11-K 1 d373556d11k.htm FORM 11-K FORM 11-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 11-K

 

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS

AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

(Mark One)

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File No.: 333-74483

 

 

 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Willis 401(k) Retirement Savings Plan

 

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

Willis North America Inc.

Attn: Adam Rosman

One World Financial Center

200 Liberty Street

New York, NY 10281-1003

(212) 915-8888

 

 

 

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Willis 401(k) Retirement Savings Plan

Financial Statements as of December 31, 2011 and

2010, and for the Year Ended December 31, 2011,

Supplemental Schedule as of December 31, 2011,

and Report of Independent Registered Public

Accounting Firm

 

 

 

 

 

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WILLIS 401(k) RETIREMENT SAVINGS PLAN

TABLE OF CONTENTS

 

 

 

     Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    1

FINANCIAL STATEMENTS:

   

Statements of Net Assets Available for Benefits as of December 31, 2011 and 2010

    2

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2011

    3

Notes to Financial Statements as of December 31, 2011 and 2010, and for the Year Ended December  31, 2011

    4–11

SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2011:

    12

Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year)

    13–27

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.

   

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LOGO

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Benefits Committee of

Willis North America Inc.

Nashville, Tennessee

We have audited the accompanying statements of net assets available for benefits of the Willis 401(k) Retirement Savings Plan (the “Plan”) as of December 31, 2011 and 2010, and the related statements of changes in net assets available for benefits for the year ended December 31, 2011. 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, 2011 and 2010, and the changes in net assets available for benefits for the year ended December 31, 2011, 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, 2011, is presented for the purpose of additional analysis and is 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. This supplemental schedule is the responsibility of the Plan’s management. Such supplemental schedule has been subjected to the auditing procedures applied in our audit of the basic 2011 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic 2011 financial statements taken as a whole.

 

LOGO

June 26, 2012

LOGO ]

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WILLIS 401(k) RETIREMENT SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2011 AND 2010

 

 

 

     2011     2010  

ASSETS:

     

Participant-directed investments — at fair value

    $ 587,341,968      $ 587,249,765   
  

 

 

    

 

 

  

Total investments

      587,341,968        587,249,765   
  

 

 

    

 

 

  

Receivables:

     

Notes receivable from participants

      8,388,631        8,685,427   

Contributions receivable from employer

      9,192,809        —     

Contributions receivable from participants

      971,009        977,960   
  

 

 

    

 

 

  

Total receivables

      18,552,449        9,663,387   
  

 

 

    

 

 

  

NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE

      605,894,417        596,913,152   

ADJUSTMENT FROM FAIR VALUE TO CONTRACT VALUE FOR FULLY BENEFIT-RESPONSIVE STABLE VALUE FUNDS

      (16,673,456 )      (11,250,894 ) 
  

 

 

    

 

 

  

NET ASSETS AVAILABLE FOR BENEFITS

    $ 589,220,961      $ 585,662,258   
  

 

 

    

 

 

  

See notes to financial statements.

 

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WILLIS 401(k) RETIREMENT SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2011

 

 

 

ADDITIONS:

   

Contributions:

   

Participant contributions

    $ 40,240,531   

Rollover contributions

      4,967,180   

Employer contributions

      9,495,352   
  

 

 

  

Total contributions

      54,703,063   
  

 

 

  

Investment income:

   

Net depreciation in fair value of investments

      (13,409,120 ) 

Dividends

      9,367,698   

Interest

      4,828,829   
  

 

 

  

Net investment income

      787,407   
  

 

 

  

Interest income on notes receivable from participants

      399,026   
  

 

 

  

DEDUCTIONS:

   

Benefits paid to participants

      (52,004,225 ) 

Administrative expenses

      (326,568 ) 
  

 

 

  

Total deductions

      (52,330,793 ) 
  

 

 

  

INCREASE IN NET ASSETS

      3,558,703   
  

 

 

  

NET ASSETS AVAILABLE FOR BENEFITS:

   

Beginning of year

      585,662,258   
  

 

 

  

End of year

    $ 589,220,961   
  

 

 

  

See notes to financial statements.

 

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WILLIS 401(k) RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2011 AND 2010, AND FOR THE YEAR ENDED DECEMBER 31, 2011

 

 

 

1. DESCRIPTION OF THE PLAN

The following description of the Willis 401(k) Retirement Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a complete description of the Plan’s provisions.

General — The Plan is a defined contribution plan sponsored by Willis North America Inc. (the “Company” or “Employer”), a subsidiary of Willis Group Holdings plc, and covers all eligible employees of the Company and its subsidiaries. The Benefits Committee of the Board of Directors of the Company controls and manages the operation and administration of the Plan. State Street Bank and Trust serves as the trustee of the Plan and Diversified Investment Advisors serves as the record keeper. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

Contributions — Full-time and part-time employees of the Company are eligible to participate in the Plan. Newly hired employees are automatically enrolled in the Plan after 60 days of service with a 3% pre-tax contribution rate of eligible compensation. Participants may elect to contribute between 1% and 99% of their eligible compensation as pretax and/or Roth 401(k) contributions, subject to Internal Revenue Service (IRS) limits. Eligible compensation consists of the participant’s base pay plus commissions and production incentives received during the calendar year.

The Company match was suspended in October 2009 for all participants, and the suspension remained in effect throughout 2010. The match was reinstated in 2011. After a year of service, participants are eligible for a 100% match of employee contributions up to a maximum of 2% of the employee’s annual eligible compensation. The match is subject to certain Internal Revenue Code (IRC) limitations. The Company match is calculated annually and it is automatically invested per the participant’s investment elections.

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

Investments — Participants direct the investment of their contributions and Employer matching contributions into various investment options offered by the Plan. The Plan currently offers a variety of mutual funds, Willis Group Holdings plc common stock, and stable value funds as investment options for participants.

The Willis Stable Value Fund and Transamerica Financial Life Insurance Company (TFLIC) Stable 5 Fund are fully benefit-responsive and are invested in separate group annuity insurance contracts with TFLIC. In addition, participants have the option of transferring amounts from the above Plan offered funds into a self-directed brokerage account.

 

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Vesting — A participant’s contributions and earnings thereon are immediately vested. Employer contributions and earnings thereon are 25% vested after two years of service, 50% after three years, 75% after four years, and fully vested after five years of service with the Company, or a predecessor company, or as soon as the employee reaches the age of 65, dies, or becomes disabled, whichever occurs first.

Participant Loans — Participants may borrow from their fund accounts up to a maximum of $50,000 or 50% of their account balance, whichever is less. The loans are secured by the balance in the participant’s account and bear interest at rates commensurate with local prevailing rates at the time funds are borrowed, as determined quarterly by the Plan administrator. Principal and interest is paid ratably through payroll deductions. Participant loans are classified as notes receivable and measured at the unpaid principal balance plus accrued but unpaid interest.

Payment of Benefits — Participants are eligible for distributions upon retirement, disability, termination of service, or death. Special provisions allow for earlier distributions of participants’ contributions and earnings thereon, and vested Employer contributions and earnings thereon, as hardship withdrawals, subject to certain IRS regulations. Upon receiving a hardship withdrawal, a participant’s contributions to the Plan will automatically be suspended for a period of six months. Distributions of accounts can be in lump-sum amounts or installments.

Forfeited Accounts — At December 31, 2011 and 2010, forfeited non-vested accounts totaled $314,450 and $198,439, respectively. During the year ended December 31, 2011, forfeiture amounts will be used to offset future Employer contributions. During the year ended December 31, 2010, forfeiture amounts were used to reduce the Plan’s administrative expenses.

Plan Termination — Although the Company has not expressed any intent to terminate the Plan, it may cease making contributions or terminate the Plan, at any time, subject to the provisions of ERISA. Upon full or partial termination of the Plan, the balance in each participant’s or retired participant’s accounts becomes nonforfeitable and each participant, retired participant, or beneficiary is entitled to receive any amounts then credited to his/her accounts in the trust, provided that the Company may elect to continue the trust and make payments therefrom, pursuant to the terms of the Plan.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

Investment Valuation and Income Recognition — The Plan’s investments are stated at fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Common stock is valued at the closing price reported on the exchange on which traded on the last business day of the Plan year. Money market funds are stated at amortized cost, which approximates fair value. Shares of mutual funds are valued at the net asset value of shares held by the Plan at year-end. The stable value funds are stated at fair value and then adjusted to contract value as described below. Fair value of the stable funds is the net asset value of its underlying investments, and contract value is principal plus accrued interest.

In accordance with GAAP, the stable value funds are included at fair value in participant-directed investments in the statements of net assets available for benefits, and an additional line item is presented representing the adjustment from fair value to contract value. The statement of changes in net assets available for benefits is presented on a contract value basis.

 

- 5 -

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Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net depreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Management fees and operating expenses charged to the Plan for investments in the mutual funds and guaranteed investment contracts 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.

Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risks and Uncertainties — The Plan utilizes various investment instruments, including common stock, mutual funds, and stable value funds. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, 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 change could materially affect the amounts reported in the financial statements.

Notes Receivable from Participants — Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.

Administrative Expenses — Administrative expenses of the Plan are paid by the Plan as provided in the Plan document.

Payment of Benefits — Benefit payments to participants are recorded upon distribution. All distribution payments are processed the same day, therefore, at December 31, 2011 and 2010 there were no amounts allocated to accounts of persons who have elected to withdraw from the Plan, but have not yet been paid.

Excess Contributions Payable — The Plan is required to return contributions received during the Plan year in excess of the IRC limits. There were no excess contributions payable at December 31, 2011 and 2010.

New Accounting Standards — The accounting standard adopted in 2011 is described below.

ASU No. 2010-06, Fair Value Measurements and Disclosures — In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures, which amends ASC 820, Fair Value Measurements and Disclosures, adding new disclosure requirements for Levels 1 and 2, separate disclosures of purchases, sales, issuances, and settlements relating to Level 3 measurements and clarification of existing fair value disclosures. ASU No. 2010-06 is effective for periods beginning after December 15, 2009, except for the requirement to provide Level 3 activity of purchases, sales, issuances, and settlements on a gross basis, which will be effective for fiscal years beginning after December 15, 2010. The Plan prospectively adopted the new guidance in 2010, except for the Level 3 reconciliation disclosures, which were adopted in 2011. The adoption in 2010 and 2011 did not materially affect the Plan’s financial statements.

 

- 6 -

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New Accounting Standards Not Yet Effective

ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs — In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which amends ASC 820. ASU 2011-04 also requires the categorization by level for items that are only required to be disclosed at fair value and information about transfers between Level 1 and Level 2. In addition, the ASU provides guidance on measuring the fair value of financial instruments managed within a portfolio and the application of premiums and discounts on fair value measurements. The ASU requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The new guidance is effective for reporting periods beginning after December 15, 2011. The adoption will not have a material effect on the statement of net assets available for benefits and statement of changes in net assets available for benefits. Plan management has not determined the impact on the disclosures in the financial statements.

 

3. INVESTMENTS

Individual investments that represent greater than 5% of the Plan’s net assets available for benefits are as follows:

 

As of December 31, 2011:

   

Willis Stable Value Fund (at contract value)

    $ 99,260,312   

Pimco Total Return Fund

      64,210,388   

Transamerica Partners Institutional Stock Index Fund

      46,187,901   

American Funds Income Fund

      40,757,700   

American Funds Growth Fund

      38,250,549   

TFLIC Stable 5 Fund (at contract value)

      37,076,941   

American Funds Fundamental Investment Fund

      35,515,770   

American Funds Europacific

      33,248,431   

As of December 31, 2010:

   

Willis Stable Value Fund (at contract value)

    $ 89,115,130   

Pimco Total Return Fund

      60,962,053   

Transamerica Partners Institutional Stock Index Fund

      47,115,826   

American Funds Income Fund

      43,283,926   

American Funds Growth Fund

      42,965,605   

TFLIC Stable 5 Fund (at contract value)

      41,638,565   

American Funds Europacific

      40,405,659   

American Funds Fundamental Investment Fund

      39,119,088   

During the year ended December 31, 2011, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value by $13,409,120 as follows:

 

Mutual funds

    $ (15,615,265 ) 

Common stock

      2,211,441   

Corporate bonds

      (734 ) 

U.S. government securities

      (4,562 ) 
  

 

 

  

Net depreciation in fair value of investments

    $ (13,409,120 ) 
  

 

 

  

 

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4. INVESTMENT CONTRACTS WITH INSURANCE COMPANY

The Plan has two fully benefit-responsive investment contracts with TFLIC. TFLIC maintains the contributions in a non-pooled separate account (Willis Stable Value Fund) and a pooled separate account (TFLIC Stable 5 Fund), which are credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The contracts are included in the financial statements at fair value and then adjusted to contract value. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

The contracts have certain restrictions that impact the ability to collect the full contract value, for example, the Plan may not withdraw more than 20% of the beginning of the year balance of the contract without incurring a penalty. Plan management believes that the occurrence of events that would cause the Plan to transact at less than contract value is not probable. TFLIC may not terminate the contracts at any amount less than contract value.

