SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-7182
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Merrill Lynch & Co., Inc.
World Financial Center
North Tower
250 Vesey Street
New York, N.Y. 10281
Financial Statements and Exhibits
---------------------------------
(a) Financial Statements for the Years Ended December 31, 1998 and 1997,
Supplemental Schedules for the Year Ended December 31, 1998, and Independent
Auditors' Report.
The financial statements required to be filed hereunder appear commencing at
page 2 hereof.
(b) Exhibits
(23) Consent of Independent Public Accountants (following financial
statements).
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
--------
1934, the Administrative Committee (the persons who administer the employee
benefit plan) has duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
Merrill Lynch & Co., Inc.
401(k) Savings & Investment Plan
Date: June 25, 1999 By: \s\ ROBERT F. ARIMENTA, JR.
---------------------------
Robert F. Arimenta, Jr.
Vice President, Merrill Lynch Trust
Company, Trustee
- --------------------------------------------------------------------------------
The Merrill Lynch & Co.,
Inc. 401(k) Savings &
Investment Plan
Financial Statements for the
Years Ended December 31, 1998 and 1997,
Supplemental Schedules for the
Year Ended December 31, 1998 and
Independent Auditors' Report
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 1998 AND 1997:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-17
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE
YEAR ENDED DECEMBER 31, 1998:
Schedule of Assets Held for Investment Purposes 18-19
Schedule of Reportable Transactions 20
INDEPENDENT AUDITORS' REPORT
Trustees of the Merrill Lynch & Co., Inc.
401(k) Savings & Investment Plan
We have audited the accompanying statements of net assets available for benefits
of the Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan (the "Plan")
as of December 31, 1998 and 1997 and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements and the supplemental schedules discussed below 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31, 1998
and 1997 and the changes in net assets available for benefits 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 listed in the
Table of Contents are presented for the purpose of additional analysis and are
not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. These schedules are the responsibility of the Plan's management. Such
schedules have been subjected to the auditing procedures applied in our audits
of the basic financial statements, and in our opinion, are fairly stated in
all material respects when considered in relation to the basic financial
statements taken as a whole.
June 16, 1999
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1998 1997
ASSETS:
Investments, at market value:
Common stock $ 677,456,358 $ 608,207,808
Funds and trusts 1,741,905,635 1,672,424,289
-------------- --------------
Total investments 2,419,361,993 2,280,632,097
Cash 13,421,172 1,599,954
Loans receivable 323,927 -
Employer contributions receivable 1,414,872 1,205,982
Employee contributions receivable 3,938,919 -
-------------- --------------
Total assets 2,438,460,883 2,283,438,033
-------------- --------------
NET ASSETS AVAILABLE FOR BENEFITS $2,438,460,883 $2,283,438,033
============== ==============
See notes to financial statements.
-2-
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1998 1997
ADDITIONS:
Investment income:
Net (depreciation) appreciation in fair value of investments $ (76,424,616) $ 359,533,245
Dividends and interest 121,296,308 144,820,751
-------------- --------------
Total investment income 44,871,692 504,353,996
Contributions to the Plan by the Company 30,586,869 30,085,399
Contributions to the Plan by the employees 213,257,375 181,675,960
Rollovers from other qualified plans 14,588,045 2,232,802
-------------- --------------
Total additions 303,303,981 718,348,157
-------------- --------------
DEDUCTIONS:
Disbursements of benefits to beneficiaries or employees 148,221,230 110,890,129
Administrative expenses 59,901 82,379
-------------- --------------
Total deductions 148,281,131 110,972,508
-------------- --------------
NET INCREASE IN NET ASSETS AVAILABLE
FOR BENEFITS 155,022,850 607,375,649
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 2,283,438,033 1,676,062,384
-------------- --------------
End of year $2,438,460,883 $2,283,438,033
-------------- --------------
See notes to financial statements.
-3-
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following description of the Merrill Lynch & Co., Inc. 401(k)
Savings & Investment Plan (the "Plan") is provided for general
information purposes only. Participants should refer to the Plan
document for complete information. Terms used in this description have
the same meaning as in the Plan.
The Plan was adopted on April 23, 1987 and commenced activities on
October 1, 1987. The purpose of the Plan is to encourage employees to
save for retirement. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").
Subject to exclusions specified in the Plan, any Employee of Merrill
Lynch & Co., Inc. or of a participating subsidiary or affiliate (the
"Company" or "Employer") can elect to participate in the Plan providing
such Employee has worked for the Employer for 12 months. An Employee can
elect to participate in the Plan (if eligible) as of the first day of
the month following 12 months of employment or the first day of any
month thereafter.
Each Participant may elect to make contributions to the Plan on a pre-
tax basis through payroll deductions from 1% through 15% of such
Participant's Eligible Compensation for each pay period up to an annual
maximum of $10,000 and $9,500 for 1998 and 1997, respectively (subject
to certain exceptions described in the Plan and periodic adjustments for
cost-of-living increases for each calendar year). A Participant can
elect to change the rate at which his or her contribution is determined
at any time during the year.
The Company will make contributions, up to a maximum of $1,500, in an
amount equal to 50% of the first 4% of Eligible Compensation contributed
by a Participant during each calendar year. No Employer contributions
will be made for any calendar year for Employees who participate at any
time during such calendar year in the Company's Employee Stock Purchase
Plan.
All Participants are always 100% vested in contributions to the Plan
made from their Eligible Compensation and in amounts rolled over from an
employer's qualified retirement Plan. Participants are 100% vested in
Employer contributions when they attain age 65 or terminate employment
because of death.
Other Participants who terminate employment after October 31, 1993 will
become vested in Employer contributions and earnings based on completed
Years of Service: 1 Year of Service - 20% vested; 2 Years of Service -
40% vested; 3 Years of Service - 60% vested; 4 Years of Service - 80%
vested; and 5 Years of Service - 100% vested.
The Plan permits withdrawals relating to contributions and earnings
under certain conditions which are in accordance with the Internal
Revenue Code and the regulations thereunder.
