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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K/A
AMENDMENT NO. 1
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 1996
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OR,
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 1-7727
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Connecticut Natural Gas Corporation
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(Exact name of registrant as specified in its charter)
Connecticut 06-0383860
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 Columbus Blvd.
P.O. Box 1500
Hartford, Connecticut 06144-1500
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (860) 727-3459
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The purpose of this amendment is to file as exhibits to Form 10-K the
information required by Form 11-K with respect to the Connecticut Natural
Gas Corporation Employee Savings Plan and Union Employee Savings Plan for
the fiscal year ending December 31, 1996.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its behalf by
the undersigned thereunto duly authorized.
CONNECTICUT NATURAL GAS CORPORATION
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(Registrant)
Date June 5, 1997 S/ Andrew H. Johnson
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Andrew H. Johnson
Treasurer and Chief Accounting
Officer
(On behalf of the registrant and as Chief
Accounting Officer)
<PAGE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
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(a) 1. Financial Statements:
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The consolidated balance sheets, statements of income, statements of
cash flows, statements of capitalization and statements of common
stock equity, together with the notes to the financial statements
and report thereon of Arthur Andersen LLP dated November 4, 1996,
are included in Part II, Item 8 herein.
2. Financial Statement Schedules:
-----------------------------
The following financial statement schedules included herein under
Item 14(d) are filed as part of this report. Schedules I, III, IV,
and V are not submitted because they are not applicable or the
information required to be included therein is contained in the
financial statements and footnotes.
II Valuation and Qualifying Accounts and Reserves for the fiscal
years ended September 30, 1996, 1995 and 1994
Individual financial statements for the Company have been omitted as
not being required since -
1. Consolidated statements of the Company and one or more of its
subsidiaries are filed; and
2. The Company's total assets, exclusive of investments in and
advances to its consolidated subsidiaries, constitute 75
percent or more of the total assets shown by the most recent
year-end consolidated balance sheet filed and the Company's
total gross revenues, exclusive of interest and dividends
received, or its equity in the income of the consolidated
subsidiaries, for the most recent period for which an income
statement is filed, constitute 75 percent or more of the
total gross revenues shown by the consolidated income
statement filed.
3. Exhibits
--------
Exhibit
Number
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3 Articles of Incorporation and By-Laws
(i) Charter of the Company and all Amendments thereto
(ii) By-Laws of the Company, as amended, filed as Exhibit No.
3(ii) to the Company's Annual Report on Form 10-K for the
fiscal year ended September 30, 1994, filed with the
Commission December 27, 1994 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
4 Instruments Defining Rights of Security Holders, Including Indentures
(i) Indenture of Mortgage and Deed of Trust between The Hartford
Gas Company and The First National Bank of Hartford, Trustee
dated February 1, 1947, filed as Exhibit No. 2.2 to the
Company's Registration Statement on Form S-7 filed with the
Commission on December 8, 1970 (Commission File No. 2-38993)
(ii) In addition to the Indenture of Mortgage and Deed of Trust
referred to in 4(i) above, there have been sixteen
supplemental indentures thereto, all of which have been filed
with the Commission as follows:
(a) Supplemental indentures 1-9 filed as Exhibit No. 2.2 to
the Company's Registration Statement on Form S-7 filed
with the Commission on December 8, 1970 (Commission File
No. 2-38993)
(b) Tenth Supplemental Indenture filed as Exhibit No. 2.3 to
the Company's Registration Statement on Form S-7 filed
with the Commission on March 3, 1972 (Commission File
No. 2-43286)
(c) Eleventh Supplemental Indenture filed as Exhibit No. V
to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1974, filed with the
Commission in March, 1975 (Commission File No. 1-7727)
(d) Twelfth Supplemental Indenture filed as Exhibit No. 4(h)
to the Company's Registration Statement on Form S-7
filed with the Commission on December 23, 1981
(Commission File No. 2-75457)
(e) Thirteenth Supplemental Indenture filed as Exhibit No. 4
to the Company's Quarterly Report on Form 10-Q for the
quarter ended June 30, 1982, filed with the Commission
in August, 1982 (Commission File No. 1-7727)
(f) Fourteenth Supplemental Indenture filed as Exhibit No.
4(iii) to the Company's Current Report on Form 8-K,
dated August 28, 1986, filed with the Commission in
September, 1986 (Commission File No. 1-7727)
(g) Fifteenth Supplemental Indenture filed as Exhibit No.
4(iii) to the Company's Current Report on Form 8-K,
dated December 8, 1987, filed with the Commission in
December, 1987 (Commission File No. 1-7727)
(h) Sixteenth Supplemental Indenture filed as Exhibit No.
4(ii)(h) to the Company's Quarterly Report on Form 10-Q
for the quarter ended September 30, 1989, filed with the
Commission in November, 1989 (Commission File No. 1-
7727)
9 Voting Trust Agreement
Not applicable
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 Material Contracts
(i) Underground storage service agreement (rate schedule SS-1)
between the Company and PYEC, filed as Exhibit No. 10(vii) to
the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1981, filed with the Commission on March
30, 1982 (Commission File No. 1-7727)
(ii) Agreement dated November 1, 1980 between the Company and
Robert H. Willis, filed as Exhibit No. 10(j) to the Company's
Registration Statement on Form S-7 filed with the Commission
on December 23, 1981 (Commission File No. 2-75457)
(iii) Loan Agreement and Amendments thereto, between The Hartford
Steam Company and Connecticut National Bank, filed as Exhibit
No. 10(xxii) to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 1986, filed with the
Commission on March 31, 1987 (Commission File No. 1-7727)
(iv) Canadian gas transportation contract (rate schedule CGT-NE)
between the Company and Tennessee, dated December 1, 1987,
filed as Exhibit No. 10(xxiii) to the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 1987,
filed with the Commission on March 29, 1988 (Commission File
No. 1-7727)
(v) Gas purchase contract between the Company and TransCanada
Pipelines Limited, dated September 14, 1987, filed as Exhibit
No. 10(xxiv) to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 1987, filed with the
Commission on March 29, 1988 (Commission File No. 1-7727)
(vi) Gas sales agreement between the Company and Boundary Gas,
Inc., dated September 14, 1987, filed as Exhibit No. 10(xxv)
to the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1987, filed with the Commission on
March 29, 1988 (Commission File No. 1-7727)
(vii) Steam Supply Agreement between The Hartford Steam Company and
Independent Energy Operations, Inc., dated December 3, 1987,
filed as Exhibit No. 10(xxv) to the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 1989,
filed with the Commission on March 28, 1990 (Commission File
No. 1-7727)
(viii) Partial Release of Mortgage agreement, dated March 1, 1989,
to the Open-End Mortgage and Security Agreement between The
Hartford Steam Company and The Connecticut National Bank,
dated March 1, 1983 (filed as Exhibit No. 10(xxii) to the
Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1986, filed with the Commission on March
31, 1987 (Commission File No. 1-7727)), filed as Exhibit No.
10(xxvi) to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1989, filed with the
Commission on March 28, 1990 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (ix) Fourth Amendment, dated August 15, 1989, to the Open End
Mortgage and Security Agreement between The Hartford Steam
Company and The Connecticut National Bank, dated March 1, 1983
(filed as Exhibit No. 10(xxii) to the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 1986, filed
with the Commission on March 31, 1987 (Commission File No. 1-
7727)), filed as Exhibit No. 10(xxvii) to the Company's Annual
Report on Form 10-K for the fiscal year ended December 31,
1989, filed with the Commission on March 28, 1990 (Commission
File No. 1-7727)
(x) Open-End Mortgage and Security Agreement between Energy
Networks, Inc. and The Connecticut National Bank, dated March
1, 1989, filed as Exhibit No. 10(xxviii) to the Company's
Annual Report on Form 10-K for the fiscal year ended December
31, 1989, filed with the Commission on March 28, 1990
(Commission File No. 1-7727)
(xi) Collateral Assignment of Lease and Rentals, dated March 1,
1989, to the Open-End Mortgage and Security Agreement between
Energy Networks, Inc. and The Connecticut National Bank,
dated March 1, 1989 (filed as Exhibit 10(xxviii) herein),
filed as Exhibit No. 10(xxix) to the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 1989,
filed with the Commission on March 28, 1990 (Commission File
No. 1-7727)
(xii) Amended and Restated Loan Agreement between The Hartford
Steam Company and The Connecticut National Bank, dated March
31, 1983, filed as Exhibit No. 10(xxx) to the Company's
Annual Report on Form 10-K for the fiscal year ended December
31, 1989, filed with the Commission on March 28, 1990
(Commission File No. 1-7727)
(xiii) Precedent Agreement to First Amendment, dated September 14,
1988, to the Gas Sales Agreement between the Company and
Boundary Gas, Inc., dated September 14, 1987 (filed as
Exhibit No. 10(xxv) to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1987, filed with
the Commission on March 29, 1988 (Commission File No. 1-
7727)), filed as Exhibit No. 10(xxxi) to the Company's Annual
Report on Form 10-K for the fiscal year ended December 31,
1989, filed with the Commission March 28, 1990 (Commission
File No. 1-7727)
(xiv) First Amendment, dated January 1, 1990, to the Gas Sales
Agreement between the Company and Boundary Gas, Inc., dated
September 14, 1987 (filed as Exhibit No. 10(xxv) to the
Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1987, filed with the Commission on March
29, 1988 (Commission File No. 1-7727)), filed as Exhibit
10(xxxii) to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1989, filed with the
Commission on March 28, 1990 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (xv) Sixth Amendment, dated September 30, 1991, to the Loan
Agreement between The Hartford Steam Company and The
Connecticut National Bank, dated March 1, 1983 (filed as
Exhibit No. 10(xxii) to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 1986, filed with
the Commission on March 31, 1987 (Commission File No. 1-
7727)), filed as Exhibit No. 10(xxxviii) to the Company's
Transition Report on Form 10-K for the period October 1, 1990
to September 30, 1991, filed with the Commission on December
23, 1991, (Commission File No. 1-7727)
(xvi) Medium Term Notes, Series A, Placement Agency Agreement among
Connecticut Natural Gas Corporation, PaineWebber Incorporated
and Smith Barney, Harris Upham & Co. Incorporated, dated
November 1, 1991, filed as Exhibit No. 10(xxxix) to the
Company's Transition Report on Form 10-K for the period
October 1, 1990 to September 30, 1991, filed with the
Commission on December 23, 1991, (Commission File No. 1-7727)
(xvii) Issuing and Paying Agency Agreement between The Connecticut
National Bank and Connecticut Natural Gas Corporation, for
the Medium Term Notes, Series A, dated November 1, 1991,
filed as Exhibit No. 10(xl) to the Company's Transition
Report on Form 10-K for the period October 1, 1990 to
September 30, 1991, filed with the Commission on December 23,
1991, (Commission File No. 1-7727)
(xviii) Connecticut Natural Gas Corporation Executive Restricted
Stock Plan, filed as Exhibit A to the Company's definitive
proxy statement dated March 26, 1991, filed with the
Commission on March 26, 1991 (Commission File No. 1-7727)
(xix) Gas Transportation Contract for Firm Reserved Service, dated
February 7, 1991, between the Company and the Iroquois Gas
Transmission System, L.P., filed as Exhibit No. 10(xxxvii) to
the Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 1992, filed with the Commission on
December 23, 1992, (Commission File No. 1-7727)
(xx) Gas Sales Agreement No. 1, dated February 7, 1991, between
the Company and Alberta Northeast Gas Limited, filed as
Exhibit No. 10(xxxviii) to the Company's Annual Report on
Form 10-K for the fiscal year ended September 30, 1992, filed
with the Commission on December 23, 1992, (Commission File
No. 1-7727)
(xxi) Gas Sales Agreement No. 2, dated February 7, 1991, between
the Company and Alberta Northeast Gas Limited, filed as
Exhibit No. 10(xxxix) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1992, filed with
the Commission on December 23, 1992, (Commission File No. 1-
7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (xxii) Gas Sales Agreement (ProGas), dated February 7, 1991, between
the Company and Alberta Northeast Gas Limited, filed as
Exhibit No. 10(xl) to the Company's Annual Report on Form 10-
K for the fiscal year ended September 30, 1992, filed with
the Commission on December 23, 1992, (Commission File No. 1-
7727)