TFLIC is contractually obligated to pay the principal and specified interest rate that is guaranteed to the Plan. The crediting interest rate is based on a formula agreed upon with TFLIC, but may not be less than 0%. Such interest rates are reviewed for resetting on a quarterly basis for the Willis Stable Value Fund and on an annual basis for the TFLIC Stable 5 Fund. The crediting rate of the contract will track current market yields on a trailing basis.

 

     2011     2010  

Willis Stable Value Fund average yields:

     

Based on annualized earnings (1)

      10.01 %      7.62 % 

Based on interest rate credited to participants (2)

      2.85        3.21   

TFLIC Stable 5 Fund average yields:

     

Based on annualized earnings (1)

      11.49 %      8.14 % 

Based on interest rate credited to participants (2)

      3.72        4.23   

 

  (1) Computed by dividing the annualized actual earnings of the contract on the last day of the Plan year by the fair value of the investments on the same date.
  (2) Computed by dividing the annualized earnings credited to participants on the last day of the Plan year by the fair value of the investments on the same date.

 

5. FEDERAL INCOME TAX STATUS

The Plan has received a determination letter from the IRS dated May 14, 2008, stating that the Plan is qualified under Section 401(a) of the IRC (the “Code”) and therefore, the related trust is exempt from taxation. The Plan is required to operate in conformity with the Code to maintain its qualification. During 2012, the Plan administrator filed for an updated determination letter. A final determination letter has not been issued as of the date of issuance of the financial statements. The Plan administrator believes the Plan is currently designed and operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt.

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. The Plan administrator believes it is no longer subject to income tax examinations for years prior to December 31, 2008.

 

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6. TRANSACTIONS WITH PARTIES-IN-INTEREST

Transactions with parties-in-interest include contributions from the Company, investments in certain funds managed by the recordkeeper of the Plan, and the investment contracts managed by TFLIC; therefore, these transactions qualify as exempt party-in-interest transactions. Administrative expenses of the Plan not borne by participants are paid by the Company. Such amounts paid by the Company in 2011 were not significant.

At December 31, 2011 and 2010, the Plan held 514,195 and 558,319 shares, respectively, of common stock of Willis Group Holdings plc, with a fair value of $20,843,077 and $20,205,503, respectively.

 

7. FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurements and Disclosures, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows: Level 1, which refers to securities valued using unadjusted quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Plan’s policy is to recognize significant transfers between levels at the end of the reporting period.

 

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The following tables set forth by level, within the fair value hierarchy, a summary of the Plan’s investments measured at fair value on a recurring basis as of December 31, 2011 and December 31, 2010:

 

     Assets at Fair Value as of December 31, 2011  
     Active Markets
for Identical
Assets (Level 1)		      Other
Observable
Inputs (Level 2)		      Significant
Unobservable
Inputs (Level 3)		      Total  

Mutual Funds:

            

Large Cap Stocks:

            

Domestic

    $ 203,850,954       $ —         $ —         $ 203,850,954   

International

      35,027,621         —           —           35,027,621   

Mid/Small Cap Stocks

      68,051,928         —           —           68,051,928   

Retirement Funds

      8,870,131         —           —           8,870,131   

Bonds:

            

Investment Grade

      64,210,388         —           —           64,210,388   

High Yield

      13,086,687         —           —           13,086,687   

Various Diversified Funds

      5,214,179         —           —           5,214,179   

Common Stocks:

            

Willis Group Holdings plc

      20,843,077         —           —           20,843,077   

Other Common Stock

      9,591,187         —           —           9,591,187   

Guaranteed Investment

            

Contracts

      —           153,010,709         —           153,010,709   

Money Market Funds

      —           4,362,387         —           4,362,387   

Other Financial Assets

      1,222,720         —           —           1,222,720   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Assets at Fair Value

    $ 429,968,872       $ 157,373,096       $ —         $ 587,341,968   
  

 

 

     

 

 

     

 

 

     

 

 

  

For the year ended December 31, 2011, there were no significant transfers in or out of Levels 1, 2 or 3.

 

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     Assets at Fair Value as of December 31, 2010  
     Active Markets
for Identical
Assets (Level 1)		      Other
Observable
Inputs (Level 2)		      Significant
Unobservable
Inputs (Level 3)		      Total  

Mutual Funds:

            

Large Cap Stocks:

            

Domestic

    $ 217,125,007       $ —         $ —         $ 217,125,007   

International

      40,405,659         —           —           40,405,659   

Mid/Small Cap Stocks

      74,786,279         —           —           74,786,279   

Bonds:

            

Investment Grade

      60,962,053         —           —           60,962,053   

High Yield

      11,455,377         —           —           11,455,377   

Various Diversified Funds

      6,192,188         —           —           6,192,188   

Common Stocks:

            

Willis Group Holdings plc

      20,205,503         —           —           20,205,503   

Other Common Stock

      9,266,882         —           —           9,266,882   

Guaranteed Investment

            

Contracts

      —           142,004,589         —           142,004,589   

Money Market Funds

      —           3,609,727         —           3,609,727   

Other Financial Assets

      1,236,501         —           —           1,236,501   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Assets at Fair Value

    $ 441,635,449       $ 145,614,316       $ —         $ 587,249,765   
  

 

 

     

 

 

     

 

 

     

 

 

  

For the year ended December 31, 2010, there were no significant transfers in or out of Levels 1, 2 or 3.

 

8. SUBSEQUENT EVENTS

Subsequent events were evaluated through the date of the financial statement issuance. Based on this review, no significant event occurred that requires disclosure.

* * * * * *

 

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SUPPLEMENTAL SCHEDULE

 

 

 

 

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WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

Mutual Funds

         

Large Cap Stocks

         

Domestic

         

American Funds Growth Fund

       Mutual Fund    $ 38,250,549   

American Funds Income Fund

       Mutual Fund      40,757,700   

American Funds Fundamental Investment Funds

       Mutual Fund      35,515,770   

Davis NY Venture Fund

       Mutual Fund      22,610,664   
        

 

 

  

MFS Value Fund

       Mutual Fund      20,528,370   
        

 

 

  

Transamerica Partners Stock Index Fund

       Mutual Fund      46,187,901   

Total

            203,850,954   

International

         

American Funds Europacific

       Mutual Fund      33,248,431   

Russell Emerging Markets Fund

       Mutual Fund      1,779,190   
        

 

 

  

Total

            35,027,621   
        

 

 

  

Mid/Small Cap Stocks

         

Columbia Small Cap Value Fund

       Mutual Fund      19,687,672   

Fidelity Spartan Extended Market Index

       Mutual Fund      3,217,344   

Prudential Mid Cap

       Mutual Fund      17,423,982   

Ridge Worth Mid Cap Value

       Mutual Fund      7,827,362   

Royce Value Plus

       Mutual Fund      19,895,568   
        

 

 

  

Total

            68,051,928   
        

 

 

  

Retirement Funds

         

T Rowe RA 2010

       Mutual Fund      680,926   

T Rowe RA 2020

       Mutual Fund      3,355,127   

T Rowe RA 2030

       Mutual Fund      2,595,618   

T Rowe RA 2040

       Mutual Fund      1,005,408   

T Rowe RA 2050

       Mutual Fund      382,330   

T Rowe RA Income

       Mutual Fund      850,722   
        

 

 

  

Total

            8,870,131   
        

 

 

  

Bonds

         

Investment Grade

         

PIMCO Total Return Fund

       Mutual Fund      64,210,388   
        

 

 

  

Total

            64,210,388   
        

 

 

  

High Yield

         

Transamerica Partners High Yield Fund

       Mutual Fund      13,086,687   
        

 

 

  

Total

            13,086,687   
        

 

 

  

Various Diversified Mutual Funds

         

ABERDEEN GLOBAL SMALL CAP A

      402       Mutual Fund      8,172   

ALPINE DYNAMIC DIVIDEND FUND

      2,503       Mutual Fund      9,036   

AMANA INCOME FUND

      226       Mutual Fund      7,169   

AMERICAN CENTURY GOVT BOND F

      6,276       Mutual Fund      72,360   

AMERICAN CENTURY INFLAT

      796       Mutual Fund      10,137   

AMERICAN FD FUNDAMENTAL INV FD

      82       Mutual Fund      2,912   

AMERICAN FD GROWTH FD OF AMERI

      4,582       Mutual Fund      130,867   

AMERICAN FD INV CO OF AMERIC

      51       Mutual Fund      1,390   

AMERICAN FD NEW PERSPE

      70       Mutual Fund      1,829   

AQR INTL MOMENTUM FD CL L

      677       Mutual Fund      7,695   

AQR MGD FUTURES STRAT FD CL I

      2,375       Mutual Fund      22,727   

AQR MOMENTUM FD CL L

      1,376       Mutual Fund      19,110   

AQR SMALL CAP MOMENTUM FD CL

      712       Mutual Fund      9,885   

ARTIO GLOBAL EQTY FD INC CL

      300       Mutual Fund      9,839   

ARTIO GLOBAL HIGH INCOME FUND

      642       Mutual Fund      6,248   

ARTISAN INTL FUND

      1,034       Mutual Fund      20,512   

ARTISAN INTL VALUE FUND

      998       Mutual Fund      25,052   

ASTON RIVER ROAD INDEPE

      7,394       Mutual Fund      78,594   

BARON ASSET FUND

      158       Mutual Fund      7,209   

BERWYN INCOME FUND

      2,523       Mutual Fund      32,467   

BLACKROCK EQTY DIVIDEND FD INV

      1,692       Mutual Fund      30,706   

BLACKROCK GLOBAL ALLOCA

      456       Mutual Fund      8,273   

BLACKROCK INTL OPPTY A

      627       Mutual Fund      17,644   

BUFFALO GROWTH FUND

      1,614       Mutual Fund      39,768   

BUFFALO SCIENCE AND TECH FUND

      1,457       Mutual Fund      20,610   

CGM FOCUS FUND

      401       Mutual Fund      10,297   

COHEN & STEERS REALTY SHARES

      397       Mutual Fund      24,160   

COLUMBIA ACORN FUND CL Z

      1,282       Mutual Fund      35,343   

COLUMBIA ACORN INTL FD CL Z

      188       Mutual Fund      6,448   

COLUMBIA VALUE AND RESTRU

      642       Mutual Fund      28,544   

CROFT LEOMINSTER VALUE

      731       Mutual Fund      15,785   

 

