<PAGE>
Securities and Exchange Commission
Washington, D.C. 20549
Form 11-K
Annual Report
Pursuant to Section 15 (d) of the
Securities Exchange Act of 1934
For Fiscal Year Ended December 31, 1994
A. Full title of the plan:
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
B. Name the issuer of the securities held pursuant to the Plan
and the address of its principal executive office:
MARSH & McLENNAN COMPANIES, INC.
1166 Avenue of the Americas
New York, NY 10036
<PAGE>
<PAGE>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
The Trustees of the plan currently are Gregory F. Van Gundy,
Frank J. Borelli, and Francis N. Bonsignore. Mr. Van Gundy is
General Counsel and Secretary of Marsh & McLennan Companies,
Incorporated (MMC). Mr. Borelli is Senior Vice President and
Chief Financial Officer of MMC. Mr. Bonsignore is Senior Vice
President - Human Resources and Administration of MMC and has
been appointed as Plan Administrator. The business address of
all the Trustees is c/o MMC, 1166 Avenue of the Americas, New
York, NY 10036.
The members of the Application Review Committee currently are
Douglas B. Jamieson, Robert W. Burke, and Karen L. Kay. They are
officers of Putnam Investments, Inc. or its subsidiaries. The
business address of each Committee member is c/o Putnam
Investments, Inc. One Post Office Square, Boston, MA 02109.
The financial statements of the Plan are included in this Form
11-K and consists of the statements of net assets available for
plan benefits as of December 31, 1994 and 1993, and the
statements of changes in net assets available for plan benefits
for the years ended December 31, 1994, 1993, and 1992 and the
report and consent of Deloitte & Touche, independent public
accountants, with respect thereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Trustees of Putnam Investments, Inc. Profit Sharing
Retirement Plan have duly caused this annual report to be signed
this 28th day of June, 1995 by the undersigned thereunto duly
authorized.
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
By /s/ Francis N. Bonsignore
Francis N. Bonsignore
Plan Administrator
<PAGE>
<PAGE>
INDEPENDENT AUDITORS' CONSENT
Putnam Investments, Inc. Profit Sharing Retirement Plan:
We hereby consent to the incorporation by reference in
Registration Statement No. 2-65096 on Form S-8 of our report
dated March 27, 1995, appearing in this Annual Report on Form 11-
K of Putnam Investments, Inc. Profit Sharing Retirement Plan for
the year ended December 31, 1994.
/s/ Deloitte & Touche LLP
June 26, 1995
Boston, Massachusetts
<PAGE>
<PAGE>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
Financial Statements for the Years Ended
December 31, 1994, 1993 and 1992 and
Supplemental Schedules for the Year
Ended December 31, 1994 and
Independent Auditors Report
<PAGE>
<PAGE>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
TABLE OF CONTENTS Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Plan Benefits,
December 31, 1994 and 1993 2
Statements of Changes in Net Assets Available for Plan
Benefits for the Years Ended December 31, 1994,
1993 and 1992 3
Notes to Financial Statements 4-9
SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1994:
I - Item 27a - Schedule of Assets Held for Investment
Purposes 10-11
II - Item 27d - Schedule of Reportable Transactions 12
<PAGE>
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Trustees of
Putnam Investments, Inc.
