SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________
FORM 11-K
________________________________
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [FEE REQUIRED].
For the fiscal year ended December 31, 1993.
OR
[ ] 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 1-4235.
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
AMP Incorporated Employee Savings and Thrift Plan
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
AMP Incorporated
470 Friendship Road
Harrisburg, Pennsylvania 17111
An Exhibit Index is found on Page 4 of 19.
Page 1 of 19
<PAGE>
REQUIRED INFORMATION
The AMP Incorporated Employee Savings and Thrift Plan is a plan that is
subject to the Employee Retirement Income Security Act of 1974 ("ERISA"), and
therefore the Plan is providing, as Exhibit 1 hereto, Plan financial statements
and schedules prepared in accordance with the financial reporting requirements
of ERISA. These financial statements include audited statements of net assets
available for benefits at December 31, 1993 and at December 31, 1992, and
audited statements of changes in net assets available for benefits
for the fiscal year ended December 31, 1993.
The Plan financial statements have been examined by Arthur Andersen & Co.
A currently dated and manually signed written consent of Arthur Andersen & Co.
with respect to the Plan financial statements that relate to the fiscal year
ended December 31, 1993, which consent and Plan financial documents have been
incorporated by reference in a Registration Statement on Form S-8 under the
Securities Act of 1933, as amended, is provided as Exhibit 2 to this annual
report.
Page 2 of 19
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMP Incorporated Employee Savings
and Thrift Plan (the "Plan")
AMP Incorporated (Plan Administrator)
/s/ P. G. Guarneschelli
Date: June 29, 1994 By:_______________________________
Philip G. Guarneschelli
Vice President,
Global Human Resources
Page 3 of 19
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION PAGE
- - ------- ----------- ----
1 Audited financial statements for AMP Incorporated 5 of 19
Employee Savings and Thrift Plan
2 Consent of Independent Public Accountants 18 of 19
Page 4 of 19
<PAGE>
EXHIBIT 1
AUDITED FINANCIAL STATEMENTS FOR
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
Page 5 of 19
<PAGE>
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1993 AND 1992
TOGETHER WITH AUDITORS' REPORT
Page 6 of 19
<PAGE>
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1993 AND 1992
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 1993
and 1992
Statement of Changes in Net Assets Available for Benefits for the Year
Ended December 31, 1993
Notes to Financial Statements
SCHEDULES:
Schedule I -- Item 27(a) -- Schedule of Investments as of December 31, 1993
Schedule II -- Item 27(d) -- Schedule of Reportable Transactions for the
Year Ended December 31, 1993
Page 7 of 19
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrator of the
AMP Incorporated Employee Savings and Thrift Plan:
We have audited the accompanying statements of net assets available for benefits
of the AMP Incorporated Employee Savings and Thrift Plan as of December 31, 1993
and 1992, and the related statement of changes in net assets available for
benefits for the year ended December 31, 1993. These financial statements and
the schedules referred to below are the responsibility of the Plan's management.
Our responsibility is to express an opinion on these financial statements and
schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1993 and 1992, and the changes in net assets available for benefits
for the year ended December 31, 1993, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in
the accompanying index 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 supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Arthur Andersen & Co.
Philadelphia, Pa.
