-----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, MMaLpk1eVyl3mVITFrj9LbiEflG7HbH6z8fqCa2eK5R15W35PAXy4g9Tw/ViUugC a+Faif5WzGwZYOJBE4I5TQ== 0000005187-98-000010.txt : 19980630 0000005187-98-000010.hdr.sgml : 19980630 ACCESSION NUMBER: 0000005187-98-000010 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 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: SEC FILE NUMBER: 001-01225 FILM NUMBER: 98656181 BUSINESS ADDRESS: STREET 1: 5 GIRALDA FARMS CITY: MADISON STATE: NJ ZIP: 07940 BUSINESS PHONE: 9736605835 MAIL ADDRESS: STREET 1: 5 GIRALDA FARMS CITY: MADISON STATE: NJ ZIP: 07940 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, 1997 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 (Registrant) By: /s/ Paul J. Jones Paul J. Jones Vice President and Comptroller Date: June 26, 1998 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 26, 1998 AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN - PUERTO RICO FINANCIAL STATEMENTS AS OF DECEMBER 31, 1997 and 1996 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, 1997 and 1996 INDEX PAGE Report of Independent Public Accountants Statements of Net Assets Applicable to Participants' Equity as of December 31, 1997 and 1996 1 - 2 Statement of Changes in Net Assets Applicable to Participants' Equity for the Year Ended December 31, 1997 3 Notes to Financial Statements 4 - 8 Supplemental Schedules: I. Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1997 Schedule I II. Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1997 Schedule II 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, 1997 and 1996, and the related statement of changes in net assets applicable to participants' equity for the year ended December 31, 1997. 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, 1997 and 1996, and the changes in net assets applicable to participants' equity for the year ended December 31, 1997, 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 26, 1998
American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1997 Fidelity Fidelity Fidelity International Growth Interest AHPC Common Magellan Balanced & Income Fund Income Fund Stock Fund Fund Fund Cash and Cash Equivalents $315,100 $230,678 $0 $0 $0 Investments, at Market Value 0 7,317,416 1,078,102 5,434,425 203,161 Group Annuity and Other Investment 10,737,343 0 0 0 0 Contracts, at Market Value Loans to Participants 0 0 0 0 0 Receivable from Employer 147,469 86,467 22,946 54,659 5,283 Net Assets Applicable to Participants' Equity $11,199,912 $7,634,561 $1,101,048 $5,489,084 $208,444
The accompanying notes to financial statements are an integral part of this statement. - 1 - (page) (Continuation of Previous Page)
American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1997 Fidelity Spartan U.S. Fidelity Equity Index Low-Priced MAS Value Fund Stock Fund Portfolio Loan Fund Total Funds Cash and Cash Equivalents $0 $0 $0 $0 $545,778 Investments, at Market Value 7,985,752 132,420 74,442 0 22,225,718 Group Annuity and Other Investments Contracts, at Market Value 0 0 0 0 10,737,343 Loans to Participants 0 0 0 3,656,292 3,656,292 Receivable from Employer 86,541 2,815 1,411 0 407,591 Net Assets Applicable to Participants' Equity $8,072,293 $135,235 $75,853 $3,656,292 $37,572,722
The accompanying notes to financial statements are an integral part of this statement. - 1 -
American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1996 Fidelity Fidelity Interest AHPC Common Magellan Balanced Income Fund Stock Fund Fund Fund Cash and Cash Equivalents $321,049 $165,691 $0 $0 Investments, at Market Value ` 0 4,721,775 251,870 4,278,471 Group Annuity and Other Investment 10,092,085 0 0 0 Contracts, at Market Value Loans to Participants 0 0 0 0 Receivable from Employer 166,627 72,881 10,071 54,203 Net Assets Applicable to Participants' Equity $10,579,761 $4,960,347 $261,941 $4,332,674
The accompanying notes to financial statements are an integral part of this statement. - 2 - (Continuation of Previous Page)
American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1996 Fidelity Fidelity International Spartan Growth & Income U.S.Equity Fund Index Fund Loan Fund Total Funds Cash and Cash Equivalents $0 $0 $0 $486,740 Investments, at Market Value 35,966 5,216,359 0 14,504,441 Group Annuity and Other Investment Contracts, at Market Value 0 0 0 10,092,085 Loans to Participants 0 0 2,497,773 2,497,773 Receivable from Employer 2,618 70,004 0 376,404 Net Assets Applicable to Participants' Equity $38,584 $5,286,363 $2,497,773 $27,957,443
