SECURITIES AND EXCHANGE COMMISSION
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, 2003 |
OR
[ ] | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Commission file number 1-6089
H&R Block Retirement Savings Plan
(Full title of the Plan)
H&R BLOCK, INC.
The H&R Block Retirement Savings Plan
Index
Page | ||||
1 - 2 | ||||
Financial Statements: |
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3 | ||||
4 | ||||
5 - 9 | ||||
Schedule: * |
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10 - 16 | ||||
17 | ||||
18 | ||||
19 |
* Prepared in accordance with the filing requirements of ERISA. Other Schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.
Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of
the H&R Block Retirement Savings Plan.:
We have audited the accompanying statement of net assets available for benefits of the H&R Block Retirement Savings Plan (the Plan) as of December 31, 2003, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (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 audit provides 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 H&R Block Retirement Savings Plan as of December 31, 2003, and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule H, line 4i- schedule of assets (held at end of year) as of December 31, 2003 is presented for purposes of additional analysis and is not a required part of the basic financial statements. This supplemental schedule is the responsibility of the Plans management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ KPMG LLP
Kansas City, Missouri
June 25, 2004
1
Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of
the H&R Block Retirement Savings Plan:
In our opinion, the accompanying statement of net assets available for benefits presents fairly, in all material respects, the net assets available for benefits of the H&R Block Retirement Savings Plan (the Plan) at December 31, 2002 in conformity with accounting principles generally accepted in the United States of America. This financial statement is the responsibility of the Plans management; our responsibility is to express an opinion on the financial statement based on our audit. We conducted our audit of this statement in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Kansas City, Missouri
June 27, 2003
2
The H&R Block Retirement Savings Plan
December 31, |
||||||||
2003 |
2002 |
|||||||
Assets |
||||||||
Cash, non-interest bearing |
$ | | $ | 36,169,840 | ||||
Investments, at fair value: |
||||||||
H&R Block, Inc. common stock fund |
13,627,982 | 10,067,064 | ||||||
Mutual funds |
293,114,266 | 190,818,149 | ||||||
Common collective trust |
37,459,911 | 23,456,013 | ||||||
Self-directed brokerage accounts |
6,721,478 | 4,778,244 | ||||||
Participant loans |
7,242,971 | 4,264,271 | ||||||
Total investments |
358,166,608 | 233,383,741 | ||||||
Receivables: |
||||||||
Employer contributions |
3,854,039 | 1,205,778 | ||||||
Participant contributions |
1,817,045 | 879,193 | ||||||
Dividends |
984,670 | 171,638 | ||||||
Option One Mortgage Company
Retirement Plus Plan transfer |
| 706,478 | ||||||
Total receivables |
6,655,754 | 2,963,087 | ||||||
Total assets |
364,822,362 | 272,516,668 | ||||||
Liabilities |
||||||||
Due to broker for securities purchased |
| 22,669,976 | ||||||
Accrued expenses |
65,179 | 70,066 | ||||||
Net assets available for benefits |
$ | 364,757,183 | $ | 249,776,626 | ||||
See accompanying notes to financial statements.
3
The H&R Block Retirement Savings Plan
For the Year Ended | ||||
December 31, 2003 | ||||
Additions: |
||||
Investment income: |
||||
Dividends and interest |
$ | 7,605,942 | ||
Net appreciation in fair value of investments |
57,510,940 | |||
Other |
38,993 | |||
65,155,875 | ||||
Contributions: |
||||
Employer |
27,670,537 | |||
Participant |
46,348,124 | |||
74,018,661 | ||||
Total additions |
139,174,536 | |||
Deductions: |
||||
Distributions to participants |
23,768,450 | |||
Administrative expenses |
425,529 | |||
Total deductions |
24,193,979 | |||
Net increase |
114,980,557 | |||
Net assets available for benefits |
||||
Beginning of year |
249,776,626 | |||
End of year |
$ | 364,757,183 | ||
See accompanying notes to financial statements.
