a_11k2005.htm

Securities and Exchange Commission

Washington, D.C. 20549

Form 11-K

Annual Report

Pursuant to Section 15 (d) of the
Securities Exchange Act of 1934

For Fiscal Year Ended December 31, 2005

SEC NO. 1-5998

A. Full title of the plan:

PUTNAM INVESTMENTS
PROFIT SHARING RETIREMENT PLAN

B. Name the issuer of the securities held pursuant to the Plan and the address of its principal executive office:

MARSH & McLENNAN COMPANIES, INC.
1166 Avenue of the Americas
New York, NY 10036

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Putnam Benefits Administration Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

  PUTNAM INVESTMENTS 
  PROFIT SHARING RETIREMENT PLAN 
 
 
 
Date: June 28, 2006  /s/___________________________ 
  Donald E. Mullen 
  Authorized Representative of the 
  Putnam Benefits Administration Committee 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-69774 of Marsh & McLennan Companies, Inc. on Form S-8 of our report dated June 23, 2006, appearing in this Annual Report on Form 11-K of the Putnam Investments Profit Sharing Retirement Plan for the year ended December 31, 2005.

/s/ Deloitte & Touche LLP

Boston, Massachusetts
June 28, 2006

Putnam Investments
Profit Sharing
Retirement Plan

Financial Statements as of and for the
Years Ended December 31, 2005
and 2004, Supplemental Schedule
as of December 31, 2005, and
Report of Independent Registered
Public Accounting Firm

PUTNAM INVESTMENTS
PROFIT SHARING RETIREMENT PLAN

TABLE OF CONTENTS   
   
     Page 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  1 
 
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED   
DECEMBER 31, 2005 AND 2004:   
 
Statements of Net Assets Available for Benefits  2 
 
Statements of Changes in Net Assets Available for Benefits  3 
 
Notes to Financial Statements  4-9 
 
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2005:  10 
 
Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets (Held at End of Year)  11-12 

NOTE: All other 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 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Participants of the Putnam Investments
Profit Sharing Retirement Plan:

We have audited the accompanying statements of net assets available for benefits of the Putnam Investments Profit Sharing Retirement Plan (the “Plan”) as of December 31, 2005 and 2004, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, 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 as of December 31, 2005 and 2004, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

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) as of December 31, 2005 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 schedule is the responsibility of the Plan’s management. Such schedule has been subjected to the auditing procedures applied in our audit of the basic 2005 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

/s/ Deloitte & Touche LLP

Boston, Massachusetts
June 23, 2006

PUTNAM INVESTMENTS
PROFIT SHARING RETIREMENT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS       
DECEMBER 31, 2005 AND 2004       
 
  2005    2004 
ASSETS       
Participant directed investments:       
Participant investments  $440,734,796    $470,118,350 
Participant loans  7,137,062    11,874,988 
  
 
 
Total investments  447,871,858    481,993,338 
 
 
Contributions receivable:       
Employer  23,229,029    32,655,244 
Participant  706,855    823,446 
  
 
 
Total contributions receivables  23,935,884    33,478,690 
  
 
 
NET ASSETS AVAILABLE FOR BENEFITS  $471,807,742    $515,472,028 
 
 

See notes to financial statements.

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PUTNAM INVESTMENTS
PROFIT SHARING RETIREMENT PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS   
YEARS ENDED DECEMBER 31, 2005 AND 2004       
 
    2005  2004 
INVESTMENT ACTIVITY:       
Net appreciation in fair value of investments    $18,552,334  $30,064,221 
Dividend income    16,471,930  7,872,315 
Interest income    1,988,446  1,996,176 
 
 
Investment activity—net    37,012,710  39,932,712 
 
CONTRIBUTIONS:       
Employer    23,229,029  32,655,244 
Participants    15,723,300  20,827,459 
 
 
Total contributions    38,952,329  53,482,703 
 
 
DEDUCTIONS—Benefits paid to participants    (56,908,592)  (55,212,764) 
 
 
NET INCREASE BEFORE TRANSFERS    19,056,447  38,202,651 
TRANSFER OF PLAN ASSETS (Note 8)    (62,720,731)   
   
NET (DECREASE) INCREASE    (43,664,286)  38,202,651 
NET ASSETS AVAILABLE FOR BENEFITS:       
Beginning of year    515,472,028  477,269,377 
 
End of year    $ 471,807,742  $515,472,028 

See notes to financial statements.

