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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, 2002
[ ] 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 Schedule
December 31, 2002
The Advest Thrift Plan
Financial Statements and
Supplemental Schedule
December 31, 2002
Index
-----
Page
----
Report of Independent Auditors 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits as of
December 31, 2002 and 2001 2
Statement of Changes in Net Assets Available for Plan Benefits
for the year ended December 31, 2002 3
Notes to Financial Statements 4-8
Supplemental Schedule *:
Schedule I - Schedule of Assets (Held at end of year) 9-16
* Other supplemental schedules required by Section 2520-103.10 of the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 ("ERISA") have been omitted because they
are not applicable.
Report of Independent Auditors
To the Participants and Administrative Committee of
The Advest Thrift Plan
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statement 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
2001, and the changes in net assets available for plan benefits for the year
ended December 31, 2002 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.
As discussed in Note 8, effective December 31, 2002, the Lebenthal & Co., Inc.
Profit Sharing Plan merged with the Plan.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets (held
at end of year) is presented for the purpose of additional analysis and is not a
required part of the basic financial statements but is 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. This
supplemental schedule is the responsibility of the Plan's management. This
supplemental schedule has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ PricewaterhouseCoopers LLP
Hartford, Connecticut
July 2, 2003
The Advest Thrift Plan
Statements of Net Assets Available for Plan Benefits
December 31,
----------------------------
2002 2001
---- ----
Investments, at fair value: (see Note 4)
Participant-directed $121,040,901 $132,652,114
Participant loans 3,746,694 3,116,461
------------ ------------
Net assets available for plan benefits $124,787,595 $135,768,575
============ ============
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, 2002
-----------------
Additions to net assets attributed to:
Investment income:
Net depreciation in fair value of investments (see Note 2) $ (21,656,264)
Interest 480,027
Dividends 1,603,188
-------------
(19,573,049)
-------------
Contributions:
Participants 8,601,726
Employer, net of forfeitures 3,869,391
-------------
12,471,117
-------------
(7,101,932)
-------------
Deductions from net assets attributed to:
Benefits paid to participants (12,026,824)
-------------
Net decrease in net assets available for plan benefits prior to plan merger (19,128,756)
Transfer of assets related to plan merger (see note 8) 8,147,776
-------------
Net decrease in net assets available for plan benefits (10,980,980)
Net assets available for plan benefits:
Beginning of year 135,768,575
-------------
End of year $ 124,787,595
=============
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 agreement 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. to provide retirement benefits to qualified participants. The
Plan was most recently amended May 28, 2003, retroactively effective November 1,
2002.
On January 31, 2001, The Advest Group, Inc. was acquired by The MONY Group Inc.
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 ERISA.
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" as defined in the Plan agreement. These employees become
eligible to participate 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" as defined in the
Plan agreement will participate and receive employer contributions only after
they have completed 1000 hours of service during their initial twelve months of
employment or during any subsequent calendar year.
Contributions
The Plan provides for both employer and voluntary employee contributions.
Effective November 1, 2002, participants may contribute to the Plan an amount of
not more than 25 percent of their annual compensation, to a maximum of $11,000
in the aggregate for 2002, on a pre-tax basis. Prior to November 1, 2002,
participants could contribute to the Plan not less than $20 per month nor more
than 15 percent of their annual compensation, up to the maximum aggregate amount
for 2002. Participants direct the investment of their contributions into various
investment options offered by the Plan. During 2002 the Plan offered
certificates of deposit, various mutual funds, U.S. government securities and
common stock of The MONY Group, Inc. ("Parent Stock") as investment options for
participants. Participant contributions are recorded in the period during which
the Company makes payroll deductions from the participant's earnings.
Employer contribution percentages 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, 2002, the Company made a discretionary contribution of one and
one-half percent of each participant's eligible income, and matched employee
contributions dollar for dollar up to two percent of each participant's eligible
income up to the Internal Revenue Service ("IRS") maximum eligible income limit.
The Company's total contribution for the plan year ended December 31, 2002 was
$3,869,391, which is net of forfeitures of $160,617.
4
The Advest Thrift Plan
Notes to Financial Statements (Continued)
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.
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 Plan account value; (3) it must be for at least $500 and
generate monthly repayments of at least $20; and (4) no more than two loans may
be outstanding for any participant at any time. 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 10.50% on outstanding loan balances during the year ended
December 31, 2002).