4
The H&R Block Retirement Savings Plan
1. | Description of the Plan | |||
General | ||||
The H&R Block Retirement Savings Plan (the Plan) is a defined contribution plan sponsored by HRB Management, Inc. (the Company) for its employees and the employees of certain of its affiliates. The Plan became effective on January 1, 1985 and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). | ||||
The Plan provides for selection of an administrative committee, a plan administrator and a trustee by the Board of Directors of the Company. The administrative committee is responsible for the general administration of the plan and the interpretation of its provisions. The plan administrator is responsible for the reporting and disclosure requirements under ERISA. BNY Western Trust Company is the Plans trustee. | ||||
In December 2001, the Plan was amended and restated to, among other things, allow participants to make pre-tax contributions up to fifty percent of their compensation (subject to Internal Revenue Code limitations), with a discretionary employer matching contribution of up to one hundred percent of a participants contributions not to exceed five percent of the participants compensation. In addition, the amendment made vesting in any prospective employer matching contributions immediate. These amendments were effective as of January 1, 2002 for participants employed by a participating employer in the Investment Services Line of Business, as such term is defined by the Plan, and July 1, 2002 for all other participants. Additionally, individual brokerage accounts were added as an investment option during February 2002 for participants employed by a participating employer in the Investment Services Line of Business and as of April 1, 2002 for all other participants. | ||||
During December 2002, the Company approved a plan to merge the Option One Mortgage Corporation Retirement Plus Plan (the Option One Plan) into the Plan. The Option One Plan was sponsored by Option One Mortgage Corporation, an affiliate of the Company. Substantially all of the net assets of the Option One Plan were transferred to the Plan by December 31, 2002. Remaining assets totaling $706,478 were transferred in 2003 and are presented as a receivable in the statement of net assets available for benefits at December 31, 2002. | ||||
The following description provides only general information. Participants should refer to the Plan document for a more complete description of the Plan. | ||||
Investment Option Change | ||||
Effective July 1, 2003, the Strong Funds, Strong Blue Chip 100 Fund was replaced with the American Funds, Growth Fund of America as an investment option of the Plan. Participant balances remaining in the Strong Blue Chip 100 Fund existing on July 1, 2003 were transferred into the Growth Fund of America. |
5
The H&R Block Retirement Savings Plan
Notes to Financial Statements
December 31, 2003
Eligibility | ||||
The timing of an employees eligibility for participation in the Plan depends on whether the employee is classified as a nonseasonal employee or seasonal employee. With respect to participant contributions and employer matching contributions: (a) nonseasonal employees are automatically enrolled in the Plan beginning the first day of the month following or coinciding with the date they complete 90 Days of Service, as such term is defined in the Plan, and (b) seasonal employees are automatically enrolled in the Plan beginning with the first participation date (January 1 or July 1) following or coinciding with the date they complete a Year of Service, as such term is defined in the Plan. With respect to employer profit sharing contributions, both nonseasonal and seasonal employees are eligible to participate beginning the first day of the Plan year that immediately precedes or is coincident with the date the employee completes a Year of Service. | ||||