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PUTNAM INVESTMENTS
PROFIT SHARING RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS 

1. DESCRIPTION OF THE PLAN

The following description of the Putnam Investments Profit Sharing Retirement Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General—The Plan is a defined contribution plan sponsored by Putnam LLC (“Putnam”) and certain of its adopting subsidiaries (the “Company”). Putnam is a wholly-owned subsidiary of Putnam Investments Trust, which is ultimately a majority-owned subsidiary of Marsh & McLennan Companies, Inc. (“MMC”). The Plan is for the benefit of the Company’s employees and is intended to qualify as a profit-sharing plan under Section 401(a) of the Internal Revenue Code (the “Code”) and to constitute a qualified cash or deferred arrangement under Section 401(k) of the Code. The Plan document was amended effective January 1, 2004 to enable any employee employed by PanAgora Asset Management, Inc. (“PanAgora”) as of July 19, 2004 to be eligible for the Plan based on the employee’s active service with PanAgora prior to July 19, 2004 and the eligibility requirements of the Plan.

The Plan document was amended as of November 1, 2005 as follows:

1. To identify the Putnam Benefits Administration Committee as the Plan administrator and the Putnam Benefits Investment Committee as the named fiduciary for investments.

2. To approve a merger or consolidation of the Plan with, or a transfer of all or part of the assets or liabilities to any other plan.

3. Effective January 1, 2005 with respect to loan applications to include applications submitted from January 1, 2005 to November 27, 2005, if the participant is employed by Mercer HR Services, LLC.

4. To change the name of the Plan to “The Putnam Retirement Plan,” effective as of January 1, 2006.

An employee is eligible to become a participant under the profit-sharing portion of the Plan upon the completion of 12 months of service. An employee is eligible to become a participant in the salary-deferral portion of the Plan upon commencement of employment. A participant generally must be employed on the last day of the Plan’s fiscal year (December 31) to be eligible for his or her portion of the Company’s contribution for that year.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Contributions—Company contributions are determined at the discretion of Putnam with the approval of MMC. Contributions may not exceed the amount permitted as a deduction under the applicable provisions of the Code. During the years ended December 31, 2005 and 2004, the Company contributed 15% of eligible compensation. Company contributions are allocated annually based on a uniform percentage of eligible earnings per participant.

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The salary deferral portion of the Plan is intended to be qualified under Section 401(k) of the Code. The terms of the salary savings agreement provide that the participants’ compensatory contribution to the Plan will be deducted from their payroll and that the Company shall contribute this amount to the Plan on behalf of the participants. Unless otherwise directed by the employee, all new employees contribute 3% of their applicable compensation to the salary-deferred portion of the Plan.

Effective on or after January 1, 2005, all employees who are eligible to make 401(k) contributions under the Plan and who are projected to attain age 50 before the close of the calendar year, shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Code Section 414(v) and any regulations or other guidance thereunder.

Investment Programs—The Plan allows each participant to elect to have participant contributions, Company contributions and reallocated forfeitures invested in one or more of the following authorized investment vehicles:

1. Any one or a combination of the open-end management investment companies, excluding tax-exempt income funds, for which a subsidiary of Putnam acts as an investment adviser (“Putnam-sponsored mutual funds”).

2. Prior to January 1997, any one or a combination of contracts with insurance companies which guarantee principal and interest at a fixed rate. Subsequent to January 1997, guaranteed investment contract products are offered through the investment in the Putnam Stable Value Fund.

3. MMC common stock (MMC is the parent company of Putnam).

4. Putnam may also designate other mutual funds or investment vehicles. There were no such investments as of December 31, 2005 or 2004.

Participant and Company contributions and forfeitures must generally be allocated with apportionments to be no less than 1% per investment.

With proper notification, participants may elect to change their investments up to once a day.

