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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------
FORM 11-K
Annual Report
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996]
For the fiscal year ended December 31, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _____________ to ______________
Commission file number: 1-14603
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
The Advest Thrift Plan
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
THE MONY GROUP INC.
1740 Broadway
New York, New York 10019
The Advest Thrift Plan
Financial Statements and
Supplemental Schedules
December 31, 2001
Index
-------
Page
----
Report of Independent Accountants 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits as of
December 31, 2001 and 2000 2
Statement of Changes in Net Assets Available For Plan Benefits
for the year ended December 31, 2001 3
Notes to Financial Statements 4-8
Supplemental Schedules*:
Schedule I - Schedule of Assets (Held at end of year) 9-23
Schedule II - Schedule of Reportable Transactions 24
* Other supplemental schedules required by Section 2520-103.1 of the Department
of Labor's Rules and Regulations of Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 ("ERISA") have been omitted because they
are not applicable.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of
The Advest Thrift Plan:
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statements of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
plan benefits of The Advest Thrift Plan (the "Plan") at December 31, 2002 and
2000, and the changes in net assets available for plan benefits for the year
ended December 31, 2001 in conformity with accounting principles generally
accepted in the United States of America. 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 of these statements in accordance with auditing standards generally
accepted in the United States of America, which 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, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
(held at end of 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. These supplemental schedules are the
responsibility of the Plan's management. The supplemental schedules 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.
PricewaterhouseCoopers LLP
Hartford, Connecticut
June 20, 2002
1
The Advest Thrift Plan
Statements of Net Assets Available for Plan Benefits
December 31,
-------------------------------
2001 2000
------------ ------------
Investments, at fair value: (see Notes 4 and 5)
Participant-directed $132,639,603 $131,549,903
Nonparticipant-directed Common Stock -- 14,404,662
Participant loans 3,116,461 3,678,243
Cash 12,511 15,409
------------ ------------
Net assets available for plan benefits $135,768,575 $149,648,217
============ ============
The accompanying notes are an integral part of these financial statements.
2
The Advest Thrift Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended
December 31, 2001
-----------------
Additions to net assets attributed to:
Investment income:
Net depreciation in fair value of investments
(see Notes 2 and 5) $(20,148,463)
Interest 662,664
Dividends 186,689
Dividends from registered investment companies 2,578,428
------------
(16,720,682)
------------
Contributions:
Participants 7,970,931
Employer (cash) 3,875,249
Employer (stock) 1,276,481
Forfeitures (371,971)
------------
12,750,690
------------
Total deductions (3,969,992)
------------
Deductions from net assets attributed to:
Benefits paid to participants (9,909,650)
------------
Total deductions (9,909,650)
------------
Net decrease (13,879,642)
Net assets available for benefits:
Beginning of year 149,648,217
------------
End of year $135,768,575
============
The accompanying notes are an integral part of these financial statements.
3
The Advest Thrift Plan
Notes To Financial Statements
-------
1. Plan Description
General
The following description of The Advest Thrift Plan (the "Plan") provides only
general information. Participants should refer to the Plan document for a more
complete description of the Plan's provisions.
The Plan is a defined contribution plan established October 1, 1988 by The
Advest Group, Inc., the Plan Administrator, Sponsor and Trustee, to provide
retirement benefits to qualified participants. The Plan was most recently
amended February 15, 2002, retroactively effective January 1, 2001. Among other
changes, that amendment eliminated the provisions applicable to ESOP's. The Plan
covers all employees of the Company and its affiliates that are scheduled to
work at least 20 hours per week and who are not classified as "temporary
employees". These employees become participants as of the first day of the month
following their employment. These employees become eligible to receive employer
contributions after one year of service. Employees that are scheduled to work
less than 20 hours per week or who are classified as "temporary employees" will
participate and receive employer contributions only after they have completed
1000 hours of service during their initial 12-months of employment or any
subsequent calendar year. On January 31, 2001, The Advest Group, Inc. was
acquired by The MONY Group Inc. in a subsidiary merger transaction. As used in
these Notes, unless the context otherwise requires, the "Company" refers to The
Advest Group, Inc. as it existed prior to the merger and to the successor entity
subsequent to the merger. The Plan is administered by an Administrative
Committee (the "Committee") appointed by the Company's Board of Directors and is
subject to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
Participant Accounts
Each participant's account is credited with the participant's contribution and
allocation of the Company's contribution and Plan earnings. Allocations are
based on participant earnings or account balances, as defined. The benefit to
which a participant is entitled is the benefit that can be provided from the
participant's vested account.
Contributions
The Plan provides for both employer and voluntary employee contributions.
Eligible employees may authorize regular payroll contributions to their account
of not more than 15 percent of their annual compensation, to a maximum of
$10,500 in the aggregate for 2001, on a pre-tax basis. Participants direct the
investment of their contributions into various investment options offered by the
Plan. The Plan currently offers certificates of deposit, various mutual funds
including a money market fund, U.S. Government Securities and Common Stock of
The MONY Group, Inc. ("Parent Stock") as investment options for participants.