(xxiii) Gas Sales Agreement (ATCOR), dated February 7, 1991, between
the Company and Alberta Northeast Limited, filed as Exhibit
No. 10(xli) to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 1992, filed with the
Commission on December 23, 1992, (Commission File No. 1-7727)
(xxiv) Gas Sales Agreement (AEC), dated February 7, 1991, between
the Company and Alberta Northeast Gas Limited, filed as
Exhibit No. 10(xlii) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1992, filed with
the Commission on December 23, 1992, (Commission File No. 1-
7727)
(xxv) Gas Transportation Contract for Firm Reserved Service, dated
October 20, 1992, between the Company and the Iroquois Gas
Transmission System, L.P., filed as Exhibit No. 10(xlvii) to
the Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 1992, filed with the Commission on
December 23, 1992, (Commission File No. 1-7727)
(xxvi) Revolving Credit Agreement, dated March 30, 1993, between the
Company and The First National Bank of Boston, filed as
Exhibit No. 10(xlviii) to the Company's Quarterly Report on
Form 10-Q for the quarter ended March 31, 1993, filed with
the Commission on May 3, 1993 (Commission File No. 1-7727)
(xxvii) Secured Note Purchase Agreement, dated July 15, 1993, between
the CNG Realty Corp. and the Aid Association for Lutherans,
filed as Exhibit No. 10(xlix) to the Company's Quarterly
Report on Form 10-Q for the quarter ended June 30, 1993,
filed with the Commission on August 3, 1993 (Commission File
No. 1-7727)
(xxviii) Capital Contribution Support Agreement, dated April 15, 1993,
among Connecticut Natural Gas Corporation, ENI Transmission
Company and Bank of Montreal, filed as Exhibit No. 10(l) to
the Company's Quarterly Report on Form 10-Q for the quarter
ended June 30, 1993, filed with the Commission on August 3,
1993 (Commission File No. 1-7727)
(xxix) Steam and Chilled Water Supply Agreement, dated May 28, 1986,
between Capitol District Energy Center Cogeneration
Associates and Energy Networks, Incorporated, filed as
Exhibit No. 10(xxxvii) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1993, filed with
the Commission December 28, 1993 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (xxx) Service Agreement #89102 (Rate Schedule AFT-1), dated June 1,
1993, between the Company and Algonquin Gas Transmission
Company, filed as Exhibit No. 10(xxxviii) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
(xxxi) Service Agreement #93205 (Rate Schedule AFT-1), dated June 1,
1993, between the Company and Algonquin Gas Transmission
Company, filed as Exhibit No. 10(xl) to the Company's Annual
Report on Form 10-K for the fiscal year ended September 30,
1993, filed with the Commission December 28, 1993 (Commission
File No. 1-7727)
(xxxii) Service Agreement #93404 (Rate Schedule AFT-1), dated June 1,
1993, between the Company and Algonquin Gas Transmission
Company, filed as Exhibit No. 10(xlii) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
(xxxiii) Service Agreement #.6426, dated June 1, 1993, between the
Company and Transcontinental Gas Pipe Line Corporation, filed
as Exhibit No. 10(xlv) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1993, filed with
the Commission December 28, 1993 (Commission File No. 1-7727)
(xxxiv) Service Agreement #800380 (Rate Schedule CDS), dated June 1,
1993, between the Company and Texas Eastern Transmission
Corporation, filed as Exhibit No. 10(xlvi) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
(xxxv) Service Agreement #800341 (Rate Schedule FT-1), dated June 1,
1993, between the Company and Texas Eastern Transmission
Corporation, filed as Exhibit No. 10(xlvii) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
(xxxvi) Service Agreement #800294 (Rate Schedule FT-1), dated June 1,
1993, between the Company and Texas Eastern Transmission
Corporation, filed as Exhibit No. 10(xlviii) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
(xxxvii) Service Agreement #800295 (Rate Schedule FT-1), dated June 1,
1993, between the Company and Texas Eastern Transmission
Corporation, filed as Exhibit No. 10(xlix) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (xxxviii) Service Agreement #400148 (Rate Schedule SS-1), dated June 1,
1993, between the Company and Texas Eastern Transmission
Corporation, filed as Exhibit No. 10(l) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
(xxxix) Service Agreement #400149 (Rate Schedule SS-1), dated June 1,
1993, between the Company and Texas Eastern Transmission
Corporation, filed as Exhibit No. 10(li) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
(xl) Service Agreement #400150 (Rate Schedule SS-1), dated June 1,
1993, between the Company and Texas Eastern Transmission
Corporation, filed as Exhibit No. 10(lii) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1993, filed with the Commission December 28,
1993 (Commission File No. 1-7727)
(xli) Service Agreement (Rate Schedule FTNN), dated October 1,
1993, between the Company and CNG Transmission Corporation,
filed as Exhibit No. 10(liii) to the Company's Annual Report
on Form 10-K for the fiscal year ended September 30, 1993,
filed with the Commission December 28, 1993 (Commission File
No. 1-7727)
(xlii) Service Agreement (Rate Schedule GSS), dated November 1,
1993, between the Company and CNG Transmission Corporation,
filed as Exhibit No. 10(liv) to the Company's Annual Report
on Form 10-K for the fiscal year ended September 30, 1993,
filed with the Commission December 28, 1993 (Commission File
No. 1-7727)
(xliii) Amended and Restated CNG Officers' Retirement Plan, dated
June 28, 1994, filed as Exhibit No. 10(liii) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1994, filed with the Commission December 27,
1994 (Commission File No. 1-7727)
(xliv) The Connecticut Natural Gas Corporation Officers' Retirement
Plan Trust Agreement, dated January 9, 1989, filed as Exhibit
No. 10(liv) to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 1994, filed with the
Commission December 27, 1994 (Commission File No. 1-7727)
(xlv) First Amendment to the Connecticut Natural Gas Corporation
Officers' Retirement Plan and Deferred Compensation Plan
Trust Agreement, dated August 5, 1993, filed as Exhibit No.
10(lv) to the Company's Annual Report on Form 10-K for the
fiscal year ended September 30, 1994, filed with the
Commission December 27, 1994 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (xlvi) The Connecticut Natural Gas Corporation Deferred Compensation
Plan, as amended, dated January 1, 1993, filed as Exhibit No.
10(lvi) to the Company's Annual Report on Form 10-K for the
fiscal year ended September 30, 1994, filed with the
Commission December 27, 1994 (Commission File No. 1-7727)
(xlvii) First Amendment to the Connecticut Natural Gas Corporation
Deferred Compensation Plan, dated December 2, 1993, filed as
Exhibit No. 10(lvii) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1994, filed with
the Commission December 27, 1994 (Commission File No. 1-7727)
(xlviii) Second Amendment to the Connecticut Natural Gas Corporation
Deferred Compensation Plan, dated June 28, 1994, filed as
Exhibit No. 10(lviii) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1994, filed with
the Commission December 27, 1994 (Commission File No. 1-7727)
(xlix) Agreement and Declaration of Trust, Connecticut Natural Gas
Corporation Employee Benefit Trust, dated December 28, 1987,
filed as Exhibit No. 10(lix) to the Company's Annual Report
on Form 10-K for the fiscal year ended September 30, 1994,
filed with the Commission December 27, 1994 (Commission File
No. 1-7727)
(l) First Amendment to Agreement and Declaration of Trust,
Connecticut Natural Gas Corporation Employee Benefit Trust,
Dated December 2, 1993, filed as Exhibit No. 10(lx) to the
Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 1994, filed with the Commission December
27, 1994 (Commission File No. 1-7727)
(li) Agreement and Declaration of Trust, Connecticut Natural Gas
Corporation Union Employee Benefit Trust, dated December 2,
1993, filed as Exhibit No. 10(lxi) to the Company's Annual
Report on Form 10-K for the fiscal year ended September 30,
1994, filed with the Commission December 27, 1994 (Commission
File No. 1-7727)
(lii) CNG Annual Incentive Plan, 1994, filed as Exhibit No.
10(lxii) to the Company's Annual Report on Form 10-K for the
fiscal year ended September 30, 1994, filed with the
Commission December 27, 1994 (Commission File No. 1-7727)
(liii) Settlement Agreement and Release of All Claims by and between
Connecticut Natural Gas Corporation and Donato P. Lauria,
dated November 29, 1993, filed as Exhibit No. 10(lxiii) to
the Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 1994, filed with the Commission December
27, 1994 (Commission File No. 1-7727)
(liv) Letter of Credit and Reimbursement Agreement by and between
Energy Networks, Inc. and The Bank of Nova Scotia, dated
October 14, 1994, filed as Exhibit No. 10(lxiv) to the
Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 1994, filed with the Commission December
27, 1994 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (lv) Second Amended and Restated Loan Agreement by and between The
Hartford Steam Company and Shawmut Bank Connecticut, N.A.,
dated October 28, 1994, filed as Exhibit No. 10(lxv) to the
Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 1994, filed with the Commission December
27, 1994 (Commission File No. 1-7727)
(lvi) Medium Term Notes, Series B, Placement Agency Agreement among
Connecticut Natural Gas Corporation, Smith Barney Inc., and
A.G. Edwards & Sons, Inc., dated June 14, 1994, filed as
Exhibit No. 10(lxvi) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1994, filed with
the Commission December 27, 1994 (Commission File No. 1-7727)
(lvii) Issuing and Paying Agency Agreement between Shawmut Bank
Connecticut, National Association, and Connecticut Natural
Gas Corporation, for Medium Term Notes, Series B, dated June
14, 1994, filed as Exhibit No. 10(lxvii) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1994, filed with the Commission December 27,
1994 (Commission File No. 1-7727)
(lviii) Service Agreement (EFT Service), dated July 31, 1993, between
the Company and National Fuel Gas Supply Corporation, filed
as Exhibit No. 10(lxviii) to the Company's Annual Report on
Form 10-K for the fiscal year ended September 30, 1994, filed
with the Commission December 27, 1994 (Commission File No. 1-
7727)
(lix) Gas Storage Contract, dated February 16, 1990, between the
Company and ENDEVCO Industrial Gas Sales Company, filed as
Exhibit No. 10(lxix) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1994, filed with
the Commission December 27, 1994 (Commission File No. 1-7727)
(lx) Commercial Revolving Credit Agreement by and between Fleet
Bank, National Association, and Energy Networks, Inc., dated
December 21, 1994, filed as Exhibit No. 10(lxx) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
December 31, 1994, filed with the Commission January 31, 1995
(Commission File No. 1-7727)
(lxi) Service Agreement #86006 (Rate Schedule AFT-1), dated
September 1, 1994, between the Company and Algonquin Gas
Transmission Company, filed as Exhibit No. 10(lxxi) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
June 30, 1995, filed with the Commission August 2, 1995
(Commission File No. 1-7727)
(lxii) Service Agreement #93005 (Rate Schedule AFT-1), dated
September 1, 1994, between the Company and Algonquin Gas
Transmission Company, filed as Exhibit No. 10(lxxii) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
June 30, 1995, filed with the Commission August 2, 1995
(Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (lxiii) Service Agreement #9B103 (Rate Schedule AFT-1), dated
September 1, 1994, between the Company and Algonquin Gas
Transmission Company, filed as Exhibit No. 10(lxxiii) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
June 30, 1995, filed with the Commission August 2, 1995
(Commission File No. 1-7727)
(lxiv) Service Agreement #9W005 (Rate Schedule AFT-1), dated
September 1, 1994, between the Company and Algonquin Gas
Transmission Company, filed as Exhibit No. 10(lxxiv) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
June 30, 1995, filed with the Commission August 2, 1995
(Commission File No. 1-7727)
(lxv) KBC Energy Services Partnership Agreement, dated June 19,
1995, By and Among Bay State Energy Enterprises, Inc., ENI
Gas Services, Inc., and Koch Energy Alliance Company, filed
as Exhibit No. 10(lxxv) to the Company's Quarterly Report on
Form 10-Q for the quarter ended June 30, 1995, filed with the
Commission August 2, 1995 (Commission File No. 1-7727)
(lxvi) Gas Storage Agreement No. 1626 (Rate Schedule FS), dated
September 1, 1993, by and between the Company and Tennessee
Gas Pipeline Company, filed as Exhibit No. 10(lxix) to the
Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 1995, filed with the Commission December
18, 1995 (Commission File No. 1-7727)
(lxvii) Gas Transportation Agreement No. 2498 (Rate Schedule FT-A),
dated September 1, 1993, by and between the Company and
Tennessee Gas Pipeline Company, filed as Exhibit No. 10(lxx)
to the Company's Annual Report on Form 10-K for the fiscal
year ended September 30, 1995, filed with the Commission
December 18, 1995 (Commission File No. 1-7727)
(lxviii) Gas Transportation Agreement No. 3900 (Rate Schedule FT-A),
dated October 1, 1993, by and between the Company and
Tennessee Gas Pipeline Company, filed as Exhibit No. 10(lxxi)
to the Company's Annual Report on Form 10-K for the fiscal
year ended September 30, 1995, filed with the Commission
December 18, 1995 (Commission File No. 1-7727)
(lxix) Gas Transportation Agreement No. 3901 (Rate Schedule FT-A),
dated October 1, 1993, by and between the Company and
Tennessee Gas Pipeline Company, filed as Exhibit No.
