SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15 (d) of the
Securities Exchange Act of 1934
For The Year Ended December 31, 1995
(A) Full title of the plan and the address
of the plan, if different from that of
the issuer named below:
The Penn Traffic Company
401(k) Savings Plan
(B) Name of issuer of the securities held
pursuant to the plan and the address
of its principal executive office:
The Penn Traffic Company
1200 State Fair Boulevard
Syracuse, New York 13209
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Financial Statements
December 31, 1995 and 1994
<PAGE>
THE PENN TRAFFIC COMPANY
401(k) SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
Page
----
Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for Plan Benefits
at December 31, 1995 and 1994 2
Statement of Changes in Net Assets Available for Plan
Benefits for the years ended December 31, 1995 and 1994 3
Notes to Financial Statements 4
Supplemental Schedules:*
Schedule of Assets Held for Investment at
December 31, 1995 (Schedule I) 13
Schedule of Reportable 5% Transactions for the
Year Ended December 31, 1995 (Schedule II) 14
* Schedules not included with this additional data have been omitted because
they are not applicable.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
June 12, 1996
To the Participants and Administrator
of The Penn Traffic Company
401(k) Savings Plan
In our opinion, the accompanying statement of net assets available for plan
benefits and the related statement of changes in net assets available for plan
benefits present fairly, in all material respects, the net assets available for
plan benefits of The Penn Traffic Company 401(k) Savings Plan (the Plan) at
December 31, 1995 and 1994, and the changes in net assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles. 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 of these
statements in accordance with generally accepted auditing standards which
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, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information included in Schedules I
and II is presented for purposes of additional analysis and is not a required
part of the basic financial statements but is additional information required by
the Employee Retirement Income Security Act of 1974. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
-1-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Financial Statements
- --------------------------------------------------------------------------------
STATEMENT OF NET ASSETS
AVAILABLE FOR PLAN BENEFITS
December 31,
1995 1994
Assets
Investments at market (cost of $68,799,556
in 1995 and $58,696,936 in 1994) $72,697,271 $59,499,473
----------- -----------
Receivables:
Accrued income 508,060 283,814
Employee contributions 173,763 110,784
----------- -----------
Total receivables 681,823 394,598
----------- -----------
Net assets available for plan benefits $73,379,094 $59,894,071
=========== ===========
The accompanying notes are an integral part of the financial statements.
-2-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Financial Statements
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
Year ended December 31,
1995 1994
Additions to net assets Investment income (loss):
Interest and dividends $ 5,181,881 $ 3,251,337
Net appreciation (depreciation) in market
value of investments 3,083,398 (3,334,047)
Net gain (loss) on sale of investments 132,091 (189,557)
------------ ------------
Total investment income (loss) 8,397,370 (272,267)
Participant contributions 9,770,734 9,169,405
------------ ------------
Total additions 18,168,104 8,897,138
------------ ------------
Deductions from net assets
Payments to participants (4,545,759) (3,227,955)
Payment of individual insurance contract
premiums (89,432) (95,312)
Administrative expenses (47,890) (36,603)
------------ ------------
Total deductions (4,683,081) (3,359,870)
------------ ------------
Increase in net assets 13,485,023 5,537,268
Net assets available for plan benefits
Beginning of year 59,894,071 54,356,803
------------ ------------
End of year $ 73,379,094 $ 59,894,071
============ ============
The accompanying notes are an integral part of the financial statements.
-3-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to Financial Statements
December 31, 1995 and 1994
- --------------------------------------------------------------------------------
1. Description of the Plan
General
The following brief description of the Penn Traffic Company 401(k) Savings
Plan (the "Plan") sponsored by The Penn Traffic Company (the "Company") is
provided for general information purposes only. Participants should refer
to the Plan agreement for more complete information.
The Plan is a defined contribution plan established by the Company on July
9, 1987. The Plan is designed to provide benefits to all Company employees
who have attained age twenty-one and have completed at least one year of
service. As part of the Plan, the Company has entered into a trust
agreement with the US Bancorp Trust Company in Johnstown, Pennsylvania (the
"Bank"), under which the Bank, as trustee, transfers contributions to a
separate trust fund in the Bank's trust department. The assets of the Plan
are held by the Bank's trust department in a fiduciary capacity and as such
are not assets of the Bank. The Plan's trust fund is administered by the
Administrative Committee of the Plan which has retained Coopers & Lybrand
LLP in the capacity of recordkeeper of the Plan.