Employee contributions are recorded in the period during which the Company makes
payroll deductions from the participant's earnings.
Employer contributions are determined by the Company's Board of Directors
and are subject to the guidelines set forth in the Plan. Employer contributions
to participants' accounts are allocated among participants in accordance with
one of several formulas (based generally on each participant's compensation
level and/or voluntary contribution) contained in the Plan. Employer
contributions, if any, are recorded monthly. For the plan year ended December
31, 2001, the Company contributed one and one-half percent of each participant's
eligible income and matched up to two percent of each participant's
4
The Advest Thrift Plan
Notes To Financial Statements (Continued)
eligible income up to the Internal Revenue Service ("IRS") maximum eligible
income of $160,000. In addition, on February 1, 2001 the Company made additional
contributions of 20 shares of Parent Stock on behalf of each active participant
employed on November 30, 2000. This is deemed a contribution for the 2001 Plan
year. The Company's total contribution for the plan year ended December 31, 2001
was $4,762,721, net of forfeitures of $371,971.
Investment Options
The Plan permits participating employees to direct the investment of funds in
their accounts among various investment options, as described in the Plan.
Investment securities are exposed to various risks, such as interest rate,
market and credit risks. Due to the level of risk associated with certain
investment securities, it is at least reasonably possible that changes in the
values of investment securities will occur in the near term and that such
changes could materially affect participants' account balances and the amounts
reported in the Statements of Net Assets Available for Plan Benefits.
Participant aggregate purchases of the Parent's Stock in accounts cannot
exceed 25 percent of the participant's account value at the time of purchase.
Participants may change their investment options monthly, or more frequently as
permitted by the Plan Administrator. Investments in the Parent's Stock in
accounts may be changed on a daily basis.
Loans to Participants
The Plan allows participants to borrow from their 401(k) accounts subject to
approval by the Committee. Each loan for a participant must satisfy the
following conditions: (1) together with other outstanding loans, it cannot
exceed $50,000, reduced by the amount by which the participant's highest loan
balance over the past 12 months exceeds the participant's current loan balance;
(2) together with other outstanding loans, it cannot exceed 50 percent of the
participant's vested 401(k) account value; (3) it must be for at least $500 and
generate monthly repayments of at least $20; (4) no more than two loans may be
outstanding for any participant at any time; and (5) no more than two loans may
be received by any participant during any 12 month period. Loans must be repaid
by the participants within five years. The repayment period on loans used for
purchase of a primary residence may be extended for an additional five years.
Interest is charged at the prime rate according to the Wall Street Journal at
the date of loan (4.75% to 9.50% on outstanding loan balances during the year
ended December 31, 2001).
Allocation of Investment Income (Loss)
Each participant's 401(k) account is credited with investment income or loss
based upon the performance of the respective participant-directed investments.
Each participant's ESOP account is allocated and credited with investment income
(loss) from the Plan's ESOP investments as determined by a formula based upon
the participant's ESOP account balance.
Allocation of Forfeitures
Forfeitures of the Company's contributions to 401(k) accounts by participants
that terminate employment prior to being fully vested are used to reduce the
Company's total contribution to 401(k) accounts for the current year.
Forfeitures attributable to amounts held in participants' ESOP accounts are used
to pay expenses of administration of the trust fund with any remaining balance
allocated to participants in proportion to each participant's ESOP compensation
for the plan year.
Vesting
Participants are immediately vested in their contributions plus actual earnings
thereon. Vesting in the Company's match and discretionary contribution portion
of their accounts plus actual earnings thereon is based on years of continuous
service. Effective January 1, 2001, a participant becomes 25 percent vested
5
The Advest Thrift Plan
Notes To Financial Statements (Continued)
after two years of service as defined and in increments of 25 percent per year
of service thereafter, and will be 100 percent vested after five years of
service. Prior to January 1, 2001, a participant became 10 percent vested after
one year of service as defined and in increments of 15 percent per year of
service thereafter, and would be 100 percent vested after seven years of
service. However, if an active participant dies prior to attaining the normal
retirement age, or becomes disabled, the participant's account becomes 100
percent vested.
Withdrawals
Participants that are less than age 70 and one-half and remain employed by the
Company may elect to withdraw all or a portion of their vested 401(k) account
balance only under a condition of hardship. Participants that are age 55 may
elect to withdraw up to 50 percent of their ESOP account balance as of December
31, 2000, reduced by the amount of any prior distributions.
Benefit Payments
Distributions of participants' vested 401(k) and ESOP account balances generally
are paid within 120 days after the participant ceases to be an employee by
reason of retirement (normal retirement is upon attaining the age of 65), death,
disability or termination. The participant has the option of receiving a lump
sum or installments for amounts contributed to their account through September
30, 1989. Contributions made after September 30, 1989, and earnings thereon will
be distributed in a lump sum. Participants may choose to receive benefits from
their 401(k) account in cash or in-kind. Benefits held in a participant's ESOP
account are paid in a lump sum in the form of shares of the Company's stock,
unless the participant elects to receive the benefits in cash. Benefit payments
are recorded when paid.
