SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K/A-2
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ________
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Commission file number 1-9924
TRAVELERS GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware 52-1568099
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
388 Greenwich Street, New York, New York 10013
(Address of principal executive offices) (zip Code)
(212) 816-8000
(Registrant's telephone number, including area code)
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Securities registered pursuant to
Section 12(b) of the Act:
Name of each exchange on which
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Title of each class registered
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Common Stock, par value $ .01 per New York Stock Exchange and
share Pacific Stock Exchange
Depositary Shares, each representing New York Stock Exchange
1/10th of a share of 8,125%
Cumulative Preferred Stock, Series A
5.50% Convertible Preferred Stock, New York Stock Exchange
Series B
Depositary Shares, each representing 1/2 New York Stock Exchange
of a share of 9.25% Preferred stock,
Series D
7 3/4% Notes Due June 15, 1999 New York Stock Exchange
7 5/8% Notes Due January 15, 1997 New York Stock Exchange
1998 Warrants to Purchase common Stock New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
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Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein and will not be
contained to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. [X]
The aggregate market value of the voting stock held by nonaffiliates
of the registrant as of March 10, 1995 was approximately $11.84 billion.
As of March 10, 1995, 320,960,465 shares of the registrant's common stock,
par value $.01 per share, were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Certain portions of the registrant's Annual Report to Stockholders for
the fiscal year ended December 31, 1994 are incorporated by reference
into Part II of this Form 10-K/A-2.
Certain portions of the registrant's Proxy Statement for the 1994
Annual Meeting of Stockholders held on April 26, 1995 are incorporated by
reference into Part III of this Form 10-K/A-2.
<PAGE>
EXPLANATORY NOTE
This Form 10-K/A-2 is being filed to correct errors contained
in the Form 10-K/A-1, which was filed to include as exhibits to
the Form 10-K financial statements for certain of the Company's
employee savings plans, pursuant to Rule 15d-21 of the
Securities Exchange Act of 1934, as amended, and to make certain
additional changes to the exhibits. Other than the related additions
to the Exhibit Index, the text of Item 14 has not been amended and
speaks as of the date of the original filing of the Form 10-K.
<PAGE>
PART IV
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Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM
8-K
(a) Documents filed as a part of the report:
(1) Financial Statements. See Index to Consolidated
Financial Statements and Schedules on page F-1 hereof.
Also filed as a part of this report are the
preacquisition consolidated balance sheets of The
Travelers Corporation and Subsidiaries as of December
31, 1993 and 1992, and the related consolidated
statements of operations and retained earnings and cash
flows for each of the three years in the period ended
December 31, 1993, together with the notes thereto and
the related report of Independent Accountants. See
Exhibit 99.01.
(2) Financial Statement Schedules. See Index to
Consolidated Financial Statements and Schedules on page
F-1 hereof.
(3) Exhibits:
See Exhibit Index.
(b) Reports on Form 8-K:
No reports on Form 8-K have been filed by the
Company during the last quarter of the period covered
by this report.
<PAGE>
EXHIBIT INDEX
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<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
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<S> <C> <C>
3.01 Restated Certificate of Incorporation of The Travelers Inc.
(the "Company") and Certificate of Designation of
Cumulative Adjustable Rate Preferred Stock, Series Y,
incorporated by reference to Exhibit 3.01 to the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 1994 (File No. 1-9924) (the "Company's March 31,
1994 10-Q").
3.02 By-Laws of the Company as amended through April 27, 1994,
incorporated by reference to Exhibit 3.02 to the Company's
March 31, 1994 10-Q.
10.01* Employment Protection Agreement, dated as of December 31,
1987, between the Company (as successor to Commercial Credit
Company ("CCC")) and Sanford I. Weill, incorporated by reference
to Exhibit 10.03 to CCC's Annual Report on Form 10-K for the
fiscal year ended December 31, 1987 (File No. 1-6594).
10.02.1* Stock Option Plan of the Company, as amended through April
26, 1989, incorporated by reference to Annex A to the
prospectus contained in the Company's Registration Statement
on Form S-8 (No. 33-29711).
10.02.2* Amendment to the Company's Stock Option Plan, dated October
23, 1991, incorporated by reference to Exhibit 10.02.2 to
the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1991 (File No. 1-9924) (the "Company's
1991 10-K").
10.02.3* Amendments to the Company's Stock Option Plan, approved by
the Company's stockholders on April 22, 1992, incorporated
by reference to Exhibit 10.02.3 to the Company's Annual
Report on Form 10-K for the fiscal year ended December 31,
1992 (File No.1-9924) (the "Company's 1992 10-K").
10.02.4* Amendment to the Company's Stock Option Plan, dated July 22,
1992, incorporated by reference to Exhibit 10.02.4 to the
Company's 1992 10-K.
10.02.5* Amendment No. 11 to the Company's Stock Option Plan,
incorporated by reference to Exhibit 10.02.5 to the
Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1993 (File No. 1-9924) (the
"Company's 1993 10-K").
10.02.6* Amendment No. 12 to the Company's Stock Option Plan,
incorporated by reference to Exhibit 10.02.6 to the
Company's 1993 10-K.
10.03* Retirement Benefit Equalization Plan of the
Company (as successor to Primerica Holdings, Inc.), as
amended, incorporated by reference to Exhibit 10.03 to
to the Company's 1993 10-K.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
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<S> <C> <C>
10.04* Letter Agreement between Joseph A. Califano, Jr. and the
Company, dated December 14, 1988, incorporated by reference
to Exhibit 10.21.1 to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1988 (File No.
1-9924) (the "Company's 1988 10-K").
10.05.1* The Company's Deferred Compensation Plan for Directors,
incorporated by reference to Exhibit 10.21.2 to the
Company's 1988 10-K.
10.05.2* Amendment to the Company's Deferred Compensation Plan for
Directors, dated July 22, 1992, incorporated by reference to
Exhibit 10.06.2 of the Company's 1992 10-K.
10.06.1* Supplemental Retirement Plan of the Company, incorporated by
reference to Exhibit 10.23 to the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1990 (File
No. 1-9924) (the "Company's 1990 10-K").
10.06.2* Amendment to the Company's Supplemental Retirement Plan,
incorporated by reference to Exhibit 10.06.2 to the Company's
1993 10-K.
10.07* Long-Term Incentive Plan of the Company, as amended,
incorporated by reference to Exhibit 10.08 to the
Company's 1992 10-K.
10.08* Capital Accumulation Plan of the Company (the "CAP Plan"),
as amended to May 16, 1994.
10.09* Agreement dated December 21, 1993 between the Company and
Edward H. Budd, incorporated by reference to Exhibit 10.22
to the Company's 1993 10-K.
<PAGE>
</TABLE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
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<S> <C> <C>
10.10 Restated Stockholder Rights and Support Agreement dated as
of November 1, 1989 by and among the Company and Arthur L.
Williams, Jr., Angela H. Williams, A.L. Williams &
Associates, Inc. and The A.L. Williams & Associates, Inc.
Pension and Profit Sharing Plan, incorporated by reference
to Exhibit 10.13 to the Company's 1990 10-K.
10.11 Amended and Restated Exclusive Marketing Agreement dated as
of November 1, 1989 by and among the Company, A.L. Williams
& Associates, Inc. and Arthur L. Williams, Jr., incorporated
by reference to Exhibit 10.14 to the Company's 1990 10-K.
10.12 Restated Second Amended General Agency Agreement ("SAGAA")
dated as of November 1, 1989 by and among Primerica Life
Insurance Company (formerly Massachusetts Indemnity Life
Insurance Company; hereinafter "Primerica Life"), A.L.
Williams & Associates, Inc. and Arthur L. Williams, Jr.,
incorporated by reference to Exhibit 10.15 to the Company's
1990 10-K.
10.13 Restated First Amendment to SAGAA dated as of November 1,
1989 by and among Primerica Life, A.L. Williams &
Associates, Inc. and Arthur L. Williams, Jr., incorporated
by reference to Exhibit 10.16 to the Company's 1990 10-K.
10.14 Restated and Amended Agreement of Charles D. Adams dated as
of November 1, 1989 for the benefit of each of the Company,
A.L. Williams & Associates, Inc. and The A.L. Williams
Corporation, incorporated by reference to Exhibit 10.17 to
the Company's 1990 10-K.
10.15 Restated and Amended Agreement of Angela H. Williams dated
as of November 1, 1989 for the benefit of each of the
Company, A.L. Williams & Associates, Inc. and The A.L.
Williams Corporation, incorporated by reference to Exhibit
10.18 to the Company's 1990 10-K.
10.16.1 Asset Purchase Agreement dated as of March 12, 1993, by and
among Shearson Lehman Brothers Inc., Smith Barney Inc.
("SBI"; formerly Smith Barney, Harris Upham & Co.
Incorporated), the Company, American Express Company and
Shearson Lehman Brothers Holdings Inc. (the "SLB
Agreement"), incorporated by reference to Exhibit 10.21 to
the Company's 1992 10-K.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
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<S> <C> <C>
10.16.2 Amendment No. 1, dated as of July 31, 1993, to the SLB
Agreement, incorporated by reference to Exhibit 10.01 to the
Company's Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 1993 (File No. 1-9924) (the
"Company's June 30, 1993 10-Q").
10.16.3 Amendment No. 2 dated as of July 31, 1993, to the SLB
Agreement, incorporated by reference to Exhibit 10.02 to the
Company's June 30, 1993 10-Q.
10.17.1* Employment Agreement dated June 23, 1993, by and among SBI,
the Company and Robert F. Greenhill (the "RFG Employment
Agreement"), incorporated by reference to Exhibit 10.01 to
the Company's Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 1993 (File No. 1-9924) (the
"Company's September 30, 1993 10-Q").
10.17.2* Amendment to the RFG Employment Agreement, incorporated by
reference to Exhibit 10.17.2 to the Company's March 31, 1994
Form 10-Q.
10.18* Memorandum of Sale dated June 23, 1993, between the Company
and Robert F. Greenhill, incorporated by reference to
Exhibit 10.02 to the Company's September 30, 1993 10-Q.
10.19* Registration Rights Agreement dated June 23, 1993, between
the Company and Robert F. Greenhill, incorporated by
reference to Exhibit 10.03 to the Company's September 30,
1993 10-Q.
10.20* Restricted Shares Agreement dated June 23, 1993, by and
between the Company and Robert F. Greenhill, incorporated by
reference to Exhibit 10.04 to the Company's September 30,
1993 10-Q.
10.21 Agreement and Plan of Merger, dated as of September 23,
1993, between the Company and The Travelers Corporation
("old Travelers"), incorporated by reference to Exhibit 2.1
to the Current Report on Form 8-K of old Travelers, dated
September 23, 1993 and filed with the Commission on October
8, 1993 (File No. 1-5799).
10.22* Employment Agreement effective January 1, 1995 between the
Company and Michael A. Carpenter.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
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<S> <C> <C>
10.23.1* The Travelers Corporation 1982 Stock Option Plan, as amended
January 10, 1992, incorporated by reference to Exhibit 10(a)
to the Annual Report on Form 10-K of old Travelers for the
fiscal year ended December 31, 1991 (File No. 1-5799)(the
"old Travelers' 1991 10-K").
10.23.2* Amendment to The Travelers Corporation 1982 Stock Option Plan.
10.24.1* The Travelers Corporation 1988 Stock Incentive Plan, as
amended April 7, 1992, incorporated by reference to Exhibit
10(b) to the Annual Report on Form 10-K of old Travelers for
the fiscal year ended December 31, 1992 (File No. 1-5799)
(the "old Travelers' 1992 10-K").
10.24.2* Amendment to The Travelers Corporation 1988 Stock Incentive Plan.
10.25* The Travelers Corporation 1984 Management Incentive Plan, as
amended effective January 1, 1991, incorporated by reference
to Exhibit 10(c) to the Annual Report on Form 10-K of old
Travelers for the fiscal year ended December 31, 1990 (File
No. 1-5799).
10.26* The Travelers Corporation Supplemental Benefit Plan,
effective December 20, 1992, incorporated by reference to
Exhibit 10(d) to the Annual Report on the old Travelers'
1992 10-K.
10.27* The Travelers Corporation TESIP Restoration and Non-
Qualified Savings Plan, effective January 1, 1991,
incorporated by reference to Exhibit 10(e) to the old
Travelers' 1991 10-K.
10.28* The Travelers Severance Plan of Officers, as amended
September 23, 1993, incorporated by reference to Exhibit
10.30 to the Company's 1993 Form 10-K.
