CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
FINANCIAL STATEMENTS AND SCHEDULES
----------------------------------
AS OF DECEMBER 31, 1994, 1993 AND 1992
--------------------------------------
TOGETHER WITH
--------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
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, 1994 2
Statement of Net Assets Available for Benefits
with Fund Information as of December 31, 1993 3
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1994 4
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1993 5
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1992 6
Notes to Financial Statements 7
Schedules:
Schedule I - Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1994 11
Schedule II - Item 27d - Schedule of Reportable Transactions for
the Year Ended December 31, 1994 12
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, 1994 and 1993, 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, 1994. 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 benefits with fund
information of the Plan as of December 31, 1994 and 1993, 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, 1994, 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 Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The
supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements for the year ended
December 31, 1994 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
May 31, 1995
-2-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
----------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1994
------------------------
Non-
Participant
Participant Directed Directed
------------------------------------------------------- -----------
The Putnam
Putnam Fiduciary Putnam U.S. The George Fund for Common Common
Trust Company Government Putnam Fund Growth and Stock Stock
Stable Value Fund Income Trust of Boston Income Fund Fund Total
---------------- ------------- ------------ ---------- ---------- ---------- --------
Assets
------
Investments, at
current value $ 366,367 $ 590,698 $ 866,287 $ 1,450,673 $ 2,835,020 $ 4,769,932 $10,878,977
--------- --------- --------- ----------- ----------- ----------- -----------
Cash and temporary
investments - - - - 42,417 73,744 116,161
--------- --------- --------- ----------- ----------- ----------- -----------
Accounts receivable:
Connecticut
Natural Gas Corp. 2,179 6,411 13,223 26,114 32,880 45,139 125,946
Other - - - - 2,405 4,313 6,718
--------- --------- --------- ----------- ----------- ----------- -----------
2,179 6,411 13,223 26,114 35,285 49,452 132,664
--------- --------- --------- ----------- ----------- ----------- -----------
Total Assets 368,546 597,109 879,510 1,476,787 2,912,722 4,893,128 11,127,802
--------- --------- --------- ----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - - - - (41,874) (72,754) (114,628)
--------- --------- --------- ----------- ----------- ----------- -----------
Net Assets
Available for
Plan Benefits $ 368,546 $ 597,109 $ 879,510 $ 1,476,787 $ 2,870,848 $ 4,820,374 $11,013,174
========= ========= ========= =========== =========== =========== ===========
The accompanying notes are an integral part of this financial statement.
-3-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
--------------------------------------------------------------------
AS OF DECEMBER 31, 1993
------------------------
Non-
Participant
Participant Directed Directed
------------------------------------------------------- -----------
The Putnam
Putnam Fiduciary Putnam U.S. The George Fund for Common Common
Trust Company Government Putnam Fund Growth and Stock Stock
Stable Value Fund Income Trust of Boston Income Fund Fund Total
----------------- ------------- ------------ ---------- ---------- ---------- --------
Assets
------
Investments, at
current value $ 417,354 $ 546,179 $ 852,172 $ 1,337,133 $ 2,970,517 $ 5,413,417 $11,536,772
Cash and temporary
investments 2,610 - - - 66,023 109,211 177,844
--------- ----------- ----------- ----------- ----------- ----------- -----------
Total Assets 419,964 546,179 852,172 1,337,133 3,036,540 5,522,628 11,714,616
--------- ----------- ----------- ----------- ----------- ----------- -----------
Liabilities
-----------
Accounts payable to
broker - - - - (41,941) (74,990) (116,931)
--------- ----------- ----------- ----------- ----------- ----------- -----------
Net Assets
Available for
Plan Benefits $ 419,964 $ 546,179 $ 852,172 $ 1,337,133 $ 2,994,599 $ 5,447,638 $11,597,685
========= =========== =========== =========== =========== =========== ===========
The accompanying notes are an integral part of this financial statement.
-4-
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
-------------------------------------------------------------------- -----------
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 Plan 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
========== =========== =========== =========== =========== =========== ===========
The accompanying notes are an integral part of this financial statement.
