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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 JUNE 30, 2004
SEC NO. 1-5998
A. Full title of the Plan:
MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
MARSH & McLENNAN COMPANIES, INC.
1166 Avenue of the Americas
New York, NY 10036-2774
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Marsh & McLennan Companies Benefits Administration Committee has duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
MARSH & McLENNAN COMPANIES STOCK
INVESTMENT PLAN
Date: December 22, 2004 /s/ Alex P. Voitovich
---------------------------------
Authorized Representative of the
Benefits Administration Committee
MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN
------------------------------------------------
TABLE OF CONTENTS
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Page
----
Report of Independent Registered Public Accounting Firm 1
Statements of Assets Available for Benefits
as of June 30, 2004 and 2003 2
Statement of Changes in Assets Available for Benefits
for the Year Ended June 30, 2004 3
Notes to Financial Statements 4-10
Supplemental Schedules:
Form 5500, Schedule H, Part IV, Line 4i-
Schedule of Assets Held at End of Year as of June 30, 2004 Schedule I
Form 5500, Schedule H, Part IV, Line 4j -
Schedule of Reportable Transactions for the Year Ended
June 30, 2004 Schedule II
Consent of Independent Registered Public Accounting Firm Exhibit 23
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of Marsh & McLennan Companies, Inc., the Marsh &
McLennan Companies Benefits Administration Committee and the Participants in the
Marsh & McLennan Companies Stock Investment Plan:
We have audited the accompanying statements of assets available for benefits of
the Marsh & McLennan Companies Stock Investment Plan (the "Plan") as of June 30,
2004 and 2003, and the related statement of changes in assets available for
benefits for the year ended June 30, 2004. 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 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 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 as of
June 30, 2004 and 2003, and the changes in net assets available for benefits for
the year ended June 30, 2004 in conformity with accounting principles generally
accepted in the United States of America.
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 the
table of contents are presented for purposes 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 schedules are the responsibility of the Plan's management. Such
schedules have been subjected to the auditing procedures applied in the audit of
the basic June 30, 2004 financial statements and, in our opinion, are fairly
stated in all material respects when considered in relation to the basic
financial statements taken as a whole.
/s/ Deloitte & Touche LLP
December 22, 2004
New York, NY
-1-
MARSH & MCLENNAN COMPANIES STOCK INVESTMENT PLAN
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STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS
-------------------------------------------
JUNE 30,
---------------------------------------
2004 2003
------------------ ----------------
ASSETS:
CASH AND CASH EQUIVALENTS $ 61,047,325 $ 42,649,080
INVESTMENTS AT FAIR VALUE (NOTES 2 & 3) 1,857,565,369 1,937,041,221
INVESTMENTS AT CONTRACT VALUE (NOTES 2) 432,236,848 440,736,073
LOANS RECEIVABLE - PARTICIPANTS (NOTE 5) 34,737,606 33,365,715
------------------ ----------------
TOTAL INVESTMENTS 2,385,587,148 2,453,792,089
------------------ ----------------
DIVIDENDS AND INTEREST RECEIVABLE 10,996,706 10,892,364
------------------ ----------------
PARTICIPANT CONTRIBUTIONS RECEIVABLE 4,307,414 3,822,462
EMPLOYER CONTRIBUTIONS RECEIVABLE 2,226,754 2,081,230
------------------ ----------------
TOTAL CONTRIBUTIONS RECEIVABLE 6,534,168 5,903,692
------------------ ----------------
ASSETS AVAILABLE FOR BENEFITS $ 2,403,118,022 $ 2,470,588,145
=================== ================
See notes to financial statements.
-2-
MARSH & MCLENNAN COMPANIES STOCK INVESTMENT PLAN
------------------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
-----------------------------------------------------
FOR THE YEAR ENDED JUNE 30, 2004
--------------------------------
INVESTMENT INCOME (LOSS):
Dividends $ 39,815,769
Interest 26,496,049
Net depreciation in fair value of investments (84,161,774)
--------------------
NET INVESTMENT LOSS (17,849,956)
--------------------
CONTRIBUTIONS
Employer 56,060,179
Participant 115,138,631
--------------------
TOTAL CONTRIBUTIONS 171,198,810
--------------------
BENEFITS PAID TO AND WITHDRAWALS BY PARTICIPANTS (223,617,754)
TRANSFERS FROM OTHER PLAN (NOTE 1) 2,798,777
--------------------
DECREASE IN ASSETS (67,470,123)
--------------------
ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 2,470,588,145
--------------------
End of year $ 2,403,118,022
====================
See notes to financial statements.