Plan Expenses
Plan expenses are paid by the Plan unless voluntarily paid by the Company.
2. Summary of Significant Accounting Policies
Basis of Presentation
The financial statements of the Plan are prepared under the accrual method of
accounting. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of net assets. Actual results could
differ from those estimates.
Investment Valuation and Income Recognition
The investments are stated at fair value as of the statement date, generally
based upon quoted market prices and for the certificates of deposit, at
principal plus accrued interest, where available. Purchases and sales of
securities are recorded on a trade date basis. Interest and dividend income are
recorded on the accrual basis. The Plan presents in the Statement of Changes in
Net Assets Available for Plan Benefits the net appreciation (depreciation) in
the fair value of its investments which consists of the realized gains (losses)
and the unrealized appreciation (depreciation) on those investments.
Net appreciation (depreciation) for the year ended December 31, 2001, by
investment category is as follows:
Registered investment companies $(18,033,282)
The MONY Group Inc. common stock (683,035)
The Advest Group, Inc. common stock (2,043,734)
U.S. Government securities 662,727
Certificates of deposit (51,139)
------------
$(20,148,463)
============
6
The Advest Thrift Plan
Notes To Financial Statements (Continued)
Distribution Payable
Amounts allocated to participants who have withdrawn from the Plan as of
year-end, but for which disbursement of those funds has not been made by
year-end, are not recognized as liabilities in the statements of net assets
available for plan benefits. Accordingly, $1,715,072 and $5,782,249 of
distributions payable have been included as net assets available for plan
benefits at December 31, 2001 and 2000, respectively, and not recognized as
liabilities.
3. Transactions with Related Parties
The Plan engages in activities with various affiliates of the Company. The
Common Stock of The MONY Group, Inc. and shares of the Boston Advisors Money
Market Funds (for which affiliates of the Company act as investment advisor and
distributor) were among the investment options available during the plan year
ended December 31, 2001.
4. Concentration of Investments
The following are investments that represent 5 percent or more of net assets
available for plan benefits as of December 31, 2001 and 2000:
Fair Value at December 31,
Investment 2001 2000
--------------------------------------------------------------------------------
Boston Advisors Money Market Cash Reserves
Fund, Cl.2, 20,681,803 and 14,188,384 shares $20,681,803 $14,188,384
The MONY Inc. Common Stock,
343,262 and 0 shares 11,866,582 --
The Advest Group, Inc. Common Stock,
0 and 501,723 shares -- 17,842,786*
Growth Fund of America, Inc.,
376,509 and 372,150 shares 8,927,036 10,077,816
Putnam Voyager Fund, Inc. - Cl.A,
458,774 and 430,333 shares 7,936,790 10,026,769
AIM Equity Funds, Inc., Constellation Fund,
337,853 and 338,316 shares 7,466,561 9,787,481
*Nonparticipant-directed (at December 31, 2000 the plan held 405,046
shares) - See Note 5.
7
The Advest Thrift Plan
Notes To Financial Statements (Continued)
5. Nonparticipant-directed Investments
Information about the net assets and the significant components of the changes
in net assets relating to the nonparticipant-directed investment is as follows:
December 31,
------------------------
2001 2000
----------- -----------
Net Assets:
Common Stock $-- $14,404,662
=== ===========
Year ended
December 31, 2001
-----------------
Changes in Net Assets:
Net depreciation (see Note 2) $(1,615,111)
Dividends 23,494
Benefits paid to participants (6,983)
Transfers to participant-directed investments (12,806,062)
------------
$(14,404,662)
============
6. Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination,
participants will become 100 percent vested in their accounts.
7. Tax Status
The IRS has determined and informed the Company, by letter dated March 24, 1995,
that the Plan and related trust are designed in accordance with applicable
sections of the Internal Revenue Code ("IRC"). The Plan has been amended
subsequent to the receipt of that letter. The Company has submitted the Plan as
amended through January 1, 2001 (except as other wise indicated therein) to the
Internal Revenue Service. The Company and legal counsel are of the opinion that
the Plan, as amended, is currently being operated in compliance with the
applicable requirements of the IRC and, therefore, that the trust established
under the Plan is qualified under the IRC as exempt from Federal income taxes.
In order to facilitate the continued tax-qualified status of the Plan,
nondiscrimination testing in accordance with the IRC was completed by the plan
administrator for both the 2001 and 2000 plan years.
8. Reconciliation of Plan Financial Statements to the Form 5500
Certain balances included on Schedule H (Part I and II) of the Annual
Return/Report of Employee Benefit Plan (the "Form 5500") have been reclassified
for purposes of presentation in these financial statements to provide additional
disclosure.