Contributions
Employees in the Plan ("participants") may contribute from 1% to 15% of
gross compensation as specified in writing and may elect to change such
once per plan quarter.
Investments
Participants have five options to which they can direct their
contributions. These options are a stable income fund, two diversified
equity funds, one balanced fund and one Company stock fund. The stable
income fund consists of a mix of guaranteed investment contracts and three
actively managed mutual funds. One of the diversified equity funds, the MAS
Equity Fund, invests primarily in large blue chip companies with solid
financial characteristics and above-average dividend yields. The other
diversified equity fund, the Acorn Fund, is aggressively managed with a
higher degree of risk. The balanced fund, the Delaware Fund, invests in
stocks, bonds and money market instruments. The Penn Traffic Common Stock
Fund allows employees the opportunity to purchase Company stock with
pre-tax dollars. A life insurance plan which allowed employees to elect to
purchase life insurance for themselves and their spouses and children is
still effective for those employees purchasing such insurance before
January 1, 1989 (Note 3).
Loans
Participants may obtain loans of not less that $500 but not more than the
lesser of $50,000 or 50% of the participant's individual investment account
balance. Generally, the term of the loans may not exceed five years.
-4-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to Financial Statements
December 31, 1995 and 1994
- --------------------------------------------------------------------------------
Distributions
Each participant is entitled to a retirement benefit equal to 100% of the
participant's accrued benefit as of the valuation date. In the event of the
death of a participant before actual retirement, 100% of the participant's
accrued benefit on the valuation date following his/her death will
constitute his/her death benefit and will be distributed to the
participant's designated beneficiary or beneficiaries. If a participant
terminates employment, he/she will receive 100% of his/her accrued benefit
on the valuation date following his/her separation. A participant attaining
the age of 59 1/2 has the right to withdraw all or a portion of his/her
Plan assets. An in-service distribution to a participant will only occur if
the participant can prove financial hardship to a committee formed by the
Company.
Income
Net investment fund income is allocated quarterly to each participant's
investment account in the ratio of their individual investment account to
the investment fund in total.
Restatement of the Plan agreement
Effective December 21, 1994, the Plan agreement was restated to reflect all
prior amendments into the Plan agreement. A favorable Internal Revenue
Service determination letter for the restated Plan was received August 14,
1995 (Note 8).
Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires the Administrative Committee of the
Plan to make estimates and assumptions that affect the reported amounts of
net assets at the date of the financial statements and the reported amounts
of additions to and deductions from net assets during the reporting period.
Actual results could differ from those estimates.
2. Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of
accounting. Interest and dividend income is recognized as earned and
expenses are recognized when the related obligation is incurred.
Investments, excluding guaranteed investment contracts, are recorded at the
closing market prices on December 31, 1995 and 1994. Guaranteed investment
contracts are stated at contract value.
-5-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to Financial Statements
December 31, 1995 and 1994
- --------------------------------------------------------------------------------
3. Insurance Plan
Participants of the Plan are permitted to have a portion of their
contributions directed towards the purchase of individual life insurance
contracts for themselves, their spouse and their children, for those
employees electing this option before January 1, 1989. As a result of these
elections, the Plan disburses funds periodically to the First Colony Life
Insurance Company for the payment of life insurance premiums. These
insurance contracts are allocated on an individual participant basis and,
as such, are excluded from Plan assets.
4. Investments
Investments which exceed 5% of the Plan's net assets at December 31, 1995
include:
Market/Contract
Cost Value
The Acorn Fund $19,239,699 $23,066,643
Delaware Balanced Fund 4,203,996 4,508,855
Miller Anderson Sherrard Fixed Income Fund 7,756,553 7,847,903
Miller Anderson Sherrard Equity Fund 7,084,336 7,437,954
Payden Rygel Global Fixed Income Fund 4,569,928 4,775,777
John Hancock Guaranteed Investment Contract,
guaranteed effective annual interest rate of
8.14%, maturity date of 12/31/99 4,293,262 4,293,262
5. Guaranteed Investment Contracts
The following aggregate amounts apply to fully benefit-responsive
guaranteed investment contracts reported at contract value and held by the
Plan in its Stable Asset Fund at December 31, 1995 and December 31, 1994:
Year Ended December 31,
1995 1994
Average yearly yield 8.11% 7.58%
Crediting interest rate 8.22% 7.82%
Fair market value $ 16,456,068 $ 16,716,286
-6-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to Financial Statements
December 31, 1995 and 1994
- --------------------------------------------------------------------------------
Under certain premature withdrawal situations specified in the various
contracts, the issuer of the contract may elect to limit its guarantee and
distribute funds at either contract value or fair market value, whichever
is lower. These situations include premature withdrawals related to:
cancellation of the contract by the Plan prior to maturity, plant closings,
layoffs, Plan termination, sponsor bankruptcy and certain early retirement
incentives.