-3-
MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN
------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
JUNE 30, 2004 and 2003
----------------------
(1) Description of the Plan
-----------------------
General
-------
The Marsh & McLennan Companies Stock Investment Plan (the "Plan") is a
defined contribution Employee Stock Ownership Plan which allows eligible
participants to contribute through payroll deductions from 1% to 15% of
their salary, on a before and/or after-tax basis. Under the Plan, salaried
employees who are at least 18 years of age in the United States, as well as
employees of any subsidiary or affiliate of Marsh & McLennan Companies,
Inc. ("MMC" or the "Company") other than Putnam Investments are eligible to
contribute to the Plan. The Plan is subject to provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA"). Employees can make
rollover contributions to the Plan as soon as the employee is eligible to
participate in the Plan.
The trustee for the Plan is State Street Corporation. The trustee is
responsible for maintaining the assets of the Plan, making distribution
payments as directed by the Company and, generally, performing all other
acts deemed necessary or proper to fulfill its responsibility as set forth
in the trust agreement pertaining to the Plan.
The Marsh & McLennan Benefits Administration Committee controls and manages
the operation and administration of the Plan. Certain administrative
functions are performed by employees of the Company or its subsidiaries.
All such costs as well as administrative expenses are borne directly by the
Company.
Contributions
-------------
MMC matches, after one year of service, up to the first six percent of
participants' before and/or after-tax contributions in the following
percentages:
o 100% for those participants age 55 or older or whose age plus years of
plan participation equals at least 65.
o 71-2/3% in all other cases.
Prior to August 1, 2003, all employee contributions and Company match were
invested in the MMC Stock Fund unless the participant's age was 55 or older
or their age plus years of plan participation equaled at least 65. These
participants could diversify their contribution and accumulated balance
among the MMC Stock Fund, a Fixed Income Fund, and various Putnam mutual
funds. For all participants, the Company's matching contributions were
invested the same as the participants' contributions.
The Company's matching contributions to a participant are suspended for 12
months if the participant requests certain in-service withdrawals from his
or her account. Participant and Company contributions are subject to
certain limitations in accordance with federal income tax regulations. When
a participant reaches the IRS annual limit, the before-tax contributions
automatically are made as after-tax contributions for the remainder of the
calendar year unless the participant decides to discontinue contributions.
-4-
Beginning August 1, 2003, all participants were able to direct all of their
future contributions on a before and/or after-tax basis into one or more of
17 investment options (18 investment options as of July 1, 2004). On August
1, 2003, participants who did not yet meet the age or age plus years of
plan participation requirements to diversify became eligible to direct the
investment of one-third (33-1/3%) of their employee contribution account
balances as of July 31, 2003 to any of the available investment options. On
August 2, 2004, one-half of the remaining balance of the participants'
employee contribution account balances became eligible for diversification.
Company matching contributions continued to be invested in the MMC Stock
Fund, unless the participant reached the age of 55 or the sum of the
participant's age and years of plan participation was at least 65. If
either of those conditions were met, the Company matching contributions
could be directed to any of the available investment options. However, the
additional 28-1/3% company match that a participant became eligible to
receive upon meeting the age or age plus years of plan participation
requirements to diversify continued to be invested in the MMC Stock Fund.
Effective October 25, 2004, all participants became eligible to direct
their Company matching contributions (including the additional 28-1/3%
company match) and all of their employee contribution account balances
(including the portion scheduled to become diversifiable on August 1, 2005)
to any of the available investment options. If a participant does not
choose an investment direction for his or her future Company matching
contributions, they are automatically invested in the Putnam Fixed Income
Fund.
Participant Accounts
--------------------
Individual accounts are maintained for each Plan participant. Each
participant's account is credited with the participant's contribution and
the Company's matching contribution, charged with withdrawals, and adjusted
to reflect the performance of the investment options in which the account
is invested. A participant is only entitled to the vested portion of his or
her account balance.