8
Schedule I
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
---------------------------------------------------------------------------------------------
Certificates of Deposit
-----------------------
159,000 Bankers Trust Market Linked Account
Maturity date: 8/20/08
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1034.21 $177,205
13,000 Bankers Trust Market Linked Account
Maturity date: 4/30/08
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1086.54 13,602
10,000 Bankers Trust Market Linked Account
Maturity date: 2/28/06
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: FTSE Eurotop 100
Starting index value: 2816.57 10,389
15,000 Bankers Trust Market Linked Account
Maturity date: 6/30/06
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: FTSE Eurotop 100
Starting index value: 2892.99 15,120
50,000 Bankers Trust Market Linked Account
Maturity date: 8/14/08
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1062.75 52,175
9
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
---------------------------------------------------------------------------------------------
Certificates of Deposit, Continued
----------------------------------
14,000 Bankers Trust Market Linked Account
Maturity date: 5/14/04
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Nikkei 225 Index
Starting index value: 15123.93 $13,100
12,000 Bankers Trust Market Linked Account
Maturity date: 2/14/07
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: FTSE Eurotop 100
Starting index value: 2717.75 12,374
4,000 Bankers Trust Market Linked Account
Maturity date: 9/25/08
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: US Blue Chip Equity Basket
Starting index value: 100 3,238
24,000 Bankers Trust Market Linked Account
Maturity date: 6/24/05
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Nikkei 225 Index
Starting index value: 13723.84 21,850
30,000 Bankers Trust Market Linked Account
Maturity date: 2/12/09
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: 50% Standard and Poor's 500
50% Nikkei 225 Index
Starting index value: 100 22,581
10
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
--------------------------------------------------------------------------------------------
Certificates of Deposit, Continued
----------------------------------
10,000 Bankers Trust Market Linked Account
Maturity date: 5/14/09
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1337.80 $ 8,359
38,000 Bankers Trust Market Linked Account
Maturity date: 9/16/05
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Dow Jones Internet
Starting index value: 206.29 34,637
50,000 Bankers Trust Market Linked Account
Maturity date: 1/20/06
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1441.36 46,390
3,000 Bankers Trust Market Linked Account
Maturity date: 2/17/06
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: CBOE Internet
Starting index value: 714.23 2,531
5,000 Lasalle Bank CD
Maturity date: 10/12/06
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Nasdaq 100 Index
Starting index value: 3311.94 4,285
11
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
--------------------------------------------------------------------------------------------
Certificates of Deposit, Continued
----------------------------------
45,000 Lasalle Bank CD
Maturity date: 2/14/08
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Nasdaq 100 Index
Starting index value: 2261.77 $45,000
27,000 Lasalle Bank CD
Maturity date: 1/31/07
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1354.95 27,000
25,000 Lasalle Bank CD
Maturity date: 4/4/07
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1160.63 25,000
10,000 Lasalle Bank CD
Maturity date: 8/29/07
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Nasdaq 100 Index
Starting index value: 1184.93 10,000
10,000 Chase Manhattan Bank Market Linked Account
Maturity date: 5/29/08
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1090.82 10,193
12
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
---------------------------------------------------------------------------------------------
Certificates of Deposit, Continued
----------------------------------
26,000 Chase Manhattan Bank Market Linked Account
Maturity date: 6/26/08
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1133.20 $ 25,553
10,000 Chase Manhattan Bank Market Linked Account
Maturity date: 9/25/08
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1044.75 10,007
15,000 Chase Manhattan Bank Market Linked Account
Maturity date: 9/20/05
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Nikkei 225 Index
Starting index value: 14194.29 12,903
35,000 Chase Manhattan Bank Market Linked Account
Maturity date: 3/26/09
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1282.80 30,100
136,000 Chase Manhattan Bank Market Linked Account
Maturity date: 7/23/04
