-----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, MX9DLwgSehQM9hU4nX6M8VHZ/ZO5aWXSrByd+GMI4Xx9ETkYUc0UCLqE7cPL8yig jniFvyM40tv5wuoWK6XjuQ== 0000005187-99-000014.txt : 19990630 0000005187-99-000014.hdr.sgml : 19990630 ACCESSION NUMBER: 0000005187-99-000014 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 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: 99654113 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 ANNUAL REPORT - PUERTO RICO PLAN ======================================================================== 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, 1998 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 23, 1999 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 23, 1999 AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN - PUERTO RICO FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 and 1997 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, 1998 and 1997 INDEX Page ---- Report of Independent Public Accountants Statements of Net Assets Applicable to Participants' Equity as of December 31, 1998 and 1997 1 - 2 Statement of Changes in Net Assets Applicable to Participants' Equity for the Year Ended December 31, 1998 3 Notes to Financial Statements 4 - 9 Supplemental Schedules: I. Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1998 Schedule I II. Item 27d - Schedule of Reportable Transactions For the Year Ended December 31, 1998 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, 1998 and 1997, and the related statement of changes in net assets applicable to participants' equity for the year ended December 31, 1998. 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, 1998 and 1997, and the changes in its net assets applicable to participants' equity for the year ended December 31, 1998, 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 23, 1999 American Home Products Corporation Savings Plan - Puerto Rico Statement of Net Assets Applicable to Participants' Equity As of December 31, 1998
Fidelity AHPC International Interest Common Fidelity Fidelity Growth & Income Stock Magellan Balanced Income Fund Fund Fund Fund Fund ---------------------------------------------------------------- Cash and Cash Equivalents $276,948 $278,367 $0 $0 $0 Investments at Market Value 0 15,191,085 2,228,130 5,212,689 221,236 Group Annuity and Other Investment Contracts, at Contract Value 7,151,934 0 0 0 0 Loans to Plan Participants 0 0 0 0 0 Receivable from Employer 109,241 275,186 37,402 56,492 6,270 ---------------------------------------------------------------- Net Assets Applicable to Participants' Equity $7,538,123 $15,744,638 $2,265,532 $5,269,181 $227,506 ================================================================ Fidelity Fidelity Spartan Low-Priced MAS U.S. Equity Stock Value Loan Total Index Fund Fund Portfolio Fund Funds ---------------------------------------------------------------- Cash and Cash Equivalents $0 $0 $0 $0 $555,315 Investments at Market Value 9,387,860 281,263 125,967 0 32,648,230 Group Annuity and Other Investment Contracts, at Contract Value 0 0 0 0 7,151,934 Loans to Plan Participants 0 0 0 4,201,952 4,201,952 Receivable from Employer 109,120 4,967 5,058 0 603,736 ---------------------------------------------------------------- Net Assets Applicable to Participants' Equity $9,496,980 $286,230 $131,025 $4,201,952 $45,161,167 ================================================================= 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, 1997
Fidelity AHPC International Interest Common Fidelity Fidelity Growth & Income Stock Magellan Balanced Income Fund Fund 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 Contracts, at Contract Value 10,737,343 0 0 0 0 Loans to Plan 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 ======================================================================== Fidelity Fidelity Spartan Low-Priced MAS U.S. Equity Stock Value Loan Total Index Fund Fund Portfolio Fund 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 Investment Contracts, at Contract Value 0 0 0 0 10,737,343 Loans to Plan 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. - 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, 1998
Fidelity AHPC Fidelity Fidelity International Interest Common Magellan Balanced Growth & Income Fund Stock Fund Fund Fund Income Fund ----------------------------------------------------------------------- Additions: Participant Contributions $1,410,234 $1,653,951 $450,136 $779,079 $71,687 Employer Contributions 474,340 639,874 119,021 192,016 33,798 Dividends on Investments 0 200,513 97,516 521,097 7,227 Interest on Group Annuity and Other Investment Contracts and Cash Equivalents 530,811 24,120 0 0 0 Net Appreciation (Depreciation) on Investments 0 4,125,978 411,506 479,974 15,278 Loans Originated (589,020) (1,026,450) (108,218) (348,702) (15,862) ----------------------------------------------------------------------- Total Additions 1,826,365 5,617,986 969,961 1,623,464 112,128 Deductions: Benefits Paid to Participants (1,130,162) (981,074) (156,709) (553,531) (11,226) Loan Repayments, Including Interest 517,114 639,399 124,619 240,385 8,219 Transfers out of Plan (2,832,457) (121,834) (214,947) (705,650) (44,600) ----------------------------------------------------------------------- Total Deductions (3,445,505) (463,509) (247,037) (1,018,796) (47,607) Net (Deductions) Additions Prior to Interfund Transfers (1,619,140) 5,154,477 722,924 604,668 64,521 Interfund Transfers (2,042,649) 2,955,600 441,560 (824,571) (45,459) Net (Deductions) Additions (3,661,789) 8,110,077 1,164,484 (219,903) 19,062 Net Assets Applicable to Participants' Equity: Beginning of year 11,199,912 7,634,561 1,101,048 5,489,084 208,444 ----------------------------------------------------------------------- End of year $7,538,123 $15,744,638 $2,265,532 $5,269,181 $227,506 ======================================================================= Fidelity Spartan Fidelity U.S. Equity Low-Priced MAS Value Index Fund Stock Fund Portfolio Loan Fund Total Funds ----------------------------------------------------------------------- Additions: Participant Contributions $1,311,148 $61,960 $55,341 $0 $5,793,536 Employer Contributions 417,429 14,803 11,670 0 1,902,951 Dividends on Investments 202,094 23,415 19,844 0 1,071,706 