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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, 2003
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
7 Hanover Square
New York, NY 10004-2594
(212) 344-8888
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
TABLE OF CONTENTS
Page | ||||||||
1 | ||||||||
FINANCIAL STATEMENTS: | ||||||||
2 | ||||||||
3 | ||||||||
4-8 | ||||||||
SUPPLEMENTAL SCHEDULES: | ||||||||
9-21 | ||||||||
22 | ||||||||
Ex-23 Consent of Independent Accounting Firm |
All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
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 28, 2004
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To The Benefits Committee
Willis North America Inc.
Nashville, Tennessee
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, 2003 and 2002, and the related statement of changes in net assets available for benefits for the year ended December 31, 2003. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also 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, 2003 and 2002, and the changes in net assets available for benefits for the year ended December 31, 2003 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 2003 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
Nashville, Tennessee
June 25, 2004
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2003 AND 2002
2003 | 2002 | |||||||
ASSETS: | ||||||||
INVESTMENTS—At fair value | $ | 171,742,323 | $ | 125,806,601 | ||||
INVESTMENT—At contract value | 57,434,527 | 58,649,064 | ||||||
PARTICIPANT LOANS RECEIVABLE | 3,656,572 | 3,988,714 | ||||||
CONTRIBUTIONS RECEIVABLE | 755,672 | — | ||||||
CASH | 10,455 | 392 | ||||||
Total assets | 233,599,549 | 188,444,771 | ||||||
LIABILITIES: | ||||||||
EXCESS CONTRIBUTIONS PAYABLE (Note 7) | (4,414,932 | ) | — | |||||
Total liabilities | (4,414,932 | ) | — | |||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 229,184,617 | $ | 188,444,771 | ||||
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, 2003
ADDITIONS TO NET ASSETS: | ||||
Investment income: | ||||
Dividends | $ | 1,141,954 | ||
Interest | 1,651,326 | |||
Interest from participant loans | 245,608 | |||
Net realized and unrealized appreciation in fair value of investments | 33,027,558 | |||
Total investment gain | 36,066,446 | |||
Contributions: | ||||
Contributions from participants | 20,767,025 | |||
Contributions from employer—net of forfeitures | 4,978,893 | |||
Total contributions | 25,745,918 | |||
TOTAL ADDITIONS TO NET ASSETS | 61,812,364 | |||
DEDUCTIONS FROM NET ASSETS: | ||||
Benefits paid to participants | (16,630,870 | ) | ||
Fees paid by participants | (26,716 | ) | ||
Other deductions—excess contributions payable (Note 7) | (4,414,932 | ) | ||
TOTAL DEDUCTIONS FROM NET ASSETS | (21,072,518 | ) | ||
NET INCREASE | 40,739,846 | |||
NET ASSETS AVAILABLE FOR BENEFITS: | ||||
Beginning of year | 188,444,771 | |||
End of year | $ | 229,184,617 | ||
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, 2003 AND 2002
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 Limited 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 thirty days of service (three months of service prior to September 1, 2003). 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. The Employer’s matching contributions are limited to $3,000. Effective for the 2004 calendar year only, the Employer’s matching contribution shall not be made for a participant whose annual compensation exceeds $100,000. Annual compensation shall mean the participant’s base pay plus commissions, production incentives and Annual Incentive Plan bonuses received during the 2003 calendar year. 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. 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, 2003, 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 |
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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”). | ||||
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 $0 and $23,311 at December 31, 2003 and 2002, 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. Employer contributions and earnings thereon fully vest after five 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% to 10.5%, 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 $258,549 and $269,833 at December 31, 2003 and 2002, 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 business 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, 2003 and 2002, 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. |
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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, including mutual funds and investment contracts. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. | ||||
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 2.7% and 2.8% at December 31, 2003 and 2002, respectively. | ||||
Individual investments which represent greater than 5% of the Plan’s net assets are as follows: |
As of December 31, 2003: | ||||||||
MetLife Guaranteed Fixed Income Fund | $ | 57,434,527 | ||||||
MetLife Stock Market Index Guarantee Account | 45,475,649 | |||||||
Harris Associates—Oakmark Fund | 23,539,531 | |||||||
* | Willis Stock Fund | 27,656,746 | ||||||
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 |
* Includes nonparticipant directed amount of $12,656,097 and $6,349,566 at December 31, 2003 and 2002, respectively.
During 2003, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $33,027,558 as follows:
Mutual funds | $ | 25,602,162 | ||
Common stock | 7,407,089 | |||
Corporate bonds | 5,896 | |||
U.S. government securities | 12,411 | |||
$ | 33,027,558 | |||
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4. | NONPARTICIPANT-DIRECTED INVESTMENTS | |||
Information about the net assets as of December 31, 2003 and 2002 and the significant components of the changes in net assets for the year ended December 31, 2003 relating to the nonparticipant-directed investments is as follows: |
2003 | 2002 | |||||||
Net assets— | ||||||||
Investments—at fair value | $ | 12,656,097 | $ | 6,349,566 | ||||
Changes in net assets: | ||||||||
Contributions from Employer—net of forfeitures | $ | 4,978,893 | ||||||
Net realized and unrealized appreciation in fair value of investments | 2,012,306 | |||||||
Benefits paid to participants | (681,567 | ) | ||||||
Fees paid by participants | (3,101 | ) | ||||||
$ | 6,306,531 | |||||||
5. | INCOME TAX STATUS | |||
The Plan has received a determination letter from the IRS dated October 30, 2003, 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 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. | ||||
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 and, therefore, these transactions qualify as party-in-interest transactions. Administrative expenses of the Plan not borne by participants are paid by the Company. The Company paid no such expenses in 2003. |
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7. | VOLUNTARY CORRECTION PROGRAM | |||
On March 29, 2004, the Company received a compliance statement from the Internal Revenue Service under the Voluntary Correction Program (“VCP”). The compliance statement was obtained with respect to an operational oversight regarding the Plan years 1992 through 1999, whereby benefits from the Plan and Willis North America Inc. Pension Plan exceeded the combined plans’ limits under Internal Revenue Code (“IRC”) Section 415(e). Consistent with common practice, compliance testing was performed during this period; however, the additional level of testing required by IRC Section 415(e) was not performed for all employees from 1992 through 1999. IRC Section 415(e) has since been repealed therefore the same failures cannot reoccur. | ||||