-5-
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, 1993
-------------------------------------
Non-
Participant
Participant Directed Directed
------------------------------------------------------------------------ -----------
Putnam
Fiduciary The Putnam
Fixed Trust Company Putnam U.S. The George Fund for Common Common
Income Stable Value Government Putnam Fund Growth and Stock Stock
Fund Fund Income Trust of Boston Income Fund Fund Total
----------- ------------ ------------ ----------- ---------- ----------- ----------- ----------
Additions to net assets
attributed to:
Dividends and interest income $ - $ 61,460 $ 26,326 $ 59,676 $ 84,046 $ 116,028 $ 249,884 $ 597,420
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Realized gains
(losses), net - - (64) 1,084 1,496 35,162 134,003 171,681
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Unrealized appreciation
(depreciation) of investments - - (12,233) (9,578) 17,435 155,563 354,945 506,132
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Contributions:
Employees - 141,990 47,453 100,529 182,566 273,008 - 745,546
Employer - - - - - - 422,600 422,600
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Total contributions - 141,990 47,453 100,529 182,566 273,008 422,600 1,168,146
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Transfers, net (4,061,984) 450,763 500,294 701,962 1,065,209 1,290,933 (34,971) (87,794)
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Other, net 28,836 - - - - (19,477) (41,712) (32,353)
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Total additions (deductions) (4,033,148) 654,213 561,776 853,673 1,350,752 1,851,217 1,084,749 2,323,232
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Deductions from net assets
attributed to:
Benefits paid to participants - (234,249) (15,597) (1,501) (13,619) (65,036) (208,488) (538,490)
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Net increase (decrease) (4,033,148) 419,964 546,179 852,172 1,337,133 1,786,181 876,261 1,784,742
----------- --------- -------- -------- ---------- ---------- ---------- -----------
Net Assets Available
for Plan Benefits:
Beginning of year 4,033,148 - - - - 1,208,418 4,571,377 9,812,943
----------- --------- -------- -------- ---------- ---------- ---------- -----------
End of year $ - $ 419,964 $546,179 $852,172 $1,337,133 $2,994,599 $5,447,638 $11,597,685
=========== ========= ======== ======== ========== ========== ========== ===========
The accompanying notes are an integral part of this financial statement.
-6-
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, 1992
------------------------------------
Fixed Common
Income Stock
Fund Fund Total
--------- -------- --------
Additions to net assets
attributed to:
Dividends $ - $ 277,566 $ 277,566
Interest 330,412 (533) 329,879
----------- ----------- -----------
Total investment income 330,412 277,033 607,445
----------- ----------- -----------
Realized gains, net - 29,373 29,373
----------- ----------- -----------
Unrealized appreciation
of investments - 1,364,840 1,364,840
----------- ----------- -----------
Contributions:
Employees 479,871 128,149 608,020
Employer - 416,686 416,686
----------- ----------- -----------
Total contributions 479,871 544,835 1,024,706
----------- ----------- -----------
Total additions 810,283 2,216,081 3,026,364
----------- ----------- -----------
Deductions from net
assets attributed to:
Benefits paid to participants (188,338) (133,285) (321,623)
----------- ----------- -----------
Net increase 621,945 2,082,796 2,704,741
Net Assets Available for
Plan Benefits:
Beginning of year 3,411,203 3,696,999 7,108,202
----------- ----------- -----------
End of year $ 4,033,148 $ 5,779,795 $ 9,812,943
=========== =========== ===========
The accompanying notes are an integral part of this financial statement.
-7-
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
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.
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 members of a Hartford or Greenwich Union Collective
Bargaining Unit.
There were 373 employees participating in the Plan as of December
31, 1994 and 1993.
c. Contributions -
-------------
Eligible employees may elect to participate in the Plan and
authorize payroll deductions of not less than 1% and not greater
than 20% of basic earnings as savings contributions to their
accounts during each year.
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.
-8-
As of December 31, 1994, 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 five 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 relatively high current
income through a diversified portfolio of high-quality
investment contracts.
(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) 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.
All Company matching contributions are invested in the 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)
-9-
(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.
Participant benefits under the Plan are excluded from insurance
coverage of the Pension Benefit Guaranty Corporation.
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.
2. Transfer of Plan Assets to New Trustee:
--------------------------------------
In January 1993, the Trustee of the Plan was changed from Fleet Bank,
Connecticut (Fleet) to Putnam Fiduciary Trust Company (PFTC). All
assets held in trust by Fleet, consisting of common stock of the Company
and a Hartford Life Insurance Company immediate participation guarantee
contract, together with associated cash and temporary investments, were
transferred to PFTC and placed in the Common Stock Fund and the PFTC
Stable Value Fund, respectively. The balance of the immediate
participation guarantee contract and associated cash on January 1, 1993
is reflected in the "Fixed Income Fund" column on the accompanying
statement of changes in net assets for the year ended December 31, 1993.
