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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 2002
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from ____________ to ____________
Commission File No. 333-67466
A. Full title of the Plan:
Willis North America Inc. Financial Security Partnership Plan
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
WILLIS NORTH AMERICA INC.
Attn: Mary E. Caiazzo
26 Century Boulevard
Nashville, TN 37214
Tel: (615) 872-3000
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
TABLE OF CONTENTS
Page | |||||
INDEPENDENT AUDITORS’ REPORT | 1 | ||||
FINANCIAL STATEMENTS: | |||||
Statements of Net Assets Available for Benefits as of December 31, 2002 and 2001 | 2 | ||||
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2002 | 3 | ||||
Notes to Financial Statements | 4-7 | ||||
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2002: | |||||
Schedule of Assets (Held at End of Year) | 8-23 | ||||
Schedule of Reportable Transactions | 24 | ||||
EXHIBIT | |||||
Exhibit 23- Independent Auditor's Consent | 25 |
Schedules other than those listed above have been omitted due to the absence of the conditions under which they are required.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
WILLIS NORTH AMERICA INC. FINANCIAL SECURITY PARTNERSHIP PLAN | ||||
By: | /s/ Carol McAlpine Carol McAlpine Vice President, Willis North America Inc. |
Dated: June 27, 2003
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INDEPENDENT AUDITORS’ REPORT
To The Benefits Committee
Willis North America Inc.
Nashville, TN
We have audited the accompanying statements of net assets available for benefits of the Willis North America Inc. Financial Security Partnership Plan (the “Plan”) as of December 31, 2002 and 2001, and the related statement of changes in net assets available for benefits for the year ended December 31, 2002. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. 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 the Plan as of December 31, 2002 and 2001, and the changes in net assets available for benefits for the year ended December 31, 2002 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 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 management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 2002 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
New York, New York
June 4, 2003
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2002 AND 2001
2002 | 2001 | |||||||
INVESTMENTS — at fair value | $ | 125,806,601 | $ | 144,384,459 | ||||
INVESTMENT — at contract value | 58,649,064 | 55,218,518 | ||||||
PARTICIPANT LOANS RECEIVABLE | 3,988,714 | 4,692,703 | ||||||
CASH | 392 | 756 | ||||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 188,444,771 | $ | 204,296,436 | ||||
See notes to financial statements.
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2002
ADDITIONS TO NET ASSETS: | |||||||
Investment income (loss): | |||||||
Dividends | $ | 1,014,122 | |||||
Interest | 2,243,293 | ||||||
Interest from participant loans | 319,362 | ||||||
Net realized and unrealized depreciation in fair value of investments | (24,562,443 | ) | |||||
Total investment loss | (20,985,666 | ) | |||||
Contributions: | |||||||
Contributions from participants | 17,149,702 | ||||||
Contributions from employer, net of forfeitures | 4,437,789 | ||||||
Total contributions | 21,587,491 | ||||||
TOTAL ADDITIONS TO NET ASSETS | 601,825 | ||||||
DEDUCTIONS FROM NET ASSETS: | |||||||
Benefits paid to participants | (16,386,840 | ) | |||||
Fees paid by participants | (66,650 | ) | |||||
TOTAL DEDUCTIONS FROM NET ASSETS | (16,453,490 | ) | |||||
NET DECREASE | (15,851,665 | ) | |||||
NET ASSETS AVAILABLE FOR BENEFITS: | |||||||
Beginning of year | 204,296,436 | ||||||
End of year | $ | 188,444,771 | |||||
See notes to financial statements.
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2002 AND 2001
1. | DESCRIPTION OF THE PLAN | |
The following description of the Willis North America Inc. Financial Security Partnership Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a complete description of the Plan’s provisions. | ||
General – The Plan is a defined contribution plan sponsored by Willis North America Inc. (the “Company” or “Employer”), a subsidiary of Willis Group Holdings and covers all eligible employees of the Company and its subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). | ||
Contributions – Full-time and part-time employees of the Company are eligible to participate in the Plan after three months of service. Participants may contribute between 1% and 99% of their eligible compensation as a pre-tax contribution, subject to Internal Revenue Service (“IRS”) limits. After participants have completed one year of service, employer’s contributions are made on a full matching basis up to 3% of the employee’s annual eligible compensation. Effective January 1, 2002, employer’s matching contributions are limited to $3,000. Temporary employees are eligible for employer matching upon completion of 1,000 hours of service in their first year of employment or any Plan year following their first year of employment. Effective September 1, 2001, all Company matching deposits are invested solely in the Willis Stock Fund and credited to the Stock-Based Company Matching Deposit Account. | ||
Participant accounts – Each participant’s account is credited with the participant’s contributions and allocations of (a) the Employer’s contribution and (b) Plan earnings, and charged with an allocation of administrative expenses. Allocations of earnings are made daily. | ||
At December 31, 2002, participant contributions may be invested in any combination of the following: |
MetLife Guaranteed Fixed Income Fund MetLife Stock Market Index Guarantee Account Harris Associates — Oakmark Fund Loomis Sayles Small Cap Value Fund Templeton Foreign Fund Harris Associates — Oakmark Select Fund Janus Fund Baron Asset Fund Baron Growth Fund PIMCO Total Return Bond Fund PIMCO High Yield Bond Fund Willis Stock Fund |
In addition, participants have the option of transferring amounts from the above funds into a self-directed brokerage account. The MetLife Guaranteed Fixed Income Fund is invested in group annuity insurance contracts (“GAIC”) with Metropolitan Life Insurance Company (“MLIC”). |
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Payment of benefits – Participants are eligible for distributions upon retirement, disability, termination of service, or death. Special provisions allow for earlier distributions of participants’ contributions and earnings thereon, and vested Employer contributions and earnings thereon, as hardship withdrawals, subject to certain IRS regulations. Upon receiving a hardship withdrawal, a participant’s contributions to the Plan will automatically be suspended for a period of six months. Distributions of accounts are made in lump-sum amounts. Benefit payments requested but not yet paid totaled $23,311 and $7,901 at December 31, 2002 and 2001, respectively. | ||
Vesting – A participant’s contributions and earnings thereon are immediately fully vested. Employer contributions and earnings thereon partially vest after two years of service (three years of service in 2001). Employer contributions and earnings thereon fully vest after 5 years of service with the Company, or a predecessor company, or as soon as the employee reaches the age of 65, dies or becomes disabled, whichever occurs first. | ||
Participant loans – Participants may borrow from their fund accounts up to a maximum of $50,000 or 50% of their account balance, whichever is less. The loans are secured by the balance in the participant’s account and bear interest at rates that range from 5.50% to 10.50%, which are commensurate with prevailing rates as determined by the Plan administrator. Principal and interest is paid ratably through payroll deductions. | ||
Forfeitures – Terminating participants forfeit all nonvested Employer contributions. The forfeitures are used to offset future Employer contributions. Forfeited nonvested accounts totaled $269,833 and $505,220 at December 31, 2002 and 2001, respectively. | ||
