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
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
Commission file number
RETIREMENT SAVINGS AND INVESTMENT PLAN
FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
375 Park Avenue
New York, New York 10152
(Full title of the plan and the address of the plan)
Vivendi Universal, S.A.
42, avenue de Friedland
75380 Paris Cedex 08, France
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
2
2
REQUIRED INFORMATION
1. Not Applicable.
2. Not Applicable.
3. Not Applicable.
4 The Retirement Savings and Investment Plan for Union Employees of Joseph E.
Seagram & Sons, Inc. and Affiliates (the "Union Plan") is subject to the
requirements of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"). Attached hereto are the financial statements of the
Union Plan for the fiscal year ended December 31, 2000 prepared in
accordance with the financial reporting requirements of ERISA.
EXHIBITS
1. Financial statements of the Union Plan for the fiscal year ended December
31, 2000 prepared in accordance with the financial reporting requirements
of ERISA.
2. Consent of Gutierrez & Co., independent accountants.
3
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on their behalf by the undersigned
hereunto duly authorized.
THE RETIREMENT SAVINGS AND INVESTMENT PLAN
FOR UNION EMPLOYEES OF JOSEPH E. SEAGRAM & SONS, INC.
AND AFFILIATES
By /s/ Andrew Loyst
----------------------------------
Andrew Loyst
Director - Global Benefits
Vivendi Universal, S.A.
Date: June 29, 2001
4
Exhibit 1
RETIREMENT SAVINGS AND INVESTMENT PLAN
FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC.
AND AFFILIATES
FINANCIAL STATEMENTS
DECEMBER 31, 2000 and 1999
5
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION
EMPLOYEES OF JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
INDEX TO FINANCIAL STATEMENTS
Page
Independent Auditors' Report 1
Statement of Net Assets Available for Benefits 2-3
Statement of Changes in Net Assets
Available for Benefits 4-5
Notes to Financial Statements 6-10
Supplemental Schedules*
Line 27d Form 5500 - Schedule of Reportable Transactions
Year Ended December 31, 2000 11-12
Line 27a Form 5500 - Schedule of Assets Held for Investment
Purposes December 31, 2000 13
*Other schedules required by 29CFR 2520.103-10 of the Department of Labor Rules
and Regulations for Reporting and Disclosure under Employee Retirement Income
Security Act of 1974 have been omitted because they are not applicable.
6
INDEPENDENT AUDITORS' REPORT
To the Benefits Committee of the Retirement
Savings and Investment Plan for Union
Employees of Joseph E. Seagram & Sons, Inc.
and Affiliates
We have audited the accompanying statements of net assets available for
benefits of the Retirement Savings and Investment Plan for Union Employees of
Joseph E. Seagram & Sons, Inc. and Affiliates (the "Plan") as of December 31,
2000 and 1999, 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 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 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 of (1)
assets held for investment purposes and (2) reportable transactions 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. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Gutierrez & Co.
Flushing, New York
June 15, 2001
7
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
------------
2000 1999
---- ----
INVESTMENTS (Note 3)
Money Market Fund:
Dreyfus Cash Management Plus Fund (cost of $206,669
and $171,799) $ 206,669 $ 171,799
Cash 1,568
Stable Income Fund:
Dreyfus-Certus Stable Value Fund Series I (cost of $225,835
and $151,712) 225,835 151,712
Cash 927
Bond Fund:
Dreyfus A Bond Plus Fund (cost of $190,028 and $132,735) 189,052 125,343
Cash 1,088
S&P 500 Index Fund:
Dreyfus Institutional S&P 500 Stock Index Fund
(cost of $1,626,506 and $1,009,833) 1,701,869 1,285,380
Cash 11,651 (8,327)
Disciplined Stock Fund:
Dreyfus Disciplined Stock Fund (cost of $644,466 and $461,787) 639,777 557,485
Cash 4,088
Growth Equity Fund:
Warburg Pincus Emerging Growth Fund (cost of $735,564
and $352,856) 614,824 447,893
Cash 4,156
Seagram Stock Fund:
The Seagram Company Ltd. Common Shares (cost of $301,013) 319,910
Vivendi Universal ADSs (cost of $430,941) 453,700
TBC Inc. Pooled Employee Funds (cost of $461 and $0 ) 461
Cash 2,983 (3,591)
Loans to Participants 93,848 71,751
---------- ----------
Total Investments $4,152,496 $3,119,355
========== ==========
The accompanying notes are an integral part of the financial statements.
