SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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
_________________________________________________________________
(Mark one)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [Fee Required]
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1992
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [No fee required]
For the transition period from _____ to _____
_________________________________________________________________
COMMISSION FILE NUMBER 0-17605
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
YANKEE ENERGY SYSTEM, INC.
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principle executive office:
YANKEE ENERGY SYSTEM, INC.
599 Research Parkway
Meriden, CT 06450
YANKEE ENERGY SYSTEM, INC.
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
TABLE OF CONTENTS
Page
Report of Independent Public Accountants 1
Statements of Net Assets Available for Plan
Benefits as of December 31, 1992 and 1991 2
Statements of Changes in Net Assets Available
for Plan Benefits for the Years Ended
December 31, 1992 and 1991 4
Notes to Financial Statements 6
Schedule I - Reportable Transactions for the
Year Ended December 31, 1992 10
Schedule II - Investments as of December 31, 1992 11
All schedules, except as set forth above,
are omitted as not applicable or not required.
[Letterhead of Arthur Andersen & Co. appears here]
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of
Yankee Energy System, Inc.
401(k) Employee Stock Ownership Plan:
We have audited the accompanying statements of net assets
available for plan benefits of the Yankee Energy System, Inc.
401(k) Employee Stock Ownership Plan (the Plan) as of December
31, 1992 and 1991, and the related statements of changes in net
assets available for plan benefits for the years then ended.
These financial statements and the schedules referred to below
are the responsibility of the Plan administrator. Our
responsibility is to express an opinion on these financial
statements and schedules based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Plan
administrator, 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, 1992
and 1991, and the changes in net assets available for plan
benefits for the years then ended 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 reportable transactions and investments
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 audit of the basic financial statements
and, in our opinion, are fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
Hartford, Connecticut
January 28, 1994
1
YANKEE ENERGY SYSTEM, INC.
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1992
Employee Fleet
Contribution Stock Company Common Stock
GIC Fund Fund Match Fund Mutual Fund
____________ _____________ ______________ _____________
ASSETS:
Cash $ 39 $ -- $ -- $ --
Short-term
investments 442,399 71 80,818 294
Annuity contracts 2,900,619 -- -- --
Mutual funds -- -- -- 2,208,871
GIC Pooled Funds 5,456,713 -- -- --
Common Stock -- -- 2,010,690 --
Employer contributions
receivable -- -- -- --
Employee contributions
receivable -- 108,437 -- --
Accrued interest
receivable 26,582 81 152 4
Accounts receivable-other -- -- -- --
___________ ___________ ___________ ___________
Total assets 8,826,352 108,589 2,091,660 2,209,169
___________ ___________ ___________ ___________
Northeast
Utilities
Stock Employer Stock Loan 1992
Fund Match Fund Fund Total
___________ ___________ ___________ ___________
ASSETS:
Cash $ 254 $ -- $ 557 $ 850
Short-term
investment 4 8 57,249 580,843
Annuity contracts -- -- -- 2,900,619
Mutual funds -- -- -- 2,208,871
GIC Pooled Funds -- -- -- 5,456,713
Common Stock 5,300,689 -- 3,620,940 10,932,319
Employer contributions
receivable -- -- -- --
Employee contributions
receivable -- -- -- 108,437
Accrued interest
receivable -- 1 14 26,834
Accounts receivable-other -- -- -- --
___________ ___________ ___________ ___________
Total assets 5,300,947 9 3,678,760 22,215,486
___________ ___________ ___________ ___________
Employee Fleet
Contribution Stock Company Common Stock
GIC Fund Fund Match Fund Mutual Fund
____________ _____________ ______________ _____________
LIABILITIES:
Note payable-long term -- -- -- --
Note payable-current -- -- -- --
Accrued expenses -- -- -- --
Accounts payable 600,000 -- 20,121 --
Benefits payable 375,436 -- 68,827 8,472
___________ ___________ ______________ _____________
Total liabilities 975,436 -- 88,948 8,472
___________ ___________ ___________ ___________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 7,850,916 $ 108,589 $ 2,002,712 $ 2,200,697
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Northeast
Utilities
Stock Employer Stock Loan 1992
Fund Match Fund Fund Total
___________ ___________ ___________ ___________
LIABILITIES:
Note payable-long term -- -- 2,200,000 2,200,000
Note payable-current -- -- 400,000 400,000
Accrued expenses -- -- -- --
Accounts payable -- -- -- 620,121
Benefits payable 210,064 -- -- 662,799
___________ ___________ ___________ ___________
Total liabilities $ 210,064 -- 2,600,000 3,882,760
___________ ___________ ___________ ___________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 5,090,883 $ 9 $ 1,078,760 $18,332,566
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
The accompanying notes are an integral part of this financial statement.