As a result of the operational oversight, the Plan has recorded a liability in the amount of $4,414,932, which will be paid to participants in 2004. In addition, the Plan will transfer $1,478,083 of 1992-1999 employer contributions from participants’ accounts to a forfeitures account. These forfeitures will be used to offset future employer contributions. |
8. | RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 | |||
The following is a reconciliation of the net assets available for benefits in the financial statements to the Form 5500 for the 2003 plan year: |
Net assets available for benefits per the financial statements | $ | 229,184,617 | ||||||
Excess contributions payable | 4,414,932 | |||||||
Other liabilities | (10 | ) | ||||||
Net assets available for benefits per the Form 5500 | $ | 233,599,539 | ||||||
* * * * * *
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | $ | $ | 57,434,527 | |||||||
* | MetLife Stock Market Index Guarantee Account | Mutual Fund | 45,475,649 | |||||||||
Harris Associates—Oakmark Fund | Mutual Fund | 23,539,531 | ||||||||||
Loomis Sayles Small Cap Value Fund | Mutual Fund | 11,111,227 | ||||||||||
Templeton Foreign Fund | Mutual Fund | 6,888,926 | ||||||||||
Harris Associates- Oakmark Select Fund | Mutual Fund | 11,424,343 | ||||||||||
Janus Fund | Mutual Fund | 11,246,369 | ||||||||||
Baron Asset Fund | Mutual Fund | 2,771,194 | ||||||||||
Baron Growth Fund | Mutual Fund | 4,247,701 | ||||||||||
PIMCO Total Return Bond Fund | Mutual Fund | 11,175,582 | ||||||||||
PIMCO High Yield Bond Fund | Mutual Fund | 1,861,733 | ||||||||||
* | Willis Stock Fund—participant directed | Mutual Fund | 15,000,649 | |||||||||
* | Willis Stock Fund—nonparticipant directed | Mutual Fund | 10,619,199 | 12,656,097 | ||||||||
Aberdeen Asia Pac Income | Mutual Fund | 31,921 | ||||||||||
Aim Aggressive Growth Fund CL A | Mutual Fund | 20,255 | ||||||||||
Aim Basic Value Fund CL A | Mutual Fund | 21,231 | ||||||||||
Aim Constellation Fund | Mutual Fund | 15,755 | ||||||||||
Aim Large Cap Basic Value CL I | Mutual Fund | 9,473 | ||||||||||
Aim Weingarten Fund CL A | Mutual Fund | 10,826 | ||||||||||
Allianceber Small Cap Value Fund CL A | Mutual Fund | 27,727 | ||||||||||
Amcent Twentieth Century Growth Fund | Mutual Fund | 6,789 | ||||||||||
American Century Government Bond Fund | Mutual Fund | 36,347 | ||||||||||
American Century International Growth Investment | Mutual Fund | 9,130 | ||||||||||
American Century Small Cap Value Fund | Mutual Fund | 6,110 | ||||||||||
American Century Twentieth Century Vista Fund | Mutual Fund | 7,790 | ||||||||||
American Land Lease Inc. | Mutual Fund | 9,975 | ||||||||||
Artisan International Fund | Mutual Fund | 9,030 | ||||||||||
Baron Asset Fund | Mutual Fund | 51,097 | ||||||||||
Black Oak Emerging Technology | Mutual Fund | 6,243 | ||||||||||
Brandywine Fund | Mutual Fund | 22,365 | ||||||||||
Bridgeway Ultra-Small Co Market Fund | Mutual Fund | 6,844 | ||||||||||
Calamos Growth & Income Fund CL A | Mutual Fund | 16,270 | ||||||||||
Calamos Growth Fund CL A | Mutual Fund | 40,524 | ||||||||||
California Nasdaq-100 Index Fund | Mutual Fund | 617 | ||||||||||
CGM Focus Fund | Mutual Fund | 18,447 | ||||||||||
CGM Realty Fund | Mutual Fund | 8,731 | ||||||||||
Clipper Fund | Mutual Fund | 4,140 | ||||||||||
Columbia Real Estate Equity Fund CL Z | Mutual Fund | 32,440 | ||||||||||
Commercial Net Lease Realty Inc | Mutual Fund | 12,816 | ||||||||||
Communications Focus Fund | Mutual Fund | 1,845 | ||||||||||
Cooke & Bieler Mid Cap Equity Fund | Mutual Fund | 6,572 | ||||||||||
CR Suisse Japan Gowth Fund | Mutual Fund | 1,411 | ||||||||||
Credit Suisse Global Post-Venture | Mutual Fund | 12,452 | ||||||||||
Davis New York Venture Fund Class A | Mutual Fund | 76,456 | ||||||||||
Devl Diversified Realty | Mutual Fund | 5,203 | ||||||||||
DFA Five-Year Global Fixed Inc Port | Mutual Fund | 11,806 | ||||||||||
DFA Real-Estate Securities Portfolio | Mutual Fund | 27,170 | ||||||||||
DFA Two-Year Global Fixed Income | Mutual Fund | 15,844 | ||||||||||
DFA US Large Cap Value Portfolio | Mutual Fund | 14,288 | ||||||||||
DFA US Large Co Portfolio | Mutual Fund | 15,647 | ||||||||||
DFA US Micro Cap Portfolio Fund | Mutual Fund | 5,714 | ||||||||||
DFA US Small Cap Value Portfolio | Mutual Fund | 11,277 | ||||||||||
Dodge & Cox Balanced Fund | Mutual Fund | 1,309 | ||||||||||
Dodge & Cox Income Fund | Mutual Fund | 25,385 | ||||||||||
Dodge & Cox Stock Fund | Mutual Fund | 58,378 | ||||||||||
Deyfus Preimer New Leaders Fund CL A | Mutual Fund | 25,132 | ||||||||||
Dreyfus Small Co Value Fund | Mutual Fund | 33,185 | ||||||||||
Eaton Vance Trad Worldwide Health SC | Mutual Fund | 27,450 |
(Continued)
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Evergreen Health Care Fund | Mutual Fund | $ | 28,909 | |||||||||
Excelsior Energy & Natural Resources | Mutual Fund | 2,399 | ||||||||||
Excelsior Value & Restructuring Fund | Mutual Fund | 23,548 | ||||||||||
FBR American Gas Index Fund | Mutual Fund | 8,187 | ||||||||||
FBR Small Cap Growth Value Fund | Mutual Fund | 5,863 | ||||||||||
Federated Short-term Income Fund Inst. | Mutual Fund | 4,580 | ||||||||||
Fidelity Fund | Mutual Fund | 6,670 | ||||||||||
Fidelity Growth Company Nav | Mutual Fund | 12,632 | ||||||||||
Fidelity Low Priced Stock 3% Load | Mutual Fund | 37,017 | ||||||||||
Fidelity Mid Cap Stock Fund | Mutual Fund | 14,437 | ||||||||||
Fidelity Select Developing Comm | Mutual Fund | 917 | ||||||||||
Fidelity Select Electrs Portfolio | Mutual Fund | 53,439 | ||||||||||
Fidelity Select Health Care | Mutual Fund | 5,369 | ||||||||||
Fidelity Select Software & Computer | Mutual Fund | 24,458 | ||||||||||
Fidelity Select Telecommunications | Mutual Fund | 924 | ||||||||||
Fidelity Select Computers | Mutual Fund | 14,486 | ||||||||||
Fidelity Select Technology | Mutual Fund | 58,801 | ||||||||||
Fidelity Utilities Fund Nav | Mutual Fund | 21,590 | ||||||||||
First American Small Cap Growth Fund | Mutual Fund | 2,627 | ||||||||||
First American Technology Fund | Mutual Fund | 197 | ||||||||||
First Eagle Global Fund | Mutual Fund | 13,740 | ||||||||||
First Source Monogram Special Equity | Mutual Fund | 10,350 | ||||||||||
Firsthand E-Commerce Fund | Mutual Fund | 24,447 | ||||||||||
Firsthand Tech Innovators Fund | Mutual Fund | 3,846 | ||||||||||
Firsthand Tech Leaders Fund | Mutual Fund | 561 | ||||||||||
Firsthand Technology Value Fund | Mutual Fund | 25,901 | ||||||||||
Gabelli Global Growth Fund | Mutual Fund | 1,979 | ||||||||||
Gabelli Growth Fund | Mutual Fund | 11,633 | ||||||||||
Gateway Fund | Mutual Fund | 137,304 | ||||||||||
Health Care Focus Fund | Mutual Fund | 4,827 | ||||||||||
Heartland Taxable Short | Mutual Fund | 34,344 | ||||||||||
Icon Information Technology Fund Class A | Mutual Fund | 4,766 | ||||||||||
ING Emerging Countries Fund Class A | Mutual Fund | 8,241 | ||||||||||
Inst’l Select S&P500 Index | Mutual Fund | 2,797 | ||||||||||
Internet Fund | Mutual Fund | 10,712 | ||||||||||