Interest on Group Annuity and Other Investment Contracts and Cash Equivalents 0 0 0 0 554,931 Net Appreciation (Depreciation) on Investments 1,992,583 (27,371) (21,696) 0 6,976,252 Loans Originated (698,261) (24,074) (15,001) 2,825,588 0 ----------------------------------------------------------------------- Total Additions 3,224,993 48,733 50,158 2,825,588 16,299,376 Deductions: Benefits Paid to Participants (838,778) (20,023) (14,744) (170,045) (3,876,292) Loan Repayments, Including Interest 450,263 22,545 18,471 (1,700,140) 320,875 Transfers out of Plan (770,752) (32,196) (23,335) (409,743) (5,155,514) ----------------------------------------------------------------------- Total Deductions (1,159,267) (29,674) (19,608) (2,279,928) (8,710,931) Net (Deductions) Additions Prior to 2,065,726 19,059 30,550 545,660 7,588,445 Interfund Transfers Interfund Transfers (641,039) 131,936 24,622 0 0 Net (Deductions) Additions 1,424,687 150,995 55,172 545,660 7,588,445 Net Assets Applicable to Participants' Equity: Beginning of year 8,072,293 135,235 75,853 3,656,292 37,572,722 ----------------------------------------------------------------------- End of year $9,496,980 $286,230 $131,025 $4,201,952 $45,161,167 ======================================================================= 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 Document. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended, and the Puerto Rico Internal Revenue Code (the "PR Code"). In connection with the sale of the Sherwood-Davis & Geck medical devices business effective February 28, 1998, the assets attributable to participants from the medical devices business were transferred out of the Plan. Contributions - ------------- Participants may elect to make contributions to the Plan in whole percentages up to a maximum of 16% of their covered 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 covered compensation to the Plan. Under the PR Code, salary deferral contributions 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 participants have less than five years of continuous service, such participants become vested in their matching contributions according to the following schedule: - 4 - 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. As of December 31, 1998, the amount of forfeitures available to offset future Company contributions totaled $4,367. 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 $5,000 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 - ---------------------- Effective January 1, 1998, the Committee amended the Plan with regards to the provisions dealing with hardship withdrawals, restrictions on loan repayments, and to increase from $3,500 to $5,000 the threshold for the automatic cashout of terminated employees. - 5 - NOTE 2 - ACCOUNTING POLICIES ------------------- Investment Valuation - -------------------- AHP's common stock fund is recorded at the fair market value at December 31, 1998 and 1997. 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, 1998 and 1997. 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. 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 Statement of Changes in Net Assets Applicable to Participants' Equity. 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 employer at December 31, 1998 and 1997 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 financial statements have been prepared in accordance with generally accepted accounting priciples and necessarily include amounts based on judgements and estimates made by management. NOTE 3 - INVESTMENT ELECTIONS -------------------- Participants can elect to invest amounts credited to their account in any of eight investment funds and transfer amounts between funds at any time during the year. 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. - 6 - 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 & Poor. 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 6.59% for 1998. 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. 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 & 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 principal 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-sized companies. - 7 - 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, custodian of the Plan's assets, and is a party-in-interest to the Plan. 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, 1996. 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, 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 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. - 8 - 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: 1998 1997 ---- ---- AHPC Common Stock Fund, 269,764 and 191,284* shares, respectively $15,191,085 $7,317,416 Fidelity Balanced Fund $5,212,689 $5,434,425 Fidelity Spartan U.S. Equity Index Fund $9,387,860 $7,985,752 Monumental Life Insurance GIC 6.95% Due 12/15/00 $2,278,789 - John Hancock Mutual Life Insurance GIC 6.60% Due 12/15/99 - $3,324,765 Peoples Security Life Insurance GIC 6.83% Due 12/15/01 - $3,881,141 *Adjusted to reflect a two-for-one common stock split effective April 24, 1998. - 9 - Schedule I American Home Products Corporation Savings Plan - Puerto Rico Item 27a - Schedule of Assets Held for Investment Purposes As of December 31, 1998 Employer Identification Number - 13-2526821 Plan Number - 060
(d) Cost/ (a&b) Identity of Issuer (c) Description of Investment Contract Value (e)Current Value - ------------------------ ----------------------------- -------------- ---------------- Group Annuity and Investment Contracts: - --------------------------------------- AIG Life Insurance GIC 5.38% Due 12/15/04 $551,756 $551,756 Allstate Life Insurance GIC 6.55% Due 12/16/02 1,520,872 1,520,872 John Hancock Mutual Life Insurance GIC 6.60% Due 12/15/99 1,245,582 1,245,582 Monumental Life Insurance GIC 6.95% Due 12/15/00 2,278,789 2,278,789 Transamerica Life and Annuity GIC 6.08% Due 12/15/02 1,554,935 1,554,935 ---------- ----------- Total Group Annuity and Other Investment Contracts $7,151,934 $7,151,934 ========== =========== American Home Products Corporation Common Stock* 269,764 shares $9,127,387 $15,191,085 ------------------------- ========== =========== * Represents a party-in-interest to the Plan The accompanying notes to financial statements are an integral part of this schedule.