YANKEE ENERGY SYSTEM, INC.
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1991
Employee Fleet
Contribution Stock Company Common Stock
GIC Fund Fund Match Fund Mutual Fund
____________ _____________ ______________ _____________
ASSETS:
Cash $ 42 $ 74 $ 31,800 $ 48
Short-term
investments 3,532,300 400 -- 26,400
Annuity contracts 2,900,000 -- -- --
Mutual funds -- -- -- 1,395,174
GIC Pooled Funds 396,659 -- -- --
Common Stock -- -- 1,299,241 --
Employer contributions
receivable -- -- -- --
Employee contributions
receivable -- 104,309 -- --
Accrued interest
receivable 8,774 84 120 111
Accounts receivable-other 3,058 -- 836 6,084
___________ ___________ ____________ ___________
Total assets 6,840,833 104,867 1,331,997 1,427,817
___________ ___________ ___________ ___________
Northeast
Utilities
Stock Employer Stock Loan 1992
Fund Match Fund Fund Total
___________ ___________ ___________ ___________
ASSETS:
Cash $ -- $ 33 $ -- $ 31,997
Short-term
investments -- -- -- 3,559,100
Annuity contracts -- -- -- 2,900,000
Mutual funds -- -- -- 1,395,174
GIC Pooled Funds -- -- -- 396,659
Common Stock 4,793,631 -- 3,682,918 9,775,790
Employer contributions
receivable -- 8,466 -- 8,466
Employee contributions
receivable -- -- -- 104,309
Accrued interest
receivable 421 7 8 9,525
Accounts receivable-other 4,855 -- 4,238 19,071
___________ ___________ ___________ ___________
Total assets 4,798,907 8,506 3,687,164 18,200,091
___________ ___________ ___________ ___________
Employee Fleet
Contribution Stock Company Common Stock
GIC Fund Fund Match Fund Mutual Fund
____________ _____________ ______________ _____________
LIABILITIES:
Note payable-long term -- -- -- --
Note payable-current -- -- -- --
Accrued expenses 3,058 -- 836 6,084
Accounts payable -- -- -- --
Benefits payable 143,141 -- 30,714 2,526
____________ _____________ ______________ ____________
Total liabilities 146,199 -- 31,550 8,610
____________ _____________ ______________ ___________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 6,694,634 $ 104,867 $ 1,300,447 $ 1,419,207
____________ _____________ _____________ ___________
____________ _____________ _____________ ___________
Northeast
Utilities
Stock Employer Stock Loan 1992
Fund Match Fund Fund Total
___________ ___________ ___________ ___________
LIABILITIES:
Note payable-long term -- -- 2,600,000 2,600,000
Note payable-current -- -- 400,000 400,000
Accrued expenses 4,855 -- 4,238 19,071
Accounts payable 1,845 -- -- 1,845
Benefits payable 23,810 -- -- 200,191
___________ ___________ ___________ ___________
Total liabilities 30,510 -- 3,004,238 3,221,107
___________ ___________ ___________ ___________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $ 4,768,397 $ 8,506 $ 682,926 $14,978,984
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
The accompanying notes are an integral part of this financial statement.
YANKEE ENERGY SYSTEM, INC.