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: CBOE Internet
Starting index value: 484.35 120,292
13
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
---------------------------------------------------------------------------------------------
Certificates of Deposit, Continued
----------------------------------
100,000 Chase Manhattan Bank Market Linked Account
Maturity date: 8/15/05
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Nikkei 225 Index
Starting index value: 16810.39 $84,820
65,000 Chase Manhattan Bank Market Linked Account
Maturity date: 8/12/05
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: CBOE Internet
Starting index value: 411.35 54,535
20,000 Chase Manhattan Bank Market Linked Account
Maturity date: 10/14/05
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1247.41 19,868
50,000 Michigan National Bank Market Linked Account
Maturity date: 5/30/07
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1277.89 50,000
10,000 Standard Federal Bank Market Linked Account
Maturity date: 10/31/07
Minimum return of capital: 100%
Market rate increases when: Market measure increases
Market measure: Standard and Poor's 500
Starting index value: 1104.61 10,000
14
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
-----------------------------------------------------------------------------
Certificates of Deposit, Continued
----------------------------------
25,000 Hudson United Bank CD, 5.200%, 5/13/02 $ 25,173
25,000 Hudson United Bank CD, 5.300%, 5/12/03 25,181
50,000 Hudson United Bank CD, 5.400%, 6/3/02 50,207
----------
Total Certificates of Deposit 1,073,668
----------
728,526 Advest, Inc.* Cash Reserve Accounts 728,526
----------
*Party in interest
15
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
---------------------------------------------------------------------------------------------
Registered Investment Companies
20,681,803 Boston Advisors* Money Market Cash Reserve Fund - Cl.2 $ 20,681,803
------------------------------------------------------ -------------
Government Bond Funds
39,409 Federated Fund for U.S. Government Securities, Inc. - Cl.A 308,177
3,359 Franklin Custodian Funds Inc. U.S. Government Security 22,943
22,438 Franklin Strategic Mortgage Portfolio - Cl.A 226,176
30,431 Pilgrim GNMA Income Fund Inc. - Cl.A 262,927
17,673 Putnam U.S. Government Income Trust - Cl.A 227,978
-------------
Total Government Bond Funds 1,048,201
-------------
Income Funds
22,584 Delaware Group Trend Fund, Inc. - Cl.A 400,408
847,793 Franklin Templeton Funds Inc., Income Series - Cl.A 1,848,189
4,063 Seligman Capital Fund Inc. - Cl.A 79,884
27,194 Vanguard Bond Index Fund Inc. Total Bond Market Portfolio 275,751
-------------
Total Income Funds 2,604,232
-------------
High Yield Bond Funds
80,624 Bond Fund of America, Inc 1,031,179
180,862 Lord Abbett Bond Debenture Fund, Inc. - Cl.A 1,430,615
121,149 MSF Emerging Growth Fund - Cl.A 4,024,571
59,795 Mainstay Funds High Yield Corporate Bond Fund - Cl.A 332,457
118,899 Pilgrim Mutual Funds High Yield Fund II - Cl A 896,500
67,890 Seligman High Income Fund High Yield Bond Series - Cl.A 250,515
-------------
Total High Yield Bond Funds 7,965,837
-------------
*Party in interest
16
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
---------------------------------------------------------------------------------------------
Registered Investment Companies, Continued
Growth Funds
21,483 First Trust Technology #10 $157,041
791 Nuveen Technology September 1999 5,013
2,570 Nuveen Financial Services September 1999 27,435
4,533 Nuveen Bandwidth May 1999 26,695
36,398 Nuveen Bandwidth November 1999 145,628
1,695 Van Kampen Dow 30 Index #9 14,126
25,485 Nuveen Bandwidth March 2000 34,430
23,787 First Trust Technology #12 76,356
6,950 First Trust Pharmaceutical #9 70,125
1,117 Van Kampen Financial Institutions #4B 11,695
39,612 First Trust Technology #13 119,232
24,656 Nuveen Nasdaq 100 April 2000 94,284
7,945 Nuveen Bandwidth May 2000 19,100
3,906 Nuveen Energy June 2000 32,474
1,233 First Trust Pharmaceutical #10 11,763
46,814 Nuveen Bandwidth September 2000 85,716
1091 Van Kampen Financial Institutions #7B 10,735
636 Van Kampen Dow 30 Index #11 5,546
209 First Trust Target Ten January 2001 1,906
3,149 First Trust Technology #14 14,107
4,179 First Trust Pharmaceutical #11 39,491
7,121 Nuveen Energy February 2001 61,597
4,294 Nuveen Bandwidth February 2001 15,029
978 Van Kampen Financial Institutions #8B 8,773
1,295 First Trust Technology #15 11,694
3,233 First Trust Pharmaceutical #12 30,940
2,889 Nuveen Nasdaq 100 September 2001 34,119
4,781 First Trust Pharmaceutical #7 54,360
3,350 Nuveen Energy September 1999 34,455
9,404 Nuveen Nasdaq 100 October 1999 49,785
12,898 First Trust Pharmaceutical #10 149,488
22,971 First Trust Bandwidth September 2000 107,274
9,527 Van Kampen Financial Institutions #7B 112,104