2
8
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(Continued)
December 31,
------------
2000 1999
---- ----
RECEIVABLES
Dividends and Interest $ 7 $ 6
Proceeds from Unsettled Sales 11,348
---------- ----------
Total Receivables 7 11,354
---------- ----------
TOTAL ASSETS 4,152,503 3,130,709
---------- ----------
LIABILITIES
Cost of Unsettled Purchases 26,754
---------- ----------
Total Liabilities 26,754
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $4,125,749 $3,130,709
========== ==========
The accompanying notes are an integral part of the financial statements.
3
9
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31,
-----------------------
2000 1999
---- ----
CONTRIBUTIONS
Participating Employees $1,255,155 $ 936,148
Participating Companies 82,594
---------- ---------
1,337,749 936,148
---------- ---------
INVESTMENT ACTIVITIES
Investment Income
Money Market Fund 11,372 5,955
Stable Income Fund 11,465 5,274
Bond Fund 9,404 6,650
S&P 500 Index Fund 16,667 10,059
Disciplined Stock Fund 133 809
Interest on Loans to Participants 6,858 635
Seagram Stock Fund 3,249
Vivendi Universal ADSs 5,333
---------- ---------
Total Investment Income 61,232 32,631
---------- ---------
Realized Net Gain on Sale of Investments
Money Market Fund (4,123) 950
Bond Fund (534) (636)
Stable Income Fund 801 486
S & P 500 Index Fund 28,104 31,562
Disciplined Stock Fund 38,472 27,671
Growth Equity Fund 122,542 54,948
Seagram Stock Fund 19,686
Vivendi Universal ADSs 37,266
---------- ---------
Total Realized Net Gain on Sale of
Investments 222,528 134,667
---------- ---------
Unrealized Appreciation (Depreciation) on Investments
Bond Fund 6,415 (4,136)
S&P 500 Index Fund (200,184) 153,830
Growth Equity Fund (215,777) 75,299
Disciplined Stock Fund (100,387) 54,931
Seagram Stock Fund 4,205
Vivendi Universal ADSs 17,342
---------- ---------
Total Unrealized Appreciation
on Investments (492,591) 284,129
========== =========
The accompanying notes are an integral part of the financial statements.
4
10
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(Continued)
Year Ended December 31,
-----------------------
2000 1999
---- ----
Increase (decrease) in Plan Equity from Investment
Activities $ (208,831) $ 451,427
---------- ----------
PARTICIPANT WITHDRAWALS (127,477) (22,407)
---------- ----------
LOAN BALANCE ADJUSTMENT (6,401) 6,401
---------- ----------
INCREASE IN PLAN EQUITY 995,040 1,371,569
PLAN EQUITY AT BEGINNING OF YEAR 3,130,709 1,759,140
---------- ----------
PLAN EQUITY AT END OF YEAR $4,125,749 $3,130,709
========== ==========
The accompanying notes are an integral part of the financial statements.
5
11
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed in the preparation of the financial
statements of the Retirement Savings and Investment Plan for Union
Employees of Joseph E. Seagram & Sons, Inc. and Affiliates (the "Plan")
conform with generally accepted accounting principles. The more
significant accounting policies are:
Basis of Accounting
The accompanying financial statements of the Plan are maintained on the
accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires the plan administrator to make
estimates and assumptions that affect certain reported amounts and
disclosures. Accordingly, actual results may differ from those
estimates.