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDING DECEMBER 31, 1992
Employee Fleet
Contribution Stock Company Common Stock
GIC Fund Fund Match Fund Mutual Fund
___________ ___________ ___________ ___________
ADDITIONS:
Employee contributions
and rollovers $ 7,546 $ 1,341,591 $ -- $ 11,628
Employer contributions -- -- 385,001 --
Miscellaneous -- -- -- --
Interfund transfers in 1,240,163 -- 556,404 637,910
Earnings -
Interest 705,360 1,037 1,272 626
Dividends -- -- 80,428 34,855
Reimbursement income -- -- -- --
Realized gain(loss) -- -- 10,223 46
Unrealized gain(loss) -- -- 161,077 114,265
___________ ____________ _________ ___________
Total additions 1,953,069 1,342,628 1,194,405 799,330
___________ ____________ _________ ___________
Northeast
Utilities
Stock Employer Stock Loan 1992
Fund Match Fund Fund Total
___________ ___________ ___________ ___________
ADDITIONS:
Employee contributions
and rollovers $ -- $ -- $ -- $ 1,360,765
Employer contributions -- 139,857 163,978 688,836
Miscellaneous -- -- -- --
Interfund transfers in 461 -- 400,000 2,834,938
Earnings -
Interest 75 73 69 708,512
Dividends 350,027 -- 229,056 694,366
Reimbursement income -- -- -- --
Realized gain(loss) 103,741 -- -- 114,010
Unrealized gain(loss) 469,421 -- 396,016 1,140,779
___________ ___________ ___________ ___________
Total additions 923,725 139,930 1,189,119 7,542,206
___________ ___________ ___________ ___________
Employee
Contribution Stock Company Common Stock
GIC Fund Fund Match Fund Mutual Fund
___________ ___________ ___________ ___________
DEDUCTIONS:
Interfund transfers out 132,08 1,338,906 400,000 --
Administrative expenses -- -- -- --
Benefit payments 664,702 -- 92,140 17,840
Interest expense -- -- -- --
___________ ____________ ____________ ___________
Total deductions 796,787 1,338,06 492,140 17,840
__________ ____________ ____________ ___________
Net increase(decrease)
in assets available
for plan benefits 1,156,282 3,722 702,265 781,490
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
BEGINNING OF YEAR 6,694,634 104,867 1,300,447 1,419,207
___________ ___________ ___________ ___________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
END OF YEAR $ 7,850,916 $ 108,589 $ 2,002,712 $ 2,200,697
___________ ___________ ___________ ____________
___________ ___________ ___________ ____________
Northeast
Utilities
Stock Employer Stock Loan 1992
Fund Match Fund Fund Total
___________ ___________ ___________ ___________
DEDUCTIONS:
Interfund transfers out 259,129 148,427 556,391 2,834,938
Administrative expenses -- -- -- --
Benefit payments 342,110 -- -- 1,116,792
Interest expense -- -- 236,894 236,894
___________ ___________ ___________ ___________
Total deductions 601,239 148,427 793,285 4,188,624
___________ ___________ ___________ ___________
Net increase(decrease)
in assets available
for plan benefits 322,486 (8,497) 395,834 3,353,582
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
BEGINNING OF YEAR 4,768,397 8,506 682,926 14,978,984
___________ __________ ___________ ___________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
END OF YEAR $ 5,090,883 $ 9 $ 1,078,760 $18,332,566
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
The accompanying notes are an integral part of this financial statement.
YANKEE ENERGY SYSTEM, INC.