Plan termination – Although the Company has not expressed any intent to terminate the Plan, it may cease making contributions or terminate the Plan at any time subject to the provisions of ERISA. Upon termination of the Plan, partial termination or complete discontinuance of the Employer’s contributions to the Plan, the balance in each participant’s or retired participant’s accounts becomes nonforfeitable and each participant, retired participant, or beneficiary is entitled to receive any amounts then credited to his/her accounts in the trust fund, provided that the Company may elect to continue the trust and make payments therefrom, pursuant to the terms of the Plan. | ||
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of accounting – The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting. | ||
Valuation of investments – The fair value of investments in securities and in mutual funds is based upon closing market quotations as of the last day of the plan year. The investment in GAICs is reflected in the accompanying financial statements at the contract value reported to the Plan by MLIC at December 31, 2002 and 2001, which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. The average cost method is used in determining the cost of investments sold. | ||
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 net assets available for benefits and changes therein. Actual results could differ from those estimates. 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 statements of net assets available for plan benefits. |
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Payment of benefits – Benefits are recorded when paid. |
3. | INVESTMENTS | |
Amounts invested in the GAICs are commingled with the other investments of the general accounts of the MLIC. Interest is allocated based upon a contractual arrangement and is credited monthly. The crediting rate and average yield was 2.75% at December 31, 2002. | ||
Individual investments which represent greater than 5% of the Plan’s net assets are as follows: |
As of December 31, 2002: | |||||
MetLife Guaranteed Fixed Income Fund | $ | 58,649,064 | |||
MetLife Stock Market Index Guarantee Account | 36,103,924 | ||||
Harris Associates — Oakmark Fund | 18,311,202 | ||||
PIMCO Total Return Bond Fund | 11,077,093 | ||||
* | Willis Stock Fund | 17,170,238 | |||
As of December 31, 2001: | |||||
MetLife Guaranteed Fixed Income Fund | $ | 55,218,518 | |||
MetLife Stock Market Index Guarantee Account | 52,829,799 | ||||
Harris Associates — Oakmark Fund | 20,557,680 | ||||
Janus Fund | 12,454,713 |
*Nonparticipant-directed |
During 2002, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value by $24,562,443 as follows: |
Mutual funds | $ | (23,687,953 | ) | |||
Common stock | (877,061 | ) | ||||
Corporate bonds | (35 | ) | ||||
U.S. Government Securities | 2,606 | |||||
$ | 24,562,443 | |||||
4. | NONPARTICIPANT-DIRECTED INVESTMENTS | |
Information about the net assets as of December 31, 2002 and 2001 and the significant components of the changes in net assets for the year ended December 31, 2002 relating to the nonparticipant-directed investments is as follows: |
2002 | 2001 | ||||||||
NET ASSETS: | |||||||||
Investments — at fair value | $ | 6,349,566 | $ | 1,817,874 | |||||
CHANGES IN NET ASSETS: | |||||||||
Contributions from Employer, net of forfeitures | $ | 4,391,719 | |||||||
Net realized and unrealized appreciation in fair value of investments | 410,655 | ||||||||
Benefits paid to participants | (267,842 | ) | |||||||
Fees paid by participants | (2,840 | ) | |||||||
$ | 4,531,692 | ||||||||
5. | INCOME TAX STATUS | |
The Plan has received a determination letter from the IRS dated February 1, 1996, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and therefore, the related trust is exempt from taxation. The Plan has been amended since receiving the determination letter. The Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. |
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6. | TRANSACTIONS WITH PARTIES-IN-INTEREST | |
Transactions with parties-in-interest include contributions from the Company and various funds managed by MLIC, the trustee of the Plan. Administrative expenses of the Plan not borne by participants are paid by the Company. The expenses paid by the Company totaled $10,400 for the year ended December 31, 2002. | ||
7. | RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 | |
Benefit payments allocated to Plan participants but not paid were reflected on the Plan’s 2001 Form 5500, but not in the accompanying 2001 financial statements. The following is a reconciliation of net assets available for benefits in the financial statements to the Form 5500 as of December 31, 2001: |
Net assets available for benefits per the financial statements | $ | 204,296,436 | ||
Benefits payable to plan participants | (7,901 | ) | ||
Net assets available for benefits per the Form 5500 | $ | 204,288,535 | ||
The following is a reconciliation of distributions to participants in the financial statements to the Form 5500 for the 2002 plan year: |
Distributions to participants per the financial statements | $ | 16,386,840 | ||
Benefits payable at beginning of year | (7,901 | ) | ||
Distributions to participants per the Form 5500 | $ | 16,378,939 | ||
* * * * * *
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||||||||
similar party | par, or maturity value | Cost | value | |||||||||||||
* | MetLife Guaranteed Fixed Income Fund | Group Annuity Insurance Contracts | $ | 58,649,064 | ||||||||||||
* | MetLife Stock Market Index Guarantee Account | Mutual Fund | 36,103,924 | |||||||||||||
Harris Associates — Oakmark Fund | Mutual Fund | 18,311,202 | ||||||||||||||
Loomis Sayles Small Cap Value Fund | Mutual Fund | 7,885,572 | ||||||||||||||
Templeton Foreign Fund | Mutual Fund | 4,843,808 | ||||||||||||||
Harris Associates — Oakmark Select Fund | Mutual Fund | 6,846,861 | ||||||||||||||
Janus Fund | Mutual Fund | 7,781,491 | ||||||||||||||
Baron Asset Fund | Mutual Fund | 1,846,432 | ||||||||||||||
Baron Growth Fund | Mutual Fund | 1,763,211 | ||||||||||||||
PIMCO Total Return Bond Fund | Mutual Fund | 11,077,093 | ||||||||||||||
PIMCO High Yield Bond Fund | Mutual Fund | 629,603 | ||||||||||||||
* | Willis Stock Fund — participant directed | Mutual Fund | 10,820,672 | |||||||||||||
* | Willis Stock Fund — nonparticipant-directed | Mutual Fund | $ | 5,041,130 | 6,349,566 | |||||||||||
Aim Aggressive Growth Fund CL A | Mutual Fund | 15,903 | ||||||||||||||
Aim Basic Value Fund | Mutual Fund | 15,873 | ||||||||||||||
Aim Equity Constellation Fund | Mutual Fund | 12,181 | ||||||||||||||
Aim Weingarten Fund | Mutual Fund | 8,281 | ||||||||||||||
Amcent 20th Century International Discovery Fund | Mutual Fund | 23,584 | ||||||||||||||
Amcent Twentieth Century Growth Fund | Mutual Fund | 5,457 | ||||||||||||||
Amcent Utilities | Mutual Fund | 36,473 | ||||||||||||||
American Century Government Bond Fund | Mutual Fund | 35,652 | ||||||||||||||
American Century International Growth Investment | Mutual Fund | 7,282 | ||||||||||||||
American Century Small Cap Value Fund | Mutual Fund | 3,902 | ||||||||||||||
American Century Twentieth Century Vista Fund | Mutual Fund | 5,454 | ||||||||||||||
Artisan International Fund | Mutual Fund | 6,993 | ||||||||||||||
Baron Asset Fund | Mutual Fund | 40,127 | ||||||||||||||
Baron Growth Fund | Mutual Fund | 37,866 | ||||||||||||||
Baron I Opportunity Fund | Mutual Fund | 2,088 | ||||||||||||||
Berger Mid Cap Growth Fund | Mutual Fund | 1,055 | ||||||||||||||
Boston Partners Small Cap Value | Mutual Fund | 24,313 | ||||||||||||||
Brandywine Fund | Mutual Fund | 17,013 | ||||||||||||||
Calamos Convertible Growth & Income Fund | Mutual Fund | 12,754 | ||||||||||||||
Calamos Growth Fund | Mutual Fund | 28,470 | ||||||||||||||
California Nasdaq-100 Index Fund | Mutual Fund | 416 | ||||||||||||||
CGM Realty Fund | Mutual Fund | 1,113 | ||||||||||||||
Clipper Fund | Mutual Fund | 3,469 | ||||||||||||||
Cohen & Steers Realty Shares | Mutual Fund | 27,831 | ||||||||||||||