- 13 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

DELAFIELD FUND

      1,243       Mutual Fund      33,473   

DFA EMERGING MARKETS CORE E

      1,269       Mutual Fund      21,882   

DFA EMERGING MARKETS VALUE

      91       Mutual Fund      2,352   

DFA FIVE YEAR GLOBAL FIXED

      943       Mutual Fund      10,285   

DFA GLOBAL REAL ESTATE SECURI

      3,382       Mutual Fund      26,410   

DFA INTERNATIONAL CORE EQUITY

      2,902       Mutual Fund      26,868   

DFA INTL SMALL CAP VALUE PORTF

      560       Mutual Fund      7,605   

DFA INTL SMALL COMPANY PORTFO

      1,995       Mutual Fund      27,605   

DFA INTL VALUE III PORT

      554       Mutual Fund      7,632   

DFA LARGE CAP VALUE III PORTFO

      1,308       Mutual Fund      19,162   

DFA SLCTIVELY HEDGED GLOBAL

      1,985       Mutual Fund      19,993   

DFA TWO YEAR GLOBAL FIXED

      2,595       Mutual Fund      26,153   

DFA U.S. CORE EQUITY 2 PORTFO

      8,335       Mutual Fund      88,266   

DFA U.S. LARGE CAP VALUE PORTF

      11,002       Mutual Fund      210,571   

DFA U.S. SMALL CAP VALUE PORTF

      1,251       Mutual Fund      28,982   

DFA US MICRO CAP PORT

      1,046       Mutual Fund      13,828   

DFA US TARGETED VALUE PORTFO

      638       Mutual Fund      9,788   

DIREXION MONTHLY SMALL CAP BE

      84       Mutual Fund      844   

DODGE & COX INCOME FUND

      767       Mutual Fund      10,207   

DODGE & COX INTL STOCK FUND

      1,280       Mutual Fund      37,439   

DODGE & COX STOCK FUND

      499       Mutual Fund      50,761   

DOUBLELINE TOTAL RETURN BD FD

      2,705       Mutual Fund      29,838   

DREYFUS INFLATION ADJUST

      733       Mutual Fund      10,146   

DWS EAFE EQUITY INDEX FD INSTL

      248       Mutual Fund      2,673   

DWS EQUITY 500 INDEX FD INSTL

      44       Mutual Fund      6,318   

FAIRHOLME FUND

      660       Mutual Fund      15,289   

FBR SMALL CAP FINANCIAL FUND I

      250       Mutual Fund      4,129   

FEDERATED PRUDENT BEAR FD CL

      1,077       Mutual Fund      4,708   

FEDERATED TOTAL RETURN BOND F

      1,219       Mutual Fund      13,749   

FEDERATED US GOVT SEC FD 1 TO

      2,241       Mutual Fund      24,293   

FIDELITY CANADA FUND

      894       Mutual Fund      44,827   

FIDELITY CAPITAL APPR FD

      510       Mutual Fund      12,546   

FIDELITY INTL DISCOVERY FUND

      422       Mutual Fund      11,652   

FIDELITY LATIN AMER FUND

      1,029       Mutual Fund      50,319   

FIDELITY SLCT CHEMICALS PORT

      260       Mutual Fund      24,719   

FIDELITY SLCT COMM EQUIPM

      56       Mutual Fund      1,230   

FIDELITY SLCT HEALTH CARE P

      74       Mutual Fund      9,061   

FIDELITY SLCT MATERIALS PORT

      227       Mutual Fund      13,927   

FIDELITY SLCT NATURAL RESOUR

      969       Mutual Fund      30,332   

FIDELITY SLCT NATURL GAS PORT

      715       Mutual Fund      21,762   

FIDELITY SLCT SOFTWARE &COMPUT

      46       Mutual Fund      3,599   

FIDELITY SLCT TELECOM PORTFO

      32       Mutual Fund      1,409   

GABELLI ASSET FUND AAA

      35       Mutual Fund      1,673   

GABELLI EQUITY INCOME FUND C

      1,122       Mutual Fund      22,960   

GABELLI SMALL CAP GROWTH FUND

      1,058       Mutual Fund      33,291   

GAMCO GOLD FUND CL AAA

      357       Mutual Fund      8,393   

GAMCO WESTWOOD BALANCED FUND C

      1,398       Mutual Fund      14,831   

HARBOR CAP APPRECIATION FUND I

      1,415       Mutual Fund      52,228   

HARBOR COMMODITY REAL RETURN

      614       Mutual Fund      4,233   

HARBOR INTERNATIONAL FUND I

      93       Mutual Fund      4,827   

HARBOR REAL RETURN INSTL

      937       Mutual Fund      10,040   

HARDING LOEVNER EMERGING MARKE

      294       Mutual Fund      12,452   

HEARTLAND SELECT VALUE FUND I

      200       Mutual Fund      5,375   

HEARTLAND VALUE PLUS FD INV CL

      338       Mutual Fund      9,360   

HUSSMAN STRATEGIC TOTAL RETURN

      1,884       Mutual Fund      23,169   

ICON ENERGY FUND CL S

      647       Mutual Fund      11,879   

INTREPID SMALL CAP

      666       Mutual Fund      9,806   

INVESCO CONSTELLATION FD CL A

      2,244       Mutual Fund      47,922   

INVESCO TECHNOLOGY FD INV CL

      12       Mutual Fund      363   

IQ ALPHA HEDGE STRATEGY INST C

      2,643       Mutual Fund      26,429   

IRONCLAD MGD RISK

      4,803       Mutual Fund      51,392   

IVY ASSET STRATEGY FUND CL A

      649       Mutual Fund      14,442   

IVY ASSET STRATEGY FUND CL I

      1,006       Mutual Fund      22,576   

JANUS BALANCED FD CL T

      390       Mutual Fund      9,551   

JANUS GROWTH & INCM CL T

      30       Mutual Fund      902   

JANUS OVERSEAS FD CL T

      1,239       Mutual Fund      38,934   

JANUS TRITON FD CL T

      4,792       Mutual Fund      77,824   

JENSEN QUALITY GROWTH FD CL J

      296       Mutual Fund      7,854   

KINETICS PARADIGM FUND

      464       Mutual Fund      9,194   

 

- 14 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

LAZARD EMRG MKTS PORT OPEN S

      1,314       Mutual Fund      22,606   

LEUTHOLD CORE INVESTMENT FUND

      460       Mutual Fund      7,203   

LOOMIS SAYLES BOND FUND CL I

      6,211       Mutual Fund      86,513   

LOOMIS SAYLES GLOBAL BD FD CL

      2,519       Mutual Fund      41,116   

LOOMIS SAYLES STRATEGIC INCOME

      534       Mutual Fund      7,680   

MAINSTAY LARGE CAP GROWTH

      1,335       Mutual Fund      9,156   

MANNING & NAPIER EQUITY SERIES

      495       Mutual Fund      8,606   

MANNING & NAPIER WORLD OPPTY

      339       Mutual Fund      2,246   

MARKETFIELD FD

      1,547       Mutual Fund      21,692   

MARSICO GLOBAL FD

      863       Mutual Fund      8,356   

MATTHEWS CHINA FUND

      429       Mutual Fund      9,227   

MATTHEWS INDIA FUND

      1,820       Mutual Fund      24,730   

MATTHEWS PACIFIC TIGER FUND

      1,790       Mutual Fund      36,383   

MERIDIAN GROWTH FUND

      433       Mutual Fund      18,040   

METROPOLITAN WEST TOTAL RETURN

      8,117       Mutual Fund      84,172   

NEUBERGER BERMAN FOCUS FD INV

      113       Mutual Fund      2,141   

NUVEEN MID CAP SELECT CL A

      24       Mutual Fund      223   

NUVEEN REAL ESTATE SECS A

      398       Mutual Fund      7,475   

OAKMARK EQUITY INCOME FD

      923       Mutual Fund      24,959   

OAKMARK INTL FD CLASS I

      1,831       Mutual Fund      30,308   

PARNASSUS EQUITY INCOME FUND I

      410       Mutual Fund      10,802   

PAYDEN VALUE LEADERS FUND

      346       Mutual Fund      3,623   

PERKINS SMALL CAP VALUE FD CL

      73       Mutual Fund      1,493   

PERMANENT PORTFOLIO

      86       Mutual Fund      3,978   

PIMCO ALL ASSET CL D

      2,588       Mutual Fund      29,687   

PIMCO COMMODITY REAL RETURN

      5,617       Mutual Fund      36,735   

PIMCO COMMODITY REAL RETURN

      2,666       Mutual Fund      17,140   

PIMCO DIVERSIFIED INCOME CL D

      473       Mutual Fund      5,330   

PIMCO EMER MKTS CURRENCY INSTL

      6,571       Mutual Fund      65,115   

PIMCO FOREIGN BOND FUND INSTIT

      662       Mutual Fund      7,007   

PIMCO GLOBAL ADVANTAGE STRATE

      3,540       Mutual Fund      39,649   

PIMCO GNMA D

      4,967       Mutual Fund      58,408   

PIMCO REAL RETURN FUND CL D

      6,503       Mutual Fund      76,668   

PIMCO TOTAL RETURN FUND CL D

      14,976       Mutual Fund      162,785   

PIMCO UNCONSTRAINED BD FD IN

      1,200       Mutual Fund      13,066   

PROFUNDS MID CAP GROWTH INV CL

      53       Mutual Fund      2,263   

RAINIER MID CAP EQUITY PORT O

      468       Mutual Fund      18,010   

ROYCE LOW PRICED STK FD SERVIC

      825       Mutual Fund      11,803   

ROYCE PA MUTUAL FUND INVEST

      931       Mutual Fund      10,020   

ROYCE PREMIER FUND INVEST

      4,251       Mutual Fund      78,728   

RS TECHNOLOGY FUND

      792       Mutual Fund      13,108   

RYDEX GOVT LONG BD 1.2X STRATE

      649       Mutual Fund      10,665   

RYDEX LONG SHORT COMMOD

      175       Mutual Fund      4,211   

RYDEX NASDAQ-100 FUND INV CL

      122       Mutual Fund      1,810   

SCHWAB DIVIDEND EQUITY FUND

      2,236       Mutual Fund      29,897   

SCHWAB FINANCIAL SERVICES FUND

      702       Mutual Fund      6,301   

SCHWAB FUNDAMENTAL EMER MKT IN

      1,946       Mutual Fund      16,019   

SCHWAB GNMA FUND

      3,003       Mutual Fund      31,712   

SCHWAB HEALTH CARE FUND

      252       Mutual Fund      4,418   

SCHWAB INTL INDEX FUND

      673       Mutual Fund      9,826   

SCHWAB MARKETTRACK CONSER

      478       Mutual Fund      6,408   

SCHWAB S&P 500 INDEX FD

      1,317       Mutual Fund      25,773   

SCHWAB SMALL CAP INDEX FUND

      957       Mutual Fund      18,192   

SCHWAB TREASURY INFLAT

      9,762       Mutual Fund      113,141   

SEQUOIA FUND

      42       Mutual Fund      6,080   

SOUND SHORE FUND INC

      1,809       Mutual Fund      53,408   

SSGA EMERGING MARKETS FD

      136       Mutual Fund      2,441   

T ROWE PRICE EUROPEAN STOCK

      203       Mutual Fund      2,690   

T ROWE PRICE HIGH YIELD FUND

      8,589       Mutual Fund      55,741   

T ROWE PRICE INTL BOND FUND

      2,619       Mutual Fund      25,507   

T ROWE PRICE LATIN AMERIC

      799       Mutual Fund      31,044   

T ROWE PRICE MEDIA AND TELECO

      270       Mutual Fund      12,670   

TEMPLETON FOREIGN FUND CL A

      1,002       Mutual Fund      5,933   

TEMPLETON GLOBAL BOND FUND A

      3,600       Mutual Fund      44,537   

TEMPLETON WORLD FUND CL A

      2,828       Mutual Fund      38,852   

THIRD AVENUE REAL ESTATE VALUE

      401       Mutual Fund      8,137   

THIRD AVENUE VALUE FD INSTL

      476       Mutual Fund      19,122   

THORNBURG LTD TERM INCM FD CL

      940       Mutual Fund      12,422   

TOCQUEVILLE FUND

      449       Mutual Fund      9,937   

 

