Exhibit 28.1
Information required by Form 11-K filed pursuant to Section
15(d) of the Securities Exchange Act of 1934 and Rule 15d-21
thereunder for the UNITIL Corporation (UNITIL) Tax Deferred
Savings and Investment Plan for the fiscal year ended December
31, 1995.
Item 1. Changes in the Plan
There were no changes to the Plan.
Item 2. Changes in Investment Policy
There were no changes to the Plan's Investment Policy.
Item 3. Contributions under the Plan
The contributions by UNITIL's four subsidiaries: UNITIL Service
Corp. (UNITIL Service), Concord Electric Company (CECo), Exeter
& Hampton Electric Company (E&H) and Fitchburg Gas and Electric
Light Company (FG&E) are nondiscretionary and are measured by
reference to employees' contributions.
Item 4. Participating Employees
There were approximately 305 active employees participating in the
Plan on December 31, 1995, and 401 total Plan participants.
Item 5. Administration of the Plan
(a) UNITIL, UNITIL Service, CECO, E&H and FG&E are the Plan
Administrators. The Plan is administered through the
Administrative Committee ("Committee") for each subsidiary.
The Present members of each Committee and the position each
holds are:
Concord Electric Company
George E. Long, Jr. Manager of Administrative
Services of UNITIL Service.
Richard M. Heath Vice President and
General Manager of CECo.
Mark H. Collin Treasurer of CECo, E&H, FG&E,
UNITIL Power Corp., UNITIL
Realty Corp. and Vice President
and Treasurer of UNITIL Service.
Exeter & Hampton Electric Company
George E. Long, Jr. Manager of Administrative
Services of UNITIL Service.
Anthony Smoker Vice President and
General Manager of E&H.
Mark H. Collin Treasurer of CECo, E&H, FG&E,
UNITIL Power Corp., UNITIL
Realty Corp. and Vice President
and Treasurer of UNITIL Service.
Fitchburg Gas And Electric Light Company
M. Mitchell Bodnarchuk Vice President and General
Manager of FG&E.
George E. Long, Jr. Manager of Administrative
Services of UNITIL Service.
Mark H. Collin Treasurer of CECo, E&H, FG&E,
UNITIL Power Corp., UNITIL
Realty Corp. and Vice President
and Treasurer of UNITIL Service.
UNITIL Service Corp.
Gail A. Siart Secretary and Treasurer of Unitil Corp.,
VP and Secretary of UNITIL Service and
Secretary of CECo, E&H, UNITIL Power and
UNITI L Realty; VP, Treasurer and
Secretary of UNITIL Resources, Inc.
Mark H. Collin Treasurer of CECo, E&H, FG&E,
UNITIL Power Corp., UNITIL
Realty Corp. and Vice President
and Treasurer of UNITIL Service.
George E. Long, Jr. Manager of Administrative
Services of UNITIL Service.
The address for Messr. Heath is One Maguire Street, Concord, NH 03302.
The address for Messrs. Collin, Long and Ms. Siart is 216 Epping Road,
Exeter, NH 03833.
The address for Mr. Smoker is 114 Drinkwater Road, Exeter, NH 03833.
The address for Mr. Bodnarchuk is 285 John Fitch Highway, Fitchburg,
MA 01420.
(b) No member of any of the Committees or UNITIL, UNITIL
Service, CECo, E&H or FG&E received any compensation from
the Plan.
Item 6. Custodian of Investments
(a) The First National Bank of Boston (a bank), 100 Federal
Street, Boston, MA 02110, is the Trustee of the Plan and
custodian of the securities/or other investments of the
Plan, except as specifically disclosed in this item.
(b) No compensation was paid to the Trustee or fund
managers by the Plan during the fiscal year 1994.
(c) The Trustee has advised that it carries no bond
relating specifically to the custody or other investments
held by the Plan. The Trustee's regular bonding
arrangements are applicable to such custody.