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1991
Fleet
Stock Common
Employee Company Stock
Contribution Match Mutual
GIC Fund Fund Fund Fund
___________ ___________ ___________ ___________
ADDITIONS:
Transfers from Northeast
Utilities $ -- $ -- $ -- $ --
Employee contributions
and rollovers 23,462 1,274,739 -- 1,792
Employer contributions -- -- 369,947 --
Miscellaneous 13,092 -- 836 17,956
Interfund transfers in 1,283,538 -- 533,120 371,430
Earnings -
Interest 314,861 1,079 857 2,298
Dividends -- -- 47,189 18,278
Reimbursement income 21,659 -- -- --
Realized gain(loss) -- -- 73 --
___________ ___________ ___________ ___________
Total additions 1,656,612 1,275,818 1,105,021 670,486
___________ ___________ ___________ ___________
Northeast NU
Utilities Stock Employer Stock
Stock Fund Match Loan 1991
Fund (CNB) Fund Fund Total
___________ _____ _________ _________ __________
ADDITIONS:
Transfers from Northeast
Utilities $ -- $ -- $ -- $ -- $ --
Employee contributions
and rollovers -- -- -- -- 1,299,993
Employer contributions -- -- 31,606 108,305 609,858
Miscellaneous 9,796 -- -- 8,713 50,393
Interfund transfers in 5,931 -- -- 400,166 2,594,185
Earnings -
Interest 5,583 (101) 302 8 324,887
Dividends 350,427 -- -- 249,305 665,199
Reimbursement income -- -- -- -- 21,659
Realized gain(loss) 18,363 -- -- -- 18,436
Unrealized gain(loss) 686,514 -- -- 856,466 1,954,711
___________ _____ _______ ________ __________
Total additions 1,076,614 (101) 131,908 1,622,963 7,539,321
___________ _____ _______ ___________ ___________
Fleet
Stock Common
Employee Company Stock
Contribution Matching Mutual
GIC Fund Fund Fund Fund
___________ ___________ ___________ ___________
DEDUCTIONS:
Interfund transfers out 5,995 1,269,598 400,166 30,006
Administrative expenses 3,378 -- 836 6,084
Benefit payments 247,226 -- 38,095 30,580
Interest expense -- -- -- --
___________ ___________ ___________ ___________
Total deductions 256,599 1,269,59 439,097 66,670
___________ ___________ ___________ ___________
Net increase(decrease)
in assets available
for plan benefits 1,400,013 6,220 665,924 603,816
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
BEGINNING OF YEAR 5,294,621 98,647 634,523 815,391
___________ ___________ ___________ ___________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
END OF YEAR $ 6,694,634 $ 104,867 $1,300,447 $ 1,419,207
___________ _________ __________ __________
___________ _________ __________ __________
Northeast NU
Utilities Stock Employer Stock
Stock Fund Match Loan 1991
Fund (CNB) Fund Fund Total
___________ _____ _________ _______ ________
DEDUCTIONS:
Interfund transfers out 250,086 16 131,306 507,012 2,594,185
Administrative expenses 4,855 -- -- 4,238 19,391
Benefit payments 89,582 -- -- (3,736) 401,747
Interest expense -- -- -- 357,475 357,475
___________ _____ ___________ _______ ___________
Total deductions 344,523 16 131,306 864,989 3,372,798
___________ _____ ___________ _______ ___________
Net increase(decrease)
in assets available
for plan benefits 732,091 (117) 602 757,974 4,166,523
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
BEGINNING OF YEAR 4,036,306 117 7,904 (75,048) 10,812,461
___________ _____ _________ _________ ___________
NET ASSETS AVAILABLE
FOR PLAN BENEFITS AT
END OF YEAR $ 4,768,397 $ -- $ 8,506 $ 682,926 $14,978,984
___________ _____ ________ _________ ___________
___________ _____ ________ _________ ___________
The accompanying notes are an integral part of this financial statement.
YANKEE ENERGY SYSTEM, INC.
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1992 AND 1991
1. Establishment of The Plan:
The Yankee Energy System, Inc. 401(k) Employee Stock Ownership
Plan (the Plan) was established and effective on July 1, 1989
(the effective date) following the divestiture of the gas
business of the Connecticut Light and Power Company (CL&P), a
wholly owned subsidiary of Northeast Utilities (NU) and the
related creation of Yankee Energy System, Inc. (YES). Each
transferred gas employee participating in the Northeast
Utilities Tax Reduction Act Employee Stock Ownership Plan
(TRAESOP), Payroll Based Employee Stock Ownership Plan
(PAYSOP) or Supplemental Retirement Savings Plan became a
participant in the Plan effective July 1, 1989. Participant
account balances and $7,203,056 in assets were transferred to
the Plan on the effective date. The assets were comprised of
NU common stock and cash.