Contributions | ||||
Participants may make pre-tax contributions from two to fifty percent of their compensation, subject to Internal Revenue Code limitations. The Company may make discretionary matching contributions of up to one hundred percent of a participants contributions, not to exceed five percent of the participants compensation. The Company may also elect to make discretionary profit sharing contributions, which would be allocated among participant accounts based on the participants eligible compensation. For the year ended December 31, 2003, the Company contributed $27,670,537 for the matching contribution. No discretionary profit sharing contributions were made during the year ended December 31, 2003. | ||||
Vesting | ||||
Participant contributions, and earnings thereon, are fully vested and nonforfeitable at all times. Beginning January 1, 2002 for participants in the Investment Services line of business, and beginning July 1, 2002 for all other participants, employer matching contributions made after such applicable effective date, and earnings thereon, are fully vested and nonforfeitable at all times. | ||||
Forfeitures | ||||
Forfeitures for the plan year are used to reduce the administrative expenses of the Plan or to reduce employer matching contributions. For the year ended December 31, 2003 the amount forfeited was $503,933. Forfeitures of $592,547 were used to pay Plan administrative expenses and reduce employer matching contributions during the year ended December 31, 2003. The forfeiture balance of $289,747 as of December 31, 2003, will be used to reduce future matching contributions. | ||||
Earnings | ||||
Earnings are allocated each day to participant accounts based upon the participants balance in each investment option as a percentage of the Plans balance in the respective investment option. |
6
The H&R Block Retirement Savings Plan
Notes to Financial Statements
December 31, 2003
Loans | ||||
Participant loans must be at least $1,000 and are limited to the lesser of $50,000 less the highest outstanding loan balance in the previous 12 months or fifty percent of the participants vested account balance. Interest is prime plus one percent. Loans are payable over one to five years except for loans for the purchase of a residence, which may be longer. | ||||
Distributions | ||||
Generally, distributions may not be made to a participant, or in the case of death, a participants beneficiary, until administratively feasible following the earliest of the participants death, disability, or severance from employment. Distributions are in the form of a lump sum cash payment. | ||||
Termination | ||||
Although the Company has not expressed any intent to do so, it has the right to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in the Plan and under ERISA. | ||||
2. | Significant Accounting Policies | |||
Basis of Accounting | ||||
The financial statements of the Plan have been prepared on the accrual basis of accounting. | ||||
Investment Valuation and Income Recognition | ||||
H&R Block, Inc. Common Stock is stated at fair value as determined by the market closing price on the last business day of the plan year. Mutual funds, including those in self-directed brokerage accounts, are stated at fair value as determined by quoted market prices. Participant loans are valued at cost, which approximates fair value. The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. | ||||
Expenses | ||||
All administrative expenses incurred by the Plan are paid by the Plan, except to the extent paid by the Company. To the extent forfeitures are not used to pay administrative expenses of the Plan, such expenses are covered using participant account balances. | ||||
Payment of Benefits | ||||
Benefits are recorded when they have been approved for payment. |
7
The H&R Block Retirement Savings Plan