Allocation of Investment Income (Loss)
Each participant's Plan account is credited with investment income or loss based
upon the performance of the respective participant-directed investments.
Allocation of Forfeitures
Forfeitures of the Company's contributions to Plan 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.
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. A participant becomes 25 percent vested 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. However, if an active
participant dies prior to attaining the normal retirement age, attains age 65,
or becomes disabled, the participant's account becomes 100 percent vested
provided that they are employed by the Company at that time.
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.
Prior to January 1, 2001, each participant's interest in the Plan consisted of a
401(k) account and an Employee Stock Ownership Plan ("ESOP") account.
Participants that are age 55 may elect to withdraw
5
The Advest Thrift Plan
Notes to Financial Statements (Continued)
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 Plan balance 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 Plan account in cash or in-kind. Benefit payments are recorded when paid.
The benefit to which a participant is entitled is the benefit that can be
provided from the participant's vested account.
Plan Expenses
The Plan is responsible for payment of the trustee expenses and fees; however,
the Company may pay the Plan expenses directly. Transaction charges (for loan
and benefit payment transactions) are paid by the Plan by reducing the balances
of those participants initiating the transactions.
2. Summary of Significant Accounting Policies
Basis of Presentation
The financial statements of the Plan are prepared on the accrual basis of
accounting. The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of net assets and changes therein. Actual results could differ from
those estimates.
Investment Valuation and Income Recognition
The investments are stated at fair value, generally based upon quoted market
prices where available, and for the certificates of deposit, at principal plus
accrued interest. 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, 2002, by
investment category is as follows:
Registered investment companies $(20,228,155)
The MONY Group Inc. common stock (3,316,297)
U.S. Government securities 1,920,601
Certificates of deposit (32,413)
------------
$(21,656,264)
============
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.
6
The Advest Thrift Plan
Notes to Financial Statements (Continued)
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 years
ended December 31, 2002 and 2001. Participant loans also qualify as
party-in-interest transactions. In addition, personnel and facilities of the
Company have been used to perform administrative functions for the Plan at no
charge to the Plan.
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, 2002 and 2001:
December 31,
2002 2001
--------------------------------
Investment Fair Value Fair Value
---------- ----------- ----------
Cash $38,136,080 **
Boston Advisors Money Market Cash Reserves
Fund, Cl.2, 21,694,732 and 20,681,803 shares $21,694,732 $20,681,803
The MONY Inc. Common Stock,
306,896 and 343,262 shares $7,347,088 $11,866,582
Growth Fund of America, Inc.,
n/a and 376,509 shares ** $8,927,036
Putnam Voyager Fund, Inc. - Cl.A,
n/a and 458,774 shares ** $7,936,790
AIM Equity Funds, Inc., Constellation Fund,
n/a and 337,853 shares ** $7,466,561
** These investments represented less than 5% of net assets available for plan
benefits in this year.
The cash balance at December 31, 2002 is the result of investments which were
liquidated as a result of the transfer of recordkeeper and was subsequently used
to purchase shares of the new investment options.
5. Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination,
participants will become 100 percent vested in their accounts.
7
The Advest Thrift Plan
Notes to Financial Statements (Continued)
6. Tax Status
The Internal Revenue Service has determined and informed the Company, by letter
dated March 27, 2003, 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 request for that letter. 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. Therefore, no provision
for income taxes has been included in the Plan's financial statements.
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 the 2001 plan year. Nondiscrimination testing has not yet been
completed for the 2002 plan year. Management is in the process of performing the
testing and intends to take the appropriate steps to facilitate the continued
tax qualified status of the Plan.
7. 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. Plan Merger
During 2001, the Company purchased Lebenthal & Co., Inc. Effective December 31,
2002, Lebenthal & Co., Inc. Profit Sharing Plan was merged with and into the
Plan. With the merger, effected participants became eligible to participate in
the Plan subject to the provisions of the plan agreement.
9. Subsequent Events
Effective January 1, 2003, Prudential Insurance Company of America replaced ATR
as recordkeeper of the Plan and Prudential Trust Services succeeded Advest, Inc.
as trustee of the Plan. Effective with the changes, assets invested with Advest,
Inc. were liquidated and reinvested with Prudential Trust Services.
Effective January 1, 2003, a self-directed brokerage account was added as an
investment option. With this option, the participant can choose from a wide
range of individual equities, selected fixed income vehicles and additional
mutual fund choices.