Columbia Real Estate Equity Fund | Mutual Fund | 23,945 | ||||||||||||||
Commercial Net Lease Realty Inc | Mutual Fund | 27,598 | ||||||||||||||
Communications Focus Fund | Mutual Fund | 1,439 | ||||||||||||||
Cooke & Bieler Mid Cap Equity Fund | Mutual Fund | 3,891 | ||||||||||||||
CR Suisse Global Tech Fund | Mutual Fund | 8,773 | ||||||||||||||
CR Suisse Japan Growth Fund | Mutual Fund | 999 | ||||||||||||||
Davis New York Venture Fund | Mutual Fund | 62,196 | ||||||||||||||
DFA International Value Portfolio Fund | Mutual Fund | 3,917 | ||||||||||||||
DFA International Small Cap Value Portfolio Fund | Mutual Fund | 5,664 |
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||||||||
similar party | par, or maturity value | Cost | value | |||||||||||||
DFA International Small Co Portfolio Fund | Mutual Fund | $ | 6,238 | |||||||||||||
DFA Real-Estate Securities Portfolio | Mutual Fund | 10,208 | ||||||||||||||
DFA Two-Year Global Fixed Income | Mutual Fund | 15,549 | ||||||||||||||
DFA US Large Cap Value Portfolio | Mutual Fund | 10,629 | ||||||||||||||
DFA US Large Co Portfolio | Mutual Fund | 12,178 | ||||||||||||||
DFA US Micro Cap Portfolio Fund | Mutual Fund | 3,555 | ||||||||||||||
DFA US Small Cap Value Portfolio | Mutual Fund | 907 | ||||||||||||||
Dodge & Cox Balanced Fund | Mutual Fund | 1,052 | ||||||||||||||
Dodge & Cox Income Fund | Mutual Fund | 13,233 | ||||||||||||||
Dodge & Cox Stock Fund | Mutual Fund | 41,481 | ||||||||||||||
Dreyfus Premier New Leaders Fund | Mutual Fund | 19,085 | ||||||||||||||
Dreyfus Small Co Value Fund | Mutual Fund | 17,786 | ||||||||||||||
Dreyfus Strategic Muns | Mutual Fund | 20,003 | ||||||||||||||
Eaton Vance Trad Worldwide Health SC | Mutual Fund | 21,041 | ||||||||||||||
Evergreen Health Care Fund | Mutual Fund | 19,525 | ||||||||||||||
Excelsior Energy & Natural Resources | Mutual Fund | 1,807 | ||||||||||||||
Excelsior Value & Restructuring Fund | Mutual Fund | 15,935 | ||||||||||||||
FBR American Gas Index Fund | Mutual Fund | 6,629 | ||||||||||||||
Federated Short-term Income Fund | Mutual Fund | 4,519 | ||||||||||||||
Fidelity Fund | Mutual Fund | 5,242 | ||||||||||||||
Fidelity Low Priced Stock 3% Load | Mutual Fund | 26,281 | ||||||||||||||
Fidelity Mid Cap Stock Fund | Mutual Fund | 10,834 | ||||||||||||||
Fidelity Select Developing Comm | Mutual Fund | 546 | ||||||||||||||
Fidelity Select Electrs Portfolio | Mutual Fund | 31,089 | ||||||||||||||
Fidelity Select Health Care | Mutual Fund | 4,632 | ||||||||||||||
Fidelity Select Software & Computer | Mutual Fund | 18,114 | ||||||||||||||
Fidelity Select Software Telecommunications | Mutual Fund | 736 | ||||||||||||||
Fidelity Select Computers | Mutual Fund | 20,836 | ||||||||||||||
Fidelity Select Technology | Mutual Fund | 36,891 | ||||||||||||||
Fidelity Utilities Fund Nav | Mutual Fund | 17,860 | ||||||||||||||
First American Technology Fund | Mutual Fund | 127 | ||||||||||||||
Firsthand E-Commerce Fund | Mutual Fund | 16,618 | ||||||||||||||
Firsthand Tech Innovators Fund | Mutual Fund | 2,469 | ||||||||||||||
Firsthand Tech Leaders Fund | Mutual Fund | 347 | ||||||||||||||
Firsthand Technology Value Fund | Mutual Fund | 14,848 | ||||||||||||||
Fremont US Micro Cap Fund | Mutual Fund | 16,869 | ||||||||||||||
Gabelli Growth Fund | Mutual Fund | 1,400 | ||||||||||||||
Gabelli Global Growth Fund | Mutual Fund | 8,854 | ||||||||||||||
Gateway Fund | Mutual Fund | 123,022 | ||||||||||||||
GE Premier Growth Equity Class A | Mutual Fund | 10,793 | ||||||||||||||
Health Care Focus Fund | Mutual Fund | 3,530 | ||||||||||||||
Heartland Taxable Short | Mutual Fund | 34,344 | ||||||||||||||
Internet Fund | Mutual Fund | 7,645 | ||||||||||||||
Invesco Balanced Fund | Mutual Fund | 13,632 | ||||||||||||||
Invesco Technology Fund | Mutual Fund | 5,311 | ||||||||||||||
Invesco Telecommunications Fund | Mutual Fund | 5,545 | ||||||||||||||
Invesco Value Equity Fund | Mutual Fund | 7,583 |
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||||||||
similar party | par, or maturity value | Cost | value | |||||||||||||
Investment Co of America | Mutual Fund | $ | 845 | |||||||||||||
Istar Financial Inc | Mutual Fund | 3,060 | ||||||||||||||
JDN Realty Corp | Mutual Fund | 3,285 | ||||||||||||||
Janus Balanced Fund | Mutual Fund | 12,755 | ||||||||||||||
Janus Core Equity Fund | Mutual Fund | 7,067 | ||||||||||||||
Janus Flexible Income Fund | Mutual Fund | 101,847 | ||||||||||||||
Janus Fund | Mutual Fund | 18,530 | ||||||||||||||
Janus Global Life Science Fund | Mutual Fund | 21,216 | ||||||||||||||
Janus Global Technology Fund | Mutual Fund | 8,026 | ||||||||||||||
Janus Growth & Income Fund | Mutual Fund | 28,472 | ||||||||||||||
Janus Mercury Fund | Mutual Fund | 43,742 | ||||||||||||||
Janus Olympus Fund | Mutual Fund | 13,343 | ||||||||||||||
Janus Orion Fund | Mutual Fund | 1,324 | ||||||||||||||
Janus Overseas Fund | Mutual Fund | 16,615 | ||||||||||||||
Janus Special Situations Fund | Mutual Fund | 7,250 | ||||||||||||||
Janus Twenty Fund | Mutual Fund | 18,205 | ||||||||||||||
Janus Worldwide Fund | Mutual Fund | 27,822 | ||||||||||||||
Japan Smaller Cap Fund | Mutual Fund | 3,050 | ||||||||||||||
Jensen Portfolio Inc | Mutual Fund | 28,869 | ||||||||||||||
Lindner Growth & Income Fund | Mutual Fund | 4,431 | ||||||||||||||
Loomis Sayles Bond Fund | Mutual Fund | 15,967 | ||||||||||||||
Managers Value Fund | Mutual Fund | 42,904 | ||||||||||||||
Marsico Focus Fund | Mutual Fund | 7,003 | ||||||||||||||
Montgomery Global Tech, Telecommunications Media | Mutual Fund | 1,626 | ||||||||||||||
Montgomery Growth Fund | Mutual Fund | 17,526 | ||||||||||||||
Montgomery International Growth Fund | Mutual Fund | 495 | ||||||||||||||
Morgan Stanley Inst Tr Mid-Cap Growth Fund | Mutual Fund | 10,918 | ||||||||||||||
Navellier Aggressive Growth Portfolio | Mutual Fund | 6,482 | ||||||||||||||
New Perspective Fund | Mutual Fund | 850 | ||||||||||||||
Oakmark Equity Income Fund | Mutual Fund | 1,644 | ||||||||||||||
Oakmark Fund | Mutual Fund | 24,175 | ||||||||||||||
Oakmark Select Fund | Mutual Fund | 39,491 | ||||||||||||||
Parnassus Equity Income Fund | Mutual Fund | 3,633 | ||||||||||||||
Payden Growth & Income Cl R | Mutual Fund | 22,513 | ||||||||||||||
PBHG Emerging Growth Fund | Mutual Fund | 3,592 | ||||||||||||||
PBHG Growth Fund | Mutual Fund | 698 | ||||||||||||||
PBHG Large Cap Growth Fund | Mutual Fund | 8,389 | ||||||||||||||
PBHG Large Cap 20 Fund | Mutual Fund | 1,501 | ||||||||||||||
PBHG Select Equity Fund | Mutual Fund | 10,311 | ||||||||||||||
PBHG Technology & Communications Fund | Mutual Fund | 8,291 | ||||||||||||||
Pilgrim Emerging Countries Fund Cl-A | Mutual Fund | 5,595 | ||||||||||||||
PIMCO Pea Innovation Fund Cl D | Mutual Fund | 12,651 | ||||||||||||||
PIMCO Real Return Fund Cl D | Mutual Fund | 16,573 | ||||||||||||||
PIMCO Renaissance Fund | Mutual Fund | 15,363 | ||||||||||||||
Pin Oak Aggressive Stock | Mutual Fund | 1,531 | ||||||||||||||
Pioneer High Yield Fund Class A | Mutual Fund | 1,900 | ||||||||||||||
Profunds Ultra OTC Fund | Mutual Fund | 1,828 |
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||||||||
similar party | par, or maturity value | Cost | value | |||||||||||||
Prospective Street Incm Shs | Mutual Fund | $ | 1,908 | |||||||||||||
Putnam Growth & Income Class A | Mutual Fund | 6,122 | ||||||||||||||
RCM Biotechnology Class D | Mutual Fund | 7,654 | ||||||||||||||
RCM Europe — Class D | Mutual Fund | 2,992 | ||||||||||||||
RCM Global Healthcare Cl D | Mutual Fund | 3,418 | ||||||||||||||
RCM Global Technology Cl D | Mutual Fund | 3,952 | ||||||||||||||
Red Oak Technology | Mutual Fund | 164 | ||||||||||||||
Royce Fund Premier Series | Mutual Fund | 26,858 | ||||||||||||||
Royce Low Priced Stock Fund | Mutual Fund | 10,409 | ||||||||||||||
RS Diversified Growth Fund | Mutual Fund | 10,489 | ||||||||||||||
RS Emerging Growth Fund | Mutual Fund | 13,884 | ||||||||||||||
Rydex Biotechnology Fund | Mutual Fund | 812 | ||||||||||||||
Rydex OTC Fund | Mutual Fund | 44,871 | ||||||||||||||