Notes to Financial Statements
December 31, 2003
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 additions to and deductions from net assets available for benefits during the reporting period. Actual results could differ from those estimates. | ||||
3. | Investments | |||
The Plans investments (including investments bought, sold, and held during the year) appreciated in fair value as follows: |
For the Year Ended | ||||
December 31, | ||||
2003 |
||||
H&R Block, Inc. common stock fund |
$ | 4,034,599 | ||
Mutual funds, Common Collective Trust,
and Self-directed brokerage accounts |
53,476,341 | |||
$ | 57,510,940 |
The H&R Block, Inc. Common stock fund uses unit accounting. As a unitized stock fund, the Common stock Fund holds primarily H&R Block, Inc. common stock and a small percentage of cash and short-term investments, while participants hold units of the fund. | ||||
Individual investments that represent five percent or more of the fair value of the Plans net assets are as follows: |
December 31, |
||||||||
2003 |
2002 |
|||||||
Legg Mason Value Trust Fund |
* | $ | 28,250,123 | |||||
SEI Stable Asset Fund |
37,459,911 | 23,456,013 | ||||||
Dodge & Cox Stock Fund |
48,943,789 | * | ||||||
Vanguard Institutional Index 500 |
45,260,287 | 31,165,946 | ||||||
Vanguard Wellington Fund |
105,774,619 | 72,821,444 |
* | Less than 5% of Plans assets in the applicable year. |
4. | Benefits Payable | |||
The Plan records a liability relating to the obligations for benefit payments to active employees for hardship or in-service withdrawals and terminated employees. As of December 31, 2003 and 2002, net assets available for benefits included assets and corresponding liabilities of $41,492 and $27,076, respectively, due to participants who have terminated employment with the Company. |
8
The H&R Block Retirement Savings Plan
Notes to Financial Statements
December 31, 2003
5. | Income Tax Status of the Plan | |||
The Plan received its latest determination letter dated November 11, 2003 in which the Internal Revenue Service stated the Plan is in compliance with the applicable requirements of the internal revenue code. The plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plans financial statements. | ||||
6. | Related Party Transactions | |||
As of December 31, 2003 and 2002, the Plans investment portfolio includes an investment in the Common Stock of H&R Block, Inc., a party-in-interest to the Plan. | ||||
The Plans recordkeeper, RSM McGladrey (RSM), is an affiliate of the Company and was paid $320,175 in administrative fees and reimbursements during the year ended December 31, 2003. As of December 31, 2003, administrative fees payable to RSM totaled $14,987 and are included in accrued expenses in the Statement of Net Assets Available for Benefits. | ||||
The Plans custodian, H&R Block Financial Advisors, Inc., is an affiliate of the Company. |
9
The H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
(e) | ||||||||||||
(b) | (c) | Current | ||||||||||
(a) |
Identity of Issuer or Borrower |
Description of Investment |
Shares Held |
Value |
||||||||
* |
H&R Block, Inc. Common Stock Fund | H&R Block, Inc. Common Stock | 233,696 | $ | 12,939,748 | |||||||
Cash and other assets, net | 688,234 | 688,234 | ||||||||||
Mutual funds: | 13,627,982 | |||||||||||
AIM Family of Funds | AIM Constellation Fund Class A | 144,674 | 3,111,936 | |||||||||
AIM Family of Funds | AIM Premier Equity Fund Class A | 129,740 | 1,216,961 | |||||||||
AIM Family of Funds | AIM Weingarten Fund Class A | 30,541 | 368,941 | |||||||||
Columbia Funds | Columbia Small Cap Fund | 291,670 | 6,860,079 | |||||||||
Calamos Funds | Calamos Growth Fund | 192,099 | 8,602,176 | |||||||||
Dodge & Cox Funds | Dodge & Cox Stock Fund | 430,162 | 48,943,789 | |||||||||
American Funds Group | EuroPacific Growth Fund | 489,726 | 14,794,636 | |||||||||
