-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UTeu36IQsDB/hN9XWMwaLubfVs5VPRRBiUqoDBn8C67mkkLLalH7+vMYqGV4QYuk RgEpRF8zGpdf5Nd+4hpknQ== 0000005187-97-000007.txt : 19970701 0000005187-97-000007.hdr.sgml : 19970701 ACCESSION NUMBER: 0000005187-97-000007 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN HOME PRODUCTS CORP CENTRAL INDEX KEY: 0000005187 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 132526821 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01225 FILM NUMBER: 97632931 BUSINESS ADDRESS: STREET 1: 5 GIRALDA FARMS CITY: MADISON STATE: NJ ZIP: 07940 BUSINESS PHONE: 201-660-50 11-K 1 ===================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15 (d) of the Securities Exchange Act of 1934 for the year ended December 31, 1996 AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN - PUERTO RICO (Full title of the Plan) AMERICAN HOME PRODUCTS CORPORATION (Name of Issuer of the securities held pursuant to the Plan) Five Giralda Farms Madison, New Jersey 07940 (Address of principal executive office) ===================================================================== SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized. AMERICAN HOME PRODUCTS CORPORATION By: /s/ John R. Considine John R. Considine Vice President - Finance Date: June 25, 1997 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the American Home Products Corporation Savings Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized. AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN - PUERTO RICO By: /s/ Thomas M. Nee Thomas M. Nee Chairman of the American Home Products Corporation Savings Plan Committee Date: June 25, 1997 AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN - PUERTO RICO FINANCIAL STATEMENTS AS OF DECEMBER 31, 1996 and 1995 TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS EMPLOYER IDENTIFICATION NUMBER - 13-2526821 PLAN NUMBER - 060 AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN - PUERTO RICO DECEMBER 31, 1996 and 1995 INDEX PAGE Report of Independent Public Accountants Statements of Net Assets Applicable to Participants' Equity as of December 31, 1996 and 1995 1 - 2 Statement of Changes in Net Assets Applicable to Participants' Equity for the Year Ended December 31, 1996 3 Notes to Financial Statements 4 - 9 Supplemental Schedules: I. Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1996 10 II. Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1996 11 Consent of Independent Public Accountants REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Participants and Savings Plan Committee of the American Home Products Corporation Savings Plan - Puerto Rico: We have audited the accompanying statements of net assets applicable to participants' equity of the American Home Products Corporation Savings Plan - - Puerto Rico as of December 31, 1996 and 1995, and the related statement of changes in net assets applicable to participants' equity for the year ended December 31, 1996. These financial statements and the supplemental schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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, the financial statements referred to above present fairly, in all material respects, the net assets applicable to participants' equity of the American Home Products Corporation Savings Plan - Puerto Rico as of December 31, 1996 and 1995, and the changes in net assets applicable to participants' equity for the year ended December 31, 1996, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of net assets applicable to participants' equity and statement of changes in net assets applicable to participants' equity is presented for purposes of additional analysis rather than to present the net assets applicable to participants' equity and changes in net assets applicable to participants' equity of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ARTHUR ANDERSEN LLP New York, New York June 17, 1997 [CAPTION] American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1996 Fidelity AHPC Fidelity Fidelity International Interest Common Magellan Balanced Growth & Income Income Fund Stock Fund Fund Fund Fund Cash and Cash Equivalents $321,049 $165,691 $0 $0 $0 Investments, at Market Value 0 4,721,775 251,870 4,278,471 35,966 Group Annuity and Other Investment Contracts, at Market Value 10,092,085 0 0 0 0 Loans to Participants 0 0 0 0 0 Receivable from Employer 166,627 72,881 10,071 54,203 2,618 _________________________________________________________________________ Net Assets Applicable to Participants' Equity $10,579,761 $4,960,347 $261,941 $4,332,674 $38,584 =========================================================================
