Securities and Exchange Commission
Washington, D.C. 20549
Form 11-K
Annual Report
Pursuant to Section 15 (d) of the
Securities Exchange Act of 1934
For Fiscal Year Ended December 31, 1995
A. Full title of the plan:
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
B. Name the issuer of the securities held pursuant to the Plan
and the address of its principal executive office:
MARSH & McLENNAN COMPANIES, INC.
1166 Avenue of the Americas
New York, NY 10036
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
The Trustees of the plan currently are Gregory F. Van Gundy,
Frank J. Borelli, and Francis N. Bonsignore. Mr. Van Gundy is
General Counsel and Secretary of Marsh & McLennan Companies,
Incorporated (MMC). Mr. Borelli is Senior Vice President and
Chief Financial Officer of MMC. Mr. Bonsignore is Senior Vice
President - Human Resources and Administration of MMC and has
been appointed as Plan Administrator. The business address of
all the Trustees is c/o MMC, 1166 Avenue of the Americas, New
York, NY 10036.
The members of the Application Review Committee currently are
Douglas B. Jamieson, Robert W. Burke, and Karen L. Kay. They are
officers of Putnam Investments, Inc. or its subsidiaries. The
business address of each Committee member is c/o Putnam
Investments, Inc. One Post Office Square, Boston, MA 02109.
The financial statements of the Plan are included in this Form 11-
K and consists of the statements of net assets available for plan
benefits as of December 31, 1995 and 1994, and the statements of
changes in net assets available for plan benefits for the years
ended December 31, 1995, 1994, and 1993 and the report and
consent of Deloitte & Touche, independent public accountants,
with respect thereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Trustees of Putnam Investments, Inc. Profit Sharing
Retirement Plan have duly caused this annual report to be signed
this 26th day of June, 1996 by the undersigned thereunto duly
authorized.
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
By /s/ Francis N. Bonsignore
Francis N. Bonsignore
Plan Administrator
INDEPENDENT AUDITORS' CONSENT
Putnam Investments, Inc. Profit Sharing Retirement Plan:
We hereby consent to the incorporation by reference in
Registration Statement No. 2-65096 on Form S-8 of our report
dated March 29, 1996, appearing in this Annual Report on Form 11-
K of Putnam Investments, Inc. Profit Sharing Retirement Plan for
the year ended December 31, 1995.
/s/ Deloitte & Touche LLP
June 25, 1996
Boston, Massachusetts
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
FINANCIAL STATEMENTS FOR THE YEARS ENDED
DECEMBER 31, 1995, 1994 AND 1993 AND
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE
YEAR ENDED DECEMBER 31, 1995
AND INDEPENDENT AUDITORS' REPORT
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits,
December 31, 1995 and 1994 2
Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1995, 1994 and 1993 3
Notes to Financial Statements 4-11
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR
ENDED DECEMBER 31, 1995:
Item 27a - Schedule of Assets Held
for Investment Purposes 12-13
Item 27d - Schedule of Reportable Transactions 14
Schedules required under the Employee Retirement Income Security
Act of 1974, other than the schedules listed above, are omitted
because of the absence of the conditions under which the
schedules are required.
INDEPENDENT AUDITORS' REPORT
To the Trustees of
Putnam Investments, Inc.
Profit Sharing Retirement Plan:
We have audited the accompanying statements of net assets
available for benefits of Putnam Investments, Inc. Profit Sharing
Retirement Plan as of December 31, 1995 and 1994, and the related
statements of changes in net assets available for benefits for
each of the three years in the period ended December 31, 1995.