(d) Assets under guaranteed investment contracts are
invested in the General Account of Principal Mutual Life
Insurance Company, New York Life Insurance Company and The
Penn Mutual Life Insurance Company.
(e) Shawmut Bank of Boston, N.A. is the custodian of the
Fidelity Puritan Fund and the Fidelity Magellan Fund.
(f) The Plan is covered against losses through fraud or
dishonesty by a blanket fidelity bond in the amount of
$3,000,000 issued by The Hanover Insurance Company.
Item 7. Reports to Participating Employees
Each participant is furnished a statement of his or her Plan
account quarterly.
Item 8. Investment of Funds
(a)(1) The aggregate dollar amounts of brokerage commissions
paid by the Plan were:
1995 - $873; 1994 - $560; 1993 - $205.
(a)(2) There were no commissions paid to affiliated brokers
during 1995, 1994 and 1993.
Item 9. Financial Statements and Exhibits
(a) Report of Independent Certified Public Accountants and
Financial Statements
Report of Independent Certified Public Accountants
Statements of Assets and Liabilities as of
December 31, 1995 and 1994
Statements of Income, Expenses and Changes in Net
Assets for the three years ended December 31, 1995,
1994 and 1993
Notes to Financial Statements
Schedules:
Schedules I, II and III have been omitted because the required
information is shown in the financial statements.
(b) Consent of Independent Auditors
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed by the
undersigned, thereunto duly authorized.
UNITIL Corporation
Date: March 29, 1996
By: Gail A. Siart
Chief Financial Officer
98 North Washington Street
Boston, MA 02114-1913
617-723-7900
Grant Thornton
Accountants and
Management Consultants
Consent of Independent Certified Public Accountants
We have issued our report dated March 22, 1996, accompanying
the financial statements of The Unitil Corporation Tax Deferred
Savings and Investment Plan contained in the information required
by Form 11-K included as an exhibit to the Unitil Corporation
Annual Report on Form 10-K for the year ended December 31, 1995.
We hereby consent to the incorporation by reference of said
report in the Registration Statement of the UNITIL Corporation
Tax Deferred Savings and Investment Plan on Form S-8 (File No.
33-24436).
GRANT THORNTON LLP
Boston, Massachusetts
March 28, 1996
FINANCIAL STATEMENTS AND
REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
THE UNITIL CORPORATION
TAX DEFERRED
SAVINGS AND INVESTMENT PLAN
December 31, 1995, 1994 and 1993
C O N T E N T S
Page
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 3
FINANCIAL STATEMENTS
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS -
DECEMBER 31, 1995 AND 1994 4
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
PLAN BENEFITS - YEARS ENDED DECEMBER 31, 1995,
1994 AND 1993 6
NOTES TO FINANCIAL STATEMENTS 9
98 North Washington Street
Boston, MA 02114-1913
617-723-7900
Grant Thornton
Accountants and
Management Consultants
Report of Independent Certified Public Accountants
Administrator of The UNITIL Corporation
Tax Deferred Savings and Investment Plan
We have audited the accompanying statements of net
assets available for benefits of The UNITIL Corporation Tax
Deferred Savings and Investment Plan as of December 31, 1995 and
1994, and the related statements of changes in net assets
available for benefits for each of the three years in the period
ended December 31, 1995. 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 our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the net assets
available for benefits of The UNITIL Corporation Tax Deferred
Savings and Investment Plan as of December 31, 1995 and 1994, and
the changes in net assets available for benefits for each of the
three years in the period ended December 31, 1995, in conformity
with generally accepted accounting principles.
