SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-3551
EQUITABLE RESOURCES, INC. EMPLOYEE SAVINGS AND PROTECTION PLAN
(Full title of the Plan and address of the Plan,
if different from that of the issuer named below)
EQUITABLE RESOURCES, INC.
420 Boulevard of the Allies,
Pittsburgh, Pennsylvania 15219
(Name of issuer of the securities held pursuant to the
plan and the address of principal executive office)
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
members of the Administrative Committee of the Plan have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS AND PROTECTION PLAN
(Name of Plan)
By
A. Mark Abramovic
Senior Vice President -
and Chief Financial Officer
June 27, 1997
<PAGE>
CONTENTS
Page
Report of independent auditors 3
Financial statements
Statements of net assets available for benefits 4
Statement of changes in net assets available for benefits 5-8
Notes to financial statements 9-14
Supplementary information Schedule
Assets held for investment 1
Transactions or series of transactions in excess of 5% of the
current value of plan assets 2
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Administrative Committee
Equitable Resources, Inc. Employee Savings and Protection Plan
We have audited the accompanying statements of net assets available for
plan benefits of the Equitable Resources, Inc. Employee Savings and Protection
Plan (the Plan) as of December 31, 1996, and 1995, and the related statement of
changes in net assets available for plan benefits for the year ended December
31, 1996. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our 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 plan benefits of
the Plan as of December 31, 1996 and 1995, and the related statement of changes
in net assets available for plan benefits for the year 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 accompanying supplemental schedules
of assets held for investment as of December 31, 1996, and transactions or
series of transactions in excess of 5% of the current value of plan assets for
the year ended December 31, 1996, are presented for purposes of complying with
the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974, and are not a
required part of the basic financial statements. The Fund Information in the
statements of net assets available for benefits and the statement of changes in
net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for benefits and
changes in net assets available for benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the auditing procedures
applied in our audits of the financial statements and, in our opinion, are
fairly stated in all material respects in relation to the 1996 financial
statements taken as a whole.
Ernst & Young LLP
Pittsburgh, Pennsylvania
May 23, 1997
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS AND PROTECTION PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1996 1995
<S> <C> <C>
Investments, at fair value-Note 3:
Equitable Life Fixed Income Fund $ - $ 1,519,045
Equitable Life Balanced Fund - 1,524,715
Equitable Life Aggressive Stock Fund - 258,455
Equitable Life Common Stock Fund - 2,487,125
Equitable Life Bond Fund - 315,388
The George Putnam Fund of Boston 1,915,926 366,549
The Putnam Fund for Growth and Income 3,689,256 647,597
Putnam Income Fund 569,759 241,377
Putnam Voyager Fund 1,111,159 252,786
Putnam Asset Allocation-Growth Portfolio 25,196 3,812
Putnam Asset Allocation-Balanced Portfolio 79,771 3,881
Putnam Asset Allocation-Conservative Portfolio 2,845 674
Putnam International Growth Fund 93,710 19,624
Loan Fund 206,263 149,591
Putnam Stable Value Fund 2,001,970 840,420
Employer Stock Fund 58,112 9,468
-------------- ---------------
9,753,967 8,640,507
Receivables:
Matching Contribution 3,713 -
Contract Contribution 43,211 -
-------------- ---------------
46,924 -
-------------- ---------------
Net Assets Available for Plan Benefits $ 9,800,891 $ 8,640,507
============== ===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS AND PROTECTION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1996
Equitable Equitable Equitable
Life Equitable Life Life
Fixed Life Aggressive Common
Income Balanced Stock Stock
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Interest and dividends $ 52,686 $ - $ - $ -
Interest on participant loans - - - -
---------- ---------- ---------- ---------
Total investment income 52,686 - - -
Gain realized on sale or distribution of
Equitable Resources, Inc. Common Stock - - - -
Unrealized appreciation of investment in
Equitable Resources, Inc. Common Stock - - - -
Increase (decrease) in value of investment - 37,496 40,480 121,526
Contributions
Matching - - - -
Contract - - - -
---------- ---------- ---------- ---------