Profit Sharing Retirement Plan:
We have audited the accompanying statements of net assets
available for plan benefits of Putnam Investments, Inc. Profit
Sharing Retirement Plan as of December 31, 1994 and 1993, and the
related statements of changes in net assets available for plan
benefits for each of the three years in the period ended December
31, 1994. These financial statements are the responsibility of
the Plan's Trustees. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the net assets available for plan benefits of
Putnam Investments, Inc. Profit Sharing Retirement Plan as of
December 31, 1994 and 1993, and the changes in its net assets
available for plan benefits for each of the three years in the
period ended December 31, 1994 in conformity with generally
accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules listed in the Table of Contents are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements, but are
supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. These schedules
are the responsibility of the Plan's trustees. Such schedules
have been subjected to the auditing procedures applied in our
audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
//Deloitte & Touche LLP//
March 27, 1995<PAGE>
<PAGE>
<TABLE><CAPTION>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1994 AND 1993
1994 1993
<S> <C> <C>
ASSETS:
Investments, at fair value (Notes 1, 2, 3 and 6):
The George Putnam Fund of Boston $ 7,748,222 $ 8,828,419
Putnam Fund for Growth and Income 10,930,792 12,529,306
Putnam Voyager Fund 13,420,804 13,753,676
Putnam New Opportunities Fund 9,618,393 8,328,314
Putnam Money Market Fund 19,159,740 15,113,221
Equity Funds 33,575,010 32,289,904
Bond Funds 14,763,408 19,044,753
Guaranteed investment contracts 13,247,011 11,408,537
Marsh & McLennan Companies, Inc. common stock 1,362,006 1,271,968
Participant loans 2,275,230 1,752,053
----------- -----------
Total investments 126,100,616 124,320,151
Employer contributions receivable (Note 2) 2,509,255 2,200,930
----------- -----------
TOTAL ASSETS $128,609,871 $126,521,081
============ ============
NET ASSETS AVAILABLE FOR PLAN BENEFITS $128,609,871 $126,521,081
============ ============
See notes to financial statements.
/TABLE
<PAGE>
<PAGE>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
<TABLE><CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
<S> <C> <C> <C>
1994 1993 1992
ADDITIONS:
Investment income:
Net appreciation (depreciation) in fair value of
investments (Notes 1,4 and 6) $ (5,705,087) $ 7,867,469 $ 778,203
Dividend income 5,502,034 6,561,290 6,015,120
Interest income 1,000,215 939,537 1,129,974
-------------- ------------- ------------
Total investment income 797,162 15,368,296 7,923,297
CONTRIBUTIONS
Employer (Note 2) 9,659,708 8,290,627 9,053,311
Employee (Note 2) 5,212,966 4,286,986 2,586,738
-------------- ------------- ------------
Total additions 15,669,836 27,945,909 19,563,346
DEDUCTIONS - Benefits paid to participants 13,581,046 3,321,203 5,466,873
-------------- ------------- ------------
NET INCREASE 2,088,790 24,624,706 14,096,473
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 126,521,081 101,896,375 87,799,902
-------------- ------------- ------------
End of year $ 128,609,871 $126,521,081 $101,896,375
============= ============ ============
See notes to financial statements.
/TABLE
<PAGE>
<PAGE>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The accompanying financial statements
of Putnam Investments, Inc. Profit Sharing Retirement Plan
(the Plan ) have been prepared on the accrual basis of
accounting and present the net assets available for Plan
benefits and changes in those net assets.
Investments - Investments in equity securities and mutual
funds are stated at fair value as determined by quoted market
prices based on the last reported sales prices, or the
reported net asset value per share on the last business day of
the Plan year. Investments in insurance contracts are stated
at contract value which equals cost plus interest accrued at
the rate guaranteed by the issuer insurance company.
Security transactions are recognized on a trade-date basis.
Dividend income is recorded on the ex-dividend date; interest
income is recorded as earned. The change in the difference
between fair value and the cost of investments, including
realized gains and losses, is reflected in the statements of
changes in net assets available for plan benefits as net
appreciation (depreciation) in fair value of investments.
Federal Income Taxes - The Plan obtained its latest
determination letter on December 24, 1986 in which the
Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements
of the Internal Revenue Code. The Plan has been amended since
receiving the determination letter. The plan administrator
believes that the Plan is currently designed and being
operated in compliance with the applicable requirements of the
Internal Revenue Code. Therefore, no provision for income
taxes has been included in these financial statements.
Administrative Expenses - Expenses of the Plan have been paid
by Putnam Investments, Inc. and its subsidiaries, but such
payment is at their discretion.
2. DESCRIPTION OF THE PLAN
The following description of the Plan is provided for general
information purposes only. Participants should refer to the
Plan document for a more complete description of the Plan's
provisions.