June 20, 1994
Page 8 of 19
<PAGE>
<TABLE>
<CAPTION>
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
The Vanguard Group Funds
---------------------------------------------------------------------
World Fund AMP Fixed
Money Market Index Trust Windsor U.S. Income AMP Stock
ASSETS Total Prime Wellington 500 II PrimeCap Growth Fund Fund Loan Fund
------ ----- ----- ---------- --------- ------- -------- ------ ---- ---- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at market
(Notes 2 and 3):
Commingled
trusts $138,813,757 $12,058,279 $15,208,545 $72,958,072 $13,161,848 $6,942,568 $6,698,886 $11,785,506 $ 53 $ --
Common
stock 22,839,509 -- -- -- -- -- -- -- 22,839,509 --
Participant
loans
(Note 1) 20,681,677 -- -- -- -- -- -- -- -- 20,681,677
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
182,334,943 12,058,279 15,208,545 72,958,072 13,161,848 6,942,568 6,698,886 11,785,506 22,839,562 20,681,677
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
DEPOSITS WITH
INSURANCE COMPANIES,
at contract
value 179,699,792 -- -- -- -- -- -- 179,699,792 -- --
(Notes 2 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
and 4)
Total
investments 362,034,735 12,058,279 15,208,545 72,958,072 13,161,848 6,942,568 6,698,886 191,485,298 22,839,562 20,681,677
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
RECEIVABLES:
Employer
contributions 134,827 4,848 6,961 22,997 5,842 3,356 4,475 59,498 26,850 --
(Note 1)
Employee
deposits 423,152 17,213 27,776 97,021 23,473 12,910 16,822 222,851 5,086 --
(Note 1)
Accrued
interest and
dividends 1,715 -- -- -- -- -- -- 1,113 602 --
Other 234,433 -- -- -- -- -- -- -- 208,168 26,265
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
Total
receivables 794,127 22,061 34,737 120,018 29,315 16,266 21,297 283,462 240,706 26,265
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
TOTAL
ASSETS 362,828,862 12,080,340 15,243,282 73,078,090 13,191,163 6,958,834 6,720,183 191,768,760 23,080,268 20,707,942
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
LIABILITIES
PAYABLES:
Investments 80,116 -- -- -- -- -- -- -- 80,116 --
purchased
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
NET ASSETS
AVAILABLE
FOR
BENEFITS $362,748,746 $12,080,340 $15,243,282 $73,078,090 $13,191,163 $6,958,834 $6,720,183 $191,768,760 $23,000,152 $20,707,942
============ =========== =========== =========== =========== ========== ========== ============ =========== ===========
The accompanying notes and schedules are an integral part of this statement.
</TABLE>
Page 9 of 19
<PAGE>
<TABLE>
<CAPTION>
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1992
The Vanguard Group Funds
---------------------------------------------------------------------
World Fund AMP Fixed
Money Market Index Trust Windsor U.S. Income AMP Stock
ASSETS Total Prime Wellington 500 II PrimeCap Growth Fund Fund Loan Fund
------ ----- ----- ---------- --------- ------- -------- ------ ---- ---- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at market
(Notes 2 and 3):
Commingled
trusts $107,033,350 $13,006,837 $ 7,718,009 $63,998,268 $ 5,138,056 $3,227,190 $7,478,840 $ 6,222,008 $ 244,142 $ --
Common
stock 16,744,020 -- -- -- -- -- -- -- 16,744,020 --
Participant
loans
(Note 1) 17,635,522 -- -- -- -- -- -- -- -- 17,635,522
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
141,412,892 13,006,837 7,718,009 63,998,268 5,138,056 3,227,190 7,478,840 6,222,008 16,988,162 17,635,522
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
DEPOSITS WITH
INSURANCE COMPANIES,
at contract
value 167,091,029 -- -- -- -- -- -- 167,091,029 -- --
(Notes 2 ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
and 4)
Total
investments 308,503,921 13,006,837 7,718,009 63,998,268 5,138,056 3,227,190 7,478,840 173,313,037 16,988,162 17,635,522
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
RECEIVABLES:
Employer
contributions 107,202 4,396 3,753 21,440 2,358 1,715 3,752 45,132 24,656 --
(Note 1)
Employee
deposits 325,011 16,251 15,601 88,078 10,400 6,500 14,625 173,556 -- --
(Note 1)
Accrued
interest and
dividends 3,430 -- -- -- -- -- -- 3,060 370 --
Other 12,165 1,660 310 1,960 70 -- 30 -- 8,135 --
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
Total
receivables 447,808 22,307 19,664 111,478 12,828 8,215 18,407 221,748 33,161 --
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
TOTAL
ASSETS 308,951,729 13,029,144 7,737,673 64,109,746 5,150,884 3,235,405 7,497,247 173,534,785 17,021,323 17,635,522
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
LIABILITIES
PAYABLES:
Investments 156,681 -- -- -- -- -- -- -- 156,681 --
purchased ------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
NET ASSETS
AVAILABLE
FOR
BENEFITS $308,795,048 $13,029,144 $ 7,737,673 $64,109,746 $ 5,150,884 $3,235,405 $7,497,247 $173,534,785 $16,864,642 $17,635,522
============ =========== =========== =========== =========== ========== ========== ============ =========== ===========
The accompanying notes and schedules are an integral part of this statement.