Vesting—The vesting of Company contributions is as follows:   
 
  Vested Interest 
Years of continuous service:   
Less than two  None 
Two but less than three  25% 
Three but less than four  50% 
Four but less than five  75% 
Five or more  100% 
If a participant reaches age 59½, dies, or becomes disabled  100% 

Participants are automatically fully vested in their voluntary and rollover contributions.

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Forfeitures—Forfeitures of nonvested Company contributions are used to reduce future Company contributions one year after the fiscal year in which the forfeitures occur. At December 31, 2005 and 2004, forfeited nonvested accounts totaled $2,249,041 and $2,417,694, respectively. Reduction of Company contributions amounted to $2,417,694 and $1,569,495 in 2005 and 2004, respectively, for forfeitures that occurred in 2004 and 2003, respectively.

Participant Accounts—Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s contribution, and allocations of Plan earnings, and charged with withdrawals and an allocation of Plan losses. 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.

Payment of Benefits—Distributions are based on the vested portion of the participant’s account valuation as of the liquidation date coinciding with or following the next valuation date after the individual ceases to be a participant. Upon participant request, such distributions are made within a reasonable period after the individual ceases to be a participant, but not later than 60 days after the close of the fiscal year. The Plan generally allows terminated participants to maintain their accounts in the Plan, but such accounts do not share in contributions and forfeiture reallocations. The value of these accounts will continue to be determined each business day.

Participant Loans—Participants of the Plan may borrow from their accounts, an amount which, when added to all other loans to the participant, would not exceed the lesser of (1) a maximum borrowing limit of $50,000 or (2) 50% of the vested balance of the participant’s account. All loans shall be secured by the participant’s account and will be repaid through payroll deductions according to a fixed repayment schedule which includes interest at a rate equal to the prime rate at the time the loan originated.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Method of Accounting—The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan’s management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

Risks and Uncertainties—The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

Investment Valuation and Income Recognition—The Plan’s investments are stated at fair value except for its investment in the Putnam Stable Value Fund, which is generally valued at contract value as determined by the trustee. Quoted market prices are used to value investments. Shares of mutual funds are valued at the net asset value of shares held by the Plan at year end. Participant loans are valued at the outstanding loan balance. Investment transactions are recorded on the trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned.

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Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

Administrative Expenses—Expenses of the Plan have been paid by the Company, but such payment is at the Company’s discretion.

Benefits—Benefits to participants are recorded when paid.

3. INVESTMENTS

Investments that represent 5% or more of the Plan’s net assets available for benefits at December 31 are 
as follows:     
 
  2005  2004 
 
Putnam Money Market Fund  $34,055,203  $41,257,196 
Putnam Stable Value Fund  27,977,542  31,319,799 
Putnam Voyager Fund  24,840,909  29,807,294 
The Putnam Fund for Growth and Income  24,228,583  24,487,391 
Putnam International Equity Fund  24,142,453  24,562,789* 
Putnam New Opportunities Fund  23,314,685*  27,228,677 

* Values do not reflect 5% or more of the Plan’s net assets but are included for comparative purposes.

During the years ended December 31, 2005 and 2004, the Plan’s investments (including gains and losses 
on investments bought and sold, as well as held, during the year) appreciated (depreciated) in value as 
follows:     
 
  2005  2004 
 
Investments at fair value, based on quoted market prices:     
Putnam-sponsored mutual funds  $19,137,294  $35,588,134 
MMC common stock, 247,999 and 348,036     
shares, respectively  (584,960)  (5,523,913) 
 
 
Total  $18,552,334  $30,064,221 

4. 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% vested in their accounts.

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5. SUBSEQUENT DISTRIBUTIONS

At December 31, 2005 and 2004, amounts allocated to accounts of persons who have elected to 
withdraw from the Plan but have not yet been paid were $1,228,325 and $1,766,671, respectively. These 
amounts by investment type are as follows:     
 
Source  2005  2004 
Mutual funds  $964,554  $1,435,933 
Stable Value Fund—guaranteed investment products  254,577  327,483 
MMC common stock**  9,194  3,255 
 
Total  $1,228,325  $1,766,671 
 

**Putnam and MMC are parties-in-interest to the Plan.

6. TAX STATUS OF THE PLAN

The Plan obtained its latest determination letter on December 6, 2002 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. The Plan has been amended since receiving the determination letter, however, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Accordingly, no provision for income taxes has been included in the Plan’s financial statements.