Franklin Templeton Investments | Franklin DynaTech Fund A | 28,231 | 639,143 | |||||||||
Franklin Templeton Investments | Franklin Small-Mid Cap Fund | 56,642 | 1,711,709 | |||||||||
American Funds Group | Growth Fund of America Class A | 61,218 | 1,502,288 | |||||||||
American Funds Group | Growth Fund of America Class R5 | 707,627 | 17,379,321 | |||||||||
INVESCO Family of Funds | INVESCO Technology Fund | 43,082 | 1,069,737 | |||||||||
American Funds Group | Investment Company of America Fund | 32,965 | 950,721 | |||||||||
Lord Abbett Family of Funds | Lord Abbett Mid-Cap Value A Fund | 666,545 | 12,551,042 | |||||||||
American Funds Group | New Perspective Fund | 34,366 | 841,617 | |||||||||
PIMCO Funds | PIMCO Total Return Fund | 1,481,284 | 15,864,553 | |||||||||
ICM Series Trust | ICM Small Company Fund | 94,707 | 3,060,933 | |||||||||
Vanguard Group | Vanguard Institutional Index 500 | 444,687 | 45,260,287 | |||||||||
Vanguard Group | Vanguard Wellington Fund | 3,671,455 | 105,774,619 | |||||||||
American Funds Group | Washington Mutual Fund | 80,613 | 2,320,031 | |||||||||
The Reserve Funds | Reserve Primary Institutional Fund | 289,747 | 289,747 | |||||||||
293,114,266 |
10
The H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2003
(e) | ||||||||||||
(b) | (c) | Current | ||||||||||
(a) |
Identity of Issuer or Borrower |
Description of Investment |
Shares Held |
Value |
||||||||
Common Collective Trust: |
||||||||||||
SEI Investments | SEI Stable Asset Fund | 37,459,911 | 37,459,911 | |||||||||
Self-directed brokerage accounts: | ||||||||||||
AIM Family of Funds | AIM Basic Value Fund Class A Fund | 834 | 24,391 | |||||||||
AIM Family of Funds | AIM Mid Cap Core Equity Fund | 12,887 | 346,915 | |||||||||
AIM Family of Funds | AIM Global Health Care Class A Fund | 2,992 | 78,294 | |||||||||
AIM Family of Funds | AIM Developing Markets Fund | 5,705 | 63,612 | |||||||||
AIM Family of Funds | AIM Charter Class A Fund | 10,376 | 123,370 | |||||||||
AIM Family of Funds | AIM Income Class A Fund | 1,232 | 8,228 | |||||||||
AIM Family of Funds | AIM International Growth Fund Class A | 8,912 | 145,348 | |||||||||
AIM Family of Funds | AIM Global Growth Fund Class A | 64 | 1,014 | |||||||||
AIM Family of Funds | AIM European Growth Fund Class A | 1,736 | 38,808 | |||||||||
AIM Family of Funds | AIM Asia Pacific Growth Fund Class A | 5,322 | 68,490 | |||||||||
AIM Family of Funds | AIM Opportunities I Fund Class A | 4,130 | 58,484 | |||||||||
AllianceBernstein Funds | AllianceBernstein American Govt Fund | 1,633 | 12,263 | |||||||||
AllianceBernstein Funds | AllianceBernstein Small Cap Growth Fund | 104 | 2,132 | |||||||||
AllianceBernstein Funds | Alliance Bernstein Disciplined Value Fund | 1,571 | 22,297 | |||||||||
AllianceBernstein Funds | Alliance Bernstein Small Cap Value Fund | 1,110 | 16,565 | |||||||||
American Funds Group | AMCAP Fund Inc. Class A Fund | 2,099 | 35,364 | |||||||||
American Funds Group | American Balanced Fund Class A | 7,482 | 129,358 | |||||||||
American Funds Group | American High Income Fund Class A | 258 | 3,179 | |||||||||
American Funds Group | American Mutual Fund Inc. Class A | 1,220 | 29,740 | |||||||||
Artisan Funds | Artisan International Fund | 585 | 11,066 | |||||||||
Calamos Funds | Calamos Convertible Growth and Income Fund | 2,196 | 60,992 | |||||||||
Calamos Funds | Calamos Growth Fund | 4,750 | 212,725 |
11
The H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2003
(e) | ||||||||||||
(b) | (c) | Current | ||||||||||
(a) |
Identity of Issuer or Borrower |
Description of Investment |
Shares Held |
Value |
||||||||
American Funds Group | Capital Income Builder Fund | 114 | 5,470 | |||||||||
American Funds Group | Capital World Growth | 822 | 24,559 | |||||||||
Columbia Funds | Columbia Acorn Fund Class A | 570 | 12,653 | |||||||||
Columbia Funds | Columbia Small Cap Fund Class A | 138 | 2,346 | |||||||||