-4-
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Purchases and sales of investments are recorded on a trade date basis. All
other accounting records of the Plan are maintained on the accrual basis.
The accompanying financial statements do not include any investments in
VOCON and Deferred Profit Sharing Accounts, which are self-directed
Accounts, that were transferred into the Plan for administrative convenience
only.
The cost of security investments is based on the average cost method for
individual securities. Quoted market values of security investments are
based on the last sales price (if traded on December 31), the prevailing bid
price or the prevailing net asset value at the close of trading on December
31.
3. INVESTMENTS
The Administrative Committee has the authority to designate Investment Funds
for the investment of accounts other than VOCON and Deferred Profit Sharing
Accounts, to determine which accounts can be self-directed and to establish
rules and procedures with respect to investment funds and self-directed
accounts.
All contributions to the Plan may be allocated by the Participant among the
investments designated by the Administrative Committee.
At December 31, 1998, there were 65 investment options available in the
Plan. This includes 7 core investment options, 54 noncore investment options
and Merrill Lynch & Co. Inc. common stock.
During 1998 and 1997, the Plan's investments (including investments bought,
sold and held during each year) (depreciated) appreciated in value as
follows:
Years Ended December 31,
1998 1997
Net change in fair value of investments:
Common stock $(50,628,026) $253,231,703
Funds and trusts (25,796,590) 106,301,542
------------ ------------
$(76,424,616) $359,533,245
------------ ------------
The value of individual investments that represent 5% or more of the Plan's
net assets at December 31 are as follows:
1998 1997
Merrill Lynch & Co., Inc. $677,456,358 $608,207,808
Merrill Lynch:
Basic Value Fund 438,551,798 414,699,914
Capital Fund 222,185,409 227,863,002
Global Allocation Fund 143,955,025 203,553,804
Growth Fund** - 202,116,061
Retirement Reserves 151,198,420 125,677,992
** Less than 5% of the Plan's net assets at December 31, 1998.
-5-
4. ADMINISTRATIVE EXPENSES
Plan expenses, including expenses of the Administrative Committee and
Trustee, to the extent not paid by the Plan, are paid by the Company.
5. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to terminate the Plan subject to the provisions of ERISA.
6. TAX STATUS
The Internal Revenue Service has determined and informed the Company by a
letter dated July 13, 1995, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code ("IRC").
The Plan administrator believes that the Plan is designed and is currently
being operated in compliance with the applicable requirements of the IRC.
Therefore, no provision for income taxes has been included in the Plan's
financial statements.
7. PLAN MERGER
In December 1998, amounts attributable to profit-sharing contributions were
transferred from a trust established under the Smith New Court Inc.
Retirement Savings Plan (the "SNC Plan") to a trust established under the
Merrill Lynch & Co., Inc. Retirement Accumulation Plan. The SNC Plan was
then merged with and into the Plan and the remaining amounts held under the
SNC Plan, totaling $7,250,873, were transferred to the trust established
under the Plan.
8. DIVESTITURE OF PLAN ASSETS
As a result of the recapitalization of Lender's Service, Inc. ("LSI") on
June 12, 1998, certain employees of LSI no longer qualified as active
participants under the Plan. The vested account balances for those employees
under the Plan, totaling $1,645,585, were transferred in January of 1999 to
a trust established under LSI's 401(k) Plan.
-6-
9. FUND INFORMATION
The following represents the changes in the net assets available for benefit
of the individual funds for the years ended December 31, 1998 and 1997:
Merrill Lynch - 1998
--------------------------------------------------------------------------------------
GSIF U.S. Aggressive
Government Adjustable Bond Americas
Merril Lynch Zero Coupon Rate Index Income
& Co., Inc. Bond Series 3 Specialties Tier 3 Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (50,628,026) $ 7,891,055 $ (396) $ 30,617 $ (123,397)
Dividends and interest 8,385,881 145 1,266 -- 27,095
------------- ------------- ------------- ------------- -------------
Total investment income (loss) (42,242,145) 7,891,200 870 30,617 (96,302)
Contributions and rollovers to the Plan 53,805,079 3,212,028 6,125 36,879 26,308
Conversion - Smith New Court assets 259,844 18,256 -- -- --
------------- ------------- ------------- ------------- -------------
Total additions 11,822,778 11,121,484 6,995 67,496 (69,994)
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 33,192,117 4,031,098 -- 944 77,814
Administrative expenses -- -- -- -- --
TRANSFERS AMONG FUNDS 90,617,889 7,373,594 30,982 581,130 483,009
------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 69,248,550 14,463,980 37,977 647,682 335,201
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 608,207,808 61,904,548 112 81,084 32,059
------------- ------------- ------------- ------------- -------------
End of year $ 677,456,358 $ 76,368,528 $ 38,089 $ 728,766 $ 367,260
============= ============= ============= ============= =============
Merrill Lynch - 1998
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Corporate
Corporate Bond Fund -
Basic Bond Fund - Intermediate
Value Capital Convertible High Income Term
Fund Fund Fund Portfolio Portfolio
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 9,957,357 $ (1,900,864) $ (373,671) $ (6,062,311) $ 87,098
Dividends and interest 36,316,792 14,669,493 53,406 4,896,772 545,903
------------- ------------- ------------- ------------- -------------
Total investment income (loss) 46,274,149 12,768,629 (320,265) (1,165,539) 633,001
Contributions and rollovers to the Plan 34,210,471 18,442,421 58,083 2,461,976 336,313