Total contributions - - - -
---------- ---------- ---------- ---------
Total additions 52,686 37,496 40,480 121,526
Deductions from net assets attributed to:
Withdrawals by participants 307,233 244,639 16,334 148,586
Purchase of life insurance - - - -
Expenses 7,517 7,128 1,495 11,864
---------- ---------- ---------- ---------
Total deductions 314,750 251,767 17,829 160,450
Transfers to (from) funds (1,256,981) (1,310,444) (281,106) (2,448,201)
---------- ---------- ---------- ----------
Net increase (decrease) in net
assets available for plan benefits (1,519,045) (1,524,715) (258,455) (2,487,125)
Net assets available for plan benefits:
At beginning of year 1,519,045 1,524,715 258,455 2,487,125
---------- ---------- ---------- ---------
At end of year $ 0 $ 0 $ 0 $ 0
========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS AND PROTECTION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1996
Equitable The Putnam
Life The George Fund for Putnam Putnam Putnam
Bond Putnam Fund Growth Income Voyager Growth
Fund of Boston and Income Fund Fund Portfolio
<S> <C> <C> <C> <C> <C>
$ - $ 139,618 $ 290,146 $ 25,141 $ 71,475 $ 1,310
- - - - - -
--------- ---------- --------- --------- ---------- ---------
- 139,618 290,146 25,141 71,475 1,310
- - - - - -
- - - - - -
(2,926) 62,014 189,656 4,430 (5,863) 820
- 8,542 20,077 5,107 19,374 429
- 184,101 326,517 62,535 337,747 8,676
--------- ---------- --------- --------- ---------- ---------
- 192,643 346,594 67,642 357,121 9,105
--------- ---------- --------- --------- ---------- ---------
(2,926) 394,275 826,396 97,213 422,733 11,235
11,696 127,017 122,023 51,128 20,616 460
- - - - - -
1,429 787 1,239 304 911 95
--------- ---------- --------- --------- ---------- ---------
13,125 127,804 123,262 51,432 21,527 555
(299,337) 1,289,704 2,351,814 285,135 470,997 11,083
--------- ---------- --------- --------- ---------- ---------
(315,388) 1,556,175 3,054,948 330,916 872,203 21,763
315,388 366,549 647,597 241,377 252,786 3,812
--------- ---------- --------- --------- ---------- ---------
$ 0 $1,922,724 $3,702,545 $ 572,293 $1,124,989 $ 25,575
========= ========== ========== ========= ========== =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS AND PROTECTION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1996
Putnam Putnam Putnam
Balanced Conservative International
Portfolio Portfolio Growth Fund
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Interest and dividends $ 5,570 $ 157 $ 1,331
Interest on participant loans - - -
-------- -------- --------
Total investment income 5,570 157 1,331
Gain realized on sale or distribution of
Equitable Resources, Inc. Common Stock - - -
Unrealized appreciation of investment in
Equitable Resources, Inc. Common Stock - - -
Increase (decrease) in value of investment 3,809 47 7,823
Contributions
Matching 1,119 - 3,434
Contract 16,367 2,258 41,338
-------- -------- --------
Total contributions 17,486 2,258 44,772
-------- -------- --------
Total additions 26,865 2,462 53,926
Deductions from net assets attributed to:
Withdrawals by participants 615 222 1,885
Purchase of life insurance - - -
Expenses 66 21 142
-------- -------- --------
Total deductions 681 243 2,027
Transfers to (from) funds 50,355 40 23,869
-------- -------- --------
Net increase (decrease) in net
assets available for plan benefits 76,539 2,259 75,768
Net assets available for plan benefits:
At beginning of year 3,881 674 19,624
-------- -------- --------
At end of year $ 80,420 $ 2,933 $ 95,392
======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS AND PROTECTION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1996
Putnam Putnam Employer Life
Loan Stable Stock Insurance Combined
Fund Value Fund Fund Fund Funds
<C> <C> <C> <C> <C>
$ - $ 77,924 $ 1,156 $ - $ 666,514
15,295 - - - 15,295
- -------- ---------- --------- --------- ----------
15,295 77,924 1,156 - 681,809
- - 161 - 161
- - 970 - 970
- - - - 459,312
- 15,076 13,448 - 86,606
- 174,217 19,438 4,179 1,177,373
- -------- ---------- --------- --------- ----------
- 189,293 32,886 4,179 1,263,979
- -------- ---------- --------- --------- ----------
15,295 267,217 35,173 4,179 2,406,231
- -------- ---------- --------- --------- ----------
7,300 146,445 948 - 1,207,147
- - - 4,179 4,179
- 1,428 95 - 34,521
- -------- ---------- --------- --------- ----------
7,300 147,873 1,043 4,179 1,245,847
48,677 1,048,695 15,700 - -
- -------- ---------- --------- --------- ----------
56,672 1,168,039 49,830 - 1,160,384
149,591 840,420 9,468 - 8,640,507
- -------- ---------- --------- --------- ----------
$206,263 $2,008,459 $ 59,298 $ - $9,800,891
======== ========== ========= ========= ==========
</TABLE>
<PAGE>
EQUITABLE RESOURCES, INC.