Investment Valuation
Investment securities are recorded and valued as follows:
United States government obligations at fair value based on the current
market yields; temporary investments in short-term investment funds at
cost which in the normal course approximates market value; securities
representing units of other funds at net asset value; Vivendi Universal
ADSs at the closing price reported on the composite tape of the New
York Stock Exchange on the valuation date.
On December 8, 2000, The Seagram Company Ltd. (parent of Joseph E.
Seagram & Sons, Inc.), Vivendi and Canal Plus S.A. completed a series
of transactions pursuant to which the three companies combined into
Vivendi Universal. Upon the completion of the merger transactions,
shareholders of The Seagram Company Ltd. (other than those exercising
dissenters' rights), including the Trustee on behalf of the Plan,
received, for each common share of The Seagram Company Ltd. held, 0.80
Vivendi Universal ADSs or a combination of 0.80 non-voting exchangeable
shares of Vivendi Universal's Canadian subsidiary, Vivendi Universal
Exchangeco, and an equal number of voting rights in Vivendi Universal.
Security Transactions
Security transactions are accounted for on a trade date basis with the
average cost basis used for determining the cost of investments sold.
Interest income is recorded on an accrual basis. Income on securities
purchased under agreements to resell is accounted for at the repurchase
rate. Changes in discount on coupons detached from United States
Treasury Bonds are reflected as unrealized appreciation.
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12
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
NOTES TO FINANCIAL STATEMENTS
2. DESCRIPTION OF THE PLAN (Continued)
The Plan is a defined contribution plan established as of January 1,
1997 by Joseph E. Seagram & Sons, Inc. (the "Company") and is subject
to the applicable provisions of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA").
The Plan covers eligible employees of the Company who are covered by
various collective bargaining agreements between the Company and the
employee representatives, as specified by the Plan.
The Plan provides benefits to participants based upon amounts
voluntarily contributed to a participant's account by the participant
(see Note 4). Under the Plan, a participant is not provided with any
fixed benefit. The ultimate benefit to be received by the participant
depends on the amounts contributed, the investment results and other
adjustments, and the participant's vested interest at termination of
employment (see Note 5).
With respect to each participant, contributions are allocated among
four accounts: pre-tax account, after-tax account , rollover account
and company match account (effective January 1, 2000) (the "Accounts").
Such contributions are invested as designated by the participants in
one or more of the investment funds referred to in Note 3, and are
accumulated and invested in a Trust Fund held by the Dreyfus Trust
Company, as Trustee. The Plan is administered by the Company through an
Administrative Committee appointed by the Board of Directors of the
Company.
3. INVESTMENT PROGRAM
During the years ended December 31, 2000 and 1999, the Plan was
comprised of seven investment funds: (i) the Money Market Fund
investing in the Dreyfus Cash Management Plus Fund managed by Dreyfus
Corporation; (ii) the Stable Income Fund investing in the
Dreyfus-Certus Stable Value Fund managed by Dreyfus Trust Company;
(iii) the Bond Fund investing in Dreyfus A Bond Plus Fund managed by
Dreyfus Corporation; (iv) the S&P 500 Index Fund investing in Dreyfus
Institutional S & P 500 Stock Index Fund managed by Dreyfus
Corporation; (v) the Disciplined Stock Fund investing in Dreyfus
Disciplined Stock Fund managed by Dreyfus Corporation; (vi) the Growth
Equity Fund investing in Warburg Pincus Emerging Growth Fund managed by
Warburg Pincus Counsellors, Inc.; and (vii) the Seagram Stock Fund
investing primarily in The Seagram Company Ltd. common shares prior to
December 8, 2000, and, as described below, primarily in Vivendi
Universal ADSs beginning December 8, 2000. The investments are
administered by the Benefits Committee appointed by the Board of
Directors of the Company.
8
13
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
NOTES TO FINANCIAL STATEMENTS
3. INVESTMENT PROGRAM (Continued)
On December 8, 2000, The Seagram Company Ltd. (parent of Joseph E.