10.29* The Travelers Corporation Directors' Deferred Compensation
Plan, as amended November 7, 1986, incorporated by reference
to Exhibit 10(d) to the Annual Report on Form 10-K of old
Travelers for the fiscal year ended December 31, 1986 (File
No. 1-5799).
10.30* Employment Agreement dated as of December 30, 1994, between
SBI and Joseph J. Plumeri, II.
10.31* ** The Travelers Inc. Deferred Compensation and
Partnership Participation Plan.
11.01 Computation of Earnings Per Share.
12.01 Computation of Ratio of Earnings to Fixed Charges.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
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<S> <C> <C>
13.01 Pages 29 through 68 of the 1994 Annual Report to
Stockholders of the Company (pagination of exhibit does not
correspond to pagination in the 1994 Annual Report to
Stockholders).
21.01 Subsidiaries of the Company.
23.01 Consent of KPMG Peat Marwick LLP, Independent Certified Public
Accountants.
23.02 Consent of Coopers & Lybrand L.L.P, Independent Accountants.
23.03+ Accountants' consents to incorporation by Electronic
reference of reports filed with Exhibits 99.10 and 99.11.
24.01 Powers of Attorney.
27.01 Financial Data Schedule.
28.01** Information from Reports Furnished to State Insurance
Regulatory Authorities. Schedule P of the Combined
Annual Statement of The Travelers Insurance Group Inc. and
its affiliated property and casualty insurers.
99.01 Consolidated balance sheets of The Travelers Corporation and
Subsidiaries as of December 31, 1993 and 1992, and the
related consolidated statements of operations and retained
earnings and cash flows for each of the three years in the
period ended December 31, 1993, together with the notes
thereto and the related report of Independent Accountants.
99.02 The last paragraph of page 2 and the first two paragraphs of
page 3 of the Company's Current Report on Form 8-K dated
September 23, 1993 (File No. 1-9924), the third paragraph of
page 26 of the Company's September 30, 1993 10-Q, and the
third paragraph of page 2 of the Company's Current Report on
Form 8-K dated March 1, 1994 (File No. 1-9924) (the
"Company's March 1, 1994 8-K").
99.03 The third and fourth paragraphs of page 30 of the Company's
Annual Report on Form 10-K for the fiscal year ended
December 31, 1989 (File No. 1-9924) (the "Company's 1989
10-K").
99.04 The first, second and third paragraphs of page 31 of the
Company's 1989 10-K, and the first paragraph of page 30 of
the Company's 1990 10-K.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
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<S> <C> <C>
99.05 The fourth paragraph of page 26 of the Company's September
30, 1993 10-Q.
99.06 The first full paragraph of page 26 of the Company's 1992
10-K.
99.07 The fourth paragraph of page 2 of the Company's March 1,
1994 8-K.
99.08 The paragraph that begins on page 2 and ends on page 3 of
the Company's March 1, 1994 8-K.
99.09 The second paragraph of page 29 of the Company's Quarterly
Report on Form 10-Q for the fiscal quarter ended September
30, 1994 (File No. 1-9924).
99.10++ 1994 Financial Statements of The Travelers Savings,
Investment and Stock Ownership Plan.
99.11+ 1994 Financial Statements of Travelers Group 401(k) Savings Electronic
Plan.
</TABLE>
The total amount of securities authorized pursuant to any
instrument defining rights of holders of long-term debt of the
Company does not exceed 10% of the total assets of the Company
and its consolidated subsidiaries. The Company will furnish
copies of any such instrument to the Commission upon request.
The financial statements required by Form 11-K for 1994 for the
Company's employee savings plans were filed as exhibits to
Form 10-K/A-1 pursuant to Rule 15d-21 of the Securities
Exchange Act of 1934, as amended.
Copies of any of the exhibits referred to above will be furnished
at a cost of $.25 per page (except that no charge will be made
for the 1994 Annual Report on Form 10-K) to security holders who
make written request therefor to Corporate Communications and
Investor Relations Department, Travelers Group Inc., 388
Greenwich Street, New York, New York 10013.
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* Denotes a management contract or compensatory plan or arrangement
required to be filed as an exhibit pursuant to Item 14(c) of Form 10-K.
** Filed with Form 10-K/A-1.
+ Filed with Form 10-K/A-2.
++ Filed with Form 10-K/A-1, but incorrectly designated as Exhibit 99.11
in that filing.
Except as otherwise indicated, all other exhibits were filed with the
initial filing of the Form 10-K.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, on the 11th day
of July, 1995.
TRAVELERS GROUP INC.
(Registrant)
By: /s/ William T. Bozarth
. . . . . . . . . . . . . . . . . . .
William T. Bozarth
Vice President
<PAGE>
EXHIBIT INDEX
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<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
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<S> <C> <C>
3.01 Restated Certificate of Incorporation of The Travelers Inc.
(the "Company") and Certificate of Designation of
Cumulative Adjustable Rate Preferred Stock, Series Y,
incorporated by reference to Exhibit 3.01 to the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 1994 (File No. 1-9924) (the "Company's March 31,
1994 10-Q").
3.02 By-Laws of the Company as amended through April 27, 1994,
incorporated by reference to Exhibit 3.02 to the Company's
March 31, 1994 10-Q.
10.01* Employment Protection Agreement, dated as of December 31,
1987, between the Company (as successor to Commercial Credit
Company ("CCC")) and Sanford I. Weill, incorporated by reference
to Exhibit 10.03 to CCC's Annual Report on Form 10-K for the
fiscal year ended December 31, 1987 (File No. 1-6594).
10.02.1* Stock Option Plan of the Company, as amended through April
26, 1989, incorporated by reference to Annex A to the
prospectus contained in the Company's Registration Statement
on Form S-8 (No. 33-29711).
10.02.2* Amendment to the Company's Stock Option Plan, dated October
23, 1991, incorporated by reference to Exhibit 10.02.2 to
the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1991 (File No. 1-9924) (the "Company's
1991 10-K").
10.02.3* Amendments to the Company's Stock Option Plan, approved by
the Company's stockholders on April 22, 1992, incorporated
by reference to Exhibit 10.02.3 to the Company's Annual
Report on Form 10-K for the fiscal year ended December 31,
1992 (File No.1-9924) (the "Company's 1992 10-K").
10.02.4* Amendment to the Company's Stock Option Plan, dated July 22,
1992, incorporated by reference to Exhibit 10.02.4 to the
Company's 1992 10-K.
10.02.5* Amendment No. 11 to the Company's Stock Option Plan,
incorporated by reference to Exhibit 10.02.5 to the
Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1993 (File No. 1-9924) (the
"Company's 1993 10-K").
10.02.6* Amendment No. 12 to the Company's Stock Option Plan,
incorporated by reference to Exhibit 10.02.6 to the
Company's 1993 10-K.
10.03* Retirement Benefit Equalization Plan of the
Company (as successor to Primerica Holdings, Inc.), as
amended, incorporated by reference to Exhibit 10.03 to
to the Company's 1993 10-K.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
------ ---------------------- ------
<S> <C> <C>
10.04* Letter Agreement between Joseph A. Califano, Jr. and the
Company, dated December 14, 1988, incorporated by reference
to Exhibit 10.21.1 to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1988 (File No.
1-9924) (the "Company's 1988 10-K").
10.05.1* The Company's Deferred Compensation Plan for Directors,
incorporated by reference to Exhibit 10.21.2 to the
Company's 1988 10-K.
10.05.2* Amendment to the Company's Deferred Compensation Plan for
Directors, dated July 22, 1992, incorporated by reference to
Exhibit 10.06.2 of the Company's 1992 10-K.
10.06.1* Supplemental Retirement Plan of the Company, incorporated by
reference to Exhibit 10.23 to the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1990 (File
No. 1-9924) (the "Company's 1990 10-K").
10.06.2* Amendment to the Company's Supplemental Retirement Plan,
incorporated by reference to Exhibit 10.06.2 to the Company's
1993 10-K.
10.07* Long-Term Incentive Plan of the Company, as amended,
incorporated by reference to Exhibit 10.08 to the
Company's 1992 10-K.
10.08* Capital Accumulation Plan of the Company (the "CAP Plan"),
as amended to May 16, 1994.
10.09* Agreement dated December 21, 1993 between the Company and
Edward H. Budd, incorporated by reference to Exhibit 10.22
to the Company's 1993 10-K.
<PAGE>
</TABLE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
------ ---------------------- ------
<S> <C> <C>
10.10 Restated Stockholder Rights and Support Agreement dated as
of November 1, 1989 by and among the Company and Arthur L.
Williams, Jr., Angela H. Williams, A.L. Williams &
Associates, Inc. and The A.L. Williams & Associates, Inc.
Pension and Profit Sharing Plan, incorporated by reference
to Exhibit 10.13 to the Company's 1990 10-K.
10.11 Amended and Restated Exclusive Marketing Agreement dated as
of November 1, 1989 by and among the Company, A.L. Williams
& Associates, Inc. and Arthur L. Williams, Jr., incorporated
by reference to Exhibit 10.14 to the Company's 1990 10-K.
10.12 Restated Second Amended General Agency Agreement ("SAGAA")
dated as of November 1, 1989 by and among Primerica Life
Insurance Company (formerly Massachusetts Indemnity Life
Insurance Company; hereinafter "Primerica Life"), A.L.
Williams & Associates, Inc. and Arthur L. Williams, Jr.,
incorporated by reference to Exhibit 10.15 to the Company's
1990 10-K.
10.13 Restated First Amendment to SAGAA dated as of November 1,
1989 by and among Primerica Life, A.L. Williams &
Associates, Inc. and Arthur L. Williams, Jr., incorporated
by reference to Exhibit 10.16 to the Company's 1990 10-K.
10.14 Restated and Amended Agreement of Charles D. Adams dated as
of November 1, 1989 for the benefit of each of the Company,
A.L. Williams & Associates, Inc. and The A.L. Williams
Corporation, incorporated by reference to Exhibit 10.17 to
the Company's 1990 10-K.
10.15 Restated and Amended Agreement of Angela H. Williams dated
as of November 1, 1989 for the benefit of each of the
Company, A.L. Williams & Associates, Inc. and The A.L.
Williams Corporation, incorporated by reference to Exhibit
10.18 to the Company's 1990 10-K.
10.16.1 Asset Purchase Agreement dated as of March 12, 1993, by and
among Shearson Lehman Brothers Inc., Smith Barney Inc.
("SBI"; formerly Smith Barney, Harris Upham & Co.
Incorporated), the Company, American Express Company and
Shearson Lehman Brothers Holdings Inc. (the "SLB
Agreement"), incorporated by reference to Exhibit 10.21 to
the Company's 1992 10-K.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
------ ---------------------- ------
<S> <C> <C>
10.16.2 Amendment No. 1, dated as of July 31, 1993, to the SLB
Agreement, incorporated by reference to Exhibit 10.01 to the
Company's Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 1993 (File No. 1-9924) (the
"Company's June 30, 1993 10-Q").
10.16.3 Amendment No. 2 dated as of July 31, 1993, to the SLB
Agreement, incorporated by reference to Exhibit 10.02 to the
Company's June 30, 1993 10-Q.
10.17.1* Employment Agreement dated June 23, 1993, by and among SBI,
the Company and Robert F. Greenhill (the "RFG Employment
Agreement"), incorporated by reference to Exhibit 10.01 to
the Company's Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 1993 (File No. 1-9924) (the
"Company's September 30, 1993 10-Q").
10.17.2* Amendment to the RFG Employment Agreement, incorporated by
reference to Exhibit 10.17.2 to the Company's March 31, 1994
Form 10-Q.
10.18* Memorandum of Sale dated June 23, 1993, between the Company
and Robert F. Greenhill, incorporated by reference to
Exhibit 10.02 to the Company's September 30, 1993 10-Q.
10.19* Registration Rights Agreement dated June 23, 1993, between
the Company and Robert F. Greenhill, incorporated by
reference to Exhibit 10.03 to the Company's September 30,
1993 10-Q.
10.20* Restricted Shares Agreement dated June 23, 1993, by and
between the Company and Robert F. Greenhill, incorporated by
reference to Exhibit 10.04 to the Company's September 30,
1993 10-Q.
10.21 Agreement and Plan of Merger, dated as of September 23,
1993, between the Company and The Travelers Corporation
("old Travelers"), incorporated by reference to Exhibit 2.1
to the Current Report on Form 8-K of old Travelers, dated
September 23, 1993 and filed with the Commission on October
8, 1993 (File No. 1-5799).