The accompanying notes to financial statements are an integral part of this statement. - 2 -
American Home Products Corporation Savings Plan - Puerto Rico Statement of Changes in Net Assets Applicable to Participants' Equity For the Year Ended December 31, 1997 Fidelity Fidelity Fidelity International Interest AHPC Common Magellan Balanced Growth & Income Income Fund Stock Fund Fund Fund Fund ADDITIONS: Participant Contributions $2,148,535 $1,234,014 $255,018 $900,864 $73,601 Employer Contributions 733,195 548,126 76,262 200,181 33,066 Dividends on Investments 0 143,901 56,306 648,007 11,909 Interest on Group Annuity Contracts and Other Investment Contracts and Cash Equivalents 680,306 12,441 0 0 0 Net Appreciation (Depreciation) on Investments 0 1,542,959 66,749 348,416 (5,093) Loans Originated (823,944) (667,647) (61,282) (343,849) (6,402) Total Additions 2,738,092 2,813,794 393,053 1,753,619 107,081 DEDUCTIONS: Benefits Paid to Participants (1,657,588) (683,726) (48,941) (686,412) (14,786) Loan Repayments, Including Interest 572,872 334,777 46,111 187,699 4,726 Total Deductions (1,084,716) (348,949) (2,830) (498,713) (10,060) Interfund Transfers (1,033,225) 209,369 448,884 (98,496) 72,839 Net Additions 620,151 2,674,214 839,107 1,156,410 169,860 Net Assets Applicable to Participants' Equity - -Beginning of Year 10,579,761 4,960,347 261,941 4,332,674 38,584 Net Assets Applicable to Participants' Equity - - End of Year $11,199,912 $7,634,561 $1,101,048 $5,489,084 $208,444
The accompanying notes to financial statements are an integral part of this statement. - 3 - (Continuation of Previous Page)
American Home Products Corporation Savings Plan - Puerto Rico Statement of Changes in Net Assets Applicable to Participants' Equity For the Year Ended December 31, 1997 Fidelity Spartan Fidelity U.S. Equity Low-Priced MAS Value Index Fund Stock Fund Portfolio Loan Fund Total Funds Additions: Participant Contributions $1,235,303 $9,708 $4,600 $0 $5,861,643 Employer Contributions 397,857 2,346 1,019 0 1,992,052 Dividends on Investments 166,588 3,550 6,608 0 1,036,869 Interest on Group Annuity Contracts and Other Investment Contracts and Cash Equivalents 0 0 0 0 692,747 Net Appreciation (Depreciation) on Investments 1,630,279 (1,063) (5,895) 0 3,576,352 Loans Originated (563,745) (523) (298) 2,467,690 0 Total Additions 2,866,282 14,018 6,034 2,467,690 13,159,663 DEDUCTIONS: Benefits Paid to Participants (592,790) (615) 0 (117,577) (3,802,435) Loan Repayments, Including Interest 297,581 3,962 1,917 (1,191,594) 258,051 Total Deductions (295,209) 3,347 1,917 (1,309,171) (3,544,384) Interfund Transfers 214,857 117,870 67,902 0 0 Net Additions 2,785,930 135,235 75,853 1,158,519 9,615,279 Net Assets Applicable to Participants' Equity - -Beginning of Year 5,286,363 0 0 2,497,773 27,957,443 Net Assets Applicable to Participants' Equity - -End of Year $8,072,293 $135,235 $75,853 $3,656,292 $37,572,722
The accompanying notes to financial statements are an integral part of this statement. - 3 - 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 ("AHP" 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 Documents. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA") and the Puerto Rico Internal Revenue Code (the "PR Code"). 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. AHP will contribute an amount equal to 50% of the first 6% of the participant's contributions to the Plan. Under the PR Code, salary deferral contributions, and the amount of compensation that can be included for Plan purposes are subject to annual limitations. 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 contributions according to the following schedule: 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% - 4 - 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. As of December 31, 1997 the amount of forfeitures available to offset future Company contributions totaled $5,578. 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 in the Plan, before that age. Participants may qualify for hardship withdrawals if they have an immediate and heavy financial need, as determined by the AHP 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. 