2. Plan Description:
The following description of the Plan provides only general
information. Participants should refer to the Plan agreement
for a more complete description of the Plan's provisions.
The Plan is a 401(k) Employee Stock Ownership Plan established
to provide benefits to eligible employees. Participation in
the Plan is voluntary. Union employees become eligible to
participate on the first day of the month following completion
of one year of service. Non-union employees become eligible
to participate on the first day of the month following the
completion of six months of service.
The Plan consists of eight funds as follows:
Guaranteed Investment Contract (GIC) -
Available for conservative investment in fixed rate
investment contracts with a small balance in money
market funds.
Employee Contribution Fund -
Holding account for employee contributions prior to
investment.
Stock Company Match Fund -
Holding account for employer non-union matching
contribution.
Fleet Common Stock Mutual Fund -
Available for investment in mutual funds.
Northeast Utilities Stock Fund -
Account maintains Northeast Utilities stock belonging
to transferred CL&P and Northeast Utilities Service
Company (NUSCO) employees formerly participating in the
NU Supplemental Retirement Savings Plan.
Employer Match Fund -
Holding account for employer union matching
contribution.
Stock Loan Fund -
Account maintains unallocated Company shares acquired
with the proceeds of note payable.
Participants contribute between 1% and 10% of compensation
subject to limitations set forth by the Plan. Investment of
employee contributions in the various funds is at the
employees' discretion. YES matches 100% of non-union employee
pre-tax contributions each month up to 3% of compensation and
50% of union employee pre-tax contributions each month up to
5% of compensation.
Unless a participant elects otherwise, benefit distributions
are made in lump sum not later than sixty (60) days following
the end of the Plan year following the later of the
participant's 65th birthday, the 10th anniversary of the date
on which participation commenced or the termination of
employment. In the event of the death of a participant prior
to distribution, benefits will be paid to a designated
beneficiary in a lump sum. Distribution will commence not
later than 90 days following the Plan year end in which the
participant attains age 70 and one-half years.
Non-union employees become 100% vested upon commencing
participation in the Plan. Union employees shall at all times
be fully vested in employee contributions and will vest in the
employer contributions in accordance with the following
schedule:
Years of Service Vesting %
1 20%
2 40%
3 60%
4 80%
5 or more 100%
The account balance of union employees, as of June 3, 1989,
formerly participating in the NU Supplemental Retirement
Savings Plan, TRAESOP and PAYSOP became fully vested on July
1, 1989.
Not withstanding the foregoing, union participants shall be
fully vested in employer contributions upon reaching age 65 or
in the event of death or total disability. Any union employee
forfeitures will be used to reduce future employer
contributions.
3. Summary of Significant Accounting Policies:
Basis of accounting -
The accompanying financial statements of the Plan have been
prepared on the accrual basis of accounting. Negative cash
balances have been reclassified to accounts payable in the
accompanying financial statements.
Administrative expenses -
All administrative expenses of the Plan are paid from the Plan
assets unless paid by the Company. Administrative expenses of
$14,000 were paid by the Company in 1992. Administrative
expenses of $19,391 were paid from the Plan in 1991.
Investments -
All assets of the Plan are stated at fair market value.
Transactions within all funds are executed by the Plan
trustee. The accompanying Schedule of Investments reflects
valuations as of December 31, 1992.
4. Note Payable:
The Plan has secured a $4,000,000 loan from a commercial bank
to Fleet Bank, N.A., the trustee, the proceeds of which were
used to buy YES common stock for the Plan. YES has guaranteed
the loan. The loan will be repaid over a ten year period
ending July 1, 1999 at $400,000 per year plus interest at a
rate of 10.38%. Employer non-union matching contributions are
used to make annual principal payments. Interest is paid from
the earnings of the stock loan fund. As the loan is paid
down, an equivalent amount of YES stock, which serves as
collateral, is released and allocated to participants.