Credit Suisse | Credit Suisse Small Cap Value Fund | 360 | 7,399 | |||||||||
Davis Funds | Davis New York Venture Fund | 96 | 2,633 | |||||||||
Delaware Investments | Delaware Real Estate Trust Fund | 73 | 1,314 | |||||||||
Delaware Investments | Delaware Technology & Innovation Fund | 4,237 | 7,373 | |||||||||
Dreyfus | Dreyfus Index Fund | 428 | 13,889 | |||||||||
Eaton Vance Group | Eaton Vance Worldwide Health Fund | 1,088 | 10,854 | |||||||||
American Funds Group | EuroPacific Growth Fund | 163 | 4,935 | |||||||||
Excelsior Funds | Excelsior Funds Value Fund | 129 | 4,632 | |||||||||
Federated Investors | Federated Capital Appreciation Fund | 711 | 16,969 | |||||||||
First Eagle | U.S. Value Fund Class A | 822 | 10,635 | |||||||||
Franklin Templeton Investments | Franklin Income Fund | 18,036 | 43,468 | |||||||||
Franklin Templeton Investments | Franklin Custodial Utilities Fund | 1,163 | 10,944 | |||||||||
Franklin Templeton Investments | Franklin Custodial Growth Fund | 711 | 21,631 | |||||||||
Franklin Templeton Investments | Franklin Custodial US Government Fund | 1,139 | 7,688 | |||||||||
Franklin Templeton Investments | Franklin Equity Capital Growth | 4,414 | 45,772 | |||||||||
Franklin Templeton Investments | Franklin Gold Fund | 6,776 | 131,665 | |||||||||
Franklin Templeton Investments | Franklin High Income Fund | 34,854 | 72,845 | |||||||||
Franklin Templeton Investments | Franklin Global Long-Short Fund Class A | 374 | 4,161 | |||||||||
Franklin Templeton Investments | Franklin Convertible Securities Fund Class | 771 | 11,322 | |||||||||
Franklin Templeton Investments | Franklin Equity Income Fund Class A | 151 | 2,912 | |||||||||
Franklin Templeton Investments | Franklin Rising Dividends Fund Class A | 3,352 | 99,426 | |||||||||
Franklin Templeton Investments | Franklin Real Estate Securities Fund | 5,447 | 117,107 | |||||||||
Franklin Templeton Investments | Franklin Small Mid Cap Fund | 656 | 19,811 |
12
The H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2003
(e) | ||||||||||||
(b) | (c) | Current | ||||||||||
(a) |
Identity of Issuer or Borrower |
Description of Investment |
Shares Held |
Value |
||||||||
Franklin Templeton Investments | Franklin Global Health Care Fund Class A | 1,635 | 31,247 | |||||||||
Franklin Templeton Investments | Franklin Global Communication Fund | 829 | 6,451 | |||||||||
Franklin Templeton Investments | Biotech Discovery Fund | 113 | 5,438 | |||||||||
Franklin Templeton Investments | Franklin Templeton Moderate Target Fund | 714 | 8,381 | |||||||||
Franklin Templeton Investments | Franklin Balance Sheet Investment Fund | 24 | 1,122 | |||||||||
Franklin Templeton Investments | Franklin Small Cap Fund Class A | 67 | 2,039 | |||||||||
American Funds Group | Fundamental Investors Fund | 1,690 | 48,744 | |||||||||
GE Funds | GE Small Cap Value Fund Class A | 1,804 | 26,122 | |||||||||
Gabelli Funds | Gabelli Gold Fund | 12,076 | 219,535 | |||||||||
Gabelli Funds | Gabelli Asset Fund | 456 | 16,527 | |||||||||
American Funds Group | Growth Fund of America | 3,458 | 84,869 | |||||||||
John Hancock Funds | John Hancock Financial Industries Fund | 8,822 | 154,023 | |||||||||
John Hancock Funds | John Hancock High Yield Fund Class A | 1,414 | 7,497 | |||||||||
John Hancock Funds | John Hancock High Income Fund Class A | 605 | 6,159 | |||||||||
John Hancock Funds | John Hancock Health Sciences Fund | 62 | 2,637 | |||||||||
Oakmark Funds | Oakmark Investments Fund | 1,020 | 38,282 | |||||||||
Oakmark Funds | Oakmark International Investments Fund | 533 | 9,596 | |||||||||
Oakmark Funds | Oakmark Equity Income Fund | 941 | 20,713 | |||||||||
ING Funds | ING Mid Cap Value Fund Class A | 753 | 8,361 | |||||||||
ING Funds | ING Russia Fund | 1,617 | 35,058 | |||||||||
American Funds Group | Income Fund of America | 1,380 | 23,712 | |||||||||