Conversion - Smith New Court assets 92,826 82,790 -- 6,567 --
------------- ------------- ------------- ------------- -------------
Total additions 80,577,446 31,293,840 (262,182) 1,303,004 969,314
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 26,200,824 14,539,248 27,111 2,837,910 534,397
Administrative expenses -- -- -- -- --
TRANSFERS AMONG FUNDS (30,524,738) (22,432,185) 1,405,909 (1,855,138) 687,220
------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 23,851,884 (5,677,593) 1,116,616 (3,390,044) 1,122,137
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 414,699,914 227,863,002 8,928 42,299,181 8,500,222
------------- ------------- ------------- ------------- -------------
End of year $ 438,551,798 $ 222,185,409 $ 1,125,544 $ 38,909,137 $ 9,622,359
============= ============= ============= ============= =============
Merrill Lynch - 1998
--------------------------------
Corporate
Bond Fund - Developing
Investment Capital
Grade Markets
Portfolio Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 771,872 $ (331,682)
Dividends and interest 3,061,742 5,561
------------- -------------
Total investment income (loss) 3,833,614 (326,121)
Contributions and rollovers to the Plan 4,368,323 168,159
Conversion - Smith New Court assets 179,469 --
------------- -------------
Total additions 8,381,406 (157,962)
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 3,504,639 25,497
Administrative expenses -- --
TRANSFERS AMONG FUNDS (1,390,313) 558,446
------------- -------------
NET INCREASE (DECREASE) 3,486,454 374,987
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 47,644,820 451,943
------------- -------------
End of year $ 51,131,274 $ 826,930
============= =============
-7-
Merrill Lynch - 1998
--------------------------------------------------------------------------------------
Emerging Equity Federal
Dragon Tigers Index Euro Securities
Fund Fund Trust Fund Trust
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (288,380) $ (430,472) $ 22,582,537 $ (963,241) $ (2,238)
Dividends and interest 81,457 43,007 5,509 5,914,973 21,830
------------- ------------- ------------- ------------- -------------
Total investment income (loss) (206,923) (387,465) 22,588,046 4,951,732 19,592
Contributions and rollovers to the Plan 576,402 232,455 13,151,779 3,000,661 20,322
Conversion - Smith New Court assets -- -- 109,244 50,004 --
------------- ------------- ------------- ------------- -------------
Total additions 369,479 (155,010) 35,849,069 8,002,397 39,914
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 86,839 59,480 4,747,124 1,110,049 118
Administrative expenses -- -- -- -- --
TRANSFERS AMONG FUNDS 1,652,465 653,515 6,043,632 3,748,847 961,726
------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,935,105 439,025 37,145,577 10,641,195 1,001,522
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 1,497,323 1,136,130 72,890,320 20,884,073 55,922
------------- ------------- ------------- ------------- -------------
End of year $ 3,432,428 $ 1,575,155 $ 110,035,897 $ 31,525,268 $ 1,057,444
============= ============= ============= ============= =============
Merrill Lynch - 1998
--------------------------------------------------------------------------------------
Fundamental Global Global Global
Fund for Growth Allocation Bond Convertible
Tomorrow Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 115,064 $ 2,979,185 $ (17,581,918) $ 64,608 $ 50,471
Dividends and interest 165,624 707,523 17,934,043 62,456 210,406
------------- ------------- ------------- ------------- -------------
Total investment income (loss) 280,688 3,686,708 352,125 127,064 260,877
Contributions and rollovers to the Plan 362,084 1,915,033 21,820,439 181,991 75,423
Conversion - Smith New Court assets -- -- 52,579 -- --
------------- ------------- ------------- ------------- -------------
Total additions 642,772 5,601,741 22,225,143 309,055 336,300
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 106,179 284,412 10,356,676 69,316 (58)
Administrative expenses -- -- -- -- --
TRANSFERS AMONG FUNDS (2,195,463) 19,622,929 (71,467,246) (56,825) (1,297,367)
------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) (1,658,870) 24,940,258 (59,598,779) 182,915 (961,009)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 1,658,870 2,466,112 203,553,804 1,033,931 961,009
------------- ------------- ------------- ------------- -------------
End of year $ -- $ 27,406,370 $ 143,955,025 $ 1,216,846 $ --
============= ============= ============= ============= =============
Merrill Lynch - 1998
---------------------------------------------------
Global Global Global
Growth Holdings Resources
Fund Fund Trust
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 845,863 $ 233,279 $ (428,702)
Dividends and interest 287,861 444,538 44,672
------------- ------------- -------------
Total investment income (loss) 1,133,724 677,817 (384,030)
Contributions and rollovers to the Plan 947,413 561,747 243,388
Conversion - Smith New Court assets -- -- 7,331
------------- ------------- -------------
Total additions 2,081,137 1,239,564 (133,311)
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 150,927 303,840 132,880
Administrative expenses -- -- --
TRANSFERS AMONG FUNDS 12,923,719 (2,548,688) (537,010)
------------- ------------- -------------
NET INCREASE (DECREASE) 14,853,929 (1,612,964) (803,201)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year -- 4,752,645 2,865,143
------------- ------------- -------------
End of year $ 14,853,929 $ 3,139,681 $ 2,061,942
============= ============= =============
(Continued)
-8-
Merrill Lynch - 1998
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Global Global Global Global
Smallcap Technology Utility Value Growth
Fund Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (26,688) $ 191,098 $ 429,585 $ 31,308 $ (46,384,136)
Dividends and interest 6,107 -- 404,074 2,295,809 2,645,355