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. Participants in the Plan may borrow up to 50% of their vested account balances. 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 of the outstanding balance. The interest rate charged provides a return commensurate with a market rate, or such other rate as permitted by government regulations. Amendments to the Plan The Plan was amended in 1997 to allow for two new investment options and effect certain other administrative changes. The Plan was also amended in 1995 in connection with the ACY Plan transfer of assets and liabilities to the Plan, in order to protect benefits and rights attributable to the transferred participants. NOTE 2 - ACCOUNTING POLICIES Investment Valuation AHPs's common stock fund is recorded at the fair market value at December 31. Shares in the Fidelity Funds and the MAS Value Portfolio 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 contract value based upon information supplied by Fidelity Management Trust Company which approximates market value. - 5 - 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 AHP. Receivable from Employer The receivable from the employer at December 31, 1997 and 1996 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 - INVESTMENTS Participants can elect to invest amounts credited to their account in any of eight 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 eight investment options are as follows: Interest Income Fund - consists primarily of contracts issued by life insurance companies 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. The average blended interest rate attributable to these contracts approximated 6.53% for 1997. AHPC Common Stock Fund - consists primarily of AHP common stock. Purchases and sales of AHP common stock are made in the open market. Participants have full voting rights for equivalent shares purchased at their direction under the Plan. -6- Fidelity Magellan Fund - consists of shares 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 shares in a mutual fund managed by Fidelity Management & Research Company, which is invested in high yielding securities, including common stocks, preferred stocks and bonds with at least 25% of the fund's assets in fixed income senior securities. Fidelity International Growth and Income Fund - consists of shares 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 principle business activities outside of the United States. Fidelity Spartan U.S. Equity Index Fund - consists of shares 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. Fidelity Low-Priced Stock Fund - consists of shares in a mutual fund managed by Fidelity Management & Research Company that invests primarily in domestic and international small capitalization equities. MAS Value Portfolio - consists of shares in a mutual fund managed by Miller Anderson & Sherrerd which seeks long term returns by investing in stocks of large and mid size companies. NOTE 4 - MANAGEMENT OF THE PLAN The Plan is administered by the Committee, which was appointed by the Board of Directors of AHP. 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 letter 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 principle income tax consequences of participation in the Plan, are discussed in the Summary Plan Description and the Plan Prospectus. -7- Federal Income Tax Status The Plan does not constitute a qualified profit-sharing plan under the provisions of Section 401(a) of the Internal Revenue Code (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. 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 Company contribution 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:
1997 1996 AHPC Common Stock, 95,642 and 80,542 shares, respectively $7,317,416 $4,721,775 Fidelity Balanced Fund $5,434,425 $4,278,471 Fidelity Spartan U.S. Equity Index Fund $7,985,752 $5,216,359 John Hancock Mutual Life Insurance GIC 6.60% Due 12/15/99 $3,324,765 $3,118,916 New York Life Insurance GIC 6.09% Due 4/20/98 $1,653,347 $3,109,832 Peoples Security Life Insurance GIC 6.83% Due 12/15/01 $3,881,141 $3,633,008
NOTE 8 - SUBSEQUENT EVENT In connection with the sale of the Sherwood-Davis & Geck medical devices business, effective February 27, 1998 the assets attributable to participants of the medical devices business were transferred out of the Plan in March 1998. -8-