Effective January 1, 2003, participants who attain age 59-1/2 may elect to
withdraw all or part of their vested Plan balance. Participants that are less
than age 59-1/2 and remain employed by the Company may elect to withdraw all or
a portion of their vested Plan account balance only under a condition of
hardship except that participants that are age 55 may elect to withdraw up to 50
percent of the balance in their ESOP account as of December 31, 2000, reduced by
the amount of any prior distributions.
8
Schedule I
The Advest Thrift Plan
Schedule H (Line 4i) Form 5500 - Supplemental Schedule of Assets
(Held at end of year)
December 31, 2002
----------
Face Value,
Shares or Fair
Units Description of Investments Value
--------------------------------------------------------------------------------
38,136,080 CASH $ 38,136,080
15,546 PUTNAM US GOVT INC A 205,829
53,761 AMERICAN CENTURY GOVERNMENT 601,589
--------------
Government Funds $ 807,418
--------------
104,743 AIM CONSTELLATION 1,741,869
83,596 AIM WEINGARTEN A 772,424
179,654 AIM VALUE FUND A 1,349,199
672 AIM GLB AGG GFDA 7,416
60,097 DREYFUS S&P500IFD 1,538,489
37,392 Eaton Vance Trad Wrldwide HeaSci 286,047
8,639 ENTERPRISE GP SMGR Y 192,731
3,398 ENTERPRISE MGD Y 18,929
74,226 ENTERPRS SM CO VAL Y 548,526
8,134 ENTERPRS GP GR PTY 115,099
8,572 UTS 1ST Trust 395PP8SACS 66,862
14,440 UTS 1ST Trust 395TP11CS 39,566
2,248 UTS 1ST Trust 353PG7CSH 17,287
5,666 UTS 1ST Trust 353TG10CSH 22,551
12,568 UTS 1ST Trust TP 12SA CS 23,251
3,388 UTS 1ST Trust PH 21,988
951 UTS 1ST Trust PP 5,744
30,476 UTS 1ST TrustTP13SACSH 50,285
3,646 UTS 1ST Trust PH 21,475
845 UTS 1ST TrustTP15 CSH 4,225
1,151 UTS 1ST Trust PHP12 CSH 7,320
104 UTS 1ST Trust DD10MAR02C 835
633 UTS 1ST Trust TP16SACSC 3,444
3,180 UTS 1ST Trust PP13SACSC 21,910
29,638 FEDERATD INTL EFA 341,139
1,031 UTS FDT10PA2002SC 9,836
18,719 GOLDMAN S IN TK FDA 89,851
191,293 GROWTH FD AMER 3,533,185
3,250 JHANCOCK FINANCIA 44,880
41,415 PILGRIM SM CAP OPP A 685,002
42,001 PILGRIM GR OPP FDA 414,554
75,560 INVESTMENT CO AM 1,774,159
22,238 J HANCOCK SM CGFA 149,664
17,649 MFS INV GRO STK FDA 162,898
9
Schedule I
(continued)
The Advest Thrift Plan
Schedule H (Line 4i) Form 5500 - Supplemental Schedule of Assets
(Held at end of year)
December 31, 2002
----------
Face Value,
Shares or Fair
Units Description of Investments Value
--------------------------------------------------------------------------------
5,301 MFS INVESTORS TRUST 68,224
7,116 MUTUAL SHRS SER CLA 119,412
4,533 UTS NUV SP May 1999 15,974
3,000 UTS NUV SP Sept 1999 26,427
1,958 UTS NUV SP Sept 1999 17,395
791 UTS NUV SP Sept 1999 2,981
13,055 UTS NUV SP NOV 99 CS 33,238
8,696 UTS NUV BND MAR 00 CS DTC DEL 213 4,418
6,027 UTS NUV SPB APR 00 CS DTC DEL 213 7,612
2,184 UTS NUV EJ June 2000 15,059
31,355 UTS NUV BANDW SEPT 00 CSH DTC DEL 213 24,896
8,472 UTS NUV EN Feb 2001 63,879
5,184 UTS NUV NAS OCT 99 CS DTC DEL 213 16,972