10(lxxii) to the Company's Annual Report on Form 10-K for the
fiscal year ended September 30, 1995, filed with the
Commission December 18, 1995 (Commission File No. 1-7727)
(lxx) Gas Transportation Agreement No. 2075 (Rate Schedule FT-A),
dated September 1, 1993, by and between the Company and
Tennessee Gas Pipeline Company, filed as Exhibit No.
10(lxxiii) to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 1995, filed with the
Commission December 18, 1995 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (lxxi) Second Amendment to Connecticut Natural Gas Corporation
Employee Savings Plan, dated June 27, 1995, filed as Exhibit
No. 10(lxxvi) to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 1995, filed with the
Commission December 18, 1995 (Commission File No. 1-7727)
(lxxii) Second Amendment to Connecticut Natural Gas Corporation Union
Employee Savings Plan, dated January 24, 1995, filed as
Exhibit No. 10(lxxvii) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1995, filed with
the Commission December 18, 1995 (Commission File No. 1-7727)
(lxxiii) Third Amendment to Connecticut Natural Gas Corporation Union
Employee Savings Plan, dated June 27, 1995, filed as Exhibit
No. 10(lxxviii) to the Company's Annual Report on Form 10-K
for the fiscal year ended September 30, 1995, filed with the
Commission December 18, 1995 (Commission File No. 1-7727)
(lxxiv) Amendment to Connecticut Natural Gas Corporation Officers'
Retirement Plan, dated June 27, 1995, filed as Exhibit No.
10(lxxix) to the Company's Annual Report on Form 10-K for the
fiscal year ended September 30, 1995, filed with the
Commission December 18, 1995 (Commission File No. 1-7727)
(lxxv) Third Amendment to Connecticut Natural Gas Corporation
Deferred Compensation Plan, dated June 27, 1995, filed as
Exhibit No. 10(lxxx) to the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 1995, filed with
the Commission December 18, 1995 (Commission File No. 1-7727)
(lxxvi) Third Amendment to The Connecticut Natural Gas Corporation
Officers' Retirement Plan and Deferred Compensation Plan
Trust Agreement, dated September 12, 1995, filed as Exhibit
No. 10(lxxxi) to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 1995, filed with the
Commission December 18, 1995 (Commission File No. 1-7727)
(lxxvii) Second Amendment to Restricted Stock Agreement (Under the
Connecticut Natural Gas Corporation Executive Restricted
Stock plan), dated June 27, 1995, filed as Exhibit No.
10(lxxxii) to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 1995, filed with the
Commission December 18, 1995 (Commission File No. 1-7727)
(lxxviii) Third Amendment to Restricted Stock Agreement (Under the
Connecticut Natural Gas Corporation Executive Restricted
Stock plan), dated June 27, 1995, filed as Exhibit No.
10(lxxxiii) to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 1995, filed with the
Commission December 18, 1995 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (lxxix) Amended and Restated CNG Nonemployee Directors' Fee Plan,
dated September 29, 1995, filed as Exhibit No. 10(lxxxiv) to
the Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 1995, filed with the Commission December
18, 1995 (Commission File No. 1-7727)
(lxxx) CNG Nonemployee Directors' Fee Plan Trust Agreement, by and
between the Company and Fleet Bank, N.A., dated September 28,
1995, filed as Exhibit No. 10(lxxxv) to the Company's Annual
Report on Form 10-K for the fiscal year ended September 30,
1995, filed with the Commission December 18, 1995 (Commission
File No. 1-7727)
(lxxxi) HSC Termination Agreement, dated August 1, 1995, among The
Hartford Steam Company, Connecticut Natural Gas Corporation,
Energy Networks, Inc., and Hartford Cogeneration Limited
Partnership, filed as Exhibit No. 10(lxxxvi) to the Company's
Annual Report on Form 10-K for the fiscal year ended
September 30, 1995, filed with the Commission December 18,
1995 (Commission File No. 1-7727)
(lxxxii) Irrevocable Standby Letter of Credit by and between Energy
Networks, Inc. and The Bank of Nova Scotia, dated March 20,
1996, filed as Exhibit No. 10(lxxxvii) to the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31,
1996, filed with the Commission May 1, 1996 (Commission File
No. 1-7727)
(lxxxiii) Gas Transportation Agreement (FT-A Rate Schedule, Service
Package No. 86) dated September 1, 1993, between the Company
and Tennessee Gas Pipeline Company, filed as Exhibit No.
10(lxxxviii) to the Company's Quarterly Report on Form 10-Q
for the quarter ended June 30, 1996, filed with the
Commission July 29, 1996 (Commission File No. 1-7727)
(lxxxiv) Gas Transportation Agreement (FT-A Rate Schedule, Service
Package No. 1625) dated September 1, 1993, between the
Company and Tennessee Gas Pipeline Company, filed as Exhibit
No. 10(lxxxix) to the Company's Quarterly Report on Form 10-Q
for the quarter ended June 30, 1996, filed with the
Commission July 29, 1996 (Commission File No. 1-7727)
(lxxxv) Gas Transportation Agreement (FT-A Rate Schedule, Service
Package No. 2655) dated September 1, 1993, between the
Company and Tennessee Gas Pipeline Company, filed as Exhibit
No. 10(xc) to the Company's Quarterly Report on Form 10-Q for
the quarter ended June 30, 1996, filed with the Commission
July 29, 1996 (Commission File No. 1-7727)
(lxxxvi) Gas Storage Contract (Rate Schedule FS, Service Package No.
1626) dated December 1, 1994, between the Company and
Tennessee Gas Pipeline Company, filed as Exhibit No.
10(xciii) to the Company's Quarterly Report on Form 10-Q for
the quarter ended June 30, 1996, filed with the Commission
July 29, 1996 (Commission File No. 1-7727)
<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (lxxxvii) Amendment No.1-A to Gas Storage Contract (Rate Schedule FS,
Service Package No. 1626) dated July 1, 1995 between the
Company and Tennessee Gas Pipeline Company, filed as Exhibit
No. 10(xciv) to the Company's Quarterly Report on Form 10-Q
for the quarter ended June 30, 1996, filed with the
Commission July 29, 1996 (Commission File No. 1-7727)
(lxxxviii) Service Agreement (#N01719, FST Service) dated March 28, 1996
between the Company and National Fuel Gas Supply Corporation,
filed as Exhibit No. 10(xcv) to the Company's Quarterly
Report on Form 10-Q for the quarter ended June 30, 1996,
filed with the Commission July 29, 1996 (Commission File No.
1-7727)
(lxxxix) Amendment No. 1 to Service Agreement (#N01719, FST Service)
dated April 1, 1996, between the Company and National Fuel
Gas Supply Corporation, filed as Exhibit No. 10(xcvi) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
June 30, 1996, filed with the Commission July 29, 1996
(Commission File No. 1-7727)
(xc) Service Agreement (#O01718, FSS Service) dated March 28, 1996
between the Company and National Fuel Gas Supply Corporation,
filed as Exhibit No. 10(xcvii) to the Company's Quarterly
Report on Form 10-Q for the quarter ended June 30, 1996,
filed with the Commission July 29, 1996 (Commission File No.
1-7727)
(xci) Amendment No. 1 to Service Agreement (#O01718, FSS Service)
dated April 1, 1996, between the Company and National Fuel
Gas Supply Corporation, filed as Exhibit No. 10(xcviii) to
the Company's Quarterly Report on Form 10-Q for the quarter
ended June 30, 1996, filed with the Commission July 29, 1996
(Commission File No. 1-7727)
(xcii) First Amendment to Agreement and Declaration of Trust,
Connecticut Natural Gas Corporation Union Employee Benefit
Trust, dated January 24, 1995, between the Company and Fleet
Bank, N.A.
(xciii) CNG Nonemployee Directors' Fee Plan, dated October 1, 1996
(xciv) First Amendment to CNG Nonemployee Directors' Fee Plan Trust
Agreement, dated October 1, 1996, between the Company and
Putnam Fiduciary Trust Company
(xcv) Second Amendment to CNG Nonemployee Directors' Fee Plan Trust
Agreement, dated October 1, 1996, between the Company and
Putnam Fiduciary Trust Company
(xcvi) Third Amendment to Connecticut Natural Gas Corporation
Employee Savings Plan, dated October 31, 1995<PAGE>
(a) 3. Exhibits (continued)
--------
Exhibit
Number
------------
10 (xcvii) Fourth Amendment to Connecticut Natural Gas Corporation
Employee Savings Plan, dated December 19, 1995
(xcviii) Fifth Amendment to Connecticut Natural Gas Corporation
Employee Savings Plan, dated February 27, 1996
(xcix) Fourth Amendment to Connecticut Natural Gas Corporation Union
Employee Savings Plan, dated October 31, 1995
(c) Fifth Amendment to Connecticut Natural Gas Corporation Union
Employee Savings Plan, dated December 19, 1995
(ci) Sixth Amendment to Connecticut Natural Gas Corporation Union
Employee Savings Plan, dated February 27, 1996
(cii) Settlement Agreement and Release of All Claims between
Connecticut Natural Gas Corporation and Harry Kraiza, Jr.,
dated September 25, 1996
(ciii) Service Agreement (#93305, Rate Schedule AFT-1), dated June
1, 1993, between the Company and Algonquin Gas Transmission
Company
(civ) Service Agreement (#400507, Rate Schedule FSS-1), dated
November 15,1996, between the Company and Texas Eastern
Transmission Corporation
(cv) Service Agreement (#412008, Rate Schedule SS-1), dated
November 15, 1996, between the Company and Texas Eastern
Transmission Corporation
(cvi) Service Agreement (#800423, Rate Schedule CDS), dated
November 15, 1996, between the Company and Texas Eastern
Transmission Corporation
(cvii) Service Agreement (#800424, Rate Schedule CDS), dated
November 15, 1996, between the Company and Texas Eastern
Transmission Corporation
11 Computation of Consolidated Primary and Fully Diluted Earnings Per
Share
12 Computation of Ratios
Not applicable
13 Annual Report to Stockholders for the Fiscal Year Ended September 30,
1996
Not applicable
16 Letter Regarding Change in Certifying Accountant
Not applicable
18 Letter Regarding Change in Accounting Principles
Not applicable
<PAGE>
(a) 3. Exhibits (concluded)
--------
Exhibit
Number
------------
21 Subsidiaries of the Registrant
22 Published Report Regarding Matters Submitted to Vote of Security
Holders
None
23 Consent of Independent Public Accountants
24 Power of Attorney
27 Financial Data Schedule
28 Information from Reports Furnished to State Insurance Regulatory
Authorities
Not applicable
99 Additional Exhibits
(i) Exhibit Index
(ii) Information required by Form 11-K with respect to the
Connecticut Natural Gas Corporation Employee Savings Plan for
the fiscal year ending December 31, 1996
(iii) Information required by Form 11-K with respect to the
Connecticut Natural Gas Corporation Union Employee Savings
Plan for the fiscal year ending December 31, 1996
Exhibits 3(ii), 4(i), 4(ii)(a), 4(ii)(b), 4(ii)(c), 4(ii)(d), 4(ii)(e),
4(ii)(f), 4(ii)(g), 4(ii)(h), 10(i), 10(ii), 10(iii), 10(iv), 10(v),
10(vi), 10(vii), 10(viii), 10(ix), 10(x), 10(xi), 10(xii), 10(xiii),
10(xiv), 10(xv), 10(xvi), 10(xvii), 10(xviii), 10(xix), 10(xx), 10(xxi),
10(xxii), 10(xxiii), 10(xxiv), 10(xxv), 10(xxvi), 10(xxvii), 10(xxviii),
10(xxix), 10(xxx), 10(xxxi), 10(xxxii), 10(xxxiii), 10(xxxiv), 10(xxxv),
10(xxxvi), 10(xxxvii), 10(xxxviii), 10(xxxix), 10(xl), 10(xli), 10(xlii),
10(xliii), 10(xliv), 10(xlv), 10(xlvi), 10(xlvii), 10(xlviii), 10(xlix),
10(l), 10(li), 10(lii), 10(liii), 10(liv), 10(lv), 10(lvi), 10(lvii),
10(lviii), 10(lix), 10(lx), 10(lxi), 10(lxii), 10(lxiii), 10(lxiv),
10(lxv), 10(lxvi), 10(lxvii), 10(lxviii), 10(lxix), 10(lxx), 10(lxxi),
10(lxxii), 10(lxxiii), 10(lxxiv), 10(lxxv), 10(lxxvi), 10(lxxvii),
10(lxxviii), 10(lxxix), 10(lxxx), 10(lxxxi), 10(lxxxii), 10(lxxxiii),
10(lxxxiv), 10(lxxxv), 10(lxxxvi), 10(lxxxvii), 10(lxxxviii), 10(lxxxix),
10(xc) and 10(xci) listed above which have been filed with the Securities
and Exchange Commission pursuant to the Securities Act of 1933 and the
Securities Exchange Act of 1934, and which were designated as noted above
and have not been amended, are hereby incorporated by reference. All other
exhibits referred to above are filed herewith.