(a) General - The Plan, as amended and restated January 1,
1989, is a defined contribution plan that is intended to
qualify as a profit-sharing plan under Section 401(a) of
the Internal Revenue Code (the Code ) and to constitute
a qualified cash or deferred arrangement under Section
401(k) of the Code. The Plan is subject to the
provisions of the Employee Retirement Income Security Act
of 1974 ( ERISA ).<PAGE>
<PAGE>
2. DESCRIPTION OF THE PLAN (CONTINUED)
(b) Investment Programs - The Plan allows each participant to
elect to have employer contributions and reallocated
forfeitures invested in one or more of the following
authorized investment vehicles:
(1) Any one or a combination of the open-end management
investment companies, excluding tax-exempt income
funds, for which a subsidiary of Putnam Investments,
Inc. acts as an investment adviser.
(2) Any one or a combination of contracts with insurance
companies which guarantee principal and interest at
a fixed rate.
(3) Marsh & McLennan Companies, Inc. common stock.
(4) Other investment options approved by the Board of
Directors of Putnam Investments, Inc., the Trustees
of the Plan, and the Chief Executive Officer of
Marsh & McLennan Companies, Inc. There were no
investments in this option at December 31, 1994,
1993 or 1992.
Employer contributions and forfeitures must generally be
allocated to not more than eight investments, with
apportionments to be no less than 1% per investment.
Participants may also elect to have their voluntary
contributions invested in any one or more of the
authorized investments noted above in (1), (2), (3)
and/or (4), provided such elections are allocated to not
more than eight authorized investments, with
apportionments to be at least 1% to any one investment.
With proper written notice, participants may elect to
change their investment in either their participation or
voluntary accounts twice during a fiscal quarter, not to
exceed six investment changes per year.
(c) Contributions - The Plan covers substantially all of the
employees of Putnam Investments, Inc. and its
subsidiaries that have adopted the Plan. Employer
contributions are determined at the discretion of each
company's Board of Directors. Contributions may not
exceed the amount permitted as a deduction under the
applicable provisions of the Internal Revenue Code.
Employer contributions, by company, for 1994, 1993 and
1992 were as follows:
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Employer Contributions 1994 1993 1992
Putnam Investments, Inc. $919,027 $812,839 $844,831
Putnam Investment Management, Inc.1,442,091 1,397,177 1,658,748
The Putnam Advisory Company, Inc.
and Subsidiary 1,093,441 933,114 949,817
Putnam Fiduciary Trust Company 4,256,166 3,625,466 4,335,253
Putnam Mutual Funds Corp. and
Subsidiary 1,948,983 1,522,031 1,264,662
--------- --------- ---------
Total $9,659,708 $8,290,627 $9,053,311
========== ========== ==========
/TABLE
<PAGE>
<PAGE>
2. DESCRIPTION OF THE PLAN (CONTINUED)
(c) Contributions (Continued) - Voluntary employee contributions are
accepted within certain limits as defined in the Plan.
Participants making contributions are not allowed to withdraw
any appreciation on such contributions before termination of
employment, but may withdraw their contributions, subject to
certain restrictions. Employee contributions, by company, for
1994, 1993 and 1992 were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Employee Contributions 1994 1993 1992
Putnam Investments, Inc. $ 423,471 $ 280,811$245,242
Putnam Investment Management, Inc. 720,936 1,275,263323,813
Putnam Mutual Funds Corp. and Subsidiary 1,152,808 284,452305,472
Putnam Fiduciary Trust Company 2,401,132 1,457,0161,067,971
The Putnam Advisory Company, Inc. and
Subsidiary 514,619 989,444644,240
---------- -------------------
Total $5,212,966 $4,286,986$2,586,738
========== ===================
(d) Forfeitures - Forfeitures of invested employer contributions are reallocated among
the remaining eligible participants one year after the fiscal year in which the
forfeitures occur. Reallocation of forfeitures amounted to $488,291 in 1994,
$1,317,892 in 1993 and $571,906 in 1992.