These financial statements are the responsibility of the Plan's
Trustees. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the net assets available for benefits of
Putnam Investments, Inc. Profit Sharing Retirement Plan as of
December 31, 1995 and 1994, and the changes in its net assets
available for benefits for each of the three years in the period
ended December 31, 1995, in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules listed in the Table of Contents are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements, but are
supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. These schedules
are the responsibility of the Plan's Trustees. Such schedules
have been subjected to the auditing procedures applied in our
audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
March 29, 1996
<TABLE><CAPTION>
PROFIT SHARING RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
<S> <C>
<C>
1995 1994
ASSETS:
Investments, at fair value (Notes 1, 2, 3 and 6):
Putnam Voyager Fund $ 20,006,697 $
13,420,804
Putnam Money Market Fund 18,399,759
19,159,740
Putnam New Opportunities Fund 16,778,095
9,618,393
The Putnam Fund for Growth and Income 16,272,624
10,930,792
The George Putnam Fund of Boston 10,228,144
7,748,222
Putnam OTC Emerging Growth Fund 9,526,259
4,925,286
Putnam Vista Fund 6,746,636
4,135,936
Other Equity Funds 37,580,239
24,513,788
Bond Funds 17,876,289
14,763,408
Putnam Fiduciary Trust Co.
Stable Value Fund 8,346,515
7,747,284
Marsh & McLennan Companies, Inc.
common stock 1,135,836
1,362,006
Participant loans 2,482,411
2,275,230
Investments, at contract value -
Guaranteed Investment Contracts 4,682,959
5,499,727
Total investments 170,062,463
126,100,616
Contributions receivable (Note 2) 4,800,566
2,509,255
TOTAL ASSETS $ 174,863,029 $
128,609,871
NET ASSETS AVAILABLE FOR BENEFITS $ 174,863,029 $
128,609,871
See notes to financial statements.</TABLE>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
<TABLE><CAPTION>
1995 1994
1993
<S> <C> <C> <C>
ADDITIONS:
Investment income:
Net appreciation (depreciation) in fair value of
investments (Notes 1, 4 and 6) $ 24,503,560 $ (5,705,087) $
7,867,469
Dividend income 8,639,957 5,502,034
6,561,290
Interest income 1,095,563 1,000,215
939,537
Total investment income 34,239,080 797,162
15,368,296
CONTRIBUTIONS:
Employer (Note 2) 11,972,501 9,659,708
8,290,627
Employee (Note 2) 7,367,884 5,212,966
4,286,986
Total additions 53,579,465 15,669,836
27,945,909
DEDUCTIONS - Benefits paid to
participants 7,326,307 13,581,046
3,321,203
NET INCREASE 46,253,158 2,088,790
24,624,706
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 128,609,871 126,521,081
101,896,375
End of year $174,863,029 $128,609,871
$126,521,081
See notes to financial statements. </TABLE>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION - The accompanying financial statements of
Putnam Investments, Inc. Profit Sharing Retirement Plan (the
"Plan") have been prepared on the accrual basis of accounting.
Security transactions are recognized on a trade-date basis.
Dividend income is recorded on the ex-dividend date; interest
income is recorded as earned. The change in the difference
between fair value and the cost of investments, including
realized gains and losses, is reflected in the statements of
changes in net assets available for benefits as net appreciation
(depreciation) in fair value of investments.
INVESTMENT VALUATION - Investments in equity securities and
mutual funds are stated at fair value as determined by quoted
market prices based on the last reported sales prices, or the
reported net asset value per share on the last business day of
the plan year. Investments in insurance contracts are stated at
contract value which equals cost plus accrued interest.
FEDERAL INCOME TAXES - The Plan obtained its latest determination
letter on March 29, 1996 in which the Internal Revenue Service
("IRS") stated that the Plan, as then designed, was in compliance
with the applicable requirements of the Internal Revenue Code
(the "Code"). The plan administrator believes that the Plan is
currently designed and being operated in compliance with the
applicable requirements of the Code. Therefore, no provision for
income taxes has been included in these financial statements.
ADMINISTRATIVE EXPENSES - Expenses of the Plan have been paid by
Putnam Investments, Inc. and its subsidiaries, but such payment
is at their discretion.
BENEFITS - Benefits to participants are recorded when paid.