The accompanying notes to financial statements are an integral part of this statement. - 1 - Continuation of Previous Page [CAPTION] American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1996 Fidelity U.S. Equity Index Loan Portfolio Fund Total Funds Cash and Cash Equivalents $0 $0 $486,740 Investments, at Market Value 5,216,359 0 14,504,441 Group Annuity and Other Investment Contracts, at Market Value 0 0 10,092,085 Loans to Participants 0 2,497,773 2,497,773 Receivable from Employer 70,004 0 376,404 ____________________________________________ Net Assets Applicable to Participants' Equity $5,286,363 $2,497,773 $27,957,443 ============================================
The accompanying notes to financial statements are an integral part of this statement. [CAPTION] American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1995 Fidelity U.S. Equity Interest AHPC Common Fidelity Index Income Fund Stock Fund Balanced Fund Portfolio Investments, at Market Value $0 $3,323,968 $1,508,451 $2,309,482 Group Annuity and Other Investment Contracts, at Market Value 2,294,810 0 0 0 Receivable from Cyanamid Puerto Rico Employees' Savings Plan, (Note 1) 0 0 0 0 Receivable from Employer 133,387 406 38,141 26,975 _________________________________________________________________________ Net Assets Applicable to Participants' Equity $2,428,197 $3,324,374 $1,546,592 $2,336,457 ========================================================================= - -Continuation of Previous Page-
American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1995
Receivable from Cyanamid Puerto Rico Employees' Savings Plan Total Funds Investments, at Market Value $0 $7,141,901 Group Annuity and Other Investment Contracts, at Market Value 0 2,294,810 Receivable from Cyanamid Puerto Rico Employees' Savings Plan, (Note 1) 11,432,598 11,432,598 Receivable from Employer 0 198,909 _____________________________________ Net Assets Applicable to Participants' Equity $11,432,598 $21,068,218 =====================================
The accompanying notes to financial statements are an integral part of this statement. - -2- [CAPTION] American Home Products Corporation Savings Plan - Puerto Rico Statement of Changes in Net Assets Applicable to Participants' Equity For the Year Ended December 31, 1996 Fidelity Fidelity Fidelity International Interest AHPC Common Stock Magellan Balanced Growth&Income Income Fund Fund Fund Fund Fund ADDITIONS: Participant Contributions $2,119,142 $862,964 $113,375 $883,415 $25,929 Employer Contributions 799,499 411,023 40,419 196,669 11,487 Dividends on Investments 0 114,775 17,278 192,201 1,128 Interest on Group Annuity Contracts and Other Investment Contracts and Cash Equivalents 557,851 8,386 0 2,316 3,485 Net Appreciation (Depreciation) on Investment 0 552,482 2,312 139,503 (1,934) Loans Originated (971,263) (659,197) (16,441) (339,907) (999) _____________________________________________________________________________________ Total Additions 2,505,229 1,290,433 156,943 1,074,197 39,096 DEDUCTIONS: Distributions to Participants (1,296,404) (365,426) (7,109) (509,190) (1,881) Loan Repayments, Including Interest 289,114 107,263 6,336 103,863 527 Transfers between Funds (Note 1) 6,653,625 603,703 105,771 2,117,212 842 ____________________________________________________________________________________ Total Additions (Deductions) 5,646,335 345,540 104,998 1,711,885 (512) Net Additions (Deductions) 8,151,564 1,635,973 261,941 2,786,082 38,584 Net Assets Applicable to Participants' Equity - Beginning of year 2,428,197 3,324,374 0 1,546,592 0 ____________________________________________________________________________________ -3- Net Assets Applicable to Participants' Equity - End of year $10,579,761 $4,960,347 $261,941 $4,332,674 $38,584 =====================================================================================