EMPLOYEE SAVINGS AND PROTECTION PLAN
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDING
DECEMBER 31, 1996
1. Description of the Plan
The following description of the Equitable Resources, Inc. Employee
Savings and Protection Plan (Plan) provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
General
The Plan is a defined contribution profit sharing and savings plan, with a
401(k) salary reduction feature, implemented on September 1, 1987, by
Equitable Resources, Inc. and certain subsidiaries (the Company or
Companies).
All regular, full-time employees of the Companies who are covered by a
collective bargaining agreement are eligible to participate. The Plan is
subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
In December 1995 the Company changed the Plan year to a calendar year from
the previous Plan year of October 31. The change had no effect on net
assets available for plan benefits.
Contributions
The Companies make contributions to the Plan equal to the amount by which
participants agree to reduce their salaries (Contract Contributions).
These contributions are considered to be Company (as opposed to employee)
contributions to the Plan. In addition, prior to January 1, 1996, the
Companies could, at their discretion, contribute an additional amount to
the Plan (Discretionary Contributions). No Discretionary Contributions
were made for the period ended December 31, 1995.
Matching contributions are subject to collective bargaining. Effective
January 1, 1996, the Companies began matching 50 percent of the first six
percent of Contract Contributions made (Matching Contributions) in lieu of
making Discretionary Contributions for Local Union No. 1956. All
contributions are allocated to individual participant accounts.
Rollover Contributions
Participants are allowed to make rollover contributions (contributions
transferred to the Plan from other qualified retirement plans), subject to
certain requirements.
<PAGE>
1. Description of Plan (Continued)
Vesting
Participants are 100% vested in the value of Contract Contributions made,
and any rollover contributions.
If employment is terminated for any reason other than retirement, death,
or total and permanent disability, a participant is entitled to receive
the vested value of any Discretionary and Matching Contributions, as
determined in accordance with the following schedule:
Years of Continuous Service Vested Interest
Less than five years 0%
Five years or more 100%
Amounts forfeited by participants upon termination will be used to reduce
the amount of the Company's future Matching Contributions to the Plan.
Upon retirement, death, total and permanent disability or termination of
the Plan, a participant is entitled to receive the full value of any
Discretionary or Matching Contributions, regardless of years of continuous
service.
Withdrawals by Participants
Payments to participants are made in one of two ways: a single cash
payment or distribution of stock (mandatory for participants who are
terminated for a reason other than retirement, death or disability) or
equal periodic payments over the lesser of:
a) the life expectancy of the participant and beneficiary or
b) twenty (20) years.
Loans to Participants
A participant may borrow money from the Plan in amounts up to 50 percent
of the value of the participant's account, plus the vested portion of
Discretionary and Matching Contributions, subject to certain limitations.
All loans are at a rate consistent with rates charged by commercial
lenders for similar loans. One half of the participant's nonforfeitable
interest in the Plan at the time of the loan is pledged as collateral.
<PAGE>
1. Description of Plan (Continued)
Investment of Contributions
Contributions are initially deposited with the Plan's trustee, Putnam
Investments (Putnam). The Plan authorizes the participants to direct
Putnam to invest their accounts in various combinations of the investments
funds described below.
a. The George Putnam Fund of Boston - is a mutual fund that consists of a
portfolio balanced between stocks and bonds.
b. The Putnam Fund for Growth and Income - is a mutual fund that invests
primarily in common stocks that offer potential for capital growth,
current income, or both.
c. Putnam Income Fund - is a mutual fund that invests primarily in
income-producing securities, including both government and corporate
obligations, preferred stocks, and dividend-paying common stocks.
d. Putnam Voyager Fund - is a mutual fund that invests primarily in
common stocks of smaller and newer companies expected to grow
substantially faster than that of the market averages.
e. Putnam Asset Allocation: Growth Portfolio - is a mutual fund focusing
on capital appreciation by investing in a range of both equity and
fixed income securities. Equity securities can range between 65-95% of
the total assets of the Fund with fixed income securities ranging
between 5-35% of the total assets of the Fund.
f. Putnam Asset Allocation: Balanced Portfolio - is a mutual fund
focusing on total return by investing in a range of both equity and
fixed income securities. Equity securities can range between 25-50% of
the total assets of the Fund with fixed income securities ranging
between 25-50% of the total assets of the Fund.
g. Putnam Asset Allocation: Conservative Portfolio - is a mutual fund
focusing on total return consistent with preservation of capital; the
Fund invests in a range of both equity and fixed income securities.
