<PAGE>
================================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended DECEMBER 31, 1997
-----------------
[_] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from __________ to __________
Commission file number 1-5851
------
FISONS CORPORATION THRIFT PLAN
- --------------------------------------------------------------------------------
(Full title of plan)
RHONE-POULENC RORER INC.
- --------------------------------------------------------------------------------
(Name of Issuer of securities held pursuant to the plan)
500 Arcola Road Collegeville, Pennsylvania 19426
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 610-454-8000
------------
================================================================================
<PAGE>
FISONS CORPORATION THRIFT PLAN
ANNUAL REPORT ON FORM 11-K
For the year ended December 31, 1997
TABLE OF CONTENTS
-----------------
<TABLE>
<CAPTION>
PAGE NO.*
----------
<S> <C>
(a) FINANCIAL STATEMENTS:
Report of Independent Accountants 2
Statements of Net Assets Available for Benefits
at December 31, 1997 and 1996 3
Statements of Changes in Net Assets Available for Benefits
for the years ended December 31, 1997 and 1996 4
Notes to Financial Statements 5 - 17
SUPPLEMENTAL SCHEDULES:
Schedule of Assets Held for Investment Purposes
at December 31, 1997 18
Schedule of Reportable Transactions
for the year ended December 31, 1997 19
* Refers to page number in the 1997 Annual Report of the Fisons Corporation Thrift Plan.
(b) EXHIBITS:
(1) Consent of Independent Accountants.
</TABLE>
<PAGE>
ANNUAL REPORT OF THE
FISONS CORPORATION THRIFT PLAN
--------------------------
For the years ended December 31, 1997 and 1996
<PAGE>
ANNUAL REPORT OF THE
FISONS CORPORATION THRIFT PLAN
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
____________
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
Financial Statements:
Report of Independent Accountants 2
Statements of Net Assets Available for Benefits at
December 31, 1997 and 1996 3
Statements of Changes in Net Assets Available for Benefits
for the years ended December 31, 1997 and 1996 4
Notes to Financial Statements 5 - 17
Supplemental Schedules:
Line 27 (a)* - Schedule of Assets Held for Investment Purposes
at December 31, 1997 18
Line 27 (d)* - Schedule of Reportable Transactions
for the year ended December 31, 1997 19
</TABLE>
* Refers to line numbers in the IRS Form 5500 (Annual Return/Report of Employee
Benefit Plans) for the year ended December 31, 1997, which is incorporated
herein by reference.
1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Employee Savings Plan Committee:
We have audited the accompanying statements of net assets available for benefits
of Fisons Corporation Thrift Plan ("the Plan") as of December 31, 1997 and 1996,
and the related statements of changes in net assets available for benefits for
the years ended December 31, 1997 and 1996. 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 audit.
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 audit provides 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, 1997 and 1996, and the changes in net assets available for benefits
for the years ended December 31, 1997 and 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, listed in the
accompanying index on page 1, 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. These supplemental schedules are the responsibility of the
Plan's management. The supplemental schedules have been subjected to the
auditing procedures applied in the audit 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.
/s/ COOPERS & LYBRAND L.L.P.
------------------------------------
Coopers & Lybrand L.L.P.
Philadelphia, Pennsylvania
June 24, 1998
2
<PAGE>
FISONS CORPORATION THRIFT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
DECEMBER 31,
---------------------------------
1997 1996
------------- -------------
<S> <C> <C>
ASSETS
Investments $ 20,797,400 $ 19,894,041
Participants' promissory notes 147,818 316,509
------------- -------------
Total assets 20,945,218 20,210,550
------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS $ 20,945,218 $ 20,210,550
============= =============
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
FISONS CORPORATION THRIFT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
FOR THE YEARS ENDED DECEMBER 31,
----------------------------------
1997 1996
------------ ------------
<S> <C> <C>
ADDITIONS
Contributions:
Employer $ -- $ 269,663
Employee -- 1,132,044
Investment income:
Interest income 12,124 667,415
Dividend income 729,590 2,648,283
Net appreciation 2,508,079 125,888
------------ ------------
Total additions 3,249,793 4,843,293
------------ ------------
DEDUCTIONS
Withdrawals and terminations (2,515,125) (11,624,190)
Transfers to other plans (Note 5) -- (6,858,844)
------------ ------------
Total deductions (2,515,125) (18,483,034)
------------ ------------
NET INCREASE (DECREASE) 734,668 (13,639,741)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 20,210,550 33,850,291
------------ ------------
End of year $ 20,945,218 $ 20,210,550
============ ============
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
FISONS CORPORATION THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 1. PLAN DESCRIPTION
The following description of the Fisons Corporation Thrift Plan ("the Plan")
provides only general information. Participants should refer to the Plan
agreement for a more complete description of the Plan's provision.
Background
- ----------
In October 1995, Fisons Corporation ("Fisons") was purchased by Rhone-Poulenc
Rorer, Inc. (the "Company" or "RPR"). Effective October 25, 1996, the Plan was
frozen with respect to future contributions and new loans. Former Fisons
employees who met certain eligibility requirements were then given the
opportunity to enter the Rhone-Poulenc Rorer Inc. Employee Savings Plan. In
November 1996, Plan assets were transferred from Fidelity Management Trust
Company (the "Former Trustee" or "Fidelity") to American Express Trust Company
(the "Trustee"), who were also the recordkeepers of the Plan.
General
- -------
The Plan is a defined contribution plan covering all former employees of Fisons,
who have attained the age of 20 1/2 (completed 3 months of service) and elected
to make a contribution. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA) and is currently administered by
the RPR Employee Savings Plan Committee as appointed by the Company's Board of
Directors.
Contributions
- -------------
Prior to October 25, 1996, participants could have contributed from 2 percent to
15 percent of pretax annual compensation, not to exceed $3,000 per participant
in any plan year, as defined in the Plan. Participants could have also
contributed amounts representing distributions from other qualified defined
benefit or contribution plans. The total amount of this contribution, however,
was subject to (1) the maximum amount allowed by the Internal Revenue Service
(IRS) in any plan year and (2) the IRS mandated discrimination tests.
Prior to the cessation of contributions on October 25, 1996, Fisons or RPR
matched 100% of a participant's basic contributions, not in excess of two
percent (2%) of a participant's compensation.
Vesting
- -------
Participants are immediately vested in their employee, voluntary, rollover and
employer contributions, as well as earnings on these contributions.
Investment Options
- ------------------
Prior to November 1996, a participant may have directed employee and employer
contributions with a minimum of 10 percent and thereafter in 5 percent
increments into any of the following six investment options: Mass Mutual Fixed
Income Fund; Fidelity Puritan Fund; Fidelity Magellan Fund; Fidelity Growth &
Income Portfolio; Fidelity OTC Stock Portfolio; and the Fidelity International
Growth & Income Fund. During 1996, The Mass Mutual Fixed Income Fund option was
replaced by the Fidelity Managed Income Fund.
In November 1996, with the transfer of Plan assets from Fidelity to American
Express Trust Company, new investment options were offered to participants.
Current investment options are as follows: IDS Discovery Fund, Inc.; IDS Federal
Income Fund, Inc.; IDS International Fund, Inc.; IDS Managed Allocation Fund;
IDS Mutual; IDS
5
<PAGE>
New Dimensions Fund, Inc.; IDS Growth Fund, Inc.; IDS Selective Fund, Inc.;
(collectively, the "IDS funds"); AIM Constellation Fund; Templeton Foreign Fund;
American Express Trust Equity Index Fund I; Rhone-Poulenc Rorer Inc. Interest
Accumulation Account; and Rhone-Poulenc Rorer Inc. Common Stock Account. The IDS
funds are managed by American Express Financial Corporation. Participants may
choose any combination of available investment vehicles in increments of one
percent.
On August 22, 1997 Rhone-Poulenc S.A. (RP) commenced a cash tender offer to
acquire, at a purchase price of $97 per share, the remaining shares of common
stock of Rhone-Poulenc Rorer Inc. (RPR) that it did not then own, including
shares in the Plan. The tender was declared complete on October 1, 1997. An
amount of $211,515 being the cash received by the Trustee of the tender of such
shares by plan participants who exercised the tender by the due date of
September 25, 1997, was transferred into the Interest Accumulation Fund as of
October 9, 1997. The cash of $21,952 received by the Trustee for shares of RPR
stock that were not tendered during the tender period were frozen until the
cancellation of shares and was transferred into the Interest Accumulation Fund
as of December 3, 1997.
Participants may change their investment options on a daily basis.