</TABLE>
Page 10 of 19
<PAGE>
<TABLE>
<CAPTION>
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
The Vanguard Group Funds
---------------------------------------------------------------------
World Fund AMP Fixed
Money Market Index Trust Windsor U.S. Income AMP Stock
Total Prime Wellington 500 II PrimeCap Growth Fund Fund Loan Fund
----- ----- ---------- --------- ------- -------- ------ ---- ---- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment income-
Net appreciation
(depreciation)
in market value of
investments
(Note 3) $ 7,716,588 $ -- $557,189 $4,568,000 $359,450 $536,690 ($221,154) $ -- $1,916,413 $ --
Interest
and
dividends 17,580,782 354,731 822,834 1,870,863 687,465 225,617 92,259 11,542,140 525,533 1,459,340
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
25,297,370 354,731 1,380,023 6,438,863 1,046,915 762,307 (128,895) 11,542,140 2,441,946 1,459,340
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
Contributions and deposits
(Note 1)
Employer 8,979,075 262,607 448,873 1,712,948 337,513 185,929 337,677 3,726,545 1,966,983 --
Employees 29,893,259 1,412,063 1,846,517 7,609,289 1,431,916 766,497 1,345,702 15,195,045 286,230 --
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
38,872,334 1,674,670 2,295,390 9,322,237 1,769,429 952,426 1,683,379 18,921,590 2,253,213 --
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
Total
additions 64,169,704 2,029,401 3,675,413 15,761,100 2,816,344 1,714,733 1,554,484 30,463,730 4,695,159 1,459,340
DEDUCTIONS:
Payments to
participants 11,416,991 515,620 258,291 1,572,870 186,960 57,552 236,563 7,658,307 629,332 301,496
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
52,752,713 1,513,781 3,417,122 14,188,230 2,629,384 1,657,181 1,317,921 22,805,423 4,065,827 1,157,844
INTERFUND TRANSFERS
- - --NET -- (2,462,585) 4,074,687 (5,339,488) 5,103,717 2,066,248 (2,106,856) (5,285,842) 2,069,683 1,880,436
TRANSFER OF ASSETS
FROM ACQUIRED COMPANY
(Note 7) 1,200,985 -- 13,800 119,602 307,178 -- 11,871 714,394 -- 34,140
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
Net
additions 53,953,698 (948,804) 7,505,609 8,968,344 8,040,279 3,723,429 (777,064) 18,233,975 6,135,510 3,072,420
(deductions)
NET ASSETS AVAILABLE
FOR BENEFITS:
Beginning
of year 308,795,048 13,029,144 7,737,673 64,109,746 5,150,884 3,235,405 7,497,247 173,534,785 16,864,642 17,635,522
------------ ----------- ----------- ----------- ----------- ---------- ---------- ------------ ----------- -----------
End of
year $362,748,746 $12,080,340 $15,243,282 $73,078,090 $13,191,163 $6,958,834 $6,720,183 $191,768,760 $23,000,152 $20,707,942
============ =========== =========== =========== =========== ========== ========== ============ =========== ===========
The accompanying notes and schedules are an integral part of this statement.
</TABLE>
Page 11 of 19
<PAGE>
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993 AND 1992
1. DESCRIPTION OF PLAN:
-------------------
The following description of the AMP Incorporated Employee Savings and
Thrift Plan (the Plan) provides only general information. Participants should
refer to the Plan document for a more complete description of the Plan's
provisions.