Seagram & Sons, Inc.), Vivendi and Canal Plus S.A. completed a series
of transactions pursuant to which the three companies combined into
Vivendi Universal. Upon the completion of the merger transactions,
shareholders of The Seagram Company Ltd. (other than those exercising
dissenters' rights), including the Trustee on behalf of the Plan,
received, for each common share of The Seagram Company Ltd. held, 0.80
Vivendi Universal ADSs or a combination of 0.80 non-voting exchangeable
shares of Vivendi Universal's Canadian subsidiary, Vivendi Universal
Exchangeco, and an equal number of voting rights in Vivendi Universal.
4. CONTRIBUTIONS
Eligible employees, as defined, may elect to contribute to their
pre-tax accounts on a pre-tax basis ("Pre-Tax Contributions) and/or to
their after-tax accounts on an after-tax basis ("After-Tax
Contributions") through payroll deductions of 1% to 17% (in the
aggregate) of their annual pay, as defined in the Plan, in multiples of
1%, in any combination, provided, the aggregate percentage of the
contributions does not exceed 17% of their annual pay. Pre-tax
Contributions and After-Tax Contributions are subject to limitations
imposed by federal laws for qualified retirement plans.
Effective January 1, 2000, the Company will match twenty five cents for
each dollar of the first 3 % of the participant's elective deferral.
Prior to January 1, 2000, the Plan did not provide for matching
contributions by the Company. The Plan will accept into participants'
rollover accounts cash received by participants from a qualified plan
within the time prescribed by applicable law ("Rollover
Contributions").
5. VESTING
A participant in the Plan always has a fully vested interest in the
value of his or her contributions and rollover accounts. He or she has
a non-forfeitable right to the value of his or her company match
account upon the attainment of age 60, disability (as defined in the
Plan ) or death. Upon termination of employment for any other reason, a
participant vests in the funds held in his or her company match account
in accordance with the following vesting schedule:
Years of Service Vested Percentage
Less than 1 0%
At least 1, but less than 2 20%
At least 2, but less than 3 40%
At least 3, but less than 4 60%
At least 4, but less than 5 80%
5 or more 100%
9
14
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
NOTES TO FINANCIAL STATEMENTS
5. VESTING (Continued)
Upon termination of employment for reasons other than the attainment of
age 60, disability or death of a participant who was not fully vested
in his or her company match account, the nonvested portion of the
participant's company match account shall be forfeited. Any amount
forfeited shall be applied to reduce the Participating Companies'
contributions. Any amount forfeited shall be restored if the
participant is re-employed by a Participating Company before incurring
a five year break in service and if the participant repays to the Plan
(within five years after his or her reemployment commencement date) an
amount in cash equal to the full amount distributed to him or her from
the Plan on account of termination of employment, excluding amounts
from the after-tax and rollover accounts at the participant's election.
The nonvested interest of terminated participants serves to reduce
Participating Company contributions in accordance with the terms of the
Plan.
6. DISTRIBUTIONS
Upon termination of employment, after attainment of age 60 or for
reason of total and permanent disability or death, the participant or
his or her beneficiary shall receive the entire value of his or her
Accounts. However, if the termination of employment is for reasons
other than the attainment of age 60, disability or death, the
participant shall receive only the value of the vested funds in his or
her Accounts (See Note 5).
In accordance with the procedures established by the Administrative
Committee and the terms of the Plan, certain terminated employees may
elect to defer final distribution from the Plan. Upon such election,
the amount in such participants' vested interest in the Plan is
entitled to continue to receive investment income and is held by the
Trustee until the date of distribution as elected by the participants.
Prior to termination of employment, the participant may withdraw
amounts from the participant's Accounts in accordance with the
provisions of the Plan.