American Funds Group | Investment Company of America Fund | 1,675 | 48,319 | |||||||||
Janus | Janus Mid Cap Value Fund | 551 | 11,244 | |||||||||
John Hancock Funds | John Hancock Technology Fund | 2,633 | 10,215 | |||||||||
Kelmoore Funds | Kelmoore Strategy Eagle Fund Class A | 4,287 | 7,717 | |||||||||
Lord Abbett Family of Funds | Lord Abbett Mid-Cap Value A Fund | 1,131 | 21,297 |
13
The H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2003
(e) | ||||||||||||
(b) | (c) | Current | ||||||||||
(a) |
Identity of Issuer or Borrower |
Description of Investment |
Shares Held |
Value |
||||||||
Lord Abbett Family of Funds | Lord Abbett Affiliated Fund | 182 | 2,471 | |||||||||
MFS Family of Funds | MFS Mid Cap Growth Fund | 894 | 6,986 | |||||||||
Matthews Funds | Matthews Pacific Tiger Fund | 873 | 11,475 | |||||||||
Matthews Funds | Matthews Asian Growth & Income Fund | 462 | 6,391 | |||||||||
Matthews Funds | Matthews Japan Fund | 998 | 13,187 | |||||||||
Matthews Funds | Matthews Asian Technology Fund | 650 | 3,138 | |||||||||
The Munder Funds | Munder Healthcare Fund Class A | 344 | 7,287 | |||||||||
The Munder Funds | Munder Future Technology Fund Class A | 6,564 | 25,402 | |||||||||
The Munder Funds | Munder Micro Cap Equity Fund Class A | 41 | 1,362 | |||||||||
The Munder Funds | Munder Small Cap Value Fund Class A | 159 | 3,437 | |||||||||
The Munder Funds | Munder NetNet Fund Class A | 1,004 | 16,822 | |||||||||
The Munder Funds | Munder Power Plus Fund Class A | 1,739 | 15,200 | |||||||||
Navellier Performance Funds | Navellier Aggressive Growth Fund | 467 | 5,500 | |||||||||
Navellier Performance Funds | Navellier Mid Cap Growth Fund Class A | 572 | 13,034 | |||||||||
American Funds Group | New Perspective Fund | 683 | 16,718 | |||||||||
One Group | One Group Ultra Short Term Bond Fund | 5,049 | 50,139 | |||||||||
Oppenheimer Funds | Oppenheimer Enterprise Fund Class A | 183 | 2,140 | |||||||||
Oppenheimer Funds | Oppenheimer Main Street Fund Class A | 2,051 | 67,269 | |||||||||
Oppenheimer Funds | Oppenheimer Quest Balanced Value Fund | 336 | 5,492 | |||||||||
Oppenheimer Funds | Developing Markets Fund Class A | 175 | 3,612 | |||||||||
PBHG Funds | PBHG Clipper Focus Fund | 1,016 | 16,762 | |||||||||
PIMCO Funds | PIMCO PEA Renaissance Fund Class A | 3,093 | 71,252 | |||||||||
PIMCO Funds | PIMCO Total Return Fund Class A | 143 | 1,535 | |||||||||
PIMCO Funds | PIMCO Real Return Fund Class A | 6,546 | 73,642 | |||||||||
PIMCO Funds | PIMCO Short Term Fund Class A | 455 | 4,567 | |||||||||
Parnassus Funds | Parnassus Equity Income Fund | 337 | 8,089 | |||||||||
PIMCO Funds | PIMCO Commodity Real Return Fund | 1,767 | 24,070 |
14
The H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2003
(e) | ||||||||||||
(b) | (c) | Current | ||||||||||
(a) |
Identity of Issuer or Borrower |
Description of Investment |
Shares Held |
Value |
||||||||
Putnam Funds | Putnam International Opportunity Fund | 1,214 | 12,536 | |||||||||
N/I Numeric Investors Funds | Numeric Investors Small Cap Value Fund | 558 | 10,714 | |||||||||
N/I Numeric Investors Funds | N/I Numeric Investors Growth Fund | 795 | 10,548 | |||||||||
RS Funds | RS Diversified Growth Fund | 92 | 2,046 | |||||||||
Royce Funds | Royce Opportunity Fund | 919 | 11,151 | |||||||||
Royce Funds | Royce Total Return Fund | 1,079 | 11,535 | |||||||||
Rydex Funds | Rydex Venture 100 Fund Class H | 5,981 | 159,039 | |||||||||
Rydex Funds | Rydex Velocity 100 Fund Class H | 28,431 | 563,212 | |||||||||
Rydex Funds | Rydex Tempest 500 Fund | 3,658 | 192,635 | |||||||||
Rydex Funds | Rydex Titan 500 Fund | 1,178 | 38,204 | |||||||||
Rydex Funds | Rydex Large Cap Japan Fund | 386 | 11,524 | |||||||||
Rydex Funds | Rydex Telecommunications Fund | 3,688 | 52,291 | |||||||||
Rydex Funds | Rydex Juno Fund | 3,170 | 66,601 | |||||||||
Scudder Funds | Scudder Japanese Equity Fund | 1,503 | 14,955 | |||||||||
