteed
by the Company or any other third party. Approximately half of the fund is
invested in contracts with insurance companies.
12
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
The remainder of the fund (including the proceeds from maturing insurance
contracts, newly invested money and interest from insurance contracts) is in
the Master Trust which was established for the investment of assets of the
Plan and several other Company sponsored benefit plans. The Master Trust is
an actively managed, short-term (1-3 years) U.S. Bond Fund managed by Payden
& Rygel. Each participating plan has an undivided interest in the Master
Trust. The assets of the Master Trust are held by the Trustee. At December
31, 1996 and 1995, the Plan's interest in the net assets of the Master Trust
was approximately 90% and 93%, respectively. Investment income and
administrative expenses relating to the Master Trust are allocated to
individual plans based upon average monthly balances invested by each plan.
The following table represents the fair value of investments for the Master
Trust.
December 31,
-----------------------------
1996 1995
------------- -------------
Investments at fair value:
Corporate bonds $ 20,904,676 $ 15,709,394
U.S. government securities 56,633,626 44,628,463
Other bonds 2,112,040 2,085,848
Short-term investments 21,131,915 0
Accrued income 1,061,097 648,263
------------- -------------
$101,843,354 $ 63,071,968
------------- -------------
------------- -------------
Investment income for the Master Trust is as follows:
December 31,
-----------------------------
1996 1995
------------- -------------
Investment income:
Net (depreciation) appreciation in fair value
of investments $(1,007,670) $2,230,357
Interest:
Corporate bonds 1,180,044 659,260
U.S. government securities 2,485,788 2,234,361
Other bonds 139,500 0
Short-term investments 627,305 241,759
------------- -------------
3,424,967 5,365,737
Less investment management fees (61,373) (17,548)
------------- -------------
$ 3,363,594 $5,348,189
------------- -------------
------------- -------------
13
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
THE BALANCED FUND
The fund is invested with Brinson Partners Inc. The Brinson Partners Inc.
U.S. Bond and U.S. Stock Only Funds are actively managed portfolios invested
in U.S. stocks, bonds and cash. The stock portfolio consists of large,
intermediate and small companies. The bond portion of the portfolio is
primarily invested in U.S. Treasury, government agency and corporate issues.
This fund's investment objective is to maximize total return, consisting of
capital appreciation and current income.
THE ACTIVE EQUITY FUND
The fund is invested with Brinson Partners Inc. The Brinson Partners Inc.
U.S. Equity Fund is invested in common stocks traded in the U.S. The fund's
objective is to maximize total return which consists of capital appreciation
and current income.
THE STOCK INDEX FUND
The fund is managed by Mellon Capital Management. The objective of the fund
is to exceed the performance of the Standard & Poor's 500 Stock Index. The
Stock Index Fund either invests in a stock portfolio designed to track the
performance of the S&P Stock Index and/or creates a synthetic S&P 500
portfolio using (unlevered) financial futures and options. Assets used as
collateral for futures/options positions are comprised of various market or
debt instruments.
THE COMPANY STOCK FUND
Amounts allocated to this investment alternative will be used to purchase
shares of CSC common stock which will be held for the benefit of the
participant. The performance of this investment will depend upon the
performance of CSC's stock. The Trustee may purchase Company stock on
national securities exchanges or elsewhere.
After an initial election has been made, a participant may designate a
different Fund into which future compensation deferral contributions shall be
invested as of the first day of any payroll period that coincides with or
immediately follows the first day of a calendar quarter. In addition, a
participant may elect to redesignate any amounts in his or her accounts as of
the last business day of any calendar quarter to be invested in a different
Fund. These elections may be made by giving such advance notice as may be
required by the Plan administrator.
14
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Company contributions - In accordance with the provisions of the Plan, the
Trustee must promptly invest matching Company contributions paid into the
trust fund in the Company Stock Fund. An exception is in the case of a
participant who has (i) attained at least age 59 1/2, or (ii) has been
credited with at least five years of service and has attained at least age 55
and has made an election to designate different Funds.