ESTIMATES - The preparation of financial statements in conformity
with generally accepted accounting principles requires the Plan's
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from
those estimates.
2. DESCRIPTION OF THE PLAN
The following description of the Plan is provided for general
information purposes only. Participants should refer to the plan
document for a more complete description of the Plan's
provisions.
(a) GENERAL - The Plan, as amended and restated January 1, 1989,
is a defined contribution plan sponsored by Putnam Investments,
Inc. and its subsidiaries (the "Company") for the benefit of its
employees and is intended to qualify as a profit-sharing plan
under Section 401(a) of the Code and to constitute a qualified
cash or deferred arrangement under Section 401(k) of the Code.
The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 ("ERISA").
2. DESCRIPTION OF THE PLAN (CONTINUED)
(b) INVESTMENT PROGRAMS - The Plan allows each participant to
elect to have employer contributions and reallocated forfeitures
invested in one or more of the following authorized investment
vehicles:
(1)Any one or a combination of the open-end management investment
companies, excluding tax-exempt income funds, for which a
subsidiary of Putnam Investments, Inc. acts as an investment
adviser.
(2)Any one or a combination of contracts with insurance companies
which guarantee principal and interest at a fixed rate.
(3)Marsh & McLennan Companies, Inc. common stock.
(4)Other investment options approved by the Board of Directors of
Putnam Investments, Inc., the Trustees of the Plan, and the Chief
Executive Officer of Marsh & McLennan Companies, Inc. There were
no investments in this option at December 31, 1995, 1994 or 1993.
Employer contributions and forfeitures must generally be
allocated to not more than eight investments, with apportionments
to be no less than 1% per investment.
Participants may also elect to have their voluntary contributions
invested in any one or more of the authorized investments noted
above in (1), (2), (3) and/or (4), provided such elections are
allocated to not more than eight authorized investments, with
apportionments to be at least 1% to any one investment.
With proper written notice, participants may elect to change
their investment in either their participation or voluntary
accounts twice during a fiscal quarter, not to exceed six
investment changes per year.
(c)CONTRIBUTIONS - The Plan covers substantially all of the
employees of Putnam Investments, Inc. and its subsidiaries that
have adopted the Plan. Employer contributions are determined at
the discretion of each company's Board of Directors.
Contributions may not exceed the amount permitted as a deduction
under the applicable provisions of the Code. Employer
contributions, by company, for 1995, 1994 and 1993 were as
follows:
<TABLE><CAPTION>
EMPLOYER CONTRIBUTIONS 1995 1994
1993
<S> <C> <C>
<C>
Putnam Investments, Inc. $ 1,095,609 $ 919,027 $
812,839
Putnam Investment Management, Inc. 1,979,073 1,442,091
1,397,177
The Putnam Advisory Company, Inc. and
Subsidiary 1,273,167 1,093,441
933,114
Putnam Fiduciary Trust Company 5,333,569 4,256,166
3,625,466
Putnam Mutual Funds Corp. and Subsidiary 2,291,083 1,948,983
1,522,031
Total $11,972,501 $9,659,708
$8,290,627
</TABLE>
<TABLE><CAPTION>
2. DESCRIPTION OF THE PLAN (CONTINUED)
CONTRIBUTIONS (CONTINUED) - Voluntary employee contributions are accepted within
certain limits as defined in the Plan. Participants making contributions are
not allowed to withdraw any appreciation on such contributions before
termination of employment, but may withdraw their contributions, subject to
certain restrictions. Employee contributions, by company, for 1995, 1994 and
1993 were as follows:
EMPLOYEE CONTRIBUTIONS 1995 1994
1993
<S> <C> <C>
<C>
Putnam Investments, Inc. $ 556,457 $ 423,471 $
280,811
Putnam Investment Management, Inc. 794,209 720,936
1,275,263
The Putnam Advisory Company, Inc. and
Subsidiary 1,569,073 514,619
989,444
Putnam Fiduciary Trust Company 3,114,747 2,401,132
1,457,016
Putnam Mutual Funds Corp. and Subsidiary 1,333,398 1,152,808
284,452
Total $7,367,884 $5,212,966
$4,286,986
</TABLE>
(d) FORFEITURES - Forfeitures of invested employer contributions
are reallocated among the remaining eligible participants one
year after the fiscal year in which the forfeitures occur.