Allocation of Investment Performance
- ------------------------------------
Investment performance (i.e., interest and dividends) within the Funds is
allocated to participant accounts based on a participant's relative unit value
interest in an individual fund at the earnings date.
Participants' Promissory Notes
- ------------------------------
Prior to October 25, 1996, participants could borrow from their fund accounts an
amount not to exceed 50% of their vested account with a minimum of $1,000 and a
maximum of $50,000. The participant could only be granted one loan per year and
only one loan could be outstanding at anytime. New loans were not allowed after
October 25, 1996.
Loan transactions are treated as a transfer to (from) the investment fund from
(to) the Participants' Promissory Notes account. Loan terms ranged from 1 to 5
years or up to 10 years for the purchase of a primary residence. The loans are
secured by the vested balance in the participant's account and bear interest at
the prime rate plus 1.5% determined at the time the loan was granted. Interest
rates ranged from 7.48% to 13.33% in 1996. No new loans were taken during 1997.
Principal and interest is paid in substantially equal installments, not less
frequently than quarterly, by payroll deduction.
Payment of Benefits
- -------------------
On termination of service, a participant who has an account balance of greater
than $3,500 may elect to receive either a lump sum amount equal to the value of
the participant's vested interest in his or her account or elect to defer
payment until a later date. A participant who has an account balance under
$3,500 will receive a lump sum amount equal to the value of the participant's
vested interest in his or her account.
Plan Expenses
- -------------
Brokerage commissions in connection with the Plan's purchase or sale of
securities are added to the cost of the securities or deducted from the proceeds
thereof, as the case may be. All other costs and expenses incurred in the
administration of the Plan (i.e., trustee and recordkeeper fees) are currently
paid by the Company.
Termination of the Plan
- -----------------------
The Company's Board of Directors may amend or suspend the Plan from time to time
and may terminate the Plan at any time (although there is no present intent to
do so) provided, however, that no such action may cause the
6
<PAGE>
participants' employee and Company contribution accounts to be used for purposes
other than the exclusive benefit of the participants and their beneficiaries. If
the Plan is terminated with respect to all participants or a group of
participants, all such participants' accounts shall become fully vested and all
accounts of participants shall be distributed as soon as administratively
possible.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
- -------------------
The financial statements of the Plan are prepared under the accrual basis of
accounting.
Investment Valuation and Income Recognition
- -------------------------------------------
The Plan's investments are stated at fair value. Shares of registered
investment companies are valued at quoted market prices, which represent the net
asset value of the shares held by the Plan. The Rhone-Poulenc Rorer Inc.
Interest Accumulation Account is stated at contract value (cost plus interest
income earned on an accrual basis) which approximates fair value. The Rhone-
Poulenc Rorer Inc. Common Stock Account is stated at the fair market value of
the Company's common stock.
Purchases and sales are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
The statement of changes in net assets available for benefits presents the net
appreciation in the fair value of Plan investments which consists of realized
gains (losses) and the unrealized appreciation (depreciation) on those
investments.
Risks and Uncertainties
- -----------------------
The Plan provides for various investment options representing varied
combinations 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 risk. 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 benefits and the statement of changes in net assets
available for benefits.
Related Party Transactions
- --------------------------
Certain Plan investments were made in shares of mutual funds managed at the time
by an affiliate of American Express Trust Company or Fidelity, the current or
then-current trustees of the Plan. Therefore, these transactions qualify as
party-in-interest.
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.
7
<PAGE>
NOTE 3. SIGNIFICANT ASPECTS OF INVESTMENT OPTIONS
Current investment options:
IDS Discovery Fund, Inc. (Class Y)
- ----------------------------------
The IDS Discovery Fund, Inc. (Class Y) is a diversified mutual fund that invests
primarily in common stocks of small and medium size growth companies, many of
which specialize in technological innovation. Total units and unit-values
invested in the fund at December 31, 1997 were 12,538 at $11.74 per unit. There
were ten participants in the fund at December 31, 1997. There were no units
invested in the fund and no participants at December 31, 1996.
IDS Federal Income Fund, Inc. (Class Y)
- ---------------------------------------
The IDS Federal Income Fund, Inc. (Class Y) invests primarily in U.S. government
and government agency securities. There were no units invested in the fund and
no participants at December 31, 1997 and 1996.
IDS International Fund, Inc. (Class Y)
- --------------------------------------
The IDS International Fund, Inc. (Class Y) is a diversified mutual fund that
invests primarily in common stocks and securities convertible into common stocks
of foreign issuers. There were no units invested in the fund and no
participants at December 31, 1997 and 1996.
IDS Managed Allocation Fund (Class Y)
- -------------------------------------
The IDS Managed Allocation Fund (Class Y), a part of IDS Managed Retirement
Fund, Inc., is a diversified mutual fund that invests in common and preferred
stocks, convertible securities, debt securities and money market instruments
issued by both U.S. and foreign companies. Total units and unit-values invested
in the fund at December 31, 1997 were 3,272 at $10.96 per unit. There were four
participants in the fund at December 31, 1997. There were no units invested in
the fund and no participants at December 31, 1996.
IDS Mutual (Class Y)
- --------------------
IDS Mutual (Class Y), a part of IDS Investment Series, Inc., is a diversified
mutual fund that invests in common stocks and senior securities (preferred stock
and debt securities) issued by U.S. and foreign companies as well as convertible
securities and money market instruments. Total units and unit values invested
in the fund at December 31, 1997 were 156,922 at $13.73 per unit. There were
177 participants in the fund at December 31, 1997. There were 156,134 units
invested in the fund at $13.478 per unit and 212 participants at December 31,
1996.
IDS New Dimensions Fund, Inc. (Class Y)
- ---------------------------------------
The IDS New Dimensions Fund, Inc. (Class Y) is a diversified mutual fund that
invests primarily in common stocks and securities convertible into common stocks
of U.S. and foreign companies. Total units and unit values invested in the fund
at December 31, 1997 were 110,060 at $23.86 per unit. There were 203
participants in the fund at December 31, 1997. There were 108,902 units invested
in the fund at $20.708 per unit and 224 participants at December 31, 1996.
IDS Growth Fund, Inc. (Class Y)
- -------------------------------
The IDS Growth Fund, Inc. (Class Y) is a diversified mutual fund that invests in
stocks of U.S. companies. Total units and unit-values invested in the fund at
December 31, 1997 were 8,739 at $31.79 per unit. There were 19 participants in
the fund at December 31, 1997. There were no units invested in the fund and no
participants at December 31, 1996.
8
<PAGE>
IDS Selective Fund, Inc. (Class Y)
- ----------------------------------
The IDS Selective Fund, Inc. (Class Y) is a diversified mutual fund that invests
in bonds of U.S. and foreign issuers. There were no units invested in the fund
and no participants at December 31, 1997 and 1996.
AIM Constellation Fund
- ----------------------
AIM Constellation Fund, a part of AIM Equity Funds, Inc., is a diversified
mutual fund that invests in common stock, with emphasis on medium-sized and
smaller companies. Total units and unit values invested in the fund at December
31, 1997 were 52,966 units at $26.38 per unit. There were 128 participants in
the fund at December 31, 1997. There were 59,260 units invested in the fund at
$25.260 per unit and 147 participants at December 31, 1996.
Templeton Foreign Fund (Class I)
- --------------------------------
Templeton Foreign Fund (Class I), a part of Templeton Funds, Inc., is a
diversified mutual fund that invests in stocks and debt obligations of companies
and governments outside of the U.S. Total units and unit values invested in the
fund at December 31, 1997 were 86,297 units at $9.95 per unit. There were 96
participants in the fund at December 31, 1997. There were 74,026 units invested
in the fund at $10.360 per unit and 103 participants at December 31, 1996.
American Express Trust Equity Index Fund I
- ------------------------------------------
The American Express Trust Equity Index Fund I is a fund of common stocks
designed to closely match the total investment performance of the Standard and
Poor's 500 Composite Stock Index (the "S&P 500 Index"). The American Express
account portfolio contains all common stock issues represented in the S&P 500
Index except for stock of American Express Financial Corporation. No single
common stock issue can exceed 10% of the account portfolio at the time of
purchase. The fund is passively maintained; transactions occur only for the
purpose of investing new contributions, funding withdrawals, or adjusting to
changes made in the composition of stocks included in the S&P 500 Index. Total
units and unit values invested in the fund at December 31, 1997 were 219,212 at
$27.25 per unit. There were 267 participants in the fund at December 31, 1997.