7. RELATED-PARTY TRANSACTIONS

Certain Plan investments are shares of Putnam-sponsored mutual funds and a collective trust. Putnam is the Plan sponsor as defined by the Plan, and therefore these transactions qualify as party-in-interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund.

At December 31, 2005 and 2004, the Plan held 247,999 and 348,036 shares, respectively, of common stock of MMC, the parent company of the sponsoring employer, with a cost basis of $9,428,569 and $13,991,572, respectively, and with a fair value of $7,876,471 and $11,450,399, respectively. During the years ended December 31, 2005 and 2004, the Plan recorded dividend income of $246,406 and $468,695, respectively, related to these shares.

8. TRANSFER OF PLAN ASSETS

On November 21, 2005, approximately 77 account balances in the Plan, totaling $2,177,927, were transferred to The Vanguard Fiduciary Trust Company Employee Benefit Plan. The transfer occurred after Putnam sold its Franklin, Massachusetts distribution center to Personix.

On November 30, 2005, approximately 830 account balances in the Plan, totaling $60,542,804, were transferred to the Marsh & McLennan Companies Stock Investment Plan. The rationale for offering the balance transfer was to facilitate the management-initiated transfer of a significant number of employees by consolidating their retirement savings into a single account.

Both transfers will satisfy the requirements of the Internal Revenue Code Sections 401(a)(12) and 414(l).

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9. INVESTMENT OPTIONS

On October 3, 2005, Class Y shares of seven Putnam Investment options became available for Plan participants. Those funds include the following: Putnam Capital Appreciation Fund, Putnam Europe Equity Fund, Putnam Floating Rate Income Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam International New Opportunities Fund, and Putnam Utilities Growth and Income Fund. These Class Y shares have a lower fee structure than their Class A counterpart, and are available to Plan participants as they are introduced. However, if participants owned Class A shares of any of the funds mentioned above, they have been automatically converted to Class Y shares as of October 3, 2005. Class A shares of these funds are no longer available under the Plan.

* * * * * *

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SUPPLEMENTAL SCHEDULE

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PUTNAM INVESTMENTS
PROFIT SHARING RETIREMENT PLAN

FORM 5500, SCHEDULE H, PART IV, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)     
DECEMBER 31, 2005       
 
 
      (c) Description of    (e) Current 
(a)  Shares  (b) Identity of Issue  Investment  (d) Cost **  Value 
 
MUTUAL FUNDS AND COLLECTIVE TRUST:       
 
*  34,055,203  Putnam Money Market Fund  Registered Investment Company    $ 34,055,203 
*  1,383,895  Putnam Voyager Fund  Registered Investment Company    24,840,909 
*  27,977,542  Putnam Stable Value Fund  Collective Trust    27,977,542 
*  493,851  Putnam New Opportunities Fund  Registered Investment Company    23,314,685 
*  1,225,523  The Putnam Fund for Growth and Income  Registered Investment Company    24,228,583 
*  373,942  Putnam International Growth & Income Fund  Registered Investment Company    5,048,214 
*  975,751  The George Putnam Fund of Boston  Registered Investment Company    17,534,248 
*  1,504,096  Putnam Vista Fund  Registered Investment Company    16,680,428 
*  1,076,380  Putnam Small Cap Value Fund  Registered Investment Company    18,373,805 
*  1,223,587  Putnam OTC Emerging Growth Fund  Registered Investment Company    9,996,705 
*  177,757  Putnam Health Sciences Trust  Registered Investment Company    11,246,677 
*  1,197,648  Putnam Investors Fund  Registered Investment Company    16,431,724 
*  831,767  Putnam International New Opportunities Fund  Registered Investment Company    11,295,401 
*  1,057,550  Putnam Global Equity Fund  Registered Investment Company    9,919,824 
*  819,026  Putnam New Value Fund  Registered Investment Company    14,734,279 
*  432,353  Putnam Growth Opportunities  Registered Investment Company    5,880,006 
*  662,302  Putnam High Yield Trust  Registered Investment Company    5,232,185 
*  636,007  Putnam Equity Income Trust  Registered Investment Company    10,665,835 
*  444,481  Putnam Research Fund  Registered Investment Company    6,480,537 
*  510,456  Putnam Income Fund  Registered Investment Company    3,476,203 
*  602,339  Putnam Capital Opportunities Fund  Registered Investment Company    6,914,854 
*  564,257  Putnam Mid Cap Value Fund  Registered Investment Company    8,164,805 
*  197,008  Putnam American Gov’t Income Trust  Registered Investment Company    1,755,338 
*  236,457  Putnam Capital Appreciation Fund  Registered Investment Company    4,757,519 
*  308,991  Putnam Classic Equity Fund  Registered Investment Company    4,097,217 
*  145,886  Putnam Global Income Trust  Registered Investment Company    1,757,930 
*  217,708  Putnam Convertible Income-Growth Trust  Registered Investment Company    3,803,363 
*  519,605  Putnam High Yield Advantage Trust  Registered Investment Company    3,164,396 
 