(e) Participant Accounts and Vesting - The Plan provides that the market value of
investments in participant accounts shall be determined each quarter. Unrealized
appreciation or depreciation, equal to the difference between actual cost and the
quoted market price of the investments at the applicable valuation date, is
recognized in determining the value of each fund. The change in unrealized
appreciation or depreciation, investment income received and realized gains or
losses on investments sold or distributed are allocated to participants' accounts
based on each participant's proportionate interest in the investment.
Employer contributions and forfeitures are allocated
annually based on a uniform percentage of eligible
earnings per participant. This percentage was 15% in
1994 and 1993.
An employee is not eligible to become a participant until
the completion of twelve months of continuous service.
Effective January 1, 1994, a participant must be employed
on the last day of the Plan s fiscal year (December 31)
to be eligible for their portion of the employer s
contribution for that year. The vesting of participants,
other than voluntary contributions, is as follows:
Vested
Interest
Years of continuous service:
Less than two None
Two but less than three 25%
Three but less than four 50%
Four but less than five 75%
Five or more 100%
If a participant has reached age 60 100%
<PAGE>
<PAGE>
2. DESCRIPTION OF THE PLAN (CONTINUED)
(e) Participant Accounts and Vesting (Continued) -
Participants are automatically fully vested in their
voluntary contributions.
Distributions are based on the vested portion of the
participant's account valuation as of the liquidation
date coinciding with or following the next valuation date
after the individual ceases to be a participant. Such
distributions are made within a reasonable period after
the individual ceases to be a participant, but not later
than sixty days after the close of the fiscal year. The
Plan allows terminated participants to maintain their
accounts in the Plan, but such accounts do not share in
contributions and forfeiture reallocations. The value of
these accounts will continue to be determined each
quarter.
(f) Salary Savings Contributions - It is the intention of the
Trustees that the salary savings program be qualified
under Section 401(k) of the Internal Revenue Code. The
terms of the salary savings agreement provide that the
participants' earnings contribution to the Plan will be
deducted from their payroll, and that the employer shall
contribute this amount to the Plan on behalf of the
participants. Investments into the various investment
vehicles are at the discretion of the participant. The
market value of assets relating to the salary savings
program at December 31, 1994 and 1993 was $15,379,768 and
$12,321,913, respectively.
(g) Loans - Upon the approval of the loan committee,
appointed by the Trustees, participants of the Plan may
borrow from their accounts, to alleviate financial need
as defined by the Plan, an amount which, when added to
all other loans to the participant, would not exceed the
lesser of (1) a maximum borrowing limit of $50,000 or (2)
50% of the vested balance of the participant's account.
All loans shall be secured by the participant's account
and will be repaid through payroll deductions according
to a fixed repayment schedule which includes interest at
a rate consistent with area lending institutions personal
loan rates. Loans outstanding at December 31, 1994 and
1993 were $2,275,230 and $1,752,053, respectively.
3. INVESTMENTS
Investments that represent 5% or more of total Plan assets at
December 31 are as follows:
1994
Putnam Money Market Fund $19,159,740
Putnam Voyager Fund 13,420,804
The Putnam Fund for Growth and Income 10,930,792
Putnam New Opportunities Fund 9,618,393
The George Putnam Fund of Boston 7,748,222
Putnam Fiduciary Trust Co. Stable Value Fund 7,747,284
1993
Putnam Money Market Fund $15,113,221
Putnam Voyager Fund 13,753,676
The Putnam Fund for Growth and Income 12,529,306
The George Putnam Fund of Boston 8,828,419
<PAGE>