Invesco Technology Fund | Mutual Fund | 13,096 | ||||||||||
Investo Value Trust Total Return | Mutual Fund | 16,319 | ||||||||||
Investment Co of America | Mutual Fund | 1,067 | ||||||||||
Istar Financial Inc | Mutual Fund | 4,570 | ||||||||||
JF China Region Fund Inc | Mutual Fund | 18,080 | ||||||||||
Janus Balanced Fund | Mutual Fund | 14,508 | ||||||||||
Janus Core Equity Fund | Mutual Fund | 8,711 | ||||||||||
Janus Enterprise Fund | Mutual Fund | 1,447 | ||||||||||
Janus Fund | Mutual Fund | 32,465 | ||||||||||
Janus Global Life Science Fund | Mutual Fund | 5,885 | ||||||||||
Janus Global Technology Fund | Mutual Fund | 6,393 | ||||||||||
Janus Growth & Income Fund | Mutual Fund | 46,672 | ||||||||||
Janus Mercury Fund | Mutual Fund | 46,746 | ||||||||||
Janus Mid Cap Value Inv Shares | Mutual Fund | 2,666 | ||||||||||
Janus Olympus Fund | Mutual Fund | 17,566 | ||||||||||
Janus Orion Fund | Mutual Fund | 1,904 | ||||||||||
Janus Overseas Fund | Mutual Fund | 22,727 | ||||||||||
Janus Special Equity Fund | Mutual Fund | 11,047 | ||||||||||
Janus Twenty Fund | Mutual Fund | 12,714 | ||||||||||
Janus Worldwide Fund | Mutual Fund | 24,424 | ||||||||||
Jensen Portfolio Inc | Mutual Fund | 95,878 | ||||||||||
Lexington Corporate Pptys Tr | Mutual Fund | 2,019 | ||||||||||
Lindner Growth & Income Fund | Mutual Fund | 5,583 | ||||||||||
Loomis Sayles Bond Fund | Mutual Fund | 20,627 |
(Continued)
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WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Managers Value Fund | Mutual Fund | $ | 54,655 | |||||||||
Navellier Aggressive Growth Portfolio | Mutual Fund | 8,505 | ||||||||||
New Perspective Fund | Mutual Fund | 1,162 | ||||||||||
Oakmark Equity Income Fund | Mutual Fund | 2,026 | ||||||||||
Oakmark Fund | Mutual Fund | 30,292 | ||||||||||
Oakmark Global Fund Class I | Mutual Fund | 12,830 | ||||||||||
Oakmark Select Fund | Mutual Fund | 41,220 | ||||||||||
Parnassus Equity Income Fund | Mutual Fund | 13,663 | ||||||||||
Payden Growth & Income Class R | Mutual Fund | 26,897 | ||||||||||
PBHG Emerging Growth Fund | Mutual Fund | 5,625 | ||||||||||
PBHG Growth Fund | Mutual Fund | 876 | ||||||||||
PBHG Large Cap Growth Fund | Mutual Fund | 10,927 | ||||||||||
PBHG Large Cap 20 Fund | Mutual Fund | 1,996 | ||||||||||
PBHG Select Equity Fund | Mutual Fund | 3,549 | ||||||||||
PBHG Technology & Communications Fund | Mutual Fund | 11,546 | ||||||||||
PIMCO Corporate Oppty Fund | Mutual Fund | 2,120 | ||||||||||
PIMCO Emerging Markets Bond Fund Class D | Mutual Fund | 4,664 | ||||||||||
PIMCO Low-Duration Fund Instl Class | Mutual Fund | 8,056 | ||||||||||
PIMCO Pea Innovation Fund Cl D | Mutual Fund | 20,021 | ||||||||||
PIMCO Pea Renaissance Fund Cl D | Mutual Fund | 24,352 | ||||||||||
PIMCO RCM Biotechnology Class D | Mutual Fund | 10,715 | ||||||||||
PIMCO RCM Global Tech Class D | Mutual Fund | 6,657 | ||||||||||
PIMCO Real Return Fund Cl D | Mutual Fund | 17,946 | ||||||||||
Pin Oak Aggressive Stock | Mutual Fund | 2,539 | ||||||||||
Pioneer High Yield Fund Class A | Mutual Fund | 2,510 | ||||||||||
Primewest Energy Tr New | Mutual Fund | 1,191 | ||||||||||
Profunds Ultra OTC Fund | Mutual Fund | 3,699 | ||||||||||
Putnam Growth & Income Class A | Mutual Fund | 7,789 | ||||||||||
Rainier Small Mid Cap Equity Portfolio | Mutual Fund | 7,435 | ||||||||||
RCM Global Healthcare Cl D | Mutual Fund | 16,649 | ||||||||||
Red Oak Technology | Mutual Fund | 260 | ||||||||||
Royce Fund Premier Series | Mutual Fund | 37,262 | ||||||||||
Royce Low Priced Stock Fund | Mutual Fund | 15,835 | ||||||||||
Royce Micro Cap | Mutual Fund | 5,630 | ||||||||||
Royce Special Equity Fund | Mutual Fund | 6,586 | ||||||||||
Royce Total Return Fund | Mutual Fund | 10,475 | ||||||||||
RS Diversified Growth Fund | Mutual Fund | 16,563 | ||||||||||
RS Emerging Growth Fund | Mutual Fund | 20,372 | ||||||||||
RS Partners Fund | Mutual Fund | 6,513 | ||||||||||
Rydex Biotechnology Fund | Mutual Fund | 1,189 | ||||||||||
Rydex OTC Fund | Mutual Fund | 65,621 | ||||||||||
Schwab S/T Bond Market Index Fund | Mutual Fund | 27,956 | ||||||||||
Schwab 1000 Fund | Mutual Fund | 20,622 | ||||||||||
Scudder Flag Investors Value Builder | Mutual Fund | 83,169 | ||||||||||
Scudder Global Fund | Mutual Fund | 14,472 | ||||||||||
Scudder Greater Europe | Mutual Fund | 11,196 | ||||||||||
Scudder Growth & Income Fund | Mutual Fund | 9,565 | ||||||||||
Scudder Micro Cap Investment Fund | Mutual Fund | 13,830 | ||||||||||
Scudder Small Cap Investment Fund | Mutual Fund | 11,894 | ||||||||||
Selected American Shares | Mutual Fund | 16,641 | ||||||||||
Strong Government Securities Fund | Mutual Fund | 5,557 | ||||||||||
Strong Growth Fund | Mutual Fund | 18,917 | ||||||||||
Strong High Yield Bond Fund | Mutual Fund | 5,816 | ||||||||||
Strong Overseas Fund | Mutual Fund | 4,778 | ||||||||||
Strong Technology 100 Fund | Mutual Fund | 444 | ||||||||||
T Rowe Price Capital Appreciation Fund | Mutual Fund | 23,147 | ||||||||||
T Rowe Price Equity Income Fund | Mutual Fund | 32,789 | ||||||||||
T Rowe Price Growth Stock Fund | Mutual Fund | 11,082 | ||||||||||
T Rowe Price International European Stock Fund | Mutual Fund | 1,861 | ||||||||||
T Rowe Price Mid-Capital Growth Fund | Mutual Fund | 39,138 | ||||||||||
T Rowe Price New Income Fund | Mutual Fund | 15,012 | ||||||||||
T Rowe Price Small Cap Stock Fund | Mutual Fund | 11,585 |
(Continued)
- 11 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
T Rowe Price Small-Capital Value Fund | Mutual Fund | $ | 15,691 | |||||||||
Technology Focus Fund | Mutual Fund | 2,295 | ||||||||||
Templeton Emerging Market Fund | Mutual Fund | 19,467 | ||||||||||
Templeton Foreign Fund | Mutual Fund | 8,444 | ||||||||||
Templeton Global Income Fund Inc | Mutual Fund | 40,673 | ||||||||||
Templeton World Fund Class A | Mutual Fund | 28,027 | ||||||||||
Third Ave Real Estate Value Fund | Mutual Fund | 16,628 | ||||||||||
Torray Fund | Mutual Fund | 18,357 | ||||||||||
Turner Midcap Growth Fund Class 1 | Mutual Fund | 3,190 | ||||||||||
Tweedy Browne Global Value Fund | Mutual Fund | 511 | ||||||||||
Van Wagoner Mid-Cap Fund | Mutual Fund | 1,315 | ||||||||||
Van Wagoner Post Venture Fund | Mutual Fund | 1,758 | ||||||||||
Vanguard Conv Secs Fund | Mutual Fund | 43,305 | ||||||||||
Vanguard Energy Fund | Mutual Fund | 30,026 | ||||||||||
Vanguard GNMA Fund Investor SHS | Mutual Fund | 60,311 | ||||||||||
Vanguard Growth & Income | Mutual Fund | 14,142 | ||||||||||
Vanguard Growth Index Fund | Mutual Fund | 55,015 | ||||||||||
Vanguard Health Care Fund | Mutual Fund | 22,575 | ||||||||||
Vanguard International Growth Portfolio | Mutual Fund | 1,994 | ||||||||||
Vanguard Long-Term Corporate Fund | Mutual Fund | 79 | ||||||||||
Vanguard Total International Stock Index Fund | Mutual Fund | 2,864 | ||||||||||
Vanguard US Growth Fund | Mutual Fund | 17,984 | ||||||||||
Vanguard Wellington Fund | Mutual Fund | 6,320 | ||||||||||
Vanguard 500 Index Fund Investor SHS | Mutual Fund | 122,042 | ||||||||||
Weitz Value Portfolio | Mutual Fund | 32,540 | ||||||||||
Wells Fargo Fds Tr for Future Issues | Mutual Fund | 2,432 | ||||||||||
Wells Fargo International Equity | Mutual Fund | 667 | ||||||||||
Wells Fargo Large Co Growth Fund Class A | Mutual Fund | 22,390 | ||||||||||
White Oak Growth Stock | Mutual Fund | 130,141 | ||||||||||