- 15 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

TOCQUEVILLE GOLD FUND

      46       Mutual Fund      3,267   

TOUCHSTONE SANDS CAPITAL SLCT

      1,667       Mutual Fund      16,987   

TWEEDY BROWNE GLOBAL VALUE

      39       Mutual Fund      848   

VANGUARD 500 INDEX FD INVEST

      858       Mutual Fund      99,384   

VANGUARD DEVELOPED MKTS INDEX

      8,362       Mutual Fund      70,996   

VANGUARD DIV GROWTH FD INVEST

      3,302       Mutual Fund      50,912   

VANGUARD EMRG MKTS STK INDEX

      1,268       Mutual Fund      30,571   

VANGUARD GROWTH INDEX FD INVES

      325       Mutual Fund      10,345   

VANGUARD HIGH YIELD CORP FUND

      1,303       Mutual Fund      7,411   

VANGUARD INFLATION PROTEC

      4,613       Mutual Fund      65,085   

VANGUARD INTL EXPLORER INVES

      1,710       Mutual Fund      21,920   

VANGUARD INTL GROWTH FD INVEST

      1,051       Mutual Fund      17,177   

VANGUARD INTL VALUE FUND

      498       Mutual Fund      13,254   

VANGUARD MID CAP GROWTH INDEX

      808       Mutual Fund      18,925   

VANGUARD S/T INVESTMENT GRADE

      7,543       Mutual Fund      80,262   

VANGUARD SHORT TERM BOND INDEX

      4,903       Mutual Fund      52,020   

VANGUARD SMALL CAP GWTH INDEX

      754       Mutual Fund      16,208   

VANGUARD SMALL CAP INDEX FUND

      648       Mutual Fund      21,614   

VANGUARD TOTAL BD MARKET INDEX

      10,251       Mutual Fund      112,761   

VANGUARD TOTAL INTL STOCK

      1,868       Mutual Fund      24,392   

VANGUARD TOTAL STOCK MKT INDEX

      1,451       Mutual Fund      45,407   

VANGUARD VALUE INDEX FUND I

      608       Mutual Fund      12,442   

VANGUARD WELLESLEY INCOME

      1,568       Mutual Fund      35,961   

VANGUARD WELLINGTON FD INVEST

      1,894       Mutual Fund      59,363   

VANGUARD WINDSOR FUND INVEST

      1,018       Mutual Fund      12,999   

VANGUARD WINDSOR II FD INVEST

      890       Mutual Fund      22,944   

WEITZ VALUE FUND

      860       Mutual Fund      25,891   

WELLS FARGO ADVTG DIVERS INTL

      85       Mutual Fund      778   

WELLS FARGO ADVTG GWTH FD IN

      3,978       Mutual Fund      135,677   

WELLS FARGO ADVTG PREMIE

      396       Mutual Fund      3,663   

WHITE OAK SELECT GROWTH FUND

      704       Mutual Fund      26,326   

YACKTMAN FOCUSED FUND

      489       Mutual Fund      9,184   

YACKTMAN FUND

      5,411       Mutual Fund      94,745   
        

 

 

  

Total

            5,214,179   
        

 

 

  

Common Stocks

         

Willis

         

WILLIS STOCK FUND

      514,195       Shares of Common Stock      20,843,077   
        

 

 

  

Total

            20,843,077   
        

 

 

  

Other Common Stock

         

1 800 FLOWERS.COM INC

      2,500       Shares of Common Stock      5,500   

1/100 BERKSHIRE HTWY CLA100 SH

      100       Shares of Common Stock      114,755   

3M COMPANY

      900       Shares of Common Stock      73,596   

A E S CORP

      100       Shares of Common Stock      1,184   

A M R CORPORATION

      75       Shares of Common Stock      26   

A O N CORPORATION

      160       Shares of Common Stock      7,488   

A T & T INC NEW

      837       Shares of Common Stock      25,321   

ACELRX PHARMACEUTICALS ** PEN

      3,500       Shares of Common Stock      6,720   

ACTIONS SEMICNDCTOR ADRF** PEN

      3,000       Shares of Common Stock      5,490   

ADVANCE AUTO PARTS INC EXCHAN

      372       Shares of Common Stock      25,902   

AETERNA ZENTARIS NEW F

      2,000       Shares of Common Stock      3,080   

AETNA INC NEW

      50       Shares of Common Stock      2,110   

AGRIUM INC F

      100       Shares of Common Stock      6,711   

AIRGAS INC TENDER

      51       Shares of Common Stock      3,973   

ALAMOS GOLD INC F

      400       Shares of Common Stock      6,807   

ALBERTA STAR DEV CP NEWF

      200       Shares of Common Stock      39   

ALCATEL LUCENT ADR FSPONSO

      731       Shares of Common Stock      1,140   

ALCOA INC

      1,580       Shares of Common Stock      13,666   

ALKANE RESOURCES ORD F

      5,000       Shares of Common Stock      4,639   

ALLEGHENY TECH INC NEW

      45       Shares of Common Stock      2,151   

ALNYLAM PHARMACEUTICALS ** PEN

      500       Shares of Common Stock      4,075   

ALPHA NATURAL RESOURCES ** PEN

      100       Shares of Common Stock      2,043   

ALTRIA GROUP INC

      2,384       Shares of Common Stock      70,692   

AMAZON COM INC

      25       Shares of Common Stock      4,328   

AMEREN CORPORATION

      500       Shares of Common Stock      16,565   

AMERICAN CAPITAL AGENCY REITS

      210       Shares of Common Stock      5,900   

AMERICAN INTL GROUP INC TRADES

      392       Shares of Common Stock      2,160   

AMERICAN INTL GROUP NEW

      742       Shares of Common Stock      17,214   

AMERICAN SKIING CORP XXXPLAN O

      1,830       Shares of Common Stock      —     

ANADARKO PETROLEUM CORP

      200       Shares of Common Stock      15,266   

 

- 16 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

ANNALY CAPITAL MGMT REIT

      6,207       Shares of Common Stock      99,065   

AOL INC

      6       Shares of Common Stock      91   

APACHE CORP

      559       Shares of Common Stock      50,634   

APERAM FNEW YO

      7       Shares of Common Stock      99   

APOLLO INVESTMENT CORP ** PEN

      8,000       Shares of Common Stock      51,520   

APPLE INC

      771       Shares of Common Stock      312,255   

APPLIED MATERIALS INC

      1,275       Shares of Common Stock      13,658   

ARADIGM CORP NEW

      180       Shares of Common Stock      19   

ARCELOR MITTAL NY NEW FNEW YO

      160       Shares of Common Stock      2,910   

ARCHER-DANIELS-MIDLND CO

      50       Shares of Common Stock      1,430   

ARES CAPITAL CORP

      2,000       Shares of Common Stock      30,900   

ARM HOLDINGS PLC ADR F1 ADR

      100       Shares of Common Stock      2,767   

ASPEN INSURANCE HOLDINGS ** PEN

      500       Shares of Common Stock      13,250   

ASTRAZENECA PLC ADR FSPONSO

      110       Shares of Common Stock      5,092   

ATLAS CORPORATION

      103,000       Shares of Common Stock      1,133   

ATLAS ENERGY LP

      150       Shares of Common Stock      3,645   

ATMEL CORP

      2,000       Shares of Common Stock      16,200   

ATP OIL & GAS CORP

      550       Shares of Common Stock      4,048   

AUCTION MILLS INC NEW

      4       Shares of Common Stock      —     

AURICO GOLD INC F

      255       Shares of Common Stock      2,043   

AUTO DATA PROCESSING

      40       Shares of Common Stock      2,160   

B G C PARTNERS CLASS A

      481       Shares of Common Stock      2,859   

B M C SOFTWARE INC

      400       Shares of Common Stock      13,112   

B2GOLD CORP F

      392       Shares of Common Stock      1,208   

BAIDU COM INC ADR F ** PEN

      115       Shares of Common Stock      13,394   

BANCO SANTANDR CENT ADRFSPONSO

      470       Shares of Common Stock      3,534   

BANDERA GOLD LTD F

      500       Shares of Common Stock      20   

BANK OF AMERICA CORP

      6,962       Shares of Common Stock      38,707   

BARRETT BUSINESS SVCS

      1,033       Shares of Common Stock      20,624   

BAYER A G SPONSORED ADRFSPONSO

      350       Shares of Common Stock      22,445   

BAYSWATER URANIUM NEW F

      100       Shares of Common Stock      17   

BB LIQUIDATING INC CL A CLASS

      400       Shares of Common Stock      4   

BB&T CORPORATION

      385       Shares of Common Stock      9,703   

BERKLEY W R CORPORATION

      105       Shares of Common Stock      3,597   

BERKSHIRE HATHAWAY B NEWCLASS

      560       Shares of Common Stock      42,728   

BEST BUY INC

      190       Shares of Common Stock      4,440   

BIOELECTRONICS CORP

      12,000       Shares of Common Stock      43   

BIOPURE CORP CL A NEW TRADIN

      16       Shares of Common Stock      —     

BIOSCRIP INC

      1,500       Shares of Common Stock      8,190   

BLACK HILLS CORP

      500       Shares of Common Stock      16,790   

BLACKROCK INC

      15       Shares of Common Stock      2,674   

BLACKSTONE GROUP LP ** PEN

      344       Shares of Common Stock      4,820   

BOEING CO ODDLOT

      110       Shares of Common Stock      8,069   

BONANZA OIL & GAS INC

      2,400       Shares of Common Stock      1   

BOSTON SCIENTIFIC CORP

      1,000       Shares of Common Stock      5,340   

BOX SHIPS INC ** PEN

      3,750       Shares of Common Stock      31,388   

BP PLC ADR FSPONSO

      42       Shares of Common Stock      1,776   

BRANDYWINE REALTY TR NEWREIT

      209       Shares of Common Stock      1,984   

BRIGUS GOLD CORP F

      6,000       Shares of Common Stock      5,790   

BRINKS CO DUTCH

      39       Shares of Common Stock      1,055   

BROOKS AUTOMATION NEW DUTCH

      31       Shares of Common Stock      318   

BROWN & BROWN INC

      1,007       Shares of Common Stock      22,786   

BRUKER CORPORATION

      600       Shares of Common Stock      7,452   

BUFFALO WILD WINGS INC ** PEN

      50       Shares of Common Stock      3,376   

BUNGE LIMITED F

      803       Shares of Common Stock      45,951   

C V S CAREMARK CORP

      200       Shares of Common Stock      8,156   

CADAN RESOURCES NEW F

      100       Shares of Common Stock      15   

CALLON PETROLEUM CO

      500       Shares of Common Stock      2,485   

CALPINE CORP NEW

      1,000       Shares of Common Stock      16,330   

CALUMET SPECIALTY PROD ** PRI

      15       Shares of Common Stock      302   

CAMBREX CORP

      3,969       Shares of Common Stock      28,497   

CAMECO CORP FFULLY

      825       Shares of Common Stock      14,891   

CAMPBELL SOUP COMPANY

      500       Shares of Common Stock      16,620   

CANADIAN ZINC CORP F

      545       Shares of Common Stock      356   

CAPITAL BANK CORP NEW

      203       Shares of Common Stock      408   

CAPITAL CITY BANK GROUP

      1,014       Shares of Common Stock      9,686   

CAPSTONE MINING CORP F

      200       Shares of Common Stock      543   

CARDERO RESOURCES CORP F

      28,000       Shares of Common Stock      28,560   

CASEYS GEN STORES INC COMPET

      498       Shares of Common Stock      25,652   

 