Equity securities can range between 25-45% of the total assets of the
Fund with fixed income securities ranging between 55-75% of the total
assets of the Fund.
h. Putnam International Growth Fund - is a mutual fund that invests
primarily in a diversified portfolio of stocks of companies located
outside North America.
<PAGE>
1. Description of Plan (Continued)
i. Putnam Stable Value Fund - is a collective investment trust which
invests primarily in high-quality fixed-income investments that offer
price stability and liquidity; these investments may include
guaranteed investment contracts (GICs) that are guaranteed by an
insurance company or bank and generally provide a fixed rate of return
for a specified time period. Should the underlying insurance companies
and banks which issued the investments experience inadequate financial
return on their assets, it could potentially affect the investment
return or principal of the Plan's investments. Presently, the Plan is
not aware of any situation which would cause this to occur.
Withdrawals from this Fund may be temporarily delayed at Putnam's
discretion due to the liquidity of the assets underlying this Fund.
j. Employer Stock Fund - invests in the Common Stock of the Company.
k. Life Insurance Fund - comprised solely of life insurance contracts
issued on the lives of participants. This option is subject to a
limitation that no more than 25% of the contributions allocated to a
participant may be allocated to the purchase of insurance. Amounts
contributed to the Plan for life insurance premiums are paid out to an
insurance carrier and are reflected as an expense of the Plan. A
Company contract with EQUICOR provides this investment vehicle and
fund management.
2. Summary of Significant Accounting Policies
Investments
The Equitable Resources, Inc. common stock is valued at market price as
quoted on the New York Stock Exchange. The Fixed Income Fund and contracts
included in the Stable Value Fund are valued at face value, which
approximates market. Other investments are valued at market.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements
and accompanying notes. Actual results could differ from those estimates.
<PAGE>
<TABLE>
<CAPTION>
3. Investments
Investments at December 31, 1996, and December 31, 1995, are comprised of:
DECEMBER 31, 1996
Fair Original
Value Cost
<S> <C> <C>
The George Putnam Fund of Boston $ 1,915,926 $ 1,856,207
The Putnam Fund for Growth and Income 3,689,256 3,521,037
Putnam Income Fund 569,759 562,234
Putnam Voyager Fund 1,111,159 1,124,218
Putnam Asset Allocation - Growth Portfolio 25,196 24,801
Putnam Asset Allocation - Balanced Portfolio 79,771 76,016
Putnam Asset Allocation - Conservative Portfolio 2,845 2,804
Putnam International Growth Fund 93,710 85,820
Loan Fund 206,263 206,263
Putnam Stable Value Fund 2,001,970 2,001,970
Employer Stock Fund* 58,112 55,189
------------- -------------
Total $ 9,753,967 $ 9,516,559
============= =============
DECEMBER 31, 1995
Fair Original
Value Cost
Equitable Life Fixed Income Fund $ 1,519,045 $ 1,519,132
Equitable Life Balanced Fund 1,524,715 1,430,837
Equitable Life Aggressive Stock Fund 258,455 241,707
Equitable Life Common Stock Fund 2,487,125 2,293,915
Equitable Life Bond Fund 315,388 298,433
The George Putnam Fund of Boston 366,549 360,204
The Putnam Fund for Growth and Income 647,597 656,175
Putnam Income Fund 241,377 238,405
Putnam Voyager Fund 252,786 257,513
Putnam Asset Allocation - Growth Portfolio 3,812 3,845
Putnam Asset Allocation - Balanced Portfolio 3,881 3,878
Putnam Asset Allocation - Conservative Portfolio 674 672
Putnam International Growth Fund 19,624 19,295
Loan Fund 149,591 149,591
Putnam Stable Value Fund 840,420 840,420
Employer Stock Fund* 9,468 8,956
------------- -------------
Total $ 8,640,507 $ 8,322,978
============= =============
<FN>
The annual interest rate for the Stable Value Fund was 6.01% for the year
ended December 31, 1996.
* Represents 1,953 and 303 shares of common stock at December 31, 1996,
and December 31, 1995, respectively.
</FN>
</TABLE>
<PAGE>
4. Gain Realized on Sale/Distribution of Stock
During the year ended December 31, 1996, 988 shares of Equitable
Resources, Inc. Common Stock with a market value of $27,622 were sold at
an average price of $27.96 per share. The cost of the shares sold was
calculated using the "average cost" method.