7. LOANS TO PARTICIPANTS
A participant may apply for loans up to the lesser of $50,000 or 50% of
the value of the participant's Accounts. The minimum loan amount is
$1,000. The maximum repayment terms are 5 years for general purpose
loans and 25 years for principal residence loans, except that primary
residence loans requested after December 31, 1999 will have a maximum
repayment term of fifteen years. The amounts borrowed are transferred
from the investment funds in which the participant's Accounts are
currently invested. On a weekly basis, repayments and interest thereon
are credited to the participant's current investment funds through
payroll deduction.
10
15
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES OF
JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
NOTES TO FINANCIAL STATEMENTS
8. TAX STATUS OF PLAN
The Internal Revenue Service has ruled by a letter dated May 20, 1998
that the Plan is qualified under Section 401(a) of the Internal Revenue
Code. So long as the Plan continues to be so qualified, it is not
subject to federal income taxes.
Participants are not currently subject to income tax on the income
earned by the Plan. Benefits distributed to participants or to their
beneficiaries maybe taxable to them. The tax treatment of the value of
such benefits depends on the event giving rise to the distribution and
the method of distribution selected.
9. RELATED PARTY TRANSACTIONS
Certain of the expenses of the Plan are paid by the Company, and
personnel and facilities of the Company are used by the Plan at no
charge.
10. TERMINATION OF THE PLAN
The Board of Directors of the Company may terminate the Plan at any
time. In the case of termination, the rights of participants to their
accounts shall be vested as of the date of termination.
11. INVESTMENTS
The following investments each represent five percent or more of the
total Plan assets as of the beginning of the respective Plan year:
Description of Investment Cost Fair Value
------------------------- ---- ----------
Year Ended December 31, 2000:
Dreyfus Cash Management Plus Fund $ 206,669 $ 206,669
Dreyfus-Certus Stable Value Fund Series I 225,835 225,835
Dreyfus A Bond Plus Fund 190,028 189,052
Dreyfus Institutional S&P 500 Stock Index Fund 1,626,506 1,701,869
Dreyfus Disciplined Stock Fund 644,466 639,777
Warburg Pincus Emerging Growth Fund 735,564 614,824
Vivendi Universal ADSs 430,941 453,700
Year Ended December 31, 1999:
Dreyfus Cash Management Plus Fund $ 171,799 $ 171,799
Dreyfus-Certus Stable Value Fund Series I 151,712 151,712
Dreyfus A Bond Plus Fund 132,735 125,343
Dreyfus Institutional S&P 500 Stock Index Fund 1,009,833 1,285,380
Dreyfus Disciplined Stock Fund 461,787 557,485
Warburg Pincus Emerging Growth Fund 352,856 447,893
The Seagram Company, Ltd. Common Shares 301,013 319,910
11
16
SUPPLEMENTAL SCHEDULE
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES
OF JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
Line 27d Form 5500 - Schedule of Reportable Transactions
Series of Transactions In Excess of Five Percent of the Current Value of the
Plan Assets
Year ended December 31, 2000
Shares/ Number of Cost of Proceeds Cost of Assets
Par Value Security Description Transactions Purchases From Sales Disposed Gain/Loss
--------- -------------------- ------------ --------- ---------- -------- ---------
104,834.73 Dreyfus Cash Mgmt Plus
Institutional Shares* 66 104,834.73 .00 .00 .00
81,337.03 Dreyfus Cash Mgmt. Plus
Institutional Shares* 26 .00 81,337.03 81,337.03 .00
25,158.68 Dreyfus/Laurel Fds Inc
S&P 500 Stk Index Fd Tr Shs * 84 742,949.06 .00 .00 .00
6,045.82 Dreyfus/Laurel Fds Inc
S&P 500 Stk Index Fd Tr Shs* 29 .00 179,385.17 151,625.96 27,759.21
5,467.11 Dreyfus/Laurel Disc Stk Fd R* 58 195,247.03 .00 .00 .00
1,202.75 Dreyfus/Laurel Disc Stk Fd R* 21 .00 51,152.40 43,582.16 7,570.24
3,892.00 Seagram Ltd Common* 68 219,822.62 .00 .00 .00
2,487.00 Seagram Ltd Common* 34 .00 142,739.91 111,913.54 30,826.37
9,723.85 Warburg Pincus Emerging
Growth Fd 83 338,010.31 .00 .00 .00
1,581.15 Warburg Pincus Emerging
Growth Fd 21 .00 77,530.87 69,021.99 8,508.88
* Party-in-interest.