          (Continued) 

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PUTNAM INVESTMENTS
PROFIT SHARING RETIREMENT PLAN

FORM 5500, SCHEDULE H, PART IV, LINE 4i —SCHEDULE OF ASSETS (HELD AT END OF YEAR) 
DECEMBER 31, 2005       
 
      (c) Description of    (e) Current 
(a)  Shares  (b) Identity of Issue  Investment  (d) Cost **  Value 
 
*  156,019  Putnam Europe Equity Fund  Registered Investment Company    3,546,307 
*  730,013  Putnam Asset Allocation Fund—Balanced  Registered Investment Company    8,146,946 
*  140,808  Putnam U.S. Government Income Trust  Registered Investment Company    1,844,590 
*  982,294  Putnam Asset Allocation Fund: Growth  Registered Investment Company    12,052,744 
*  435,672  Putnam Diversified Income Trust  Registered Investment Company    4,321,867 
*  261,945  Putnam Global Natural Resources Fund  Registered Investment Company    7,297,792 
*  192,741  Putnam Limited Duration Fund  Registered Investment Company    967,557 
*  257,168  Putnam Asset Allocation Fund: Conservative  Registered Investment Company    2,389,092 
*  413,719  Putnam Small Cap Growth Fund  Registered Investment Company    9,225,930 
*  180,634  Putnam Utilities Growth and Income Fund  Registered Investment Company    1,974,333 
*  403,143  Putnam Discovery Growth  Registered Investment Company    7,502,486 
*  918,313  Putnam International Equity Fund  Registered Investment Company    24,142,453 
*  519,660  Putnam International Cap Opportunities  Registered Investment Company    14,918,373 
*  100,681  Putnam Floating Rate Income Fund  Registered Investment Company    1,005,803 
*  38  Putnam RetirementReady Maturity  Registered Investment Company    2,179 
*  152  Putnam RetirementReady 2010  Registered Investment Company    9,227 
*  1,204  Putnam RetirementReady 2015  Registered Investment Company    78,447 
*  705  Putnam RetirementReady 2020  Registered Investment Company    49,152 
*  7,631  Putnam RetirementReady 2025  Registered Investment Company    546,010 
*  3,656  Putnam RetirementReady 2030  Registered Investment Company    267,772 
*  4,743  Putnam RetirementReady 2035  Registered Investment Company    354,324 
*  3,252  Putnam RetirementReady 2040  Registered Investment Company    248,066 
*  1,762  Putnam RetirementReady 2045  Registered Investment Company    135,127 
*  61  Putnam RetirementReady 2050  Registered Investment Company    3,333 
 
    Total Mutual Funds and Collective Trust      432,858,325 
 
*  247,999  Marsh & McLennan Companies, Inc.  Common Stock    7,876,471 
 
*    Participants  Participant loans—various     
      maturities from 2006 through     
      2015 at interest rates     
      ranging from 4.0% to 9.68%    7,137,062 
 
    TOTAL INVESTMENTS      $447,871,858 

(Concluded)


* Permitted party-in-interest.

(Note—The Putnam mutual funds are sponsored by Putnam Investments Trust, a party-in-interest to the Plan.)

** Cost information is not required for participant-directed investments and is therefore not included.

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