25,789 UTS NIP100 FEB 00 CSH 55,446
16,509 UTS NUV NAS APR 00 CS DTC DEL 213 38,961
31,079 UTS NUV NASDI00CS DTC DEL 2136 Nov 2000 95,785
2,119 UTS NUV NAS SEP 01 CS 14,430
7,352 OPPENHMR MS G&IA 191,146
4,549 OPPENHEIMR G&S M 63,230
3,522 PHOENIX ENG AGG GFA 35,151
30,762 PHOENIX OKHT I&G FDA 236,869
8,014 PHOENIX OKHT S AFDA 103,545
22,007 PUTNAM AST ALO GRW A 174,299
3,147 PUTNAM A/A CNSVA 24,983
23,477 PUTNAM GLBL GRTH FD 138,749
14,915 PUTNAM OTC&EM GR FDA 75,172
154,569 PUTNAM VOYAGR FDA 1,964,572
4,645 PUTNAM VOY FDII A 56,525
2,112 SCUD GROWTH FDA 14,933
33,331 SCUD TECH FDA 249,314
15,596 SCUDDER DRM HI RET A 461,344
16,208 SELIGMAN COM INF FDA 261,752
490 SELIGMAN GROW FD INC 1,371
81,580 TEMPLETN GLOBAL SM A 447,061
59,340 VAN KAM ASIAN EQ FDA 405,887
5,072 VAN KAM EMERG G/FD A 143,340
834 UTS Van Kam FP Finl Inst Tr 7,739
573 UTS Van Kam DOW 30 3,951
4,258 UTS Van Kam FP INSTNS 3BCS 42,742
1,082 UTS Van Kam FP FI Sep 00 8,688
151 UTS Van Kam FI Nov 00 1,279
10
Schedule I
(continued)
The Advest Thrift Plan
Schedule H (Line 4i) Form 5500 - Supplemental Schedule of Assets
(Held at end of year)
December 31, 2002
---------
Face Value,
Shares or Fair
Units Description of Investments Value
------------------------------------------------------------------------------------------------------------------------
533 UTS Van Kam FP DOW 30 3,779
97 UTS Van Kam Dow30Index OCT 01 CS 811
82,745 AMERICAN CENTURY ASSET ALLOC-AGGRESSIVE 455,098
34,943 AMERICAN CENTURY ASSET ALLOC-MODERATE 183,451
38,797 AMERICAN CENTURY EQUITY GROWTH 589,323
35,953 AMERICAN CENTURY HERITAGE 327,171
36,738 AMERICAN CENTURY INCOME & GROWTH 798,677
45,206 AMERICAN CENTURY ULTRA 957,472
87,060 AMERICAN CENTURY VALUE 518,006
100 CITIGROUP INC Total 3,519
3,038 DREYFUS S & P 500 INDEX FUND Total 77,768
515 GABELLI GROWTH FUND Total 9,779
529 HARTFORD CAPITAL APPRECIATION FUND CLASS C Total 10,341
3,500 I-2 TECHNOLOGIES INC COM Total 3,955
1,288 IDEX SALOMON ALL CAP FUND CLASS B Total 13,458
505 JANUS FUND Total 9,006
644 JANUS OLYMPUS FUND Total 12,881
100 JOHNSON & JOHNSON Total 5,371
100 NASDAQ 100 TRUST Total 2,437
100 SECTOR SPDR TR SHS BEN INT ENERGY Total 2,233
100 SECTOR SPDR TR SHS BEN INT FINANCIAL Total 2,200
100 STANDARD & POORS DEPOSITARY RECEIPTS (SPDR'S)UNITS OF UNDIVIDED BENEFICIAL INTEREST Total 8,823
7,557 STRONG DOW 30 VALUE FUND Total 78,218
4 TRAVELERS PPTY CAS CORP NEW CL A Total 59
8 TRAVELERS PPTY CAS CORP NEW CL B Total 117
2,506 WILSHIRE TARGET LARGE-COMPANY GROWTH FD (INVESTOR CLASS) Total 59,118
58,006 JP MORGAN US SMALL CO 578,318
--------------
Growth Funds $ 24,528,780
--------------
30,373 AMERICAN CENTURY DIVERSIFIED 316,790
15,382 DELAWARE GP TREND FD 217,497
444,405 FRANKLN C FD IC A 884,365
6,393 FKLN CUS FD USG A 44,748
39,828 FRANKLN STR MGT 409,032
62,672 LORD ABBETT AFF FDA 659,938
500 CITIGROUP CAP VII CAP SECS 7.125% TRUPS CALLABLE Total 13,245