GRANT THORNTON LLP
Boston, Massachusetts
March 22, 1996
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995
Employer UNITIL
Loan Fidelity Fidelity Corporation
Account GIC Puritan Magellan Stock Fund Total
Cash and cash equivalents $ 6,364 $ 29 $ 6,393
Guaranteed insurance contracts 2,497,528 2,497,528
Participant loan receivable $406,491 406,491
Interest and dividends receivable 167 $ 8 $ 15 190
Investments at market value 1,707,383 3,729,746 5,437,129
Employer securities (UNITIL
Common stock at market value) 2,608,791 2,608,791
Net assets available
for plan benefits $406,491 $2,504,059 $1,707,391 $3,729,761 $2,608,820 $10,956,522
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1994
Employer UNITIL
Loan Fidelity Fidelity Corporation
Account GIC Puritan Magellan Stock Fund Total
Cash and cash equivalents $ 77,636 $ 13,799 $ 14,829 $ 6,275 $ 112,539
Guaranteed insurance contracts 2,060,639 2,060,639
Participant loan receivable $375,679 375,679
Investments at market value 1,157,167 2,645,434 3,802,601
Employer securities (UNITIL
Common stock at market value) 1,862,949 1,862,949
Net assets available
for plan benefits $375,679 $2,138,275 $1,170,966 $2,660,263 $1,869,224 $8,214,407
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 1995
UNITIL
Loan Fidelity Fidelity Corporation
Fund GIC Puritan Magellan Stock Fund Total
Income
Interest $ 20,479 $ 139,508 $ 201 $ 429 $ 69 $ 160,686
Dividends 45,147 24,037 151,356 220,540
20,479 139,508 45,348 24,466 151,425 381,226
Net appreciation in
fair value of investments 233,806 934,626 561,928 1,730,360
Contribution
Participants 200,737 175,177 297,598 156,011 829,523
UNITIL Corporation 64,925 48,917 119,180 69,672 302,694
Rollovers 3,528 15,937 61,238 7,759 88,462
269,190 240,031 478,016 233,442 1,220,679
Total additions 20,479 408,698 519,185 1,437,109 946,795 3,332,265
Distributions
Benefits to participants 181,029 94,780 123,200 110,171 509,180
Distributions in stock 80,761 80,761
Other 7 7 15 29
Total deductions 181,036 94,787 123,215 190,932 589,970
Net increase 20,479 227,662 424,398 1,313,894 755,863 2,742,295
Net assets available for plan
benefits at beginning of year 375,500 2,138,275 1,170,966 2,660,263 1,869,223
8,214,227
Inter-fund transfers 10,512 138,122 112,027 (244,395) (16,266) -
Net assets available for plan
benefits at end of year $406,491 $2,504,059 $1,707,391 $3,729,761 $2,608,820 $10,956,522
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 1994
UNITIL
Loan Fidelity Fidelity Corporation
Fund GIC Puritan Magellan Stock Fund Total
Income
Interest $ 21,588 $ 108,501 $ 69 $ 165 $ 48 $ 130,371
Dividends 37,109 4,491 131,590 173,190
21,588 108,501 37,178 4,656 131,638 303,561
Net appreciation in fair
value of investments (19,765) (64,290) (359,654) (443,709)
Contribution
Participants 174,229 155,036 321,079 182,376 832,720
UNITIL Corporation 51,576 40,226 113,925 74,659 280,386
Rollovers 13,098 13,098 26,196
Other 42 42
225,847 195,262 448,102 270,133 1,139,344
Transfer from Fitchburg Gas
and Electric Light Company
Union Tax Deferred Savings
and Investment Plan (note G) 9,049 232,646 253,594 175,394 376,618 1,047,301
Total additions 30,637 566,994 466,269 563,862 418,735 2,046,497
Distributions
Benefits to participants 14,345 9,563 51,649 83,826 159,383
Distributions in stock
51,140 51,140
Other 6 5 10 3 24
Total deductions 14,351 9,568 51,659 134,969 210,547
Net increase 30,637 552,643 456,701 512,203 283,766 1,835,950
Net assets available for plan
benefits at beginning of year 282,905 1,668,302 738,724 2,109,717 1,578,809 6,378,457
Inter-fund transfers 62,137 (82,670) (24,459) 38,343 6,649 -
Net assets available for plan
benefits at end of year $375,679 $2,138,275 $1,170,966 $2,660,263 $1,869,224 $8,214,407
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 1993
UNITIL
Loan Fidelity Fidelity Corporation
Fund GIC Puritan Magellan Stock Fund Total
Income
Interest $ 23,517 $ 102,654 $ 47 $ 82 $ 38 $ 126,338
Dividends 28,703 20,192 83,566 132,461
23,517 102,654 28,750 20,274 83,604 258,799
Net appreciation in fair
value of investments 93,646 356,311 98,562 548,519