NUMBER OF PARTICIPANTS
The approximate number of participants having account balances in each of the
six separate funds at December 31, 1996 was as follows:
Investment Fund Number of Participants
--------------- ----------------------
The Fixed Income Fund .................................. 11,582
The Balanced Fund ...................................... 11,145
The Active Equity Fund ................................. 14,335
The Stock Index Fund ................................... 9,113
The Company Stock Fund ................................. 20,067
The Loan Fund .......................................... 2,530
The sum of the number of participants shown above is greater than the total
number of participants in the Plan because many are participating in more
than one fund.
Note 6 PARTICIPANT LOANS
The Plan allows participants to borrow from their vested account balances
from a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested
account balances, subject to certain limitations. The loans bear interest at
the prime rate quoted in the Wall Street Journal plus 1%, which is set on a
quarterly basis. Loan terms range from 1-5 years or up to 15 years for
purchase of primary residence. Loans are recorded at cost, which approximate
fair value, on the Statement of Net Assets Available for Benefits.
The loans (which are accounted for in the Loan Fund) are deducted from the
participants' vested account balances based on their investment elections
with respect to the funds described in Note 5. Loan repayments are credited
to the participants' accounts according to their current investment election.
15
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Note 7 BENEFITS PAYABLE
As of December 31, 1996 and 1995, net assets available for benefits included
benefits of $10,290,463 and $7,912,936 respectively, due to participants who
have withdrawn from participation in the Plan.
Note 8 TRANSFERS FROM OTHER PLANS
During the two years ended December 31, 1996, the Plan merged with the Hyatt
Corporation 401(k) Plan; CSC Credit Services Employee Savings Plan; James River
Corporation of Virginia Stockplus Investment Plan; The DiBianca-Bergman Group,
Inc. Profit Sharing Plan; First Chicago Corporation Savings Incentive Plan; and
CSC Professional Services Group, Inc. Tax-Deferred Savings and Retirement Plan
("PSG"). A detail description of these mergers is as follows:
The Plan received $18,031 on January 17, 1997, $91 on November 20, 1996, $3,262
on November 18, 1996, $32,620 on October 8, 1996, and $358,391 on October 1,
1996 from the Hyatt Corporation 401(k) Plan. These amounts represent the
balances of 36 participants as of October 1, 1996.
The Plan received $2,228,649 on December 11, 1996 and $11,382,454 on December 2,
1996 from the CSC Credit Services Employee Savings Plan. These amounts
represent the balances of 861 participants as of November 30, 1996.
The Plan received $4,438 on September 5, 1996, $5,339 on January 30, 1996,
$15,596 on December 28, 1995, and $1,335,627 on October 27, 1995 from the James
River Corporation of Virginia Stockplus Investment Plan. These amounts represent
the balances of 74 participants as of September 30, 1995.
The Plan received $912 on January 22, 1996, $202 on November 21, 1995, $934,151
on October 27, 1995 from The DiBianca-Berkman Group, Inc. Profit Sharing Plan.
These amounts represent the balances of 31 participants as of October 27, 1995.
The Plan received $182,529 on December 21, 1995, and $1,402,158 on December 1,
1995 from the First Chicago Corporation Savings Incentive Plan. These amounts
represent the balances of 29 participants as of November 30, 1995.
16
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
The Plan received $2,608,494 on May 31, 1995, $1,929,791 on March 10, 1995, and
$2,300,481 on March 8, 1995 from the PSG. These amounts were accrued in 1994
and represent the remaining balances for 1,516 participants as of December 30,
1994. On April 24, 1995, the Plan returned $7,981 to Corestate Bank due to
excess transfer from the PSG merger.
