Table of Contents
Pages
Report of Independent Accountants 2
Financial Statements:
Statement of Net Assets Available for Benefits 3
as of December 31, 1996
Statement of Net Assets Available for Benefits
as of December 31, 1995 4
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1996 5
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1995 6
Notes to Financial Statements 7-13
Supplemental Schedules:
Item 27a of Form 5500 - Schedule of Assets Held for Investment
Purposes as of December 31, 1996 14
Item 27d of Form 5500 - Schedule of Reportable Transactions
for the year ended December 31, 1996 15
<PAGE>
2
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of the
The MasTec, Inc.
401(k) Retirement Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of The MasTec, Inc. 401(k) Retirement Savings Plan as of December 31, 1996 and
1995, and the related statements of changes in net assets available for benefits
for the years ended December 31, 1996 and 1995. 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 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 available for benefits of the Plan as of
December 31, 1996 and 1995, and the changes in net assets available for benefits
for the years ended December 31, 1996 and 1995, 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 of The MasTec, Inc. 401(k) Retirement Savings Plan as of
December 31, 1996, and Reportable Transactions for the year then ended, are
presented for the purpose 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
statement of net assets available for benefits and the statement of changes in
net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan benefits and
changes in net assets available for plan benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the auditing procedures
applied in our 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.
Miami, Florida
June 11, 1997
<PAGE>
<TABLE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Guaranteed Income & Growth Mastec Life Diversified
Interest Growth Opportunities Common Insurance Equity
Fund Fund Fund Fund Fund Fund Total
---------- -------- ------------ -------- --------- --------- -------
Assets:
Investments at fair value (Note 2) ....... .....$ 0 $405,049 $ 1,299,364 $ 178,290 $ 71,776 $ 0 $1,954,479
Participant notes receivable .................... 108,798 0 0 0 0 0 108,798
Cash and cash equivalents ....................... 39,529 22,330 55,527 1,414 29 5,835 124,664
--------- -------- ------------ --------- -------- --------- ----------
148,327 427,379 1,354,891 179,704 71,805 5,835 2,187,941
Investment, at contract value (Note 2):
ITT Hartford Life Insurance Company
Group Annuity Contract #GA-3565
......................... 3,231,172 0 0 0 0 0 3,231,172
---------- -------- ------------ -------- -------- -------- ---------
Total investments .................. 3,379,499 427,379 1,354,891 179,704 71,805 5,835 5,419,113
---------- -------- ------------ -------- -------- -------- ---------
Receivables:
Participants' contributions ................ 66,471 18,657 29,457 24,184 917 0 139,686
Interest receivable ............................ 18,806 56 556 72 0 0 19,490
---------- -------- ------------ -------- -------- -------- ---------
Total receivables ..................... 85,277 18,713 30,013 24,256 917 0 159,176
---------- -------- ------------ -------- -------- -------- ---------
Due from (to) other funds ........................ 28,363 (16,466) (11,897) 0 0 0 0
---------- -------- ----------- -------- -------- -------- ---------
Total assets ........................$343,493,139 $ 429,62 $ 1,373,007 $ 203,960 $ 72,722 $ 5,835 $5,578,289
============ ======== ============ ========= ======== ======== =========
Liabilities:
Due to Brokers ............................ $ 32,928 $ 6,869 $ 46,720 $ 0 $ 0 $ 0 $ 86,517
------------ -------- ------------ --------- --------- --------- ---------
Total liabilities ................... 32,928 6,869 46,720 0 0 0 86,517
------------ -------- ------------ --------- --------- --------- --------
Net assets available for benefits ............ $ 3,460,211 $422,757 $ 1,326,287 $ 203,960 $ 72,722 $ 5,835 $5,491,772
============ ======== ============ ========= ======== ========= ==========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the year ended December 31, 1996
<TABLE>
<CAPTION>
Guaranteed Income & Growth Diversified Mastec Life Guaranteed
Interest Growth Opportunities Equity Stock Insurance Certificate
Fund Fund Fund Fund Fund Fund Fund
--------- -------- -------- --------- ------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of ........ $ 0 $ 0 $ 0 $ 0 $ 973,102 $ 0 $ 0
investments
Interest and dividends ................... 0 0 0 0 0 3,042 325
0 0 0 0 973,102 3,042 325
Contributions:
Participants' ............................ 0 0 0 0 285,123 0 9,559
Total additions ........................ 0 0 0 0 1,258,225 3,042 9,884
Deductions from net assets attributed to:
Participants withdrawals ................. 97,056 0 0 0 95,851 7,892 60
Total deductions ....................... 97,056 0 0 0 95,851 7,892 60
Net (decrease) increase prior to transfers (97,056) 0 0 0 1,162,374 (4,850) 9,824
Transfers ................................ (3,363,155) (422,757) (1,326,287) (5,835) (128,033) 0 10,690
Net (decrease) increase .................. (3,460,211) (422,757) (1,326,287) (5,835) 1,034,341 (4,850) 20,514
Net assets available for benefits:
Beginning of year ........................ 3,460,211 422,757 1,326,287 5,835 203,960 72,772 0
End of year ..............................$ 0 $ 0 $ 0 $ 0 $1,238,301 $ 67,872 $ 20,514
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the year ended December 31, 1996
(continued)
<TABLE>
<CAPTION>
Aggressive Growth & Short
Growth Bond Growth Income Intenational Term
Fund Funds Funds Funds Funds Fund Total
<S> <C> <C> <C> <C> <C> <C
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of .......$ 32,570 $ 3,256 $ 206,982 $ 67,264 $ 4,366 $82,732 $1,370,272
investments
Interest and dividends ................... 0 0 0 0 0 0 3,367
32,570 3,256 206,982 67,264 $ 4,366 $82,732 1,373,639
Contributions:
Participants' ............................ 189,938 44,636 332,345 257,407 25,077 555,267 1,699,352
Total additions ........................ 222,508 47,892 539,327 324,671 29,443 637,999 3,072,991
Deductions from net assets attributed to:
Participants withdrawals ................. 7,547 690 217,212 48,393 1,423 717,201 1,193,325
Total deductions ....................... 7,547 690 217,212 48,393 1,423 717,201 1,193,325
Net (decrease) increase prior to transfers 214,961 47,202 322,115 276,278 28,020 (79,202) 1,879,666
Transfers ................................ 397,077 84,961 1,291,500 538,508 54,597 2,868,734 0
Net (decrease) increase .................. 612,038 132,163 1,613,615 814,786 82,617 2,789,532 1,879,666
Net assets available for benefits:
Beginning of year ........................ 0 0 0 0 0 0 5,491,772
End of year .............................. 612,038 132,163 1,613,615 814,786 82,617 2,789,532 $7,371,438
</TABLE>
<TABLE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the year ended December 31, 1995
<CAPTION>
Guaranteed Income & Growth Mastec Life
Interest Growth Opportunities Common Insurance
Fund Fund Fund Stock Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments $ 0 $ 28,709 $ 256,108 $ 18,032 $ 0
Interest and dividends 212,886 14,906 32,366 114 1,745
-------------- ------------- -------------- ------------- -------------
212,886 43,615 288,474 18,146 1,745
Contributions:
Participants' 510,028 130,972 226,302 160,150 9,340
-------------- ------------- -------------- ------------- -------------
Total additions 722,914 174,587 514,776 178,296 11,085
-------------- ------------- -------------- ------------- -------------
Deductions from net assets attributed to:
Participants withdrawals 964,681 26,545 166,179 4,992 28,264
-------------- ------------- -------------- ------------- -------------
Total deductions 964,681 26,545 166,179 4,992 28,264
-------------- ------------- -------------- ------------- -------------
Net (decrease) increase prior to transfers (241,767) 148,042 348,597 173,304 (17,179)
Transfers 27,358 (58,800) 44,617 (12,823) 0
-------------- ------------- -------------- ------------- -------------
Net (decrease) increase (214,409) 89,242 393,214 160,481 (17,179)
Net assets available for benefits:
Beginning of year 3,674,620 333,515 933,073 43,479 89,901
-------------- ------------- -------------- ------------- -------------
End of year $ 3,460,211 $ 422,757 $ 1,326,287 $ 203,960 $ 72,722
============== ============= ============== ============= =============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the year ended December 31, 1995
(continued)
<TABLE>
<CAPTION>
Diversified
Equity
Fund Total
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments $ 0 $ 302,849
Interest and dividends 340 262,357
------------- -------------
340 565,206
Contributions:
Participants' 29 1,036,821
------------- -------------
Total additions 369 1,602,027
------------- -------------
Deductions from net assets attributed to:
Participants withdrawals 0 1,190,661
------------- -------------
Total deductions 0 1,190,661
------------- -------------
Net (decrease) increase prior to transfers 369 411,366
Transfers (352) 0
------------- -------------
Net (decrease) increase 17 411,366
Net assets available for benefits:
Beginning of year 5,818 5,080,406
------------- -------------
End of year $ 5,835 $ 5,491,772
============= =============
</TABLE>
THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of Plan:
The following description of the MasTec, Inc. (the "Company" or
"MasTec") 401(K) Retirement Savings Plan (the "Plan") provides only
general information. The Plan agreement contains a more complete
description of the Plan's provisions.