General
-------
The Plan was established effective January 1, 1982 for the benefit of the
employees of AMP Incorporated (the Company) and certain subsidiaries and was
subsequently amended on numerous occasions, most recently effective as of
January 1, 1993.
The Plan is a contributory defined contribution plan covering all employees
of the Company who have attained age 21 and completed one year of service. The
Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA).
The Vanguard Fiduciary Trust Company is the trustee of the Plan.
Contributions
-------------
Participants may defer up to 4% of their gross earnings as a "deferred basic
deposit" and up to an additional 8 % as a "deferred supplemental deposit."
During 1992, the maximum deferred supplemental deposit was 6%. The Company's
matching contribution to the Plan is 60% of the participant's "deferred basic
deposit" which is paid out of current and accumulated earnings.
Forfeitures in any given year are used to reduce Company matching
contributions to the Plan in the following year. Forfeitures from 1992 reducing
1993 Company contributions amounted to $100,000. Forfeitures from 1993 amounted
to $80,133 and will be applied against Company contributions in 1994.
Investment Elections
--------------------
Participants may elect to invest their deferred basic, deferred supplemental
deposits and Company matching contributions in one or more of the available
funds, which are the Money Market Prime, Wellington, Index Trust 500,
Windsor II, PrimeCap, World Fund U.S. Growth, AMP Fixed Income and AMP Stock
Fund. Prior to January 1, 1993, participants were not allowed to elect to
invest their deferred basic and deferred supplemental deposits in the AMP Stock
Fund.
Page 12 of 19
<PAGE>
Participants' Accounts
----------------------
Each participant's account is credited with the participant's deposits and
Company matching contributions and an allocation of the funds' earnings in which
the participant participates. Certain participants in the Plan are of an
inactive status at year end due to termination or retirement. The number of
inactive participants as of December 31, 1993 and 1992 is 1,950 and 1,522 of the
total 15,487 and 13,596, respectively.
Vesting
-------
Participants are immediately vested in their deferred basic and deferred
supplemental deposits plus actual earnings thereon. Immediate vesting of Company
matching contributions occurs upon a participant's termination by retirement,
disability, death or attainment of age 65. Company matching contributions and
earnings become 100% vested after five years of continuous service by a
participant.
Payments to Participants
------------------------
Deferred basic deposits, deferred supplemental deposits and earnings thereon
cannot be withdrawn prior to the attainment of age 59 1/2, except in the case of
a "financial hardship". Vested Company matching contributions held under the
Plan for at least two years and earnings thereon can be withdrawn any time at
the request of the participant.
Partial or total withdrawal of pre-1983 basic deposits, supplemental
deposits, Company matching contributions and earnings by a participant is
permitted at his or her request, subject to a minimum withdrawal of $100.
Loans to Participants
---------------------
Loans against a participant's account balances are secured by a promissory
note which bears a fixed interest rate of 1% over the prime rate. The term of
the loan is limited to five years and repayment is made through payroll
deductions in level amounts over the life of the loan. There are limitations
as to the amount that may be borrowed, and prepayment of a loan is allowed.
All loans requested prior to December 31, 1993 and 1992 were paid by that date.
Administrative Expenses
-----------------------
All expenses incurred in the administration of the Plan are paid by the
Company and amounted to $330,160 for the year ended December 31, 1993.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
------------------------------------------
Basis of Accounting
-------------------
The accompanying financial statements have been prepared using the accrual
basis of accounting.
Page 13 of 19
<PAGE>
Valuation of Investments
------------------------
Investments, except for the deposits with insurance companies which are
carried at contract value, are stated at market value, which is equivalent to
current value as of the statement date.
Tax Status
----------
The trust established under the AMP Incorporated Employee Savings and Thrift
Plan is qualified under the Internal Revenue Code as exempt from federal income
taxes. The Plan has received a favorable determination letter from the Internal
Revenue Service (IRS) dated August 18, 1993. The Plan sponsor and legal
counsel are of the opinion that the Plan, as administered, meets the IRS
requirements and, therefore, the trust continues to be tax exempt.