Reallocation of forfeitures amounted to $470,260 in 1995,
$488,291 in 1994, and $1,317,892 in 1993.
(e) PARTICIPANT ACCOUNTS AND VESTING - The Plan provides that
the market value of investments in participant accounts shall be
determined each quarter. Unrealized appreciation or
depreciation, equal to the difference between actual cost and the
quoted market price of the investments at the applicable
valuation date, is recognized in determining the value of each
fund. The change in unrealized appreciation or depreciation,
investment income received and realized gains or losses on
investments sold or distributed are allocated to participants'
accounts based on each participant's proportionate interest in
the investment.
Employer contributions and forfeitures are allocated annually
based on a uniform percentage of eligible earnings per
participant. This percentage was 15% in 1995 and 1994.
An employee is not eligible to become a participant until the
completion of twelve months of continuous service. A participant
must be employed on the last day of the Plan's fiscal year
(December 31) to be eligible for their portion of the employer's
contribution for that year. The vesting of participants, other
than voluntary contributions, is as follows:
VESTED
INTEREST
Years of continuous service:
Less than two None
Two but less than three 25 %
Three but less than four 50 %
Four but less than five 75 %
Five or more 100 %
If a participant has reached age 60 100 %
2. DESCRIPTION OF THE PLAN (CONTINUED)
(e) PARTICIPANT ACCOUNTS AND VESTING (CONTINUED) - Participants
are automatically fully vested in their voluntary contributions.
Distributions are based on the vested portion of the
participant's account valuation as of the liquidation date
coinciding with or following the next valuation date after the
individual ceases to be a participant. Such distributions are
made within a reasonable period after the individual ceases to be
a participant, but not later than sixty days after the close of
the fiscal year. The Plan allows terminated participants to
maintain their accounts in the Plan, but such accounts do not
share in contributions and forfeiture reallocations. The value
of these accounts will continue to be determined each quarter.
(f)SALARY SAVINGS CONTRIBUTIONS - It is the intention of the
Trustees that the salary savings program be qualified under
Section 401(k) of the Code. The terms of the salary savings
agreement provide that the participants' earnings contribution to
the Plan will be deducted from their payroll, and that the
employer shall contribute this amount to the Plan on behalf of
the participants. Investments into the various investment
vehicles are at the discretion of the participant. The market
value of assets relating to the salary savings program at
December 31, 1995 and 1994 was $24,342,189 and $15,379,768,
respectively.
(g) LOANS - Upon the approval of the loan committee, appointed
by the Trustees, participants of the Plan may borrow from their
accounts, to alleviate financial need as defined by the Plan, an
amount which, when added to all other loans to the participant,
would not exceed the lesser of (1) a maximum borrowing limit of
$50,000 or (2) 50% of the vested balance of the participant's
account. All loans shall be secured by the participant's account
and will be repaid through payroll deductions according to a
fixed repayment schedule which includes interest at a rate
consistent with area lending institutions personal loan rates.
Loans outstanding at December 31, 1995 and 1994 were $2,482,411
and $2,275,230, respectively.