<PAGE>
4. NET APPRECIATION (DEPRECIATION) IN FAIR VALUE OF INVESTMENTS
The net appreciation (depreciation) in fair value of each
significant class of investments for the years ended December
31 is as follows:
1994 1993 1992
Mutual Funds $(5,667,872) $8,024,221 $621,572
Marsh & McLennan Companies,
Inc. common stock (37,215) (156,752) 156,631
------------ ---------- --------
Total $(5,705,087) $7,867,469 $778,203
============ ========== ========
5. SUBSEQUENT DISTRIBUTIONS
At December 31, 1994, terminated employees had requested
distributions of the vested portion of their accounts totaling
$451,216. The source of these distributions by investment
program is as follows:
Source Amount
Mutual funds $411,902
Guaranteed investment contracts 39,314
<PAGE>
<PAGE>
</TABLE>
<TABLE><CAPTION>
6. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
Participant - Directed
Putnam Fund
George for Growth New Money Equity
Putnam and Income Voyager Opportunities Market Funds
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Net appreciation (depreciation) $ (572,850) $ (741,115) $(536,544) $ 215,602 $ -- $(1,610,991)
Dividend income 543,488 707,880 573,062 75,085 372,787 1,532,931
Interest income -- -- -- -- -- --
----------- ----------- ---------- ---------- ---------- ------------
Total investment income (loss) (29,362) (33,235) 36,518 290,687 372,787 (78,060)
CONTRIBUTIONS:
Employer -- -- -- -- -- --
Employee 107,058 575,818 698,640 589,159 545,352 1,623,613
----------- ----------- ---------- ---------- ---------- ------------
Total additions 77,696 542,583 735,158 879,846 918,139 1,545,553
DEDUCTIONS - Benefits paid (1,233,846) (1,980,935) (1,340,305) (1,024,590) (2,431,614) (2,716,747)
----------- ----------- ---------- ---------- ---------- ------------
NET CHANGE PRIOR TO
INTERFUND TRANSFERS (1,156,150) (1,438,352) (605,147) (144,744) (1,513,475) (1,171,194)
INTERFUND TRANSFERS 75,953 160,162 272,275 1,434,823 4,422,942 2,456,300
----------- ----------- ---------- ---------- ---------- ------------
NET INCREASE (DECREASE) (1,080,197) (1,598,514) (332,872) 1,290,079 2,909,467 1,285,106
NET ASSETS AVAILABLE
Beginning of year 8,828,419 12,529,306 13,753,676 8,328,314 8,406,660 32,289,904
----------- ----------- ---------- ---------- ---------- ------------
End of year $7,748,222 $10,930,792 $13,420,804 $9,618,393 $11,316,127 $33,575,010
=========== =========== =========== ========== =========== ============
/TABLE
<PAGE>
<TABLE><CAPTION>
Nonparticipant - Directed
Guaranteed MMC
Bond Investment Common Participant Money
Funds Contracts Stock Loans Other Market Total
<C> <C> <C> <C> <C> <C> <C>
$(2,421,974) $ -- $(37,215) $ -- $ -- $ -- $(5,705,087)
1,474,690 -- 44,791 -- -- 177,320 5,502,034
-- 833,212 -- 167,003 -- -- 1,000,215
----------- ----------- ---------- ---------- ---------- ----------------------
(947,284) 833,212 7,576 167,003 -- 177,320 797,162
-- -- -- -- 2,509,255 7,150,453 9,659,708
361,352 181,506 38,457 -- -- 492,011 5,212,966
----------- ----------- ---------- ---------- ---------- ----------------------
(585,932) 1,014,718 46,033 167,003 2,509,255 7,819,784 15,669,836
(2,277,512) (436,633) (29,888) (108,976) -- -- (13,581,046)
----------- ----------- ---------- ---------- ---------- ----------------------
(2,863,444) 578,085 16,145 58,027 2,509,255 7,819,784 2,088,790
(1,417,901) 1,260,389 73,893 465,150 (2,200,930) (6,682,732) --
----------- ----------- ---------- ---------- ---------- ----------------------
(4,281,345) 1,838,474 90,038 523,177 308,325 1,137,052 2,088,790
19,044,753 11,408,537 1,271,968 1,752,063 2,200,930 6,706,561 126,521,081
----------- ----------- ---------- ---------- ---------- ----------------------
$14,763,408 $13,247,011 $1,362,006 $2,275,230 $2,509,255 $7,843,613$128,609,871
=========== =========== ========== ========== ========== ======================
Equity Funds - Includes all funds, not listed separately, whose investments consist principally of equity securities.
Bond Funds - Includes all funds, not listed separately, whose investments consist principally of debt securities.