There were 238,181 units invested in the fund at $20.506 per unit and 306
participants at December 31, 1996.
Rhone-Poulenc Rorer Inc. Interest Accumulation Account
- ------------------------------------------------------
The Rhone-Poulenc Rorer Inc. Interest Accumulation Account is a pool of
interest-bearing contracts, the principal and interest of which are guaranteed
by the issuing companies. The Plan's share represents 4.2% and 7.32% of the
aggregate pooled account at December 31, 1997 and 1996, respectively. Issuing
companies of contracts in the account at December 31, 1997 were: Aetna Life
Insurance Company, John Hancock Mutual Life Insurance Company, Metropolitan Life
Insurance, Principal Mutual Life Insurance Company, The Prudential Insurance
Company of America, New York Life Insurance Company and Transamerica Occidental
Life Insurance Company. The contracts, which had an aggregate fair market value
of $7,326,148 are considered fully benefit-responsive. Each contract is subject
to early termination penalties which may be significant. The interest rates on
funds on deposit in the account ranged from 5.53% to 9.06% in 1997 and 5.53% to
9.05% in 1996. The weighted average interest rate of all outstanding contracts
at December 31, 1997 was 7.20% (1996: 7.56%). There were 267 participants in the
account at December 31, 1997 (1996: 325).
Rhone-Poulenc Rorer Inc. Common Stock Account
- ---------------------------------------------
This account consists of Rhone-Poulenc Rorer Inc. common stock acquired at the
prevailing market price and temporary investments held by the Trustee. There
were no units invested in the account and no participants at December 31, 1997
and 1996.
9
<PAGE>
Former Investment Options:
Mass Mutual Fixed Income Fund/Fidelity Managed Income Portfolio
- ---------------------------------------------------------------
Mass Mutual Fixed Income Fund was invested in a guaranteed investment contract
with Massachusetts Mutual Life Insurance Company ("Mass Mutual"). In early
1995, the Plan entered into an investment with Mass Mutual who maintained the
contributions in pooled accounts. The account was credited with earnings on the
underlying investments and charged for Plan withdrawals and administrative
expenses. Later in 1995, the Plan transferred the assets from Mass Mutual's
investment funds to shares of an unallocated pooled fund with Fidelity. In
1996, the Plan reinvested the proceeds from the unallocated insurance contracts
into Fidelity Managed Income Portfolio, a registered investment company.
Fidelity Puritan Fund
- ---------------------
Fidelity Puritan Fund was invested in common stocks, corporate bonds and short-
term securities and cash.
Fidelity Magellan Fund
- ----------------------
Fidelity Magellan Fund was a growth mutual fund.
Fidelity Growth and Income Portfolio
- ------------------------------------
Fidelity Growth and Income Portfolio was invested in common stocks.
Fidelity OTC Stock Portfolio
- ----------------------------
Fidelity OTC Stock Portfolio was invested in common stocks of small companies
listed on the over-the-counter exchange.
Fidelity International Growth and Income Fund
- ---------------------------------------------
Fidelity International Growth and Income Fund was invested in common stocks and
corporate bonds of international companies.
NOTE 4. TAX STATUS
The Internal Revenue Service has determined and informed the Company by letter
dated August 1996 that the Plan, as then designed, was in accordance with the
applicable sections of the Internal Revenue Code (IRC). The Plan administrator
and the Plan's tax counsel believe that the Plan is designed and is currently
being operated in compliance with the applicable requirements of the Internal
Revenue Code.
NOTE 5. TRANSFERS TO OTHER PLANS
Medeva
- ------
In July of 1996, the Company sold certain assets of the Fisons Corporation in
Rochester, New York to Medeva, plc. In connection with the transaction, the
vested account balances of affected employees in the Plan were subsequently
transferred to Texas Commerce Bank Arlington, as trustee for the Medeva Inc.
Retirement Savings Plan, in November 1996 in the amount of $6,858,844.
10
<PAGE>
NOTE 6. NET ASSETS AVAILABLE FOR BENEFITS BY ACCOUNT
Net assets available for benefits by fund/account at December 31, 1997 and 1996
were as follows:
<TABLE>
<CAPTION>
DECEMBER 31, 1997
IDS
IDS IDS IDS MANAGED NEW
IDS DISCOVERY GROWTH ALLOCATION DIMENSIONS
MUTUAL FUND, INC. FUND, INC. FUND FUND, INC.
------------ ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Investments $ 2,154,228 $ 147,231 $ 277,824 $ 35,845 $ 2,626,250
Loans to participants -- -- -- -- --
------------ ---------- ---------- ----------- -----------
Total assets 2,154,228 147,231 277,824 35,845 2,626,250
------------ ---------- ---------- ----------- -----------
LIABILITIES -- -- -- -- --
------------ ---------- ---------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 2,154,228 $ 147,231 $ 277,824 $ 35,845 $ 2,626,250
============ ========== ========== =========== ===========
<CAPTION>
DECEMBER 31, 1997
ASSETS RHONE-POULENC
AMERICAN RORER INC. PARTICIPANTS'
EXPRESS TRUST INTEREST AIM TEMPLETON PROMISSORY
EQUITY ACCUMULATION CONSTELLATION FOREIGN NOTES COMBINED
INDEX FUND ACCOUNT FUND, INC. FUND ACCOUNT ACCOUNTS
------------- ------------- ------------- ----------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investments $ 5,973,965 $ 7,326,148 $ 1,397,253 $ 858,656 $ -- $ 20,797,400
Loans to participants -- -- -- -- 147,818 147,818
------------- ------------- ------------- ----------- ------------- ------------
Total assets 5,973,965 7,326,148 1,397,253 858,656 147,818 20,945,218
------------- ------------- ------------- ----------- ------------- ------------
LIABILITIES -- -- -- -- -- --
------------- ------------- ------------- ----------- ------------- ------------
NET ASSETS AVAILABLE
FOR BENEFITS $ 5,973,965 $ 7,326,148 $ 1,397,253 $ 858,656 $ 147,818 $ 20,945,218
============= ============= ============= =========== ============= ============
</TABLE>
11
<PAGE>
NOTE 6. NET ASSETS AVAILABLE FOR BENEFITS BY ACCOUNT (CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31, 1996
RHONE-POULENC
IDS AMERICAN RORER INC.