General
The Plan is a defined contribution plan covering all employees of the
Company who are age twenty-one or older and have one year of service.
Eligible participants may enter the Plan on January 1 or July 1. It is
subject to the provisions of the Employee Retirement Income Security
Act of 1974 ("ERISA") and is exempt from federal and state income
taxes.
The Plan is administered by the Employee Benefits Committee (Plan
Administrators). Effective January 1, 1996, the Board of Directors
appointed Great-West Life & Annuity Insurance Company as Trustee and
Recordkeeper of the Plan for all funds except for the MasTec Common
Stock Fund which the Trustee is Norwest Bank, Minnesota, N.A. Plan
assets are held by the Trustee.
Contributions
Participants may contribute from 1% to 15% of their pre-tax annual
compensation, subject to certain dollar amount limits, as defined in
the plan agreement. The maximum contribution allowed during 1996 and
1995 was $9,500 and $9,240, respectively.
The Company may, at its sole discretion, contribute to the Plan. During
1996 and 1995, no contributions were made. Effective January 1, 1997,
the Company will contribute 25% of each dollar up to 4% of the
participant's gross salary. The Company match will be exclusively in
MasTec Common Stock, and will be subject to certain restrictions.
Whether and to what extent the Company will match employee
contributions beyond 1997 will be at MasTec's discretion.
Participant Accounts
Each participant's account is credited with the participant's
contribution, the Company's discretionary contribution, if any, any
rollovers into the Plan (permitted at the discretion of the plan
administrator) and an allocation of the Plan's earnings. Each
participant's account is reduced by any withdrawals or distributions
and an allocation of (a) his share of investment losses and
depreciation in value of investments and (b) administrative fees paid
by the Plan if not paid by the Company. The benefit to which a
participant is entitled is the participant's vested account balance.
<PAGE>
THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
1. Description of the Plan, Continued:
Investment Options
Upon enrollment in the Plan, a participant may direct contributions to
any of the following investment options. Participants may elect to
invest contributions in a single fund in 5% increments, among any of
the following:
Hartford Guaranteed Interest Fund(1) - Funds are invested in
contracts with the Hartford Life Insurance Company (Hartford
Life) which provides for repayment of principal and annual
interest at guaranteed rates for a fixed period. During 1995, the
minimum guaranteed rate was 6.5%. The guaranteed interest rate is
determined before the start of each year by Hartford Life.
Fidelity Adviser Income and Growth Fund(1) - Funds are invested
in U.S. Treasury issues, corporate bonds, foreign investments,
convertible securities and stocks.
Fidelity Advisor Growth Opportunities Fund(1) - Funds are
invested in traditional growth stocks and debt securities.
A participant may not invest more than 50% of his aggregate
contributions in the MasTec, Inc. common stock fund.
Diversified Equity Fund(1) - The fund was not offered as an
investment option to participants after July 1, 1994.
(1) As of January 1, 1996, these investment options were no longer
available to Plan participants.
MasTec Common Stock Fund - Funds are invested solely in shares of
the common stock, par value $0.10 per share of MasTec, Inc. The
fund will buy up to 500,000 shares, as determined under the rules
of ERISA and the Internal Revenue Code (IRC).
Life Insurance Fund - The fund was not offered as an investment
option to participants after July 1, 1994.
Guaranteed Certificate Fund - Funds are invested in certificates
of deposit guaranteed by Great-West Life & Annuity Insurance
Company.
