-----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, MU8Hn+4GOJq1QvDIsjzIHUQYHV4WuB2e8jP++YW3VNoCuMHdAXE7I+5NCH+EEzYl cDu9fpZjLkCpOdL+BYScIw== 0000892960-96-000001.txt : 19960701 0000892960-96-000001.hdr.sgml : 19960701 ACCESSION NUMBER: 0000892960-96-000001 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 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: 96588707 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 PROFIT SHARING RETIRE PLAN PURSUANT TO SECTION 15D 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 Fiscal Year Ended December 31, 1995 A. Full title of the plan: PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN B. Name the 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 PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN The Trustees of the plan currently are Gregory F. Van Gundy, Frank J. Borelli, and Francis N. Bonsignore. Mr. Van Gundy is General Counsel and Secretary of Marsh & McLennan Companies, Incorporated (MMC). Mr. Borelli is Senior Vice President and Chief Financial Officer of MMC. Mr. Bonsignore is Senior Vice President - Human Resources and Administration of MMC and has been appointed as Plan Administrator. The business address of all the Trustees is c/o MMC, 1166 Avenue of the Americas, New York, NY 10036. The members of the Application Review Committee currently are Douglas B. Jamieson, Robert W. Burke, and Karen L. Kay. They are officers of Putnam Investments, Inc. or its subsidiaries. The business address of each Committee member is c/o Putnam Investments, Inc. One Post Office Square, Boston, MA 02109. The financial statements of the Plan are included in this Form 11- K and consists of the statements of net assets available for plan benefits as of December 31, 1995 and 1994, and the statements of changes in net assets available for plan benefits for the years ended December 31, 1995, 1994, and 1993 and the report and consent of Deloitte & Touche, independent public accountants, with respect thereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees of Putnam Investments, Inc. Profit Sharing Retirement Plan have duly caused this annual report to be signed this 26th day of June, 1996 by the undersigned thereunto duly authorized. PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN By /s/ Francis N. Bonsignore Francis N. Bonsignore Plan Administrator INDEPENDENT AUDITORS' CONSENT Putnam Investments, Inc. Profit Sharing Retirement Plan: We hereby consent to the incorporation by reference in Registration Statement No. 2-65096 on Form S-8 of our report dated March 29, 1996, appearing in this Annual Report on Form 11- K of Putnam Investments, Inc. Profit Sharing Retirement Plan for the year ended December 31, 1995. /s/ Deloitte & Touche LLP June 25, 1996 Boston, Massachusetts PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993 AND SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1995 AND INDEPENDENT AUDITORS' REPORT PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits, December 31, 1995 and 1994 2 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1995, 1994 and 1993 3 Notes to Financial Statements 4-11 SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 1995: Item 27a - Schedule of Assets Held for Investment Purposes 12-13 Item 27d - Schedule of Reportable Transactions 14 Schedules required under the Employee Retirement Income Security Act of 1974, other than the schedules listed above, are omitted because of the absence of the conditions under which the schedules are required. INDEPENDENT AUDITORS' REPORT To the Trustees of Putnam Investments, Inc. Profit Sharing Retirement Plan: We have audited the accompanying statements of net assets available for benefits of Putnam Investments, Inc. Profit Sharing Retirement Plan as of December 31, 1995 and 1994, and the related statements of changes in net assets available for benefits for each of the three years in the period ended December 31, 1995. These financial statements are the responsibility of the Plan's Trustees. 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 net assets available for benefits of Putnam Investments, Inc. Profit Sharing Retirement Plan as of December 31, 1995 and 1994, and the changes in its net assets available for benefits for each of the three years in the period ended December 31, 1995, 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 listed in the Table of Contents are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan's Trustees. Such schedules 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. March 29, 1996
PROFIT SHARING RETIREMENT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1995 AND 1994 1995 1994 ASSETS: Investments, at fair value (Notes 1, 2, 3 and 6): Putnam Voyager Fund $ 20,006,697 $ 13,420,804 Putnam Money Market Fund 18,399,759 19,159,740 Putnam New Opportunities Fund 16,778,095 9,618,393 The Putnam Fund for Growth and Income 16,272,624 10,930,792 The George Putnam Fund of Boston 10,228,144 7,748,222 Putnam OTC Emerging Growth Fund 9,526,259 4,925,286 Putnam Vista Fund 6,746,636 4,135,936 Other Equity Funds 37,580,239 24,513,788 Bond Funds 17,876,289 14,763,408 Putnam Fiduciary Trust Co. Stable Value Fund 8,346,515 7,747,284 Marsh & McLennan Companies, Inc. common stock 1,135,836 1,362,006 Participant loans 2,482,411 2,275,230 Investments, at contract value - Guaranteed Investment Contracts 4,682,959 5,499,727 Total investments 170,062,463 126,100,616 Contributions receivable (Note 2) 4,800,566 2,509,255 TOTAL ASSETS $ 174,863,029 $ 128,609,871 NET ASSETS AVAILABLE FOR BENEFITS $ 174,863,029 $ 128,609,871 See notes to financial statements.
PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
1995 1994 1993 ADDITIONS: Investment income: Net appreciation (depreciation) in fair value of investments (Notes 1, 4 and 6) $ 24,503,560 $ (5,705,087) $ 7,867,469 Dividend income 8,639,957 5,502,034 6,561,290 Interest income 1,095,563 1,000,215 939,537 Total investment income 34,239,080 797,162 15,368,296 CONTRIBUTIONS: Employer (Note 2) 11,972,501 9,659,708 8,290,627 Employee (Note 2) 7,367,884 5,212,966 4,286,986 Total additions 53,579,465 15,669,836 27,945,909 DEDUCTIONS - Benefits paid to participants 7,326,307 13,581,046 3,321,203 NET INCREASE 46,253,158 2,088,790 24,624,706 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 128,609,871 126,521,081 101,896,375 End of year $174,863,029 $128,609,871 $126,521,081 See notes to financial statements.
PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION - The accompanying financial statements of Putnam Investments, Inc. Profit Sharing Retirement Plan (the "Plan") have been prepared on the accrual basis of accounting. Security transactions are recognized on a trade-date basis. Dividend income is recorded on the ex-dividend date; interest income is recorded as earned. The change in the difference between fair value and the cost of investments, including realized gains and losses, is reflected in the statements of changes in net assets available for benefits as net appreciation (depreciation) in fair value of investments. INVESTMENT VALUATION - Investments in equity securities and mutual funds are stated at fair value as determined by quoted market prices based on the last reported sales prices, or the reported net asset value per share on the last business day of the plan year. Investments in insurance contracts are stated at contract value which equals cost plus accrued interest. FEDERAL INCOME TAXES - The Plan obtained its latest determination letter on March 29, 1996 in which the Internal Revenue Service ("IRS") stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code (the "Code"). The plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in these financial statements. ADMINISTRATIVE EXPENSES - Expenses of the Plan have been paid by Putnam Investments, Inc. and its subsidiaries, but such payment is at their discretion. BENEFITS - Benefits to participants are recorded when paid. ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan's 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. 2. DESCRIPTION OF THE PLAN The following description of the Plan is provided for general information purposes only. Participants should refer to the plan document for a more complete description of the Plan's provisions. (a) GENERAL - The Plan, as amended and restated January 1, 1989, is a defined contribution plan sponsored by Putnam Investments, Inc. and its subsidiaries (the "Company") for the benefit of its employees and is intended to qualify as a profit-sharing plan under Section 401(a) of the Code and to constitute a qualified cash or deferred arrangement under Section 401(k) of the Code. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). 2. DESCRIPTION OF THE PLAN (CONTINUED) (b) INVESTMENT PROGRAMS - The Plan allows each participant to elect to have employer contributions and reallocated forfeitures invested in one or more of the following authorized investment vehicles: (1)Any one or a combination of the open-end management investment companies, excluding tax-exempt income funds, for which a subsidiary of Putnam Investments, Inc. acts as an investment adviser. (2)Any one or a combination of contracts with insurance companies which guarantee principal and interest at a fixed rate. (3)Marsh & McLennan Companies, Inc. common stock. (4)Other investment options approved by the Board of Directors of Putnam Investments, Inc., the Trustees of the Plan, and the Chief Executive Officer of Marsh & McLennan Companies, Inc. There were no investments in this option at