Schwab 1000 Fund | Mutual Fund | 126,774 | ||||||||||||||
Scudder Flag Investors Value Builder | Mutual Fund | 63,616 | ||||||||||||||
Scudder Global Fund | Mutual Fund | 10,945 | ||||||||||||||
Scudder Greater Europe | Mutual Fund | 29,816 | ||||||||||||||
Scudder Growth & Income Fund | Mutual Fund | 7,543 | ||||||||||||||
Selected American Shares | Mutual Fund | 12,713 | ||||||||||||||
Strong Advisor Small Cap Value Cl Z | Mutual Fund | 19,693 | ||||||||||||||
Strong Government Securities Fund | Mutual Fund | 5,390 | ||||||||||||||
Strong Growth Fund | Mutual Fund | 14,537 | ||||||||||||||
Strong High Yield Bond Fund | Mutual Fund | 4,662 | ||||||||||||||
Strong International Stock Fund | Mutual Fund | 3,638 | ||||||||||||||
Strong Technology 100 Fund | Mutual Fund | 303 | ||||||||||||||
T Rowe Price Capital Appreciation Fund | Mutual Fund | 12,426 | ||||||||||||||
T Rowe Price Equity Income Fund | Mutual Fund | 26,069 | ||||||||||||||
T Rowe Price International European Stock Fund | Mutual Fund | 7,231 | ||||||||||||||
T Rowe Price Mid-Capital Growth Fund | Mutual Fund | 28,318 | ||||||||||||||
T Rowe Price New Income Fund | Mutual Fund | 14,214 | ||||||||||||||
T Rowe Price Small Cap Stock Fund | Mutual Fund | 8,754 | ||||||||||||||
T Rowe Price Small-Capital Value Fund | Mutual Fund | 11,501 | ||||||||||||||
Technology Focus Fund | Mutual Fund | 1,445 | ||||||||||||||
Templeton Foreign Fund | Mutual Fund | 6,470 | ||||||||||||||
Templeton Global Income Fund Inc | Mutual Fund | 30,990 | ||||||||||||||
Templeton World Fund Class A | Mutual Fund | 21,013 | ||||||||||||||
Third Ave Real Estate Value Fund | Mutual Fund | 4,280 | ||||||||||||||
Torray Fund | Mutual Fund | 14,663 | ||||||||||||||
Turner Midcap Growth Fund Cl 1 | Mutual Fund | 2,133 | ||||||||||||||
Tweedy Browne Global Value Fund | Mutual Fund | 4,224 | ||||||||||||||
Van Kampen Comstock Fund | Mutual Fund | 10,887 | ||||||||||||||
Van Wagoner Mid-Cap Fund | Mutual Fund | 1,379 | ||||||||||||||
Van Wagoner Post Venture Fund | Mutual Fund | 1,948 | ||||||||||||||
Vanguard Conv Secs Fund | Mutual Fund | 32,912 | ||||||||||||||
Vanguard F-1 Secs GNMA Portfolio | Mutual Fund | 58,828 | ||||||||||||||
Vanguard Growth & Income | Mutual Fund | 14,749 | ||||||||||||||
Vanguard Growth Index Fund | Mutual Fund | 43,690 |
-11-
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Vanguard Health Care Fund | Mutual Fund | $ | 17,835 | |||||||
Vanguard Index Trust 500 Portfolio | Mutual Fund | 107,061 | ||||||||
Vanguard International Growth Portfolio | Mutual Fund | 1,483 | ||||||||
Vanguard Wellington Fund | Mutual Fund | 5,234 | ||||||||
Vanguard World US Growth Portfolio | Mutual Fund | 31,957 | ||||||||
Wasatch Ultra Growth Fund | Mutual Fund | 9,025 | ||||||||
Weitz Value Portfolio | Mutual Fund | 25,277 | ||||||||
White Oak Growth Stock | Mutual Fund | 74,578 | ||||||||
Wilshire Lg Co Growth — Investment | Mutual Fund | 8,477 | ||||||||
Wireless Fund | Mutual Fund | 131 | ||||||||
Schwab Money Market Fund | Money Market | 2,596,901 | ||||||||
A O N Corporation | 581 shares of common stock | 10,977 | ||||||||
Aastrom Biosciences Inc | 1,080 shares of common stock | 508 | ||||||||
Abbott Laboratories | 25 shares of common stock | 1,000 | ||||||||
Abgenix Inc | 100 shares common stock | 737 | ||||||||
Abiomed Inc | 43 shares of common stock | 157 | ||||||||
ABM Inds Inc | 209 shares of common stock | 3,243 | ||||||||
Acambis PLC | 200 shares of common stock | 8,786 | ||||||||
ADV Fibre Communication Inc | 700 shares of common stock | 11,676 | ||||||||
Advanced Digital Info Cp | 155 shares of common stock | 1,040 | ||||||||
Advanced Micro Devices | 46 shares of common stock | 297 | ||||||||
Aftermarket Technology Corp | 500 shares of common stock | 7,250 | ||||||||
Agere Systems Inc Class A | 150 shares of common stock | 216 | ||||||||
Agere Systems Inc Class B | 3,880 shares of common stock | 5,432 | ||||||||
Air Prods & Chems Inc | 204 shares of common stock | 8,738 | ||||||||
Allied Cap Corp New | 81 shares of common stock | 1,764 | ||||||||
Allied Resh Corp | 200 shares of common stock | 3,700 | ||||||||
Allstate Corp | 127 shares of common stock | 4,702 | ||||||||
Alpha Insurance Group | 9,500 shares of common stock | 1,235 | ||||||||
Alterra Healthcare Corp | 745 shares of common stock | 82 | ||||||||
Amazon Com Inc | 495 shares of common stock | 9,351 | ||||||||
American Eagle Outfitters Inc | 500 shares of common stock | 6,890 | ||||||||
American Express Co | 31 shares of common stock | 1,083 | ||||||||
American HomePatient Inc | 5,500 shares of common stock | 825 | ||||||||
American International Group | 1,931 shares of common stock | 111,719 | ||||||||
American Skiing Corp | 1,830 shares of common stock | 229 | ||||||||
Ameriresource Tech New | 30 shares of common stock | 1 | ||||||||
Amerisourcebergen Corp | 59 shares of common stock | 3,204 | ||||||||
Amgen Incorporated | 292 shares of common stock | 14,115 | ||||||||
AMR Corp Del | 100 shares of common stock | 660 | ||||||||
Anheuser Busch Co Inc | 51 shares of common stock | 2,429 | ||||||||
Antigenics Inc Del | 300 shares of common stock | 3,072 | ||||||||
AOL Time Warner Inc | 7,349 shares of common stock | 96,272 | ||||||||
Apache Corp | 200 shares of common stock | 11,398 | ||||||||
Apple Computer Inc | 100 shares of common stock | 1,433 | ||||||||
Applera Celera Genomics | 100 shares of common stock | 955 |
-12-
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Applied Digital Solutions | 3,000 shares of common stock | $ | 1,230 | |||||||
Applied Materials Inc | 1,954 shares of common stock | 25,461 | ||||||||
Aradigm Corp | 400 shares of common stock | 648 | ||||||||
Arch Cap Group Ltd New F | 250 shares of common stock | 7,793 | ||||||||
Archer Daniels Midland Co | 30 shares of common stock | 372 | ||||||||
Arm Holdings PLC | 100 shares of common stock | 253 | ||||||||
Ascential Software Corp | 1,000 shares of common stock | 2,400 | ||||||||
Astec Inds Inc | 25 shares of common stock | 248 | ||||||||
AT&T Corp New | 227 shares of common stock | 5,927 | ||||||||
AT&T Wireless Services | 601 shares of common stock | 3,396 | ||||||||
Atmel Corp | 2,600 shares of common stock | 5,798 | ||||||||
Aucxis Corp | 200 shares of common stock | 1 | ||||||||
Audiovox Cp Class A | 470 shares of common stock | 4,860 | ||||||||
Avaya Inc | 127 shares of common stock | 311 | ||||||||
Avon Robber PLC ORD | 1,000 shares of common stock | 2,874 | ||||||||
Banco Latinoamericano | 200 shares of common stock | 910 | ||||||||
Banta Corp | 300 shares of common stock | 9,381 | ||||||||
Barnesandnoble.com Inc Class A | 9,500 shares of common stock | 10,925 | ||||||||
Bayer AG Sponsored | 350 shares of common stock | 7,578 | ||||||||
Bea Systems Inc | 50 shares of common stock | 574 | ||||||||
BellSouth Corp | 100 shares of common stock | 2,587 | ||||||||
Bentley Pharmaceuticals Inc | 100 shares of common stock | 805 | ||||||||
Berkley W R Corp | 151 shares of common stock | 5,990 | ||||||||
Berkshire Hathaway Class B | 60 shares of common stock | 145,380 | ||||||||
Biomet | 1,000 shares of common stock | 28,660 | ||||||||
Biomira Inc | 100 shares of common stock | 93 | ||||||||
Biopure Corporation Class A | 500 shares of common stock | 1,860 | ||||||||
BMC Software Inc | 600 shares of common stock | 10,266 | ||||||||
Boots & Coots/International Well | 10,000 shares of common stock | 1,500 | ||||||||
Bottomline Tech Inc | 200 shares of common stock | 1,208 | ||||||||
BP PLC | 100 shares of common stock | 4,065 | ||||||||
Bristol-Myers Squibb Co | 383 shares of common stock | 8,857 | ||||||||
Broadcom Corp Class A | 100 shares of common stock | 1,506 | ||||||||
Broadvision Inc New | 6 shares of common stock | 20 | ||||||||
Brocade Communications Systems Inc | 200 shares of common stock | 828 | ||||||||
Brooks PRI Automation | 31 shares of common stock | 355 | ||||||||
Brown & Brown Inc | 150 shares of common stock | 4,848 | ||||||||
Bruker Daltonics Inc | 600 shares of common stock | 2,916 | ||||||||
Burlington Industries | 2,000 shares of common stock | 110 | ||||||||