3. INVESTMENTS
Investments that represent 5% or more of total Plan assets at
December 31 are as follows:
1995
Putnam Voyager Fund $20,006,697
Putnam Money Market Fund 18,399,759
Putnam New Opportunities Fund 16,778,095
The Putnam Fund for Growth and Income 16,272,624
The George Putnam Fund of Boston 10,228,144
Putnam OTC Emerging Growth Fund 9,526,259
1994
Putnam Money Market Fund $19,159,740
Putnam Voyager Fund 13,420,804
The Putnam Fund for Growth and Income 10,930,792
Putnam New Opportunities Fund 9,618,393
The George Putnam Fund of Boston 7,748,222
Putnam Fiduciary Trust Co. Stable Value Fund 7,747,284
3. INVESTMENTS (CONTINUED)
The Plan's Funds are invested in the following investment
vehicles that represent 5% or more of total plan assets:
THE GEORGE PUTNAM FUND OF BOSTON - Funds are invested in a well-
diversified list of securities including equity securities, fixed-
income securities, and negotiable instruments that offer
potential for both capital growth and current income.
THE PUTNAM FUND FOR GROWTH AND INCOME - Funds are invested
primarily in equity securities that offer potential for both
capital growth and current income.
PUTNAM NEW OPPORTUNITIES FUND - Funds are invested in equity
securities of companies which, in the opinion of the Fund's
investment manager, possess above-average, long-term growth
potential.
PUTNAM VOYAGER FUND - Funds are invested primarily in equity
securities of companies which, in the opinion of the Fund's
investment manager, have potential for capital appreciation
significantly greater than that of the market averages.
PUTNAM OTC EMERGING GROWTH FUND - Funds are invested primarily in
equity securities of small- to medium-sized "emerging growth"
companies traded in the over-the-counter ("OTC") market, which in
the opinion of the Fund's investment manager have potential for
capital appreciation significantly greater than that of the
market averages.
PUTNAM MONEY MARKET FUND - Funds are invested in various types of
high quality money market instruments.
PUTNAM FIDUCIARY TRUST CO. STABLE VALUE FUND - Collective
investment trust which invests primarily in high quality annuity
(or similar) contracts issued by insurance companies and
certificates of deposit (or similar contracts) issued by banks.
In addition, to provide liquidity, a portion of the Fund's
assets are invested in high quality money market investments.
The Fund is a component of the Guaranteed Investment Products
category.
4. NET APPRECIATION (DEPRECIATION) IN FAIR VALUE OF INVESTMENTS
The net appreciation (depreciation) in fair value (based on quoted market
prices) of each significant class of investments for the years ended December 31
is as follows:
1995 1994 1993
Mutual funds $24,385,523 $(5,667,872) $ 8,024,221
Marsh & McLennan Companies,
Inc. common stock 118,037 (37,215)
(156,752)
Total $24,503,560 $(5,705,087) $ 7,867,469
5. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company
has the right under the Plan to discontinue its contributions at
any time and to terminate the Plan subject to the provisions of
ERISA. In the event of Plan termination, participants will
become 100 percent vested in their accounts.
6. SUBSEQUENT DISTRIBUTIONS
At December 31, 1995 and 1994, terminated employees had requested
distributions of the vested portion of their accounts totaling
$220,097 and $451,216, respectively. The source of these
distributions by investment type are as follows:
SOURCE 1995 1994
Mutual funds $156,191 $411,902
Guaranteed investment products 63,906 39,314
7.FUND INFORMATION
<TABLE><CAPTION>
Investment income, contributions, and benefits paid to participants for the
years ended December 31, 1995 and 1994 are as follows:
1995
NET APPRECI-
BENEFITS
ATION
PAID
IN FAIR VALUE DIVIDEND
INTEREST EMPLOYER EMPLOYEE TO
OF INVESTMENTS INCOME
INCOME CONTRIBUTIONS CONTRIBUTIONS
PARTICI
PANTS
<S> <C> <C> <C> <C> <C> <C>
PARTICIPANT-DIRECTED:
Putnam Voyager Fund $ 4,648,274 $
1,063,446 $ - $ - $
1,035,109 $ 726,578
Putnam Money Market Fund -
640,930 - -
562,540 2,602,639
Putnam New Opportunities Fund 5,182,675
- - - -
1,192,857 385,928
The Putnam Fund for Growth and Income 3,237,383
1,066,360 - -
811,006 677,373
The George Putnam Fund of Boston 1,612,869
746,593 - -
243,599 231,287
Putnam OTC Emerging Growth Fund 2,194,428
959,187 - -
402,209 119,943
Putnam Vista Fund 1,208,513
582,119 - -
301,692 135,116
Other Equity Funds 4,982,389
1,877,186 - -
2,139,357 1,055,623
Bond Funds 1,318,992
1,380,112 - -
476,577 852,133
Guaranteed Investment Products - - 893,555 -
156,556 315,654
Marsh & McLennan Companies, Inc.