NEW EXPRESS TRUST INTEREST
IDS DIMENSIONS EQUITY ACCUMULATION
MUTUAL FUND, INC. INDEX FUND ACCOUNT
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
Investments $ 2,104,368 $ 2,255,143 $ 4,884,136 $ 8,386,567
Transfers pending (28,830) -- (117,303) 176,609
Loans to participants -- -- -- --
------------ ------------ ------------- -------------
Total assets 2,075,538 2,255,143 4,766,833 8,563,176
------------ ------------ ------------- -------------
LIABILITIES -- -- -- --
------------ ------------ ------------- -------------
NET ASSETS AVAILABLE
FOR BENEFITS $ 2,075,538 $ 2,255,143 $ 4,766,833 $ 8,563,176
============ ============ ============= =============
<CAPTION>
DECEMBER 31, 1996
ASSETS PARTICIPANTS'
AIM TEMPLETON PROMISSORY
CONSTELLATION FOREIGN NOTES COMBINED
FUND, INC. FUND ACCOUNT ACCOUNTS
------------- ----------- ------------- ------------
<S> <C> <C> <C> <C>
Investments $ 1,496,920 $ 766,907 $ -- $ 19,894,041
Transfers Pending (30,476) -- -- --
Loans to participants -- -- 316,509 316,509
------------- ----------- ------------- ------------
Total assets 1,466,444 766,907 316,509 20,210,550
------------- ----------- ------------- ------------
LIABILITIES -- -- -- --
------------- ----------- ------------- ------------
-- --
NET ASSETS AVAILABLE
FOR BENEFITS $ 1,466,444 $ 766,907 $ 316,509 $ 20,210,550
============= =========== ============= ============
</TABLE>
12
<PAGE>
NOTE 7. CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY ACCOUNT
Changes in net assets available for benefits by fund/account for the years ended
December 31, 1997 and 1996 were as follows:
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1997
IDS IDS
IDS IDS IDS FEDERAL NEW
IDS DISCOVERY GROWTH MANAGED INCOME DIMENSIONS
MUTUAL FUND, INC. FUND, INC. RETIREMENT FUND FUND, INC
-------------- ---------------- ------------ -------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Contributions:
Employer $ -- $ -- $ -- $ -- $ -- $ --
Employee -- -- -- -- -- --
Investment income:
Interest income 1,428 -- 160 -- -- 1,545
Dividend income 313,031 17,203 7,249 5,169 27 196,028
Net appreciation (depreciation) 53,887 (8,662) (528) (2,113) 42 347,861
-------------- ---------------- ------------ -------------- ---------- -------------
Total additions 368,346 8,541 6,881 3,056 69 545,434
-------------- ---------------- ------------ -------------- ---------- -------------
DEDUCTIONS
Withdrawals and terminations 248,751 -- -- -- -- 236,852
Transfers to other plans -- -- -- -- -- --
Administrative expenses -- -- -- -- -- --
-------------- ---------------- ------------ -------------- ---------- -------------
Total deductions 248,751 -- -- -- -- 236,852
-------------- ---------------- ------------ -------------- ---------- -------------
INCREASE (DECREASE) BEFORE
INTER-FUND TRANSFERS 119,595 8,541 6,881 3,056 69 308,582
Inter-fund transfers (40,905) 138,690 270,943 32,789 (69) 62,525
-------------- ---------------- ------------ -------------- ---------- -------------
NET INCREASE (DECREASE) 78,690 147,231 277,824 35,845 -- 371,107
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 2,075,538 -- -- -- -- 2,255,143
-------------- ---------------- ------------ -------------- ---------- -------------
End of year $ 2,154,228 $ 147,231 $277,824 $35,845 $ -- $ 2,626,250
============== ================ ============ ============== ========== =============
</TABLE>
13
<PAGE>
NOTE 7. CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY ACCOUNT (CONTINUED)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1997
RHONE-POULENC
AMERICAN EXPRESS RORER INC. AIM TEMPLETON
TRUST EQUITY INDEX INTEREST ACCUMULATION CONSTELLATION FOREIGN
FUND I ACCOUNT FUND FUND
---------------------- ----------------------- ---------------- -----------------
<S> <C> <C> <C> <C>
ADDITIONS
Contributions:
Employer $ -- $ -- $ -- $ --
Employee -- -- -- --
Investment income:
Interest income 3,723 4,597 525 146
Dividend income 105 -- 98,460 90,916
Net appreciation (depreciation) 1,490,482 546,385 90,598 (39,866)
------------------ ----------------------- ---------------- -----------------
Total additions 1,494,310 550,982 189,583 51,196
------------------ ----------------------- ---------------- -----------------
DEDUCTIONS
Withdrawals and terminations 506,075 1,240,237 236,935 46,275
Transfers to other plans -- -- -- --
Administrative expenses -- -- -- --
------------------ ----------------------- ---------------- -----------------
Total deductions 506,075 1,240,237 236,935 46,275
------------------ ----------------------- ---------------- -----------------
INCREASE (DECREASE) BEFORE
INTER-FUND TRANSFERS 988,235 (689,255) (47,352) 4,921
Inter-fund transfers 218,897 (547,773) (21,839) 86,828
------------------ ----------------------- ---------------- -----------------
NET INCREASE (DECREASE) 1,207,132 (1,237,028) (69,191) 91,749
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 4,766,833 8,563,176 1,466,444 766,907
------------------ ----------------------- ---------------- -----------------
End of year $ 5,973,965 $ 7,326,148 $1,397,253 $858,656
================== ======================= ================ =================
<CAPTION>
PHONE-POULENC PARTICIPANTS'
RORER INC. PROMISSORY
COMMON NOTES COMBINED
STOCK FUND ACCOUNT ACCOUNTS
----------------- ------------------ ----------------
<S> <C> <C> <C>
ADDITIONS
Contributions:
Employer $ -- $ -- $ --
Employee -- -- --
Investment income:
Interest income -- -- 12,124
Dividend income 1,402 -- 729,590
Net appreciation (depreciation) 29,993 -- 2,508,079
----------------- ------------------ ----------------
Total additions 31,395 -- 3,249,793
----------------- ------------------ ----------------
DEDUCTIONS
Withdrawals and terminations -- -- 2,515,125
Transfers to other plans -- -- --
Administrative expenses -- -- --
----------------- ------------------ ----------------
Total deductions -- -- 2,515,125
----------------- ------------------ ----------------
INCREASE (DECREASE) BEFORE
INTER-FUND TRANSFERS 31,395 -- 734,668
Inter-fund transfers (31,395) (168,691) --
----------------- ------------------ ----------------
NET INCREASE (DECREASE) -- (168,691) 734,668
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year -- 316,509 20,210,550
----------------- ------------------ ----------------
End of year $ -- $ 147,818 $20,945,218
================= ================== ================
</TABLE>
14
<PAGE>
NOTE 7. CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY ACCOUNT (CONTINUED)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1996
RHONE-POULENC
IDS AMERICAN RORER INC.
NEW EXPRESS TRUST INTEREST AIM
IDS DIMENSIONS EQUITY INDEX ACCUMULATION CONSTELLATION
MUTUAL FUND, INC. FUND I ACCOUNT FUND
----------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Contributions:
Employer $ -- $ -- $ -- $ -- $ --
Employee -- -- -- -- --
Investment income:
Interest income 86,506 108,558 308,590 63,099 50,713
Dividend income 139,763 86,604 -- -- 84,276
Net appreciation (depreciation) (137,472) (131,100) (54,802) 36,617 (93,463)
----------------- ----------------- ----------------- ----------------- -----------------
Total additions 88,797 64,062 253,788 99,716 41,526
----------------- ----------------- ----------------- ----------------- -----------------
DEDUCTIONS
Withdrawals and terminations -- -- -- -- --
Transfers to other plans -- -- -- -- --
Administrative expenses -- -- -- -- --
----------------- ----------------- ----------------- ----------------- -----------------
Total deductions -- -- -- -- --
----------------- ----------------- ----------------- ----------------- -----------------
INCREASE (DECREASE) BEFORE
INTER-FUND TRANSFERS 88,797 64,062 253,788 99,716 41,526
Inter-fund transfers 1,986,741 2,191,081 4,513,045 8,463,460 1,424,918
----------------- ----------------- ----------------- ----------------- -----------------
NET INCREASE (DECREASE) 2,075,538 2,255,143 4,766,833 8,563,176 1,466,444
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year -- -- -- -- --
----------------- ----------------- ----------------- ----------------- -----------------
End of year $2,075,538 $2,255,143 $4,766,833 $8,563,176 $1,466,444
================= ================= ================= ================= =================
<CAPTION>
FIDELITY
INT'L GROWTH TEMPLETON
& INCOME FOREIGN
FUND FUND
----------------- -----------------
<S> <C> <C>
ADDITIONS
Contributions:
Employer $ 11,256 $ --
Employee 52,469 --
Investment income:
Interest income -- 5,511
Dividend income -- 22,802
Net appreciation (depreciation) 71,696 14,859
----------------- -----------------
Total additions 135,421 43,172
----------------- -----------------
DEDUCTIONS
Withdrawals and terminations (417,204) --
Transfers to other plans (148,965) --
Administrative expenses -- --
----------------- -----------------
Total deductions (566,169) --
----------------- -----------------
INCREASE (DECREASE) BEFORE
INTER-FUND TRANSFERS (430,748) 43,172
Inter-fund transfers (650,083) 723,735
----------------- -----------------
NET INCREASE (DECREASE) (1,080,831) 766,907
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 1,080,831 --
----------------- -----------------
End of year $ -- $ 766,907
================= =================
</TABLE>
15
<PAGE>
NOTE 7. CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY ACCOUNT (CONTINUED)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1996
MASS FIDELITY FIDELITY FIDELITY
FIDELITY MUTUAL FIDELITY GROWTH & OTC MANAGED
PURITAN FIXED INCOME MAGELLAN INCOME STOCK INCOME
FUND FUND FUND PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ---------------- ------------ ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Contributions:
Employer $ 40,805 $ -- $ 64,147 $ 63,627 $ 22,969 $ 66,859
Employee 185,528 -- 275,399 274,630 105,017 239,001
Investment income:
Interest income -- -- -- -- -- --
Dividend income 425,082 -- 659,140 383,953 176,001 670,662
Net appreciation (depreciation) (22,713) -- (379,715) 694,817 127,163 1
-------------- ---------------- ------------ ------------- ------------- --------------
Total additions 628,702 -- 618,971 1,417,027 431,150 976,523
-------------- ---------------- ------------ ------------- ------------- --------------
DEDUCTIONS
Withdrawals and terminations (1,393,216) (3,036) (1,455,320) (3,414,606) (539,857) (4,315,771)
Transfers to other plans (822,550) -- (1,160,641) (1,523,882) (409,535) (2,556,592)
Administrative expenses -- -- -- -- -- --
-------------- ---------------- ------------ ------------- ------------- --------------
Total deductions (2,215,766) (3,036) (2,615,961) (4,938,488) (949,392) (6,872,363)
-------------- ---------------- ------------ ------------- ------------- --------------
INCREASE (DECREASE) BEFORE
INTER-FUND TRANSFERS (1,587,064) (3,036) (1,996,990) (3,521,461) (518,242) (5,895,840)
Inter-fund transfers (1,908,720) (15,396,814) (2,205,202) (3,710,540) (1,107,261) 5,895,840
-------------- ---------------- ------------ ------------- ------------- --------------
NET INCREASE (DECREASE) (3,495,784) (15,399,850) (4,202,192) (7,232,001) (1,625,503) --
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 3,495,784 15,399,850 4,202,192 7,232,001 1,625,503 --
-------------- ---------------- ------------ ------------- ------------- --------------
End of year $ -- $ -- $ -- $ -- $ -- $ --
============== ================ ============ ============= ============= ==============
<CAPTION>
PARTICIPANTS'
PROMISSORY
NOTES COMBINED
ACCOUNT ACCOUNTS
------------------- --------------
<S> <C> <C>
ADDITIONS
Contributions:
Employer $ -- $ 269,663
Employee -- 1,132,044
Investment income:
Interest income 44,438 667,415
Dividend income -- 2,648,283
Net appreciation (depreciation) -- 125,888
------------------- --------------
Total additions 44,438 4,843,293
------------------- --------------
DEDUCTIONS
Withdrawals and terminations (85,180) (11,624,190)
Transfers to other plans (236,679) (6,858,844)
Administrative expenses -- --
------------------- --------------
Total deductions (321,859) (18,483,034)
------------------- --------------
INCREASE (DECREASE) BEFORE
INTER-FUND TRANSFERS
Inter-fund transfers (220,200)(1) --
------------------- --------------
NET INCREASE (DECREASE) (497,621) (13,639,741)
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning of year 814,130 33,850,291
------------------- --------------
End of year $ 316,509 $ 20,210,550
=================== ==============
</TABLE>
(1) 1996 inter-fund transfers include new loans issued of $151,415 and
repayments of $327,177.