6. Benefit Distributions Payable
At December 31, 1995 and 1994, the amount allocated to participant accounts
who have elected to withdraw from the Plan but have not yet been paid was
$1,190,000 and $609,000, respectively.
7. Administrative Costs
Expenses incurred by the Bank in connection with investment transactions
and payments to participants are paid by the Plan. Professional, Bank and
administrative fees and other expenses of the Plan are paid by the Company.
Personnel and facilities of the Company are used by the Plan for its
accounting and other activities at no charge to the Plan.
8. Tax Status
The Company received a favorable Internal Revenue Service (IRS)
determination letter dated August 14, 1995 stating the Plan meets the
requirements of Sections 401(a) and 401(k) of the IRS code and that the
Plan is exempt from taxation under Section 501(a) of the IRS code.
Under present federal income tax laws, a participant will not be subject to
federal income taxes on the contributions by the participant or on interest
or profits on the sale of securities held by the Plan until the
participant's assets are distributed.
9. Plan Termination
The Company expressly reserves the right to terminate the Plan. In the
event of termination, all Plan objectives will be satisfied. All
unallocated assets will then be allocated to the accrued benefits of the
participants' accounts at the date of termination at which time the
participants are fully vested.
-7-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to Financial Statements
December 31, 1995 and 1994
- --------------------------------------------------------------------------------
10. Transactions with Parties-in-Interest
As of December 31, 1995 and 1994, the Plan held the following:
<TABLE>
<CAPTION>
December 31, 1995 December 31, 1994
-------------------------------- --------------------------------
Number Market Number Market
of Shares Cost Value of Shares Cost Value
<S> <C> <C> <C> <C> <C> <C>
Penn Traffic
common stock 57,528 $ 1,758,328 $ 861,682 39,649 $ 1,368,935 $ 1,506,662
</TABLE>
11. Subsequent Event
On January 31, 1996, under authorization from the Company's Board of
Directors, participant balances and other assets totalling $3,248,089 were
transferred from The Penn Traffic Company Insalaco Markets Division Profit
Sharing Retirement Plan (the "Insalaco Plan") to the Plan and the Insalaco
Plan was terminated. Former participants of the Insalaco Plan were accorded
full eligibility status under the Plan.
-8-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to Financial Statements
December 31, 1995
- --------------------------------------------------------------------------------
12. Net Assets Available for Plan Benefits by Investment Fund at December 31,
1995
<TABLE>
<CAPTION>
Stable Penn Traffic MAS 401(k)
Income Acorn Common Equity Delaware Loan
Fund Fund Stock Fund Fund Fund Insurance Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at market:
Cash and equivalents $ 412,477 $ -- $ -- $ -- $ -- $ -- $ -- $ 412,477
Mutual Funds (cost of
$44,354,512) 14,170,983 23,083,026 -- 7,443,609 4,511,894 -- -- 49,209,512
Equities (cost of
$1,758,328) -- -- 862,920 -- -- -- -- 862,920
Participants' loans
(cost of $4,431,840) -- -- -- -- -- 4,431,840 -- 4,431,840
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
14,583,460 23,083,026 862,920 7,443,609 4,511,894 4,431,840 -- 54,916,749
Investments at contract value:
Guaranteed invest-
ment contracts 17,780,522 -- -- -- -- -- -- 17,780,522
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
Total investments 32,363,982 23,083,026 862,920 7,443,609 4,511,894 4,431,840 -- 72,697,271
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
Receivables:
Accrued income 208,628 -- -- -- 299,432 -- -- 508,060
Employee contribution 64,970 64,702 5,673 21,933 16,485 -- -- 173,763
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
Total receivables 273,598 64,702 5,673 21,933 315,917 -- -- 681,823
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
Net assets available for
plan benefits $32,637,580 $23,147,728 $ 868,593 $7,465,542 $4,827,811 $4,431,840 $ -- $73,379,094