27,878 Nuveen Nasdaq 100 February 2000 97,211
5,000 Van Kampen Dow 30 Index #10 43,400
1,622 Van Kampen Financial Institutions #3B 14,939
39,961 Nuveen Nasdaq 100 November 2000 198,526
17
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
--------------------------------------------------------------------------------------------
Registered Investment Companies, Continued
------------------------------------------
Growth Funds, Continued
210 First Trust Target Ten August 2001 $ 1,867
453,968 AIM Value Fund - Cl.A 4,934,635
187,614 AIM Equity Funds, Inc., Weingarten Fund - Cl.A 2,530,919
156,425 Dreyfus S&P 500 Index Fund 5,227,714
9,980 Enterprise Group Funds, Inc. Growth Portfolio - Cl.Y 183,329
42,571 Enterprise Group Funds, Inc. Small Company Value Portfolio - Cl.Y 360,579
3,462 Enterprise Group Funds, Inc. Managed Portfolio - Cl.Y 24,582
1,987 Enterprise Group Funds, Inc. Small Company Growth Portfolio - Cl.Y 58,643
84,566 Eaton Vance Worldwide Health Sciences Fund - Cl.A 873,566
31,832 Goldman Sachs Tr Internet Tollkeeper Fund - Cl.A 251,791
4,103 John Hancock Financial Industries Fund - Cl.A 67,780
117,943 Investment Co. of America 3,364,901
32,974 John Hancock Small Cap Growth Fund - Cl.A 324,131
122,047 Lord Abbett Affiliated Fund Inc., - Cl.A 1,670,823
12,167 Mutual Series Fund Inc. - Shares Fund - Cl.A 235,678
37,271 Massachusetts Investors Growth Stock Fund - Cl.A 480,427
5,595 Massachusetts Investors Trust - Cl.A 92,757
91,752 Pilgrim Small Cap Opportunities Fund - Cl A 2,781,925
96,865 Pilgrim Growth Opportunities Fund - Cl A 1,431,670
7,996 Oppenheimer Main Street Growth & Income Fund - Cl.A 259,856
5,666 Putnam Voyager Fund II - Cl.A 97,404
7,294 Phoenix-Engemann Aggressive Growth Fund - Cl.A 107,076
41,060 Putnam New Asset Allocation Fund, Growth Portfolio - Cl.A 392,947
5,216 Putnam New Asset Allocation Fund, Conservative Portfolio - Cl.A 45,326
16,975 Putnam OTC & Emerging Growth Fund - Cl.A 127,315
35,318 Scudder-Dreman High Return Equity Fund - Cl.A 1,303,573
21,733 Scudder Growth Fund - Cl.A 218,848
25,873 Scudder Technology Fund - Cl.A 316,686
7,769 Seligman Growth Fund Inc. - Cl.A 34,030
26,413 Seligman Communications & Information Fund, Inc. - Cl.A 675,111
5 Thornburg Value Fund - Cl.A 149
227,171 Templeton Smaller Companies Growth Fund, Inc. 1,376,658
6,355 Van Kampen Emerging Growth Fund - Cl.A 268,958
-----------
Total Growth Funds 32,148,246
-----------
18
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
-----------------------------------------------------------------------------------------------
Registered Investment Companies, Continued
------------------------------------------
376,509 Growth Fund of America, Inc. $ 8,927,036
---------------------------- ------------
337,853 AIM Equity Funds, Inc., Constellation Fund 7,466,561
------------------------------------------ ------------
458,774 Putnam Voyager Fund Inc. - Cl.A 7,936,790
------------------------------- ------------
Balanced Funds
--------------
45,628 American Balanced Fund, Inc. 723,197
20,810 Pilgrim Mutual Funds Balanced Fund - Cl.A 255,335
197,281 Phoenix-Oakhurst Income & Growth Fund - Cl A 1,702,537
25,686 Phoenix-Oakhurst Strategic Allocation Fund - Cl.A 385,034
25,123 Phoenix Series Fund, Balanced Fund Series 372,832
22,565 Putnam Asset Allocation Fund - Cl.A 221,365
284,648 Putnam Fund for Growth and Income 5,043,958
------------
Total Balanced Funds 8,704,258
------------
Foreign Funds
-------------
3,691 Aim Global Aggressive Growth Fund - Cl.A 48,830
2,143 Enterprise Group Fund, Inc., International Growth Portfolio - Cl.Y 27,640
51,565 Federated International Series Inc Equity Fund - Cl.A 776,569
722 Global International Fund Inc Kemper Global Discovery - Cl.A 16,695
18,342 Putnam International Growth Fund - Cl.A 363,532
74,180 Putnam Global Growth Fund Inc, - Cl.A 567,475
5,968 Putnam Global Governmental Income Trust Fund 63,617
351,413 Templeton Funds, Inc., Foreign Fund 3,250,567
134,818 Van Kampen Asian Growth Fund - Cl.A 1,074,497
------------
Total Foreign Funds 6,189,422
------------
Total Registered Investment Companies 103,672,386
------------
19
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
------------------------------------------------------------------------------
U.S. Government Securities
--------------------------
5,000 U.S. Treasury Notes, 5.625%, 2/15/06 $ 5,375
45,000 U.S. Treasury Notes, 6.625%, 3/31/02 46,280
34,000 U.S. Treasury Notes, 7.000%, 7/15/06 38,774
200,000 U.S. Treasury Notes, 6.500%, 10/15/06 220,556
20,000 U.S. Treasury Notes, 5.500%, 5/31/03 20,935
30,000 U.S. Treasury Notes, 6.250%, 1/31/02 30,894
30,000 U.S. Treasury Notes, 6.625%, 5/15/07 33,226
207,000 U.S. Treasury Notes, 2.750%, 9/30/03 208,180
10,000 U.S. Treasury Notes, 5.625%, 5/15/08 10,553
230,000 U.S. Treasury Notes, 6.875%, 5/15/06 255,524
67,000 U.S. Treasury Notes, 5.250%, 8/15/03 71,009