Callon Pete Co Del | 400 shares of common stock | 1,340 | ||||||||
Cardiodynamics International Corp | 125 shares of common stock | 384 | ||||||||
Carrier Access Corp | 400 shares of common stock | 160 | ||||||||
Caterpillar Inc | 100 shares of common stock | 4,572 | ||||||||
Celeris Corporation New | 2,000 shares of common stock | 20 | ||||||||
Celestica Inc | 1,570 shares of common stock | 22,137 | ||||||||
Cell GeneSystems Inc | 1,650 shares of common stock | 18,399 | ||||||||
Centex Corporation | 100 shares of common stock | 5,020 |
-13-
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Central Pkg Corp | 25 shares of common stock | $ | 472 | |||||||
Chattem Inc | 1,600 shares of common stock | 32,880 | ||||||||
Check PT Software Tech F | 100 shares of common stock | 1,297 | ||||||||
Chevrontexaco Corp | 50 shares of common stock | 3,358 | ||||||||
Chicos Fas Inc | 574 shares of common stock | 10,854 | ||||||||
Chromavision Med Systems Inc | 150 shares of common stock | 200 | ||||||||
Chubb Corp | 0.47 shares of common stock | 24 | ||||||||
Ciena Corp | 300 shares of common stock | 1,542 | ||||||||
Cirrus Logic | 250 shares of common stock | 720 | ||||||||
Cisco Systems Inc | 12,998 shares of common stock | 170,274 | ||||||||
Citadel Sec Software Inc | 1,000 shares of common stock | 1,100 | ||||||||
Citigroup Inc | 2,188 shares of common stock | 76,993 | ||||||||
Citigroup Inc 00 Wts | 15,000 shares of common stock | 15,750 | ||||||||
Citrix Systems | 1,674 shares of common stock | 20,624 | ||||||||
Clarent Corp Del | 1,000 shares of common stock | 1 | ||||||||
CMGI Inc | 7,217 shares of common stock | 7,080 | ||||||||
Coach Inc | 375 shares of common stock | 12,345 | ||||||||
Coca Cola Company | 657 shares of common stock | 28,743 | ||||||||
Cognizant Tech Sol Class A | 207 shares of common stock | 14,952 | ||||||||
Comcas Corp New Class A | 366 shares of common stock | 8,627 | ||||||||
Comdisco Holding Co RTS | 450 shares of common stock | 37 | ||||||||
Commerce Bancorp Inc N J | 50 shares of common stock | 2,167 | ||||||||
Communication Intelligence Corp New | 100 shares of common stock | 35 | ||||||||
Computer Assoc International Inc | 100 shares of common stock | 1,350 | ||||||||
Computized Thermal Imaging | 2,100 shares of common stock | 399 | ||||||||
Compuware | 200 shares of common stock | 960 | ||||||||
Conagra Foods Inc | 160 shares of common stock | 4,002 | ||||||||
Conexant Systems Inc | 100 shares of common stock | 161 | ||||||||
Continental Airlines Class B | 300 shares of common stock | 2,175 | ||||||||
Convergys Corp | 900 shares of common stock | 13,635 | ||||||||
Copper Mtn Networks New | 40 shares of common stock | 170 | ||||||||
Corinthian Colleges Inc | 340 shares of common stock | 12,872 | ||||||||
Cornerstone Internet Solutions Co | 2,230 shares of common stock | 1 | ||||||||
Corning Inc | 4,978 shares of common stock | 16,478 | ||||||||
Corrections CP Amer New | 611 shares of common stock | 10,479 | ||||||||
Corvis Corp | 1,100 shares of common stock | 781 | ||||||||
Cost Plus Inc California | 1,200 shares of common stock | 34,404 | ||||||||
Costco Whsl Corp New | 100 shares of common stock | 2,806 | ||||||||
Cost-U-Less Inc | 1,000 shares of common stock | 1,020 | ||||||||
Covad Cummun Group Inc | 6,625 shares of common stock | 6,228 | ||||||||
Craftmade International Inc | 500 shares of common stock | 7,700 | ||||||||
CT Holdings Inc | 4,000 shares of common stock | 68 | ||||||||
Cytyc Corp | 7,250 shares of common stock | 73,950 | ||||||||
Danka Business Systems | 2,000 shares of common stock | 8,500 | ||||||||
Datakey Inc | 1,200 shares of common stock | 1,704 | ||||||||
Dauphin Technology Inc | 750 shares of common stock | 165 | ||||||||
Dell Computer Corp | 7,188 shares of common stock | 192,207 |
-14-
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Delphi Automotive Systems | 1,000 shares of common stock | $ | 8,050 | |||||||
Deltathree Com | 200 shares of common stock | 95 | ||||||||
Digene Corp | 150 shares of common stock | 1,719 | ||||||||
Disney Walt Hldg Co | 741 shares of common stock | 12,086 | ||||||||
Display Technologies Inc | 5,000 shares of common stock | 8 | ||||||||
Documentum | 1,000 shares of common stock | 15,660 | ||||||||
Dollar Gen Corp | 1,777 shares of common stock | 21,236 | ||||||||
Drugstore.com Inc | 1,700 shares of common stock | 4,080 | ||||||||
DTE Energy Co | 224 shares of common stock | 10,383 | ||||||||
Duke Energy Corporation | 383 shares of common stock | 7,475 | ||||||||
Durban RDPT DP F | 3,000 shares of common stock | 12,150 | ||||||||
E Digital Corp | 5,000 shares of common stock | 950 | ||||||||
E4L Inc | 345 shares of common stock | 1 | ||||||||
Eastman Kodak Co | 650 shares of common stock | 22,776 | ||||||||
Ebay Inc | 775 shares of common stock | 52,561 | ||||||||
Echelon Corp | 2,620 shares of common stock | 29,370 | ||||||||
Edwards J D & Co | 150 shares of common stock | 1,692 | ||||||||
El Paso Corporation | 802 shares of common stock | 5,582 | ||||||||
Electroglas | 400 shares of common stock | 616 | ||||||||
Electronic Data Systems Corp | 850 shares of common stock | 15,666 | ||||||||
EMC Corp Mass | 6,362 shares of common stock | 39,063 | ||||||||
Energy Conv Devices Inc | 200 shares of common stock | 1,960 | ||||||||
Engineered Support Systems | 300 shares of common stock | 10,998 | ||||||||
Enron Corp | 1,400 shares of common stock | 87 | ||||||||
EnteraSystems Networks Inc | 200 shares of common stock | 312 | ||||||||
Eplus Inc | 1,500 shares of common stock | 10,575 | ||||||||
Equinix Inc | 1,200 shares of common stock | 252 | ||||||||
Ericsson Tel B New | 740 shares of common stock | 4,988 | ||||||||
E-Trade Group Inc | 7,100 shares of common stock | 34,506 | ||||||||
E-Videotv Inc | 9,833 shares of common stock | 98 | ||||||||
Extreme Networks Inc | 600 shares of common stock | 1,962 | ||||||||
Exxon Mobil Corporation | 636 shares of common stock | 22,223 | ||||||||
Fannie Mae | 100 shares of common stock | 6,433 | ||||||||
Far East Energy Corp | 920 shares of common stock | 3,864 | ||||||||
Fidelity National Financial Inc | 800 shares of common stock | 26,264 | ||||||||
First Data Corporation | 50 shares of common stock | 1,773 | ||||||||
First Health Group Corp | 1,350 shares of common stock | 32,873 | ||||||||
First Virtual Commun Inc | 627 shares of common stock | 188 | ||||||||
Flextronics International Ltd | 200 shares of common stock | 1,638 | ||||||||
Ford Motor Company New | 1,703 shares of common stock | 15,838 | ||||||||
Forest Labs Inc | 147 shares of common stock | 14,438 | ||||||||
Forest Oil Corp New | 200 shares of common stock | 5,530 | ||||||||
Fountain Pwr Boat Inds Inc | 2,000 shares of common stock | 6,480 | ||||||||
Franklin Res Inc | 152 shares of common stock | 5,172 | ||||||||
Freemarkets Inc | 100 shares of common stock | 644 | ||||||||
Freidman Billings Ramsey Group Inc | 500 shares of common stock | 4,680 | ||||||||
Futurelink Corp New | 232 shares of common stock | 1 |
-15-
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Gallagher Arthur J & Co | 3,054 shares of common stock | $ | 89,721 | |||||||
Gap Inc | 800 shares of common stock | 12,416 | ||||||||
Gateway Inc | 2,500 shares of common stock | 7,850 | ||||||||
Gemstar TV Guide International | 300 shares of common stock | 975 | ||||||||
Genelabs Technologies Inc | 400 shares of common stock | 680 | ||||||||
General Dynamics Corp | 150 shares of common stock | 11,906 | ||||||||
General Electric Company | 7,809 shares of common stock | 190,138 | ||||||||
General Magic Inc New | 311 shares of common stock | 1 | ||||||||
General Motors Corp | 160 shares of common stock | 5,898 | ||||||||
Genta Inc New | 400 shares of common stock | 3,076 | ||||||||
Gillette Co | 101 shares of common stock | 3,052 | ||||||||
Glamis Gold Ltd | 2,000 shares of common stock | 22,680 | ||||||||
Glaxosmithkline PLC F | 113 shares of common stock | 4,233 | ||||||||
Global Crossing Ltd | 4,750 shares of common stock | 86 | ||||||||
Globalstar Telecom Ord | 50 shares of common stock | 3 | ||||||||