Contribution
Participants 144,898 77,453 209,959 132,764 565,074
UNITIL Corporation 61,841 34,015 101,193 69,865 266,914
206,739 111,468 311,152 202,629 831,988
Total additions 23,517 309,393 233,864 687,737 384,795 1,639,306
Distributions
Benefits to participants 13,999 29,881 40,063 33,573 117,516
Net increase 23,517 295,394 203,983 647,674 351,222 1,521,790
Net assets available for plan
benefits at beginning of year 236,539 1,395,516 558,929 1,513,045 1,152,638 4,856,667
Inter-fund transfers 22,849 (22,608) (24,188) (51,002) 74,949 -
Net assets available for plan
benefits at end of year $282,905 $1,668,302 $738,724 $2,109,717 $1,578,809 $6,378,457
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 1995, 1994 and 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
The following description of The UNITIL Corporation and subsidiaries
(the "Company") Tax Deferred Savings and Investment Plan (the
"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 plan covering substantially
all full-time employees of the Company and its' wholly owned
subsidiaries UNITIL Service Corporation, Concord Electric
Company, Exeter and Hampton Electric Company and Fitchburg Gas
and Electric Light Company (the "subsidiaries"), who satisfy the
eligibility requirements.
Contributions
A member may authorize a Basic Employee Contribution from 1% to
12% with a maximum contribution not to exceed $9,240 in any one
year.
The Employer shall contribute as of December 31, of each plan
year from current or accumulated net profits on behalf of each
member participating in the Plan on December 31, of each plan
year, an amount equal to 100% of the first 3% of salary the
employee puts into the plan (except Fitchburg Gas and Electric
Light Company Union Employees whose matching is as follows:
first year 1%, second year 2%, third year and after 3%).
Participant Accounts
Each participant's account is credited with the participant's
contribution and allocations of (a) the Company's contribution
and, (b) Plan earnings, and charged (as applicable) with an
allocation of administrative expenses. Allocations are based on
participant earnings or account balances, as defined. The
benefit to which a participant is entitled is the benefit that
can be provided from the participant's vested account. The Plan
administrator will pay for substantially all expenses of the
Plan.
Vesting
Participants are immediately vested in their contributions plus
actual earnings thereon. Vesting in the Company's matching and
discretionary contribution portion of their accounts plus actual
earnings thereon is based on years of continuous service. A
participant is 100 percent vested after three years of credited
service. If a participant terminates employment for any reason
other than disability or retirement, he will be entitled to the
full amount of contributions he has deposited, plus a percentage
of his account balance derived from employer contributions based
upon the following schedule:
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 1995, 1994 and 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES - Continued
Year of Service %
Vested
0-1 0%
1-2 33%
2-3 67%
3+ 100%
A member will become 100% vested in his account as a result of
disability, death or retirement.
Participant Loans Receivable
Participants may borrow from their fund accounts a minimum of
$1,000 up to a maximum equal to the lesser of $50,000 or 50% of
their account balance. Net loan transactions are treated as a
transfer to (from) the investment fund from (to) the Participant
Loans fund. Loan terms range from 1-5 years. The loans are
secured by the balance in the participant's account and bear
interest at a rate of prime plus one percent (1%). Principal and
interest is paid ratably through monthly payroll deductions.
Payment of Benefits
On termination of service due to death, disability or retirement,
a participant may elect to receive either a lump-sum amount equal
to the value of the participant's vested interest in his or her
account, or annual installments over a fixed number of calendar
quarters or years.