common stock 118,037
49,508 - -
46,382 131,436
Participant Loans -
- - 202,008 -
- - 92,597
NONPARTICIPANT-DIRECTED:
Putnam Money Market Funds - 274,516 -
7,786,500 - -
Other -
- - - 4,186,001 - -
TOTAL $ 24,503,560 $ 8,639,957 $
1,095,563$ 11,972,501 $ 7,367,884 $7,326,307
</TABLE>
7. FUND INFORMATION (CONTINUED)
<TABLE><CAPTION>
1994
NET APPRECI-
BENEFITS
ATION
PAID
IN FAIR VALUE DIVIDEND
INTEREST EMPLOYER EMPLOYEE TO
OF INVESTMENTS INCOME
INCOME CONTRIBUTIONS CONTRIBUTIONS
PARTICI
<S> <C> <C>
<C> <C>
PARTICIPANT-DIRECTED:
Putnam Voyager Fund $ (536,544) $
573,062 $ - $ - $ 698,640 $1,340,305
Putnam Money Market Fund -
372,787 - - 545,352
2,431,614
Putnam New Opportunities Fund 215,602
75,085 - - 589,159 1,024,590
The Putnam Fund for Growth and Income (741,115)
707,880 - - 575,818 1,980,935
The George Putnam Fund of Boston (572,850)
543,488 - - 107,058 1,233,846
Other Equity Funds (1,610,991)
1,532,931 - - 1,623,613 2,716,747
Bond Funds (2,421,974)
1,474,690 - - 361,352 2,277,512
Guaranteed Investment Products - -
833,212 - 181,506 436,633
Marsh & McLennan Companies, Inc.
common stock (37,215) 44,791 -
- - 38,457 29,888
Participant Loans - -
167,003 - - 108,976
NONPARTICIPANT-DIRECTED:
Putnam Money Market Funds - 177,320
- - 7,150,453 492,011 -
Other - - -
2,509,255 -
- -
TOTAL $ (5,705,087) $
5,502,034 $ 1,000,215$ 9,659,708 $
5,212,966 $13,581,046
* * * * * *</TABLE>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
NUMBER
OF CURRENT
SHARES COST
VALUE
MUTUAL FUNDS:
* The George Putnam Fund of Boston 659,880 $ 8,922,971
$ 10,228,144
* The Putnam Fund for Growth and Income 1,005,103 13,410,452
16,272,624
* Putnam Investors Fund 502,962 4,171,084
4,330,503
* Putnam Income Fund 461,855 3,186,774
3,339,213
* Putnam Global Growth Fund 560,392 4,548,944
5,598,311
* Putnam Vista Fund 741,389 5,641,482
6,746,636
* Putnam Voyager Fund 1,311,915 13,680,047
20,006,697
* Putnam Convertible Income - Growth Trust 198,026 3,431,554
3,847,636
* Putnam American Government Income Fund 33,368 317,865
297,306
* Putnam Asset Allocation Fund - Growth 44,403 390,719
444,029
* Putnam Asset Allocation Fund - Balanced 58,138 510,145
559,866
* Putnam Asset Allocation Fund - Conservative 591 5,373
5,453
* Putnam Balanced Retirement Fund 21,343 193,181
215,136
* Putnam High Yield Advantage Trust 419,720 4,036,655
4,037,709
* Putnam Federal Income Trust 3,472 34,879
36,148
* Putnam Global Governmental Income Trust 164,683 2,419,036
2,313,789
* Putnam OTC Emerging Growth Fund 634,238 6,899,214
9,526,259
* Putnam Growth and Income Fund II 138,895 1,445,663
1,512,564
* Putnam Adjustable Rate U.S. Government Fund 2,707 29,799