5. Plan Termination
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, the interests of all affected participants will become
fully vested.
6. Income Tax Status of Plan
The Internal Revenue Service has determined that the Plan is qualified
under Section 401(a) of the Internal Revenue Code and exempt under Section
501(a) of the Code. Future amendments will be made to the Plan as
necessary so that the Plan remains qualified and tax exempt under the
Code.
7. Federal Income Tax Status - Employee
Contributions by the employer to the Plan (including those resulting from
salary reduction) and all dividends and interest earned on such
contributions are not taxable to the participant for federal income tax
purposes until distributed.
The tax consequences, to participants, of a distribution from the Plan are
dependent upon the circumstances existing at the time of distribution.
Delinquent and unpaid loans are considered distributions from the Plan. In
general, a participant is subject to federal income tax on a distribution
in the year received. Special rules applicable to lump sum distributions
may result in deferral of taxation in whole or in part.
<PAGE>
SUPPLEMENTARY INFORMATION
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC. SCHEDULE 1
EMPLOYEE SAVINGS AND PROTECTION PLAN
ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1996
CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT COST VALUE
<S> <C> <C> <C>
The George Putnam Fund of Boston 116,825 units $ 1,856,207 $ 1,915,926
The Putnam Fund for Growth and Income 204,731 units $ 3,521,037 $ 3,689,256
Putnam Income Fund 81,278 units $ 562,234 $ 569,759
Putnam Voyager Fund 68,930 units $ 1,124,218 $ 1,111,159
Putnam Asset Allocation-Growth Portfolio 2,244 units $ 24,801 $ 25,196
Putnam Asset Allocation-Balanced Portfolio 7,605 units $ 76,016 $ 79,771
Putnam Asset Allocation-Conservative Portfolio 297 units $ 2,804 $ 2,845
Putnam International Growth Fund 6,235 units $ 85,820 $ 93,710
Loan Fund 9.25% NA $ 206,263
Putnam Stable Value Fund 6.01 % per annum(2) $ 2,001,970 $ 2,001,970
Employer Stock Fund(1) 1,953 shares $ 55,189 $ 58,112
- --------
(1)Party in interest to the Plan.
(2)Rate in effect for the period ended December 31, 1996.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITABLE RESOURCES, INC. SCHEDULE 2
EMPLOYEE SAVINGS AND PROTECTION PLAN
TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5%
OF THE CURRENT VALUE OF PLAN ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1996
NUMBER OF TOTAL NUMBER TOTAL SALES ORIGINAL NET GAIN
PARTY INVOLVED DESCRIPTION OF INVESTMENT PURCHASES PURCHASES OF SALES PROCEEDS COST OR (LOSS)
CATEGORY (I) INDIVIDUAL TRANSACTION IN EXCESS OF FIVE PERCENT OF PLAN ASSETS
<S> <C> <C> <C> <C> <C> <C> <C>
* Equitable Life Fixed Income Fund - $ - 1 $ 1,222,851 $1,222,851 $ -
* Equitable Life Balanced Fund - $ - 1 $ 1,334,893 $1,334,893 $ -
* Equitable Life Common Stock Fund - $ - 1 $ 2,363,261 $2,363,261 $ -
* The George Putnam Fund of Boston 1 $ 1,334,893 - $ - $1,334,893 $ -
* Putnam Growth and Income Fund 1 $ 2,363,261 - $ - $2,363,261 $ -
* Putnam Stable Value Fund 1 $ 1,222,851 - $ - $1,222,851 $ -
CATEGORY (III) SERIES OF TRANSACTIONS IN EXCESS OF FIVE PERCENT OF PLAN ASSETS
* Equitable Life Fixed Income Fund - $ - 65 $ 1,613,421 $1,613,421 $ -
* Equitable Life Balanced Fund - $ - 52 $ 1,600,517 $1,600,517 $ -
* Equitable Life Common Stock Fund - $ - 45 $ 2,632,697 $2,632,697 $ -
* The George Putnam Fund of Boston 77 $ 1,702,489 - $ - $1,702,489 $ -
* Putnam Growth and Income Fund 89 $ 3,134,954 - $ - $3,134,954 $ -
* Putnam Voyager Fund 98 $ 916,777 - $ - $ 916,777 $ -
* Putnam Stable Value Fund 103 $ 1,554,573 - $ - $1,554,573 $ -
* The above transactions were carried out by the Plan's Trustee, Putnam
Investments.
There were no Category (ii) or (iv) reportable transactions during the
twelve-month period ended December 31, 1996.
</TABLE>
<PAGE>