10.22* Employment Agreement effective January 1, 1995 between the
Company and Michael A. Carpenter.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
------ ---------------------- ------
<S> <C> <C>
10.23.1* The Travelers Corporation 1982 Stock Option Plan, as amended
January 10, 1992, incorporated by reference to Exhibit 10(a)
to the Annual Report on Form 10-K of old Travelers for the
fiscal year ended December 31, 1991 (File No. 1-5799)(the
"old Travelers' 1991 10-K").
10.23.2* Amendment to The Travelers Corporation 1982 Stock Option Plan.
10.24.1* The Travelers Corporation 1988 Stock Incentive Plan, as
amended April 7, 1992, incorporated by reference to Exhibit
10(b) to the Annual Report on Form 10-K of old Travelers for
the fiscal year ended December 31, 1992 (File No. 1-5799)
(the "old Travelers' 1992 10-K").
10.24.2* Amendment to The Travelers Corporation 1988 Stock Incentive Plan.
10.25* The Travelers Corporation 1984 Management Incentive Plan, as
amended effective January 1, 1991, incorporated by reference
to Exhibit 10(c) to the Annual Report on Form 10-K of old
Travelers for the fiscal year ended December 31, 1990 (File
No. 1-5799).
10.26* The Travelers Corporation Supplemental Benefit Plan,
effective December 20, 1992, incorporated by reference to
Exhibit 10(d) to the Annual Report on the old Travelers'
1992 10-K.
10.27* The Travelers Corporation TESIP Restoration and Non-
Qualified Savings Plan, effective January 1, 1991,
incorporated by reference to Exhibit 10(e) to the old
Travelers' 1991 10-K.
10.28* The Travelers Severance Plan of Officers, as amended
September 23, 1993, incorporated by reference to Exhibit
10.30 to the Company's 1993 Form 10-K.
10.29* The Travelers Corporation Directors' Deferred Compensation
Plan, as amended November 7, 1986, incorporated by reference
to Exhibit 10(d) to the Annual Report on Form 10-K of old
Travelers for the fiscal year ended December 31, 1986 (File
No. 1-5799).
10.30* Employment Agreement dated as of December 30, 1994, between
SBI and Joseph J. Plumeri, II.
10.31* ** The Travelers Inc. Deferred Compensation and
Partnership Participation Plan.
11.01 Computation of Earnings Per Share.
12.01 Computation of Ratio of Earnings to Fixed Charges.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
------ ---------------------- ------
<S> <C> <C>
13.01 Pages 29 through 68 of the 1994 Annual Report to
Stockholders of the Company (pagination of exhibit does not
correspond to pagination in the 1994 Annual Report to
Stockholders).
21.01 Subsidiaries of the Company.
23.01 Consent of KPMG Peat Marwick LLP, Independent Certified Public
Accountants.
23.02 Consent of Coopers & Lybrand L.L.P, Independent Accountants.
23.03+ Accountants' consents to incorporation by Electronic
reference of reports filed with Exhibits 99.10 and 99.11.
24.01 Powers of Attorney.
27.01 Financial Data Schedule.
28.01** Information from Reports Furnished to State Insurance
Regulatory Authorities. Schedule P of the Combined
Annual Statement of The Travelers Insurance Group Inc. and
its affiliated property and casualty insurers.
99.01 Consolidated balance sheets of The Travelers Corporation and
Subsidiaries as of December 31, 1993 and 1992, and the
related consolidated statements of operations and retained
earnings and cash flows for each of the three years in the
period ended December 31, 1993, together with the notes
thereto and the related report of Independent Accountants.
99.02 The last paragraph of page 2 and the first two paragraphs of
page 3 of the Company's Current Report on Form 8-K dated
September 23, 1993 (File No. 1-9924), the third paragraph of
page 26 of the Company's September 30, 1993 10-Q, and the
third paragraph of page 2 of the Company's Current Report on
Form 8-K dated March 1, 1994 (File No. 1-9924) (the
"Company's March 1, 1994 8-K").
99.03 The third and fourth paragraphs of page 30 of the Company's
Annual Report on Form 10-K for the fiscal year ended
December 31, 1989 (File No. 1-9924) (the "Company's 1989
10-K").
99.04 The first, second and third paragraphs of page 31 of the
Company's 1989 10-K, and the first paragraph of page 30 of
the Company's 1990 10-K.
</TABLE>
<PAGE>
<TABLE><CAPTION>
Exhibit Filing
Number Description of Exhibit Method
------ ---------------------- ------
<S> <C> <C>
99.05 The fourth paragraph of page 26 of the Company's September
30, 1993 10-Q.
99.06 The first full paragraph of page 26 of the Company's 1992
10-K.
99.07 The fourth paragraph of page 2 of the Company's March 1,
1994 8-K.
99.08 The paragraph that begins on page 2 and ends on page 3 of
the Company's March 1, 1994 8-K.
99.09 The second paragraph of page 29 of the Company's Quarterly
Report on Form 10-Q for the fiscal quarter ended September
30, 1994 (File No. 1-9924).
99.10++ 1994 Financial Statements of The Travelers Savings,
Investment and Stock Ownership Plan.
99.11+ 1994 Financial Statements of Travelers Group 401(k) Savings Electronic
Plan.
</TABLE>
The total amount of securities authorized pursuant to any
instrument defining rights of holders of long-term debt of the
Company does not exceed 10% of the total assets of the Company
and its consolidated subsidiaries. The Company will furnish
copies of any such instrument to the Commission upon request.
The financial statements required by Form 11-K for 1994 for the
Company's employee savings plans were being filed as exhibits to
Form 10-K/A-1 pursuant to Rule 15d-21 of the Securities
Exchange Act of 1934, as amended.
Copies of any of the exhibits referred to above will be furnished
at a cost of $.25 per page (except that no charge will be made
for the 1994 Annual Report on Form 10-K) to security holders who
make written request therefor to Corporate Communications and
Investor Relations Department, Travelers Group Inc., 388
Greenwich Street, New York, New York 10013.
-----------------
* Denotes a management contract or compensatory plan or arrangement
required to be filed as an exhibit pursuant to Item 14(c) of Form 10-K.
** Filed with Form 10-K/A-1.
+ Filed with Form 10-K/A-2.
++ Filed with Form 10-K/A-1, but incorrectly designated as Exhibit 99.11
in that filing.
Except as otherwise indicated, all other exhibits were filed with the
initial filing of the Form 10-K.
Exhibit 23.03
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
---------------------------------------------------
To the Annuity Board of
Travelers Group 401(k) Savings Plan:
We consent to the incorporation by reference in the Registration Statements
(Nos. 33-32130, 33-43997 and 33-59524) on Form S-8 of Travelers Group Inc.
(formerly The Travelers Inc.) of our report dated June 29, 1995 relating to
the statements of financial position of Travelers Group 401(k) Savings Plan as
of December 31, 1994 and 1993, and the related statements of operations and
changes in plan equity for the years then ended, which report is being filed
with Form 10-K/A-2 as an amendment to the 1994 Annual Report on Form 10-K of
Travelers Group Inc.
/s/ KPMG PEAT MARWICK LLP
New York, New York
July 11, 1995
<PAGE>
Consent of Independent Accountants
----------------------------------
The Trustees and Participants of
The Travelers Savings, Investment and Stock Ownership Plan:
We consent to incorporation by reference in the registration statement
(No. 33-52027) on Form S-8 of Travelers Group Inc. of our report dated
June 29, 1995, relating to the statement of net assets available for plan
benefits, the related statement of changes in net assets available for plan
benefits with fund information, and supplemental schedule of assets held
for investment purposes of The Travelers Savings, Investment and Stock
Ownership Plan as of and for the year ended December 31, 1994, which report
is being filed with Form 10-K/A-1 as an amendment to the 1994 annual report
on Form 10-K of Travelers Group Inc.
Our report dated June 29, 1995 contains an explanatory paragraph that states
that net assets available for plan benefits include securities whose values
have been estimated by the trustee of ESOP (Fund 9) in the absence of readily
attainable market values and that those values may differ significantly from
the values that would have been used had a ready market for the securities
existed.
/s/ KPMG Peat Marwick LLP
Hartford CT
June 29, 1995
<PAGE>
COOPERS
& LYBRAND
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We consent to the incorporation by reference in the registration statement of
Travelers Group Inc. on Form S-8 (File No. 33-52027) of our report, which
includes an explanatory paragraph concerning the fact that in 1993, the Plan
changed its method of accounting for amounts allocated to participants who have
elected to withdraw from the Plan, but have not yet been paid, and an
explanatory paragraph concerning the fact that net assets available for plan
benefits include securities whose values have been estimated by the trustee of
ESOP (Fund 9) and that those values may differ significantly from the values
that would have been used had a ready market for the securities existed, dated
March 18, 1994 on our audits of the statement of net assets available for plan
benefits as of December 31, 1993, and the related statements of changes in net
assets available for plan benefits for each of the two years in the period
ended December 31, 1993 of The Travelers Savings, Investment and Stock Ownership
Plan, which report is being filed with Form 10-K/A-1 as an amendment to the 1994
Annual Report on Form 10-K of Travelers Group Inc.
/s/ COOPERS & LYBRAND L.L.P.
Hartford, Connecticut
June 29, 1995
Exhibit 99.11
TRAVELERS GROUP
401(k) SAVINGS PLAN
(Formerly The Travelers Inc. 401(k) Savings Plan)
Financial Statements
December 31, 1994 and 1993
(With Independent Auditors' Report Thereon)
<PAGE>
TRAVELERS GROUP 401(k) SAVINGS PLAN
(Formerly The Travelers Inc. 401(k) Savings Plan)
December 31, 1994 and 1993
Index
Page
----
Independent Auditors' Report 1
Financial Statements:
Statement of Financial Position, With Fund Information
at December 31, 1994 2
Statement of Financial Position, With Fund Information
at December 31, 1993 8
Statement of Operations and Changes in Plan Equity,
With Fund Information for the year ended
December 31, 1994 14
Statement of Operations and Changes in Plan Equity,
With Fund Information for the year ended
December 31, 1993 20
Notes to Financial Statements 26
Supplemental Schedules:
Schedule to Form 5500: Item 27(a)
Schedule of Assets Held for Investment Purposes
at December 31, 1994 37
Schedule of Assets Held for Investment Purposes Which
Were Both Acquired and Disposed Within The
Plan Year for the year ended December 31, 1994 39
Schedule to Form 5500: Item 27(d)
Schedule of Reportable Transactions
for the year ended December 31, 1994 40
The other schedules required by Item 27 of Form 5500 are not
applicable and are therefore omitted.
<PAGE>
Independent Auditors' Report
----------------------------
To the Annuity Board of
Travelers Group 401(k) Savings Plan:
We have audited the accompanying statements of financial position of
Travelers Group 401(k) Savings Plan (formerly The Travelers Inc. 401(k)
Savings Plan) as of December 31, 1994 and 1993, and the related statements
of operations and changes in plan equity for the years then ended. 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 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, the financial statements referred to above present fairly,
in all material respects, the financial position of the Plan as of December
31, 1994 and 1993, and its operations and its changes in plan equity for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes, assets held for investment purposes
which were both acquired and disposed within the plan year, and reportable
transactions 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. The Fund Information in the statements of financial position and the
statements of operations and changes in plan equity is presented for
purposes of additional analysis rather than to present the financial
position and results of operations and changes in plan equity of each fund.
The supplemental schedules and Fund Information have been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, are fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
/s/ KPMG PEAT MARWICK LLP
New York, New York
June 29, 1995
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1994
---------------------------------------------------------------------------------------
Travelers American American American American
Group Inc. Capital Capital Capital Capital
Common Stock Reserve Gov't. Securities Comstock Emerging Growth
Assets Fund Fund Fund Fund Fund
------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $ 123,836,997 11,840,613 4,443,863 7,457,863 44,587,338
Cash 208,569 112 4 16 2,262
Receivables:
Employer Contribution 23,995,464 -- -- -- --
Participant Contribution and Other 402,704 1,162 2,974 4,344 209,230
----------- ----------- ---------- ---------- -----------
Total Assets $ 148,443,734 11,841,887 4,446,841 7,462,223 44,798,830
============ =========== ========== ========== ===========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ 3,205,931 -- -- -- --
----------- ----------- ---------- ---------- -----------
Total Liabilities 3,205,931 -- -- -- --
Plan Equity 145,237,803 11,841,887 4,446,841 7,462,223 44,798,830
----------- ---------- --------- --------- ----------
Total Liabilities and Plan Equity $ 148,443,734 11,841,887 4,446,841 7,462,223 44,798,830
=========== ========== ========= ========= ==========
(continued)
</TABLE>
See notes to financial statements.