10,000 DAIMLERCHRYSLER NORTH AMER HLDG CORP INTERNOTES 7.000% 04/15/12 B/E DTD 04/18/02 CLB Total 10,163
50,000 FINANCING CORP FED CPN FICO STRIPS GENERIC INT PMT 0.000% 04/06/16 REG DTD 07/07/77 Total 23,929
10,000 GENERAL MTRS ACCEP CORP SMARTNOTES 5.700% 07/15/07 B/E DTD 07/30/02 Total 10,050
15,000 GENERAL MTRS ACCEP CORP SMARTNOTES 7.000% 04/15/12 B/E DTD 04/23/02 CLB Total 15,094
11,000 GENERAL MTRS ACCEP CORP SMARTNOTES 7.000% 05/15/14 B/E DTD 05/21/02 CLB Total 11,041
11
Schedule I
(continued)
The Advest Thrift Plan
Schedule H (Line 4i) Form 5500 - Supplemental Schedule of Assets
(Held at end of year)
December 31, 2002
---------
Face Value,
Shares or Fair
Units Description of Investments Value
------------------------------------------------------------------------------------------------------------------------------
25,000 GENERAL MTRS ACCEP CORP SMARTNOTES TRANCHE # TR 00516 6.750% 04/15/12 B/E DTD 04/30/02 CLB Total 24,781
10,000 GOLDMAN SACHS GROUP INC NT 6.650% 05/15/09 B/E DTD 05/19/99 CLB Total 10,975
10,000 HOUSEHOLD FIN CORP INTERNOTES 7.100% 04/15/12 B/E DTD 04/18/02 CLB Total 10,125
4,063 SELIGMAN CAPITAL FUND INC 53,269
-------------
Income Funds $ 2,715,042
-------------
46,845 AMERICAN CENTURY HI YIELD 278,262
64,863 BOND FUND AMER INC DIV REINV 823,756
14,618 FEDERATED FD US GV A 116,801
8,074 PILGRIM GNMA INC FDA 72,832
59,506 PILGRIM HIG YL FDIIA 388,574
91,737 LORD ABBETT BD D 659,589
46,404 MFS EMERGING GROWTH 995,368
184,411 MAINSTAY HI YLD CBA 912,833
82,132 SELIGMAN HI IC YL BD 259,538
19,504 VANGUARD BD IFD 202,455
-------------
High Yield Bond Funds $ 4,710,008
-------------
84,933 AMERICAN CENTURY INTERNATIONAL GROWTH 541,871
2,353 ENTERPRISE ITL GR Y 24,448
329 GLOBAL KEM GB DFA 6,070
235 JANUS WORLDWIDE FUND Total 7,559
2,369 PUTNAM GBL GOV IC 28,172
6,873 PUTNAM INTL GROWTH A 112,782
129,247 TEMPLETON FRGN A 1,074,039
-------------
Foreign Funds $ 1,794,941
-------------
25,000 HUDSON UNITED BANK CD, 5.300, 05/12/03 25,417
50,000 BANKERS TR CO CD, 1/20/06, Standard and Poor's 500, 1441.36 46,030
3,000 BANKERS TR CO CD, 2/17/06, CBOE Internet, 714.23 2,714
147,000 BANKERS TR CO CD, 8/20/08, Standard and Poor's 500, 1034.21 150,763
10,000 BANKERS TR CO CD, 4/30/08, Standard and Poor's 500, 1086.54 9,685
10,000 BANKERS TR CO CD, 2/28/06, FTSE Euorotop 100, 2816.57 9,529
50,000 BANKERS TR CO CD, 8/14/08, Standard and Poor's 500, 1062.75 48,255
14,000 BANKERS TR CO CD,5/14/04, Nikkei 225, 15123.93 13,605
12,000 BANKERS TR CO CD, 2/14/07, FTSE Eurotop 100, 2717.75 11,185
4,000 BANKERS TR CO CD, 6/24/05, Nikkei 225, 13723.84 3,750
4,000 BANKERS TR CO CD, 9/25/08, US Blue Chip Equity Basket, 100 3,312
30,000 BANKERS TR CO CD, 2/12/09, US/Japanese Equity Index, 100 24,636
10,000 BANKERS TR CO CD, 5/14/09, Standard and Poor's 500, 1337.80 8,230
10,000 BANKERS TR CO CD, 9/16/05, Dow Jones Internet, 206.29 9,766
12
Schedule I
(continued)
The Advest Thrift Plan