100,000 U.S. Treasury Notes, 3.625%, 1/15/08 102,772
25,000 U.S. Treasury Notes, 4.750%, 11/15/08 24,906
102,000 U.S. Treasury Notes, 4.250%, 11/15/03 104,976
12,000 U.S. Treasury Notes, 3.250%, 12/31/03 12,000
80,000 U.S. Treasury Notes, 3.875%, 1/15/09 83,260
67,000 U.S. Treasury Notes, 4.750, 2/15/04 69,179
20,000 U.S. Treasury Notes, 6.000%, 8/15/09 21,772
68,000 U.S. Treasury Notes, 5.250%, 5/15/04 71,367
150,000 U.S. Treasury Notes, 3.875%, 4/15/29 161,165
50,000 U.S. Treasury Notes, 5.500%, 5/15/09 51,848
95,000 U.S. Treasury Notes, 5.875%, 11/15/04 101,294
30,000 U.S. Treasury Notes, 4.250%, 1/15/10 31,472
60,000 U.S. Treasury Notes, 6.375%, 1/31/02 61,819
7,000 U.S. Treasury Notes, 6.500%, 2/15/10 7,863
10,000 U.S. Treasury Notes, 6.500%, 2/28/02 10,297
36,000 U.S. Treasury Notes, 6.375%, 6/30/02 36,828
69,000 U.S. Treasury Notes, 6.625%, 5/31/02 70,782
50,000 U.S. Treasury Bonds, 7.250%, 5/15/16 58,276
55,000 U.S. Treasury Notes, 6.375%, 4/30/02 56,436
104,000 U.S. Treasury Notes, 6.750%, 5/15/05 113,965
90,000 U.S. Treasury Notes, 6.250%, 7/31/02 92,337
45,000 U.S. Treasury Notes, 6.125%, 8/31/02 47,185
55,000 U.S. Treasury Notes, 6.000%, 8/15/04 59,632
30,000 U.S. Treasury Notes, 5.750%, 11/15/05 31,917
29,000 U.S. Treasury Notes, 5.125%, 12/31/02 29,879
89,000 U.S. Treasury Notes, 3.500%, 1/15/11 88,837
10,000 U.S. Treasury Notes, 5.000%, 2/15/11 10,158
20
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
--------------------------------------------------------------------------------
U.S. Government Securities, Continued
-------------------------------------
40,000 U.S. Treasury Notes, 4.625%, 5/15/06 $ 40,799
44,000 U.S. Treasury Notes, 3.875%, 6/30/03 44,857
130,000 U.S. Treasury Notes, 5.000%, 8/18/11 132,131
40,000 U.S. Treasury Notes, 6.500%, 3/31/02 41,125
56,000 U.S. Treasury Notes, 3.000%, 11/30/03 56,180
47,000 U.S. Treasury Bonds, 8.375%, 8/15/08 52,497
100,000 U.S. Treasury Notes, 5.625%, 11/30/02 103,765
42,000 U.S. Treasury Notes, 4.750%, 1/31/03 43,999
5,000 U.S. Treasury Notes, 4.250%, 3/31/03 5,173
30,000 U.S. Treasury Notes, 3.875%, 7/31/03 31,047
206,000 U.S. Treasury Notes, 7.500%, 5/15/02 212,416
68,000 U.S. Treasury Notes, 6.375%, 8/15/02 71,572
75,000 U.S. Treasury Notes, 6.250%, 2/15/03 80,099
10,000 U.S. Treasury Bonds, 7.125%, 2/15/23 11,913
12,000 U.S. Treasury Bonds, 6.250%, 8/15/23 12,988
25,000 U.S. Treasury Notes, 5.875%, 2/15/04 26,938
71,000 U.S. Treasury Notes, 7.250%, 5/15/04 77,848
20,000 U.S. Treasury Notes, 7.250%, 8/15/04 22,385
5,000 U.S. Treasury Notes, 7.875%, 11/15/04 5,610
5,000 U.S. Treasury Notes, 7.500%, 2/15/05 5,681
15,000 U.S. Treasury Notes, 6.500%, 5/15/05 16,334
20,000 U.S. Treasury Notes, 5.875%, 11/15/05 21,400
5,000 U.S. Treasury Notes, 5.875%, 9/30/02 5,223
31,000 U.S. Treasury Notes, 5.750%, 10/31/02 32,266
25,000 U.S. Treasury Notes, 5.750%, 11/30/02 25,968
65,000 U.S. Treasury Notes, 6.125%, 8/15/07 71,440
35,000 U.S. Treasury Notes, 6.250%, 2/28/02 35,999
49,000 U.S. Treasury Notes, 6.500%, 5/31/02 50,245
15,000 U.S. Treasury Notes, 6.250%, 6/30/02 15,345
82,000 U.S. Treasury Notes, 5.625%, 12/31/02 84,870
85,000 U.S. Treasury Notes, 5.750%, 4/30/03 89,573
100,000 U.S. Treasury Bills, 5/23/02 99,317
10,000 U.S. Treasury Bills, 5/30/02 9,928
624,000 U.S. Treasury Bills, 2/28/02 622,272
20,000 U.S. Treasury Bills, 1/17/02 19,984
143,000 U.S. Treasury Bills, 3/28/02 142,412
443,000 U.S. Treasury Bills, 1/10/02 442,801
486,000 U.S. Treasury Bills, 2/14/02 484,979
21
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
-----------------------------------------------------------------------------------------
U.S. Government Securities, Continued
-------------------------------------
175,000 U.S. Treasury Bills, 1/31/02 $174,755
228,000 U.S. Treasury Bills, 3/14/02 227,218
147,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/27 32,984
421,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/08 303,516
40,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/07 30,525
30,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/03 28,519
40,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/08 28,488
23,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/08 17,099
91,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/13 46,865
549,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/06 461,506
409,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/07 314,930
727,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/04 664,296
41,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/04 36,823
75,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/05 66,492
92,000 U.S. Treasury Sec. Stripped Interest Payment, 5/15/04 85,100
40,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/06 32,375
30,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/02 29,531
27,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/02 26,966