2
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1994
---------------------------------------------------------------------------------------
Common Common Common Common
Sense Sense Sense Sense
Money Market Government Growth & Income Growth Loan
Assets Fund Fund Fund Fund Fund
------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $ 2,835,617 755,249 2,197,881 2,835,350 31,275,886
Cash 639 24 2 6 --
Receivables :
Employer Contribution -- -- -- -- --
Participant Contribution and Other 13 1,099 642 379 --
---------- --------- ----------- ----------- ------------
Total Assets $ 2,836,269 756,372 2,198,525 2,835,735 31,275,886
========== ========= =========== =========== ============
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- -- -- 1,064 --
---------- --------- ----------- ----------- ------------
Total Liabilities -- -- -- 1,064 --
Plan Equity 2,836,269 756,372 2,198,525 2,834,671 31,275,886
---------- --------- ----------- ----------- ------------
Total Liabilities and Plan Equity $ 2,836,269 756,372 2,198,525 2,835,735 31,275,886
========== ========= =========== =========== ============
(continued)
</TABLE>
See notes to financial statements.
3
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1994
-----------------------------------------------------------------------------
Smith Barney Smith Barney Smith Barney Smith Barney
Income and U.S. Government Income Smith Barney Money Fund/
Growth Securities Return Equity Government
Assets Fund Fund Fund Fund Fund
------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $79,994,986 18,579,414 7,078,832 -- 29,718,296
Cash 2,310 915 699 -- 10,669
Receivables:
Employer Contribution -- -- -- -- --
Participant Contribution and Other 124,547 39,703 2 -- 120,953
---------- ---------- ----------- ----------- -----------
Total Assets $ 80,121,843 18,620,032 7,079,533 -- 29,849,918
========== ========== =========== =========== ===========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- -- -- -- --
---------- ---------- ----------- ----------- -----------
Total Liabilities -- -- -- -- --
Plan Equity 80,121,843 18,620,032 7,079,533 -- 29,849,918
---------- ---------- ----------- ----------- -----------
Total Liabilities and Plan Equity $ 80,121,843 18,620,032 7,079,533 -- 29,849,918
========== ========== =========== =========== ===========
(continued)
</TABLE>
See notes to financial statements.
4
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1994
----------------------------------------------------------------------------
Smith Barney American American Salomon
International Connecticut Capital Express Daily Brothers
Equity General Enterprise Dividend Capital
Assets Fund GIC Fund Fund Fund
------ ------ --- ---- ---- ------
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $71,101,442 -- 13,870,616 -- --
Cash 2,046 -- 729 -- --
Receivables:
Employer Contribution -- -- -- -- --
Participant Contribution and Other 273,808 -- 43,327 -- --
---------- ---------- ----------- ----------- -----------
Total Assets $71,377,296 -- 13,914,672 -- --
========== ========== =========== =========== ===========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- -- -- -- --
---------- ---------- ----------- ----------- -----------
Total Liabilities -- -- -- -- --
Plan Equity 71,377,296 -- 13,914,672 -- --
---------- ---------- ----------- ----------- -----------
Total Liabilities and Plan Equity $ 71,377,296 -- 13,914,672 -- --
========== ========== =========== =========== ===========
(continued)
</TABLE>
See notes to financial statements.
5
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1994
--------------------------------------------------------------------------------
Smith Barney Smith Barney Smith Barney Smith Barney Smith Barney
Shearson High Shearson Shearson Shearson Shearson Global
Income Aggressive Appreciation Diversified Opportunities
Assets Fund Growth Fund Fund Strategic Fund Fund
------ ------ ---- ----------- ---- ---------------
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $9,775,793 22,797,316 101,479,606 11,907,701 10,596,627
Cash 8,770 765 803 3,839 829
Receivables:
Employer Contribution -- -- -- -- --
Participant Contribution and Other 18 28 174,739 59,389 14
---------- ---------- ----------- ---------- ----------
Total Assets $9,784,581 22,798,109 101,655,148 11,970,929 10,597,470
========= ========== =========== ========== ==========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- -- -- -- --
--------- ---------- ----------- ---------- ----------
Total Liabilities -- -- -- -- --
Plan Equity 9,784,581 22,798,109 101,655,148 11,970,929 10,597,470
--------- ---------- ----------- ---------- ----------
Total Liabilities and Plan Equity $ 9,784,581 22,798,109 101,655,148 11,970,929 10,597,470
========= ========== =========== ========== ==========
(continued)
</TABLE>
See notes to financial statements.
6
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1994
-----------------------------------------------------------------------------
Smith Barney Smith Barney American Deferred
Shearson Shearson Express Profit
Utility Guaranteed Common Stock Sharing
Assets Fund Income Fund Fund Plan Total
------ ---- ----------- ---- ---- -----
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $10,466,979 138,828,645 72,480,055 62,948 830,805,913
Cash 9,820 56,373 2,373 -- 312,574
Receivables:
Employer Contribution -- -- -- -- 23,995,464
Participant Contribution and Other 49,251 1,104,512 553,094 -- 3,165,932
---------- ----------- ----------- --------- -----------
Total Assets $ 10,526,050 139,989,530 73,035,522 62,948 858,279,883
========== =========== ========== ====== ===========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- -- -- -- 3,206,995
---------- ----------- ----------- --------- -----------
Total Liabilities -- -- -- -- 3,206,995
Plan Equity 10,526,050 139,989,530 73,035,522 62,948 855,072,888
---------- ----------- ---------- ------ -----------
Total Liabilities and Plan Equity $ 10,526,050 139,989,530 73,035,522 62,948 858,279,883
========== =========== ========== ====== ===========
</TABLE>
See notes to financial statements.
7
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Travelers American American American American
Group Inc. Capital Capital Capital Capital
Common Stock Reserve Gov't. Securities Comstock Emerging Growth
Assets Fund Fund Fund Fund Fund
------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $110,793,540 12,022,631 4,780,310 7,306,554 11,146,795
Cash 167,082 -- -- -- --
Receivables:
Participant Contribution and Other 40 -- -- -- --
----------- ---------- ----------- ---------- ----------
Total Assets $ 110,960,662 12,022,631 4,780,310 7,306,554 11,146,795
=========== ========== ========= ========= ==========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ 9,397,268 -- -- -- --
----------- ---------- ----------- ---------- ----------
Total Liabilities 9,397,268 -- -- -- --
Plan Equity 101,563,394 12,022,631 4,780,310 7,306,554 11,146,795
----------- ---------- --------- --------- ----------
Total Liabilities and Plan Equity $ 110,960,662 12,022,631 4,780,310 7,306,554 11,146,795
=========== ========== ========= ========= ==========
(continued)
</TABLE>
See notes to financial statements.
8
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Common Common Common Common
Sense Sense Sense Sense
Money Market Government Growth & Income Growth Loan
Assets Fund Fund Fund Fund Fund
------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $2,996,511 785,330 2,060,532 2,750,817 12,574,983
Cash -- -- -- -- --
Receivables:
Participant Contribution and Other -- -- -- -- --
----------- ---------- ----------- ---------- ----------
Total Assets $ 2,996,511 785,330 2,060,532 2,750,817 12,574,983
========= ======= ========= ========= ==========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- -- -- -- --
----------- ---------- ----------- ---------- ----------
Total Liabilities -- -- -- -- --
Plan Equity 2,996,511 785,330 2,060,532 2,750,817 12,574,983
--------- ------- --------- --------- ----------
Total Liabilities and Plan Equity $ 2,996,511 785,330 2,060,532 2,750,817 12,574,983
========= ======= ========= ========= ==========
(continued)
</TABLE>
See notes to financial statements.
9
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Bankers Smith Barney Smith Barney Smith Barney
Trust Income and U.S. Government Income Smith Barney
GIC Growth Securities Return Equity
Assets Fund Fund Fund Fund Fund
------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $ -- 78,563,180 21,888,499 10,210,027 9,148,249
Cash -- -- -- -- --
Receivables:
Participant Contribution and Other -- -- -- -- --
----------- ---------- ----------- ---------- ----------
Total Assets $ -- 78,563,180 21,888,499 10,210,027 9,148,249
=========== ========== =========== ========== ==========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- -- -- -- --
----------- ---------- ----------- ---------- ----------
Total Liabilities -- -- -- -- --
Plan Equity -- 78,563,180 21,888,499 10,210,027 9,148,249
----------- ---------- ----------- ---------- ----------
Total Liabilities and Plan Equity $ -- 78,563,180 21,888,499 10,210,027 9,148,249
=========== ========== =========== ========== ==========
(continued)
</TABLE>
See notes to financial statements.
10
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Smith Barney Smith Barney American American
Money Fund/ International Connecticut Capital Express Daily
Government Equity General Enterprise Dividend
Assets Fund Fund GIC Fund Fund
------ ---- ---- --- ---- ----
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $14,480,197 28,578,248 16,837,757 2,926,835 15,158,886
Cash -- -- -- -- --
Receivables:
Participant Contribution and Other -- -- 138,785 -- 1,375
----------- ---------- ----------- ---------- ----------
Total Assets $14,480,197 28,578,248 16,976,542 2,926,835 15,160,261
=========== ========== =========== ========== ==========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- -- -- -- --
----------- ---------- ----------- ---------- ----------
Total Liabilities -- -- -- -- --
Plan Equity 14,480,197 28,578,248 16,976,542 2,926,835 15,160,261
---------- ---------- ---------- --------- ----------
Total Liabilities and Plan Equity $14,480,197 28,578,248 16,976,542 2,926,835 15,160,261
========== ========== ========== ========= ==========
(continued)
</TABLE>
See notes to financial statements.
11
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Salomon Smith Barney Smith Barney Smith Barney Smith Barney
Brothers Shearson High Shearson Shearson Shearson
Capital Income Aggressive Appreciation Diversified
Assets Fund Fund Growth Fund Fund Strategic Fund
------ ---- ---- ----------- ---- --------------
<S> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $3,069,805 15,665,918 36,915,197 116,965,850 8,361,643
Cash -- 5,883 7,739 21,115 2,600
Receivables:
Participant Contribution and Other -- -- -- -- --
---------- ---------- ---------- ----------- ---------
Total Assets $3,069,805 15,671,801 36,922,936 116,986,965 8,364,243
========== ========== ========== =========== =========
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ -- 5,883 7,452 20,828 2,026
---------- ---------- ---------- ----------- ---------
Total Liabilities -- 5,883 7,452 20,828 2,026
Plan Equity 3,069,805 15,665,918 36,915,484 116,966,137 8,362,217
---------- ---------- ---------- ----------- ---------
Total Liabilities
and Plan Equity $3,069,805 15,671,801 36,922,936 116,986,965 8,364,243
========== ========== ========== =========== =========
(continued)
</TABLE>
See notes to financial statements.
12
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Financial Position, With Fund Information
December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Smith Barney Smith Barney Smith Barney American Deferred
Shearson Global Shearson Shearson Express Profit
Opportunities Utility Guaranteed Common Stock Sharing
Assets Fund Fund Income Fund Fund Plan Total
------ ---- ---- ----------- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C>
Investments (Notes 2 and 3) $22,440,353 14,409,854 111,716,118 86,886,244 80,655 781,521,518
Cash 3,412 2,576 29,446 -- -- 239,853
Receivables:
Participant Contribution and Other -- -- 60 760 -- 141,020
----------- ---------- ----------- ---------- -------- ------------
Total Assets $22,443,765 14,412,430 111,745,624 86,887,004 80,655 781,902,391
=========== ========== =========== ========== ======== ============
Liabilities and Plan Equity
- ---------------------------
Payable for Stock Purchases $ 3,412 2,576 -- -- -- 9,439,445
----------- ---------- ----------- ---------- -------- ------------
Total Liabilities 3,412 2,576 -- -- -- 9,439,445
Plan Equity 22,440,353 14,409,854 111,745,624 86,887,004 80,655 772,462,946
----------- ---------- ----------- ---------- -------- ------------
Total Liabilities and
Plan Equity $22,443,765 14,412,430 111,745,624 86,887,004 80,655 781,902,391
=========== ========== =========== ========== ======== ============
</TABLE>
See notes to financial statements.