Schedule H (Line 4i) Form 5500 - Supplemental Schedule of Assets
(Held at end of year)
December 31, 2002
---------
Face Value,
Shares or Fair
Units Description of Investments Value
------------------------------------------------------------------------------------------------------------------------------------
21,694,732 BOSTON AD MM CS RSV2 21,694,732
1,289,327 JP MORGAN PRIME MONEY MARKET FUND 1,289,327
26,773 AMERICAN CENTURY PRIME MNY MKT Total 26,773
10,000 CHASE MAN BK CD, 5/29/08, Standard and Poor's 500, 1090.82 9,929
26,000 CHASE MAN BK CD, 6/26/08, Standard and Poor's 500, 1133.2 25,067
10,000 CHASE MAN BK CD, 9/25/08, Standard and Poor's 500, 1044.75 9,731
15,000 CHASE MAN BK CD, 9/20/05, Nikkei 225, 14194.29 13,644
25,000 CHASE MAN BK CD, 3/26/09, Standard and Poor's 500, 1282.80 20,907
90,000 CHASE MAN BK CD, 8/15/05, Nikkei 225, 16810.39 76,158
119,000 CHASE MAN BK CD,7/23/04, CBOE Internet, 484.35 105,220
65,000 CHASE MAN BK CD, 8/12/05, CBOE Internet, 411.35 54,275
20,000 CHASE MAN BK CD, 10/14/05, Standard and Poor's 500, 1247.41 19,544
25,000 CD LASALLE BANK, 4/4/07, Standard and Poor's 500, 1160.63 23,700
27,000 CD LASALLE BANK, 1/31/07, Standard and Poor's 500, 1354.95 24,921
45,000 CD LASALLE BANK, 2/14/08, NASDAQ 100, 2261.77 45,000
5,000 CD LASALLE BANK, 10/12/06, NASDAQ 100, 3311.94 4,475
10,000 CD LASALLE BANK, 5/15/08, Standard and Poor's 500, 1054.99 10,000
2,000 CD LASALLE BANK, 7/10/08, Standard and Poor's 500, 989.03 2,000
10,000 CD LASALLE BANK, 7/31/08, Standard and Poor's 500, 852.84 10,000
50,000 MICHIGAN NATL BK CD, 5/30/07, Standard and Poor's 500, 1277.89 46,450
20,000 CONSECO BK INC SALT LAKE CITY UTAH CTF DEP ACT/365 FDIC INSD 4.300% 07/31/07 B/E DTD 07/31/02 Total 20,000
10,000 CD STANDARD FSB, 6/2/08, Standard and Poor's 500, 1074.55 10,000
-------------
Cash Funds, Money Market, & CD's $ 23,908,730
-------------
272,000 TSY BILLS, 0.000, 01/13/03 271,867
330,000 TSY BILLS, 0.000, 01/23/03 329,759
550,000 TSY BILLS, 0.000, 01/30/03 549,461
997,000 TSY BILLS, 0.000, 02/06/03 995,834
50,000 TSY BILLS, 0.000, 02/13/03 49,930
104,000 TSY BILLS, 0.000, 02/20/03 103,832
281,000 TSY BILLS, 0.000, 02/27/03 280,483
818,000 TSY BILLS, 0.000, 03/20/03 815,939
150,000 TSY BILLS, 0.000, 05/08/03 149,360
200,000 TSY BILLS, 0.000, 05/15/03 199,108
47,000 TSY BILLS, 8.375, 08/15/08 50,499
50,000 TSY BILLS, 7.250, 05/15/16 64,495
150,000 TSY BILLS, 3.875, 04/15/29 203,501
30,000 TSY BILLS, 6.625, 05/15/07 35,270
100,000 TSY BILLS, 3.625, 01/15/08 124,794
85,000 TSY BILLS, 5.750, 04/30/03 87,077
10,000 TSY BILLS, 5.625, 05/15/08 11,419
13
Schedule I
(continued)
The Advest Thrift Plan
Schedule H (Line 4i) Form 5500 - Supplemental Schedule of Assets
(Held at end of year)
December 31, 2002
---------
Face Value,
Shares or Fair
Units Description of Investments Value
------------------------------------------------------------------------------------------------------------------------------------