Wilshire Lg Co Growth—Investment | Mutual Fund | 10,720 | ||||||||||
Wireless Fund | Mutual Fund | 233 | ||||||||||
Schwab Money Market Fund | Money Market | 2,465,090 | ||||||||||
A O N Corporation | 103 shares of common stock | 2,474 | ||||||||||
AT&T Wireless Services | 484 shares of common stock | 3,867 | ||||||||||
Aastrom Biosciences Inc | 1,080 shares of common stock | 1,415 | ||||||||||
Abbott Laboratories | 275 shares of common stock | 12,815 | ||||||||||
Abercrombie & Fitch Class A | 600 shares of common stock | 14,826 | ||||||||||
Abiomed Inc | 43 shares of common stock | 297 | ||||||||||
ADV Fibre Communication Inc | 700 shares of common stock | 14,105 | ||||||||||
Advanced Digital Info Cp | 155 shares of common stock | 2,170 | ||||||||||
Aegis Assessments Inc. | 475 shares of common stock | 1,900 | ||||||||||
Affymetrix Inc. | 100 shares of common stock | 2,461 | ||||||||||
Agere Systems Inc Class A | 41 shares of common stock | 125 | ||||||||||
Agere Systems Inc Class B | 1,315 shares of common stock | 3,814 | ||||||||||
Air Prods & Chems Inc | 204 shares of common stock | 10,798 | ||||||||||
Allied Cap Corp New | 89 shares of common stock | 2,478 | ||||||||||
Allied Defense Group Inc. | 200 shares of common stock | 4,782 | ||||||||||
Allstate Corp | 130 shares of common stock | 5,603 | ||||||||||
Alterra Healthcare Corp | 745 shares of common stock | — | ||||||||||
Amazon Com Inc | 1,095 shares of common stock | 57,641 | ||||||||||
Amer West Hldg Cp Class B | 300 shares of common stock | 3,720 | ||||||||||
American Express Co | 31 shares of common stock | 1,491 | ||||||||||
American International Group | 3,913 shares of common stock | 259,344 | ||||||||||
American Skiing Corp | 1,830 shares of common stock | 201 | ||||||||||
Ameriresource Tech New | 30 shares of common stock | — |
(Continued)
- 12 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Amern Pwr Conversion Cp | 200 shares of common stock | $ | 4,890 | |||||||||
Amgen Incorporated | 192 shares of common stock | 11,866 | ||||||||||
AMR Corp Del | 3,075 shares of common stock | 39,821 | ||||||||||
Amsouth Bancorporation | 250 shares of common stock | 6,125 | ||||||||||
Analog Devices | 200 shares of common stock | 9,130 | ||||||||||
Anheuser Busch Co Inc | 51 shares of common stock | 2,688 | ||||||||||
Annaly Mtg Mgmt Inc. | 1,017 shares of common stock | 18,715 | ||||||||||
Antigenics Inc Del | 300 shares of common stock | 3,396 | ||||||||||
Apache Corp | 200 shares of common stock | 16,220 | ||||||||||
Apple Computer Inc | 100 shares of common stock | 2,137 | ||||||||||
Applied Digital Solutions | 3,000 shares of common stock | 1,410 | ||||||||||
Applied Materials Inc | 1,954 shares of common stock | 43,867 | ||||||||||
Aradigm Corp | 900 shares of common stock | 1,539 | ||||||||||
Arch Cap Group Ltd New F | 250 shares of common stock | 9,965 | ||||||||||
Archer Daniels Midland Co | 30 shares of common stock | 456 | ||||||||||
Arm Holdings PLC | 100 shares of common stock | 690 | ||||||||||
Armor Holdings Inc | 200 shares of common stock | 5,262 | ||||||||||
ASA Ltd | 500 shares of common stock | 22,750 | ||||||||||
Ascential Software New | 250 shares of common stock | 6,483 | ||||||||||
Astec Inds Inc | 25 shares of common stock | 307 | ||||||||||
AT&T Corp New | 1,229 shares of common stock | 24,943 | ||||||||||
Atmel Corp | 2,000 shares of common stock | 12,020 | ||||||||||
Aucxis Corp | 200 shares of common stock | 1 | ||||||||||
Audiovox Cp Class A | 100 shares of common stock | 1,284 | ||||||||||
Avaya Inc | 119 shares of common stock | 1,540 | ||||||||||
Avon Robber PLC ORD | 1,000 shares of common stock | 4,073 | ||||||||||
BMC Software Inc. | 600 shares of common stock | 11,190 | ||||||||||
Bank of America Corp. | 52 shares of common stock | 4,185 | ||||||||||
Barnesandnoble.com Inc Class A | 1,500 shares of common stock | 4,425 | ||||||||||
Bayer AG Sponsored ADR | 350 shares of common stock | 10,294 | ||||||||||
Bea Systems Inc | 50 shares of common stock | 615 | ||||||||||
BellSouth Corp | 1,450 shares of common stock | 41,035 | ||||||||||
Bentley Pharmaceuticals Inc | 100 shares of common stock | 1,330 | ||||||||||
Berkley W R Corp | 229 shares of common stock | 7,991 | ||||||||||
Berkshire Hathaway Class B | 27 shares of common stock | 76,005 | ||||||||||
Biomet | 1,000 shares of common stock | 36,410 | ||||||||||
Biomira Inc | 100 shares of common stock | 148 | ||||||||||
Biopure Corporation Class A | 500 shares of common stock | 1,190 | ||||||||||
Bisys Group Inc. | 200 shares of common stock | 2,976 | ||||||||||
BJ’s Wholesale Club Inc. | 50 shares of common stock | 1,148 | ||||||||||
Boots & Coots/International New | 1,500 shares of common stock | 1,890 | ||||||||||
Bottomline Tech Inc | 200 shares of common stock | 1,800 | ||||||||||
Bristol-Myers Squibb Co | 280 shares of common stock | 8,008 | ||||||||||
Broadvision Inc New | 6 shares of common stock | 26 | ||||||||||
Brooks Automation New | 31 shares of common stock | 749 | ||||||||||
Bruker Biosciences Corp | 600 shares of common stock | 2,730 | ||||||||||
CMGI Inc | 4,962 shares of common stock | 8,832 | ||||||||||
Cal Maine Foods Inc. New | 91 shares of common stock | 3,341 | ||||||||||
Callon Pete Co Del | 400 shares of common stock | 4,148 | ||||||||||
Cardiodynamics International Corp | 125 shares of common stock | 746 | ||||||||||
Carrier Access Corp | 400 shares of common stock | 5,008 | ||||||||||
Caterpillar Inc | 100 shares of common stock | 8,302 | ||||||||||
Celeris Corporation Nxxx | 2,000 shares of common stock | — | ||||||||||
Celestica Inc | 1,570 shares of common stock | 23,660 | ||||||||||
Cell GeneSystems Inc | 1,650 shares of common stock | 21,351 | ||||||||||
Central Pkg Corp | 25 shares of common stock | 374 | ||||||||||
Cephalon Inc. | 50 shares of common stock | 2,421 | ||||||||||
Cerner Corporation | 100 shares of common stock | 3,785 | ||||||||||
Chattem Inc | 1,600 shares of common stock | 28,640 | ||||||||||
Check PT Software Tech F | 100 shares of common stock | 1,682 |
(Continued)
- 13 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Chevrontexaco Corp | 53 shares of common stock | $ | 4,538 | |||||||||
China Life Ins Co Adr | 50 shares of common stock | 1,649 | ||||||||||
Chromavision Med Systems Inc | 150 shares of common stock | 479 | ||||||||||
Chubb Corp | .5 shares of common stock | 32 | ||||||||||
Ciena Corp | 1,100 shares of common stock | 7,304 | ||||||||||
Cinergy Corp | 1,000 shares of common stock | 38,810 | ||||||||||
Cirrus Logic | 250 shares of common stock | 1,918 | ||||||||||
Cisco Systems Inc | 12,375 shares of common stock | 300,589 | ||||||||||
Citigroup Inc | 1,850 shares of common stock | 89,798 | ||||||||||
Citrix Systems | 1,074 shares of common stock | 22,780 | ||||||||||
Coca Cola Company | 557 shares of common stock | 28,269 | ||||||||||
Coeur D Alene Mines Cp | 2,000 shares of common stock | 11,560 | ||||||||||
Cognizant Tech Sol Class A | 737 shares of common stock | 33,637 | ||||||||||
Comcast Corp New Class A | 366 shares of common stock | 12,030 | ||||||||||
Comdisco Holding Co RTS | 450 shares of common stock | 243 | ||||||||||
Communication Intelligence Corp New | 100 shares of common stock | 37 | ||||||||||
Computer Assoc International Inc | 100 shares of common stock | 2,734 | ||||||||||
Computized Thermal Imaging | 2,100 shares of common stock | 546 | ||||||||||