The accompanying notes to financial statements are an integral part of this statement. - 3 - [CAPTION] American Home Products Corporation Savings Plan - Puerto Rico Statement of Changes in Net Assets Applicable to Participants' Equity For the Year Ended December 31, 1996 Fidelity Receivable From U.S. Equity Cyanamid Puerto Rico Index Employees' Portfolio Savings Plan Loan Fund Total Funds ADDITIONS: Participant Contributions $947,707 $0 $0 $4,952,532 Employer Contributions 331,942 0 0 1,791,039 Dividends on Investments 124,088 0 0 449,470 Interest on Group Annuity Contracts and Other Investment Contracts and Cash Equivalents 0 0 0 572,038 Net Appreciation (Depreciation) on Investments 834,868 0 0 1,527,231 Loans Originated (519,570) 0 2,507,377 0 _________________________________________________________________ Total Additions 1,719,035 0 2,507,377 9,292,310 DEDUCTIONS: Distributions to Participants (309,622) 0 (24,276) (2,513,908) Loan Repayments, Including Interest 112,183 0 (508,463) 110,823 Transfers between Funds(Note 1) 1,428,310 (11,432,598) 523,135 0 _________________________________________________________________ Total Additions (Deductions) 1,230,871 (11,432,598) (9,604) (2,403,085) Net Additions (Deductions) 2,949,906 (11,432,598) 2,497,773 6,889,225 Net Assets Applicable to Participants' Equity - Beginning of year 2,336,457 11,432,598 0 21,068,218 _________________________________________________________________ Net Assets Applicable to Participants' Equity - End of year $5,286,363 $0 $2,497,773 $27,957,443 =================================================================
The accompanying notes to financial statements are an integral part of this statement. AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN - PUERTO RICO NOTES TO FINANCIAL STATEMENTS NOTE 1 - PLAN DESCRIPTION The following description of the American Home Products Corporation Savings Plan - Puerto Rico (the "Plan") only provides general information. Participants should refer to the Plan document for a more detailed and complete description of the Plan's provisions. General The Plan, a defined contribution profit-sharing plan, was approved and adopted by the Board of Directors of American Home Products Corporation ("AHPC" or the "Company") and became effective on January 1, 1993. Full or part-time employees of the Company and its participating subsidiaries who reside in Puerto Rico and are not a member of a recognized collective bargaining agreement unit are eligible to participate in the Plan after attaining age 21, as defined in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code (the "Code"). Effective December 31, 1995, participants ("transferred participants") of the Cyanamid Puerto Rico Employees' Savings Plan (the "ACY Plan") were included in the Plan. The assets attributable to these participants were reflected as a receivable from the ACY Plan at December 31, 1995. On January 3, 1996, the Plan received amounts due from the ACY Plan from various funds within The Vanguard Group and subsequently invested them in the Interest Income Fund, the Fidelity Balanced Fund and the Fidelity U.S. Equity Index Portfolio. Thereafter, the transferred participants could elect to transfer their account balances into the other plan investment options, in accordance with the Plan's provisions. The transferred participants account balances became fully vested at the date of transfer. Future Company matching contributions will vest according to the Plan's provisions. Contributions Participants may elect to make contributions to the Plan in whole percentages up to a maximum of 16% of their compensation, as defined. Contributions can be made on a before-tax basis ("salary deferral contributions"), an after-tax basis ("after-tax contributions"), or a combination of both. AHPC will contribute an amount equal to 50% of the first 6% of the participant's contributions to the Plan. Under the Puerto Rico Internal Revenue Code, salary deferral contributions, and the amount of compensation that can be included for Plan purposes are subject to annual limitations. - 4 - Vesting and Separation From Service Participants are fully vested at all times in their salary deferral and after-tax contributions. A participant is also fully vested in Company matching contributions if the participant has