- 17 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

CATERPILLAR INC

      394       Shares of Common Stock      35,696   

CELGENE CORP

      65       Shares of Common Stock      4,394   

CENTRAL FD CDA LTD CLA FCLASS

      2,670       Shares of Common Stock      52,359   

CENTURYLINK INC

      313       Shares of Common Stock      11,628   

CENVEO INC

      5,825       Shares of Common Stock      19,805   

CERNER CORP

      200       Shares of Common Stock      12,250   

CERRO RESOURCES NL ORD F

      40,000       Shares of Common Stock      4,304   

CF INDUSTRIES HOLDINGS ** PEN

      35       Shares of Common Stock      5,074   

CHECK PT SOFTWARE TECH F

      115       Shares of Common Stock      6,042   

CHESAPEAKE ENERGY CORP

      750       Shares of Common Stock      16,718   

CHESAPEAKE UTIL CORP

      100       Shares of Common Stock      4,335   

CHEVRON CORPORATION

      673       Shares of Common Stock      71,655   

CHIMERA INVESTMENT CORP ** PEN

      100       Shares of Common Stock      251   

CHINA ENERGY SVGS TECH TRADIN

      1,000       Shares of Common Stock      —     

CHIPOTLE MEXICAN GRILL ** PEN

      10       Shares of Common Stock      3,377   

CHUBB CORPORATION

      201       Shares of Common Stock      13,931   

CINCINNATI FINANCIAL CP

      508       Shares of Common Stock      15,466   

CISCO SYSTEMS INC

      3,314       Shares of Common Stock      59,923   

CITADEL BROADCASTING CP

      12       Shares of Common Stock      —     

CITIGROUP INC NEW

      8,351       Shares of Common Stock      219,718   

CITRIX SYSTEMS INC

      215       Shares of Common Stock      13,055   

COCA COLA COMPANY

      232       Shares of Common Stock      16,214   

COEUR D ALENE MINES NEW

      700       Shares of Common Stock      16,898   

COGNIZANT TECH SOL CL A

      50       Shares of Common Stock      3,216   

COLGATE-PALMOLIVE CO

      70       Shares of Common Stock      6,467   

COLONIAL BANCGROUP INC REGIST

      725       Shares of Common Stock      —     

COMCAST CORP NEW CL A

      119       Shares of Common Stock      2,833   

COMDISCO HOLDING CO RTSRIGHTS

      150       Shares of Common Stock      11   

COMMERCIAL METALS CO XXXSUBMIT

      100       Shares of Common Stock      1,396   

COMPUTRZD THERML IMAGING

      1,000       Shares of Common Stock      3   

CONAGRA FOODS INC

      10       Shares of Common Stock      264   

CONCHO RESOURCES INC ** PEN

      45       Shares of Common Stock      4,219   

CONOCOPHILLIPS

      1,411       Shares of Common Stock      102,808   

CONS WATER CO INC ORD F

      607       Shares of Common Stock      5,206   

CONTINENTAL RESOURCES ** PEN

      75       Shares of Common Stock      5,003   

CONTL PRECIOUS MINERALSF

      1,000       Shares of Common Stock      290   

COPANO ENERGY LLC ** PEN

      18       Shares of Common Stock      619   

COPPER NORTH MNG CORP F

      40       Shares of Common Stock      10   

CORN PRODUCTS INTL INC

      251       Shares of Common Stock      13,225   

CORNING INC

      200       Shares of Common Stock      2,596   

COSTCO WHSL CORP NEW

      90       Shares of Common Stock      7,521   

COVIDIEN PLC NEW F

      9       Shares of Common Stock      412   

CROSSHAIR ENERGY CORP F

      362       Shares of Common Stock      127   

CSR PLC ADR FSPONSO

      147       Shares of Common Stock      1,680   

CUMMINS INC

      50       Shares of Common Stock      4,439   

CURRENCYSHARES JAPANESE YEN TR

      134       Shares of Common Stock      17,143   

CYNOSURE INC ** PEN

      600       Shares of Common Stock      7,056   

DDR CORP

      208       Shares of Common Stock      2,532   

DECKERS OUTDOOR CORP

      30       Shares of Common Stock      2,267   

DECODE GENETICS INC XXXPLAN O

      5,900       Shares of Common Stock      —     

DEERE & CO

      105       Shares of Common Stock      8,154   

DELL INC

      605       Shares of Common Stock      8,851   

DENISON MINES CORP F

      2,500       Shares of Common Stock      3,125   

DEVON ENERGY CP NEW

      1,017       Shares of Common Stock      63,036   

DHT HOLDINGS INC XXXCASH M

      222       Shares of Common Stock      164   

DIREXION SHARES ETF NEW DAILY

      11       Shares of Common Stock      714   

DIREXION SHS EXCH TRD FD ** PEN

      100       Shares of Common Stock      3,645   

DISNEY WALT CO

      175       Shares of Common Stock      6,572   

DITEM EXPLORATION INC F

      1,000       Shares of Common Stock      34   

DOMINOS PIZZA INC ** PEN

      100       Shares of Common Stock      3,395   

DOW CHEMICAL COMPANY

      210       Shares of Common Stock      6,040   

DRYSHIPS INC F ** PEN

      100       Shares of Common Stock      200   

DU PONT E I DE NEMOUR&CO

      104       Shares of Common Stock      4,778   

DUKE ENERGY CORP NEW

      3,080       Shares of Common Stock      67,760   

E M C CORP MASS

      609       Shares of Common Stock      13,118   

E O G RESOURCES INC

      400       Shares of Common Stock      39,404   

EARTHLINK INC

      100       Shares of Common Stock      644   

EAST ASIA MINERALS CORPF

      700       Shares of Common Stock      329   

EASTMAN KODAK COMPANY

      217       Shares of Common Stock      141   

 

- 18 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

EBAY INC

      100       Shares of Common Stock      3,033   

ECHELON CORPORATION

      180       Shares of Common Stock      877   

ECOLAB INC

      105       Shares of Common Stock      6,070   

EDDIE BAUER HOLDINGS XXXBANKRU

      5,000       Shares of Common Stock      —     

EDWARDS LIFESCIENCES CP

      70       Shares of Common Stock      4,949   

ELAN CORP PLC SPON ADR FSPONSO

      3,300       Shares of Common Stock      45,342   

ELECTROGLAS CORP XXXBANKRU

      400       Shares of Common Stock      —     

EMERSON ELECTRIC CO

      358       Shares of Common Stock      16,661   

ENDEAVOUR INTL CORP NEW

      8       Shares of Common Stock      70   

ENDEAVOUR SILVER CORP F

      600       Shares of Common Stock      5,826   

ENDURANCE SPECALTY HLDGF

      100       Shares of Common Stock      3,825   

ENERPLUS CORP F

      250       Shares of Common Stock      6,330   

ENRON CORP XXXBANKRU

      1,400       Shares of Common Stock      —     

ENTEGRIS INC DUTCH

      1,000       Shares of Common Stock      8,725   

ENTERPRISE PRD PRTNRS LP

      275       Shares of Common Stock      12,755   

ENTMNT GAMING ASIA INC

      1,000       Shares of Common Stock      225   

ERICSSON TEL ADR B NEW FCL B S

      120       Shares of Common Stock      1,216   

EVOLVING SYSTEMS INC NEW

      1,000       Shares of Common Stock      7,450   

EWORLD COMPANIES INC NEW

      625,000       Shares of Common Stock      63   

EXACT SCIENCES CORP

      10,000       Shares of Common Stock      81,200   

EXELIXIS INC

      600       Shares of Common Stock      2,841   

EXELON CORPORATION

      878       Shares of Common Stock      38,062   

EXPO HOLDING INC

      33,500       Shares of Common Stock      3   

EXPRESS SCRIPTS INC

      50       Shares of Common Stock      2,235   

EXXON MOBIL CORPORATION

      455       Shares of Common Stock      38,604   

FAIRPOINT COMMUN INC ** PEN

      1       Shares of Common Stock      —     

FASTENAL CO

      270       Shares of Common Stock      11,775   

FEDEX CORPORATION

      25       Shares of Common Stock      2,092   

FELLOWS ENERGY LTD

      3,500       Shares of Common Stock      1   

FIFTH STREET FINANCE CP ** PEN

      9,583       Shares of Common Stock      91,712   

FIFTH THIRD BANCORP

      958       Shares of Common Stock      12,192   

FIRST STATE BANCORP NM

      10,000       Shares of Common Stock      21   

FIRSTHAND TECH VALUE FD

      9       Shares of Common Stock      134   

FLAMEL TECH SA ADR FSPONSO

      1,000       Shares of Common Stock      5,210   

FORD MOTOR COMPANY NEW TENDER

      1,738       Shares of Common Stock      18,702   

FOUNTAIN HEALTHY AGING

      7,500       Shares of Common Stock      3   

FREEPORT MCMORAN COPPER

      509       Shares of Common Stock      18,734   

FREIGHTCAR AMERICA INC ** PEN

      403       Shares of Common Stock      8,447   

FRONTIER COMMUNICATIONS

      39       Shares of Common Stock      201   

FUTURELINK CORP NEW TRADIN

      18       Shares of Common Stock      —     

GABELLI EQUITY TRUST INC

      368       Shares of Common Stock      1,838   

GALLAGHER ARTHUR J & CO

      450       Shares of Common Stock      15,048   

GAMESTOP CORP CL A NEW

      250       Shares of Common Stock      6,033   

GENERAL ELECTRIC COMPANY

      9,869       Shares of Common Stock      176,752   

GENERAL MILLS INC

      137       Shares of Common Stock      5,536   

GENERAL MOLY INC

      3,000       Shares of Common Stock      9,270   

GENERAL MOTORS CO ** PEN

      1,500       Shares of Common Stock      30,405   

GENESCO INC

      445       Shares of Common Stock      27,474   

GENUINE PARTS CO

      150       Shares of Common Stock      9,180   

GETTY REALTY CORP NEW REIT

      289       Shares of Common Stock      4,035   

GLAXOSMITHKLINE PLC ADRFSPONSO

      304       Shares of Common Stock      13,856   

GLOBAL ALUMINA CORP FDUTCH

      11,000       Shares of Common Stock      5,528   

GLOBAL PEOPLELINE TELECOREGIST

      3       Shares of Common Stock      —     

GOLD CANYON RES INC F

      27,000       Shares of Common Stock      48,870   

GOLD FIELDS LTD NEW ADRFSPONSO

      477       Shares of Common Stock      7,274   

GOLDCORP INC NEW FEXCHAN

      32       Shares of Common Stock      1,416   

GOLDEN MINERALS CO

      250       Shares of Common Stock      1,453   

GOLDEN STAR RES LTD CDAF

      2,000       Shares of Common Stock      3,300   

GOLDMAN SACHS GROUP INC

      438       Shares of Common Stock      39,570   

GOOGLE INC ** PEN

      70       Shares of Common Stock      45,213   

GRAFTECH INTERNATIONAL

      100       Shares of Common Stock      1,365   

GREAT WESTN MNRLS GROUPF

      10,000       Shares of Common Stock      4,190   

GREEN EARTH TECHS INC

      5,000       Shares of Common Stock      1,350   

GREEN MTN COFFEE ROASTER

      200       Shares of Common Stock      8,970   

GREENLAND MIN & EGY ORDF

      10,000       Shares of Common Stock      4,665   

GREIF INC CL B

      122       Shares of Common Stock      5,500   

GSV CAPITAL CORP

      50       Shares of Common Stock      698   

GT ADVANCED TECHS INC

      172       Shares of Common Stock      1,245   

GUGGENHEIM EXCH TRD FD BRIC E

      162       Shares of Common Stock      5,678   

 

