-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QdrpZ8w71c2qVhaUPGxxPiLlcbdwysl1LPkbJ1R9bvq4HnZ+48Dk8HFno4QfSTKn fDZ85kdPGydOKPP07C2Y5Q== 0000062709-95-000017.txt : 19951227 0000062709-95-000017.hdr.sgml : 19951227 ACCESSION NUMBER: 0000062709-95-000017 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19951226 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARSH & MCLENNAN COMPANIES INC CENTRAL INDEX KEY: 0000062709 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 362668272 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05998 FILM NUMBER: 95604401 BUSINESS ADDRESS: STREET 1: 1166 AVE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2123455000 MAIL ADDRESS: STREET 1: 1166 AVE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: MARLENNAN CORP DATE OF NAME CHANGE: 19760505 11-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K ANNUAL REPORT SEC NO. 1-5998 PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED JUNE 30, 1995 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 MARSH & McLENNAN COMPANIES, INC. INFORMATION REQUIRED FOR FORM 11-K ANNUAL REPORT MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN JUNE 30, 1995 ITEM 1. CHANGES IN THE PLAN During 1994, the Board of Directors (the "Board") of Marsh & McLennan Companies, Inc. (the "Company") authorized the conversion of the Marsh & McLennan Companies Stock Investment Plan (the "Plan") into an Employee Stock Ownership Plan ("ESOP") as defined in the Internal Revenue Code. This conversion was effective July 1, 1994 and (i) allows participants the option to receive dividends on their MMC shares as cash payments each quarter, and (ii) gives participants the option of taking an in-service withdrawal or a full distribution in shares of MMC stock rather than cash. Amendments to the Plan were also made at the time of conversion which (i) allows participants whose combination of age and years of Plan participation equal at least 65 to elect investment diversification, (ii) eliminates the 24-month maturation period on the Company match, and (iii) provides for automatic distribution of account balances of $3,500 or less to former employees. ITEM 2. CHANGES IN INVESTMENT POLICY There were no material changes which took effect during the year ended June 30, 1995 in the investment policy of the Plan. ITEM 3. CONTRIBUTIONS UNDER THE PLAN Not applicable. ITEM 4. PARTICIPATING EMPLOYEES There were 9,885 participants in the Plan as of June 30, 1995. By fund, the participants had approximately 9,358, 2,693, 1,205 and 2,013 active accounts in the Stock Fund, Mutual Fund Shares Fund, Fixed Income Fund and Loan Fund, respectively. The total number of participants in the Plan was less than the sum of the number of accounts in the individual funds because some participants participated in more than one fund. ITEM 5. ADMINISTRATION OF THE PLAN (a) Bankers Trust Company acts as trustee of the Plan's assets. William M. Mercer, Inc., 301 Tresser Blvd., Stamford, Connecticut 06901 (a wholly-owned subsidiary of the Company), acts as recordkeeper, maintaining participant account records and preparing monthly valuations and quarterly reports. (b) All trustee, recordkeeping and audit fees were paid by Marsh & McLennan Companies, Inc. and not the Plan. ITEM 6. CUSTODIAN OF INVESTMENTS (a) Bankers Trust Company, 34 Exchange Place, Jersey City, N.J. 07303, acts as custodian of the securities and other investments of the Plan. (b) Custodian fees are paid by the Company, and not by the Plan; however, brokerage commissions and transfer taxes on stock purchases are paid by the Plan. (c) Bankers Trust Company carries a $125,000,000 Bankers' Blanket Bond in excess of a $10,000,000 deductible and $375,000,000 in Excess Transit Insurance. ITEM 7. REPORTS TO PARTICIPATING EMPLOYEES Each participant in the Plan receives a statement as of the end of each quarter setting forth their account balance. In addition, each participant in the Plan is provided with an employee benefits handbook containing Plan information and documents constituting part of a Prospectus related to the Plan. To obtain additional information about the Plan, participants may contact the Plan Administrator at: Marsh & McLennan Companies, Inc. 1166 Avenue of the Americas New York, New York 10036-2774 Telephone (212) 345-5000 ITEM 8. INVESTMENT OF FUNDS Not applicable. ITEM 9. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial statements The financial statements of the Plan are included in this Form 11-K and consist of the statements of financial condition of the Plan as of June 30, 1995 and 1994, the statements of income and changes in plan equity for each of the two years in the period ended June 30, 1995, and the report of Deloitte & Touche LLP, independent auditors, with respect thereto. This Form 11-K also includes the supplemental schedule of investments as of June 30, 1995 and 1994 and the supplemental schedule of reportable transactions for the period ended June 30, 1995. (b) Exhibits None. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN COMMITTEE has duly caused this annual report to be signed by the undersigned thereunto duly authorized. MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN (Name of Plan) Date: December 1, 1995 By: /s/ Frank J. Borelli Chairman, Stock Investment Plan Committee INDEPENDENT AUDITORS' REPORT To Marsh & McLennan Companies Stock Investment Plan Committee: We have audited the accompanying statements of financial condition of the Marsh & McLennan Companies Stock Investment Plan (the "Plan") as of June 30, 1995 and 1994, and the related statements of income and changes in plan equity 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, such financial statements present fairly, in all material respects, the financial condition of the Plan at June 30, 1995 and 1994, and the income and changes in plan equity 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 Investments and 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. The supplemental information by fund in the statements of financial condition and the statements of income and changes in plan equity is presented for the purpose of additional analysis rather than to present the financial condition and income and changes in plan equity of the individual funds. The supplemental schedules and supplemental information by fund is the responsibility of the Plan's management. Such supplemental schedules and supplemental information by fund 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 when considered in relation to the basic financial statements taken as a whole. DELOITTE & TOUCHE LLP December 1, 1995 New York, New York MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN STATEMENT OF FINANCIAL CONDITION JUNE 30, 1995 Supplemental Information By Fund Mutual Fund ASSETS Stock Shares CASH AND CASH EQUIVALENTS $ - $ 977,841 INVESTMENTS AT MARKET VALUE: Common stock of Marsh & McLennan Companies, Inc. (4,740,904 shares,cost $302,531,096) 384,605,837 - Putnam Investors Fund, Inc. (1,361,337 shares, cost $10,976,784) - 11,761,953 The Putnam Fund for Growth and Income (1,778,373 shares, cost $22,864,945) - 26,462,197 Putnam Global Growth Fund (217,258 shares, cost $2,032,373) - 2,092,196 Putnam Diversified Income Fund (163,356 shares, cost $1,924,781) - 1,948,831 Putnam Voyager Fund (1,872,222 shares, cost $19,906,546) - 25,256,272 Fixed Income Fund (cost $92,177,375) - - 384,605,837 67,521,449 LOANS RECEIVABLE - PARTICIPANTS - - DIVIDENDS AND INTEREST RECEIVABLE 3,444,613 189,237 RECEIVABLE FROM (PAYABLE TO) COMPANY: Contributions 30,110 (29) Employee Deposits (2,411) (699) 27,699 (728) TOTAL ASSETS $388,078,149 $68,687,799 Fixed Income Loan Total $ 5,184,411 $ 197 $ 6,162,449 - - 384,605,837 - - 11,761,953 - - 26,462,197 - - 2,092,196 - - 1,948,831 - - 