<PAGE>
(b) Reports on Form 8-K
-------------------
There were no current reports filed on Form 8-K during the last quarter
of fiscal 1996.
<PAGE>
Exhibit 99(i)
Page 1 of 2
CONNECTICUT NATURAL GAS CORPORATION
Annual Report on Form 10-K
Exhibit Index
Fiscal Year Ended September 30, 1996
Document
Item Description Description
------------ ----------- ------------
99(i) Exhibit Index Ex-99.1
3(i) Charter of the Company and All Amendments Ex-3.1
Thereto
10(xcii) First Amendment to Agreement and Ex-10.92
Declaration of Trust, Connecticut Natural
Gas Corporation Union Employee Benefit
Trust
10(xciii) CNG Nonemployee Directors' Fee Plan Ex-10.93
10(xciv) First Amendment to CNG Nonemployee Ex-10.94
Directors' Fee Plan Trust Agreement
10(xcv) Second Amendment to CNG Nonemployee Ex-10.95
Directors' Fee Plan Trust Agreement
10(xcvi) Third Amendment to Connecticut Natural Gas Ex-10.96
Corporation Employee Savings Plan
10(xcvii) Fourth Amendment to Connecticut Natural Ex-10.97
Gas Corporation Employee Savings Plan
10(xcviii) Fifth Amendment to Connecticut Natural Gas Ex-10.98
Corporation Employee Savings Plan
10(xcix) Fourth Amendment to Connecticut Natural Ex-10.99
Gas Corporation Union Employee Savings
Plan
10(c) Fifth Amendment to Connecticut Natural Gas Ex-10.100
Corporation Union Employee Savings Plan
10(ci) Sixth Amendment to Connecticut Natural Gas Ex-10.101
Corporation Union Employee Savings Plan
10(cii) Settlement Agreement and Release of All Ex-10.102
Claims between Connecticut Natural Gas
Corporation and Harry Kraiza, Jr.
10(ciii) Service Agreement #93305 between the Ex-10.103
Company and Algonquin Gas Transmission
Company<PAGE>
Exhibit 99(i)
Page 2 of 2
CONNECTICUT NATURAL GAS CORPORATION
Annual Report on Form 10-K
Exhibit Index (concluded)
Fiscal Year Ended September 30, 1996
Document
Item Description Description
------------ ----------- ------------
10(civ) Service Agreement #400507 between the Ex-10.104
Company and Texas Eastern Transmission
Corporation
10(cv) Service Agreement #412008 between the Ex-10.105
Company and Texas Eastern Transmission
Corporation
10(cvi) Service Agreement #800423 between the Ex-10.106
Company and Texas Eastern Transmission
Corporation
10(cvii) Service Agreement #800424 between the Ex-10.107
Company and Texas Eastern Transmission
Corporation
11 Computation of Consolidated Primary and Ex-11
Fully Diluted Earnings Per Share
21 Subsidiaries of the Registrant Ex-21
23 Consent of Independent Public Accountants Ex-23
24 Power of Attorney Ex-24
27 Financial Data Schedule Ex-27
99(ii) Requirements of Form 11-K for the Ex-99.2
Connecticut Natural Gas Corporation
Employee Savings Plan
99(iii) Requirements of Form 11-K for the Ex-99.3
Connecticut Natural Gas Corporation Union
Employee Savings Plan
<PAGE>
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
FINANCIAL STATEMENTS AND SCHEDULES
----------------------------------
AS OF DECEMBER 31, 1996, 1995 AND 1994
--------------------------------------
TOGETHER WITH
--------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
<PAGE>
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
INDEX
-----
PAGE
----
Report of Independent Public Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits
with Fund Information as of December 31, 1996 2
Statement of Net Assets Available for Benefits
with Fund Information as of December 31, 1995 4
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1996 6
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1995 8
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1994 10
Notes to Financial Statements and Schedules 11
Schedules:
Schedule I - Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1996 16
Schedule II - Item 27d - Schedule of Reportable Transactions for
the Year Ended December 31, 1996 17
All schedules, except those as set forth above, are omitted as not
applicable or not required.
<PAGE>
<PAGE>
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To the Plan Administrator of Connecticut Natural
Gas Corporation Employee Savings Plan:
We have audited the accompanying statements of net assets available for
benefits with fund information of Connecticut Natural Gas Corporation
Employee Savings Plan (the Plan) as of December 31, 1996 and 1995, and the
related statements of changes in net assets available for benefits with
fund information for each of the three years in the period ended December
31, 1996. These financial statements and 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 with fund
information of the Plan as of December 31, 1996 and 1995, and the changes
in its net assets available for benefits with fund information for each of
the three years in the period ended December 31, 1996, 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 of
assets held for investment purposes and reportable transactions are
presented for purposes of additional analysis and are not a required part
of the basic financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974.
These 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.
By Arthur Andersen LLP
----------------------
Arthur Andersen LLP
Hartford, Connecticut
April 30, 1997<PAGE>
<TABLE>
<CAPTION>
-2-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1996
------------------------
Participant Directed
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Putnam
Putnam Fiduciary The George Fund for Putnam Putnam
Trust Company Putnam Fund Growth and Vista International
Stable Value Fund of Boston Income Fund Growth Fund
---------------- ------------ ---------- ---------- -----------
Assets
------
Investments, at
current value $ 1,010,028 $ 3,553,346 $ 5,778,562 $ 1,653,502 $ 422,679
----------- ----------- ----------- ----------- -----------
Cash and temporary
investments - - - - -
----------- ----------- ----------- ----------- -----------
Accounts receivable
from broker - - - - -
----------- ----------- ----------- ----------- -----------
Total Assets 1,010,028 3,553,346 5,778,562 1,653,502 422,679
----------- ----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - - - - -
----------- ----------- ----------- ----------- -----------
Net Assets
Available for
Benefits $ 1,010,028 $ 3,553,346 $ 5,778,562 $ 1,653,502 $ 422,679
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-3-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1996
------------------------
Non-
Participant
Participant Directed Directed
-------------------- -----------
<S> <C> <C> <C> <C>
Putnam Common Common
Income Stock Stock
Fund Fund Fund Total
---------- ---------- ---------- --------
Assets
------
Investments, at
current value $ 115,529 $ 4,762,743 $ 5,027,978 $22,324,367
----------- ----------- ----------- -----------
Cash and temporary
investments - 8,564 (5,077) 3,487
----------- ----------- ----------- -----------
Accounts receivable
from broker - 5,764 19,628 25,392
----------- ----------- ----------- -----------
Total Assets 115,529 4,777,071 5,042,529 22,353,246
----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - (14,572) (15,380) (29,952)
----------- ----------- ----------- -----------
Net Assets
Available for
Benefits $ 115,529 $ 4,762,499 $ 5,027,149 $22,323,294
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-4-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1995
------------------------
Participant Directed
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Putnam
Putnam Fiduciary The George Fund for Putnam Putnam
Trust Company Putnam Fund Growth and Vista International
Stable Value Fund of Boston Income Fund Growth Fund
---------------- ------------ ---------- ---------- -----------
Assets
------
Investments, at
current value $ 1,179,925 $ 3,170,234 $ 4,759,631 $ 754,331 $ 227,244
----------- ----------- ----------- ----------- -----------
Cash and temporary
investments - - - - -
----------- ----------- ----------- ----------- -----------
Accounts receivable:
Connecticut
Natural Gas Corp. - - - - -
Employees 3,379 13,332 27,755 11,074 2,432
----------- ----------- ----------- ----------- -----------
3,379 13,332 27,755 11,074 2,432
----------- ----------- ----------- ----------- -----------
Total Assets 1,183,304 3,183,566 4,787,386 765,405 229,676
----------- ----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - - - - -
----------- ----------- ----------- ----------- -----------
Net Assets
Available for
Benefits $ 1,183,304 $ 3,183,566 $ 4,787,386 $ 765,405 $ 229,676
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-5-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1995
------------------------
Non-
Participant
Participant Directed Directed
-------------------- -----------
<S> <C> <C> <C> <C>
Putnam Common Common
Income Stock Stock
Fund Fund Fund Total
---------- ---------- ---------- --------
Assets
------
Investments, at
current value $ 161,811 $ 2,151,168 $ 7,302,281 $19,706,625
----------- ----------- ----------- -----------
Cash and temporary
investments - 35,959 115,485 151,444
----------- ----------- ----------- -----------
Accounts receivable:<PAGE>
Connecticut
Natural Gas Corp. - - 36,558 36,558
Employees 847 4,430 - 63,249
----------- ----------- ----------- -----------
847 4,430 36,558 99,807
----------- ----------- ----------- -----------
Total Assets 162,658 2,191,557 7,454,324 19,957,876
----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - (35,318) (113,764) (149,082)
----------- ----------- ----------- -----------
Net Assets
Available for
Benefits $ 162,658 $ 2,156,239 $ 7,340,560 $19,808,794
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-6-
CONNECTICUT NATURAL GAS CORPORATION
----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996
-------------------------------------
Participant Directed
-----------------------------------------------------
<S> <C> <C> <C> <C>
Putnam
Fiduciary The Putnam
Trust Company The George Fund for Putnam
Stable Value Putnam Fund Growth and Vista
Fund of Boston Income Fund
------------- ------------- ----------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 62,418 $ 322,456 $ 494,326 $ 97,303
---------- ----------- ----------- -----------
Realized gains
(losses), net - 15,609 51,138 31,889
---------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments - 172,914 486,678 93,150
---------- ----------- ----------- -----------
Contributions:
Employees 54,790 194,884 402,688 198,989
Employer 3,879 12,008 21,946 26,051
---------- ----------- ----------- -----------
Total contributions 58,669 206,892 424,634 225,040
---------- ----------- ----------- -----------
Transfers, net 4,406 (15,109) (12,853) 522,063
---------- ----------- ----------- -----------
Other, net - - - -
---------- ----------- ----------- -----------
Total additions (deductions) 125,493 702,762 1,443,923 969,445
---------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (298,769) (332,982) (452,747) (81,348)
---------- ----------- ----------- -----------
Net increase (decrease) (173,276) 369,780 991,176 888,097
---------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year 1,183,304 3,183,566 4,787,386 765,405
---------- ----------- ----------- -----------
End of year $1,010,028 $3,553,346 $5,778,562 $1,653,502
========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-7-
CONNECTICUT NATURAL GAS CORPORATION
----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996<PAGE>
-------------------------------------
Non-
Participant
Participant Directed Directed
------------------------------------- -----------
<S> <C> <C> <C> <C> <C>
Putnam Putnam Common Common
International Income Stock Stock
Growth Fund Fund Fund Fund Total
----------- ----------- ---------- ---------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 5,660 $ 9,705 $ 212,290 $ 384,533 $ 1,588,691
----------- ----------- ----------- ---------- -----------
Realized gains
(losses), net 3,292 (3,856) (13,004) (44,265) 40,803
----------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments 42,243 (2,131) 346,939 507,602 1,647,395
----------- ----------- ----------- ----------- -----------
Contributions:
Employees 46,065 14,846 57,958 - 970,220
Employer 7,795 1,703 317,692 86,597 477,671
----------- ----------- ----------- ----------- -----------
Total contributions 53,860 16,549 375,650 86,597 1,447,891
----------- ----------- ----------- ----------- -----------
Transfers, net 116,277 (61,437) 2,005,626 (2,549,645) 9,328
----------- ----------- ----------- ----------- -----------
Other, net - - (447) (1,503) (1,950)
----------- ----------- ------------ ----------- -----------
Total additions (deductions) 221,332 (41,170) 2,927,054 (1,616,681) 4,732,158
----------- ----------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (28,329) (5,959) (320,794) (696,730) (2,217,658)
----------- ----------- ----------- ----------- -----------
Net increase (decrease) 193,003 (47,129) 2,606,260 (2,313,411) 2,514,500
----------- ----------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year 229,676 162,658 2,156,239 7,340,560 19,808,794
----------- ----------- ----------- ----------- -----------
End of year $ 422,679 $ 115,529 $ 4,762,499 $ 5,027,149 $22,323,294
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-8-
CONNECTICUT NATURAL GAS CORPORATION
----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1995
-------------------------------------
Participant Directed