Gold Fld So Africa Spons | 1,000 shares of common stock | 1 | ||||||||
Goldcorp Inc New | 6,000 shares of common stock | 76,320 | ||||||||
Goodrich Corporation | 500 shares of common stock | 9,160 | ||||||||
Goodys Family Clothing | 10 shares of common stock | 44 | ||||||||
Graftech International | 84 shares of common stock | 501 | ||||||||
Granite Constr Inc | 225 shares of common stock | 3,488 | ||||||||
Grey Wolf Inc | 500 shares of common stock | 1,995 | ||||||||
Gric Communications Inc | 35 shares of common stock | 85 | ||||||||
GSI Lumonics Inc | 500 shares of common stock | 3,015 | ||||||||
Halliburton Co Hldg Co | 608 shares of common stock | 11,381 | ||||||||
Harley Davidson | 300 shares of common stock | 13,860 | ||||||||
Harris & Harris | 2,000 shares of common stock | 4,920 | ||||||||
Healthtrac Inc | 400 shares of common stock | 8 | ||||||||
Helen of Troy Corporation | 1,000 shares of common stock | 11,640 | ||||||||
Hershey Foods Corp | 11 shares of common stock | 707 | ||||||||
Hewlett-Packard Company | 1,851 shares of common stock | 32,139 | ||||||||
Hilb Rogal & Hamilton Co | 1,224 shares of common stock | 50,062 | ||||||||
Home Depot Inc | 1,619 shares of common stock | 38,797 | ||||||||
House2Home Inc | 2,250 shares of common stock | 1 | ||||||||
Huntington Bancshares Inc | 1,063 shares of common stock | 19,880 | ||||||||
Identix Inc | 1,612 shares of common stock | 8,302 | ||||||||
IDT Corp Class B | 100 shares of common stock | 1,551 | ||||||||
IDT Corporation | 100 shares of common stock | 1,729 | ||||||||
Imaging Diagnostic Systems | 323 shares of common stock | 66 | ||||||||
Imaging Tech Corp New | 75 shares of common stock | 1 | ||||||||
Imclone Systems Inc | 50 shares of common stock | 531 | ||||||||
Immune Response Corp New | 59 shares of common stock | 57 | ||||||||
Inacom Corp | 600 shares of common stock | 1 | ||||||||
Indus International Inc | 1,000 shares of common stock | 1,640 | ||||||||
Info Architects CP New | 504 shares of common stock | 30 | ||||||||
Infospace Inc New | 120 shares of common stock | 1,014 | ||||||||
Inkline Pharm Inc | 170 shares of common stock | 277 |
-16-
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Inspire Insurance Solutions Inc | 1,000 shares of common stock | $ | 10 | |||||||
Intel Corp | 8,907 shares of common stock | 138,686 | ||||||||
Interiors Inc Class A | 25,709 shares of common stock | 3 | ||||||||
Interliant Inc | 101 shares of common stock | 2 | ||||||||
International Business Machines | 2,384 shares of common stock | 184,790 | ||||||||
International Game Technology | 191 shares of common stock | 14,501 | ||||||||
International Rectifier Corporation | 100 shares of common stock | 1,846 | ||||||||
International Shipholding Corp | 3,074 shares of common stock | 18,754 | ||||||||
Internet Capital Group | 15 shares of common stock | 5 | ||||||||
Interwoven Inc | 100 shares of common stock | 260 | ||||||||
Iomega Corp New | 120 shares of common stock | 942 | ||||||||
Isco International Inc | 33,770 shares of common stock | 10,806 | ||||||||
Isis Pharmaceuticals | 600 shares of common stock | 3,954 | ||||||||
ITC Deltacom Inc New | 17 shares of common stock | 40 | ||||||||
JDS Uniphase Corporation | 7,223 shares of common stock | 17,841 | ||||||||
Johnson & Johnson | 460 shares of common stock | 24,730 | ||||||||
JP Morgan Chase & Co | 782 shares of common stock | 18,780 | ||||||||
Juniper Networks Inc | 280 shares of common stock | 1,904 | ||||||||
K Mart Corporation | 700 shares of common stock | 140 | ||||||||
Keyspan Corp | 96 shares of common stock | 3,394 | ||||||||
Kinross Gold Corp | 3,000 shares of common stock | 7,350 | ||||||||
Knight Trading Group | 300 shares of common stock | 1,437 | ||||||||
Kraft Foods Inc | 202 shares of common stock | 7,858 | ||||||||
Krispy Kreme Doughnuts Inc | 420 shares of common stock | 14,183 | ||||||||
Kroger Co | 500 shares of common stock | 7,725 | ||||||||
Labor Ready Inc New | 650 shares of common stock | 4,173 | ||||||||
Laboratory CP of America Hldg New | 400 shares of common stock | 9,296 | ||||||||
Lafarge Corp | 400 shares of common stock | 13,140 | ||||||||
Legato Systems | 900 shares of common stock | 4,527 | ||||||||
Lehman Bros Hldgs Inc | 51 shares of common stock | 2,673 | ||||||||
Lennar Corp | 65 shares of common stock | 3,354 | ||||||||
Level 3 Communications Inc | 1,500 shares of common stock | 7,350 | ||||||||
Lifepoint Hospitals Inc | 100 shares of common stock | 2,993 | ||||||||
Lilly Eli & Company | 100 shares of common stock | 6,350 | ||||||||
Limited Inc | 1,262 shares of common stock | 17,573 | ||||||||
LNR Property Corp | 300 shares of common stock | 10,620 | ||||||||
Loudeye Technologies Inc | 250 shares of common stock | 79 | ||||||||
Lowes Companies | 425 shares of common stock | 15,938 | ||||||||
LSI Logic Corp | 100 shares of common stock | 577 | ||||||||
Lucent Technologies Inc | 13,108 shares of common stock | 16,516 | ||||||||
Luminex Corp Del | 1,800 shares of common stock | 7,398 | ||||||||
Macromedia | 25 shares of common stock | 266 | ||||||||
MAF Bancorp | 300 shares of common stock | 10,179 | ||||||||
Marchfirst Inc | 6,370 shares of common stock | 1 | ||||||||
Marsh & McLennan Cos Inc | 1,128 shares of common stock | 52,142 | ||||||||
Matritech Inc | 100 shares of common stock | 208 | ||||||||
Mattel Incorporated | 200 shares of common stock | 3,840 |
-17-
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
McData Corporation Class A | 89 shares of common stock | $ | 632 | |||||||
McDonalds Corp | 1,317 shares of common stock | 21,170 | ||||||||
Meadowbrook Ins Group | 103 shares of common stock | 256 | ||||||||
Medarex Inc | 4,450 shares of common stock | 17,578 | ||||||||
Medimmune Inc | 100 shares of common stock | 2,717 | ||||||||
Medtronic Inc | 176 shares of common stock | 8,044 | ||||||||
Mentor Corp Minn | 300 shares of common stock | 11,550 | ||||||||
Mercator Software Inc | 2,000 shares of common stock | 1,940 | ||||||||
Merck & Co Inc | 436 shares of common stock | 24,658 | ||||||||
Merrill Lynch & Co Inc | 400 shares of common stock | 15,180 | ||||||||
Metricom Inc New | 200 shares of common stock | 1 | ||||||||
Metromedia Fibert Network | 55,000 shares of common stock | 550 | ||||||||
Microage Inc | 1,000 shares of common stock | 1 | ||||||||
Micron Technology Inc | 200 shares of common stock | 1,948 | ||||||||
Microsoft Corp | 4,236 shares of common stock | 219,001 | ||||||||
Microstrategy Inc A New | 15 shares of common stock | 227 | ||||||||
Microvision Inc WA | 1,000 shares of common stock | 5,320 | ||||||||
Mid Atlantic Med Svcs Inc | 200 shares of common stock | 6,480 | ||||||||
Milacron Inc | 242 shares of common stock | 1,440 | ||||||||
Millennium Cell Inc | 3,000 shares of common stock | 7,170 | ||||||||
Miracle Entertainment | 6 shares of common stock | 1 | ||||||||
Monsanto Co New Del | 1,000 shares of common stock | 19,250 | ||||||||
Motorola Incorporated | 200 shares of common stock | 1,730 | ||||||||
Mphase Tech Inc | 100 shares of common stock | 20 | ||||||||
Mylan Labs Inc | 35 shares of common stock | 1,222 | ||||||||
National City Corp | 901 shares of common stock | 24,609 | ||||||||
National Scientific Corp | 250 shares of common stock | 38 | ||||||||
National Semiconductor Corp | 115 shares of common stock | 1,726 | ||||||||
Neoforma Inc | 2 shares of common stock | 24 | ||||||||
Neoware Systems Inc | 2,000 shares of common stock | 29,820 | ||||||||
Net2phone Inc | 500 shares of common stock | 2,025 | ||||||||
Netcurrents Information Svcs | 2,000 shares of common stock | 8 | ||||||||
Network Appliance Inc | 140 shares of common stock | 1,400 | ||||||||
Networks Associates Inc | 10 shares of common stock | 161 | ||||||||
Nextel Communications A | 1,600 shares of common stock | 18,480 | ||||||||
Nissan Motor Ltd Sponsored | 22 shares of common stock | 338 | ||||||||
Nokia Corp Spon F | 1,411 shares of common stock | 21,871 | ||||||||
Nordstrom Inc | 100 shares of common stock | 1,897 | ||||||||
Nortel Networks CP New F | 1,390 shares of common stock | 2,238 | ||||||||
North Amern Datacom Inc | 1,000 shares of common stock | 1 | ||||||||