16
<PAGE>
NOTE 8. VOLUNTARY COMPLIANCE RESOLUTION
In August 1997, RPR filed with the IRS a Voluntary Compliance Resolution Program
(VCR) for the approval by the IRS of a correction on behalf of the Plan of
certain operational defects associated with the Plan. These operational defects
occurred during the distribution of funds to former Plan participants under the
previous Plan administrator. The IRS approved the correction in January 1998 and
stated that if the approved corrections were made, there would be no adverse
effect on the qualified status of the Plan. RPR is currently in the process of
utilizing the IRS Locator Program to locate the former plan participants. RPR
believes that compliance with the approved corrective program can be completed
by the end of October 1998.
17
<PAGE>
SUPPLEMENTAL SCHEDULES
<PAGE>
FISONS CORPORATION THRIFT PLAN
LINE 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<TABLE>
<CAPTION>
PARTY
IN-INTEREST IDENTITY OF ISSUE DESCRIPTION OF ASSET
- --------------- ----------------------------------------- ----------------------------------------------------------------
<S> <C> <C>
* IDS Mutual (Class Y) Balanced mutual fund
(156,922 units at $13.728 per unit)
* IDS Discovery Fund (Class Y) Equity mutual fund
(12,538 units at $11.743 per unit)
* IDS Growth Fund (Class Y) Equity mutual fund
(8,739 units at $31.790 per unit)
* IDS Managed Allocation Fund (Class Y) Balanced mutual fund
(3,272 units at $10.955 per unit)
* IDS New Dimensions Fund, Inc. (Class Y) Equity mutual fund
(110,060 units at $23.862 per unit)
* American Express Trust Equity Index Fund I Equity index fund
(219,212 units at $27.252 per unit)
N/A Rhone-Poulenc Rorer Inc. Interest Accumulation Pooled fund of guaranteed insurance contracts
Account (Interest rates ranging from 5.53% to 9.06%; mature at various
dates from 1/30/98 to 1/13/06)
N/A AIM Constellation Fund Equity mutual fund
(52,966 unit at $26.380 per unit)
N/A Templeton Foreign Fund (Class II) Equity mutual fund
(86,297 units at $9.950 per unit)
<CAPTION>
DECEMBER 31, 1997
-----------------------------
PARTY CURRENT
IN-INTEREST COST VALUE
- --------------- ------------ ---------------
<S> <C> <C>
* $ 2,166,870 $ 2,154,228
* 155,893 147,231
* 278,352 277,824
* 37,958 35,845
* 2,346,817 2,626,250
* 4,345,098 5,973,965
N/A 6,779,938 7,326,148
N/A 1,353,124 1,397,253
N/A 865,388 858,656
----------- -----------
$18,329,438 $20,797,400
=========== ===========
</TABLE>
* See the attached "Schedule of Reportable Transactions" for details of
transactions with parties-in-interest.
19
<PAGE>
FISONS CORPORATION THRIFT PLAN
LINE 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
(SEE AMERICAN EXPRESS TRUST REPORT ATTACHED
20
<PAGE>
[LOGO OF AMERICAN EXPRESS APPEARS HERE]
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
FINANCIAL FISONS CORPORATION THRIFT PLAN PAGE 10
ADVISORS FROM 1/1/97 TO 12/31/97
ACCOUNT DMO186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
BEGINNING MARKET VALUE 20,209,138.82
COMPARATIVE VALUE (5%) 1,010,456.94
---------------------- -------------
</TABLE>
CATEGORY 1 - SINGLE TRANSACTION EXCEEDS 5% OF VALUE
*** NO TRANSACTIONS QUALIFIED FOR THIS SECTION ***
================================================================================
<TABLE>
<CAPTION>
CATEGORY 2 - SERIES OF TRANSACTIONS WITH SAME BROKER EXCEEDS 5% OF VALUE
BROKER: NO BROKER
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/02/97 B 12,878 13.718 0 176,666- 176,666
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/09/97 B 193 13.740 0 2,649- 2,649
ISSUE: 990008831 - RPR POOLED STOCK FUND
01/09/97 B 16 15.900 0 262- 262
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/13/97 S 1,493 13.745 0 20,519 20,240 278
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/16/97 S 2,959 13.759 0 40,715 40,122 593
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/17/97 S 345 13.761 0 4,744 4,675 70
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/21/97 S 5,682 13.772 0 78,246 77,034 1,213
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/24/97 B 2,564 13.780 0 35,326- 35,326
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/28/97 S 232 13.790 0 3,198 3,144 53
</TABLE>
<PAGE>
[LOGO]
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
FINANCIAL FISONS CORPORATION THRIFT PLAN PAGE 11
ADVISORS FROM 7/1/97 TO 12/31/97
ACCOUNT DMO186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/29/97 B 1 13.785 0 13- 13
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/04/97 S 952 13.809 0 13,144 12,906 237
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/07/97 S 737 13.817 0 10,178 9,988 190
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
O2/11/97 S 307 13.827 0 4,243 4,161 82
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/12/97 S 868 13.830 0 12,000 11,765 235
ISSUE: 990008898 - RPR POOLED STOCK FUND
02/12/97 B 886 15.796 0 14,000- 14,000
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/13/97 S 5,047 13.833 0 69,809 68,429 1,380
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/18/97 B 19 13.838 0 265- 265
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/19/97 B 154 13.849 0 2,134- 2,134
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/25/97 S 1,051 13.865 0 14,567 14,246 321
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/26/97 S 133 13.867 0 1,838 1,797 41
ISSUE: 990008898 - RPR POOLED STOCK FUND
02/27/97 S 3,605 13.870 0 50,000 48,881 1,119
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/27/97 B 3,204 15.604 0 50,000- 50,000
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
02/28/97 B 13 13.873 0 176- 176
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
03/07/97 S 977 13.891 0 13,567 13,244 324
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
03/11/97 S 7,920 13.902 0 110,110 107,397 2,712
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
03/12/97 B 38 13.905 0 534- 534
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
03/13/97 B 30 13.907 0 421- 421
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
03/14/97 B 24 13.910 0 339- 339
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
03/17/97 S 1,912 13.913 0 26,958 25,922 676
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
03/25/97 S 311 13.939 0 4,341 4,223 118
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
03/31/97 S 4,046 13.947 0 56,436 54,869 1,567
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
</TABLE>
<PAGE>
[LOGO]
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
FINANCIAL FISONS CORPORATION THRIFT PLAN PAGE 12
ADVISORS FROM 1/1/97 TO 12/31/97
ACCOUNT DMO 186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
04/02/97 B 13 13.961 0 176- 176
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
04/07/97 S 210 13.969 0 2,938 2,852 86
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
04/09/97 B 38 13.980 0 534- 534
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
04/10/97 B 32 13.982 0 449- 449