17
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Note 9 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
DECEMBER 31, 1996
----------------------------------------------------------------------------
FIXED ACTIVE STOCK COMPANY
INCOME BALANCED EQUITY INDEX STOCK
------------ ------------ ------------ ------------ ------------
ASSETS
Investments
Long-term investments
At fair value
Interest in registered investment companies: $106,929,406 $190,510,057 $ 58,160,214
CSC Company stock $220,003,596
Plan interest in Master Trust $ 91,252,142
Employee loans
Guaranteed investment contracts-at contract
value 61,203,657
Short-term investments 4,259 1,002,060 1,725,971 529,309 1,620,364
Receivables
Employer's contribution 948 349 549 199 321,367
Participants' contribution 578,061 523,666 992,373 469,869 547,284
Accrued Income 21,270 4,186 10,370 2,267 4,856
Plan to plan transfer 638,176 1,409,723 624,325 200,660 430,215
Interfund Transfers 6,895 (76,674) 676,188 440,241 (1,046,650)
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS 153,705,408 109,792,716 194,539,833 59,802,759 221,881,032
LIABILITIES
Accounts Payable 106,233 93,222 204,416 130,133 733,016
Accrued Expenses 33,945 66,931 111,438 5,872 584
Unsettled Trade Payables 85,443
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES 140,178 160,153 315,854 136,005 819,043
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $153,565,230 $109,632,563 $194,223,979 $ 59,666,754 $221,061,989
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
-----------------------------
EMPLOYEE
LOANS TOTAL
------------- ------------
ASSETS
Investments
Long-term investments
At fair value
Interest in registered investment companies: $355,599,677
CSC Company stock 220,003,596
Plan interest in Master Trust 91,252,142
Employee loans $ 16,021,749 16,021,749
Guaranteed investment contracts-at contract
value 61,203,657
Short-term investments 4,881,963
Receivables
Employer's contribution 323,412
Participants' contribution 210 3,111,463
Accrued Income 42,949
Plan to plan transfer 3,303,099
Interfund Transfers -
------------- ------------
TOTAL ASSETS 16,021,959 755,743,707
LIABILITIES
Accounts Payable (298,349) 968,671
Accrued Expenses 218,770
Unsettled Trade Payables 85,443
------------- ------------
TOTAL LIABILITIES (298,349) 1,272,884
------------- ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 16,320,308 $754,470,823
------------- ------------
------------- ------------
18
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Note 9 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND
DECEMBER 31, 1995
----------------------------------------------------------------------------
FIXED ACTIVE STOCK COMPANY
INCOME BALANCED EQUITY INDEX STOCK
------------ ------------ ------------ ------------ ------------
ASSETS
Investments
Long-term investments
At fair value
Interest in registered investment companies $ 85,526,535 $136,221,964 $ 33,224,815
CSC Company stock $174,584,246
Plan interest in Master Trust $ 58,741,224
Employee loans
Guaranteed investment contracts--at contract
value 81,854,138
Short-term Investments 1,186,638 5,329,047 1,359,311 1,181,897 1,308,567
Receivables
Employer's contribution 1,133 317 589 181 287,793
Participants' contribution 564,364 470,031 728,796 262,477 466,279
Accrued Income 5,448 26,337 3,687 1,776 4,420
Plan to plan transfer (202) 1,105
Interfund Transfers (208,078) 42,025 172,270 201,904 (208,121)
Other (126,538) (28,475) 74,600 51,557 51,425
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS 142,018,127 91,365,817 138,561,217 34,924,607 176,495,714
LIABILITIES
Accounts Payable 150,899 123,862 149,280 73,133 684,875
Accrued Expenses 28,900 60,318 86,098 5,389 210
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES 179,799 184,180 235,378 78,522 685,085
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $141,838,328 $ 91,181,637 $138,325,839 $ 34,846,085 $175,810,629
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
-----------------------------
EMPLOYEE
LOANS TOTAL
------------- ------------
ASSETS
Investments
Long-term investments
At fair value