December 31, 1995, 1994 or 1993. Employer contributions and forfeitures must generally be allocated to not more than eight investments, with apportionments to be no less than 1% per investment. Participants may also elect to have their voluntary contributions invested in any one or more of the authorized investments noted above in (1), (2), (3) and/or (4), provided such elections are allocated to not more than eight authorized investments, with apportionments to be at least 1% to any one investment. With proper written notice, participants may elect to change their investment in either their participation or voluntary accounts twice during a fiscal quarter, not to exceed six investment changes per year. (c)CONTRIBUTIONS - The Plan covers substantially all of the employees of Putnam Investments, Inc. and its subsidiaries that have adopted the Plan. Employer contributions are determined at the discretion of each company's Board of Directors. Contributions may not exceed the amount permitted as a deduction under the applicable provisions of the Code. Employer contributions, by company, for 1995, 1994 and 1993 were as follows:
EMPLOYER CONTRIBUTIONS 1995 1994 1993 Putnam Investments, Inc. $ 1,095,609 $ 919,027 $ 812,839 Putnam Investment Management, Inc. 1,979,073 1,442,091 1,397,177 The Putnam Advisory Company, Inc. and Subsidiary 1,273,167 1,093,441 933,114 Putnam Fiduciary Trust Company 5,333,569 4,256,166 3,625,466 Putnam Mutual Funds Corp. and Subsidiary 2,291,083 1,948,983 1,522,031 Total $11,972,501 $9,659,708 $8,290,627
2. DESCRIPTION OF THE PLAN (CONTINUED) CONTRIBUTIONS (CONTINUED) - Voluntary employee contributions are accepted within certain limits as defined in the Plan. Participants making contributions are not allowed to withdraw any appreciation on such contributions before termination of employment, but may withdraw their contributions, subject to certain restrictions. Employee contributions, by company, for 1995, 1994 and 1993 were as follows: EMPLOYEE CONTRIBUTIONS 1995 1994 1993 Putnam Investments, Inc. $ 556,457 $ 423,471 $ 280,811 Putnam Investment Management, Inc. 794,209 720,936 1,275,263 The Putnam Advisory Company, Inc. and Subsidiary 1,569,073 514,619 989,444 Putnam Fiduciary Trust Company 3,114,747 2,401,132 1,457,016 Putnam Mutual Funds Corp. and Subsidiary 1,333,398 1,152,808 284,452 Total $7,367,884 $5,212,966 $4,286,986
(d) FORFEITURES - Forfeitures of invested employer contributions are reallocated among the remaining eligible participants one year after the fiscal year in which the forfeitures occur. Reallocation of forfeitures amounted to $470,260 in 1995, $488,291 in 1994, and $1,317,892 in 1993. (e) PARTICIPANT ACCOUNTS AND VESTING - The Plan provides that the market value of investments in participant accounts shall be determined each quarter. Unrealized appreciation or depreciation, equal to the difference between actual cost and the quoted market price of the investments at the applicable valuation date, is recognized in determining the value of each fund. The change in unrealized appreciation or depreciation, investment income received and realized gains or losses on investments sold or distributed are allocated to participants' accounts based on each participant's proportionate interest in the investment. Employer contributions and forfeitures are allocated annually based on a uniform percentage of eligible earnings per participant. This percentage was 15% in 1995 and 1994. An employee is not eligible to become a participant until the completion of twelve months of continuous service. A participant must be employed on the last day of the Plan's fiscal year (December 31) to be eligible for their portion of the employer's contribution for that year. The vesting of participants, other than voluntary contributions, is as follows: VESTED INTEREST Years of continuous service: Less than two None Two but less than three 25 % Three but less