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
04/21/97 S 500 14.007 0 7,000 6,776 224
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
04/22/97 B 5 14.015 0 73- 73
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
04/23/97 S 604 14.017 0 8,464 8,188 276
ISSUE: 990008831 - RPR POOLED STOCK FUND
04/23/97 B 407 14.729 0 6,000- 6,000
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
04/30/97 S 1,605 14.036 0 22,533 21,769 765
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
05/02/97 B 1,277 14.042 0 17,932- 17,932
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
05/07/97 B 63 14.055 0 888- 888
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
05/12/97 B 26 14.063 0 360- 360
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
05/13/97 B 0 14.035 0 1- 1
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
05/15/97 S 1,332 14.076 0 18,755 18,069 686
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
05/16/97 B 8 14.078 0 107- 107
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
05/28/97 S 522 14.112 0 7,371 7,083 288
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
05/30/97 B 23 14.117 0 318- 318
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/03/97 B 1,763 14.128 0 24,907- 24,907
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/05/97 S 1,685 14.133 0 23,817 22,856 961
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/09/97 S 1,185 14.139 0 16,760 16,077 683
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/11/97 S 24,981 14.150 0 353,482 338,806 14,675
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/12/97 B 28 14.152 0 401- 401
</TABLE>
<PAGE>
[LOGO]
SCHEDULE G INFORMATION - PART V
FINANCIAL REPORTABLE TRANSACTIONS
ADVISORS FISONS CORPORATION THRIFT PLAN PAGE 13
FROM 1/1/97 TO 12/31/97
ACCOUNT DMO 186500
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/18/97 S 2,016 14.169 0 28,568 27,345 1,223
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/19/97 S 1,833 14.171 0 25,982 24,867 1,116
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/23/97 S 529 14.177 0 7,500 7,175 325
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
06/25/97 B 4 14.186 0 60- 60
ISSUE: 990008831 - RPR POOLED STOCK FUND
06/30/97 B 610 19.622 0 11,960- 11,960
ISSUE: 990008831 - RPR POOLED STOCK FUND
07/07/97 B 2,497 20.021 0 50,000- 50,000
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/07/97 S 3,518 14.212 0 50,000 47,715 2,285
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/08/97 S 3,515 14.223 0 50,000 47,678 2,322
ISSUE: 990008831 - RPR POOLED STOCK FUND
07/08/97 B 2,494 20.048 0 50,000- 50,000
ISSUE: 990008831 - RPR POOLED STOCK FUND
07/09/97 B 651 20.155 0 13,119- 13,119
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/09/97 S 4,218 14.226 0 60,000 57,202 2,798
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/10/97 S 351 14.228 0 5,000 4,766 234
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/11/97 B 29 14.231 0 411- 411
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/14/97 B 36 14.234 0 510- 510
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/21/97 B 36 14.253 0 515- 515
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/23/97 S 4,441 14.264 0 63,353 60,238 3,115
ISSUE: 990008831 - RPR POOLED STOCK FUND
07/23/97 B 327 20.182 0 6,603- 6,603
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/25/97 S 336 14.270 0 4,800 4,562 238
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/28/97 S 2,804 14.272 0 40,021 38,032 1,989
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/29/97 S 296 14.281 0 4,227 4,014 213
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/30/97 S 1,517 16.283 0 21,662 20,570 1,092
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
07/31/97 B 28 14.286 0 400- 400
</TABLE>
<PAGE>
[LOGO]
SCHEDULE G INFORMATION - PART V
FINANCIAL REPORTABLE TRANSACTIONS
ADVISORS FISONS CORPORATION THRIFT PLAN PAGE 14
FROM 1/1/97 TO 12/31/97
ACCOUNT DMD 186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ------------ --------- ----- -------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 990008831 - RPR POOLED STOCK FUND
07/31/97 B 10 20.302 0 200- 200
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/04/97 S 2,513 14.292 0 35,911 34,079 1,832
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/07/97 S 2,770 14.305 0 39,630 37,574 2,056
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/11/97 S 1,101 14.311 0 15,750 14,927 823
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/12/97 B 29 14.319 0 411- 411
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/13/97 B 44 14.322 0 637- 637
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/18/97 S 1,910 14.330 0 27,369 25,904 1,465
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/19/97 S 2,210 14.338 0 31,693 29,979 1,713
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/21/97 B 16 14.344 0 224- 224
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
08/28/97 S 149 14.363 0 2,133 2,014 119
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
09/03/97 S 3,718 14.380 0 53,466 50,428 3,038
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
09/04/97 S 722 14.382 0 10,382 9,791 591
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
09/10/97 B 53 14.399 0 759- 759
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
09/16/97 S 6,128 14.416 0 88,347 83,119 5,228
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
09/23/97 S 1,247 14.435 0 18,000 16,913 1,087
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
09/24/97 S 46 14.438 0 664 624 40
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
09/25/97 B 4 14.440 0 60- 60
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/02/97 B 113 14.460 0 1,636- 1,636
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/07/97 S 578 14.474 0 8,368 7,842 527
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/09/97 B 12,882 14.479 0 186,515- 186,515
ISSUE: 990008831 - RPR POOLED STOCK FUND
10/09/97 S 10,128 20.885 0 211,515 184,421 27,094
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/10/97 B 21 14.481 0 309- 309
</TABLE>
<PAGE>
[LOGO OF AMERICAN EXPRESS APPEARS HERE]
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS PAGE 15
FINANCIAL FISIONS CORPORATION THRIFT PLAN
ADVISORS FROM 1/1/97 TO 12/31/97 ACCOUNT DMO 186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- ---- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/13/97 S 1,380 14.484 0 19,991 18,751 1,240
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/14/97 S 4,630 14.491 0 67,100 62,908 4,192
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/20/97 S 397 14.501 0 5,762 5,398 364
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/22/97 S 99 14.512 0 1,436 1,345 92
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/23/97 S 3,003 14.514 0 43,583 40,795 2,767
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/24/97 B 4 14.516 0 60- 60-