Vesting
-------
Participants are vested immediately in their contributions plus actual
earnings thereon. Participants hired before January 1, 1998 are fully
vested in the Company's matching contributions. Participants hired on or
after January 1, 1998 who have an hour of service on or after July 1, 2002
vest in the Company's matching contribution as follows: 20% after two years
of service, 40% after three years of service, 67% after four years of
service and 100% after five years of service. Forfeited nonvested accounts
in the amount of $1,205,738 were used to reduce employer contributions for
the year ended June 30, 2004. Forfeited nonvested accounts totaled
$2,586,392 for the year ended June 30, 2003.
Payment of Benefits
-------------------
Participants with vested balances greater than $5,000 who leave the Company
before age 65 may elect to leave their money in the Plan, but may not defer
the distribution beyond age 65 (age 70-1/2 for former J&H employees who
terminated prior to January 1, 1998). Payment of benefits on termination of
service varies depending upon the vested amount in the participant's
account balance, the reason for termination (i.e. retirement, death,
disability, termination of service for other reasons) and the payment
options available (i.e. immediate lump sum payment, deferral of lump sum
payment, installment payments, etc.) for a particular type of termination.
Participants should refer to the Plan document and the MMC benefits
handbook via www.mmcpeoplelink.com for a more complete description of the
Plan's payment provisions.
-5-
Transfers
---------
On June 2, 2004, participants' balances in the Reinsurance Solutions
International ("RSI") Savings and Investment Plan totaling $2,798,777 were
transferred into the MMC Stock Investment Plan due to the acquisition of
that company.
The preceding description of the Plan provides only general information.
Participants should refer to the Plan document and the MMC benefits
handbook via www.mmcpeoplelink.com for a more complete description of the
Plan's provisions.
(2) Summary of Significant Accounting Policies
------------------------------------------
Basis of Accounting
---------------------
The accompanying financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America.
Use of Estimates
----------------
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets available for benefits and changes therein. Actual
results could differ from those estimates.
Risks and Uncertainties
-----------------------
The Plan utilizes various investment instruments. Investment securities, in
general, are exposed to various risks, such as interest rate, credit, and
overall market volatility. Due to the level of risk associated with certain
investment securities, it is reasonably possible that changes in the values
of investment securities will occur in the near term and that such changes
could materially affect the amounts reported in the financial statements.
Cash and cash equivalents
-------------------------
Cash and cash equivalents primarily consist of interest bearing money
market investments, which are available on demand.
Investments
-----------
The common stock of Marsh & McLennan Companies, Inc. and shares of mutual
funds are reflected in the accompanying statements of assets available for
benefits at quoted market prices.
The Plan's Putnam Fixed Income Fund, which consists of benefit-responsive
guaranteed insurance contracts and group annuity contracts, has been
presented in the financial statements at contract value. The investments in
this fund are valued at contract value, which is cost plus accrued
interest, and are guaranteed by the issuing institution as to principal and
interest. Participants may ordinarily direct the withdrawal or transfer of
all or a portion of their investment at contract value. The average yield
for these investment contracts was approximately 5.5% for the year ended
June 30, 2004. There are no reserves against the value of the contract for
credit risk or other risks associated with the issuing institution. For
some contracts the interest rates earned on the contract are reset on a
periodic basis in accordance with the terms of the individual contracts.
Purchases and sales of securities are recorded on a trade-date basis.
Dividends are recorded on the ex-dividend date.
-6-
Management fees and operating expenses charged to the Plan for investments
in mutual funds are deducted from income earned on a daily basis and are
not separately reflected. Consequently, management fees and operating
expenses are reflected as a reduction of net appreciation (depreciation) in
fair market value of investments for these funds.
The following table presents the market values of investments that
represent 5% or more of the Plan's assets at the end of the plan-year:
June 30,
----------------------------------------
2004 2003
----------------- ----------------
Marsh & McLennan Companies common stock $1,202,248,210 $1,478,910,238
Putnam S&P 500 Index Fund 135,512,691 107,440,310
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$1,337,760,901 $1,586,350,548
================= ================
The Plan's investments including gains and losses on investments bought and
sold, as well as held during the year, (depreciated) appreciated in value as
follows:
Year Ended June 30,
----------------------------
2004
----------------------------
Common Stock $ (162,007,986)
Mutual Funds 77,846,212
----------------------------
$ (84,161,774)
============================
Payment of Benefits
-------------------
Benefit payments to participants are recorded upon distribution. Amounts
allocated to persons who have elected to withdraw from the Plan but have
not yet been paid were $284,143 and $3,236,701 at June 30, 2004 and 2003,
respectively.