at least five years of continuous service, as defined. If a participant has less than five years of continuous service, such participants become vested in their matching contribution according to the following: Vesting Years of Continuous Service Percentage 1 year completed 0% 2 years completed 25% 3 years completed 50% 4 years completed 75% 5 years completed 100% Regardless of the number of years of continuous service, participants shall be fully vested in their matching contribution account upon reaching their 65th birthday or upon death, if earlier. The non-vested portion of the matching contribution is forfeited and becomes available to satisfy future Company matching contributions, if employment is terminated prior to full vesting. Distributions Participants are entitled to withdraw all or any portion of their after-tax contributions. Participants may make full or partial withdrawals of funds in any of their accounts upon attaining age 59 1/2 or for financial hardship, as defined, before that age. Participants may qualify for hardship withdrawals if they have an immediate and heavy financial need, as determined by the AHPC Savings Plan Committee - Puerto Rico (the "Committee"), and have no other funds that are readily available to meet that need. Participants are limited to one hardship and one non-hardship withdrawal each year. Upon termination of employment, participants are entitled to a lump sum distribution of their vested account balance. An election can be made to defer the distribution if the participant's account balance is greater than $3,500 and if the participant is less than 70 1/2 years of age. At December 31, 1996, there were no accumulated vested benefits of participants' who have withdrawn from the Plan that had not yet been paid. At December 31, 1995, approximately $164,000 of the net assets applicable to participants' equity represents the accumulated vested benefits of participants who have withdrawn from the Plan but have not yet been paid. - - 5 - Loans Employees who have a vested account balance of at least $2,000 may borrow from the vested portion of their account, subject to certain maximum amounts. Each loan is secured by the borrower's vested interest in their account balance. Participants may have outstanding up to two general purpose loans and one loan to acquire or construct a principal residence. All loans must be repaid within 5 years except for those used to acquire or construct a principal residence, which must be repaid within 15 years. Defaults on participants' loans during the year are treated as a taxable distribution to the outstanding balance. The interest rate charged will be one which provides a return commensurate with a market rate, or such other rate as permitted by government regulations. There were no loans outstanding at December 31, 1995. Amendment to the Plan The Plan was amended in 1995 in connection with the ACY Plan transfer of assets and liabilities to the Plan, in order to protect the benefits and rights attributable to the transferred participants and effect certain other administrative changes. NOTE 2 - ACCOUNTING POLICIES Investment Valuation AHPC's common stock fund is recorded at the fair market value at December 31. Shares in the Fidelity Funds are recorded at fair market value, which is based on their published net asset value at December 31. The contracts comprising the Interest Income Fund are recorded at market value based upon information supplied by Fidelity Management Trust Company. Investment transactions are recorded on a trade date basis. Net realized gains and losses on investments are determined, for accounting purposes, on a moving weighted average basis as of the trade date and are included in net appreciation(depreciation) of investments in the accompanying financial statements. The net change in the difference between cost and current market value of investments held is reflected in net appreciation(depreciation)of investments in the statement of changes in net assets applicable to participants' equity. Administrative Costs All costs and expenses of administering the Plan are paid by AHPC. -6- Receivable from Employer The receivable from the employer at December 31, 1996 and 1995 represents employer and employee contributions and loan repayments