Conagra Foods Inc | 10 shares of common stock | 264 | ||||||||||
Conexant Systems Inc | 100 shares of common stock | 497 | ||||||||||
Copper Mtn Networks New | 40 shares of common stock | 431 | ||||||||||
Cornerstone Internet Solutions Co | 2,230 shares of common stock | 2 | ||||||||||
Corning Inc | 1,228 shares of common stock | 12,810 | ||||||||||
Corvis Corp | 1,100 shares of common stock | 1,870 | ||||||||||
Cost Plus Inc California | 1,000 shares of common stock | 41,000 | ||||||||||
Costco Whsl Corp New | 100 shares of common stock | 3,718 | ||||||||||
Covad Cummun Group Inc | 6,225 shares of common stock | 22,410 | ||||||||||
CV Therapeutics Inc. | 100 shares of common stock | 1,466 | ||||||||||
D R Horton Inc | 200 shares of common stock | 8,652 | ||||||||||
Danka Business Systems | 2,000 shares of common stock | 8,800 | ||||||||||
Datakey Inc | 1,200 shares of common stock | 828 | ||||||||||
Dauphin Technology Inc | 750 shares of common stock | 38 | ||||||||||
Dell Inc | 6,222 shares of common stock | 211,299 | ||||||||||
Deltathree Com | 200 shares of common stock | 584 | ||||||||||
Digene Corp | 150 shares of common stock | 6,015 | ||||||||||
Disney Walt Hldg Co | 744 shares of common stock | 17,362 | ||||||||||
Display Technologies Inc | 5,000 shares of common stock | 5 | ||||||||||
Dollar Gen Corp | 1,049 shares of common stock | 22,009 | ||||||||||
Dow Chem Co | 407 shares of common stock | 16,934 | ||||||||||
Drugstore.com Inc | 1,700 shares of common stock | 9,367 | ||||||||||
DTE Energy Co | 236 shares of common stock | 9,289 | ||||||||||
Duke Energy Corporation | 1,394 shares of common stock | 28,513 | ||||||||||
Dyax Corp | 300 shares of common stock | 2,466 | ||||||||||
Dycom Industries Inc | 662 shares of common stock | 17,755 | ||||||||||
E Digital Corp | 5,000 shares of common stock | 2,575 | ||||||||||
EMC Corp Mass | 5,559 shares of common stock | 71,822 | ||||||||||
E-Trade Financial Corp | 7,100 shares of common stock | 89,815 | ||||||||||
Eastman Kodak Company | 100 shares of common stock | 2,567 | ||||||||||
Ebay Inc | 1,876 shares of common stock | 121,171 | ||||||||||
Echelon Corp | 2,620 shares of common stock | 29,187 | ||||||||||
Electroglas | 400 shares of common stock | 1,460 | ||||||||||
Electronic Data Systems Corp | 730 shares of common stock | 17,914 | ||||||||||
Encana Corporation | 400 shares of common stock | 15,776 | ||||||||||
Energy Conv Devices Inc | 200 shares of common stock | 1,806 | ||||||||||
Engineered Support Systems | 714 shares of common stock | 39,313 | ||||||||||
Enron Corp | 1,400 shares of common stock | 39 | ||||||||||
EnteraSys Networks Inc | 200 shares of common stock | 750 | ||||||||||
Equinix Inc New | 37 shares of common stock | 1,043 | ||||||||||
Ericsson Tel Adr B New | 430 shares of common stock | 7,611 | ||||||||||
Everest Re Group Ltd | 50 shares of common stock | 4,230 |
(Continued)
- 14 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Extreme Networks Inc | 600 shares of common stock | $ | 4,326 | |||||||||
Exxon Mobil Corporation | 636 shares of common stock | 26,077 | ||||||||||
E4L Inc | 345 shares of common stock | — | ||||||||||
Fannie Mae | 100 shares of common stock | 7,506 | ||||||||||
Far East Energy Corp | 20,000 shares of common stock | 65,600 | ||||||||||
First Data Corporation | 50 shares of common stock | 2,062 | ||||||||||
First Health Group Corp | 900 shares of common stock | 17,514 | ||||||||||
First Virtual Commun New | 125 shares of common stock | 275 | ||||||||||
Flextronics International Ltd | 400 shares of common stock | 5,936 | ||||||||||
Ford Motor Company New | 307 shares of common stock | 4,912 | ||||||||||
Forest Oil Corp New | 200 shares of common stock | 5,714 | ||||||||||
Fountain Pwr Boat Inds Inc | 2,000 shares of common stock | 6,620 | ||||||||||
Freemarkets Inc | 100 shares of common stock | 669 | ||||||||||
Futurelink Corp New | 232 shares of common stock | — | ||||||||||
GSI Lumonics Inc | 500 shares of common stock | 5,885 | ||||||||||
Gallagher Arthur J & Co | 909 shares of common stock | 29,537 | ||||||||||
Gap Inc | 225 shares of common stock | 5,222 | ||||||||||
Gateway Inc | 2,500 shares of common stock | 11,500 | ||||||||||
Gemstar TV Guide International | 300 shares of common stock | 1,515 | ||||||||||
Genelabs Technologies Inc | 400 shares of common stock | 1,120 | ||||||||||
General Dynamics Corp | 250 shares of common stock | 22,598 | ||||||||||
General Electric Company | 6,038 shares of common stock | 187,059 | ||||||||||
General Magic Inc New | 311 shares of common stock | — | ||||||||||
General Motors Corp | 160 shares of common stock | 8,544 | ||||||||||
Genta Inc New | 400 shares of common stock | 4,164 | ||||||||||
Gillette Co | 228 shares of common stock | 8,357 | ||||||||||
Globalstar Telecom Ord | 50 shares of common stock | 1 | ||||||||||
Goldcorp Inc New | 3,000 shares of common stock | 47,850 | ||||||||||
Golden Star Res Ltd CDA | 2,000 shares of common stock | 13,940 | ||||||||||
Goodys Family Clothing | 10 shares of common stock | 94 | ||||||||||
Granite Constr Inc | 225 shares of common stock | 5,285 | ||||||||||
Great Plains Energy Inc. | 33 shares of common stock | 1,050 | ||||||||||
Grey Wolf Inc | 500 shares of common stock | 1,870 | ||||||||||
Gric Communications Inc | 35 shares of common stock | 189 | ||||||||||
Halliburton Co Hldg Co | 213 shares of common stock | 5,530 | ||||||||||
Harley Davidson | 400 shares of common stock | 19,012 | ||||||||||
Harman International Inds Inc New | 624 shares of common stock | 46,164 | ||||||||||
Harmonic Inc | 2,000 shares of common stock | 14,500 | ||||||||||
Harris & Harris | 1,000 shares of common stock | 11,530 | ||||||||||
Healthsouth Rehabilitation Corp | 20,000 shares of common stock | 91,800 | ||||||||||
Healthtrac Inc | 400 shares of common stock | 10 | ||||||||||
Heidrick & Struggles International Inc | 300 shares of common stock | 6,540 | ||||||||||
Hershey Foods Corp | 11 shares of common stock | 824 | ||||||||||
Hewlett-Packard Company | 630 shares of common stock | 14,465 | ||||||||||
Hilb Rogal & Hamilton Co | 100 shares of common stock | 3,207 | ||||||||||
Hologic | 200 shares of common stock | 3,466 | ||||||||||
Home Depot Inc | 1,372 shares of common stock | 48,694 | ||||||||||
House2Home Inc | 2,250 shares of common stock | — | ||||||||||
Human Genome Sciences | 50 shares of common stock | 663 | ||||||||||
ITC Deltacom Inc New | 17 shares of common stock | 103 | ||||||||||
Identix Inc | 1,000 shares of common stock | 4,450 | ||||||||||
IDT Corp Class B | 100 shares of common stock | 2,313 | ||||||||||
IDT Corporation | 100 shares of common stock | 2,215 | ||||||||||
Imaging Diagnostic Systems | 21,000 shares of common stock | 21,420 | ||||||||||
Imaging Tech Corp New | 75 shares of common stock | 1 | ||||||||||
Immune Response Corp New | 59 shares of common stock | 89 | ||||||||||
Inacom Corp | 600 shares of common stock | — | ||||||||||
Indus International Inc | 1,000 shares of common stock | 3,000 | ||||||||||
Info Architects CP New | 168 shares of common stock | 12 | ||||||||||
Infospace Inc New | 110 shares of common stock | 2,536 |
(Continued)
- 15 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Inkine Pharm Inc | 170 shares of common stock | $ | 821 | |||||||||
Intel Corp | 8,790 shares of common stock | 283,037 | ||||||||||
Interactive Corp | 200 shares of common stock | 6,786 | ||||||||||