28,130
* Putnam Diversified Income Trust 119,222 1,440,987
1,467,626
* Putnam Utilities Growth and Income Fund 65,635 621,856
718,046
* Putnam Overseas Growth Fund 137,650 1,671,297
1,805,968
* Putnam Asia Pacific Growth Fund 254,624 3,239,468
3,381,405
* Putnam Europe Growth Fund 145,213 1,742,762
2,108,499
* Putnam New Opportunities Fund 454,076 10,336,883
16,778,095
* Putnam Int'l New Opportunities Fund 182,140 1,862,260
1,890,616
* Putnam Intermediate U.S. Gov't Income Fund 122,478 590,292
607,489
* Putnam Capital Appreciation Fund 150,340 1,815,433
2,100,256
* Putnam Diversified Equity Trust 25,676 239,440
274,477
* Putnam Voyager II 63,630 862,693
916,268
* Putnam Money Market Fund 18,399,758 18,399,758
18,399,759
* Putnam Equity Income Fund 233,617 2,143,125
2,626,446
* Putnam High Yield Trust 319,713 4,139,690
3,897,300
* Putnam Health Sciences Trust 97,862 2,755,711
4,169,895
* Putnam U.S. Government Income Trust 100,244 1,339,202
1,322,212
* Putnam Natural Resources Fund 95,547 1,500,709
1,604,232
Total Mutual Funds 127,977,403
153,414,742
(Continued)
<TABLE><CAPTION>
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
NUMBER OF CURRENT
SHARES
COST VALUE
<S> <C>
<C> <C>
GUARANTEED INVESTMENT PRODUCTS:
Hartford Life, 8.50%, 1/31/96 3,708,438
3,708,438 3,708,438
Principle Mutual Life Insurance Co., 5.00%, 1/30/97 974,521
974,521 974,521
* Putnam Fiduciary Trust Co. Stable Value Fund, 6.32% 8,346,515
8,346,515 8,346,515
Total Guaranteed Investment Products
13,029,474 13,029,474
*MARSH & McLENNAN COMPANIES, INC.
COMMON STOCK 12,798
956,173 1,135,836
*PARTICIPANT LOANS (Various maturities from 1996
to 2006 at interest rates ranging from 7.5% to
12.75%) -
2,482,411 2,482,411
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES
$144,445,461 $170,062,463
*Party-in-interest.
</TABLE>
<TABLE><CAPTION>
(Concluded)
PUTNAM INVESTMENTS, INC.
PROFIT SHARING RETIREMENT PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1995
CURRENT
VALUE
OF
ASSET ON
DESCRIPTION PURCHASE SELLING COST OF
TRANSACTION
OF ASSET PRICE PRICE ASSET DATE NET GAIN
<S> <C> <C> <C> <C> <C>
Putnam Money Market
Fund $ 14,108,133 $ - $ 14,108,133 $
14,108,133 $-
Putnam Money Market
Fund - 14,868,097 -
14,868,097 -
Putnam New Opportunities
Fund 4,898,465 - 4,898,465
4,898,465 -
Putnam New Opportunities
Fund - 2,921,438 -
2,921,438 789,208
Putnam Voyager Fund 4,431,101 - 4,431,101
4,431,101 -
Putnam Voyager Fund - 2,493,482 -
2,493,482 633,801
The Putnam Fund for
Growth and Income 4,375,310 - 4,375,310
4,375,310 -
The Putnam Fund for
Growth and Income - 2,270,861 -
2,270,861 258,069
</TABLE>