12
17
SUPPLEMENTAL SCHEDULE
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES
OF JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
Line 27d Form 5500 - Schedule of Reportable Transactions
Series of Transactions In Excess of Five Percent of the Current Value of the
Plan Assets
Year ended December 31, 1999
Shares/ Number of Cost of Proceeds Cost of Assets
Par Value Security Description Transactions Purchases From Sales Disposed Gain/Loss
--------- -------------------- ------------ --------- ---------- -------- ---------
216,200.37 TBC Inc Pooled Employee
Funds Daily Liquidity Fd 74 216,200.37 .00 .00 .00
215,738.90 TBC Inc Pooled Employee
Funds Daily Liquidity Fd 63 .00 215,738.90 215,738.90 .00
112,834.88 Certus Stable Value
Series `I' Fund 58 112,834.88 .00 .00 .00
50,175.92 Certus Stable Value
Series `I' Fund 25 .00 50,175.92 50,175.92 .00
* Party-in-interest.
13
18
SUPPLEMENTAL SCHEDULE
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR UNION EMPLOYEES
OF JOSEPH E. SEAGRAM & SONS, INC. AND AFFILIATES
Line 27a Form 5500 - Schedule of Assets Held for Investment Purposes
December 31, 2000
Shares/
Par Value Security Description Cost Price Market
--------- -------------------- ---- ----- ------
Interest-Bearing Cash Dreyfus Cash Mgmt Plus
206,669.1250 Institutional Shares* 206,669.12 1.0000 206,669.12
Corporate Stock Common
6,946.6000 Vivendi Universal Sponsored 430,940.64 65.3125 453,699.81
ADR - Common*
Participant Loans
93,847.9000 Loans to Participants 93,847.90 1.0000 93,847.90
Common Collective Trust
225,835.4140 Certus Stable Value Series "I"
Fund 225,835.42 1.0000 225,835.42
461.4700 TBC Inc. Pooled Employee
Funds Daily Liquidity Fund 461.47 1.0000 461.47
------------ ------------
Total Common Collective Trust 226,296.89 226,296.89
------------ ------------
Registered Investment Companies
13,610.6280 Dreyfus A Bonds Plus, Inc.* 190,028.36 13.8900 189,051.62
61,863.6420 Dreyfus/Laurel Funds Inc.*
S&P 500 Stk Index Fd Tr Shares 1,626,506.36 27.5100 1,701,868.79
17,305.3010 Dreyfus/Laurel Stk Fd R* 644,466.43 36.9700 639,776.98
17,126.0170 Warburg Pincus Emerging
Growth Fd 735,564.03 35.9000 614,824.01
------------ ------------
Total Registered Investment Companies 3,196,565.18 3,145,521.40
------------ ------------
Grand Total 4,154,319.73 4,126,035.12
============ ============
* Party-in-interest.
14
19
Exhibit 2
CONSENT OF INDEPENDENT ACCOUNTANTS
The Seagram Company Ltd.
The Retirement Savings and Investment Plan for Union Employees
of Joseph E. Seagram & Sons, Inc. and Affiliates
We hereby consent to the incorporation by reference of our report
dated June 15, 2001 which appears in your Annual Report on Form 11-K of The
Retirement Savings and Investment Plan for Union Employees of Joseph E. Seagram
& Sons, Inc. and Affiliates for the fiscal year ended December 31, 2000.
Gutierrez & Co.
Flushing, New York
June 29, 2001