Valuation of Investments
Investments are held by a bank-administered trust fund. The
Plan's investments (including investments bought, sold and held
during the year) are carried at current fair value. The
difference between current fair value and the cost of investments
are reflected in the statement of changes in net assets available
for plan benefits as unrealized appreciation or (depreciation) in
fair value of investments.
Guaranteed Insurance Contracts
The Plan's deposit administration contracts with various
insurance companies are valued at contract value. Contract value
represents contributions made under the contract, plus interest
at the contract rate, less funds used to purchase annuitiesand
pay administration expenses charged by insurance companies.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 1995, 1994 and 1993
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES - Continued
Reclassifications
Certain reclassifications have been made to the 1994 and 1993
financial statements to conform with the current year
presentation.
Management Estimates
In preparing the financial statements in conformity to Generally
Accepted Accounting Principles, management is required to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets
and liabilities at the date of the financial statements and
revenues and expenses during the reporting period. Actual
results could differ from those estimates.
NOTE B - SUMMARY OF PLAN PROVISIONS
Effective Date
The Plan's effective date is July 1, 1987, as amended effective May
8, 1992 and January 1, 1994. The Plan as amended effective May 8,
1992, provided for the merger of the Fitchburg Gas and Electric Tax
Deferred Savings and Investment Plan with The Plan. The Plan as
amended effective January 1, 1994, provided for the merger of the
Fitchburg Gas and Electric Light Company Union Tax Deferred Savings
and Investment Plan into the Plan.
Basis of Accounting
The financial statements of the Plan are prepared under the accrual
method of accounting.
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value except for its
investment contract which is valued at contract value. The Company
stock is valued at is quoted market price. Participant notes
receivable are valued at cost which approximates fair value.
Purchases and sales of securities are recorded on a trade-date
basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1995, 1994 and 1993
NOTE B - SUMMARY OF PLAN PROVISIONS - Continued
Payment of Benefits
Benefits are recorded when paid.
Investment Contract with Insurance Company
The Plan entered into an investment contract with three insurance
companies (the "Companies"). The Companies maintain the
contributions in a pooled account. The account is credited with
earnings on the underlying investments and charged for Plan
withdrawals and administrative expenses charged by the insurance
companies. The contract is included in the financial statements at
contract value, as reported to the Plan by the Companies. Contract
value represents contributions made under the contract, plus
earnings, less Plan withdrawals and administrative expenses.
Eligibility
Employees are eligible for membership on either January 1 or July 1
coincident with or the next day following on which they have both:
(1) Attained the age of 18, and
(2) Completed 1000 hours of credited service
Normal Retirement Date
A participant's normal retirement benefit date is the date he
reaches his 65th birthday or, if later, the 10th anniversary of the
date he becomes a participant.
Forfeitures
A member who terminates his employment prior to becoming eligible
for benefits and does not have a 100% vested right to Company
contributions, forfeits the amounts not vested. Such forfeited
amounts are used to reduce future Company contributions.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1995, 1994 and 1993
NOTE B - SUMMARY OF PLAN PROVISIONS - Continued
Plan Termination
Although it has not expressed any intent to do so, the Company has
the right under the Plan to terminate the Plan at any time subject
to the provision of ERISA with respect to its employees by a
written resolution with a copy delivered to the trustee. In the
event of a Plan termination, participants will become fully vested
in their accounts.
NOTE C - INVESTMENT PROGRAMS
The investment programs of the Plan are as follows:
Participant contributions - upon enrollment and reenrollment, each
participant shall direct that his contributions are to be invested
in accordance with any of the following investment options.
In the Guaranteed Investment Fund (GIC), which will be invested
primarily in guaranteed insurance contracts with various
insurance companies. At December 31, 1995, there were 186
participants.
In the Fidelity Puritan Fund, a Conservative Investment Fund. This
fund will be invested in various investments including stocks and
bonds placing emphasis on income and stability. At December 31,
1995, there were 180 participants.