5. Tax Status:
The Plan has received a favorable letter of determination from
the Internal Revenue Service (IRS) stating that it qualifies
as tax exempt under Section 501(a) of the Internal Revenue
Code.
6. Termination of the Plan:
YES may suspend, terminate or completely discontinue
contributions under the Plan with respect to its employees
subject to the provision of the ERISA relating to plan
terminations.
Upon termination or partial termination of the Plan, the
rights of all affected participants to their accounts to the
date of such termination shall be fully vested to the extent
funded.
7. Subsequent Event:
Effective January 1, 1994, the Plan was amended to permit Plan
participants to direct the investment of their employee
contributions, or a portion thereof, into Yankee Energy
System, Inc. common stock.
YANKEE ENERGY SYSTEM, INC. SCHEDULE I
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1992
PURCHASES SALES
Number of Number of Selling Net
Transactions Costs Transactions Cost Price Gain
____________ ________ ____________ ________ _________ _________
Northeast Utilities
Common Stock 4 $ 346,356 18 $ 308,719 $ 412,460 $103,741
Taxable Liquid Fund 7 3,977,377 7 6,955,635 6,955,635 --
Protective Life
GIC 12 407,373 1 406,755 406,755 --
Galaxy GIC
Pooled Fund 20 4,460,054 -- -- -- --
Reportable transactions include:
(1) Individual transactions in excess of 5% of the market value of the
Plan assets (as measured at December 31, 1991).
(2) Series of transactions involving securities of the same issue that, in
the aggregate, exceed 5% of the market value of the Plan assets
(as measured at December 31, 1991).
(3) Individual transactions or series of transactions with a person with
whom a transaction in excess of 5% of the market value of the Plan
assets (as measured at December 31, 1991) was made.
The accompanying notes are an integral part of this schedule.
YANKEE ENERGY SYSTEM, INC. SCHEDULE II
401(k) EMPLOYEE STOCK OWNERSHIP PLAN
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1992
1992 1992
Cost Market
____________ ___________
YES common stock $ 4,138,835 $ 5,631,630
NU common stock 3,736,548 5,300,689
____________ ____________
Total common stock 7,875,383 10,932,319
____________ ____________
Mutual funds - Galaxy 1,834,297 2,208,871
Equity Growth Class H
Galaxy GIC Pooled Funds 5,546,713 5,546,713
Protective Life GIC, 8.10%,
maturing 12/31/93 2,900,619 2,900,619
Short-term investments 580,843 580,843
____________ ___________
Total investments $18,647,855 $22,079,365
____________ ___________
____________ ___________
The accompanying notes are an integral part of this schedule.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Form 11-K has been signed below by the following
persons in the capacities indicated.
[C] [C] [C]
Date Title Signature
January 27, 1994 Chairman of the Board ___________________
William O. Bailey
January 27, 1994 Director and President /s/ Philip T. Ashton
and Chief Executive
Officer Philip T. Ashton
January 27, 1994 Vice President, Treasurer /s/ Michael E. Bielonko
and Chief Financial Officer Michael E. Bielonko
January 27, 1994 Controller /s/ Nicholas A. Rinaldi
Nicholas A. Rinaldi
January 27, 1994 Director /s/ John K. Armstrong
John K. Armstrong
January 27, 1994 Director /s/ Eileen S. Kraus
Eileen S. Kraus
January 27, 1994 Director /s/Frederick M. Lowther
Frederick M. Lowther
January 27, 1994 Director /s/ Thomas H. O'Brien
Thomas H. O'Brien
January 27, 1994 Director /s/Leonard A. O'Connor
Leonard A. O'Connor
January 27, 1994 Director /s/ Emery G. Olcott
Emery G. Olcott
January 27, 1994 Director /s/Nicholas L. Trivisonno
Nicholas L. Trivisonno