13
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1994
-----------------------------------------------------------------------------
Travelers American American American American
Group Inc. Capital Capital Capital Capital
Common Stock Reserve Gov't. Securities Comstock Emerging Growth
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 1,972,118 390,130 306,947 1,621,623 1,146,639
Interest 33,136 115 4 17 586
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) (22,229,082) -- (517,550) (2,292,877) (3,276,920)
------------ ---------- ------------ ----------- -----------
(20,223,828) 390,245 (210,599) (671,237) (2,129,695)
Less Trustee/ Administrative
Expenses (468,233) (5,645) (2,077) (3,507) (72,273)
------------ ---------- ------------ ----------- -----------
(20,692,061) 384,600 (212,676) (674,744) (2,201,968)
Contributions:
Employer 30,677,722 -- -- -- --
Participants 20,930,937 718,418 654,519 895,838 17,585,222
Rollover 1,979,451 136,958 38,937 79,304 1,220,013
------------ ---------- ------------ ----------- -----------
53,588,110 855,376 693,456 975,142 18,805,235
Distributions to Participants (7,868,752) (1,097,674) (318,204) (465,051) (2,081,841)
Loan Activity, Net (601,027) (140,734) (12,368) (10,074) (986,082)
Transfers From (To) Other Funds 19,242,757 (182,312) (483,677) 330,396 20,115,830
------------ ---------- ------------ ----------- -----------
Increase (Decrease) in Plan Equity 43,669,027 (180,744) (333,469) 155,669 33,651,174
Plan Equity, Beginning of Year 101,563,394 12,022,631 4,780,310 7,306,554 11,146,795
Transfer from (to) Lehman Brothers
Holdings Inc. 5,382 -- -- -- 861
------------ ---------- ------------ ----------- -----------
Plan Equity, End of Year $ 145,237,803 11,841,887 4,446,841 7,462,223 44,798,830
============ ========== ============ =========== ===========
(continued)
</TABLE>
See notes to financial statements.
14
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1994
-----------------------------------------------------------------------------
Common Common Common Common
Sense Sense Sense Sense
Money Market Government Growth & Income Growth Loan
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 91,769 51,965 269,617 224,829 --
Interest 12 25 2 6 --
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) -- (119,078) (292,570) (212,363) --
------------ ---------- ------------ ----------- -----------
91,781 (67,088) (22,951) 12,472 --
Less Trustee/ Administrative
Expenses (1,318) (368) (1,015) (1,310) --
------------ ---------- ------------ ----------- -----------
90,463 (67,456) (23,966) 11,162 --
Contributions:
Employer -- -- -- -- --
Participants 146,515 99,657 319,166 404,281 1,309,929
Rollover 27 52 7,693 11,811 --
------------ ---------- ------------ ----------- -----------
146,542 99,709 326,859 416,092 1,309,929
Distributions to Participants (179,466) (15,362) (64,657) (114,070) (951,276)
Loan Activity, Net (27,067) (7,265) (5,141) (11,814) 18,342,250
Transfers From (To) Other Funds (190,714) (38,584) (95,102) (217,516) --
------------ ---------- ------------ ----------- -----------
Increase (Decrease) in Plan Equity (160,242) (28,958) 137,993 83,854 18,700,903
Plan Equity, Beginning of Year 2,996,511 785,330 2,060,532 2,750,817 12,574,983
Transfer from (to) Lehman Brothers
Holdings Inc. -- -- -- -- --
------------ ---------- ------------ ----------- -----------
Plan Equity, End of Year $ 2,836,269 756,372 2,198,525 2,834,671 31,275,886
============ ========== ============ =========== ===========
(continued)
</TABLE>
See notes to financial statements.
15
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1994
-----------------------------------------------------------------------------
Smith Barney Smith Barney Smith Barney Smith Barney
Income and U.S. Government Income Smith Barney Money Fund/
Growth Securities Return Equity Government
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 3,583,204 1,382,644 365,485 314,030 1,043,998
Interest 918 451 225 168 6,862
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) (7,428,927) (1,684,038) (206,381) (225,600) --
----------- ----------- ------------ ----------- -----------
(3,844,805) (300,943) 159,329 88,598 1,050,860
Less Trustee/ Administrative
Expenses (147,491) (39,724) (18,557) (4,560) (58,498)
----------- ----------- ------------ ----------- -----------
(3,992,296) (340,667) 140,772 84,038 992,362
Contributions:
Employer -- -- -- -- --
Participants 8,861,939 1,907,521 40 -- 4,259,935
Rollover 962,804 301,343 -- -- 1,599,355
----------- ----------- ------------ ----------- -----------
9,824,743 2,208,864 40 -- 5,859,290
Distributions to Participants (6,861,042) (1,965,798) (599,147) (191,647) (3,497,171)
Loan Activity, Net (850,047) (222,735) (166,651) (20,854) (776,198)
Transfers From (To) Other Funds 3,435,988 (2,948,131) (2,505,508) (9,019,786) 12,824,059
----------- ----------- ------------ ----------- -----------
Increase (Decrease) in Plan Equity 1,557,346 (3,268,467) (3,130,494) (9,148,249) 15,402,342
Plan Equity, Beginning of Year 78,563,180 21,888,499 10,210,027 9,148,249 14,480,197
Transfer from (to) Lehman Brothers
Holdings Inc. 1,317 -- -- -- (32,621)
---------- ---------- ------------ ----------- -----------
Plan Equity, End of Year $ 80,121,843 18,620,032 7,079,533 -- 29,849,918
========== ========== ============ =========== ===========
(continued)
</TABLE>
See notes to financial statements.
16
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1994
-----------------------------------------------------------------------------
Smith Barney American American Salomon
International Connecticut Capital Express Daily Brothers
Equity General Enterprise Dividend Capital
Fund GIC Fund Fund Fund
---- --- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 962,268 -- 855,695 -- --
Interest 624 -- 295 -- --
Net Realized Gains (Losses) and --
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) (7,428,241) -- (875,103) -- --
----------- ----------- ------------ ----------- -----------
(6,465,349) -- (19,113) -- --
Less Trustee/ Administrative
Expenses (116,621) -- (27,115) -- --
----------- ----------- ------------ ----------- -----------
(6,581,970) -- (46,228) -- --
Contributions:
Employer -- -- -- -- --
Participants 20,488,965 -- 4,069,007 -- --
Rollover 1,473,686 -- 458,621 -- --
----------- ----------- ------------ ----------- -----------
21,962,651 -- 4,527,628 -- --
Distributions to Participants (3,487,820) -- (692,464) -- --
Loan Activity, Net (1,432,513) -- (221,571) -- --
Transfers From (To) Other Funds 32,337,688 (16,976,542) 7,420,472 (15,160,261) (3,069,805)
----------- ----------- ------------ ----------- -----------
Increase (Decrease) in Plan Equity 42,798,036 (16,976,542) 10,987,837 (15,160,261) (3,069,805)
Plan Equity, Beginning of Year 28,578,248 16,976,542 2,926,835 15,160,261 3,069,805
Transfer from (to) Lehman Brothers
Holdings Inc. 1,012 -- -- -- --
----------- ----------- ------------ ----------- -----------
Plan Equity, End of Year $ 71,377,296 -- 13,914,672 -- --
========== =========== ============ =========== ===========
(continued)
</TABLE>
See notes to financial statements.
17
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1994
-----------------------------------------------------------------------------
Smith Barney Smith Barney Smith Barney Smith Barney Smith Barney
Shearson High Shearson Shearson Shearson Shearson Global
Income Aggressive Appreciation Diversified Opportunities
Fund Growth Fund Fund Strategic Fund Fund
---- ----------- ---- -------------- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 1,173,657 753,630 7,579,686 966,367 817,060
Interest 103 195 1,990 341 159
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) (1,666,833) (1,181,449) (8,146,394) (1,262,670) (1,085,678)
----------- ----------- ------------ ----------- -----------
(493,073) (427,624) (564,718) (295,962) (268,459)
Less Trustee/ Administrative
Expenses (26,132) (53,013) (204,381) (26,261) (30,541)
----------- ----------- ------------ ----------- -----------
(519,205) (480,637) (769,099) (322,223) (299,000)
Contributions:
Employer -- -- -- -- --
Participants -- 36 15,502,740 3,815,537 --
Rollover -- -- 813,027 423,358 --
----------- ----------- ------------ ----------- -----------
-- 36 16,315,767 4,238,895 --
Distributions to Participants (1,162,276) (2,010,574) (7,023,399) (888,735) (1,094,588)
Loan Activity, Net (590,957) (1,217,986) (3,766,563) (369,610) (561,973)
Transfers From (To) Other Funds (3,799,377) (10,661,662) (20,225,506) 844,650 (10,041,987)
----------- ----------- ------------ ----------- -----------
Increase (Decrease) in Plan Equity (6,071,815) (14,370,823) (15,468,800) 3,502,977 (11,997,548)
Plan Equity, Beginning of Year 15,665,918 36,915,484 116,966,137 8,362,217 22,440,353
Transfer from (to) Lehman Brothers
Holdings Inc. 190,478 253,448 157,811 105,735 154,665
----------- ----------- ------------ ----------- ----------
Plan Equity, End of Year $ 9,784,581 22,798,109 101,655,148 11,970,929 10,597,470
========== =========== ============ =========== ==========
(continued)
</TABLE>
See notes to financial statements.
18
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1994
-----------------------------------------------------------------------------
Smith Barney Smith Barney American Deferred
Shearson Shearson Express Profit
Utility Guaranteed Common Stock Sharing
Fund Income Fund Fund Plan Total
---- ----------- ---- ---- -----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 756,519 -- 11,091,983 -- 37,721,863
Interest 248 11,919,415 11,329 2,293 11,979,519
Net Realized Gains (Losses)
and Appreciation (Depreciation)
in Current Value of Investments
(Note 3) (2,041,936) -- (3,122,174) -- (65,295,864)
------------ ----------- ------------ ------------- ------------
(1,285,169) 11,919,415 7,981,138 2,293 (15,594,482)
Less Trustee/ Administrative
Expenses (27,908) (659,791) (167,178) -- (2,163,517)
------------ ----------- ------------ ------------- ------------
(1,313,077) 11,259,624 7,813,960 2,293 (17,757,999)
Contributions:
Employer -- -- -- -- 30,677,722
Participants 2,803,528 11,202,470 -- -- 115,976,200
Rollover 209,812 1,097,220 -- -- 10,813,472
------------ ----------- ------------ ------------- ------------
3,013,340 12,299,690 -- -- 157,467,394
Distributions to Participants (1,201,735) (10,029,884) (6,775,234) (20,000) (60,657,867)
Loan Activity, Net (471,942) (3,495,892) (2,375,186) -- --
Transfers From (To) Other Funds (4,133,142) 16,538,772 (13,341,000) -- --
------------ ----------- ------------ ------------- ------------
Increase (Decrease) in Plan Equity (4,106,556) 26,572,310 (14,677,460) (17,707) 79,051,528
Plan Equity, Beginning of Year 14,409,854 111,745,624 86,887,004 80,655 772,462,946
Transfer from (to) Lehman Brothers
Holdings Inc. 222,752 1,671,596 825,978 -- 3,558,414
------------ ----------- ------------ ------------ ------------
Plan Equity, End of Year $ 10,526,050 139,989,530 73,035,522 62,948 855,072,888
============ =========== =========== ============ ============
</TABLE>
See notes to financial statements.
19
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Travelers American American American American
Group Inc. Capital Capital Capital Capital
Common Stock Reserve Gov't. Securities Comstock Emerging Growth
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 1,023,403 278,672 354,506 936,994 663,100
Interest 111,353 10,661 3,962 6,941 3,925
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) 30,486,208 -- (72,838) (329,994) 880,948
------------ ----------- ------------ ------------- ------------
31,620,964 289,333 285,630 613,941 1,547,973
Less Trustee/ Administrative
Expenses (83,464) -- -- -- (7,706)
------------ ----------- ------------ ------------- ------------
31,537,500 289,333 285,630 613,941 1,540,267
Contributions:
Employer 8,469,800 -- -- -- --
Participants 7,267,646 1,066,910 792,071 969,348 2,575,544
Rollover 1,035,526 149,158 127,288 110,062 165,159
------------ ----------- ------------ ------------- ------------
16,772,972 1,216,068 919,359 1,079,410 2,740,703
Distributions to Participants (6,964,910) (1,521,535) (562,030) (625,127) (449,221)
Loan Activity, Net (774,138) (73,764) (41,805) (19,919) 72,721
Transfers From (To) Other Funds 11,096,110 (2,151,921) (438,491) (555,616) 4,145,506
------------ ----------- ------------ ------------- ------------
Increase (Decrease) in Plan Equity 51,667,534 (2,241,819) 162,663 492,689 8,049,976
Plan Equity, Beginning of Year 49,895,860 14,264,450 4,617,647 6,813,865 3,096,819
Transfer of Net Assets from
Shearson Plan -- -- -- -- --
------------ ----------- ------------ ------------- ------------
Plan Equity, End of Year $ 101,563,394 12,022,631 4,780,310 7,306,554 11,146,795
============ =========== ============ ============= ============
(continued)
</TABLE>
See notes to financial statements.