Interest in registered investment companies $254,973,314
CSC Company stock 174,584,246
Plan interest in Master Trust 58,741,224
Employee loans $ 13,707,311 13,707,311
Guaranteed investment contracts--at contract
value 81,854,138
Short-term Investments 10,365,460
Receivables
Employer's contribution 290,013
Participants' contribution 2,491,947
Accrued Income 41,668
Plan to plan transfer 903
Interfund Transfers -
Other 57,000 79,569
------------- ------------
TOTAL ASSETS 13,764,311 597,129,793
LIABILITIES
Accounts Payable (232,762) 949,287
Accrued Expenses 180,915
------------- ------------
TOTAL LIABILITIES (232,762) 1,130,202
------------- ------------
NET ASSETS AVAILABLE FOR BENEFITS 13,997,073 595,999,591
------------- ------------
------------- ------------
19
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Note 9 STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
YEAR ENDED DECEMBER 31, 1996
------------------------------------------------------------------------
FIXED ACTIVE STOCK
INCOME BALANCED EQUITY INDEX
------------- ------------- ------------- -------------
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment Income
Net Appreciation in Fair Value of Investments $ 7,547,384 $ 28,745,707 $ 7,279,167
Interest Income $ 5,090,729 205,856 49,938 29,240
Dividend Income 4,153,832 3,269,456 2,245,636
Investment Management Fees (135,732) (260,280) (412,398) (22,207)
Plan interest in Master Trust investment income 3,071,796
------------- ------------- ------------- -------------
8,026,793 11,646,792 31,652,703 9,531,836
------------- ------------- ------------- -------------
Contributions
Employee 13,970,518 12,556,922 21,248,658 8,868,348
Employer 26,881 9,261 18,460 5,176
Employee Rollovers 3,009,593 2,248,932 4,313,516 2,440,965
Transfers From Other Plans 8,210,754 1,430,613 3,672,511 1,318,907
Interfund Transfers (7,758,207) (2,208,569) 6,569,672 6,429,915
------------- ------------- ------------- -------------
17,459,539 14,037,159 35,822,817 19,063,311
------------- ------------- ------------- -------------
TOTAL ADDITIONS 25,486,332 25,683,951 67,475,520 28,595,147
------------- ------------- ------------- -------------
DEDUCTIONS TO NET ASSETS ATTRIBUTABLE TO:
Distributions to Participants 13,759,430 7,233,025 11,577,380 3,774,478
------------- ------------- ------------- -------------
TOTAL DEDUCTIONS 13,759,430 7,233,025 11,577,380 3,774,478
------------- ------------- ------------- -------------
NET INCREASE 11,726,902 18,450,926 55,898,140 24,820,669
------------- ------------- ------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year 141,838,328 91,181,637 138,325,839 34,846,085
------------- ------------- ------------- -------------
End of Year $ 153,565,230 $ 109,632,563 $ 194,223,979 $ 59,666,754
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
YEAR ENDED DECEMBER 31, 1996
----------------------------------------------------
COMPANY EMPLOYEE
STOCK LOANS TOTAL
------------- ------------- -------------
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment Income
Net Appreciation in Fair Value of Investments $ 32,925,093 $ 76,497,351
Interest Income 47,205 $ 454 5,423,422
Dividend Income 9,668,924
Investment Management Fees (2,646) (833,263)
Plan interest in Master Trust investment income 3,071,796
------------- ------------- -------------
32,969,652 454 93,828,230
------------- ------------- -------------
Contributions
Employee 15,207,730 (5,435,014) 66,417,162
Employer 11,606,058 11,665,836
Employee Rollovers 3,138,952 15,151,958
Transfers From Other Plans 2,686,469 18,031 17,337,285
Interfund Transfers (3,032,357) (454) -
------------- ------------- -------------
29,606,852 (5,417,437) 110,572,241
------------- ------------- -------------
TOTAL ADDITIONS 62,576,504 (5,416,983) 204,400,471
------------- ------------- -------------
DEDUCTIONS TO NET ASSETS ATTRIBUTABLE TO:
Distributions to Participants 17,325,144 (7,740,218) 45,929,239
------------- ------------- -------------
TOTAL DEDUCTIONS 17,325,144 (7,740,218) 45,929,239
------------- ------------- -------------
NET INCREASE 45,251,360 2,323,235 158,471,232