In the Fidelity Magellan Fund, an Aggressive Investment Fund. This
fund will be invested in stocks placing more emphasis on
investment return and less on stability. At December 31, 1995,
there were 261 participants.
In The UNITIL Corporation Common Stock Fund (UNITIL Corporation, no
par value common stock). At December 31, 1995, there were 217
participants.
In any combination of the above funds
The total number of participants in the plan was 386 at December 31,
1995, which is less than the sum of the number of participants
listed above because many were participating in more than one fund.
Participants may change their investment options quarterly.
The loan fund had new loans approximating $174,500 and $173,100 and
repayments on loans approximating $164,000 and $111,100 for 1995 and
1994, respectively.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1995, 1994 and 1993
NOTE D - DETERMINATION LETTER
The Internal Revenue Service has determined and informed the Company
by a letter dated May 9, 1995, that the Plan and related trust are
designed in accordance with applicable sections of the Internal
Revenue Code (IRC).
NOTE E - INVESTMENTS
December 31, 1995 December 31, 1994
Approximate Approximate
Current Current
Shares Cost Fair Value Shares Cost Fair Value
Fidelity Puritan 100,375 $1,537,629 $1,707,383 78,134 $1,170,511 $1,157,167
Fidelity Magellan 43,379 2,990,734 3,729,746 39,602 2,582,710 2,645,434
UNITIL Stock Fund 124,972 2,079,668 2,608,791 114,643 1,879,108 1,862,949
$6,608,031 $8,045,920 $5,632,329 $5,665,550
Net realized gains and (losses) included in net
appreciation/(depreciation) in fair value of investments
approximated $307,000, $59,000 and $255,000, respectively, for the
years ended December 31, 1995, 1994 and 1993. Net realized gains
and (losses) included in net appreciation/(depreciation) in the
UNITIL Stock Fund were $18,000, $(63,000) and $8,000, respectively,
for the years ended December 31, 1995, 1994 and 1993. Proceeds
from the sale of investments approximated $633,884 and $363,000 for
the years ended December 31, 1995 and 1994, respectively.
Determination of gains or losses is based on average cost.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1995, 1994 and 1993
NOTE F - NET UNREALIZED APPRECIATION/(DEPRECIATION) OF INVESTMENTS
Unitil
Fidelity Fidelity Corporation
Puritan Magellan Stock Fund Total
Balance at December 31, 1992 $ 20,618 $ 32,525 $189,566 $ 242,709
Change for the year 1993 26,551 175,922 90,632 293,105
Balance at December 31, 1993 47,169 208,447 280,198 535,814
Change for the year 1994 (60,513) (145,723) (296,357) (502,593)
Balance at December 31, 1994 (13,344) 62,724 (16,159) 33,221
Change for the year 1995 183,098 676,288 545,282 1,404,668
Balance at December 31, 1995 $169,754 $739,012 $529,123 $1,437,889
NOTE G - TRANSFER OF THE FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
UNION TAX DEFERRED SAVINGS AND INVESTMENT PLAN AND TAX
DEFERRED SAVINGS AND INVESTMENT PLAN
The Fitchburg Gas and Electric Light Company Union Tax Deferred
Savings and Investment Plan has been incorporated into The Plan as
of January 1, 1994. As of January 1, 1994 $1,047,301 was
transferred into this Plan.
In 1992, the Fitchburg Gas and Electric Light Company ESOP Plan had
been incorporated into the Fitchburg Gas and Electric Light Company
Union Tax Deferred Savings and Investment Plan (which as noted
above has subsequently been merged into the UNITIL Corporation Tax
Deferred Savings and Investment Plan). The investment instruments
as of May 1, 1989, were transferred into the Plan as the Frozen
ESOP Fund which is included in the UNITIL Corporation Stock Fund
and will be distributed in accordance with the original Plan.
The Fitchburg Gas and Electric Light Company became a wholly-owned
subsidiary of The UNITIL Corporation as a result of a merger which
occurred in 1992.