Interdigital Comm Corp | 300 shares of common stock | 6,192 | ||||||||||
Interiors Inc Class A | 25,709 shares of common stock | 3 | ||||||||||
Internet Capital Group | 15 shares of common stock | 5 | ||||||||||
Interpharm Holdings Inc | 1,000 shares of common stock | 4,700 | ||||||||||
Interwoven Inc New | 25 shares of common stock | 316 | ||||||||||
Int’l Business Machines | 2,423 shares of common stock | 224,538 | ||||||||||
Int’l Game Technology | 100 shares of common stock | 3,570 | ||||||||||
Int’l Shipholding Corp | 1,800 shares of common stock | 26,550 | ||||||||||
Intrawest Corp New | 1,000 shares of common stock | 18,490 | ||||||||||
Iomega Corp New | 120 shares of common stock | 718 | ||||||||||
Isco International Inc | 51,770 shares of common stock | 28,474 | ||||||||||
Isis Pharmaceuticals | 600 shares of common stock | 3,900 | ||||||||||
Ispat Int’l N VCL A-NY SH | 500 shares of common stock | 4,435 | ||||||||||
J P Morgan Chase & Co | 267 shares of common stock | 9,800 | ||||||||||
JDS Uniphase Corporation | 6,273 shares of common stock | 22,896 | ||||||||||
Jetblue Airways Corp | 300 shares of common stock | 7,956 | ||||||||||
Johnson & Johnson | 866 shares of common stock | 44,733 | ||||||||||
Jos A Bank Clothiers Inc | 100 shares of common stock | 3,469 | ||||||||||
Juniper Networks Inc | 380 shares of common stock | 7,098 | ||||||||||
Keyspan Corp | 101 shares of common stock | 3,733 | ||||||||||
King Pharmaceuticals Inc | 200 shares of common stock | 3,052 | ||||||||||
Kinross Gold Corp New | 1,000 shares of common stock | 7,990 | ||||||||||
Knight Trading Group | 300 shares of common stock | 4,392 | ||||||||||
Kraft Foods Inc | 506 shares of common stock | 16,312 | ||||||||||
Krispy Kreme Doughnuts Inc | 420 shares of common stock | 15,372 | ||||||||||
L-3 Comm Holdings Inc. | 100 shares of common stock | 5,136 | ||||||||||
Labor Ready Inc New | 650 shares of common stock | 8,515 | ||||||||||
Laboratory CP of America Hldg New | 400 shares of common stock | 14,780 | ||||||||||
Lehman Bros Hldgs Inc | 50 shares of common stock | 3,873 | ||||||||||
Level 3 Communications Inc | 1,500 shares of common stock | 8,550 | ||||||||||
Lifepoint Hospitals Inc | 100 shares of common stock | 2,945 | ||||||||||
Lilly Eli & Company | 100 shares of common stock | 7,033 | ||||||||||
Limited Inc | 114 shares of common stock | 2,063 | ||||||||||
Link Energy LLC | 26 shares of common stock | 176 | ||||||||||
Link Energy LLC 08 Wts | 67 shares of common stock | 154 | ||||||||||
Lowes Companies | 225 shares of common stock | 12,463 | ||||||||||
LSI Logic Corp | 100 shares of common stock | 887 | ||||||||||
Lucent Technologies Inc | 12,358 shares of common stock | 35,097 | ||||||||||
Luminex Corp Del | 1,800 shares of common stock | 16,884 | ||||||||||
Macromedia | 25 shares of common stock | 446 | ||||||||||
Marchfirst Inc | 6,370 shares of common stock | 2 | ||||||||||
Marsh & McLennan Cos Inc | 1,059 shares of common stock | 50,737 | ||||||||||
Martha Stewart Lvng Omni | 100 shares of common stock | 985 | ||||||||||
Matritech Inc | 100 shares of common stock | 189 | ||||||||||
Mattel Incorporated | 205 shares of common stock | 3,945 | ||||||||||
MBNA Corp | 200 shares of common stock | 4,970 | ||||||||||
McData Corporation Class A | 89 shares of common stock | 848 | ||||||||||
McDonalds Corp | 1,438 shares of common stock | 35,706 | ||||||||||
McGraw Hill Inc. | 100 shares of common stock | 6,992 | ||||||||||
Meadowbrook Ins Group | 103 shares of common stock | 436 | ||||||||||
Medcohealth Solutions | 52 shares of common stock | 1,767 | ||||||||||
Medifast Inc | 100 shares of common stock | 1,410 | ||||||||||
Medtronic Inc | 41 shares of common stock | 1,975 | ||||||||||
Merck & Co Inc | 445 shares of common stock | 20,552 | ||||||||||
Merrill Lynch & Co Inc | 400 shares of common stock | 23,460 | ||||||||||
Metricom Inc New | 200 shares of common stock | 2 | ||||||||||
Microage Inc | 1,000 shares of common stock | — |
(Continued)
- 16 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Micron Technology Inc | 200 shares of common stock | $ | 2,694 | |||||||||
Microsoft Corp | 9,261 shares of common stock | 255,046 | ||||||||||
Microstrategy Inc A New | 15 shares of common stock | 787 | ||||||||||
Microvision Inc WA | 1,000 shares of common stock | 7,620 | ||||||||||
Milacron Inc | 242 shares of common stock | 1,009 | ||||||||||
Millennium Cell Inc | 3,000 shares of common stock | 6,990 | ||||||||||
Mindspeed Technology Inc | 33 shares of common stock | 226 | ||||||||||
Miracle Entertainment | 6 shares of common stock | — | ||||||||||
Molecular Devices Corp | 50 shares of common stock | 950 | ||||||||||
Monsanto Co New Del | 1,000 shares of common stock | 28,780 | ||||||||||
Motorola Incorporated | 350 shares of common stock | 4,925 | ||||||||||
Mphase Tech Inc | 100 shares of common stock | 40 | ||||||||||
Mylan Labs Inc | 78 shares of common stock | 1,970 | ||||||||||
NAM TAI Electrs Inc | 220 shares of common stock | 6,178 | ||||||||||
National City Corp | 500 shares of common stock | 16,970 | ||||||||||
National Scientific Corp | 250 shares of common stock | 38 | ||||||||||
Navigant Consulting Inc | 2,513 shares of common stock | 47,395 | ||||||||||
Neoforma Inc | 2 shares of common stock | 21 | ||||||||||
Neoware Systems Inc | 1,500 shares of common stock | 20,550 | ||||||||||
Netcurrents Information Svcs | 2,000 shares of common stock | 2 | ||||||||||
Network Appliance Inc | 140 shares of common stock | 2,874 | ||||||||||
Networks Associates Inc | 10 shares of common stock | 150 | ||||||||||
Net2phone Inc | 1,000 shares of common stock | 6,800 | ||||||||||
Newmil Bancorp Inc | 500 shares of common stock | 14,525 | ||||||||||
Newmont Mining Corp | 1,001 shares of common stock | 48,663 | ||||||||||
Nexen Inc | 1,000 shares of common stock | 36,110 | ||||||||||
Nexmed Inc | 300 shares of common stock | 1,197 | ||||||||||
Nextel Communications A | 1,150 shares of common stock | 32,269 | ||||||||||
Nissan Motor Ltd Sponsored | 22 shares of common stock | 494 | ||||||||||
Nokia Corp Spon ADR | 2,511 shares of common stock | 42,687 | ||||||||||
Nortel Networks CP New F | 1,390 shares of common stock | 5,880 | ||||||||||
North Amern Datacom Inc | 1,000 shares of common stock | — | ||||||||||
Northpoint Commun Hldgs | 1,800 shares of common stock | 1 | ||||||||||
Novartis AG | 100 shares of common stock | 4,589 | ||||||||||
Novell Inc | 1,000 shares of common stock | 10,520 | ||||||||||
Oakwood Homes Corp New | 200 shares of common stock | 24 | ||||||||||
Oceaneering Int’l Inc | 75 shares of common stock | 2,100 | ||||||||||
Old Rep Int’l Corp | 300 shares of common stock | 7,608 | ||||||||||
Online Res & Comm Corp | 20,000 shares of common stock | 132,180 | ||||||||||
Oracle Corporation | 5,225 shares of common stock | 68,970 | ||||||||||
Oxford Health Plans Inc | 200 shares of common stock | 8,700 | ||||||||||
Oxus Gold Plc Wef Ord | 200,000 shares of common stock | 290,900 | ||||||||||
PDC Innovation Inds | 2,000 shares of common stock | 6 | ||||||||||
PAC Aerospace & Elec New | 35 shares of common stock | 4 | ||||||||||
Pacific Continental Corp | 8,300 shares of common stock | 131,879 | ||||||||||
Palmone Inc | 76 shares of common stock | 893 | ||||||||||
Palmsource Inc | 21 shares of common stock | 458 | ||||||||||