------------- ------------- ------------- ------------- -------------
Total investment income (loss) (20,581) 191,098 833,659 2,327,117 (43,738,781)
Contributions and rollovers to the Plan 43,477 8,217 374,905 1,658,750 28,907,190
Conversion - Smith New Court assets -- -- -- 10,874 61,982
------------- ------------- ------------- ------------- -------------
Total additions 22,896 199,315 1,208,564 3,996,741 (14,769,609)
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 8,916 -- 153,761 302,086 9,229,874
Administrative expenses -- -- -- -- --
TRANSFERS AMONG FUNDS 233,104 1,448,088 219,786 20,526,168 (65,611,474)
------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 247,084 1,647,403 1,274,589 24,220,823 (89,610,957)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 41,134 -- 3,230,785 2,217,973 202,116,061
------------- ------------- ------------- ------------- -------------
End of year $ 288,218 $ 1,647,403 $ 4,505,374 $ 26,438,796 $ 112,505,104
============= ============= ============= ============= =============
Merrill Lynch - 1998
--------------------------------------------------------------------------------------
International International Latin
Healthcare Equity Index America Pacific
Fund Fund Tier 3 Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 1,376,351 $ (7,756) $ 53,397 $ (354,783) $ 1,297,102
Dividends and interest 1,676,923 5,300 -- 30,905 1,263,244
------------- ------------- ------------- ------------- -------------
Total investment income (loss) 3,053,274 (2,456) 53,397 (323,878) 2,560,346
Contributions and rollovers to the Plan 1,293,090 29,279 87,643 160,235 4,515,210
Conversion - Smith New Court assets 10,989 -- -- 4,846 --
------------- ------------- ------------- ------------- -------------
Total additions 4,357,353 26,823 141,040 (158,797) 7,075,556
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 666,912 1,061 7,317 8,474 1,589,567
Administrative expenses -- -- -- -- --
TRANSFERS AMONG FUNDS (508,623) 38,887 682,258 108,453 (17,998,201)
------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 3,181,818 64,649 815,981 (58,818) (12,512,212)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 9,353,932 59,344 61,517 614,877 42,728,750
------------- ------------- ------------- ------------- -------------
End of year $ 12,535,750 $ 123,993 $ 877,498 $ 556,059 $ 30,216,538
============= ============= ============= ============= =============
Merrill Lynch - 1998
-------------------------------------------------
Real Retirement
Phoenix Estate Preservation
Fund Fund Trust
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (1,243,590) $ 383 $ --
Dividends and interest 1,682,926 2,859 4,811,560
------------- ------------- -------------
Total investment income (loss) 439,336 3,242 4,811,560
Contributions and rollovers to the Plan 1,483,099 566 7,469,752
Conversion - Smith New Court assets 23,511 -- 354,531
------------- ------------- -------------
Total additions 1,945,946 3,808 12,635,843
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 828,717 -- 10,659,190
Administrative expenses -- -- --
TRANSFERS AMONG FUNDS (2,727,731) 242,001 22,273,026
------------- ------------- -------------
NET INCREASE (DECREASE) (1,610,502) 245,809 24,249,679
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 11,349,489 -- 64,197,059
------------- ------------- -------------
End of year $ 9,738,987 $ 245,809 $ 88,446,738
============= ============= =============
(Continued)
-9-
Merrill Lynch - 1998
---------------------------------------------------------------
Retirement Select-Ten Small Cap Special
Reserves Retirement Index Value
Money Fund Portfolio Tier 3 Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ -- $ 2,269,469 $ 361 $ (2,864,018)
Dividends and interest 6,885,508 743,950 -- 1,305,290
------------ ------------ ------------ ------------
Total investment income (loss) 6,885,508 3,013,419 361 (1,558,728)
Contributions and rollovers to the Plan 15,705,495 6,383,481 260,575 3,760,411
Conversion - Smith New Court assets 5,352,758 9,543 -0- 16,123
------------ ------------ ------------
Total additions 27,943,761 9,406,443 260,936 2,217,806
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 17,118,434 2,270,246 53,045 951,550
Administrative expenses -- -- -- --
TRANSFERS AMONG FUNDS 14,695,101 (5,756,470) 1,187,836 (6,394,914)
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) 25,520,428 1,379,727 1,395,727 (5,128,658)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 125,677,992 31,988,625 548,665 23,947,730
------------ ------------ ------------ ------------
End of year $151,198,420 $ 33,368,352 $ 1,944,392 $ 18,819,072
============ ============ ============ ============
Merrill Lynch - 1998
---------------------------------------------------------------
Strategic Utility World
Dividend Technology Income Income
Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (92,139) $ 5,920,993 $ 28,366 $ (41,974)
Dividends and interest 365,632 (454) 25,472 10,721
------------ ------------ ------------ ------------
Total investment income (loss) 273,493 5,920,539 53,838 (31,253)
Contributions and rollovers to the Plan 355,258 3,443,569 48,528 35,340
Conversion - Smith New Court assets 9,710 -- -- --
------------ ------------ ------------ ------------
Total additions 638,461 9,364,108 102,366 4,087
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 206,109 1,305,195 614 2,729
Administrative expenses -- -- -- --
TRANSFERS AMONG FUNDS 88,607 (11,172,748) 364,412 208,469
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) 520,959 (3,113,835) 466,164 209,827
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 1,606,960 22,943,676 343,034 2,016
------------ ------------ ------------ ------------
End of year $ 2,127,919 $ 19,829,841 $ 809,198 $ 211,843
============ ============ ============ ============
Hotchkis & Wiley
---------------------------------------------------------------
Equity Global Low
Balanced Income Equity International Duration