20
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Common Common Common Common
Sense Sense Sense Sense
Money Market Government Growth & Income Growth Loan
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 77,799 80,149 172,491 212,036 --
Interest 10,038 3,398 7,970 8,807 --
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) -- (28,371) (7,658) 18,986 --
------------ ----------- ------------ ------------- ------------
87,837 55,176 172,803 239,829 --
Less Trustee/ Administrative
Expenses -- -- -- -- --
------------ ----------- ------------ ------------- ------------
87,837 55,176 172,803 239,829 --
Contributions:
Employer -- -- -- -- --
Participants 231,078 140,826 296,847 400,305 --
Rollover 81,372 -- 21,855 14,850 --
------------ ----------- ------------ ------------- ------------
312,450 140,826 318,702 415,155 --
Distributions to Participants (143,582) (9,105) (76,857) (109,341) (32,888)
Loan Activity, Net (80,511) (7,877) (35,470) (42,507) 1,253,104
Transfers From (To) Other Funds (406,963) 123,768 82,554 (104,825) --
------------ ----------- ------------ ------------- ------------
Increase (Decrease) in Plan Equity (230,769) 302,788 461,732 398,311 1,220,216
Plan Equity, Beginning of Year 3,227,280 482,542 1,598,800 2,352,506 11,312,280
Transfer of Net Assets from
Shearson Plan -- -- -- -- 42,487
------------ ----------- ------------ ------------- ------------
Plan Equity, End of Year $ 2,996,511 785,330 2,060,532 2,750,817 12,574,983
============ =========== ============ ============= ============
(continued)
</TABLE>
See notes to financial statements.
21
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Bankers Smith Barney Smith Barney Smith Barney
Trust Income and U.S. Government Income Smith Barney
GIC Growth Securities Return Equity
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ -- 6,799,215 1,824,096 490,427 775,596
Interest -- 597 242 174 110
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) -- 4,865,423 (319,917) (115,400) 581,631
------------ ----------- ------------ ------------- -----------
-- 11,665,235 1,504,421 375,201 1,357,337
Less Trustee/ Administrative
Expenses (149,109) (50,726) (24,212) (21,254)
------------ ----------- ------------ ------------- -----------
-- 11,516,126 1,453,695 350,989 1,336,083
Contributions:
Employer -- -- -- -- --
Participants -- 8,616,298 1,544,304 1,611,230 1,017,992
Rollover -- 669,910 199,620 927,071 449,626
------------ ----------- ------------ ------------- -----------
-- 9,286,208 1,743,924 2,538,301 1,467,618
Distributions to Participants -- (4,512,150) (2,148,600) (696,235) (465,696)
Loan Activity, Net -- (188,709) 19,574 10,097 (28,715)
Transfers From (To) Other Funds (1,053,897) (6,640,641) (2,239,934) (686,195) (300,057)
------------ ----------- ------------ ------------- -----------
Increase (Decrease) in Plan Equity (1,053,897) 9,460,834 (1,171,341) 1,516,957 2,009,233
Plan Equity, Beginning of Year 1,053,897 69,102,346 23,059,840 8,693,070 7,139,016
Transfer of Net Assets from
Shearson Plan -- -- -- -- --
------------ ----------- ------------ ------------- -----------
Plan Equity, End of Year $ -- 78,563,180 21,888,499 10,210,027 9,148,249
============ =========== ============ ============= ===========
(continued)
</TABLE>
See notes to financial statements.
22
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Smith Barney Smith Barney American American
Money Fund/ International Connecticut Capital Express Daily
Government Equity General Enterprise Dividend
Fund Fund GIC Fund Fund
---- ---- --- ---- ----
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 438,522 277,873 2,420,213 281,834 35,870
Interest 918 114 241 34 1,366
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) -- 8,802,796 -- (81,183) 191,115
------------ ----------- ------------ ---------- -----------
439,440 9,080,783 2,420,454 200,685 228,351
Less Trustee/ Administrative
Expenses (37,171) (38,901) (244,071) (6,459) (3,840)
------------ ----------- ------------ ---------- -----------
402,269 9,041,882 2,176,383 194,226 224,511
Contributions:
Employer -- -- -- -- --
Participants 4,452,470 3,154,580 -- 774,820 287,385
Rollover 70,705 577,342 -- 172,562 --
------------ ----------- ------------ ---------- -----------
4,523,175 3,731,922 -- 947,382 287,385
Distributions to Participants (1,746,251) (715,581) (1,362,611) (59,631) --
Loan Activity, Net 190,447 (34,241) (216,575) (1,712) --
Transfers From (To) Other Funds (1,722,106) 2,858,594 (1,160,836) 1,846,570 (232,948)
------------ ----------- ------------ ---------- -----------
Increase (Decrease) in Plan Equity 1,647,534 14,882,576 (563,639) 2,926,835 278,948
Plan Equity, Beginning of Year 12,832,663 13,695,672 17,540,181 -- --
Transfer of Net Assets from
Shearson Plan -- -- -- -- 14,881,313
------------ ----------- ------------ ---------- -----------
Plan Equity, End of Year $ 14,480,197 28,578,248 16,976,542 2,926,835 15,160,261
============ =========== ============ =========== ===========
(continued)
</TABLE>
See notes to financial statements.
23
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Salomon Smith Barney Smith Barney Smith Barney Smith Barney
Brothers Shearson High Shearson Shearson Shearson
Capital Income Aggressive Appreciation Diversified
Fund Fund Growth Fund Fund Strategic Fund
---- ---- ----------- ---- --------------
<S> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 3,112 127,078 444 1,882,857 58,214
Interest 278 -- -- -- --
Net Realized Gains (Losses) and
Appreciation (Depreciation) in
Current Value of Investments
(Note 3) 104,460 259,744 1,539,415 1,159,808 211,448
----------- ---------- ------------ ----------- -----------
107,850 386,822 1,539,859 3,042,665 269,662
Less Trustee/ Administrative
Expenses (824) (3,854) (8,788) (30,307) (1,998)
----------- ---------- ------------ ----------- -----------
107,026 382,968 1,531,071 3,012,358 267,664
Contributions:
Employer -- -- -- -- --
Participants -- 219,845 406,066 847,066 118,314
Rollover -- 22,927 7,799 100,594 295
----------- ---------- ------------ ----------- -----------
-- 242,772 413,865 947,660 118,609
Distributions to Participants -- -- -- -- --
Loan Activity, Net -- -- -- -- --
Transfers From (To) Other Funds (17,766) (235,776) (338,554) (547,055) (77,885)
----------- ---------- ------------ ----------- -----------
Increase (Decrease) in Plan Equity 89,260 389,964 1,606,382 3,412,963 308,388
Plan Equity, Beginning of Year -- -- -- -- --
Transfer of Net Assets from
Shearson Plan 2,980,545 15,275,954 35,309,102 113,553,174 8,053,829
----------- ---------- ------------ ----------- -----------
Plan Equity, End of Year $ 3,069,805 15,665,918 36,915,484 116,966,137 8,362,217
=========== ========== ============ =========== ===========
(continued)
</TABLE>
See notes to financial statements.
24
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Statements of Operations and Changes in Plan Equity, With Fund Information
Years Ended December 31, 1994 and 1993
December 31, 1993
-----------------------------------------------------------------------------
Smith Barney Smith Barney Smith Barney American Deferred
Shearson Global Shearson Shearson Express Profit
Opportunities Utility Guaranteed Common Stock Sharing
Fund Fund Income Fund Fund Plan Total
----- ---- ----------- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C>
Investment Activity:
Dividends $ 68,460 75,003 -- -- -- 19,357,964
Interest -- -- 1,037,177 760 2,070 1,211,136
Net Realized Gains (Losses)
and Appreciation (Depreciation)
in Current Value of Investments
(Note 3) 1,486,106 186,019 -- (42,763) -- 49,775,983
----------- ---------- ------------ ----------- ------- ------------
1,554,566 261,022 1,037,177 (42,003) 2,070 70,345,083
Less Trustee/ Administrative
Expenses (5,369) (3,679) (272,567) (25,846) -- (1,020,145)
----------- ---------- ------------ ----------- ------- ------------
1,549,197 257,343 764,610 (67,849) 2,070 69,324,938
Contributions:
Employer -- -- -- -- -- 8,469,800
Participants 262,464 282,713 915,919 -- -- 38,252,041
Rollover 47,663 -- 129,460 607 -- 5,081,451
----------- ---------- ------------ ----------- ------- ------------
310,127 282,713 1,045,379 607 -- 51,803,292
Distributions to Participants -- -- -- (348,535) (11,548) (22,561,434)
Loan Activity, Net -- -- -- -- -- --
Transfers From (To) Other Funds (231,789) (114,130) (544,490) (351,227) -- --
----------- ---------- ------------ ----------- ------- ------------
Increase (Decrease) in Plan Equity 1,627,535 425,926 1,265,499 (767,004) (9,478) 98,566,796
Plan Equity, Beginning of Year -- -- -- -- 90,133 250,868,867
Transfer of Net Assets from:
Shearson Plan 20,812,818 13,983,928 110,480,125 87,654,008 -- 423,027,283
---------- ---------- ----------- ----------- ------- ------------
Plan Equity, End of Year $22,440,353 14,409,854 111,745,624 86,887,004 80,655 772,462,946
========== ========== =========== =========== ======= ============
</TABLE>
See notes to financial statements.
25
<PAGE>
TRAVELERS GROUP 401(k) SAVINGS PLAN
(Formerly The Travelers Inc. 401(k) Savings Plan)
NOTES TO FINANCIAL STATEMENTS
December 31, 1994 and 1993
1. Plan Description:
The following brief description of Travelers Group 401(k) Savings Plan
("Plan") (formerly The Travelers Inc. 401(k) Savings Plan) is provided
for general information purposes only. Participants should refer to the
Travelers Group 401(k) Savings Plan Document (as amended and restated as
of June 30, 1994) for more complete information.
The Plan covers all eligible employees of Travelers Group Inc. ("Travelers"),
the plan sponsor, and eligible employees of subsidiaries and affiliates of
Travelers ("Company") as may become participating companies. The Plan is
administered by the Annuity Board of Travelers Group 401(k) Savings
Plan.
On April 26, 1995, the shareholders of Travelers approved an amendment
changing the Company's name from The Travelers Inc. to Travelers Group Inc.
Subsequent to this date, the Plan changed its name from The Travelers Inc.
401(k) Savings Plan to the Travelers Group 401(k) Savings Plan and The Travelers
Inc. Common Stock Fund changed its name to Travelers Group Inc. Common Stock
Fund which invests in shares of Travelers Group Inc. Common Stock.
Effective with the December 31, 1993 merger of Primerica Corporation
("Primerica") and The Travelers Corporation, Primerica changed its name to
The Travelers Inc. and the Primerica Common Stock Fund changed its name to
The Travelers Inc. Common Stock Fund which invests in shares of The
Travelers Inc. Common Stock.
During 1993, following the acquisition by the Company of the domestic retail
brokerage and asset management businesses of Shearson Lehman Brothers Holdings
Inc. ("Lehman"), the net assets of the 401(k) savings plan sponsored by Lehman
("Shearson Plan"), that were attributable to the participants included in the
acquisition, were transferred to the Plan. During 1994, as prescribed by the
Shearson acquisition document dated July 31, 1993, additional transfers were
made between Lehman Brothers Holdings Inc. and the Plan.