Paradyne Networks Inc | 50 shares of common stock | 172 | ||||||||||
Parametric Technology CP | 3,000 shares of common stock | 11,820 | ||||||||||
Park Pl Entmt CP | 100 shares of common stock | 1,083 | ||||||||||
Patina Oil & Gas Corp | 917 shares of common stock | 44,924 | ||||||||||
Paychex Inc | 201 shares of common stock | 7,491 | ||||||||||
Payless Cashways Inc New | 2,000 shares of common stock | 1 | ||||||||||
PCCW Limited New Ord | 180 shares of common stock | 117 | ||||||||||
Pegasus Sys Inc | 200 shares of common stock | 2,094 | ||||||||||
Peoplesoft Inc XXX | 100 shares of common stock | 2,280 | ||||||||||
Pepsi Bottling Group Inc | 24 shares of common stock | 583 | ||||||||||
Pepsico Inc | 147 shares of common stock | 6,831 | ||||||||||
Peregrine Pharmaceutical Inc | 100 shares of common stock | 221 | ||||||||||
Peregrine Systems Inc | 45 shares of common stock | 21 |
(Continued)
- 17 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Pfizer Incorporated | 4,349 shares of common stock | $ | 153,644 | |||||||||
Placer Dome Inc | 1,000 shares of common stock | 17,910 | ||||||||||
Platinum Underwriters | 630 shares of common stock | 18,900 | ||||||||||
Plug Power Inc | 1,125 shares of common stock | 8,156 | ||||||||||
Polycom | 1,800 shares of common stock | 35,136 | ||||||||||
Portal Software Inc New | 800 shares of common stock | 5,384 | ||||||||||
PPG Inds Inc | 360 shares of common stock | 23,067 | ||||||||||
Procter & Gamble Co | 32 shares of common stock | 3,216 | ||||||||||
Progress Energy Inc | 605 shares of common stock | 27,397 | ||||||||||
Proxim Corp | 151 shares of common stock | 252 | ||||||||||
Puget Energy Inc | 635 shares of common stock | 15,086 | ||||||||||
Puma Technology Inc | 2,000 shares of common stock | 7,960 | ||||||||||
Qualcomm Inc | 403 shares of common stock | 21,750 | ||||||||||
RLI Corp | 204 shares of common stock | 7,647 | ||||||||||
Rambus Inc Del | 484 shares of common stock | 14,859 | ||||||||||
Ramtron International Corp New | 2,500 shares of common stock | 6,550 | ||||||||||
Raytheon Company New | 316 shares of common stock | 9,479 | ||||||||||
Realnetworks Inc | 100 shares of common stock | 571 | ||||||||||
Redhat Inc | 735 shares of common stock | 13,796 | ||||||||||
Reliance Group Holdings Inc | 34,200 shares of common stock | 68 | ||||||||||
Republic Bancorp Inc | 2,214 shares of common stock | 29,866 | ||||||||||
RF Micro Devices Inc | 200 shares of common stock | 2,010 | ||||||||||
Rite Aid Corporation | 135 shares of common stock | 815 | ||||||||||
Riverstone Networks Inc | 102 shares of common stock | 113 | ||||||||||
Rockwell Collins Inc | 9 shares of common stock | 270 | ||||||||||
Rockwell International Corp New | 9 shares of common stock | 320 | ||||||||||
Rohm & Haas Co | 40 shares of comon stock | 1,708 | ||||||||||
Rowan Companies | 720 shares of comon stock | 16,682 | ||||||||||
Ryerson Tull Inc New | 300 shares of comon stock | 3,435 | ||||||||||
SBC Communications Inc | 100 shares of comon stock | 2,607 | ||||||||||
Safeguard Scientific Inc | 1,000 shares of comon stock | 4,040 | ||||||||||
Safeway | 94 shares of comon stock | 2,060 | ||||||||||
San Telmo Energy Corp | 500 shares of comon stock | 695 | ||||||||||
Sanguine Corp | 4,000 shares of comon stock | 300 | ||||||||||
Scansoft Inc | 5,000 shares of comon stock | 26,600 | ||||||||||
Schering Plough Corp | 47 shares of comon stock | 817 | ||||||||||
Schlumberger Ltd | 360 shares of comon stock | 19,711 | ||||||||||
Scientific Atlanta Inc | 175 shares of comon stock | 4,778 | ||||||||||
Scor ADR | 40 shares of comon stock | 70 | ||||||||||
Service Corp International | 2,000 shares of comon stock | 10,780 | ||||||||||
Seven Seas Pete New | 2,000 shares of comon stock | 14 | ||||||||||
Shaw Group Inc | 1,200 shares of comon stock | 16,344 | ||||||||||
Sheldahl Co | 300 shares of comon stock | — | ||||||||||
Siebel Systems Inc | 310 shares of comon stock | 4,300 | ||||||||||
Silicon Graphics | 1,000 shares of comon stock | 1,370 | ||||||||||
Silicon Storage Tech | 1,360 shares of comon stock | 14,960 | ||||||||||
Simtek Corp | 5,500 shares of comon stock | 6,600 | ||||||||||
Sirius Satellite Radio | 7,575 shares of comon stock | 23,937 | ||||||||||
Skyterra Communications Inc | 3 shares of comon stock | 5 | ||||||||||
SLM Corporation | 200 shares of comon stock | 7,536 | ||||||||||
Solectron Corp Del | 1,500 shares of comon stock | 8,865 | ||||||||||
Sonicblue Inc | 700 shares of comon stock | 1 | ||||||||||
Sony Corp ADR | 100 shares of comon stock | 3,467 | ||||||||||
Soundview Technology Grp New | 370 shares of comon stock | 5,731 | ||||||||||
Southern States Power Inc | 2,000 shares of comon stock | 4 | ||||||||||
Southwest Airlines Co | 1,008 shares of comon stock | 16,272 | ||||||||||
St. Joe Corporation | 469 shares of comon stock | 17,489 | ||||||||||
St Paul Cos Inc | 13 shares of comon stock | 509 | ||||||||||
Staples Inc | 38 shares of comon stock | 1,037 | ||||||||||
Starbucks Corp | 250 shares of comon stock | 8,265 |
(Continued)
- 18 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Steel Dynamics Inc | 97 shares of comon stock | $ | 2,279 | |||||||||
Stewart Enterprises Class A | 200 shares of comon stock | 1,136 | ||||||||||
Storage Tech Corp | 120 shares of comon stock | 3,090 | ||||||||||
Sun MicroSystemstems Inc | 16,297 shares of comon stock | 73,174 | ||||||||||
SunTrust Banks Inc | 200 shares of comon stock | 14,300 | ||||||||||
Superconductor Tech | 1,000 shares of comon stock | 5,580 | ||||||||||
Surebeam Corp | 600 shares of comon stock | 144 | ||||||||||
Sykes Enterprises Inc | 6,580 shares of comon stock | 56,325 | ||||||||||
Symantec Corp | 60 shares of comon stock | 2,079 | ||||||||||
Symbol Technologies Inc | 750 shares of comon stock | 12,668 | ||||||||||
Syntel Inc | 2,000 shares of comon stock | 49,420 | ||||||||||
Syntroleum Corp | 1,200 shares of comon stock | 5,184 | ||||||||||
S1 Corporation | 382 shares of comon stock | 3,075 | ||||||||||
T J X Cos Inc | 102 shares of comon stock | 2,241 | ||||||||||
Taiwan Semiconductor Mfg Co ADR | 211 shares of comon stock | 2,161 | ||||||||||
Target Corporation | 305 shares of comon stock | 11,698 | ||||||||||
Teletech Holdings | 1,000 shares of comon stock | 11,300 | ||||||||||
Telular Corp | 15,000 shares of comon stock | 98,250 | ||||||||||
Texas Instruments Inc | 281 shares of comon stock | 8,253 | ||||||||||
The Charles Schwab Corp | 300 shares of comon stock | 3,552 | ||||||||||
Tianrong Bldg. Mat Hldgs | 1,000 shares of common stock | — | ||||||||||
Tidewater Inc/Citizen Certificates | 500 shares of common stock | 14,940 | ||||||||||
Time Warner Inc | 5,219 shares of common stock | 93,890 | ||||||||||
Tivo Inc | 100 shares of common stock | 740 | ||||||||||
TransAtlantic Holdings | 21 shares of common stock | 1,714 | ||||||||||
Transwitch Corp | 300 shares of common stock | 690 | ||||||||||
Travelers Property & Casualty | 531 shares of common stock | 8,910 | ||||||||||
Travelers Property & Casualty Class B | 68 shares of common stock | 1,154 | ||||||||||
TRC Cos Inc | 810 shares of common stock | 17,059 | ||||||||||
Trenwick Group Ltd | 700 shares of common stock | 18 | ||||||||||
Triad Hospitals Inc | 10 shares of common stock | 333 | ||||||||||
Tripath Imaging Inc | 1,000 shares of common stock | 7,800 | ||||||||||
Trustco Bank Corp | 449 shares of common stock | 5,904 | ||||||||||