- 19 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

GULF RESOURCES INC NEW

      113       Shares of Common Stock      202   

GUYANA FRONTIER MINING F

      9,000       Shares of Common Stock      815   

HALLIBURTON CO HLDG CO EXCHAN

      760       Shares of Common Stock      26,228   

HARD TO TREAT DISEASES

      42,000       Shares of Common Stock      4   

HARRIS CORPORATION

      150       Shares of Common Stock      5,406   

HATTERAS FINANCIAL CORP ** PEN

      200       Shares of Common Stock      5,274   

HDFC BANK LIMITED ADR FSPONSO

      150       Shares of Common Stock      3,942   

HEALTH CARE REIT INC REIT

      138       Shares of Common Stock      7,509   

HEALTHSOUTH CORP NEW

      1,515       Shares of Common Stock      26,770   

HECLA MINING COMPANY

      2,100       Shares of Common Stock      10,983   

HEINZ H J CO ODDLOT

      20       Shares of Common Stock      1,091   

HELICOS BIOSCIENCES CORP ** PEN

      520       Shares of Common Stock      19   

HERBALIFE LTD F ** PEN

      130       Shares of Common Stock      6,717   

HERSHEY COMPANY

      25       Shares of Common Stock      1,549   

HESS CORPORATION

      85       Shares of Common Stock      4,853   

HEWLETT-PACKARD COMPANY

      1,245       Shares of Common Stock      32,068   

HOLLYFRONTIER CORP

      48       Shares of Common Stock      1,123   

HOME DEPOT INC TENDER

      351       Shares of Common Stock      14,775   

HONEYWELL INTERNATIONAL

      31       Shares of Common Stock      1,664   

HORMEL FOODS CORP

      700       Shares of Common Stock      20,503   

HSN INC

      496       Shares of Common Stock      17,975   

HUDSON CITY BANCORP INC

      800       Shares of Common Stock      5,000   

IAMGOLD CORPORATION FEXCHAN

      500       Shares of Common Stock      7,925   

IMPACT SILVER CORP F

      1,000       Shares of Common Stock      1,287   

INGERSOLL RAND CL A NEWFIRELAN

      28       Shares of Common Stock      849   

INOVIO PHARMACEUTICALS

      1,000       Shares of Common Stock      428   

INTEL CORP

      3,634       Shares of Common Stock      88,126   

INTERIORS INC CL A TRADIN

      25,709       Shares of Common Stock      —     

INTERPHARM HOLDINGS INC

      1,000       Shares of Common Stock      1   

INTL BUSINESS MACHINES

      542       Shares of Common Stock      99,572   

INTUITIVE SURGICAL NEW

      15       Shares of Common Stock      6,945   

INVESCO MORTGAGE CAPITAL** PEN

      320       Shares of Common Stock      4,496   

IQ HEDGE MAC TRACKER ETFMACRO

      385       Shares of Common Stock      10,114   

IQ INDEX TRUST ETF GLOBAL

      400       Shares of Common Stock      11,208   

ISCO INTERNATIONAL INXXXBANKRU

      53,770       Shares of Common Stock      —     

ISHARES MSCI BRAZIL INDXBRAZIL

      597       Shares of Common Stock      34,254   

ISHARES MSCI EMRG MKT FDWITH S

      782       Shares of Common Stock      29,656   

ISHARES MSCI ETF ALL PE

      100       Shares of Common Stock      3,837   

ISHARES MSCI HK IDX FD HONG K

      2,245       Shares of Common Stock      34,730   

ISHARES MSCI ISRAEL INX ISRAEL

      68       Shares of Common Stock      2,690   

ISHARES MSCI JPN IDX FD JAPAN

      31       Shares of Common Stock      287   

ISHARES MSCI MALAYSIA MALAYS

      665       Shares of Common Stock      8,913   

ISHARES MSCI SWEDEN IDX SWEDEN

      289       Shares of Common Stock      7,278   

ISHARES MSCI VAL IDX FD

      141       Shares of Common Stock      6,011   

ISHARES RUSSELL MIDCAP WITH S

      175       Shares of Common Stock      9,634   

ISHARES S&P GLOBAL S&P GL

      709       Shares of Common Stock      6,054   

ISHARES S&P MIDCAP 400 S&P MI

      125       Shares of Common Stock      9,482   

ISHARES S&P SMALLCAP 600S&P SM

      138       Shares of Common Stock      9,636   

ISHARES S&P U S PFD FUNDS&P U

      1,666       Shares of Common Stock      59,343   

ISHARES SILVER TRUST INDEX

      425       Shares of Common Stock      11,450   

ISHARES TR BARCLAYS TIPSBOND F

      701       Shares of Common Stock      81,827   

ISHARES TR COHEN & STEERWITH S

      151       Shares of Common Stock      10,619   

ISHARES TR COMEX GOLD ** PEN

      1,686       Shares of Common Stock      25,678   

ISHARES TR DJ US INDL US IND

      1,035       Shares of Common Stock      65,837   

ISHARES TR GS INVESTOP GS$ IN

      155       Shares of Common Stock      17,633   

ISHARES TR LEHMAN BD FD LEHMAN

      162       Shares of Common Stock      17,102   

ISHARES TR MSCI EAFE FD WITH S

      446       Shares of Common Stock      22,095   

ISHARES TR RUSSELL 1000 RUSSEL

      2,116       Shares of Common Stock      122,284   

ISHARES TR S&P LATN AMERS&P LA

      106       Shares of Common Stock      4,496   

ISHARES TR S&P SMALLCAP WITH S

      152       Shares of Common Stock      10,358   

ISHARES TRUST IBOXX

      266       Shares of Common Stock      23,788   

ISHARES TRUST INDEX FUNDWITH S

      225       Shares of Common Stock      7,846   

ISHARES TRUST MSCI E

      197       Shares of Common Stock      6,864   

ISHARES TRUST S&P 500 S&P 50

      121       Shares of Common Stock      15,209   

ISHARES TRUST S&P GL

      314       Shares of Common Stock      10,441   

ISIS PHARMACEUTICALS INC

      20,600       Shares of Common Stock      148,526   

ITC HOLDINGS CORP ** PEN

      140       Shares of Common Stock      10,623   

JABIL CIRCUIT INC

      0.02       Shares of Common Stock      0.46   

JADE ART GROUP INC NEW

      45,000       Shares of Common Stock      495   

 

- 20 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

JDS UNIPHASE CORP NEW

      178       Shares of Common Stock      1,858   

JOHNSON & JOHNSON

      303       Shares of Common Stock      19,873   

JPMORGAN CHASE & CO

      1,066       Shares of Common Stock      35,455   

K V PHARMACEUTICAL CL A

      300       Shares of Common Stock      420   

KANSAS CITY SOUTHERN

      300       Shares of Common Stock      20,403   

KBR INC ** PEN

      55       Shares of Common Stock      1,533   

KEMET CORPORATION NEW

      250       Shares of Common Stock      1,763   

KIMBER RESOURCES INC F

      2,500       Shares of Common Stock      2,150   

KINDER MORGAN ENERGY LP UNIT L

      197       Shares of Common Stock      16,715   

KINDER MORGAN MGMT LLC

      1,292       Shares of Common Stock      101,433   

KINROSS GOLD CORP NEW F

      2,500       Shares of Common Stock      28,500   

KIRBY CORPORATION

      403       Shares of Common Stock      26,534   

KKR & CO ** PEN

      3,000       Shares of Common Stock      38,490   

KRAFT FOODS INC EXCHAN

      677       Shares of Common Stock      25,301   

KRISPY KREME DOUGHNUT CP

      500       Shares of Common Stock      3,270   

L & L ENERGY INC

      7,000       Shares of Common Stock      18,130   

L INTERNATIONAL COMPUTERTRADIN

      200       Shares of Common Stock      —     

LAB CP OF AMER HLDG NEW

      400       Shares of Common Stock      34,388   

LAS VEGAS SANDS CORP ** PEN

      110       Shares of Common Stock      4,700   

LEVEL 3 COMMUN NEW

      116       Shares of Common Stock      1,971   

LEXICON PHARMA INC 11RTSRIGHTS

      40       Shares of Common Stock      —     

LEXICON PHARMACEUTICALS

      40       Shares of Common Stock      52   

LIGHTBRIDGE CORP

      17       Shares of Common Stock      35   

LILLY ELI & COMPANY ODDLOT

      341       Shares of Common Stock      14,160   

LIMITED BRANDS INC TENDER

      145       Shares of Common Stock      5,832   

LONGTOP FINL TECH ADS F** PEN

      250       Shares of Common Stock      8   

LOWES COMPANIES INC

      214       Shares of Common Stock      5,435   

LSI CORPORATION

      16       Shares of Common Stock      95   

LTX-CREDENCE CORP NEW

      100       Shares of Common Stock      535   

LULULEMON CORP ** PEN

      70       Shares of Common Stock      3,266   

M D U RESOURCES GROUP

      529       Shares of Common Stock      11,352   

MACYS INC

      593       Shares of Common Stock      19,083   

MAGELLAN MIDSTREAM PTNRS

      150       Shares of Common Stock      10,332   

MANITOWOC COMPANY INC

      403       Shares of Common Stock      3,704   

MANULIFE FINANCIAL CORPFODD LO

      300       Shares of Common Stock      3,186   

MARATHON OIL CORP

      300       Shares of Common Stock      8,781   

MARATHON PETE CORP

      150       Shares of Common Stock      4,994   

MARKEL CORP HOLDIN

      40       Shares of Common Stock      16,587   

MARKET VECTORS ETF ** PEN

      30       Shares of Common Stock      1,093   

MARSH & MC LENNAN CO INC

      46       Shares of Common Stock      1,455   

MASTERCARD INC ** PEN

      5       Shares of Common Stock      1,864   

MATTEL INCORPORATED

      268       Shares of Common Stock      7,449   

MC DONALDS CORP EXCHAN

      178       Shares of Common Stock      17,892   

MEADOWBROOK INSURANCE GP

      109       Shares of Common Stock      1,167   

MEDCOHEALTH SOLUTIONS ODDLOT

      62       Shares of Common Stock      3,466   

MEGA URANIUM LTD 12 WTSFWARRAN

      1,500       Shares of Common Stock      7   

MEGA URANIUM LTD F

      14,000       Shares of Common Stock      2,800   

MELCO PBL ENTMT LTD ADRF **PEND

      16,950       Shares of Common Stock      163,059   

MERCK & CO INC NEW

      394       Shares of Common Stock      14,859   

METANOR RESOURCES F

      8,500       Shares of Common Stock      2,508   

METLIFE INC

      307       Shares of Common Stock      9,577   

METRICOM INC NEW ^XXBANKRU

      100       Shares of Common Stock      —     

MGM MIRAGE TENDER

      42       Shares of Common Stock      438   

MICRON TECHNOLOGY INC

      1,200       Shares of Common Stock      7,548   

MICROSOFT CORP DUTCH

      4,061       Shares of Common Stock      105,411   

MIDDLEBY CORP THE

      100       Shares of Common Stock      9,404   

MILLENNIUM CELL INC

      5,000       Shares of Common Stock      1   

MIND TECHNOLOGIES INC TRADIN

      10,000       Shares of Common Stock      1   

MOLSON COORS BREWING CLB

      14       Shares of Common Stock      627   

MOLYCORP INC ** PEN

      200       Shares of Common Stock      4,796   

MONSANTO CO NEW DEL

      1,030       Shares of Common Stock      72,172   

MONTPELIER RE HLDGS LTDF

      111       Shares of Common Stock      1,969   

MORGAN STANLEY

      5,859       Shares of Common Stock      88,650   

MOSAIC CO NEW

      325       Shares of Common Stock      16,390   

MOSQUITO CONS GOLD MNS F

      15,500       Shares of Common Stock      7,762   

MOTOROLA MOBILITY HLDGS

      26       Shares of Common Stock      1,009   

MOTOROLA SOLUTIONS INC

      30       Shares of Common Stock      1,396   

MULTICELL TECHS INC NEW

      7,500       Shares of Common Stock      35   

MULTIMEDIA GAMES INC DUTCH

      1,000       Shares of Common Stock      7,940   

 