-----------------------------------------------------
<S> <C> <C> <C> <C> <C>
Putnam
Fiduciary The Putnam
Trust Company Putnam U.S. The George Fund for Putnam
Stable Value Government Putnam Fund Growth and Vista
Fund Income Trust of Boston Income Fund
------------- ------------ ------------- ----------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 66,142 $ 79,432 $ 237,487 $ 314,524 $ 38,861
Realized gains
(losses), net - 87,221 88,744 160,068 672
---------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments - (9,024) 427,496 777,724 (12,240)
Contributions:
Employees 56,824 69,103 232,176 450,914 11,074
Employer - - - - -
---------- ----------- ----------- ----------- -----------
Total contributions 56,824 69,103 232,176 450,914 11,074
---------- ----------- ----------- ----------- -----------
Transfers, net 345,106 (1,154,001) (53,943) 51,678 727,678
---------- ----------- ----------- ----------- -----------
Other, net - - - - -
---------- ----------- ----------- ----------- -----------
Total additions (deductions) 468,072 (927,269) 931,960 1,754,908 766,045
---------- ----------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (434,158) (151,101) (242,087) (280,196) (640)
---------- ----------- ----------- ----------- -----------
Net increase (decrease) 33,914 (1,078,370) 689,873 1,474,712 765,405
---------- ----------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year 1,149,390 1,078,370 2,493,693 3,312,674 -
---------- ----------- ----------- ----------- -----------
End of year $1,183,304 $ - $ 3,183,566 $ 4,787,386 $ 765,405
========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-9-
CONNECTICUT NATURAL GAS CORPORATION
----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1995
-------------------------------------
Non-
Participant
Participant Directed Directed
------------------------------------- -----------
<S> <C> <C> <C> <C> <C>
Putnam Putnam Common Common
International Income Stock Stock
Growth Fund Fund Fund Fund Total
----------- ----------- ---------- ---------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 2,076 $ 470 $ 147,466 $ 452,733 $ 1,339,191
----------- ----------- ----------- ----------- -----------
Realized gains
(losses), net 89 278 (31,712) (84,982) 220,378
----------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments 839 1,111 (97,147) (246,344) 842,415
----------- ----------- ----------- ----------- -----------
Contributions:
Employees 2,432 847 91,652 - 915,022
Employer - - - 482,636 482,636
----------- ----------- ----------- ----------- -----------
Total contributions 2,432 847 91,652 482,636 1,397,658
----------- ----------- ----------- ----------- -----------
Transfers, net 224,270 160,191 (279,647) 10,500 31,832
----------- ----------- ----------- ----------- -----------
Other, net - - 217 582 799
----------- ----------- ----------- ----------- -----------
Total additions (deductions) 229,706 162,897 (169,171) 615,125 3,832,273
----------- ----------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (30) (239) (413,662) (614,720) (2,136,833)
----------- ----------- ----------- ----------- -----------
Net increase (decrease) 229,676 162,658 (582,833) 405 1,695,440
----------- ----------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year - - 2,739,072 7,340,155 18,113,354
----------- ----------- ----------- ----------- -----------
End of year $ 229,676 $ 162,658 $ 2,156,239 $ 7,340,560 $19,808,794
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-10-
CONNECTICUT NATURAL GAS CORPORATION
----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1994
-------------------------------------
Non-
Participant
Participant Directed Directed
----------------------------------------------------------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Putnam
Fiduciary The Putnam
Trust Company Putnam U.S. The George Fund for Common Common
Stable Value Government Putnam Fund Growth and Stock Stock
Fund Income Trust of Boston Income Fund Fund Total
------------- ------------- ------------- ----------- ---------- ---------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 51,801 $ 88,894 $ 162,233 $ 199,825 $ 158,004 $ 427,006 $ 1,087,763
---------- ----------- ----------- ----------- ----------- ----------- -----------
Realized losses, net - (23,461) (6,864) (66) (20,752) (60,713) (111,856)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Unrealized depreciation
of investments - (98,811) (164,204) (209,645) (634,736) (1,859,543) (2,966,939)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Contributions:
Employees 53,792 91,679 245,201 430,814 123,277 - 944,763
Employer - - - - - 511,479 511,479
---------- ----------- ----------- ----------- ----------- ----------- -----------
Total contributions 53,792 91,679 245,201 430,814 123,277 511,479 1,456,242
---------- ----------- ----------- ----------- ----------- ----------- -----------
Transfers, net 231,403 (408,181) (86,276) 78,854 162,566 (20,510) (42,144)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Other, net - - - - (256) (747) (1,003)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Total additions (deductions) 336,996 (349,880) 150,090 499,782 (211,897) (1,003,028) (577,937)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (15,553) (14,558) (40,954) (18,516) (21,411) (352,839) (463,831)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) 321,443 (364,438) 109,136 481,266 (233,308) (1,355,867) (1,041,768)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year 827,947 1,442,808 2,384,557 2,831,408 2,972,380 8,696,022 19,155,122
---------- ----------- ----------- ----------- ----------- ----------- -----------
End of year $1,149,390 $ 1,078,370 $ 2,493,693 $ 3,312,674 $ 2,739,072 $ 7,340,155 $18,113,354
========== =========== =========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
-11-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
-------------------------------------------
AS OF DECEMBER 31, 1996, 1995, AND 1994
---------------------------------------
1. Description of the Plan:
------------------------
<PAGE>
The following description of the Connecticut Natural Gas Corporation
Employee Savings Plan (the Plan) is provided for general information
purposes only. More complete information regarding the Plan's provisions
may be found in the Plan document.
a. General -
-------
The Plan is a defined contribution thrift plan open to non-union
employees of Connecticut Natural Gas Corporation and subsidiaries
(the Company). The Plan was established by the Company under the
provisions of Section 401(a) of the Internal Revenue Code (IRC), and
it includes a qualified deferred arrangement as described in Section
401(k) of the IRC for the benefit of eligible employees of the
Company. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). The Plan
Administrator is the Company. The Compensation Committee of the
Company's Board of Directors appointed an Administrative Committee
to serve as manager of the Plan. Putnam Fiduciary Trust Company
(PFTC), trustee of the Plan, holds the Plan's investments and
executes transactions therein.
b. Eligibility -
-----------
Employees are eligible to participate when the following criteria
are met:
(1) Are at least age 21.
(2) Are employed by the Company for one year or more.
(3) Have completed 1,000 hours or more of service in a 12-month
period beginning with date of hire.
(4) Are on the management payroll or are subject to the Salary
Administration Program.
The number of employees participating in the Plan as of December 31,
1996 and 1995 were 276 and 287, respectively.
c. Contributions -
-------------
Eligible employees may elect to participate in the Plan and
authorize payroll deductions of not less than 1% and not greater
than 26% of basic earnings as savings contributions to their
accounts during each year, subject to the limits under Section 415
of the IRC.
The Company will match a percentage of an employee's compensation
depending on age or years of continuous service. The amount of the
Company contribution will be determined according to the schedule
below. However, if an employee's elected savings allotment is less
than the percentage contained in the schedule, the Company will
match no more than the percentage contributed by the employee.<PAGE>
-12-
As of December 31, 1996, if an employee's:
Years of Continuous
Service are Or Age is The Company Will Contribute
-------------------- -- ------ ---------------------------
30 50 6% of compensation
20 45 4-1/2% of compensation
10 35 3% of compensation
Less than l0 Under 35 2% of compensation
d. Investment Options -
------------------
Plan participants direct their contributions among various
investment options in 5% increments, and they may elect to change
their investment options once during each calendar quarter. A
description of each investment option is provided below:
(1) PUTNAM FIDUCIARY TRUST COMPANY STABLE VALUE FUND - This fund
preserves principal and seeks to achieve a high current income
through a diversified portfolio of high-quality investment
contracts. The average yield of the fund was 5.74% for the year
ended December 31, 1996.
(2) PUTNAM U.S. GOVERNMENT INCOME TRUST - This mutual fund seeks
current income through a portfolio of securities backed by the
full faith and credit of the United States Government.
(3) THE GEORGE PUTNAM FUND OF BOSTON - This mutual fund seeks a
balance of capital growth and current income through a
diversified portfolio of common stocks and bonds.
(4) THE PUTNAM FUND FOR GROWTH AND INCOME - This mutual fund seeks
capital growth and current income through a portfolio of income-
producing common stocks.
(5) PUTNAM VISTA FUND - This mutual fund seeks to invest in a
variety of stocks of mostly medium-sized companies, widely
traded larger companies and, small, less well-known companies
that have the potential for above-average growth.
(6) PUTNAM INTERNATIONAL GROWTH FUND - This mutual fund seeks
appreciation of investments through a diversified collection of
stocks in companies located outside North America.
(7) PUTNAM INCOME FUND - This mutual fund invests in a variety of
bonds with an emphasis on corporate bonds and selected below-
investment-grade bonds.
(8) COMMON STOCK FUND - This fund seeks to provide current income
and capital appreciation through investment in the common stock
of the Company purchased at not more than fair market value.
The Putnam Income Fund, Putnam International Growth Fund, and Putnam
Vista Fund were added as investment options on December 6, 1995, and
at the same time the Putnam U.S. Government Income Trust was
eliminated as an option. Plan participants were required to move
any money invested in the latter fund to one of the other investment
options by December 22, 1995.<PAGE>
All Company matching contributions are invested in the Common Stock
Fund. Beginning on March 1, 1996 and continuing on a quarterly
basis through October 1, 1999, the Plan Administrator has directed
that portions of the non-participant directed Common Stock Fund be
transferred to the participant directed Common Stock Fund based upon
a predetermined schedule. These transfers are scheduled to take
place on January 1, April 1, July 1, and October 1 of each year,
with the exception of 1996 for which the March 1 transfer was in
lieu of the April 1 transfer. Following the transfers, Plan
participants will have the discretion of investing the transferred
shares of common stock in the same manner as the other amounts under
-13-
their direction in the various participant directed funds. Also,
effective March 1, 1996, all Company matching contributions are
being invested in the participant directed Common Stock Fund.
In addition to transfers between the various funds noted above as a
result of investment elections made by Plan participants, transfers
are also made to or from the Union Employee Savings Plan for those
employees who transfer to (from) one of the Company's collective
bargaining units.
e. Vesting -
-------
Participants are fully vested in their contributions and the
earnings thereon. Participants are vested in the Company matching
contributions and the earnings thereon as follows:
<TABLE>
<S> <C>
Years of Continuous Service are Percentage Vested
------------------------------- -----------------
Less than 1 0%
1 but less than 2 20
2 but less than 3 40
3 but less than 4 60
4 but less than 5 80
5 or more 100
</TABLE>
Participants also become fully vested in their Company matching
contribution account if any one of the following occurs:
(1) Death
(2) Disability
(3) Attainment of age 65 (normal retirement date)
(4) Total or partial termination of the Plan
(5) Discontinuance of Company contributions to the Plan
Upon termination of employment before full vesting, the non-vested
Company match portion of a participant's common stock account shall
be forfeited after five years if the participant is not rehired and
applied as a credit against the employer's future contributions.
f. Benefits -
--------
Upon termination of employment due to retirement, disability, or
death, a participant (or his/her beneficiary) may elect to receive a
lump-sum distribution equal to the value of the participant's vested
interest in his/her account as soon as practicable following the
termination date or defer the distribution to some future date.