Fund Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (13,314) $ (210,056) $ (30,450) $ (238,921) $ (16,047)
Dividends and interest 18,101 196,183 6,627 136,272 41,818
------------ ------------ ------------ ------------ ------------
Total investment income (loss) 4,787 (13,873) (23,823) (102,649) 25,771
Contributions and rollovers to the Plan 59,053 223,804 35,230 627,480 40,487
Conversion - Smith New Court assets -0- 13,815 -- --
------------ ------------ ------------ ------------ ------------
Total additions 63,840 223,746 11,407 524,831 66,258
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees -- 20,292 -- 35,088 91
Administrative expenses -- -- -- -- --
TRANSFERS AMONG FUNDS 176,294 1,153,971 251,153 2,785,835 905,946
------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) 240,134 1,357,425 262,560 3,275,578 972,113
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 26,692 21,440 38,734 925,798 42,989
------------ ------------ ------------ ------------ ------------
End of year $ 266,826 $ 1,378,865 $ 301,294 $ 4,201,376 $ 1,015,102
============ ============ ============ ============ ============
(Continued)
-10-
Hotchkis & Wiley
------------------------------------------------------------
Total
Mid-Cap Short-Term Small Cap Return
Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (307,643) $ (1,028) $(1,995,269) $ (7,584)
Dividends and interest 146,410 4,933 469,376 90,426
----------- ----------- ----------- -----------
Total investment income (loss) (161,233) 3,905 (1,525,893) 82,842
Contributions and rollovers to the Plan 105,366 6,706 1,272,805 105,134
Conversion - Smith New Court assets -- -- -- --
----------- ----------- ----------- -----------
Total additions (55,867) 10,611 (253,088) 187,976
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 4,826 -- 86,207 138,727
Administrative expenses -- -- -- --
TRANSFERS AMONG FUNDS 869,029 76,477 4,754,666 1,938,519
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) 808,336 87,088 4,415,371 1,987,768
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 241,678 57,739 2,136,339 154,120
----------- ----------- ----------- -----------
End of year $ 1,050,014 $ 144,827 $ 6,551,710 $ 2,141,888
=========== =========== =========== ===========
Other
------------------------------------------------------------
Mercury AIM
Mercury PanEuro International Alliance
International Growth Equity Quasar
Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 38,212 $ 57,850 $ (84,981) $ (826,265)
Dividends and interest -- -- 37,569 234,245
----------- ----------- ----------- -----------
Total investment income (loss) 38,212 57,850 (47,412) (592,020)
Contributions and rollovers to the Plan 3,362 5,368 238,042 815,678
Conversion - Smith New Court assets -- 2,727 -- --
----------- ----------- ----------- -----------
Total additions 41,574 65,945 190,630 223,658
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 1,022 -- 23,316 74,948
Administrative expenses -- -- -- --
TRANSFERS AMONG FUNDS 1,131,530 1,252,727 2,116,502 6,147,676
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) 1,172,082 1,318,672 2,283,816 6,296,386
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year -- -- -- --
----------- ----------- ----------- -----------
End of year $ 1,172,082 $ 1,318,672 $ 2,283,816 $ 6,296,386
=========== =========== =========== ===========
Other
-------------------------------------------------------
Munder Blackrock Cash
Ivy MFS Multi-Season Small Cap Management
International Research Growth Growth Account
Fund Fund Fund Fund Money Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (204,583) $ 298,995 $ (27,226) $ 66,657 $ --
Dividends and interest 72,835 364,858 84,913 -- 1,041,535
----------- ----------- ----------- ----------- -----------
Total investment income (loss) (131,748) 663,853 57,687 66,657 1,041,535
Contributions and rollovers to the Plan 538,719 1,134,814 130,498 137,613 3,351,925
Conversion - Smith New Court assets 4,118 11,010 -- -- 467,894
----------- ----------- ----------- ----------- -----------
Total additions 411,089 1,809,677 188,185 204,270 4,861,354
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 29,648 442,295 11,916 3,334 --
Administrative expenses -- -- -- -- 59,901
TRANSFERS AMONG FUNDS 3,996,026 8,966,344 1,046,408 1,097,588 (5,082,210)
----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) 4,377,467 10,333,726 1,222,677 1,298,524 (280,757)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year -- -- -- -- 8,508,046
----------- ----------- ----------- ----------- -----------
End of year $ 4,377,467 $10,333,726 $ 1,222,677 $ 1,298,524 $ 8,227,289
=========== =========== =========== =========== ===========
(Continued)
-11-
Contributions Loan 1998
Cash Receivable Fund Total
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ -- $ -- $ -- $ (76,424,616)
Dividends and interest 301,071 -- -- 121,296,308
--------------- --------------- --------------- ---------------
Total investment income (loss) 301,071 -- -- 44,871,692
Contributions and rollovers to the Plan 405,795 5,353,791 344,374 251,181,416
Conversion - Smith New Court assets -- -- 37,532 7,250,873
--------------- --------------- --------------- ---------------
Total additions 706,866 5,353,791 381,906 303,303,981
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees (393,657) -- -- 148,221,230
Administrative expenses -- -- -- 59,901
TRANSFERS AMONG FUNDS 2,493,406 (1,205,982) (57,979) --
--------------- --------------- --------------- ---------------
NET INCREASE (DECREASE) 3,593,929 4,147,809 323,927 155,022,850
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 1,599,954 1,205,982 -- 2,283,438,033
--------------- --------------- --------------- ---------------
End of year $ 5,193,883 $ 5,353,791 $ 323,927 $ 2,438,460,883
=============== =============== =============== ===============
(Concluded)
-12-
Merrill Lynch-1997
-------------------------------------------------------------------------------------------
GSIF U.S.