The Plan is a defined contribution plan designed to encourage savings on
the part of eligible employees. Eligible employees may elect to have a
portion of their regular pay, including overtime, appropriated each pay
period, in any one percent increment, by an amount from 1% to 15% of their
compensation (subject to statutory limitations) as "pre-tax contributions"
and the Company will make a contribution, equal to a specified percentage
of the participant's contribution, on their behalf as a pre-tax
contribution.
Pre-tax contributions and employer contributions, as well as the earnings
thereon, are taxed to the participant only at the time of distribution.
Travelers, for itself or on behalf of the Company, as appropriate,
contributes a "matching employer contribution" on behalf of each
participant as of the last day of the Plan year. For the year ended
December 31, 1994, Travelers contributed an amount equal to 100% of each
participant's 1994 pre-tax contributions up to an annual maximum of $1,000.
For the year ended December 31, 1993, Travelers contributed an amount equal
to 25% of each participant's 1993 pre-tax contributions not in excess of 6%
of that participant's compensation up to an annual maximum of $1,000. In
addition, Travelers, on behalf of the Company, makes contributions on
behalf of eligible employees who elect to have pre-tax contributions
(continued)
26
<PAGE>
1. Plan Description (Continued):
invested in the Travelers Group Inc. Common Stock Fund by having such
contributions invested at a 5% discount from the fair market value of such
stock ("discount contributions"). The Plan does not allow after-tax
contributions.
Travelers has the right to terminate the Plan subject to the provisions of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
In the event of termination of the Plan, the account balances of all
participants will become fully vested.
As of January 1, 1994, the Plan had two trustees: Citibank, N.A. and
American Capital Trust Company ("ACTC"). Citibank, N.A. was the trustee of
the funds relating to the former Shearson Plan. ACTC was the trustee of
the funds relating to the former Primerica Corporation Savings Plan. On
November 1, 1994, Citibank, N.A. replaced ACTC as trustee of the funds relating
to the former Primerica Corporation Savings Plan. As of December 31, 1994,
Citibank, N.A. serves as the trustee for the entire Plan.
In January 1994, the assets of the American Express Daily Dividend Fund
were transferred into the Smith Barney Money Fund/Government Fund; the
Salomon Brothers Capital Fund was transferred into the Smith Barney
Shearson Appreciation Fund; and the Connecticut General GIC Fund was
transferred into the Smith Barney Shearson Guaranteed Income Fund which was
previously named the Shearson Fixed Income Fund.
In April 1994, the assets of the Smith Barney Equity Fund were transferred
into the Smith Barney Income and Growth Fund.
During 1994, the Smith Barney World Fund changed its name to the Smith
Barney International Equity Fund.
Fund Transfers and Allocation of Contributions
- ----------------------------------------------
Participants may elect to divide their contribution among funds in
increments divisible by 5%.
Matching employer contributions are invested in the Travelers Group Inc. Common
Stock Fund and are limited to $1,000 per participant each year.
A participant may elect to suspend his pre-tax contributions, as soon as
administratively practicable, by filing prior written notice with the plan
administrator. Such participant may thereafter resume pre-tax
contributions as of the first pay period beginning in any calendar month,
subject to the Plan's notice requirements. In addition, a participant may
change the rate of his pre-tax contributions as of the first pay period
beginning in any calendar month, subject to the Plan's notice requirements.
A participant may elect to change the allocation of future pre-tax
contributions among the funds once each calendar month as of the first day
of any pay period, subject to the Plan's notice requirements.
A participant may elect to transfer the value of his pre-tax contributions
in increments divisible by 5% or a specified number of whole shares from
one or more of the investment funds to another investment fund or funds
once each calendar month. The transfer will be effective as of the last
business day of the calendar month subject to the Plan's notice
requirements.
(continued)
27
<PAGE>
1. Plan Description (Continued):
Contributions
- -------------
The rights of a participant to his or her pre-tax contributions and any
earnings thereon are at all times fully vested and non-forfeitable.
Matching employer contributions are fully vested and non-forfeitable for
those participants whose initial date of employment is before January 1,
1992. For those participants whose initial date of employment is on or
after January 1, 1992, matching employer contributions are 100% vested and
non-forfeitable after five years of service.
Rollover and Transfer Contributions
- -----------------------------------
The Plan permits participants to have their interests in other qualified
profit-sharing plans transferred to the Plan or to make rollover
contributions into the Plan from an individual retirement account (or
similar arrangement) resulting from a rollover from another qualified plan
or directly from another qualified plan. Such transfers or rollovers to
the Plan may only be made with the approval of the plan administrator and
do not affect any other contributions made by or on behalf of a
participant.
Loans
- -----
Subject to the Plan's provisions and the requirements contained within
ERISA and the Internal Revenue Code of 1986, as amended (the "Code"), a
participant may apply for a loan from the Plan at an annual interest rate
equal to one percentage point above the Prime Rate published in The Wall
Street Journal for the first business day of the month in which the loan
application is received. The loan repayment by a participant who is
employed by the Company is generally made through after-tax payroll
deductions.
Withdrawals
- -----------
Prior to termination of employment, a participant may withdraw, as of the
last business day of any month, subject to the Plan's notice requirements,
all or a portion of the value of his or her rollover contributions account,
all or any portion of the vested value of his or her account if the
participant has attained age 59-1/2 or becomes totally and permanently
disabled or all or any portion of the value of his or her pre-tax
contributions account in the event of demonstrated financial hardship,
subject to the Plan's provisions.
Withdrawals to which a participant is entitled are the amounts that can be
provided by the contributions and income thereon (including net realized
and unrealized investment gains and losses) allocated to each participant's
account.
Withdrawals from the Travelers Group Inc. Common Stock Fund and the American
Express Common Stock Fund may be paid in either shares of common stock or
cash. Fractional shares and withdrawals from other funds are paid in cash.
Distributions
- -------------
The participant shall have distributed the total of his account in lump-sum
payment on the last business day of the month coincident with his
retirement date. If the participant leaves the Company before retirement,
he may elect to have his account distributed to him as of the last business
day of the month coincident to his last day of employment. Distributions
from the Travelers Group Inc. Common Stock Fund and the American Express Common
(continued)
28
<PAGE>
1. Plan Description (Continued):
Stock Fund may be paid in either shares of common stock or cash. Fractional
shares and distributions from other funds are paid in cash.
2. Summary of Significant Accounting Policies:
The financial statements of the Plan have been prepared on the accrual
basis.
Security transactions are recorded on a trade date basis.
Dividend income is accrued on the ex-dividend date.
Certain reclassifications have been made to prior year's financial
statements to conform to the current year's presentation.
Fair Value of Investments
- -------------------------
The Travelers Group Inc. Common Stock Fund and American Express Common Stock
Fund are valued at the last reported sale price on the New York Stock Exchange
for the last business day of the year.
The following registered investment companies are valued at the net asset
value per share as determined by American Capital Asset Management and
Research:
American Capital Comstock Fund
American Capital Emerging Growth Fund
American Capital Enterprise Fund
American Capital Gov't Securities Fund
American Capital Reserve Fund
Common Sense Government Fund
Common Sense Growth and Income Fund
Common Sense Growth Fund
Common Sense Money Market Fund
The following registered investment companies are valued at the net asset
value per share as determined by Smith Barney Mutual Funds Management Inc.:
American Express Daily Dividend Fund
Salomon Brothers Capital Fund
Smith Barney Equity Fund
Smith Barney Income and Growth Fund
Smith Barney Income Return Fund
Smith Barney International Equity Fund
Smith Barney Money Fund/Government Fund
Smith Barney Shearson Aggressive Growth Fund
Smith Barney Shearson Appreciation Fund
Smith Barney Shearson Diversified Strategic Fund
Smith Barney Shearson Global Opportunities Fund
Smith Barney Shearson Guaranteed Income Fund
Smith Barney Shearson High Income Fund
Smith Barney Shearson Utility Fund
Smith Barney U.S. Government Securities
(continued)
29
<PAGE>
2. Summary of Significant Accounting Policies (Continued):
Short-term money market investments, the Loan Fund and the Deferred Profit
Sharing Plan are valued at cost plus earned interest which approximates fair
value. The Smith Barney Shearson Guaranteed Income Fund and the Connecticut
General and Banker's Trust Guaranteed Investment Contracts are valued at
contract value.
3. Summary of Investments:
A summary of the investments in the Plan as of December 31, 1994 and 1993
is listed below. "Funds not yet invested" represents the line item "Cash"
on the accompanying statements of financial position.
1994 Investment Funds Cost Value
- --------------------- ---- -----
Travelers Group Inc. Common Stock Fund
Invested $ 107,107,900 $ 123,836,997
Funds not yet invested 208,569 208,569
------------- -------------
Total 107,316,469 124,045,566
------------- -------------
American Capital Reserve Fund
Invested 11,840,613 11,840,613
Funds not yet invested 112 112
------------- -------------
Total 11,840,725 11,840,725
------------- -------------
American Capital Gov't Securities Fund
Invested 4,899,874 4,443,863
Funds not yet invested 4 4
------------- -------------
Total 4,899,878 4,443,867
------------- -------------
American Capital Comstock Fund
Invested 9,693,217 7,457,863
Funds not yet invested 16 16
------------- -------------
Total 9,693,233 7,457,879
------------- -------------
American Capital Emerging Growth Fund
Invested 47,354,968 44,587,338
Funds not yet invested 2,262 2,262
------------- -------------
Total 47,357,230 44,589,600
------------- -------------
Common Sense Money Market Fund
Invested 2,835,617 2,835,617
Funds not yet invested 639 639
------------- -------------
Total 2,836,256 2,836,256
------------- -------------
Common Sense Government Fund
Invested 857,650 755,249
Funds not yet invested 24 24
------------- -------------
Total 857,674 755,273
------------- -------------
(continued)
30
<PAGE>
3. Summary of Investments (Continued):
1994 Investment Funds Cost Value
- --------------------- ---- -----
Common Sense Growth & Income Fund
Invested $ 2,487,437 $ 2,197,881
Funds not yet invested 2 2
------------- -------------
Total 2,487,439 2,197,883
------------- -------------
Common Sense Growth Fund
Invested 3,043,875 2,835,350
Funds not yet invested 6 6
------------- -------------
Total 3,043,881 2,835,356
------------- -------------
Loan Fund
Invested 31,275,886 31,275,886
Funds not yet invested -- --
------------- -------------
Total 31,275,886 31,275,886
------------- -------------
Smith Barney Income & Growth Fund
Invested 80,907,790 79,994,986
Funds not yet invested 2,310 2,310
------------- -------------
Total 80,910,100 79,997,296
------------- -------------
Smith Barney U.S. Government
Securities Fund
Invested 19,956,983 18,579,414
Funds not yet invested 915 915
------------- -------------
Total 19,957,898 18,580,329
------------- -------------
Smith Barney Income Return Fund
Invested 7,203,647 7,078,832
Funds not yet invested 699 699
------------- -------------
Total 7,204,346 7,079,531
------------- -------------
Smith Barney Money Fund/Government Fund
Invested 29,718,296 29,718,296
Funds not yet invested 10,669 10,669
------------- -------------
Total 29,728,965 29,728,965
------------- -------------
Smith Barney International Equity Fund
Invested 71,360,902 71,101,442
Funds not yet invested 2,046 2,046
------------- -------------
Total 71,362,948 71,103,488
------------- -------------
American Capital Enterprise Fund
Invested 14,792,862 13,870,616
Funds not yet invested 729 729