- 21 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

MYLAN LABORATORIES INC DUTCH

      500       Shares of Common Stock      10,730   

NABORS INDUSTRIES LTD F

      4,000       Shares of Common Stock      69,360   

NAM TAI ELECTRONICS NEWF

      2,071       Shares of Common Stock      10,998   

NATIONAL GRID PLC ADR FSPONSO

      1,639       Shares of Common Stock      79,437   

NATL SCIENTIFIC CORP

      250       Shares of Common Stock      3   

NESTLE S A REG B ADR F1 ADR

      25       Shares of Common Stock      1,444   

NETAPP INC

      55       Shares of Common Stock      1,995   

NETFLIX INC

      210       Shares of Common Stock      14,551   

NETSOL TECHNOLOGIES NEW

      750       Shares of Common Stock      311   

NEVSUN RESOURCES LTD F

      2,000       Shares of Common Stock      11,060   

NEW GOLD INC CDA 12 WTSFWARRAN

      7,000       Shares of Common Stock      103   

NEW GOLD INC F

      1,000       Shares of Common Stock      10,080   

NEW YORK CMNTY BANCORP

      1,070       Shares of Common Stock      13,236   

NIKE INC CLASS B

      50       Shares of Common Stock      4,819   

NOBLE ENERGY INC

      20       Shares of Common Stock      1,888   

NORTEL NETWORKS CP NEW F

      100       Shares of Common Stock      2   

NORTH AMERN DATACOM INC

      1,000       Shares of Common Stock      —     

NORTHISLE COPPER & GOLDF

      40       Shares of Common Stock      10   

NOVARTIS A G SPON ADR FSPONSO

      325       Shares of Common Stock      18,580   

NUCOR CORP

      322       Shares of Common Stock      12,734   

NUTRACEUTICAL INTL CORP

      100       Shares of Common Stock      1,132   

NVIDIA CORP

      200       Shares of Common Stock      2,772   

NXP SEMICONDUCTORS NV F ** PEN

      100       Shares of Common Stock      1,537   

NYSE EURONEXT N V

      200       Shares of Common Stock      5,220   

O REILLY AUTOMOTIVE NEW

      35       Shares of Common Stock      2,798   

OAKWOOD HOMES CORP NEW TRADIN

      200       Shares of Common Stock      —     

OBN HOLDINGS INC NEW

      200       Shares of Common Stock      8   

OCCIDENTAL PETE CORP

      29       Shares of Common Stock      2,717   

OMNICOM GROUP INC

      25       Shares of Common Stock      1,115   

ORACLE CORPORATION

      486       Shares of Common Stock      12,474   

OWENS & MINOR INC HLDG CO

      500       Shares of Common Stock      13,895   

OXUS GOLD PLC WEF ORD F

      202,700       Shares of Common Stock      3,426   

P I C O HOLDINGS INC NEW

      200       Shares of Common Stock      4,116   

PALADIN ENERGY LTD ORD FCANADI

      1,000       Shares of Common Stock      1,405   

PAN AMERICAN SILVER CP F

      200       Shares of Common Stock      4,362   

PANERA BREAD CO CL A

      25       Shares of Common Stock      3,536   

PARAGON SHIPPING CL A ** PEN

      15,000       Shares of Common Stock      9,600   

PARAMOUNT GOLD AND SILVRTRADIN

      10,000       Shares of Common Stock      21,400   

PARKER DRILLING CO

      100       Shares of Common Stock      717   

PATRIOT COAL CORP

      1,500       Shares of Common Stock      12,705   

PATRIOT NATL BANCORP INC

      3,300       Shares of Common Stock      5,775   

PEABODY ENERGY CORP

      650       Shares of Common Stock      21,522   

PEBBLEBROOK HOTEL TRUST ** PEN

      3,726       Shares of Common Stock      71,474   

PENNANTPARK INVT CORP ** PEN

      5,940       Shares of Common Stock      59,935   

PEPSICO INCORPORATED

      252       Shares of Common Stock      16,740   

PETROLEO BRASILEIRO ADRFSA PET

      435       Shares of Common Stock      10,810   

PFIZER INCORPORATED ODDLOT

      3,732       Shares of Common Stock      80,757   

PHILIP MORRIS INTL INC

      323       Shares of Common Stock      25,386   

PHOTRONICS INC

      500       Shares of Common Stock      3,040   

PIMCO CORPORATE OPPTY FD

      284       Shares of Common Stock      4,929   

PIMCO EXCH TRADED FUND 15+ YR

      268       Shares of Common Stock      17,487   

PIMCO EXCH TRADED FUND ENHANC

      167       Shares of Common Stock      16,725   

PINETREE CAPITAL NEW F

      1,500       Shares of Common Stock      2,175   

PINNACLE AIRLINES CORP — PEN

      150       Shares of Common Stock      123   

PIPER JAFFRAY COS NEW ODDLOT

      1       Shares of Common Stock      20   

PLAINS ALL AMERN PPLN LPUNIT L

      200       Shares of Common Stock      14,690   

PLUG POWER INC NEW

      12       Shares of Common Stock      24   

POTASH CORP SASK INC FTENDER

      60       Shares of Common Stock      2,477   

POWERSHARES GLOBAL WATER ** PEN

      400       Shares of Common Stock      6,740   

POWERSHARES INDIA ETF

      300       Shares of Common Stock      4,890   

POWERSHS DB COMMDTY INDX

      824       Shares of Common Stock      22,116   

POWERSHS EXCH TRAD FD TRDYNAMI

      64       Shares of Common Stock      1,310   

POWERSHS EXCH TRAD FD TRFUNDAM

      153       Shares of Common Stock      2,439   

POWERSHS EXCH TRAD FD TRPOWERS

      274       Shares of Common Stock      3,849   

POWERSHS EXCH TRAD FD TRPREFER

      7,000       Shares of Common Stock      95,830   

POWERSHS QQQ TRUST SER 1

      773       Shares of Common Stock      43,157   

PRECISION CASTPARTS CORP

      30       Shares of Common Stock      4,944   

PRECISION DRILLING CORPF

      965       Shares of Common Stock      9,901   

PRICELINE.COM INC NEW

      5       Shares of Common Stock      2,339   

 

- 22 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

PRINCIPAL FINANCIAL GRP

      1,028       Shares of Common Stock      25,286   

PROCTER & GAMBLE EXCHAN

      574       Shares of Common Stock      38,284   

PROSHARES TRUST ETF ULTRAS

      5,000       Shares of Common Stock      90,350   

PROSHARES ULTRA ETV DJ UBS

      200       Shares of Common Stock      4,054   

PROSHS ULTRASHORT MSCI ULTRA

      50       Shares of Common Stock      1,297   

PROSHS ULTRASHRT S&P500 PROSHA

      100       Shares of Common Stock      1,929   

PROSHS ULTRASHT ETF NEW DJ UBS

      100       Shares of Common Stock      3,869   

PROXIM CORP CL A NEW CLASS

      15       Shares of Common Stock      —     

PRUDENTIAL FINANCIAL INCODD LO

      46       Shares of Common Stock      2,324   

PUMA EXPLORATION INC F

      6,650       Shares of Common Stock      1,829   

PVH CORP

      10       Shares of Common Stock      707   

QUALCOMM INC

      430       Shares of Common Stock      23,521   

QUALMARK CORP

      400       Shares of Common Stock      100   

R F MICRO DEVICES INC

      1,000       Shares of Common Stock      5,400   

RAMBUS INC DEL

      484       Shares of Common Stock      3,654   

RANDGOLD RES LTD ADR FSPONSO

      270       Shares of Common Stock      27,567   

RANGE RESOURCES CORP

      100       Shares of Common Stock      6,194   

RAYTHEON COMPANY NEW ODD LO

      383       Shares of Common Stock      18,523   

REDHAWK RESOURCES INC F

      2,000       Shares of Common Stock      697   

RELIANCE STL & ALUMINUM

      1,429       Shares of Common Stock      69,581   

RESEARCH IN MOTION LTD F

      700       Shares of Common Stock      10,150   

RESOURCE CAPITAL CORP ** PEN

      18,300       Shares of Common Stock      102,663   

RETAIL OPPTY INVESTMENTS

      1,537       Shares of Common Stock      18,200   

REX ENERGY CORP ** PEN

      5,000       Shares of Common Stock      73,800   

RITE AID CORPORATION

      100       Shares of Common Stock      126   

ROCKWELL AUTOMATION INC

      9       Shares of Common Stock      660   

ROCKWELL COLLINS INC

      9       Shares of Common Stock      498   

ROVI CORPORATION

      76       Shares of Common Stock      1,868   

ROWE T PRICE GROUP INC

      85       Shares of Common Stock      4,841   

ROYCE VALUE TRUST INC

      83       Shares of Common Stock      1,015   

S P D R S&P 500 ETF TR EXPIRI

      352       Shares of Common Stock      44,129   

SALESFORCE COM ** PEN

      30       Shares of Common Stock      3,044   

SANDSTORM GOLD 14 WTSFWARRAN

      4,000       Shares of Common Stock      2,648   

SANGUINE CORP NEW

      200       Shares of Common Stock      33   

SCHEIN HENRY INC

      120       Shares of Common Stock      7,732   

SCHLUMBERGER LTD F

      35       Shares of Common Stock      2,415   

SCHW INTL EQ ETF

      367       Shares of Common Stock      8,608   

SCHW US BRD MKT ETF

      358       Shares of Common Stock      10,822   

SCHW US LCAP ETF

      358       Shares of Common Stock      10,694   

SCHW US LCAP GRO ETF

      354       Shares of Common Stock      10,500   

SCHW US LCAP VAL ETF

      2,087       Shares of Common Stock      59,449   

SCHW US SCAP ETF

      721       Shares of Common Stock      23,664   

SCHWEITZER-MAUDUIT INTL

      368       Shares of Common Stock      24,457   

SCOR ADR FSPONSO

      1,000       Shares of Common Stock      2,344   

SCRIPPS E W CO CL A NEW CLASS

      1,000       Shares of Common Stock      8,010   

SEACOAST BK CORP FLA COMMON

      100       Shares of Common Stock      152   

SEALED AIR CORP NEW

      111       Shares of Common Stock      1,913   

SEASPAN CORP F ** PEN

      300       Shares of Common Stock      4,104   

SECTOR SPDR ENGY SELECT SHARES

      1       Shares of Common Stock      70   

SECTOR SPDR FINCL SELECTSHARES

      877       Shares of Common Stock      11,396   

SENOMYX INC ** PEN

      1,000       Shares of Common Stock      3,480   

SEVEN SEAS PETE NEW ORDFTRADIN

      2,000       Shares of Common Stock      —     

SIEMENS A G ADR F1 ADR

      225       Shares of Common Stock      21,512   

SILGAN HOLDINGS INC TENDER

      101       Shares of Common Stock      3,903   

SILICON GRAPHICS INC XXXBANKRU

      1,000       Shares of Common Stock      —     

SILVER WHEATON CORP F

      1,938       Shares of Common Stock      56,124   

SIRIUS XM RADIO INC TENDER

      23,769       Shares of Common Stock      43,260   

SJM HOLDINGS LTD ORD F

      8,000       Shares of Common Stock      13,061   

SMAVE SOLUTIONS INC

      15       Shares of Common Stock      —     

SOLAR CAPITAL LTD ** PEN

      300       Shares of Common Stock      6,627   

SONIC AUTOMOTIVE INC

      95       Shares of Common Stock      1,407   

SONICBLUE INC XXXBANKRU

      700       Shares of Common Stock      —     

SONY CORP ADR NEW F1 ADR

      100       Shares of Common Stock      1,804   

SOUTHERN COPPER CORP

      106       Shares of Common Stock      3,194   

SOUTHWEST AIRLINES CO

      1,119       Shares of Common Stock      9,576   

SPDR GOLD TRUST SPDR G

      580       Shares of Common Stock      88,154   

SPDR S&P CHINA ETF

      259       Shares of Common Stock      16,106   

SPDR S&P DIVIDEND ETF

      1,261       Shares of Common Stock      67,930   

SPDR SERIES TRUST ETF DB INT

      300       Shares of Common Stock      17,025   

 