=========== =========== ========== ========== ========== ========== =========== ===========
</TABLE>
-9-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to Financial Statements
December 31, 1995
- --------------------------------------------------------------------------------
13. Changes in Net Assets Available for Plan Benefits by Investment Fund for
the Year Ended December 31, 1995
<TABLE>
<CAPTION>
Stable Penn Traffic MAS 401(k)
Income Acorn Common Equity Delaware Loan
Fund Fund Stock Fund Fund Fund Insurance Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income (loss):
Interest and dividends $ 2,245,788 $ 1,829,127 $ -- $ 715,857 $ 391,109 $ -- $ -- $ 5,181,881
Net appreciation
(depreciation) in market
value of investments 827,451 1,899,905 (1,034,403) 871,576 518,869 -- -- 3,083,398
Net gain on sale of
investments -- 130,135 -- 550 1,406 -- -- 132,091
------------ ----------- ----------- ---------- ---------- ----------- -------- -----------
Total investment income
(loss) 3,073,239 3,859,167 (1,034,403) 1,587,983 911,384 -- -- 8,397,370
------------ ----------- ----------- ---------- ---------- ----------- -------- -----------
Participant contributions 3,652,137 3,679,211 425,969 1,061,593 862,392 -- 89,432 9,770,734
Loan activity 897,082 657,426 73,560 167,792 91,493 (1,887,353) -- --
Fund transfer activity 230,170 (1,055,976) 37,374 651,140 137,292 -- -- --
------------ ----------- ----------- ---------- ---------- ----------- -------- -----------
Total additions 7,852,628 7,139,828 (497,500) 3,468,508 2,002,561 (1,887,353) 89,432 18,168,104
------------ ----------- ----------- ---------- ---------- ----------- -------- -----------
Payments to participants (2,725,464) (1,023,665) (66,133) (297,276) (292,668) (140,553) -- (4,545,759)
Payment of individual
insurance contract
premiums -- -- -- -- -- -- (89,432) (89,432)
Administrative expenses (21,324) (14,702) (1,359) (5,907) (4,598) -- -- (47,890)
Loans to participants (1,510,721) (859,692) (78,646) (237,207) (116,979) 2,803,245 -- --
------------ ----------- ----------- ---------- ---------- ----------- -------- -----------
Total deductions (4,257,509) (1,898,059) (146,138) (540,390) (414,245) 2,662,692 (89,432) (4,683,081)
------------ ----------- ----------- ---------- ---------- ----------- -------- -----------
Net increase (decrease) 3,595,119 5,241,769 (643,638) 2,928,118 1,588,316 775,339 -- 13,485,023
Net assets available for
plan benefits:
Beginning of year 29,042,461 17,905,959 1,512,231 4,537,424 3,239,495 3,656,501 -- 59,894,071
------------ ----------- ----------- ---------- ---------- ----------- -------- -----------
End of year $ 32,637,580 $23,147,728 $ 868,593 $7,465,542 $4,827,811 $ 4,431,840 $ -- $73,379,094
============ =========== =========== ========== ========== =========== ======== ===========
</TABLE>
-10-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to the Financial Statements
December 31, 1994
14. Net Assets Available for Plan Benefits by Investment Fund at December 31,
1994
<TABLE>
<CAPTION>
Stable Penn Traffic MAS 401(k)
Income Acorn Common Equity Delaware Loan
Fund Fund Stock Fund Fund Fund Insurance Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at market:
Cash and equivalents
(at cost) $ 632,945 $ -- $ -- $ -- $ -- $ -- $ -- $ 632,945
Mutual Funds (cost of
$31,710,349) 6,834,634 17,866,716 -- 4,527,896 3,145,913 -- -- 32,375,159
Equities - (cost of
$1,368,935) -- -- 1,506,662 -- -- -- -- 1,506,662
Participants' Loans
(cost of $3,656,501) -- -- -- -- -- 3,656,501 -- 3,656,501
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
7,467,579 17,866,716 1,506,662 4,527,896 3,145,913 3,656,501 -- 38,171,267
Investments at contract value:
Guaranteed invest-
ment contracts 21,328,206 -- -- -- -- -- -- 21,328,206
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
Total investments 28,795,785 17,866,716 1,506,662 4,527,896 3,145,913 3,656,501 -- 59,499,473
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
Receivables:
Accrued income 199,826 -- -- -- 83,988 -- -- 283,814