Participants may request the withdrawal of certain account balances
prior to termination of employment. Application for withdrawal of
after-tax contributions and employee IRA contributions may be made
once a year. There are no Plan penalties for such withdrawals.
g. Participant Accounts -
--------------------
Individual accounts are maintained for each of the Plan's
participants to reflect the participant's share of the Plan's income
and the participant's and the Company's contributions. Allocations
of Plan income are based on the share balances in the participants'
accounts.
-14-
h. Use of Estimates in the Preparation of Financial Statements -
-----------------------------------------------------------
The preparation of financial statements in conformity with generally
accepted accounting principles and the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the
reported amounts of income and expense during the reporting period.
Actual results could differ from those estimates.
2. Summary of Significant Accounting Policies:
------------------------------------------
a. Basis of Accounting -
-------------------
The accompanying financial statements have been prepared on the
accrual basis of accounting.
b. Income Recognition -
------------------
Dividend income is recorded on the ex-dividend date. Interest income
is recorded as earned.
c. Investment Valuation -
--------------------
The Plan's investments are reflected at current value. The shares of
the Common Stock Fund and the Putnam mutual funds owned by the Plan,
with the exception of the PFTC Stable Value Fund, are valued at
market as determined by the quoted market price as of the last
business day of the year. The latter fund is valued at contract<PAGE>
value (cost plus accumulated earnings) which approximates current
value. Purchases and sales of securities are reflected on a trade
date basis. Realized and unrealized appreciation (depreciation)
presented in the statement of changes in net assets available for
benefits with fund information are computed based on the change in
the current value of the Plan assets from year to year.
d. Administrative Expenses -
-----------------------
Administrative expenses of the Plan may be paid by either the Company
or the Plan. During 1996, 1995, and 1994 the Company paid all
administrative expenses relating to the Plan.
3. Federal Income Tax Status:
-------------------------
In 1994 the Plan was amended and restated to meet the requirements of
the Tax Reform Act of 1986, and the Plan received a favorable
determination letter from the Internal Revenue Service dated September
19, 1994. The Plan has been amended since receiving the determination
letter. However, the Plan Administrator and management believe that
the Plan is designed and is currently being operated in compliance with
the applicable requirements of the IRC. Therefore, they believe that
the Plan was qualified and the related trust was tax-exempt through the
year ended December 31, 1996.
-15-
4. Investments:
-----------
The fair market values of individual assets that represent 5% or more of
the Plan's net assets as of December 31, 1996 and 1995 are as follows:
1996:
Connecticut Natural Gas Corporation
common stock $ 9,790,721
The Putnam Fund for Growth and Income 5,778,562
The George Putnam Fund of Boston 3,553,346
Putnam Vista Fund 1,653,502
1995:
Connecticut Natural Gas Corporation
common stock $ 9,453,449
The Putnam Fund for Growth and Income 4,759,631
The George Putnam Fund of Boston 3,170,234
Putnam Fiduciary Trust Company
Stable Value Fund 1,179,925
5. Concentration of Credit Risk:
----------------------------
The Plan's assets are invested in mutual funds managed by Putnam<PAGE>
Investments, Inc., as described in Note 1, and the Company's common
stock. In the event of any uncertainties in the financial marketplace
the Plan may be exposed to financial risks.
6. Subsequent Event:
----------------
Effective as of the close of business on March 31, 1997, CTG
Resources, Inc. (CTG) became the holding company and parent of
Connecticut Natural Gas Corporation (CNG). Pursuant to this change in
corporate organization and an Agreement and Plan of Exchange, dated as
of December 20, 1996, by and between CTG and CNG, all outstanding
shares of common stock of CNG, including those shares held by the
Plan, were exchanged for shares of common stock of CTG.
7. Reconciliation to Form 5500:
---------------------------
As of December 31, 1996, the Plan had a $43,307 pending distribution
to a participant who elected to withdraw from the Plan and $5,297 of
contributions from participants which were in excess of the amounts
allowed by Section 415 of the IRC. These amounts are recorded as
liabilities in the Plan's Form 5500; however, they are not recorded as
liabilities in the accompanying statement of net assets available for
benefits in accordance with generally accepted accounting principles.
The following table reconciles net assets available for benefits per
the financial statements to the Form 5500 as filed by the Company for
the year ended December 31, 1996.
Benefits Net Assets
Payable to Other Available
Participants Liabilities For Benefits
------------ ----------- ------------
Per financial statements $ - $ - $22,323,294
Accrued benefit payments 43,307 - (43,307)
Excess contributions
refundable to Plan
participants - 5,297 (5,297)
------- ------ -----------
Per Form 5500 $43,307 $5,297 $22,274,690
======= ====== ===========
<PAGE>
<TABLE>
<CAPTION>
-16-
Schedule I
EIN 06-0383860
PN 007
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
AS OF DECEMBER 31, 1996
------------------------
<S> <C> <C> <C>
Description of Investment
Including Maturity Date, Rate
Identity of Issue, Borrower, Lessor, or of Interest, Collateral, Par Current
Similar Party or Maturity Value Cost Value
--------------------------------------- ----------------------------- --------- -----------
*Putnam Fiduciary Trust Company Stable Value Fund comprised of
Fund investment contracts $ 1,010,028 $ 1,010,028
----------- -----------
*The George Putnam Fund of Boston Mutual fund comprised of
common stocks and bonds 3,123,397 3,553,346
----------- -----------
*The Putnam Fund for Growth and Income Mutual fund comprised of
common stocks 4,674,651 5,778,562
----------- -----------
*Putnam Vista Fund Mutual fund comprised of
common stocks 1,539,916 1,653,502
----------- -----------
*Putnam International Growth Fund Mutual fund comprised of
common stocks 377,049 422,679
----------- -----------
*Putnam Income Fund Mutual fund comprised of
bonds 117,086 115,529
----------- -----------
Participant directed -
*Connecticut Natural Gas Corporation Common stock 3,960,445 4,762,743
*Boston Safe Company Daily Liquidity Fund 8,564 8,564
----------- -----------
3,969,009 4,771,307
----------- -----------
Non-participant directed -
*Connecticut Natural Gas Corporation Common stock 4,161,029 5,027,978
*Boston Safe Company Daily Liquidity Fund (5,077) (5,077)
----------- -----------
4,155,952 5,022,901
----------- -----------
Total Common Stock Fund 8,124,961 9,794,208
----------- -----------
Total Investments $18,967,088 $22,327,854
=========== ===========
</TABLE>
*Represents a party-in-interest for the year ended December 31, 1996.
The accompanying notes are an integral part of this schedule.
<PAGE>
<TABLE>
<CAPTION>
-17-
Schedule II
EIN 06-0383860
PN 007
Page 1 of 2
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN<PAGE>
---------------------
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996
------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Expense
Identity of Description Number of Purchase Selling Lease Incurred With
Party Involved of Asset Transactions Price Price Rental Transaction
-------------- -------- ------------ --------- --------- ------- -----------
Putnam Vista Fund Mutual fund comprised 136 $ 917,447 $ - $ - $ -
of common stocks 22 - 139,216 - -
The George Putnam Mutual fund comprised 73 626,226 - - -
Fund of Boston of common stocks and 39 - 434,369 - -
bonds
The Putnam Fund for Mutual fund comprised 97 1,140,670 - - -
Growth and Income of common stocks 54 - 677,210 - -
Connecticut Natural Common stock 27 3,625,890 - - -
Gas Corporation 101 - 4,129,240 - -
</TABLE>
The accompanying notes are an integral part of this schedule.
<PAGE>
<TABLE>
<CAPTION>
-18-
Schedule II
EIN 06-0383860
PN 007
Page 2 of 2
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
EMPLOYEE SAVINGS PLAN
---------------------
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996
------------------------------------
<S> <C> <C> <C> <C>
Current Value
of Asset on
Identity of Description Cost of Transaction Net Gain
Party Involved of Asset Asset Date or (Loss)
-------------- -------- --------- ----------- --------
Putnam Vista Fund Mutual fund comprised $ 917,447 $ 917,447 $ -
of common stocks 118,179 139,216 21,037
The George Putnam Mutual fund comprised 626,226 626,226 -
Fund of Boston of common stocks and 379,490 434,369 54,879
bonds
The Putnam Fund for Mutual fund comprised 1,140,670 1,140,670 -
Growth and Income of common stocks 543,936 677,210 133,274
Connecticut Natural Common stock 3,625,890 3,625,890 -
Gas Corporation 3,574,820 4,129,240 554,420
</TABLE>
The accompanying notes are an integral part of this schedule.
<PAGE>
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
FINANCIAL STATEMENTS AND SCHEDULES
----------------------------------
AS OF DECEMBER 31, 1996, 1995 AND 1994
--------------------------------------
TOGETHER WITH
--------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
<PAGE>
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
INDEX
-----
PAGE
----
Report of Independent Public Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits
with Fund Information as of December 31, 1996 2
Statement of Net Assets Available for Benefits
with Fund Information as of December 31, 1995 4
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1996 6
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1995 8
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1994 10
Notes to Financial Statements and Schedules 11
Schedules:
Schedule I - Item 27a - Schedule of Assets Held for Investment 16
Purposes as of December 31, 1996
Schedule II - Item 27d - Schedule of Reportable Transactions for
the Year Ended December 31, 1996 17
All schedules, except those as set forth above, are omitted as not
applicable or not required.
<PAGE>
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To the Plan Administrator of Connecticut Natural
Gas Corporation Union Employee Savings Plan:
We have audited the accompanying statements of net assets available for
benefits with fund information of Connecticut Natural Gas Corporation Union
Employee Savings Plan (the Plan) as of December 31, 1996 and 1995, and the
related statements of changes in net assets available for benefits with
fund information for each of the three years in the period ended December
31, 1996. These financial statements and 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 with fund
information of the Plan as of December 31, 1996 and 1995, and the changes
in its net assets available for benefits with fund information for each of
the three years in the period ended December 31, 1996, 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 of
assets held for investment purposes and reportable transactions are
presented for purposes of additional analysis and are not a required part
of the basic financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974.
These 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.