25,256,272 92,177,375 - 92,177,375 92,177,375 - 544,304,661 - 15,313,671 15,313,671 514,975 - 4,148,825 (2,930) - 27,151 616 - (2,494) (2,314) - 24,657 $ 97,874,447 $15,313,868 $569,954,263 Mutual Fund LIABILITIES AND PLAN EQUITY Stock Shares PAY TO EMPLOYEES FOR PARTICIPANT LOANS $ - $ - INTERFUND PAYABLE (RECEIVABLE) 1,491,833 (336,189) PAYABLE FOR INVESTMENTS PURCHASED - 187,514 PLAN EQUITY 86,586,316 68,836,474 TOTAL LIABILITIES AND PLAN EQUITY $388,078,149 $68,687,799 See notes to financial statements. Fixed Income Loan Total $ - $ 642,078 $ 642,078 (513,566) (642,078) - - - 187,514 98,388,013 15,313,868 569,124,671 $ 97,874,447 $15,313,868 $569,954,263 MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN STATEMENT OF FINANCIAL CONDITION JUNE 30, 1994 Supplemental Information By Fund Mutual Fund ASSETS Stock Shares CASH AND CASH EQUIVALENTS $ 1,648,580 $ 94,720 INVESTMENTS AT MARKET VALUE: Common stock of Marsh & McLennan Companies, Inc. (4,769,504 shares,cost $287,836,422) 397,657,396 - Putnam Investors Fund, Inc. (910,404 shares, cost $7,528,285) - 6,946,380 The Putnam Fund for Growth and Income (1,336,644 shares, cost $16,768,644) - 17,496,668 Putnam Daily Dividend Trust (1,852,001 shares, cost $1,852,001) - 1,852,001 Putnam American Government Trust (207,609 shares, cost $2,140,748) - 1,721,077 Putnam Voyager Fund (1,135,735 shares, cost $10,947,648) - 12,334,080 Fixed Income Fund (cost $100,876,367) - - 397,657,396 40,350,206 LOANS RECEIVABLE - PARTICIPANTS - - DIVIDENDS AND INTEREST RECEIVABLE 3,468,528 155,380 RECEIVABLE FROM (PAYABLE TO) COMPANY: Contributions (541,087) 65,216 Employee Deposits 61,763 9,831 (479,324) 75,047 TOTAL ASSETS $402,295,180 $40,675,353 Fixed Income Loan Total $ 455,345 $ 179 $ 2,198,824 - - 397,657,396 - - 6,946,380 - - 17,496,668 - - 1,852,001 - - 1,721,077 - - 12,334,080 100,876,367 - 100,876,367 100,876,367 - 538,883,969 - 14,271,237 14,271,237 531,232 - 4,155,140 10,266 - (465,605) 9,381 - 80,975 19,647 - (384,630) $101,882,591 $14,271,416 $559,124,540 Mutual Fund LIABILITIES AND PLAN EQUITY Stock Shares PAY TO EMPLOYEES FOR PARTICIPANT LOANS $ - $ - INTERFUND PAYABLE (RECEIVABLE) 604,308 38,778 PAYABLE FOR INVESTMENTS PURCHASED - 148,567 PLAN EQUITY 401,690,872 40,488,008 TOTAL LIABILITIES AND PLAN EQUITY$402,295,180 $ 40,675,353 See notes to financial statements. Fixed Income Loan Total $ - $ 691,795 $ 691,795 48,709 (691,795) - - - 148,567 101,833,882 14,271,416 558,284,178 $101,882,591 $14,271,416 $559,124,540 MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY FOR THE YEAR ENDED JUNE 30, 1995 Supplemental Information By Fund Mutual Fund Stock Shares INVESTMENT INCOME: Dividends $ 13,850,600 $ 2,849,876 Interest 1,194,972 113,579 15,045,572 2,963,455 NET REALIZED AND UNREALIZED APPRECIATION/(DEPRECIATION) IN MARKET VALUE OF INVESTMENTS (10,092,133) 8,318,168 4,953,439 11,281,623 CONTRIBUTIONS: Employers 16,554,785 331,097 Employees- Pre-tax 23,894,676 608,513 After-tax 5,579,825 110,029 Rollovers 444,571 2,521,583 46,473,857 3,571,222 DISTRIBUTIONS TO AND WITHDRAWALS BY EMPLOYEES (37,845,029) (4,244,362) NET TRANSFERS BETWEEN FUNDS (28,686,823) 17,739,983 INC/(DEC) IN PLAN EQUITY (15,104,556) 28,348,466 PLAN EQUITY, June 30, 1994 401,690,872 40,488,008 PLAN EQUITY, June 30, 1995 $386,586,316 $68,836,474 See notes to financial statements. Fixed Income Loan Total $ - $ - $ 16,700,476 6,175,588 212 7,484,351 6,175,588 212 24,184,827 - - (1,773,965) 6,175,588 212 22,410,862 319,245 - 17,205,127 608,301 - 25,111,490 115,235 - 5,805,089 495,975 - 3,462,129 1,538,756 - 51,583,835 (20,327,584) (737,229) (63,154,204) 9,167,371 1,779,469 - (3,445,869) 1,042,452 10,840,493 101,833,882 14,271,416 558,284,178 $ 98,388,013 $15,313,868 $569,124,671 MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY FOR THE YEAR ENDED JUNE 30, 1994 Supplemental Information By Fund Mutual Fund Stock Shares INVESTMENT