Change of Plan Year End
-----------------------
During 1992, the Company changed the Plan year end from November 30 to
December 31 in order to coincide with the Company's year end.
3. INVESTMENTS:
-----------
All Plan investments are held by a trust company administered trust fund
and consist of shares of various Vanguard mutual funds, AMP stock, loans
receivable and deposits with insurance companies (Note 4). The following is a
list of assets which exceed 5% of net assets at December 31, 1993 and 1992.
December 31, 1993 December 31, 1992
-------------------------- --------------------------
No. of Shares Market No. of Shares Market
Description of or Principal or Contract or Principal or Contract
Security Amount Value Amount Value
-------------- ------------ ----------- ------------ -----------
Money Market Prime 23,843,838 $23,843,838 19,472,987 $19,472,987
Index 500 Fund 1,664,569 72,958,072 1,562,076 63,998,268
AMP Common Stock 361,814 22,839,509 288,690 16,774,020
Loans Receivable 20,681,677 20,681,677 17,635,522 17,635,522
Vanguard Variable --- --- 15,479,102 15,479,102
Rate GiC Trust,
variable rate,
due on demand
John Hancock GIC, --- --- 15,176,187 15,176,187
8.00% due 9/1/93
4. DEPOSITS WITH INSURANCE COMPANIES:
---------------------------------
The Plan has entered into guaranteed investment contracts with various
insurance companies (Companies). Under the terms of the contracts, the
Companies received all plan year Fixed Income Fund deposits and
Page 14 of 19
<PAGE>
contributions, or in the case of rollovers, a lump-sum deposit, which they
maintain in plan reserve accounts until maturity. At maturity, the balances
with interest will be returned to the Plan. The accounts are credited with
interest at fixed rates for the respective periods and charged for plan
withdrawals and loans. The contracts are included in the financial statements
at the December 31, 1993 and 1992 contract values as reported to the Plan by
the Companies.
5. PLAN TERMINATION
----------------
The Company anticipates continuing the Plan indefinitely, but reserves the
right to reduce, suspend or discontinue its contributions at any time and to
discontinue or partially terminate the Plan subject to the provisions of ERISA.
In the event of Plan termination, participants will become 100% vested in their
accounts.
6. DISTRIBUTIONS TO PARTICIPANTS:
-----------------------------
Distributions to participants are generally made as soon as practical
after a request is received by the trustee. There were no distributions due
participants at December 31, 1993 and 1992.
7. TRANSFER OF ASSETS FROM ACQUIRED COMPANY:
----------------------------------------
In March 1993, the Company acquired Elf Atochem Sensors, Inc. The employees
of the acquired company, who participated in an existing plan, were permitted to
make contributions to the Plan beginning April 1. In August, the acquired
employees' asset balances were transferred into the Plan from their existing
plan.