In April 1993, transfers of assets from the participant directed portion
of the Common Stock Fund and the PFTC Stable Value Fund to the five
investment funds described in Note 1 were completed based upon
investment elections made by the Plan's participants.
3. Summary of Significant Accounting Policies:
------------------------------------------
a. Basis of Accounting -
-------------------
The accompanying financial statements are 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 on the accrual basis.
c. Investment Valuation -
--------------------
The Plan's investments are reflected at current value. The shares
-10-
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 cost plus
accumulated earnings. Purchases and sales of securities are
reflected on a trade date basis. Beginning in 1994, 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 current value of the Plan assets. Current
value represents the market value of the assets as of the beginning
of the year.
d. Administrative Expenses -
-----------------------
Administrative expenses of the Plan may be paid by either the
Company or the Plan. During 1994, 1993 and 1992 the Company paid
all administrative expenses relating to the Plan.
4. 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 Administrator and management believe that during 1994,
the Plan was designed and 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, 1994.
5. Investments:
-----------
Putnam Fiduciary Trust Company, trustee of the Plan, holds the Plan's
investments and executes transactions therein.
The fair market values of individual assets that represent 5% or more of
the Plan's net assets as of December 31, 1994 and 1993 are as follows:
1994:
Connecticut Natural Gas Corporation
common stock $7,604,952
The Putnam Fund for Growth and Income 1,450,673
The George Putnam Fund of Boston 866,287
Putnam U.S. Government Income Trust 590,698
1993:
Connecticut Natural Gas Corporation
common stock $8,383,934
The Putnam Fund for Growth and Income 1,337,133
The George Putnam Fund of Boston 852,172
6. Concentration of Credit Risk:
----------------------------
The Plan's assets are invested in the mutual funds managed by Putnam
Investments, Inc. 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.
-11-
Schedule I
EIN 06-0383860
PIN 006
CONNECTICUT NATURAL GAS CORPORATION
-----------------------------------
UNION EMPLOYEE SAVINGS PLAN
---------------------------
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
AS OF DECEMBER 31, 1994
------------------------
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 investment
Fund contracts $ 366,367 $ 366,367
----------- -----------
*Putnam U.S. Government Income Trust Mutual fund comprised of U.S.
Government securities 651,739 590,698
----------- -----------
*The George Putnam Fund of Boston Mutual fund comprised of
common stocks and bonds 929,720 866,287
----------- -----------
*The Putnam Fund for Growth and Income Mutual fund comprised of
common stocks 1,526,021 1,450,673
----------- -----------
*Connecticut Natural Gas Corporation Participant directed -
Common stock 2,608,486 2,835,020
Temporary investments 42,417 42,417
----------- -----------
2,650,903 2,877,437
----------- -----------
Non-participant directed -
Common stock 4,387,821 4,769,932
Temporary investments 73,744 73,744
----------- -----------
4,461,565 4,843,676
----------- -----------
Total Common Stock Fund 7,112,468 7,721,113
----------- -----------
Total Investments $10,586,315 $10,995,138
<FN>
=========== ===========
* Represents a party-in-interest for the year ended December 31, 1994.
The accompanying notes are an integral part of this schedule.
-12-
Schedule II
EIN 06-0383860
PIN 006
CONNECTICUT NATURAL GAS CORPORATION
UNION EMPLOYEE SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
Purchases Sales
----------------------- ------------------------------------------
Identity of Description Number of Purchase Number of Selling Cost of Net Gain
Party Involved of Asset Transactions Price Transactions Price Asset or (Loss)
-------------- -------- ------------ --------- ------------ --------- --------- --------
Putnam Fiduciary Trust Fund comprised of
Company Stable Value investment contracts
Fund 38 $ 97,210 15 $150,807 $150,807 $ -
Putnam U.S. Government Mutual fund comprised
Income Trust of U.S. Government
securities 35 141,759 14 43,439 47,768 (4,329)
The George Putnam Mutual fund comprised
Fund of Boston of common stocks and
bonds 23 205,766 23 130,354 136,855 (6,501)
The Putnam Fund for Mutual fund comprised
Growth and Income of common stocks 29 388,585 27 176,137 180,956 (4,819)
Connecticut Natural
Gas Corporation Common stock 29 1,346,560 33 294,942 262,435 32,507
<FN>
Note: For the purpose of this schedule, a reportable transaction is
defined as a transaction or a series of transactions of the
same issue or with the same person which involves an amount in
excess of 5% of the current value of plan assets at the
beginning of the plan year.
The accompanying notes are an integral part of this schedule.