20,000 TSY BILLS, 5.500, 05/31/03 20,442
37,000 TSY BILLS, 5.250, 08/15/03 38,659
102,000 TSY BILLS, 4.250, 11/15/03 105,200
25,000 TSY BILLS, 4.750, 11/15/08 27,441
80,000 TSY BILLS, 3.875, 01/15/09 100,006
67,000 TSY BILLS, 4.750, 02/15/04 70,819
68,000 TSY BILLS, 5.250, 05/15/04 72,090
50,000 TSY BILLS, 5.500, 05/15/09 57,086
30,000 TSY BILLS, 6.000, 08/15/04 32,893
20,000 TSY BILLS, 6.000, 08/15/09 23,710
40,000 TSY BILLS, 5.875, 11/15/04 43,500
30,000 TSY BILLS, 4.250, 01/15/10 37,460
7,000 TSY BILLS, 6.500, 02/15/10 8,539
29,000 TSY BILLS, 6.750, 05/15/05 32,585
51,000 TSY BILLS, 3.500, 01/15/11 59,142
42,000 TSY BILLS, 4.750, 01/31/03 42,949
110,000 TSY BILLS, 5.000, 02/15/11 122,940
5,000 TSY BILLS, 4.250, 03/31/03 5,091
40,000 TSY BILLS, 4.625, 05/15/06 43,374
94,000 TSY BILLS, 3.875, 06/30/03 95,244
30,000 TSY BILLS, 3.875, 07/31/03 30,944
40,000 TSY BILLS, 5.000, 08/15/11 44,618
37,000 TSY BILLS, 2.750, 09/30/03 37,685
85,000 TSY BILLS, 3.500, 11/15/06 88,834
56,000 TSY BILLS, 3.000, 11/30/03 57,037
12,000 TSY BILLS, 3.250, 12/31/03 12,240
5,000 TSY BILLS, 3.375, 01/15/12 5,658
10,000 TSY BILLS, 4.875, 02/15/12 11,044
50,000 TSY BILLS, 6.250, 02/15/03 51,478
100,000 TSY BILLS, 5.750, 08/15/03 104,953
25,000 TSY BILLS, 5.875, 02/15/04 26,844
71,000 TSY BILLS, 7.250, 05/15/04 77,360
20,000 TSY BILLS, 7.250, 08/15/04 22,423
5,000 TSY BILLS, 7.875, 11/15/04 5,633
5,000 TSY BILLS, 7.500, 02/15/05 5,748
15,000 TSY BILLS, 6.500, 05/15/05 16,775
20,000 TSY BILLS, 5.875, 11/15/05 22,331
5,000 TSY BILLS, 5.620, 02/15/06 5,644
230,000 TSY BILLS, 6.875, 05/15/06 266,665
4,000 US TSY NOTES CP JJ 7.00, 07/15/06 4,767
150,000 US TSY NOTES CP AO 3.37, 04/30/04 154,925
14
Schedule I
(continued)
The Advest Thrift Plan
Schedule H (Line 4i) Form 5500 - Supplemental Schedule of Assets
(Held at end of year)
December 31, 2002
---------
Face Value,
Shares or Fair
Units Description of Investments Value
--------------------------------------------------------------------------------
35,000 US TSY NOTES CP MN 4.37, 05/15/07 37,777
20,000 US TSY NOTES CP MN 3.25, 05/31/04 20,585
15,000 US TSY IP CP JJ 3.00, 07/15/12 16,282
100,000 US TSY NOTES CP JJ 2.25, 07/31/04 102,250
10,000 US TSY NOTES CP FA 4.37, 08/15/12 10,618
150,000 US TSY NOTES CP MN 3.00, 11/15/07 152,396
30,000 US TSY STRIP INT CP 0.000, 02/15/03 29,952
126,000 US TSY STRIP INT CP 0.000, 08/15/03 125,027
66,000 US TSY STRIP INT CP 0.000, 02/15/04 65,112
688,000 US TSY STRIP INT CP 0.00, 08/15/04 672,389
106,000 US TSY STRIP INT CP 0.000, 02/15/05 102,259
148,000 US TSY STRIP INT CP 0.00, 08/15/05 140,767
48,000 US TSY STRIP INT CP 0.000, 02/15/06 44,844
126,000 US TSY STRIP INT CP 0.000, 08/15/06 116,066
52,000 US TSY STRIP INT CP 0.000, 02/15/07 46,804
73,000 US TSY STRIP INT CP 0.00, 08/15/07 64,430
23,000 US TSY STRIP INT CP 0.000, 02/15/08 19,796
228,000 US TSY STRIP INT CP 0.00, 08/15/08 192,108