Northpoint Commun Hldgs | 1,800 shares of common stock | 2 | ||||||||
Novell Inc | 1,000 shares of common stock | 3,340 | ||||||||
Oakwood Homes Corp New | 200 shares of common stock | 86 | ||||||||
Obie Media Corp | 352 shares of common stock | 1,165 | ||||||||
Ocwen Financial Corporation | 100 shares of common stock | 280 | ||||||||
Online Res & Comm Corp | 20,000 shares of common stock | 56,180 | ||||||||
Oracle Corporation | 4,075 shares of common stock | 44,010 |
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Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Owens & Minor Inc New | 600 shares of common stock | $ | 9,852 | |||||||
Oxford Health Plans Inc | 200 shares of common stock | 7,290 | ||||||||
Paccar Inc | 150 shares of common stock | 6,920 | ||||||||
Pacific Aerospace & Electronics Inc | 7,000 shares of common stock | 70 | ||||||||
Pacific Continental Corp | 6,660 shares of common stock | 97,236 | ||||||||
Palm Inc New | 76 shares of common stock | 1,193 | ||||||||
Paradyne Networks Inc | 398 shares of common stock | 509 | ||||||||
Parnterre Ltd | 10 shares of common stock | 518 | ||||||||
Paychex Inc | 201 shares of common stock | 5,619 | ||||||||
Payless Cashways Inc New | 2,000 shares of common stock | 1 | ||||||||
PCCW Limited Ord | 900 shares of common stock | 135 | ||||||||
PDC Innovation Inds | 2,000 shares of common stock | 64 | ||||||||
Peoplesoft Inc | 200 shares of common stock | 3,660 | ||||||||
Pepsi Bottling Group Inc | 24 shares of common stock | 619 | ||||||||
Pepsico Inc | 46 shares of common stock | 1,957 | ||||||||
Peregrine Pharmaceutical Inc | 100 shares of common stock | 78 | ||||||||
Peregrine Systems Inc | 45 shares of common stock | 4 | ||||||||
Pfizer Incorporated | 3,108 shares of common stock | 95,026 | ||||||||
Philip Morris Cos Inc | 58 shares of common stock | 2,366 | ||||||||
Pioneer Cos Inc Class A | 2,900 shares of common stock | 1 | ||||||||
Plug Power Inc | 1,125 shares of common stock | 5,051 | ||||||||
Polycom | 2,700 shares of common stock | 25,704 | ||||||||
Portal Software Inc | 4,000 shares of common stock | 3,232 | ||||||||
PPG Inds Inc | 187 shares of common stock | 9,393 | ||||||||
Precision Castparts Corp | 200 shares of common stock | 4,850 | ||||||||
Procter & Gamble Co | 32 shares of common stock | 2,714 | ||||||||
Progress Energy Inc | 574 shares of common stock | 24,870 | ||||||||
Proxim Corp | 151 shares of common stock | 131 | ||||||||
Puget Energy Inc | 606 shares of common stock | 13,362 | ||||||||
Puma Technology Inc | 2,000 shares of common stock | 1,420 | ||||||||
Qualcomm Inc | 503 shares of common stock | 18,304 | ||||||||
Quest Communications International Inc | 1,000 shares of common stock | 5,000 | ||||||||
Quest Resource Corp | 4,330 shares of common stock | 9,872 | ||||||||
Rambus Inc Del | 584 shares of common stock | 3,919 | ||||||||
Ramtron International Corp New | 3,500 shares of common stock | 9,800 | ||||||||
Rare Medium Group New | 3 shares of common stock | 1 | ||||||||
Rayonier Inc | 200 shares of common stock | 9,050 | ||||||||
Raytheon Company New | 1,307 shares of common stock | 40,192 | ||||||||
Razorfish Inc Class A New | 3 shares of common stock | 6 | ||||||||
Realnetworks Inc | 100 shares of common stock | 381 | ||||||||
Redhat Inc | 735 shares of common stock | 4,344 | ||||||||
Reliance Group Holdings Inc | 36,200 shares of common stock | 22 | ||||||||
RF Micro Devices Inc | 200 shares of common stock | 1,466 | ||||||||
Rite Aid Corporation | 435 shares of common stock | 1,066 | ||||||||
Riverstone Networks Inc | 102 shares of common stock | 216 | ||||||||
RLI Corp | 202 shares of common stock | 5,627 | ||||||||
Rockwell Collins Inc | 9 shares of common stock | 209 | ||||||||
Rockwell International Corp New | 9 shares of common stock | 186 |
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Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Rohm & Haas Co | 40 shares of common stock | $ | 1,299 | |||||||
S1 Corporation | 382 shares of common stock | 1,704 | ||||||||
Safeguard Scientific Inc | 1,000 shares of common stock | 1,360 | ||||||||
Safeway | 94 shares of common stock | 2,196 | ||||||||
Sanguine Corp | 4,000 shares of common stock | 160 | ||||||||
SBC Communications Inc | 100 shares of common stock | 2,711 | ||||||||
Scansoft Inc | 3,000 shares of common stock | 15,600 | ||||||||
Schlumberger Ltd | 360 shares of common stock | 15,161 | ||||||||
Scientific Atlanta Inc | 275 shares of common stock | 3,262 | ||||||||
Scios Inc | 77 shares of common stock | 2,509 | ||||||||
Scor | 25 shares of common stock | 138 | ||||||||
Semotus Solutions Inc | 100 shares of common stock | 11 | ||||||||
Service Corp International | 2,000 shares of common stock | 6,640 | ||||||||
Seven Seas Pete New | 2,000 shares of common stock | 60 | ||||||||
Sheldahl Co | 300 shares of common stock | 1 | ||||||||
Sicor Inc | 600 shares of common stock | 9,510 | ||||||||
Siebel Systems Inc | 310 shares of common stock | 2,319 | ||||||||
Silicon Graphics | 1,000 shares of common stock | 1,130 | ||||||||
Silicon Storage Tech | 150 shares of common stock | 606 | ||||||||
Simtek Corp | 5,500 shares of common stock | 880 | ||||||||
Solectron Corp Del | 3,500 shares of common stock | 12,425 | ||||||||
Sonicblue Inc | 700 shares of common stock | 315 | ||||||||
Sonosight Inc | 300 shares of common stock | 3,921 | ||||||||
Soundview Technology GP | 1,850 shares of common stock | 2,775 | ||||||||
Southern States Power Inc | 2,000 shares of common stock | 23 | ||||||||
Southwest Airlines Co | 3,334 shares of common stock | 46,345 | ||||||||
St Paul Cos Inc | 10 shares of common stock | 355 | ||||||||
Staples Inc | 38 shares of common stock | 695 | ||||||||
Starbucks Corp | 650 shares of common stock | 13,247 | ||||||||
Steel Dynamics Inc | 97 shares of common stock | 1,167 | ||||||||
Stewart Enterprises Class A | 200 shares of common stock | 1,114 | ||||||||
Storage Tech Corp | 120 shares of common stock | 2,570 | ||||||||
Stryker Corp | 60 shares of common stock | 4,027 | ||||||||
Sun MicroSystems Inc | 13,672 shares of common stock | 42,520 | ||||||||
SunTrust Banks Inc | 200 shares of common stock | 11,384 | ||||||||
Surebeam Corp | 3,000 shares of common stock | 12,120 | ||||||||
Sybase | 400 shares of common stock | 5,360 | ||||||||
Sykes Enterprises | 6,580 shares of common stock | 21,582 | ||||||||
Symantec Corp | 30 shares of common stock | 1,215 | ||||||||
Symbol Technologies Inc | 750 shares of common stock | 6,165 | ||||||||
Syntel Inc | 3,000 shares of common stock | 63,030 | ||||||||
Syntroleum Corp | 1,200 shares of common stock | 2,076 | ||||||||
Taiwan Semiconductor Mfg Co | 196 shares of common stock | 1,382 | ||||||||
Target Corporation | 302 shares of common stock | 9,071 | ||||||||
Tayco Developments Inc | 1,900 shares of common stock | 3,724 | ||||||||
Telular Corp | 15,000 shares of common stock | 56,100 | ||||||||
Texas Instruments Inc | 1,280 shares of common stock | 19,220 | ||||||||
The Charles Schwab Corp | 300 shares of common stock | 3,255 |
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Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Tianrong Bldg Mat Holdings | 1,000 shares of common stock | $ | 1 | |||||||
Tidewater Inc/Citizen Certificates | 500 shares of common stock | 15,550 | ||||||||
Tivo Inc | 100 shares of common stock | 523 | ||||||||
TJX Cos Inc | 101 shares of common stock | 1,970 | ||||||||
TransAtlantic Holdings | 21 shares of common stock | 1,407 | ||||||||
TransTexas Gas Corp | 5 shares of common stock | 2 | ||||||||
Transwitch Corp | 300 shares of common stock | 207 | ||||||||
Travelers Property & Casualty | 69 shares of common stock | 1,011 | ||||||||
Travelers Property & Casualty Class B | 148 shares of common stock | 2,168 | ||||||||
TRC Cos Inc | 810 shares of common stock | 10,635 | ||||||||
Trenwick Group Ltd | 700 shares of common stock | 504 | ||||||||
Triad Hospitals Inc | 10 shares of common stock | 298 | ||||||||
Tripath Imaging Inc | 1,000 shares of common stock | 2,680 | ||||||||
Trustco Bank Corp | 449 shares of common stock | 4,840 | ||||||||