Employee contribution 46,850 39,243 5,569 9,528 9,594 -- -- 110,784
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
Total receivables 246,676 39,243 5,569 9,528 93,582 -- -- 394,598
----------- ----------- ---------- ---------- ---------- ---------- ----------- -----------
Net assets available
for plan benefits $29,042,461 $17,905,959 $1,512,231 $4,537,424 $3,239,495 $3,656,501 $ -- $59,894,071
=========== =========== ========== ========== ========== ========== =========== ===========
</TABLE>
-11-
<PAGE>
The Penn Traffic Company
401(k) Savings Plan
Notes to the Financial Statements
December 31, 1994
- --------------------------------------------------------------------------------
15. Changes in Net Assets Available for Plan Benefits by Investment Fund for
the Year Ended December 31, 1994
<TABLE>
<CAPTION>
Stable Penn Traffic MAS 401(k)
Income Acorn Common Equity Delaware Loan
Fund Fund Stock Fund Fund Fund Insurance Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income (loss):
Interest and dividends $ 1,806,512 $ 926,850 $ -- $ 359,032 $ 158,943 $ -- $ -- $ 3,251,337
Net appreciation
(depreciation) in market
value of investments (592,671) (2,234,620) 24,717 (331,353) (200,120) -- -- (3,334,047)
Net gain (loss) on sale
of investments (185,228) 5,964 -- (10,120) (173) -- -- (189,557)
------------ ------------ ----------- ----------- ----------- ----------- -------- ------------
Total investment income
(loss) 1,028,613 (1,301,806) 24,717 17,559 (41,350) -- -- (272,267)
------------ ------------ ----------- ----------- ----------- ----------- -------- ------------
Participant contributions 3,047,707 3,670,048 352,706 886,305 809,355 307,972 95,312 9,169,405
Loan activity 751,307 628,514 71,648 142,555 102,494 (1,696,518) -- --
Fund transfer activity (1,090,906) 1,293,564 207,079 (272,569) (137,168) -- -- --
------------ ------------ ----------- ----------- ----------- ----------- -------- ------------
Total additions 3,736,721 4,290,320 656,150 773,850 733,331 (1,388,546) 95,312 8,897,138
------------ ------------ ----------- ----------- ----------- ----------- -------- ------------
Payments to participants (1,789,848) (827,726) (75,125) (254,362) (128,828) (152,066) -- (3,227,955)
Payment of individual in-
surance contract premiums -- -- -- -- -- -- (95,312) (95,312)
Administrative expenses (26,282) (6,841) (558) (1,712) (1,210) -- -- (36,603)
Loans to participants (1,336,827) (872,586) (41,295) (200,572) (109,189) 2,560,469 -- --
------------ ------------ ----------- ----------- ----------- ----------- -------- ------------
Total deductions (3,152,957) (1,707,153) (116,978) (456,646) (239,227) 2,408,403 (95,312) (3,359,870)
------------ ------------ ----------- ----------- ----------- ----------- -------- ------------
Net increase 583,764 2,583,167 539,172 317,204 494,104 1,019,857 -- 5,537,268
Net assets available for
plan benefits
Beginning of year 28,458,697 15,322,792 973,059 4,220,220 2,745,391 2,636,644 -- 54,356,803
------------ ------------ ----------- ----------- ----------- ----------- -------- ------------
End of year $ 29,042,461 $ 17,905,959 $ 1,512,231 $ 4,537,424 $ 3,239,495 $ 3,656,501 $ -- $ 59,894,071
============ ============ =========== =========== =========== =========== ======== ============
</TABLE>
-12-
<PAGE>
The Penn Traffic Company SCHEDULE I
401(k) Savings Plan
Supplemental Schedule
December 31, 1995
- --------------------------------------------------------------------------------
SCHEDULE OF ASSETS HELD FOR INVESTMENT
<TABLE>
<CAPTION>
December 31,
1995
----------------------------
Number of Fair
Shares Cost Value
<C> <S> <C> <C>
Stable Income Fund:
75,901 Cash $ 75,901 $ 75,901
336,576 Daily Income Trust Government Fund 336,576 336,576
2,782,821 Aetna Guaranteed Investment Contract, guaranteed effective
annual interest rate of 5.79%, maturity date of 12/31/98 2,782,821 2,782,821
1,095,284 Allstate Guaranteed Investment Contract, guaranteed effective
annual interest rate of 8.17%, maturity date of 12/30/99 1,095,284 1,095,284
2,537,532 Continental Assurance Co. Guaranteed Investment
