(In millions)

Year Ended June 30

2001

2002

2003

Cumulative effect of accounting change, net of tax effect of $(37)

$     (75)

$       -

$         -

Net gains/(losses) on derivative instruments:

Unrealized gains/(losses), net of tax effect of $246 in 2001, $30 in 2002, and $(69) in 2003

499

55

(129)

Reclassification adjustment for (gains)/losses included in net income, net of tax effect of $67 in 2001, $(79) in 2002, and $15 in 2003

135

(146)

27

Net gains/(losses) on derivative instruments

634

(91)

(102)

Net unrealized investment gains/(losses):

Unrealized holding gains/(losses), net of tax effect of $(351) in 2001, $(955) in 2002, and $610 in 2003

(1,200)

(1,774)

1,132

Reclassification adjustment for (gains)/losses included in net income, net of tax effect of $(128) in 2001, $958 in 2002, and $60 in 2003

(260)

1,779

111

Net unrealized investment gains/(losses)

(1,460)

5

1,243

Translation adjustments and other

(39)

82

116

Other comprehensive income/(loss)

$    (940)

$   (4)

$   1,257

(In millions)

June 30

2002

2003

Net gains/(losses) on derivative instruments

$        86

$         (16)

Net unrealized investment gains

603

1,846

Translation adjustments and other

(106)

10

Accumulated other comprehensive income

$    583

$   1,840