By Arthur Andersen LLP
------------------------
Arthur Andersen LLP
Hartford, Connecticut
April 30, 1997
<PAGE>
<TABLE>
<CAPTION>
-2-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1996
------------------------
Participant Directed
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Putnam
Putnam Fiduciary The George Fund for Putnam Putnam
Trust Company Putnam Fund Growth and Vista International
Stable Value Fund of Boston Income Fund Growth Fund
---------------- ------------ ---------- ---------- ----------
Assets
------
Investments, at
current value $ 477,425 $ 1,400,169 $ 3,171,867 $ 1,141,189 $ 113,784
----------- ----------- ----------- ----------- -----------
Cash and temporary
investments - - - - -
----------- ----------- ----------- ----------- -----------
Accounts receivable
from broker - - - - -
----------- ----------- ----------- ----------- -----------
Total Assets 477,425 1,400,169 3,171,867 1,141,189 113,784
----------- ----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - - - - -
----------- ----------- ----------- ----------- -----------
Net Assets
Available for $ 477,425 $ 1,400,169 $ 3,171,867 $ 1,141,189 $ 113,784
Benefits =========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-3-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1996
------------------------
Non-
Participant
Participant Directed Directed
-------------------- -----------
<S> <C> <C> <C> <C>
Putnam Common Common
Income Stock Stock
Fund Fund Fund Total
---------- ---------- ---------- --------
Assets
------
Investments, at
current value $ 62,964 $ 4,913,262 $ 3,892,036 $15,172,696
----------- ----------- ----------- -----------
Cash and temporary
investments - 42 3,063 3,105
----------- ----------- ----------- -----------
Accounts receivable
from broker - 637 1,293 1,930
----------- ----------- ----------- -----------
Total Assets 62,964 4,913,941 3,896,392 15,177,731
----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - (14,125) (31,630) (45,755)
----------- ----------- ----------- -----------
Net Assets
Available for $ 62,964 $ 4,899,816 $ 3,864,762 $15,131,976
Benefits =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-4-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1995
------------------------
Participant Directed
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Putnam
Putnam Fiduciary The George Fund for Putnam Putnam
Trust Company Putnam Fund Growth and Vista International
Stable Value Fund of Boston Income Fund Growth Fund
---------------- ------------ ---------- ---------- ----------
Assets
------
Investments, at
current value $ 548,051 $ 1,240,015 $ 2,499,974 $ 474,354 $ 62,348
----------- ----------- ----------- ----------- -----------
Cash and temporary
investments - - - - -
----------- ----------- ----------- ----------- -----------
Accounts receivable:
Connecticut
Natural Gas Corp. - - - - -
Employees 3,464 11,323 24,127 6,559 1,273
Other-Putnam Vista
Fund - - 55,536 - -
----------- ----------- ----------- ----------- -----------
3,464 11,323 79,663 6,559 1,273
----------- ----------- ----------- ----------- -----------
Total Assets 551,515 1,251,338 2,579,637 480,913 63,621
----------- ----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - - - - -
Other-The Putnam Fund
for Growth & Income - - - (55,536) -
----------- ----------- ----------- ----------- -----------
- - - (55,536) -
----------- ----------- ----------- ----------- -----------
Net Assets
Available for $ 551,515 $ 1,251,338 $ 2,579,637 $ 425,377 $ 63,621
Benefits =========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-5-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1995
------------------------<PAGE>
Non-
Participant
Participant Directed Directed
-------------------- -----------
<S> <C> <C> <C> <C>
Putnam Common Common
Income Stock Stock
Fund Fund Fund Total
---------- ---------- ---------- --------
Assets
------
Investments, at
current value $ 37,044 $ 2,499,436 $ 5,081,803 $12,443,025
----------- ----------- ----------- -----------
Cash and temporary
investments - 43,310 79,728 123,038
----------- ----------- ----------- -----------
Accounts receivable:
Connecticut
Natural Gas Corp. - - 37,824 37,824
Employees 328 19,551 - 66,625
Other-Putnam Vista
Fund - - - 55,536
----------- ----------- ----------- -----------
328 19,551 37,824 159,985
----------- ----------- ----------- -----------
Total Assets 37,372 2,562,297 5,199,355 12,726,048
----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - (42,474) (78,328) (120,802)
Other-The Putnam Fund
for Growth & Income - - - (55,536)
----------- ----------- ----------- -----------
- (42,474) (78,328) (176,338)
----------- ----------- ----------- -----------
Net Assets
Available for $ 37,372 $ 2,519,823 $ 5,121,027 $12,549,710
Benefits =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-6-
CONNECTICUT NATURAL GAS CORPORATION<PAGE>
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996
-------------------------------------
Participant Directed
-----------------------------------------------------
<S> <C> <C> <C> <C>
Putnam
Fiduciary Putnam
Trust Company The George Fund for Putnam
Stable Value Putnam Fund Growth and Vista
Fund of Boston Income Fund
------------- ------------- ----------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 29,716 $ 126,396 $ 261,597 $ 73,049
---------- ----------- ----------- -----------
Realized gains
(losses), net - 10,593 15,932 18,393
---------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments - 64,242 266,834 73,191
---------- ----------- ----------- -----------
Contributions:
Employees 39,687 141,929 318,816 131,575
Employer 1,017 5,058 14,181 10,363
---------- ----------- ----------- -----------
Total contributions 40,704 146,987 332,997 141,938
---------- ----------- ----------- -----------
Transfers, net (18,573) (23,751) (102,230) 417,255
---------- ----------- ----------- -----------
Other, net - - - -
---------- ----------- ----------- -----------
Total additions (deductions) 51,847 324,467 775,130 723,826
---------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (125,937) (175,636) (182,900) (8,014)
---------- ----------- ----------- -----------
Net increase (decrease) (74,090) 148,831 592,230 715,812
---------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year 551,515 1,251,338 2,579,637 425,377
---------- ----------- ----------- -----------
End of year $ 477,425 $ 1,400,169 $ 3,171,867 $ 1,141,189
========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-7-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996
-------------------------------------
Non-
Participant
Participant Directed Directed
------------------------------- -----------
<S> <C> <C> <C> <C> <C>
Putnam Putnam Common Common
International Income Stock Stock
Growth Fund Fund Fund Fund Total
----------- ----------- ---------- ---------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 1,533 $ 3,320 $ 223,414 $ 279,804 $ 998,829
----------- ----------- ----------- ---------- -----------
Realized gains
(losses), net 38 (479) (9,904) (20,127) 14,446
----------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments 10,680 (540) 372,926 368,477 1,155,810
----------- ----------- ----------- ----------- -----------
Contributions:
Employees 13,495 5,724 217,894 - 869,120
Employer 1,309 194 364,046 85,391 481,559
----------- ----------- ----------- ----------- -----------
Total contributions 14,804 5,918 581,940 85,391 1,350,679
----------- ----------- ----------- ----------- -----------
Transfers, net 23,480 17,506 1,378,873 (1,701,888) (9,328)
----------- ----------- ----------- ----------- -----------
Other, net - - (13,783) (28,024) (41,807)
----------- ----------- ----------- ----------- -----------
Total additions (deductions) 50,535 25,725 2,533,466 (1,016,367) 3,468,629
----------- ----------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (372) (133) (153,473) (239,898) (886,363)
----------- ----------- ----------- ----------- -----------
Net increase (decrease) 50,163 25,592 2,379,993 (1,256,265) 2,582,266
----------- ----------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year 63,621 37,372 2,519,823 5,121,027 12,549,710
----------- ----------- ----------- ----------- -----------
End of year $ 113,784 $ 62,964 $ 4,899,816 $ 3,864,762 $15,131,976
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-8-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1995
-------------------------------------
Participant Directed
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Putnam
Fiduciary Putnam
Trust Company Putnam U.S. The George Fund for Putnam
Stable Value Government Putnam Fund Growth and Vista
Fund Income Trust of Boston Income Fund
------------- -------------------------- ----------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 22,417 $ 42,748 $ 86,389 $ 163,219 $ 24,795
---------- ----------- ----------- ----------- -----------
Realized gains
(losses), net - 50,960 24,986 131,025 2,433
---------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments - (9,256) 158,224 316,482 (13,422)
---------- ----------- ----------- ----------- -----------
Contributions:
Employees 23,264 59,707 144,780 304,597 6,559
Employer - - - - -
---------- ----------- ----------- ----------- -----------
Total contributions 23,264 59,707 144,780 304,597 6,559
---------- ----------- ----------- ----------- -----------
Transfers, net 158,551 (683,787) 30,697 248,682 408,387
---------- ----------- ----------- ----------- -----------
Other, net (17) - - - -
---------- ----------- ----------- ----------- -----------
Total additions (deductions) 204,215 (539,628) 445,076 1,164,005 428,752
---------- ----------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (21,246) (57,481) (73,248) (61,155) (3,375)
---------- ----------- ----------- ----------- -----------
Net increase (decrease) 182,969 (597,109) 371,828 1,102,850 425,377
---------- ----------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year 368,546 597,109 879,510 1,476,787 -
---------- ----------- ----------- ----------- -----------
End of year $ 551,515 $ - $ 1,251,338 $ 2,579,637 $ 425,377
========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-9-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1995
-------------------------------------
Non-
Participant
Participant Directed Directed
------------------------------- -----------
<S> <C> <C> <C> <C> <C>
Putnam Putnam Common Common
International Income Stock Stock
Growth Fund Fund Fund Fund Total
----------- ----------- ---------- ---------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 515 $ 156 $ 171,358 $ 306,752 $ 818,349
----------- ----------- ---------- ----------- -----------
Realized gains
(losses), net 1,000 266 8,900 14,943 234,513
----------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments (394) (2) (151,388) (223,829) 76,415
----------- ----------- ----------- ----------- -----------
Contributions:
Employees 1,274 328 303,165 - 843,674
Employer - - - 474,053 474,053
----------- ----------- ----------- ----------- -----------
Total contributions 1,274 328 303,165 474,053 1,317,727
----------- ----------- ----------- ----------- -----------
Transfers, net 62,211 36,886 (280,160) (13,318) (31,851)
----------- ----------- ----------- ----------- -----------
Other, net - - 246 412 641
----------- ----------- ----------------------- -----------
Total additions (deductions) 64,606 37,634 52,121 559,013 2,415,794
----------- ----------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (985) (262) (403,146) (258,360) (879,258)
----------- ----------- ----------- ----------- -----------
Net increase (decrease) 63,621 37,372 (351,025) 300,653 1,536,536
----------- ----------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year - - 2,870,848 4,820,374 11,013,174
----------- ----------- ----------- ----------- -----------
End of year $ 63,621 $ 37,372 $ 2,519,823 $ 5,121,027 $12,549,710
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
<TABLE>
<CAPTION>
-10-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
-------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1994
-------------------------------------
Non-
Participant
Participant Directed Directed
----------------------------------------------------------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Putnam
Fiduciary The Putnam
Trust Company Putnam U.S. The George Fund for Common Common
Stable Value Government Putnam Fund Growth and Stock Stock
Fund Income Trust of Boston Income Fund Fund Total
------------- ------------- ------------- ----------- ---------- ---------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ 19,904 $ 40,245 $ 58,454 $ 93,053 $ 156,918 $ 275,285 $ 643,859
---------- ----------- ----------- ----------- ----------- ----------- -----------
Realized gains
(losses), net - (3,469) (5,990) (7,757) (22,229) (40,438) (79,883)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Unrealized appreciation
(depreciation) of investments - (50,335) (55,309) (91,158) (643,594) (1,174,926) (2,015,322)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Contributions:
Employees 23,171 64,489 137,584 264,162 330,277 - 819,683
Employer - - - - - 457,407 457,407
---------- ----------- ----------- ----------- ----------- ----------- -----------
Total contributions 23,171 64,489 137,584 264,162 330,277 457,407 1,277,090
---------- ----------- ----------- ----------- ----------- ----------- -----------
Transfers, net (61,188) 30,764 (50,089) (53,927) 152,684 23,900 42,144
---------- ----------- ----------- ----------- ----------- ----------- -----------
Other, net - - - - (355) (644) (999)
---------- ----------- ----------- ----------- ------------ ----------- -----------
Total additions (deductions) (18,113) 81,694 84,650 204,373 (26,299) (459,416) (133,111)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants (33,305) (30,764) (57,312) (64,719) (97,452) (167,848) (451,400)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) (51,418) 50,930 27,338 139,654 (123,751) (627,264) (584,511)
---------- ----------- ----------- ----------- ----------- ----------- -----------
Net Assets Available
for Benefits:
Beginning of year 419,964 546,179 852,172 1,337,133 2,994,599 5,447,638 11,597,685
---------- ----------- ----------- ----------- ----------- ----------- -----------
End of year $ 368,546 $ 597,109 $ 879,510 $ 1,476,787 $ 2,870,848 $ 4,820,374 $11,013,174
========== =========== =========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this financial statement.
<PAGE>
-11-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
-------------------------------------------
AS OF DECEMBER 31, 1996, 1995 AND 1994
--------------------------------------
1. Description of the Plan:
------------------------
The following description of the Connecticut Natural Gas Corporation
Union Employee Savings Plan (the Plan) is provided for general
information purposes only. More complete information regarding the
Plan's provisions may be found in the Plan document.
a. General -
-------
The Plan is a defined contribution thrift plan open to union
employees of Connecticut Natural Gas Corporation and subsidiaries
(the Company). The Plan was established by the Company under the
provisions of Section 401(a) of the Internal Revenue Code (IRC), and
it includes a qualified deferred arrangement as described in Section
401(k) of the IRC for the benefit of eligible employees of the
Company. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). The Plan
Administrator is the Company. The Compensation Committee of the
Company's Board of Directors appointed an Administrative Committee
to serve as manager of the Plan. Putnam Fiduciary Trust Company
(PFTC), trustee of the Plan, holds the Plan's investments and
executes transactions therein.
b. Eligibility -
-----------
Employees are eligible to participate when the following criteria
are met:
(1) Are at least age 21.
(2) Are employed by the Company for one year or more.
(3) Have completed 1,000 hours or more of service in a 12-month
period beginning with date of hire.
(4) Are normally employed for 20 or more hours per week and are
covered by a collective bargaining agreement between the Company
and any union which provides for participation under the Plan.
The number of employees participating in the Plan as of December 31,
1996 and 1995 were 350 and 366, respectively.
c. Contributions -
-------------
Eligible employees may elect to participate in the Plan and
authorize payroll deductions of not less than 1% and not greater
than 26% of basic earnings as savings contributions to their
accounts during each year, subject to the limits under Section 415
of the IRC.
