11-K 1 f11k6-2004.txt JUNE 30, 2004 ================================================================================ 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 ----------------- 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 ------------------------------------------------ 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 ----------------- ---------------- $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 -