SCHEDULE I American Home Products Corporation Savings Plan - Puerto Rico Item 27a - Schedule of Assets Held for Investment Purposes As of December 31, 1997 Employer Identification Number - 13-2526821 Plan Number 060 DESCRIPTION OF COST/ INVESTMENT CONTRACT VALUE CURRENT VALUE IDENTITY OF ISSUER: GROUP ANNUITY AND INVESTMENT CONTRACTS: Allstate Life Insurance Company GIC 6.55% Due 12/16/02 $1,520,442 $1,520,442 John Hancock Mutual Life Insurance GIC 6.60% Due 12/15/99 3,324,765 3,324,765 New York Life Insurance GIC 6.09% Due 4/20/98 1,653,347 1,653,347 Transamerica Occidental GIC 6.08% Maturing through 12/15/02 357,648 357,648 Peoples Security Life Insurance GIC 6.83% Maturing through 12/15/01 3,881,141 3,881,141 Total Group Annuity and Investment Contracts $10,737,343 $10,737,343 *American Home Products Corp. 95,642 shares $4,675,888 $7,317,416 Common Stock
-continuation of the above page-
SCHEDULE I American Home Products Corporation Savings Plan - Puerto Rico Item 27a - Schedule of Assets Held for Investment Purposes As of December 31, 1997 Employer Identification Number - 13-2526821 Plan Number 060 DESCRIPTION OF COST/ INVESTMENT CONTRACT VALUE CURRENT VALUE IDENTITY OF ISSUER: MUTUAL FUNDS: *Fidelity Management Trust Co. Fidelity Magellan Fund 11,316 shares $1,016,451 $1,078,102 *Fidelity Management Trust Co. Fidelity Balanced Fund 355,889 shares $5,008,965 $5,434,425 *Fidelity Management Trust Co. Fidelity International Growth and Income Fund 10,313 shares $209,683 $203,161 *Fidelity Management Trust Co. Fidelity Spartan U.S. Equity Index Fund 228,294 shares $5,661,190 $7,985,752 *Fidelity Management Trust Co. Fidelity Low-Priced Stock Fund 5,269 shares $133,371 $132,420 Miller Anderson and Sherred MAS Value Portfolio 4,163 shares $80,177 $74,442 LOANS RECEIVABLE Loans to Plan Participants Rates ranging from 6.5% to 10% Due through 2011 $3,656,292 $3,656,292
* Represents a party-in-interest to the Plan. The accompanying notes to financial statements are an integral part of this schedule.
American Home Products Corporation Savings Plan - Puerto Rico Schedule II Item 27D - Schedule of Reportable Transactions (A) for the year ended December 31, 1997 Employer Identification Number - 13-2526821 Plan Number - 060 (f) EXPENSES INCURRED (a&b) IDENTITY OF PARTY AND (c) PURCHASE (d) SELLING (e) LEASE WITH DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION AMERICAN HOME PRODUCTS CORPORATION COMMON STOCK 180 PURCHASES $2,868,079 $0 $0 $0 133 SALES 0 1,913,193 0 0 ALLSTATE LIFE INSURANCE 7 PURCHASES $1,964,000 $0 $0 $0 6 MATURITIES 0 694,000 0 0 NEW YORK LIFE INSURANCE 1 MATURITY $0 1,641,349 $0 $0 FIDELITY MANAGEMENT TRUST COMPANY INSTITUTIONAL MONEY MARKET FUND 93 PURCHASES $6,182,667 $0 $0 $0 185 SALES 0 6,209,788 0 0 FIDELITY BALANCED FUND 159 PURCHASES $2,129,082 $0 $0 $0 136 SALES 0 1,321,013 0 0 FIDELITY SPARTAN U.S. EQUITY INDEX FUND 177 PURCHASES $2,706,227 $0 $0 $0 134 SALES 0 1,565,455 0 0
(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. (Continuation of Previous Page)
American Home Products Corporation Savings Plan - Puerto Rico Schedule II Item 27D - Schedule of Reportable Transactions (A) for the year ended December 31, 1997 Employer Identification Number - 13-2526821 Plan Number - 060 (h) CURRENT VALUE OF ASSET ON (a&b) IDENTITY OF PARTY AND (g) COST OF TRANSACTION (I) NET GAIN DESCRIPTION OF ASSET ASSET DATE (LOSS) AMERICAN HOME PRODUCTS CORPORATION COMMON STOCK 180 PURCHASES $2,868,079 $2,868,079 $0 133 SALES 1,580,773 1,913,193 332,420 ALLSTATE LIFE INSURANCE 7 PURCHASES $1,964,000 $1,964,000 $0 6 MATURITIES 694,000 694,000 0 NEW YORK LIFE INSURANCE 1 MATURITY $1,641,349 1,641,349 $0 FIDELITY MANAGEMENT TRUST COMPANY INSTITUTIONAL MONEY MARKET FUND 93 PURCHASES $6,182,667 $6,182,667 $0 185 SALES 6,209,788 6,209,788 0 FIDELITY BALANCED FUND 159 PURCHASES $2,129,082 $2,129,082 $0 136 SALES 1,193,196 1,321,013 127,817 FIDELITY SPARTAN U.S. EQUITY INDEX FUND 177 PURCHASES $2,706,227 $2,706,227 $0 134 SALES 1,217,733 1,565,455 347,722
(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. 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.' s 33- 45324 and 33-57339 and Form S-8 Registration Statements No.' s 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 26, 1998 -----END PRIVACY-ENHANCED MESSAGE-----