Scudder Funds | Scudder Technology Fund | 230 | 2,551 | |||||||||
Selected Funds | Selected American Shares Fund | 144 | 4,768 | |||||||||
Seligman Group | Seligman Communications Fund | 857 | 19,705 | |||||||||
Tamarack Funds | Tamarack Micro Cap Value Fund Class S | 804 | 13,895 | |||||||||
American Funds Group | Small Cap World Fund | 136 | 3,646 | |||||||||
Sun America Funds | Sun America Focused 2000 Growth Fund | 956 | 14,370 | |||||||||
Sun America Funds | Sun America Focused Growth & Income Fund | 85 | 1,333 | |||||||||
Sun America Funds | Sun America Focused 2000 Value Fund | 630 | 12,232 | |||||||||
Sun America Funds | Sun America Focused Large Cap Growth Fund | 913 | 15,884 | |||||||||
Sun America Funds | Sun America Focused Multi Cap Value Fund | 659 | 12,015 | |||||||||
Turner Investment Partners | Turner Small Cap Value Fund | 306 | 6,873 | |||||||||
Franklin Templeton Investments | Templeton Developing Markets Fund | 10,413 | 156,098 | |||||||||
Franklin Templeton Investments | Templeton World Fund | 11,392 | 192,186 |
15
The H&R Block Retirement Savings Plan
EIN: 43-1910017, Plan Number: 002
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2003
(e) | ||||||||||||
(b) | (c) | Current | ||||||||||
(a) |
Identity of Issuer or Borrower |
Description of Investment |
Shares Held |
Value |
||||||||
Franklin Templeton Investments | Templeton Foreign Fund | 24,052 | 255,913 | |||||||||
Franklin Templeton Investments | Templeton Growth Fund | 1,495 | 30,905 | |||||||||
Franklin Templeton Investments | Templeton Global Opportunity Fund | 3,866 | 53,388 | |||||||||
Franklin Templeton Investments | Templeton Global Bond Fund | 4,803 | 49,034 | |||||||||
Scudder Investments | Scudder Tax Advantage Dividend Fund | 480 | 5,368 | |||||||||
Van Eck Funds | Van Eck International Investors Gold Fund | 492 | 5,723 | |||||||||
Vanguard Group | Vanguard Health Care Fund | 229 | 27,584 | |||||||||
Vanguard Group | Vanguard Explorer Fund | 160 | 10,480 | |||||||||
Vanguard Group | Vanguard Institutional Index 500 | 19 | 1,919 | |||||||||
Vanguard Group | Vanguard Index Small Cap Fund | 90 | 2,033 | |||||||||
The World Fund | Vontobel Eastern European Equity Fund | 765 | 9,818 | |||||||||
Delaware Investments | Delaware Select Growth Fund Class A | 302 | 6,319 | |||||||||
American Funds Group | Washington Mutual Investment Fund | 2,438 | 70,171 | |||||||||
The Reserve Funds | Reserve Funds Primary Fund | 1,040,944 | 1,040,944 | |||||||||
6,721,478 | ||||||||||||
* |
Plan participants | Participant Loans, Interest range: 3.7% to 10.5% | 7,242,971 | |||||||||
Total investments |
$ | 358,166,608 | ||||||||||
Column (d) omitted as cost information is not required for participant directed assets.
* Indicates party-in-interest to the Plan.
16
Signature
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 its behalf by the undersigned hereunto duly authorized.
H&R Block Retirement Savings Plan |
||||
Date June 28, 2004 | By: | /s/ Melanie K. Coleman | ||
Melanie K. Coleman | ||||
Corporate Controller H&R Block, Inc. |
17
Exhibit Index
Exhibit No. |
Description |
|||
23.1 | Consent of Independent Registered Public Accounting Firm. |
|||
23.2 | Consent of Independent Registered Public Accounting Firm. |
EXHIBIT 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-56400) of H&R Block, Inc. of our report dated June 25, 2004 relating to the financial statements and supplemental schedule of the H&R Block Retirement Savings Plan, which report appears in this Form 11-K.
/s/ KPMG LLP
Kansas City, Missouri
June 28, 2004
18
EXHIBIT 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-56400) of H&R Block, Inc. of our report dated June 27, 2003 relating to the financial statements of the H&R Block Retirement Savings Plan, which appears in this Form 11-K.
/s/ PricewaterhouseCoopers LLP
Kansas City, Missouri
June 28, 2004
19