------------- ------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year 175,810,629 13,997,073 595,999,591
------------- ------------- -------------
End of Year $ 221,061,989 $ 16,320,308 $ 754,470,823
------------- ------------- -------------
------------- ------------- -------------
20
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Note 9 STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
YEAR ENDED DECEMBER 31, 1995
------------------------------------------------------------------------
FIXED ACTIVE STOCK
INCOME BALANCED EQUITY INDEX
------------- ------------- ------------- -------------
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment Income
Net Appreciation in Fair Value of Investments $ 14,762,527 $ 30,074,070 $ 5,852,806
Interest Income $ 6,533,680 100,918 56,177 34,508
Dividend Income 3,739,825 2,730,134 1,465,245 7,935,204
Investment Management Fees (67,999) (215,252) (291,526) (19,880)
Plan interest in Master Trust investment income 5,143,489 5,143,489
------------- ------------- ------------- -------------
11,609,170 18,388,018 32,568,855 7,332,679
------------- ------------- ------------- -------------
Contributions
Employee 15,048,897 12,548,910 18,017,448 5,765,258
Employer 27,194 7,055 15,919 5,993
Employee Rollovers 4,152,909 2,313,312 3,494,005 1,546,117
Transfers From Other Plans 1,046,454 629,561 897,176 882,203
Interfund Transfers (26,941,864) 2,710,681 16,295,489 6,739,080
------------- ------------- ------------- -------------
(6,666,410) 18,209,519 38,720,037 14,938,651
------------- ------------- ------------- -------------
TOTAL ADDITIONS 4,942,760 36,597,537 71,288,892 22,271,330
------------- ------------- ------------- -------------
DEDUCTIONS TO NET ASSETS ATTRIBUTABLE TO:
Distributions to Participants 13,692,065 7,132,890 9,026,105 2,355,622
------------- ------------- ------------- -------------
TOTAL DEDUCTIONS 13,692,065 7,132,890 9,026,105 2,355,622
------------- ------------- ------------- -------------
NET (DECREASE) INCREASE (8,749,305) 29,464,647 62,262,787 19,915,708
------------- ------------- ------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year 150,587,633 61,716,990 76,063,052 14,930,377
------------- ------------- ------------- -------------
End of Year $ 141,838,328 $ 91,181,637 $ 138,325,839 $ 34,846,085
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
YEAR ENDED DECEMBER 31, 1995
-----------------------------------------------------
COMPANY EMPLOYEE
STOCK LOANS TOTAL
------------- ------------- -------------
ADDITIONS TO NET ASSETS ATTRIBUTABLE TO:
Investment Income
Net Appreciation in Fair Value of Investments $ 47,477,760 $ 98,167,163
Interest Income 53,490 $ 8 6,778,781
Dividend Income
Investment Management Fees (210) (594,867)
Plan interest in Master Trust investment income 5,143,489
------------- ------------- -------------
47,531,040 8 117,429,770
------------- ------------- -------------
Contributions
Employee 12,415,545 (4,936,834) 58,859,224
Employer 10,300,043 10,356,204
Employee Rollovers 2,788,583 14,294,926
Transfers From Other Plans 398,524 71,388 3,925,306
Interfund Transfers 1,196,622 (8)
------------- ------------- -------------
27,099,317 (4,865,454) 87,435,660
------------- ------------- -------------
TOTAL ADDITIONS 74,630,357 (4,865,446) 204,865,430
------------- ------------- -------------
DEDUCTIONS TO NET ASSETS ATTRIBUTABLE TO:
Distributions to Participants 14,386,994 (6,107,697) 40,485,979
------------- ------------- -------------
TOTAL DEDUCTIONS 14,386,994 (6,107,697) 40,485,979
------------- ------------- -------------
NET (DECREASE) INCREASE 60,243,363 1,242,251 164,379,451
------------- ------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year 115,567,266 12,754,822 431,620,140
------------- ------------- -------------
End of Year $ 175,810,629 $ 13,997,073 $ 595,999,591
------------- ------------- -------------
------------- ------------- -------------
21
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Note 10 INVESTMENTS 1996 PRINCIPAL FAIR VALUE OR
---------------- AMOUNT OR CONTRACT
SHARES COST VALUE