INCOME: Dividends $ 13,023,637 $ 2,693,894 Interest 831,265 69,633 13,854,902 2,763,527 NET REALIZED AND UNREALIZED DEPRECIATION IN MARKET VALUE OF INVESTMENTS (19,880,777) (2,225,858) (6,025,875) 537,669 CONTRIBUTIONS: Employers 17,081,405 191,749 Employees- Pre-tax 23,331,053 376,529 After-tax 6,952,167 81,135 Rollovers 369,644 2,571,292 47,734,269 3,220,705 DISTRIBUTIONS TO AND WITHDRAWALS BY EMPLOYEES (42,071,691) (2,698,920) NET TRANSFERS BETWEEN FUNDS (16,519,765) 8,517,232 INC/(DEC) IN PLAN EQUITY (16,883,062) 9,576,686 PLAN EQUITY, June 30, 1993 418,573,934 30,911,322 PLAN EQUITY, June 30, 1994 $401,690,872 $40,488,008 See notes to financial statements. Fixed Income Loan Total $ - $ - $ 15,717,531 6,646,234 4,227 7,551,359 6,646,234 4,227 23,268,890 - - (22,106,635) 6,646,234 4,227 1,162,255 423,597 - 17,696,751 754,400 - 24,461,982 206,782 - 7,240,084 295,684 - 3,236,620 1,680,463 - 52,635,437 (22,482,089) (354,965) (67,607,665) 2,446,484 5,556,049 - (11,708,908) 5,205,311 (13,809,973) 113,542,790 9,066,105 572,094,151 $101,833,882 $14,271,416 $558,284,178 MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS JUNE 30, 1995 (1) Accounting for the Plan: The Marsh & McLennan Companies Stock Investment Plan (the "Plan") is a defined contribution plan which allows participants to contribute through payroll deductions from 2% to 12% of their salary, on a before and/or after-tax basis. Effective July 1, 1994, the Plan was converted to an Employee Stock Ownership Plan. The Company contributes to the Plan matching contributions in an amount equal to two-thirds of the aggregate amount of before and after-tax contributions made by or on behalf of participants employed by it, but only up to the first six percent (6%) of the aggregate of such contributions made by or on behalf of each such participant. The Company's matching contributions to a participant are suspended for 12 months if the participant makes certain in-service withdrawals from their Account. Employee and Company contributions are subject to certain limitations in accordance with Federal Income Tax Regulations. The accompanying financial statements of the Plan have been prepared on an accrual basis. Interest and dividend income are recognized when earned. Security transactions are recorded on a trade date basis. The employee benefits handbook, containing Plan information and documents constituting part of a Prospectus, is provided to each participant in the Plan. (2) Related party transactions: The Putnam Investors Fund, Inc., The Putnam Fund for Growth and Income, the Putnam Daily Dividend Trust, the Putnam American Government Trust, the Putnam Voyager Fund, the Putnam Global Growth Fund and the Putnam Diversified Income Fund are managed by Putnam Investments, Inc., a wholly-owned subsidiary of the Company. During fiscal 1995, the Putnam Daily Dividend Trust and the Putnam American Government Trust were no longer offered as investment choices under the Plan. Assets invested in these mutual funds were transferred to other mutual fund investments at the direction of the participants. The recordkeeper for the Plan, William M. Mercer, Inc. is a wholly-owned subsidiary of the Company. (3) Loans receivable-participants: Plan participants may borrow funds from their account subject to certain limits and conditions. Outstanding loans, which are secured by the participants' interest in the Plan, are generally repaid through payroll deductions or, at the option of the participant, the total outstanding balance may be prepaid anytime after the completion of 12 months of loan repayments. Participants' loan repayments and any interest due are paid into the participants' account. During the Plan years ended June 30, 1995 and 1994, new loans to participants amounted to $6,936,251 and $9,371,875, respectively and repayments from participants, including interest, amounted to $6,219,188 and $4,600,681, respectively. (4) Fixed income investments: The investments in the Fixed Income Fund are shown in the statements of financial condition at cost plus accrued interest as of June 30, 1995 and 1994. The investments in the Fixed Income Fund are guaranteed by the issuing institution as to principal and interest. (5) Federal income taxes: The Internal Revenue Service has determined and informed the Company by a letter dated January 25, 1995, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code ("IRC"). Therefore, no provision for income taxes has been included in the Plan's financial statements. (6) Payable for employees' accounts withdrawn: Payables to employees who have elected to withdraw from their account but have not yet been paid, amounted to $6,098,920 and $5,868,760 at June 30, 1995 and 1994, respectively. These amounts have not been accrued as liabilities in the accompanying financial statements. SCHEDULE I MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN SUPPLEMENTAL SCHEDULE OF INVESTMENTS AS OF JUNE 30, 1995 AND 1994 PRINCIPAL AMOUNT OR NUMBER OF SHARES 1995 1994 6,162,449 2,198,824 CASH AND CASH EQUIVALENTS COMMON STOCK: 4,740,904 4,769,504 MARSH & McLENNAN COMPANIES, INC. MUTUAL FUNDS: 1,361,337 910,404 PUTNAM INVESTORS FUND, INC. 1,778,373 1,336,644 THE PUTNAM FUND FOR GROWTH & INC - 1,852,001 PUTNAM DAILY DIV. TRUST - 207,609 PUTNAM AMERICAN GOV. TRUST 1,872,222 1,135,735 PUTNAM VOYAGER FUND 217,258 - PUTNAM GLOBAL GROWTH FUND 163,356 - PUTNAM DIVERSIFIED INCOME FUND FIXED INCOME FUND: INSURANCE COMPANY GUARANTEED INVESTMENT CONTRACTS: - 15,962,152 COMMONWEALTH INSURANCE CO., VARIABLE RATE, OPEN ENDED - 4,071,741 EQUITABLE LIFE COMPANIES 9.90%, DUE SEPTEMBER 30, 1994 - 5,493,104 PROVIDENT NATIONAL ASSURANCE CO., 10.15%, DUE SEPTEMBER 30, 1994 24,879,579 23,199,906 PRUDENTIAL INSURANCE COMPANY, 7.24%, DUE JANUARY 31, 1997 11,100,608 15,848,843 PRINCIPAL MUTUAL LIFE INS. CO., 5.01% DUE MARCH 31, 1998 5,563,327 15,870,454 HARTFORD LIFE INSURANCE CO., 5.15%, DUE MARCH 31, 1998 10,792,171 10,109,762 METROPOLITAN LIFE INSURANCE CO., 6.75%, DUE MARCH 31, 1999 10,896,284 10,320,405 TRAVELERS INSURANCE CO., 5.58%, DUE SEPTEMBER 30, 1997 5,627,435 - HARTFORD LIFE INSURANCE CO. 7.02%, DUE OCTOBER 1, 1998 15,725,523 - NEW YORK INSURANCE COMPANY, 7.4%, DUE SEPTEMBER 30, 1999 7,592,448 - PRINCIPAL MUTUAL LIFE INS. CO., 7.5%, DUE MARCH 31, 2000 LOANS RECEIVABLE - PARTICIPANTS 1995 COST MARKET $ 6,162,449 $ 6,162,449 302,531,096 384,605,837 10,976,784 11,761,953 22,864,945 26,462,197 - - - - 19,906,546 25,256,272 2,032,373 2,092,196 1,924,781 1,948,831 57,705,429 67,521,449 - - - - - - 24,879,579 24,879,579 11,100,608 11,100,608 5,563,327 5,563,327 10,792,171 10,792,171 10,896,284 10,896,284 5,627,435 5,627,435 15,725,523 15,725,523 7,592,448 7,592,448 92,177,375 92,177,375 15,313,671 15,313,671 $473,890,020$565,780,781 1994 COST MARKET $ 2,198,824 $ 2,198,824 287,836,422 397,657,396 7,528,285 6,946,380 16,768,644 17,496,668 1,852,001 1,852,001 2,140,748 1,721,077 10,947,648 12,334,080 - - - - 39,237,326 40,350,206 15,962,152 15,962,152 4,071,741 4,071,741 5,493,104 5,493,104 23,199,906 23,199,906 15,848,843 15,848,843 15,870,454 15,870,454 10,109,762 10,109,762 10,320,405 10,320,405 - - - - - - 100,876,367 100,876,367 14,271,237 14,271,237 $444,420,176 $555,354,030 SCHEDULE II MARSH & McLENNAN COMPANIES STOCK INVESTMENT PLAN SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE TWELVE MONTHS ENDED JUNE 30, 1995 CURRENT NET DESCRIPTION OF ASSET COST OF ASSET VALUE OF ASSET TRANSACTIONS BY ISSUE: BANKERS TRUST COMPANY OF NEW YORK PYRAMID CASH TEMPORARY FUND INVESTMENTS 390 PURCHASES $104,894,740 $104,894,740 249 SALES 100,931,116 100,931,116 MARSH & McLENNAN COMPANIES, INC. COMMON STOCK 105 PURCHASES $ 24,908,823 $ 24,908,823 12 SALES 7,778,275 10,200,105 GAIN (LOSS) $ - - $ - 2,421,830 -----END PRIVACY-ENHANCED MESSAGE-----