25,000 US TSY STRIP INT CP 0.000, 02/15/09 20,423
588,000 US TSY STRIP INT CP 0.00, 08/15/09 468,812
206,000 US TSY STRIP INT CP 0.000, 02/15/10 158,550
841,000 US TSY STRIP INT CP 0.000, 08/15/10 631,700
39,000 US TSY STRIP INT CP 0.000, 02/15/11 28,340
1,245,000 US TSY STRIP INT CP 0.000, 08/15/11 882,593
160,000 US TSY STRIP INT CP 0.00, 02/15/12 110,000
154,000 US TSY STRIP INT CP 0.00, 08/15/12 102,846
515,000 US TSY STRIP INT CP 0.000, 02/15/13 332,814
81,000 US TSY STRIP INT CP 0.00, 08/15/13 50,804
20,000 US TSY STRIP INT CP 0.000, 02/15/14 12,126
236,000 US TSY STRIP INT CP 0.00, 08/15/14 138,636
30,000 US TSY STRIP INT CP 0.00, 02/15/15 17,082
80,000 US TSY STRIP INT CP 0.000, 05/15/04 78,504
75,000 US TSY STRIP INT CP 0.00, 05/15/05 71,828
696,000 US TSY STRIP INT CP 0.00, 08/15/15 383,412
6,000 US TSY STRIP INT CP 0.00, 05/15/11 4,296
15,000 US TSY STRIP INT CP 0.000, 11/15/15 8,125
177,000 US TSY STRIP INT CP 0.00, 02/15/16 94,378
180,000 US TSY STRIP INT CP 00.00, 08/15/16 92,714
48,000 US TSY STRIP INT CP 0.00, 02/15/17 23,930
231,000 US TSY STRIP INT CP 0.00, 08/15/17 111,564
75,000 US TSY STRIP INT CP 0.00, 02/15/18 35,071
15
Schedule I
(continued)
The Advest Thrift Plan
Schedule H (Line 4i) Form 5500 - Supplemental Schedule of Assets
(Held at end of year)
December 31, 2002
---------
Face Value,
Shares or Fair
Units Description of Investments Value
------------------------------------------------------------------------------
1,315,000 US TSY STRIP INT CP 00.00, 08/15/18 596,024
65,000 US TSY STRIP INT CP FA 00.00, 02/15/19 28,455
1,462,000 US TSY STRIP INT CP 0.000, 08/15/19 619,800
207,000 US TSY STRIP INT CP 00.00, 02/15/20 85,091
1,063,000 US TSY STRIP INT CP 00.00, 08/15/20 423,584
100,000 US TSY STRIP INT CP 0.000, 02/15/21 38,616
762,000 US TSY STRIP INT CP 0.000, 08/15/21 286,108
100,000 US TSY STRIP INT CP 0.000, 02/15/22 36,437
12,000 US TSY STRIP INT CP 00.00, 08/15/22 4,258
100,000 US TSY STRIP INT CP 0.000, 02/15/23 34,495
26,000 US TSY STRIP INT CP 0.000, 08/15/23 8,735
100,000 US TSY STRIP INT CP 00.00, 02/15/24 32,584
16,000 US TSY STRIP INT CP 00.00, 08/15/24 5,066
5,000 UTS VAN KAM FP DOW30 IND 35,860
-------------
U.S. Treasury Obligations $ 14,468,527
-------------
306,896 MONY GROUP INC 7,347,088
-------------
Company Stock $ 7,347,088
-------------
23,934 AMERI BALANCED FUND INC 345,133
441 AMERICAN CENTURY ASSET ALLOC-CONSERVATIVE 2,137
7,501 AMERICAN CENTURY BALANCED 97,816
2,218 PILGRIM BAL FUND A 23,622
21,604 PHOENIX OKTH BFDA 276,319
14,777 PUTNAM A/A BAL A 123,531
124,168 PUTNAM FD GRTH&INC A 1,755,729
-------------
Balanced Funds $ 2,624,287
-------------
Loans to Participants (4.75%-10.50%) $ 3,746,694
-------------
Total Investments $ 124,787,595
=============
16
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: July 14, 2003 /s/ Allen G. Botwinick
-------------------------------
Allen G. Botwinick
Chairman -
Benefit Plan
Administration Committee