Aggressive Growth Funds - Funds are invested in:
Twentieth Century Ultra Investors Fund, managed by Investors
Research Corporation;
AIM Constellation Fund, managed by AIM Advisors, Inc.;
Maxim Small-Cap Index Portfolio, managed by the Great-West Life
Assurance Company, seeks to mirror the Russell 2000 Index;
<PAGE>
1. Description of the Plan, Continued:
Investment Options, Continued
Maxim Growth Index Portfolio, managed by the Great-West Life
Assurance Company, seeks to mirror the Russell 1000 Growth Index;
and
Maxim Small-Cap Aggressive Growth Portfolio, managed by Loomis
Sayles & Company, seeks to mirror the performance of the Loomis
Sayles Small-Cap Fund.
Bonds Funds - Funds are invested in:
Maxim U.S. Government Mortgage Securities Portfolio, managed by
the Great-West Life Assurance Company;
Maxim Investment Grade Corporate Bond Portfolio, managed by the
Great-West Life Assurance Company;
Maxim Corporate Bond Portfolio, managed by Loomis Sayles &
Company, seeks to mirror the performance of Loomis Sayles Bond
Fund;
Putnam Global Governmental Income Fund, managed by Putnam
Investment Management, Inc.; and
Maxim Short-Term Maturity Bond Portfolio, managed by the
Great-West Life Assurance Company.
Growth Funds - Funds are invested in:
Fidelity Advisor Growth Opportunities Fund, managed by Fidelity
Management and Research Company;
Maxim Stock Index Portfolio, managed by the Great-West Life
Assurance Company, seeks to mirror the Standard & Poor's (S&P)500
Index and Mid-Cap 400 Index;
AIM Weingarten Fund, managed by AIM Advisors, Inc.; and
Maxim Small-Cap Value Portfolio, managed by Ariel Capital
Management.
Growth & Income Funds - Funds are invested in:
Maxim Total Return Portfolio, managed by the Great-West Life
Assurance Company;
AIM Charter Fund, managed by AIM Advisors, Inc.;
Maxim Value Index Portfolio, managed by the Great-West Life
Assurance Company, seeks to mirror the Russell 1000 Value Index;
Putnam Fund for Growth & Income, managed by Putnam Investment
Management, Inc.; and
Fidelity Advisor Equity Income Fund, managed by Fidelity
Management and Research Company.
<PAGE>
1. Description of the Plan, Continued:
Investment Options, Continued
International Funds - Funds are invested in:
Putnam Global Growth Fund, managed by Putnam Investment
Management, Inc.;
Maxim Foreign Equity Portfolio, managed by Draycott
Partners, seeks to mirror the performance of the New England
International Equity Fund; and
Fidelity Advisor Overseas Fund, managed by Fidelity
Management and Research Company.
Short-Term Fund - Funds are invested in:
Maxim Money Market Portfolio, managed by the Great-West Life
Assurance Company.
Transfers and Rollovers
Participants may rollover balances held in other qualified retirement
plans at the discretion of the Plan Administrators.
Withdrawals
Certain withdrawals from participant accounts are only allowed for
financial hardship (in accordance with IRS regulations).
Participant Notes Receivable
Participants may borrow a maximum of the lesser of (1) $50,000 or (2)
fifty percent (50%) of their individual vested account balance. Loan
terms range from 1-5 years or up to 20 years for the purchase of a
primary residence. The loans bear interest at the published prime rate
in the Wall Street Journal plus 1%.
Payment of Benefits
On termination of service, due to death, disability, or retirement, a
participant receives payment of the vested accrued benefit in a single
lump sum or the payment can be deferred under certain circumstances to
normal retirement age. For termination of service due to other reasons,
a participant is entitled to receive only the vested percentage of his
account balance.
<PAGE>
1. Description of the Plan, Continued:
Vesting
Participants are immediately vested in their contributions and
rollovers and the earnings thereon. Participants are vested in Company
contributions, if any, to the extent reflected below:
Years of Service Percentage
---------------
1 0%
2 20%
3 40%
4 60%
5 80%
6 or more 100%
Participants forfeit the portion of their account balance to the extent
not vested. There were no amounts forfeited as of December 31, 1996 and
1995.