than four 50 % Four but less than five 75 % Five or more 100 % If a participant has reached age 60 100 % 2. DESCRIPTION OF THE PLAN (CONTINUED) (e) PARTICIPANT ACCOUNTS AND VESTING (CONTINUED) - Participants are automatically fully vested in their voluntary contributions. Distributions are based on the vested portion of the participant's account valuation as of the liquidation date coinciding with or following the next valuation date after the individual ceases to be a participant. Such distributions are made within a reasonable period after the individual ceases to be a participant, but not later than sixty days after the close of the fiscal year. The Plan allows terminated participants to maintain their accounts in the Plan, but such accounts do not share in contributions and forfeiture reallocations. The value of these accounts will continue to be determined each quarter. (f)SALARY SAVINGS CONTRIBUTIONS - It is the intention of the Trustees that the salary savings program be qualified under Section 401(k) of the Code. The terms of the salary savings agreement provide that the participants' earnings contribution to the Plan will be deducted from their payroll, and that the employer shall contribute this amount to the Plan on behalf of the participants. Investments into the various investment vehicles are at the discretion of the participant. The market value of assets relating to the salary savings program at December 31, 1995 and 1994 was $24,342,189 and $15,379,768, respectively. (g) LOANS - Upon the approval of the loan committee, appointed by the Trustees, participants of the Plan may borrow from their accounts, to alleviate financial need as defined by the Plan, an amount which, when added to all other loans to the participant, would not exceed the lesser of (1) a maximum borrowing limit of $50,000 or (2) 50% of the vested balance of the participant's account. All loans shall be secured by the participant's account and will be repaid through payroll deductions according to a fixed repayment schedule which includes interest at a rate consistent with area lending institutions personal loan rates. Loans outstanding at December 31, 1995 and 1994 were $2,482,411 and $2,275,230, respectively. 3. INVESTMENTS Investments that represent 5% or more of total Plan assets at December 31 are as follows: 1995 Putnam Voyager Fund $20,006,697 Putnam Money Market Fund 18,399,759 Putnam New Opportunities Fund 16,778,095 The Putnam Fund for Growth and Income 16,272,624 The George Putnam Fund of Boston 10,228,144 Putnam OTC Emerging Growth Fund 9,526,259 1994 Putnam Money Market Fund $19,159,740 Putnam Voyager Fund 13,420,804 The Putnam Fund for Growth and Income 10,930,792 Putnam New Opportunities Fund 9,618,393 The George Putnam Fund of Boston 7,748,222 Putnam Fiduciary Trust Co. Stable Value Fund 7,747,284 3. INVESTMENTS (CONTINUED) The Plan's Funds are invested in the following investment vehicles that represent 5% or more of total plan assets: THE GEORGE PUTNAM FUND OF BOSTON - Funds are invested in a well- diversified list of securities including equity securities, fixed- income securities, and negotiable instruments that offer potential for both capital growth and current income. THE PUTNAM FUND FOR GROWTH AND INCOME - Funds are invested primarily in equity securities that offer potential for both capital growth and current income. PUTNAM NEW OPPORTUNITIES FUND - Funds are invested in equity securities of companies which, in the opinion of the Fund's investment manager, possess above-average, long-term growth potential. PUTNAM VOYAGER FUND - Funds are invested primarily in equity securities of companies which, in the opinion of the Fund's investment manager, have potential for capital appreciation significantly greater than that of the market averages. PUTNAM OTC EMERGING GROWTH FUND - Funds are invested primarily in equity securities of small- to medium-sized "emerging