Page 15 of 19
<PAGE>
<TABLE>
<CAPTION>
Schedule I
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
EIN #23-0332575
PIN #003
ITEM 27(A) -- SCHEDULE OF INVESTMENTS
DECEMBER 31, 1993
Number of Shares Market Value
or or
DESCRIPTION OF SECURITY Principal Amount Cost Contract Value
----------------------- ---------------- ---- --------------
<S>
Commingled Trusts and Common Stock: <C> <C> <C>
Money Market Prime 23,843,838 $23,843,838 $23,843,838
Wellington Fund 745,516.93 14,516,333 15,208,545
Index Trust 500 Fund 1,664,569.30 64,333,326 72,958,072
Windsor II Fund 772,408.93 12,752,453 13,161,848
PrimeCap Fund 376,903.80 6,372,969 6,942,568
World Fund--U.S. Growth 448,686.27 6,573,434 6,698,886
AMP Common Stock 361,814 18,456,307 22,839,509
------------ ------------
Total Commingled Trusts & Common Stock $146,848,660 $161,653,266
------------ ------------
Deposits with Insurance Companies:
AIG Life, 5.00%, due 8/31/94, 8/31/96 & 8/31/98 8,129,359 $8,129,359 $8,129,359
CIGNA, 6.80%, due 4/1/96 10,508,151 10,508,151 10,508,151
Confederation, 6.16%, due 6/30/97 10,307,617 10,307,617 10,307,617
Continental, 6.65%, due 11/1/94 & 11/1/96 11,018,762 11,018,762 11,018,762
Continental, 6.05%, due 6/30/95 5,462,743 5,462,743 5,462,743
Continental, 6.30%, due 12/31/95 & 12/31/97 10,633,559 10,633,559 10,633,559
Hartford, 6.56%, due 3/31/94 & 3/31/97 11,349,105 11,349,105 11,349,105
Hartford, 6.22%, due 9/30/94 & 9/30/95 11,243,586 11,243,586 11,243,586
Metropolitan Life, 5.09%, due 3/23/95 & 3/23/98 10,391,025 10,391,025 10,391,025
NY Life, 5.20%, due 11/2/98 12,102,096 12,102,096 12,102,096
NY Life, 8.00%, due 6/30/94 9,279,594 9,279,594 9,279,594
Principal, 5.13%, due 4/30/95 & 4/30/98 10,342,920 10,342,920 10,342,920
Principal, 5.73%, due 6/25/98 8,235,431 8,235,431 8,235,431
Prudential, 9.20%, due 1/1/94 9,212,576 9,212,576 9,212,576
Prudential, 6.01%, due 11/1/97 5,301,348 5,301,348 5,301,348
Prudential, 6.34%, due 10/31/97 5,317,896 5,317,896 5,317,896
Sun Life, 7.12%, due 3/31/96 & 3/31/97 11,468,209 11,468,209 11,468,209
Sun Life, 7.62%, due 4/1/97 5,671,118 5,671,118 5,671,118
Sun Life, 7.47%, due 8/31/97 5,572,235 5,572,235 5,572,235
Sun Life, 5.86%, due 8/31/98 8,152,462 8,152,462 8,152,462
------------ ------------
Total Deposits with Insurance Companies 179,699,792 179,699,792
Participants Loans 20,681,677 20,681,677 20,681,677
------------ ------------
TOTAL $347,230,129 $362,034,735
============ ============
The accompanying notes are an integral part of this schedule.
</TABLE>
Page 16 of 19
<PAGE>
<TABLE>
<CAPTION>
Schedule II
AMP INCORPORATED EMPLOYEE SAVINGS AND THRIFT PLAN
EIN #23-0332575
PIN #003
ITEM 27(D) -- SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
Number of Number of Cost of Net
Identity of Party Description of Transaction Purchases Sales Purchase Price Selling Price Items Sold Gain/(Loss)
- - ----------------- -------------------------- --------- --------- -------------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Vanguard Money Market Reserves
Prime Portfolio 251 226 $49,717,944 $46,675,877 $46,675,877 $ --
Vanguard Index 500 Portfolio 227 242 19,405,494 15,013,690 13,756,968 1,256,722
AMP Common Stock 103 78 11,588,907 6,387,318 4,990,553 1,396,765
John Hancock Guaranteed Investment Contract 8 9 775,025 15,951,212 15,951,212 --
No. 5758
Vanguard Variable Rate GIC Trust 11 6 506,584 15,985,686 15,985,686 --
The purchase prices and selling prices of the above transactions represent the
current value of the assets on the transaction date.
The accompanying notes are an integral part of this schedule.
</TABLE>
Page 17 of 19
EXHIBIT 2
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
Page 18 of 19
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
To AMP Incorporated:
As independent public accountants, we hereby consent to the incorporation of our
report included in this Form 11-k, into the Company's previously filed
registration Statement File No. 33-55318.
/s/ Arthur Andersen & Co.
Philadelphia, Pa.
June 29, 1994
Page 19 of 19