2. Summary of Significant Accounting Policies:
The significant accounting policies followed by the Plan are as
follows:
Basis of Accounting
The financial statements of the Plan are prepared in conformity with
generally accepted accounting principles.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ
from those estimates.
Risk and Uncertainties
The plan provides for various investment options in any combination of
stocks, bonds, fixed income securities, mutual funds, and other
investment securities. Investment securities are exposed to various
risks, such as interest rate, market and credit. Due to the level of
risk associated with certain investment securities and the level of
uncertainty related to changes in the value of investment securities,
it is at least reasonably possible that changes in risks in the near
term would materially affect participants' account balances and the
amounts reported in the statement of net assets available for plan
benefits and the statement of changes in net assets available for plan
benefits.
2. Summary of Significant Accounting Policies, Continued:
Valuation of Investments and Income Recognition
The Plan's investments are valued by the trustees (Note 1) and are
stated at fair value using quoted market prices.
Purchase and sales transactions are recorded on a trade date basis. Any
gain or loss resulting from the sale of fund units is determined as the
difference between the sales proceeds and the average cost of the units
sold. Investment income is recorded on the accrual basis.
Investment Income
The Plan presents in the statement of changes in net assets available
for benefits the net appreciation/depreciation in the fair value of its
investments which consists of the realized gains or losses and the
unrealized appreciation (depreciation) on those investments.
Participant Withdrawals
Withdrawals made by participants are recorded when paid.
Administrative Costs
All administrative expenses of the Plan, including, without limitation,
the allocable portion of compensation of plan administrative staff and
fees of employee benefits consultants, legal counsel, and auditors'
fees are chargeable to the Plan. The Company may, at its sole
discretion, pay any such expenses, in whole or in part. The Company
assumed responsibility for administrative expenses for the years ended
December 31, 1996 and 1995.
3. Investment Contract With Insurance Company:
The Plan had during 1995 a Group Annuity Contract with the Hartford
Life Insurance Company ("ITT Hartford"). ITT Hartford maintained the
contributions in an Immediate Participation Fund. The contract was
included in the 1995 financial statements at contract value, as
reported to the Plan by ITT Hartford. Such contract was terminated
during 1996.
4. Plan Termination:
Although it has not expressed any intent 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.
5. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of net assets available for benefits
per the financial statements to the Form 5500:
<TABLE>
1996 1995
<CAPTION>
<S> <C> <C>
Net assets available for benefits per the financial statements $ 7,371,438 $ 5,491,772
Amounts allocated to withdrawing participants (153,676)
---------------- ----------------
Net assets available for Plan benefits per the Form 5500 $ 7,371,438 $ 5,338,096
================ ================
The following is a reconciliation of benefits paid to participants per
the financial statements to the Form 5500:
Year ended
December
31, 1996
Withdrawals paid to participants per the financial statements $ 1,193,325
Add: Amounts allocated to withdrawing participants at
December 31, 1996
Less: Amounts allocated to withdrawing participants at
December 31, 1995 (153,676)
----------------
Withdrawals to participants per the Form 5500 $ 1,039,649
================
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form
5500 for claims that have been processed and approved for payment prior
to December 31, but not yet paid as of that date.
6. Tax Status:
The Internal Revenue Service has determined and informed the Company by
a letter dated June 17, 1997, that the Plan is designed in accordance
with applicable sections of the IRC.
<PAGE>
THE MASTEC, INC.