Government Adjustable Aggressive Americas
Merrill Lynch Zero Coupon Rate Bond Income Basic Value
& Co., Inc. Bond Series 3 Specialties Index Tier 3 Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $253,231,703 $ 6,827,240 $ - $ 527 $ (3,117) $ 62,310,982
Dividends and interest 5,938,328 225,069 - - 3,711 31,684,864
------------ ----------- ------- ------- -------- -------------
Total investment income (loss) 259,170,031 7,052,309 - 527 594 93,995,846
Contributions and rollovers to
the Plan 31,415,390 3,410,710 72 870 190 31,121,117
------------ ----------- ------- ------- -------- ------------
Total additions 290,585,421 10,463,019 72 1,397 784 125,116,963
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees 22,493,505 2,128,867 - - - 15,143,219
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS 37,841,723 (2,420,660) 40 79,687 31,275 (9,711,420)
------------ ----------- ------ ------- --------- ------------
NET INCREASE (DECREASE) 305,933,639 5,913,492 112 81,084 32,059 100,262,324
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 302,274,169 55,991,056 - - - 314,437,590
------------ ----------- ---------- -------- --------- ------------
End of year $608,207,808 $61,904,548 $ 112 $81,084 $32,059 $414,699,914
============ =========== ========== ======== ======== ============
Merrill Lynch-1997
--------------------------------------------------------------------------------
Corporate Corporate
Corporate Bond Fund- Bond Fund-
Bond Fund- Intermediate Investment
Capital Convertible High income Term Grade
Fund Fund Portfolio Portfolio Portfolio
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 22,102,391 $ (29) $ 431,539 $ 130,632 $ 669,001
Dividends and interest 19,315,587 239 3,984,084 515,744 3,072,718
------------ ----------- ---------- ----------- ----------
Total investment income (loss) 41,417,978 210 4,415,623 646,376 3,741,719
Contributions and rollovers to
the Plan 19,167,283 577 2,286,874 215,706 4,670,590
------------ ----------- ---------- ----------- ----------
Total additions 60,585,261 787 6,702,497 862,082 8,412,309
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees 11,124,498 - 1,667,372 241,674 2,796,332
Administrative expenses - - - - -
TRANSFERS AMONG FUNDS (20,645,447) 8,141 91,311 166,809 (3,722,220)
------------ ----------- ---------- ----------- ----------
NET INCREASE (DECREASE) 28,815,316 8,928 5,126,436 787,217 1,893,757
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 199,047,686 - 37,172,745 7,713,005 45,751,063
------------ ----------- ---------- ----------- -----------
End of year $227,863,002 $ 8,928 $42,299,181 $ 8,500,222 $47,644,820
============ =========== ========== =========== ===========
(Continued)
-13-
Merrill Lynch-1997
-------------------------------------------------------------------------------------------
Developing
Capital Emerging Federal
Markets Dragon Tigers Equity Euro Securities
Funds Funds Fund Index Trust Fund Trust
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $(13,059) $ (217,669) $ (102,847) $ 17,407,124 $ 772,338 $ 85
Dividends and interest 15,728 199,621 1,556 - 3,478,545 248
--------- ----------- ---------- ------------ ---------- ---------
Total investment income (loss) 2,669 (18,048) (101,291) 17,407,124 4,250,883 333
Contributions and rollovers to
the Plan 3,464 14,464 3,447 9,140,685 2,172,140 15
--------- ----------- ---------- ------------ ---------- ----------
Total additions 6,133 (3,584) (97,844) 26,547,809 6,423,023 348
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees - - - 2,984,488 589,086 -
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS 445,810 1,500,907 1,233,974 1,601,004 (206,538) 55,574
--------- ----------- ---------- ------------ ---------- ---------
NET INCREASE (DECREASE) 451,943 1,497,323 1,136,130 25,164,325 5,627,399 55,922
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year - - - 47,725,995 15,256,674 -
--------- ----------- ---------- ------------ ---------- ----------
End of year $451,943 $ 1,497,323 $1,136,130 $ 72,890,320 $20,884,073 $ 55,922
========= =========== ========== ============= =========== ==========
Merrill Lynch-1997
------------------------------------------------------------------------------------
Fundamental Global Global Global Global
Fund For Growth Allocation Bond Convertible Holdings
Tomorrow Fund Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $(77,801) $ (224,198) $(4,732,548) $ (38,232) $ (31,880) $ (252,560)
Dividends and interest 308,273 211,590 26,576,431 59,511 141,574 565,268
-------- ----------- ----------- ----------- ---------- ----------
Total investment income (loss) 230,472 (12,608) 21,843,883 21,279 109,694 312,708
Contributions and rollovers to
the Plan 328,936 4,524 26,132,110 214,602 116,562 739,939
-------- ----------- ----------- ----------- ---------- ---------
Total additions 559,408 (8,084) 47,975,993 235,881 226,256 1,052,647
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees 31,768 - 9,372,477 50,318 5,153 137,627
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS 217,742 2,474,196 (18,301,842) (51,748) (88,732) (948,367)
---------- ----------- ----------- ----------- ---------- ---------
NET INCREASE (DECREASE) 745,382 2,466,112 20,301,674 133,815 132,371 (33,347)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 913,488 - 183,252,130 900,116 828,638 4,785,992
---------- ----------- ----------- ----------- ---------- ----------
End of year $1,658,870 $ 2,466,112 $ 203,553,804 $ 1,033,931 $ 961,009 $4,752,645
========== =========== ============= ============ ========== ==========
(Continued)
-14-
Merrill Lynch-1997
-------------------------------------------------------------------------------------------
Global Global Global Global
Resources Smallcap Utility Value Growth Healthcare
Trust Fund Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (762,173) $ (5,487) $ 337,378 $ (11,595) $ 13,161,558 216,639
Dividends and interest 391,820 2,122 306,030 87,035 16,000,638 1,810,869
------------ ----------- ---------- ----------- ------------ ---------
Total investment income (loss) (370,353) (3,365) 643,408 75,440 29,162,196 2,027,508
Contributions and rollovers to
the Plan 379,819 1,870 362,465 13,548 29,786,565 1,174,803