Schedule I (Continued) American Home Products Corporation Savings Plan - Puerto Rico Item 27a - Schedule of Assets Held for Investment Purposes As of December 31, 1998 Employer Identification Number - 13-2526821 Plan Number - 060
(d) Cost/ (a&b) Identity of Issuer (c) Description of Investment Contract Value (e)Current Value - ------------------------ ----------------------------- -------------- ---------------- Mutual Funds: - ------------- Fidelity Management Trust Company* Magellan Fund 18,441 shares $1,841,287 $2,228,130 ========== =========== Fidelity Management Trust Company* Balanced Fund 318,625 shares $4,633,489 $5,212,689 ========== =========== Fidelity Management Trust Company* International Growth & Income Fund 10,580 shares $219,363 $221,236 ========== =========== Fidelity Management Trust Company* Spartan U.S. Equity Index Fund 213,554, shares $6,180,353 $9,387,860 ========== =========== Fidelity Management Trust Company* Low-Priced Stock Fund 12,309 shares $310,914 $281,263 ========== =========== Miller Anderson & Sherrerd MAS Value Portfolio 8,729 shares $152,171 $125,967 ========== =========== Loans Receivable: - ----------------- Loans to Plan Participants Rates ranging from 6.5% to 11% Due through 2011 $4,201,952 $4,201,952 ========== =========== * Represents a party-in-interest to the Plan The accompanying notes to financial statements are an integral part of this schedule.
Schedule II American Home Products Corporation Savings Plan - Puerto Rico Item 27d - Schedule of Reportable Transactions (A) For the Year Ended December 31, 1998 Employer Identification Number - 13-2526821 Plan Number - 060
(h) CURRENT (f) EXPENSES VALUE OF INCURRED ASSET ON (a&b) IDENTITY OF PARTY INVOLVED (c) PURCHASE (d) SELLING (e) LEASE WITH (g) COST OF TRANSACTION (i) NET GAIN OR AND DESCRIPTION OF ASSET PRICE PRICE RENTALS TRANSACTION ASSET DATE LOSS - ------------------------------------------------------------------------------------------------------------------------------------ AMERICAN HOME PRODUCTS CORPORATION COMMON STOCK 227 PURCHASES $8,539,506 $0 $0 $0 $8,539,506 $8,539,506 $0 172 SALES $0 $4,854,272 $0 $0 $3,761,025 $4,854,272 $1,093,247 JOHN HANCOCK LIFE INSURANCE CO. 2 MATURITIES $0 $2,200,000 $0 $0 $2,200,000 $2,200,000 $0 TRANSAMERICA OCCIDENTAL 7 PURCHASES $2,150,000 $0 $0 $0 $2,150,000 $2,150,000 $0 6 MATURITIES $0 $1,007,000 $0 $0 $1,007,000 $1,007,000 $0 FIDELITY MANAGEMENT TRUST COMPANY INSTITUTIONAL MONEY MARKET FUND 108 PURCHASES $10,319,229 $0 $0 $0 $10,319,229 $10,319,229 $0 188 SALES $0 $10,385,807 $0 $0 $10,385,807 $10,385,807 $0 FIDELITY BALANCED FUND 190 PURCHASES $2,458,666 $0 $0 $0 $2,458,666 $2,458,666 $0 165 SALES $0 $3,160,339 $0 $0 $2,975,029 $3,160,339 $185,310 FIDELITY MAGELLAN FUND 184 PURCHASES $2,145,901 $0 $0 $0 $2,145,901 $2,145,901 $0 131 SALES $0 $1,407,380 $0 $0 $1,274,787 $1,407,380 $132,593 FIDELITY SPARTAN U.S. EQUITY INDEX FUND 222 PURCHASES $4,210,076 $0 $0 $0 $4,210,076 $4,210,076 $0 170 SALES $0 $4,800,553 $0 $0 $4,327,904 $4,800,553 $472,649 (A) Reportable transactions are those purchases and sales of the same security which, individually or in the aggregrate exceed 5% of the total plan net assets as of the beginning of the 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, 333-15509 and 333-76939. ARTHUR ANDERSEN LLP New York, New York June 23, 1999 -----END PRIVACY-ENHANCED MESSAGE-----