withheld from employees but not remitted to the trustee until after the Plan's year-end. Use of Estimates The preparation of the Plan's financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results may differ from these estimates. NOTE 3 - INVESTMENT ELECTIONS Participants can elect to invest amounts credited to their account in any of six investment funds. Investment elections must be made in multiples of 10%. Transfers between funds must be made in whole percentages and/or in an amount of at least $250. The six investment options are as follows: Interest Income Fund - consists primarily of contracts issued by a life insurance company which pay a specified rate of interest for a fixed period of time and repay principal at maturity. The fund and its contracts are not guaranteed by the Company or any other institution. However, the Committee has established guidelines that provide that contracts be placed with companies rated Aa3 or higher by Moody's and AA- or higher by Standard & Poors. The interest rate payable to Plan participants in this fund will be a rate which reflects a blend of the total investments made by the fund. AHPC Common Stock Fund - consists primarily of AHPC common stock. Purchases and sales of AHPC common stock are made in the open market. Participants have full voting rights for shares purchased at their direction under the Plan. Fidelity Magellan Fund - consists of units in a mutual fund managed by Fidelity Management & Research Company that seeks long-term capital appreciation by actively managing investments in the stocks of companies with above average growth potential. Fidelity Balanced Fund - consists of units in a mutual fund managed by Fidelity Management & Research Company, which is invested in high yielding securities, including common stocks, preferred stocks and -7- bonds with at least 25% of the fund's assets in fixed income senior securities. Fidelity International Growth and Income Fund - consists of units in a mutual fund managed by Fidelity Management & Research Company that seeks long-term growth and current income by investing in assets, of which at least 65% are in securities of issuers that have their principal business activities outside of the United States. Fidelity U.S. Equity Index Portfolio - consists of units in a mutual fund managed by Fidelity Management & Research Company that seeks to provide investment results that correspond to the total return performance of the companies that make up the Standard & Poor's 500 Index. NOTE 4 - MANAGEMENT OF THE PLAN The Plan is administered by the Committee, which was appointed by the Board of Directors of AHPC. Banco Popular de Puerto Rico is the Plan's trustee. Fidelity Management Trust Company is the recordkeeper of the participant accounts and custodian of the Plan's assets. NOTE 5 - INCOME TAX STATUS Puerto Rico The Plan is designed to be a qualified profit-sharing plan under Section 165(a) of the Puerto Rico Income Tax Act of 1954 (the "Act") and the trust established under the Plan is intended to be tax-exempt under Section 165(a) of the Act. The Company has obtained from the Puerto Rico Treasury Department a favorable determination that covers all Plan amendments through January 1, 1993. The Plan has been amended since receiving the determination letter. However, the plan administrator believes that the Plan and the trust, meet the requirements of the Act. The principal income tax consequences of participation in the Plan, under present law and proposed regulations, are discussed in the Summary Plan Description and the Plan Prospectus. Federal Income Tax Status The Plan does not constitute a qualified profit-sharing plan under the provisions of Section 401(a) of the Code and the "cash and deferred arrangement" incorporated in the Plan is not intended to qualify under Section 401(k) of the Code. Pursuant to Section 1022 (i) (1) of ERISA, however, the trust established thereunder is exempt from Federal income tax under Section 501(a) of the Code. An individual who is a bona fide resident of Puerto Rico during the entire taxable year will not be subject to any Federal income tax on income derived from sources within Puerto Rico. Additional Federal income tax consequences are set forth in the Summary Plan Description. -8- NOTE 