------------ ----------- ---------- ----------- ------------ ---------
Total additions 9,466 (1,495) 1,005,873 88,988 58,948,761 3,202,311
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees 67,549 - 113,988 - 8,437,188 420,489
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS (794,421) 42,629 (322,660) 2,128,985 12,009,693 (515,382)
------------ ----------- ---------- ----------- ------------ ---------
NET INCREASE (DECREASE) (852,504) 41,134 569,225 2,217,973 62,521,266 2,266,440
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 3,717,647 - 2,661,560 - 139,594,795 7,087,492
------------ ----------- ---------- ----------- ------------ ----------
End of year $ 2,865,143 $ 41,134 $3,230,785 $2,217,973 $202,116,061 $9,353,932
============ =========== ========== =========== ============ ==========
Merrill Lynch-1997
--------------------------------------------------------------------------------
International International Latin Retirement
Equity Index America Pacific Phoenix Preservation
Fund Tier 3 Fund Fund Fund Trust
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (13,652) $ 187 $ 23,670 $(9,879,849) $ (480,879) $ -
Dividends and interest 11,198 - - 6,770,197 2,588,121 3,898,645
------------ ----------- ---------- ------------ ---------- ----------
Total investment income (loss) (2,454) 187 23,670 (3,109,652) 2,107,242 3,898,645
Contributions and rollovers to
the Plan 1,043 1,441 11,292 6,326,239 1,935,668 6,238,316
------------ ----------- ---------- ----------- ---------- ----------
Total additions (1,411) 1,628 34,962 3,216,587 4,042,910 10,136,961
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees - - - 1,712,263 584,983 10,060,203
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS 60,755 59,889 579,915 (8,218,269) (3,148,192) 8,944,834
------------ ----------- ---------- ------------ ---------- ----------
NET INCREASE (DECREASE) 59,344 61,517 614,877 (6,713,945) 309,735 9,021,592
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year - - - 49,442,695 11,039,754 55,175,467
------------ ----------- ---------- ------------ ---------- -----------
End of year $ 59,344 $ 61,517 $ 614,877 $42,728,750 $11,349,489 $64,197,059
============ =========== ========== =========== ========== ===========
(Continued)
-15-
Merrill Lynch-1997
-------------------------------------------------------------------------------------------
Retirement Select-Ten Small Cap Special Strategic
Reserves Retirement Index Value Dividend Technology
Money Fund Portfolio Tier 3 Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ 4,400,901 $ 407 $ 11,691 $ 134,324 $ (5,583,390)
Dividends and interest 6,887,576 574,201 - 2,526,678 142,815 5,315,030
------------ ----------- ---------- ----------- ---------- ------------
Total investment income (loss) 6,887,576 4,975,102 407 2,538,369 277,139 (268,360)
Contributions and rollovers to
Plan 15,605,293 5,834,138 5,682 2,291,796 195,976 4,315,946
------------ ----------- ---------- ----------- ---------- ------------
Total additions 22,492,869 10,809,240 6,089 4,830,165 473,115 4,047,586
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees 16,822,530 948,242 - 545,195 81,798 1,504,179
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS (15,391,117) 6,364,930 542,576 10,015,843 629,796 (3,867,550)
------------ ----------- ---------- ----------- ---------- ------------
NET INCREASE (DECREASE) (9,720,778) 16,225,928 548,665 14,300,813 1,021,113 (1,324,143)
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year 135,398,770 15,762,697 - 9,646,917 585,847 24,267,819
------------ ----------- ---------- ----------- ---------- ------------
End of year $125,677,992 $31,988,625 $ 548,665 $23,947,730 $1,606,960 $ 22,943,676
============ =========== ========== =========== ========== ============
Merrill Lynch-1997 Hotchkis & Wiley
--------------------- -------------------------------------------
Utility World Equity Low
Income Income Balanced Income Global International Duration
Fund Fund Fund Fund Equity Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 17,312 $ 13 $ (763) $ (2,022) $ (2,237) $ (35,142) $ (317)
Dividends and interest 448 23 - 3,010 1,388 14,556 587
-------- -------- ---------- --------- --------- ------------- --------
Total investment income (loss) 17,760 36 (763) 988 (849) (20,586) 270
Contributions and rollovers to
Plan 344 161 196 683 853 8,602 2,612
-------- -------- ---------- --------- --------- ------------- --------
Total additions 18,104 197 (567) 1,671 4 (11,984) 2,882
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees - - - - - - -
Administrative expenses - - - - - - -
TRANSFERS AMONG FUNDS 324,930 1,819 27,259 19,769 38,730 937,782 40,107
-------- -------- ---------- --------- --------- ------------- --------
NET INCREASE (DECREASE) 343,034 2,016 26,692 21,440 38,734 925,798 42,989
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year - - - - - - -
-------- -------- ---------- --------- --------- ------------- --------
End of year $343,034 $ 2,016 $ 26,692 $ 21,440 $ 38,734 $ 925,798 $ 42,989
======== ======== ========== ========= ========= ============= ========
(Continued)
-16-
Hotchkis & Wiley
-------------------------------------------------------------------
Total
Mid-Cap Short Term Small Cap Return
Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (4,835) $ (20) $(178,110) $ 14
Dividends and interest 6,823 274 143,051 2,070
------------ ---------- --------- -----------
Total investment income (loss) 1,988 254 (35,059) 2,084
Contributions and rollovers to
the Plan 2,216 1,250 20,984 200
---------- ---------- ---------- -----------
Total additions 4,204 1,504 (14,075) 2,284
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees - - - -
Administrative expenses - - - -
TRANSFERS AMONG FUNDS 237,474 56,235 2,150,414 151,836
--------- -------- --------- ----------
NET INCREASE (DECREASE) 241,678 57,739 2,136,339 154,120
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year - - - -
---------- ----------- ---------- -----------
End of year $241,678 $57,739 $2,136,339 $154,120
========== =========== ========== ===========
Hotchkis & Wiley
--------------------------------------------------------------------------------
Cash