------------- -------------
Total 14,793,591 13,871,345
------------- -------------
(continued)
31
<PAGE>
3. Summary of Investments (Continued):
1994 Investment Funds Cost Value
- --------------------- ---- -----
Smith Barney Shearson High Income Fund
Invested $ 11,080,781 $ 9,775,793
Funds not yet invested 8,770 8,770
------------- -------------
Total 11,089,551 9,784,563
------------- -------------
Smith Barney Shearson Agressive Growth
Fund
Invested 18,458,119 22,797,316
Funds not yet invested 765 765
------------- -------------
Total 18,458,884 22,798,081
------------- -------------
Smith Barney Shearson Appreciation Fund
Invested 91,591,156 101,479,606
Funds not yet invested 803 803
------------- -------------
Total 91,591,959 101,480,409
------------- -------------
Smith Barney Shearson Diversified
Strategic Fund
Invested 13,047,968 11,907,701
Funds not yet invested 3,839 3,839
------------- -------------
Total 13,051,807 11,911,540
------------- -------------
Smith Barney Shearson Global
Opportunities Fund
Invested 10,971,200 10,596,627
Funds not yet invested 829 829
------------- -------------
Total 10,972,029 10,597,456
------------- -------------
Smith Barney Shearson Utility Fund
Invested 11,933,511 10,466,979
Funds not yet invested 9,820 9,820
------------- -------------
Total 11,943,331 10,476,799
------------- -------------
Smith Barney Shearson Guaranteed Income
Fund
Invested 138,828,645 138,828,645
Funds not yet invested 56,373 56,373
------------- -------------
Total 138,885,018 138,885,018
------------- -------------
American Express Common Stock Fund
Invested 69,070,193 72,480,055
Funds not yet invested 2,373 2,373
------------- -------------
Total 69,072,566 72,482,428
------------- -------------
Deferred Profit Sharing Plan
Invested 62,948 62,948
Funds not yet invested -- --
------------- -------------
Total 62,948 62,948
------------- -------------
1994 Total Investments $ 810,694,612 $ 831,118,487
============= =============
(continued)
32
<PAGE>
3. Summary of Investments (Continued):
1993 Investment Funds Cost Value
- --------------------- ---- -----
Travelers Group Inc. Common Stock Fund
Invested $ 69,387,866 $110,793,540
Funds not yet invested 167,082 167,082
------------- -------------
Total 69,554,948 110,960,622
------------- -------------
American Capital Reserve Fund
Invested 12,029,191 12,022,631
Funds not yet invested -- --
------------- -------------
Total 12,029,191 12,022,631
------------- -------------
American Capital Gov't Securities Fund
Invested 4,787,482 4,780,310
Funds not yet invested -- --
------------- -------------
Total 4,787,482 4,780,310
------------- -------------
American Capital Comstock Fund
Invested 7,734,882 7,306,554
Funds not yet invested -- --
------------- -------------
Total 7,734,882 7,306,554
------------- -------------
American Capital Emerging Growth Fund
Invested 10,222,203 11,146,795
Funds not yet invested -- --
------------- -------------
Total 10,222,203 11,146,795
------------- -------------
Common Sense Money Market Fund
Invested 2,958,619 2,996,511
Funds not yet invested -- --
------------- -------------
Total 2,958,619 2,996,511
------------- -------------
Common Sense Government Fund
Invested 817,748 785,330
Funds not yet invested -- --
------------- -------------
Total 817,748 785,330
------------- -------------
Common Sense Growth & Income Fund
Invested 2,077,531 2,060,532
Funds not yet invested -- --
------------- -------------
Total 2,077,531 2,060,532
------------- -------------
Common Sense Growth Fund
Invested 2,760,947 2,750,817
Funds not yet invested -- --
------------- -------------
Total 2,760,947 2,750,817
------------- -------------
(continued)
33
<PAGE>
3. Summary of Investments (Continued):
1993 Investment Funds Cost Value
- --------------------- ---- -----
Loan Fund
Invested $ 12,574,983 $ 12,574,983
Funds not yet invested -- --
------------- -------------
Total 12,574,983 12,574,983
------------- -------------
Smith Barney Income and Growth Fund
Invested 71,200,706 78,563,180
Funds not yet invested -- --
------------- -------------
Total 71,200,706 78,563,180
------------- -------------
Smith Barney U.S. Government
Securities Fund
Invested 21,701,903 21,888,499
Funds not yet invested -- --
------------- -------------
Total 21,701,903 21,888,499
------------- -------------
Smith Barney Income Return Fund
Invested 10,122,099 10,210,027
Funds not yet invested -- --
------------- -------------
Total 10,122,099 10,210,027
------------- -------------
Smith Barney Equity Fund
Invested 9,363,705 9,148,249
Funds not yet invested -- --
------------- -------------
Total 9,363,705 9,148,249
------------- -------------
Smith Barney Money
Fund/Government Fund
Invested 14,480,129 14,480,197
Funds not yet invested -- --
------------- -------------
Total 14,480,129 14,480,197
------------- -------------
Smith Barney International Equity Fund
Invested 20,367,932 28,578,248
Funds not yet invested -- --
------------- -------------
Total 20,367,932 28,578,248
------------- -------------
Connecticut General GIC
Invested 16,837,757 16,837,757
Funds not yet invested -- --
------------- -------------
Total 16,837,757 16,837,757
------------- -------------
American Capital Enterprise Fund
Invested 3,016,479 2,926,835
Funds not yet invested -- --
------------- -------------
Total 3,016,479 2,926,835
------------- -------------
(continued)
34
<PAGE>
3. Summary of Investments (Continued):
1993 Investment Funds Cost Value
- --------------------- ---- -----
American Express Daily Dividend Fund
Invested $ 15,158,886 $ 15,158,886
Funds not yet invested -- --
------------- -------------
Total 15,158,886 15,158,886
------------- -------------
Salomon Brothers Capital Fund
Invested 3,070,119 3,069,805
Funds not yet invested -- --
------------- -------------
Total 3,070,119 3,069,805
------------- -------------
Smith Barney Shearson High Income Fund
Invested 15,446,302 15,665,918
Funds not yet invested 5,883 5,883
------------- -------------
Total 15,452,185 15,671,801
------------- -------------
Smith Barney Shearson Aggressive
Growth Fund
Invested 28,225,877 36,915,197
Funds not yet invested 7,739 7,739
------------- -------------
Total 28,233,616 36,922,936
------------- -------------
Smith Barney Shearson Appreciation
Fund
Invested 93,402,612 116,965,850
Funds not yet invested 21,115 21,115
------------- -------------
Total 93,423,727 116,986,965
------------- -------------
Smith Barney Shearson Diversified
Strategic Fund
Invested 8,328,448 8,361,643
Funds not yet invested 2,600 2,600
------------- -------------
Total 8,331,048 8,364,243
------------- -------------
Smith Barney Shearson Global
Opportunities Fund
Invested 20,705,324 22,440,353
Funds not yet invested 3,412 3,412
------------- -------------
Total 20,708,736 22,443,765
------------- -------------
Smith Barney Shearson Utility Fund
Invested 14,377,011 14,409,854
Funds not yet invested 2,576 2,576
------------- -------------
Total 14,379,587 14,412,430
------------- -------------
Smith Barney Shearson Guaranteed
Income Fund
Invested 111,716,118 111,716,118
Funds not yet invested 29,446 29,446
------------- -------------
Total 111,745,564 111,745,564
------------- -------------
(continued)
35
<PAGE>
3. Summary of Investments (Continued):
1993 Investment Funds Cost Value
- --------------------- ---- -----
American Express Common Stock Fund
Invested $ 79,677,409 $ 86,886,244
Funds not yet invested -- --
------------- -------------
Total 79,677,409 86,886,244
------------- -------------
Deferred Profit Sharing Plan
Invested 80,655 80,655
Funds not yet invested -- --
------------- -------------
Total 80,655 80,655
------------- -------------
1993 Total Investments
$ 682,870,776 $ 781,761,371
=========== ===========
4. Federal Income Tax Consequences:
On March 31, 1995, the Internal Revenue Service issued a determination letter
stating that the Plan qualified under Section 401(a) of the Internal Revenue
Code ("IRC") and that the Trust is exempt from federal income tax under
Section 501(a) of the IRC. Since the date of this letter, the Plan has been
amended as required by the determination letter. In the opinion of the
Plan Sponsor, the Plan and its underlying Trust are operating within the terms
of the Plan and in compliance with the applicable rules of the IRC.
Matching employee contributions, pre-tax contributions and discount
contributions and the Plan earnings on all contributions are not taxable to
participants until they are withdrawn by or distributed to the participants.
Unrealized appreciation of shares of Travelers Group Inc. Common Stock and
American Express Common Stock distributed in a qualifying lump sum distribution
is also not taxable at the time of distribution.
36
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Schedule to Form 5500: Item 27(a)
Schedule of Assets Held for Investment Purposes
December 31, 1994
Number
Investment Descriptions of Shares Cost Value
- ----------------------- --------- ---- -----
<S> <C> <C> <C>
Short Term Funds:
Deferred Profit Sharing Plan 62,948 $ 62,948 $ 62,948
Smith Barney Liquid Reserve Fund 312,574 312,574 312,574
Stock Funds:
American Express Common Stock Fund 2,456,951 69,070,193 72,480,055
Travelers Group Inc. Common Stock Fund 3,825,081 107,107,900 123,836,997
Mutual Funds:
American Capital Emerging Growth Fund 1,907,888 47,354,968 44,587,338
American Capital Enterprise Fund 1,213,527 14,792,862 13,870,616
American Capital Gov't Securities Fund 459,552 4,899,874 4,443,863
American Capital Comstock Fund 601,441 9,693,217 7,457,863
American Capital Reserve Fund 11,840,613 11,840,613 11,840,613
Common Sense Growth Fund 206,658 3,043,875 2,835,350
Common Sense Growth & Income Fund 162,205 2,487,437 2,197,881
Common Sense Government Fund 76,057 857,650 755,249
Common Sense Money Market Fund 2,835,617 2,835,617 2,835,617
Smith Barney Money Fund/Government Fund 29,718,299 29,718,296 29,718,296
Smith Barney Income & Growth Fund 6,562,345 80,907,790 79,994,986
Smith Barney Income Return Fund 757,905 7,203,647 7,078,832
Smith Barney International Equity Fund 4,237,273 71,360,902 71,101,442
Smith Barney U.S. Government Securities Fund 1,486,353 19,956,983 18,579,414
Smith Barney Shearson Aggressive Growth Fund 886,710 18,458,119 22,797,316
Smith Barney Shearson Appreciation Fund 9,988,150 91,591,156 101,479,606
Smith Barney Shearson Global Opportunities
Fund 407,563 10,971,200 10,596,627
Smith Barney Shearson Diversified Strategic
Fund 1,587,693 13,047,968 11,907,701
Smith Barney Shearson High Income Fund 933,696 11,080,781 9,775,793
Smith Barney Shearson Utility Fund 819,012 11,933,511 10,466,979
Guaranteed Investment Contracts
("GIC")-Smith Barney:
Aetna Life Insurance GIC #14355 4,321,334 4,321,334 4,321,334
Connecticut General Life Insurance
GIC #25112 17,081,598 17,081,598 17,081,598
John Hancock Contract GIC #7129 8,306,678 8,306,678 8,306,678
Metropolitan Life Insurance Annuity Term
Life GIC #13561 6,833,869 6,833,869 6,833,869
Metropolitan Life GIC #13560 17,125,328 17,125,328 17,125,328
(continued)
</TABLE>
37
<PAGE>
<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Schedule to Form 5500: Item 27(a)
Schedule of Assets Held for Investment Purposes
December 31, 1994
Number
Investment Descriptions (continued) of Shares Cost Value
- ----------------------------------- --------- ---- -----
<S> <C> <C> <C>
Principal Financial Corporate
Contract #4-09271-01 8,138,412 $ 8,138,412 $ 8,138,412
Principal Financial Corporate
Contract #49271-2 2,531,282 2,531,282 2,531,282
Prudential Insurance Company GIC #7658-211 8,865,744 8,865,744 8,865,744
Prudential Insurance Company GIC #7658-212 8,584,323 8,584,323 8,584,323
Travelers Life Insurance Company
Contract #GR-16384 51,687,645 51,687,645 51,687,645
Travelers Life Insurance Company
Contract #GR-16409 5,352,432 5,352,432 5,352,432
Loans:
Loan Fund 31,275,886 31,275,886
---------- ----------
Total Investments $ 810,694,612 $ 831,118,487
=========== ===========
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<TABLE><CAPTION>
<S> <C>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Schedule to Form 5500: Item 27(a)
Schedule of Assets Held for Investment Purposes Which Were Both Acquired and Disposed
Within The Plan Year
For Year Ended December 31, 1994
There were no assets held for investment purposes which were both acquired and disposed within the Plan year.
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39
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<TABLE><CAPTION>
Travelers Group 401(k) Savings Plan
(Formerly The Travelers Inc. 401(k) Savings Plan)
Schedule to Form 5500: Item 27(d)
Schedule of Reportable Transactions
For Year Ended December 31, 1994
The following transactions exceeded 5% of the Plan's net assets of $ 772,462,946 at the beginning of year ended December 31, 1994.
Gain
Investment Descriptions Purchases Cost (Loss) Sales Proceeds
- ----------------------- --------- ---- ------ ----- --------
<S> <C> <C> <C> <C> <C>
Travelers Life Insurance
Company Contract #GR-16384 12 $ 42,930,212 -- -- --
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