401(K) RETIREMENT SAVINGS PLAN
ITEM 27a OF FORM 5500 - SCHEDULE OF ASSETS
HELD FOR INVESTMENT PURPOSES
as of December 31, 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Participating
(a) Units or Par Value (b) Identity of Party c) Description of Investment (d) Cost (e) Fair Value
------------------ ----------------- ------------------------- ------- -----------
269 Maxim Total Return Portfolio Growth & Income Fund 4,036 4,198
1,068 AIM Charter Fund Growth & Income Fund 17,838 19,024
1,725 Maxim Value Index Portfolio Growth & Income Fund 25,610 27,469
4,422 Putnam Fund for Growth & Income Growth & Income Fund 64,810 69,206
42,545 Fidelity Advisor Equity Income Fund Growth & Income Fund 485,034 533,501
223 Maxim U.S. Government Mortgage Securities Portfolio Bond Fund 3,047 3,098
1,600 Maxim Investment Grade Corporate Bond Portfolio Bond Fund 43,813 43,822
1,738 Maxim Corporate Bond Portfolio Bond Fund 22,756 23,440
75 Putnam Global Governmental Income Fund Bond Fund 845 869
31 Maxim Short-Term Maturity Bond Portfolio Bond Fund 326 330
148,620 Maxim Money Market Portfolio Short-Term Fund 2,597,252 2,668,724
99,406 Fidelity Advisor Growth Opportunities Fund Growth Fund 1,312,293 1,494,743
787 Maxim Stock Index Portfolio Growth Fund 31,745 35,404
1,311 AIM Weingarten Fund Growth Fund 21,938 22,672
38 Maxim Small-Cap Value Portfolio Growth Fund 467 514
N/A Great-West Life & Annuity Insurance Company Guaranteed Certificate Fund 19,185 19,185
5,416 Twentieth Century Ultra Investors Fund Aggressive Growth Fund 109,705 112,024
4,942 AIM Constellation Fund Aggressive Growth Fund 111,513 116,008
195 Maxim Small-Cap Index Portfolio Aggressive Growth Fund 2,555 2,694
1,260 Maxim Growth Index Portfolio Aggressive Growth Fund 19,139 19,984
4,442 Maxim Small-Cap Aggressive Growth Portfolio Aggressive Growth Fund 61,251 68,094
4,285 Putnam Global Growth Fund International Fund 55,877 59,243
265 Maxim Foreign Equity Portfolio International Fund 3,250 3,291
1,488 Fidelity Advisor Overseas Fund International Fund 16,081 16,489
17,648 Profile Series I Aggressive Growth Fund 245,252 263,947
7,162 Profile Series II Growth and Income Fund 96,990 102,583
2,813 Profile Series III Bond Fund 36,966 38,648
1,044 Profile Series IV Bond Fund 12,872 13,619
117 Profile Series V Bond Fund 1,449 1,483
22,545 MasTec, Inc. Common Stock Fund 409,357 1,223,070
N/A First Colony Life Insurance Company Life Insurance Fund 129,966 67,872
N/A Participant loans, fully amortized Loans to participants 8% - 11% 172,886
----------- ------------
$ 5,963,218 7,248,134
</TABLE>
THE MASTEC INC.
401(K) RETIREMENT SAVINGS PLAN
ITEM 27d OF FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTIONS* for the year ended
December 31, 1996
<TABLE>
(f) Value of
Assets on
<CAPTION>
(c) Purchase (d)Selling (e)Cost of Transaction (g) Net Gain
(a) Identity of Party Involved (b) Description of Assets or (Loss)
Price Price Asset Date
<S> <C> <C> <C> <C> <C> <C>
Mastec, Inc. MasTec Stock Fund
Purchases $ 508,099 $ $ $ 508,099 $
Sales 258,157 98,768 159,389
Great West Life Assurance Aggressive Growth Funds
Company Purchases 605,046 605,046
Sales 54,866 54,887 (21)
Great West Life Assurance Growth Funds
Company Purchases 1,835,499 1,835,499
Sales 747,305 567,824 179,481
Great West Life Assurance Growth and Income Funds
Company Purchases 852,851 852,851
Sales 164,134 158,533 5,601
Great West Life Assurance Short Term Fund
Company Purchases 3,970,293 3,970,293
Sales 1,384,302 1,373,042 11,260
First Union National Bank Guaranteed Interest Fund
Sales 3,363,155 3,363,155
First Union National Bank Income and Growth Fund
Sales 422,757 422,757
First Union National Bank Growth Oppoirtunities Fund
Sales 1,326,287 1,326,287
</TABLE>
* Under ERISA, a reportable transaction is defined as a transaction or
series of transactions during the plan year that involves more than 5% of
the fair value of the plan assets at the beginning of the plan year.
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement of
MasTec, Inc. on Form S-8 (File No. 33-55327) of our report dated June 11, 1997,
on our audits of the financial statements and supplemental schedules of The
MasTec, Inc. 401(k) Retirement Savings Plan as of December 31, 1996 and 1995,
and for the years ended December 31, 1996 and 1995, which report is included in
this Annual Report on Form 11-K.
s/Coopers & Lybrand L.L.P.
Miami, Florida
June 27, 1997