growth" companies traded in the over-the-counter ("OTC") market, which in the opinion of the Fund's investment manager have potential for capital appreciation significantly greater than that of the market averages. PUTNAM MONEY MARKET FUND - Funds are invested in various types of high quality money market instruments. PUTNAM FIDUCIARY TRUST CO. STABLE VALUE FUND - Collective investment trust which invests primarily in high quality annuity (or similar) contracts issued by insurance companies and certificates of deposit (or similar contracts) issued by banks. In addition, to provide liquidity, a portion of the Fund's assets are invested in high quality money market investments. The Fund is a component of the Guaranteed Investment Products category. 4. NET APPRECIATION (DEPRECIATION) IN FAIR VALUE OF INVESTMENTS The net appreciation (depreciation) in fair value (based on quoted market prices) of each significant class of investments for the years ended December 31 is as follows: 1995 1994 1993 Mutual funds $24,385,523 $(5,667,872) $ 8,024,221 Marsh & McLennan Companies, Inc. common stock 118,037 (37,215) (156,752) Total $24,503,560 $(5,705,087) $ 7,867,469 5. PLAN TERMINATION Although it has not expressed any intent 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 of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts. 6. SUBSEQUENT DISTRIBUTIONS At December 31, 1995 and 1994, terminated employees had requested distributions of the vested portion of their accounts totaling $220,097 and $451,216, respectively. The source of these distributions by investment type are as follows: SOURCE 1995 1994 Mutual funds $156,191 $411,902 Guaranteed investment products 63,906 39,314 7.FUND INFORMATION
Investment income, contributions, and benefits paid to participants for the years ended December 31, 1995 and 1994 are as follows: 1995 NET APPRECI- BENEFITS ATION PAID IN FAIR VALUE DIVIDEND INTEREST EMPLOYER EMPLOYEE TO OF INVESTMENTS INCOME INCOME CONTRIBUTIONS CONTRIBUTIONS PARTICI PANTS PARTICIPANT-DIRECTED: Putnam Voyager Fund $ 4,648,274 $ 1,063,446 $ - $ - $ 1,035,109 $ 726,578 Putnam Money Market Fund - 640,930 - - 562,540 2,602,639 Putnam New Opportunities Fund 5,182,675 - - - - 1,192,857 385,928 The Putnam Fund for Growth and Income 3,237,383 1,066,360 - - 811,006 677,373 The George Putnam Fund of Boston 1,612,869 746,593 - - 243,599 231,287 Putnam OTC Emerging Growth Fund 2,194,428 959,187 - - 402,209 119,943 Putnam Vista Fund 1,208,513 582,119 - - 301,692 135,116 Other Equity Funds 4,982,389 1,877,186 - - 2,139,357 1,055,623 Bond Funds 1,318,992 1,380,112 - - 476,577 852,133 Guaranteed Investment Products - - 893,555 - 156,556 315,654 Marsh & McLennan Companies, Inc. common stock 118,037 49,508 - - 46,382 131,436 Participant Loans - - - 202,008 - - - 92,597 NONPARTICIPANT-DIRECTED: Putnam Money Market Funds - 274,516 - 7,786,500 - - Other - - - - 4,186,001 - - TOTAL $ 24,503,560 $ 8,639,957 $ 1,095,563$ 11,972,501 $ 7,367,884 $7,326,307
7. FUND INFORMATION (CONTINUED)
1994 NET APPRECI- BENEFITS ATION PAID IN FAIR VALUE DIVIDEND INTEREST EMPLOYER EMPLOYEE TO OF INVESTMENTS INCOME INCOME CONTRIBUTIONS CONTRIBUTIONS PARTICI PARTICIPANT-DIRECTED: Putnam Voyager Fund $ (536,544) $ 573,062 $ - $ - $ 698,640 $1,340,305 Putnam Money Market Fund - 372,787 - - 545,352 2,431,614 Putnam New Opportunities Fund 215,602 75,085 - - 589,159 1,024,590 The Putnam Fund for Growth and Income (741,115) 707,880 - - 575,818 1,980,935 The George Putnam Fund of Boston (572,850) 543,488 - - 107,058 1,233,846 Other Equity Funds (1,610,991) 1,532,931 - - 1,623,613 2,716,747 Bond Funds (2,421,974) 1,474,690 - - 361,352 2,277,512 Guaranteed Investment Products - - 833,212 - 181,506 436,633 Marsh & McLennan Companies, Inc. common stock (37,215) 44,791 - - - 38,457 29,888 Participant Loans - - 167,003 - - 108,976 NONPARTICIPANT-DIRECTED: Putnam Money Market Funds - 177,320 - - 7,150,453 492,011 - Other - - - 2,509,255 - - - TOTAL $ (5,705,087) $ 5,502,034 $ 1,000,215$ 9,659,708 $ 5,212,966 $13,581,046 * * * * * *
PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995 NUMBER OF CURRENT SHARES COST VALUE MUTUAL FUNDS: * The George Putnam Fund of Boston 659,880 $ 8,922,971 $ 10,228,144 * The Putnam Fund for Growth and Income 1,005,103 13,410,452 16,272,624 * Putnam Investors Fund 502,962 4,171,084 4,330,503 * Putnam Income Fund 461,855 3,186,774 3,339,213 * Putnam Global Growth Fund 560,392 4,548,944 5,598,311 * Putnam Vista Fund 741,389 5,641,482 6,746,636 * Putnam Voyager Fund 1,311,915 13,680,047 20,006,697 * Putnam Convertible Income - Growth Trust 198,026 3,431,554 3,847,636 * Putnam American Government Income Fund 33,368 317,865 297,306 * Putnam Asset Allocation Fund - Growth 44,403 390,719 444,029 * Putnam Asset Allocation Fund - Balanced 58,138 510,145 559,866 * Putnam Asset Allocation Fund - Conservative 591 5,373 5,453 * Putnam Balanced Retirement Fund 21,343 193,181 215,136 * Putnam High Yield Advantage Trust 419,720 4,036,655 4,037,709 * Putnam Federal Income Trust 3,472 34,879 36,148 * Putnam Global Governmental Income Trust 164,683 2,419,036 2,313,789 * Putnam OTC Emerging Growth Fund 634,238 6,899,214 9,526,259 * Putnam Growth and Income Fund II 138,895 1,445,663 1,512,564 * Putnam Adjustable Rate U.S. Government Fund 2,707 29,799 28,130 * Putnam Diversified Income Trust 119,222 1,440,987 1,467,626 * Putnam Utilities Growth and Income Fund 65,635 621,856 718,046 * Putnam Overseas Growth Fund 137,650 1,671,297 1,805,968 * Putnam Asia Pacific Growth Fund 254,624 3,239,468 3,381,405 * Putnam Europe Growth Fund 145,213 1,742,762 2,108,499 * Putnam New Opportunities Fund 454,076 10,336,883 16,778,095 * Putnam Int'l New Opportunities Fund 182,140 1,862,260 1,890,616 * Putnam Intermediate U.S. Gov't Income Fund 122,478 590,292 607,489 * Putnam Capital Appreciation Fund 150,340 1,815,433 2,100,256 * Putnam Diversified Equity Trust 25,676 239,440 274,477 * Putnam Voyager II 63,630 862,693 916,268 * Putnam Money Market Fund 18,399,758 18,399,758 18,399,759 * Putnam Equity Income Fund 233,617 2,143,125 2,626,446 * Putnam High Yield Trust 319,713 4,139,690 3,897,300 * Putnam Health Sciences Trust 97,862 2,755,711 4,169,895 * Putnam U.S. Government Income Trust 100,244 1,339,202 1,322,212 * Putnam Natural Resources Fund 95,547 1,500,709 1,604,232 Total Mutual Funds 127,977,403 153,414,742 (Continued)
PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995 NUMBER OF CURRENT SHARES COST VALUE GUARANTEED INVESTMENT PRODUCTS: Hartford Life, 8.50%, 1/31/96 3,708,438 3,708,438 3,708,438 Principle Mutual Life Insurance Co., 5.00%, 1/30/97 974,521 974,521 974,521 * Putnam Fiduciary Trust Co. Stable Value Fund, 6.32% 8,346,515 8,346,515 8,346,515 Total Guaranteed Investment Products 13,029,474 13,029,474 *MARSH & McLENNAN COMPANIES, INC. COMMON STOCK 12,798 956,173 1,135,836 *PARTICIPANT LOANS (Various maturities from 1996 to 2006 at interest rates ranging from 7.5% to 12.75%) - 2,482,411 2,482,411 TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $144,445,461 $170,062,463 *Party-in-interest.
(Concluded) PUTNAM INVESTMENTS, INC. PROFIT SHARING RETIREMENT PLAN ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1995 CURRENT VALUE OF ASSET ON DESCRIPTION PURCHASE SELLING COST OF TRANSACTION OF ASSET PRICE PRICE ASSET DATE NET GAIN Putnam Money Market Fund $ 14,108,133 $ - $ 14,108,133 $ 14,108,133 $- Putnam Money Market Fund - 14,868,097 - 14,868,097 - Putnam New Opportunities Fund 4,898,465 - 4,898,465 4,898,465 - Putnam New Opportunities Fund - 2,921,438 - 2,921,438 789,208 Putnam Voyager Fund 4,431,101 - 4,431,101 4,431,101 - Putnam Voyager Fund - 2,493,482 - 2,493,482 633,801 The Putnam Fund for Growth and Income 4,375,310 - 4,375,310 4,375,310 - The Putnam Fund for Growth and Income - 2,270,861 - 2,270,861 258,069
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