Reclassifications
-----------------
Certain reclassifications have been made to the prior year amounts to
conform with current year presentation.
-7-
(3) Non Participant-Directed Investments
------------------------------------
Prior to August 1, 2003, the Plan offered a program that was both
participant and non-participant directed. All non-participant directed
contributions were invested in the Marsh & McLennan Companies Stock Fund.
The assets as of June 30, 2004 and 2003 and changes in assets relating to
the Company stock fund for the year ended June 30, 2004 are as follows:
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
June 30, 2004 June 30, 2003
-------------- -------------
ASSETS:
CASH AND CASH EQUIVALENTS $ 13,016,744 $ 10,346,821
COMMON STOCK 1,202,248,210 1,478,910,238
DIVIDENDS AND INTEREST RECEIVABLE 9,018,670 8,984,012
PARTICIPANT CONTRIBUTIONS RECEIVABLE 892,933 3,511,411
EMPLOYER CONTRIBUTIONS RECEIVABLE 2,046,307 1,936,293
-------------- ---------------
TOTAL RECEIVABLE 2,939,240 5,447,704
-------------- ---------------
TOTAL ASSETS 1,227,222,864 1,503,688,775
--------------- ---------------
LIABILITIES:
INTERFUND PAYABLE 405,329 -
---------------- ---------------
NET ASSETS AVAILABLE FOR BENEFITS $1,226,817,535 $1,503,688,775
================ ===============
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
June 30, 2004
---------------------
INVESTMENT INCOME (LOSS):
Dividends $ 34,655,641
Interest 210,001
Net depreciation in fair value of investments (162,007,986)
---------------------
NET INVESTMENT LOSS (127,142,344)
---------------------
CONTRIBUTIONS:
Employer 51,064,031
Participant 31,319,873
---------------------
TOTAL CONTRIBUTIONS 82,383,904
---------------------
BENEFITS PAID TO AND WITHDRAWALS BY PARTICIPANTS (98,837,932)
---------------------
TRANSFERS BETWEEN FUNDS (133,274,868)
---------------------
DECREASE IN ASSETS (276,871,240)
---------------------
ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 1,503,688,775
---------------------
End of year $1,226,817,535
=====================
-8-
(4) Related party transactions
--------------------------
The Putnam Research Fund, Inc., the Putnam Equity Income Fund, the Putnam
Voyager Fund, the Putnam Fixed Income Fund, the Putnam International Equity
Fund, the Putnam New Opportunities Fund, the George Putnam Fund of Boston,
the Putnam S&P 500 Index Fund, the Putnam Mid Cap Value Fund and the Putnam
Bond Index Fund are managed by Putnam Investments Trust, a majority owned
subsidiary of the Company. Investments in institutional funds managed by
Putnam at June 30, 2004 amounted to $481,857,328 and $458,130,983 as of
June 30, 2003. Fees paid by the Plan for investment management services
were included as a reduction of the return earned on each fund.
At June 30, 2004 and 2003, the Plan held 26,492,909 and 28,958,493 shares,
respectively, of company stock of Marsh & McLennan Companies, Inc., the
sponsoring employer, with a cost basis of $598,782,128 and $630,346,386,
respectively. During the plan year ended June 30, 2004, the Plan recorded
dividend income from these shares of $9,007,589.
Certain administrative functions are performed by officers and employees of
the company (who may also be participants in the Plan) at no cost to the
Plan. These transactions are not deemed prohibited party-in-interest
transactions because they are covered by statutory and administrative
exemptions from the IRC and ERISA's rules on Prohibited Transactions. See
Note 1 regarding administrative expenses.