15,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/15 6,614
40,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/09 26,662
100,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/22 30,094
22,000 U.S. Treasury Sec. Stripped Interest Payment, 5/15/03 21,237
225,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/06 184,570
343,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/12 189,401
25,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/13 12,649
100,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/21 31,875
26,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/23 7,199
797,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/21 246,074
158,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/05 136,670
74,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/05 63,525
37,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/22 10,823
100,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/23 28,406
10,000 U.S. Treasury Sec. Stripped Interest Payment, 11/15/21 3,053
16,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/24 4,180
500,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/24 134,690
874,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/10 552,534
421,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/17 164,981
148,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/17 59,848
22
Schedule I
(continued)
The Advest Thrift Plan
Supplemental Schedule of Assets (Held at end of year)
December 31, 2001
--------
Face Value,
Shares or Fair
Units Description of Investments Value
---------------------------------------------------------------------------------------------
U.S. Government Securities, Continued
-------------------------------------
548,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/09 $ 370,585
470,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/16 196,667
79,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/11 48,166
719,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/15 322,205
81,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/02 80,089
166,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/03 158,894
163,000 U.S. Treasury Bond Stripped Interest Payments, 2/15/12 93,216
388,000 U.S. Treasury Bond Stripped Interest Payments, 8/15/14 186,484
76,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/04 71,131
140,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/03 136,325
52,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/07 41,194
206,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/10 134,030
1,245,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/11 735,720
565,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/13 301,038
139,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/14 69,196
78,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/15 36,222
170,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/18 64,547
1,697,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/18 626,295
166,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/19 59,345
241,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/16 104,307
1,667,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/19 577,199
307,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/20 103,324
1,074,000 U.S. Treasury Sec. Stripped Interest Payment, 8/15/20 351,402
25,000 U.S. Treasury Sec. Stripped Interest Payment, 2/15/09 17,391
------------
Total U.S. Government Securities 15,310,952
------------
343,262 The MONY Group Inc.* Common Stock 11,866,582
--------------------------------- ------------
Loans to Participants
---------------------
Loans to Participants (4.75% - 9.50%) 3,116,461
------------
Total Investments $135,768,575
------------
*Party in interest
23
Schedule II
The Advest Thrift Plan
Schedule of Reportable Transactions
December 31, 2001
--------
Current
value of
Identity Expense asset on
of party Description Purchase Selling Lease incurred with Cost of transaction Net gain
involved of asset price price rental transaction asset date or (loss)
----------------------------------------------------------------------------------------------------------------------------------
The Advest Group,
The Advest Inc. - Common Stock
Group, Inc nonparticipant-directed * -- $12,789,551 N/A N/A $14,404,662 $12,789,551 $(1,615,111)
* The Second amendment modified the Plan to eliminate the separate treatment of
ESOP accounts (nonparticipant-directed accounts) and to transfer the assets held
in ESOP accounts to the participants 401(k) accounts.
24
Pursuant to the requirements of the Securities Exchange
Act of 1934, the trustees (or other persons who administer
the Plan) have duly caused this Annual Report to be signed
by the undersigned hereunto duly authorized.
THE ADVEST THRIFT PLAN
Date: June 28, 2002 /s/ Allen G. Botwinick
-------------------------------
Allen G. Botwinick
Chairman -
Benefit Plan
Administration Committee