Contract, guaranteed effective annual interest rate of 7.0%,
maturity dates of 5/28/96 (50%) and 5/27/97 (100%) 2,537,532 2,537,532
4,293,262 John Hancock Guaranteed Investment Contract, guaranteed
effective annual interest rate of 8.14%, maturity date of
12/31/99 4,293,262 4,293,262
2,769,313 ITT Hartford Guaranteed Investment Contract, guaranteed
effective annual interest rate of 5.52%, maturity date of 12/31/98 2,769,313 2,769,313
2,380,453 Pacific Mutual Guaranteed Investment Contract, guaranteed
effective annual interest rate of 6.17%, maturity dates of
12/31/96 (50%) and 12/31/97 (100%) 2,380,453 2,380,453
1,238,972 Principal Mutual Guaranteed Investment Contract, guaranteed
effective annual interest rate of 8.50%, maturity date of 12/31/97 1,238,972 1,238,972
32,418 Principal Mutual Guaranteed Investment Contract, guaranteed
effective annual interest rate of 8.65%, maturity date of 12/31/96 32,418 32,418
650,467 Principal Mutual Guaranteed Investment Contract, guaranteed
effective annual interest rate of 8.65%, maturity date of 12/31/95 650,467 650,467
90,307 Institutional Investor Stable Asset Fund 1,500,000 1,511,741
666,702 Miller Anderson Sherrard Fixed Income Fund 7,756,553 7,847,903
460,109 Payden Rygel Global Fixed Income Fund 4,569,928 4,775,777
------------ ------------
Total Stable Income Fund 32,019,480 32,328,420
1,697,281 The Acorn Fund 19,239,699 23,066,643
318,375 Miller Anderson Sherrard Equity Fund 7,084,336 7,437,954
242,003 Delaware Balanced Fund 4,203,996 4,508,855
57,528 Penn Traffic Common Stock * 1,758,328 861,682
463 401(k) Participant Loans 4,493,717 4,493,717
------------ ------------
Total investments $ 68,799,556 $ 72,697,271
============ ============
</TABLE>
* Represents Party-in-Interest investment.
-13-
<PAGE>
The Penn Traffic Company SCHEDULE II
401(k) Savings Plan
Supplemental Schedule
December 31, 1995
- --------------------------------------------------------------------------------
SCHEDULE OF REPORTABLE 5% TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Cost of
Number of Purchase Number of Selling Securities Net Gain/
Purchases Price Sales Price Sold (Loss)
<S> <C> <C> <C> <C> <C> <C>
Single Transactions:
U.S. Government Agency
Repo 1 $ 3,515,438 1 $ 5,431,773 $ 5,431,773 $ --
Daily Income Trust -
Government IIA Fund 1 5,431,773 1 4,000,000 4,000,000 --
Daily Income Trust -
Government IIA Fund 1 3,023,479
John Hancock Guaranteed
Investment Contract,
guaranteed effective
annual interest rate
of 8.14%, maturity
date of 12/31/99 1 4,000,000
Allstate Guaranteed
Investment Contract,
guaranteed effective
annual interest rate
of 9.2%, maturity
date of 10/2/95 1 3,022,706 3,022,706 --
Provident National Life
Guaranteed Investment
Contract, guaranteed
effective annual interest
rate of 8.7%, maturity
date of 12/31/94 1 3,489,067 3,489,067 --
Series of Transactions:
Acorn Mutual Fund 12 3,985,010 1 798,740 668,605 130,135
U.S. Government
Agency Repo 3 4,903,880 2 5,470,322 5,470,322 --
Daily Income Trust -
Government IIA Fund 86 18,131,633 53 17,759,332 17,759,332 --
Allstate Guaranteed
Investment Contract,
guaranteed effective
annual interest rate
of 9.2%, maturity
date of 10/2/95 9 192,569 1 3,022,706 3,022,706 --
</TABLE>
-14-
<PAGE>
EXHIBITS
Exhibit
Number Description
23.1 Consent of Independent Public Accountants
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the Plan has duly caused this Annual Report to be signed by the
undersigned thereunto duly authorized.
THE PENN TRAFFIC COMPANY
401(k) SAVINGS PLAN
By:/s/ Eugene R. Sunderhaft
------------------------
Eugene R. Sunderhaft
Chairman
Administrative Committee
Date: June 21, 1996
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<PAGE>
EXHIBIT INDEX
The following exhibit is filed as part of the Annual Report:
Exhibit Number Description Page Number
23.1 Consent of Independent 17
Public Accountants
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EXHIBIT 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-44063) of our report dated June 12, 1996,
appearing on page 1 of this Form 11- K.
PRICE WATERHOUSE LLP
Syracuse, New York
June 21, 1996
-17-