FIXED INCOME FUND -------------- ------------- -------------
Guaranteed Investment Contracts $ 61,203,657 $ 61,203,657 $ 61,203,657
Interest in Master Trust* sh. 90,242,972 91,366,037 91,252,142
BNY Collective Short-Term Invst. Fund sh. 4,259 4,259 4,259
BALANCED FUND
Brinson Partners Inc U.S. Bond Fund* sh. 629,901 68,157,142 69,326,850
Brinson Partners Inc U.S. Stock Only Fund* sh. 136,456 28,472,176 37,602,556
Brinson Partners Inc U.S. Cash Mgmt Fund sh. 1 1 1
BNY Collective Short-Term Invst. Fund sh. 1,002,060 1,002,060 1,002,060
ACTIVE EQUITY FUND
Brinson Partners Inc U.S. Equity Portfolio* sh. 645,808 123,827,039 190,510,057
Brinson Partners Inc U.S. Cash Mgmt Fund sh. 2 2 2
BNY Collective Short-Term Invst. Fund sh. 1,725,969 1,725,969 1,725,968
STOCK INDEX FUND
Mellon Capital Mgmt. Stock Index Fund* sh. 244,687 43,023,873 56,186,765
Mellon Capital EB Daily Opening Stock Index Fund sh. 10,853 1,997,925 1,973,449
Mellon Capital Temporary Investment Fund sh. 470 470 470
BNY Collective Short-Term Invst. Fund sh. 528,839 528,839 528,839
COMPANY STOCK FUND
Computer Sciences Common Stock* sh. 2,678,887 80,092,261 220,003,596
BNY Collective Short-Term Invst. Fund sh. 1,620,364 1,620,364 1,620,364
EMPLOYEE LOAN FUND
Participant Loans $ 16,021,749 16,021,749 16,021,749
-------------- --------------
$ 519,043,823 $ 748,962,784
-------------- --------------
-------------- --------------
TOTAL LONG-TERM INVESTMENTS $ 514,161,859 $ 744,080,821
TOTAL SHORT-TERM INVESTMENTS 4,881,964 4,881,963
-------------- --------------
$ 519,043,823 $ 748,962,784
-------------- --------------
-------------- --------------
* represents investments greater
than 5% of Plan's net assets
22
COMPUTER SCIENCES CORPORATION
MATCHED ASSET PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
Note 10 INVESTMENTS 1995 PRINCIPAL FAIR VALUE OR
---------------- AMOUNT OR CONTRACT
SHARES COST VALUE
-------------- ------------- -------------
FIXED INCOME FUND
Guaranteed Investment Contracts $ 81,854,138 $ 81,854,138 $ 81,854,138
Interest in Master Trust* sh. 57,775,322 57,507,378 58,741,224
BNY Collective Short-Term Invst. Fund sh. 1,186,638 1,186,638 1,186,638
BALANCED FUND
BRINSON PARTNERS INC.:
U.S. Bond Fund* sh. 460,104 46,867,192 48,488,514
U.S. Stock Only Fund* sh. 170,758 34,575,827 37,038,021
U.S. Cash Management Fund sh. 4,620,046 4,620,046 4,620,046
BNY Collective Short-Term Invst. Fund sh. 709,001 709,001 709,001
ACTIVE EQUITY FUND
Brinson Partners Inc.:
U.S. Equity Portfolio* sh. 563,003 98,207,385 136,221,964
U.S. Cash Management Fund 1 1 1
BNY Collective Short-Term Invst. Fund sh. 1,359,310 1,359,310 1,359,310
STOCK INDEX FUND
Mellon Capital:
Mellon Capital Mgmt. Stock Index Fund* sh. 82,951 27,186,835 33,224,815
Mellon Temporary Investment Fund sh. 12 12 12
BNY Collective Short-Term Invst. Fund sh. 1,181,885 1,181,885 1,181,885
COMPANY STOCK FUND
Computer Sciences Common Stock* sh. 2,485,185 62,965,219 174,584,246
BNY Collective Short-Term Invst. Fund sh. 1,308,567 1,308,567 1,308,567
EMPLOYEE LOAN FUND
Participant Loans $ 13,707,311 13,707,311 13,707,311
------------- -------------
$ 433,236,745 $ 594,225,693
TOTAL LONG-TERM INVESTMENTS 422,871,285 583,860,233
TOTAL SHORT-TERM INVESTMENTS 10,365,460 10,365,460
------------- -------------
$ 433,236,745 $ 594,225,693
------------- -------------
------------- -------------
* represents investments greater
than 5% of Plan's net assets
23
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Act of 1934, the
Computer Sciences Corporation Retirement Committee has duly caused this annual
report to be signed on its behalf by the undersigned thereunto duly authorized.
CSC MATCHED ASSET PLAN
Date: June 23, 1997 By: /S/LEON J. LEVEL
-----------------------
Leon J. Level
Chairman,
Computer Sciences Corporation
Retirement Plans Committee
24
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Computer Sciences Corporation
Registration Statement No. 333-00755 on Form S-8 of our report dated May 30,
1997, appearing in this Annual Report on Form 11-K of the Computer Sciences
Corporation Matched Asset Plan for the year ended December 31, 1996.