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/28/97 S 2,762 14.527 0 40,127 37,527 2,600
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/29/97 S 2,415 14.530 0 35,091 32,810 2,281
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
10/30/97 S 527 14.533 0 7,655 7,156 499
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/04/97 S 477 14.546 0 6,939 6,481 458
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/05/97 B 27 14.548 0 398- 398
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/10/97 S 503 14.557 0 7,318 6,830 488
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/11/97 S 1,291 14.565 0 18,806 17,542 1,264
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/12/97 S 10,572 14.568 0 154,008 143,624 10,384
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/13/97 B 7,005 14.570 0 102,067- 102,067
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/14/97 S 120 14.573 0 1,750 1,633 117
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/18/97 S 1,450 14.584 0 21,142 19,715 1,427
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/24/97 B 4 14.592 0 60- 60
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
11/26/97 B 187 14.605 0 2,736- 2,736
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
12/02/97 B 774 14.621 0 11,314- 11,314
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
12/04/97 B 1,501 14.627 0 21,952- 21,952
ISSUE: 990008831 - RPR POOLED STOCK FUND
12/04/97 S 1,050 20.903 0 21,952 19,124 2,828
</TABLE>
<PAGE>
[LOGO]
SCHEDULE G INFORMATION - PAST V
REPORTABLE TRANSACTIONS
FINANCIAL FISONS CORPORATION THRIFT PLAN PAGE 16
ADVISORS FROM 1/1/97 TO 12/31/97
ACCOUNT DMO186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
12/O8/97 B 14 14.631 0 209- 209
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
12/09/97 B 214 14.640 0 3,137- 3,137
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
12/10/97 S 1,707 14.643 0 25,000 23,228 1,772
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
12/22/97 S 21 14.669 0 315 292 23
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
12/23/97 S 205 14.677 0 3,002 2,782 219
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
12/30/97 S 4,001 14.696 0 58,793 54,428 4,365
-------- --------- ---------- ---------
SUB-TOTAL 0 3,240,677 3,110,860 129,816
GRAND TOTAL 0 3,240,677 3,110,860 129,816
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CATEGORY 3 - SERIES OF TRANSACTIONS IN SAME SECURITY EXCEEDS 5% OF VALUE
<TABLE>
ISSUE: 990008476 - EQUITY INDEX 1
<S> <C> <C> <C> <C> <C> <C>
01/02/97 S 5,720 20.506 0 117,303 111,211 6,092
01/08/97 S 1,184 20.836 0 24,663 23,012 1,651
01/09/97 B 3 20.707 0 71- 71
01/16/97 S 579 21.231 0 12,288 11,252 1,036
01/17/97 S 400 21.302 0 8,517 7,773 744
01/20/97 S 417 21.481 0 8,955 8,105 850
01/21/97 S 1,840 21.495 0 39,544 35,765 3,779
01/23/97 S 905 21.758 0 19,680 17,585 2,096
01/24/97 S 1,642 21.519 0 35,326 31,914 3,411
01/28/97 S 1,352 21.172 0 28,631 26,290 2,341
01/29/97 B 0 21.149 0 2- 2
02/04/97 B 414 21.785 0 9,024- 9,024
02/05/97 B 2 21.859 0 44- 44
02/07/97 S 43 21.614 0 924 831 93
02/11/97 S 510 21.758 0 11,094 9,915 1,179
</TABLE>
<PAGE>
[LOGO OF AMERICAN EXPRESS APPEARS HERE]
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS PAGE 17
FINANCIAL FISIONS CORPORATION THRIFT PLAN
ADVISORS FROM 1/1/97 TO 12/31/97 ACCOUNT DMO 186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
02/13/97 B 605 22.243 0 13,451- 13,451
02/18/97 B 10 22.402 0 224- 224
02/19/97 S 1,788 22.623 0 40,454 34,786 5,668
02/25/97 S 196 22.461 0 4,395 3,806 589
02/26/97 S 256 22.511 0 5,755 4,973 782
03/07/97 S 622 22.159 0 13,784 12,101 1,603
03/12/97 B 47 22.513 0 1,061- 1,061
03/13/97 B 14 22.318 0 304- 304
03/14/97 B 3 21.913 0 73- 73
03/17/97 B 604 22.016 0 13,299- 13,299
03/25/97 B 6 21.954 0 141- 141
03/31/97 S 498 21.489 0 10,697 9,687 1,009
04/07/97 S 76 21.052 0 1,603 1,482 121
04/09/97 B 50 22.187 0 1,061- 1,061
04/10/97 B 3 21.131 0 71- 71
04/22/97 B 9 21.134 0 185- 185
04/23/97 S 2,019 21.530 0 43,460 39,284 4,175
04/30/97 B 2 22.059 0 42- 42
05/02/97 S 449 22.197 0 9,976 8,746 1,229
05/07/97 B 41 23.012 0 944- 944
05/12/97 B 810 22.937 0 18,579- 18,579
05/15/97 S 202 23.260 0 4,707 3,941 766
05/16/97 B 14 23.422 0 321- 321
05/21/97 S 62 23.418 0 1,463 1,217 246
05/28/97 S 946 23.648 0 22,362 18,416 3,946
05/30/97 B 11 23.499 0 270- 270
06/03/97 S 1,057 23.564 0 24,907 20,585 4,322
06/09/97 B 48 23.895 0 1,156- 1,156
06/12/97 S 174 24.226 0 4,207 3,382 825
06/18/97 B 516 24.916 0 12,861- 12,861
06/19/97 S 1,122 24.766 0 27,798 21,875 5,923
06/23/97 B 200 25.033 0 5,000- 5,000
06/25/97 B 69 24.971 0 1,717- 1,717
06/30/97 S 322 24.726 0 7,960 6,276 1,684
07/09/97 B 218 25.615 0 5,575- 5,575
07/11/97 B 25 25.476 0 640- 640
07/14/97 B 7 25.556 0 171- 171
07/21/97 B 12 25.526 0 299- 299
07/23/97 B 1,730 26.047 0 45,068- 45,068
07/24/97 B 3,442 26.121 0 89,915- 89,915
07/25/97 B 259 26.223 0 6,800- 6,800
07/28/97 S 1,696 26.179 0 44,394 33,346 11,048
07/31/97 B 8 26.558 0 200- 200
08/04/97 B 78 26.419 0 2,071- 2,071
</TABLE>
<PAGE>
[LOGO]
SCHEDULE G INFORMATION - PART V
FINANCIAL REPORTABLE TRANSACTIONS
ADVISORS FISONS CORPORATION THRIFT PLAN PAGE 18
FROM 1/1/97 TO 12/31/97
ACCOUNT DMO 186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
08/07/97 B 1,489 26.789 0 39,879- 39,879
08/12/97 B 15 26.147 0 395- 395
08/13/97 B 54 25.856 0 1,395- 1,395
08/19/97 B 1,292 25.477 0 32,908- 32,908
08/21/97 B 5 26.229 0 141- 141
08/28/97 S 170 25.516 0 4,332 3,353 979
09/03/97 S 148 25.912 0 3,841 2,928 913
09/04/97 B 6 25.924 0 153- 153
09/10/97 B 23 26.089 0 591- 591
09/16/97 S 608 25.717 0 15,630 12,004 3,626
09/24/97 S 330 26.620 0 8,786 6,519 2,267
09/25/97 B 5 26.403 0 141- 141
10/02/97 B 30 26.719 0 803- 803
10/08/97 S 115 27.499 0 3,156 2,267 889
10/09/97 B 917 27.249 0 25,000- 25,000
10/10/97 B 17 27.160 0 473- 473
10/13/97 B 6 27.063 0 166- 166
10/14/97 S 3,112 27.093 0 84,326 61,574 22,752
10/15/97 S 1,149 27.154 0 31,196 22,728 8,468
10/22/97 S 320 27.202 0 8,713 6,337 2,376
10/23/97 B 575 27.108 0 15,583- 15,583
10/24/97 B 5 26.611 0 141- 141
10/28/97 S 914 24.554 0 22,436 18,094 4,342
10/30/97 B 168 25.739 0 4,321- 4,321
11/04/97 S 129 26.300 0 3,384 2,548 835
11/05/97 B 21 26.349 0 549- 549
11/06/97 B 2 26.410 0 42- 42
11/10/97 B 141 25.994 0 3,659- 3,659
11/12/97 B 325 25.892 0 8,414- 8,414
11/18/97 S 283 26.531 0 7,506 5,608 1,899
11/24/97 B 5 27.010 0 141- 141
12/02/97 B 1 27.345 0 30- 30
12/03/97 B 0 27.143 0 0- 0
12/08/97 B 14 27.606 0 395- 395
12/09/97 B 6 27.563 0 166- 166
-------- --------- ---------- ---------
SUB-TOTAL 0 1,134,279 1,017,642 116,634
ISSUE: 990008898 - RPR INTEREST ACCUMULATION FUND
01/02/97 B 12,878 13.718 0 176,666- 176,666
01/09/97 B 193 13.740 0 2,649- 2,649
01/13/97 S 1,493 13.745 0 20,519 20,240 278
01/16/97 S 2,959 13.759 0 40,715 40,122 593
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
[LOGO]
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