Management Employer
Account Contribution 1997
Money Fund Cash Receivable Total
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ - $ - $ 359,533,245
Dividends and interest 1,036,857 - - 144,820,751
--------- ----------- ---------- -----------
Total investment income (loss) 1,036,857 - - 504,353,996
Contributions and rollovers to
the Plan 6,649,052 458,859 1,205,982 213,994,161
----------- ----------- ---------- -----------
Total additions 7,685,909 458,859 1,205,982 718,348,157
DEDUCTIONS:
Disbursements of benefits to
beneficiaries or employees - 825,138 - 110,890,129
Administrative expenses 82,349 30 - 82,379
TRANSFERS AMONG FUNDS (16,017) (2,743,811) - -
------------ ----------- ---------- -----------
NET INCREASE (DECREASE) 7,587,543 (3,110,120) 1,205,982 607,375,649
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 920,503 4,710,074 - 1,676,062,384
------------ ----------- ---------- ---------------
End of year $ 8,508,046 $1,599,954 $1,205,982 $ 2,283,438,033
============ =========== ========== ===============
(Concluded)
-17-
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
Number of Market
Description Shares Cost Value
COMMON STOCK:
Merrill Lynch & Co., Inc.* 10,149,158.9176 $ 397,899,325 $ 677,456,358
FUNDS AND TRUSTS:
GSIF U.S. Gov. Zero Coupon Bond Series 3 - Various Trusts 1,219,147.4568 61,132,310 76,368,528
Merrill Lynch:
Adjustable Rate Specialities 3,996.7934 38,193 38,089
Aggressive Bond Index Tier 3 65,696.0013 699,476 728,766
Americas Income Fund 66,292.4683 467,993 367,260
Basic Value Fund 11,534,765.8649 319,736,283 438,551,798
Capital Fund Class A 6,457,001.1200 192,595,609 222,185,409
Convertible Fund 98,386.7469 1,379,387 1,125,544
Corporate Bond Fund - High Income Portfolio 5,590,391.9725 42,925,735 38,909,137
Corporate Bond Fund - Intermediate Term Portfolio 824,538.0182 9,389,930 9,622,359
Corporate Bond Fund - Investment Grade Portfolio 4,385,186.4522 50,244,515 51,131,274
Developing Markets Fund Class A 95,709.5107 1,006,243 826,930
Dragon Fund 474,092.2265 3,711,015 3,432,428
Emerging Tigers Fund 251,622.1956 1,803,148 1,575,155
Equity Index Trust 3 1,286,638.5637 64,404,819 110,035,897
Euro Fund 2,023,444.6770 32,863,741 31,525,268
Federal Securities Trust 108,012.6324 1,058,804 1,057,444
Fundamental Growth Fund Class A 1,325,900.8023 24,648,972 27,406,370
Global Allocation Fund 11,415,941.6782 157,057,963 143,955,025
Global Bond Fund for Investment & Retirement 125,967.4753 1,170,079 1,216,846
Global Growth Fund Class A 1,146,136.4828 13,855,680 14,853,929
Global Holdings Fund Class A 234,304.5428 3,243,342 3,139,681
Global Resources Trust 171,115.5362 2,686,633 2,061,942
Global Small Cap Fund 33,204.8185 298,665 288,218
Global Tech Fund Class A 126,431.5585 1,457,320 1,647,403
Global Utility Fund 238,253.5295 3,816,278 4,505,374
Global Value Fund 1,934,074.3522 26,348,476 26,438,796
Growth Fund 5,230,362.7891 125,948,082 112,505,104
Healthcare Fund 2,142,863.2512 11,073,710 12,535,750
International Equity Fund 14,186.8679 132,686 123,993
International Index Tier 3 69,703.5692 820,564 877,498
Latin America Fund 60,638.9340 773,742 556,059
Pacific Fund 1,712,955.6665 35,148,567 30,216,538
Phoenix Fund 905,952.2807 11,260,511 9,738,987
(Continued)
-18-
THE MERRILL LYNCH & CO., INC.
401(K) SAVINGS & INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
Number of Market
Description Shares Cost Value
FUNDS AND TRUSTS:
Real Estate Fund Class A 29,124.2355 $ 245,426 $ 245,809
Retirement Preservation Trust 88,446,738.0142 88,446,753 88,446,738
Retirement Reserves Money Fund 151,198,435.7429 151,198,455 151,198,420
Select Ten Retirement Portfolio 31,712,337.8197 32,096,477 33,368,352
Small Cap Index Tier 3 201,658.5674 1,926,665 1,944,392
Special Value Fund 1,075,375.5622 20,630,263 18,819,072
Strategic Dividend Fund 155,668.7935 2,161,341 2,127,919
Technology Fund 3,685,844.0061 18,281,630 19,829,841
Utility Income Fund Class A 68,576.0742 786,523 809,198
World Income Fund 34,502.0441 247,356 211,843
Hotchkis & Wiley:
Balanced Fund 14,314.6930 280,118 266,826
Equity Income Fund 75,306.6785 1,565,622 1,378,865
Global Equity Fund 28,184.6633 316,725 301,294
International Fund 180,471.4660 4,408,605 4,201,376
Low Duration Fund 100,704.5948 1,029,689 1,015,102
Mid-Cap Fund 106,492.2949 1,303,413 1,050,014
Short-Term Fund 14,382.0745 146,075 144,827
Small Cap Fund 336,330.1043 8,310,577 6,551,710
Total Return Fund 159,248.2037 2,152,694 2,141,888
Other:
AIM International Equity Fund 122,719.8471 2,336,081 2,283,816
Alliance Quasar Fund Class A 251,855.4254 6,849,077 6,296,386
Blackrock Small Capital Growth 60,480.8728 1,182,177 1,298,524
Ivy International Fund 106,249.1977 4,473,514 4,377,467
Mercury International Fund 110,992.5940 1,134,233 1,172,082
Mercury Pan Europe Growth Fund Class 1 122,667.2094 1,260,810 1,318,672
MFS Research Fund 410,883.7348 9,886,047 10,333,726
Munder Multi-Scan Growth 60,023.4076 1,229,169 1,222,677
Total Funds and Trusts $1,567,083,982 $1,741,905,635
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TOTAL INVESTMENTS $1,964,983,307 $2,419,361,993
============== ==============
*Party-in-interest as defined by ERISA.
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THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------
Cost of
Assets
Purchases Sales Sold Gain
COMMON STOCK:
Merrill Lynch & Co., Inc.* $ 351,400,379 (1,131) $ 204,314,405 (1,465) $ 169,549,420 $ 34,764,985
FUNDS:
Merrill Lynch:
Basic Value Fund 91,963,037 (912) 63,557,539 (1,179) 48,507,573 15,049,966
Global Allocation Fund 44,231,943 (712) 81,378,882 (1,071) 81,349,297 29,586
Growth Fund 52,871,486 (1,055) 92,498,011 (1,138) 91,809,545 688,466
Retirement Preservation
Trust 187,072,589 (706) 162,800,874 (536) 162,800,769 105
Retirement Reserves
Money Fund 197,703,926 (741) 171,981,483 (664) 171,981,483 -
NOTES:
Reportable transactions, required to be reported herein, are defined in
Section 2520.103-6, Chapter XXV Title 29 (Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974).
The figures in parentheses represent the number of purchases or sales included
in the reported dollar amounts.
*Party-in-interest as defined by ERISA.
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