/s/Deloitte & Touche LLP
Los Angeles, California
June 20, 1997
E-1
1996
FORM 5500 ITEM 27(A)
COMPUTER SCIENCES CORPORATION
EIN 95-2043126
MATCHED ASSET PLAN 001
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
-----------------------------------------------
(a) (b) Identity of issue, borrower, (c) Description of investment including maturity date, (d) Cost (e) Current
lessor or similar party rate of interest, collateral, par or maturity value Value
- --- -------------------------------- ------------------------------------------------------- ----------- ------------
Allstate Life Insurance Co. Guaranteed Investment Contract 7.78% 9/30/97 $ 3,397,697 $ 3,397,697
Principal Mutual Life Insurance Guaranteed Investment Contract 8.10% 4/1/97 799,784 799,784
Co.
Prudential Life Insurance Co. Guaranteed Investment Contract 7.92% 3/31/97 12,728,297 12,728,297
Pacific Mutual Life Insurance Co. Guaranteed Investment Contract 6.85% 3/31/98 4,461,168 4,461,168
Provident Life & Accident Ins. Guaranteed Investment Contract 7.80% 9/30/97 5,900,680 5,900,680
Prudential Life Insurance Co. Guaranteed Investment Contract 5.77% 3/31/98 3,960,879 3,960,879
Canada Life Insurance Co. Guaranteed Investment Contract 5.75% 3/31/98 3,389,096 3,389,096
Protective Life Insurance Co. Guaranteed Investment Contract 5.66% 9/30/97 7,357,545 7,357,545
Provident National Assurance Guaranteed Investment Contract 8.01% 3/31/97 4,389,880 4,389,880
Hartford Life Insurance Co. Guaranteed Investment Contract 7.80% 6/30/98 1,839,252 1,839,252
Hartford Life Insurance Co. Guaranteed Investment Contract 7.80% 6/30/98 2,692,929 2,692,929
Hartford Life Insurance Co. Guaranteed Investment Contract 8.80% 6/30/97 5,859,796 5,859,796
Providian Corporation Guaranteed Investment Contract 5.08% 12/31/97 4,155,059 4,155,059
Lincoln Life Insurance Co. Guaranteed Investment Contract 271,596 271,596
Brinson Trust Company, Inc. Mutual Fund - U.S. Bond Fund 68,157,142 69,326,850
Brinson Trust Company, Inc. Mutual Fund - U.S. Stock Fund 28,472,176 37,602,556
Brinson Trust Company, Inc. Mutual Fund - U.S. Equity Portfolio 123,827,039 190,510,057
Mellon Capital Management Corp. Mutual Fund - Stock Index Fund 1,997,925 1,973,449
Mellon Capital Management Corp. Mutual Fund - Stock Index Fund 43,023,873 56,186,765
* Computer Sciences Corporation Common Stock 80,092,261 220,003,596
* Computer Sciences Corporation Employee Loan Fund (8.25%-10%) (1/3/97-1/27/12) 16,021,749 16,021,749
Brinson Trust Company, Inc. U.S. Cash Management Fund 3 3
Mellon Capital Management Corp. Mellon Temporary Investment Fund 470 470
* Bank of New York BNY Collective Short-Term Invst. Fund 4,881,490 4,881,490
------------- -------------
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $ 427,677,786 $ 657,710,642
------------- -------------
------------- -------------
* represents party in interest
S-1
1996
FORM 5500 ITEM 27(D)
COMPUTER SCIENCES CORPORATION
EIN 95-2043126
MATCHED ASSET PLAN 001
SCHEDULE OF REPORTABLE TRANSACTIONS
(H) CURRENT
VALUE
OF ASSET ON (I) NET GAIN
(A) IDENTITY OF PARTY INVOLVED (B) DESCRIPTION OF ASSET (C) PURCHASE (D) SELLING (G) COST OF TRANSACTION OR (LOSS)
PRICE PRICE ASSET DATE
- ------------------------------ ------------------------ ------------ ----------- ----------- ------------- ------------
SINGLE TRANSACTIONS IN EXCESS OF 5%
- -----------------------------------
None to Report
S-2