(5) Loans receivable-participants
-----------------------------
Plan participants may borrow from their accounts up to a maximum amount
equal to the lesser of $50,000 or 50% of the vested value of his or her
Plan account. Outstanding loans, which are secured by the participants'
interest in the Plan are repaid through semi-monthly payroll deductions or,
at the option of the participant may be paid in full without penalty. Loan
repayments, which include principal and interest, are credited directly to
the participant's Plan account. Interest is charged on the outstanding
balance at prime rate plus 1% based on the prime rate in effect at the time
the loan is processed.
New loans to participants amounted to $18,174,707 and $15,073,519 for the
years ended June 30, 2004 and 2003, respectively, and repayments from
participants, including interest, amounted to $17,092,375 and $15,515,206
respectively.
(6) Federal Income Tax Status
-------------------------
The Internal Revenue Service has determined and informed the Company by a
letter dated January 28, 2002, that the Plan is designed in accordance with
applicable sections of the Internal Revenue Code ("IRC"). The Plan has been
amended since receiving the determination letter. However, the Plan
Administrator and the Plan's tax counsel believe that the Plan is currently
being operated in compliance with the applicable requirements of the IRC
and the Plan and related trust continue to be tax-exempt. Therefore, no
provision for income taxes has been included in the Plan's financial
statements.
(7) Supporting Schedules
--------------------
The detail of assets held for investment as of June 30, 2004 is provided on
Schedule I.
The summary of transactions occurring during the year ended June 30, 2004
representing more than 5% of the Plan's assets as of July 1, 2003 is
reportable under the Department of Labor Regulation 2520.103-6 and is
presented on Schedule II.
All other schedules required by Section 2520.103-10 of the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 have been omitted because
they are not applicable.
-9-
(8) Plan Termination
----------------
Although it has not expressed any intention to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions set forth in ERISA. In the
event that the Plan is terminated, each participant would become 100%
vested in his or her account.
(9) Subsequent Event
----------------
The market value of MMC stock has been impacted by adverse market reaction
to the civil complaint filed against MMC by the Attorney General of the
State of New York on October 14, 2004. The quoted market price at the June
30, 2004 balance sheet date was $45.38 per share. The quoted market price
at December 22, 2004 was $32.57 per share.
A number of class action lawsuits have been filed against the Plan's
fiduciaries alleging breach of fiduciary duty based on either allegations
of market timing in certain mutual funds offered by MMC's investment
management subsidiary, Putnam Investments, or on allegations similar to
those contained in the civil complaint filed by the Attorney General of the
State of New York on October 14, 2004. These lawsuits allege that the
Plan's fiduciaries breached their fiduciary duty to participants by
allowing investments in the affected Putnam mutual funds and the Plan's MMC
stock fund despite knowing of improprieties and the effect that disclosure
of such improprieties would have on the value of those funds.
-10-
MARSH & MCLENNAN COMPANIES STOCK INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE I
SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2004
PRINCIPAL AMOUNT OR NUMBER
OF SHARES 2004
------------------------------ ------------------------------------------------