6 - PLAN TERMINATION Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts and are entitled to full distribution of such amounts. NOTE 7 - INVESTMENTS The fair market value of individual investments that represent 5% or more of the Plan's total net assets are as follows: 1996 1995 AHPC Common Stock, 80,542 and 67,542 shares (adjusted April 24, 1996 stock split), respectively $4,721,775 $3,409,651 American Express Trust Company Collective Funds - Income Fund I - $1,527,604 Fidelity Balanced Fund $4,278,471 $1,508,578 John Hancock Mutual Life Insurance GIC 5.80% Due 6/28/96 - $788,705 Fidelity U.S. Equity Index Portfolio $5,216,359 $2,206,189 John Hancock Mutual Life Insurance GIC 6.60% Due 12/15/99 $3,118,916 - New York Life Insurance GIC 6.09% Due 12/15/97 $3,109,832 - Peoples Security Life Insurance GIC 6.83% Due 12/15/00 $3,633,008 - - 9 - [CAPTION] SCHEDULE I American Home Products Corporation Savings Plan - Puerto Rico Item 27a - Schedule of Assets Held for Investment Purposes Employer Identification Number - 13-2526821 Plan Number 060 As of December 31, 1996 DESCRIPTION OF COST/ IDENTITY OF ISSUER: OF INVESTMENT CONTRACT VALUE CURRENT VALUE GROUP INVESTMENT CONTRACTS: __________________________ Allstate Life Insurance Company GIC 6.55% Due 12/31/97 $230,329 $230,329 John Hancock Mutual Life Insurance GIC 6.60% Due 12/15/99 3,118,916 3,118,916 New York Life Insurance GIC 6.09% Due 12/15/97 3,109,832 3,109,832 Peoples Security Life Insurance GIC 6.83% Due 12/15/00 3,633,008 3,633,008 ___________ ___________ Total Group Investment Contracts $10,092,085 $10,092,085 =========== =========== *American Home Products Corp. Common Stock 80,542 shares $3,301,507 $4,721,775 ========== ========== - -10- - -continuation of the above page- MUTUAL FUNDS: ____________ Fidelity Management Trust Co. Fidelity Magellan Fund 3,123 units $244,051 $251,870 ======== ======== Fidelity Management Trust Co. Fidelity Balanced Fund 303,869 units $4,073,079 $4,278,471 ========== ========== Fidelity Management Trust Co. Fidelity International Growth and Income Fund 1,840 units $34,691 $35,966 ======= ======= Fidelity Management Trust Co. Fidelity U.S. Equity Index Portfolio 193,557 units $4,172,696 $5,216,359 ========== ========== LOANS RECEIVABLE: ________________ Loans to Plan Participants Rates ranging from 6.5% to 11% Due through 2011 $2,497,773 $2,497,773 ========== ==========
* This represents a related party interest. The accompanying notes to financial statements are an integral part of this schedule. - - 10 - [CAPTION] SCHEDULE II American Home Products Corporation Savings Plan - Puerto Rico Item 27D - Schedule of Reportable Transactions (A) for the year ended December 31, 1996 Employer Identification Number - 13-2526821 Plan Number - 060 (H) CURRENT (F) EXPENSES VALUE OF INCURRED ASSET ON (I) NET (A&B) IDENTITY OF PARTY AND (C) PURCHASE (D) SELLING (E) LEASE WITH (G) COST OF TRANSACTION GAIN DESCRIPTION PRICE PRICE RENTALS TRANSACTION ASSET DATE (LOSS) AMERICAN HOME PRODUCTS CORPORATION COMMON STOCK 131 PURCHASES $5,312,145 $0 $0 $0 $5,312,145 $5,312,145 $0 76 SALES 0 1,228,273 0 0 837,292 1,228,273 390,981 INTEREST INCOME FUND 142 PURCHASES $13,385,325 $0 $0 $0 $13,385,325 $13,385,325 $0 112 MATURITIES 0 2,972,192 0 0 2,972,192 2,972,192 0 FIDELITY BALANCED FUND 132 PURCHASES $3,721,192 $0 $0 $0 $3,721,192 $3,721,192 $0 100 SALES 0 1,090,802 0 0 1,091,202 1,090,802 (400) FIDELITY U.S. EQUITY INDEX PORTFOLIO 131 PURCHASES $3,161,067 $0 $0 $0 $3,161,067 $3,161,067 $0 88 SALES 0 985,766 0 0 807,069 985,766 178,697
(A) Reportable transactions are those purchases and sales of the same security which, individually or in the aggregate, exceed 5% of the total plan net assets as of the beginning of the Plan year. The accompanying notes to financial statements are an integral part of this schedule. - 11 - CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our report included in this Form 11-K into the American Home Products Corporation previously filed Form S-3 Registration Statements No. 33-45324 and 33-57339 and Form S-8 Registration Statements No. 2-96127, 33-53733, 33-55449, 33-14458, 33-45970, 33-50149, 33-24068, 33-41434, 33-55456 and 333-15509. ARTHUR ANDERSEN LLP New York, New York June 25, 1997 -----END PRIVACY-ENHANCED MESSAGE-----