- 23 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

SPECTRA ENERGY CORP

      1,480       Shares of Common Stock      45,510   

SPECTRASCIENCE INC NEW

      4,576       Shares of Common Stock      275   

SPONGETECH DELIVERY SYS TRADIN

      736,525       Shares of Common Stock      74   

SPRINT NEXTEL CORP

      1,000       Shares of Common Stock      2,340   

STAR SCIENTIFIC INC

      550       Shares of Common Stock      1,199   

STARBUCKS CORP

      362       Shares of Common Stock      16,635   

STERICYCLE INC

      45       Shares of Common Stock      3,506   

STERIS CORP

      250       Shares of Common Stock      7,455   

STEWART ENTERPRISES CL A

      226       Shares of Common Stock      1,302   

STRATEGIC MINING CORP

      83       Shares of Common Stock      1   

STRATEGIC RESOURCES LTD

      2,500       Shares of Common Stock      18   

STREAM GLOBAL SERVICES

      101       Shares of Common Stock      334   

STRYKER CORP

      300       Shares of Common Stock      14,913   

SUNTECH POWER HLDGS CO ** PEN

      47       Shares of Common Stock      104   

SUPERVALU INC

      75       Shares of Common Stock      609   

SUREBEAM CORP TRADIN

      600       Shares of Common Stock      —     

SYNTEL INC

      2,000       Shares of Common Stock      93,540   

SYSCO CORPORATION

      781       Shares of Common Stock      22,919   

T J X COS INC

      112       Shares of Common Stock      7,218   

T R C COMPANIES INC

      105       Shares of Common Stock      631   

TANZANIAN ROYALTY EXPL F

      3,000       Shares of Common Stock      7,200   

TARGET CORPORATION

      1,403       Shares of Common Stock      71,885   

TATA MOTORS LTD ADR FSPONSO

      300       Shares of Common Stock      5,070   

TE CONNECTIVITY LTD F

      9       Shares of Common Stock      290   

TELEFONICA SPON ADR FSPONSO

      950       Shares of Common Stock      16,331   

TELLABS INC

      4,055       Shares of Common Stock      16,383   

TEMPLETON GLOBAL INCM FD

      1,000       Shares of Common Stock      9,450   

TESLA MOTORS INC ** PEN

      50       Shares of Common Stock      1,428   

TEVA PHARM INDS LTD ADRFWITH S

      200       Shares of Common Stock      8,072   

THE SOUTHERN COMPANY

      487       Shares of Common Stock      22,562   

TIANRONG BLDG MAT HLDGS

      1,000       Shares of Common Stock      —     

TICC CAPITAL CORP

      8,800       Shares of Common Stock      76,120   

TIM HORTONS INC ** PEN

      158       Shares of Common Stock      7,650   

TIMBERLINE RESOURCES CP

      3,950       Shares of Common Stock      2,251   

TIME WARNER CABLE

      16       Shares of Common Stock      1,017   

TIME WARNER INC NEW

      71       Shares of Common Stock      2,555   

TOTAL S A ADR F1 ADR

      180       Shares of Common Stock      9,200   

TRACTOR SUPPLY COMPANY

      400       Shares of Common Stock      28,060   

TRANS1 INC ** PEN

      804       Shares of Common Stock      1,495   

TRANSCANADA CORP F

      300       Shares of Common Stock      13,101   

TRANSOCEAN INC NEW F

      579       Shares of Common Stock      22,228   

TRANSWITCH CORP NEW

      125       Shares of Common Stock      400   

TRAVELERS COMPANIES INC

      221       Shares of Common Stock      13,067   

TRENWICK GROUP LTD ORXXXBANKRU

      700       Shares of Common Stock      —     

TRI VALLEY CORP DELAWA

      1,750       Shares of Common Stock      249   

TRINA SOLAR LTD ADR F ** PEN

      1,300       Shares of Common Stock      8,684   

TRIUMPH GROUP INC NEW

      452       Shares of Common Stock      26,419   

TRUEBLUE INC

      150       Shares of Common Stock      2,082   

TRUSTCO BANK CORP N Y

      100       Shares of Common Stock      561   

TYCO INTL LTD NEW F

      538       Shares of Common Stock      25,109   

U S BANCORP DEL NEW

      100       Shares of Common Stock      2,705   

U S G CORPORATION NEW

      830       Shares of Common Stock      8,433   

U S SILVER CORP F

      5,000       Shares of Common Stock      1,975   

U308 CORP F

      1,738       Shares of Common Stock      612   

UCORE RARE METALS INC F

      5,000       Shares of Common Stock      1,770   

UNILEVER PLC ADR NEW FWITH S

      225       Shares of Common Stock      7,542   

UNITED CONTL HLDGS INC

      189       Shares of Common Stock      3,566   

UNITED PARCEL SERVICE B CLASS

      130       Shares of Common Stock      9,515   

UNITED TECHNOLOGIES CORP

      286       Shares of Common Stock      20,899   

URANERZ ENERGY CORP

      600       Shares of Common Stock      1,092   

URANIUM ENERGY CORP

      100       Shares of Common Stock      306   

US BIOTEC INC NEW

      196       Shares of Common Stock      —     

USA FLORAL PRODS INC ^XXBANKRU

      400       Shares of Common Stock      —     

V C A ANTECH INC

      500       Shares of Common Stock      9,875   

VALE SA ADR FSPONSO

      450       Shares of Common Stock      9,653   

VANGUARD BOND INDEX FUNDTOTAL

      891       Shares of Common Stock      74,434   

VANGUARD DIV APPRCIATION

      931       Shares of Common Stock      50,858   

VANGUARD ENERGY ETF

      25       Shares of Common Stock      2,520   

VANGUARD GROWTH

      1,170       Shares of Common Stock      72,279   

 

- 24 -

Table of Contents

WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

VANGUARD MSCI EAFE ETF

      582       Shares of Common Stock      17,827   

VANGUARD MSCI EMERGING MARKET

      682       Shares of Common Stock      26,059   

VANGUARD REIT

      1,778       Shares of Common Stock      103,124   

VANGUARD SMALL CAP GRWTH

      329       Shares of Common Stock      25,107   

VANGUARD TOTAL STOCK MKTSTK MK

      1,322       Shares of Common Stock      85,005   

VELATEL GLOBAL COMM INC

      20,000       Shares of Common Stock      1,400   

VERIZON COMMUNICATIONS

      1,773       Shares of Common Stock      71,143   

VESTA INSURANCE GROUPXXXBANKRU

      216       Shares of Common Stock      —     

VESTAS WIND SYS A/S ADRFUNDPON

      2,000       Shares of Common Stock      7,219   

VIE FINANCIAL GROUP NEW

      15       Shares of Common Stock      —     

VISA INC ** PEN

      100       Shares of Common Stock      10,153   

VISHAY INTERTECHNOLOGY

      400       Shares of Common Stock      3,596   

VISHAY PRECISION GROUP

      28       Shares of Common Stock      447   

VMWARE INC ** PEN

      80       Shares of Common Stock      6,655   

VODAFONE GROUP NEW ADR FSPONSO

      300       Shares of Common Stock      8,409   

VOXX INTERNATIONAL CL A

      100       Shares of Common Stock      845   

WABCO HOLDINGS INC

      39       Shares of Common Stock      1,693   

WALGREEN COMPANY

      200       Shares of Common Stock      6,612   

WAL-MART DE CV SPN ADR FSPONSO

      357       Shares of Common Stock      9,798   

WAL-MART STORES INC

      276       Shares of Common Stock      16,472   

WALTER ENERGY INC

      481       Shares of Common Stock      29,118   

WALTER INVSTMNT MGMT

      2,263       Shares of Common Stock      46,420   

WASTE MANAGEMENT INC DEL

      511       Shares of Common Stock      16,711   

WEATHERFORD INTL LTD F

      402       Shares of Common Stock      5,885   

WELLS FARGO & CO NEW

      3,004       Shares of Common Stock      82,778   

WESTERN COPPER & GOLD F

      80       Shares of Common Stock      123   

WESTERN REFINING INC ** PEN

      9       Shares of Common Stock      115   

WESTERN WATER CO ^XXBANKRU

      1,000       Shares of Common Stock      —     

WEYERHAEUSER CO TENDER

      101       Shares of Common Stock      1,883   

WILLIAMS COMPANIES

      2,101       Shares of Common Stock      69,360   

WINDSTREAM CORPORATION

      700       Shares of Common Stock      8,218   

WISDOMTREE ASIA ETF LOCAL

      349       Shares of Common Stock      17,481   

WISDOMTREE DEFA EQUITY INCOME

      103       Shares of Common Stock      3,784   

WISDOMTREE EMERGING ETF MKTS L

      203       Shares of Common Stock      9,874   

WISDOMTREE EQUITY INC FDHI YIE

      83       Shares of Common Stock      3,579   

WISDOMTREE INDIA EARNING

      250       Shares of Common Stock      3,900   

WISDOMTREE JAPAN TOT DIVJAPAN

      56       Shares of Common Stock      1,762   

WISDOMTREE MIDCAP DIVDNDMIDCAP

      19       Shares of Common Stock      967   

WISDOMTREE SMALLCAP DIV SMALLC

      108       Shares of Common Stock      4,831   

WISDOMTREE TRUST ** PEN

      24       Shares of Common Stock      1,206   

WYNN RESORTS

      30       Shares of Common Stock      3,319   

XEROX CORP

      571       Shares of Common Stock      4,549   

XL GROUP PLC F

      1,200       Shares of Common Stock      23,724   

YAMANA GOLD INC F

      2,000       Shares of Common Stock      29,380   

YM BIOSCIENCES INC F

      1,747       Shares of Common Stock      2,865   

YORA INTL INC NEW

      275       Shares of Common Stock      —     

ZALICUS INC

      25,350       Shares of Common Stock      30,674   

ZION OIL & GAS INC ** PEN

      1,100       Shares of Common Stock      2,431   

ZIOPHARM ONCOLOGY

      3,500       Shares of Common Stock      15,435   

ZIX CORPORATION

      20       Shares of Common Stock      56   
        

 

 

  

Total

            9,591,187   
        

 

 

  

Guaranteed Investment Contracts

         

WILLIS STABLE VALUE FUND

       Group Annuity Insurance Contracts      106,818,685   

TFLIC STABLE 5 FUND

       Group Annuity Insurance Contracts      46,192,024   
        

 

 

  

Total

            153,010,709   
        

 

 

  

Money Market Funds

         

Cash

      323,396       Money Market      323,396   

SCHWAB VALUE ADVANTAGE MONEY

      252,104       Money Market      252,104   

SCHWAB CASH RESERVES SWEEP

      6,744       Money Market      6,744   

SCHWAB MONEY MARKET FUND

      3,386,615       Money Market      3,386,615   

SCHWAB US TREAS MONEY FD

      393,528       Money Market      393,528   
        

 

 

  

Total

            4,362,387   
        

 

 

  

Other Financial Assets

         

TFLIC General Account

       General Insurance Assets      380,635   

State Street Bank & Trust Co. Cash Reserve Account

       Cash Reserve Account      119,003   

BLOCK FINANCIAL 7.875%13NOTES

      23,000       Corporate Bonds      23,843   

BP CAPITAL MKT 3.125%12FNOTES

      10,000       Corporate Bonds      10,043   

GOLDMAN SACHS 5.70%12NOTES

      10,000       Corporate Bonds      10,188   

GOLDMAN SACHS G 5.25%13NOTES

      25,000       Corporate Bonds      25,545   

 

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WILLIS NORTH AMERICA INC.

401(K) RETIREMENT SAVINGS PLAN

Employer Identification Number - 13-5654526

FORM 5500, SCHEDULE H, PART 1V, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2011

 

Identity of issue, borrower, lessor, or similar party            Description of investment including
maturity date, rate of interest,
collateral, par, or maturity value		    Current Value  

MERRILL LYNCH AN 6.05%12NOTES

      25,000       Corporate Bonds      25,361   

MONTPELIER RE HLDGS LTD

      25,000       Corporate Bonds      25,493   

PRUDENTIAL FINL 5.8%12NOTES

      25,000       Corporate Bonds      25,479   

ROYAL BK OF SCOTLD 5%13F

      25,000       Corporate Bonds      22,799   

ROYAL CARIBBEA 6.875%13FSR NT

      5,000       Corporate Bonds      5,275   

SOUTHWEST AIRLIN 5.75%16BONDS

      10,000       Corporate Bonds      11,189   

ALLY BANK 0.9%13CD FDI

      50,000       CD      50,078   

BARCLAYS BANK N 3.2%14CD FDI

      50,000       CD      52,238   

BK BARODA NY BRN 0.35%12CD FDI

      50,000       CD      49,976   

BMW NORTH AMER B 2.4%12CD FDI

      25,000       CD      25,354   

DISCOVER BANK 1.9%16CD FDI

      9,000       CD      8,987   

DISCOVER BANK 2.2%16CD FDI

      15,000       CD      15,093   

GE MONEY BANK 0.8%12CD FDI

      50,000       CD      50,025   

GE MONEY BANK N A 1%13CD FDI

      50,000       CD      50,082   

GE MONEY BANK N A 1.3%13CD FDI

      24,000       CD      24,220   

GE MONEY BANK N A 2.3%14CD FDI

      10,000       CD      10,237   

U S TREAS STRIP 0% 02/12INT PM

      53,000       Principal amount due 2/15/2012      53,000   

U S TREAS STRIP 0% 02/13INT PM

      53,000       Principal amount due 2/15/2013      52,896   

U S TREAS STRIP 0% 02/14INT PM

      12,000       Principal amount due 2/15/2014      11,929   

U S TREAS STRIP 0% 05/12INT PM

      12,000       Principal amount due 5/15/2012      11,999   

U S TREAS STRIP 0% 05/13INT PM

      12,000       Principal amount due 5/15/2013      11,976   

U S TREAS STRIP 0% 05/14INT PM

      8,000       Principal amount due 5/15/2014      7,943   

U S TREAS STRIP 0% 08/12INT PM

      12,000       Principal amount due 8/15/2012      11,993   

U S TREAS STRIP 0% 08/13INT PM

      12,000       Principal amount due 8/15/2013      11,951   

U S TREAS STRIP 0% 08/14INT PM

      4,000       Principal amount due 8/15/2014      3,964   

U S TREAS STRIP 0% 11/12INT PM

      12,000       Principal amount due 11/15/2012      11,990   

U S TREAS STRIP 0% 11/13INT PM

      12,000       Principal amount due 11/15/2013      11,937   
        

 

 

  

Total

            1,222,720   
        

 

 

  

PARTICIPANT NOTES RECEIVABLE

       Participant notes receivable bearing interest ranging from 4.25% to 10.12% and maturity dates from January 1, 2012 to December 15, 2026      8,388,631   
      Adjustment from Fair Value to Contract Value for Stable Value Funds      (16,673,456 ) 
        

 

 

  
         $ 579,057,143   
        

 

 

  

 

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Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Willis 401(k) Retirement Savings Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

WILLIS 401(K) RETIREMENT SAVINGS PLAN
By:  

/s/ Jennifer Neihoff

  Jennifer Neihoff
  Vice President
  Willis North America Inc.

Dated: June 27, 2012