The Company will match a percentage of an employee's compensation
depending on age or years of continuous service. The amount of the
Company contribution will be determined according to the schedule
below. However, if an employee's elected savings allotment is less
than the percentage contained in the schedule, the Company will
match no more than the percentage contributed by the employee.<PAGE>
-12-
As of December 31, 1996, if an employee's:
Years of Continuous
Service are Or Age is The Company Will Contribute
-------------------- -- ------ ---------------------------
30 50 6% of compensation
20 45 4-1/2% of compensation
10 35 3% of compensation
Less than l0 Under 35 2% of compensation
d. Investment Options -
------------------
Plan participants direct their contributions among various
investment options in 5% increments, and they may elect to change
their investment options once during each calendar quarter. A
description of each investment option is provided below:
(1) PUTNAM FIDUCIARY TRUST COMPANY STABLE VALUE FUND - This fund
preserves principal and seeks to achieve a high current income
through a diversified portfolio of high-quality investment
contracts. The average yield for this fund was 5.74% for the
year ended December 31, 1996.
(2) PUTNAM U.S. GOVERNMENT INCOME TRUST - This mutual fund seeks
current income through a portfolio of securities backed by the
full faith and credit of the United States Government.
(3) THE GEORGE PUTNAM FUND OF BOSTON - This mutual fund seeks a
balance of capital growth and current income through a
diversified portfolio of common stocks and bonds.
(4) THE PUTNAM FUND FOR GROWTH AND INCOME - This mutual fund seeks
capital growth and current income through a portfolio of income-
producing common stocks.
(5) PUTNAM VISTA FUND - This mutual fund seeks to invest in a
variety of stocks of mostly medium-sized companies, widely
traded larger companies and, small, less well-known companies
that have the potential for above-average growth.
(6) PUTNAM INTERNATIONAL GROWTH FUND - This mutual fund seeks
appreciation of investments through a diversified collection of
stocks in companies located outside North America.
(7) PUTNAM INCOME FUND - This mutual fund invests in a variety of
bonds with an emphasis on corporate bonds and selected below-
investment-grade bonds.
(8) COMMON STOCK FUND - This fund seeks to provide current income
and capital appreciation through investment in the common stock
of the Company purchased at not more than fair market value.
The Putnam Income Fund, Putnam International Growth Fund, and Putnam
Vista Fund were added as investment options on December 6, 1995, and
at the same time the Putnam U.S. Government Income Trust was
eliminated as an option. Plan participants were required to move
any money invested in the latter fund to one of the other investment
options by December 22, 1995.<PAGE>
All Company matching contributions are invested in the Common Stock
Fund. Beginning on March 1, 1996 and continuing on a quarterly
basis through October 1, 1999, the Plan Administrator has directed
that portions of the non-participant directed Common Stock Fund be
transferred to the participant directed Common Stock Fund based upon
a predetermined schedule. These transfers are scheduled to take
place on January 1, April 1, July 1, and October 1 of each year,
with the exception of 1996 for which the March 1 transfer was in
lieu of the April 1 transfer. Following the transfers, Plan
participants will have the discretion of investing the transferred
shares of common stock in the same manner as the other amounts under
-13-
their direction in the various participant directed funds. Also,
effective March 1, 1996, all Company matching contributions are
being invested in the participant directed Common Stock Fund.
In addition to transfers between the various funds noted above as a
result of investment elections made by Plan participants, transfers
are also made to or from the Employee Savings Plan for those
employees who transfer to (from) the Company's non-union payroll.
e. Vesting -
-------
Participants are fully vested in their contributions and the
earnings thereon. Participants are vested in the Company matching
contributions and the earnings thereon as follows:
Years of Continuous Service are Percentage Vested
------------------------------- -----------------
Less than 1 0%
1 but less than 2 20
2 but less than 3 40
3 but less than 4 60
4 but less than 5 80
5 or more 100
Participants also become fully vested in their Company matching
contribution account if any one of the following occurs:
(1) Death
(2) Disability
(3) Attainment of age 65 (normal retirement date)
(4) Total or partial termination of the Plan
(5) Discontinuance of Company contributions to the Plan
Upon termination of employment before full vesting, the non-vested
Company match portion of a participant's common stock account shall
be forfeited after five years if the participant is not rehired and
applied as a credit against the employer's future contributions.
f. Benefits -
--------
Upon termination of employment due to retirement, disability, or
death, a participant (or his/her beneficiary) may elect to receive a
lump-sum distribution equal to the value of the participant's vested
interest in his/her account as soon as practicable following the
termination date or defer the distribution to some future date.
Participants may request the withdrawal of certain account balances
prior to termination of employment. Application for withdrawal of
after-tax contributions and employee IRA contributions may be made
once a year. There are no Plan penalties for such withdrawals.
g. Participant Accounts -
--------------------
Individual accounts are maintained for each of the Plan's
participants to reflect the participant's share of the Plan's income
and the participant's and the Company's contributions. Allocations
of Plan income are based on the share balances in the participants'
accounts.
-14-
h. Use of Estimates in the Preparation of Financial Statements -
-----------------------------------------------------------
The preparation of financial statements in conformity with generally
accepted accounting principles and the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the
reported amounts of income and expense during the reporting period.
Actual results could differ from those estimates.
2. Summary of Significant Accounting Policies:
------------------------------------------
a. Basis of Accounting -
-------------------
The accompanying financial statements have been prepared on the
accrual basis of accounting.
b. Income Recognition -
------------------
Dividend income is recorded on the ex-dividend date. Interest
income is recorded as earned.
c. Investment Valuation -
--------------------
The Plan's investments are reflected at current value. The shares
of the Common Stock Fund and the Putnam mutual funds owned by the
Plan, with the exception of the PFTC Stable Value Fund, are valued
at market as determined by the quoted market price as of the last
business day of the year. The latter fund is valued at contract
value (cost plus accumulated earnings) which approximates current
value. Purchases and sales of securities are reflected on a trade
date basis. Realized and unrealized appreciation (depreciation)
presented in the statement of changes in net assets available for
benefits with fund information are computed based on the change in
the current value of the Plan assets from year to year.
d. Administrative Expenses -
-----------------------
Administrative expenses of the Plan may be paid by either the
Company or the Plan. During 1996, 1995 and 1994 the Company paid
all administrative expenses relating to the Plan.
3. Federal Income Tax Status:
-------------------------
In 1994 the Plan was amended and restated to meet the requirements of
the Tax Reform Act of 1986, and the Plan received a favorable
determination letter from the Internal Revenue Service dated October 24,
1994. The Plan has been amended since receiving the determination
letter. However, the Plan Administrator and management believe that the
Plan is designed and is currently being operated in compliance with the
applicable requirements of the IRC. Therefore, they believe that the
Plan was qualified and the related trust was tax-exempt through the year
ended December 31, 1996.
-15-
4. Investments:
-----------
The fair market values of individual assets that represent 5% or more of
the Plan's net assets as of December 31, 1996 and 1995 are as follows:
1996:
Connecticut Natural Gas Corporation
common stock $8,805,298
The Putnam Fund for Growth and Income 3,171,867
The George Putnam Fund of Boston 1,400,169
Putnam Vista Fund 1,141,189
1995:
Connecticut Natural Gas Corporation
common stock $7,581,239
The Putnam Fund for Growth and Income 2,499,974
The George Putnam Fund of Boston 1,240,015
5. Concentration of Credit Risk:<PAGE>
----------------------------
The Plan's assets are invested in mutual funds managed by Putnam
Investments, Inc., as described in Note 1, and the Company's common
stock. In the event of any uncertainties in the financial marketplace
the Plan may be exposed to financial risks.
6. Subsequent Event:
----------------
Effective as of the close of business on March 31, 1997, CTG Resources,
Inc. (CTG) became the holding company and parent of Connecticut Natural
Gas Corporation (CNG). Pursuant to this change in corporate
organization and an Agreement and Plan of Exchange, dated as of December
20, 1996, by and between CTG and CNG, all outstanding shares of common
stock of CNG, including those shares held by the Plan, were exchanged
for shares of common stock of CTG.
7. Reconciliation to Form 5500:
---------------------------
As of December 31, 1996, the Plan had $1,324 of contributions from
participants which were in excess of the amounts allowed by Section 415
of the IRC. This amount is recorded as a liability in the Plan's Form
5500. However, this amount is not recorded as a liability in the
accompanying statement of net assets available for benefits in
accordance with generally accepted accounting principles.
The following table reconciles net assets available for benefits per the
financial statements to the Form 5500 as filed by the Company for the
year ended December 31, 1996.
Net Assets
Other Available
Liabilities For Benefits
----------- ------------
Per financial statements $ - $15,131,976
Excess contributions
refundable to Plan
participants 1,324 (1,324)
------ -----------
Per Form 5500 $1,324 $15,130,652
====== ===========
<PAGE>
<TABLE>
<CAPTION>
-16-
Schedule I
EIN 06-0383860
PN 006
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
AS OF DECEMBER 31, 1996
------------------------
<S> <C> <C> <C>
Description of Investment
Including Maturity Date, Rate
Identity of Issue, Borrower, Lessor, or of Interest, Collateral, Par Current
Similar Party or Maturity Value Cost Value
--------------------------------------- ----------------------------- --------- ----------
*Putnam Fiduciary Trust Company Stable Value Fund comprised of
Fund investment contracts $ 477,425 $ 477,425
----------- -----------
*The George Putnam Fund of Boston Mutual fund comprised of
common stocks and bonds 1,248,698 1,400,169
----------- -----------
*The Putnam Fund for Growth and Income Mutual fund comprised of
common stocks 2,613,720 3,171,867
----------- -----------
*Putnam Vista Fund Mutual fund comprised of
common stocks 1,067,046 1,141,189
----------- -----------
*Putnam International Growth Fund Mutual fund comprised of
common stocks 102,577 113,784
----------- -----------
*Putnam Income Fund Mutual fund comprised of
bonds 63,308 62,964
----------- -----------
Participant directed -
*Connecticut Natural Gas Corporation Common stock 4,396,006 4,913,262
*Boston Safe Company Daily Liquidity Fund 42 42
----------- -----------
4,396,048 4,913,304
----------- -----------
Non-participant directed -
*Connecticut Natural Gas Corporation Common stock 3,455,786 3,892,036
*Boston Safe Company Daily Liquidity Fund 3,063 3,063
----------- -----------
3,458,849 3,895,099
----------- -----------
Total Common Stock Fund 7,854,897 8,808,403
----------- -----------
Total Investments $13,427,671 $15,175,801
=========== ===========
</TABLE>
*Represents a party-in-interest for the year ended December 31, 1996.
The accompanying notes are an integral part of this schedule.
<PAGE>
<TABLE>
<CAPTION>
-17-
Schedule II
EIN 06-0383860
PN 006
Page 1 of 2
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996<PAGE>
------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Expense
Identity of Description Number of Purchase Selling Lease Incurred With
Party Involved of Asset Transactions Price Price Rental Transaction
-------------- -------- ------------ --------- --------- ------- -----------
Putnam Vista Fund Mutual fund comprised 91 $ 683,819 $ - $ - $ -
of common stocks 9 - 169,104 - -
The George Putnam Mutual fund comprised 57 357,225 - - -
Fund of Boston of common stocks and 19 - 271,941 - -
bonds
The Putnam Fund for Mutual fund comprised 81 791,914 - - -
Growth and Income of common stocks 31 - 354,962 - -
Connecticut Natural Common stock 23 2,867,777 - - -
Gas Corporation 79 - 2,414,702 - -
</TABLE>
The accompanying notes are an integral part of this schedule.
<PAGE>
<TABLE>
<CAPTION>
-18-
Schedule II
EIN 06-0383860
PN 006
Page 2 of 2
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996
------------------------------------
<S> <C> <C> <C> <C>
Current Value
of Asset on
Identity of Description Cost of Transaction Net Gain
Party Involved of Asset Asset Date or (Loss)
-------------- -------- --------- ----------- --------
Putnam Vista Fund Mutual fund comprised $ 683,819 $ 683,819 $ -
of common stocks 106,723 169,104 62,381
The George Putnam Mutual fund comprised 357,225 357,225 -
Fund of Boston of common stocks and 240,788 271,941 31,153
bonds
The Putnam Fund for Mutual fund comprised 791,914 791,914 -
Growth and Income of common stocks 287,369 354,962 67,593
Connecticut Natural Common stock 2,867,777 2,867,777 -
Gas Corporation 2,204,363 2,414,702 210,339
</TABLE>
The accompanying notes are an integral part of this schedule.
<PAGE>