* * * * * *
</TABLE>
<PAGE>
<PAGE>
SCHEDULE I
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
Number of Current
MUTUAL FUNDS: Shares Cost Value
The George Putnam Fund of Boston 600,172 7,995,634 7,748,222
The Putnam Fund for Growth and Income859,339 11,047,93510,930,792
Putnam Investors Fund 389,616 3,234,922 2,781,857
Putnam Income Fund 330,523 2,288,548 2,138,487
Putnam Global Growth Fund 547,089 4,582,352 5,293,102
Putnam Vista Fund 576,036 4,126,674 4,135,936
Putnam Voyager Fund 1,165,000 11,108,62713,420,804
Putnam Convertible Income-
Growth Trust 177,346 3,045,182 3,037,931
Putnam American Government
Income Fund 34,521 334,694 279,281
Putnam Asset Allocation - Growth 28,884 240,921 240,313
Putnam Asset Allocation - Balanced 38,438 326,092 316,733
Putnam Managed Income Trust 17,303 153,596 146,735
Putnam High Yield Advantage Fund 383,720 3,819,001 3,453,479
Putnam Federal Income Fund 3,723 37,826 34,585
Putnam Global Governmental
Income Trust 179,118 2,691,975 2,314,209
Putnam OTC Emerging Growth Fund 456,045 4,350,514 4,925,286
Putnam Adjustable Rate
U.S. Government Fund 5,037 55,919 50,719
Putnam Diversified Income Trust 100,140 1,236,663 1,124,575
Putnam Utilities Growth 76,366 706,984 667,437
and Income Fund
Putnam Overseas Growth Fund 74,524 875,476 875,665
Putnam Asia Pacific Growth Fund 223,387 2,841,332 3,020,192
Putnam Dividend Growth Fund 78,422 768,849 742,653
Putnam Europe Growth Fund 154,639 1,771,800 1,903,609
Putnam New Opportunities Fund 380,625 7,570,647 9,618,393
Putnam Balanced Government Fund 1 7 7
Putnam Capital Appreciation Fund 5,600 59,402 59,977
Putnam Diversified Equity Fund 4,283 36,862 37,174
Putnam Money Market Fund 19,159,740 19,159,74019,159,740
Putnam Equity Income Fund 174,384 1,513,805 1,484,013
Putnam High Yield Trust 357,043 4,663,967 4,088,146
Putnam Health Sciences Trust 92,358 2,453,259 2,755,040
Putnam U.S. Government Income Trust 92,960 1,251,223 1,133,186
Putnam Natural Resources Fund 93,996 1,451,852 1,298,091
---------------------
Total Mutual Funds 105,802,280 109,216,369
(continued)<PAGE>
<PAGE>
SCHEDULE I
<TABLE><CAPTION>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
<S> <C> <C> <C>
Number of Current
Shares Cost Value
GUARANTEED INVESTMENT CONTRACTS
Hartford Life, 8.50%, 1/31/96 4,324,658 4,324,658 4,324,658
Principle Mutual Life Insurance Co.,5.00%,1/30/97 1,175,069 1,175,069 1,175,069
Putnam Fiduciary Trust Co. Stable Value Fund, 5.60% 7,747,284 7,747,284 7,747,284
---------- ----------
Total Guaranteed Investment Contracts: 13,247,011 13,247,011
MARSH & McLENNAN COMPANIES, INC. 17,186 1,205,915 1,362,006
COMMON STOCK
PARTICIPANT LOANS (Various maturities from 1995
to 2004 at interest rates ranging from 7.5% to 12.75%) -- 2,275,230 2,275,230
---------- ----------
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $122,530,436 $126,100,616
============ ============
(Concluded)
</TABLE> <PAGE>
<PAGE>
SCHEDULE II
<TABLE>
<CAPTION>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
<S> <C> <C> <C> <C> <C>
Purchase Sales
Description Number of Number of
Dateof Investment Transactions Principal Transactions Principal
VariousPutnam Money
Market Fund 15,845 $18,189,735 547 $14,143,215
</TABLE>