Tyco International Ltd New | 2,067 shares of common stock | 35,308 | ||||||||
UAL Corp | 300 shares of common stock | 429 | ||||||||
Unicapital Corp | 2,000 shares of common stock | 1 | ||||||||
United Parcel Service B | 257 shares of common stock | 16,192 | ||||||||
United Technologies Corp | 205 shares of common stock | 12,706 | ||||||||
Universal Display Corp | 100 shares of common stock | 789 | ||||||||
US Bancorp Del New | 100 shares of common stock | 2,122 | ||||||||
US Lec Corp Class A | 2,100 shares of common stock | 4,725 | ||||||||
USA Floral Products Inc | 400 shares of common stock | 1 | ||||||||
US Internetworking Inc | 450 shares of common stock | 5 | ||||||||
Valero Energy Corp New | 300 shares of common stock | 11,114 | ||||||||
Varian Med Systems | 200 shares of common stock | 9,920 | ||||||||
Vaxgen Inc | 100 shares of common stock | 1,931 | ||||||||
Verisign Inc | 695 shares of common stock | 5,574 | ||||||||
Verizon Communications | 107 shares of common stock | 4,146 | ||||||||
Vertex Pharmaceuticals | 62 shares of common stock | 983 | ||||||||
Verticalnet Inc New | 63 shares of common stock | 50 | ||||||||
Vesta Insurance Group | 205 shares of common stock | 565 | ||||||||
Vialink Company | 200 shares of common stock | 35 | ||||||||
VIE Financial Group Inc | 3,000 shares of common stock | 90 | ||||||||
Viisage Technology Inc | 75 shares of common stock | 334 | ||||||||
Vishay Intertechnology | 400 shares of common stock | 4,472 | ||||||||
Visual Networks Inc | 100 shares of common stock | 145 | ||||||||
Vitro S A | 1,230 shares of common stock | 2,940 | ||||||||
W Holding Co Inc | 600 shares of common stock | 9,846 | ||||||||
Wachovia Corp New | 2,161 shares of common stock | 78,765 | ||||||||
Wal-Mart Stores Inc | 2,376 shares of common stock | 120,001 | ||||||||
Washington Mutual Inc | 376 shares of common stock | 12,997 | ||||||||
Watson Wyatt & Co Holding | 1,000 shares of common stock | 21,750 | ||||||||
Webmd Corp | 85 shares of common stock | 727 | ||||||||
Wellpoint Health Networks New | 88 shares of common stock | 6,262 | ||||||||
Wells Fargo & Co | 250 shares of common stock | 11,718 | ||||||||
Western Digital Corp | 650 shares of common stock | 4,154 |
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Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
Western Water Co | 1,000 shares of common stock | $ | 180 | |||||||
Westpoint Stevens | 201 shares of common stock | 119 | ||||||||
Williams Co Inc | 2,069 shares of common stock | 5,586 | ||||||||
Willis Group Holdings | 15,069 shares of common stock | 432,028 | ||||||||
Worldcom Inc | 17,228 shares of common stock | 2,377 | ||||||||
Worldcom Inc — MCI Group | 544 shares of common stock | 98 | ||||||||
Xerox Corp | 200 shares of common stock | 1,610 | ||||||||
Xin Net Corp | 1,000 shares of common stock | 65 | ||||||||
XM Satellite Radio Holdings | 150 shares of common stock | 404 | ||||||||
XO Communications Class A | 90 shares of common stock | 5 | ||||||||
Yahoo! Inc | 24 shares of common stock | 392 | ||||||||
Zimmer Holdings Inc | 27 shares of common stock | 1,121 | ||||||||
Zixit Corp | 20 shares of common stock | 88 | ||||||||
Zoran Corp | 400 shares of common stock | 5,628 | ||||||||
1/10 Berkshire Hathaway Class A | 10 shares of common stock | 72,750 | ||||||||
1st State Bancorp Inc | 102 shares of common stock | 2,365 | ||||||||
NASDAQ 100 shares | 2,498 shares of stock | 60,876 | ||||||||
EOTT Energy Partners LP | 1,300 shares of stock | 182 | ||||||||
Kinder Morgan Energy Partners LP | 52 shares of stock | 1,817 | ||||||||
Carlton Communications PLC | 100 shares of preferred stock | 1,830 | ||||||||
Corr Corp Amer B PFD | 456 shares of preferred stock | 11,400 | ||||||||
US Treasury Bond | $1,000 principal amount, due 08/15/04 | 1,197 | ||||||||
US Treasury Strip | $15,000 principal amount, due 02/15/07 | 13,500 | ||||||||
US Treasury Strip | $12,000 principal amount, due 02/15/09 | 9,803 | ||||||||
US Treasury Strip | $15,000 principal amount, due 11/15/06 | 13,673 | ||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/07 | 10,564 | ||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/08 | 9,986 | ||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/09 | 9,480 | ||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/11 | 8,393 | ||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/12 | 7,909 | ||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/13 | 7,414 | ||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/08 | 10,328 | ||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/10 | 9,236 | ||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/11 | 8,719 | ||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/12 | 8,250 | ||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/07 | 10,661 | ||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/08 | 10,181 | ||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/09 | 9,656 | ||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/10 | 9,105 | ||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/11 | 8,591 | ||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/12 | 8,123 | ||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/13 | 7,639 | ||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/07 | 10,590 | ||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/08 | 10,110 | ||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/09 | 9,566 | ||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/11 | 8,509 | ||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/12 | 8,014 |
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Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2002
Description of investment including | ||||||||||
Identity of issue, borrower, lessor or | maturity date, rate of interest, collateral, | Current | ||||||||
similar party | par, or maturity value | Cost | value | |||||||
US Treasury Strip | $12,000 principal amount, due 8/15/13 | $ | 7,526 | |||||||
US Treasury Strip | $12,000 principal amount, due 11/15/10 | 8,929 | ||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/10 | 9,015 | ||||||||
Disney Walt Co | $1,000 principal amount, due 9/15/03 | 1,012 | ||||||||
Ford Motor Credit | $1,000 principal amount, due 12/08/05 | 995 | ||||||||
IBRD World BK Bond | $1,000 principal amount, due 1/27/05 | 1,105 | ||||||||
Telecommunication | $1,000 principal amount, due 9/02/03 | 1,012 | ||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/13 | 7,755 | ||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/14. | 7,275 | ||||||||
* | Participant Loans Receivable | Participant notes receivable bearing interest ranging from 5.5% to 10.5% and maturity dates ranging from January 30, 2003 to July 30, 2017 | 3,988,714 | |||||||
$ | 188,444,379 | |||||||||
* | Indicates party-in-interest |
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Table of Contents
WILLIS NORTH AMERICA INC. FINANCIAL SECURITY PARTNERSHIP PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
DECEMBER 31, 2002
Expense | Current value | Net | ||||||||||||||||||||||||||||||||
Purchase | Lease | incurred with | Cost of | of asset on | gain or | |||||||||||||||||||||||||||||
Identity of party involved | Description of asset | price | Selling price | rental | transaction | asset | transaction date | (loss) | ||||||||||||||||||||||||||
A series of security transactions representing one or more securities of the same issue which in aggregate is in excess of 5% of Plan assets | ||||||||||||||||||||||||||||||||||
* | Metropolitan Life Insurance Company | MetLife Guaranteed Fixed Income Fund | $ | 15,668,210 | $ | 15,668,210 | $ | 15,668,210 | ||||||||||||||||||||||||||
* | Metropolitan Life Insurance Company | MetLife Guaranteed Fixed Income Fund | $ | 14,480,967 | 14,480,967 | |||||||||||||||||||||||||||||
* | Metropolitan Life Insurance Company | MetLife Stock Market Index Guarantee Account | 10,675,664 | 11,909,264 | $ | (1,233,600 | ) | |||||||||||||||||||||||||||
* | Willis | Willis Stock Fund | 15,639,229 | 15,639,229 | 15,639,229 |
* | Indicates party-in-interest |
-24-