2004 COST MARKET
------------------------------ ---------------------- ------------------
COMMON STOCK:
26,492,909 MARSH & McLENNAN COMPANIES, INC. $ 598,782,128 $ 1,202,248,210
MUTUAL FUNDS:
4,245,076 PUTNAM RESEARCH FUND (a) 49,247,034 55,907,654
3,601,884 PUTNAM EQUITY INCOME FUND (a) 50,136,142 57,810,232
3,266,863 PUTNAM VOYAGER FUND (a) 48,283,707 54,099,257
1,989,866 PUTNAM INTERNATIONAL EQUITY FUND (a) 36,703,646 41,807,090
831,060 PUTNAM NEW OPPORTUNITIES FUND (a) 29,058,364 33,358,740
1,899,332 GEORGE PUTNAM FUND OF BOSTON (a) 30,098,158 32,649,509
4,721,697 PUTNAM S&P 500 INDEX FUND (a) 139,231,702 135,512,691
2,317,712 PUTNAM BOND INDEX FUND (a) 27,322,466 31,289,106
669,894 DODGE & COX STOCK 73,294,559 80,126,036
830,999 GOLDMAN CAP GROWTH 15,216,690 16,171,252
2,951,971 PIMCO TOTAL RETURN FUND 31,635,952 31,408,972
904,627 T ROWE PRICE MID CAP GROW 37,537,744 41,802,795
515,883 PUTNAM MID CAP VALUE (a) 6,223,843 6,773,540
496,409 AIM SMALL CAP GROWTH 12,408,214 13,348,446
805,119 GOLDMAN SACHS SMALL CAP 20,742,981 23,251,839
---------------------- ------------------
607,141,202 655,317,159
---------------------- ------------------
PUTNAM FIXED INCOME FUND: (a) (b)
109,026,789 CIGNA 109,026,789 109,026,789
7.07% DUE DECEMBER 30, 2005
11,057,348 PRINCIPAL MUTUAL LIFE INSURANCE COMPANY 11,057,348 11,057,348
5.38% DUE MARCH 31, 2007
25,191,474 JACKSON NATIONAL LIFE 25,191,474 25,191,474
4.86% DUE JANUARY 2, 2007
8,394,187 MONUMENTAL LIFE INSURANCE COMPANY 8,394,187 8,394,187
5.38% DUE DECEMBER 30, 2005
11,007,847 MONUMENTAL LIFE INSURANCE COMPANY 11,007,847 11,007,847
5.13% DUE SEPTEMBER 29, 2006
67,870,725 TRANSAMERICA LIFE INSURANCE COMPANY 67,870,725 67,870,725
3.516% DUE DECEMBER 31, 2005
5,012,242 GE LIFE & ANNUITY 5,012,242 5,012,242
4.81% DUE MAY 11, 2009
10,312,539 GE LIFE AND ANNUITY INSURANCE 10,312,539 10,312,539
4.42% DUE SEPTEMBER 9, 2008
15,358,313 METROPOLITAN LIFE INSURANCE COMPANY 15,358,313 15,358,313
4.53% DUE NOVEMBER 11, 2008
10,047,235 RABOBANK WRAP CONTRACT 10,047,235 10,047,235
3.810% DUE SEPTEMBER 30, 2006
16,779,485 TRAVELERS INSURANCE CO 16,779,485 16,779,485
5.89% DUE SEPTEMBER 30, 2004
12,000,000 JOHN HANCOCK INSURANCE COMPANY 12,000,000 12,000,000
6.58% DUE NOVEMBER 30, 2004
22,831,111 NEW YORK LIFE 22,831,111 22,831,111
5.09% DUE SEPTEMBER 30, 2005
17,080,490 MONUMENTAL LIFE INSURANCE COMPANY 17,080,490 17,080,490
4.99% DUE JUNE 30, 2005
11,355,198 MONUMENTAL LIFE INSURANCE COMPANY 11,355,198 11,355,198
4.88% DUE MARCH 31, 2005
13,685,859 PRINCIPAL LIFE 13,685,859 13,685,859
5.60% DUE MARCH 31, 2006
11,781,233 HARTFORD LIFE 11,781,233 11,781,233
5.79% DUE MARCH 31, 2005
13,034,510 METROPOLITAN LIFE 13,034,510 13,034,510
5.95% DUE JUNE 30, 2006
13,010,527 ALLSTATE LIFE 13,010,527 13,010,527
5.86% DUE SEPTEMBER 29, 2006
13,691,985 HARTFORD LIFE 13,691,985 13,691,985
5.63% DUE MARCH 31, 2006
13,707,751 MONUMENTAL LIFE INSURANCE COMPANY 13,707,751 13,707,751
5.67% DUE MARCH 31, 2006
---------------------- ------------------
432,236,848 432,236,848
---------------------- ------------------
TOTAL INVESTMENTS $ 1,638,160,178 $ 2,289,802,217
====================== ==================
(a) Denotes Party-in Interest.
(b) All contracts in the fixed income fund are valued at contract value.
MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE II
SCHEDULE FOR REPORTABLE TRANSACTIONS
CURRENT
VALUE OF NET
DESCRIPTION OF ASSET COST OF ASSETS ASSETS GAIN (LOSS)
-------------------- -------------- -------- -----------
TRANSACTION BY ISSUE:
DEUTSCHE BANK TRUST COMPANY AMERICAS
PYRAMID CASH TEMPORARY FUND
INVESTMENTS
274 PURCHASES $568,246,924 $ 568,246,924 $ -
426 SALES 531,184,178 531,184,178 -