FINANCIAL FISONS CORPORATION THRIFT PLAN PAGE 19
ADVISORS FROM 1/1/97 TO 12/31/97
ACCOUNT DMO 186500
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
01/17/97 S 345 13.761 0 4,744 4,675 70
01/21/97 S 5,682 13.772 0 78,246 77,034 1,213
01/24/97 B 2,564 13.780 0 35,326- 35,326
01/28/97 S 232 13.790 0 3,198 3,144 53
01/29/97 B 1 13.785 0 13- 13
02/04/97 S 952 13.809 0 13,144 12,906 237
02/07/97 S 737 13.817 0 10,178 9,988 190
02/11/97 S 307 13.827 0 4,243 4,161 82
02/12/97 S 868 13.830 0 12,000 11,765 235
02/13/97 S 5,047 13.833 0 69,809 68,429 1,380
02/18/97 B 19 13.838 0 265- 265
02/19/97 B 154 13.849 0 2,134- 2,134
02/25/97 S 1,051 13.865 0 14,567 14,246 321
02/26/97 S 133 13.867 0 1,838 1,797 41
02/27/97 S 3,605 13.870 0 50,000 48,881 1,119
02/28/97 B 13 13.873 0 176- 176
03/07/97 S 977 13.891 0 13,567 13,244 324
03/11/97 S 7,920 13.902 0 110,110 107,397 2,712
03/12/97 B 38 13.905 0 534- 534
03/13/97 B 30 13.907 0 421- 421
03/14/97 B 24 13.910 0 339- 339
03/17/97 S 1,912 13.913 0 26,598 25,922 676
03/25/97 S 311 13.939 0 4,341 4,223 118
03/31/97 S 4,046 13.947 0 56,436 54,869 1,567
04/02/97 B 13 13.961 0 176- 176
04/07/97 S 210 13.969 0 2,938 2,852 86
04/09/97 B 38 13.980 0 534- 534
04/10/97 B 32 13.982 0 449- 449
04/21/97 S 500 14.007 0 7,000 6,776 224
04/22/97 B 5 14.015 0 73- 73
04/23/97 S 604 14.017 0 8,464 8,188 276
04/30/97 S 1,605 14.036 0 22,533 21,769 765
05/02/97 B 1,277 14.042 0 17,932- 17,932
05/07/97 B 63 14.055 0 888- 888
05/12/97 B 26 14.063 0 360- 360
05/13/97 B 0 14.035 0 1- 1
05/15/97 S 1,332 14.076 0 18,755 18,069 686
05/16/97 B 8 14.078 0 107- 107
05/28/97 S 522 14.112 0 7,371 7,083 288
05/30/97 B 23 14.117 0 318- 318
06/03/97 B 1,763 14.128 0 24,907- 24,907
06/05/97 S 1,685 14.133 0 23,817 22,856 961
06/09/97 S 1,185 14.139 0 16,760 16,077 683
06/11/97 S 24,981 14.150 0 353,482 338,806 14,675
</TABLE>
<PAGE>
[LOGO]
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
FINANCIAL FISONS CORPORATION THRIFT PLAN PAGE 20
ADVISORS FROM 1/1/97 TO 12/31/97
ACCOUNT DMO 186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
06/12/97 B 28 14.152 0 401- 401
06/18/97 S 2,016 14.169 0 28,568 27,345 1,223
06/19/97 S 1,833 14.171 0 25,982 24,867 1,116
06/23/97 S 529 14.177 0 7,500 7,175 325
06/25/97 B 4 14.186 0 60- 60
07/07/97 S 3,518 14.212 0 50,000 47,715 2,285
07/08/97 S 3,515 14.223 0 50,000 47,678 2,322
07/09/97 S 4,218 14.226 0 60,000 57,202 2,798
07/10/97 S 351 14.228 0 5,000 4,766 234
07/11/97 B 29 14.231 0 411- 411
07/14/97 B 36 14.234 0 510- 510
07/21/97 B 36 14.253 0 515- 515
07/23/97 S 4,441 14.264 0 63,353 60,238 3,115
07/25/97 S 336 14.270 0 4,800 4,562 238
07/28/97 S 2,804 14.272 0 40,021- 38,032 1,989
07/29/97 S 296 14.281 0 4,227 4,014 213
07/30/97 S 1,517 14.283 0 21,662 20,570 1,092
07/31/97 B 28 14.286 0 400- 400
08/04/97 S 2,513 14.292 0 35,911 34,079 1,832
08/07/97 S 2,770 14.305 0 39,630 37,574 2,056
08/11/97 S 1,101 14.311 0 15,750 14,927 823
08/12/97 B 29 14.319 0 411- 411
08/13/97 B 44 14.322 0 637- 637
08/18/97 S 1,910 14.330 0 27,369 25,904 1,465
08/19/97 S 2,210 14.338 0 31,693 29,979 1,713
08/21/97 B 16 14.344 0 224- 224
08/28/97 S 149 14.363 0 2,133 2,014 119
09/03/97 S 3,718 14.380 0 53,466 50,428 3,038
09/04/07 S 722 14.382 0 10,382 9,791 591
09/10/97 B 53 14.399 0 759- 759
09/16/97 S 6,128 14.416 0 88,347 83,119 5,228
09/23/97 S 1,247 14.435 0 18,000 16,913 1,087
09/24/97 S 46 14.438 0 664 624 40
09/25/97 B 4 14.440 0 60- 60
10/02/97 B 113 14.460 0 1,636- 1,636
10/07/97 S 578 14.474 0 8,368 7,842 527
10/09/97 B 12,882 14.479 0 186,515- 186,515
10/10/97 B 21 14.481 0 309- 309
10/13/97 S 1,380 14.484 0 19,991 18,751 1,240
10/14/97 S 4,630 14.491 0 67,100 62,908 4,192
10/20/97 S 397 14.501 0 5,762 5,398 364
10/22/97 S 99 14.512 0 1,436 1,345 92
10/23/97 S 3,003 14.514 0 43,583 40,795 2,787
10/24/97 B 4 14.516 0 60- 60
</TABLE>
<PAGE>
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
FISONS CORPORATION THRIFT PLAN PAGE 21
FINANCIAL FROM 1/1/97 TO 12/31/97
ADVISORS ACCOUNT DMO 186500
<TABLE>
<CAPTION>
DATE SHARE/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
- ----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
10/28/97 S 2,762 14.527 0 40,127 37,527 2,600
10/29/97 S 2,415 14.530 0 35,091 32,810 2,281
10/30/97 S 527 14.533 0 7,655 7,156 499
11/04/97 S 477 14.546 0 6,939 6,481 458
11/05/97 B 27 14.548 0 398- 398
11/10/97 S 503 14.557 0 7,318 6,830 488
11/11/97 S 1,291 14.565 0 18,806 17,542 1,264
11/12/97 S 10,572 14.568 0 154,008 143,624 10,384
11/13/97 B 7,005 14.570 0 102,067- 102,067
11/14/97 S 120 14.573 0 1,750 1,633 117
11/18/97 S 1,450 14.584 0 21,142 19,715 1,427
11/24/97 B 4 14.592 0 60- 60
11/26/97 B 187 14.605 0 2,736- 2,736
12/02/97 B 774 14.621 0 11,314- 11,314
12/04/97 B 1,501 14.627 0 21,952- 21,952
12/08/97 B 14 14.631 0 209- 209
12/09/97 B 214 14.640 0 3,137- 3,137
12/10/97 S 1,707 14.643 0 25,000 23,228 1,772
12/22/97 S 21 14.669 0 315 292 23
12/23/97 S 205 14.677 0 3,002 2,782 219
12/30/97 S 4,001 14.696 0 58,793 54,428 4,365
-------- ------------- ------------- ------------
SUB-TOTAL 0 2,805,066 2,705,171 99,894
GRAND-TOTAL 0 3,939,345 3,722,813 216,528
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
CATEGORY 4 - SINGLE TRANSACTION WITH ONE BROKER EXCEEDS 5% OF VALUE
*** NO TRANSACTION QUALIFIED FOR THIS SECTION ***
<PAGE>
[LOGO]
SCHEDULE G INFORMATION - PART V
REPORTABLE TRANSACTIONS
FISONS CORPORATION THRIFT PLAN PAGE 22
FINANCIAL FROM 1/1/97 TO 12/31/97
ADVISORS ACCOUNT DMO 186500
<TABLE>
<CAPTION>
DATE SHARES/ UNIT EXPENSE PRINCIPAL COST REALIZED
BOUGHT/SOLD PAR VALUE PRICE INCURRED CASH ADJUSTMENT GAIN/LOSS
----------- --------- ----- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
FOOTNOTES
---------
# = SINGLE TRANSACTION IS 5% REPORTABLE
B = BUY TRANSACTION
S = SELL TRANSACTION
R = REINVESTMENT TRANSACTION
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
administrators have duly caused this annual report to be signed on its behalf by
the undersigned, thereunto duly authorized.
FISONS CORPORATION THRIFT PLAN
Date: June 24, 1998 By: /s/ DAVID BRANDIES
------------------- ----------------------------------
David Brandies, for the
Employee Savings Plan
Committee, Administrator
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Exhibit
- ----------- -----------------------------------
(1) Consent of Independent Accountants.
<PAGE>
EXHIBIT (1)
CONSENT OF INDEPENDENT ACCOUNTANTS
We Consent to the incorporation by reference in the registration statement of
Rhone-Poulenc Rorer Inc. on Form S-8 (Registration No. 33-18701) of our report
dated June 24, 1998 on our audit of the financial statements and supplemental
schedules of Fisons Corporation Thrift Plan as of December 31, 1997 and 1996,
and for the years ended December 31, 1997 and 1996, which report is included in
this Annual Report on Form 11-k.
/s/ COOPERS & LYBRAND L.L.P.
---------------------------------
Coopers & Lybrand L.L.P.
Philadelphia, Pennsylvania
June 24, 1998