Tyco International Ltd New | 1947 shares of common stock | 51,607 | ||||||||||
U S A Floral Products Inc | 400 shares of common stock | 1 | ||||||||||
UAL Corp | 300 shares of common stock | 487 | ||||||||||
Underground Sltns Inc | 2,000 shares of common stock | 640 | ||||||||||
Unicapital Corp | 2,000 shares of common stock | 2 | ||||||||||
Union Planters Corp | 250 shares of common stock | 7,873 | ||||||||||
Unit Corp | 300 shares of common stock | 7,065 | ||||||||||
United Parcel Service B | 260 shares of common stock | 19,356 | ||||||||||
United Technologies Corp | 208 shares of common stock | 19,747 | ||||||||||
Universal Display Corp | 100 shares of common stock | 1,367 | ||||||||||
Unova Inc | 500 shares of common stock | 11,475 | ||||||||||
Urban Outfitters Inc. | 946 shares of common stock | 35,049 | ||||||||||
US Bancorp Del New | 100 shares of common stock | 2,978 | ||||||||||
US Lec Corp Class A | 2,100 shares of common stock | 16,548 | ||||||||||
US Internetworking Inc | 450 shares of common stock | — | ||||||||||
Valero Energy Corp New | 304 shares of common stock | 14,089 | ||||||||||
Varian Med Systems | 400 shares of common stock | 27,640 | ||||||||||
Vaxgen Inc | 100 shares of common stock | 792 | ||||||||||
Verisign Inc | 600 shares of common stock | 9,780 | ||||||||||
Verizon Communications | 112 shares of common stock | 3,917 | ||||||||||
Vertex Pharmaceuticals | 62 shares of common stock | 634 | ||||||||||
Verticalnet Inc New | 43 shares of common stock | 51 | ||||||||||
Vesta Insurance Group | 213 shares of common stock | 819 | ||||||||||
Vialink Company | 200 shares of common stock | 13 | ||||||||||
VIE Financial Group Inc | 3,000 shares of common stock | 69 | ||||||||||
Viisage Technology Inc | 75 shares of common stock | 270 | ||||||||||
Vishay Intertechnology | 400 shares of common stock | 9,160 | ||||||||||
Visual Networks Inc | 100 shares of common stock | 224 |
(Continued)
- 19 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Wachovia Corp New | 2,222 shares of common stock | $ | 103,533 | |||||||||
Wal-Mart Stores Inc | 1,681 shares of common stock | 89,202 | ||||||||||
Webmd Corp | 85 shares of common stock | 764 | ||||||||||
Wellpoint Health Networks New | 88 shares of common stock | 8,535 | ||||||||||
Wells Fargo & Co New | 250 shares of common stock | 14,723 | ||||||||||
Western Water Co | 1,000 shares of common stock | 95 | ||||||||||
Westpoint Stevens | 201 shares of common stock | 4 | ||||||||||
Wheaton River Min Ltd | 4,000 shares of common stock | 11,960 | ||||||||||
Williams Co Inc | 1,079 shares of common stock | 10,594 | ||||||||||
Willis Group Holdings | 14,969 shares of common stock | 509,994 | ||||||||||
Wincroft Inc | 2,500 shares of common stock | 275 | ||||||||||
Wireless Age Commun Inc | 400 shares of common stock | 992 | ||||||||||
Worldcom Inc | 10,961 shares of common stock | 145 | ||||||||||
Worldcom Inc - MCI Group | 534 shares of common stock | 26 | ||||||||||
Xerox Corp | 200 shares of common stock | 2,760 | ||||||||||
Xin Net Corp | 1,000 shares of common stock | 105 | ||||||||||
XM Satellite Radio Holdings | 1,050 shares of common stock | 27,678 | ||||||||||
Yahoo! Inc | 24 shares of common stock | 1,084 | ||||||||||
Zimmer Holdings Inc | 18 shares of common stock | 1,267 | ||||||||||
Zixit Corp | 20 shares of common stock | 174 | ||||||||||
1/10 Berkshire Hathaway Class A | 10 shares of common stock | 84,250 | ||||||||||
1st State Bancorp Inc | 103 shares of common stock | 2,928 | ||||||||||
24/7 Real Media Inc | 250 shares of common stock | 335 | ||||||||||
I Shares MSCI Japan IDX FDF | 2,000 shares of stock | 19,280 | ||||||||||
NASDAQ 100 shares | 2,438 units of investment trusts | 88,889 | ||||||||||
Spdr Trust Unit Series 1 | 701 units of investment trusts | 78,021 | ||||||||||
Vanguard Total Stock Market | 103 units of investment trusts | 10,965 | ||||||||||
Carlton Communications PLC | 100 shares of preferred stock | 2,500 | ||||||||||
US Treasury Bond | $1,000 principal amount, due 08/15/04 | 1,078 | ||||||||||
US Treasury Strip | $15,000 principal amount, due 02/15/07 | 13,866 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 02/15/09 | 10,088 | ||||||||||
US Treasury Strip | $15,000 principal amount, due 11/15/06 | 14,034 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/07 | 10,770 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/08 | 10,236 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/09 | 9,754 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/11 | 8,659 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/12 | 8,141 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/13 | 7,658 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/08 | 10,613 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/10 | 9,548 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/11 | 9,019 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/12 | 8,509 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/07 | 10,980 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/08 | 10,481 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/09 | 9,953 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/10 | 9,424 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/11 | 8,891 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/12 | 8,378 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 5/15/13 | 7,901 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/07 | 10,868 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/08 | 10,380 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/09 | 9,848 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/11 | 8,775 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/12 | 8,265 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/13 | 7,793 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 11/15/10 | 9,214 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 8/15/10 | 9,304 | ||||||||||
Ford Motor Credit | $1,000 principal amount, due 7/16/04 | 1,026 | ||||||||||
Ford Motor Credit | $1,000 principal amount, due 2/01/06 | 1,067 |
(Continued)
- 20 -
Table of Contents
WILLIS NORTH AMERICA INC.
FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
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 | |||||||||
Ford Motor Credit | $1,000 principal amount, due 12/08/05 | $ | 1,040 | |||||||||
General Motors Acceptance | $3,000 principal amount, due 6/17/04 | 3,071 | ||||||||||
IBRD World BK Bond | $1,000 principal amount, due 1/27/05 | 1,060 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/13 | 8,033 | ||||||||||
US Treasury Strip | $12,000 principal amount, due 2/15/14. | 7,542 | ||||||||||
* | Participant Loans Receivable | Participant notes receivable bearing interest | ||||||||||
ranging from 5% to 10.5% and maturity dates | ||||||||||||
ranging from January 30, 2004 to July 30, 2017 | 3,656,572 | |||||||||||
$ | 232,833,422 | |||||||||||
* | Indicates party-in-interest |
(Concluded)
- 21 -
Table of Contents
WILLIS NORTH AMERICA INC. FINANCIAL SECURITY PARTNERSHIP PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4j—SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 2003
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. | ||||||||||||||||||||||||||||||||
* | Willis Group Holdings | Willis Stock Fund | $ | 12,270,110 | $ | — | $ | — | $ | — | $ | 12,270,110 | $ | 12,270,110 | $ | — |
* Indicates party-in-interest
-22-